Financial Mirror 2014 07 23 ISSUU by Financial Mirror

FinancialMirror The Waste of War History repeats itself

Bears are back, fearful of world events

By Jeffery Sachs - PAGE 7

By Oren Laurent - PAGE 18

Issue No. 1093

€1.00

July 23 - 29, 2014

Cyprus is too expensive Ryanair plans to boost Cyprus passenger traffic to 2-3 mln – PAGE 4

India’s business model is “very friendly” Invitation for Anastasiades to visit PAGE 3

July 23 - 29, 2014

2 | OPINION | financialmirror.com

FinancialMirror Education... and the lack of it Published every Wednesday by Financial Mirror Ltd.

EDITORIAL

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

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The lack of proper education and the curriculum at all schools in Cyprus, both public and private, is once again the focus of attention with unwarranted arguments by politicians over the lesson on government. Opposition and anti-solution voices have decided after 40 years that they are no longer comfortable with the federal system of a reunified Cyprus, but fail to offer any alternative, suggesting simply that we should revisit the whole issue and avoid the satanic Annan plan, even though the UN-proposed blueprint is dead and buried. When ruling DISY’s wise man of education, Nicos Tornaritis, proposed that the lesson on government in schools be enhanced to include more material on federal systems, every newspaper hack and politician decided that this was a concealed method to revive the long-gone plan. The reason, they said, it was rejected by an overwhelming 70% of the population a decade ago was that Annan’s 8,000page document put to referendum was an abominable attempt to impose a federal system on the (Greek) Cypriot people. Unfortunately, our politicians have a very short memory and refuse to acknowledge that all presidents, starting from Archbishop Makarios, have been calling for a “federal, bizonal, bicommunal” solution, which is often reiterated by the powers that be and we tend to pat ourselves on the back, satisfied that we have international support in our just cause. Even successive National Councils have

unanimously adopted this basis of a solution, which makes one wonder if it is not the same politicians who attend these meetings. But this is exactly why Tornaritis made the suggestion for an addition to the curriculum, so that the present and future generations of youngsters get to choose for themselves what is best for Cyprus and not what our senile politicians (of all ages) keep on imposing on us. However, if, as one teacher admitted, the lesson on government takes up 90 pages in modern-day text books (which are outdated and refer to the Soviet Union as a federal example!) then why do our youngsters remain clueless about the prospects of a Cyprus solution? Is it the students who are not learning or the teachers who are not teaching? Surely, with an issue of such great importance, our youngsters ought to be aware of different forms of government, the variants of federal systems and what has been agreed in the case of Cyprus? Why, then, when asked, many are blank over what happened on July 15 and 20 in 1974? Or even what led to these events, starting from our patchwork Republic in 1960 imposed by Britain, Greece and Turkey? It is ridiculous, to say the least, that students go to school for 12-13 years and later on attend university to learn about “safe careers” in accounting, law, maths or medicine, with no idea whatsoever about history, government and human rights, only to find a job and then end up paying a trainer to conduct a workshop on ethics in the workplace. Do our children not have an opinion of their own? Obviously not, and that is what should concern us more than anything.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Cyta profits, pr iva te pensions

Cash-cow Cyta saw profits rise to CYP 10.4 mln as nearly four in five Cypriots now use mobile phones. Universal Life said it is considering a move to the CSE’s new Alternative market, while a growing number of Cypriots are resorting to private pensions, the Financial Mirror reported in issue 578, July 14, 2004. Cyta profits: State-owned telco Cyta said that net profits climbed tenfold from CYP 1.09 mln in 2002 to 10.4 mln in 2003, despite revenues being flat at CYP 211 mln, said chairman Stavros Kremmos. The government wants to get

20 YEARS AGO

Union standoff, cola wars

In a landmark standoff, clothing industry Zeppelin stood up to union-bullying and shut-out its 23 workers who had earlier gone on strike seeking unreasonable pay hikes. Another conflict underway was the “cola war” of local Coke and Pepsi bottlers driven by aggressive campaigns linked to the World Cup, the Cyprus Financial Mirror reported in its issue 69, July 20, 1994. Oh, and by the way, the ITL (Italian Lira) was under pressure as more of PM Silvio Berlusconi’s ministers resigned (remember him?) Zeppelin standoff: Zeppelin Co. Ltd., a company that started in Morphou in 1960 and had to start all over again after the Turkish invasion in 1974, declared a lock-out after unions imposed a one-day strike the previous week demanding pay rises far above productivity levels. While most other clothing manufacturers allowed workers to return, Zeppelin shut out the 23 initial strikers and continued to work with 17 others

more of the profits and despite giving CYP 75 mln to the state in two years, plus a 20 mln fine from the Competition Commission, its cash stood at CYP 101 mln. And this, after paying CYP 12.75 mln for the mobile license in March, equal to what private bidder Scancom paid. Mobile phone subscribers climbed by 40,000 to 590,145 for a 82% per capita penetration from end-2003. UL move: Universal Life Insurance said it plans to list on the Alternative market when the CSE is split, but only if conditions improve. The plan is to have a Main, Parallel and Alternative market with the deciding factor being the 25% free-float in the market. UL is also involved in a power struggle with Laiki Bank holding 35% and Bank of Cyprus 21.8%. Private pensions: More and more Cypriots fear the statecontrolled Social Insurance Fund could go bust by the time they retire and are resorting to private pension funds, said

ALICO boss Antonis Karpasitis. He said that by 2028, some 23% of the population will be over 60, compared to 16% in 1998, while 17.6% will be over 65 compared to 11% in 1998. The SIF fears that the number of pensioners will surpass the number of workers and will bleed the fund dry. While in 1998 pensioners made up 28% of the population, by 2050 they are expected to reach 63%, which means that while in 1998 there were 3.7 contributors for every pensioner, in 2050 this will be reduced to 1.6. areeba launch: areeba, the first private mobile phone network started business as planned with four post-paid and three pre-paid subscriber plans. Owner operator Scancom said the company is about to conclude two crucial agreements for national roaming and number portability with Cyta. Lebanese-controlled Scancom and its Investcom mother company hold 90% of Scancom Ghana and is active in Yemen and Syria. It won the second Cyprus GSM license for 20 years after bidding CYP 12.75 mln.

who refused to join the strikes, while 7 new employees were being trained to complete the job, despite a lack of cooperation from Ministry of Labour officials. (Ed’s note. In the 20-odd years of the Financial Mirror, we have recorded the Ministry blindly adopting union demands in all labour disputes). Cola wars: Coca-Cola and Pepsi bottlers, Lanits Bros and Loizos Louca & Sons, engaged in a new marketing war of words with Coke claiming to be the number one in fizzy soft drinks, boosted by World Cup campaigns. This follows earlier claims by Pepsi that it had broken its rival’s dominance two months earlier after it successfully launched the Max non-sugar brand. Venture capital: Cyprus needs experienced venture capital firms that can take up the challenge, said Prof Jerry Wiesen, from the Stern School of Business at NYU. Strong VC firms will bring returns to the Cyprus economy that will increase geometrically, he said at the CIIM, adding that foreign investors will join in Cyprus financing only if capable lead investors and knowledgeable venture capitalists are investing, preferably with an initial VC firm going public to raise

awareness and trust. Market liquidity: The most important aspect for the successful operation of a stock market is the volume of transactions and not the level of the General index, said Athens Stock Exchange president Manolis Xantakis, who was reviewing the regulations of the new Cyprus Stock Exchange and discussed future cooperation with Finance Minister Phaedros Economides. Better prospects: The prospects for 1994 are brighter, according to the Central Bank’s annual report, that also noted that the outlook for the European economies are equally better, with a positive impact on Cyprus, as foreign demand is expected to revive considerably as tourist arrivals and exports are likely to pick up. Hilton casino: The Cyprus Tourism Dev. Co. announced increasingly good prospects at the Cyprus Hilton with a new CYP 15 mln wing expected to be ready in 1995 and the management agreement increasing royalties from 70% to 75%, with dividend expected to rise from 12% to 15, said chairman Andreas Kaisis, who added that “there are strong reasons why CTDC is the most suitable body to be awarded a casino license in Nicosia.” CTDC is 81% state-owned.

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July 23 - 29, 2014

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“India’s business model is very friendly” Invitation for President Anastasiades in the pipeline By Angela Komodromou The newly elected pro-business administration of Narendra Modi is placing particular emphasis on the improvement of ties with other countries, such as Cyprus, which is why the Foreign Ministry in New Delhi is considering an invitation for President Nicos Anastasiades to visit the Indian capital. The Hindu nationalist BJP-led government, just three months into its historical term of office, plans to upgrade the country’s political, as well as business model, explained the Minister of State for External Affairs, Vijay Kumar Singh. As the Minister said, “we enjoy excellent relations.” Speaking to a mission of journalists from ten island nations visiting India, Kumar said that both the government, as well as the Foreign Ministry are looking for ways to improve relations with other countries and take them to a

Pending title deeds to be slashed to 2,000 by end-year The government has pledged to drastically reduce the number of pending title deeds from 30,000 at present to just 2,000 by the end of the year, a fete regarded by many as an extremely high order considering the bureaucracy in some departments and the lack of cooperation from property developers. Interior Minister Socrates Hasikos, taking an enormous burden of responsibility on his shoulders, just as his predecessors had attempted, said that following reforms in local administration, the next significant target of the Memorandum of Understanding with the troika of international lenders is to reduce the number of title deeds pending for approval at the Land Registry. “After completing the evaluation of the properties, the second top obligation is the issuance of the title deeds, as by the end of the year the titles to be issued should be reduced to 2,000,” he said, adding that the Registry has only six months to conclude this task. Hasikos said the government and the Troika may also agree in the coming days on a reduction in the transfer fees in the real estate sector by 50%, but that the Troika heads of mission wish to explore what fiscal impact such an action would have. “This is one of the issues under discussion and I expect that in the coming days we will conclude this issue and proceed with a 50% reduction in these fees,” he said, adding that the government will present figures justifying this reduction. “I have the impression we will convince (our lenders),” he concluded, as the Troika officials prepare to leave the island by Thursday. Hasikos said that the government and the international lenders agreed on the reform of the local administration on the basis of a secondary organ as part of changes in the public administration. This implies restructuring the 39 municipalities and 487 communities into district councils that, according to experts from Britain’s National School of Government International, would secure economies of scales in the operation of the local administration as well as more effective operation. The Interior Ministers added that Cyprus has until the end of the year to discuss with all stakeholders the competencies which will be granted to this organ and submit a bill to the House of Representatives for approval. Hasikos said all stakeholders should grant competencies to this secondary organ, both the municipalities and the government itself through the District Offices. He said the government aims to serve the interest of the taxpayers and the citizens and to save money through the synergies created from the operation of this organ.

new level. He said the priority is also to restructure the economy. Referring to India’s economic problems, Minister Kumar said that the country faces “the same problems as with any other developed country with a large population. “The new government’s goal is a major restructuring of the economy.” As regards the business climate, he said that India is “doing it’s best” and that the emphasis is how to project the new business model overseas, as well as to attract foreign investors. The response so far has been that more and more are expressing the view that they “feel happy doing business with India”. He added that the Indian business model is friendlier than many other countries and that any one who wants to enjoy the benefits is more than welcome, in order to break away from stereotypical economic environments. The Foreign Minister said that infrastructural changes were improving to the better, but not with the speed that would be expected. Nevertheless, they are improving.

The government official joked to say that economic developments were similar to tackling the traffic congestion in New Delhi. “You must have patience”. In any case, Foreign Ministry officials suggested that the government is considering inviting President Anastasiades for a state visit. As regards the pending issue of the India-Cyprus double taxation avoidance agreement, government officials in New Deli consider that the matter will be resolved very soon and the only outstanding matters are of procedural nature. A senior Finance Ministry official told the Financial Mirror: “We do not consider that we have placed friends on a black list. It’s just that because of the prolonged negotiations, matters may take some time to conclude, and this is the way it is.”

July 23 - 29, 2014

4 | CYPRUS | financialmirror.com

Cyprus airports “too expensive” Michael O’Leary: Ryanair plans to boost passenger traffic to 2-3 mln

The outspoken chief executive of Europe’s budget giant said Ryanair can step in to take over the gap left behind if troubled Cyprus Airways closes, but suggested it would be better if the island’s national carrier kept on flying. Michael O’Leary told a press briefing in Nicosia to launch its new flights to eight European destinations that Ryanair will deliver over 550,000 customers to Cyprus, even though airport fees in Larnaca and Paphos are much higher than others, even double the tariff of Berlin airport. He said that these high costs have also played a role in Cyprus Airways beign in trouble which has seen its traffic reduced from 1.2 mln passenger seats to just 700,000 this year. “We will probably express interest in Cyprus [after the government invited bids] but we would rather tell the Cyprus government that we can fill any possible vacuum that may be created, as long as airport fees come down,” O’Leary said. He explained that passenger traffic at both airports was flat at just above 7.2 mln recorded in 2008 and disputed the excuse of the economic crisis as a reason for a drop on traffic, even though he admitted that the numbers were down in Larnaca but up in Paphos, due mainly to the increase from

Ryanair. “Our plans are to increase Cyprus’ capacity to 2-3 mln,” he said, adding that there are several new features and improvements on board all aircraft, with the fleet being boosted by an additional 180 aircraft starting to be delivered in two months’ time. O’Leary said that September is also significant as the new

business model will be in full swing, including fast track boarding, reserved seating in the front, flexibility on ticketing and reissuing. With the average ticket cost out of Cyprus at around 50 euros, the Ryanair boss said he has set his sights on expanding eastwards into the Middle East where there is growing demand for the airline. As of this week, Ryanair operates eight routes out of its Paphos hub, including one new daily route to and from Athens, as the airline grows by 9% in Cyprus this year. The other routes out of Paphos Brussels, Chania, Kaunas, London, Manchester, Rome and Thessaloniki. Since its first flight in April 2012, Ryanair has carried over 1 mln customers to and from Paphos and the airline celebrated this milestone, as well as the launch of its Paphos winter schedule by releasing 100,000 seats for sale across its European network, at prices from 19.99 euros for travel in September, October and November. These low fare seats are available for booking until midnight Thursday (July 24). In Cyprus for the first time, Michael O’Leary said “Cypriot consumers and visitors already choose Ryanair for our low fares, industry leading customer service and great route choice.”

For sale: Cyprus Airways seeks buyers The government has decided to go ahead with the immediate privatisation of national carrier Cyprus Airways (CAIR) by inviting expressions of interest from strategic investors for its controlling stake in the troubled airline. Chairman Tony Antoniou that “we expect to have expressions of interest within a week with prospective investors expected to submit their offers by the end of September.” Although Antoniou refrained to mention the new investors, he has of late been confident that there would be buyers for the 93.67% stake held by the government. In previous years, the government stake had been reduced to below 60% to allow for the shares to be listed in the main market of the Cyprus Stock Exchange, but subsequent rights issues and state bailouts pushed that level back up again. The government has also applied to the European Commission to approve a package of state aid worth just over 100 mln euros that includes loan guarantees, with the EU’s executive body highly unlikely to give the green light due to the failure of past managements to cut down on costs, driven up mainly by union-imposed wage hikes. The government placed an advertisement in the local press for an “Expression of Interest for acquiring the shares or a bundle of assets of Cyprus Airways Public Ltd.” KPMG Cyprus is handling the process with potential

investors requesting relevant documentation by July 23 from canayiotos@kpmg.com or demetrioug@kpmg.com . Over the past year, the airline has embarked on an aggressive cost-cutting plan and sold key assets, including two slots at London’s Heathrow airport, raising about 30 mln euros. In June, it sold its daytime slot at Heathrow to American Airlines in a deal worth $31 mln (22.8 mln euros), while in March it had sold its night-time slot to to Middle East Airlines for 6.3 mln euros in March, less than half a failed bid from Qatar Airways that pulled out of talks. CAIR has cut back on routes and is trying to reduce its unproductive staff to competitive levels, as rivals make their way into destinations and markets previously considered lucrative for the national carrier. Trade unions have been ranting about the “sell off” of assets, but have yet to propose concrete alternatives. The airline said the deal with American Airlines would “enhance the company’s liquidity for 2015” with flights continuing to Europe’s busiest airport until September 13. It added that it will transfer its Larnaca-London traffic to Stansted airport as of September 14 and will change its frequency and improve flight times. Passengers who have booked tickets to London after that will be notified by the airline and their ticket price will be

Tourist arrivals up 11% in June, outbound travel drops Tourist arrivals rose 11% in June to 342,221 tourists, compared to 308,219 in the same month last year, according to the statistical service Cystat announced. Based on the monthly Passenger Survey, an increase of 0.6% was recorded in tourist arrivals from the United Kingdom, from 111,156 in June 2013 to 111,792 in June 2014. Arrivals from Russia also increased, up 22.1% from 96,618 to

117,960 this year. However, a decrease of 1.9% in arrivals was recorded from Sweden (17,065 in June 2014 compared to 17,393 in June 2013), -3.1% from Norway (9,733 from 10,049) and 6.8% from Greece (8,584 from 9,206). For the four-month period of January-June, tourist arrivals were up 6% at 979,838 from 924,135 in the same period last year.

Meanwhile, the number of residents of Cyprus travelling abroad dropped 12.4% in June, compared to the same month last year. In all, 100,713 residents of Cyprus returned from a trip abroad in June, compared to 114,982 in June 2013. There was a 27.9% decrease in trips of residents to the United Kingdom, from 35,829 in June 2013 to 25,835 in June 2014.

adjusted, the airline said. The unions have opposed chairman Antoniou’s plans to downsize the airline by closing down routes, shutting offices and selling off assets, saying that London’s Heathrow business has not been properly utilised. Antoniou recently said that another option would be to increase flights to London’s alternative Gatwick airport, while boosting the other UK routes popular with British tourists, such as Birmingham, Manchester and Luton. CAIR flies to 12 destinations in Europe and the Middle East by performing around 7,000 and carrying around 1.3 mln revenue passengers annually. Its destinations are: Amsterdam, Athens, Frankfurt, London, Moscow, Munich, Paris, Sofia, Thessaloniki, Zurich, Beirut and Tel Aviv. The current fleet consists of six Airbus A320s. On the other hand, as of April, British Airways increased its flight schedule from Cyprus towards two of London’s prime airports – Heathrow and Gatwick. Now giving travellers the option of 17 flights per week, both incoming and outgoing tourism has received a significant boost with more travel options. Upon the resumption of the Paphos-Gatwick route on March 30, BA proceeded with an increase in flights from Larnaca to Gatwick from 3 to 5 times a week.

Investment fund assets nearly double y-o-y Investment funds (IFs) in Cyprus have increased over time, the Central Bank said in its first quarterly statistics on the sector, with their assets nearly double in March 2014 from the same month last year. “The importance of the sector in the Cyprus economy has increased over time, with the number of IFs rising to 77 in March 2014 from 55 in December 2008 and their total

assets increasing from EUR 1,275.2 mln in December 2008 to 2,160.3 mln in March 2013 and 3,076.1 mln in March 2014”, the central bank said. According to the data, IF assets in March 2014 comprised EUR 430.7 mln of deposits / loans, 35.1 mln of securities other than shares, 2,39 bln shares and other equities, 116.7 mln in non financial assets.

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Ten years on – Is Cyprus still a retirement haven? By Stuart McDougall Rummaging through the Financial Mirror archives, attention was brought to ten years ago today. In 2004 – despite having Limassol as Europe’s second cheapest city – Cyprus was still ranked the most expensive country to retire to in Europe. As we all know, ten years can be a very long time. Ten years, three Presidents, one financial crisis and still unfortunately no Eurovision winners later, we find ourselves wondering exactly where we stand. Is Cyprus still a haven for those looking to settle in the warmer climates or are expatriates settling down elsewhere in the EU to enjoy their retirement? With UK expatriates in Cyprus peaking at 24,046 in 2008 (according to Cyprus Property News) and with this number in decline as well as falling house rates, you would be forgiven to believe you should be witnessing a mass exodus. However, current reports would suggest that Cyprus is in fact moving along steadily in comparison to the rest of the EU. A recent survey by expatarrivals.com showed that while Nicosia is still the island’s most expensive city, it only ranked “as the 88th most expensive out of the 100 cities in Europe that were surveyed. When only factoring in consumable products, however, that ranking rockets up to 48th.” Now, before we start fleeing from supermarkets or contemplating hibernation during winter months to cut

costs, it must also be stated that the standard of living in Cyprus is still much cheaper than other European countries. Local taxes must also be looked at as well where some regions of Cyprus enjoy less than a third of council tax when compared to the likes of the UK. Also, when comparing groceries to the likes of the UK, Cyprus still holds its own as being substantially cheaper for the same baskets of goods. As stated before, the number of UK expatriates is in decline, however, on closer inspection it can be seen that those leaving to return home, despite tax benefits on pensions, are of an older age-range. There seems to be no clear indication of why there is a decrease in older expats leaving Cyprus, but statistics show that as one generation leaves, another is slowly taking its place. Cyprus is now finding its feet with new blood, of a younger generation – not only with a brand of music repulsive to the human ear, but also looking to invest and settle within the island. Current statistics show that since 2008, some 60,000 Brits have bought property in Cyprus. With prices dropping by

10.5% (globalpropertyguide.com) in 2013 to give apartments an average value of GBP 87,000 and houses an average of GBP 275,000, it’s a good time for foreign investors to start afresh in a new climate. A recent report co-produced by the Cyprus Investment Promotion Agency (investcyprus.org) ranks Cyprus 37th out of 185 economies in the ease of starting a new business – although not top ten, this must still prove an important factor to investors who can see a country on the rise. One such location hugely benefiting from home-based and foreign investment is Limassol. Investment into Limassol has allowed them to escape their bittersweet title of “Europe’s 2nd cheapest city” with having currently developed its 300 mln euro marina with its selection of homes, social and retail opportunities attracting a whole new host of clientele with business opportunities. It will obviously be a work-in-progress to keep it fresh and appealing as well as finishing other projects to provide more homes and office space, however, anyone who has had the chance to visit this new development can already sense the excitement and new life which is being fed in to the city. Although there is a long way still to go, the trend of fresh investment into Cyprus is welcoming for everyone. Despite the lack of elderly pale expats roaming the beaches, we now have a generation with money in their pocket determined to invest and be successful. Overall, this will improve career prospects for those living on the island as well as give the chance for a construction industry to find its feet in preparation for new lives in the sun. It has been a long ten years, but Cyprus is fighting back to the position she deserves to be in through home and foreign based investment. With the flux of new, younger expatriates we all hope that they can hang around after their work is done and make Cyprus a retirement haven once again. Stuart McDougall works in the insurance and banking sector and is based in Glasgow

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6 | CYPRUS | financialmirror.com

Customers panic as FBME Cyprus falls under central bank resolution Customers and corporate depositors started to panic after the Central Bank of Cyprus issued an announcement late Monday saying it had issued a decree by which it has placed the Cyprus branch of FBME Bank Ltd. under a state of resolution. The Financial Mirror received several calls from concerned customers who were not reassured by the central bank’s statements, as some sought to withdraw their deposits, for fear of a repetition of last year’s “bail in” imposed on savers by the Eurogroup to rescue Bank of Cyprus. “The purpose of the decree is the sale of the operations of the [FBME] branch with the aim of the protection of depositors,” said Monday’s decree, published in the official Gazette of the Republic and signed by the Governor Chrystalla Georghadji, CBC Council member Stelios Koiliaris and Senior Manager Yiorgos Syrichas. The decision shows the commitment of the Cypriot independent institutions to safeguard financial stability, Government Spokesman Nicos Christodoulides stressed on Tuesday. Last week, a US Treasury report implicated the bank in money laundering. “FBME was involved in at least 4,500 suspicious wire transfers through U.S. correspondent accounts that totalled at least $875 mln between November 2006 and March 2013,” the report said. The lender sought to clarify its position with an announcement saying that “as a result of the financial uncertainty in Cyprus in the past two years, FBME Bank commissioned a detailed assessment by the German office of a leading international accountancy firm into its operations and practices, which found that the Bank’s services are indeed in compliance with applicable anti-money laundering rules of the Central Bank of Cyprus and the European Union”. The crisis first erupted on Friday when the central bank announced that it had taken over the management of the operations of the branch of the Federal Bank of the Middle East (FBME), following allegations money laundering by a financial crime unit of the U.S. government. The CBC noted that “under the powers conferred to it by the relevant legislation, has taken over the management of the operations of the branch of FBME Bank Ltd in Cyprus”. The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury had said earlier on Thursday that FBME had facilitated a “substantial volume” of money laundering through the bank for many years and had systemic failures in its anti-money laundering (AML) controls. Although the bank is headquartered in Tanzania, most of its activities are carried out through its Cypriot branch, FinCEN said. The privately-held bank issued a statement saying it would cooperate with the Cypriot regulator, but said that it is “shocked by the content of the US Department of the Treasury notice relating to the bank, dated 15 July, that sets out unexplained allegations of weak AML controls.” The bank added in the statement that it had no prior notification of this announcement nor did have the opportunity to comment on or refute the various allegations set out in it. “The announcement is all the more surprising because, as a result of the financial uncertainty in Cyprus in the past two years, FBME Bank commissioned a detailed assessment by the German office of a leading international accountancy firm into its operations and practices, which found that the

bank’s services are indeed in compliance with applicable AML rules of the Central Bank of Cyprus and the European Union,” it said. FBME Bank added that “it welcomes the involvement of its regulator, is cooperating fully with it and reiterates its absolute continued commitment to full compliance with applicable laws and regulations.” The bank concluded that “it continues to comply with European Capital Adequacy and Liquidity Standards and other healthy balance sheet ratios.” FinCEN said a large shell company customer base facilitated international terrorist financiers and international narcotics trafficking, including the evasion of sanctions on countries such as Syria. “FBME solicits and is recognised by its high-risk customers for its ease of use,” FinCEN said in its report. Cypriot authorities found FBME’s compliance with Cypriot banking laws and anti-money laundering regulations deficient on at least two occasions, the U.S. agency said. It also said the bank came under scrutiny by Cypriot authorities in 2013 for allegedly circumventing currency controls, imposed by Cyprus in the wake of the international bailout in March last year. FBME Bank was established its Nicosia as a subsidiary of the Federal Bank of Lebanon SAL. In 1986 it changed its country of incorporation to the Cayman Islands and its banking presence in Cyprus was transformed to that of a branch of the Cayman Islands entity. In 2003 FBME Bank terminated its banking presence in the Cayman Islands and established its parent company and operational headquarters in Tanzania. At the same time, its Cyprus banking operations became a branch of FBME Bank, Tanzania. As of September 2013, FBME was the largest commercial

bank in Tanzania, with a total asset base valued at approximately US$2.72 bln, with shareholders’ equity of approximately US$179.63 mln. The bank is family owned owned by A-F M Saab and F M Saab and maintains two branches in Cyprus, four in Tanzania and a representative office in Moscow. In 2005, FBME also expanded into card services and is the only alternative to JCC Payment Systems, the card payment system wholly owned by the Cypriot banks. Meanwhile, in statements to the Beirut Daily Star, FBME Chairman Ayoub-Farid Saab said that the bank had requested the Cypriot action in order to clear itself of the “unfounded” allegations. “We asked the Cypriot authorities to manage our bank to see [with] their own eyes that there is nothing wrong in our branch. All these allegations against us are unfounded,” he said. The U.S. Treasury Thursday accused FBME, which though chartered in Tanzania operates primarily in Cyprus, of facilitating financial activity for transnational organized crime and Hezbollah, calling it a “primary money laundering concern.” The Federal Bank of Lebanon, owned by brothers AyoubFarid Saab and Fadi Saab, is not named in the Treasury Department report. Ayoub-Farib Saab insisted that the Federal Bank of Lebanon was not involved in the FBME issue. “We have two separate boards of directors. There are no problems with the Federal Bank of Lebanon and we are cooperating with the Central Bank,” he said, adding that he had met with Lebanese central bank officials on Friday and would be issuing a statement on the bank’s website at the weekend. Saab denied that the Federal Bank of Lebanon would be affected or forced to sell over FBME’s problems.

Germany invites interns for Bundestag Cyprus denies reports of import of Crimea barley The German parliament (Bundestag) has decided to expand its International Parliamentary Scholarships (IPS) scheme to include Cyprus, Greece, Turkey and the countries of the Arab Spring. According to the Bundestag website, the IPS programme aims at highly qualified young men and women who are interested in politics and who wish to play an active

and responsible role in shaping the democratic future of their country. The German parliament offers young people the opportunity to get to know the German parliamentary system and political decision-making processes and to gain practical experience of parliamentary work during a 15-week work placement with a Member of the Bundestag.

The Foreign Ministry has dismissed press reports of allegations of an import of 4,603 tonnes of barley originating in Crimea on June 23. It said that investigations conducted by the authorities “revealed that there was no import of cereals originating in Crimea into the Republic of Cyprus”. The announcement points out that the European Council at its meeting on March

20-21 unanimously condemned the illegal annexation of the Autonomous Republic of Crimea and the city of Sevastopol to the Russian Federation and emphasised that it will not recognise it. It added that the authorities “are duly informed about the adoption of the abovementioned binding EU legal acts and are taking all necessary actions.

July 23 - 29, 2014

financialmirror.com | EUROPE | 7

The Waste of War By Jeffrey D. Sachs Karl Marx famously wrote that history repeats itself, “the first time as tragedy, the second time as farce.” Yet when we look around nowadays, we can’t help but wonder whether tragedy will be followed by yet more tragedy. Here we are, at the centenary of the outbreak of World War I, and we find ourselves surrounded by cascading violence, duplicity, and cynicism of the very sort that brought the world to disaster in 1914. And the world regions involved then are involved again. WWI began with a mindset, one based on the belief that military means could resolve pressing social and political issues in Central Europe. A century earlier, the German military theorist Carl von Clausewitz had written that war is “a continuation of political intercourse carried on with other means.” Enough politicians in 1914 agreed. Yet WWI proved Clausewitz tragically wrong for modern times. War in the industrial age is tragedy, disaster, and devastation; it solves no political problems. War is a continuation not of politics, but of political failure. WWI ended four imperial regimes: the Prussian (Hohenzollern) dynasty, the Russian (Romanov) dynasty, the Turkish (Ottoman) dynasty, and the Austro-Hungarian (Habsburg) dynasty. The war not only caused millions of deaths; it also left a legacy of revolution, state bankruptcy, protectionism, and financial collapse that set the stage for Hitler’s rise, World War II, and the Cold War. We are still reeling today. Territory that was once within the multi-ethnic, multi-state, multi-religious Ottoman Empire is again engulfed in conflict and war, stretching from Libya to Palestine-Israel, Syria, and Iraq. The Balkan region remains sullen and politically divided, with Bosnia and Herzegovina unable to institute an effective central government and Serbia deeply jolted by the 1999 NATO bombing and the contentious independence of Kosovo in 2008, over its bitter opposition. The former Russian Empire is in growing turmoil as well, a kind of delayed reaction to the collapse of the Soviet Union in 1991, with Russia attacking Ukraine and violence continuing to erupt in Georgia, Moldova, and elsewhere. In East Asia, tensions between China and Japan – echoes of the last century – are a growing danger. As was the case a century ago, vain and ignorant leaders are pushing into battle without clear purpose or realistic prospects for resolution of the underlying political, economic, social, or ecological factors that are creating the tensions in the first place. The approach of too many governments is to shoot first, think later. Take the US. Its basic strategy has been to send troops, drones, or bombers to any place that would threaten America’s access to oil, harbors Islamic fundamentalists, or otherwise creates problems – say, piracy off the coast of Somalia – for US interests. Hence, US troops, the CIA, drone missiles, or US-backed armies are engaged in fighting across a region stretching from the Sahel in West Africa, through

Libya, Somalia, Yemen, Syria, Iraq, Afghanistan, and beyond. All of this military activity costs hundreds of thousands of lives and trillions of dollars. But, rather than solving a single underlying problem, the chaos is growing, threatening an ever-widening war. Russia is not handling itself any better. For a while, Russia backed international law, rightly complaining that the US and NATO were violating international law in Kosovo, Iraq, Syria, and Libya. But then President Vladimir Putin took aim at Ukraine, fearing that the country was about to drop into Europe’s pocket. Suddenly, he was silent about obeying international law. His government then illegally annexed Crimea and is fighting an increasingly brutal guerrilla war in eastern Ukraine, through proxies and, it now appears, direct engagement of Russian forces. In this context, the fate of Malaysia Airlines Flight 17 is terrifying not only for its brutality, but also in its intimation of a world gone mad. At the time of this writing, those who aimed and fired the missile remain unknown, though Russian-backed rebels in eastern Ukraine are the most likely culprits. What is certain, however, is that the violence unleashed by Putin’s war on Ukraine has claimed hundreds of innocent lives and brought the world a step closer to disaster. There are no heroes among the great powers today. Cynicism is rife on all sides. The US effectively violates international law by resorting to force without United Nations sanction. It sends drones and secret forces into sovereign countries without their approval. It spies relentlessly on friend and foe alike. Russia does the same, inflicting death on Ukraine, Georgia, and other neighbors. The only constants in all of this are the easy resort to violence and the lies that inevitably accompany it.

There are four major differences between now and the world of 1914. For starters, we have since lived through two disastrous wars, a Great Depression, and a Cold War. We have had the opportunity to learn a thing or two about the stupidity and uselessness of organized collective violence. Second, the next global war, in this nuclear age, would almost surely end the world. The third major difference is that today, with our wondrous technologies, we have every opportunity to solve the underlying problems of poverty, hunger, displacement, and environmental degradation that create so many dangerous tinderboxes. Finally, we have international law, if we choose to use it. The belligerents in Europe and Asia 100 years ago could not turn to the UN Security Council and UN General Assembly, venues where diplomacy, rather than war, can be the true continuation of politics. We are blessed with the possibility to construct peace through a global institution that was founded to help ensure that global war would never recur. As citizens of the world, our job now is to demand peace through diplomacy, and through global, regional, and national initiatives to address the scourges of poverty, disease, and environmental degradation. On this hundredth anniversary of one of the greatest disasters of human history, let us follow tragedy not by farce or more tragedy, but by the triumph of cooperation and decency. Jeffrey D. Sachs is Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is also Special Adviser to the United Nations Secretary-General on the Millennium Development Goals. © Project Syndicate, 2014. www.project-syndicate.org

EU warns Russia after MH17 crash EU foreign ministers gave Russia a few days to stop arming Ukrainian rebels, believed responsible for the downing of the Malaysia Airlines plane, or face sanctions on its financial, high-tech and defence industries. The ministers, meeting in Brussels on Tuesday, also decided to add more names and companies to an existing blacklist, which are to be agreed by the end of July. The EU demands say Russia must stop the flow of weapons to eastern Ukraine, withdraw its “additional troops” from the Ukrainian border, use its influence on pro-Russian separatists to grant international investigators full access to the crash site of flight MH17, and fully co-operate with the probe. According to the ministers’ conclusions, the EU “remains ready to introduce without delay a package of

further significant restrictive measures, if full and and immediate co-operation on the above mentioned demands fails to materialise.” The exact proposals are to be tabled at a meeting of EU ambassadors in Brussels on Thursday. Speaking on his way out of Tuesday’s meeting, Dutch foreign minister Frans Timmermans said that “this [the new EU threat] is a logical consequence ... of the lack of progress that we have seen on the Russian side” since a previous ultimatum ran out at the end of June. The Netherlands has been hit the hardest by the crash, as 193 out of the 298 victims of flight MH17 were Dutch citizens. Timmermans said he was happy for the solidarity expressed by his colleagues and that the “decision was reached unanimously.”

In a confidential paper dating back to April, the EU diplomatic service (EEAS) outlined three scenarios: “lowintensity … medium-intensity [and] … high-intensity”, according to the EUobserver. Under the third option, the paper lists “capital market restrictions”, “restriction or prohibition of new investment in Russia”, “strict application of EU regulatory rules to Russian assets in EU companies” and import bans on oil and gas. Member states provided their own assessment on what impact these scenarios would have on their economies. At the crux of the matter is that financial services sanctions affects countries like Britain and Austria, a ban on weapons exports hits France - Paris has already signed off on a 1.2 bln euro sale of two warships - while gas is sensitive for eastern EU countries and for Germany.

July 23 - 29, 2014

8 | NEWS | financialmirror.com

Repos bill ‘almost ready’, as Troika talks near end The Attorney General’s office received the final draft of the repossessions bill late on Tuesday, which means that the legislation which is being demanded by the Troika of international lenders in order to help relieve banks from nonperforming loans (NPLs), will not make it to the Cabinet in time. But the bill has to be passed in order for the fifth review of the bailout agreement to be concluded. Passage of the bill will also pave the way for the Troika to release the next tranche of its bailout for Cyprus, of the total 10 bln when one bank was shut down and all its troubles passed on to another as part of the March 2013 deposits-forequity “bail in” of savers’ money. The bill on foreclosures and private auctions of mortgaged properties was finalised after disagreements with the Troika mission who are expected to conclude their review of Cyprus’ economic adjustment programme by Friday, July 25.

More than 50% of EU jobs at risk of computerisation More than half of the jobs in the EU’s 28 member states will be impacted significantly by advances in technology over the coming decades across sectors, according to calculations by the think tank Bruegel. Bruegel bases its calculations on 2013 data from Frey & Osborne, wt hich predicts that key technological advances, especially in machine learning, artificial intelligence, and mobile robotics, will impact primarily upon low-wage, low-skill sectors traditionally immune from automation. However, northern EU countries are projected to be less affected than their neighbours. Jobs in Sweden will be least affected by computerisation (46.69%), followed by the UK (47.17%), the Netherlands (49.50%) and France and Denmark (both at 49.54%), according to Bruegel. Meanwhile, Romania will be the most affected country (61.93%), ahead of Portugal (58.94%), Croatia (57.9%) and Bulgaria (56.56%). Technological change is likely to become a key policy concern in the coming years, with a dramatic skills gap in Europe within the ICT sector. The consultancy Empirica has predicted that about 900,000 jobs will remain unfilled by 2020, mostly in the higher-end segment of the market. “What these estimates imply for policy is clear: if we believe that technology will be able to overcome traditional hurdles among non-routine cognitive tasks then we must equip the next generation of workers with skills that benefit from technology rather than being threatened by it. Such skills are likely to emphasise social and creative intelligence, which suggests that appropriate shifts in education policy are surely requisite in order to meet this automated challenge,” Bruegel said in a statement. A quarter (23%) of EU citizens also believe that their education or training did not give them the skills to find a job that matches their qualifications, according to a Eurobarometer survey. The survey also shows that 6% who tried to work, or study in another member state, were unable to do so as their qualifications were either not recognised by their prospective employer or educational institution, or the respondents lacked information about recognition of their qualifications abroad.

Discussions between the authorities and Cyprus’ lenders are focusing on striking the right balance between the rights of the borrower and the lenders. The sticky issue of the discussions is the right of the borrower to dispute the auction and contest the price of the mortgaged property. The text was supposed to have been submitted to the Council of Ministers on Wednesday for approval and then submitted to the House of Representatives, while time should be given to the Law Office of the Republic for legal vetting. The issue of foreclosures is believed to be the most important subject of the current review as the new framework providing for foreclosures and private auctions should have been implemented by June. Based on the Memoradum of Understanding agreed with the Troika, primary residences are exempt from foreclosures

until the entry into force of the legal framework governing corporate and personal insolvency procedure in the coming December. The meeting between the Finance Minister, Central Bank Governor Chrystalla Georghadji and the Troika heads of Mission over the agreement on the fifth updated MOU is scheduled for Thursday, marking the conclusion of the fifth review. The Troika officials are pressing for expediting foreclosures as they believe that this would encourage borrowers to repay their loans or agree to restructure their loans. Debt restructuring is a key element of the Cypriot bailout programme, as NPLs (loans in arrears over 90 days) in the banking sector have reached EUR 27 bln, or about 45% of all loan books in the commercial and Cooperative banking sectors.

Kasoulides: Crisis in Ukraine must be resolved diplomatically Foreign Minister Ioannis Kasoulides has stressed that the crisis in the Ukraine must be solved in a diplomatic way. In his intervention at the EU Foreign Affairs Council which discussed on Tuesday the downing of the Malaysian Airlines Flight MH17 in Donetsk, Ukraine, Kasoulides expressed the condolences of the government and the people of Cyprus and their solidarity towards the countries which mourn victims, saying that this is a tragic development which should never had happened and must not be repeated. It is for this reason that we consider it imperative to give an immediate end to the conflict in the country, he stressed. Kasoulides said that the only way to achieve this is through diplomatic efforts. He pointed out that any actions on behalf of the EU and the international community must move within this logic in order to find a political solution to restore stability to the region as soon as possible. As regards the imposition of further sanctions, Kasoulides said that this should not be an end in itself, but be rather used as a lever of influence for a political solution. Ministers also discussed about the developments in Iraq and the situation in Gaza. Kasoulides in his intervention on Gaza, he once again referred to Cyprus’ proposal, first submitted in 2011, according to which Cyprus could be used as the central point of

all goods with destination to the Gaza port after thorough examination. After the conclusion of the Council`s deliberations, Kasoulides participated in a meeting of the EU Foreign Affairs Ministers with their counterparts from countries of the Eastern Partnership.

On Wednesday, the Minister will participate in the General Affairs EU Council during which the priorities of the rotating Italian EU Presidency will be presented. Ministers will also discuss about the strategy Europe 2020 and the forthcoming accession of Lithuania to the eurozone.

EU member states not reaching 2020 energy efficiency goals, says Commission Further efforts are needed by member states to reach the EU’s energy saving target of 20% by 2020, the European Commission said in a leaked draft communication obtained by the EU news and policy site EurActiv. The Commission also watered down the target for 2030 considerably in the latest draft. Based on an analysis of member state actions and additional forecasts, the Commission now estimates that the EU will achieve energy savings of around 18-19% in 2020, according to the draft document. However, the Commission also writes that if all member states now, “work equally hard to implement fully the agreed legislation then the 20% target can be achieved without the need for additional measures.” These efforts could include informing consumers better of the

energy performance of buildings for sale or rent, forcing utilities to working with their customers to obtain energy savings, and strengthening market surveillance of the energy efficiency of products. Energy efficiency has a fundamental role to play in making Europe more competitive, the EU executive believes. While energy powers economies, future growth needs to be driven with less energy and at a lower cost. The EU can deliver this new paradigm, the Commission states. EurActiv previously reported that the Commission had proposed a 40% energy efficiency target for 2030 which would grow Europe’s economy at a rate of 4% a year, spark an annual 3.15% boost in employment, and cut fossil fuel imports by EUR 505 bln a year.

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

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AÚ. 975

∆∂∆∞ƒ∆∏, 23 π√À§π√À, 2014

∞ÚÁÂ› ÙÔ ÓÔÌÔÛ¯¤‰ÈÔ ÂÎÔÈ‹ÛÂˆÓ: ∞ÁÎ¿ıÈ Ë ÙÈÌ‹ ÒÏËÛË˜ ÙÔ˘ ·ÎÈÓ‹ÙÔ˘ Ενώπιον τησ Γενικήσ Εισαγγελίασ βρίσκεται για νοµοτεχνική επεξεργασία απÞ αργά την Τρίτη το νοµοσχέδιο για τισ εκποιήσεισ, µε στÞχο να κατατεθεί στο ΥπουργικÞ Συµβούλιο, αλλά Þχι σήµερα Τετάρτη αφού η Νοµική Υπηρεσία χρειάζεται περισσÞτερο χρÞνο για να ολοκληρώσει το νοµοτεχνικÞ έλεγχο. Τη ίδια ώρα συνεχίζονται οι προβληµατισµοί για την τελική τιµή πώλησησ των υπÞ εκποίηση ακινήτων. Σύµφωνα µε πληροφορίεσ του ΚΥΠΕ, για το νοµοσχέδιο γίνονται διάφορεσ συνεννοήσεισ στη γραµµή του κοινού εδάφουσ που διαµορφώθηκε τη ∆ευτέρα απÞ τισ συζητήσεισ µεταξύ ΤρÞικασ και Υπουργείου Οικονοµικών, ύστερα και απÞ τη σύσκεψη Þλων των εµπλεκοµένων φορέων. ΩστÞσο δεν έχουν υπάρξει ακÞµα τελικέσ αποφάσεισ, για ένα νοµοσχέδιο το οποίο πρέπει να οριστικοποιηθεί µέσα στο επÞµενο 24ωρο. Ùπωσ εκτιµούν έγκυρεσ πηγέσ, τα πάντα είναι ακÞµα ρευστά σε ζητήµατα που συζητήθηκαν αλλά δεν έχουν αποφασιστεί ακÞµα τελικώσ και γίνεται προσπάθεια για βελτιώ-

σεισ. ΒασικÞ αγκάθι φαίνεται να είναι η αξία στην οποία θα µπορεί να πωλείται ένα ακίνητο υπÞ εκποίηση, ώστε να αποφευχθεί η πώλησή του σε εξευτελιστική τιµή. ΣτÞχοσ η διατήρηση τησ επιφυλαχθείσασ τιµήσ, δηλαδή του ελάχιστου ποσού το οποίο µπορεί να γίνει αποδεκτÞ ωσ πρώτη προσφορά για κάθε ακίνητο, σε σχετικά υψηλά επίπεδα και µετά την αποτυχία του δηµÞσιου πλειστηριασµού. Σύµφωνα µε τισ ίδιεσ πληροφορίεσ για το υπÞ διαµÞρφωση νοµοσχέδιο, απÞ τη στιγµή που αποτυγχάνει ο δηµÞσιοσ πλειστηριασµÞσ, το πιστωτικÞ ίδρυµα θα δικαιούται για τρεισ µήνεσ να καταφύγει στην ανοικτή αγορά µε σηµαντικά µειωµένη την αξία του ακινήτου προσ πώληση. Κάτι τέτοιο ενδεχοµένωσ να µην προστατεύει απÞ καταχρήσεισ, σε περίπτωση που άνθρωποι των πιστωτικών ιδρυµάτων συνεννοούνται µε ανθρώπουσ που κάνουν τισ προσφορέσ στουσ δηµÞσιουσ πλειστηριασµούσ, είτε στην ανοικτή αγορά, ώστε να αγοράζουν το ακίνητο σε εξευτελιστική τιµή.

«∆Ô ÂÈ¯ÂÈÚËÌ·ÙÈÎfi ÌÔÓÙ¤ÏÔ ÙË˜ πÓ‰›·˜ Â›Ó·È ÔÏ‡ ÊÈÏÈÎfi» ∞Ó·Ì¤ÓÂÙ·È ÚfiÛÎÏËÛË ÚÔ˜ ∞Ó·ÛÙ·ÛÈ¿‰Ë ΑΠΟΣΤΟΛΗ ΣΤΟ ΝΕΟ ∆ΕΛΧΙ Της Αγγέλας Κωµοδρόµου Ιδιαίτερη βαρύτητα στην αναβάθµιση των σχέσεων µε τισ άλλεσ χώρεσ, Þπωσ την Κύπρο, δίνει η νεοσύστατη κυβέρνηση του Ναρέντρα ΜÞντι. Η νέα κυβέρνηση, τρεισ µήνεσ µετά την ανάληψη των καθηκÞντων τησ, στοχεύει στην αναβάθµιση τÞσο του πολιτικού αλλά και του επιχειρηµατικού µοντέλου. «Έχουµε ιδιαίτερα καλέσ σχέσεισ µε πάρα πολλέσ χώρεσ» δήλωσε ο ΥπουργÞσ Εξωτερικών Vijay Kumar Singh. Σύµφωνα µε τον ΥπουργÞ Κουµάρ, ο οποίοσ µιλούσε σε δηµοσιογράφουσ απÞ δέκα χώρεσ νησιά στα πλαίσια επίσκεψησ τουσ στην Ινδία, σηµείωσε Þτι τÞσο η κυβέρνηση αλλά και το Υπουργείο Εξωτερικών αναζητούν τρÞπουσ, µε στÞχο την καλυτέρευση των σχέσεων τουσ µε τισ άλλεσ χώρεσ. Συνεχίζοντασ, σηµείωσε πωσ προτεραιÞτητα είναι επίσησ η αναδιοργάνωση τησ οικονοµίασ. Σχολιάζοντασ τα προβλήµατα τησ Ινδικήσ οικονοµίασ, είπε Þτι αυτή «αντιµετωπίζει τα ίδια προβλήµατα µε κάθε άλλη αναπτυγµένη χώρα µε τÞσο µεγάλο πληθυσµÞ. «ΣτÞχοσ τησ νέα κυβέρνησησ είναι η ριζική αναδÞµηση τησ οικονοµίασ» είπε ο ΥπουργÞσ Κουµάρ. Σχετικά µε το επιχειρηµατικÞ κλίµα είπε Þτι γίνεται καλύτερο και πωσ η Ινδία δίνει έµφαση στο πώσ να προβάλλει το επιχειρηµατικÞ τησ µοντέλο στο εξωτερικÞ Þπωσ και την προσέλκυση νέων επενδύσεων. Α ανταπÞκριση που υπάρχει σε αυτÞ το

πλαίσιο, σηµείωσε, είναι πωσ Þλο και περισσÞτεροι «νοιώθουν ικανοποιηµένοι µε τισ εµπορικέσ τουσ σχέσεισ µε την Ινδία». Συνεχίζοντασ, ανέφερε πωσ το ΙνδικÞ επιχειρηµατικÞ µοντέλο είναι «φιλικÞτερο» και Þσοι θα ήθελαν να επωφεληθούν είναι ευπρÞσδεκτοι, για να ξεφύγουν απÞ τα συνηθισµένα. Ο υπουργÞσ είπε πωσ τα πράγµατα αλλάζουν προσ το καλύτερο, Þχι µε τÞσο γρήγορουσ ρυθµούσ, αλλά αλλάζουν. ΑστειευÞµενοσ, χρησιµοποίησε την κίνηση στουσ δρÞµουσ του ∆ελχί για να πει πωσ πρέπει να υπάρχει υποµονή. Πάντωσ, το Υπουργείο Εξωτερικών τησ Ινδίασ φαίνεται να µελετά το θέµα τησ αποστολήσ πρÞσκλησησ προσ τον ΠρÞεδρο Αναστασιάδη. Τέλοσ, σχετικά µε το θέµα συµφωνίασ αποφυγήσ διπλήσ φορολογίασ, αξιωµατούχοι στο ∆ελχί θεωρούν πωσ θα λυθεί σύντοµα και πωσ πρÞκειται µÞνο για θέµα διαδικαστικού χαρακτήρα. Μιλώντασ µε αξιωµατούχο του Υπουργείου, µασ δήλωσε πωσ «δεν θεωρούµε Þτι βάλαµε φίλουσ µασ στην µαύρη λίστα, αλλά λÞγω των διαπραγµατεύσεων κάποια πράγµατα ίσωσ παίρνουν χρÞνο και πρέπει να γίνουν.»

Επίσησ σε περίπτωση που ένα ακίνητο πωληθεί σε πολύ χαµηλÞτερη τιµή απ` Þτι ήταν η αρχική αξία του, ενδεχοµένωσ ο οφειλέτησ να µην µπορεί να εξοφλήσει το ποσÞ του δανείου και να χάσει απÞ τη µία την περιουσία του και απÞ την άλλη να συνεχίσει να οφείλει ένα σηµαντικÞ ποσÞ. Κάτι τέτοιο θα οδηγούσε επίσησ σε σηµαντική πτώση στισ τιµέσ των ακινήτων. Ùπωσ αναφέρεται, η κυπριακή πλευρά προσπαθεί να θέσει κάποιεσ ασφαλιστικέσ δικλείδεσ για να αποφευχθεί κάτι τέτοιο, τισ οποίεσ ωστÞσο δεν φαίνεται να δέχονται οι Τροϊκανοί. Υπάρχει επίσησ προβληµατισµÞσ για το κατά πÞσο θα ισχύσουν οι ίδιεσ πρÞνοιεσ για το θέµα τησ πρώτησ κατοικίασ απÞ το 2015. Με βάση την τέταρτη επικαιροποίηση του µνηµονίου, οι εκποιήσεισ θα αφορούν ενυπÞθηκα ακίνητα, µε εξαίρεση την πρώτη κατοικία η οποία προστατεύεται µέχρι την έγκριση του νέου πλαισίου για την αφερεγγυÞτητα φυσικών και νοµικών προσώπων το ∆εκέµβριο.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΙΟΥΛΙΟΥ 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∞‡ÍËÛË ‰ËÌfiÛÈÔ˘ ¯Ú¤Ô˘˜ ÛÙËÓ ∫‡ÚÔ Î·È ÛÙËÓ ∂˘Úˆ˙ÒÓË ÙÔ ∞’ ÙÚ›ÌËÓÔ Aύξηση του δηµοσίου χρέουσ τησ Κύπρου καταγράφουν τα στοιχεία για το Α’ τρίµηνο του 2014, που δηµοσιοποίησε η Eurostat. Μικρή υποχώρηση του χρέουσ σε τριµηνιαία βάση σηµειώθηκε στην Ελλάδα, ενώ το χρέοσ αυξήθηκε στην Ευρωζώνη και στο σύνολο τησ ΕΕ Ùπωσ προκύπτει απÞ τα κοινοτικά στοιχεία, στο τέλοσ του πρώτου τριµήνου του 2014 το δηµÞσιο χρέοσ τησ Κύπρου ανήλθε στο 112,2% του ΑΕΠ απÞ 111,7% που ήταν το τέταρτο τρίµηνο του 2013 και 87% το πρώτο τρίµηνο του 2013. Σε απÞλυτουσ αριθµούσ έφτασε τα 18,2 δισ. ευρώ απÞ 15,3 δισ. ευρώ που ήταν το πρώτο τρίµηνο του 2013. Την ίδια περίοδο το χρέοσ στην Ελλάδα κυµάνθηκε στο 174,1% του ΑΕΠ απÞ 175,1% το τέταρτο τρίµηνο του 2013 και 160,6% το πρώτο τρίµηνο του 2013. Σε απÞλυτουσ αριθµούσ ανήλθε στα 314,8 δισ. ευρώ απÞ 305,6 δισ. ευρώ το πρώτο τρί-

µηνο του 2013. Στην Ευρωζώνη το χρέοσ αυξήθηκε στο 93,9% του ΑΕΠ το πρώτο τρίµηνο του 2014 απÞ 92,7% το τέταρτο τρίµηνο του 2013 και 92,5% του ΑΕΠ το πρώτο τρίµηνο του 2013.Στο σύνολο τησ ΕΕ το χρέοσ αυξήθηκε επίσησ στο 88% απÞ 87,2% το τέταρτο τρίµηνο του 2013 και 86,2% το πρώτο τρίµηνο του 2013. Σε ετήσια βάση, δηλαδή το πρώτο τρίµηνο του 2014 σε σχέση µε την αντίστοιχη περίοδο του 2013 το δηµÞσιο χρέοσ στην Κύπρο αυξήθηκε κατα 24,6 ποσοστιαίεσ µονάδεσ, στην Ελλάδα 13,5, στην Ισπανία 6,8 και στην Πορτογαλία 4,5 µονάδεσ. Η Ελλάδα εξακολουθεί να κατέχει την πρώτη θέση Þχι µÞνο στην Ευρωζώνη αλλά και στο σύνολο τησ ΕΕ, στο δηµÞσιο χρέοσ σε ποσοστÞ του ΑΕΠ µε 174,1%, ενώ ακολουθούν η Ιταλία µε 135,6% και η Πορτογαλία µε 132,9%.

Σε απÞλυτουσ αριθµούσ το ψηλÞτερο χρέοσ καταγράφηκε στην Γερµανία 2.139 δισ. ευρώ, ενώ ακολούθησαν η Ιταλία 2.120 δισ. ευρώ, η Γαλλία 1.985 δισ. ευρώ και η Ισπανία 989,9 δισ. ευρώ. Το συνολικÞ δηµÞσιο χρέοσ των χωρών τησ Ευρωζώνησ ανήλθε το Α’ τρίµηνο του 2014 σε 9.055 δισ. ευρώ και στο σύνολο τησ ΕΕ στα 11.571 δισ. ευρώ. Το ύψοσ του δηµÞσιου χρέουσ που καταγράφηκε στοσ τέλοσ του πρώτο τριµήνου του 2014 ηταν στισ χώρεσ τησ Ευρωζώνησ για τισ οποίεσ υπάρχουν διαθέσιµα στοιχεία (% του ΑΕΠ): Ελλάδα 174,1%, Ιταλία 135,6%, Πορτογαλία 132,9%, Κύπροσ 112,2%, Βέλγιο 105,1%, Ισπανία 96,8%, Γαλλία 96,6%, Σλοβενία 78,7%, Γερµανία 77,3%, Αυστρία 75,1%, Μάλτα 75,3%, Σλοβακία 58,4%, Φινλανδία 58,6%, Λετονία 38,2%, Λουξεµβουργο 22,8%, Εσθονία 10,0%.

™Â Í¤ÓÔ Ô›ÎÔ Ë ÌÂÏ¤ÙË ÁÈ· ÙË ¯Ú‹ÛË ÙÔ˘ ÏÈÌ·ÓÈÔ‡ §¿ÚÓ·Î·˜

¶Èı·Ófi ÂÓ‰È·Ê¤ÚÔÓ Ryanair ÁÈ· ∫˘ÚÈ·Î¤˜ ∞ÂÚÔÁÚ·ÌÌ¤˜ H αεροπορική εταιρεία χαµηλού κÞστουσ Ryanair είναι πιθανÞν να εκδηλώσει ενδιαφέρον για τισ υπÞ πώληση Κυπριακέσ Αερογραµµέσ, Þπωσ δήλωσε ο ∆ιευθύνων Σύµβουλοσ τησ εταιρείασ Μάικλ Ο’Λίρι σε δηµοσιογραφική διάσκεψη στη Λευκωσία. «Είναι πιθανÞν να προβούµε σε κάποια εκδήλωση ενδιαφέροντοσ για τισ Κυπριακέσ Αερογραµµέσ,» δήλωσε ο κ. Ο’Λίρι, απαντώντασ σε ερώτηση δηµοσιογράφου. «... Θέλουµε να δούµε αν θα µπορούσαµε να βοηθήσουµε την Κυβέρνηση να καταλήξει σε κάποιο πακέτο διάσωσησ, παρÞλο που µπορεί να είναι πολύ αργά», ανέφερε. Παράλληλα ο ∆ιευθύνων Σύµβουλοσ τησ Ryanair είπε Þτι θα έχει συναντήσεισ µε οικονοµικούσ και τουριστικούσ παράγοντεσ στην Κύπρο, στουσ οποίουσ θα θέσει τισ ανησυχίεσ του για τα υψηλά τέλη των κυπριακών αεροδροµίων. «Θα θέλαµε να αναπτυχθούµε περισσÞτερο, αλλά το εµπÞδιο είναι τα υψηλά κÞστη», είπε, προσθέτοντασ Þτι το υψηλÞ αυτÞ κÞστοσ έκανε την Κύπρο να χάσει µισÞ εκατοµµύριο επιβάτεσ κατά τη διάρκεια µιασ περιÞδου πέντε ετών, απÞ το 2008. «Ο τÞποσ βρίσκεται σε στασιµÞτητα», είπε. Σύµφωνα µε την Ryanair, οι χρεώσεισ στα δύο κυπριακά αεροδρÞµια είναι διπλάσιεσ απÞ αυτέσ ενÞσ αεροδροµίου στο Βερολίνο και είναι µεταξύ των υψηλÞτερων στην Ευρώπη.

™Â ÈÛ¯‡ ÙÔ ‰È¿Ù·ÁÌ· ÁÈ· ÒÏËÛË ÙˆÓ ÂÚÁ·ÛÈÒÓ ÙË˜ FBME Το διάταγµα µε το οποίο τίθεται υπÞ καθεστώσ εξυγίανσησ το υποκατάστηµα τησ FBME Bank Ltd στην Κύπρο, εξέδωσε αργά τη ∆ευτέρα η Κεντρική Τράπεζα, το οποίο και τέθηκε σε ισχύ. Σχετική ανακοίνωση αναφέρει Þτι σκοπÞσ του διατάγµατοσ είναι η πώληση των εργασιών του υποκαταστήµατοσ µε στÞχο την προστασία των καταθετών. Το διάταγµα, το οποίο δηµοσιεύτηκε στην Επίσηµη Εφηµερίδα τησ ∆ηµοκρατίασ, υπογράφει η Επιτροπή Εξυγίανσησ, που αποτελείται απÞ την Χρυστάλλα Γιωρκάτζη, τον Στέλιο Κοιλιάρη και τον Γιώργο Συρίχα. Η απÞφαση για λήψη µέτρων εξυγίανσησ που αφορούν την πώληση των εργασιών τησ FBME Bank Ltd, καταδεικνύει την προσήλωση των ανεξάρτητων θεσµών τησ Κυπριακήσ ∆ηµοκρατίασ στην προστασία τησ χρηµατοοικονοµικήσ σταθερÞτητασ, αναφέρει σε δήλωσή του ο ΚυβερνητικÞσ ΕκπρÞσωποσ Νίκοσ Χριστοδουλίδησ. “Οι πιο πάνω ενέργειεσ καταδεικνύουν την προσήλωση των ανεξάρτητων θεσµών τησ Κυπριακήσ ∆ηµοκρατίασ στην προστασία τησ χρηµατοοικονοµικήσ σταθερÞτητασ”, σηµειώνει.

Στην εταιρεία Lloyd’s Register Energy, ανέθεσε ο ∆ήµοσ Λάρνακασ τη διενέργεια ανεξάρτητησ µελέτησ η οποία θα καλύπτει τισ επιπτώσεισ στο περιβάλλον την υγεία και την ασφάλεια των κατοίκων τησ πÞλησ και επαρχίασ ύστερα απÞ την «απÞφαση τησ Κυβέρνησησ να αδειοδοτήσει εταιρείεσ που παρέχουν υποστηρικτικέσ υπηρεσίεσ στον τοµέα των υδρογονανθράκων, για προσωρινή λειτουργία στο λιµάνι» τησ πÞλησ του Ζήνωνα. Σε ανακοίνωση του ∆ήµου Λάρνακασ αναφέρεται Þτι «ο ∆ήµοσ, ύστερα απÞ διαδικασία προσφορών που προκήρυξε τον Μάιο του 2014, προχωρεί σε κατακύρωση στην εταιρεία Lloyd’s Register Energy, για τη διενέργεια ανεξάρτητησ µελέτησ». Η µελέτη, σύµφωνα µε τη γραπτή ανακοίνωση «θα καλύπτει τισ επιπτώσεισ στο περιβάλλον, την υγεία, την ασφάλεια των κατοίκων καθώσ και την εκπÞνηση ρυθµιστικού σχεδίου για τισ εγκαταστάσεισ του σταθµού εξυπηρέτησησ του τοµέα των υδρογονανθράκων». Σηµειώνεται Þτι «η Lloyd’s Register

Energy είναι εταιρεία παγκÞσµιασ εµβέλειασ και δίνει πιστοποίηση σε θέµατα ασφάλειασ και διαβάθµισησ κινδύνων ελέγχου, λειτουργίασ και αξιολÞγησησ των σχεδιασµών και των επιπτώσεων στον τοµέα των υδρογονανθράκων. ΕκπρÞσωποι τησ εταιρείασ αναµένονται να φτάσουν στη Λάρνακα σε µία περίπου βδοµάδα». Στην ανακοίνωση αναφέρεται ακÞµα Þτι «στουσ Þρουσ εντολήσ για τη διενέργεια τησ µελέτησ περιλαµβάνονται η εκτίµηση των επιπτώσεων στο περιβάλλον, την υγεία και την ασφάλεια, η αξιολÞγηση τησ καταλληλÞτητασ του Λιµανιού τησ Λάρνακασ σε σχέση µε την προτεινÞµενη υποστηρικτική χρήση και τισ προσδοκίεσ τησ πÞλησ και η αξιολÞγηση των πιθανών ωφεληµάτων αλλά και των µειονεκτηµάτων για την πÞλη και επαρχία τησ Λάρνακασ». Βάση των Þρων εντολήσ «θα ετοιµαστεί ρυθµιστικÞ σχέδιο (Master Plan) που θα αξιολογεί τον αντίκτυπο τησ ανάπτυξησ. Υπολογίζεται Þτι η προκαταρκτική µελέτη θα είναι έτοιµη σε

δυο εβδοµάδεσ και η τελική έκθεση τον Σεπτέµβριο». Η ανακοίνωση του ∆ήµου Λάρνακασ αναφέρει ακÞµα Þτι «η εταιρεία Lloyd’s Register Energy θα έχει συναντήσεισ και θα ακούσει Þλεσ τισ απÞψεισ και επιφυλάξεισ των Οργανωµένων ΣυνÞλων και ταυτÞχρονα θα έχει επαφέσ µε το ∆ηµοτικÞ Συµβούλιο, την Επιτροπή Ανάπτυξησ, την Κοινοπραξία ΖΗΝΩΝ, την Αρχή Λιµένων και τισ εταιρείεσ υδρογονανθράκων». Ο ∆ήµοσ Λάρνακασ επαναλαµβάνει «Þτι σέβεται και κατανοεί πλήρωσ τισ ανησυχίεσ και επιφυλάξεισ των Λαρνακέων για την υπÞ αναφορά χρήση χώρων του λιµανιού τησ πÞλησ» και προσθέτει Þτι «η υγεία και ασφάλεια των δηµοτών, το περιβάλλον και η διαφύλαξη των προοπτικών ανάπτυξησ τησ Λάρνακασ, αποτελούν ξεκάθαρεσ προτεραιÞτητεσ για τον ∆ήµο. Οι δηµÞτεσ θα ενηµερωθούν πλήρωσ για τα ευρήµατα και συµπεράσµατα τησ ανεξάρτητησ µελέτησ που θα διενεργήσει η Lloyd’s Register Energy» καταλήγει η γραπτή ανακοίνωση.

¢ˆÚÂ¿ 9 ÂÎ. ·fi ¡. ™È·ÎfiÏ· ÁÈ· ÙÔ ÎÙ›ÚÈÔ ÙË˜ π·ÙÚÈÎ‹˜ ™¯ÔÏ‹˜ ∆ωρεά ύψουσ 9 εκατοµµυρίων ευρώ ανακοίνωσε το Ίδρυµα Νίκου και Ελπίδασ ΣιακÞλα, µε σκοπÞ την ανέγερση του κτιρίου, Þπου θα στεγάζεται η Ιατρική Σχολή. Η σχετική συµφωνία υπεγράφη µεταξύ του επιχειρηµατία Νίκου ΣιακÞλα και του Πρύτανη του Πανεπιστηµίου Κύπρου Κωνσταντίνου Χριστοφίδη, ενώ το κτίριο θα φέρει το Þνοµα «Ιατρική Σχολή και Επιστηµών Υγείασ Νίκοσ Κ. ΣιακÞλασ». Στην εκδήλωση για την υπογραφή τησ συµφωνίασ παρευρέθηκαν ο ΠρÞεδροσ Νίκοσ Αναστασιάδησ, ο ΥπουργÞσ Παιδείασ και Πολιτισµού Κώστασ Καδήσ, το ∆ιοικητικÞ Συµβούλιο του Πανεπιστηµίου Κύπρου και φοιτητέσ τησ Ιατρικήσ Σχολήσ. Ο Νίκοσ ΣιακÞλασ έχει ήδη προχωρήσει σε άλλη µια δωρεά ύψουσ 4,5 εκ., για την ανέγερση του ΣιακÞλειου Εκπαιδευτικού Κέντρου Υγείασ του Πανεπιστηµίου Κύπρου. Σε χαιρετισµÞ του, ο ΠρÞεδροσ τησ ∆ηµοκρατίασ είπε πωσ η ευεργεσία του Ιδρύµατοσ Νίκου και Ελπίδασ ΣιακÞλα θα συνδράµει αποφασιστικά στην απρÞσκοπτη ανάπτυξη του Πανεπιστηµίου τησ χώρασ, κάτι το οποίο έχει εκ των πραγµάτων σηµαντικÞ Þφελοσ και για την Κύπρο εν γένει, προσθέτοντασ Þτι η εν λÞγω δωρεά έρχεται αρωγÞσ σε µία ιδιαίτερα κρίσιµη οικονοµική φάση. Ùπωσ είπε «µε γνώµονα τη γνώση, την έρευνα και την καινοτοµία, το πρώτο δηµÞσιο Πανεπιστήµιο τησ χώρασ έχει καταφέρει να εξασφαλίσει πλειάδα ευρωπαϊκών χρηµατοδοτήσεων και να αποτελεί το µεγαλύτερο εργοδοτικÞ οργανισµÞ στην Κύπρο Þσον αφορά την απορρÞφηση νέων». Σηµείωσε µε ικανοποίηση το γεγονÞσ Þτι εργοδοτεί πέραν των 500 νέων επιστηµÞνων, νέων αποφοίτων, µε κον-

δύλια που προέρχονται εξ ολοκλήρου απÞ Ευρωπαϊκά Προγράµµατα, για να προσθέσει Þτι στο πλαίσιο αυτÞ «έχει προσεγγίσει µε επιτυχία οργανισµούσ και ιδιώτεσ, οι οποίοι αναγνωρίζουν την αξία του ερευνητικού και εκπαιδευτικού του έργου και συνεισφέρουν µε διάφορεσ δωρεέσ, προσφέροντασ απÞ υποτροφίεσ και βραβεία, µέχρι και οικονοµική βοήθεια τησ τάξεωσ εκατοµµυρίων ευρώ για ανέγερση κτηρίων και επίσπευση τησ ολοκλήρωσήσ τουσ». Ο Πρύτανησ του Πανεπιστηµίου Κύπρου ανέφερε πωσ «η στήριξη στο Πανεπιστήµιο Κύπρου απÞ ικανούσ και δηµιουργικούσ ανθρώπουσ και επιχειρηµατίεσ αποτελεί µία απÞ τισ µεγαλύτερεσ ανταµοιβέσ», συµπληρώνοντασ, επίσησ, πωσ «αποτελεί για µασ έµπρακτη αναγνώριση τησ συλλογικήσ προσπάθειασ, που καταβάλλει το ανθρώπινο δυναµικÞ µασ, για να επιτελέσει το παιδαγωγικÞ, ερευνητικÞ, επιστηµονικÞ και κοινωνικÞ του έργο». Σε χαιρετισµÞ του, ο κ. ΣιακÞλασ εξέφρασε την πεποίθηση Þτι «ένασ τÞποσ για να πάει µπροστά πρέπει οι άνθρωποι του να είναι υγιείσ και µορφωµένοι, δύο απαραίτητεσ προϋποθέσεισ επιτυχίασ». «Είµαι εξ αυτών», ανέφερε, «που πιστεύουν Þτι ένασ, είτε είναι άτοµο είτε οργανισµÞσ, πρέπει Þχι µÞνο να προσπαθεί να δηµιουργήσει πλούτο και θέσεισ εργασίασ, αλλά και να ανταποδίδει στην κοινωνία και σε αυτούσ που τον υποστηρίζουν και τον βοηθούν να επιτύχει στισ δραστηριÞτητεσ του». Είπε ακÞµα πωσ το φιλÞδοξο Þνειρο του, που θα τον καθιστούσε ικανÞ να φανεί χρήσιµοσ στην πατρίδα του σήµερα γίνεται πραγµατικÞτητα και ευχήθηκε Þπωσ το έργο υλοποιηθεί χωρίσ καθυστερήσεισ.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΙΟΥΛΙΟΥ, 2014

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º√ƒ√™ ∞∫π¡∏∆∏™ π¢π√∫∆∏™π∞™

∫·Ï‹ ÚÔÛ¿ıÂÈ· Î. ÀÔ˘ÚÁ¤ ÙˆÓ ∂ÛˆÙÂÚÈÎÒÓ ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Κατ’ αρχή θα θέλαµε να συγχαρούµε τÞσο το Υπουργείο σασ και ασφαλώσ το ΚτηµατολÞγιο που κατÞρθωσε σε 9 µήνεσ περίπου να επανεκτιµήσει τÞσο τα υφιστάµενα, Þσο και τα 200.000 νέα ακίνητα στισ τιµέσ 1.1.2013. Είναι ένασ άθλοσ και βγάζουµε το καπέλο σε Þλουσ τουσ εµπλεκÞµενουσ απÞ την Κυβερνητική πλευρά. Είναι ασφαλώσ πρÞδηλο Þτι η βιαστική και επίπονη αυτή εργασία η οποία έχει µερικώσ ετοιµαστεί και απÞ µη προσοντούχουσ εκτιµητέσ – Þπωσ χωροµέτρεσ και άλλουσ απÞ το τµήµα Αναδασµού, να εµπεριέχει λάθη και παραλήψεισ για τα οποία σε µια ∆ηµοκρατία, και ασφαλώσ ο φορολογούµενοσ θα πρέπει να έχει το δικαίωµα τησ ένστασησ και επανεξέτασησ τησ φορολογίασ του. - Κατ’ αρχή πληροφορούµαστε Þτι για να υποβάλει κάποιοσ ένσταση έχει πολύ στενά χρονικά περιθώρια γύρω στουσ 2 µήνεσ. ΑπÞ πÞτε αρχίζει να µετρά αυτÞσ ο χρÞνοσ; Εάν είναι απÞ την ηµεροµηνία τησ δηµοσίευσησ και µέχρι ο φορολογούµενοσ να πληροφορηθεί για την φορολογία θα χρειαστεί τουλάχιστον 10-20 ηµέρεσ Þταν το πληροφορηθεί (ίσωσ αναθέσει σε τρίτουσ, λογιστέσ, εκτιµητέσ κλπ για να τον πληροφορήσουν και να συγκρίνουν την προηγούµενη εκτίµηση τησ 1.1.80 µε εκείνη τησ 1.1.2013. ΑυτÞ θα χρειαστεί τουλάχιστον 1 µήνα. - Ο φορολογούµενοσ δεν θα ξέρει πωσ κατέληξε η φορολογία αυτή, µε ποια βάση, πÞσα τ.µ. υιοθέτησε το ΚτηµατολÞγιο, εάν έλαβε υπÞψη Þτι δεν υπάρχουν τίτλοι ή Þχι, εάν υπάρχει πιστοποιητικÞ τελικήσ έγκρισησ κλπ κλπ. Άρα χρειάζεται επεξήγηση και ο ανάλογοσ χρÞνοσ, µια και που το ΚτηµατολÞγιο δεν τεκµηριώνει την εκτίµηση του και υποβολή µÞνο ένα αριθµÞ/αξία. - Εάν ο φορολογούµενοσ θέλει να διαπιστώσει την ορθÞτητα τησ εκτίµησησ θα αποταθεί κατά πάσα πιθανÞτητα σε εκτιµητή ακινήτων. Ùµωσ για να υποβάλει καν την ένσταση του ο ιδιώτησ εκτιµητήσ θα χρειαστεί να διεξάγει έρευνα µε συγκριτικά στοιχεία κλπ, µια πλήρη εµπεριστατωµένη έκθεση η οποία τουλάχιστον θα χρειαστεί 1 µήνα. Άρα η περίοδοσ ένστασησ µέχρι τÞτε ίσωσ να έχει λήξει, προκαλώντασ µια αδικία στον φορολογούµενο. - Εάν ο φορολογούµενοσ υποβάλει ένσταση (κατά τον τύπο) τÞτε θα χρεωθεί απÞ τον ΦÞρο 50 ευρώ µέχρι και 400 ευρώ (φανταζÞµαστε ανά τεµάχιο). Έτσι εάν ένασ ιδιοκτήτησ έχει µια πολυκατοικία 10 διαµερισµάτων, θα χρεωθεί ίσωσ 3.000 ευρώ επί πλέον τα δικαιώµατα του εκτιµητή γύρω στα 1.000 ευρώ, που αθροιστικά µασ κάνουν 4.000 ευρώ συν το Φ.Π.Α. Άρα πάνω κάτω 5.000 ευρώ και αυτÞ χωρίσ καν να µελετηθεί απÞ τουσ Κυβερνητικούσ εκτιµητέσ. - Φαντάζεστε κατ’ επέκταση εάν αναφερÞµαστε σε επιχειρηµατίεσ ανάπτυξησ γησ µε αριθµÞ ακινήτων, το κÞστοσ θα είναι πολλαπλάσιο. Ίσωσ και να ξεπερνά τισ 100.000 ευρώ. - Εάν υπάρξει διαφορά, τÞτε ο ιδιοκτήτησ έχει την ευχέρεια να αποταθεί στο ∆ικαστήριο µε άλλεσ τÞσεσ χιλιάδεσ ευρώ δικηγορικά και άλλα έξοδα ακροάσεων, πλέον ασφαλώσ το κÞστοσ στην ∆ηµοκρατία σε δικά τησ δικηγορικά, δικαστικά έξοδα και πλέον οι καθυστερήσεισ των ∆ικαστηρίων που έφθασαν τα 3-5 χρÞνια κατά µέσο Þρο µέχρι τώρα. Υποβάλλονται γύρω στισ 10.000 υποθέσεισ για δικαστικέσ αποφάσεισ και δικάζονται οι 2.000. Φανταστείτε µε τισ αναµενÞµενεσ 20.000 ενστάσεισ για τον φÞρο ακίνητησ ιδιοκτησίασ!! - Η Þλη βάση θα πρέπει να είναι η κάθε εκτίµηση που αποστέλλεται απÞ το ΤΕΠ να είναι αιτιολογηµένη, αλλά αυτÞ Þχι µÞνο δεν µασ έχει συνηθίσει το ΚτηµατολÞγιο να µασ υποβάλλει σε τέτοια θέµατα αιτιολογηµένεσ εκτιµήσεισ, αλλά είναι κατά την άποψη µασ αδύνατον να παρατίθενται εκ µέρουσ τησ φορολογικήσ αρχήσ τεκµηριώσεισ ανά τεµάχιο παραθέτοντασ τα συγκριτικά στοιχεία κλπ. - ∆εν θέλουµε να πιστεύουµε Þτι το Þλο θέµα είναι ένα «κÞλπο» να εγκλωβιστούν οι φορολογούµενοι σε σηµείο που να τουσ αποστερεί το δικαίωµα τησ ένστασησ, τÞσο Þσο αφορά το κÞστοσ Þσο και τον χρÞνο. - Έχουµε την άποψη Þτι το δικαίωµα τησ ένστασησ θα πρέπει να επεκταθεί στουσ 4 µήνεσ ωσ µέγιστο. Τα δικαιώµατα τησ ένστασησ (το οποίο θεωρούµε υπερβολικÞ) Þπωσ η εισήγηση του νοµοσχεδίου, αλλά αυτÞ νοουµένου Þτι η ένσταση του φορολογούµενου είναι ατεκµηρίωτη/λανθασµένη να επιστρέφεται η χρέωση αυτή εάν η

ένσταση του φορολογούµενου δικαιολογείται ή κατ’ αναλογία του συµβιβασµού. Επειδή µέχρι σήµερα τÞσο εµείσ ωσ Γραφείο εκτιµήσεων Þσο και άλλοι συνάδελφοι ασχολούνται ακÞµη µε τισ ενστάσεισ τησ 1.1.80 και επειδή αναµένουµε χιλιάδεσ ενστάσεισ (γύρω στισ 20.000), είµαστε τησ άποψησ Þπωσ δηµιουργηθούν 6 ∆ιαιτητικά ∆ικαστήρια (Arbitration Councils) που να αποτελούνται απÞ ένα προσοντούχο ιδιώτη εκτιµητή µε 10 χρÞνια πείρασ, ένα εκτιµητή του Κτηµατολογίου και ένα εκτιµητή του ΚΕΒΕ. Αυτά τα διαιτητικά δικαστήρια (χρειάζεται η νοµική τουσ κάλυψη) να διεκπεραιώνουν εντÞσ 20 ηµερών απÞ τησ υποβολήσ τησ ένστασησ εκ µέρουσ του φορολογούµενου και αφού µελετήσουν και την ανάλυση τησ φορολογίασ του Κτηµατολογίου να εκδίδει απÞφαση (ίδε ισοδύναµο του Βρετανικού Lands Tribunal). Εάν είτε ο φορολογούµενοσ ή το ΚτηµατολÞγιο δεν υποβάλλει έγκαιρα τα στοιχεία του, τÞτε το διαιτητικÞ δικαστήριο να αποφασίζει απÞ µÞνο του µε δικά του στοιχεία, ή δε απÞφαση του να είναι τελεσίδικη. ∆εν θα χρειάζονται αγορεύσεισ, δικηγÞροι κλπ, µÞνο εκατέρωθεν τεκµηριωµένεσ εκτιµήσεισ Εάν υποθέσουµε Þτι αυτά τα 6 διαιτητικά δικαστήρια µπορούν να διεκπεραιώνουν σε σύνολο 30 υποθέσεισ την ηµέρα (δεν θα χρειάζονται ακροάσεισ κλπ µÞνο η υποβολή γραπτών εκτιµήσεων) τÞτε ίσωσ να µπορέσει η πολιτεία να καλύψει τον Þγκο των ενστάσεων σε 1-2 χρÞνια και το κÞστοσ αυτÞ να ορίζεται π.χ. 100 ευρώ ανά µονάδα, πληρωτέο απÞ τον φορολογούµενο ή το Κράτοσ, ανάλογα µε τον βαθµÞ προσέγγισησ των δύο απÞψεων για να καλυφθούν τα έξοδα τησ διαιτησίασ. Βέβαια επαναλαµβάνεται νέα εκτίµηση µετά απÞ 12 µήνεσ και έτσι η Þλη διαδικασία ξεκινά απÞ την αρχή!! (δεν συµφωνούµε σε τέτοιεσ συχνέσ επανεκτιµήσεισ λÞγω τησ Þλησ διαδικασίασ – µάλλον κάθε 2-3 χρÞνια). Εναλλακτικά το κÞστοσ αυτών των διαιτητικών δικαστηρίων να καλύπτεται απÞ τουσ φορολογούµενουσ κατά 50% και κατά 50% απÞ το Κράτοσ και έτσι να δικαιολογείται και η χρέωση των 50 – 400 ευρώ/ένσταση (εάν επιµένετε στην χρέωση αυτή), διαφορετικά εάν ο φορολογούµενοσ έχει δίκαιο γιατί να επιβαρυνθεί και µε τισ 5.000 ευρώ που αναφέραµε προηγουµένωσ; Οι χρεώσεισ να είναι καθορισµένεσ ανά είδοσ και βάσει τ.µ. (ξενοδοχείο και ένα χωράφι είναι το ίδιο;), για να γνωρίζει εξ’ αρχήσ ο φορολογούµενοσ το κÞστοσ του εγχειρήµατοσ του. Το προσÞν αυτÞ του διαιτητικού δικαστηρίου είναι Þτι ο ίδιοσ ο φοροθέτησ δεν εξετάζει την ένσταση αλλά ένα άλλο Þργανο την απÞφαση του οποίου ο φορολογούµενοσ/ΤΕΠ µετά να µπορεί να αποταθεί στο δικαστήριο για «έφεση», αλλά πλέον η ένσταση του θα περιοριστεί στα µέγιστα. Παραµένουν ασφαλώσ οι ασάφειεσ στον νÞµο στον µη υπάρχον ορισµÞ περί αγοραίασ αξίασ, στην φορολÞγηση ή µη του αγοραστή αντί του ιδιοκτήτη, στην ύπαρξη ή µη θέσµιου ενοικιαστή, στην ύπαρξη ή µη άδειασ, πιστοποιητικÞ τελικήσ έγκρισησ, µερίδια (1/2 – ο ένασ έχει σπίτι µέσα και ο άλλοσ Þχι) και πολλά άλλα τα οποία θα πρέπει εξ’

αρχήσ να ξεκαθαρίσουν την βάση τησ εκτίµησησ. Εδώ και πέραν του ενÞσ εξαµήνου ζητούµε απÞ το ΚτηµατολÞγιο να µασ εξηγήσει την βάση των δικών του εκτιµήσεων, ούτωσ ώστε οι ενστάσεισ να περιοριστούν, µια και που θα είναι µια κοινή βάση (ΚτηµατολÞγιο συν ιδιώτεσ εκτιµητέσ). Αποταθήκαµε στουσ υπουργούσ Οικονοµικών και Εσωτερικών και προσ πίστη του ο υπουργÞσ Εσωτερικών κάλεσε άµεσα συνεδρία επί του θέµατοσ. Ένα είναι το θέµα τησ φορολÞγησησ και άλλο το θέµα τησ εύρυθµησ εφαρµογήσ τησ. Ευχαριστούµε τον υπουργÞ Εσωτερικών επί τησ άµεσησ του ανταπÞκρισησ, ο οποίοσ φαίνεται να έχει «αρπάξει» το θέµα (λάθοσ δικÞ µασ που δεν απευθυνθήκαµε απευθείασ σε αυτÞν εξ’ αρχήσ), αλλά έχουµε κάποιο µικρÞ χρονικÞ πλαίσιο λÞγω τησ υποβολήσ του νοµοσχεδίου για την εκτίµηση 1.1.2013 να εισαχθούν τα στοιχεία εκείνα τα οποία είναι απαραίτητα, διαφορετικά θα καταλήξουν τα δικαστήρια µασ να εξετάζουν για τα επÞµενα 20 χρÞνια τισ ενστάσεισ τησ νέασ εκτίµησησ, καταργώντασ ουσιαστικά την δικαιοσύνη στην Κύπρο, µε κατάληξη σε τελικÞ στάδιο στο Ε∆Α∆ κλπ. ΘετικÞ στοιχείο παραµένει Þτι η φορολογία, εν τω µεταξύ θα είναι βάσει τησ ένστασησ του φορολογούµενου. Ùµωσ το ΤΕΠ θα δίδει απαλλαγή εν τω µεταξύ εάν υπάρχει διαφορά;

ÕÏÏÔÈ ·Ú¿ÌÂÙÚÔÈ - Είµαστε υπέρ τησ πρÞτασησ τησ ενιαίασ φορολογίασ του 1δ. Με τα προβλήµατα που υπάρχουν στισ εισπράξεισ, στην φορολÞγηση του ιδιοκτήτη αντί του αγοραστή, µια αυξηµένη χρέωση είναι Þτι το χειρÞτερο, µια και που στο τέλοσ είναι ο αγοραστήσ που θα επωµιστεί την αυξηµένη κλίµακα. - Η κλιµακωτή κλίµακα βαρύνει υπέρµετρα ακριβώσ εκείνουσ που επιθυµούµε ωσ Κράτοσ να προσελκύσουµε – Þπωσ γήπεδα γκολφ, µαρίνεσ, προσέλκυση µεγάλων επενδυτών κλπ, ενώ µεγάλεσ εκτάσεισ/ιδιοκτησίεσ αποτελούν απÞθεµα των επενδυτών για µελλοντικέσ αναπτύξεισ. - Εδώ δεν πρÞκειται για φορολογία πλούτου αλλά για φορολογία ιδιοκτησίασ. Με την ίδια λογική σε περίπτωση κλιµάκων η αγορά ενÞσ λίτρου βενζίνησ θα πρέπει να είναι λιγÞτερου κÞστουσ σε ένα χαµηλά απÞ ένα υψηλά αµειβÞµενο – σκέτο “κοµµουνιστικÞ” καθεστώσ και Þπου η προσπάθειασ αύξησησ σε επενδύσεισ ακινήτων θα τύχει ακÞµη ένα κτύπηµα (επιπλέον τησ δεινήσ οικονοµικήσ κατάστασησ των developers και κατ’ επέκταση τον επηρεασµÞ των χρηµατοδοτών). £· ˘Ô‚¿ÏÔ˘ÌÂ ÛÂ Û‡ÓÙÔÌÔ ¯ÚÔÓÈÎfi ‰È¿ÛÙËÌ· ÏÂÙÔÌÂÚÂ›˜ ÂÈÛËÁ‹ÛÂÈ˜ Ì¤Ûˆ ·˘Ù‹˜ ÙË˜ ÛÙ‹ÏË˜ ÛÙÔ ÎÔÈÓfi, ÁÈ· Ó· ¤¯ÂÈ ÙËÓ Â˘Î·ÈÚ›· Ó· ‰È·‚Ô˘ÏÂ˘ıÂ› ÌÂ ÙÔ˘˜ Û˘Ì‚Ô‡ÏÔ˘˜ ÙÔ˘ Â› ÙÔ˘ ı¤Ì·ÙÔ˜, Ô‡Ùˆ˜ ÒÛÙÂ ÂÓÙfi˜ ÙÔ˘ ÂÚ¯fiÌÂÓÔ˘ Ì‹Ó· Ó· ¤¯ÂÈ Î¿ÔÈÔ ·ÔÙ¤ÏÂÛÌ·.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΙΟΥΛΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

100 ÂÎ. ÙÔ ¤ÏÏÂÈÌÌ· ÂÌÔÚÈÎÔ‡ ÈÛÔ˙˘Á›Ô˘ ∞˘Í‹ıËÎÂ Î·Ù¿ €1 Στα 1,1 δισ ευρώ διαµορφώθηκε το έλλειµµα του εµπορικού ισοζυγίου τησ Κύπρου την περίοδο Ιανουάριοσ-Απρίλιοσ, καταγράφοντασ αύξηση τησ τάξησ των 100 εκατ. ευρώ σε σχέση µε την αντίστοιχη περίοδο του 2013. Ùπωσ προκύπτει απÞ τα στοιχεία που δηµοσιοποίησε η Eurostat, η συνολική αξία των εξαγωγών τησ Κύπρου έφτασε την παραπάνω περίοδο τα 500 εκατ. ευρώ και ήταν µειωµένεσ 12%, ενώ οι εισαγωγέσ ανήλθαν σε αξία σα 1,5 δισ ευρώ και

¶·Û·ÏÏ¿ÎÈ·… ¤ÚÁ· Ù¤¯ÓË˜ Ανοικτή πρÞσκληση ενδιαφέροντοσ σε εικαστικούσ δηµιουργούσ απευθύνει ο ∆ήµοσ τησ Λεµεσού, ο οποίοσ µετά απÞ εισηγήσεισ πολιτών και µε γνώµονα την αισθητική αναβάθµιση του κέντρου, αποφάσισε να προχωρήσει στη φιλοτέχνηση των µικρών πασσάλων που τοποθετήθηκαν για την αποτροπή τησ στάθµευσησ αυτοκινήτων στα πεζοδρÞµια και την απρÞσκοπτη διακίνηση των πεζών. Ο ∆ήµοσ καλεί Þσουσ θα ήθελαν αφιλοκερδώσ να επιµεληθούν καλλιτεχνικά τα πασσαλάκια σε πεζοδρÞµια του ιστορικού κέντρου τησ πÞλησ µέσα απÞ την τέχνη τησ ζωγραφικήσ ή του graffiti, να δηλώσουν το ενδιαφέρον τουσ το αργÞτερο µέχρι τισ 30 Ιουλίου 2014, στέλνοντασ οπτική ή σύντοµη λεκτική περιγραφή τησ πρÞτασησ τουσ, καθώσ και καταγραφή των υλικών τουσ, που να συνοδεύεται απÞ έναν προϋπολογισµÞ του κÞστουσ των υλικών ανά δέκα πασσαλάκια. “Αποτελεί Þραµα και επιθυµία Þλων µασ η δηµιουργία µιασ οµορφÞτερησ, πιο ενδιαφέρουσασ και κυρίωσ πιο ανθρώπινησ πÞλησ”, αναφέρει η ανακοίνωση, σηµειώνοντασ πωσ “ειδικά για το ιστορικÞ κέντρο η επιδίωξη είναι να δοθεί η ευκαιρία σε καλλιτέχνεσ να εµπνευστούν, να δηµιουργήσουν και να αφήσουν διάχυτο το στίγµα τησ εικαστικήσ τουσ παρέµβασησ”. Σύµφωνα µε τον ∆ήµο επιδιώκεται ακÞµη η σύσφιξη των σχέσεων του ∆ήµου δηµιουργούσ, ώστε η αισθητική αναβάθµιση να επεκταθεί σε Þσο το δυνατÞ περισσÞτερεσ δραστηριÞτητεσ τησ πÞλησ µασ.

ήταν αµετάβλητεσ σε σχέση µε την ίδια περίοδο του 2013. Οι ελληνικέσ εξαγωγέσ διαµορφώθηκαν στα 8,4 δισ ευρώ, καταγράφοντασ µείωση τησ τάξησ του 8%, ενώ εισαγωγέσ διαµορφώθηκαν σε αξία στα 11,5 δισ ευρώ, µειωµένεσ κατά 1%. Αναφορικά µε το σύνολο τησ ΕΕ, οι εισαγωγέσ απÞ την Κίνα ανήλθαν την περίοδο Ιανουάριοσ-Απρίλιοσ 2014 στα 92,5 δισ ευρώ (+4%), οι εισαγωγέσ απÞ τη Ρωσία διαµορφώθηκαν στα 65,8 δισ ευρώ (-9%), και οι εισαγωγέσ απÞ τισ ΗΠΑ στα

65,9 δισ ευρώ (+1%). Την ίδια περίοδο οι κοινοτικέσ εξαγωγέσ προσ την Κίνα έφτασαν τα 51,2 δισ ευρώ (+9%), προσ την Ρωσία τα 35 δισ ευρώ (-11%) και προσ τισ ΗΠΑ τα 97,9 δισ ευρώ (+2%). Το εµπορικÞ ισοζύγιο τησ ΕΕ εµφάνισε πλεÞνασµα 32,1 δισ ευρώ στισ συναλλαγέσ µε τισ ΗΠΑ, και έλλειµµα ύψουσ 41,3 δισ ευρώ και 30,8 δισ ευρώ µε την Κίνα και τη Ρωσία αντίστοιχα.

∂ÈÛ·ÁˆÁ‹ ÙË˜ Mobile & Commerce Solutions ÛÙÔ Ã∞∫ Το Συµβούλιο του Χρηµατιστηρίου Αξιών Κύπρου ανακοινώνει πωσ µε βάση τα προβλεπÞµενα στο Άρθρο 58 (1) του ΝÞµου του ΧΑΚ, Þτι έχει αποδεχθεί προσ εισαγωγή στη ΝεοαναπτυσσÞµενων Εταιρειών Αγορά (Ν.Ε.Α.) του Χρηµατιστηρίου Αξιών Κύπρου, 2.600.000 µετοχέσ ονοµαστικήσ αξίασ 0,01 ευρώ τησ εταιρείασ «Mobile & Commerce Solutions Plc», µε τιµή εισαγωγήσ 0,01 ευρώ. Η εταιρεία ενεργεί ωσ εταιρεία συµµετοχών µε στÞχο την απÞκτηση εταιρειών οι οποίεσ ασχολούνται µε θέµατα τεχνο-

λογίασ ( IT and wireless technology companies with a focus in mobile and E- commerce solutions and E-commerce and oil and gas support and oil and gas software). Η διαπραγµάτευση των πιο πάνω αξιών ξεκίνησε στισ 21 Ιουλίου 2014 κα το Χρηµατιστήριο Αξιών Κύπρου θα αναλάβει την τήρηση του πιο πάνω Μητρώου στο ΚεντρικÞ Αποθετήριο/ Μητρώο του ΧΑΚ. Ο ΕλληνικÞσ και ΑγγλικÞσ κωδικÞσ των µετοχών είναι ΜΟΒΚ/ MOBC αντίστοιχα, το δε ISIN Code θα είναι CY0104751314.

°ÂÚÌ·ÓÈÎ¤˜ ˘ÔÙÚÔÊ›Â˜ ÛÂ Î‡ÚÈÔ˘˜ Ù˘¯ÈÔ‡¯Ô˘˜ Πτυχιούχοι απÞ την Ελλάδα, την Κύπρο και την Τουρκία, που έχουν ένα ενδιαφέρον για την πολιτική και επιθυµούν να κάνουν µία πρακτική εξάσκηση δίπλα σε Γερµανούσ βουλευτέσ, µπορούν να υποβάλουν αίτηση ώστε να λάβουν την ∆ιεθνή Κοινοβουλευτική Υποτροφία (IPS). Το International Parliamentary Scholarship, οργανώνεται απÞ την γερµανική βουλή, την Buntestag, και επιτρέπει σε πολιτικά συνειδητοποιηµένουσ νέουσ απÞ 41 διαφορετικέσ χώρεσ του κÞσµου να βρεθούν µεταξύ τουσ στο Βερολίνο για 5 µήνεσ και, µέσω διαφÞρων εκδηλώσεων, σεµιναρίων, κλπ, να εξοικειωθούν µε το γερµανικÞ κοινοβουλευτικÞ σύστηµα. ΤαυτÞχρονα, θα µπορούν να κάνουν και πρακτική εξάσκηση δίπλα σε βουλευτέσ τησ Οµοσπονδιακήσ Κάτω Βουλήσ. Το πρÞγραµµα διεξάγεται απÞ το 1986 και λαµβάνει χώρα κάθε χρÞνο απÞ την 1η Μαρτίου έωσ την 31η Ιουλίου σε συνεργασία µε τα Πανεπιστήµια του Βερολίνου. Οι υποψήφιοι δεν πρέπει να υπερβαίνουν το τριακοστÞ έτοσ τησ ηλικίασ τουσ, ενώ προϋπÞθεση είναι να διαθέτουν πτυχίο πανεπιστηµιακού ή τεχνολογικού ιδρύµατοσ ανώτατησ εκπαίδευσησ και άριστη γνώση τησ γερµανικήσ γλώσσασ. Η υποτροφία περιλαµβάνει µηναία αποζηµίωση 450 ευρώ, δωρεάν διαµονή καθώσ και ασφαλιστική κάλυψη ασθενείασ, ατυχήµατοσ και αστικήσ ευθύνησ.

Επιπλέον, η υποτροφία καλύπτει τα έξοδα µετάβασησ προσ και απÞ το Βερολίνο. Για περισσÞτερεσ πληροφορίεσ οι ενδιαφερÞµενοι µπορούν να απευθυνθούν στην αντίστοιχη Πρεσβεία τησ Οµοσπονδιακήσ ∆ηµοκρατίασ τησ Γερµανίασ στη χώρα τουσ, καθώσ και στην ιστοσελίδα τησ Οµοσπονδιακήσ Κάτω Βουλήσ: http://www.bundestag.de/ips «Είναι ωραίο να βλέπει κανείσ πώσ έχει εξελιχθεί το πρÞγραµµά µασ για την υποστήριξη τησ δηµοκρατίασ, τησ ανεκτικÞτητασ και τησ αλληλοκατανÞησησ µεταξύ των λαών εδώ και περίπου τριάντα χρÞνια. Χαίροµαι που το επÞµενο έτοσ θα καλωσορίσω νέουσ ανθρώπουσ απÞ περισσÞτερεσ απÞ 40 χώρεσ, οι οποίοι ανεξαρτήτωσ τησ καταγωγήσ και των πολιτικών ή θρησκευτικών τουσ πεποιθήσεων ενστερνίζονται τισ αρχέσ αυτέσ. Με την υποδοχή τησ Ελλάδασ, τησ Κύπρου και τησ Τουρκίασ στην οικογένεια τησ ∆ιεθνούσ Κοινοβουλευτικήσ Υποτροφίασ (IPS) εµείσ, οι βουλευτέσ, αναγνωρίζουµε για άλλη µια φορά την ευθύνη που φέρουµε για την περιοχή αυτή και ευχÞµαστε να συµβάλλουµε ενεργά στην ανάπτυξή τησ», εξήγησε ο κ. Bernhard Schulte-Druggelte τησ Ένωσησ των δύο Συντηρητικών κοµµάτων τησ Γερµανίασ, CDU/CSU, και εισηγητήσ για τα ∆ιεθνή Προγράµµατα Ανταλλαγήσ τησ Οµοσπονδιακήσ Κάτω Βουλήσ.

CIIM: ¶ÚfiÁÚ·ÌÌ· ÁÚ‹ÁÔÚË˜ ÂÎÌ¿ıËÛË˜ ·ÁÁÏÈÎÒÓ

ªÂ›ˆÛË ÂÂÓ‰‡ÛÂˆÓ ÁÈ· ¢‹ÌËÙÚ· Σύµφωνα µε την κατάσταση επενδύσεων τησ εταιρείασ, ∆ήµητρα Επενδυτική τέλοσ Ιουνίου του 2014 συνολικά 52,5 εκ. ευρώ ήταν επενδυµένα σε τραπεζικέσ καταθέσεισ και µετρητά, αντιπροσωπεύοντασ το 32,95% του συνολικού ενεργητικού τησ. Το εξάµηνο του 2013 η εταιρεία είχε επενδυµένα 71,9 εκ. ευρώ σε µετρητά που αντιπροσώπευε το 50,09% του συνολικού ενεργητικού τησ. Μείωση παρουσιάζεται και στισ επενδύσεισ τησ στον τοµέα ακινήτων. Στο τέλοσ Ιουνίου 2014 είχε τοποθετηµένα 43,6 εκ. ευρώ ή 27,40% του συνολικού ενεργητικού τησ στον τοµέα ανάπτυξησ γησ και ακινήτων στην Κύπρο, Ρουµανία και Βουλγαρία έναντι 51,5 εκ. ευρώ πέρσι (35,87%). Οι µεγαλύτερεσ επενδύσεισ τησ εταιρείασ στον κλάδο είναι στην Κύπρο (29,8 εκ. ευρώ) ενώ ακολουθεί η Ρουµανία (8,6 εκ. ευρώ) και Βουλγαρία (5,3 εκ. ευρώ).

Το Cyprus International Institute of Management (CIIM), προχώρησε στον σχεδιασµÞ ενÞσ προγράµµατοσ κατάρτισησ τησ αγγλικήσ γλώσσασ σε δύο επίπεδα, δίνοντασ τη δυνατÞτητα στουσ συµµετέχοντεσ να µπορούν να χρησιµοποιούν σε επαγγελµατικÞ επίπεδο τα Αγγλικά, αυξάνοντασ έτσι τισ πιθανÞτητεσ ανέλιξησ στην εργασία τουσ. Με την ολοκλήρωση του προγράµµατοσ ταχύρρυθµησ κατάρτισησ για επαγγελµατική χρήση τησ αγγλικήσ γλώσσασ στο CIIM, οι συµµετέχοντεσ θα αποκτήσουν µεγαλύτερο εύροσ επικοινωνίασ τÞσο στο εργασιακÞ περιβάλλον, Þσο και στο χειρισµÞ υφιστάµενων και εν δυνάµει πελατών. Επιπλέον θα µπορούν να µιλούν αγγλικά µε αυτοπεποίθηση και να τα χρησιµοποιούν αποτελεσµατικά Þχι µÞνο στη δουλειά, αλλά και στην προσωπική τουσ ζωή. Το πρÞγραµµα αποτελείται απÞ 33 τρίωρα µαθήµατα και κάθε επίπεδο διαρκεί στο σύνολο του 100 διδακτικέσ ώρεσ. Τα µαθήµατα πραγµατοποιούνται στισ εγκαταστάσεισ του CIIM στη Λευκωσία δύο φορέσ την εβδοµάδα απÞ τισ 18.00 έωσ τισ 21.00, δηλαδή σε ώρεσ που καθιστούν δυνατή τη συµµετοχή των υπαλλήλων χωρίσ καµία διακοπή απÞ την εργασία τουσ. Η νέα σειρά µαθηµάτων αρχίζει τη ∆ευτέρα, 29 Σεπτεµβρίου 2014. Το πρωτοποριακÞ αυτÞ πρÞγραµµα διδάσκεται απÞ ειδικούσ και έµπειρουσ καθηγητέσ τησ Αγγλικήσ γλώσσασ, οι οποί-

οι χρησιµοποιούν δοκιµασµένεσ µεθÞδουσ µάθησησ και διδασκαλίασ. Ο αριθµÞσ των συµµετεχÞντων είναι περιορισµένοσ, ώστε να µεγιστοποιείται η προσωπική φροντίδα που προσφέρεται απÞ τον καθηγητή. Για περισσÞτερεσ πληροφορίεσ οι ενδιαφερÞµενοι µπορούν να επικοινωνούν στην ηλεκτρονική διεύθυνση ciim@ciim.ac.cy ή να καλούν στο 22462246. Για αίτηση συµµετοχήσ στο http://www.ciim.ac.cy/programmes/downloadarea.html.

Microsoft: K·Ù¿ÚÁËÛË 18.000 ı¤ÛÂˆÓ ÂÚÁ·Û›·˜ Γύρω στισ 18.000 θέσεισ εργασίασ σκοπεύει να καταργήσει η Microsoft µέσα στο επÞµενο διάστηµα. Η αναδιάρθρωση, η οποία πλήττει περίπου το 14% του εργατικού δυναµικού τησ εταιρείασ, αφορά 12.500 θέσεισ εργασίασ σε εργοστάσια και άλλα τµήµατα τησ Nokia, δηλαδή το µισÞ περίπου προσωπικÞ που προστέθηκε στην εταιρεία

µετά την εξαγορά τησ Nokia, ενώ σε Þ,τι αφορά την ίδια τη Microsoft, οι απολύσεισ θα γίνουν κυρίωσ απÞ τα τµήµατα πωλήσεων, µάρκετινγκ και µηχανικήσ. Ο νέοσ αυτÞσ γύροσ περικοπών αναµένεται να ολοκληρωθεί µέχρι τισ 30 Ιουνίου 2015, ενώ το κÞστοσ για την εταιρεία αναµένεται να ανέλθει (προ φÞρων) σε 1,1-1,6 δισ. δολάρια.

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∞ÏÏ¿˙ÂÈ Ô ·ÁÎfiÛÌÈÔ˜ ÂÓÂÚÁÂÈ·Îfi˜ ¯¿ÚÙË˜ Το παγκÞσµιο γεωπολιτικÞ τοπίο αλλάζει, και οι αγορέσ ενέργειασ δηµιουργούν µεγαλύτερεσ αλληλεξαρτήσεισ µεταξύ των σύµφωνα µε την έκθεση τησ Deloitte Oil and Gas Reality Check 2014. Με βάση στοιχεία τησ έκθεσησ, οι επιπτώσεισ απÞ τη βορειοαµερικανική ενεργειακή επανάσταση οι οποίεσ σύντοµα θα µετατρέπουν τουσ µεγάλουσ εισαγωγείσ σε εξαγωγείσ, γίνονται αισθητέσ στη Μέση Ανατολή, τη Ρωσία και την Κίνα. Αυτή η τάση θα έχει ωσ αποτέλεσµα νέεσ πηγέσ προµηθειών, αύξηση του ανταγωνισµού, αναµÞρφωση του παγκÞσµιου γεωπολιτικού τοπίου και δηµιουργία µεγαλύτερων αλληλεξαρτήσεων µεταξύ των κρατών Η έκθεση εστιάζει στισ τάσεισ ανάπτυξησ και περιορισµού σε διάφορα µέτωπα: στην κυριαρχία των προµηθευτών η οποία παρουσιάζει αυξοµειώσεισ, στην πορεία απÞ την περιφερειοποίηση προσ την παγκοσµιοποίηση των αγορών ενέργειασ, στα αυξανÞµενα µερίδια κάποιων κατηγοριών καυσίµων και στουσ µειούµενουσ ρÞλουσ των υπολοίπων κατηγοριών στο παγκÞσµιο ενεργειακÞ µίγµα και στο άνοιγµα και στο κλείσιµο των συνÞρων ωσ τρÞπο ανταπÞκρισησ στισ γεωπολιτικέσ προκλήσεισ. «Φέτοσ, οι αγορέσ ενέργειασ έχουν στιγµατιστεί απÞ γεωπολιτικά κίνητρα και απÞ πραγµατισµÞ σε πρωτοφανέσ επίπεδο. Η επίπτωση τησ βορειοαµερικανικήσ ενεργειακήσ επανάστασησ θα γίνει αισθητή µε λιγÞτερεσ εντάσεισ που αφορούν στην ενέργεια σε Þλη την Ευρασία, καθώσ και στην συνέχιση των προσπαθειών των ΗΠΑ για διατήρηση του ρÞλου τησ διαφύλαξησ τησ παγκÞσµιασ ισορροπίασ ενέργειασ εν Þψει τησ ανερχÞµενησ κινέζικησ και τησ αναβίωσησ τησ ρωσικήσ επιρροήσ, στισ διεθνείσ υποθέσεισ» αναφέρει σχετικά ο Adi Karev, επικεφαλήσ των υπηρεσιών στον κλάδο πετρελαιοειδών και αερίου στη

Deloitte Touche Tohmatsu Limited. Η έκθεση επισηµαίνει πέντε βασικά θέµατα:

¶·ÁÎfiÛÌÈ· ÂÓ¤ÚÁÂÈ·: ∏ ‚ÔÚÂÈÔ·ÌÂÚÈÎ·ÓÈÎ‹ Â·Ó¿ÛÙ·ÛË Οι ΗΠΑ αυτή τη στιγµή θεωρούνται Þτι θα γίνουν ένασ καθαρÞσ εξαγωγέασ φυσικού αερίου ωσ το τέλοσ τησ δεκαετίασ σύµφωνα µε τισ προβλέψεισ τησ Αµερικανικήσ ∆ιαχείρισησ Ενεργειακήσ ΠληροφÞρησησ (US Energy Information Administration EIA).

∂ÓÂÚÁÂÈ·Î¤˜ ÚÔÌ‹ıÂÈÂ˜: ¡¤Â˜ ËÁ¤˜, Ó¤· ÁÂˆÔÏÈÙÈÎ¿ ‰Â‰ÔÌ¤Ó· Ο ΟργανισµÞσ Πετρελαιοπαραγωγών Κρατών (Organization of Petroleum Exporting Countries - OPEC) και η Ρωσία έχουν κυριαρχήσει στισ εξαγωγέσ πετρελαιοειδών και αερίου εδώ και περισσÞτερο απÞ έναν αιώνα. Σήµερα οι νέοι προµηθευτέσ προκαλούν την κυριαρχία αυτή και στο πλαίσιο αυτήσ τησ διαδικασίασ, αλλάζουν το γεωπολιτικÞ σκηνικÞ.

™‡ÓıÂÛË ÂÓÂÚÁÂÈ·ÎÒÓ ËÁÒÓ: ªÈ· ·ÏÏ·Á‹ ÛÙËÓ ·ÁÎfiÛÌÈ· Ù¿ÍË Η παγκÞσµια σύνθεση ενεργειακών πηγών τείνει προσ καθαρÞτερα καύσιµα, Þπωσ είναι το φυσικÞ αέριο. Στη ΒÞρεια Αµερική, το φυσικÞ αέριο χρησιµοποιείται ολοένα και περισσÞτερο στην παραγωγή ηλεκτρικήσ ενέργειασ, στον κατασκευαστικÞ κλάδο και στισ µεταφορέσ. Η Ιαπωνία επίσησ, σχεδιάζει να αυξήσει το µερίδιο του φυσικού αερίου στη σύνθεση των ενεργειακών πηγών τησ, συνεχίζοντασ την πορεία που έθεσε µετά το ατύχηµα στη Fukushima Daiichi το οποίο την ανάγκασε να παύσει τη χρήση πυρηνικήσ ενέργειασ. Στην Ευρώπη,

η επιθυµία για υιοθέτηση καθαρÞτερων καυσίµων θα συνεχιστεί παρά κάποιεσ πρÞσφατεσ υπαναχωρήσεισ σχετικά µε πιο κοστοβÞρεσ ανανεώσιµεσ πηγέσ ενέργειασ, που έχει προσωρινά οδηγήσει την περιοχή προσ µεγαλύτερη κατανάλωση άνθρακα.

¶·Ú·ÁˆÁ‹ ÂÓ¤ÚÁÂÈ·˜: ªÂÁ¿Ï· ¤ÚÁ· Î·È Ó¤Â˜ ÛÙÚ·ÙËÁÈÎ¤˜ ‰È·¯Â›ÚÈÛË˜ Τα αποθεµατικά µεγάλων έργων πετρελαιοειδών και αερίου, τα οποία ισοδυναµούν µε περισσÞτερο απÞ ένα δισεκατοµµύριο βαρέλια πετρελαιοειδών, µπορούν να οµαδοποιηθούν ευρέωσ σε τρεισ κατηγορίεσ: τα παραδοσιακά, τα νέασ γενιάσ και τα αντισυµβατικά. Τα παραδοσιακά έργα περιλαµβάνουν παράκτια έργα, έργα σε αβαθή ύδατα, έργα βαρέωσ πετρελαίου, τα νέασ γενιάσ περιλαµβάνουν έργα για υγροποιηµένο φυσικÞ αέριο LNG, αέριο προσ υγρά (GTL), έργα βαθέων υδάτων και τα έργα στην Αρκτική, και τα αντισυµβατικά έργα αφορούν στο

σχιστολιθικÞ αέριο, στο έγκλειστο πετρέλαιο και στουσ πετρελαιοφÞρουσ αµµÞλιθουσ στον Καναδά.

∂ÓÂÚÁÂÈ·Îfi˜ ·ÙÚÈˆÙÈÛÌfi˜: √‰ËÁÔ‡ÌÂÓÔ˜ ·fi ·ÏËÛÙ›·, Êfi‚Ô Î·È ˘ÂÚËÊ¿ÓÂÈ· Ο ενεργειακÞσ πατριωτισµÞσ προέρχεται απÞ µια διελκυστίνδα τριών βασικών ανθρώπινων κινήτρων: τησ επιθυµίασ για πλούτο, καθώσ οι πηγέσ εξαργυρώνονται (απληστία), τησ επιθυµίασ για εξασφάλιση τησ ενέργειασ, εφÞσον οι σύγχρονεσ κοινωνίεσ εξαρτώνται πολύ απÞ την ενέργεια (φÞβοσ) και τησ επιθυµίασ για διατήρηση τησ εθνικήσ κυριαρχίασ στισ πηγέσ ενέργειασ για λÞγουσ εθνικήσ ανάπτυξησ (υπερηφάνεια). Ùλεσ οι χώρεσ αγωνίζονται για αυτά τα αντικρουÞµενα κίνητρα ωσ ένα βαθµÞ, αντικατοπτρίζοντασ τον εξελισσÞµενο εθνικÞ πλούτο, τουσ εγχώριουσ αναπτυξιακούσ στÞχουσ και τισ εθνικέσ προτεραιÞτητεσ.

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23 ΙΟΥΛΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

QE ÛÙËÓ ∂˘Úˆ˙ÒÓË Ì¤Ûˆ √˘ÎÚ·Ó›·˜? ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Την ίδια ώρα που η ΕΚΤ δέχεται τισ έντονεσ επικρίσεισ θεσµικών και µη οργάνων για άµεση υλοποίηση τησ ποσοτικήσ χαλάρωσησ (QE) οι γεωπολιτικέσ εξελίξεισ δείχνουν ικανέσ να φέρουν την ΕΚΤ και τουσ Γερµανούσ προ τετελεσµένων. Συγκεκριµένα είχαµε το ∆ΝΤ, το οποίο σε νέα έκθεση του, αφού αρχικά παρατηρεί πωσ πρέπει να δοθεί έµφαση στην καταπολέµηση του χαµηλού πληθωρισµού και στην αύξηση τησ απασχÞλησησ, απευθύνει έκκληση στην ΕΚΤ να προχωρήσει σε εκτύπωση χρήµατοσ και στισ ευρωπαϊκέσ κυβερνήσεισ να εγκαταλείψουν τισ πολιτικέσ λιτÞτητασ. Στο ίδιο µήκοσ κύµατοσ κινούνται και οι δηλώσεισ τÞσο του Ιταλού πρωθυπουργού Þσο και του Γερµανού επικεφαλήσ του κορυφαίου οικονοµικού ινστιτούτου (ifo). Μπορεί µε χαρακτηριστική ευκολία ΕΚΤ και Γερµανοί να «ντριπλάρουν» προσ το παρÞν τισ συνεχέσ παραινέσεισ για τύπωµα χρήµατοσ ένασ νέοσ παράγοντασ Þµωσ έρχεται να κτυπήσει την Ευρωζώνη στην καρδιά του προβλήµατοσ. Οι γεωπολιτικέσ εξελίξεισ απÞ Ουκρανία δείχνουν να βγαίνουν εκτÞσ ελέγχου και είδη φαίνονται τα πρώτα σηµάδια αρνητικού αντίκτυπου στην Γερµανία. Στάσιµη έχει παραµείνει η γερµανική οικονοµία τησ ευρωζώνησ το δεύτερο τρίµηνο του έτουσ Þπωσ εκτιµά η Bundesbank καθώσ η ουκρανική κρίση έχει επηρεάσει

σηµαντικά την οικονοµία τησ χώρασ. «Η βιοµηχανία κατέβασε ταχύτητα» αναφέρει η Bundesbank στην έκθεση του Ιουλίου και συµπληρώνει: «Οι αυξηµένεσ γεωπολιτικέσ εντάσεισ έπαιξαν καθοριστικÞ ρÞλο σε αυτÞ». Στισ αρχέσ του µήνα, δηµοσκÞπηση του πρακτορείου Reuters, έδειξε πωσ οι αναλυτέσ προέβλεπαν κατά µέσο Þρο ανάπτυξη 0,2% για τη γερµανική οικονοµία κατά το δεύτερο τρίµηνο. Το γερµανικÞ ινστιτούτο ZEW ωστÞσο, ανακοίνωσε την προηγούµενη εβδοµάδα πωσ ο δείκτησ επενδυτικού κλίµατοσ υποχώρησε τον Ιούλιο στο χαµηλÞτερο επίπεδο απÞ το ∆εκέµβριο του 2012. Και Þλα αυτά εν αναµονή των νέων αυστηρών κυρώσεων που αναµένονται µετά την παγκÞσµια κατακραυγή που δηµιούργησε η πτώση του Μαλαισιακού αεροσκάφουσ απÞ Ρώσουσ αυτονοµιστέσ. Το νέο τροµερÞ έγκληµα που εκ πρώτησ Þψεωσ φαίνεται να διάπραξε η Ρωσία δεν αφήνει πλέον κανένα περιθώριο στην δύση απÞ την επιβολή νέων πολύ αυστηρÞτερων κυρώσεων ενώ πλέον φαντάζει πιο πιθανÞν απÞ ποτέ η οικονοµική αυτή διαµάχη µεταξύ δύσησ και Ρωσίασ να γενικευτεί σε ένα νέο οικονοµικÞ πÞλεµο που αν ξεκινήσει πολύ δύσκολα θα τερµατιστεί στο εγγύσ µέλλον. Το τροµερÞ αυτÞ έγκληµα µπορεί να µετατρέψει µια µεγάλη περιφερειακή σύγκρουση σε πρώτησ κατηγορίασ παγκÞσµιο σοκ. Οι νέεσ πολύ πιο δυναµικέσ κυρώσεισ έναντι στην είδη καταρρέουσα Ρωσική οικο-

νοµία θα έχουν πλέον πολύ σοβαρέσ επιπτώσεισ και στην υπÞλοιπη Ευρώπη και ειδικά στην Γερµανία. Επιπτώσεισ που προσ το παρÞν αγνοούνται και πάλι απÞ τα θεσµικά Þργανα τησ ΕΕ. Είδη η προσάρτηση τησ Κριµαίασ απÞ τον ΠρÞεδρο Vladimir Putin και η παγκÞσµια αντίδραση σε αυτήν, έχουν φέρει την Ρωσία στα πρÞθυρα τησ χειρÞτερησ τησ ύφεσησ µετά το κραχ του 1998 και πολύ πιο κοντά, απÞ Þτι ο ίδιοσ ο Putin αδυνατεί να αντιληφθεί, σε ένα νέο default το οποίο πιθανÞν να είναι πολύ χειρÞτερο του 1998. Και Þλα αυτά την ίδια ώρα που η ανάκαµψη τησ ευρωζώνησ είναι πιο υποτονική απÞ ποτέ. Ιδιαίτερα η γερµανική οικονοµία αποδυναµώθηκε αµέσωσ µετά την κλιµάκω-

ση τησ έντασησ. ΠιθανÞτατα δεν πρÞκειται για σύµπτωση. Η ευρωζώνη είναι λογικÞ να πληγεί άµεσα. Μια εύθραυστη Ευρωζώνη µε µηδενική ανάπτυξη, γονατισµένη οικονοµικά και κοινωνικά λÞγο τησ σκληρήσ λιτÞτητασ και πολύ κοντά σε µÞνιµο αποπληθωρισµÞ. Ùλα αυτά αποτελούν ηφαίστειο που µια σπίθα αρκεί για να γίνει η ανάφλεξη. Ίσωσ η Ρωσοουκρανική κρίση να είναι η σπίθα που θα οδηγήσει σε αυτÞ το οικονοµικÞ σοκ. Μια κρίση που ξεκίνησε απÞ την «παράνοµη» και «ιµπεριαλιστική» προσάρτηση τησ Κριµαίασ κινδυνεύει πλέον να µετατρέψει την Þλη περιοχή στον προθάλαµο ενÞσ γενικευµένου παγκÞσµιου οικονοµικού πολέµου. Σε ένα πÞλεµο που σαφέστατα θα υπάρξουν νικητέσ και ηττηµένοι και πολλέσ παράπλευρεσ απώλειεσ. Μπροστά σε αυτÞ το ενδεχÞµενο οι Ευρωπαίοι φαίνονται να ακροβατούν µεταξύ δύσησ και ανατολήσ ενώ η ΕΚΤ Þµηροσ και αυτή τησ Γερµανικήσ αδιαλλαξίασ δεν δείχνει ακÞµα αποφασισµένη να πάρει την κατάσταση στα χέρια τησ εκτÞσ και αν οι εξελίξεισ τησ το επιβάλουν. Ùπωσ αναφέρει και η financial times στο τελευταίο τησ άρθρο «Η Ευρώπη έµαθε τα µαθήµατα του 1914. ∆εν υπνοβατεί σε έναν νέο µεγάλο ηπειρωτικÞ πÞλεµο. Αλλά η Ευρώπη δεν έχει µάθει τα µαθήµατα του 1998, Þταν η ασιατική κρίση µετέτρεψε την ύφεση τησ Ιαπωνίασ σε µÞνιµο αποπληθωρισµÞ. Οι Ευρωπαίοι αξιωµατούχοι δεν έπρεπε ποτέ να φέρουν τουσ εαυτούσ τουσ σε µια θέση στην οποία δεν θα µπορούν να αντιδράσουν πολιτικά για οικονοµικούσ λÞγουσ».

√ ∂ÚÓÙÔÁ¿Ó Î·È ÙÔ ÙÂÏÂ˘Ù·›Ô Î¿ÛÙÚÔ ÙÔ˘ ÎÂÌ·ÏÈÛÌÔ‡ Η απευθείασ εκλογή του Ταγίπ Ερντογάν στην προεδρία τησ Τουρκικήσ ∆ηµοκρατίασ θα σηµάνει τη µετάβαση σε µια νέα εποχή για τη χώρα. Ειδικά απÞ τη στιγµή που ο ίδιοσ υπÞσχεται πωσ δεν θα περιοριστεί σε διακοσµητικÞ ρÞλο. Tην ίδια ώεα η επιλογή Ερντογάν για την προεδρία τησ ∆ηµοκρατίασ παρουσιάζει πολλαπλά οφέλη για τον ίδιο και το κÞµµα του. Το γεγονÞσ Þτι ο ίδιοσ δεν πρÞκειται να εγκαταλείψει το πεδίο τησ ενεργήσ πολιτικήσ φαίνεται και απÞ τη δήλωσή του για τον επÞµενο πρÞεδρο τησ ∆ηµοκρατίασ: «∆εν θα είναι ένασ διακοσµητικÞσ πρÞεδροσ, αλλά ένασ πρÞεδροσ που θα ιδρώνει, θα τρέχει…» είχε πει χαρακτηριστικά τον περασµένο Απρίλιο, δίνοντασ το στίγµα για την υποψηφιÞτητά του. Οπωσ σηµειώνει ο καθηγητήσ Πολιτικών Επιστηµών του Πανεπιστηµίου ΒοσπÞρου Γκιουν Κουτ, «αν ο Ερντογάν θέλει να ασκήσει εξουσία µε βάση τισ αυξηµένεσ αρµοδιÞτητεσ του Συντάγµατοσ, µπορεί να τισ πιέσει στα Þριά τουσ ώστε να καταστήσει την Τουρκία µια ντε φάκτο ηµι-προεδρική ∆ηµοκρατία». Επιπλέον, το Σύνταγµα εξασφαλίζει ασυλία στον πρÞεδρο, κάτι που µπορεί να αποδειχθεί «ασπίδα» ενάντια σε απÞπειρεσ δίωξήσ του σχετικά µε τισ πρÞσφατεσ καταγγελίεσ για σκάνδαλα διαφθοράσ που ξέσπασαν εισ βάροσ του ίδιου, µελών τησ οικογένειάσ του και κυβερνητικών στελεχών. ΑπÞ την άλλη η ανακοίνωση τησ υποψηφιÞτητασ Ερντογάν για την απευθείασ εκλογή του προέδρου τησ ∆ηµοκρατίασ έφερε στο προσκήνιο τα σενάρια µετάβασήσ του απÞ την πρωθυπουργία στην προεδρία και αναζωπύρωσε τισ συζητήσεισ για το προεδρικÞ σύστηµα στην Τουρκία, σε µια περίοδο που η κυβερνητική πολιτική δοκιµάζει τα Þριά τησ. Τέλοσ, η απευθείασ εκλογή Ερντογάν στην προεδρία, έναν θεσµÞ που πριν απÞ την εδραίωση του ΑΚΡ αποτελούσε θεµατο-

√ ÚfiÏÔ˜ ÙˆÓ ∫Ô‡Ú‰ˆÓ

φύλακα του κεµαλισµού, έχει και συµβολικÞ χαρακτήρα. «Με την άνοδο στο ύπατο αξίωµα τησ Τουρκικήσ ∆ηµοκρατίασ, ο Ερντογάν αποδεικνύει Þτι δεν υπάρχει πολιτική δύναµη ικανή να τον σταµατήσει» σηµειώνει ο καθηγητήσ Ιστορίασ Βαγγέλησ Κεχριώτησ. Επίσησ οι συµµαχίεσ, Þπωσ η αξιωµατική αντιπολίτευση, το ΡεπουµπλικανικÞ ΚÞµµα, δρώντασ απÞ κοινού µε το ΚÞµµα Εθνικιστικήσ ∆ράσησ, επιστράτευσε τον Εκµελεντίν Ιχσάνογλου ωσ υποψήφιÞ τουσ για την προεδρία, έναν συντηρητικών καταβολών µετριοπαθή ισλαµιστή για να ανακÞψει την άνοδο του Ερντογάν στο αξίωµα. Η επιλογή, που ξένισε τη βάση των κοσµικών ψηφοφÞρων του Ρεπουµπλικανικού ΚÞµµατοσ, χαρακτηρίστηκε ωσ δείγµα πολιτικού ρεαλισµού. «Η αξιωµατική αντιπολίτευση ταλανίστηκε βάζοντασ στον εαυτÞ τησ έναν µη ρεαλιστικÞ στÞχο: να κερδίσει ψήφουσ ταυτÞχρονα και απÞ την Κεντροαριστερά αλλά και απÞ την

Κεντροδεξιά. Ο Ιχσάνογλου µπορεί να κερδίσει ψήφουσ απÞ το ΑΚΡ, ενώ ταυτÞχρονα είναι ένα πρÞσωπο που το ΑΚΡ δεν µπορεί να “ακουµπήσει”» σηµειώνει χαρακτηριστικά ο Κουτ. Ο Χακάν Γιλµάζ, καθηγητήσ στο Τµήµα ∆ιεθνών Σχέσεων του Πανεπιστηµίου ΒοσπÞρου, συµπληρώνει Þτι η επιλογή εµπεριέχει και ένα ρίσκο: «Ο Ιχσάνογλου δεν έχει δοκιµαστεί στον πολιτικÞ στίβο και µπορεί να αποδειχτεί ανεπαρκήσ» σηµειώνει. Οσον αφορά τισ αντιδράσεισ στο εσωτερικÞ του κÞµµατοσ για συντηρητική στροφή, και οι δύο αναλυτέσ αναφέρουν Þτι πρÞκειται για στρατηγική κίνηση που δεν επηρεάζει δοµικά την αντιπολιτευτική γραµµή του Ρεπουµπλικανικού ΚÞµµατοσ. «Η αντιπολιτευτική γραµµή που σχεδιάστηκε κοντά στα αιτήµατα των κινητοποιήσεων του Γκεζί φαίνεται να είναι µακροπρÞθεσµα η πιο επιτυχηµένη επιλογή για το ΡεπουµπλικανικÞ ΚÞµµα» σχολιάζει ο Γιλµάζ.

Η τρίτη υποψηφιÞτητα που αναµένεται να παίξει ρÞλο ρυθµιστή στισ εκλογέσ είναι αυτή του επικεφαλήσ του ΚÞµµατοσ Ειρήνησ και ∆ηµοκρατίασ του Σελαχατίν Ντεµιρτάσ. «Οι Κούρδοι αναζητούν τη µέγιστη δυνατή συσπείρωση για να κάνουν επίδειξη δύναµησ και να διαπραγµατευτούν συνεργασίεσ στον δεύτερο γύρο» λέει ο Κουτ, ενώ είναι σχεδÞν βέβαιο Þτι η µÞνη συνεργασία που µπορεί να κάνει το ΚÞµµα Ειρήνησ και ∆ηµοκρατίασ είναι µε το ΑΚΡ, έχοντασ υπÞψη Þτι ο Ερντογάν έχει υποσχεθεί τη συνέχιση τησ ειρηνευτικήσ διαδικασίασ στο ΚουρδικÞ και παράλληλα έχει συσφίγξει τισ σχέσεισ µε το ιρακινÞ Κουρδιστάν. Οι δηµοσκοπήσεισ δείχνουν τον Ερντογάν να επικρατεί άνετα στισ πρώτεσ απευθείασ προεδρικέσ εκλογέσ στην ιστορία τησ Τουρκίασ, και µάλιστα απÞ τον πρώτο κιÞλασ γύρο. ΩστÞσο, το διακύβευµα για το κυβερνών κÞµµα στην εκλογική αναµέτρηση τησ 10ησ Αυγούστου είναι η επÞµενη ηµέρα στο στρατÞπεδο του ΑΚΡ, Þπου αναµένεται να δοκιµαστούν οι αντοχέσ τησ κοµµατικήσ δοµήσ, αν ο ηγέτησ του, που αποτελεί εγγύηση συσπείρωσησ, αλλάξει πÞστο, καθώσ επίσησ και οι δοκιµέσ άσκησησ εξουσίασ στισ οποίεσ αναµένεται να προβεί ο Ερντογάν απÞ το προεδρικÞ µέγαρο στην Αγκυρα. Ενώ στο εσωτερικÞ η πιθανή µετάβαση του Ερντογάν στον προεδρικÞ θώκο προκαλεί άµεσεσ αλλαγέσ, οι αναλυτέσ δεν θεωρούν Þτι οι εξωτερικέσ σχέσεισ τησ Τουρκίασ θα επηρεαστούν άµεσα. «Σε Þ,τι αφορά τισ ελληνοτουρκικέσ σχέσεισ, αν υπάρξουν αλλαγέσ, θα είναι σε βάθοσ χρÞνου» τονίζει ο ∆ηµήτρησ Τριανταφύλλου, καθηγητήσ ∆ιεθνών Σχέσεων του Πανεπιστηµίου Καντίρ Χασ.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΙΟΥΛΙΟΥ, 2014

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∆· ÛÙÂÚÂfiÙ˘·, Ë ÎÚ›ÛË Î·È Ë Â˘Úˆ·˚Î‹ ‚·‚¤Ï Η Ελλάδα είναι η λιγÞτερο αξιÞπιστη χώρα τησ Ευρωζώνησ και η Γερµανία η περισσÞτερο. ΑυτÞ πιστεύουν οι Γερµανοί, σύµφωνα µε πρÞσφατεσ έρευνεσ που δηµοσιεύτηκαν σε ξένα µέσα ενηµέρωσησ, Þπωσ αναφέρει η ιστοσελίδα sofokleous10.gr. Ùσον αφορά τουσ Έλληνεσ; Έχουν ακριβώσ την αντίθετη γνώµη. Θεωρούν την Ελλάδα την περισσÞτερο αξιÞπιστη χώρα και τη Γερµανία τη λιγÞτερο. Έχει σηµασία αυτÞ; Στην επιφάνεια, Þχι ιδιαίτερα. Στην πράξη Þµωσ πάρα πολύ, γιατί αυτή η έρευνα αποτυπώνει πώσ σκέφτεται ο πολίτησ τησ κάθε χώρασ. Και καθώσ οι Ευρωπαίοι πολιτικοί ηγέτεσ έχουν αποδειχθεί περισσÞτερο ικανοί να ακολουθούν την κοινή γνώµη στισ χώρεσ τουσ παρά να τη διαµορφώνουν, οι διαµετρικά αντίθετεσ παραπάνω απÞψεισ καθιστούν την επίλυση τησ ευρωπαϊκήσ κρίσησ πιο δύσκολη. Οι συγκεκριµένεσ έρευνεσ δεν έχουν επιστηµονική βάση. Αποτυπώνουν απλώσ πώσ βλέπει ο κάθε λαÞσ τον εαυτÞ του και τουσ άλλουσ. Για τουσ Έλληνεσ, οι Γερµανοί είναι οι πλέον αναξιÞπιστοι, αλαζÞνεσ και οι λιγÞτεροι φιλεύσπλαχνοι στην Ευρώπη. Ùσο για το τι πιστεύουν οι Έλληνεσ για τουσ Έλληνεσ, είναι οι πλέον αξιÞπιστοι και φιλεύσπλαχνοι και οι λιγÞτερο αλαζÞνεσ. Αντίστοιχη εικÞνα έχουν για την αλαζονεία και την έλλειψη φιλευσπλαχνίασ Þλεσ οι νÞτιεσ χώρεσ, αν και η κοινή γνώµη στην Ιταλία, στην Ισπανία και στην Πορτογαλία θεωρεί Þτι οι Γερµανοί είναι και οι πιο αξιÞπιστοι. Οι Γερµανοί, απÞ την πλευρά τουσ, θεωρούν Þτι είναι οι ίδιοι οι πλέον αξιÞπιστοι και φιλεύσπλαχνοι και οι λιγÞτερο αλαζÞνεσ. Αντίθετα, θεωρούν τουσ Γάλλουσ πλέον αλαζÞνεσ, τουσ Βρετανούσ λιγÞτερο φιλεύσπλαχνουσ και τουσ Έλληνεσ ωσ τουσ λιγÞτερο αξιÞπιστουσ. Μια βαβέλ ασυµφωνίασ, η οποία βασίζεται σε ιστορικά στερεÞτυπα αλλά και στισ εξελίξεισ των τελευταίων τεσσάρων ετών, καθώσ η Ευρωζώνη αποδεικνύεται ανίκανη να αντιµετωπίσει την κρίση. Αντί να αντιµετωπίζεται η κρίση, αυτή οξύνεται. Ανεργία και ύφεση χτυπούν βίαια την περιφέρεια, χωρίσ Þµωσ ο πυρήνασ του Βορρά να µένει στο απυρÞβλητο. Αντίθετα, αν υπάρχει κάτι το οποίο ισχύει για ολÞκληρη την Ευρωζώνη, αυτÞ είναι Þτι οι πολίτεσ ζουν χειρÞτερα φέτοσ απÞ πέρυσι. Άλλοι πολύ χειρÞτερα, Þπωσ στη χώρα µασ, και άλλοι λιγÞτερο, αλλά το γεγονÞσ είναι Þτι η Ευρώπη αδυνατεί να παράγει ανάπτυξη και δουλειέσ. Και αυτÞ αποτυπώνεται στισ έρευνεσ. Η Γερµανία κατηγορείται απÞ Þλεσ τισ χώρεσ ωσ η περισσÞτερο αλαζονική και λιγÞτερο φιλεύσπλαχνη χώρα, καθώσ ενώ χρηµατοδοτεί τισ µνηµονιακέσ χώρεσ, επιβάλλει αυστηρή πολιτική λιτÞτητασ, η οποία εντείνει και παρατείνει τη δυστοκία τησ οικονοµίασ. Η Γερµανία, απÞ την πλευρά τησ, δείχνει να απορεί πώσ είναι δυνατÞν να επιβαρύνει τουσ πολίτεσ τησ µε το κÞστοσ διάσωσησ και να µη θεωρείται η πλέον φιλεύσπλαχνη. Πώσ γίνεται να µην αντιλαµβάνονται οι υπÞλοιποι την ορθÞτητα

των ισολογισµένων προϋπολογισµών και των διαρθρωτικών αλλαγών; ΑυτÞ το οποίο Þµωσ Þλεσ οι χώρεσ παραγνωρίζουν είναι Þτι η οικονοµική κρίση δεν αντιµετωπίζεται ορθά τα τελευταία τέσσερα χρÞνια και Þτι δύσκολα θα µπορέσει να σπάσει ο φαύλοσ κύκλοσ. Στισ συνήθεισ συνθήκεσ του οικονοµικού κύκλου, η νοµισµατική πολιτική είναι αρκετή και ικανή να αναθερµάνει την οικονοµία. Μειώνοντασ τα επιτÞκια, µειώνεται αναλογικά το κÞστοσ χρήµατοσ για επιχειρήσεισ και νοικοκυριά, αυξάνεται η ζήτηση και επιταχύνεται η οικονοµία. Στισ σηµερινέσ συνθήκεσ, Þµωσ, τησ ευρωπαϊκήσ κρίσησ τα πράγµατα είναι διαφορετικά. Οι µειώσεισ των επιτοκίων εκ µέρουσ τησ ΕΚΤ ουδÞλωσ έχουν επηρεάσει το κÞστοσ χρήµατοσ εκεί Þπου χρειάζεται, δηλαδή στισ επιχειρήσεισ και στα νοικοκυριά τησ περιφέρειασ. Αντίθετα, οι µÞνοι ωφεληµένοι είναι τα γερµανικά κρατικά οµÞλογα και οι δανειζÞµενοι στη Γερµανία, στην Αυστρία και στην Ολλανδία. Και αυτοί οι τελευταίοι Þµωσ λιγÞτερο απÞ Þσο θα είχαν ωφεληθεί σε κανονικέσ συνθήκεσ. Η ύφεση στην περιφέρεια έχει µεταφερθεί και στον ισχυρÞτερο πυρήνα τησ Ευρωζώνησ, καθώσ η ταχεία δηµοσιονοµική προσαρµογή και το πρÞγραµµα λιτÞτητασ δηµιούργησαν συνθήκεσ κραχ στην ελληνική, στην ισπανική και στην ιταλική οικονοµία, στουσ βασικούσ εισαγωγείσ αγαθών απÞ τη Γερµανία. Βρίσκεται δηλαδή η Ευρώπη στην κατάσταση Þπου αφενÞσ η νοµισµατική πολιτική είναι ανήµπορη και αφετέρου η δηµοσιονοµική πολιτική αποδεικνύεται καταστροφική. Για τη µεν νοµισµατική πολιτική λίγα µπορούν να γίνουν

αυτή τη στιγµή. Η ΕΚΤ έχει µειώσει τα επιτÞκια στο µηδέν. Η Γερµανία ήδη δανείζεται µε αρνητικÞ επιτÞκιο για κάποιεσ λήξεισ. Το µÞνο το οποίο θα µπορούσε να λειτουργήσει αυτή τη στιγµή είναι η µεταστροφή τησ δηµοσιονοµικήσ πολιτικήσ. Ùχι βέβαια στη χαλάρωση των µεταρρυθµίσεων ή τον ισοσκελισµÞ δηµÞσιων δαπανών και εσÞδων. Αυτά είναι απαραίτητα προκειµένου να γίνει η εξυγίανση των περιφερειακών χωρών. Ùµωσ, είναι η στιγµή να µπει στο τραπέζι η δηµοσιονοµική ένωση για την Ευρωζώνη. ΑυτÞ σηµαίνει αναδιανοµή του πλούτου, µε τισ ισχυρÞτερεσ χώρεσ να επωµίζονται πραγµατικά ένα µέροσ του κÞστουσ διάσωσησ. Ùχι Þπωσ αυτÞ το οποίο πιστεύουν Þτι κάνουν ήδη. Το κÞστοσ τησ διάσωσησ τησ Ελλάδασ, τησ Πορτογαλίασ ή τησ Ιρλανδίασ δεν στοίχησε τίποτα στουσ Γερµανούσ φορολογούµενουσ. Οι οποίοι πιστεύουν Þτι, αντίθετα, έχουν επωµιστεί το κÞστοσ, ενώ στην πραγµατικÞτητα έχουν κερδίσει. Και αυτÞ είναι που αποτυπώνονται στισ έρευνεσ. Οι διαµετρικά αντίθετεσ απÞψεισ Ελλήνων και Γερµανών για τουσ ίδιουσ και τουσ απέναντί τουσ αντικατοπτρίζουν την κοινή γνώµη τησ κάθε χώρασ, η οποία δυστυχώσ δεν συµβάλλει στο να λυθεί η κρίση. Και το µεγάλο τεστ θα έρθει µετά τα ευρωπαϊκά stress tests του φθινοπώρου, οπÞτε οι ευρωπαίοι θα πρέπει να πάρουν αποφάσεισ για το ελληνικÞ χρέοσ. Χωρίσ κούρεµα των επίσηµων πιστωτών το χρέοσ δεν γίνεται βιώσιµο. Για να γίνει αυτÞ, Þµωσ, θα απαιτηθεί η σύµφωνη γνώµη των Γερµανών πολιτικών, οι οποίοι κοιτάνε κατ’ αρχάσ την κοινή γνώµη. Και αυτή δεν φαίνεται να είναι σύµφωνη.

∂ÁÎÚ›ıËÎÂ ÙÔ Û¯¤‰ÈÔ ·Ó·‰È¿ÚıÚˆÛË˜ ÙË˜ Alpha Bank Στην έγκριση του σχεδίου αναδιάρθρωσήσ τησ Alpha Bank, προχώρησε η Ευρωπαϊκή Επιτροπή, κατÞπιν σχετικού ερωτήµατοσ τησ Ελληνικήσ Επιτροπήσ Κεφαλαιαγοράσ. H Alpha Bank είχε υποβάλλει στην Ευρωπαϊκή Επιτροπή (Γενική ∆ιεύθυνση Ανταγωνισµού) το σχέδιο αναδιαρθρώσεώσ τησ, σύµφωνα µε την ισχύουσα νοµοθεσία. Σύµφωνα µε την Ευρωπαϊκή Επιτροπή το σχέδιο αναδιαρθρώσεωσ τησ Alpha Bank συνάδει µε τισ διατάξεισ περί κρατικών ενισχύσεων και Þτι οι ενέργειεσ που έχουν ήδη υλοποιηθεί, καθώσ και εκείνεσ που περιλαµβάνονται στο σχέδιο αναδιαρθρώσεωσ, δηµιουργούν τισ κατάλληλεσ συνθήκεσ, ώστε η τράπεζα να επανέλθει πλήρωσ σε βιώσιµη κερδοφορία. Επίσησ, τÞνισε Þτι η εξαγορά και η συγχώνευση τησ Εµπορικήσ Τραπέζησ κρίθηκε Þτι συµβάλλει θετικά στη βιωσιµÞτητα τησ Alpha Bank, καθώσ επιτρέπει την επίτευξη σηµαντικών συνεργειών.

Το σχέδιο προβλέπει τη συνέχιση των ενεργειών αναδιαρθρώσεωσ και εξορθολογισµού, που βρίσκονται ήδη σε εξέλιξη εντÞσ τησ τράπεζασ. Οι ενέργειεσ αυτέσ περιλαµβάνουν: -Τον εξορθολογισµÞ των λειτουργικών δαπανών στην Ελλάδα. -Τον εξορθολογισµÞ του κÞστουσ των καταθέσεων στην Ελλάδα. -Την περαιτέρω ενδυνάµωση του ισολογισµού. -Τον περιορισµÞ των δραστηριοτήτων εξωτερικού. -Την ενίσχυση του πλαισίου παρακολουθήσεωσ και διαχειρίσεωσ κινδύνων. Σηµειώνεται Þτι η πλήρησ απÞφαση τησ Ευρωπαϊκήσ Επιτροπήσ, αναφορικά µε το οριστικώσ εγκεκριµένο κείµενο του σχεδίου αναδιαρθρώσεωσ, δεν έχει ακÞµη δηµοσιευθεί (στη µηεµπιστευτική εκδοχή τησ) και αναµένεται να είναι διαθέσιµη στην ιστοσελίδα τησ Ευρωπαϊκήσ Επιτροπήσ στο προσεχέσ διάστηµα.

∂ÎÙfi˜ ÙË˜ Aegean Ë ∆Ú¿Â˙· ¶ÂÈÚ·ÈÒ˜ ΕκτÞσ του µετοχικού κεφαλαίου τησ Aegean Airlines είναι πλέον η Tράπεζα Πειραιώσ, η οποία ολοκλήρωσε την πώληση του ποσοστού που κατείχε στην αεροπορική εταιρεία αποκοµίζοντασ 20,75 εκ. ευρώ. Η πώληση που αφορούσε σε 3,3 εκατοµµύρια µετοχέσ ή το 4,66% του µετοχικού κεφαλαίου τησ αεροπορικήσ εταιρείασ, έγινε µέσω βιβλίου προσφορών, διαχειριστήσ του οποίου ήταν η UBS. Η µεταβίβαση έγινε στα 6,23 ευρώ, ενώ το εύροσ τιµών τησ µεταβίβασησ ήταν 6,23 - 6,70 ευρώ. H Aegean Airlines το 2014 παρουσιάζει σηµαντική αύξηση τησ επιβατικήσ κίνησησ µετά και την εξαγορά τησ Olympic Air. ∆εν είναι τυχαίο Þτι η συνολική επιβατική κίνηση τον Ιούνιο του 2014 σηµείωσε αύξηση κατά 21%, φθάνοντασ τουσ 1.085.210 επιβάτεσ. Είναι η πρώτη φορά στην ιστορία τησ εταιρείασ που η µηνιαία επι-

βατική κίνηση ξεπερνά το 1 εκατοµµύριο επιβάτεσ. Η αύξηση του Ιουνίου ενίσχυσε την τάση του εξαµήνου για το σύνολο του δικτύου, που παρουσίασε επίσησ αύξηση κατά 16% µε 4,3 εκατ. επιβάτεσ, 600.000 περισσÞτερουσ επιβάτεσ απÞ πέρυσι. Είναι εξαιρετικά σηµαντικÞ Þτι ωσ αποτέλεσµα τησ πολιτικήσ χαµηλÞτερων ναύλων για πρώτη φορά την τελευταία πενταετία, η ενισχυτική τάση αφορά και την κίνηση εσωτερικού µε 19% τÞσο για τον Ιούνιο Þσο και για το εξάµηνο. Παράλληλα στην αγορά του εξωτερικού η εταιρεία τον Ιούνιο, παρουσίασε αύξηση στη δραστηριοποίησή τησ απÞ Þλεσ τισ ελληνικέσ βάσεισ κατά 23%. Ιδιαίτερα θετικÞ στοιχείο είναι η σταθερή ανάκαµψη τησ Αθήνασ, η οποία τον Ιούνιο παρουσίασε αύξηση 22% στην κίνηση εξωτερικού. Παράλληλα τον Ιούνιο οι βάσεισ του Ηρακλείου, τησ Θεσσαλονίκησ και τησ ΡÞδου είχαν αύξηση κίνησησ εξωτερικού 47%, 11% και 39% αντίστοιχα.

∂ÂÎÙÂ›ÓÔÓÙ·È Ù· Goody’s Burger House Την επέκταση των καταστηµάτων Goody’s Burger House συνεχίζει η Vivartia, µέσα απÞ τη µετατροπή υφιστάµενων σηµείων του δικτύου Goody’s. Στο πλαίσιο αυτÞ, η εταιρεία ανακοίνωσε τη λειτουργία τριών νέων σηµείων στη Θεσσαλονίκη και συγκεκριµένα στην περιοχή του Λευκού Πύργου, των Πευκών και του Ωραιοκάστρου, µε το τελευταίο να ανοίγει τισ πύλεσ του τισ επÞµενεσ ηµέρεσ. ΑπÞ τον Ιανουάριο του 2014 µέχρι σήµερα έχουν ανοίξει 22 σηµεία Goody’s Burger House ενώ στÞχοσ, Þπωσ αναφέρουν οι πληροφορίεσ, είναι µέχρι το τέλοσ του 2014 να έχει δηµιουργηθεί ένα δίκτυο απÞ συνολικά 40-45 καταστήµατα. Αξίζει να σηµειωθεί Þτι τα Goody’s Burger House αποτελούν έναν χώρο εστίασησ, µε επίκεντρο τα µπιφτέκια απÞ 100% µοσχαρίσιο κιµά και αποτελούν µετεξέλιξη των παραδοσιακών Goody’s.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΙΟΥΛΙΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com

BÚ·‚Â›Ô ÁÈ· ÙËÓ AEGEAN ·fi 18,8 ÂÎ·ÙÔÌÌ‡ÚÈ· ÂÈ‚¿ÙÂ˜ Ωσ η «Καλύτερη Περιφερειακή Αεροπορική Εταιρεία στην Ευρώπη για το 2014» βραβεύτηκε η AEGEAN κατά την παρουσίαση των βραβείων 2014 Skytrax World Airline Awards, η οποία πραγµατοποιήθηκε στισ 15 Ιουλίου 2014 κατά την διάρκεια του Farnborough International Airshow. Στην ψηφοφορία, που πραγµατοποιήθηκε µέσα στο πλαίσιο των Skytrax World Airline Awards, 18,85 εκατοµµύρια επιβάτεσ απÞ 160 χώρεσ και περισσÞτερεσ απÞ 100 εθνικÞτητεσ, επιβράβευσαν την AEGEAN για το υψηλÞ επίπεδο υπηρεσιών που παρέχει στουσ επιβάτεσ τησ. Το Βραβείο αυτÞ απονέµεται στην AEGEAN για 4η συνεχÞµενη χρονιά και για 5η φορά απÞ το 2009 έωσ σήµερα. Ο Ευτύχιοσ Βασιλάκησ, ΑντιπρÞεδροσ τησ AEGEAN, ανέφερε πωσ η επαναλαµβανοµένη διάκριση τησ Aegean αποτελεί µια ακÞµη απÞδειξη Þτι η Ελλάδα διαθέτει επιχειρήσεισ που µπορούν να σταθούν ανταγωνιστικά σε διεθνέσ και υψηλÞ επίπεδο και να προσφέρουν ποιοτικέσ υπηρεσίεσ προσελκύοντασ αντίστοιχου επιπέδου τουρισµÞ. Tα World Airline Awards διακρίνονται απÞ τη διαφάνειά τουσ και απÞ το γεγονÞσ πωσ η έρευνα πραγµατοποιείται σε παγκÞσµιο επίπεδο.

∏ √¶∞¶ ÎÔÓÙ¿ ÛÙÔÓ ™‡Ó‰ÂÛÌÔ ¶ÔÏÏ·Ï‹˜ ™ÎÏ‹Ú˘ÓÛË˜ Η ΟΠΑΠ Κύπρου, για ακÞµα µία χρονιά, στέκεται δίπλα στουσ συνανθρώπουσ µασ που πάσχουν απÞ τη σκληρή ασθένεια τησ πολλαπλήσ σκλήρυνσησ και προσπαθεί µε κάθε τρÞπο να καλύψει τισ ανάγκεσ τουσ προσφέροντάσ τουσ ανακούφιση στον καθηµερινÞ αγώνα που δίνουν. H ΟΠΑΠ Κύπρου ωσ Μέγασ ΧορηγÞσ ενισχύει το ταµείο του Συνδέσµου για να µπορεί να προσφέρει στουσ πάσχοντεσ και στισ οικογένειέσ τουσ σηµαντική στήριξη µε στÞχο µια καλύτερη ποιÞτητα ζωήσ. Ο Σύνδεσµοσ Πολλαπλήσ Σκλήρυνσησ, µε 28 χρÞνια προσφοράσ έχει ωσ αποκλειστικÞ έργο τη βοήθεια των ασθενών και των οικογενειών τουσ, παρέχοντασ υπηρεσίεσ που περιλαµβάνουν φυσικοθεραπεία και κινησιοθεραπεία καθώσ και συµβουλευτική και ψυχολογική στήριξη. Η ΟΠΑΠ Κύπρου ενισχύει το Σύνδεσµο διαχρονικά, αφού οι δυσµενείσ οικονοµικέσ συνθήκεσ κάνουν τον έργο του ακÞµη πιο δύσκολο. Ο Σύνδεσµοσ Πολλαπλήσ Σκλήρυνσησ είναι µÞνο ένασ απÞ την πληθώρα των συνδέσµων και φορέων που η ΟΠΑΠ στηρίζει έµπρακτα και ουσιαστικά.

∏ PrimeTel ‚Ú¿‚Â˘ÛÂ ÚˆÙÂ‡Û·ÓÙÂ˜ ÊÔÈÙËÙ¤˜ Τουσ πρωτεύσαντεσ του Πανεπιστηµίου Κύπρου, Cyprus College Limassol και PA College, βράβευσε η PrimeTel κατά την τελετή αποφοίτησησ τουσ. Ο αριστούχοσ απÞφοιτοσ του Τµήµατοσ Πληροφορικήσ του Πανεπιστηµίου Κύπρου, Λάµπροσ Πέτρου, ο Αλέξανδροσ Κώστα απÞφοιτοσ του κλάδου ΤεχνικÞσ Ηλεκτρονικών Υπολογιστών του Cyprus College Limassol και η αριστούχοσ στον κλάδο τησ Business Computing του PA College, Γεωργία Μυλωνά, παρέλαβαν µε ιδιαίτερη χαρά το χρηµατικÞ έπαθλο που τουσ προσέφερε o Παντελήσ Στυλιανού, Υπεύθυνοσ ∆ηµοσίων Σχέσεων τησ PrimeTel. Ο κ. Στυλιανού τÞνισε πωσ η βράβευση αυτή εντάσσεται στο πλαίσιο προσπαθειών τησ εταιρείασ για προώθηση τησ εκπαίδευσησ, συµβάλλοντασ έτσι ουσιαστικά στην υιοθέτηση νέων τεχνολογικών επιτευγµάτων και κατ’ επέκταση, στην πρÞοδο τησ χώρασ. Για περισσÞτερεσ πληροφορίεσ σχετικά µε την PrimeTel κάντε κλικ στο www.primetel.com.cy ή καλέστε 133 ή επισκεφθείτε ένα απÞ τα κέντρα εξυπηρέτησησ τησ PrimeTel.

∆¤ÛÛÂÚÂÈ˜ ‰ÈÂıÓÂ›˜ ‰È·ÎÚ›ÛÂÈ˜ ÁÈ· ÙÔ √ÈÓÔÔÈÂ›Ô ∑·Ì¿ÚÙ· Τέσσερεισ διεθνείσ διακρίσεισ απέσπασε το Οινοποιείο Ζαµπάρτα στα γνωστά παγκÞσµια βραβεία κρασιού Decanter World Wine Awards. Το Οινοποιείο βραβεύτηκε µε δύο αργυρά και δύο χάλκινα µετάλλια. Η ειδική επιτροπή αξιολÞγησησ των κρασιών φέτοσ περιλάµβανε 224 ειδικούσ γευσιγνώστεσ απÞ Þλο τον κÞσµο, συµπεριλαµβανοµένων 66 Masters of Wine και 18 Master Sommeliers, µε ΠρÞεδρο τον διάσηµο δηµοσιογράφο κριτικÞ Οίνου του Decanter, Steven Spurrier. Μετά απÞ προσεκτική αξιολÞγηση, η επιτροπή απένειµε στο Μαραθεύτικο Ζαµπάρτα 2011 και στο Μαραθεύτικο Ζαµπάρτα 2012 αργυρÞ µετάλλιο, ενώ το Ξυνιστέρι Ζαµπάρτα 2013 και το Shiraz-Λευκάδασ Ζαµπάρτα 2012 απέσπασαν χάλκινα µετάλλια. ∆εν είναι η πρώτη φορά που το οινοποιείο κατορθώνει να αποσπάσει διεθνή βραβεία. Τα κρασιά Ζαµπάρτασ έχουν διακριθεί σε πολλέσ προηγούµενεσ διοργανώσεισ, συµπεριλαµβανοµένησ και τησ πρÞσφατησ επιτυχίασ του περασµένου Μάρτιου στο ∆ιεθνή ∆ιαγωνισµÞ Οίνου Θεσσαλονίκησ, Þπου το Οινοποιείο Ζαµπάρτα βραβεύτηκε µε ένα χρυσÞ και δύο αργυρά µετάλλια. Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα: www.zambartaswineries.com

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µÚ¿‚Â˘ÛË ÙË˜ MSPS ƒÔ˘Ì·Ó›·˜ H MSPS Romania και η Piraeus Bank Romania, βραβεύθηκαν στα Ιnternational Creativity Awards 2014 ! Η εταιρεία ολοκληρωµένων υπηρεσιών Marketing Communications MSPS Ρουµανίασ, µε έδρα στο Βουκουρέστι, µε δύο απÞ τισ πιο πρÞσφατεσ καµπάνιεσ, για λογαριασµÞ τησ Τράπεζασ Πειραιώσ Ρουµανίασ, “DOT, the Social Mascot” και “The Social Interns”, βραβεύθηκε στα 44α International Creativity Awards . H ολοκληρωµένη καµπάνια “DOT, the Social Mascot”, που δηµιουργήθηκε για το λανσάρισµα τησ DOT, τησ µασκÞτ των social media τησ Τράπεζασ Πειραιώσ Ρουµανίασ, κέρδισε το ΧρυσÞ Βραβείο στην κατηγορία “Ambient MediaCampaign”. Επίσησ η καµπάνια “The Social Interns”, µέσω τησ οποίασ προσλήφθηκαν 3 interns στο Facebook, κέρδισε το ΑργυρÞ Βραβείο στην κατηγορία «Integrated Campaign”. H MSPS είναι εταιρία ολοκληρωµένων υπηρεσιών Marketing Communications & Πωλήσεων, µε κεντρικά γραφεία στην Αθήνα, στο Βουκουρέστι, στη Λευκωσία και στη ΣÞφια. Η MSPS Ρουµανίασ διαθέτει υψηλή τεχνογνωσία και σηµαντική εµπειρία, και αναπτύσσει ολοκληρωµένεσ καµπάνιεσ ATL & BTL. Έχει ενεργή παρουσία στο digital περιβάλλον, µέσω εξειδικευµένου τµήµατοσ social media και µέσω on line & mobile εφαρµογών που έχει αναπτύξει. Πελάτεσ τησ MSPS Romania είναι :Piraeus Bank, Volksbank, Vodafone, Microsoft, Unilever, Titan, Liberty Center κλπ.

™ÙÈ˜ 25 - 26 πÔ˘Ï›Ô˘ ÙÔ 2o ºÂÛÙÈ‚¿Ï RIVERSTOCK Για τισ 25 και 26 Ιουλίου 2014, έχει προγραµµατιστεί το 2o Φεστιβάλ RIVERSTOCK. Ο χώροσ διεξαγωγήσ του είναι ο χώροσ στάθµευσησ του Ποταµού ΓερµασÞγειασ στην ΛεµεσÞ και στα πλαίσια διεξαγωγήσ του η Absolut, παρουσιάζει τουσ Bασίλη Παπακωνσταντίνου τον Φίλιππο Πλιάτσικα και Μπάµπη ΣτÞκα. Στισ 25 Ιουλίου και δέκα χρÞνια µετά την διάλυση των Πύξ Λάξ και 3 χρÞνια απÞ την θρυλική επανένωσή τουσ µε 80.000 θεατέσ στο ΟλυµπιακÞ στάδιο, ο Φίλιπποσ Πλιάτσικασ κι ο Μπάµπησ ΣτÞκασ ανταµώνουν και πάλι. Μετά τισ εξαιρετικέσ sold out χειµερινέσ εµφανίσεισ τουσ, αυτή τη φορά στη σκηνή του φεστιβάλ Riverstock, στη ΛεµεσÞ. Στισ 26 Ιουλίου ο Βασίλησ Παπακωνσταντίνου, η µεγαλύτερη φωνή τησ ελληνικήσ ροκ, ‘’ο αιώνιοσ έφηβοσ’’ ο πλέον αγαπητÞσ συναυλιακÞσ καλλιτέχνησ των τελευταίων σαράντα χρÞνων, που διατηρεί σταθερά δυνατή την φλÞγα τησ σκηνικήσ του παρουσίασ µασ προσκαλεί σε µια συναυλία που θα προσφέρει συγκίνηση και δυναµισµÞ, εκτÞνωση και σκέψη. Στο φεστιβάλ επίσησ συµµετέχουν µερικά απÞ τα πιο σηµαντικά κυπριακά σχήµατα, εκπρÞσωποι τησ έντεχνησ ροκ µουσικήσ : ΠαπιγιÞν Band, Cashiers και η Έντεχνη Ροκ Σκηνή στο Πέραµα. Ένα µεγάλο µπαρ µε µοναδικά κοκτέιλ θα στηθεί ειδικά για το φεστιβάλ µε την πιο Absolut... διάθεση! ΦιλανθρωπικÞσ στÞχοσ του φετινού φεστιβάλ είναι η προώθηση του έργου του νεοσυσταθέντοσ οργανισµού Panos Evripidou Foundation, www.panosfoundation.com Η τιµή εισιτήριου για κάθε µέρα είναι 18 ευρώ και για τισ δύο µέρεσ 25 ευρώ. Ώρα έναρξησ στισ 19.30.

July 23 - 29, 2014

financialmirror.com | WORLD MARKETS| 17

Can a new COO help save BlackBerry? By Jon C. Ogg BlackBerry Limited (NASDAQ: BBRY) has a turnaround that remains caught between a rock and a hard place. The consumer move into iPhone and Android smartphones has sucked in almost all but the most loyal enterprise and corporate users. The move out of manufacturing and designing most of its own phones was one game-changing move, but now comes news that BlackBerry has named a new Chief Operating Officer. News broke on Monday that Marty Beard will become COO, to lead marketing and development on the applications around the BB10 operating system. Beard founded LiveOps, a cloud-based software provider for businesses to manage their customer service/call centres. Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOGL) are front and centre here. After all, it is these two companies which have taken over the smartphone market. Here is where the rub is. 24/7 Wall St. recently named Blackberry as one of ten brands that will die by the end of 2015. Can a new COO help curb this brand’s demise? Beard is replacing Krtistian Tear after he departed BlackBerry in November. This departure was on the heels of John Chen taking over as CEO. We had been operating under the assumption that BlackBerry would not name a new COO. Maybe management decided that all of the post-layoff efforts could use some extra supervision and spear-heading. Another issue to consider here is that Apple just announced in the last week that it was partnering with International Business Machines Corp. (NYSE: IBM) to build applications. As IBM targets corporations and enterprises almost solely, many investors feared that this was Apple sticking a fork into the BlackBerry heart. In fact, Blackberry shares fell from $11.30 ahead of that news down to as low as $9.70 after the news. Where this gets really interesting is that the new COO announcement is ahead of new device launches with new mobile management software with secured messaging. The

target here is enterprises – government, corporations, and other organisations. The big question to us is not just whether Blackberry can shrink itself back into profitability. The brand is already drying up as far as consumers are concerned. The company’s market share has fallen from 20% close to 2% in the last five years. What BlackBerry has a win on by far is security. In the day and age of hacking and government snooping, somehow some way BlackBerry has not been able to convince buyers about the “Remember Us?” lesson. It almost feels as bad as PC-maker Gateway not capitalising after the September 11, 2001 terror attacks that it was the only all Made-in-America brand. We will know in a week or so whether BlackBerry’s security-focused presentation in New York in the next week will have mattered or not. Google Inc. (NASDAQ: GOOGL) remains a threat here. Actually, it is perhaps THE threat. Google is now targeting Android at the next round of emerging market customers.

This is for a sub-$100 smartphone targeted at the 5 bln people who don’t have a smartphone. Google even took on Alan Mulally to be on its board of directors. Predicting the death of a brand is never really fun. The problem is that predicting what happens when your market share drops from 20% down to 2% – a 90% penetration drop – feels a bit like shooting fish in a barrel. We could even argue that BlackBerry is already dead as a consumer brand. Palm once held a dominant share as well, and it also had its own operating system with a dominance in the corporate and enterprise unit. Does that sound at all similar to BlackBerry? Palm is now history, even after Hewlett-Packard Co. (NYSE: HPQ) bought it, closed it, and turned WebOS into an open source project with a goal and current situation that almost nobody knows about. Can a new COO save BlackBerry? If so, it won’t be easy. We will know soon enough. Stay tuned! (Source: 24/7 Wall St.com)

Deutsche Bank ups targets on biotech and health care By Lee Jackson With the second-quarter earnings coming fast and furious, and with another big week in front of investors, many of the top Wall Street firms are getting the chance to sift through the numbers and results. They are also beginning to be able to reexamine not only their theses, but their price targets as well. New research reports from the biotech, health care and medical device teams at Deutsche Bank raise price targets on three top names to buy and include updates on two others. Investors looking to add new stocks to their portfolios in these areas may want to consider these companies as very solid ideas. Amgen Inc. (NASDAQ: AMGN) is one of the mega-cap biotechs that many on Wall Street think will handily beat this year’s earnings estimates. Over the past five years, the company has had free cash flow of at least $3 bln a year. Over the past decade, the company has grown its after-tax profit by 14% compounded annually. The company released very positive phase 3 results last week for AMG416, a new treatment for secondary hyperparathyroidism. With the patent on Sensipar expiring in 2017, the company looks to extend the valuable franchise. Investors are paid a 2% from the biotech giant. Deutsche Bank raised its price target from $144 to $149. The Thomson/First Call consensus target is posted at $132.18. The

stock ended trading on Friday at $118.30 a share. Athenahealth Inc. (NASDAQ: ATHN) reported very strong earnings, but some of its cautious commentary caught analysts off guard. The Deutsche Bank team thinks that, despite the earnings beat, investors may focus on the commentary and not the strong fundamentals. The revenue and strong gross margins drove earnings of $0.32 per share, versus their estimate of $0.20 and the consensus of $0.22. Better utilisation, faster collections and pricing drove the top line and gross margins. The Deutsche Bank price target of $182 is way above the consensus number of $159. Athenahealth closed on Friday at $124.60, which was down more than 2% on the day. ExamWorks Group Inc. (NYSE: EXAM) is a leading provider of independent medical exams (IMEs), peer reviews, bill reviews, Medicare compliance and other related services. The company’s current thesis is to transform the IME market through superior IME data security and a national footprint, which the Deutsche Bank analysts feel is playing out almost exactly they envisioned. Deutsche Bank raised its price target on ExamWorks’ stock from $38 to $40. The consensus target is set at $39.25. Shares closed on Friday at $31.55. Stryker Corp. (NYSE: SYK) has continued to expand its business lines over the past year through acquisitions. Last year, Stryker completed its acquisition of MAKO Surgical to get hold of the latter’s advanced robotic arm technology, known as Robotic Arm Interactive Orthopedic System. The acquisition is helping the company gain a

competitive edge in the hip-and-knee replacement market. Stryker good earnings that were in-line with estimates and offered up some mixed guidance for the rest of the year. The company had some positive comments on its 2015 tax status. Investors are paid a 1.4% dividend. The Deutsche Bank price target for this top medical device stock is $90, and the consensus target is at $88.41. Stryker closed on Friday at $82.16 a share. UnitedHealth Group Inc. (NYSE: UNH) offers the full spectrum of health benefit programmes for individuals, employers and Medicare and Medicaid beneficiaries, and it contracts directly with more than 800,000

physicians and care professionals, as well as 6,000 hospitals and other care facilities. The company posted solid second-quarter numbers and delivered improved execution on operating expenses, which if maintained should create a higher earnings-per-share run-rate through 2015. Investors are paid a 1.8% dividend. The Deutsche Bank price target is $90, and the consensus target is $91.14. The stock closed on Friday at $85.52. Deutsche Bank has a nice mix of stocks that cover a lot of health care sector ground. Going forward, with an aging population, these names should continue to do well in a long-term growth portfolio. (Source: 24/7 Wall St.com)

McDonald’s and Yum! hit with new China scandal Chinese regulators have closed down a local meat supplier following a TV report that the company was mixing meat that had passed its expiration date with fresh meat and using other unsanitary practices. The supplier provided meat to both McDonald’s Corp. (NYSE: MCD) and Yum! Brands Inc.’s (NYSE: YUM) KFC restaurants. The two firms have issued an apology and said that they will stop using the supplier. In early 2012, both McDonald’s and Yum were hit with a similar scandal in which suppliers were providing chicken pumped full of excess antibiotics. The scandal hammered Yum’s revenues in China, the company’s largest market, cutting revenue growth in the Middle Kingdom from 35% year-over-year in

2011 to 25% in 2012 and -1% in 2013. McDonald’s may depend less on China for total revenue, but revenue growth slipped from 6% year-on-year in 2012 to just 1% in 2013. Total revenue growth for the company in both years was 2% in local currency. In its annual report for last year, McDonald’s acknowledges that expansion in China was a primary reason for growth in the company’s APMEA division. If the past is any guide, KFC and McDonald’s are in for some tough times, and neither is likely to get by with just an apology. Shares of Yum traded down about 3.8% Monday, at $74.52 in a 52-week range of $64.08 to $83.58. McDonald’s shares were down about 1%, at $97.99 in a 52-week range of $92.22 to $103.78.

July 23 - 29, 2014

18 | WORLD MARKETS | financialmirror.com

Bears are back, fearful of world events By Oren Laurent President, Banc De Binary

Global stocks and indices are responding to a week of dire geopolitical headlines. At the end of the last trading week, European markets were on their way down, following their American and Asian counterparts. The bears are now back in the picture. Last week, a Malaysian Airlines passenger plane was shot down over Eastern Ukraine, with Russian and Ukrainian factions blaming each other for the death of all 298 people on board. This happened as Israel began its ground invasion on Gaza, hoping to put a stop to the rocket and tunnel attacks of the terrorist group Hamas, and as the Islamic State continued fighting across Iraq and

Syria, now expelling Christians from the northern Iraqi town of Mosul. The air disaster increased tensions that have been long bubbling up and raised the prospect that the EU and US will impose yet further sanctions on Russia, as they push for an end to the crisis. Although Russian President Putin has repeatedly denied his involvement in the fighting, US President Obama has insisted that the civil war in Ukraine is facilitated by Russian supports for separatists. Remember that Russia is Europe’s single largest energy supplier and an important trade partner. Combined with the uncertainty in the Middle East, which also threatens global stability, investors started to sell off. European equities fell on Thursday, and by mid-morning on Friday, London’s FTSE 100 was down 0.47%, the CAC sank 0.08% in Paris, and the DAX in Frankfurt lost 0.75%. The MICEX in Moscow was worst affected, down 1.32%, while the currency, the ruble,

lost value against the dollar and the euro. German 10-year bonds closed the week at a record low. The Ukrainian crises doesn’t seem to be drawing to a near end. Monday’s reported assault by Ukrainian tanks on the rebelcontrolled Donetsk marked the first major violent incident since the airliner was shot down, serving as a further dampener on sentiment, and leading to calls for further sanctions. Travel and leisure industries have also taken a wide hit; the longer the various conflicts continue, the longer term the impact on tourism will be across Eastern Europe and the Middle East. After the European markets reacted, the knock-on effect was predictably felt in Asia. As is common during times of crisis, forex traders turned to the Japanese yen. Traders pushed up the currency in Tokyo, thus pushing down the value of the country’s export orientated companies. As the yen surged against all of its major peers, gold also

rose the most in 4 weeks with investors keen to seek out the security that it offers. For short term binary options traders, the present situation affords a plethora of opportunities. The politics behind scenes are far more complicated however. As the US and other superpowers press for peaceful and democratic solutions, it is hard to judge just how long fighting can and will continue. Indeed the volatility in the markets reflects the very fact that we cannot always logically anticipate the intentions and strategies of rebel groups. Investors will be best refraining from making long term calculations just yet.

www.bancdebinary.com

Bullish trend line remains short-term Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

EURUSD

The potential short-term bullish trend line that began to formulate the week before proved itself. Economic data continued to showcase current weaknesses within the EU and last Thursday, the EURUSD dropped to 1.3490 for the first time since February. The latest Eurozone trade balance and German ZEW survey both missed expectations. Additionally, Mario Draghi reiterated during his testimony to the EU Parliament that he felt the EURUSD was currently overvalued. Overall, the EURUSD lost nearly 100 pips throughout the past week. Further losses were possibly spared by comments from ECB Governing Council member, Ardo Hansson that Quantitative Easing (QE) is not a tool he personally feels the ECB needs to introduce. For this week, most of the EU economic data is released on Thursday. This includes the latest Spanish unemployment, Italian retail sales and manufacturing/services PMIs throughout the EU, which will continue to suggest that EU economic activity is slowing down. It is important to consider that the latest US GDP advance estimate is scheduled to be released in just under a fortnight. Any US economic releases disappointing over the next week or two will likely result in anxiety over the GDP release. Therefore, risk appetite should not be ruled out of the equation, no matter how bleak the EU economic sentiment might be. Moving on to the technicals on the Daily timeframe, support levels can be found at 1.3509 and 1.3475. If you are a firm believer in the Stochastic Oscillator and RSI, this pair is now situated around the oversold boundaries and an upturn in valuation might be on the horizon. Resistance levels can be located at 1.3560 and 1.3595.

GBPUSD

Just as it appeared that the GBP bulls were about to take a breather, alarm bells sent the bulls charging out of the gates again. Last Tuesday’s UK CPI (Inflation) far surpassed expectations, with UK inflation levels rising by an annualised 1.9% in June. This brought UK CPI within 0.1% of the Bank of England’s (BoE) threshold CPI target to consider an interest rate increase. On Tuesday alone, the GBPUSD appreciated by over 100 pips. This included setting a new yearly high at 1.7189. Unfortunately for the GBP bulls, their rally to the upside was relatively short-lived. Following the CPI release, anticipation was high for the

latest employment report which showed that jobless claims continued to decrease in June and the overall unemployment rate remained unchanged at 6.5%. Recently, BoE Governor, Mark Carney hinted that a rate below 6% might influence the central bank’s decision to raise interest rates. Due to the unemployment rate remaining unchanged, the GBPUSD concluded the week with three days of consecutive losses. Looking ahead, there is a high quantity of economic data coming up. This includes CBI optimism on Tuesday and the latest BoE minutes on Wednesday. Thursday sees the latest retail sales released and following the old cliché, perhaps the best will be left to last – Friday will see the latest GDP. In regards to the technicals on the Daily timeframe, a bullish trend line continues to dictate the overall direction of this pair. Despite the GBPUSD concluding the week with three days of successive losses, the GBPUSD bull’s resilience to take control at any stage is proving impressive and I am refraining from offering a bearish outlook. If the bearish momentum does continue, further support is located at 1.7019 and 1.6957. Resistance levels are situated at 1.7101 and 1.7144, while last week’s yearly high remains at 1.7189. In quick reference to the momentum indicators, the Stochastic Oscillator appears to be heading towards the oversold boundaries, while the RSI is teasing the end of a near 3-month trading range.

USDJPY

The USDJPY continued to trade in another narrow range. At the beginning of the week, the pair seemed to be advancing, before Janet Yellen’s comments during the second day of her testimony to the US Senate Committee weakened the USDJPY momentum. Yellen mentioned that she felt the US economy still requires QE support and the markets reacted unfavourably. It is also highly likely that the JPY was used as a safe-haven, following the airline tragedy in Ukraine. Looking ahead, there is a greater variety of economic data coming up. It would appear that US news is going to dictate the next direction of the USDJPY. On Tuesday, the latest CPI (inflation) data is followed by initial jobless claims on Thursday and the latest durable goods orders on Friday. In regards to Japanese economic news, their latest CPI data is released on Friday. The sales tax implemented in April has correlated in the past two CPI releases fluctuating. If this Friday’s CPI shows that Japanese economic data is about to slow down, bullish moves are likely. ForexTime Ltd (FXTM) is a forex broker registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission (CySEC). For information, disclaimer and risk warning, visit www.forextime.com

July 23 - 29, 2014

financialmirror.com | MARKETS | 19

Buy Indian dips Marcuard’s Market update by GaveKal Dragonomics A fortnight ago India’s much hailed reforming government unveiled its first budget and everyone yawned. Former Prime Minister Manmohan Singh got it about right when he said that the new finance minister’s programme could just as easily have been presented by his own maligned Congress-led administration. For investors the problem was the absence of a credible fiscal consolidation plan or a road map to curtail boondoggles such as India’s vast subsidy programmes. Indian equities are 3% off their July 7 peak and more declines may follow. Yet despite the government’s naive expectations in management strategy, we contend that India’s reform story lives, and any pull-back in equities offers a strong buying opportunity. In addition to a gathering cyclical recovery as shown by increased trade activity in June, our upbeat view rests upon a read of the political calculations being made by Narendra Modi’s government. Put simply, it needs to keep relatively clean hands ahead of provincial elections including the key state of Maharashtra in the next six months. Major reform initiatives that threaten labour groups or trade guilds will cause a backlash for candidates in Modi’s Bharatiya Janata Party. Despite the BJP’s majority in the national legislative body, the key to the “stealth” reform initiative that Modi looks to be pursuing relies upon capturing regional strongholds and working the revolution from the

bottom up. The country’s federal set-up empowers provincial administrations to legislate in key policy areas such as electricity tariffs and land acquisition; legislation passed by state assemblies can even supersede central legislation if it gets Presidential assent. Modi has long argued for more power to be devolved to the states and he is more likely to deliver if he can help install like-minded administrations with a positive view on implementing tough reforms. The power sector is an ideal example of this dynamic. Most of India’s generation capacity has been developed under the control of the central government and Delhi has helped build lots of shiny new power stations-the new capacity means that the peak demand-supply deficit should have fallen from as much as 17% in 2008 to about 5%. The problem is that much of this capacity is not being used for local reasons. In particular, state-controlled electricity distribution firms are too cash-strapped to buy power at market rates, while tariffs are dictated by state governments which in catering to their electorates’ wish for cheap electricity neglect the financial health of utilities. Cajoling state governments to adopt unpopular but vital tariff hikes requires a carrot-and-stick approach. A simple promise of further autonomy or a greater share in tax revenues should prove to be a sufficient catalyst to enact more such needed reforms. To be sure, this rather generous read on Modi’s political strategy does not excuse his first budget which was weak where it need not have been. It reiterated the last administration’s fiscal consolidation plan to cut the deficit

from last year’s 4.5% of GDP to 4.1% this year and to 3% by March 2017, but this somewhat fantastically assumes 19% growth in revenue. Already in the first two months of the fiscal year, the deficit has reached 45% of the target and it is unlikely that a targeted INR584bn from privatisation sales will be realised. If there was one positive from an otherwise lacklustre budget, it was the support for investment, especially in infrastructure. The foreign direct investment cap was raised for the insurance and defense sectors to 49% from 26%, tax incentives were granted to trust vehicles investing in real estate and infrastructure and banks were offered regulatory forbearance if they make long term infrastructure loans. We like these initiatives because they help kick-start an investment cycle without forcing the Reserve Bank of India to stop leaning against inflation and cutting rates. In this regard former PM Singh is dead wrong in his statement about the two government’s sameness. Finance Minister Arun Jaitley did not browbeat the RBI and effectively endorsed its idea for a formal inflation targeting framework. Such a positive development should militate against a policy mistake exacerbating short term inflationary risks resulting from sub-par monsoon rains or the threat of an oil price spike due to Middle East events. And it reinforces our belief that the government is signed up to the long game on supply side reform to end India’s stagflation problem. As such, despite valuations looking stretched we would continue to treat any sell-off in the Indian markets as a buying opportunity, particularly among cyclicals.

Fears for China’s growth postponed Marcuard’s Market update by GaveKal Dragonomics The Chinese government has once again stabilised the economy. Spooked by decelerating growth and a property market correction early in the year, the government has spent the last few months loosening credit and rolling out supportive policies. Last week’s economic data release showed the pay-off: GDP growth in the second quarter picked up slightly to 7.5%, beating expectations it would be flat at 7.4%. This means that investors’ fears about a collapse in China’s economic growth can be put off for yet another year. But the success of government stimulus will not in itself answer all the concerns about longer-term prospects, or provide a catalyst for the rerating of Chinese equities. There were several pieces of good news in the latest data release: property sales were flat after declining for three months, a sign that the recent correction may not be prolonged. Industrial production and fixed-asset investment continued to pick up. In addition, fears that widespread corporate defaults would strain the banking system have not been realised. On the bad news front, consumer spending weakened after holding up well earlier in the year. This combination points to another quarter at least of decent

growth, though it will still be a stretch for China to meet its target of 7.5% GDP growth for the full year. But there is limited potential for growth to accelerate further in the second half. And the recent stabilisation may not last long since it has been driven primarily by faster credit growth and higher fiscal expenditure. The central bank has turned rather dovish and banking regulators have loosened the loanto-deposit ratio, which led to a rebound in credit growth in May and June. Yet even the massive amounts of new credit being issued - the central bank expects aggregate financing to increase by RMB18.5trn this year - will only push up credit growth to 18% or so by the end of the year, from 17% in June. Credit growth could well start decelerating again in early 2015. And on the fiscal side, while spending in the first half jumped 16%, the budget calls for just a 9.5% increase over the course of the year-meaning that spending growth needs to slow to 6% in the second half to stay within budget. So while China has secured stable growth for now, by early 2015 it could well face the same problem it did earlier this year: that growth is slowing while the room to deliver additional stimulus keeps shrinking. How should investors trade all this? Chinese stocks have underperformed both India and Indonesia this year, where investors appear to put more faith in the ability of new political leaders to deliver a bright economic future. But Chinese stocks

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.

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1 .8 1 2 .1 4 0 .6 4 0 .2 4 0 .2 7

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C C Y 1\ C C Y 2 USD EUR GBP CHF JPY

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1 USD 1 EUR 1 GBP 1 CHF 1.3485 0.7416

1.7069 1.2658

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101.54

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173.32

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B e l a r us s i an R u b l e Br i t i sh P ou n d * B u l ga r i a n L ev C z e c h K o ru n a D a n i s h K r o ne E ston i an K r oon E uro * G e o r g i a n La r i H u n g a ri a n F o r in t L a t v ia n La t s L i t h ua n i a n L i t a s M a lt e s e P o u n d * M o ld a v a n L e u N or w egi a n K r on e P o l i s h Z lo t y R o ma n i a n L eu R u s s ia n R o u b l e S w e d is h K r o na S w i s s F ra n c U k r a i n ia n H r y v n i a

B YR G BP BGN C ZK DKK EEK E UR GEL H UF L VL L TL MTL M DL N OK PLN RON R UB S EK CHF U AH

10270 1.7066 1.4503 20.376 5.5299 11.60 36 1.3484 1 .746 229.43 0.5212 2.5605 0.3184 1 3.94 6.1876 3.0733 3 .293 34.87 02 6.8531 0.9011 1 1.65

A u s t r a l i a n D o l la r * C a n a d i an Do l l a r H ong K ong Dol l ar In d i a n R u p ee Ja p a n ese Y en K ore an Wo n N e w Z e la n d D o l l a r * S i n g a p o re D o l l a r

AU D CA D HK D I NR JP Y KRW N ZD SGD

0.9391 1.0744 7.7513 6 0.27 101.53 1024.3 1.1534 1.2406

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BHD EGP IRR ILS J OD KWD L BP OMR Q AR SA R ZAR AED

0.3770 7.1478 25480.00 3.4168 0.7080 0.2824 1513. 00 0.3850 3.6391 3.7502 10.62 39 3.6728

A ze rb ai j a n i a n M an a t K a za k h s t a n T e n g e Tu r ki s h L i r a

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have also done even worse than Thailand after its military coup, which could argue that it is time for investors to rotate into China. In the past, Chinese stocks have typically rallied by 1015% when the economy has emerged from a growth trough. However, we think such a re-rating looks unlikely this time round, since the recovery will most likely be short-lived, and China’s underlying economic problems have yet to be solved.

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0.7832 183.51 2.1204

July 23 - 29, 2014

20 | WORLD MARKETS | financialmirror.com

“Traditional” banks may not exist by 2025, says PwC A new report from PwC suggests that, by as soon as 2025 – 2030, a market economy could readily exist without banks of the traditional kind. The report, The Future Shape of Banking, says that as barriers to entry for non-banks to provide formerly ‘core’ banking services continues to decline, the business models of today’s banks will be challenged. However, banks retain some substantial advantages to help them prevent this from happening: although tarnished by the financial crisis, banks’ brands and reputations remain powerful, shored up by familiarity, experience and regulation. Trust and brand matter in financial transactions and some of the resistance to alternative

banking providers results from a lack of trust in their security. “The status quo is no more but the need for banking services remains. But corporate history is full of cautionary tales about incumbency advantage being lost at the turn of technological cycles,” said Stelios Constantinou, Banking Industry Leader at PwC Cyprus. “Banks still have advantages and alternative providers suffer from a lack of trust but to be part of the future banks need to invest heavily, rediscover and reassert their core role in society, and secure the ongoing support of policymakers,” he added. “The biggest danger for banks is if they

lose sight of customer transactions to other players in the value chain, thereby also losing insight into customer behaviours and allowing the power of their brands to diminish. “New non-bank entrants and technological advances will challenge banks’ business models and fundamental change is inevitable. The only question is how much of banks’ traditional territory the new entrants will occupy.” Other key points from the report suggest that banking services will move away from physical, tangible distribution into technology-enabled channels. Also, as technology advances, it will become easier for customers to move

between banks and other service providers. The report added that brands could become central to banks’ value – those which build a brand which represents trust, integrity, security and quality to customers will be more likely to solve the ‘transaction cost’ of choosing how and with whom to bank. Finally, it concluded that banks could become utilities, focused on the management of deposits below insured limits and providing a narrow range of domestic credit products, while regulators and regulation also need to adapt their mindset and approach in order to deal with the changing banking landscape.

The new neutrality By Yuriko Koike Throughout the Cold War, the Soviet Union used every imaginable threat and inducement – including the ultimate prize of reunification – to bring about a neutral Germany. But German leaders of both the left and the right, from Konrad Adenauer to Willy Brandt, spurned every Soviet offer. Will authoritarian mercantilism now succeed where communism failed? Countries join alliances, or entities such as the European Union, because these groups make the benefits and obligations of membership as unambiguous as anything in international relations can be. For Germany and South Korea, however, relationships with historic allies – NATO and the United States, respectively – appear to be changing before our eyes. Through their huge purchases of goods, with promises of even more to come, today’s authoritarian/mercantilist regimes in Russia and China may be about to achieve by commerce what the Soviets could not achieve by bribery and threats. And the scale of that commerce is breathtaking, with German exports to China growing from $25.9 bln a decade ago to $87.6 bln in 2011, while South Korea’s exports have increased from $53 bln to $133 bln during the same period of time. A form of stealth neutralism, indeed, appears to be entering both countries’ diplomacy. Witness Chinese President Xi Jinping’s recent trip to South Korea, German Chancellor Angela Merkel’s unwillingness to impose effective sanctions on Russia for its intervention in Ukraine, and the business-only focus of her just-concluded visit to China. In both Germany and South Korea, the idea that historic alliances may offer fewer tangible benefits than tacit neutrality – particularly in terms of exports – appears to be taking root, especially among business elites. Xi’s visit to Seoul was another bold step in China’s systematic efforts to wean South Korea from its commitment to the US-led international economic order. By offering to permit South Korea to settle its bilateral trade accounts in renminbi, and to launch the first-ever Sino-South Korean initiative toward North Korea, Xi is seeking to convince South Korea’s leaders that the country’s future, including reunification, will be determined in Beijing. China’s invitation to South Korea to participate in a new Asian Infrastructure Investment Bank (alongside other countries in Asia and the Arab world, but excluding Japan and India) furthers Xi’s efforts to create an alternative financial system, with the AIIB mimicking the Asia Development Bank’s work. China’s embrace of South Korea is part of a long-term strategy to turn it into a subordinate state in terms of foreign and national security policy (much as Finland kowtowed to the Soviet Union throughout the Cold War). And yet, though courted by all sides in the struggle to maintain stability in Northeast Asia, South Korea now runs the risk of becoming isolated. Every gesture by the South toward one of the protagonists – China, the US, Japan, and North Korea – elicits so much pressure by the others that its government must then somehow devise a compensatory policy.

Chinese President Xi Jinping and South Korean President Park Geun-Hye attend the Korea-China Investment Forum at Shilla Hotel in Seoul, earlier this month. Xi Jinping was visiting Seoul before Pyongyang during his first trip to the Korean peninsula as Chinese President. (Photo: EPA) For example, following President Park Geun-hye’s request that Xi honor the Korean assassin of a Japanese prime minister, to which Xi readily agreed, she began to discuss joining the USled Trans-Pacific Partnership free-trade negotiations, in order to assuage the US. As China continued to pursue an anti-Japanese propaganda campaign throughout 2013, Park felt obliged to make some effort to revive ties with Japan by sending a private envoy to Prime Minister Shinzo Abe to seek talks on reconciling their disputes. Given its insecurity, a by-product of the Korean Peninsula’s long division, South Korea requires, above all, calm and steady partners. But frequent changes in US policy toward Northeast Asia in recent years have disoriented South Korean policymakers, while Chinese policy, though consistent, confronts South Korea’s leaders with choices that they appear unprepared to make. As a result, South Korea’s elite appears to be splitting into pro-Chinese and pro-American factions that transcend party lines. Over a period of time, the only beneficiaries are likely to be those who call for “Finlandization” of the Korean peninsula. Meanwhile, the impact on German foreign policy of the country’s deepening economic ties with Russia has been evident throughout the Ukraine crisis. Though Merkel frequently admonished the Kremlin about its intervention in Ukraine, German public opinion – particularly that of the country’s business leaders – tied her hands. Indeed, German big businesses have been the main obstacle to imposing the type of systemic sanctions that might have dissuaded Russian President Vladimir Putin from annexing Crimea and continuing to back the insurgency (which Russia itself incited) in eastern Ukraine. This is not the only recent case in which Germany has

distanced itself from its allies and partners. In Libya in 2011, Germany refused to offer even rudimentary material support to the military intervention staged by its British and French allies. Germany has also continuously failed to meet its commitment to spend 2% of its GDP on defense, at the same time that it has insisted that troubled EU economies stick to austerity budgets that limit their deficits to a fixed proportion of their economic output. Indeed, throughout the eurozone crisis, Germany did the absolute minimum – and always at the last possible moment – to assist its EU partners. And German leaders’ obsession with maintaining their country’s “golden decade” of exports appears to have gagged them on topics like China’s human rights abuses and its aggressive behavior toward its Asian neighbors. That silence is being rewarded with the first-ever joint cabinet sessions between a democracy and a communist dictatorship, which will take place in Berlin this autumn. In both Germany and South Korea, economic strength seems to have produced an illusion of policy independence that is opening a chasm between the two countries and their allies – a chasm that revelations of US spying, on Merkel in particular, have deepened. Germany and South Korea, however, will gain little, and risk much, if they downgrade their alliance ties in favor of commercially motivated, if unofficial, neutrality. Whatever short-term benefits they receive will be more than offset by their strategic vulnerabilities vis-à-vis Russia and China. Yuriko Koike, Japan’s former defense minister and national security adviser, was Chairwoman of Japan’s Liberal Democratic Party’s General Council and currently is a member of the National Diet. © Project Syndicate, 2014, www.project-syndicate.org

July 23 - 29, 2014

financialmirror.com | WORLD MARKETS | 21

Google revenues and cash flow should keep investors smiling By Paul Ausick, 24/7 WallSt.com Google Inc. (NASDAQ: GOOGL) reported second quarter 2014 results last week, with the search engine behemoth reporting adjusted diluted earnings per share (EPS) of $6.08 on revenues of $15.96 bln including traffic acquisition costs (TAC). In the year-ago quarter Google posted EPS of $4.96 on revenues of $13.11 bln. Analysts were estimating EPS of $6.24 on revenues of $15.62 bln. This marks the first post-split and dualclass earnings report. It is hard to know if the changes will have been entirely accounted for in the analysts estimates because it often happens that analysts do not properly account for reorganisations immediately. Google also announced that the company’s chief business officer, Nikesh Arora, is leaving to join SoftBank as Vice Chairman and CEO of

SoftBank Internet and Media. Omid Kordestani is stepping in to lead the business organisation “for now,” according to the release. Excluding traffic acquisition costs (TAC) of $3.29 bln, Google’s revenues totaled $12.67 bln for the quarter. The majority of TAC — $2.4 bln — was paid to Google’s network members. Another $893 mln was paid to distribution partners and others who direct

traffic to Google’s website. Paid clicks rose approximately 25% yearover-year and rose about 2% sequentially, while cost-per-click fell approximately 6% yearover-year and was flat sequentially. The paidclick rate fell short of an analysts’ estimate of 33%. The company’s CFO said: Google had a great quarter with revenue up 22% year on year, at $16.0 bln. We are moving

forward with great product momentum and are excited to continue providing amazing user experiences, with a view to the long term. Non-GAAP operating income totaled $5.14 bln, up from $4.21 bln in the same period a year ago. As a percentage of revenue, however, non-GAAP operating income slipped was flat at 32%. Other cost of revenues rose from 17% of revenues a year ago to 18%, and operating expenses rose from 34% of revenues a year ago to 35% this year. Given the stock split and the change to a dual-class share structure it’s a bit tricky to assess what’s going on with Google. One thing that is going very right is operating cash flow which rose from $4.7 bln a year ago to $5.63 bln in the second quarter of this year. That’s a gain of 20%. Shares are trading up about 2.5% at $595.22 in after-hours trading today. The 52week range is $412.91 to $615.05. Thomson Reuters reported a consensus price target of around $660.50 before last Thursday’s earnings report.

The inverted world of mobile capital By Laura D. Tyson

By Laura TyA growing number of American companies are seeking to move their legal headquarters abroad by acquiring or merging with foreign companies. In the latest case, Medtronics plans to acquire Irish-based Covidien, a much smaller company spun off by US-based Tyco, and move its legal headquarters to low-tax Ireland, culminating in the largest ever “inversion” or “redomiciliation” of a US company. Walgreens is reportedly considering moving its headquarters to the United Kingdom by acquiring the remaining public shares of Alliance Boots, the Swiss-based pharmacy giant. Such deals reflect the deep flaws in the United States’ corporate tax system. The US has the highest statutory corporate tax rate among developed countries and is the only G-7 country clinging to an outmoded worldwide tax system under which the foreign profits earned by US-headquartered companies incur additional domestic taxes when they are repatriated. By contrast, all other G-7 countries have adopted “territorial” systems that impose little or no domestic tax on the repatriated earnings of their global companies. This difference puts US-headquartered multinationals at a disadvantage relative to their foreign competitors in foreign locations. To offset this, US multinationals take advantage of a deferral option in US tax law. Deferral allows them to postpone – potentially indefinitely – the payment of US corporate tax on their foreign earnings until they are repatriated. Not surprisingly, as their foreign earnings have grown as a share of total earnings, and as foreign corporate tax rates have plummeted, US companies’ stock of foreign earnings held abroad has soared, now topping $2 trillion. The US system thus implies significant costs, as companies hold more cash abroad, borrow more to finance domestic cash requirements, and invest more in foreign locations. Deferred earnings are “locked out” of the US economy: the government receives no tax revenues from them, and they are not directly available for domestic use by US companies. This undermines their ability to compete with foreign companies in acquiring other US companies. It also makes investments by US shareholders in domestic companies less attractive relative to investments in foreign companies that can distribute their foreign profits in the US without an additional tax penalty. Overall, deferral distorts corporate balance sheets, imposing efficiency costs on US companies that are estimated to be 5-7% of deferred earnings. As the stock of deferred earnings grows,

these costs accumulate, and moving legal headquarters abroad through cross-border acquisitions becomes a logical step for US companies with a large stock of deferred earnings abroad. Companies like Medtronics can then use future foreign earnings in the US with little or no repatriation tax. Such companies have a strong incentive to redomicile abroad even to finance their US investments. To be sure, strategic rather than tax considerations drive corporate mergers and acquisitions. The recent surge in crossborder M&As to a seven-year high is the result of ample cash, strong balance sheets, cheap financing, and buoyant stock markets. But tax considerations play a major role in corporate decisions regarding how acquisitions are financed and where a merged entity is located. Large balances of foreign earnings are available to many US firms to finance their foreign acquisitions, and the competitive disadvantages of the US corporate tax system militate against locating the merged entities in the US. Though American officials rail against “inversions” as unpatriotic, they are an efficiency-enhancing response to the flaws in the corporate tax system. As the prospects for corporate tax reform deteriorate, cross-border mergers with redomicilation are becoming an attractive option for many of America’s most competitive global companies. And the pressure on other companies to follow suit intensifies as more inversion deals are done. Under current law, US companies can move their legal headquarters abroad for tax purposes by buying a smaller foreign company as long as the acquired company’s shareholders end up owning at least 20% of the combined company. To discourage inversions via cross-border M&A, President Barack Obama’s administration and several Democratic members of Congress have proposed legislation that would increase that percentage to at least 50%. Moreover, a merged foreign company would be treated as a US company for tax purposes (regardless of share ownership) if its management and control functions and a substantial share of its economic activity – sales, employment, or assets – are located in the US. If enacted, the legislation would apply these new conditions retroactively to inversions occurring from May 2014. Such policies will not address the underlying causes of inversions, will add to the widely acknowledged distortions in the corporate tax regime, and are likely to have negative unintended consequences. To meet the tougher new ownership requirements, US companies might respond by breaking up their business units into smaller pieces – reducing their market value and the returns to their shareholders and workers. Likewise, to meet the tougher new management and control conditions, US companies might respond by shifting more of these functions, and the jobs and investment (especially in research and development) associated with them, to foreign locations. The proposed anti-inversion measures would also make it more likely that US companies are the target, rather than the

acquirer, in cross-border M&A deals. Corporate tax reform should make the US a more attractive place for business activity; threatening US corporations with tougher rules on cross-border M&A and retroactive tax increases will have the opposite effect. The US should learn from the British example. In 2008, several large UK companies threatened to redomicile in Ireland because of its lower corporate tax rate. The British government responded by cutting its corporate tax rate from 28% to 20% by 2015; introducing a territorial tax system that exempts UKbased companies’ foreign earnings from domestic taxation; enacting a “patent box” that provides a 10% corporate rate on patent-related income; and adopting a new 10% nonincremental, refundable R&D tax credit. So far, these innovations appear to be attracting companies, investment, R&D, and jobs to the UK. Bold and prompt US action to reform the corporate tax system is essential. Sadly, that is not likely in a deeply divided Congress in an election year. Laura Tyson, Chair of the President’s Council of Economic Advisers under Bill Clinton, is Professor of Global Management at the Haas School of Management, University of California at Berkeley, and an economic adviser to the Alliance for Competitive Taxation, an independent group of US companies committed to corporate tax reform. © Project Syndicate, 2014, www.project-syndicate.org

July 23 - 29, 2014

22 | WORLD MARKETS | financialmirror.com

The unity of water In May, Vietnam became the 35th and decisive signatory of the 1997 United Nations Convention on the Law of the NonNavigational Uses of International Watercourses. As a result, 90 days later, on August 17, the convention will enter into force. The fact that it took almost 50 years to draft and finally achieve the necessary ratification threshold demonstrates that something is very wrong with the modern system of multilateralism. Regardless of longstanding disagreements over how cross-border freshwater resources should be allocated and managed, and understandable preferences by governments and water professionals to rely on basin agreements rather than on international legal instruments, that half-century wait can be explained only by a lack of political leadership. So, though the world may celebrate the convention’s long-awaited adoption, we cannot rest on our laurels. Roughly 60% of all freshwater runs within cross-border basins; only an estimated 40% of those basins, however, are governed by some sort of basin agreement. In an increasingly water-stressed world, shared water resources are becoming an instrument of power, fostering competition within and between countries. The struggle for water is heightening political tensions and exacerbating impacts on ecosystems. But the really bad news is that water consumption is growing faster than population – indeed, in the twentieth century it grew at twice the rate. As a result, several UN agencies forecast that, by 2025, 1.8 billion people will be living in regions stricken with absolute water scarcity, implying a lack of access to adequate quantities for human and environmental uses. Moreover, two-thirds of the world’s population will face water-stress conditions, meaning a scarcity of renewable freshwater. Without resolute counter-measures, demand for water will overstretch many societies’ adaptive capacities. This could result in massive migration, economic stagnation, destabilization, and violence, posing a new threat to national and international security.

The UN Watercourses Convention must not become just another ignored international agreement, filed away in a drawer. The stakes are too high. In today’s context of climate change, rising demand, population growth, increasing pollution, and overexploited resources, everything must be done to consolidate the legal framework for managing the world’s watersheds. Our environmental security, economic development, and political stability directly depend on it. The convention will soon apply to all of the cross-border rivers of its signatories’ territories, not just the biggest basins. It will complement the gaps and shortcomings of existing agreements and provide legal coverage to the numerous cross-border rivers that are under increasing pressure. Worldwide, there are 276 crossborder freshwater basins and about as many cross-border aquifers. Backed by adequate financing, political will, and the engagement of stakeholders, the convention can help address the water challenges that we are all facing. But will it? An ambitious agenda should be adopted now, at a time when the international community is negotiating the contents of the Sustainable Development Goals (SDGs), the successor to the UN Millennium Development Goals, which will expire in 2015. We at Green Cross hope that the new goals, which are to be achieved by 2030, will include a stand-alone target that addresses water-resources management. Moreover, the international community will soon have to agree on a climate-change framework to replace the Kyoto Protocol. Climate change directly affects the hydrological cycle, which means that all of the efforts that are undertaken to contain greenhouse-gas emissions will help to stabilize rainfall patterns and mitigate the extreme water events that so many regions are already experiencing. But the UN Watercourses Convention’s entry into force raises as many new questions as existed in the period before its ratification. What will its implementation mean in practice? How will countries apply its mandates within their borders and in relation to riparian neighbors? How will the American and

By Mikhail Gorbachev

Asian countries that have largely ignored ratification respond? Furthermore, how will the convention relate to the Convention on the Protection and Use of Transboundary Watercourses and International Lakes, which is already in force in most European and Central Asian countries and, since February 2013, has aimed to open its membership to the rest of the world? Similarly, how will the convention’s implementation affect existing regional and local cross-border freshwater agreements? The countries that ratified the UN Watercourses Convention are expected to engage in its implementation and to go further in their efforts to protect and sustainably use their cross-border waters. What instruments, including financial, will the convention provide to them? Several legal instruments can be implemented jointly and synergistically: the Ramsar Convention on Wetlands, the UN Convention to Combat Desertification, and the UN Framework Convention on Climate Change, to name just a few. The UN Watercourses Convention’s long-delayed enactment should be viewed as an opportunity for signatory states to encourage those that are not yet party to cooperative agreements to work seriously on these issues. Clearly, politicians and diplomats alone cannot respond effectively to the challenges that the world faces. What the world needs is the engagement of political, business, and civilsociety leaders; effective implementation of the UN Watercourses Convention is impossible without it. This is too often overlooked, but it constitutes the key to the long-term success of cooperation that generates benefits for all. Inclusive participation by stakeholders (including the affected communities), and the development of the capacity to identify, value, and share the benefits of cross-border water resources, should be an integral part of any strategy to achieve effective multilateral collaboration. Mikhail Gorbachev, a Nobel Peace Prize laureate and the last president of the Soviet Union, founded in 1993 the Genevabased Green Cross International, an independent nongovernmental organization that addresses security, poverty, and environmental degradation. © Project Syndicate, 2014, www.project-syndicate.org

Creative destruction at work By Carl Benedikt Frey Throughout history, technological progress has created enormous wealth but also caused great disruption. The United States’ steel industry, for example, underwent a major transformation in the 1960s, when large, integrated steel mills were gradually put out of business by mini mills, destroying the existing economic base of cities like Pittsburgh, Pennsylvania, and Youngstown, Ohio. The mini mills, however, vastly increased productivity, and created new types of work elsewhere. The story of US steel illustrates an important lesson about what the economist Joseph Schumpeter called “creative destruction”: Long-run economic growth involves more than just increasing output in existing factories; it is also implies structural changes in employment. We can observe a similar phenomenon in the current information and communications technology (ICT) revolution, which has affected most areas of the modern workplace, even those not directly associated with computer programming or software engineering. Computer technologies have created prosperous new businesses (even business clusters) while making certain manufacturing workers redundant and sending older manufacturing cities into decline. But the likes of Detroit, Lille, or Leeds have not suffered because of falling manufacturing output; on the contrary, output has been growing in these cities over the past decade. Instead, their decline stems directly from their failure to attract different types of jobs. To a large extent, this is a failure of policy. Rather than trying to preserve the past by propping up old industries, officials should focus on managing the transition to new forms of work. This requires

a better understanding of emerging technologies, and how they differ from those that they are supplanting. An important feature of the Industrial Revolution’s early manufacturing technologies was that they replaced relatively skilled artisans, which in turn increased demand for unskilled factory workers. Similarly, Henry Ford’s assembly line for manufacturing cars – introduced in 1913 – was specifically designed for unskilled workers to operate machinery, thereby allowing the company to produce its popular Model T – the first car that middle-class Americans could afford. Indeed, much of the story of industrial development over the last century can be seen in terms of competition between an increasingly educated workforce and new technology that would dispense with their skills. We have already seen the impact – not least in the car industry – of robots that can carry out the routine jobs that were once performed by thousands of middle-income assembly-line workers. Even greater workplace disruption lies ahead. Though history counsels caution in predicting how technological progress will play out, we already have a reasonable idea of what computers will be able to do in the near future, because the technologies are already being developed. We know, for example, that a wide range of skilled professions can be simplified with the help of “big data” and sophisticated algorithms. One frequently cited example of this process is the Symantec Clearwell eDiscovery platform, which uses language analysis to identify general concepts in documents, and boasts of analyzing and sorting more than 570,000 documents in just two days. Clearwell is transforming the legal profession by using computers to assist in pre-trial research and perform tasks normally undertaken by paralegals – and even by contract or patent lawyers. In the same way, improved sensory technology means that many transportation and logistics jobs will soon be fully automated. And it is not far-fetched to imagine the likes of Google’s self-driving cars making bus and taxi drivers redundant one day. Even hitherto secure, low-skilled service

occupations may not escape automation. Demand for personal and household service robots, for example, is already growing by about 20% annually. Labor markets may once again be entering a new era of technological turbulence and widening wage inequality. And this highlights a larger question: Where will new types of work be created? There are already signs of what the future holds. Technological progress is generating demand for big data architects and analysts, cloud services specialists, software developers, and digital marketing professionals – occupations that barely existed just five years ago. Finland offers valuable lessons in how cities and countries should adapt to these developments. Its economy initially suffered from the failure of its biggest company, Nokia, to adapt to smartphone technologies. Yet several Finnish startups have since built new enterprises on smartphone platforms. Indeed, by 2011, former Nokia staff had created 220 such businesses, and Rovio, which has sold more than 12 million copies of its smartphone-based video game, “Angry Birds,” is crowded with former Nokia employees. This transformation is no coincidence. Finland’s intensive investment in education has created a resilient labor force. By investing in transferable skills that are not limited to specific businesses or industries, or susceptible to computerization, Finland has provided a blueprint for how to adapt to technological upheaval. Despite the diffusion of big-data-driven technologies, research suggests that labor will continue to have a comparative advantage in social intelligence and creativity. Government development strategies should therefore focus on enhancing these skills, so that they complement, rather than compete with, computer technologies. Carl Benedikt Frey is a research fellow at the Oxford Martin School, University of Oxford, and Doctor of Economic History at Lund University.? © Project Syndicate, 2014. www.project-syndicate.org

July 23 - 29, 2014

financialmirror.com | GREECE | 23

Troika wraps up mini-review before September visit The Troika of international lenders wrapped up a brief assessment of the Greek adjustment programme last week, leaving the coalition facing an uphill task to be ready for the inspectors’ return in mid-September, when a much more substantial review will take place. The visit from the EU-ECB-IMF inspectors was an unusually low-profile one to review the pace of reforms and lay the ground for the more crucial audit of fiscal targets and funding gaps, when talks on further debt relief are also expected to begin. A senior finance ministry official confirmed the inspectors’ visit had gone smoothly. “We had constructive talks, they wanted to take stock of where we are in terms of the (bailout) programme,” said the official. The two sides held talks on privatisations, structural reforms to make the economy more competitive, tackling bad loans that are burdening local banks, and the state of public finances, although no major decisions were taken. Apart from completing six “prior actions” to receive its next bailout sub-tranche of 1 bln euros in August, Greece also has to complete some 600 other, less significant, actions in time for the September review. Finance Ministry officials admitted that this is a tall order. Reports indicate that in a bid to facilitate the September review, Finance Minister Gikas Hardouvelis will propose splitting it into two parts. According to his plan, the first should focus on the fiscal targets and structural reforms, while the other should concentrate on the funding gap, a report by MacroPolis.gr suggested. However, the funding issue will depend largely on the outcome of the European Central Bank stress tests in October. Only then will Greece know how much, if any, of about 11 bln euros in recapitalisation funds remaining it will need to boost lenders’ capital adequacy. The rest could be used to cover the funding gap. The government does not want the troika’s review to be held up by the funding gap issue because this would also mean a delay in starting official talks on further debt relief. Eurozone leaders will wait for the conclusion of the review before discussing how Greece’s debt load could be lightened. Hardouvelis, therefore, is proposing that the talks begin as soon as it has been established that fiscal and reform targets have been met. Prime Minister Antonis Samaras is adamant that he will not agree to a third bailout and the conditionality that would come with it. He is fully aware that signing a new deal would carry considerable political cost at home.

The Wall Street Journal reported that the eurozone is considering attaching terms to any debt relief package. Aside from the Troika’s targets and the Eurozone’s demands, Samaras also faces the challenge of keeping an increasing fidgety PASOK on board in the coming weeks. Since the European Parliament elections in May, when the newcomer centre-left Olive Tree alliance got 8% of the vote, PASOK and its leader Deputy Prime Minister Evangelos Venizelos have become increasingly reluctant participants in the implementation of the adjustment programme. The socialists have, for instance, publicly questioned the public sector mobility scheme and dismissal of civil servants. Greece has to fire another 6,500 civil servants this year but

Retailer Jumbo saw an 8% rise in sales for its fiscal year, helped by a robust performance in Cyprus and Bulgaria, the company announced last week. The rise beat Jumbo’s guidance for an annual sales growth of 4-6%, it said. The popular toy and home supplies reseller, which operates 52 stores in Greece and another 14 in Cyprus, Bulgaria and Romania, said sales rose to 541.8 mln euros in the twelve months to endJune, up from 502.2 mln in the previous period. Retail sales in Greece have been hit hard by an austerity-induced recession, which has wiped out a third of household incomes. But Jumbo has fared relatively well due to its wide range of affordable goods, including stationery and school supplies, as well as a double-digit percentage rise in Cyprus and Bulgaria and its first two stores in Romania. The company expects to announce net profit of 80-85 mln euros, up from 75 mln in the year-earlier period. For its current fiscal year which started in July, the retailer guided for a net profit of 90-95 mln euros and a 46% rise in sales.

Frigoglass to shut Turkish plant

the junior coalition partner is opposed to this. PASOK is also pushing for individuals and companies who owe taxes or social security contributions to be given more time to repay their debts. There is also visible scepticism within the New Democracy camp in the wake of the EU vote. The subsequent cabinet reshuffle saw a number of conservatives representing the socalled “popular right” enter the government and they have wasted no time in voicing concerns about further adjustment measures. The new Interior Minister, Argyris Dinopoulos, recently argued that his party would lose votes if it tries to hike taxes. Also, the process of evaluating civil servants has stopped in its tracks because public administration officials are refusing to cooperate with assessors. These are signs that there is concern within the coalition that the country will head to early elections in March next year, when the Greek parliament has to elect a new president of the Republic, and that the government should not rock the boat in the meantime.

Vodafone-Wind bid for full control of Forthnet to oust OTE Telco giant Vodafone and its Greek business partner Wind have submitted an offer to take over the subscription television provider Forthnet. Vodafone and Wind, which jointly already own 39% of Forthnet, have made a non-binding offer for the rest of the shares, offering between 1.70-1.90 euros apiece for the company that has reported net losses for the past nine years. The biggest shareholder is Emirates International Telecommunications with a 44% stake. The acquisition may give Vodafone an advantage in it’s battle with main Greek rival OTE, a unit of Germany’s Deutsche Telekom. Forthnet’s main asset is

Cyprus, Bulgaria boost Jumbo sales

subscription TV provider Nova, which would help either OTE or Vodafone/Wind boost their market share and squeeze more revenue from customers. OTE last month tabled a non-binding bid of up to 300 mln euros to buy Nova but Forthnet said there was “no significant development” regarding OTE’s bid. The offer from Vodafone and Wind values Forthnet at 190-210 mln euros. Shares in Forthnet, which began as an internet provider and then expanded into telephony and payTV, were flat at 1.70 euros on the Athens Stock Exchange.

Frigoglass, the manufacturer of commercial refrigeration products for the beverage industry, said it will shut down its Turkish plant by the end of the year to cut costs, the second facility to close this year this year. In February, it announced it would discontinue manufacturing at its facility in South Carolina by the end of the first quarter, but said it would retain its presence in North America through commercial activities of sales and marketing, distribution and servicing. The company, which supplies Coke bottler Coca-Cola Hellenic and brewers including Heineken, has reported losses in the last two years as its customers have cut spending in response to shrinking demand in Europe. Frigoglass said it would stop production at its sole Turkish plant, at Silivri, and move the operations to its existing Timisoara facility in Romania. Details on the expected cost savings from the move will be announced in August when it releases its second-quarter results. The company did not say how many jobs it will cut in Turkey, but said the move would create new ones in Romania. Frigoglass also has facilities in Greece, Russia, Nigeria, China, India, Indonesia, South Africa and the UAE.

GTECH wins OPAP videolotto contract Gaming giant OPAP has awarded its picked videolotto terminals contract to Italian lottery operator GTECH, in time to launch and operate 16,500 terminals by the end of next year and sub-contract another 18,500 to other operators by the end of 2016. OPAP, which was privatised last year and has about 5,000 outlets in Greece and Cyprus, said GTECH was one of the four bidders for the deal. With gross revenues of 1 bln euros from lotteries and sports betting last year, the move is a first step for the company to expand into videolotto, a new area of activity that is expected to account for about half of gross revenues by 2017, as well as create thousands of jobs and earn additional tax revenues for the state.

July 23 - 29, 2014

24 | BACK PAGE | financialmirror.com

Waiting for BoE minutes and UK rate hike Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

Economic data earlier this week was extremely low in volume and releases will likely have an extremely muted response, while attention continues to focus on the airline tragedy that occurred in Ukraine last Thursday evening. As always, attention will be on the UK economy and the resilience the GBPUSD bulls are showing is commendable. Just when it appeared that bullish momentum in the GBPUSD was slowing down, a 1.7189 yearly high was recorded after UK CPI surprisingly moved within 0.1% of the Bank of England’s (BoE) 2% CPI target to consider an interest rate increase. Although this pair has now settled down to around 1.7085, there is a number of UK data released this

week and movement in the GBPUSD is likely. Economic releases to keep an eye out for include CBI business optimism on Tuesday, the BoE minutes on Wednesday,

retail sles on Thursday and GDP on Friday. Although all of the UK economic releases have the potential to create volatility, the BoE minutes and GDP are the most likely to encourage GBP moves. As regards the BoE minutes, onlookers will be looking for any signs of disagreements within the Monetary Policy Committee (MPC) regarding opinions on when the BoE will increase rates. If any of the nine members of the MPC voted for a BoE interest rate increase last week, bullish movement for the GBP will be instant. At the same time, if the MPC continued to vote 9-0

against an interest rate increase and GDP doesn’t promote a bullish response, downside moves in the GBPUSD might see the 1.7038 and 1.6984 support levels come in handy. However as mentioned above, the GBPUSD bulls’ resilience is proving commendable and they are refusing to surrender without a fight. Current GBPUSD resistance levels can be found at 1.7144, 1.7164 and last week’s yearly high, 1.7189. Similarly, if the GBP bulls receive a boost, downside moves are likely in the EURGBP. Last week, the EURGBP recorded a new twoyear low and if bearish movement restarts in the EURGBP, support can be found at 0.7886, 0.7854 and 0.7804. ForexTime Ltd (FXTM) is a forex broker registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission (CySEC).

Sovereign debt at Square One By Jeffrey Frankel Professor of Capital Formation and Growth at Harvard University

Argentina and its bankers have been barred from making payments to fulfill debt-restructuring agreements reached with the country’s creditors, unless the 7% of creditors who rejected the agreements are paid in full – a judgment that is likely to stick, now that the US Supreme Court has upheld it. Though it is hard to cry for Argentina, the ruling in favor of the holdouts is bad news for the global financial system and sets back the evolution of the international regime for restructuring sovereign debt. Why is it so hard to feel sympathy for a developing country that can’t pay its debts? For starters, in 2001, Argentina unilaterally defaulted on its entire $100 billion debt, an unusual step, rather than negotiating new terms with its creditors. When, in 2005, the government finally got around to negotiating a debt swap, it could almost dictate the terms – a 70% “haircut.” In the intervening decade, President Cristina Fernández de Kirchner and her late husband and predecessor, Néstor Kirchner, have pursued a variety of spectacularly bad economic policies. The independence of the central bank and the statistical agency have been severely compromised, with Fernández forcing the adoption, for example, of a consumer price index that grossly understates the inflation rate. Contracts have been violated and foreignowned companies have been nationalized. And when soaring global prices for Argentina’s leading agricultural commodities provided a golden opportunity to boost output and raise chronically insufficient foreign-currency earnings, Fernández imposed heavy tariffs and quotas on exports of soy, wheat, and beef. Some might counter that the holdout hedge funds that sued Argentina deserve no sympathy, either. Many are called “vulture funds” because they bought the debt at a steep discount from the original creditors, hoping to profit subsequently through

court decisions. But the problem with the Argentine debt case has little to do with the moral failings of either the plaintiffs or the defendant. The problem is the precedent that the case establishes for resolving future international debt crises. The most common reaction to the recent rulings is pro-holdout. After all, the judge is only enforcing the legal contract embodied in the original bonds, isn’t he? As President Calvin Coolidge supposedly said of the American loans to the World War I allies, “They hired the money, didn’t they?” If only the world were so simple. If only a regime of consistent enforcement of all loan contracts’ explicit terms were sufficiently practical to be worth pursuing. But we have long since recognized the need for procedures to rewrite the terms of debt contracts under extreme circumstances. The British Joint Stock Companies Act of 1856, for example, established the principle of limited liability for corporations. Indentured servitude and debtors’ prisons have also been illegal since the nineteenth century. And individuals and corporations can declare bankruptcy. There will always be times when it is impossible for a debtor to pay. As for corporate bankruptcy, it is recognized that a poor legal system is one that keeps otherwise viable factories shuttered while assets are frittered away in expensive legal wrangling, leaving everyone – managers, workers, and shareholders – worse off. A good legal system permits employment and production to continue in cases where the economic activity is still viable; divides up the remaining assets in an orderly and generally accepted way; and makes these determinations as efficiently and speedily as possible, while discouraging future carelessness by imposing costs on managers, shareholders, and – if necessary – creditors. No such body of law exists at the international level. Some believe that this vacuum is the primary difficulty with the international debt system. Ambitious proposals to redress it, such as a Sovereign Debt Restructuring Mechanism (SDRM) housed at the International Monetary Fund, have always run into political roadblocks. But incremental steps had been slowly

moving the system in the right direction since the 1980s. In the international debt crisis that began in 1982, IMF country adjustment programs went hand in hand with “bailing in” creditor banks through “voluntary” coordinated loan rollovers. Eventually, it was recognized that a debt overhang was inhibiting investment and growth in Latin America, to the detriment of debtors and creditors alike. Subsequent programs to deal with emerging-market crises featured an analogous combination of country adjustment and “private sector involvement.” Voluntary debt exchanges worked, roughly speaking, with investors accepting haircuts. After Argentina’s unilateral default in 2001, many investors saw more clearly the need to allow explicitly for less drastic alternatives ahead of time, and so incorporated so-called “collective action clauses” into debt contracts. If the borrower runs into trouble, CACs make it possible to restructure debt with the agreement of a substantial majority of creditors (usually around 70%). The minority is then bound by the agreement.

Such incremental steps gave rise to a loose system of debt restructuring. To be sure, it still had many deficiencies. Restructuring often came too late and provided too little relief to restore debt sustainability. But it worked, more or less. By contrast, the US court rulings’ indulgence of a parochial instinct to enforce written contracts will undermine the possibility of negotiated re-structuring in future debt crises. Time will run out for Argentina at the end of July. Unable to pay all of its debts, perhaps it will be forced to default on all of them. The more likely outcome is that it will manage to come to some accommodation that the holdouts find more attractive than the deal accepted by the other creditors. Either way, future voluntary debt-workout agreements have just become more difficult to reach, which will leave debtors and creditors alike worse off. Jeffrey Frankel is Professor of Capital Formation and Growth at Harvard University. © Project Syndicate, 2014. www.project-syndicate.org

FinancialMirror Jobs Issue No. 1093, July 23 - 29, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 25

Issue No. 1093, July 23 - 29, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 26