Financial Mirror 2014 06 11 ISSUU by Financial Mirror

FinancialMirror Stability at last for Egypt? By Oren Laurent - PAGE 18

∆he 4% non-solution By ∫enneth Rogoff - PAGE 24

Issue No. 1087 June 11 - 17, 2014

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Shipping drives Cyprus recovery

Maritime sector exceeds 7% of GDP - PAGE 3

The brain regain Turning a vicious cycle into a virtuous one By Mohammed bin Rashid Al Maktoum PAGE 7

June 11 - 17, 2014

2 | OPINION | financialmirror.com

FinancialMirror Rubbing off a little bit of Modi Published every Wednesday by Financial Mirror Ltd. www.financialmirror.com Tel. 22 678 666 Fax. 22 678 664 P.O. Box 16077, CY2085 Nicosia Publisher/Managing Editor Masis der Parthogh masis@financialmirror.com Greek Section Editor Angela Komodromou angelak@financialmirror.com Editorial submissions: info@financialmirror.com Advertising inquiries: marketing@financialmirror.com Subscriptions: http://www.financialmirror.com/signup/index.ht ml

EDITORIAL The election of pro-business Narendra Modi in India, who is determined to re-start the subcontinent’s growth machine and rekindle its dynamism, must be seen as a good omen for Cyprus. With the first messages already coming out of New Delhi suggesting that Modi wants to revive the old “Made In India” success story in all sectors of the economy, now is the time for President Anastasiades to hasten a visit not within the spirit of his recent exploratory missions to Gulf states, but one of higher importance, as India-Cyprus relations have been warm and mutually beneficial for nearly six decades. Investments from the Gulf Arab states and the wider Middle East are and will always be welcome, which is why Anastasiades’ attendance at the swearing-in of Egypt’s new President Al-Sisi on Sunday must be seen as one of greater importance than just a neighbour with which we share potential natural gas resources and cooperation. But equally important are the ties that Cyprus and India have maintained in the areas of third-party trade and trans-shipment, energy infrastructure, shipping, finance, education, technology and tourism. However, these have been left on the backburner of late because of a nagging obstacle in our

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slow-moving bureaucracy to conclude the renewal of the double-taxation avoidance agreement that is the cornerstone of our robust bilateral commercial ties. If there is any delay on our part to conclude the necessary documentation to renew the agreement that was first introduced in 1994, then perhaps the Cypriot president ought to get his whip cracking and see where the delay has been clogged. If the problem is on India’s side, a quick visit will help resolve this, as we are sure that Modi would be more than willing to welcome Anastasiades to New Delhi. Whatever the outcome, there is a new momentum and the arrival of a fresh Indian diplomatic team in Nicosia will only help keep that momentum at a good pace, as there seems to be a genuine willingness to move matters forward. The fact that Cyprus finds itself in an on-and-off status as regards India’s blacklist of tax jurisdictions does not bode well for our island as an attractive centre for international Indian business . It could also hamper Cyprus’ top ten ranking as FDI contributor with just over US$550 mln pumped into India and the total exceeding US$7 bln in the past fifteen years. From our past relations with the government of India and Indian companies, they have remained loyal and committed to our trade and political ties. It is now up to us to take that relationship a step further.

THE FINANCIAL MIRROR THIS WEEK Five-fold rise in Q1 profits 10 YEARS AGO companies in 2002 and a further 160.3 mln in 2003, with companies now on track to end the current year with profits, the first since the bear-market kicked in three years ago. Euro bid: Cyprus, Lithuania, Slovenia and Estonia have formally started procedures to join the eurozone by 2007, with EU diplomats saying the four hopefuls have completed their application to join the Exchange Rate Mechanism which is a first step to adopting the single currency. The ERM requires all four to keep their exchange rate within a narrow band against the euro. Services leap: While many economic sectors struggled to grow in 2003, business services were busy brining in millions more in foreign exchange earnings, according to balance of payments figures. Much of this is down to the tax reform and EU membership, with foreign exchange earnings surpassed all expectations in meeting the tight deadlines set by the Council of Ministers and is set to become the first government appointed body to fulfill its obligations fully and on time, with the bourse expected to be operations early next year. Already, the first part of the draft regulations affecting the public company operations were given to all the stock brokerage firms are expected to respond with their comments by June 24. Kiliaris in tourism: The government decision to change the name of the Ministry of Commerce and Industry to add that of Tourism has been welcomed by the Cyprus Hoteliers Association as it showed the government’s determination to give the tourism industry he importance it deserves. This could not come at a better time as the energetic Minister of Commerce and Tourism, Stelios Kiliaris, served in the tourism industry prior to his cabinet posting. State Fair: A total of 160,000 people visited the 19th International State Fair which closed its gates after 11 days of operation. Though the figure was 20,000 less than initially leaping by 49% to CYP 777.5 mln, while income from travel sank by more than 10% to CYP 1.04 bln. BOCY projections: Bank of Cyprus is on track to record a substantial improvement in its results this year compared to a dismal 2003, with senior officials sharing the chairman’s bullish statement that “the worst is over” for the island’s largest financial institution. Group General Manager Yiannis Kypri said that the improvement in all sectors looks sustainable, with the group reporting net profits of CYP 10.6 mln for the first quarter, up 75% from the year-earlier period. CAIR job cuts: Cyprus Airways unions promised to fight management plans to axe up to 45 staff in an effort to cut costs and make the airline viable, describing the restructuring plans as “half measures” that would not help reduce massive losses. Chairman Constantinos Loizides told the company’s AGM that urgent measures were necessary including redundancies to ensure the company’s survival. anticipated, a spokesman said that the football final geld in Limassol on the first Saturday night of the Fair affected the drop. Casino decision: The decision whether to give the casino license to one operator or not and if it will be in Nicosia is expected to be taken by the five Directors General of the various ministries involved, which will then be relayed to the Cabinet for a final vote. Limassol and Paphos have also made strong bids but reports suggest that Nicosia is clearly the hot favourite for the nomination. The Cyprus Tourism Dev. Co., owners of the Hilton Hotel in Nicosa and 80% owned by the state have already announced their intent to bids for the license. Stock Market: The slowdown continues with the market declining 0.8% on fairly quiet volumes of CYP 572,000 the previous week, with cumulative gains clashed to 17%. Bank of Cyprus was marginally up at 201.5c, for a 4.2% gain from the start of the year, while Laiki was unchanged at 222.5c (+4.2%) and Hellenic Bank at 258.5c (+6.2%). Market cap: CYP 593.3 mln (+0.1 mln).

CSE-listed majors reported a five-fold rise in Q1 profits, with projections suggesting equally good results expected to be announced for the first half in September, according to the Financial Mirror of issue 572, June 2, 2004. CSE Q1 profits: Twelve companies reporting firstquarter results multiplied their collective profits from CYP 4.4 mln in the same quarter of 2003 to CYP 22.49 mln. This follows a whopping loss of CYP 346.5 mln for all CSE

One of the longest established Cyprus-specialist tour operators in the UK has ruled out ‘malicious rumours’ about his company’s demise, the Cyprus Financial Mirror reported in its issue 63, June 8, 1994. Best Leisure: Takis Shacallis has lashed out at rumours concerning the fall of his travel company, Best Leisure, saying that the devaluation of Sterling by 25% “left us out in the cold and last year we were posting a loss of GBP 50-80 per person vacationing in Cyprus.” He admitted debts of CYP 6 mln owed to hoteliers, operators and agents were piling up but prospects for this year and 1995 and negotiations with ongoing debt would help nearly clear all that debt. CSE first draft: The Cyprus Stock Exchange Council has

Shacallis fends off malicious rumours

20 YEARS AGO

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June 11 - 17, 2014

financialmirror.com | CYPRUS | 3

Shipping drives Cyprus recovery The shipping sector has proven to be a resilient force in the fragile Cyprus economy, with the primary ship-management sector growing to 5.1% of GDP and the maritime industry as a whole adding a further 2 percentage points to national output. Ship-management, as opposed to the conventional Cyprusflag operations by locally owned vessels, generated revenues of 417 mln euros in the second half of last year, with the bulk originating from non-Cyprus flag fleets, but managed by the 4,500 strong community on the island, half of whom are highly-educated Cypriots. “In the past five years, ship-management has been the pillar of our sector’s growth, despite the problems faced in the international markets in 2012 and 2013, especially in the chartering sector with falling rates driving many ship-owners into trouble,” Cyprus Shipping Chamber Director General Thomas Kazakos told the Financial Mirror on the sidelines of the three-day International Shipping Chambers conference hosted in Limassol this week. “Our industry was faced with too many ships and too few cargoes, which result in many companies and their fleets being seized by banks. However, this turned out beneficial for Cyprus as our expertise in efficient ship-management was an attraction to administrators who wanted a quick return or safe recovery of their investments and many turned to ship-management companies in Cyprus,” Kazakos said. He explained that ship-management, in relations to GDP contributions in Cyprus has grown from 3.8% more than five years ago to 4.5% in late 2012 and 5.1% in the second half of 2013. Add to that at least two percentage points generated from Cyprus-owned vessels and other earnings for the Department of Merchant Shipping and our sector’s contribution to GDP is a steady 7.1%, Kazakos added. “The financial viability of the maritime sector, especially within the lack of liquidity in banks, was one of the three key issues we are discussing at this week’s ICS conference, as well as the preceding summit of maritime ministers, attended by no less than shipping officials from ten countries,” he said. Kazakos added that the other two key issues of discussion are the environment and the harsh CO2 and emission controls imposed on ships, with aims to cut these emissions further, as well as labour standards debated in cooperation with the labour organisation ILO. Sustainable development of maritime transport was also discussed during the ministerial summit hosted by the Ministry of Communication and Works, attended by government officials and representatives of organisations. The Cyprus Shipping Chamber is marking its 25th anniversary by hosting this year’s meeting of the ICS, taking place at the Four Seasons Hotel in Limassol. The CSC also organised a gala dinner at the Presidential Palace in Nicosia on Tuesday night where President Nicos Anastasiades praised the creation of the Chamber 25 years ago “with a mission, not only to preserve Cyprus’ prominent position in world shipping, but also to improve and further develop it.” “The 25th year anniversary comes in the aftermath of the recent adverse financial developments in Cyprus. In this context, as the shipping sector constitutes a crucial part of our economy and one of the main pillars of growth, there is no doubt that shipping has played a leading role in our effort for recovery,” the President said. “Today, just over a year since the Troika Loan Agreement for Cyprus was made, I am pleased to tell you that the Cyprus economy is well under way for full recovery. We have repeatedly and timely met the obligations we have undertaken against our lenders for structural reform, restoring the soundness of the Cyprus banking system, as well as public spending.” “The shipping operational and taxation infrastructure in Cyprus and the Cyprus flag remain intact, fully operational and very competitive.” According to Cyprus Central Bank data, revenues from shipmanagement reached EUR 417 mln in the second half of 2013, up 3.73% from the EUR 402 mln in the first half, with the sector contributing 5.1% to the island’s GDP, the only sector that has shown stability during the troubled past year of the economy. The revenue level was, however, the lowest in four years, indicative of some impact from the island’s economic meltdown that affected all sectors. Some 85% of revenues from shipmanagement arose from services provided to foreign-flag ships, up from 82% in the first half of 2013. Germany remains the biggest partner of the Cyprus maritime sector accounting for 53% of the shipmanagement business, followed by Vietnam-flagged vessels (6%),

Maritime sector exceeds 7% o f GDP

Russia (5%), Singapore (4%) and 2% each from Greece, Liberia, the Netherlands and Italy. On a revenue basis, 48% from shipmanagement derives from Germany or about EUR 200 mln, followed by Poland (8%), Curacao, (6%), Holland (5%), Singapore (4%) and 2% each from Russia, Marshall Islands and Norway. The preferred service provided to German shipowners is crew management (52%) which in turn accounts for 43% of all services in the sector. Full shipmanagement accounts for 46% of business, of which 22% is from Russian shipowners, 12% from Germany and 10% from Malta. Technical management accounts for 11% of shipmanagement business, while there were no cases of chartering recorded in the second half of 2013. In the case of expenses, the bulk of 55% of the EUR 368 mln in costs accounted for crew wages, of which 40% was paid to non-EU nationals. A further 27% of costs went to management fees and 18% to shipmanagement rates. The costs were paid in the Philippines (22%), followed by Cyprus (20%), Poland (10%) and Ukraine (10). The costs paid to the Philippines, Poland and Ukraine were mainly crew wages. The Chamber’s Thomas Kazakos said that the industry

includes 155 major shipping companies that own or manage 2,300 vessels with an output of 50 mln gross tonnes, that ranks Cyprus as the third biggest maritime country in the European Union and tenth in the world, as well as second biggest in shipmanagement across the globe. “We employ 4,500 people in all services and maintain about 55,000 seafarers on cargo and passenger ships around the world,” generating a steady 7% of GDP of the Cyprus economy. “In tough economic times, such as the present, a solid income for the state, business and employees is very important,” Kazakos added. Furthermore, Kazakos said the industry’s prospects are “at least positive,” as they are attached to the stabilisation and the imminent rise in global freight markets, as the world is emerging from the global financial crisis that started in 2008. The shipping industry will also benefit from the exploration and eventual production of oil and gas from offshore fields, with more and more energy-specific shipping companies operating or trading out of Cyprus. “Shipping is the energy industry’s first cousin and when the industry delivers what the society anticipates, shipping will be directly linked with the transportation of gas,” he said.

June 11 - 17, 2014

4 | CYPRUS | financialmirror.com

Turkish investors eye Cyprus stocks Investors from Turkey have contacted the Cyprus Stock Exchange asking how they could buy shares or companies listed on the Cypriot bourse, senior stock market officials have said. The requests were “a few” and exploratory, a senior officer said on the sidelines of a press briefing. However, CSE Director Nondas Metaxas clarified that as Cyprus is now regarded by the benchmarking FTSE as an “Emerging-plus” market, due to the reduction of its traded volume, underperforming stocks “seem very attractive indeed for foreign investors who could snap up companies at a fraction of the market or net asset value. Metaxas said that the suspension of Bank of Cyprus and the winding up of Laiki Popular Bank slashed more than 75% of the CSE’s daily volume prior to March 2013 when the Eurogroup of Eurozone finance ministers imposed a bail-in of depositors’ savings to recapitalise Bank of Cyprus and absorb the defunct Laiki Bank. “Our daily volume has trickled down to anything from

FTSE considers us an “Emerging-plus” market

50,000 to 150,000 euros,” he said. That is why the CSE is looking to simplify its stock structure with just two categories – Main and Alternative – while it is also keen to attract mutual fund companies, one of which has already listed 16 funds. Metaxas said that the bourse is waiting for listed companies to submit their audited accounts for 2013 and have given them an extension beyond the April 30 deadline in order to comply. “Our aim is to ensure companies remain listed and resume trading, albeit in a special category, in order to ensure the protection of minority shareholders.” He said that beyond mutual funds, the CSE is contemplating the listing of foreign exchange instruments, as well as commodities, particularly farming goods and futures contracts. “The island’s discovery of natural gas resources has made us plan ahead for a dedicated Energy sector, just as we did in the past with the Shipping sub-sector, while the government’s

commitment to privatise at least three public utilities – telco Cyta, power generator EAC and the Cyprus Ports Authority – also bodes well for the bourse as these would have to be fully or partially privatised and listed with an IPO on the CSE.” Metaxas added that the privatisation of the CSE itself is still far away on the government’s agenda, but well within the plan until 2018. The CSE also undertook to act as a collecting agent and processing manager for the 6-year retail savings bonds to be offered on a monthly basis with a cap of 10 mln euros per issue. “The first issue was a success with 7.5 mln euros offered,” Metaxas said. The Ministry of Finance said that it hopes to attract about 100 mln euros of investments a year from among money that has escaped the banking system and investors are cautious to return as deposits. That is why the government is offering an average 4% yield on the 6-year plan with an attractive 3% tax on interest, as opposed to 30% tax charged on the interest of all bank deposits.

Lawyers slam CySEC over €8 mln GGB fines on “golden boys” Lawyers for former executives at Bank of Cyprus and now defunct Laiki Popular are challenging the Cyprus Securities and Exchange Commission’s harsh fines totaling about 8 mln euros regarding the purchase of toxic Greek government bonds and misleading information given to the public and in the relevant prospectuses. The Bank of Cyprus and Laiki Popular face administrative fines of 1.05 mln and 950,000 euros, respectively, but senior executives of both banks have been handed fines on board members and senior ranging from 10,000 euros to 530,000 euros each for former BOCY CEO and chairman, Theodoros Aristodimou and Andreas Eliades and rising to 703,000 euros each to ex-Laiki bosses Andreas Vgenopoulos and Efthymios Bouloutas. The law firms of Chrysses Demetriades & Co in Limassol and Christos M. Traintafylides in Nicosia claim their clients were made scapegoats by CySEC and the allegations were biased and lacked objectivity. They also claimed that the prospectuses had been pre-approved by CySEC prior to the public release. The lawyers said that they will resort to justice and sue the Commission over its allegations. However, CySEC chairman Demetra Kalogirou countered the claims saying that there was no way to ensure that all the provisions and conditions included in the prospectuses were respected by the issuers and their directors and board members and that it was the responsibility of another organisation to investigate whether the two banks kept true to their prospectus details.

Reta il tr ade volume and va lue down in February

Delimitation of maritime boundaries discussed at WISTA Cyprus meeting Members and friends of the Women’s International Shipping and Trading Association (WISTA Cyprus) discussed the hot topic of the delimitation of maritime boundaries during their recent conference, presented by Marianna Charalambous, with a Juris Doctorate in International Law and an LLM in Oil and Gas. During the meeting, Charalambous, who is an expert in the delimitation of maritime boundaries and a member of WISTA Cyprus, outlined the United Nations Convention on the Law of the Sea and the international law currently applicable in the delimitation of maritime boundaries. She presented the conflicting claims currently in the Mediterranean and assessed their validity in lieu of the applicable law. “A de facto situation under the law never acquires a de jury status without the consent of the affected party,” she noted, “therefore, the only legitimate entity to grant a license for exploration in the Cyprus maritime zone including up to 50% the distance between the Cyprus and Turkish coasts is the Republic of Cyprus.” She urged that we consider the possibility of large hydrocarbon reserves found north of Kyrenia and the impact of such finds on the issues currently faced by this island. After her presentation, the audience continued with a lively discussion. Another subject that was also discussed was the preparation for the 34th WISTA International AGM and Conference that will be held in Limassol on October 8-10 of this year. Many sponsors and speakers have already been announced and can be found on the conference website www.wistacyprus2014.com

Retail trade turnover volume and value indexes were down 7.8% and 6.7% respectively in February, according to the Cyprus Statistical Service. The Turnover Volume Index of Retail Trade for February 2014 amounted 72.5 units, dropping 6.1 units or 7.8% compared to 78.6 in January. The Index fell by 1.6 units or 2.1% compared to February 2013. For the two-month period JanuaryFebruary the Index recorded a decrease of 2.7% compared to the same period of 2013. According to provisional estimates, the Turnover Volume Index of Retail Trade for March increased by 3.8 units or 5.2% to 76,3 units compared to 72.5 in February. For the period January-March, the Index is provisionally estimated to fall by 0.7%

compared to the corresponding period of 2013. At the same time, the Turnover Value Index of Retail Trade for February amounted 74.8 units, recording a drop of 5.4 units or 6.7% compared to 80.2 units in January 2014. The Index fell by 2.9 units or 3.7% compared to February 2013. For the period January-February the Index recorded a drop of 4.6% compared to the corresponding period of 2013. According to provisional estimates the Turnover Value Index of Retail Trade for March was up by 4.9 units or 6.5% to 79.7 units compared to 74.8 units in February. For the period January-March the Index is provisionally estimated to have a decrease of 2.6% compared to the corresponding period of 2013.

Investment in higher education a priority The expansion of higher education, particularly in the fields of modern technology, medicine and energy to create qualified manpower for businesses and organisations, preventing at the same time the number of Cypriot scientists moving abroad, is the government’s highest priority, President Nicos Anastasiades said on Tuesday. “The academic development of Cyprus and at the same time developing research and innovation is for the government an integral part of the economic, social and cultural development of our country. The expansion of higher education, particularly in the fields of modern technology, medicine, energy, specialised fields and the contemporary needs of the country, which would create qualified manpower for the productive businesses and organizations and reduce the number of Cypriot scientists moving abroad, is our highest priority,” Anastasiades said in his addressing during a scientific workshop of the Kios Research Centre for Intelligent Systems and Networks of the University of Cyprus. He noted that the economic crisis has not affected the creativity of Cypriot scientists, who continue to work to achieve excellence. “We feel proud because although small in size, we excel at European and international level,” he said. He thanked the University of Cyprus “for its substantial contribution” to the Cypriot society. The European Investment Bank has accepted to grant a loan of 140 mln euros to the University of Cyprus, with favourable repayment terms, to complete the campus, Rector of the University of Cyprus Constantinos Christofides announced.

June 11 - 17, 2014

financialmirror.com | CYPRUS | 5

Cyprus readies for €500 mln bond issue Appoin ts lead man agers fo r investor roadsh ows bailout [a year ago], forcing the government to trim the holdings of depositors to recapitalise the banking sector, Cyprus has done much better than many feared,” the Financial Times reported, adding that the island is the last of the eurozone crisis casualties to return to bond markets. “Standard & Poor’s upgraded the country’s credit rating to B after the economy only shrank by 5.4% last year - less than expected by the IMF - and predicted that the contraction would slow to 4% this year,” the FT added. The yield on Cyprus’ 2020 bond declined to a four-year low of 4.75% on Tuesday, down from over 16.46% in June 2012. “This is a very positive development for us. It’s a clear sign of trust towards our economy. Our liquidity will increase and we will be able to pull ourselves up,” Georgiades said on Saturday, adding that the Troika of international lenders has already given the green light to the issue. Combined with the positive troika evaluation of the adjustment programme, the Finance Ministry, according to Georgiades, decided to risk the island’s re-entry to international markets. “This is a result of implementing a responsible and credible policy and is a clear indication that we are on the right track,” said ruling DISY spokesman Prodromos Prodromou. Cyprus aims to formally return to the markets with a 500 mln euro bond issue “very soon”, possibly even at the end of June, appointing Deutsche Bank, Goldman Sachs, HSBC, UBS and Russia’s VTB Capital to arrange road shows. This follows statements made over the weekend by Finance Minister Harris Georgiades that the government plans to return to international markets a year sooner than anticipated, even though the Cyprus bailout aid programme covers the island’s financial needs until the first quarter of 2016. The reaction from political parties was mostly encouraging, with some opposition voices expressing concern that when the government went out with a 100 mln private placement nearly two markets ago “to test the markets” it achieved a steep 6.5% yield. “Bond yields have been falling, there has been a string of good news on the macroeconomic front and if you have any lingering worries that Russia might suddenly change its mind about the EUR 2.5 bln restructured bond, the fact that you can tap the markets provides some protection,” said Fiona Mullen, Director of Sapienta Economics. “So, as long as the coupon (interest rate) is not too high and it helps to smooth out maturities then it is a sensible move right now,” added the Financial Mirror columnist. “While the economy was badly burnt in the Cyprus, the arrival of EBRD (with an anticipated investment of 600-700 mln by 2020) and the last positive review of the Troika of international lenders. Former junior coalition partner DIKO also praised the government’s action, with party leader Nicholas Papadopoulos saying that “one of the fundamental parameters to restart the economy is for there to be liquidity in the market.” “This has been achieved by the repayment of debt by local borrowing,” he said, adding that the fact that there is foreign investor interest is positive for Cyprus. House President and socialist EDEK leader Yiannakis Omirou said that there must be full transparency in the issue process, as with the recent ECB decision there has been a drop in investor interest for bonds from the Eurozone periphery with the yield for the Cyprus 10-year bonds now firmly below 5%. “So, there should be repeat of the past mistake of issuing the 100 mln euro bond at the 6.5% coupon rate.” Alexandros Michaelides of the Citizens’ Alliance said that the return to the markets bodes well, but warned of the previous issue that was achieved with a “loan shark” interest of 6.5%. “Our return to the markets should be when the condition are right and is we can offer it at a lower rate,” he said.

“But our problems are far from disappearing. We must continue on this course to wipe out entirely the dark cloud from the previous mismanagement,” he said. Responding to criticism from the opposition AKEL, Prodromou added that “they seem to forget that from 2008 to 2013 our public debt shot up from 8.4 bln euros to 15.3 bln and that when they left (the previous administration) we inherited a further 10 bln euros from the bailout memorandum.” Georgiades had said that the return to the bond markets follows recent positive developments, such as the lifting of all local currency controls, a profit report from Bank of

Sapienta revises up Cyprus 2014 GDP decline to 3.1% The Cyprus economy will shrink by a less than expected 3.1% in 2014, according to the latest monthly forecast by Sapienta Economics, a Nicosia-based consultancy. Real GDP fell by a seasonally adjusted 4.1% year on year in the first quarter of 2014 (0.7% quarter on quarter), compared with 4.9% in the fourth quarter of 2013 and 5.4% for the whole of 2013. In 2013 Cyprus suffered a banking crisis, leading to an unprecedented decision to impose losses on in uninsured bank depositors and other creditors to recapitalise Bank of Cyprus, the largest lender in what was known as a bail in or haircut. In May the troika of international lenders revised up its expected 2014 decline to 4.2% from a previous estimate of 4.8%. “One of the reasons I am forecasting a lot less than 4% is simple mathematics,” says Sapienta Director, Fiona Mullen. “The second-quarter decline of 6% in 2013, right after the peak of the crisis, was the steepest. So you are not going to get another 4.1% decline in the second quarter of this year. But a whole range of other indicators also show that the decline has really bottomed out.” Mullen notes that plastic card spending rose year on year for three straight months in March to May, the falls in retail sales and imports have been getting milder and there are positive reports from the tourism sector about arrivals this year. “Other developments also continue to boost the sentiment indicators: bank

deposits rose in April for the first time in 16 months, Bank of Cyprus has made a small profit thanks to stable non-performing loans, government finances are improving and it plans to tap the bond markets nearly two years earlier than expected. This is why I am expecting a decline of just 3.1% this year.” Sapienta Economics is less optimistic for 2015, however. The troika of international lenders expects growth of 0.4%. “We have had massive disinvestment: in real terms fixed investment was smaller in 2013 than it was in 1995,” says Mullen. “On top of that we have a very high corporate and household debt burden, a banking sector unable to lend and we are still a long way away from natural gas revenues. “So while I am optimistic for Cyprus in the short term, I am far more cautious about the economy’s long-term capacity to grow,” Mullen concluded. Sapienta Country Analysis Cyprus is available at https://sapientaeconomics.com/countryanalysis-cyprus/

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6 | CYPRUS | financialmirror.com

EUMA course for Office Admin students at KES The Cyprus chapter of the European Management Assistants (EUMA) organised a hands-on practioval course for office administration students at KES College in Nicosia. Veteran EUMA trainer Endrie Koupepidou and Cyprus chairman Rita Kotsiapa elaborated on the employment prospects when this is accompanied by proper training as there is a growing demand for skilled personal assistants and executive office administrayion staff as companies get more and more sophisticated in their daily needs. Both Koupepidou and Kotsiapa recalled from their own experiences to show how important continued education and training can be, but equally important are the “people skills” with careers developing in the areas of human

LETTER TO THE EDITOR

Cyprus and Iceland, so different from Luxembourg Dear sir, On the same day that the Cyprus media announced legal charges were being pressed against Cypriot bankers (Laiki and Bank of Cyprus) for their investments in Greek bonds, the Financial Times featured a story on judicial proceedings in Iceland against managers involved in that nation’s financial crisis. Both Cyprus and Iceland are small countries which have suffered from the 2008 financial crisis and in both cases banks were closely involved. Another similarity is the fact that Iceland’s banking related problems, like those in Cyprus, centered about three major banks which accounted for assets ten times that countries GDP. The analogy is one which may well hold lessons for us. Markets work best when there are many competitors. The mistakes or transgressions of the few are then less likely to effect the entire system. That is essentially the Luxembourg model, the richest country in the EU with a population smaller than that of Cyprus. Despite a banking sector several times bigger than our own, Luxembourg has not had our problems. Luxembourg’s banking industry is much less concentrated with over 140 banks. The largest Luxembourg bank accounts for only 13% of total bank assets, compared to a figure of some 27% for the Bank of Cyprus and even more in previous years. In thinking of the future direction of banking here, it would be well to keep in mind that small countries, those with 1 million population or less, have demonstrated only three roads to prosperity: tourism, oil and international banking plus other financial services. Of the three, only the latter can provide both the quantity and quality of jobs that Cyprus needs for its highly educated youth. Dr. Jim Leontiades Cyprus International Institute of Management, Nicosia

OEV chairman says bureau crac y still a ma jor pro ble m

E B R D sh ou ld in ve st ‘w ise ly ’ in p r iva te s ec t o r, SM E s By Kyriaki Demetriou

resources, marketing, operations, thus becoming an integral part of any serious organisation’s top management team. EUMA Cyprus has been active since 1989 with more than 100 members, joining the Europe-wide network of 1,500 members in 25 countries, where training and skills interaction is quite common. www.euma-cyprus.org.cy

The newly-elected chairman of the Employers and Industrialists Federation (OEV) has called for an urgent investment by major funds to sustain the private sector which has the resources to be competitive with international peers and encourage innovation. In an interview with the Cyprus News Agency, Christos Michaelides, who hails from the consultancy sector, said that external funding is necessary to support investments, including the upgrading and expansion of infrastructure to support private sector initiatives in fields such as renewable energy, natural gas and various forms of tourism. “Many companies face serious financial problems and use all their forces to remain in the market,” he said, noting that “it is very important to utilise in a proper manner the European Bank on Reconstruction and Development, which will allocate funds to the private sector”. The EBRD is expected to invest some 600-700 mln by the end of 2020 and has already appointed a Cyprus manager who will oversee investments and supervision of the allocation of funds. Michaelides said that there is a “wide availability of young people with high educational qualifications, which paves the way to strengthen youth entrepreneurship, based on research and innovation. He sees “tremendous growth prospects” in the energy sector and opportunities for job creation in further developing various forms of tourism, such as religious, medical, sports and conference tourism. Realising that that there are companies that can afford to, the OEV chairman urged those who can pay their loans, to do so without any further delay in order to generate liquidity back in the market. He also called on the banks to accelerate the restructuring process of viable loans and do whatever they can to recover debts from whoever fails to repay their loans. Michaelides said that the problem of non-performing loans (NPLs) would have been smaller, had Cyprus adopted the same definition as in other European countries. He stressed that economic recovery and the solving social problems created by the economic crisis will eventually start from the businesses and therefore priority should be given in ensuring their sustainability, creating new businesses and formulating an environment for business development. He said that OEV is focusing its efforts on three pillars: 1. to restart the economy and create conditions for growth, jobs and prosperity; 2. rebuild the forces of the economy, focusing on private initiative, along with redefining Cyprus’ economic model, attracting investments, accelerating privatisations and

consolidating the banking system; and, 3. to promote innovative practices, incentives and effective measures for the enterprises to survive and develop. “Strengthening entrepreneurship, helping Cypriot businesses to take over projects abroad and attracting investments, particularly foreign ones, will boost liquidity and alleviate problems caused by the economic crisis. To revive entrepreneurship we believe that the state’s contribution must be significant to support businesses by reducing bureaucracy and provide incentives for innovative and imaginative practices,” Michaelides said. He noted that by facilitating Cypriot businesses to take over construction projects or parts of them, abroad, will also generate significant revenue for the economy and many jobs for Cypriots and called on the Ministry of Commerce to provide practical contribution toward that direction. “The promotion of exports of goods and services can be done with the practical help of the Commerce Ministry and our ambassadors abroad,” he said. The President of OEV said that “lending is perhaps the biggest problem faced by the banking sector, in particular the NPLs”. “It is important to hold an honest dialogue between the banks and the enterprises as the banks’ ultimate goal is not to close down businesses but render them viable so as to recover the debts”. Michaelides pointed out that OEV supports all measures to encourage the employment of Cypriots, provided that they are applied on a voluntary basis and do not violate the acquis communautaire. “We must keep in mind that we are a member state of the EU where employment discriminations are prohibited and we must not act contrary to our country’s interests” he said, as regards the employment of workers from other EU countries. Especially for the hotels industry, he noted that “a large part of tourists (who visit Cyprus) do not speak Greek and there are hotels fully booked by foreign visitors for the entire (tourist) season”. He expresses the view that combating undeclared work is a sole responsibility of the state. The liberalisation of shop opening hours is a successful measure, as it “has created thousands of new jobs”, describing as “excessive and unjustified” the reactions by the small and medium sized enterprises organisation, POVEK, against the implementation of the measure. Michaelides concluded that “despite all efforts to fight bureaucracy, the problem remains serious and constitutes a major obstacle for the businesses”. Positive steps have certainly been taken but the economic crisis should have push for radical decisions, he said, adding that hopefully a new Commissioner for Public Service Reform will take over very soon to carry out the modernisation of the public sector.

June 11 - 17, 2014

| COMMENT | 7

The brain regain In 1968, while studying at the Mons Officer Cadet School in the United Kingdom, I needed to visit a hospital. There I met a doctor who, to my surprise, spoke fluent Arabic. I learned that he was new to the UK, so I asked if he intended to stay long or return home. He replied with an Arabic saying that translates as: “My home is where I can eat.” That doctor’s words stayed with me for many years, because they underscored the contradiction between our idealised view of “home” and the harsh realities of life that push talented people to leave their homes.

Turn in g a viciou s c yc le into a virtu ous on e professional network and recruitment platform, has measured the net international movement of talent among its members. Topping the list as a destination for talent is my own country, the United Arab Emirates, with a net talent gain of 1.3% of the workforce in 2013. Other net “talent magnets” include Saudi Arabia, Nigeria, South Africa, India, and Brazil. Most interesting, fewer than one-third of net talent importers are developed countries. In fact, the top talent exporters in this study are Spain, the UK, France, the United States, Italy, and Ireland. Rich countries that until recently had been tempting away our brightest minds are now sending us their own. Of course, this is only one study, and many poor countries still suffer from a chronic talent exodus. OECD data show that many countries in Africa and Latin America have migration rates for graduates above 50%. We do know that brain drain is often a function of safety and security as much as economic opportunity. Part of the tragedy playing out in Middle Eastern countries beset by conflict and instability is that if only their most talented sons and daughters could apply their skills at home, they would become part of the solution: agents of peace through development. This makes it all the more important to examine how some developing countries succeeded in reversing the outward flow. The basic ingredient is opportunity. Talent flows naturally to countries that create an environment for economic growth; that make life easy for enterprise; that attract and welcome investment; and that nurture a culture of achievement. Skills are attracted to challenge and possibility. Opportunity on this scale is becoming a scarce commodity in many parts of the West. But this is not the case in the developing world – at least among countries with the appetite and determination to deploy strong governance and continually raise their competitiveness. Second, quality of life matters greatly. A generation ago, many talented individuals would consider working outside the West a “hardship posting.” Today, standards of living in the UAE, for example, are among the highest in the world. We have shown that the business of reversing brain drain is also the business of creating a better life for citizens and residents. Building happiness is, after all, the primary business of good government everywhere. Ours is a story of great hope for the Middle East in particular, where generations of conflict and despair have driven high levels of outward migration. I have always argued that, besides good governance, the best solutions to the divisions and strife of the Arab world lie in grassroots development and economic opportunity. Now, we have shown that it is possible to reverse the forces that had driven away our most talented young people. Another source of hope is that this turnaround can happen remarkably quickly. Research shows that small countries suffer disproportionately from brain drain. But we have shown that even for a small country like the UAE, and even in a region divided by conflict, it is worth building an island of opportunity. But let me be clear: reversing brain drain is about more than plugging a leak. It means turning a vicious cycle into a virtuous one. By attracting the best talent from around the world, we can create a vibrant and diverse society that fuels innovation and prosperity – which in turn attracts still more talent. To make this work, we must believe in people. Human beings – their ideas, innovations, dreams, and connections – are the capital of the future. In this sense, the “brain regain” is not so much an achievement in itself as it is a leading indicator of development, because where great minds go today, great things will happen tomorrow. Mohammed bin Rashid Al Maktoum is Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. © Project Syndicate, 2014, www.project-syndicate.org

By Mohammed bin Rashid Al Maktoum

The doctor was a classic case of the “brain drain” phenomenon that has afflicted developing countries for decades. These countries spend scarce resources educating doctors, engineers, and scientists, in the hope that they will become engines of prosperity. Then we watch with dismay as they migrate to the West, taking with them the promise of their talent. It is, of course, everyone’s right to choose a better life, wherever in the world they wish. We understand why they go. Talent is drawn – like a magnet – to opportunity. For the countries left behind, however, it feels like an endless vicious cycle: they need talent to create opportunity; but without opportunity, talent gravitates to the bright lights of the West. Indeed, the United Nations and the OECD report that migration for work has risen by one-third since 2000. One in nine university graduates from Africa now lives and works in the West. Many will not return: skilled workers are six times more likely to stay away. But now something remarkable is happening. In some countries, the brain drain has reversed its flow. The causes are fascinating, and there is reason to be optimistic that the vicious cycle can be broken, transforming the balance of hope and opportunity between developing and developed economies. A new study by LinkedIn, the world’s largest online

June 11 - 17, 2014

8 | COMMENT | financialmirror.com

“Oh, I do like to be beside the Seaside” (Ol d Briti sh Music Hall Song) REVIEW – Chris Blue at Curium Beach When we lived in the foothills of the Troodos mountains, unlike several of our neighbours, permanent residents and holiday home owners, we didn’t go much to the beach. Some went a few times a month, others virtually every day, most of the year. Curium Beach was the most popular, although Avdimou and Melanda had their devotees. Tavernas there were, and are, on all of them. In 1991 we first encountered Chris Blue Beach at Curium, a rickety wood, tin and reed covered affair where you could get fresh fish, kebabs and fry-ups. We never knew, and still don’t know, Chris’s surname. He was very much the lone hand, then, helped by his wife, with a young family, but always welcoming. stylish reception, presentation and tasting areas have been created above the customary gleaming steel of fermentation, maturation and storage tanks and the pumps, pipes and tubers of the wine making plant. You walk above this across a “bridge” enclosed by plate glass – a futuristic scenario. The man, of course, is Sophocleous Vlassides, now well into his second decade of making wine. Starting in his home village of Kilani, with some second hand and some makeshift gear housed in several small premises, Vlassides applied a lot more than the family inheritance of wine-making skills. As a boy he wanted to make proper wine and was fortunate and determined enough to get himself to one of the best places in the world to learn how to do it – Davis University California. After gaining his degree in oenology, Vlassides immersed himself in hands-on winemaking in France, Greece and other countries, before returning to Kilani to think about grapes, vineyards and wines. Early on he decided that he would plant “foreign varieties”; he would discard the red Cyprus Mavro but experiment with and develop the white Xynisteri. Later, in common with many other growers, he took to the lowcropping, difficult-to-cultivate indigenous red Maratheftiko. Although making a staple red and white, he eschews quantity winemaking. “In the new winery”, Sophocleous told me, “I shall not make more than 120,00 bottles a year”, enough to survive and pay off his capital obligations. Among reds he makes “Boutique” quantities of Cabernet Sauvignon (a grape I have never felt can do well in Cyprus) and Shiraz. He makes whites with foreign grape varieties, but is a strong advocate of our Xynisteri: “I think it has the potential to be a Pinot Grigio. It is very manageable. Of our two regions, I prefer the Limassol district Xynisteri. A little less on the nose than the Paphos, but with longer life”. A purist in many respects, Sophocleous is not afraid of breaking the norms; for instance in his blending of Shiraz and Xynisteri to make a rosé. This I enjoyed as a friendshipmaking sip of a warm summer’s evening or accompanying a Chinese meal. I asked how he keeps up his wine knowledge. “I regularly sample wine from other countries”, he said, “and also wines made by other Cyprus wineries. As for my own, I taste them in the market, because it is important to know how they react to the movement and storage. To know what it is the customer gets”. Sophocleous buys in many of his grapes from contracted growers with whom he works closely and has 16 hectares of his own vineyards. He would like more, but he adds, somewhat ruefully, “As soon as anyone realises you are interested in buying more land, watch the prices go up”. Highly respected by his peers, Sophocleous works with producers such as Tsiakkas and Argyrides, sharing and exchanging knowledge and experience. The three also have a jointventure wine distribution company. With the proviso of climate – he was very concerned about much needed rain when I saw him – the Vlassides wine future looks good. He plans to put his winery on the wine tourism map and to increase sales “from the gate”, by adding some catering facilities and amenities for visitors. This splendid building deserves visitors! The near future will also see more Cypriot grape varieties coming into his production. For his dedication to quality, his foresight and enterprise, Sophocleous Vlassides is truly a Cyprus Wine Hero.

Patrick Skinner

Chris is still there, at the helm, with his “children”, Marina, Efthimouis and Savvas, running things. The building has been expanded, knocked down and rebuilt over the years and is now a long, low, sleek, concrete steel and glass affair, looking very much architectdesigned, with a state-of-the-art spotless, gleaming stainless steel kitchen. Probably 300 people can sit down, inside and out to eat. As with so many catering operations that have survived for decades, Chris Blue has had its ups and downs, with quality falling from time to time, and regulars complaining about rising prices and “food not being what it was”, but it survives and prospers. Normally Chris starts his season at Easter, but he was early this year and the place was in full swing when we went there, three times, during our visit in March. Our visits were with a couple who don’t go very often, a friend from our old village who is a “regular” and a mother-and-daughter who go a number of times a year. The menu is eclectic. There’s fresh fish and seafood, of course, grilled or fried. Calamari and octopus (both properly done). Excellent fish and chips. Moussaka, meaty or vegetarian (copious and deemed tasty). There are pasta and rice dishes and good salads (the seafood variety is recommended). And lots more. A reasonable wine list and several good cold beers. Prices are just inside “acceptable” and good value if you take into consideration the location, which is spectacular. Family run, certainly - Marina leads the serving team of generally friendly and helpful people. But this large café-restaurant is fully computerised, boasting service stations which record orders, transmit them to the kitchen and tot up the bill. The kitchen seems pretty efficient to me. A food-review website has this comment from a customer: “They are a wonderful family and have a brilliant aptitude for remembering who you are, even if they have not seen you for years.” I can testify to this – Chris greeted us like old friends and knew who we were. Chris Blue Beach, Curium Beach Limassol. Open every day until October, from around 10a.m. Go weekdays in the season! Recommended for: location, clean and attractive premises, nice atmosphere and good food.

Cyprus Wine Hero – Sophocleous Vlassides It’s a brave man who puts together almost a million and half Euros from loans and grants to build a winery in Cyprus in a time of economic crisis. And not just any winery – this is an ultra modern building whose design would grace any architect’s portfolio. Comfortable,

News, views and opinions are very welcome! Send them to me at editor@eastward-ho.com . Visit my website at www.eastward-ho.com Have a good week!

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 969

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∆∂∆∞ƒ∆∏, 11 IOYNIOÀ, 2014

∏ ∫‡ÚÔ˜ Î¿ÓÂÈ «comeback» ÛÙËÓ ·ÁÔÚ¿ ÔÌÔÏﬁÁˆÓ Mέσω των Deutsche Bank, Goldman Sachs International, HSBC, UBS Investment Bank and VTB Capitalψ -ισ υρά ν µατα στ ν ώρ της επενδυτικής τραπε ικής- θα πρ ωρήσει η κυπριακή κυ έρνηση στην δι ργάνωση παρ υσιάσεων (road shows) σε επενδυτές στην Ευρώπη, µε στ την πιθανή έκδ ση µ λ γων. Μέσω των ανάδ ων π υ έ υν δι ριστεί τ κυπριακ κράτ ς θα επι ειρήσει εκ νέ υ να γει στις διεθνείς αγ ρές µετά απ τρία σ εδ ν ρ νια απ υσίας. πως ανακ ινώθηκε θες απ τ Υπ υργεί ικ ν µικών, ι Deutsche Bank, Goldman Sachs International, HSBC, UBS Investment Bank και VTB Capital πρ ωρ ύν µε την διευθέτηση συναντήσεων µε ενδια ερ µεν υς επενδυτές σε ευρωπαϊκ έδα ς. Η έκδ ση των µ λ γων υπ λ γί εται γύρω στα 500 εκ. ευρώ µε στ να απ πληρωθεί εσωτερικ ς δανεισµ ς π υ λήγει ώστε να απελευθερωθεί ρευστ τητα στην ικ ν µία, µιας και τ ν Ι ύλι λήγει συν λικ ρέ ς 2.5 δις ευρώ εκ των π ίων τα 2 δις ευρώ απ τελ ύν Κρατικά ν µαστικά ρε γρα α Αναπτύ εως και τα 500 εκ. ΕΜΤΝ (Ευρω µ λ γα). Πάντως Υπ υργ ς ικ ν µικών άρης Γεωργιάδης, ανέ ερε πως η Κύπρ ς είναι κ ντά στ να επιστρέψει στις αγ ρές, ενάµιση ρ ν νωρίτερα απ τις πρ λέψεις της ίδιας της κυ έρνησης, µε τ ν στ της άντλησης 500 εκατ µµυρίων ευρώ µε την έκδ ση µ λ γ υ και µε αν ικτή διαδικασία, να είναι ε ικτ ς. κ. Γεωργιάδης τ νισε τι τ γεγ ν ς πως απ καθίσταται σταδιακά η α ι πιστία και η εµπιστ σύνη της Κύπρ υ, σε συνδυασµ µε τ έντ ν διεθνές επενδυτικ ενδια έρ ν π υ αγγί ει και τα περι ερειακά κράτη της Ευρωπαϊκής Ένωσης, στ ς αυτ ς καθίσταται ε ικτ ς. Τ π σ π υ θα συγκεντρωθεί θα ρησιµ π ιηθεί για την κάλυψη ρεών απ εσωτερικ δανεισµ π υ εί ε γίνει τα πρ ηγ ύµενα ρ νια και δεν καλύπτ νται απ την Τρ ικα. Πρ σθεσε τι µε την επιστρ ή ρηµάτων π υ είλ νται στις τράπε ες θα αυ ηθεί η ρευστ τητα στ εσωτερικ . ριστική απ αση για την έκδ ση τ υ µ λ γ υ, π υ αναµένεται να είναι πενταετ ύς διάρκειας και µε επιτ κι κάτω απ 6,5% αναµένεται να λη θεί µέ ρι τέλ ς Ι υνί υ. Υπ υργ ς, εκαθάρισε επίσης τι δεν πρ κειται να επι αρυνθ ύν ανά ι ιδιώτες, τα ν ικ κυριά και ι επι ειρήσεις µε νέ υς ρ υς. Την επιστρ ή της Κύπρ υ στις διεθνείς αγ ρές τέλη Ι υνί υ, επι ε αίωσε και Πρ εδρ ς της ∆ηµ κρατίας Νίκ ς Αναστασιάδης, ψες σε µιλία τ υ στ επίσηµ δείπν τ υ Κυπριακ ύ Ναυτιλιακ ύ Επιµελητηρί υ, στ πλαίσι των 25 ρ νων απ την ίδρυσή τ υ. Πρ εδρ ς Αναστασιάδης σηµείωσε τι « ναυτιλιακ ς τ µέας απ τελεί ένα π λύ σηµαντικ µέρ ς της ικ ν µίας µας και έναν απ τ υς κύρι υς πυλώνες ανάπτυ ης και δεν υπάρ ει αµ ι λία τι η ναυτιλία έ ει διαδραµατίσει έναν ηγετικ ρ λ στις πρ σπάθειες µας για ικ ν µική ανάκαµψη.

∫·Ï‡ÙÂÚÂ˜ ÂÈ‰ﬁÛÂÈ˜ Με τ θέµα της επιστρ ής της Κύπρ υ στις αγ ρές ασ λήθηκαν και ι Financial Times, σ λιά ντας σε άρθρ π υ δηµ σιεύτηκε πως η ώρα γίνεται τ τελευταί απ τα θύµατα της κρίσης της ευρω ώνης π υ επιστρέ ει στις αγ ρές. Σύµ ωνα µε τ ρεπ ρτά , η ώρα ε έδωσε τ ν πρ ηγ ύµεν µήνα ε αετή µ λ γα α ίας 100 εκατ. ευρώ µέσω ιδιωτικής τ π θέτησης, πληρών ντας επιτ κι 6.5% σε ανώνυµ υς επενδυτές. Τώρα ωστ σ επίκειται η πρώτη επίσηµη έκδ ση µ λ γ υ µετά τη διάσωση της ώρας τ ν Μάρτι τ 2013. Ανα έρεται πως η Κύπρ ς έ ει πρ σλά ει τα ρηµατ ικ ν µικά ιδρύµατα Deutsche Bank, Goldman Sachs, ΗSBC, UBS και VTB Capital πρ κειµέν υ να ργανώσ υν

συναντήσεις µε Ευρωπαί υς επενδυτές µ λ γων, µε την µ λ γιακή έκδ ση να αναµένεται σύντ µα µετά απ αυτές. Σηµειώνεται τι παρά τ γεγ ν ς πως η ώρα «κάηκε άσ ηµα» µε τ κ ύρεµα των καταθέσεων για την ανακε αλαι π ίηση τ υ τραπε ικ ύ τ µέα, έ ει π λύ καλύτερη επίδ ση απ σ ύνταν π λλ ί. Στις θετικές ε ελί εις επισηµαίν νται η ανα άθµιση της πιστ ληπτικής ικαν τητας της ώρας απ τ ν ίκ Standard’s & Poor’s µετά τη µικρ τερη απ την πρ λε θείσα απ τ ∆ΝΤ ύ εση, καθώς και η πρ σ ατη αλάρωση των περι ρισµών στην κίνηση κε αλαίων. Σηµειώνεται τι η απ δ ση τ υ κυπριακ ύ µ λ γ υ µε ηµερ µηνία λή ης τ 2020 σηµείωσε, θες, πτώση σε αµηλ τετραετίας στ 4.75%, απ άνω τ υ 16% π υ ρισκ ταν στ απ γει της κρίσης.

ﬂÚ· Ó· ·Ù‹ÛÔ˘Ó... ÁÎ¿˙È ÔÈ K‡ÚÈÔÈ Ô‰ËÁÔ› Αρ ές τ υ 2015 ι Κύπρι ι π λίτες θα µπ ρ ύν και ν µιµα να ρησιµ π ι ύν υγραέρι , για την κίνηση των ηµάτων τ υς, µε ελ ς τ µειωµέν µέ ρι πενήντα τ ις εκατ κ στ ς κίνησης. Αυτ λέ θηκε στην θεσινή συνεδρία της Κ ιν υλευτικής Επιτρ πής Εµπ ρί υ, κατά την π ία τα Υπ υργεία Εµπ ρί υ, Συγκ ινωνιών και Εργασίας ενηµέρωσαν τι µέ ρι τ τέλ ς τ υ ρ ν υ, θα είναι έτ ιµ ι ι τε νικ ί καν νισµ ί για την ασ αλή ρήση τ υ υγραερί υ. Τ κ στ ς εγκατάστασης τ υ νέ υ συστήµατ ς υγραερι κίνησης θα κυµαίνεται απ 1.000 έως 1.200 ευρώ, ενώ τ συγκεκριµέν σύστηµα θα µπ ρεί να τ π θετηθεί µ ν σε εν ιν κίνητα αυτ κίνητα. Την ίδια ώρα παρατηρείται τ αιν µεν παράν µης τ π θέτησης συστηµάτων υγραερι κίνησης σε ήµατα, ενώ κατά τη διάρκεια της συνεδρίας ανα έρθηκε τι υπάρ υν συνεργεία, π υ τ π θετ ύν παράν µα τέτ ια συστήµατα. Τα µέλη της Επιτρ πής Εµπ ρί υ κάν υν λ γ για “κιν ύµενες µ ες” στ υς δρ µ υς της Κύπρ υ και ητ ύν την πάτα η τ υ παράν µ υ αυτ ύ αιν µέν υ. Πρ εδρ ς της Επιτρ πής Εµπ ρί υ Λευτέρης ριστ ρ υ, είπε πως “ενώ τ υγραέρι ρησιµ π ιείται ως εναλλακτική µ ρ ή ενέργειας για τις µετα ρές σε άλλες ώρες, στην Κύπρ δεν ε αρµ στηκε ακ µα”, για να πρ σθέσει πως η Επιτρ πή έλα ε σήµερα τη δέσµευση απ τις εµπλεκ µενες υπηρεσίες και απ τα διά ρα Υπ υργεία τι αρ ές τ υ 2015 θα υπάρ ει ευ έρεια ι Κύπρι ι π λίτες να ρησιµ π ι ύν υγραέρι , για την κίνηση των ηµάτων τ υς”. “Με αυτ θα επι έρ υν µια σηµαντική µείωση στ κ στ ς κατανάλωση καυσίµων µέ ρι και 50%. Πιστεύ υµε τι µε αυτ τ ν τρ π , ιδιαίτερα αυτή την κρίσιµη ικ ν µική περί δ , θα µπ ρέσ υν να απαλλαγ ύν απ ένα σηµαντικ άρ ς, π υ επι αρύνει και επι ρτί ει την κάθε κυπριακή ικ γένεια, π υ είναι τ κ στ ς µετα ράς”, είπε κ. ριστ ρ υ. Πρ σθεσε πως η Επιτρ πή θα παρακ λ υθεί τ λ ήτη-

¡fiÌÈÌË ı· Â›Ó·È Ë ¯Ú‹ÛË ÙÔ˘ ˘ÁÚ·ÂÚ›Ô˘ ·fi ÙÔ 2015, ÌÂ ÙÔ ÎfiÛÙÔ˜ ÂÁÎ·Ù¿ÛÙ·ÛË˜ Ó· ·Ó¤Ú¯ÂÙ·È ·fi €1.000 ¤ˆ˜ €1.200, Î·È ÙËÓ ÌÂ›ˆÛË ÛÙËÓ Î·Ù·Ó¿ÏˆÛË ¤ˆ˜ Î·È 50% µα, γιατί υπήρ ε µεγάλη ανα λητικ τητα και επιτακτικά θα τ επανα έρει εάν και ε σ ν υπάρ ει κωλυσιεργία εκ µέρ υς των δια ρων υπηρεσιών και Υπ υργείων. υλευτής τ υ ΑΚΕΛ, Κώστας Κώστα, είπε πως δυστυώς παρατηρεί µια ερή καθυστέρηση, ωστ σ , πρ σθεσε “ήδη στην Επιτρ πή Εµπ ρί υ ανακ ινώθηκε τι θα είναι έτ ιµ ι µε τ ν µ θετικ πλαίσι , δηλαδή λες τις ν µ θεσίες και τα διατάγµατα, π υ πρέπει να εγκριθ ύν µέ ρι τ τέλ ς τ υ τριµήν υ τ υ 2015”. Ε έ ρασε τη δυσαρέσκειά τ υ, γιατί πως είπε, “η καθυστέρηση αυτή εµπ δί ει τ υς καταναλωτές µέσα σε αυτές τις π λύ δύσκ λες ικ ν µικές συνθήκες να ρησιµ π ι ύν ένα καύσιµ , τ π ί είναι π λύ πι ιλικ στ περι άλλ ν και ε αίως π λύ πι ικ ν µικ ”. “Θέλ υµε ως ΑΚΕΛ για µια ακ µα ρά να ητήσ υµε απ την κυ έρνηση να τηρήσει αυτ τ ρ ν διάγραµµα και ελπί υµε τι αυτ θα είναι τ τελευταί . Θέλ υµε, επίσης, να ητήσ υµε απ λ υς τ υς αρµ δι υς ρείς κυρίως απ την Αστυν µία και τ Τµήµα δικών Μετα ρών, αλλά και τ Τµήµα Επιθεώρησης Εργασίας να εκινήσ υν µια εντατική εκστρατεία καταπ λέµησης της παραν µία και συγκεκριµένα τ υ αιν µέν υ τ π θέτησης παράν µα συστηµάτων υγραερι κίνησης σε ήµατα”, είπε. Ανέ ερε πως “υπάρ υν δυστυ ώς π λλά τέτ ια ήµατα, π υ κιν ύνται στ υς δρ µ υς της Κύπρ υ σαν κιν ύµενες µ ες”, πρ σθέτ ντας πως “θα πρέπει να εντατικ π ιηθ ύν ι έλεγ ι σε αυτά τα µη αν υργεία, αλλά κυρίως σε λα τα ήµατα π υ περν ύν απ Μ Τ, θα πρέπει να ε ετά νται κατά π σ έρ υν τέτ ι υ είδ υς συστήµατα”. υλευτής τ υ ΚΣ Ε∆ΕΚ Γιώργ ς Βαρνά α είπε πως τ κ µµα τ υ αναµένει τι αυτή τη ρά τα Υπ υργεία και ι εµπλεκ µεν ι ρείς θα τηρήσ υν τη δέσµευση, την π ία έ υν δώσει ενώπι ν της Επιτρ πής. “Αυτ τ σύστηµα ε αρµ εται σε πάρα π λλές ώρες τ υ κ σµ υ και πάντ τε εµείς αργ π ρηµένα υι θετ ύµε κάτι τ π ί είναι πρ ς ελ ς τ υ π λίτη και γι` αυτ τ λ γ εµείς αναµέν υµε τι αρ ές τ υ 2015 ι π λίτες σε αυτ τ ν τ π θα µπ ρ ύν να έ υν ενώπι ν τ υς τ δικαίωµα να µπ ρ ύν να εγκαταστήσ υν υγραέρι στα ήµατα τ υς”, είπε.

11 IOYNIOY, 2014

ΡΗΜΑ&ΑΓ ΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∂ÓÈÛ¯‡ÔÓÙ·È ÔÈ ÂÍÔ˘Û›Â˜ ÙÔ˘ ÃÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÔ‡ ∂ÈÙÚﬁÔ˘ ρ ν στ ν ρηµατ ικ ν µικ Επίτρ π Παύλ Ιωάνν υ µέ ρι την επ µενη συνεδρία της Κ ιν υλευτικής Επιτρ πής ικ ν µικών, την ερ µενη ∆ευτέρα, να µελετήσει τρ π υς ενίσ υσης των ε υσιών τ υ, έτσι ώστε να ενταθ ύν συγκεκριµένες πρ ν ιες στ σ ετικ κυ ερνητικ ν µ σ έδι , π υ απ τελεί µνηµ νιακή υπ ρέωση, απ άσισε να δώσει η Επιτρ πή Oικ ν µικών. Η Επιτρ πή, στην π ία τέθηκε θες τ κυ ερνητικ ν µ σ έδι µε τίτλ “ περί της Σύστασης και Λειτ υργίας τ υ Ενιαί υ Φ ρέα Ε ώδικης Επίλυσης ∆ια ρών ρηµατ ικ ν µικής Φύσεως (τρ π π ιητικ ς) ν µ ς τ υ 2014”, συ ήτησε παράλληλα και πρ ταση ν µ υ π υ κατέθεσε Πρ εδρ ς τ υ ∆ΗΚ Νικ λας Παπαδ π υλ ς, εκ µέρ υς της κ ιν υλευτικής µάδας τ υ κ µµατ ς, και στην π ία, σύµ ωνα µε τ ν Αναπληρωτή Πρ εδρ της Επιτρ πής Άγγελ Β τση, “δίδ νται υσιαστικές ε υσίες στ ν ρηµατ ικ ν µικ Επίτρ π ώστε πράγµατι να είναι υσιαστική η παρέµ ασή τ υ” στη διαµεσ λά ηση π υ θα διενεργεί µετα ύ πιστωτικών ιδρυµάτων και πελατών τ υς για τ ν τρ π αναδιάρθρωσης εν ς δανεί υ. Σύµ ωνα µε την εισηγητική έκθεση, σκ π ς τ υ κυ ερνητικ ύ ν µ σ εδί υ είναι η διεύρυνση των αρµ δι τήτων τ υ Επιτρ π υ ώστε να περιλαµ άνει τη δια είριση διαδικασιών διαµεσ λά ησης για αναδιάρθρωση των πιστωτικών διευκ λύνσεων υσικών και ν µικών πρ σώπων µε υπ θήκη την κύρια κατ ικία για τις π ίες ειλέτης αδυνατεί να απ πληρώσει και ρή υν αναδιάρθρωσης µε άση τη σ ετική δηγία της Κεντρικής Τράπε ας. Κύρια αρµ δι τητα τ υ Επιτρ π υ είναι µετά απ σ ετική αίτηση τ υ ειλέτη, να δι ρί ει διαµεσ λα ητή απ εγκεκριµέν κατάλ γ διαµεσ λα ητών, π ί ς θα διαµεσ λα εί µετα ύ ειλέτη και πιστωτικ ύ ιδρύµατ ς για επίτευ η δίκαιης και λ γικής αναδιάρθρωσης κ ινά απ δεκτής απ τα δύ µέρη. Σύµ ωνα µε τ ν µ σ έδι , ειλέτες µπ ρ ύν να υπ άλλ υν αιτήσεις πρ ς τ ν ρηµατ ικ ν µικ Επίτρ π για δι ρισµ διαµεσ λα ητή, πρ κειµέν υ να υπ ηθήσει τη διαδικασία αναδιάρθρωσης των πιστωτικών διευκ λύνσεων τ υ ειλέτη µέ ρι π σ ύ 350.000 ευρώ π υ ε ασ αλί νται µε υπ θήκη την κύρια κατ ικία τ υ πως επίσης και σε περιπτώσεις ρηµατ δ τικής µίσθωσης ακινήτ υ α ίας µέ ρι 350.000, τ π ί ρησιµ π ιείται ως κύρια κατ ικία. Στα πλαίσια αυτά, η πρώτη κατ ικία ρί εται ως η κατ ικία π υ ρησιµ π ιείται για τη διαµ νή τ υ ιδι κτήτη της ή σε περίπτωση σύµ ασης ρηµατ δ τικής µίσθωσης τ υ αντισυµ αλλ µεν υ στη σύµ αση µισθωτή της για περί δ τ υλά ιστ ν έ ι µηνών τ ρ ν . Φ ρέας Ε ώδικης Επίλυσης ∆ια ρών ρηµατ ικ ν µικής Φύσεως, π υ είναι ν µικ πρ σωπ δηµ σι υ δικαί υ στελε ώνεται απ τ ν ρηµατ ικ ν µικ Επίτρ π , τ ν Β ηθ ρηµατ ικ ν µικ Επίτρ π , τ πρ σωπικ π υ εργ δ τείται απ τ Φ ρέα και δι ικείται απ τ ∆Σ π υ δι ρί εται απ τ Υπ υργικ Συµ ύλι . ρηµατ ικ ν µικ ς Επίτρ π ς είπε τι αυτή τη στιγµή Φ ρέας δεν είναι ργανωµέν ς και δεν έ ει πρ σωπικ , µε τ ν Επίτρ π να παραµένει µ ν ς τ υ µα ί µε τα κτώ µέλη τ υ ∆Σ τ υ Φ ρέα. “Εισηγ ύµαι αν είναι δυνατ να µ υ δώσετε λίγες ηµέρες για να καταθέσω ένα εµπεριστατωµέν περίγραµµα εισηγήσεων ”, πρ σθεσε. Η εκπρ σωπ ς της ΚΤ ανέ ερε ενώπι ν της Επιτρ πής τι σήµερα ι τράπε ες είναι σε καλύτερη θέση για να πρ ύν σε αναδιάρθρωση δανείων παρά στ παρελθ ν π υ δεν εί αν τα µέσα και τ πρ σωπικ και επισήµανε τι µέ ρι τ τέλ ς Ι υλί υ ι πλείστες αναδιαρθρώσεις δανείων θα συνάδ υν µε τ ν σ ετικ κώδικα της ΚΤ π υ κυκλ ρησε τ ν Σεπτέµ ρι τ υ 2013.

¶ÚÔÂÈ‰ÔÔÈ‹ÛÂÈ˜ ÁÈ· ÈÔ‡˜ Για ένα νέ ι γνωστ ως «Crypto-Locker» ή «SimpleLocker» π ί ς µεταδίδεται µέσω ηλεκτρ νικ ύ τα υδρ µεί υ ή µηνύµατ ς και µπλ κάρει τη συσκευή τ υ ρήστη ταν ενεργ π ιηθεί, πρ ειδ π ιεί η Αστυν µία. ι ς «µπ ρεί να επηρεάσει και ηλεκτρ νικ ύς υπ λ γιστές αλλά και «έ υπνα τηλέ ωνα» τα π ία υπ στηρί νται µε λειτ υργικ σύστηµα Android». Μετά την ενεργ π ίηση τ υ ι ύ και α ύ µπλ καριστεί η συσκευή έρ εται ένα νέ µήνυµα απ τ ν δράστη π υ καλεί τ ρήστη να πληρώσει ένα π σ π υ κυµαίνεται µετα ύ 100 και 2.000 ευρώ, είτε µε την ρήση ucash (κάρτα πληρωµής) είτε µέσω εµ άσµατ ς σε λ γαριασµ στ ε ωτερικ . Τις περισσ τερες ρές ακ µα και εάν ρήστης ακ λ υθήσει την εντ λή δεν εµπλ κάρεται η συσκευή, πρ ειδ π ιεί η Αστυν µία.

™Ù· ¯·ÌËÏ¿ ÎÈÓÂ›Ù·È ÙÔ Î˘ÚÈ·Îﬁ 10ÂÙ¤˜ ÔÌﬁÏÔÁÔ Σε νέ αµηλ απ τα τέλη τ υ 2010 υπ ώρησε η απ δ ση τ υ κυπριακ ύ 10ετ ύς µ λ γ υ στη δευτερ γενή αγ ρά µ λ γων. Σύµ ωνα µε στ ι εία τ υ ΚΥΠΕ, η απ δ ση τ υ 10ετ ύς κυπριακ ύ µ λ γ υ (λή ης 2020) υπ ώρησε τη ∆ευτέρα κατά 12 µ νάδες άσης στ 4,827% απ 4,948% π υ ήταν την περασµένη Πέµπτη. Έτσι, τ περιθώρι απ τ 10ετές γερµανικ µ λ γ , π υ απ τελεί σηµεί ανα ράς, µειώθηκε στ 3,45%. Πρ κειται για τη δεύτερη συνε µενη υπ ώρηση της απ δ σης τ υ 10ετ υς κυπριακ ύ µ λ γ υ µετά την περασµένη Πέµπτη. Η τελευταία ρά π υ η απ δ ση υπ ώρησε κάτω απ τ ρι τ υ 5% ήταν στις 10 Απριλί υ ταν ρέθηκε στ 4,98%. Η απ δ ση τ υ 10ετ ύς κυπριακ ύ µ λ γ υ κατέγραψε ιστ ρικ υψηλ στις 14 Ι υνί υ τ υ 2012, αγγί ντας τ 16,46% για να αρ ίσει να υπ ωρεί στη συνέ εια, ταν η Κύπρ ς υπέ αλε αίτηση για ικ ν µική ήθεια απ τ ν Ευρωπαϊκ Μη ανισµ Σταθερ τητας. Η αµηλ τερη απ δ ση καταγρά ηκε στις 16 Αυγ ύστ υ τ 2010 ταν ρέθηκε στ 3,812%. Σε ακ µη αµηλ τερα επίπεδα ρίσκ νται ι απ δ σεις των µεσ πρ θεσµων κυπριακών µ λ γων. Ειδικ τερα, η απ δ ση τ υ 5ετ ύς µ λ γ υ π υ λήγει τ ν Ν έµ ρι τ υ τρέ ντ ς έτ υς υπ ώρησε στ 4,01% και τ υ 5ετ ύς µε λή η τ 2016 υπ ώρησε στ 4,31%. Να σηµειωθεί πως και τα δύ µ λ γα θα ανα ρηµατ δ τηθ ύν µε κε άλαια τ υ πρ γράµµατ ς. Στη µείωση τ υ κ στ υς δανεισµ ύ της Κύπρ υ συµ άλλ υν ι θετικές α ι λ γήσεις απ την Τρ ικα και ι ανα αθµίσεις της κυπριακής ικ ν µίας απ τ υς διεθνείς ίκ υς α ι λ γησης. Πτωτικές τάσεις παρ υσιά ει γενικ τερα η δευτερ γενής αγ ρά µ λ γων µετά την απ αση της Ευρωπαϊκής Κεντρικής Τράπε ας να ενισ ύσει τη ρευστ τητα τ υ ευρωσυστήµατ ς µε µη συµ ατικά µέτρα, µείωση τ υ ασικ ύ επιτ κί υ κύριων πρά εων ανα ρηµατ δ τησης στ 0,15% και αρνητικά επιτ κια καταθέσεων (-0,10%). Η απ δ ση τ υ γερµανικ ύ 10ετ υς υπ ώρησε απ τ 1,402% στ 1,377%, τ υ γαλλικ ύ αντίστ ι υ µ λ γ υ απ 1,790% στ 1,698%, τ υ ιταλικ ύ απ 2,928% σε 2,700%. Η απ δ ση τ υ ιρλανδικ ύ 10ετ ύς υπ ώρησε απ 2,562% σε 2,400%, ενώ η απ δ ση τ υ ελληνικ ύ 10ετ ύς υπ ώρησε απ 6,106% σε 5,608%. Αντίθετα η απ δ ση τ υ αµερικανικ ύ 10ετ ύς αυ ήθηκε απ 2,581% σε 2,593%, πως και τ υ ρετανικ ύ π υ αυ ήθηκε απ 2,676% σε 2,698%.

™Â ·ÓÔ‰ÈÎ‹ ÙÚÔ¯È¿ ÙÔ Ã∞∫ Κέρδη κατέγραψε θες τ ρηµατιστήρι Α ιών Κύπρ υ. Τ ΑΚ καταγρά ει αν δική π ρεία απ τις 30 Μαΐ υ. Γενικ ς ∆είκτης έκλεισε στις 117,21 µ νάδες, σηµειών ντας σηµαντική άν δ της τά ης τ υ 1,57%. Η α ία των συναλλαγών διαµ ρ ώθηκε στις 348.793,98 ευρώ. ∆είκτης FTSE/CySE 20 έκλεισε στις 55,55 µ νάδες, καταγρά ντας αύ ηση σε π σ στ 0,85%. Τ µεγαλύτερ επενδυτικ ενδιαέρ ν πρ σέλκυσαν ι τίτλ ι της Ελληνικής Τράπε ας µε 321.034,940 ευρώ (τιµή κλεισίµατ ς 0,091 ευρώ – άν δ ς 2,25%), της Petrolina (Holdings) Public µε 8.125,000 ευρώ (τιµή κλεισίµατ ς 1,160 ευρώ – άν δ ς 3,57%), της The Cyprus Cement Public µε 5.652,680 ευρώ (τιµή κλεισίµατ ς 0,311 ευρώ – πτώση 2,51%), της Louis µε 3.025,660 ευρώ (τιµή κλεισίµατ ς 0,038 ευρώ – πτώση 2,56%) και της Logicom Public µε 2.302,290 ευρώ (τιµή κλεισίµατ ς 0,601 ευρώ – πτώση 0,66%).

¢ÂÓ ··ÓÙ¿ Î·ÓÂ›˜ ÛÙÔ ¢ËÌﬁÛÈÔ Τα πρ λήµατα π υ πρ κύπτ υν απ τη µη ανταπ κριση υπηρεσιών τ υ κράτ υς πρ ς τ κ ιν και τ υς τρ π υς αντιµετώπισής τ υς συ ήτησε η Κ ιν υλευτική Επιτρ πή Θεσµών, τα µέλη της π ίας δήλωσαν τι ι ιλιάδες αναπάντητες κλήσεις κάθε µήνα σε Υπ υργεία και Τµήµατα της ∆ηµ σιας Υπηρεσίας ταλαιπωρ ύν τ υς Κύπρι υς π λίτες. Σύµ ωνα µε στ ι εία π υ δ θηκαν κατά τη συνεδρία της Επιτρ πής Θεσµών σε ένα µ ν µήνα στ Τµήµα Κ ινωνικών Ασ αλίσεων Λεµεσ ύ καταγρά ηκαν 10 ιλιάδες αναπάντητες κλήσεις, ενώ κατά τ µήνα Φε ρ υάρι στ Τµήµα Ε ρ υ Εταιρειών καταγρά ηκαν 27 ιλιάδες αναπάντητες. Πρ εδρ ς της Επιτρ πής Θεσµών, Φειδίας Σαρίκας, έκανε λ γ για ιλιάδες παράπ να, π υ α ρ ύν αιτήσεις για πιστ π ιητικά, στ Κτηµατ λ γι , τ Τµήµα Αλλ δαπών και Μετανάστευσης και άλλες υπηρεσίες, π υ επηρεά υν την π ι τητα ωής των π λιτών. πως είπε η Β υλή πρέπει να συµ άλει στη σωστή λειτ υργία των θεσµών, π υ να ε υπηρετ ύν ρθά τ καλώς ν ύµεν συµ έρ ν.

¡¤ÔÈ Û‡Ì‚Ô˘ÏÔÈ ÁÈ· ·ÁÔÚ¿ ÙÔ˘ Ã∞∫ Τα γρα εία «Παυλίνα Ιωάνν υ ∆.Ε.Π.Ε» και «Grant Thornton (Cyprus) Ltd», ως Σύµ υλ υς Εισαγωγής στη Νε αναπτυσσ µενων Εταιρειών Αγ ρά (Ν.Ε.Α.) τ υ ΑΚ, επέλε ε τ Συµ ύλι τ υ ρηµατιστηρί υ Α ιών Κύπρ υ. Επιπρ σθετα τ Συµ ύλι τ υ ΑΚ έ ει απ ασίσει την διαγρα ή της εταιρείας «Harvest Financial Services Ltd», απ τ ν τηρ ύµεν κατάλ γ των Συµ ύλων Εισαγωγής σύµ ωνα µε την παράγρα 7.2.4.(α) και (δ) των Κ∆Π 326/2009.

Le Meridien: To 75% ÛÙËÓ Emerald Σε αύ ηση κε αλαί υ µε συµµετ ή της Emerald πρ ώρησε η L’ Union Nationale, ιδι κτήτρια τ υ Le Meridien, για απ πληρωµή τραπε ικ ύ της ρέ υς στην Τρ. Κύπρ υ. Η Emerald Coast Properties υπέγραψε µνηµ νι συναντίληψης µε την CCC Tourist Enterprises, κάτ τ υ 50% των εκδ µένων µετ ών της L’ Union Nationale. Η Emerald κατέ ει τ υπ λ ιπ 50% των εκδ µένων µετ ών της L’ Union. Με άση τ µνηµ νι , τ µετ ικ κε άλαι της L’ Union θα αυ ηθεί κατά περίπ υ 52,5 εκ. ευρώ µε έκδ ση µετ ών πρ ς τη Emerald, αριθµ ς και η κατηγ ρία των π ίων θα ε αρτηθεί απ διά ρ υς παράγ ντες π υ θα α ι λ γηθ ύν µε ανα ρά µετα ύ άλλων στην ικ ν µική κατάσταση της L’Union κατά τ ν υσιώδη ρ ν και ειδικ τερα των περι υσιακών στ ι είων και υπ ρεώσεών της. Με την λ κλήρωση της µετ ικής κε αλαιακής αναδιάρθρωσης, η Emerald θα κατέ ει τ υλά ιστ 75% συν µία µετ ή απ τις συν λικά εκδ µένες µετ ές της L’Union. Τ πρ ϊν έκδ σης θα ρησιµ π ιηθεί απ κλειστικά για την ε ληση λ υ τ υ τραπε ικ ύ ρέ υς της L’Union πρ ς την Τράπε α Κύπρ υ.

∞ÏÏ¿˙ÂÈ Í·Ó¿ Ë Û‡ÛÙ·ÛË ÙË˜ ∞Ú¯‹˜ ∂Í˘Á›·ÓÛË˜ Την αλλαγή, για δεύτερη ρά, της σύστασης της Αρ ής Ε υγίανσης και την επανα ρά της στην αρ ική της µ ρ ή π υ Αρ ή ήταν η Κεντρική Τράπε α (ΚΤ) της Κύπρ υ, συ ήτησε θες η Κ ιν υλευτική Επιτρ πή ικ ν µικών, ενώπι ν της π ίας τέθηκε τ σ ετικ ν µ σ έδι , τ π ί απ τελεί µνηµ νιακή υπ ρέωση και θα πρέπει να υι θετηθεί µέ ρι τα µέσα Ι υλί υ. Τ πρ τειν µεν ν µ σ έδι µε τίτλ “ περί ε υγίανσης πιστωτικών και άλλων ιδρυµάτων (τρ π π ιητικ ς) ν µ ς τ υ 2014”, µε τ περιε µεν τ υ π ί υ συµ ώνησε και η Τρ ικα, απ σκ πεί στην ενδυνάµωση και ελτίωση της Αρ ής Ε υγίανσης ώστε να καταστεί απ τελεσµατικ τερη και πρ ν εί πως Αρ ή Ε υγίανσης ριστεί η Κεντρική Τράπε α και παράλληλα συσταθεί Επιτρ πή Ε υγίανσης, η π ία θα απ τελείται απ τη ∆ι ικητή της ΚΤ και τ υς δύ εκτελεστικ ύς συµ ύλ υς τ υ ∆Σ της ΚΤ και θα είναι τ απ ασί ν εκτελεστικ ργαν της Αρ ής. Με άση την υ ιστάµενη ν µ θεσία, η Αρ ή Ε υγίανσης απ τελείται απ τ ν Υπ υργ ικ ν µικών, τη ∆ι ικητή της ΚΤ και την Πρ εδρ της Επιτρ πής Κε αλαιαγ ράς.Στην Επιτρ πή ικ ν µικών υπήρ ε µια αντίδραση και πρ ληµατισµ ς απ π λλές π λιτικές δυνάµεις, σύµ ωνα µε τ ν Αναπληρωτή Πρ εδρ της Επιτρ πής Άγγελ Β τση, λ γω τ υ γεγ ν τ ς τι µέ ρι τ τέλ ς τ υ 2014 θα πρέπει να τρ π π ιηθεί εκ νέ υ η ν µ θεσία για να ενσωµατωθ ύν ι πρ ν ιες της νέας ευρωπαϊκής δηγίας π υ θα εκδ θεί σύντ µα και θα α ρά τις αρµ δι τητες της Αρ ής Ε υγίανσης. Σηµείωσε τι τ θέµα θα συ ητηθεί εκ νέ υ σε κατ πινή συνεδρία της Επιτρ πής ικ ν µικών.

ΡΗΜΑ&ΑΓ ΡΑ

11 Ι ΥΝΙ Υ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

¢À™∆ÀÃø™ - ŒÓ· Ì¿ÙÛÔ ¯¿ÏÈ· ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Πρ δύ ετών µε δική µας πρωτ υλία υπ άλαµε στ υς ∆ήµ υς της Λεµεσ ύ την πρ ταση για α ι π ίηση των υδατ ρακτών της επαρ ίας. Πρ ς πίστη τ υ ∆ήµαρ ς Λεµεσ ύ κ. ρίστ υ, κάλεσε λ υς τ υς ∆ήµ υς, Κ Τ, Τµήµα Αναπτύ εως Υδάτων, ακ µη και τις Βάσεις, για να συ ητήσ υµε λ ι µα ί την πρ ταση µας για την α ι π ίηση των υδατ ρακτών, µε στ τ ν αθλητικ τ υρισµ , τ σ για τ υς ντ πι υς, σ και για την πρ σέλκυση τ υριστών, ιδιαίτερα κατά τ υς ειµεριν ύς µήνες. Μετά εκπλή εως πληρ ρηθήκαµε απ τ ν ένθερµ υπ στηρικτή της λεπτ µερ ύς πρ τασης µας (τ ν Κ Τ) τι δεν µπ ρ ύν ν µιµα ι υδατ ράκτες να ρησιµ π ι ύνται λ γω τ υ τι εκκρεµεί στην Β υλή εδώ και κάπ ια ρ νια η έγκριση καν νισµών και τι π ιεσδήπ τε δραστηρι τητες λαµ άν υν ώρα στ υς υδατ ράκτες είναι παράν µες. Παρ λ τ ύτ υ ρισµέν ι ∆ήµαρ ι πως εκείν ς των Π λεµιδιών, ρησιµ π ι ύν τ ν ράκτη τ υς για µαθήµατα σκι και εκείν ς της Γερµασ γειας (και εκείν ς τ υ Κ ύρρη) για αθλήµατα κωπηλασίας και µπρά τ υς. Με αρά παρατηρ ύµε τελευταίως διά ρες δραστηρι τητες (έστω παράν µες) αγώνες επί διεθν ύς άσης, πως τ Dragon Race µε 600 άτ µα συµµετέ ντες και τώρα αγώνες κωπηλασίας ( ράκτης Γερµασ γειας). Ταυτ ρ να παρατηρ ύµε τι στην Τριµίκλινη µε ιδιωτική πρωτ υλία, ένας ευ άνταστ ς συµπ λίτης µας, δηµιύργησε µια τε νητή λίµνη για ψάρεµα (επί πληρωµή) απ πέστρ ες µέ ρι και ύρρυγ υς (απ τα αυγά τ υς γίνεται τ α ιάρι), ενώ άλλες µάδες πρ τειναν ιδιωτικά πάρκα κυνηγί υ στ πρ τυπ ένων ωρών. Απ την µια µεριά τ κυνήγι είναι λιγ στ , ενώ αυτή η τελευταία ιδιωτική πρωτ υλία «π λεµάτε» απ διά ρ υς, για λ γ υς π υ δεν καταν ήσαµε ακ µα. Υπάρ υν περι ές ιδιωτικές εκτάσεις 2.000-4.000 σκαλών π υ κατ’ εµάς (δεν είµαστε κυνηγ ί) απ τ ιδιωτικ αυτ κυνήγι θα µπ ρ ύσε να απ τελέσει σίγ υρα ένα πρ σθετ στ ι εί πρ σέλκυσης τ σ των ανικαν π ίητων δικών µας κυνηγών, σ και ένων. Η Σκωτία έ ει περίπ υ 60.000 επισκέπτες τ ν ρ ν για τ ιδιωτικ αυτ κυνήγι, ενώ τα ιδιωτικά αυτά πάρκα στην Βρετανία (δεν έ υµε στατιστικές απ άλλες ώρες) έ υν γύρω στις 16.000 µέλη ( λ ι µα ί). Τ κυνηγετικά αυτά πάρκα πλήρως ε πλισµένα ( ι µ ν µε θήραµα) µε κλαµπ, εστιατ ρια κλπ, απ τελ ύν ένα είδ ς εκδρ µής για κυνηγ ύς και τις ικ γένειες τ υς, π υ στ τέλ ς τ εστιατ ρια σερ ίρει τ θήραµα π υ ι ίδι ι ι κυνηγ ί απέκτησαν. Τ κ στ ς για να εγγρα εί κάπ ι ς µέλ ς στ Η.Β. είναι κατά µέσ ρ 3.000 ευρώ τ ν ρ ν , πλέ ν ρέωση ανά θήραµα (ανάλ γα τ υ είδ υς τ υ θηράµατ ς) και µε µέγιστ quota ανά είδ ς. πως κατ’ επανάληψη µας τ νί ει Κ Τ, ι εν δ ι και άλλ ι, « ήλι ς και η θάλασσα» απ µ να τ υς δεν αυ ά-

ν υν/διατηρ ύν τ ν τ υρισµ , ενώ εάν επιθυµ ύν την επέκταση της τ υριστικής περι δ υ και µάλιστα µε ψηλής εισ δηµατικής στάθµης τ υρίστες, αυτές και άλλες ενασ λήσεις εµπλ υτί υν τ ν Κυπριακ τ υριστικ πρ ρισµ . Π υλήσαµε λ ιπ ν µια κατ ικία 3 εκ. ευρώ σε Βρεταν , π ί ς λατρεύει την Πά , κάτ ιδιωτικ ύ κ τερ υ, τ π ί λ γω µεγέθ υς δεν µπ ρεί να ελλιµενιστεί παρά µ ν στ λιµάνι Λεµεσ ύ (ίσως και στην τωρινή µαρίνα της Λεµεσ ύ). Π λύ περή αν ς µας έδει ε µέρ ς της συλλ γής των κυνηγετικών τ υ πλων π υ στ σύν λ τ υς (4) ανέρνται σε κ στ ς αγ ράς 32.000 ευρώ. Σε ερώτηση τ υ αν µπ ρεί ως έν ς να κυνηγά, τ υ απαντήσαµε κατα ατικά και πρ σθέσαµε επίσης τι υπάρ υν περί δ ι και συγκεκριµένες τ π θεσίες για τ κυνήγι και µε την ήθεια τ υ Γρα εί υ Επάρ υ τ υ υπ δεί αµε και τις τ π θεσίες, ρ νικά πλαίσια και τ θήραµα. λαγ ς ήταν εκτ ς επιλ γής (λ γω της ιστ ρίας της Βρετανίας µε την Myxomatosis τ υ λαγ ύ) και τ µ ν π υ απέµεινε ήταν τ περδίκι – τ υπ λ ιπ θήραµα λ γω µικρ ύ κατά την άπ ψη τ υ µεγέθ υς, ήταν “a crime to kill due to small size” – έγκληµα να σκ τών υµε τ σ µικρά π υλιά. Αυτ ς πελάτης µας ήταν τελευταί ς απ π λλ ύς άλλ υς κυρίως Ρώσ υς µε παρ µ ιες ερωτήσεις. Μάλιστα κ. Vladam, Ρώσ ς αγ ραστής κατ ικίας στις Πλάτρες, µας έδωσε και δώρ ένα κυνηγετικ “baikal” (αντιλαµ άν µαι α ίας 1.700 ευρώ) για την ήθεια µας επί τ υ θέµατ ς!! Τ baikal ρίσκεται ακ µα στην κάσια τ υ και µ ναδικ ς κυνηγ ς τ υ Γρα εί υ µας των 35 ατ µων, κλητήρας µας, τ καθαρί ει και «λαδώνει» ανάλ γα στην περίπτωση εκείνη π υ µας ητηθεί να τ ν συν δεύσ υµε σε µια ε ρµηση τ υ (ήταν τ αντάλλαγµα π υ δώσαµε ως δώρ της γυναίκας τ υ και τ υ ίδι υ ένα τασάκι ασηµένι µε υρ υρένια κ υταλάκια (κ στ υς 150 ευρώ). Τ αναέρ υµε αυτ και άλλες εµπειρίες µας για να σας πληρ ρήσ υµε τι δεν είναι λ ι ι τ υρίστες τ ίδι . Επίσης έν ς κυνηγ ς τ υρίστας, ένα ψαράς τ υρίστας και ένας τ υρίστας των ειµερινών θαλάσσιων σπ ρ, α ήν υν στην ικ ν µία της ∆ηµ κρατίας 3-5 ρές απ εκείν υς τ υς τ υρίστες τύπ υ chartered flights. Αναδυ µενη αγ ρά τ υριστών είναι και εκείνη των αυτ κινήτων αντίκας. υκραν ς µ νιµ ς κάτ ικ ς Κύπρ υ, έ ει εν ικιάσει στην Κ κκιν τριµιθιά απ θήκη για να υλάγει τα 6 αυτ κίνητα αντίκες τ υ και δεν άνει την ευκαιρία να λαµ άνει µέρ ς. Λά αµε και εµείς µέρ ς µε ένα απ τα αυτ κίνητα τ υ, πλήρως πληρωµένα τα έ δα µας, περιλαµαν µέν υ και τ υ συν δ ύ µη ανικ ύ αυτ κινήτων π υ µας συν δευε (δρ µ ς Πά υς-Πλάτρες – «έ ρασε» τ δικ µας). Κατέλη ε λ ι η µάδα απ τ υς συµµετέ ντες (60 άτ µα) και πλήρωσε ενθ υσιώδης αυτ ς τύπ ς λ τ ν λ γαριασµ !! (η συµ ωνία ήταν τι κάθε ένας να πληρώσει τα δικά τ υ). άριν πληρ ρησης τ Γρα εί µας ήλθε τελευταί παρ λ π υ κάναµε και τις Κυπριακές µας «κ µπιν ύλες». Αυτή η µ ναδική µας πρ σπάθεια (αλλά γίν νται τέτ ιες εκδηλώσεις 4-5/ ρ ν ) ήταν για ιλανθρωπικ σκ π και στην δική µας περίπτωση η λη είσπρα η κατέλη ε στ ν Αντικαρκινικ Σύνδεσµ (ανήλθε σε 3.000 ευρώ). Τ θέµα είναι µως τι ργανώσαµε, ως Κύπρ ς, ακ µη µια εκδήλωση για τ υς έν υς (ασ αλώς και για τ υς

¶ÚfiÙ·ÛË ÁÈ· ·ÍÈÔÔ›ËÛË ÙˆÓ ˘‰·ÙÔÊÚ·ÎÙÒÓ ÌÂ ÛÙfi¯Ô ÙÔÓ ·ıÏËÙÈÎfi ÙÔ˘ÚÈÛÌfi Κύπρι υς) µε τεράστια επιτυ ία. Επισκε θήκαµε και την Αρ ιεπισκ πή και π λύ ενθ υσιώδης Μητρ π λίτης Μεσα ρίας καθ’ υπ δει η µας, µας πληρ ρησε τι ι µ ν η Αρ ιεπισκ πή έ ει ιστ σελίδα αλλά και έντυπα σε 4 γλώσσες αλλά και π ι δήπ τε τ υρίστας επιθυµεί να επισκε θεί ε ωκλήσια µέσω τ υ τ πικ ύ ιερέα, µ υ τάρη κλπ, θα µπ ρ ύσε να τ υ γίνει ενάγηση – Μπρά τ υ Μακαρι τατ υ και τ υ επισκ π υ Γρηγ ρί υ. Έ υµε λ ιπ ν π λλά ατ ύ αγαπητ ί µας αναγνώστες π υ ηθ ύν τ ν τ υρισµ και κατ’ επέκταση την αγ ρά ακινήτων, στ δε τελευταί , µε την κατάσταση στην Αίγυπτ , µε ιδιαίτερη έµ αση στ υς ριστιαν ύς Κ πτες, πρ τιθέµεν ς αγ ραστής εισερ µεν ς ε ώνισε τι «αυτ ς» ( Άγι ς) στ Γρα εί µ υ (Α. Λ ί υ) π υ έ ω την εικ να τ υ Αγί υ Αντωνί υ «είναι ένας δικ ς µας» Αιγύπτι ς ήταν Άρα ας Κ πτης και έ ει καταλή ει αγ ραστής διαµερίσµατ ς στ ν Άγι Ηλία στ Παραλίµνι. Πρ άλαµε και τις κ υρκ ύνες (ψάρι µικρ ) τ υ Πρωταρά; Σε 3 ώρες ψάρεψε δικ ς µας (Σ υηδ ς) 30 ψάρια τα π ία και παράδωσε ωρίς ρέωση σε τ πικ εστιατ ρι µε τ ν µα «Π». ντας π λύ καλ ς µας πελάτης, τ υ αγ ράσαµε τ καλάµι (30 ευρώ) και πωλητής τ υ καταστήµατ ς, ι µ ν τ υ ε ήγησε πώς να ψαρεύει, τ υ ετ ίµασε και τ δ λωµα και πήγε µα ί τ υ η ώρα 4.00 τ πρωί για να τ υ δεί ει. Μπ ρ ύµε να πάµε λάθ ς µε τέτ ια πρ σ ντα; Αυτή η νέα Κυ έρνηση κ. Πρ εδρε µε τη νέα πν ή π υ ισ υρί εστε τι θα επι έρει και µε τ ν ιδιωτικ τ µέα να παίρνει πρωτ υλίες, δεν είναι καιρ ς µε λ υς αυτ ύς τ υς ηθ ύς π υ πρ σλαµ άνετε να ενσκήψ υν επί τέτ ιων και άλλων θεµάτων; Τ µ ν π υ έρ υµε είναι να ά υµε δια ηµίσεις, να επι ρηγ ύµε τ υς διά ρ υς tour operators και εν δ υς και δεν τ νί υµε τ σ την π ικιλ µ ρ ία τ υ τ π υ και την ιλικ τητα τ υ πληθυσµ ύ - δυστυ ώς.

™‡Ó‰ÂÛË ÙË˜ ∞ÛÙ˘ÓÔÌ›·˜ ∫‡ÚÔ˘ ÌÂ ª∆¡ ¡¤Ô ÚfiÁÚ·ÌÌ· ÌÂ ÎÈÓËÙfi, ÛÙ·ıÂÚfi Î·È internet Kινητ , σταθερ και γρήγ ρ internet, περιλαµ άνει τ πρ γραµµα ΤriplePlay π υ πρ σ έρει τώρα η ΜΤΝ. Τ πρ γραµµα διαθέτει αµηλ πάγι , και απερι ριστ ρ ν µιλίας απ την σταθερή γραµµή πρ ς λα τα σταθερά δίκτυα και κινητά ΜΤΝ. Α ί ει να ανα ερθεί τι η ΜΤΝ θα παρέ ει πλέ ν τις υπηρεσίες της και σε κυ ερνητικά τµήµατα, σύµ ωνα µε τ ν CEO της MTN, Philip van Dalsen. Ήδη η Αστυν µία Κύπρ υ και η ΜΤΝ έ υν κατέλθει σε συµ ωνία για ε ασ άλιση υπηρεσιών κινητής τηλε ωνίας, πρ σ ρά η π ία έ ει α ία 252,000 ευρώ για τρία ρ νια. Σηµειώνεται τι την εν λ γω πρ σ ρά διεκδίκησαν εκτ ς απ την ΜΤΝ και ι εταιρείες Primetel και η Cyta, αλλά τελικώς η πρ σ ρά κατέλη ε στην ΜΤΝ. Η µέθ δ ς πρ κήρυ ης της πρ σ ράς ήταν αν ικτή ενώ κριτήρι επιλ γής πρ σ ρ δ τη ήταν τ ικ ν µικ . Ανα ρικά µε τ πρ γραµµα MTN TriplePlay, αυτ µπ ρεί να πρ σαρµ στεί στις ανάγκες κάθε καταναλωτή. ∆ηλαδή π ι δήπ τε πλάν κινητής τηλε ωνίας MTN Smart µπ ρεί να συνδυαστεί µε πλάν σταθερής τηλε ωνίας και internet ΜΤΝ Unlimited Telephony & Internet. Συγκεκριµένα η πρ σ ρά περιέ ει: - Απερι ριστ ρ ν µιλίας απ την σταθερή γραµµή σε λα τα δίκτυα σταθερής τηλε ωνίας ανε αρτήτως παρ υ και πρ ς λ υς τ υς συνδρ µητές κινητής τηλε ωνίας ΜΤΝ. - Μέ ρι και απερι ριστα sms και ρ ν ς µιλίας απ τ κινητ , ανάλ γα µε τ πλάν π υ επιλέγεται. - 2GB ίντερνετ απ τ κινητ ανάλ γα µε τ πλάν π υ επιλέγεται. - Απερι ριστ , γρήγ ρ internet απ τ σπίτι ή τ γρα εί . Παράλληλα, σ ι επιλέ υν τ ΜΤΝ ΤriplePlay έ υν τ πρ ν µι να απ κτήσ υν κινητ µέ ρι και µε 200 ευρώ έκπτωση, ωρίς σεντ αρ ικά, µε 24 άτ κες µηνιαίες δ σεις, µε µετα ρά τ υ αριθµ ύ σε π ι δήπ τε πλάν κινητής τηλε ωνίας MTN Smart. ι υ ιστάµεν ι συνδρ µητές κινητής τηλε ωνίας της ΜΤΝ π υ θα επιλέ υν να δηµι υργήσ υν τ δικ τ υς ΜΤΝ TriplePlay, ω ελ ύνται µε µέ ρι και 25% έκπτωση στ µηνιαί πάγι τ υ πλάν υ MTN Unlimited Internet & Telephony π υ επέλε αν.Για περισσ τερες πληρ ρίες στην ιστ σελίδα www.mtn.com.cy

∏Ì¤ÚÂ˜ °ÓˆÚÈÌ›·˜ ‰ÈÔÚÁ·ÓÒÓÂÈ ÙÔ CIIM Ηµέρες γνωριµίας δι ργανώνει τ Cyprus International Institute of Management(CIIM), ειδικά για νέ υς και νέες πτυ ι ύ υς, µε στ την ενηµέρωσή τ υς για τις επιλ γές π υ πρ σ έρει τ CIIM για καλύτερες ευκαιρίες εργ δ τησης. ι συναντήσεις θα πραγµατ π ιηθ ύν στις εγκαταστάσεις τ υ CIIM στη Λευκωσία (Λεω ρ ς Ακαδηµίας 21, 2107 Αγλαντ ιά) στις 12 Ι υνί υ 2014 και στις 17 Ι υνί υ 2014 στις εγκαταστάσεις τ υ Ινστιτ ύτ υ στη Λεµεσ ( αϊδαρί υ 5, απέναντι απ τ εν δ εί Αλάσια) απ τις 17:00 µέ ρι τις 20:00. Παράλληλα µε τις Ηµέρες Γνωριµίας, ι συµµετέ ντες θα έ υν την ευκαιρία να παρακ λ υθήσ υν και τη δια ωτιστική διάλε η µε θέµα «Εργ δ τηση µετά την απ ίτηση». Τα Πρ γράµµατα π υ θα παρ υσιαστ ύν είναι: MSc στην Εκπαιδευτική Ηγεσία και ∆ι ίκηση, MSc in Finance & Banking, MSc in Management και MSc in Human Resource Management and Organisational Behaviour Για περισσ τερες πληρ ρίες και δήλωση συµµετ ής ι ενδια ερ µεν ι µπ ρ ύν να επισκέπτ νται την ιστ σελίδα http://www.ciim.ac.cy ή να καλ ύν στα τηλέ ωνα 22462246 και 25878782.

11 IOYNIOY, 2014

ΡΗΜΑ&ΑΓ ΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

ÀËÚÂÛ›· ÊﬁÚÙÈÛË˜ ËÏÂÎÙÚÈÎÒÓ Ô¯ËÌ¿ÙˆÓ ·ﬁ ÙËÓ ∞∏∫ Στη δηµι υργία υπ δ µής σε Παγκύπρια άση για τη ρτιση ηλεκτρικών ηµάτων, πρ ώρησε η Αρ ή Ηλεκτρισµ ύ Κύπρ υ λαµ άν ντας υπ ψη τις σ ετικές Ευρωπαϊκές δηγίες και µελετώντας τις εισηγήσεις της Eurelectric αλλά και της Ευρωπαϊκής Επιτρ πής ανα ρικά µε την ργάνωση της αγ ράς και δηµι υργία υπ δ µής Φ ρτιστών Ηλεκτρικών ηµάτων σε ∆ηµ σι υς ώρ υς. Με α ρµή την Παγκ σµια Μέρα Περι άλλ ντ ς, πραγµατ π ιήθηκε και η επίσηµη παρ υσίαση της νέας Υπηρεσίας echarge της ΑΗΚ και τ υ Πρ τυπ υ Σταθµ ύ Φ ρτισης Ηλεκτρικών ηµάτων. H Υπηρεσία e-charge πρ σ έρεται στ υς ιδι κτήτες Ηλεκτρικών ηµάτων και παρέ ει τη δυνατ τητα ρτισης σε λα τα σηµεία π υ έ υν εγκατασταθεί Παγκύπρια. Μέ ρι στιγµής έ υν εγκατασταθεί σταθµ ί ρτισης σε 15 σηµεία, σε δηµ σι υς ώρ υς. Η ρέωση της ηλεκτρικής ενέργειας γίνεται στη ∆ιατίµηση αρ. 15 και η τιµ λ γηση θα γίνεται κάθε διµηνία. ι ρτιστές της ΑΗΚ παρέ υν την απαιτ ύµενη ασ άλεια κατά τη ρτιση. ι ενδια ερ µεν ι θα πρέπει να απ κτήσ υν Κάρτα Πρ σ ασης απ π ι δήπ τε Κέντρ Ε υπηρέτησης Πελατών της ΑΗΚ, α ύ υπ γράψ υν σ ετική σύµ αση. Για την Υπηρεσία υπάρ ει πάγια ρέωση ?25, π σ τ π ί θα ρεωθεί στ ν πρώτ λ γαριασµ . Η ΑΗΚ ευελπιστεί πως η πρ σπάθεια της αυτή τύ ει της ανάλ γης υπ δ ής τ σ απ την Π λιτεία σ και απ τ Κυπριακ Κ ιν , ώστε να δ θ ύν τα απαραίτητα κίνητρα για την πρ ώθηση τ υ ηλεκτρικ ύ ήµατ ς πως εί ε γίνει και παλαι τερα µε τα υ ριδικά. Στα πλαίσια αυτά είναι σηµαντικ πως η ΡΑΕΚ εγκρίνει ειδική διατίµηση για τη ρτιση ηλεκτρικ ύ ήµατ ς.

ŒÓÙ·ÍË ÙÔ˘ ECR CYPRUS ÛÙÔ ∂˘Úˆ·˚Îﬁ ¢›ÎÙ˘Ô Στ ECR EUROPE, τ Ευρωπαϊκ ∆ίκτυ πρ µηθευτών, εµπ ρων και καταναλωτικών αγαθών εντά θηκε Σύνδεσµ ς Βι µη ανίας, Εµπ ρί υ και Λιανεµπ ρί υ, R.E.A. (Retail Efficiency Association) π ί ς πρ σ ατα µετ ν µάστηκε σε ECR CYPRUS. ECR CYPRUS, απ τελεί για λη την κυπριακή αγ ρά τ ν Σύνδεσµ σταθµ π υ στ εύει την ε αρµ γή καλών πρακτικών σε λη την αλυσίδα ε υπηρέτησης τ υ εµπ ρίυ, µε σκ π τ τελικ ελ ς πρ ς τ ν Κύπρι καταναλωτή. Τα υ ιστάµενα µέλη είναι τα ακ λ υθα: Ambrosia Oils Ltd, Argosy Trading Ltd, Υπεραγ ρες ΑΛΦΑΜΕΓΑ, C.A. Papaellinas Ltd, C.A.C. Papantoniou Trading Ltd, Carrefour Cyprus, Christodoulides Bros Ltd, Cosmos Laiko Distributors Ltd, Diplomat Distributors Cyrpus Ltd, Ermes Group, G. Charalambous Ltd, GS1 Cyprus, Iakovos Photiades Foodstuff Suppliers Ltd (Iph), Lanitis Bros Ltd, Lexact Law Office, Metro Foods Trading Ltd, Paradisiotis Group, Photos Photiades Distributors Ltd, Planning Cyprus Ltd και Rologis Ltd. Thierry Noyer της Carrefour Cyprus, κ. Πανίκ ς Αλκι ιάδης της Photos Photiades Distributors Ltd, η κα λγα Γεωργιάδη της Lexact Law Office, κ. Γιώργ ς Θε δ τ υ της C.A. Papaellinas Emporiki Ltd (ΑΛΦΑΜΕΓΑ), κ. ήνων Μαρκίδης της Christodoulides Bros Ltd , κ. Πάµπ ς Παπαντωνί υ της C.A.C. Papantoniou Trading Ltd, o κ. Βασίλης Πετρίδης της Laiko Cosmos Trading Ltd, κ. ρήστ ς Φωτιάδης της Iakovos Photiades Foodstuff Suppliers Ltd (Iph), κ. Κρίστης ριστ ρ υ της Ermes Group και κ. ριστ δ υλ ς ριστ δ υλάκης της Lanitis Bros Ltd. ι µάδες εργασίας τ υ Συνδέσµ υ έ υν ήδη εκινήσει τις λειτ υργίες τ υς, ι π ίες αναµένεται να λ κληρώσ υν τις εργασίες τ υς στις αρ ές τ υ 2015, είναι: µάδα ηλεκτρ νικής ανταλλαγής δεδ µένων (EDI), Oµάδα Category Management (CATMAN), Oµάδα δια είρισης επιστρ ών (RETURNS) και Oµάδα ργάνωσης των παραλαών (RECEIPTS PROCEDURES). Με την λ κλήρωση των εργασιών, πρ γραµµατί εται στις αρ ές τ υ 2015 τ 1 ΣΥΝΕ∆ΡΙ ECR CYPRUS..

Τ εκλεγµέν ∆ι ικητικ Συµ ύλι τ υ Συνδέσµ υ απαρτί εται απ τ υς ακ λ υθ υς ∆ι ικητικ ύς Συµ ύλ υς: Πρ εδρ ς κ. Αθανάσι ς Μαύρ ς, απ την εταιρεία Planning, Αντιπρ εδρ ς κ. ρήστ ς Σκ ρδέλης απ την Metro Food Trading Ltd, Γραµµατέας κ. Γιώργ ς Λ ϊ ίδης απ την Planning Cyprus Ltd, Ταµίας κ. Μάρι ς Λ υκαΐδης, της Cyprus Trading Corporation Ltd και µέλη κ.

™ÙÔÓ «Á·ÛÙÚÔÓÔÌÈÎﬁ ¯¿ÚÙË» ı¤ÏÂÈ Ó· ÂÓÙ·¯ıÂ› Ë ¶¿ÊÔ˜ Η Εταιρεία Τ υριστικής Ανάπτυ ης και Πρ λής Περι έρειας Πά υ (ΕΤΑΠ) µέσα απ τ έργ gastronomy net πρ γραµµα διασυν ριακής συνεργασίας ΕΛΛΑ∆ΑΚΥΠΡ Σ 2007-2013 πρ ωθεί σωρεία δράσεων για ανάδει η και πιστ π ίηση της π ι τητας της τ πικής κ υ ίνας κάτι π υ θα δηγήσει στην ενίσ υση της ταυτ τητας της. Mερικές απ τις δράσεις π υ θα συµ άλ υν πρ ς τ ν επιθυµητ στ είναι η ιστ στελίδα για την γαστρ ν µία www.gastronomyofcyprus.com, τ εδεσµατ λ γι τ πικών συνταγών και καταγρα ή τ πικών πρ ι ντων, η ανα άθµιση των ινικών διαδρ µών η δηµι υργία γαστρ ν µικ ύ κέντρ υ και η ρήση τε ν λ γιών. ι δράσεις π υ υλ π ι ύνται ή είναι σε ε έλι η περιλαµ άν υν µετα ύ άλλων, έρευνα ε εύρεσης παραδ σιακών συνταγών, πρ ϊ ντων και εδεσµάτων της επαρ ίας, µια δράση π υ ήδη άρ ισε και αναµένεται να λ κληρωθεί τ ν Ι ύλι τ υ 2014. Με την λ κλήρωση της έρευνας η ΕΤΑΠ θα πρ ωρήσει στη δηµι υργία και έκδ ση γαστρ ν µικ ύ εδεσµατ λ γί υ για ρήση απ εστιάτ ρες, εν δ υς και άλλ υς Επίσης περιλαµ άν υν ινικές διαδρ µές, µε την λ κλήρωση της επανα ι λ γησης των υ ιστάµενων διαδρ µών στην επαρ ία Πά υ. Η δράση αυτή, πως ανα έρεται, άρ ισε απ τ ν Ν έµ ρι τ υ 2013 και λ κληρώθηκε τ ν Απρίλι , ενώ εντ ς Ι υνί υ αναµέν νται ι τελικές εισηγήσεις και τρ ι δρ µηση ενεργειών για δηµι υργία ανα αθµισµένης τ υριστικής ιν -εµπειρίας. Μέσα απ τ ερωτηµατ λ γι και τις επιτ πιες επισκέψεις καθώς και δευτερ γενής πηγές, α ι λ γήθηκαν σωρεία παραµέτρων για την ανα άθµιση της εµπειρίας και ανάδει ητ υ κυπριακ ύ κρασι ύ και υπαίθρ υ. Σε σ έση µε τη δηµι υργία Κέντρ υ Τ πικής Γαστρ ν µίας, η ΕΤΑΠ ανα έρει πως έ ει λ κληρώσει τη δική της δράση π υ ήταν σ εδιασµ ς και η ετ ιµασία των ρων κατασκευής και ε πλισµ ύ τ υ κέντρ υ και αναµένεται η λ κλήρωση των κατασκευαστικών έργων τ υς επ µεν υς µήνες απ τ ∆ήµ Πά υ και λειτ υργία εντ ς της καλ καιρινής σε ν. Μια ακ µη δράση π υ πρ λέπεται, πρ στίθεται στην ανακ ίνωση, είναι η δηµι υργία ιστ σελίδας και ντ κιµαντέρ για την ανάδει η και πρ ώθηση των ∆ωδεκανήσων και της Κύπρ υ/Πά υ ως πρ ρισµών γαστρ ν µίας. πως ανα έρεται, υπάρ ει σε ε έλι η η δηµι υργία της ιστ σελίδας και αναµένεται λ κλήρωση της περί τα τέλη Ι υνί υ.

Παράλληλα έ υν αρ ίσει ήδη ι διεργασίες για τη δηµιυργία τ υ Σήµατ ς Κυπριακής Κ υ ίνας, στα πρ τυπα τ υ Aegean Cuisine, και πιλ τική ε αρµ γή τ υ στην Πά . Τ εν λ γω έργ αναµένεται να µπει σε πιλ τική ε αρµ γή τ 2014. Στην πρ σπάθεια πρ λέπεται να συµµετάσ υν Κ Τ, εν δ ι, εστιάτ ρες, αρ ιµάγειρες, Α ΙΚ κ.α

∫·ÏÏ˘ÓÙÈÎ¿ «ÂÔÌ¤ÓË˜ ÁÂÓÈ¿˜»

™˘ÌÌÂÙÔ¯‹ ÙË˜ ∫√ƒƒ∂™ ÛÙÔ AGROCOS Π λύτιµες υσίες για τη µελλ ντική ανάπτυ η καλλυντικών π υ θα µας πρ στατεύ υν απ τις υπεριώδεις ακτίνες, θα καθυστερ ύν τη γήρανση και θα εµπ δί υν τις κηλίδες γήρανσης, «ανα ητά» τ ερευνητικ πρ γραµµα AGROCOS π υ ρηµατ δ τείται απ την Ευρωπαϊκή Ένωση. Η µελέτη ε ετά ει εκ υλίσµατα απ 1.800 είδη υτών και στις πι απ µακρυσµένες γωνιές τ υ πλανήτη, συγκεκριµένα απ έ ι τ π θεσίες υψηλής ι π ικιλ τητας σε Ελλάδα, Μαδαγασκάρη, Ν τια Α ρική, Νέα Καληδ νία, Παναµά και Γαλλική Γ υιάνα. Τ AGROCOS έ ει επιλέ ει τις 10 πι υπ σ µενες ικ γένειες υτών για τ τελικ στάδι τ υ ερευνητικ ύ πρ γράµµατ ς και η ελληνική επι είρηση Κ ΡΡΕΣ, π υ είναι γνωστή στη ι µη ανία της υσικής µ ρ ιάς, σ εδιά ει να λανσάρει µια καιν τ µ αντιγηραντική σειρά τ 2015, ασισµένη στα ευρήµατα της έρευνας. Απώτερ ς στ ς τ υ πρ γράµµατ ς είναι να αναπτύ ει καιν τ µα πρ ϊ ντα, ιλικά πρ ς τ περι άλλ ν και ιώσιµα, τα π ία θα ενισ ύσ υν την ανταγωνιστικ τητα της ευρωπαϊκής ι µη ανίας µέσω της καιν τ µίας. Τ πρ γραµµα συντ νί ει η Ελλάδα και συµµετέ υν επιστήµ νες απ τη Γαλλία, Ν. Α ρική, ∆ανία, Παναµά και Ελ ετία. Για περισσ τερες πληρ ρίες επισκε θείτε την ιστ σελίδα: www.korres.com Τέλ ς α ί ει να ανα ερθεί τι απ την 1η Ιαν υαρί υ η Ευρωπαϊκή Ένωση εκίνησε ένα νέ επταετές πρ γραµµα για την επι ρήγηση πρ γραµµάτων Έρευνας και Καιν τ µίας µε την ν µασία ρί ντας 2020. Στα επ µενα επτά ρ νια περίπ υ 80 δις ευρώ θα επενδυθ ύν σε πρ γράµµατα έρευνας και καιν τ µίας στηρί ντας την ανταγωνιστικ τητα της ευρωπαϊκής ικ ν µίας και διευρύν ντας τ υς ρί ντες της ανθρώπινης γνώσης. πρ ϋπ λ γισµ ς της Ευρωπαϊκής Ένωσης για την έρευνα επικεντρώνεται κυρίως στη ελτίωση της καθηµεριν τητας σε τ µείς πως η υγεία, τ περι άλλ ν, ι µετα ρές, τα τρ ιµα και η ενέργεια. Επιπρ σθετα, η ερευνητική συνεργασία µε τη αρµακ ι µη ανία, την αερ ναυτική, την αυτ κινητ ι µη ανία και τη ι µη ανία ηλεκτρ νικών ενθαρρύνει επενδύσεις απ τ ν ιδιωτικ τ µέα για την ενίσ υση της µελλ ντικής ικ ν µικής ανάπτυ ης και τη δηµι υργία ε ειδικευµένων θέσεων εργασίας. Τ πρ γραµµα Horizon 2020 θα δώσει ακ µη περισσ τερη έµ αση στη µετατρ πή καιν τ µων ιδεών σε εµπ ρεύσιµα πρ ϊ ντα, διαδικασίες και υπηρεσίες.

ΡΗΜΑ&ΑΓ ΡΑ

11 Ι ΥΝΙ Υ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

§·ÁÎ¿ÚÓÙ: ªÚ¿‚Ô Û·˜… ·ÏÏ¿! Εύσηµα απένειµε στην Κύπρ για την επιτυ ή ε αρµ γή τ υ µνηµ νιακ ύ πρ γράµµατ ς η επικε αλής τ υ ∆ιεθν ύς Ν µισµατικ ύ Ταµεί υ, Κριστίν Λαγκάρντ, σε συνέντευ ή της. Η κ. Λαγκάρντ , σε συνέντευ η της στην ε ηµερίδα « Φιλελεύθερ ς», τ νισε τι η Κύπρ ς πάει π λύ καλά και της α ί υν συγαρητήρια, αλλά πρ σθεσε πως δρ µ ς είναι µακρύς και δύσκ λ ς. αρακτηρί ει εντυπωσιακή την απ δ ση της ώρας στ πρ γραµµα αναπρ σαρµ γής της ικ ν µίας και εκθειά ει την απ ασιστικ τητα τ υ κυπριακ ύ λα ύ να αντιµετωπίσει τά ιστα την κρίση. Παρατηρεί, ωστ σ , τι η ανεργία ε ακ λ υθεί να είναι π λύ υψηλή και τ νί ει τι η ανάκαµψη θα είναι σταδιακή και ρειά εται πιστή και έγκαιρη ε αρµ γή των µεταρρυθµίσεων για την επιστρ ή της ανάπτυ ης και των θέσεων εργασίας. Η κ. Λαγκάρντ ανα έρεται σε τρεις πρ κλήσεις π υ έ ει ενώπι ν της η Κύπρ ς: -Την αντιµετώπιση των µη ε υπηρετ ύµενων δανείων και την ε υγίανση των τραπε ών ώστε να µπ ρέσ υν να ρηµατ δ τήσ υν την ανάπτυ η, -Τη διατήρηση υγιών δηµ σιων ικ ν µικών ώστε να αρ ίσει σταδιακά η µείωση τ υ π λύ υψηλ ύ δηµ σί υ ρέ υς, -Την ενίσ υση των θεσµών ώστε τ δηµ σι να καλύψει τις ανάγκες τ υ κυπριακ ύ λα ύ. Εκ ρά ει την άπ ψη τι υπάρ ει µεγάλ περιθώρι για ελτίωση της δια είρισης των κ ινωνικών παρ ών και τ νί ει την ανάγκη καταπ λέµησης της ρ δια υγής και δικαι τερης καταν µής των ρ λ γικών αρών. Τέλ ς, ανα έρεται στις ιδιωτικ π ιήσεις, υπ δεικνύ ντας τι µπ ρ ύν να ηθήσ υν στη µείωση τ υ δηµ σί υ ρέ υς και στην πρ σέλκυση των αναγκαίων ένων επενδύσεων.

¶Ô‰ÔÛÊ·ÈÚÈÎÔ› ·ÁÒÓÂ˜ ÛÂ ÂÏÂ‡ıÂÚË ˙ÒÓË Σηµαντικ ί αγώνες τ υ κυπριακ ύ π δ σ αίρ υ θα µεταδίδ νται σε ελεύθερη ώνη. Αυτ συµ ώνησαν η Αρ ή Ραδι τηλε ρασης και η Cyta η π ία κατέει σηµαντικ µερίδι τηλε πτικών δικαιωµάτων των π δ σ αιρικών αγώνων τ υ κυπριακ ύ π δ σ αίρ υ. Η συµ ωνία περιλαµ άνει τ ν τελικ κυπέλ υ της Κυπριακής µ σπ νδίας Π δ σ αίρ υ, ν υµέν υ τι κατέ ει τα δικαιώµατα, καθώς και δύ κρίσιµ υς, για την κατάτα η τ υ κυπριακ ύ πρωταθλήµατ ς, αγώνες. Η Αρ ή Ραδι τηλε ρασης ανέλα ε την πρωτ υλία αυτή, στη άση της Ευρωπαϊκής δηγίας για µετάδ ση γεγ ν των µεί ν ς σηµασίας σε ελεύθερη ώνη. Παρά τ γεγ ν ς τι η Cyta δεν είναι υπ ρεωµένη να ακ λ υθήσει απ έτ ς τη συγκεκριµένη Ευρωπαϊκή δηγία, επέλε ε να πρ ωρήσει µε τη συµ ωνία.

ºıËÓﬁÙÂÚÔ ÚÂ‡Ì· ÁÈ· ÙÔ˘˜ ·ÁÚﬁÙÂ˜ Στην λ µέλεια της Β υλής για ψή ιση πρ ωθείται αύρι Πέµπτη τ ν µ σ έδι , π υ α ρά την αγρ τική π λιτική της Αρ ής Ηλεκτρισµ ύ Κύπρ υ. Με τη ψή ιση τ υ ν µ σ εδί υ ι αγρ τες θα µπ ρ ύν άµεσα, τ υς επ µεν υς έ ι µήνες, να εγκαταστήσ υν στις αγρ τικές τ υς µ νάδες αγρ τικ ηλεκτρικ ρεύµα, τ π ί θα µειώσει τ κ στ ς παραγωγής τ υς. πως ε ήγησε Πρ εδρ ς της Επιτρ πής Εµπ ρί υ Λευτέρης ριστ ρ υ µε αυτ θα υπάρ ει η δυνατ τητα απ τ ύδε και στ ε ής, µέ ρι τ τέλ ς τ υ ρ ν υ, να υπ ληθ ύν αιτήσεις απ λ υς τ υς ενδια ερ µεν υς αγρ τες, για να εγκαταστήσ υν µε την αγρ τική π λιτική τηνή εγκατάσταση ηλεκτρικ ύ ρεύµατ ς τ σ για τις αγρ τικές µ νάδες π υ έ υν, σ και για τις ηλεκτρ γεννήτριες. Πρ σθεσε τι µε αυτ ν τ ν τρ π θα µειώσ υν τ κ στ ς µετα ράς ενέργειας εκεί και π υ απαιτείται και έτσι θα υπάρ ει µια σηµαντική ελά ρυνση για τ υς αγρ τες. “Επειδή υπήρ ε αναµ νή γι` αυτ τ ήτηµα και υπήρ ε λιγωρία, για να πρ ωθηθεί τ ν µ σ έδι , η Επιτρ πή Εµπ ρί υ πρ ωθεί πρ ς ψη ίσει αύρι Πέµπτη στην λ µέλεια της Β υλής τ σ ετικ ν µ θέτηµα”, είπε. Β υλευτής τ υ ΑΚΕΛ Γιαννάκης Γα ριήλ είπε πως “η µεγάλη καθυστέρηση απ πλευράς Κυ έρνησης έ ει δώσει ένα ακ µα πλήγµα στ ν κλάδ της γεωργίας”, για να πρ σθέσει πως “η κυ έρνηση αδυνατ ύσε να πρ ωρήσει στην ε αρµ γή τ υ απ την πρώτη µέρα τ υ ρ ν υ”. Β υλευτής τ υ ΚΣ Ε∆ΕΚ Γιώργ ς Βαρνά α είπε πως τ µέτρ αυτ θα έπρεπε ήδη να εί ε ε αρµ στεί, για να πρ σθέσει πως “αγρ τες απαιτ ύν, ώστε να έ υν τ δικαίωµα σε ένα σ έδι , τ π ί πρ ϋπήρ ε και έ ει λή ει”.

ªÂÁ¿ÏÔ˜ Î›Ó‰˘ÓÔ˜ ·ﬁ Ù· Êı·ÚÌ¤Ó· ÂÏ·ÛÙÈÎ¿ Σ εδ ν τα µισά ρτηγά π υ κυκλ ρ ύν στ υς κυπριακ ύς δρ µ υς έ υν τ υλά ιστ ν ένα θαρµέν ελαστικ , σύµ ωνα µε τα στ ι εία π υ έδωσε στη δηµ σι τητα µη κερδ σκ πικ ς ργανισµ ς REACTION Youth for the Prevention. Ένα στα πέντε επι ατικά ήµατα κυκλ ρεί επίσης µε θαρµένα ελαστικά, παρ υσιά ντας αύ ηση της τά ης τ υ 9% σε σ έση µε πέρυσι. Σύµ ωνα µε σ ετική ανακ ίνωση, τ π σ στ των θαρµένων ελαστικών στα ρτηγά ανέρ εται παγκυπρίως στ 46.7%, ενώ στη Λευκωσία εκτ εύεται στ 69.3% και στην Πά στ 63.6%. Η έρευνα για την κατάσταση των ελαστικών πραγµατ π ιήθηκε σε τυ αί δείγµα 670 ηµάτων σε λη την Κύπρ , κατά την περί δ 2-9 Ι υνί υ. Παρ υσιά ντας την έρευνα, Πρ εδρ ς της REACTION Μάρι ς Σταύρ υ είπε τι π λλά ελαστικά τα π ία ρισκ ταν σε τέτ ια κατάσταση µπ ρ ύσαν να εκραγ ύν ανά πάσα στιγµή, µε άσ ηµες συνέπειες. Σύµ ωνα µε την έρευνα, ένα π σ στ της τά εως τ υ 14% των επι ατικών ηµάτων π υ κυκλ ρεί στην Κύπρ έ ει λανθασµένη πίεση σε τ υλά ιστ ν ένα ελαστικ . Την πρώτη θέση στην λανθασµένη πίεση στα επι ατικά ήµατα κατέ ει η επαρ ία Λεµεσ ύ µε 20,4% και ακ λ υθεί η Λευκωσία µε 12,8%. Ανα ερ µεν ς στις συνέπειες της λανθασµένης πίεσης των ελαστικών κ. Σταύρ υ είπε τι πρ καλείται ασταθές κράτηµα στ δρ µ και παρ υσιά εται αυ ηµέν ς κίνδυν ς υδρ λίσθησης ενώ απαιτείται περισσ τερ ς ρ ν ς για την ακινητ π ίηση τ υ ήµατ ς µετά απ ρενάρισµα.

11 Ι ΥΝΙ Υ, 2014

ΡΗΜΑ&ΑΓ ΡΑ

6 | ∆ΙΕΘΝΗ | financialmirror.com

ŒÛÔ‰· €9.8 ‰È˜ ÁÈ· Ù· 5 ÎÔÚ˘Ê·›· ÚˆÙ·ıÏ‹Ì·Ù· ÙË˜ ∂˘ÚÒË˜ Αύ ηση κατά 5% και σε πραγµατικ ύς αριθµ ύς στα 9.8 δις ευρώ ανήλθαν τα έσ δα στα 5 κ ρυ αία πρωταθλήµατα της Ευρώπης (Βρετανίας, Γερµανίας, Ισπανίας, Ιταλίας και Γαλλίας) κατά τ 2012-13. Αυτ πρ κύπτει απ τα ευρήµατα της ετήσιας ανασκ πησης «Annual Review of Football Finance» την π ία διενεργεί η Deloitte. Η ανασκ πηση της Deloitte γίνεται για 23η συνε µενη ρ νια. Στην πρωτ π ριακή αυτή έρευνα παρ υσιά νται αναλύσεις και σ λια απ ειδικ ύς της Deloitte για τα ικ ν µικά των Ευρωπαϊκών π δ σ αιρικών συλλ γων της περι δ υ 2012/13, σε συσ ετισµ µε τ σηµεριν α έ αι και ταρα ώδες ικ ν µικ περι άλλ ν και τις πρ κλήσεις π υ πρ κύπτ υν απ’ αυτ . Σύµ ωνα µε τα απ τελέσµατα της έρευνας, τα «πέντε κ ρυ αία» ευρωπαϊκά πρωταθλήµατα (Bundesliga, La Liga, Ligue 1, Premier League και Serie A) παρ υσίασαν αύ ηση στα έσ δά τ υς κατά 5% τάν ντας τα 9,8 δις ευρώ τ 2012/13. Αυτ έδωσε ώθηση στα συν λικά έσ δα της ευρωπαϊκής αγ ράς π δ σ αίρ υ µε απ τέλεσµα να αυ ηθ ύν κατά 2% και να ανέλθ υν στα 19,9 δις ευρώ. Η Premier League παραµένει, µε σηµαντική δια ρά, παγκ σµι ς ηγέτης στ π δ σ αιρ , α ύ παρ υσίασε αύ ηση εσ δων κατά 165 εκ. λίρες (7%), υπερ αίν ντας τα 2,5 δις λίρες (2,9 δις ευρώ) τ 2012/13. Άνω τ υ 60% της αύ ησης απ δίδεται στις δυ µάδες τ υ Μάντσεστερ, καθώς και την Λί ερπ υλ. Σε ευρώ, η υπ τίµηση της στερλίνας σηµαίνει τι η δια ρά σε σ έση µε την πλησιέστερη αντίπαλ , τη Γερµανική Bundesliga, µειώθηκε στα 928 εκ. ευρώ. Σ’ ένα ακ µη εντυπωσιακ έτ ς η Bundesliga εδραίωσε τη δεύτερη θέση στην Ευρώπη και επέρασε τα 2 δις ευρώ για πρώτη ρά. Τ σύν λ των εσ δων αυ ήθηκε κατά 146 εκ. ευρώ (8%) τάν ντας τα 2.018 εκ. ευρώ τ 2012/13, µε αν µ ν µια µικρή αύ ηση εσ δων ύψ υς 6 εκ. ευρώ. Η αύ ηση απ δίδεται κυρίως, στα έσ δα π υ πρ ήλθαν απ τις νέες και ελτιωµένες συµ ωνίες δικαιωµάτων ραδι τηλε πτικής κάλυψης π υ πέτυ αν ι άλλες µάδες, µα ί µε τις ελτιωµένες επιδ σεις των ισπανικών µίλων στ Champions League. Ως απ τέλεσµα της επιστρ ής της στ Champions League, η Γι υ έντ υς κατέγραψε περισσ τερ απ τα τρία τέταρτα της αύ ησης ύψ υς 97 εκ. ευρώ (6%) στα έσ δα της Serie A τ 2012/13, µε τα συν λικά έσ δα τ υ ιταλικ ύ πρωταθλήµατ ς να τάν υν τα 1,682 εκ. ευρώ. ι ιταλικές µάδες συνε ί υν να ε αρτώνται σε µεγάλ αθµ απ τα έσ δα απ τα ραδι τηλε πτικά δικαιώµατα, τα π ία απ τελ ύν τ 59% των συν λικών εσ δων τ υ πρωταθλήµατ ς τ 2012/13, τ υψηλ τερ π σ στ στα «πέντε κ ρυ αία» πρωταθλήµατα. Η Bundesliga και η Premier League ήταν τα µ να δύ απ τα «πέντε κ ρυ αία» πρωταθλήµατα π υ απέ εραν λειτ υργικά κέρδη τ 2012/13, µε την πρώτη να τάνει σε επίπεδ ρεκ ρ επερνώντας κάθε π δ σ αιρικ πρωτάθληµα και αυ άν ντας τα λειτ υργικά κέρδη της κατά 74εκ. ευρώ (39%) τάν ντας τα 264 εκ. ευρώ. Στην Premier League, η λειτ υργική κερδ ρία µειώθηκε κατά 2 εκ. λίρες σε τ πικ ν µισµα αγγί ντας τα 82 εκ. λίρες (96 εκ. ευρώ). Τα γαλλικά και ιταλικά πρωταθλήµατα κατέγραψαν σηµαντικές µειώσεις στις λειτ υργικές ηµίες. Η µείωση ύψ υς 64 εκ. ευρώ της Ligue 1 την έ ερε σε σηµεί σ εδ ν «break-even» (3εκ. ευρώ λειτ υργικές ηµίες), ενώ µια µείωση κατά?107 εκ. ευρώ στη Serie A (στα 53 εκ. ευρώ) διέκ ψε τη συνε µενη επιδείνωση των απ τελεσµάτων κερδ ρίας για επτά περι δ υς. Για περισσ τερες πληρ ρίες για την έρευνα επισκεθείτε την ιστ σελίδα τ υ Sports Business Group της Deloitte στ www.deloitte.co.uk/sportsbusinessgroup

ªÂ ‚¿ÛË ¤ÚÂ˘Ó· ÙË˜ Deloitte Ù· ¤ÛÔ‰· ÙË˜ Â˘Úˆ·˚Î‹˜ ·ÁÔÚ¿˜ Ô‰ÔÛÊ·›ÚÔ˘ ·˘Í‹ıËÎ·Ó Î·Ù¿ 2% Î·È ·Ó‹Ïı·Ó ÛÙ· 19,9 ‰È˜ Â˘ÚÒ Î·Ù¿ ÙÔ 2012-13 περισσ τερ απ τ 80% της αύ ησης αυτής να πρ έρ εται απ τις αγωνιστικές επιτυ ίες της Μπάγερν Μ νά υ και της Μπ ρ ύσια Ντ ρτµ υντ. Η δια ρά µετα ύ της Bundesliga και της ισπανικής La Liga αυ ήθηκε στα 159 εκ. ευρώ, παρά τ γεγ ν ς τι τα συν λικά έσ δα της τελευταίας άγγι αν τα 1.859 εκ. ευρώ τ 2012/13. Αντίθετα µε την τάση των πρ ηγ ύµενων ρ νων, η αύ ηση των 77 εκ. ευρώ δεν πρ έρ εται απ τη Ρεάλ Μαδρίτης και τη Μπαρτσελ να, ι π ίες αθρ ιστικά πέτυ-

ª∞Àƒ∏ √π∫√¡√ªπ∞ ¶ÔÚÓÂ›·, Ó·ÚÎˆÙÈÎ¿, Ï·ıÚÂÌﬁÚÈÔ «ÊÔ˘ÛÎÒÓÔ˘Ó» ÙÔ ∞∂¶ Σηµαντική αύ ηση για τ ΑΕΠ των περισσ τέρων ικ ν µιών της Ε.Ε. θα πρ κύψει απ την υι θέτηση νέας µεθ δ λ γίας υπ λ γισµ ύ τ υ, π υ πρ σπαθεί να συµπεριλάει και τη «µαύρη» ικ ν µία, πως ανα έρεται σε άρθρ τ υ άρη Σα ίδη τ π ί δηµ σίευσε η Ηµερισία. Ακ λ υθώντας τις πρακτικές π υ πρ τεινε τ 2008 ΗΕ, η Ε.Ε. ήτησε απ τα κράτη-µέλη να πρ ωρήσ υν σε αλλαγές στη µεθ δ λ γία υπ λ γισµ ύ τ υ ΑΕΠ. Σύµ ωνα µε εκτιµήσεις της Eurostat, ι αλλαγές αυτές θα αυ ήσ υν τ ΑΕΠ έως και 5% σε κάπ ια κράτη-µέλη της Ε.Ε. Για τα περισσ τερα η θετική επίδραση κινείται µετα ύ 1% και 2%. ενώ για τις δύ µεγαλύτερες ικ ν µίες, τη Γερµανία και τη Γαλλία, η θετική επίδραση επερνά τ 2% και ίσως τάσει τ 3%. Ειδικά για τη Γαλλία κάτι τέτ ι θα ήταν ε αιρετικά ρήσιµ , καθώς θα περι ρίσει ελα ρώς τ π σ στ τ υ δηµ σι ν µικ ύ ελλείµµατ ς στ ΑΕΠ. Η άλλη ψη τ υ ν µίσµατ ς είναι τι τ υψηλ τερ ΑΕΠ συνεπάγεται µεγαλύτερη συµ λή στ ν κ ιν τικ πρ ϋπ λ γισµ . Η σηµαντικ τερη θετική επίδραση στην Ε.Ε. (4%-5%) θα καταγρα εί σε Φινλανδία και Σ υηδία, ι τ σ απ τ ν συνυπ λ γισµ παράν µων δραστηρι τήτων σ απ τις αλλαγές στ ν τρ π υπ λ γισµ ύ της συµ λής επενδύσεων σε έρευνα και τε ν λ γία και συντα ι δ τικών πρ γραµµάτων. Άνω τ υ 3% υπ λ γί εται η θετική επίπτωση στ ρετανικ ΑΕΠ. Τα µεγαλύτερα έλη θα πρ έλθ υν απ την αλλαγή στ ν τρ π υπ λ γισµ ύ των κερδών µη κερδ σκ πικών ργανώσεων, ενώ αρνητική θα είναι η επίπτωση απ τις αλλαγές π υ α ρ ύν επενδύσεις και απ θέµατα. συνυπ λ γισµ ς της π ρνείας αναµένεται να πρ σθέσει 5,4 δισ. λίρες (6,7 δισ. ευρώ) και των ναρκωτικών 4,4 δισ. λίρες (5,4 δισ. ευρώ). Στην Ιταλία πέραν της π ρνείας και των ναρκωτικών θα συνυπ λ γισθεί στ ΑΕΠ και τ λαθρεµπ ρι . Στη Βρετανία τ ΑΕΠ ε ε ής θα περιλαµ άνει έ ι είδη ναρκωτικών: κ καΐνη σε κρακ και σκ νη, ηρωίνη, κάννα η, έκσταση και αµ εταµίνες. Απ εγκληµατ λ γικές έρευνες θα πρ κύψει αριθµ ς των ρηστών και η π σ τητα ανά άτ µ . Πρ ληµα πρ κύπτει µε τ ν υπ λ γισµ της κάνναης π υ δεν εισάγεται αλλά παράγεται στη Βρετανία, καθώς θα πρέπει να ε αιρεθεί απ τις εισαγωγές και να υπ λ γιστεί τ κ στ ς της (κ στ ς σπ ρων, π σ τητα νερ ύ και ηλεκτρικ ύ π υ δαπανάται κ.λπ.).

Για την π ρνεία θα ρησιµ π ιηθ ύν στ ι εία της αστυν µίας και µη κυ ερνητικών ργανώσεων, τα π ία θα ε µαλυνθ ύν µε άση τ µερίδι τ υ ανδρικ ύ πληθυσµ ύ σε κάθε περι ή. Τ κ στ ς θα εκτιµηθεί µε άση τ τιµ λ γι των εταιρειών συν δών και των ερωτικών ρών. Είναι πρ ανές τι λες αυτές ι εκτιµήσεις θα είναι κατά πρ σέγγιση, δικαιών ντας τ υς ικ ν µ λ γ υς π υ υπ στηρί υν τι σ διευρύνεται τρ π ς υπ λ γισµ ύ τ υ ΑΕΠ τ σ περι ρί εται η ακρί εια σε αυτ ν.

∞ÓÔÈ¯Ù‹ Û‡ÁÎÚÔ˘ÛË µÚÂÙ·Ó›·˜ - °ÈÔ‡ÓÎÂÚ Στήρι η απ τ υς ηγέτες της Γερµανίας, της Σ υηδίας και της λλανδίας ανα ήτησε Πρωθυπ υργ ς της Βρετανίας Ντέι ιντ Κάµερ ν στην πρ σπάθειά τ υ να απ τρέψει την ανάδει η τ υ αν Κλ ντ Γι ύνκερ στην πρ εδρία της Κ µισι ν. Η ρετανική κυ έρνηση θεωρεί πως η συγκεκριµένη τετράδα µπ ρεί να αναδει θεί σε κινητήρια δύναµη ε αρµ γής µεταρρυθµίσεων π υ θα περι ρί ει την παρέµ αση των Βρυ ελλών σε εθνικές υπ θέσεις. κ. Κάµερ ν έ ει δεσµευθεί πως θα επιτύ ει τέτ ι υ είδ υς αλλαγές στη λειτ υργία της ΕΕ και πως νέ ς διακαν νισµ ς π υ θα πρ κύψει θα τεθεί στην κρίση τ υ ρετανικ ύ λα ύ σε δηµ ψή ισµα για την παραµ νή ή έ δ τ υ Ηνωµέν υ Βασιλεί υ απ την ΕΕ. Βρεταν ς Πρωθυπ υργ ς θεωρεί πως κ. Γι ύνκερ θα σταθεί εµπ δι σε αυτή τη µεταρρυθµιστική πρ σπάθεια, ως υπέρµετρα εντεραλιστής. Επι υλά εις για την καταλληλ τητα τ υ πρώην Πρωθυπ υργ ύ τ υ Λ υ εµ ύργ υ για τη θέση τ υ επικε αλής της Ευρωπαϊκής Επιτρ πής έρ νται επίσης να έ υν εκ ράσει ι κύρι ι Ράιν ελντ και Ρ ύτε, ενώ ι Βρεταν ί αναλυτές εκτιµ ύν πως και η Μέρκελ, παρά την έστω καθυστερηµένη δηµ σια έγκριση της υπ ψη ι τητας Γι ύνκερ, θα πρ τιµ ύσε κάπ ι άλλ πρ σωπ . Σ υηδ ς Πρωθυπ υργ ς αναπτέρωσε τις ελπίδες τ υ Κάµερ ν λέγ ντας τι πρέπει να είναι ι εθνικ ί ηγέτες και ι τ Ευρωπαϊκ Κ ιν ύλι π υ να επιλέγει τ ν Πρ εδρ της Κ µισι ν. Απέ υγε ωστ σ να τα θεί αν ι τά κατά τ υ κ. Γι ύνκερ, σ λιάντας τι «δεν είναι συνετ να συνδέ νται τ σ σηµαντικές συ ητήσεις µε συγκεκριµένα ν µατα». Πάντως, ένα απ τα πρ σωπα π υ κατά τη ρετανική πλευρά θα µπ ρ ύσε να απ τελέσει εναλλακτική επιλ γή για την ηγεσία της Κ µισι ν, η διευθύντρια τ υ ∆ΝΤ Κριστίν Λαγκάρντ, εκαθάρισε απ τ Λ νδίν τι δεν έ ει τέτ ιες λέψεις, καθώς θεωρεί τη δ υλειά της στ Ταµεί π λύ σηµαντική.

Ã. ∫Ï›ÓÙÔÓ: “∞ÔÊ·ÛÈÛÙÈÎ‹” Ë ª¤ÚÎÂÏ Η καγκελάρι ς της Γερµανίας Άνγκελα Μέρκελ µετα έρει τ άρ ς της Ευρώπης στ υς ώµ υς της σύµ ωνα µε σα γρά ει η πρώην υπ υργ ς Ε ωτερικών των Ηνωµένων Π λιτειών ίλαρι Κλίντ ν στ ι λί των απ µνηµ νευµάτων της π υ κυκλ ρησε και έ ει τ ν τίτλ “∆ύσκ λες επιλ γές”. πως ανα έρει η ίλαρι Κλιντ ν, θαυµασµ ς π υ έτρε ε για την καγκελάρι Μέρκελ αυ ήθηκε, ταν η ίδια υπηρετ ύσε επικε αλής της αµερικανικής διπλωµατίας. Στ ι λί της η πρώην Πρώτη Κυρία και πρώην υπ υργ ς Ε ωτερικών των ΗΠΑ καθώς επίσης πιθανώς µελλ ντική πρ εδρική υπ ψη ία στις εκλ γές τ υ 2016, υπενθυµί ει τι γνώρισε την Μέρκελ τ 1994 στ Βερ λίν ταν η νυν καγκελάρι ς υπηρετ ύσε στ γρα εί τ υ τ τε καγκελάρι υ έλµ υτ Κ λ και η ίλαρι Κλίντ ν ήταν η Πρώτη Κυρία των ΗΠΑ. Η Μέρκελ είναι “µια νεαρή γυναίκα π υ θα πάει µακριά” γρά ει στ ι λί της για εκείνη την επ ή η Κλίντ ν, σηµειών -

ντας τι ι δύ γυναίκες κράτησαν επα ή. ταν η Μέρκελ ε ελέγη καγκελάρι ς τ 2005, η Κλίντ ν είπε τι είναι “ενθαρρυντικ να λέπεις την Άνγκελα να κινεί τα νήµατα στην Ευρώπη”. Αργ τερα, ταν ι δύ γυναίκες συναντήθηκαν εκ νέ υ, η Κλίντ ν ήταν υπ υργ ς Ε ωτερικών των Ηνωµένων Π λιτειών και η Μέρκελ “ήταν καθ ριστική, έ υπνη απλή, π υ πάντα έλεγε ακρι ώς αυτ π υ εί ε στ µυαλ της” πως ανα έρει τ ι λί .

ΡΗΜΑ&ΑΓ ΡΑ

11 Ι ΥΝΙ Υ, 2014

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«ŒÈ·ÛÂ» ‰Ô˘ÏÂÈ¿ Ë Ó¤· ÂÏÏËÓÈÎ‹ Î˘‚¤ÚÓËÛË Ενώπι ν τ υ Πρ έδρ υ της ∆ηµ κρατίας, Κάρ λ υ Παπ ύλια και παρ υσία τ υ πρωθυπ υργ ύ, Αντώνη Σαµαρά, ρκίστηκαν θες τα νέα µέλη της ελληνικής κυ έρνησης στ Πρ εδρικ Μέγαρ . Στην τελετή επρ κειτ να παρα ρεθεί και αντιπρ εδρ ς της κυ έρνησης και υπ υργ ς Ε ωτερικών, Ευ. Βενι έλ ς, π ί ς δεν πρ σήλθε λ γω της αι νίδιας εισαγωγής τ υ τα ηµερώµατα στ Ιππ κράτει µε έντ ν υς π ν υς στ στ µάι. Με έναν σαρωτικ ανασ ηµατισµ π υ περιελάµ ανε την καρατ µηση κτώ υπ υργών και την είσ δ στ κυ ερνητικ σ ήµα 21 νέων πρ σώπων, κ. Α. Σαµαράς θέλησε να δώσει µια νέα κατεύθυνση στην κυ έρνησή τ υ και να πείσει την κ ινή γνώµη τι έλα ε τ µήνυµα των ευρωεκλ γών. ι αλλαγές π υ ανακ ινώθηκαν ύστερα απ κυ ρία δύ ε δ µάδων, δεν θεωρ ύνταν αναµεν µενες, ύτε σε ,τι α ρά τ εύρ ς τ υς ύτε και σε ,τι α ρά την υσία. Με άση αυτά τα δεδ µένα, κ. Σαµαράς πέτυ ε τ ν αι νιδιασµ π υ ήθελε και παράλληλα έδει ε τι είναι έτ ιµ ς να πρ ωρήσει σε αλλαγές στην κυ ερνητική π λιτική, αλλά και να αναλά ει τ ρίσκ π υ πρ ανώς εµπεριέ ει η δ κιµή νέων πρ σώπων σε θέσεις «κλειδιά». Παράλληλα, είναι επίσης έ αι ν τι για τ ν σ ηµατισµ της νέας κυ έρνησης έπαι αν ρ λ και τα απ τελέσµατα των πρ σ ατων ευρωεκλ γών αλλά και η «πρ ετ ιµασία» για τις επ µενες κάλπες. Με άση τ ν ανασ ηµατισµ Γκίκας αρδ ύ ελης αναλαµ άνει τη θέση τ υ υπ υργ ύ ικ ν µικών στ νέ κυ ερνητικ σ ήµα. Μ ν τρία υπ υργεία παρέµειναν ανέγγι τα και αυτά είναι τ υπ υργεί Ε ωτερικών, ∆ι ικητικής Μεταρρύθµισης και τ υπ υργεί Εθνικής Άµυνας. Απ την άλλη αλλά ει ρι ικά τ αναπτυ ιακ επιτελεί της κυ έρνησης, α ύ στ υπ υργεί Ανάπτυ ης, τ ν Κωστή ατ ηδάκη π υ ρέθηκε εκτ ς κυ έρνησης διαδέ εται Νίκ ς ∆ένδιας και µπαίν υν ως υ υπ υργ ί ι δυσσέας Κωνσταντιν π υλ ς και Γεράσιµ ς Γιακ υµάτ ς. Έκπλη η ι νέ ι υπ υργ ί στ Εσωτερικών, Αργύρης Ντιν π υλ ς και στ Πρ στασίας τ υ Π λίτη, Βασίλης Κικίλιας. Στα υπ υργεία τ υς παραµέν υν ι Ευάγγελ ς Βενι έλ ς, ∆ηµήτρης Α ραµ π υλ ς (δε εύγει ύτε η Φώ η Γεννηµατά), Κυριάκ ς Μητσ τάκης και η υ υπ υργ ς τ υ Εύη ριστ ιλ π ύλ υ, Μι άλης ρυσ ΐδης και υ υπ υργ ς τ υ Μι άλης Παπαδ π υλ ς, Γιάννης Μανιάτης, λγα Κε αλ γιάννη, αράλαµπ ς Αθανασί υ, Μιλτιάδης Βαρ ιτσιώτης και ∆ηµήτρης Σταµάτης. Εκτ ς κυ έρνησης έµειναν ι Άδωνις Γεωργιάδης αλλά και η υ υπ υργ ς τ υ έτα Μακρή, Σίµ ς Κεδίκ γλ υ, Κωστής ατ ηδάκης, Θανάσης Τσαυτάρης, Κωνσταντίν ς Αρ ανιτ π υλ ς και ι υ υπ υργ ί τ υ Κώστας Γκι υλέκας και Συµεών Κεδίκ γλ υ, Πάν ς Παναγιωτ π υλ ς, Θ δωρ ς Καρά γλ υ, Γιάννης Μι ελάκης και Θανάσης Σκ ρδάς. Νέα πρ σωπα στην

κυ έρνηση είναι Ανδρέας Λ έρδ ς π υ αντικαθιστά τ ν Κωνσταντίν Αρ ανιτ π υλ στ υπ υργεί Παιδείας, δυσσέας Κωνσταντιν π υλ ς και Γεράσιµ ς Γιακ υµάτ ς π υ αναλαµ άν υν υ υπ υργ ί Ανάπτυ ης, η Άντ ελα Γκερέκ υ π υ αναλαµ άνει υ υπ υργ ς Π λιτισµ ύ, Γιώργ ς Ντ λι ς π υ µπαίνει υ υπ υργ ς Εσωτερικών, Γιώργ ς Καρασµάνης και Πάρις Κ υκ υλ π υλ ς στ υπ υργεί Ανάπτυ ης, Θε ιλ ς Λε νταρίδης, Αλέ ανδρ ς ∆ερµετ π υλ ς, Κώστας Κ υκ δήµ ς, Κώστας Τασ ύλας, η Κατερίνα Παπακώστα, Αντώνης Μπέ ας, Γιάννης Λαµπρ π υλ ς και Γιάννης Πλακιωτάκης. Τα περισσ τερα ένα δηµ σι γρα ικά πρακτ ρεία έδωσαν έµ αση στην αντικατάσταση τ υ Γιάννη Στ υρνάρα απ τ ν Γκίκα αρδ ύ ελη για την «ευαίσθητη θέση» τ υ υπ υργ ύ ικ ν µικών, «µια επιλ γή π υ σηµατ δ τεί τη συνέ ιση των µεταρρυθµιστικών πρ σπαθειών της κυ έρνησης», σηµειώνεται. Τ Reuters ανέ ερε τι ανασ ηµατισµ ς ακ λ υθεί την ήττα της κυ έρνησης στις ευρωεκλ γές απ τη ρι σπαστική αντιπ λίτευση τ υ ΣΥΡΙ Α και έ ει στ να δεί ει στ υς Έλληνες τι η κυ έρνηση έ ει ακ ύσει τ αίτηµα τ υς για αλλαγή, σηµειώνει τ Reuters. κ. Στ υρνάρας, ευρέως σε αστ ς ικ ν µ λ γ ς, αναµένεται να µεταπηδήσει στην Τράπε α της Ελλάδας, π υ η θητεία τ υ σηµεριν ύ δι ικητή Γιώργ υ Πρ π υλ υ λήγει στις 21 Ι υνί υ, καταλήγει τ δηµ σίευµα τ υ πρακτ ρεί υ.

√ °Î›Î·˜ Ã·Ú‰Ô‡‚ÂÏË˜ ¤Î·ÓÂ ÙËÓ ¤ÎÏËÍË νέ ς υπ υργ ς ικ ν µικών π υ αντικαθιστά τ ν κ. Στ υρνάρα, είναι καθηγητής στ Τµήµα ρηµατ ικ ν µικής και Τραπε ικής ∆ι ικητικής τ υ Πανεπιστηµί υ Πειραιώς, µε πλ ύσι συγγρα ικ και επιστηµ νικ έργ και γνωριµίες και επα ές µε ισ υρ ύς κύκλ υς εντ ς και εκτ ς Ελλάδ ς. Έ ει επιπλέ ν δύ συµµετ ές σε κυ ερνήσεις τ υ Κώστα Σηµίτη και τ υ Λ υκά Παπαδήµ υ. Ειδικ τερα στ ε άµην της κυ έρνησης συνεργασίας στην Ελλάδα (Ν ε.2011 - Μάι ς 2012), διατέλεσε ∆ιευθυντής τ υ ικ ν µικ ύ Γρα εί υ τ υ Πρωθυπ υργ ύ Λ υκά Παπαδήµ υ. Είναι Ερευνητικ ς Εταίρ ς στ Centre for Economic Policy Research τ υ Λ νδίν υ και στ Centre for Money, Banking and Institutions τ υSurrey Business School. Είναι µέλ ς τ υ Επιστηµ νικ ύ Συµ υλί υ της Ένωσης Ελληνικών Τραπε ών καθώς και εκπρ σωπ ς της στ EBFEMAC. Επίσης είναι µέλ ς τ υ Ακαδηµαϊκ ύ Συµ υλί υ τ υ CIIM, της εκτελεστικής επιτρ πής τ υ Ι ΒΕ και τ υ ελληνικ ύ Ιδρύµατ ς Harvard. Είναι κάτ ς διδακτ ρικ ύ ∆ιπλώµατ ς στα ικ ν µικά απ τ Berkeley-Καλι ρνια USA (1983), και Master of Science και Bachelor of Arts στα Ε αρµ σµένα Μαθηµατικά απ τ Harvard-Μασα υσέτη USA (1978). Έ ει διατελέσει Επίκ υρ ς Καθηγητής στ Barnard College, Columbia University (1983-1989), και Αναπληρωτής και στη συνέ εια Τακτικ ς Καθηγητής στ Rutgers University- Νέα Υερσέη (1989-1993). Την τετραετία 2000–2004 διετέλεσε ∆ιευθυντής τ υ ικ ν µικ ύ Γρα εί υ τ υ Πρωθυπ υργ ύ, κ. Σηµίτη. Έ ει εκτεταµένη εµπειρία σε κεντρικές τράπε ες και τ ν ιδιωτικ τραπε ικ τ µέα: Υπήρ ε ικ ν µικ ς Σύµ υλ ς τ υ µίλ υ στην Εθνική Τράπε α της Ελλάδ ς(1996-2000), ικ ν µικ ς Σύµ υλ ς στην Τράπε α της Ελλάδ ς (1994-1995), π υ υπήρ ε Αναπληρωτής τ υ ∆ι ικητή στην Ευρωπαϊκή Κεντρική Τράπε α, και Σύµ υλ ς Ερευνών στην µ σπ νδιακή Τράπε α της Νέας Υ ρκης (1987-1993). Τ επιστηµ νικ τ υ έργ έ ει δηµ σιευτεί σε διεθνή περι δικά κύρ υς, συµπεριλαµ αν µένων τ American Economic Review, Journal of Finance, The Review of Financial Studies, The Quarterly Journal of Economics, The Journal of Monetary Economics, The Review of Economics and Statistics, κ.ά. Στ παρελθ ν (1989-1995), ι ι λι γρα ικές ανα ρές στ επιστηµ νικ τ υ έργ τ ν ανέδει αν στ υς 50 κ ρυ αί υς στ ν κ σµ στ ν ευρύτερ τ µέα της ε αρµ σµένης ικ ν µετρίας.

ŸÙ·Ó ÂÍ·Ê·Ó›ÛÙËÎ·Ó Ù· ÌÂÙÚËÙ¿ Φως στα άδυτα της µεγάλης «επι είρησης, π υ ενεργ π ιήθηκε ώστε να αντιµετωπιστεί η έκτακτη ήτηση της Ελλάδας για µετρητά κατά τη διάρκεια της κρίσης και η π ία κ ρυ ώθηκε λίγ πριν απ την κρίσιµη εκλ γική αναµέτρηση της 17ης I υνί υ τ υ 2012, ρί νει ι λί της Tράπε ας της Eλλάδας, µε τίτλ «T Xρ νικ της Mεγάλης Kρίσης 2008 2013». Για να αντιµετωπίσει την τεράστια ήτηση για µετρητά, π υ κ ρυ ώθηκε υπ τ ν δυσµενών σεναρίων για έ δ της Eλλάδας απ τ ευρώ και επιστρ ή στη δρα µή, η Tράπε α της Eλλάδας κατά ερε να αντεπε έλθει µε τρεις έκτακτες εισαγωγές µετρητών: Mία απ την κεντρική τράπεα της Iταλίας και δύ απ την κεντρική τράπε α της Aυστρίας, ενισ ύ ντας την α ία των αρτ ν µισµάτων π υ εί ε στ θησαυρ υλάκι της κατά περίπ υ 5,3 δις ευρώ. πως ανα έρεται στ ι λί , απ την έναρ η της κρίσης στις αρ ές τ υ 2010 έως τις υλευτικές εκλ γές τ ν I ύνι τ υ 2012 υπερδιπλασιάστηκε η α ία των µετρητών π υ εί αν στα έρια τ υς ι Eλληνες και έ θασε στα 47,7 δις απ περίπ υ 20 δις π υ υπ λ γί εται τι ήταν πριν απ την κρίση. H δια ρά των περίπ υ 28 δις α ρά σε π σά π υ απ σύρθηκαν απ τις τράπε ες και κατευθύνθηκαν σε θυρίδες, ρηµατ κι ώτια και άλλες «κρυψώνες» υπ την απειλή τ υ Grexit και της επιστρ ής της ώρας στη δρα µή. Πρ κειµέν υ να καλυ θεί η ιδιαίτερα αυ ηµένη αυτή ήτηση σε µετρητά, η TτΕ αναγκάστηκε να ε διάσει τις τράπε ες µε µετρητά, υπερδιπλάσια απ τι συνήθως, και να διασ αλίσει τι σε κάθε γωνιά της Eλλάδας θα υπήρ αν στα ATM επαρκή µετρητά, α ύ ήταν τέτ ι τ κλίµα π υ ακ µη και σε ένα ATM να καταγρα ταν έλλειψη µετρητών θα µπ ρ ύσε να πυρ δ τηθεί ανε έλεγκτ «bank run». ∆ηλαδή λ ι να σπεύδ υν να σηκώσ υν τις καταθέσεις τ υς υπ τ ν πανικ , µε αλυσιδωτές αρνητικές επιπτώσεις. Σύµ ωνα µε στ ι εία της TτE, υπήρ αν περίπ υ έντεκα ε δ µάδες µε εκρ ές άνω τ υ 1 δις, ενώ η κατάσταση κ ρυ ώθηκε στην ε δ µάδα πριν απ τις εκλ γές τ υ I υνί υ τ υ 2012, ταν έ θασαν στα 3 δις. Y ψηλ τερα δηλαδή απ τα επίπεδα των 2 δις π υ ανήλθαν ι εκρ ές την ε δ µάδα µετα ύ 22 - 26 Mαΐ υ 2010, υπ τ άρ ς ηµ λ γίας τ τε για κήρυ η πτώ ευσης και τις εκρ ές 1,5 δις στα τέλη Aπριλί υ 2010 µετά την ανακ ίνωση της πρ σ υγής της ώρας στ ν Mη ανισµ Στήρι ης. Πρ κειται για π σά σα ώς υψηλ τερα των συνηθισµένων, α ύ υπ καν νικές συνθήκες ι εκρ ές ανά µήνα ανέρ νταν περίπ υ σε 112 εκ. ευρώ τ ν µήνα κατά µέσ ρ . Πρ κειµέν υ η TτE να αντεπε έλθει στην ιδιαίτερα αυ ηµένη ήτηση έκανε π λλές ρηµαταπ στ λές. M ν στ διήµερ 14 - 15 I υνί υ, ακρι ώς πριν απ τις εκλ γές τ υ I υνί υ 2012, στ N µισµατ κ πεί στ Xαλάνδρι ε υπηρετήθηκαν 76 και 71 αυτ κίνητα ρηµαταπ στ λών, αντιστ ί ως. Για να καλυ θεί γκ ς της ήτησης η TτE πραγµατ π ίησε παραλα ή µετρητών απ την κεντρική τράπε α της Iταλίας, α ίας περίπ υ 1,5 δις ευρώ, και δύ παραλα ές απ την κεντρική τράπε α της Aυστρίας συν λικ ύ ύψ υς περίπ υ 4 δισ. ευρώ. Tα ρήµατα έ ευγαν απ τα θησαυρ υλάκια της κεντρικής τράπε ας σε «τ ύ λα» ή ρηµατ δέµατα, µε κάθε «τ ύλ » να απ τελείται απ 1.000 αρτ ν µίσµατα ίσης ν µαστικής α ίας. Στην κ ρύ ωση της κρίσης εκτιµάται πως δι ετεύθηκαν στην αγ ρά περί τα 135.000 «τ ύ λα» απ περίπ υ 85.000 π υ ήταν µέσ ς ρ ς τ 2009. Πρέπει, πάντως, να σηµειωθεί πως µετά τις εκλ γές τ υ I υνί υ τ υ 2012 και έως τις 31 ∆εκεµ ρί υ τ υ ιδί υ έτ υς επέστρεψαν στις τράπε ες περίπ υ 9,7 δισ. ευρώ, ενώ η τάση συνε ίστηκε και τ 2013, π υ εκτιµάται πως επέστρεψαν περίπ υ 2,2 δισ. ευρώ. H ανησυ ία στα ρ νια της µεγάλης κρίσης απ τυπώνεται και στις αγ ρές ρυσών λιρών. Eνδεικτικ είναι τι τ ν Mάι και τ ν I ύνι τ υ 2010, ταν η ώρα µπήκε στ ν Mη ανισµ Στήρι ης, αγ ράστηκαν απ την κεντρική τράπε α 68.000 ρυσές λίρες, ταν καθ’ λη τη διάρκεια τ υ έτ υς πωλήθηκαν 194.500 λίρες. Eπιπλέ ν 104.000 λίρες αγ ράστηκαν στ διάστηµα µετα ύ Oκτω ρί υ 2011 - Φε ρ υαρί υ 2012 υπ τ άρ ς της µεγάλης π λιτικής αστάθειας π υ επικρατ ύσε εκείνη την περί δ στη σκιά των ε ελί εων, µετά την πρ ταση δηµ ψη ίσµατ ς απ τ ν Γ. Παπανδρέ υ, τ ν σ ηµατισµ της κυ έρνησης Παπαδήµ υ και τ δεύτερ µνηµ νι .

11 Ι ΥΝΙ Υ, 2014

ΡΗΜΑ&ΑΓ ΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

∫·ÏÔÎ·ÈÚÈÓ¤˜ ÚÔÙ¿ÛÂÈ˜ ÛÙËÓ ª·Ú›Ó· §ÂÌÂÛÔ‡ Ένα νέ κε άλαι εκινά για τη Λεµεσ µε τη λειτ υργία των εστιατ ρίων και τ υ ώρ υ στάθµευσης για 750 αυτ κίνητα στη Μαρίνα Λεµεσ ύ. Τα καταστήµατα, τ spa και τ γυµναστήρι αναµένεται να εκινήσ υν τη λειτ υργία τ υς σταδιακά αυτ τ µήνα. Μετά την ά ι η των πρώτων εν ίκων και σκα ών αναψυ ής, η Μαρίνα Λεµεσ ύ υπ δέ εται πια λ τ ν κ σµ , ντ πι υς, τ υρίστες και επισκέπτες, πρ σ έρ ντας τ υς µια γεύση τ υ living on the sea, π υ θα ικαν π ιήσει πλήρως λες τις απαιτήσεις. Περπατήστε κατά µήκ ς τ υ παραλιακ ύ πε δρ µ υ και απ λαύστε τις δελεαστικές γεύσεις της ψαρ τα έρνας Πυ ίδα, τ υ Wagamama, τ υ TGI Friday’s, της Pizza Hut, τ υ KFC, τ υ Derlicious, τ υ Caffé Nero, τ υ Hobo Mediterraneo και τ υ Marina Cool Bar. Αργ τερα τ ν ίδι µήνα θα αν ίυν και τ Crystal Marina Lounge τ υ Breeze Group, τ εστιατ ρι τ υ αρ υπ µυλ υ, τ Calma Café και τ Yacht Club! Απ λαύστε τ γεύµα και τ ν κα έ σας στη θάλασσα µε ντ την εντυπωσιακή θέα της Μαρίνας και της Μεσ γεί υ και πάρτε µια γεύση τ υ living on the sea!

33 Û¯ÔÏÂ›· Û˘ÌÌÂÙÂ›¯·Ó ÛÙÔ LEAF ÌÂ ¯ÔÚËÁﬁ ÙËÓ ∫∂∞¡π∆∞ Η ΚΕΑΝΙΤΑ, ρηγ ς τ υ πρωτ π ριακ ύ εκπαιδευτικ ύ πρ γράµµατ ς LEAF - Μαθαίνω για τα ∆άση, τ π ί πραγµατ π ιήθηκε σε συνεργασία µε τ Υπ υργεί Παιδείας και Π λιτισµ ύ και τη CYMEPA, ρά ευσε τα σ λεία π υ έλα αν µέρ ς στ πρ γραµµα. Τ LEAF Μαθαίνω για τα ∆άση είναι ένα διεθνές πρ γραµµα, στ ςτ υ π ί υ είναι να ενθαρρύνει σ λεία και εκπαιδευτικ ύς, ώστε να συµπεριλά υν στις εκπαιδευτικές τ υς δραστηρι τητες και τα δάση, ε διά ντάς τ υς µε τα απαραίτητα εργαλεία και κίνητρα για να έρθ υν κ ντά στ δάσ ς. Α ί ει να σηµειωθεί τι τ πρ γραµµα στην Κύπρ λ κληρώθηκε µε µεγάλη επιτυ ία α ύ έλα αν µέρ ς 33 δηµ τικά σ λεία απ λη την Κύπρ .

¶ÚÔÙÂÚ·ÈﬁÙËÙ· ÙË˜ √¶∞¶ ∫‡ÚÔ˘ Ë ÛÙ‹ÚÈÍË ÙˆÓ Ó¤ˆÓ Σε µια ε ωριστή εκδήλωση παρ υσιάστηκε απ λ γισµ ς σηµαντικών δράσεων της ΠΑΠ Κύπρ υ στ πλαίσι της κ ινωνικής της πρ σ ράς για τ 2013. Πρ τεραι τητα για την ΠΑΠ Κύπρ υ τη ρ νιά π υ πέρασε ήταν να επικεντρωθεί µε τις ρηγίες της στη στήρι η της νέας γενιάς αλλά και της υγείας. Έτσι έθεσε ως πρ τεραι τητα την επι ρήγηση δωρεάν πρ γευµάτων στ υς µαθητές των σ λείων της υπαίθρ υ, σε συνεργασία πάντα µε τ Υπ υργεί Παιδείας. Α ι σηµείωτη είναι µως και η πρ σ ρά τ υ ργανισµ ύ στ ν τ µέα της Υγείας α ύ ι ρηγίες στ ν τ µέα αυτ απ τελ ύν τ 53% τ υ συν λικ ύ πρ ϋπ λ γισµ ύ τ υ. Τη στήρι η της ΠΑΠ έ υν δε θεί και ι Κύπρι ι αθλητές π υ ε ωρί υν στ ε ωτερικ και ά υν τη ώρα στ ν παγκ σµι άρτη, µε µεγαλύτερη επιτυ ία τα µετάλλια π υ ε ασ αλίστηκαν στ υς Μεσ γειακ ύς αγώνες στη Μερσίνα της Τ υρκίας.

∆Ô √ÈÓÔÔÈÂ›Ô ∫˘ÂÚÔ‡ÓÙ·˜ ÌÂ Î·ÏÔÎ·ÈÚÈÓ‹ ‰È¿ıÂÛË Μια εντυπωσιακή ραδιά απ κάθε άπ ψη, εί αν την ευκαιρία να απ λαύσ υν ι ιν ιλ ι π υ παρευρέθηκαν σε ένα διαρετικ για τα Κυπριακά δεδ µένα ιν γαστρ ν µικ event, π υ δι ργάνωσε τ ιν π ιεί Κυπερ ύντας σε συνεργασία µε τ εν δ εί Almyra, στην Πά . Γνωστές και αγαπητές ετικέτες τ υ ιν π ιεί υ Κυπερ ύντας συν δευσαν τ µεν ύ, π υ ετ ίµασε ειδικά για τη ραδιά executive σε τ υ εν δ εί υ Rob Shipman. Με θέα την θάλασσα, ι παρευρισκ µεν ι εί αν την ευκαιρία να δ κιµάσ υν και να απ λαύσ υν πρώτ ι την νέα εσ δεία τ υ κρασι ύ Πετρίτης 2013, καθώς επίσης και τ Shiraz Κυπερ ύντα 2012. Συν µίλησαν επίσης µε τ ν ιν π ι κ. Μηνά Μηνά, για τ ν µαγευτικ κ σµ τ υ κρασι ύ, πως και για τα π λυ ρα ευµένα κρασιά τ υ ιν π ιεί υ Κυπερ ύντας. Τα πρ ϊ ντα τ υ ιν π ιεί υ Κυπερ ύντας διανέµ νται απ την εταιρία Φώτ ς Φωτιάδης ∆ιαν µείς Λτδ. Για περισσ τερες πληρ ρίες: στ τηλ. 22471111 και στ www.facebook.com/Kyperounda.Winery

ªÂ “¿ÁÚÈÂ˜ ‰È·ı¤ÛÂÈ˜” Ë ·ÔÎ¿Ï˘„Ë ÙÔ˘ Porsche Macan Με µια εντυπωσιακή εκδήλωση την π ία παρ υσία αν ι Γιώργ ς Ρ ύσσ ς και Άντρη Καραντώνη, η A.I. Motokinisi Group έδωσε την ευκαιρία στ υς ‘τ λµηρ ύς’ fans της Porsche να ανακαλύψ υν τ νέ θηρί τ υ θρυλικ ύ brand π υ ακ ύει στ ν µα Porsche Macan. Αν και τα λέµµατα, η πρ σ ή και λα τα ώτα ήταν στραµµένα στ εντυπωσιακ νέ µ ντέλ της Porsche, η ραδιά επίσης περιλάµ ανε µ υσική, cocktails και ένα αντασµαγ ρικ projection mapping show. Π λλ ί επισκέπτες π υ λατρεύ υν την περιπέτεια έδωσαν τ παρών τ υς στην εκδήλωση για να ήσ υν στ ενίθ τη νέα δηγική εµπειρία π υ πρ σ έρει τ εντυπωσιακ αυτ µ ντέλ τ π ί ανε ά ει ακ µα πι π λύ τ ν πή η και δηµι υργεί µια νέα κατηγ ρία: Ένα sport SUV, τ µ ναδικ στ ν κ σµ , µε α επέραστες επιδ σεις και µ ναδική π λυτέλεια. Τ Porsche Macan, π υ στα ινδ νησιακά σηµαίνει ‘τίγρης’, είναι ένα άγρι θηρί π υ συνδυά ει την ε ωτική µ ρ ιά µε την ευελι ία και τ δυναµισµ τ υ αιλ υρ ειδ ύς. Για περισσ τερες πληρ ρίες επικ ινωνήστε στ 77771911 ή www.porsche.com.cy

«√ÎÙÒ ÌÂ ¤Ó· ÛÎÔﬁ» ÛÙÈ˜ 18 πÔ˘Ó›Ô˘ κτώ σ εδιαστές µ δας συναντι ύνται στην ίδια πασαρέλα και στηρί υν µε τ πι λαµπερ fashion show της ρ νιάς, τ ν ΠΑΣΥΚΑΦ και τ ‘Ένα νειρ µια ευ ή’. Πρ κειται για τ υς G. ENGLEZOS, MICHAEL LAZOS, KRISTO AVRAAM, ANNA DOROTHEA/MILANO, ALEXANDRA AWAD/RADICAL FASHION, EMMANUELLA KOYOUMDJIAN, C H R I S T A S TAV R O U DAMIANOU, ETHERIAL και RITA GEORGIADES π υ στις 18 Ι υνί υ 2014, στις 8.00 µµ, στ Πρ εδρικ Μέγαρ , στην Λευκωσία, θα παρ υσιάσ υν τις δηµιυργίες τ υς. Η εκδήλωση τελεί υπ την αιγίδα της κυρίας Άντρης Αναστασιάδη, συ ύγ υ τ υ Πρ έδρ υ της ∆ηµ κρατίας Εισιτήρια πρ πωλ ύνται πρ ς 15 ευρώ απ τ ν ΠΑΣΥΚΑΦ. Για πληρ ρίες στ τηλέων 22 345 444. Παγκύπρι ς Σύνδεσµ ς Καρκιν παθών και Φιλών (ΠΑΣΥΚΑΦ), είναι ένας εθελ ντικ ς, µη κερδ σκ πικ ς, ιλανθρωπικ ς ργανισµ ς.

Agrino – ∫·È ÂÏÏËÓÈÎﬁ Î·È ÍÂ¯ˆ-ƒ‡˙È Η Ν 1 ελληνική εταιρία παραγωγής ρυ ι ύ και σπρίων σας πρ σκαλεί να γευτείτε τ Agrino 10’ Κασταν ρύ ι. Την ιδανική πρ ταση για ισ ρρ πηµένη, υγιεινή και πάνω απ’ λα ν στιµη διατρ ή! Τ Agrino 10’ Κασταν ρύ ι είναι υψηλής διατρ ικής α ίας, καλλιεργείται στην Μακεδ νία µε τις αρ ές της ρθής Γεωργικής Πρακτικής, και απ τελεί την ιδανική πρ ταση µιας υγιεινής απ λαυσης για µια καθηµερινή και ισ ρρ πηµένη διατρ ή µέσα σε 10λεπτά! Κύρια αρακτηριστικά τ υ ρυ ι ύ Agrino 10’ Κασταν είναι η Ελληνικ τητα τ υ, η ιδιαίτερη πλ ύσια γεύση, η υψηλή περιεκτικ τητα σε υτικές ίνες, και ρ ν ς ρασµ ύ τ υ. Η κατανάλωση µιας µερίδας ρυ ι ύ Agrino 10’ Κασταν καλύπτει περίπ υ τ 15% της ηµερήσιας π σ τητας π υ ρειά εται ργανισµ ς µας σε υτικές ίνες. Τ Agrino 10’ Κασταν ρύ ι παρ υσιά εται σε άρτινη συσκευασία µε µπλεπράσιν ρώµα π υ συνδέεται άρρηκτα µε τα ρώµατα της Μεσ γεί υ! Περισσ τερα µυστικά για τ Agrino Ρύ ι Κασταν 10’ στ site της Agrino www.agrino.gr

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June 11 - 17, 2014

financialmirror.com | PROPERTY| 17

RICS sees pick-up in global commercial mood The latest RICS Monitor shows a pick-up in commercial real estate sentiment across the globe during the first quarter of 2014. In Europe, investment sentiment rebounded in a number of hard hit euro area markets, while Russia experienced a sharp reversal. The results for Russia highlight an important decline across both the occupier and investment markets, suggesting confidence has been undermined by geopolitical tensions and the ongoing slowdown in economic activity, with the risk of recession now looming. Across the Euro area, a degree of divergence appears to be emerging as the recovery in commercial property gains traction in some member states, while the progress in others stalls. Sentiment remains particularly downbeat throughout France and the Netherlands, despite both of these countries formerly exiting recession during the latter part of 2013. By way of contrast, a significant improvement is now visible in Ireland, Spain and Portugal. In fact, investment transaction expectations are now higher in these three markets than in any other countries in the survey. Going forward, this is anticipated to translate into a sharp rise in transactions. Moreover, the brighter outlook is not simply limited to the investment side. With unemployment falling (albeit from very elevated levels), occupier demand is rising. Although for Spain and Portugal rents are expected to remain broadly stable in the near term, respondents’ twelve month view suggests that rents will rise as the year progresses. Significantly, in Ireland, both the three and twelve month rental expectations indicators are firmly entrenched in positive territory. Alongside this, the performance of the UK and Germany remains particularly strong, in keeping with recent results and macro data. The situation in Cyprus, however, remains muted. “The end of Q1 2014, found Cyprus at the one year mark from the decisions of the Eurogroup on March 15 and 27 to ‘bail-in’ the depositors of two of the largest banks, to close down Laiki Bank, and to impose capital restrictions,” said Jennifer Petrides, MRICS, Member of RICS Cyprus said. “Despite the slowdown in economic activity and the prevailing economic conditions, the sentiment remains downbeat with a glimmer of hope pursuant to the whispers of a possible resolution to the political problem and the prospects that oil and gas exploration can bring to the island. Given the economic conditions, there is a lack of transactions by local buyers, whilst there seems to be increased interest from foreign investors,” she explained. According to the RICS Cyprus Property Price Index Q4, 2013, values of retail properties across Cyprus fell by an average of 3.2%, whilst those of offices and warehouses fell by 1.4% and 0.7% respectively. Additionally, on a quarterly basis rental values decreased by 3.0% for retail units, 1.4% for warehouses, and 1.6% for offices. Outside Europe, the UAE and Japan are once again the best performers of the RICS global report, with very positive readings and healthy rental and capital value gains expected during the course of 2014. Upbeat results were also returned from contributors from the US, New Zealand and Singapore real estate markets. In China, headline activity in the occupier market appears to have turned relatively flat, while progress on the investment side is still seeing a modest uptick. Figures in Brazil continue to deteriorate, with rents and capital values expected to decline as moderating growth and higher interest rates take their toll on the real estate market. “The Q1 RICS Global Commercial Report Monitor highlights the more widespread sense of optimism in the G7 occupier and investment markets versus the BRICs,” said RICS Chief Economist, Simon Rubinsohn. “At the country level, the best performing markets during Q1 were the UAE and Japan, while the weakest were Brazil and Russia. Significantly, some of the hardest hit countries by the global financial crisis, the Republic of Ireland and Spain, are now seeing a recovery in sentiment.”

Although the eastern Mediterranean is not known for its heritage of mermaids as well as other sea creatures and damsels, a six-metre tall statue now straddles on top of the Porto Bello Business and Cultural Centre, keeping a watchful eye over seafarers and visitors to the Limassol Marina, the town’s new jewel, and the nearby Limassol Port, the biggest seaport on the island. The sculpture, aptly named “Mermaid of Porto Bello” was commissioned by artist Philippos Yiapanis and welcomes all visitors to the sea-loving town. It was also the inspiration for the owners and developers of the Porto Bello centre to adopt a social programme of events, the arts and creativity under the umbrella of “Mermaid Parade”, a cultural and commercial group that hill host and organise public events. Mermaid Parade was conceived by the Interlink Group and the XN Group of Companies. For information visit www.portobellolimassol.com or www.mermaidparade.eu

Me r ma i d c om e s to C yp ru s to l oo k o ve r L i m as so l

Real estate taxation reform a must The Cypriot government has undertaken the task, as The system must be simple, with as few different taxes as demanded by the Troika bailout agreement, to reform real possible; estate taxation. It is widely accepted that there are too many, Taxation must be low so as to offer profitability to land (11 to be specific), and complex taxes (government fees, developers to develop, and landlords to buy and own duties, etc.) regarding real estate. To make things worse, property; there are a number of Taxation must be authorities imposing and predictable, so that a buyer collecting these taxes. will know how many taxes Real estate owners end up are to be paid when buying having trouble to either and holding a property. Cyprus International Institute calculate the taxes due and/or So, an urgently needed of Management find out where and when to reform must establish just pay them; three different taxes. The administrative cost for collecting these taxes is huge BUYER’S TAX: Payable by the buyer, should basically for the state and consequently for the taxpayer; aim to cover the administration cost of the state to Cyprus real estate taxes are considerably higher when implement the purchase. OWNER’S TAX: A holding tax, must cover the cost of compared to most other European countries. services offered to the property by the various authorities. What must be done? VENDOR’S TAX: A sales tax must be imposed, based on We know that the government has already commissioned consultants to advise them on the issue. We truly wish sound the profitability/gains generated by a specific transaction, advice reaches the government soon and that the payable by the vendor. These three could easily replace the 11 existing taxes, something which will greatly speed up and implementation starts sooner than later. The characteristics of a sound real estate taxation simplify current procedures. The state will then do the math framework must meet the following: and distribute funds from the three taxes to the various

By George Mouskides

authorities (local administration, municipalities, sewage board, etc). To keep things simple, we should put an end to the wrong notion that taxing real estate amounts to taxing wealth. If the government wishes to tax wealth, they could tax all types of assets and also take into consideration the debt related to these assets (we do not suggest such a tax). Governments have tried to implement social policies through property taxation. This approach has created many problems and led many owners to transfer properties to their children and the rest of family to avoid taxation and inheritance levies. Concluding, the owner’s tax mentioned above, which is the total of state property tax and municipal property tax and perhaps some other existing taxes and fees, must be levied on a uniform tax rate for every property. Rather than using the existing model, that taxes property owners with numerous and different rates, one flat tax rate must be used for all properties so that the same property is taxed the same amount regardless of the owner. George Mouskides is General Manager, FOX Smart Estate Agency, licensed estate agent and US Certified Public Accountant

June 11 - 17, 2014

18 | WORLD MARKETS | financialmirror.com

Stability at last for Egypt? By Oren Laurent President, Banc De Binary who supported Mursi’s defeat along with Brotherhood members, thanks to a new law restricting protests. However, he argued that free speech for Islamic militants should not take priority over national security. Many supported his case, and in the formal elections last month, Sisi, albeit with weak competition, soared to victory with 97% of the vote. Since Mubarak was toppled, in the resulting three years of instability and uncertainty, the Egyptian economy has been in a dire state. Unemployment and inflation are ongoing problems, corruption is widespread, and foreign reserves are now about half of their December 2010 levels. Sisi’s answer is greater government involvement. He has talked about setting certain food prices and about statesponsored projects to create jobs, but simultaneously promises to make the country business and investor friendly. His economic policies will certainly benefit from greater international support now that the Muslim Brotherhood no longer holds sway. The UAE, Saudi Arabia, and Kuwait have sent almost $12 bln in cash and petroleum products. The country may also be eligible for a loan from the International Monetary Fund, which would raise confidence and investments. It is suspected that Sisi will consider implementing austerity measures should it help prove to

On Sunday, after his swearing-in ceremony, the new Egyptian president, former army head Abdel-Fattah el-Sisi, told dignitaries in Cairo that “the presidency of Egypt is a great honour and a huge responsibility.” Indeed, the responsibility on his shoulders should not be underestimated. Sisi has promised to work towards national and regional stability in a nation of divided political factions that is currently experiencing its slowest economic growth rate in two decades. The western world watched as Mubarak was overthrown in the 2011 Arab Spring and hoped for a democratic outcome. However, Mursi, the country’s first freely elected ruler, was criticised for imposing the extremist views of the Muslim Brotherhood, a denounced terrorist organisation, as well as mishandling the economy. Sisi deposed him and took control. Controversially, under his leadership, hundreds were killed in street protests and thousands were imprisoned, including those

the IMF that Egypt is now moving in a more sensible direction. In a TV interview before the election, Sisi claimed that the Egyptian people will notice the economic improvements within two years. The economy is estimated to grow at a rate of 3.2% in the next fiscal year. The public certainly hope that his policies will work, and their vote expresses their desire for change after years of unrest. However, these are not a people known for their patience.

Words are not actions. Sisi will have to prove himself in the coming months if indeed he wishes to stay in power and put the days of political revolution to rest.

www.bancdebinary.com

ECB first central bank to introduce negative deposit rates Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

For the past month, the financial markets had been eagerly awaiting the latest ECB interest rate decision and it certainly delivered. The ECB introduced a number of new policy measures, including cutting interest rates to a new record low of 0.15%, a ECB 400 bln fund to encourage bank lending and the introduction of negative deposit rates. The ECB is the first major bank to introduce negative deposit rates, and this basically means that banks will now be charging to keep money within their bank. ECB President Mario Draghi hopes the introduction of negative deposit rates will entice consumer lending and prevent the EU from entering dangerous deflation territory. The markets reacted erratically to the ECB’s new policy measures as the EURUSD fell to its lowest valuation of 2014. However, when it was confirmed that the ECB was not yet implementing its own Quantitative Easing programme, the EURUSD quickly regained these losses. After the ECB interest rate decision, Draghi delivered a dovish press conference where he threatened that the ECB is far from finished adding ECB stimulus. With the exception of French Jobless Claims, the upcoming week is low in volume with economic releases from the EU, and it looks like the bears are set to dominate the future direction of the EURUSD. The other major news was the latest US employment report, which continues to signal that the US economy is gaining

momentum. Although the US unemployment rate stayed unchanged at 6.3%, the US economy created 217,000 jobs in May. This was the fourth consecutive month that the US economy added more than 200,000 jobs to their payroll, and the first time this had been achieved in over 14 years. For the past year, 2.4 mln jobs have been created by the United States economy. Overall, the US jobs report was seen positively. The main improvement noted was the need for more construction jobs to be created in the coming months. Only 6,000 construction jobs were created in May. In reference to average wage growth, wages increased by 2.1% on the year before. Analysts feel a 3% wage increase is required for consumer expenditure to accelerate. This is particularly important for the US economy, because consumer expenditure accounts for 70% of the overall US GDP. In regards to the Japanese economy, Japan’s latest GDP figure was revised up to 1.6%. This had little effect on the financial markets though, with analysts still trying to mule over the accuracy of Japan’s latest inflation data. Last month, Japanese consumer prices increased to their fastest pace in 23 years, at an annualized 3.2% growth level. On reflection of the CPI, it was apparent that a sales tax recently implemented in April encouraged additional consumer expenditure. Despite the sales tax encouraging consumers to purchase, household spending actually contracted by an annualised 4.6%. The IMF have already indicated that this CPI release is not sustainable and Japanese inflation will not consistently achieve the BoJ’s 2% target until

2017 at the earliest. Furthermore, it is now feared that the sales tax will lead to weaker than expected upcoming GDP data. Finally, the latest Australian GDP release surprised, with GDP expanding by 1.1% for the past three months. However, there were raised eyebrows over mining exports that accounted for 0.9% of this increase. It has long been advised that the Australian economy needs to slow down their over reliance on mining and exports. In the future, it has been identified that the Australian economy must focus on domestic consumption, such as construction and business investment. This will likely put increased pressure on this week’s Australian metric releases. On Tuesday, both business and consumer confidence are released and on Wednesday, the latest unemployment data is announced. WHAT TO WATCH THIS WEEK: The main news is likely to be focused on the RBNZ’s interest rate decision on Wednesday evening. The majority of economists are expecting that the RBNZ is set to raise rates

for the third time this year, but it is still possible that an interest rate hike could be delayed this month. The RBNZ blamed recent poor economic data on a higher valued NZDUSD; and if it does raise rates, a dovish statement threatening the future use of currency intervention may be used in the hope of deterring buyers away from the Kiwi. We are also expecting economic data from the United Kingdom this week. On Tuesday, the latest Manufacturing and Industrial production figures are expected to showcase further expansion. However, volatility is more likely to occur during the release of the latest UK unemployment rate on Wednesday morning. The UK unemployment rate is already within the BoE target to raising interest rates, but they are in no hurry to raise rates. Therefore, GBPUSD losses is a possibility for this Wednesday. ForexTime Ltd (FXTM) is a forex broker, registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission (CySEC). For more information, disclaimer and risk warning visit www.forextime.com

June 11 - 17, 2014

financialmirror.com | MARKETS | 19

The risks of selective easing Marcuard’s Market update by GaveKal Dragonomics The Chinese government is finally getting worried about the economy. Following a series of inspection tours, Premier Li Keqiang has clearly signalled that he doesn’t want growth to slow much from the current rate. The State Council has asked the People’s Bank of China (PBOC) and various ministries to take supportive measures. The central bank is complying, reluctantly, but the risk is that its minimalist moves both fail to support growth and undermine the credibility of structural reforms. The PBOC appears to be doing as little as it thinks it can get away with. It has cut the required reserve ratio for rural banks and for about two-thirds of small city commercial banks that can show they devote at least 30% of their loans to small and medium enterprises. This move will inject a relatively modest RMB150-200 bln of fresh liquidity into the system. In addition, there are reports that the PBOC has started a “re-lending” scheme under which it lends directly to a few banks on the condition that the funds are used for loans supporting social housing and agricultural investment. But it has left in place the 20% RRR for the bigger banks that account for over 80% of lending, and has signaled no cut in interest rates. Why is the PBOC being so selective? Basically, it fears that a broader easing would just fatten the sectors that are causing the economy’s fundamental problems, such as property developers, big state owned enterprises, and local government financing vehicles. The head of the PBOC statistics department, Sheng Songcheng, wrote in Caijing magazine last week that there is very limited room for monetary easing, as corporate leverage in China is already higher than in Japan. Instead, he argued, the government should focus on structural reforms to improve the behaviour of borrowers. So the PBOC is trying to strike a compromise between the premier’s mandate to support growth, and the longer-run imperative to keep up the heat on the structural reform agenda. There are two risks to this approach. First, stabilising growth may require much more support. The property market looks shaky-housing prices fell in May for the first time in two yearsand we are almost certain to see weaker construction activity and real-estate investment in the coming months. This in turn is putting pressure on local governments, which have seen their revenues from land sales and property transactions dry up. So the PBOC may be forced into a months-long stutter-step of additional targeted measures, undermining the credibility of the government’s commitment to reform. Second, the technique of selective easing itself goes against the central tenet of Xi Jinping’s reform programme, which is to let the market play a more decisive role. By targeted RRR cuts and re-lending, the central bank is actively guiding banks’ credit decisions, and thereby reducing the market’s role in resource allocation. Some might argue that the PBOC is simply doing the same thing as the ECB, which last week announced a four-year, EUR 400 bln “targeted LTRO” programme. But the context is very different. In Europe, interest rates are already negative, and it is virtually impossible to coordinate fiscal policies across the whole Eurozone. In principle, China still has the full arsenal of conventional monetary and fiscal policy tools at its disposal. The only thing that could bail out the central bank is a big rebound in exports, which grew at a smart 7% YoY in May and could accelerate further if US demand picks up in the second half of the year. If strong external demand enables this year’s real GDP growth to come in at 7% (which we think is roughly the floor acceptable to Premier Li), all well and good. But if exports are weak, then the government will be faced with a stark choice. It could let growth disappoint, which would be a good signal for the commitment to reform but potentially very damaging for business confidence in the short run. Or the Premier could order the PBOC to re-open the credit taps, in a revival of the old and discredited strategy of boosting growth through inefficient investment. Selective easing may be the least bad option at the moment, but it is no silver bullet. Other reforms need to be pushed forward quickly enough so that China doesn’t find itself caught in the over-investment trap.

Overcoming the macro breakdown Marcuard’s Market update by GaveKal Dragonomics The financial crisis of 2008-2009 heralded a golden age for macro investors. As the wholesale market crash rendered the relative value judgments of stock pickers irrelevant, macro investors enjoyed a boom time—especially ones who had had the foresight to short US housing, global financials, or eurozone peripheral debt. Now, as the crisis recedes further into the rear view mirror, macro investors have struggled to adapt to a world in which established relationships have broken down, leaving in their place a multitude of puzzling contradictions. Take for example this year’s sudden deceleration of China’s construction boom. As you would expect, this has hit iron-ore prices and Baltic freight rates (which are back to their 2008 lows). But despite this unappealing backdrop, the CRB commodity index is up 9% year-to-date while the Australian dollar is the world’s best performing major currency this year. Just as awkwardly for many macro investors, Japanese inflation has rebounded by more than 150bp on the back of the Bank of Japan’s aggressively reflationary policies. Yet JGB yields remain stuck to the floor and Japanese reflation plays are among the world’s worst performing trades so far in 2014. Meanwhile the yen, with gains of 2.7% against the US dollar and 4.1% against the euro, has confounded all predictions of a sustained bear market. Then there has been the rally in US treasuries. With the Fed tapering, with loan growth in the US in double digits and with wages rising, most investors felt that 2014 would follow in 2013’s footsteps and deliver poor returns for bond portfolios. Instead, 30-year US treasuries have delivered among the highest returns of any asset class so far this year. This breakdown in macro relationships that investors had come to take for granted is the over-arching issue. There are four key sub-issues: - With China experiencing a combination of disappointing growth and limited room for maneuver on stimulus, Beijing will have little choice but to embrace more aggressive reforms. This means we should expect fresh surprises on the policy front-which in turn should unleash some interesting investment opportunities. - Will Japan regain its reflationary mojo? The Topix has now risen for ten consecutive days, partly on the back of a promised corporate income tax cut. Will corporate tax cuts, combined with an ever-reflationary BoJ, lift Japanese equities from their place as this year’s worst performing major stock market to a more respectable position in the league table? - Is inflation in the US set to accelerate? For structural reasons we have long held the view that deflation constitutes a bigger risk for most developed economies than inflation. But having said that, we recognise that US inflation data has been ticking higher recently and we have to ponder whether this is the start of a new trend. If it is, will it mark a profound change in the investment environment? - One place where a pick-up in inflation is definitely not happening is euroland. Instead, inflation continues to make new lows, even in healthy economies such as Germany. Does this mean the ECB will now embrace unconventional monetary policies, and do so for as far as the eye can see? In the absence of aggressive continent-wide fiscal stimulus, an overly easy ECB may seem to most observers the only way to keep the euro-show on the road. The answers to these questions should help dictate the path of financial markets over the coming quarters.

WORLD CURRENCIES PER US DOLLAR CURRENCY EUROPEAN CODE RATE

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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.

Belarussian Ruble British Pound * Bulgarian Lev Czech Koruna Danish Krone Estonian Kroon Euro * Georgian Lari Hungarian Forint Latvian Lats Lithuanian Litas Maltese Pound * Moldavan Leu Norwegian Krone Polish Zloty Romanian Leu Russian Rouble Swedish Krona Swiss Franc Ukrainian Hryvnia AMERICAS & PACIFIC

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

10130 1.6809 1.4385 20.1908 5.4888 11.5087 1.3593 1.752 223.65 0.51694 2.5398 0.3158 13.9 5.968 3.0234 3.2269 34.399 6.6779 0.8969 11.71

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

AUD CAD HKD INR JPY KRW NZD SGD

0.9366 1.0898 7.7515 59.2625 102.3 1017 1.1744 1.2505

The Financial Markets Interest Rates Base Rates LIBOR rates Swap Rates 6mth 1yr

CCY USD GBP EUR JPY CHF

CCY/Period 0-0,25% 0.50% 0.15% 0-0,1% 0-0,25% USD GBP EUR JPY CHF

1mth

2mth

3mth

CCY/Period USD GBP EUR JPY CHF

2yr

3yr

4yr

5yr

7yr

10yr

0.15 0.49 0.18 0.10 -0.01

0.19 0.51 0.21 0.12 0.01

0.23 0.53 0.25 0.14 0.01

0.32 0.64 0.32 0.18 0.07

0.54 0.95 0.49 0.33 0.19

0.56 1.15 0.34 0.18 0.04

1.00 1.53 0.41 0.20 0.08

1.41 1.84 0.54 0.23 0.18

1.75 2.07 0.71 0.29 0.30

2.26 2.42 1.07 0.46 0.63

2.71 2.76 1.54 0.74 1.06

Exchange Rates Major Cross Rates Opening Rates 1 CHF 1.1150 0.8202 0.6633 1.5076 171.96 114.06

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

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

0.3770 7.1484 25446.00 3.4606 0.7080 0.2820 1512.00 0.3850 3.6400 3.7505 10.6822 3.6729

Weekly movement of USD 10.06 1.3534 0.8052 138.19 1.2120

CCY1\CCY2 USD EUR GBP CHF JPY

1 USD

1 EUR 1.3593

1 GBP 1.6809 1.2366

100 JPY 0.9775 0.7191 0.5815 0.8767

CCY\Date

13.05 1.3705 0.8118 139.90 1.2139

20.05 1.3656 0.8121 138.37 1.2159

27.05 1.3601 0.8068 138.41 1.2143

03.06 1.3550 0.8091 138.39 1.2149

CCY GBP EUR JPY CHF

Today 1.6809 1.3593 102.30 0.8969

Last Week %Change 1.6757 1.3603 102.32 0.8987 -0.31 +0.07 -0.02 -0.20

0.7357 0.5949 0.8969 102.30 0.8087 1.2192 139.06

USD GBP JPY CHF

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

AZN KZT TRY * USD per National Currency

0.7831 183.48 2.0911

June 11 - 17, 2014

20 | WORLD MARKETS | financialmirror.com

Bailout programmes strengthen Eurozone ANALYSIS When a country requests a financial support programme from a supranational body, it is typically a sign that the country cannot stand on its own two feet. There is often a stigma attached to a request by a nonEurozone country for financial aid from the IMF, or by a Eurozone member country for aid from the European Stability Mechanism (ESM). The stigma has negative legacy effects on investor sentiment, which often translates into wider bond spreads. Aid programmes are also unpopular and this can have domestic political consequences. Upon exiting their three-year financial assistance programmes, both Ireland and Portugal, for example, decided not to request a precautionary credit line from the ESM. This was partly to avoid having to comply with the conditionality of a precautionary programme. In return for preferential financing, aid programmes are typically accompanied by tough fiscal and structural conditions. The EFSF or ESM for Ireland and Portugal aimed to restore fiscal sustainability, promote reforms focused on restoring competitiveness and job creation, and in the cases of Ireland and Spain, downsize, restructure and recapitalise their banking sectors. This conditionality had negative short-term consequences for employment and spending, leading to a rise in popular distrust. A precautionary programme might have only exacerbated these tensions. Given the stabilisation of the three economies, we believe the Irish, Portuguese and Spanish publics will continue to show some tolerance for these governments’ reform agendas, which are likely needed to place growth on a more sustainable path. However, as the recent European Parliamentary elections demonstrated, other lending programmes and the ESM’s institutional limitations, the programmes for Ireland, Portugal and Spain have been a success. (Of course, the European Central Bank’s liquidity support for financial institutions has also played an important role in stabilising the Eurozone.) All three countries generally fulfilled the conditions required under their programmes, and exited under stable market conditions. Financial markets have ignored any perceived stigmas associated with the programmes, and bond yields have declined sharply. Despite charging higher concessional rates than the yields on ESM or EFSF bonds, the ESM and EFSF programmes represented a show of trust by the Eurozone. The panic selling of 2012 subsided and financing was secured, allowing these countries time to rebuild their balance sheets, reduce their budget deficits, slow debt accumulation, and pass structural reforms. In a virtuous circle, this success has helped to reassure financial markets that the Eurozone is functioning, and market interest rates subsequently declined. The creation of the ESM has in fact created a stronger Eurozone, and it is safe to assume that if member countries need further support they will likely receive it. The success of the programmes for Ireland, Portugal and Spain show that while there is lingering uncertainty over the strength of the recovery in the presence of still highly indebted public and private sectors, the principal behind the Eurozone is working – the whole is indeed greater than the sum of its parts. DBRS’ recognition of this principal partly explains our AAA ratings on the ESM and the EFSF. It also partly explains the stability of our ratings on Ireland, Portugal and Spain. We did not downgrade Ireland, Portugal or Spain when they requested a programme; nor did we upgrade them when they exited their programmes. We viewed their receipt of financial support as a stabilising factor.

than direct job creation and worker training, which remain popular, there is a risk of a loss of public support for deficit-reduction and reforms of labour and product markets. As long as market conditions are benign, an adjustment plan that is separate from a programme might be politically easier to implement. Unemployment in Spain, at a very high 25.3%, suggests that its dual labour market has still to be addressed, while unemployment in Ireland at 11.8% and in Portugal at 15.2% is a major source of discontent. With a gradual economic recovery, it will likely take years before these countries return to full employment and close their output gaps in the presence of highly indebted public and private sectors. Although countries in distress may in fact need even greater frontloaded expenditure cuts than they would in a programme, austerity in return for ESM loans in fact ensures that during the life of the programme fiscal policy is pro-cyclical. Since tax hikes

and spending cuts serve as a drag on economic growth, programmes can perpetuate business cycle instability. Finally, as of January 2013, collective action clauses or CACs are imbedded in the covenants of all new Eurozone sovereign bond issuances. CACs imply that private bondholders may be required to take losses as part of future bond restructurings. In the future, whenever a country requests an ESM loan programme, private bondholders may be forced to lose value on the bonds they hold. If market conditions are benign, this may not result in a restructuring. However, if market conditions are distressed, the presence of bonds with embedded CACs could lead bondholders to demand a higher interest rate to hold these bonds. This in turn could hasten a country’s request for an ESM programme, thereby accelerating a crisis. EUROZONE PROGRAMMES A SUCCESS Despite the negative connotations of

Fiscal discipline and educational quality By Mehmet Simsek The world is moving into a post-industrial age in which manufacturing is becoming ever more complex and competition has become global. To succeed, countries increasingly need a highly skilled and educated workforce. Therefore, raising the level of skills conferred by secondary schools has become an urgent priority for developing and developed countries alike. For me, the issue of education is no mere academic matter. I was born into a family of nine children. My parents were illiterate, and none of my sisters attended school beyond the primary level. However, in my family’s next generation, all of my nieces and nephews have a high-school diploma and most have attended university. Improving the education system of a country with more than 16 mln primary and secondary school students – more than the combined population of 20 European Union member states – poses considerable fiscal challenges. So the first step is to create a sound macroeconomic basis for reform. For many years, high public debt and macroeconomic mismanagement forced Turkey to pay a huge interest-rate premium in international financial markets – money that might have otherwise been invested in schools. However, since assuming office in 2003, Prime Minister Recep Tayyip Erdogan’s government has reduced the fiscal deficit as a share of GDP by nearly ten percentage points, from 10.8% in 2002 to 1% in 2013, and cut the public debt/GDP ratio from 74% in 2002 to 36.3% in 2013. As a result, government interest payments as a share of tax revenues fell from 85.7% to 15.3% during this period. These fiscal improvements have freed up funds for sizable investments in education, without adding to public debt. From 2002 to 2014, Turkey doubled the proportion of education spending in the total budget to 18% without hurting the country’s fiscal position. Since 2003, this extra money has allowed the government to hire some 410,000 more teachers, add 205,000 classrooms, and distribute 1.8 bln free textbooks. But to compete with the world’s economic powerhouses, like China, we also needed to improve the overall quality of our labour stock. From the 2002-03 academic year to 201213, gross schooling rates (which includes students whose age exceeds or falls short of the official age group) increased from 96.5% to 107.6% in primary education; 80.8% to 96.8% in secondary education; and 35.8% to 92.1% in higher education. Pupil-teacher ratios have also fallen. In the 2002-03 school year, there were 28 students per teacher in primary education and 18 in secondary schools; by 2012-13, this had fallen to 20 and 16, respectively. And in 2012, Turkey raised the minimum period of compulsory education to 12 years. This is an important reform, given that the average schooling of people over 25 is only 6.5 years in Turkey, compared to an OECD average of more than 11. Moreover, the government has improved educational opportunities. As part of the FATIH project to help underprivileged students, Turkey has allocated 1.4 bln lira ($665 mln) in 2014 to equip its schools with broadband Internet and the latest information technology. Other initiatives, such as “Baba Beni Okula Gonder” (Daddy, Please Send Me to School) and “Haydi Kizlar Okula” (Girls, Let’s Go to School), have improved enrollment gender ratios, from 91.1 girls for every 100 boys in 2002, to 101.8 girls for every 100 boys in 2012. This is likely to improve female labor-force participation in Turkey, which is around 30% on average, but 72% for those with a university diploma. Given Turkey’s geographic size (twice that of Germany but with a similar-size population), it has been a challenge to ensure that all pupils, regardless of their location or socioeconomic background, receive a good education. But one of Turkey’s most remarkable successes since 2003 has been to break the intolerable link between a child’s household circumstances and his or her chances to succeed in school. Consider that in 2003, the test scores of 28% of Turkish students could be explained by their socioeconomic standing – in other words, the poorer the pupil, the lower his or her PISA scores. This was in line with the OECD average. But the OECD’s 2012 report found that only 15% of lower test scores among Turkish students could be explained by their socioeconomic standing, a better outcome than the OECD average. Turkey is also narrowing the gap with OECD countries in terms of educational quality. In 2006, Turkey scored 76 points lower than the OECD average in science exams and 74 points lower in math. By 2012, the gap had fallen to 38 points in sciences and 46 points in math. Given these achievements, it may be no coincidence that Turkey’s youth unemployment rate has also declined, from 25.3% in 2009 to 17.3% in January 2014, below the EU average of 22.8%. What is clear is that improving education and bolstering economic growth go hand in hand. Of course, more needs to be done to realise Turkey’s human-development potential; but the past decade of educational reforms and their beneficial economic effects demonstrate that the foundations are being laid for rapid, sustainable, and inclusive growth. Mehmet Simsek is Minister of Finance of Turkey. © Project Syndicate, 2014, www.project-syndicate.org

June 11 - 17, 2014

financialmirror.com | WORLD MARKETS | 21

Top DJIA stocks expected to keep rising COMMENT The Dow Jones Industrial Average (DJIA) and the S&P 500 have hit new all-time highs. What is amazing is that the market just doesn’t feel as exuberant as the headlines might have indicated in this extended bull market continuing in 2014. Despite the gains, the Dow is up less than 3% in 2014. Maybe the financial media is right that the raging bull market has morphed into a stock picker’s market. It turns out that as of Friday’s closing bell, seven of the 30 Dow stocks were trading up by more than 10% year-to-date in 2014 in a FINVIZ.com performance screen. Including where the shares are now, what their valuation is versus the consensus analyst price targets and what sort of dividend yields they offer for investors, six of these seven double-digit DJIA gainers still have upside to their respective consensus price targets and are expected to keep rising over the next year. Nine of the DJIA stocks were negative so far for the year. That being said, four of the losers were down by less than 2%, and only one of the year-to-date DJIA losers was down by more than 5%, and that was Goldman Sachs. Caterpillar Inc. has been the top Dow stock of 2014. This is shocking when you consider that the sentiment on Caterpillar was very negative as this year kicked off. The stock is up 20.62% this year. Caterpillar yields about 2.2% for its common stock dividend. With shares hitting a 52-week (not all-time) high of $108.93, its consensus price target is almost $112. Merck & Co. is another surprise winner as the number-two Dow stock. The big pharma giant is up 16.49% so far in 2014. Merck’s dividend is still close to 3%, even after the rally. Trading at $57.85, it has a consensus price target up at $59.22. Johnson & Johnson may not be the most exciting company, considering its pharmaceutical, medical and consumer products operations. Still, its stock was up by 14.25% so far in 2014. Shares were just under an all-time high, and its dividend is now 2.7%. At $103.10, it has a consensus price target of $104.84. A comparison for Johnson & Johnson is not available for the start of 2014. Cisco Systems Inc. has gotten little love up until recently for its earnings problems. Still, John Chambers and his team now have their shareholders up by 12.51% so far in 2014. Shares have come up to $24.90, and the yield here is still a high 3.1%. The consensus analyst price target is $25.43. Microsoft Corp. is now under new leadership with Satya Nadella and with a focus on mobile and cloud. Steve Ballmer is gone, and shares were up 12.50% - barely behind Cisco. Microsoft shares are around

$41.40, but its consensus target price is only $41.87. Walt Disney Co. just keeps on chugging higher. The Mouse House shares have risen yet another 10.75%, so far in 2014. At $85.60, Disney shares hit a new all-time high, and the consensus analyst price target is now up at $88.54. Intel Corp. continues to surprise, even as the PC market it dominates remained irrelevant. The processor giant’s stock is up 10.47% so far in 2014. Intel’s share price of $28.20 is the only one above the consensus analyst price target, which is $26.92.

What is so amazing here is that projections at the start of 2014 called for a loss of 5% rather than a gain of more than 10%. The moral of the story is that the bull market has continued in 2014. A reality check is that the bull market just might not be quite as strong as what the headlines from the financial press may have indicated. Investors still keep hearing that the bull market has now turned into a stock picker’s market. The double-digit winners in 2014 have all significantly outperformed what analysts were calling for at the start of 2014.

The disenchantment of Europe By Philippe Legrain The recent European Parliament elections were dominated by disillusion and despair. Only 43% of Europeans bothered to vote – and many of them deserted establishment parties, often for anti-EU extremists. Indeed, the official results understate the extent of popular dissatisfaction; many who stuck with traditional parties did so reluctantly, faute de mieux. There are many reasons for this political earthquake, but the biggest are the enduring misery of depressed living standards, double-digit unemployment rates, and diminished hopes for the future. Europe’s rolling crisis has shredded trust in the competence and motives of policymakers, who failed to prevent it, have so far failed to resolve it, and bailed out banks and their creditors while inflicting pain on voters (but not on themselves). The crisis has lasted so long that most governing parties (and technocrats) have been found wanting. In the eurozone, successive governments of all stripes have been bullied into implementing flawed and unjust policies demanded by Germany’s government and imposed by the European Commission. Though German Chancellor Angela Merkel calls the surge in support for extremists “regrettable,” her administration – and EU institutions more generally – is substantially responsible for it. Start with Greece. Merkel, together with the European Commission and the European Central Bank, threatened to deprive Greeks of the use of their own currency, the euro, unless their government accepted punitive conditions. Greeks have been forced to accept brutal austerity measures in order to continue to service an unbearable debt burden, thereby limiting losses for French and German banks and for eurozone taxpayers whose loans to Greece bailed out those banks. As a result, Greece has suffered a slump worse than Germany’s in the 1930’s. Is it really any wonder that popular support for the governing parties that complied with this diktat plunged from 69% in the 2009 European Parliament election to 31% in 2014, that a far-left coalition demanding debt justice topped the poll, or that the neo-Nazi Golden Dawn party finished third? In Ireland, Portugal, and Spain, the bad lending of German and French banks in the bubble years was primarily to local banks rather than to the government. But here, too, the Berlin-Brussels-Frankfurt axis blackmailed local taxpayers into paying for foreign banks’ mistakes – presenting the Irish with a EUR 64 bln ($87 bln) bill, roughly EUR 14,000 per person, for banks’ bad debt – while imposing massive austerity. Support for compliant establishment parties duly collapsed – from 81% in 2009 to 49% in 2014 in Spain. Fortunately, memories of fascist dictatorship may have inoculated Spain and Portugal against the far-right virus, with left-wing anti-austerity parties and regionalists benefiting instead. In Ireland, independents topped the poll. The misconception that northern European taxpayers are bailing out southern ones also prompted a backlash in Finland, where the far-right Finns won 13% of the vote, and in Germany, where the new anti-euro Alternative für Deutschland won 7%. At Merkel’s behest and with the complicity of the ECB, which waited until July 2012 to quell a bond-market panic sparked by eurozone policymakers’ mistakes, the Commission also imposed eurozone-wide austerity, causing a cumulative loss of nearly 10% of GDP in 2011-13, according to the Commission’s own economic model. By plunging Italy into a deep recession (from which it has yet to recover), austerity sank interim Prime Minister Mario Monti’s broad-based coalition and boosted Beppe Grillo’s antiestablishment, anti-euro Five Star Movement, which finished second in the European Parliament election. Merkel also demanded a stifling and undemocratic EU fiscal straightjacket, which the Commission duly enforces. So when voters throw out a government, EU fiscal enforcer Olli Rehn immediately insists that the new administration stick to its predecessor’s failed policies, alienating voters from the EU and pushing them toward the extremes. Consider France. After François Hollande became President in 2012 on a pledge to end austerity, his Socialist Party won a large majority in parliamentary elections. But Berlin browbeat him into further austerity. Now, with both the center right and the center left discredited – together, they received only 35% of the popular vote – Marine Le Pen’s racist Front National topped the poll by promising radical change. Along with a chronic economic crisis, Europe now has an acute political crisis. Yet the EU establishment seems bent on pursuing business as usual. In the parliament, a vocal but fragmented minority of critics, cranks, and bigots is likely to push the center-right and center-left groups, which still have a combined majority, to club together even more closely. The low turnout and weakening of mainstream parties gives the European Council – national leaders of the EU’s member states – a pretext to continue cutting deals in smoke-free rooms. First up will be the choice of the European Commission’s next president. The outgoing president, José Manuel Barroso, claims that “the political forces that led and supported…the Union’s joint crisis response…have overall won once again.” Merkel wants to stick to current policies that have failed to deliver growth and jobs. Perhaps the man to shake things up is Matteo Renzi, Italy’s dynamic 39-year-old prime minister. In office since February, he won a resounding 41% of the vote, twice that of his nearest rival. Already committed to reforming his country’s crony capitalism, he now has a mandate to challenge Merkel’s crisis response. The timing is perfect: Italy takes over the EU’s rotating presidency in July. Renzi has already called for a EUR 150 bln EU investment boost and greater fiscal flexibility. Instead of a eurozone caged in by Germany’s narrow interests as a creditor, Europe needs a monetary union that works for all of its citizens. Zombie banks should be restructured, excessive debts (both private and public) written down, and increased investment combined with reforms to boost productivity (and thus wages). The fiscal straightjacket should be scrapped, with governments that borrow too much allowed to default. Ultimately, the fairer, freer, and richer eurozone that would emerge is in Germany’s interest, too. Europeans also need a greater say over the EU’s direction – and the right to change course. They need a European Spring of economic and political renewal. Philippe Legrain was an economic adviser to the President of the European Commission until February 2014. His latest book is European Spring: Why Our Economies and Politics are in a Mess – and How to Put Them Right. © Project Syndicate, 2014, www.project-syndicate.org

June 11 - 17, 2014

22 | WORLD MARKETS | financialmirror.com

How analysts rate Apple after its stock split By Jon C. Ogg, 24/7WallSt Apple Inc. is now trading under $100 for the first time in years. The company’s sevenfor-one stock split is already reflected in its share price. Investors are advised to keep in mind that the price targets of $104.28, $102.85 and the like will soon be changed (if not already changing) to reflect the new Apple prices with round numbers. Stifel Nicolaus was the first analyst to formally adjust its price target. It has a Buy rating, and the target moved up to $110 in the call. Barron’s featured an article over the weekend referring to analyst Brian White of Cantor Fitzgerald. His $4 projection in earnings per share from a better smartwatch would now only be an additional $0.57 in earnings per share after the split. Last week, BMO Capital Markets reiterated $85.71. Piper Jaffray’s Gene Munster talked up Apple’s prospects last week, and he has a Buy rating with a $730 price target. The new post-split target would be $104.28. Goldman Sachs kept its Buy rating and raised its price target for Apple to $720 from $635 right at the end of May. The new implied target price would be $102.85. Argus recently maintained its Buy rating and hiked its target to $700 from a prior target of $610. The new implied price target is $100.00 even. Wells Fargo also recently maintained a rating of Market Perform, but the price target range was taken higher to $595 to $640. The new target range would be considered $85.00 to $91.43. Apple shares were up 1.4% at $93.52 in mid-afternoon trading on Monday. Its adjusted 52-week range is $55.55 to $93.80, and the consensus price target has currently been adjusted to $91.74. We would give that consensus price target a few days to fully adjust as there are nearly 50 analysts covering it.

Monday marked Apple’s first stock split in nine years, a move designed to make it more affordable to buy shares of the iPhone and iPad maker that provided a boost even before it was completed. Since the split was announced in late April, Apple’s stock has climbed 25%, creating more than $100 bln in shareholder wealth while the Standard & Poor’s 500 edged up just 4%. Other factors contributed to the Apple rally: The company raised its quarterly dividend, committed an additional $30 bln to buying back its stock, struck a $3 bln deal to buy headphone maker Beats Electronics and previewed its latest software for iPhones, iPads and Mac computers. But the stock split helped renew investor interest in Apple Inc., already the world’s most valuable company. 1. ATTRACT MORE INVESTORS: Splits lower a stock’s trading price by

5 t h in gs y ou n ee d t o k n ow a bo ut Ap ple ’s s to ck s p lit substantially increasing the number of outstanding shares. Even though the company’s market value remains the same, the prospect of a lower price per share often excites investors who previously shied away from a stock because it looked too expensive. Apple executed a 7-for-1 split. That means every Apple stockholder received six additional shares for every share they owned as of June 2. The distribution will increase Apple’s outstanding stock from about 861 mln shares to about 6 bln shares. To adjust for that swing, Apple’s stock price fell dramatically from Friday’s closing price of $645.57 to $92.22. On Monday, the shares rose $1.48 to close at $93.70. 2. BRING MORE PRESTIGE: The lower price could clear the way for the company to be included among the 30 stocks in the Dow Jones industrial average. The closely watched benchmark is supposed to mirror key sectors of the economy, a role that seems perfectly suited for Apple given the popularity of the company’s products and its $171 bln in annual revenue. But Apple’s high stock price made it impractical to include the company in the Dow. That’s because the Dow’s value is calculated in a way that gives greater weight to the companies with the highest stock prices. The method has discouraged the Dow Jones selection committee from picking companies with stock prices trading at more than $300. Visa Inc. is the only Dow Jones company with a current stock price above $200. 3. SPLITS OUT OF FASHION: Stock splits once seemed reflexive whenever a company’s share price neared $100. In recent years, though, splits have dwindled as companies became more comfortable allowing their stocks to trade for hundreds of dollars.

its Outperform rating, but the price target was raised to $685 from $610. The new unadjusted target is $97.85. RBC Capital markets maintained its Outperform rating last week, but the price target was raised to $675 from $645 in the call. That new price target would be adjusted to $96.43 after the split. Canaccord Genuity

reiterated Apple with a Buy rating last week and the price target was raised to $710 from $660. Apple’s new post-split adjusted price target would be $101.42. Credit Suisse maintained its Neutral rating last week after the WWDC event, but the firm raised its price target to $600 from $560. The new adjusted price target would be

Even though the overall stock market has been soaring, only 57 splits have been completed since 2009 among companies in the Standard & Poor’s 500. That compares with 375 splits from 1997 to 2000, a period that coincided with the dotcom boom. 4. DONE IT BEFORE: Apple has completed 2-for-1 splits before: May 1987, June 2000 and February 2005. The stock rose 2% in the first year after the 1987 split and surged 60% in the first year after the 2005 split. The shares plunged 57% in the first year after the 2000 split, which occurred amid a steep downturn in technology stocks. 5. ADJUST THE BAR: Before the split, the all-time high for Apple’s stock stood at $705.07. With the split, that peak has now been revised to $100.72. Apple went public in December 1980 at a split-adjusted 39 cents per share.

Living big data Big data is made from the digital trail that we leave behind when we use credit cards, mobile phones, or the Web. Used carefully and accurately, these data give us unprecedented scope to understand our society, and improve the way we live and work. But what works in theory may not translate well in the real world, where complex human interactions cannot always be captured, even by the most sophisticated models. Big data requires us to experiment on a big scale. My own laboratory, for example, is building a Web site which, based on Google maps, uses society’s digital trail to map poverty, infant mortality, crime rates, changes in GDP, and other social indicators, neighbourhood by neighbourhood – all of which will be updated daily. This new capability allows viewers to see, for example, where government initiatives are working or failing. But, while such impressive visualisation tools can dramatically enhance transparency and public knowledge, they are surprisingly limited when applied to solving society’s problems. One reason is that such rich streams of data encourage spurious correlations. Even the use of the normal scientific method no longer works; given so many measurements, and so many more potential connections among what’s being measured, our standard statistical tools generate nonsensical results. Without knowing all possible alternatives, we cannot form a limited, testable set of clear hypotheses. And if we can no longer rely on laboratory experiments to test causality, we must test it in the real world, using massive volumes of real-time data. This involves moving beyond the closed, question-and-answer process typical of the lab, and applying our ideas in society, earlier and more frequently than ever before. To see how things work in reality, we must construct living laboratories – that is, communities willing to try new ways of doing things (to be blunt, to act as guinea pigs). An example of such a living lab is the “open data city,” which I launched with the city of Trento in Italy, along with Telecom Italia, Telefónica, the research university Fondazione Bruno Kessler, the Institute for Data Driven Design, and local companies. Importantly, this living lab has the approval and informed consent of all involved; they understand that they are participating in a gigantic experiment whose goal is to create a better way of living. One major challenge for a living lab is to protect individual privacy without diminishing the potential for better government. The Trento lab, for example, will pilot my proposed “New Deal on Data,” which gives users greater control over their personal data through trust-network software such as our open PDS (Personal Data Store) system. We hope that the ability to share data safely, while protecting privacy, will encourage individuals, companies, and governments to communicate their ideas widely, and so increase productivity and creativity across the entire city. But the biggest difficulty in using big data to build a better society is being able to develop a human-scale, intuitive understanding of social physics. Although dense, continuous data and modern computation allow us to map many details about society, and to explain how communities might work, such raw mathematical models contain too many variables and complex relationships for most people to understand. What is needed is some kind of dialogue between human intuition and the compelling reality of big data – a dialogue that is currently absent from management and government systems. If big data is to be deployed effectively, people must be able to understand and interpret the relevant statistics. This calls for a new understanding of human behavior and social dynamics that goes beyond traditional economic and political models. Only by developing the science and language of social physics will we be able to make a world of big data a world in which we want to live. Alex Pentland is Professor of Media Arts and Sciences, and Director of the Media Lab Entrepreneurship Program, at MIT Media Lab. He is the author of Social Physics: How Good Ideas Spread – Lessons from a New Science. © Project Syndicate, 2014, www.project-syndicate.org

By Alex Pentland

June 11 - 17, 2014

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New finance minister lines up for a marathon (and several short sprints) ANALYSIS The naming of economist Gikas Hardouvelis as Greece’s new finance minister on Monday took most observers by surprise but the big challenges awaiting him are no secret. Hardouvelis’s appointment caught many off guard because his name was not among more than half a dozen that had been linked with the post over the past few days. “His background, though, matches that of the outgoing Yannis Stournaras and it is not so surprising that Prime Minister Antonis Samaras should want to stick with a nonpartisan figure that would also be welcomed by the troika,” according to the news and policy website MacroPolis.gr. It was also noticeable that Samaras decided not to change the two deputy ministers at the Finance Ministry – Christos Staikouras and Giorgos Mavraganis – to ensure the maximum possible stability at this key government department. This means that the only outstanding issue is who will be the next general secretary for revenues after the resignation of Haris Theoharis last week. The government has already called for candidates wanting to become Greece’s next tax chief to apply for the job. Hardouvelis comes with considerable experience in an advisory, although not decision-making, capacity. He was in charge of ex-Prime Minister Kostas Simitis’s economic office between 2000 and 2004. He held the same position during the interim government led by Lucas Papademos in 201112, when he played a part in drawing up Greece’s second Memorandum of Understanding with the troika and executing the haircut on private sector holders of Greek bonds (PSI). He leaves his position as an economics professor at Piraeus University and as Eurobank’s chief economist to take up the job at the Finance Ministry. The new finance minister cannot say he is unaware of the size of the task he is taking on. Eurobank’s economic research division, which he headed, highlighted in a note at the end of May that there was “considerable margin for criticism” regarding the government’s lack of progress on some structural reforms. It also argued that Greece would not be able to deliver the planned primary surplus of 1.6% of GDP this year if revenues continued to miss their targets. Eurobank said revenues would only be in line with the budget if there is a widening of the tax base, if tax evasion is combated more effectively and if Greece returns to growth. “Greece is suffering. Every household has at least one person who is unemployed or someone who is working and not being paid on time,” Hardouvelis told Ant-1 TV in his first interview after being named finance minister. “A lot of things need to be done. We have a marathon ahead of us,” Hardouvelis certainly has a busy agenda ahead of him. His first Eurogroup meeting will be on June 19, with Greece unlikely to be in a position to claim its next bailout tranche of 1 bln euros as it has not yet completed its “prior actions.” Here are some of the other issues he will need to tackle over the months to come, when Hardouvelis will have to run some short sprints as well as a marathon: IMPLEMENTING THE ADJUSTMENT PROGRAMME - Apart from the June tranche, which will be delayed, Greece also has to meet certain reform targets to secure the release of another 1-bln-euro instalment, which is due in July. As Hardouvelis’s Eurobank economic research team highlighted, revenue collection is vital for the achievement of the primary surplus target of 1.5% of GDP (2.75 bln euros) this year. The budget execution so far shows a primary surplus of 1.05 bln euros to April but with the revenue shortfall widening to 622 mln. The Medium-Term Fiscal Strategy envisages a primary surplus of 4.19 bln euros (2.3% of GDP) in 2014, 0.8%age points higher than Economic Adjustment Programme (EAP) target. The next troika visit is scheduled in July

and one of the thorny issues that could be discussed is the further reform of the pension system. The merging of all supplementary pension funds of the public sector into the private sector main pension fund is a prior action for the July disbursement. NEGOTIATING FURTHER DEBT RELIEF - Having been part of the team that oversaw the PSI in 2012, Hardouvelis might know what to expect when he sits down with his eurozone counterparts after the summer to discuss a second debt relief package for Greece. Apart from being a key factor in deciding the sustainability of Greek debt, the outcome of negotiations will also affect fiscal targets for years to come. Furthermore, on a political level, the government will be looking for a boost later this year, when it has to implement more controversial measures, such as pension reform. The government has reportedly assessed a plan incorporating a conversion of the Greek Loan Facility (GLF) variable rate (currently at Euribor plus 50 basis points) to 1% constant for the next 50 years. This could result in total savings of 25 bln (14% of GDP) over the 50year period. The government’s plan also incorporates the deferral of interest payments on GLF loans for 10 or 20 years, similarly to those previously applied to EFSF loans.

RESTORING GROWTH AND CREATING JOBS - GDP contracted by 0.9% in the first quarter (Q1) of 2014, the slowest rate of decline since Q1 2010. Greece has seen its GDP contract by 25.6% since Q3 of 2008. Most official forecasts see the economy growing by 0.6% this year, partly on the back of even stronger tourism figures in Q2 and Q3. At the same time, the lack of liquidity remains a problem, especially with nonperforming loans rising above 30%. It will also be important for the government and Hardouvelis that the return of economic growth goes hand in hand with job creation. Unemployment edged down for the sixth straight month in March but is still incredibly high at 26.8%. The number of unemployed is at 1.27 mln, which is 177% higher than March 2009. Youth unemployment remains persistently above the 55% park. Prime Minister Antonis Samaras recently announced a very ambitious plan for creating a total of 770,000 jobs by 2020. Three quarters of those jobs are projected to be created in the following sectors: tourism, agriculture and fishery, and packaging. However, the official sector projects unemployment will ease by at least 1 pp this year and a further 2 pp in 2015. In contrast, the OECD projects a slower reduction of 0.7 pp cumulatively in 2014-15.

EU ‘seriously concerned’ about taxman’s sudden resignation In an unexpected move, the highest official in charge of cracking down on tax evasion in Greece, Haris Theocharis, announced his resignation last week, invoking “personal reasons.” Explaining his resignation, Theocharis made clear that all decisions on tax matters in Greece “were taken by the government” and not by himself. “The government took decisions, not me,” Theocharis said. The sudden resignation of the Secretary General for Public Revenues has raised concerns in Brussels about the independence of the body in charge of redressing Greece’s broken taxation system. In his statement, Theocharis indicated that “strong institutions need to be built” in order to combat tax evasion in Greece, without expanding further. Political analysts in Athens believe he fell into disfavour because he did not reduce the pressure on tax evaders before the May European elections. The SGPR was appointed in February 2013 through a public offering. The position, which has a stable mandate of five years, is supposed to be independent in order to protect it from political pressure. Theocharis explained however that he had not taken any tax measures by himself, and that all the measures were decided by the democratically elected government. “No one had the courage to ask for my resignation,” Theocharis said, insisting he took the decision to resign on his own. “I do not feel like a scapegoat because I have not done anything [wrong] in my field... If some people look for a scapegoat, they should look at their own actions,” he noted. But at the end of his statement, Theocharis spoke about high tax evasion in Greece, raising questions about the motives behind his resignation. “The fight against high tax evasion can only be achieved if we build institutions that will correct the misdoings of the public administration,” he concluded. In an interview with EurActiv Greece last year, Theocharis said that Athens would be “merciless” on tax evaders but he complained that the then existing legal framework did not allow for swift checks on offshore companies. Finance Ministry, Mr Theocharis has played a key role in modernising and digitising the tax administration, increasing revenue collection rates, and implementing major new tax reforms for income and property taxes,” O’Connor said, adding that the resignation was “a cause of serious concern.” The Commission spokesman continued that the EU executive would closely monitor the Greek government’s commitment to a more autonomous revenue administration, “as well as commitments to establish rigorous, transparent and merit based processes for the appointment of senior managers in the Greek public sector.” The outgoing finance minister, Yannis Stournaras, reacted strongly and criticised O’Connor’s statements. “The European Commission was wrong to express concerns. Whatever was achieved in Greece, it was with the responsibility of the government, the deputies who support it and especially the sacrifices of the Greek people,” Stournaras said. Sarantis Michalopoulos - EurActiv Greece

“Only 40 mln euros were collected so far this year,” he had said at the time.

Commission concerns Reacting to the official’s resignation, EU Commission spokesperson Simon O’Connor expressed concerns about the resignation and praised Theocharis’s work to date. “Since his appointment to head a semiautonomous administration within the

June 11 - 17, 2014

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The best bull market in 85 years? It’s not that simple ANALYSIS By SmallCap Network If you want to know how the market managed to tack on even more gains after such an incredible move last week, we can chalk it up to momentum, and Oppenheimer’s Ari Wald suggesting we’re about to enter the best bull market we’ve seen in 85 years. Now, whether there’s merit to what Wald is saying or not is somewhat irrelevant – it’s this kind of hyperbole that can really do more damage than good for investors. Most people read headlines, but most people don’t read entire news stories. If someone had been on the fence up until this point and missed the bulk of the rally and THEN decided to get into stocks based on Wald’s assessment - and the media’s glossover of his message is just as culpable - then odds are good those investors are going to be real frustrated, real soon. Whether you like the market or not, there aren’t too many people thinking the market isn’t overbought in the short run and due for a sizable dip. The S&P 500 is now valued at a trailing P/E of 17.5, which is most definitely at the outer limit of what the market can sustain... at least in the near-term. With all of that being said, there is some merit to the reasoning Wald put on the table. He said “Valuations to bonds, though, are much more compelling... There’s a floor for stocks. And, really with nowhere else to go with your money, I think stocks continue to move higher.” He nailed it - overvalued or not, there’s really no place else to park your money for the time being. Just as a refresher, there are three key categories of investments: equities (stocks), bonds, and commodities (gold, for most investors). There’s always at least one of the three rallying at the expense of at least one of the other two; it’s been that way for decades. Wald said there’s nowhere else other than stocks to go with your money other than stocks, and our data says the same thing. The chart below tells the whole story. Gold is still struggling, and with the U.S. dollar still gaining value - which hurts the value of gold it’s not like there’s much demand for it to crank its price up. Bonds? No, interest rates (yields) are on the rise as fixed-income investors are demanding higher returns maybe in fear of looming inflation - which is pushing bond prices lower. If gold and bonds are losing value, what’s left? You got it... stocks. They may be overvalued compared to their own history, but on a relative basis it still feels better to own overvalued stocks than it does to own gold and bonds. Here’s the trick with the whole situation... we have to keep a firm grasp on what’s shortterm and what’s long-term information. This can be bearish as well as bullish, depending on the day. There’s a feeling that the trends we’re seeing on all fronts are going to last a while. Specifically, the U.S. dollar is going to keep moving higher and yields could keep rising too (partially because of the rising dollar, partially not). That’s going to sap gold and bonds until further notice, which is bullish for equities. Now, as well supported as stocks may be because of the undertow for the other two asset categories, the trends here will NOT stave off a short-term stumble for the stock market. To give credit where it’s due, John Monroe over at the SmallCap Network Elite Opportunity has been talking about the S&P 500’s likely cap around the 2000 mark for months... long before anybody else was thinking the index would come as far as it has over the past nine months. We’re not quite to the precise target yet, but we’re plenty close

enough to the 1976 area to say we’ve gotten there, and we need to start thinking about the combination of technical resistance and a backdrop of valuation problems. We’re not talking about the beginning of a new bear market. Neither is John Monroe. But, with the technical rally slowing down right where it should while there are some crystal clear fundamental challenges upon us, if there

was ever a spot where stocks were going to stumble, this is it. And it would be wrong not to plan for a pullback here by at least locking in some profits. The indices tried to forge ahead to higher highs on Monday, but peeled back from those highs quite easily. The fact that the rhetoric has become so ridiculously bullish thanks to Wald’s comments is just the contrarian icing on the pullback cake.

The 4% non-solution For some time now, there has been concern that central bankers have “run out of bullets.” Having lowered their policy rates to near zero, they have engaged in increasingly extravagant measures such as “quantitative easing” and “forward guidance.” Given the fog cast over real economic activity by the financial crisis, it is difficult to offer a definitive assessment of just how well or badly those measures have worked. But it is clear that there must be a better way to do things. There is no longer any reason to let the zero bound on nominal interest rates continue to hamper monetary policy. A simple and elegant solution is to phase in a switchover to a fully electronic currency, where paying interest, positive or negative, requires only the push of a button. And with paper money – particularly largedenomination notes – arguably doing more harm than good, currency modernisation is long overdue. Using an electronic currency, central banks could continue to stabilise inflation exactly as they do now. (Citigroup’s chief economist, Willem Buiter, has suggested numerous ways to address the constraint of paper currency, but eliminating it is the easiest.) A second, less elegant idea is to have central banks simply raise their target inflation rates from today’s norm of 2% to a higher but still moderate level of 4%. The idea of permanently raising inflation targets to 4% was first proposed in an interesting and insightful paper led by IMF chief economist Olivier Blanchard, and has been endorsed by a number of other academics, including, most recently, Paul Krugman. Unfortunately, the problem of making a smooth and convincing transition to the new target is perhaps insurmountable. When Blanchard first proposed his idea, I was intrigued but skeptical. Mind you, two years previously, at the outset of the financial crisis, I suggested raising inflation to 4% or more for a period of a few years to deflate the debt overhang and accelerate wage adjustment. But there is a world of difference between temporarily raising inflation to address a crisis and unhinging long-term expectations. After two decades of telling the public that 2% inflation is Nirvana, central bankers would baffle people were they to announce that they had changed their minds – and not in some minor way, but completely. Just recall the market’s “taper tantrums” in May 2013, when then-Fed Chairman Ben Bernanke suggested a far more modest turn in monetary policy. People might well ask why, if central bankers can change their long-term target from 2% to 4%, they could not later decide that it should be 5% or 6%? Given the likelihood of a confused, mistrustful public, it is hard to find any deep rationale for a 4% target. At least the existing 2% inflation target stands for something, because central bankers can portray it as the moral equivalent of zero. (Most experts believe that a true welfare-based price index would show significantly lower inflation than government inflation statistics indicate, because official data fail to capture the benefits of the constant flow of new goods into the economy.) There is an analogy to the problems countries faced when they tried to re-establish the gold standard after World War I. Until the war, money was backed by gold and could be redeemed at a fixed rate. Though the system was highly vulnerable to bank runs and there was little scope for a monetary stabilisation policy, people’s confidence in the system enabled it to anchor expectations. Unfortunately, the system completely collapsed after the war broke out in August 1914. Revenue-desperate combatants were forced to turn to inflation finance. They

By Kenneth Rogoff

could not simultaneously debase the currency and back it with gold at a fixed rate. After the war, as things settled down, governments tried to return to gold, partly as a symbol of a return to normalcy. But the revived inter-war gold standard ultimately fell apart, in no small part because it was impossible to rebuild public trust. A move by central banks to a long-term 4% inflation target risks triggering the same dynamic. Fortunately, there is a much better way. Moving to an electronic government currency would not require a destabilising change in the inflation target. Minor technical issues could easily be ironed out. For example, ordinary citizens could be allowed zero-interest-transactions balances (up to a limit). Presumably, nominal interest rates would move into negative territory only in response to a deep deflationary crisis. But when such a crisis does occur, central banks could power out of it far more quickly than is possible today. And, as I have argued elsewhere, governments have long been penny-wise and pound-foolish to provide largedenomination notes, given that a large share are used in the underground economy and to finance illegal activities. Moving to a twenty-first-century currency system would make it far simpler to move to a twenty-first-century central-banking regime as well. Kenneth Rogoff, a former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University. © Project Syndicate, 2014, www.project-syndicate.org