Financial Mirror 2014 09 17 ISSUU by Financial Mirror

FinancialMirror 2013 valuations and the right to appeal

The markets’ rose-tinted world

By George Mouskides - PAGE 17

By Mohamed A. El-Erian - PAGE 22

Issue No. 1100

Scottish vote to affect UK future Does it affect us? Opportunities for Cyprus – SEE PAGE 5-6-7

Banking outlook still negative because of NPLs, says Moody’s PAGE 3

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September 17 - 23, 2014

2 | OPINION | financialmirror.com

FinancialMirror No guts, no glory! Published every Wednesday by Financial Mirror Ltd.

EDITORIAL

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This “pro business” administration has disappointed us on too many occasions, not because of ill-designed policies, but mainly for dragging its feet on critical issues and cowering to union bullies or even those at the helm of the brainless political parties. The pointless debate about taxing the retirement bonus to public servants has already been monopolised by the government workers moaning their democratic rights have been abused. They declared an all-out strike for Friday and, as expected, the government chickened out with the Cabinet now saying that the whole issue could be discussed. But, why negotiate? Surely, the crisis that this presidency inherited from its incompetent predecessors should be regarded as a force majeure and the conditions demand that radical measures be taken for as long as necessary. A harmless trimming of the public payroll hardly put a dent in the national payments, so how will civil servants not showing up for work change anything? Hearing the public doctors’ union chief saying that a 24-hour strike was “more effective” than a 3hour warning was probably the most stupid thing ever aired on national radio in the past few days. Does this mean that if you have a heart attack during a strike or break 48 bones in a car crash, then the damage to your health will be softer? But then again, why does the government feel the need to negotiate with civil servants? After all, the

specific taxation is on a bonus fully dished out by the employer (the government) with absolutely no contributions from the civil servants. The President and the Finance Minister should have called the unions’ bluff and on Friday they would have sat back to enjoy the criticism of the strikers from the general public, a.k.a. the taxpayers. Worse still, when the crisis first broke and talk of lowering the civil servants’ payroll got the trade unions up in arms, the civil servants’ trade union PASYDY bosses threatened that they would “name and shame” all those dodging taxes, with nothing eventually coming out. The day that this government chooses to be more decisive on any and all issues of vast importance to all of us, then that will be the day that they will regain our trust, and probably our vote… But don’t push your luck!

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Stores owe CYP 95mln to banks and suppliers

It seems that the problem of major store chain not paying their banks or suppliers is nothing new, with the Financial Mirror reporting in issue 585, on September 8, 2004, that the four major public companies in this sector owing a total CYP 95 mln, while in other news, labour laws were to get tougher and the study for the first Tech park to attract foreign investors was almost complete. Super borrowers: The four major retailers listed on the CSE boosted first half profits but continue to owe CYP 95 mln to trade suppliers and banks. In all, Orphanides, Chris Cash & Carry, CAC Papantoniou and CA Papaellinas owed suppliers CYP 46.2 mln and CYP 48.5 mln to banks. Many suppliers

20 YEARS AGO

Belarus appeal, Inkombank depo rates

Belarus, one of the smallest and poorest former Soviet republics has appealed for help from Cyprus to break into the western European market, the Cyprus Financial Mirror reported in its issue 76, on September 14, 1994, while in other news, Inkombank (remember them?) offered anything from 8% to 16% on long-term USD deposits. Belarus appeal: Belarus has asked Commerce Minister

accused the big four of working on their capital for free and delaying settlement beyond the agreed timetables, which plays havoc with their cash flows. Medieval labour laws: Cyprus is to pass legislation making it impossible for businesses to cut salaries other than for tax, social insurance, pension and medical contributions in a move that will force companies to resort to part-time hiring or outsourcing to reduce costs, at a time when trade unions are putting forward exorbitant demands for wage hikes and benefits and employers refusing to give in to black mail. At the same time, the Chamber of Commerce KEVE condemned the unrealistically high wage increases claims made by the public sector, teachers and farmers, all of which are well above productivity rates. Tech park: A feasibility study for the establishment of a technology park will be ready in October as companies in the high-tech sector have laid down their minimum requirements for the project to succeed. Sources expect the park to be sited

in Kornos or close to Limassol, where the government owns land, while realtors have reported a rise in property prices in the area in anticipation of the project. Tax amnesty: The long-awaited tax amnesty officially began on September 6 amid criticism from the accounting profession that in the absence of an amnesty for VAT, combined with a range of unanswered questions, most businesses will be discouraged from getting on board. The government hopes to raise CYP 50 mln in tax revenues from the two-stage rate of 5% on undeclared income and 6.5% at a second period. Budget deficit slashed: The budget deficit for the first five months of the year was cut by more than half, from CYP 156.9 mln in the Jan-May period last year to 74.1 mln, raising questions about why interest rates were hiked at the end of April and continue to remain high. Editorial: Commenting on a familiar issue, the editorial of the week asked, “Is Cyprus Airways worth saving?” (Ed’s note: 10 years too soon, perhaps?)

Stelios Kiliaris for helping order to expand their economy and make an opening to the west though Cyprus, following the success in starting up a new investment bank in the Black Sea state of Krasnodar. Inkombank rates: Inkombank, at the time the biggest and most dynamic offshore private Russian bank operating in Cyprus, published its new USD deposit rates which are by far the most attractive ever offered on the island. For deposits starting at USD 500,000 to 1 mln, the bank is offering 8% for two months fixed deposit to 16% for one year fixed, much higher than the local rates of 4.75% and 5.81%, respectively. For amounts above USD 3 mln, the bank is more aggressive and pays 13% on the two-month rate and 18% on the year-

deposit. The bank said it was able to offer such high rates due to the astronomical high domestic Russian market USD rates, which are at most times trading near 22%. CA turnaround? Cyprus Airways has undergone a major turnaround with chairman Vassilis Rologis bullish on forecasts for the national carrier to return a profit of CYP 4.5 mln, in sharp contrast to the 3.9 mln loss in 1993. But it seems that increased revenue was equally shared by the airline’s operations, as well as the profitable charter subsidiary Eurocypria. CPI low: The Consumer Price Index for August dropped by 1.69 points or 1.54% due to price sales discounts on clothing, footwear and furniture, with increases in fresh fruit and vegetables, coffee and potatoes. The average rate of increase in the previous 12-month period was 4.34%.

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September 17 - 23, 2014

financialmirror.com | CYPRUS | 3

NPL curse won’t go away, to exceed 50% Moody’s says banking system outlook still ‘negative’

As the government struggles to cope with fiscal woes, labour unrest and a stalemate in talks with the Troika of international lenders, Moody’s issued a report saying that the outlook on the island’s banking system remains ‘negative’, due mainly to a persistently high rate of non-performing loans that could rise to beyond 50%. One of the biggest problems is the high rate of NPLs, estimated at about 46% of all banks’ loan portfolios, and their inability to recover payments or assets, primarily because of a stubborn parliament’s refusal to pass a law regulating foreclosures, an issue Moody’s does not reflect upon in its report. A continued rise in problem loans over the next 12-18 months will exacerbate losses and erode banks’ capital, the rating agency said, adding that “the outlook also captures the vulnerability of the banks’ funding bases, owing to fragile depositor confidence after the resolution of the two largest banks in March 2013, leading to depositor losses and continued controls on cross-border transfers.” “Asset quality deterioration will be driven by lower corporate earnings, reduced net worth of households, a high unemployment rate and falling real estate prices,” said analyst Melina Skouridou.

“Following a cumulative GDP contraction of 7.8% over the past two years, we expect contractions of 4.1% in 2014 and 2.0% in 2015,” she said, adding that “fiscal austerity and reduced business prospects have led to significant reductions in salaries, while declining property prices and the bail-in of depositors have also eroded household and corporate net worth.” The Moody’s report said that lending growth will remain negative as the principal domestic banks and Co-ops continue to downsize close to the EU average of around 250% of GDP (from around 320% at March 2014) and as households and businesses continue to deleverage. However, bank regulation and supervision are being enhanced, which Moody’s says is “a positive development.” MAIN CHALLENGE The acute asset quality deterioration is the main challenge Cypriot banks face. As a result of the disruption from the bailin, the subsequent controls and the economic contraction, problem loan formation accelerated significantly with NPLs

rising to 45.6% as of May 2014, from 24.7% in March 2013, representing over 1.5x the country’s GDP, the rating agency said. “While we expect NPLs to exceed 50% over our outlook period, owing to the high domestic indebtedness, further declines in real-estate prices and high unemployment (15.2% in June 2014), we expect the pace of NPL formation to decelerate as the depth of the GDP contraction eases. At the same time, we consider that the banks’ loan loss reserves (LLRs) against credit losses from these exposures remain low at 35% of NPLs as of March 2014 – particularly given our expectations of further

declines in real estate collateral values,” Skouridou said in the report. Despite the sizeable recapitalisation in 2013, which raised Common Equity Tier 1 (CET 1) ratio to an estimated 12.5% as of March 2014, Moody’s expects that elevated credit costs will lead to additional capital needs for the system. Following the EUR 1 bln capital increase of the Bank of Cyprus in August, the rating agency estimates the sector’s capital needs caused by losses on loans and Cyprus government bonds to be around EUR 700 mln and anticipate that the banks will be able to raise any additional capital through private resources. “However, we expect the cooperatives will tap the EUR 1 bln programme funds earmarked for the banking system, given their government ownership.” FUNDING VULNERABILITY Although the banking system has made progress in terms of eliminating the domestic controls without experiencing large outflows, cross-border controls are still in place and depositor

confidence remains fragile following last year’s bail-in. Aggregate deposit balances are stabilising but this is mainly the result of modest growth in the more volatile non-resident deposits. “We expect a sustained decline in the volume of domestic deposits as households continue to deplete their savings in order to maintain living standards or pay off debt. Although declining, the system’s reliance on Euro-system funding will remain significant, even beyond the 12-18 month outlook horizon,” the Moody’s report said. The rating agency acknowledges that Cypriot banks face further net losses in 2014, albeit not of the same magnitude as 2012 and 2013, when the banking system reported losses of EUR 4.5 bln and EUR 2.2 bln, respectively. “High loan-loss charges and very little new business will generate further losses over the next 12-18 months, which we expect to be broadly similar to last year’s EUR 687 mln loss from continuing operations. We expect pre-provision profitability to stabilise to last year’s levels, as pressure on net interest margins (NIMs) will be broadly offset by higher fees and commissions generated by the banks’ international units,” Moody’s said. The rating agency added that while banks have made considerable efficiency gains by reducing headcount and cutting expenses, additional cost-cutting will be difficult to achieve. NO SUPPORT UPLIFT “We do not incorporate any rating uplift from systemic support in the banks’ ratings. This takes into account the recent bail-in implemented in Cyprus and the EU Parliament’s vote to adopt the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM) Regulation,” the Moody’s report said. The new framework establishes a region-wide resolution tool with a clear expectation that unsecured creditors will participate in the recapitalisation of banks if needed. Accordingly, even if the government’s capacity (which is currently limited, as indicated by its Caa3 rating) to support banks improves, potential uplift could be constrained by the reduced willingness to support signalled by the adoption of the BRRD and SRM. Analyst Melina Skouridou concluded that “our negative outlook on the banking system focuses on the underlying credit conditions and the weak operating environment. We maintain stable outlooks on the ratings of two banks and on September 2 we initiated a review for upgrade on the ratings of the Bank of Cyprus, following its recent capital raising. The difference between the system outlook and those of the banks reflect the very low ratings currently assigned to the three rated banks (Bank of Cyprus, Hellenic Bank, Russian Commercial Bank), which are near to the bottom of Moody’s rating scale.”

September 17 - 23, 2014

4 | CYPRUS | financialmirror.com

Tourist arrivals up 5.9%, as trips abroad rise 17% Tourist arrivals reached 373,086 in August compared to 352,215 in the same month last year, an increase of 5.9%, according to data released by the Statistical Service Cystat. The monthly Passengers Survey showed a 6.5% year-on-year rise in tourist arrivals from the U.K. (from 127,118 to 135,424), a 11.6% increase from Russia (from 99,215 to 110,725) and 61.7% increase from Israel (from 8,164 to 13,201 this year). However, there was a 9.7% drop in arrivals from Sweden (from 18,436 to 16,642), a 3.9% decrease from Germany (8,356 from 8,693), a 14.5% drom from Norway (7,592 from 8,876) and 18.2% decrease from Greece (7,472 from 9,129 last year). For the January-August period, tourist arrivals totalled 1,734,880 compared to 1,637,792 in the corresponding period of 2013, an increase of 5.9%. Meanwhile, there was also a significant rise in trips by Cypriot residents abroad last month, up 17.3% year-onyear. The monthly Passengers Survey found that 155,144 residents of Cyprus returned from a trip abroad in August, compared to 132,309 in the same month last year, an increase of 17.3%. However, travel was somewhat subdued last year due to the economic crisis and credit crunch, with consumer spending generally down. In August, there was an increase of 34.9% in trips to Greece (from 53,816 to 72,616), but a 3.2% decrease of the trips to the United Kingdom (from 26,227 to 22,061). A decrease in trips abroad was also recorded in May and June, by 15.8 and 12.4%, respectively, according to earlier Cystat data.

Trade deficit expands in 1H The Cyprus trade deficit expanded by 100 mln euros 1.6 bln in the first six months of the year stood, according to Eurostat data. Exports were down 6% to 700 mln euros, while imports rose 4% to 2.4 bln euros compared to the same period last year. Seasonally adjusted data for June showed a monthly drop in the trade surplus of 0.1 bln in June and a first estimate for July shows a similar monthly drop, according to Eurostat.

Government backs down on civil service bonus tax The Council of Ministers has tasked Finance Minister Harris Georgiades to reconsider an earlier decision to tax the retirement bonus of civil servants and discuss the matter with stakeholders, government spokesman Nikos Christodoulides said after Tuesday’s Cabinet meeting. Public sector trade unions declared a 24-hour strike on Friday to protest further cuts in salaries and the taxation of their one-off retirement, a fund that only the employer government contributes to. Georgiades had suggested taxing their bonus in order to keep public spending in check, while a counter proposal included distributing the bonus tax free but over five years. Christodoulides said that the Cabinet decision has taken into account the need for long-term sustainability of public finances, ensuring the public payroll, the pensions and the state’s ability to support growth and social cohesion. “Therefore, the Cabinet considers that the decision on taking strike action was hasty and calls on trade unions to respond positively to the invitation of the Cabinet, to discuss

the concerns of the Ministry of Finance in order to avoid unnecessary inconvenience and problems that may arise from a decision taken on the basis of a false impression,” he said. The measures that Minister Georgiades is expected to discuss with trade unions include social pensions, the expansion of the public sector’s contribution to health care and the review of payment of the one-off retirement bonus, while extraordinary cuts to the public servants salaries will not be permanent. The 2015 state budget, presented to the Cabinet on Tuesday, takes into account the fact that the Republic is still in the economic adjustment programme, although there is some potential to reduce reliance on the Troika bailout package. Christodoulides has said that next year’s budget broadly reflects the correction of the public finances and the need to continue fiscal consolidation, while putting emphasis on the policy priorities relating to the co-financed development projects, as well as policies for social cohesion.

Troika to simplify process for next tranche

Supreme Court hears House objections The Troika of international lenders will simplify procedures for the disbursement of the sixth tranche of the financial assistance package, estimated at 436 mln euros, after the authorities failed to meet the preconditions for the next disbursement by passing a new bill on foreclosures. However, parliament approved a watered-down bill along with a series of amendments which were deemed by the Troika as non-compliant with the bailout programme’s requirements. As a result, the next disbursement was dropped from the agenda of the Eurogroup meeting in Milan last Friday. Under the normal procedure the Eurogroup would have to convene and authorise the European Stability Mechanism to approve the disbursement of the next tranche, whereas in this case a Eurogroup meeting will not be necessary. The compliance with the programme requirements hinges upon the result of the Supreme Court which will convene to assess whether four bills approved by the parliament and referred by President Anastasiades comply with the constitution. The Supreme Court will convene on October 20. Meanwhile, the parliament is expected to convene to debate two bills referred by the President. In case the parliament approves the bills once more, the President will have to sign the bills into law or refer them to the Supreme Court to decide on the dispute.

The Supreme Court on Tuesday issued a timetable of the process to be followed including the submission of written arguments from both sides. Counsel for the House of Representatives will have to submit their objections to the referrals by September 26. Attorney General Costas Clerides will have to submit his written arguments on October 3 and counsel for the House again on October 13. Clerides is then entitled to submit his written response on October 17. Announcing the October 20 hearing, Supreme Court President Myronas Nicolatos said that the Court will conclude the review of all four referrals on that day and will reserve its opinion. At the same time, the Attorney General noted that serious legal, constitutional and state matters have been raised for the review of which a certain amount of time will be necessary. In his referrals to the Supreme Court, he said, the President raises eight different constitutional violations. During the hearing, one of the three legal counsel for the House of Representatives, Christos Clerides, referred to the eight points, which as he said have to do with the right to property, the freedom to practice a profession, the right to enter into a contract, equality before the law, access to justice, separation of powers, the right for the other side to be heard and when a law can be put into effect.

Former IMF chief and Chairman of LSK & Partners, Dominique Strauss-Kahn will submit proposals to the government relating to the island’s next bond issue and privatisations. Polakis Sarris, a former Undersecretary to the President, whose law firm represents LSK told the Cyprus News Agency that Strauss-Kahn held a private visit in Cyprus last week and met with the Finance Minister Harris Georgiades. “LSK is one of our clients, and have shown interest in the next bond issue and for the privatisations of the large

state-owned organisations such as the Ports Authority, Cyprus Telecommunications Authority (Cyta) and the Cyprus Electricity Authority,” he said. He added that during his three-day stay, Strauss Kahn held a two-hour meeting with Georgiades and had other private contacts. “They (LSK) will submit a proposal on both issues (bond issue and privatisations),” Sarris noted, adding that in the meeting with Georgiades, “it was agreed to send their proposal three weeks from now and to arrange a new meeting.”

Strauss-Kahn’s LSK eyes bonds and p rivatisations

Ukraine, IS are EP priorities, says Theocharous MEP Eleni Theocharous said that the priorities of the European Parliament’s Foreign Affairs Committee are the crisis in Ukraine, as well as the worrying developments in Iraq and the establishment of the Islamic State. Addressing the first of six press briefings where the Cypriot MEPs will present their goals for the next five-year term in Parliament following their election last May, Theocharous said that on the EU-Turkey dialogue the prospects are grim, following an EPP resolution and the position of the new Commission President Jean Claude Juncker, who supports no new enlargement in the next five years. The MEP also referred to a recent meeting she had with Turkey’s ambassador to the EU, Selim Yenel, with whom she raised the issue of the Turkish President’s statements regarding the intensification of settlement activity in the occupied areas in the north of Cyprus. Theocharous said that she told Yenel that the continuation of Ankara’s policy vis-à-vis Cyprus does not serve Turkey’s European aspirations.

RCB Bank wins CIPA award RCB Bank Ltd has been awarded by the Cyprus Investment Promotion Agency (CIPA) for its 2013 performance. The CIPA International Investment Awards are given annually to dynamic and innovative international companies operating in Cyprus who have achieved outstanding results and are leaders in the market segment or their industry. The award, presented at a ceremony at the Presidential Palace, confirms the leading position of RCB Bank Ltd in the international financial services sector. The bank serves thousands of local and international clients from nearly 50 countries. In 2013, based on the audits conducted by international experts, RCB

Bank Ltd was found to be compliant with the Regulatory Framework and international banking standards. Despite the financial crisis in Cyprus in 2013, the bank’s client base increased by a third over the year while the number of client transactions was up by 50%. “The success of RCB is the result of meticulous attention to clients’ needs and client service level. Trust, responsibility and the ability to meet the clients’ expectations are the factors underlying the relationship between RCB Bank Ltd and its clients and are the key to the Bank’s success,” said Kirill Zimarin, CEO of RCB Bank, which is based in Limassol.

September 17 - 23, 2014

financialmirror.com | COMMENT | 5

The impact from a Scottish Yes vote Inte resting oppor tunit ie s for C ypr us

The probability of the United Kingdom breaking apart appears to be at least 50%, with David Cameron expected to be blamed for the outcome either way and the forces calling for a ‘Brexit’ getting louder from now until the next general elections less than nine months away. Of interest to Cyprus, British-owned businesses and expats on the island is not so much the risk to the pound sterling, sharing of the UK’s national debt, or the distribution of North Sea oil revenues. The impact, some say favourable, will be if the Scots vote to leave,it will spell the end to PM Cameron’s political career and the return of Labour which will campaign on a platform of higher taxes and public spending, a tougher property tax regime, hobbling and shrinking the City of London, and abolishing the concessions to foreign residents which make Britain one of the world’s most effective tax havens. If anything, the Liberal Democrats, who would probably be Labour’s coalition partners, would be even tougher both in terms of personal tax reform and in their antagonism to the financial sector. This all spells an opportunity for Cyprus to harbour more expats or foreign high net worth individuals gradually considering abandoning the UK. The Financial Mirror polled some of its contributors on what impact, if any, they would see from a Yes vote. THREATS AND OPPORTUNITIES Charis Papacharalambous, Director General of the Cyprus Investment Promotion Agency said that “CIPA does not have a specific rule of thumb on such issues mainly because none ever seem to be the same or carry the same repercussions.” However, he added that “we will monitor the situation and act accordingly as there may be opportunities but also threats associated.” FAVOURABLE RESULT Our own economist and long-time

columnist Fiona Mullen sees a Yes vote having a favourable result for us. “If Scotland votes Yes, then it will provide an interesting opportunity for Cyprus. The general expectation is that if Scotland goes, Labour will have lost so many seats that the Conservatives will win the next general election. The Conservatives have promised an in-out referendum on EU membership if they get re-elected. Without the pro-European Scots, the vote is much more likely to be for leaving the EU than for staying. Mullen, Director of Sapienta Economics, added that this “will leave many financial market players with a dilemma: do they stick with ‘rump’ UK, a smaller economy with uncertain, non-EU rules, or do they seek out other, English-speaking jurisdictions with an English common law system? And will they pick Ireland or Cyprus? So if there is a Yes vote on Thursday, let’s move fast to pick up that new business before the Irish do.” DO I GET MY WHISKY? A more level-headed Nigel Howarth of the online advice portal Cyprus-propertybuyers.com said most of the business leaders in Scotland want the country to remain part of the UK - and some companies have said they’ll move their offices to England if Scotland does vote for independence.

Uncertainty has limited short-term impact on banks On 18 September, Scottish voters will be able to vote in a referendum on independence from the UK (Aa1 stable), but the evolution of the polling has led to heightened market volatility, Moody’s Investor Service said. Uncertainty over the outcome has also prompted intensified interest from the customers, depositors and creditors of banks exposed to a possible independence scenario about the potential implications for them. Moody’s believes that any potential short-term risks that could therefore arise for banks are mitigated by the actions that the banks, as well as the Bank of England, have taken. These risks are particularly relevant for banks registered in Scotland that have a reasonable proportion of funding, assets or operational exposure to this region, namely: the Royal Bank of Scotland (Baa1 negative, D+ negative/ba1), Lloyds Bank (A1 negative, C- stable/baa1) and Clydesdale Bank (Baa2 stable, D+ stable/ba1). The measures taken to counteract the short-term risks are: - Banks have put in place contingency plans, which Moody’s believes to be extensive. In the rating agency’s view, these would include a significant increase of their on and off balance-sheet liquidity, a reduction in their short-term funding requirements and a considerable increase in cash cushions available to meet any increased withdrawal demands. Moody’s also expects these banks to have temporarily boosted their operational capacity to face higher transaction volumes. - Aside from contingency plans prepared by each of these banks, the Bank of England has stated that it has taken contingency measures and reiterated its ability and willingness to be a fully effective lender of last resort to all UK banks over the foreseeable future, irrespective of their domicile in England or Scotland.

“What happens if (following a ‘yes’ vote) the Scottish Government decides to raise/lower taxes on, say, cigarettes, alcohol, petrol, etc.? Will there be border crossing posts? How are they going to deal with the inevitable smuggling? Will there be border patrol ships off the coast inspecting cargo? Who’s going to pay for it all?” “If Scotland does break away, how is Cyprus (and the rest of the EU) going to consider its citizens? As third country nationals? And what will happen to the free movement of goods? Will I still be able to get a decent bottle of Scotch in Cyprus?” asks Howarth. “And if the rest of the rest of the UK votes to leave the EU following a referendum, will its citizens be considered as third country nationals by the Cypriot authorities? There are so many unknowns at the moment it’s difficult to see what opportunities there may be – although I’m sure that many law and accountancy firms are rubbing their hands in eager anticipation of a ‘Yes’ vote on Thursday.” FALLING ENERGY REVENUE Risk management expert Alan Waring, author of our RiskWatch column and several books on the subject, had a more long-term impact at the back of his head, on an issue that is becoming familiar by the day to Cypriots – energy. “A ‘Yes’ decision would be disastrous for Scotland for a long time to come and, for the remaining UK, damaging in the short term but recoverable. With my oil and gas experience, I took particular note of the almost desperate plea from Sir Ian Wood, an immensely patriotic Scot and the billionaire creator of the Wood oil and gas services group, not to destroy Scotland’s economic prosperity by voting Yes. The article about his stance by Jon Rees in the Financial Mail on Sunday (September 13) completely debunked some of the optimistic nonsense about future Scottish exploitable field reserves put about by the Yes

campaigners. With the fields depleting rapidly, the projected estimate for Scotland’s annual tax revenue will have fallen to GBP 3.5 bln by 2019 or only some 10-15% of its projected public spending. Res ipsa loquitur (it speaks for itself).” Waring added that as regards implications for Cyprus, “a Yes vote and a relatively impoverished Scottish population would see a negative impact on numbers and spending of tourists and property buyers from Scotland for possibly a generation or more. Potential capital controls in the new Scotland to prevent capital outflow and a run on the banks may limit offshore opportunities in Cyprus. However, the remainder UK with a population of some 58 mln is a large and resilient beast with a strong economy. There may be some negative short-term impact on tourism and property buying from the UK, although the latter is already at rock bottom, so we are talking about a delay in property market recovery.” SHELTER FROM WINTER COLD On the subject of property, realtor George Mouskides, Director of FOX Smart Estate Agency, had a different take on the whole matter. “Cyprus can easily become the Florida of Europe. Retirees from Northern European regions, such as Scotland, Scandinavia etc., could find living in Cyprus during winter months to be both pleasant and more economical. I was recently informed by a Swedish couple that their heating cost alone during the three winter months, is higher than all living costs in Cyprus for the same period. “The financial aspect is certainly very important. The double tax treaties Cyprus has signed with most European countries, makes it preferable to collect and spend one’s pension in Cyprus than other jurisdictions. “Not to mention that in Cyprus English is spoken widely and people drive in the correct side of the road,” Mouskides concluded.

Referendum dominates GBPUSD The upcoming Scotland referendum completely dominated UK economic headlines last week, with the GBPUSD falling to its lowest level since November 2013 (1.6051) when the prospect of an independent Scotland continued to gain unexpected momentum at the beginning of the week. From here, comments from Bank of England (BoE) Governor Carney that an interest rate hike can be expected around Spring 2015, alongside “No” votes for Scottish independence regaining the lead, encouraged the Cable to recover losses. With such a period of political uncertainty uncommon for the UK, this pair should continue to move unpredictably over the next few days.

Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

If “No” votes win, the GBPUSD has the potential to move back to the 1.66 area where the pair was trading before the “Yes” vote began to be priced into markets. However, if “Yes” wins, it will be difficult to forecast what could happen to the pair. Downside pressure should accelerate, with it even possible the Cable could depreciate by a sudden 10%. From a technical standpoint on the Daily timeframe, the GBPUSD has surprisingly re-entered the bearish channel which looked certain to have concluded only a week ago. With the Scottish referendum now only hours away, this pair is expected to continue trading with high volatility. Potential resistance can be found at 1.6350 and 1.6441, while support is located around 1.6190 and the current yearly low, 1.6051. ForexTime Ltd (FXTM) is a forex broker founded by Andrey Dashin in December 2012. The company is registered as a Cyprus Investment Firm and is licensed by the Cyprus Securities and Exchange Commission (CySEC). For information, disclaimer and risk warning visit: www.ForexCircles.com

September 17 - 23, 2014

6 | COMMENT | financialmirror.com

The end of the UK’s haven status By Anatole Kaletsky GavekalDragonomics

The outcome of Thursday’s Scottish referendum is officially “too close to call”, since the difference between ‘Yes’ and ‘No’ has been inside the margin of error of almost all the polls published since the sudden swing towards independence last weekend. But markets are priced for near certainty of the status quo winning, with sterling stronger than a month ago against the euro, yen, Swiss franc and every other major currency save the dollar-and up 3% even against the dollar compared with a year ago. In the very short-term this market positioning probably makes sense. Despite the closeness of all the latest polls, only one of which shows the No vote ahead by more than the standard plus-minus 3% margin, the odds strongly favour the status quo because the results of so many separate polls are so close. Now for the bad news for investors in sterling and other assets whose value is tied to the UK’s ‘haven’ status. Even if Thursday’s vote averts a breakup of the United Kingdom, the relief rally is likely to be very brief and very small. Within hours of the referendum result being declared on Friday morning, market interest will shift from the fate of Scotland to the fate of Britain as a whole-and investors may be quite shocked by looming problems as they re-focus their attention on British politics in the eight months remaining until the general election in May 2015. LEADERSHIP UNDERMINED Firstly, David Cameron’s leadership position has probably been irreparably undermined. Even if Scotland votes ‘No’ on Thursday, Cameron has suffered substantial and probably irreversible political damage because of the near-death experience that British politicians, media commentators and public opinion suffered last week. Unless the polls turn out to be completely wrong and unionists win by an overwhelming margin, voters and increasingly febrile Conservative MPs will blame Cameron for what, with hindsight, were misjudgements in the way the referendum was run: the date of the referendum, which gave nationalists the best possible

opportunity to organise; the phrasing of the question, which needlessly forced the unionists into a negative campaign; the bizarre decision to lower the voting age to 16; the absence of a supermajority of 60%; and, Cameron’s insistence that voters should be confronted with a binary decision between total independence and preserving the status quo instead of being offered a middle-way alternative of “maximal devolution”, which the nationalists proposed as a compromise three years ago. Secondly, the unprecedented fiscal devolution that Cameron felt forced to offer Scotland last week will confront him with huge political problems in the rest of Britain. If Scotland is granted the right to set its own income tax and spending levels, the UK government will lose effective control of Scotland’s budget deficits and that will surely inflame opposition in the rest of Britain to the fiscal austerity policies of Cameron’s coalition. FISCAL LEGISLATION Moreover, English politicians are already arguing (quite reasonably) that if Scotland can determine its own fiscal policies, Scottish MPs should be deprived of the right to vote on UK fiscal legislation from which Scottish voters will be exempt. These demands raise the prospect of another constitutional upheaval for which Cameron seems unprepared, adding to the impression of his government’s complacency and incompetence. Thirdly, if the Tories do win the 2015 general election, an

EU referendum will loom in 2017 and the results now appear much more uncertain. Not only will Cameron’s weakness allow his party to become more far more Eurosceptic, but the Scottish experience has shown that voters may be willing to defy a united front of the main political parties, the media and the business community-and daringly overturn the status quo. Finally, as international investors look more closely at the British political landscape they will notice that the alternative to a Conservative victory next May would be the election of a Labour Party or Labour-Liberal government committed to probably the most radical shift in policies on taxes, public spending, financial regulation, labour markets and business intervention that Britain has seen since the 1970s. They will also notice that voting intentions, as of today, strongly favour a Labour victory – and that the strong economic recovery still shows no sign of shifting public opinion in favour of the Cameron government. Of course, polls today do not reveal how people will vote eight months from now. But the feature of the political landscape that investors should find most troubling-and frankly surprising-is how little movement there has been from Labour to the Tories in the past 12 months, despite the unexpected strength of the British economic recovery. For the Tories to win a majority in May they will need an eight or nine point advantage over Labour and to lead another coalition government by remaining the largest party in parliament they will need about five points. So far, there has been no sign of any such movement in public opinion. Most investors and many analysts (including me) expected an upsurge of support for the Tories as the election approached, but the events in Scotland have made this shift of opinion towards the Tories much less likely. In sum, the UK is likely to survive the referendum. But investors should not expect a big relief rally. After the Scottish vote, the whole of Britain will face a political choice between the devil and the deep blue sea: either a tax-raising Labour government or a Conservative-led government dominated by Euro-phobia. Neither seems an attractive prospect for investors in sterling and other politicallysensitive assets in Britain. akaletsky@gavekal.com, www.gavekal.com

MEPs could block Scotland’s EU membership if it pushes for opt-out By James Crisp, EurActiv.com Members of the European Parliament could block an independent Scotland’s EU membership if it insists on keeping currency and border treaty opt-outs negotiated by the UK, sources in the two largest political groups in Brussels told EurActiv. Scotland will likely have to reapply for EU membership as any other prospective member state, if it votes yes to independence on Thursday, according to MEPs and EU officials. Even if Scotland can secure the unanimous backing of the 28 EU member states – far from certain when countries like Spain and Belgium are struggling with their own independence movements - its accession will still be put to a vote of the Parliament. A Socialists and Democrats source said, “The opt-outs they’re pushing for would make it very difficult for them to get membership.” Scottish independence leaders want to remain in the EU. But they also want to keep UK opt-outs on the obligation to eventually join the euro, the passport-free Schengen zone, and the British VAT rebate. The nationalists plan an 18-month twin negotiation that would simultaneously achieve separation from the UK and EU membership. But it isn’t clear if a country can legally negotiate for EU membership before being independent. Sources in the European People’s Party (EPP) and the Socialist and Democrats group said Scotland could be blocked

if it didn’t pledge to move towards adopting the euro as any other prospective member state must. The socialist source said, “We are deeply concerned about the prospects of a yes vote in the referendum.” The EPP source said that their agreed political position is that the EU will not be enlarged in the next five years. But he stressed Scotland in particular had not been formally discussed when coming to that decision. A second EPP insider said it could be possible to find a way around the non-enlargement position because Scotland was already part of the EU. But he admitted that issues such as the euro and Schengen were extremely important to pro-EU MEPs in all the political groups. OPT-OUTS AT RISK Jo Leinen, a former chair and now member of the Parliament’s Constitutional Affairs Committee, said that the UK opt-outs would be “at risk” in the negotiation process for membership. Those talks would be initially between Scotland, the UK and EU officials before going to other EU countries and the Parliament, he said. The German socialist MEP issued a press release last week, which said a special accession treaty could be arranged in the 18 months before the March 2016 independence day. Although it would need its own central bank, Scotland had already implemented much of European law while a member of the UK, he said. Ian Duncan is a Scottish Conservative MEP, who is campaigning for Scotland to stay in the UK. He said, “No country has ever negotiated a pre-opt-out. Not one. Every opt-out has been negotiated after accession.”

Duncan, of the European Conservatives and Reformist group, said EU officials had told him his country would have to apply for EU membership like any other new member state if it votes to leave the United Kingdom. He said his contacts in the European Commission, European Parliament and EU Council refused to make the statement in public. Duncan, previously head of the Scottish Parliament Office in Brussels for eight years, said, “I asked them and they absolutely will not go on the record. “I believe they are fearful of creating a precedent at a time when there are separatist movements across the EU.” The MEP said, “If there is a ‘no’ vote on 16 March, when Scotland becomes independent, I will no longer have a constituency in the European Parliament. I will lose my job. Scotland will lose its place in the EU. “What is clear is that Scotland will not be negotiating from a position of strength during the accession talks…and [Scottish National Party leader] Alex Salmond has never said what his red lines are.” NO COMMENT FROM COMMISSION The European Commission last week repeatedly refused to comment on the referendum and how it would affect Scotland’s EU status. That was despite President Jose Manuel Barroso saying in February that Scotland would need to apply like any prospective state. Comments by EU Council President Herman Van Rompuy last year about Catalonia have also been interpreted as suggesting the same. Commission President-elect Jean Claude-Juncker is an EPP member. His officials are sticking to the non-enlargement line.

September 17 - 23, 2014

financialmirror.com | COMMENT | 7

The price of Scottish independence By Jeffrey D. Sachs Though the world’s eyes now are on Scotland’s referendum on independence from the United Kingdom, Scotland is not alone in seeking to redraw national boundaries. There are independence movements in many other parts of the world; indeed, 39 new states have joined the United Nations since 1980. Many more aspirants are waiting in the wings, and would likely be encouraged by a Scottish “Yes” vote. The Scottish pro-independence campaign is based on four claims. The first is cultural: to protect and strengthen the identity of the Scottish people. The second is ideological: to move Scotland toward a Scandinavian-style social democracy. The third is political: to bring democratic governance closer to the people. And the fourth is economic: to lay claim to a larger share of North Sea oil and gas. UK political leaders and many European governments are strongly urging the Scots to vote against independence. Scottish independence, the “No” campaign argues, would bring few if any of the claimed benefits; on the contrary, it would cause many economic calamities, ranging from financial panics to the flight of jobs and industry from Scotland. Moreover, an independent Scotland might be excluded from the European Union and NATO. What should the rest of the world think about this debate? Should the Scottish independence campaign be hailed as a breakthrough for claims to cultural identify and selfgovernance? Or should it be viewed as yet another source of instability and weakness in Europe – one that would increase uncertainty in other countries and parts of the world? Secession movements can, no doubt, cause great instability. Consider the regional and even global turmoil over Kosovo, South Sudan, Kurdistan, and Crimea. Yet national independence can also be handled peacefully and smoothly. The 1993 division of Czechoslovakia into the Czech Republic and Slovakia – the famed “velvet divorce” – imposed no significant or lasting costs on either successor state. Both accepted the division, and, knowing that their future lay within

the EU, focused their attention on accession. Here, then, is a plausible and positive scenario for an independent Scotland. The rest of the UK (called the “RUK” in the current debate), including England, Wales and Northern Ireland, would quickly and efficiently negotiate the terms of independence with Scotland, agreeing how to share the UK’s public debt and public assets, including offshore oil and gas. Both sides would be pragmatic and moderate in their demands. At the same time, the EU would agree immediately to Scotland’s continued membership, given that Scotland already abides by all of the required laws and democratic standards. Similarly, NATO would agree immediately to keep Scotland in the Alliance (though the Scottish National Party’s pledge to close US and British nuclear-submarine bases would be a complication to be overcome). Both Scotland and the RUK might agree that Scotland would temporarily keep the British pound but would move to a new Scottish pound or the euro. If such monetary arrangements are transparent and cooperatively drawn, they could occur smoothly and without financial turmoil. But if the RUK, the EU and NATO respond vindictively to a Yes vote – whether to teach Scotland a lesson or to deter others (such as Catalonia) – matters could become very ugly and very costly. Suppose that a newly independent Scotland is thrown out of the EU and NATO, and told that it will remain outside for years to come. In this scenario, a financial panic could indeed be provoked, and both Scotland and the RUK would suffer economically. The key point is that the costs of separation are a matter of choice, not of inevitability. They would depend mainly on how the RUK, the EU, and NATO decided to respond to a Yes vote, and how moderate a newly independent Scotland would be in its negotiating positions. If cool heads prevail, Scottish independence could proceed at a relatively low cost. The dangers of national secession are much greater in places without overarching entities like the EU and NATO to constrain the situation among the successor states. In such circumstances, unilateral claims of independence opposed by the national government or a sub-national unit often lead to a breakdown of trade and finance – and often to outright war, as we saw in the breakup of the Soviet Union, Yugoslavia, and most recently, Sudan. In those cases, separation was indeed followed by deep

economic and political crises, which in some ways persist. Indeed, in the case of ex-Yugoslavia and the former Soviet Union, the EU and NATO absorbed some but not all of the successor states, thereby raising major geopolitical tensions. International politics in the twenty-first century can no longer be about nation-states alone. Most key issues that are vital for national wellbeing – trade, finance, the rule of law, security, and the physical environment – depend at least as much on the presence of effective regional and global institutions. Even if Scotland declares independence, it will – and should continue to be – bound by a dense web of European and global rules and responsibilities. I am personally sympathetic to Scotland’s independence as a way to bolster Scottish democracy and cultural identity. Yet I support independence only on the assumption that Scotland and the RUK would remain part of a strong and effective EU and NATO. Certainly, a Yes vote would put an even higher premium on effective EU governance. But, if the EU and NATO were to “punish” a newly independent Scotland by excluding it, real disaster could ensue, not only for Scotland and the UK, but also for European democracy and security. 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

Experts say Yes vote will harm property prices, but Scots more relaxed By Ray Clancy EDITOR, PROPERTYWIRE.COM

With Scotland making the headlines on a daily basis this week due to the crucial independence vote on Thursday, it is no surprise that property prices are a focal point. A Yes vote in this week’s Scottish referendum would jeopardise the UK’s housing market recovery, according to the latest index report from Rightmove. It goes as far as saying that the UK’s housing market recovery, after a year of heightened consumer confidence and the healthiest transactions levels seen since the pre-crisis peak, could be put into reverse. Rightmove analysts are forecasting a dampening of house prices should Scotland break away from the 300 year old union. “Even the very debate around Scottish independence and possible implications for the economic outlook for the rest of the UK could cause uncertainty in the minds of potential homemovers contemplating a large long term financial commitment,” said Rightmove housing analyst Miles Shipside. He claims that speculation amongst economic forecasters on topics such as upward pressure on interest rates, availability of wholesale funding for lenders, and the geographic location of major financial institutions are potentially destabilising influences on the property market. Mortgage experts have waded in, saying that hundreds of

thousands of Scottish home owners could see their mortgage repayments increasing far beyond their wages if an independent Scotland is forced to adopt a foreign currency. It is claimed that lenders may refuse to switch current loans to a new currency and will instead keep them in sterling. This would leave Scotland’s 800,000 home owners at the mercy of currency fluctuations that could lead to higher repayments and even negative equity on their homes. According to Ray Boulger, from mortgage adviser John Charcol, lenders did not have clauses in their terms and conditions that would allow them to change the currency of existing loans. This includes the UK’s biggest banks Lloyds Banking Group, Royal Bank of Scotland and Barclays. Lloyds and RBS have already indicated that they will move their headquarters to London if there is independence. Boulger claims that if the pound strengthened against the new Scottish currency, borrowers’ wages would not stretch as far, sending their repayments shooting up and increasing the mortgage relative to the property’s value. A flat in Scotland worth £100,000, for example, would be worth just £80,000 if the local currency fell 20% against the pound. Against a mortgage of £75,000, which would still be priced in sterling, the buyer’s equity tied up in their property would fall from £25,000 to just £5,000. “Most Scots would end up with a mortgage on a Scottish property in a foreign currency. These are amongst the riskiest mortgage

products available because of the impact that currency fluctuations can have on borrowers’ equity and their ability to carry on meeting the repayments,” said Boulger. However, currency fluctuations can swing either way, so it is possible that if there is a Scottish pound it could strengthen relative to the English pound, putting Scottish borrowers in a favourable position. According to Boulger, most lenders would have no interest in issuing foreign currency mortgages, just as they don’t lend to other overseas borrowers in France or Spain. He believes that for Scottish borrowers the choice of lenders will be far fewer and their options will become more expensive as a result.

The Council of Mortgage Lenders has so far not commented on which lenders are likely to carry on operating in Scotland. According to David Hollingworth, a broker with London and Country, if banks and financial institutions move staff out of Scotland there could be a flood of properties coming onto the market and fewer buyers, dragging prices down. “Fewer workers means fewer buyers, which will impact on what people are prepared to pay for a property,” he said. But he had not taken into account the new jobs that would be created. There are reports of some buyers in Edinburgh insisting on a clause in their mortgage contract stating they will only pay the agreed price if Scotland votes against independence. But people in Scotland are much more relaxed about it. The most recent poll shows that a third of people think house prices in Scotland will fall if the country becomes independent while about the same number believe prices will rise. The data shows that 32% of people believe independence could cause the value of their house to fall, 31% think it will lead to a price increase, 24% said they did not know, while 13% said they did not believe Scotland would vote to leave the union. Almost half of those surveyed, 46% said they think independence would make it harder to get a mortgage, 19% said it would be easier and 35% said it would be no different. Despite uncertainty over the result of the referendum and the potential rise or fall in property prices, 59% said that the referendum has no influence on their decision to buy or sell at the moment.

September 17 - 23, 2014

8 | COMMENT | financialmirror.com

Sherry… and other interesting stories! Perhaps it is because it was the only alcoholic drink kept in my parents’ home, but I have always had a soft spot for Sherry. In those far off days, it only came from Spain, and had some sweetness about it, unlike the very dry ones I came to enjoy in adult life. We always had a glass at Christmas and I remember the first sips allowed me when I was five, and loving it.

Patrick Skinner It was sherry that first got me into the wine business. I was 29 and just starting to work for myself as a PR consultant. Because I had been in the film business, an early client was the movie mogul Samuel Bronston whose epic film “El Cid” I was to promote in the UK. A publicity link with the then famous Sherry “El Cid” was a natural, and this introduced me to many wine people in London. More of that another time! Sherry is a fortified wine – that is to say it is quite a light base wine (in most cases of dry sherries this is likely to be made from the Palomino grape), to which grape alcohol is added to produce a wine of some substance. Wine was originally treated in this way, by the Spanish and Portuguese to stabilise it for the long sea journeys amid changing temperatures to their colonies in Africa, India and the West Indies, for the delectation of their nationals living there. Sherry, and its other famous cousins – Port, Madeira and Malaga – can be made to be very dry (adding alcohol is one method of stopping fermentation) through medium-sweet to very sweet (e.g. Malmsey). All fortified wines have a long history, very much enhanced by the involvement of the British, sometimes in matters of war, but more generally as merchants, investors, growers and winemakers. Sherry or “Sac” was the great drink of England for

The Sherry that started my wine career…. “El Cid”

centuries. Couple the word “Sherry” and “E.U.” together in any conversation with a Cyprus wine old-timer and they shudder. Joining the EU was the death knell for the very successful bulk-wine business enjoyed by Limassol’s Big Four wineries – making and exporting “Cyprus Sherry”. This was not properly made in the Spanish manner, with the exception of the wonderful KEO “Fino”, it was simply wine with a spirit added and matured outdoors in barrels. It was also cheap and very drinkable. One such called “Mosaic” was my pre-dinner tipple for years. KEO Fino was the brilliant exception to the Cyprus sherry “method”, and survived in to the EU era, just. But the faint-hearted management of the time couldn’t see a future for this beautiful wine, actually made in Limassol in a real Spanish-style Bodega (photo at right), and dispensed with it, along with the Bodega, which would have had a Preservation Order slapped on it in many other countries. A crime. I hear a reader asking: “And what is Fino?” It is the driest of sherries and for me, the delight of them. In more recent times, before we all gave attention to the amount of liqueur we consumed (and before the breathalyser and drink-driving laws), it was very popular to precede a meal with a glass or two of sherry, dry Port or Madeira, and at some stage after the main course, with cheese, fruit or dessert to have a dessert wine. But the custom died away and fortified wines suffered something of a decline. Pity. I think an ideal meal starts with a glass of Sherry or Sercial Madeira, has a glass of dry white with the fish, a couple of glasses of red with the meat and finishes with a Port and Stilton, or a sweet Madeira with the pudding (ah, those were the days). Sherry used to be considered high in alcohol (a good Fino comes in at around 15% and a sweeter one up to 17.5%), but today the fashion for big, powerful table wines of 14-16% in alcohol puts it into the “acceptable” frame. I abhor this trend, actually. My preferred alcohol level for table wines is 12-13%. Overcome with nostalgia, following the passing of my favourite KEO Fino, I have been looking for a Spanish Fino to take its place in my wine cave. Sadly, the real dry sherry from Jerez in Spain is hard to come by here. However, one of the best and one of four marked at more than 90 points by Spain’s leading wine authority, you can get, but you may have to go to Nicosia to buy it from a retailer, or from the importer. Tio Pepe is possibly the most famous Fino in the world. It is very dry, with noticeable but gentle acidity and substance on the palate and finish. It is an ideal drink before lunch, along with some stuffed green olives, salted nuts and perhaps a slice of salami. It is also one of the few wines that can accompany soup and I recommend it with fish and sea food bisques and the local Trachanas. Here, not only the very dry Fino does well, but the slightly sweet, nutty Amontillado, too. Dry and medium dry Sherry comes into its own with the Spanish Mezedes, known as Tapas. These range from tiny plates served in bars with a drink, to a full Meze Table. I remember my first encounter with them very well – as a young visitor to Madrid. Friends called for me around 8.00 in the evening and took me to “The Street of the Tapas Bars”, near the Plaza Mayor. There were several dozen little places, each one serving an anonymous wine in a stemless glass along with the Tapas of the House. A prawn in pepper sauce, stuffed olives, an octopus ring, a wild mushroom, fried ham, cheese, baby omelette… and so forth. After more than an hour and a half of sampling a dozen or so, I was, firstly, full, and secondly decidedly tipsy. It was getting on for 10 o’clock. “Now we go for dinner”, my friends said. After that: “Now we go to a Flamenco place”. I got to bed around 6.00 thanking Providence that it was now the weekend. Despite this, I have always loved Tapas. And there are wonderful recipes to make at home.

Buying Sherry…

How it used to be…. Cyprus Sherry advertising in 1968.

Very few importers bother with it. The better hotels and restaurants may offer you a glass. Importers Ghalanos offer three. The dry Tio Pepe (Eur 15.47 per bottle); medium-dry Sandeman’s (Eur 8.92) and sweet Croft Pale Cream (Eur 14.16) For anyone who hasn’t tried Sherry with a meal of mixed small plates or with soup, I recommend it.

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

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∆∂∆∞ƒ∆∏, 17 ™∂¶∆∂ªµƒπ√À, 2014

Moody’s: «µ·ıÈ¤˜» ÔÈ ÏËÁ¤˜ ÙÔ˘ Î˘ÚÈ·ÎÔ‡ ÙÚ·Â˙ÈÎÔ‡ Û˘ÛÙ‹Ì·ÙÔ˜ Αρνητικέσ παραµένουν, σύµφωνα µε το διεθνή οίκο αξιολÞγησησ Moody`s, οι προοπτικέσ του κυπριακού τραπεζικού συστήµατοσ, αντανακλώντασ κυρίωσ την προσδοκία του οίκου, Þπωσ επισηµαίνει, ?για συνεχιζÞµενη αύξηση των προβληµατικών δανείων κατά τουσ επÞµενουσ 12-18 µήνεσ, η οποία θα επιδεινώσει τισ ζηµιέσ των τραπεζών και θα διαβρώσει τα κεφάλαια τουσ?. Σε έκθεσή τουσ µε τίτλο “Κύπροσ: Προοπτικέσ τραπεζικού συστήµατοσ”, οι Moody`s αναµένουν Þτι τα συνεργατικά πιστωτικά ιδρύµατα είναι πιθανÞ να κάνουν χρήση των κεφαλαίων του προγράµµατοσ στήριξησ και Þτι οι εγχώριεσ καταθέσεισ θα συνεχίσουν να µειώνονται καθώσ τα νοικοκυριά κάνουν χρήση των αποταµιεύσεων τουσ για να διατηρήσουν το βιοτικÞ τουσ επίπεδο. Ùπωσ αναφέρει ο διεθνήσ οίκοσ, οι αρνητικέσ προοπτικέσ του κυπριακού τραπεζικού συστήµατοσ περιλαµβάνουν επίσησ την ευπαθή βάση χρηµατοδÞτησησ που διατηρούν οι τράπεζεσ, λÞγω τησ εύθραυστησ εµπιστοσύνησ των καταθετών µετά την απÞφαση για εξυγίανση των δύο µεγαλύτερων τραπεζών στο νησί το Μάρτιο του 2013, η οποία οδήγησε τουσ καταθέτεσ σε ζηµιέσ και σε συνεχή έλεγχο των διασυνοριακών µεταφορών κεφαλαίων.

Οι Moody`s αναµένουν Þτι τα χαµηλÞτερα εταιρικά κέρδη, η µείωση του πλούτου των νοικοκυριών, η υψηλή ανεργία και η πτώση των τιµών των ακινήτων θα είναι οι βασικέσ αιτίεσ τησ διάβρωσησ τησ ποιÞτητασ των περιουσιακών στοιχείων των κυπριακών τραπεζών. Αναµένουν επίσησ Þτι τα αυξηµένα επίπε-

¡¤Ô ÛÎ¿Ó‰·ÏÔ ÛÙË Cyta; Σύγκρουση συµφερÞντων βλέπει το ΑΚΕΛ στην ανάθεση µελέτησ για τη νέα οργανική δοµή τησ CYTA απÞ την γερµανική εταιρεία Detecom, στο µετοχικÞ κεφάλαιο τησ οποίασ συµµετέχουν η Deutsche Bank και η Deutsche Telekom. Ο ΕκπρÞσωποσ Τύπου του οργανισµού βεβαίωσε Þτι στον οίκο που εκπÞνησε το οργανÞγραµµα δεν δÞθηκαν στοιχεία που να συνιστούν προνοµιακή µεταχείριση. Ùπωσ υποστήριξε ο βουλευτήσ του ΑΚΕΛ Άριστοσ ∆αµιανού µιλώντασ στην κοινοβουλευτική επιτροπή ελέγχου, η οποία εξέτασε την έκθεση τησ ελεγκτικήσ υπηρεσίασ για τη Cyta για το 2013, οι εν λÞγω γερµανικέσ εταιρίεσ πιθανÞν να είναι ένασ απÞ τουσ µνηστήρεσ για την αγορά του ηµικρατικού οργανισµού, στο πλαίσιο τησ ιδιωτικοποίησησ του. Επικαλούµενοσ στοιχεία που κατέχει το ΑΚΕΛ, σηµείωσε πωσ η Αρχή έχει αναθέσει µια εκτενή µελέτη που αφορά τη νέα οργανική δοµή τησ, λÞγω των επικείµενων ιδιωτικοποιήσεων, στην εταιρεία Detecom. Υποστήριξε πωσ στο µετοχικÞ κεφάλαιο τησ συγκεκριµένησ γερµανικήσ εταιρείασ συµµετέχουν η Deutsche Bank και η Deutsche Telekom οι οποίεσ στο πλαίσιο των επικείµενων ιδιωτικοποιήσεων πιθανώσ να είναι, είτε µνηστήρεσ στη διαδικασία προσφορών για αγορά τησ CYTA, είτε ανταγωνιστέσ ένεκα τησ σχέσησ που διατηρούν µε άλλεσ εταιρείεσ στην Ελλάδα.

1Ë √ÎÙˆ‚Ú›Ô˘ ¯ÂÈÌÂÚÈÓfi ˆÚ¿ÚÈÔ ÛÙÈ˜ ÙÚ¿Â˙Â˜ Τίθεται σε εφαρµογή το χειµερινÞ ωράριο για τισ τράπεζεσ. Σύµφωνα µε ανακοίνωση του Εργοδοτικού Συνδέσµου Τραπεζών το χειµερινÞ ωράριο θα εφαρµÞζεται απÞ την 1η Οκτωβρίου 2014 µέχρι και τισ 30 Απριλίου 2015. Οι τράπεζεσ θα λειτουργούν απÞ ∆ευτέρα µέχρι Παρασκευή απÞ τισ 8:30πµ µέχρι τη 1:30µµ ενώ τη ∆ευτέρα θα λειτουργούν και απÞγευµα απÞ τισ 3:15µµ µέχρι τισ 4:45µµ.

δα στο κÞστοσ χορηγήσεων θα µπορούσαν να οδηγήσουν σε πρÞσθετεσ κεφαλαιακέσ ανάγκεσ το τραπεζικÞ σύστηµα. Παρά το γεγονÞσ Þτι οι κύριεσ εγχώριεσ τράπεζεσ, σύµφωνα µε το διεθνή οίκο, θα εξεύρουν κεφάλαια απÞ ιδιωτικούσ πÞρουσ, τα συνεργατικά πιστωτικά ιδρύµατα είναι πιθανÞ να κάνουν χρήση των κεφαλαίων του

προγράµµατοσ στήριξησ που συµφωνήθηκε µε την ΤρÞικα και τα οποία προορίζονται για το τραπεζικÞ σύστηµα. Επισηµαίνει Þτι τα προβληµατικά δάνεια ξεπερνούν κατά 1,5 φορά το ΑΕΠ τησ Κύπρου ωσ αποτέλεσµα τησ σηµαντικήσ επιτάχυνσησ στο 45,6% των ακαθάριστων δανείων απÞ το Μάιο του 2014, µετά το κούρεµα των καταθέσεων, την επιβολή περιοριστικών µέτρων στισ συναλλαγέσ και την οικονοµική ύφεση. Αν και ο οίκοσ αξιολÞγησησ σηµειώνει Þτι οι συνθήκεσ θα βελτιωθούν σταδιακά, αναφέρει, ωστÞσο, Þτι η απώλεια στα αποθεµατικά των τραπεζών απÞ τα επισφαλή δάνεια έναντι των πιστωτικών ζηµιών παραµένει στο χαµηλÞ επίπεδο του 35% των Μη Εξυπηρετούµενων ∆ανείων το Μάρτιο του 2014, λαµβάνοντασ ιδιαίτερα υπÞψη τισ προσδοκίεσ του οίκου για περαιτέρω µείωση τησ αξίασ των εξασφαλίσεων που έχουν τα ενυπÞθηκα δάνεια. Τέλοσ, επισηµαίνουν Þτι η εξάρτηση του κυπριακού τραπεζικού συστήµατοσ απÞ το ευρωσύστηµα για χρηµατοδÞτηση, λÞγω κυρίωσ τησ έκθεσησ τησ Τράπεζασ Κύπρου αν και έχει µειωθεί - θα παραµείνει σε σηµαντικά επίπεδα κατά την χρονική περίοδο που καλύπτει η αξιολÞγηση των προοπτικών του κυπριακού τραπεζικού συστήµατοσ.

∫·ı˘ÛÙÂÚÂ› Ë ‰fiÛË ÏfiÁˆ ∞ÓˆÙ¿ÙÔ˘ Τέλη Οκτωβρίου, ή ακÞµη και πιο µετά, φαίνεται να µετατίθεται η εκταµίευση τησ επÞµενησ δÞσησ προσ την Κύπρο, καθώσ το ανώτατο δικαστήριο, Þρισε για τισ 20 Οκτωβρίου, την εξέταση των αµφιλεγÞµενων νοµοθετηµάτων για τισ εκποιήσεισ. Συγκεκριµένα στισ 20 Οκτωβρίου θα συνέλθει η Ολοµέλεια του Ανωτάτου ∆ικαστηρίου προκειµένου να εξετάσει απÞ κοινού τη συνταγµατικÞτητα των τεσσάρων νοµοθετηµάτων που ενέκρινε η Βουλή για τισ εκποιήσεισ, για τα οποία έκανε αναφορά ο ΠρÞεδροσ τησ ∆ηµοκρατίασ. Ùπωσ ανάφερε ο ΠρÞεδροσ του Ανωτάτου Μύρωνασ Νικολάτοσ η ακρÞαση και για τισ τέσσερισ αναφορέσ θα ολοκληρωθεί την ίδια µέρα και η Ολοµέλεια του Ανωτάτου θα επιφυλαχθεί για τη γνωµοδÞτησή τησ. Στην χθεσινή πρώτη ακρÞαση, η Ολοµέλεια έδωσε οδηγίεσ πωσ τÞσο οι ενστάσεισ τησ Βουλήσ Þσο και οι αγορεύσεισ θα γίνουν γραπτώσ. Εκ µέρουσ τησ Νοµικήσ Υπηρεσίασ παρουσιάστηκαν ο ΓενικÞσ Εισαγγελέασ Κώστασ Κληρίδησ, ο ΒοηθÞσ ΓενικÞσ Εισαγγελέασ Ρίκκοσ Ερωτοκρίτου και ο ∆ικηγÞροσ Α` τησ ∆ηµοκρατίασ ∆ηµήτρησ Λυσάνδρου. Οι νοµικοί σύµβουλοι τησ Βουλήσ των Αντιπροσώπων, Χρίστοσ Κληρίδησ, Γιώργοσ Σεραφείµ και Αχιλλέασ

Αιµιλιανίδησ, έλαβαν διορία µέχρι τισ 26 Σεπτεµβρίου για να καταθέσουν γραπτώσ τισ ενστάσεισ, ενώ ο ΓενικÞσ Εισαγγελέασ Κώστασ Κληρίδησ θα καταθέσει το περίγραµµα τησ αγÞρευσήσ του στισ 3 Οκτωβρίου. Παράλληλα, οι νοµικοί σύµβουλοι τησ Βουλήσ θα πρέπει να καταθέσουν τη δική τουσ αγÞρευση µέχρι τισ 13 Οκτωβρίου και µέχρι τισ 17 του ιδίου µήνα θα πρέπει να απαντήσει γραπτώσ ο ΓενικÞσ Εισαγγελέασ. Η Ολοµέλεια αποφάσισε Þπωσ και οι τέσσερισ αναφορέσ ακολουθήσουν κοινή πορεία µετά απÞ εισήγηση του Γενικού Εισαγγελέα για την οποία δεν είχαν ένσταση και οι δικηγÞροι τησ Βουλήσ. Παράλληλα, προτού οι δικαστέσ δώσουν οδηγίεσ για τισ ηµεροµηνίεσ, άκουσαν τισ θέσεισ των δύο πλευρών για το θέµα. Ο Κώστασ Κληρίδησ ζήτησε διορία µÞνο πέντε εργάσιµεσ µέρεσ για προετοιµασία. Μιλώντασ εκ µέρουσ των τριών συµβούλων τησ Βουλήσ ο δικηγÞροσ Χρίστοσ Κληρίδησ ζήτησε δέκα ηµέρεσ προετοιµασίασ για κάθε στάδιο, υπενθυµίζοντασ Þτι σχετικÞσ κανονισµÞσ προνοεί 21 µέρεσ και λέγοντασ επίσησ Þτι θα χρειαστεί χρÞνοσ για να εξεταστεί υλικÞ που έχει ζητήσει απÞ τισ υπηρεσίεσ τησ Βουλήσ το οποίο δεν είναι ακÞµη έτοιµο καθ` Þτι αφορά µεταξύ άλλων και πρακτικά συνεδριάσεων Επιτροπών.

∆Ô Ì¤ÏÏÔÓ ÙË˜ ∫‡ÚÔ˘ Î·È ÔÈ ÚˆÛÈÎ¤˜ ÂÈ¯ÂÈÚ‹ÛÂÈ˜ Ολοήµερο συνέδριο διοργανώνει το ΚΕΒΕ στα πλαίσια τησ προσπάθειασ για προσέλκυση ρωσικών εταιρειών στην Κύπρο. Κύριο θέµα του συνεδρίου που θα διοργανωθεί στισ 19 Σεπτεµβρίου στο ξενοδοχείο Χίλτον στη Λευκωσία είναι «Το µέλλον τησ Κύπρου για ρωσικέσ επιχειρήσεισ». Το Συνέδριο οργανώνεται απÞ τον Κυπρο-ΡωσικÞ ΕπιχειρηµατικÞ Σύνδεσµο (ΚΕΒΕ), το διεθνέσ δικηγορικÞ γραφείο Withers LLP (που εδρεύει στη Ζυρίχη) και το δικηγορικÞ γραφείο Χρυσαφίνησ & Πολυβίου ∆ΕΠΕ.

Την έναρξη του Συνεδρίου θα χαιρετίσει ο πρÞεδροσ τησ Κυπριακήσ ∆ηµοκρατίασ, Νίκοσ Αναστασιάδησ και αναµένεται Þτι θα το παρακολουθήσεισ αριθµÞσ Ρώσων Επιχειρηµατιών τÞσο απÞ την Κύπρο Þσο και τη Ρωσία, καθώσ και λογιστικά, δικηγορικά γραφεία απÞ την Κύπρο. Οµιλητέσ διεθνούσ κύρουσ τÞσο απÞ την Κύπρο Þσο και απÞ Ζυρίχη, Μάλτα, Λουξεµβούργο και Ρωσία, θα αναλύσουν τισ προοπτικέσ συνέχισησ τησ οικονοµικήσ συνεργασίασ Κύπρου-Ρωσίασ.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

™Â ·ÂÚÁÈ·Îfi ÎÏÔÈfi Ô ‰ËÌfiÛÈÔ˜ ÙÔÌ¤·˜ Ã¤ÚÈ ÊÈÏ›·˜ ·fi ÙÔÓ ÀÔ˘ÚÁfi √ÈÎÔÓÔÌÈÎÒÓ Σε απεργιακÞ κλοιÞ θα βρίσκεται την ερχÞµενη Παρασκευή ο δηµÞσιοσ και ηµιδηµÞσιοσ τοµέασ, µετά τισ αποφάσεισ των συντεχνιών ΠΑΣΥ∆Υ, ΣΕΚ και ΠΕΟ αλλά και τησ ΟΕΛΜΕΚ για λήψη µέτρων ενάντια στισ σκέψεισ τησ Κυβέρνησησ για φορολÞγηση του εφάπαξ και µονιµοποίηση των περικοπών. Aποφασίστηκε Þπωσ οι δηµÞσιο υπάλληλοι κατέλθουν σε 24ωρη προειδοποιητική απεργία. Tην ίδια ώρα το ΥπουργικÞ Συµβούλιο εξουσιοδÞτησε τον ΥπουργÞ Οικονοµικών Χάρη Γεωργιάδη να µελετήσει περαιτέρω και

να συζητήσει µε τουσ ενδιαφερÞµενουσ τυχÞν µέτρα που δεν προϋποθέτουν κατ’ ανάγκη φορολÞγηση του εφάπαξ, έχοντασ ωσ στÞχο την εκτÞνωση τησ κρίσησ. Σύµφωνα πληροφορίεσ τα µέτρα που προτίθεται να συζητήσει ο ΥπουργÞσ Οικονοµικών αφορούν την στÞχευση τησ κοινωνικήσ σύνταξησ, την επέκταση συνεισφοράσ για ιατροφαρµακευτική περίθαλψη στον ευρύτερο δηµÞσιο τοµέα και την επανεξέταση του τρÞπου καταβολήσ του εφάπαξ, την ώρα που καµιά αποκοπή απÞ τισ έκτακτεσ εισφορέσ στο δηµÞσιο τοµέα δεν θα γίνει µÞνιµη.

Εν τω µεταξύ, τη συµµετοχή τησ στην πανσυνδικαλιστική απεργία αποφάσισε και το ΚεντρικÞ ∆ιοικητικÞ Συµβούλιο τησ ΟΕΛΜΕΚ. Συµµετοχή στην απεργία την οποία ανακοίνωσε για την ερχÞµενη Παρασκευή ο ευρύτεροσ δηµÞσιοσ τοµέασ εξήγγειλαν και οι κυβερνητικοί γιατροί. Σε ανακοίνωσή τησ, η ΠΑΣΥΚΙ διευκρινίζει Þτι προβαίνει σε 24ωρη απεργία για την φορολÞγηση του εφάπαξ, απÞ τισ 7:30π.µ. τησ Παρασκευήσ 19 Σεπτεµβρίου έωσ και τισ 7:30π.µ. του Σαββάτου 20 Σεπτεµβρίου.

¢ÂÓ ·¿ÓÙËÛÂ Ë ∆Ú¿Â˙· ∫‡ÚÔ˘ ÁÈ· ÙÈ˜ ·Ó·‰È·ÚıÚÒÛÂÈ ÙˆÓ «ÌÂÁ¿ÏˆÓ» ∞ÎfiÌË ·Ó·Ì¤ÓÂÈ ··ÓÙ‹ÛÂÈ˜ Ë ∂ÈÙÚÔ‹ £ÂÛÌÒÓ ÁÈ· ÙÈ˜ ÂÎÚÔ¤˜ Η λειτουργία των θεσµών του χρηµατοπιστωτικού συστήµατοσ ήταν ένα απÞ τα θέµατα που τέθηκαν χθεσ ενώπιον τησ Κοινοβουλευτικήσ Επιτροπήσ Θεσµών. Ο ΠρÞεδροσ τησ Επιτροπήσ Θεσµών Φειδίασ Σαρίκασ είπε Þτι υπάρχουν ακÞµη εκκρεµÞτητεσ που αφορούν τισ εκροέσ, τισ αναδιαρθρώσεισ δανείων, τη µη συµµÞρφωση των τραπεζών µε αιτήµατα βουλευτών για παραχώρηση στοιχείων, και πρÞσθεσε Þτι η Επιτροπή θα ασχοληθεί ξανά µε αυτά τα θέµατα. Σε Þ,τι αφορά τισ εκροέσ, είπε Þτι θα πρέπει να δούµε κατά πÞσον πράγµατι έγινε ενδελεχήσ έρευνα και έστω και εάν θεωρείται νÞµιµη η πράξη των εκροών θα πρέπει να εξεταστεί κατά πÞσον απÞ πλευράσ του Τµήµατοσ Εσωτερικών ΠροσÞδων έγινε ο έλεγχοσ Þτι αυτά τα χρήµατα είναι νÞµιµα, Þπωσ και κατά την κλειστή περίοδο αν έγιναν πράξεισ που

τυγχάνουν περαιτέρω ελέγχων ακÞµη και απÞ οργανισµούσ, οι οποίοι φαινοµενικά ενεργούσαν νοµÞτυπα. “∆ιÞτι πιθανώσ πίσω απÞ κάποια ονÞµατα κάποιων εταιρειών ή οργανισµών να κρύβονται σκÞπιµεσ πράξεισ που εξυπηρετούσαν κάποια συµφέροντα”, είπε. Η βουλευτήσ του ΑΚΕΛ Ειρήνη Χαραλαµπίδου είπε Þτι η Τράπεζα Κύπρου σε αντίθεση µε άλλεσ τράπεζεσ, δεν έχει ακÞµη απαντήσει στο αίτηµα τησ κοινοβουλευτικήσ οµάδασ του ΑΚΕΛ να παρουσιάσει τι έχει πράξει σε σχέση µε τα δάνεια των µεγαλοφειλετών σε επίπεδο αναδιάρθρωσησ, τι επανεκτιµήσεισ έκανε των περιουσιών τουσ και αν ζήτησε νέεσ υποθήκεσ Þπωσ πράττει µε Þλουσ τουσ πολίτεσ. ΠρÞσθεσε Þτι η κοινοβουλευτική οµάδα ζήτησε Þπωσ κληθεί και η Τράπεζα Κύπρου και η ∆ιοικητήσ τησ ΚΤ σε επÞµενη συνεδρίαση προκειµένου να κατατεθούν τα στοιχεία. Επίσησ,

χαιρέτισε τισ προσπάθειεσ τησ Επιτροπήσ Κεφαλαιαγοράσ για ενδελεχή διερεύνηση των καταγγελιών τησ κοινοβουλευτικήσ οµάδασ σε σχέση µε τα δοµηµένα οµÞλογα τησ γερµανικήσ τράπεζασ Kommerzbank. Αναµένουµε Þτι οι έρευνεσ θα προχωρήσουν µέχρι τέλουσ και βρισκÞµαστε εν αναµονή του πορίσµατοσ τησ Επιτροπήσ Κεφαλαιαγοράσ, είπε. Η Επιτροπή εξέτασε επίσησ τη µη συµµÞρφωση τησ ∆ηµÞσιασ Υπηρεσίασ, τησ Αστυνοµίασ, του Στρατού, των Νοµικών Προσώπων ∆ηµοσίου ∆ικαίου και τησ Τοπικήσ Αυτοδιοίκησησ στισ αποφάσεισ των ∆ικαστηρίων. Ο κ. Σαρίκασ είπε Þτι υπάρχουν ακÞµη εκκρεµÞτητεσ και για αυτÞ το λÞγο η Επιτροπή θα αποταθεί στο Υπουργείο ∆ικαιοσύνησ για ενηµέρωση σχετικά µε το στάδιο στο οποίο βρίσκεται η προώθηση τησ νοµοθεσίασ για την υποχρεωτική εφαρµογή των αποφάσεων του Ανωτάτου.

∂ÚÂ˘Ó¿ ‰¿ÓÂÈ· Ë ·Ó·ÎÚÈÙÈÎ‹ ÔÌ¿‰· ÁÈ· ÙËÓ ÔÈÎÔÓÔÌ›· Με τον ταχύτερο δυνατÞ ρυθµÞ διεξάγονται έρευνεσ απÞ την ανακριτική οµάδα για την οικονοµία σε στενή συνεργασία µε την Νοµική Υπηρεσία για θέµατα που αφορούν τη λήψη δανείων απÞ τα παλιά ∆ιοικητικά Συµβούλια και συνδεδεµένων µε αυτά προσώπων, αλλά και ιδιωτών και εταιρειών απÞ το συνεργατισµÞ και τισ τράπεζεσ Κύπρου και πρώην Λαϊκή, σύµφωνα µε τον ΒοηθÞ ΓενικÞ Εισαγγελέα Ρίκκο Ερωτοκρίτου.

™ÙËÓ ∫‡ÚÔ Ô °ÂÚÌ·Ófi˜ ÀºÀ¶∂• Με στÞχο την ενίσχυση τησ συνεργασίασ Κύπρου – Γερµανίασ φθάνει στην Κύπρο αυτή απÞ τισ 17 µέχρι τισ 19 Σεπτεµβρίου ο ΓερµανÞσ ΥφυπουργÞσ Εξωτερικών για θέµατα Ευρώπησ, Μίχαελ Ροτ, ο οποίοσ δήλωσε Þτι θα συζητήσει µε τον ΠρÞεδρο τησ ∆ηµοκρατίασ για την πορεία των διαπραγµατεύσεων για επίλυση του Κυπριακού, ενώ θα έχει συναντήσεισ και µε τουσ διαπραγµατευτέσ των δύο κοινοτήτων. Σε Þ,τι αφορά την οικονοµική κρίση στην Κύπρο, είπε Þτι η Γερµανία σκοπεύει να προχωρήσει µε τη δηµιουργία ενÞσ φορέα χρηµατοδÞτησησ για τη βελτίωση των συνθηκών χρηµατοδÞτησησ για τισ µικρέσ και µεσαίεσ επιχειρήσεισ.

∞Ó¿ÁÎË ‰ËÌÈÔ˘ÚÁ›·˜ ∆Ú¿Â˙·˜ ∞Ó·Ù‡ÍÂˆ˜ Η αναγκαιÞτητα δηµιουργίασ Τράπεζασ Αναπτύξεωσ ούτωσ ώστε να στηριχθούν οι µικροµεσαίεσ επιχειρήσεισ συζητήθηκε ενώπιον τησ Κοινοβουλευτικήσ Επιτροπήσ Εµπορίου. Ο ΠρÞεδροσ τησ Επιτροπήσ Λευτέρησ ΧριστοφÞρου είπε Þτι η ύπαρξη κρατικήσ τράπεζασ αναπτύξεωσ είναι εκ των ων ουκ άνευ για την χρηµατοδÞτηση και ανάπτυξη των µικροµεσαίων επιχειρήσεων. ΠρÞσθεσε Þτι ο τραπεζικÞσ τοµέασ απέδειξε Þτι δεν µπορεί να ανταποκριθεί και να διοχετεύσει τα κονδύλια µε αποτελεσµατικÞτητα στην αγορά.

Ο ΓενικÞσ Εισαγγελέασ Κώστασ Κληρίδησ ανέφερε παράλληλα Þτι θα εξεταστούν σύντοµα µέτρα που θα πρέπει να ληφθούν για προστασία τησ λειτουργίασ τησ Νοµικήσ Υπηρεσίασ ενÞψει αποχωρήσεων έµπειρων στελεχών τησ. Κληθείσ να στείλει ένα µήνυµα στον κÞσµο, ο ΒοηθÞσ ΓενικÞσ Εισαγγελέασ είπε Þτι «το µήνυµα είναι Þτι οι έρευνεσ θα προχωρήσουν απρÞσκοπτα και δεν πρÞκειται σε καµία περίπτωση ν` αφεθεί οποιοσδήποτε µακράν του ελέγχου, ή

µακράν τησ λαβίδασ του νÞµου εάν υπάρχουν οι απαραίτητεσ προϋποθέσεισ για να διερευνηθεί». Σε ερώτηση για τον αριθµÞ των προσώπων που αφορούν αυτέσ οι έρευνεσ, ο κ. Ερωτοκρίτου είπε Þτι «δεν είναι πολλά µε την έννοια Þτι είναι πολλέσ εκατοντάδεσ ή χιλιάδεσ, είναι ένασ αρκετά µεγάλοσ αριθµÞσ, αλλά είναι αριθµÞσ που είναι διαχειρίσιµοσ σε σχέση µε την ανακριτική διαδικασία. Θα απαιτηθεί κάποιοσ χρÞνοσ αλλά µπορούµε να το αντιµετωπίσουµε”.

∞fi 19-21 ™ÂÙÂÌ‚Ú›Ô˘ Ë ¤ÎıÂÛË Savenergy 2014 Την εξειδικευµένη έκθεση εξοικονÞµησησ ενέργειασ “SAVENERGY 2014” διοργανώνουν για 10η συνεχή χρονιά, 19-21 Σεπτεµβρίου, οι ΟΕΒ, ΑΗΚ και η Υπηρεσία Ενέργειασ του Υπουργείου Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού. Παράλληλα µε την “SAVENERGY 2014”, η ΟΕΒ και το Υπουργείο Γεωργίασ, Φυσικών ΠÞρων και Περιβάλλοντοσ διοργανώνουν για 7η συνεχή χρονιά την 7η έκθεση τεχνολογιών νερού και περιβάλλοντοσ “ENVIROTEC 2014”. Στη “SAVENERGY 2014”, 85 εκθέτεσ σε ένα χώρο 6,500 τ.µ. θα παρουσιάσουν προϊÞντα και υπηρεσίεσ που κάθε επισκέπτησ θα µπορεί να αξιοποιήσει για να µειώσει το ενεργειακÞ κÞστοσ τησ επιχείρησησ ή/και του σπιτιού του. Ανάµεσα στα προϊÞντα που θα παρουσιαστούν περιλαµβάνονται συστήµατα θέρµανσησ και ψύξησ µε τη χρήση των Ανανεώσιµων Πηγών Ενέργειασ (ΑΠΕ), φωτοβολταϊκά συστήµατα, αιολικά συστήµατα και άλλα. ΑπÞ την άλλη στην “ENVIROTEC 2014” 20 επιχειρήσεισ θα παρουσιάσουν καινοτÞµα προϊÞντα και υπηρεσίεσ που ο κάθε επισκέπτησ θα µπορέσει να αξιοποιήσει για να εξοικονοµήσει νερÞ και να προστατεύσει το περιβάλλον

Και οι δύο εκθέσεισ θα πραγµατοποιηθούν στο χώρο τησ Αρχήσ Κρατικών Εκθέσεων 19-21 Σεπτεµβρίου. Τα εγκαίνια θα τελέσει ο ΥπουργÞσ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργοσ Λακκοτρύπησ. Η είσοδοσ για το κοινÞ θα είναι ελεύθερη.

ªÂ›ˆÛË ÛÙÔ ÎfiÛÙÔ˜ ËÏÂÎÙÚÈÛÌÔ‡ ÌÂ ÙÔ ÌÔÓÙ¤ÏÔ Net-Pool Στο µοντέλο «Net-Pool» φαίνεται να ποντάρει η κυβέρνηση στα πλαίσια των µέτρων για µείωση του κÞστουσ του ηλεκτρισµού, τÞσο στα νοικοκυριά Þσο και στισ επιχειρήσεισ. Σύµφωνα µε τον ΥπουργÞ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργο Λακκοτρύπη, δροµολογούνται ενέργειεσ σε συνεργασία µε τη Ρυθµιστική Αρχή Ενέργειασ Κύπρου αλλά και τον ∆ιαχειριστή του Συστήµατοσ Μεταφοράσ Κύπρου, για να υιοθετηθούν νέοι ΚανÞνεσ Αγοράσ στη βάση του Μοντέλου “Υβριδικήσ Αγοράσ ∆ιµερών Συµβολαίων και Κοινοπραξίασ Ισχύοσ”,

«Net-Pool». “ΣτÞχοσ µασ, οι νέοι αυτοί ΚανÞνεσ να εφαρµοστούν πλήρωσ περί τα µέσα του 2016”, συµπλήρωσε. Σύµφωνα µε τον ΥπουργÞ, το εν λÞγω µοντέλο θα επιτρέπει την παράλληλη λειτουργία αγοράσ διµερών συµβολαίων, Þπου δηλαδή οι παραγωγοί και προµηθευτέσ θα µπορούν να συµβάλλονται µεταξύ τουσ, Þπωσ επίσησ και την παράλληλη λειτουργία αγοράσ που θα λειτουργεί κεντρικά απÞ τον ΛειτουργÞ Αγοράσ και στην οποία θα µπορούν οι παραγωγοί και προµηθευτέσ να υποβάλλουν προσφορέσ για πώληση και αγορά ηλεκτρισµού.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

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

∆εν θα σταµατήσουµε να απαιτούµε ένα ΣΥΓΓΝΩΜΗ απÞ τουσ πολιτικούσ µασ για την κατάντια τησ Κυπριακήσ οικονοµίασ, µε ιδιαίτερη έµφαση στην κατάντια τησ αγοράσ ακινήτων απÞ τουσ Κύπριουσ πολιτικούσ (ή πολιτικάντηδεσ Þπωσ επικρατεί σήµερα η ορολογία). ΕκτÞσ απÞ τουσ 70.000 άνεργουσ, καταστρέψαµε ταυτÞχρονα και την οικοδοµική βιοµηχανία, η οποία ήταν η κινητήρια δύναµη τησ επιτυχίασ τησ οικονοµίασ κατά τα έτη 2002-2010 µε 800 εκ. ευρώ εισπράξεισ ανά έτοσ για το Κράτοσ. Μασ ζήτησε η Ε.Ε. να κουρέψουµε 6%-9% απÞ τισ καταθέσεισ και δεν θα ξεχάσουµε ποτέ εκείνη την τραυµατική εµπειρία, τουσ διάφορουσ πολιτικούσ, ευρωβουλευτέσ µασ και άλλουσ, να ψηφίζουν το ΗΡΩΙΚΟ ΟΧΙ για να την πάθουµε στο τέλοσ. ΑκÞµη και αυτÞ το ΚυβερνητικÞ πολιτικÞ κÞµµα τήρησε αποχή απÞ την ψήφο τησ µείωσησ απÞ 6%-9%. Αυτοί οι ίδιοι που γυρνούσαν απÞ κανάλι σε κανάλι να µασ πείσουν γιατί ήταν το 6%-9% ήταν απαράδεκτο, τώρα και χωρίσ ντροπή, τα ίδια αυτά άτοµα περιφέρονται και πάλι στα ίδια κανάλια και να µασ εξηγούν τα ανεξήγητα. Η ανεύθυνη στάση των πολιτικών µασ είχε το αποτέλεσµα τησ τελευταίασ ψηφοφορίασ -40% αποχήσ, προσφέροντασ οι ίδιοι αυτοί πολιτικοί διάφορεσ δικαιολογίεσ που είναι µÞνο για αστεία. - ΠολιτικÞσ αρχηγÞσ ευρισκÞµενοσ στο Λονδίνο ήλθε πίσω στην Κύπρο άρον-άρον να µασ πείσει Þτι είναι λάθοσ η πρÞταση τησ Ε.Ε. (6%-9% κούρεµα). Ο ίδιοσ λοιπÞν αρθρογραφεί σε Κυπριακέσ εφηµερίδεσ και δίδει εξηγήσεισ γιατί υπάρχει η απαξίωση των πολιτικών. - Ευρωβουλευτήσ µε µέσο εισÞδηµα γύρω στισ 100.000 ευρώ µε ολονύκτια πάρτι στην Ε.Ε. κλπ, έκανε και αυτή τον

γύρο τησ στα κανάλια. Ούτε ένασ ευρωβουλευτήσ δεν συνεισφέρει το 20% των ωφεληµάτων αυτών πίσω στο ταµείο ανεργίασ, µια και που τα έξοδα πληρώνονται απÞ την Ε.Ε. Μια τέτοια κίνηση θα ήταν λάθοσ; - Φθάσαµε και στο αεροπλάνο του Προέδρου και συζητούµε εάν πρέπει ή Þχι ο ΠρÞεδροσ να κάνει χρήση ιδιωτικού αεροπλάνου. Μα προσ θεού, έχουµε ένα ΠρÞεδρο σχεδÞν 70 ετών µε ηµερήσια εργασία 16-20 ώρεσ και να τον ταλαιπωρούµε µε τισ ατέλειωτεσ ώρεσ µε µη απευθείασ πτήσεισ; ΤÞσο άτοπο είναι ένασ πρÞεδροσ να µην µπορεί να δεχθεί µια προσφορά ενÞσ απÞδηµου; Μασ θυµίζει την προσφορά του συγκροτήµατοσ Γαλαταριώτη, Μουσκή κλπ για το ΟγκολογικÞ τησ Λεµεσού που µετά απÞ τουσ πολιτικούσ τσακωµούσ, οι δωρητέσ αυτοί απέσυραν την προσφορά τουσ και ασφαλώσ το ογκολογικÞ δεν έγινε. Βέβαια δεν λαµβάνουµε θέση στο θέµα του προέδρου διÞτι Þταν και αυτÞσ ήταν στην αντιπολίτευση είχε την ίδια αρνητική συµπεριφορά και τώρα παραδέχεται Þτι «λαΐκιζε». - ∆ηλαδή, για να καταλάβουµε, τισ δωρεέσ των υπεράκτιων εταιρειών τησ Λεµεσού για τον ∆ηµÞσιο Κήπο, την επίχωση κλπ δεν έπρεπε να τισ αποδεχθούµε; Μασ ζήτησαν ανταλλάγµατα κύριε ∆ήµαρχε τησ Λεµεσού (και µπράβο σασ για την πρωτοβουλία σασ τησ απευθείασ προσέγγισησ στουσ ξένουσ οίκουσ που δραστηριοποιούνται στην ΛεµεσÞ). - Είµαστε ένα µάτσο χάλια διÞτι χωρίσ πολιτική ηγεσία δεν έχουµε υπÞθεση και στην επÞµενη ψηφοφορία η αποχή θα αυξηθεί δυστυχώσ. Προσ τι δηλαδή να ψηφίσουµε Þταν οι πολιτικοί µασ αυτοί είναι (σχεδÞν) Þλοι το ίδιο και ακÞµη πιο λυπηρÞ είναι οι νέοι βουλευτέσ οι οποίοι ακολουθούν κατά γράµµα τισ οδηγίεσ του κÞµµατοσ; Άρα δεν υπάρχει νέο «πολιτικÞ αίµα» στον τÞπο, µÞνο η επανάληψη των ίδιων µυαλών, των καρεκλών και αυτοεγωϊσµού. Ùπωσ την τραγική εκείνη µη ψήφιση για τουσ χούλιγκαν των γηπέδων και την µη ψήφιση του νÞµου

για την φορολογία ακινήτων για λάθοσ λÞγουσ, αυξάνοντασ έτσι αντί να µειώσουν τον φÞρο ακίνητησ ιδιοκτησίασ στο χαµηλÞτερο επίπεδο εισοδηµάτων και αποθαρρύνοντασ τισ νέεσ επενδύσεισ. - Το φάρµακο τησ διÞρθωσησ είναι η ποιοτική δηµοσιογραφία, θέµα για το οποίο αναφερθήκαµε σε προηγούµενο µασ άρθρο. Ùσο περνά ο καιρÞσ τÞσο είµαστε πεπεισµένοι Þτι οι δηµοσιογράφοι θα πρέπει να στηρίζονται οικονοµικά απÞ κάποιου είδουσ Κυβερνητικά Ταµεία, βασιζÞµενη η στήριξη εκ του αποτελέσµατοσ τησ ανεξάρτητησ γνώµησ (προσοχή στην λέξη ανεξάρτητη αλλά και διαβασµένη γνώση) και επιπλέον µε ετήσια χρηµατικά βραβεία δηµοσιογραφίασ τησ τάξησ των 5.000 ευρώ ανά έτοσ/ένασ, ένα είδοσ Pulitzer Award. Υπάρχουν ευτυχώσ ορισµένοι ποιοτικοί δηµοσιογράφοι, αλλά για να επενδύσουν σε γνώσεισ και ανεξάρτητη άποψη, χρειάζεται δουλειά και χρÞνο και µε τουσ µισθούσ που έχουν (εκτÞσ εκείνοι ΡΙΚ) πωσ θα επιβιώσουν; ΑπÞ τα κουτσοµπολιά (βάσιµα Þµωσ) που ακούµε είναι δεδοµένα και τα πιο κάτω: - Πρώην Ευρωβουλευτήσ για να εισπράττει το δικαίωµα παρουσίασησ, υπέγραφε στο Ευρωκοινοβούλιο και µετά έφευγε. - Ζητήθηκε προσωπικά απÞ τουσ πρώην και ίσωσ νυν ευρωβουλευτέσ να συνεισφέρουν το 20% του συνÞλου του εισοδήµατοσ τουσ στο ταµείο ανεργίασ. Με χίλιεσ δύο δικαιολογίεσ δεν υπήρξε τέτοια συνεισφορά απÞ κανένα. - ΑρχηγÞσ κÞµµατοσ συµβούλευσε τον ΠρÞεδρο να µην αποδεχθεί την µείωση του 6%-9% διÞτι Þντασ στην Αµερική τον πληροφÞρησε Þτι το IMF µπλοφάρει!! Αναµένουµε λοιπÞν µια ΣΥΓΓΝΩΜΗ και για το ΗΡΩΙΚΟ ΟΧΙ και για τα υπÞλοιπα, νοουµένου Þτι ασφαλώσ την ΣΥΓΓΝΩΜΗ θα διαδεχθεί και κάποια διÞρθωση τησ πορείασ τησ πολιτικήσ µασ κατάστασησ και τησ οικονοµίασ.

∫ÂÓ¤˜ ı¤ÛÂÈ˜ ÛÙËÓ ¢ËÌfiÛÈ· ÀËÚÂÛ›· ∆ΙΚΑΣΤΙΚΗ ΥΠΗΡΕΣΙΑ Σύµφωνα µε τη γνωστοποίηση µε αριθµÞ 426 που δηµοσιεύτηκε στην Επίσηµη Εφηµερίδα τησ ∆ηµοκρατίασ µε ηµεροµηνία 12.9.2014 έχει προκηρυχτεί για πλήρωση µια κενή µÞνιµη θέση Βοηθού Αρχιπρωτοκολλητή, ∆ικαστική Υπηρεσία. Εγκεκριµένη Μισθοδοτική Κλίµακα: Α15(i): 47.406 ευρώ, 49.325, 51.244, 53.163, 55.082, 57.001, 58.920. Σηµειώνεται Þτι αναφορικά µε τη µισθοδοσία αυτού που θα διοριστεί/προαχθεί εφαρµÞζονται οι πρÞνοιεσ των περί τησ µη Παραχώρησησ Προσαυξήσεων και Τιµαριθµικών Αυξήσεων στουσ Μισθούσ των Αξιωµατούχων και Εργοδοτουµένων και στισ Συντάξεισ των Συνταξιούχων τησ Κρατικήσ Υπηρεσίασ και του Ευρύτερου ∆ηµÞσιου Τοµέα ΝÞµων του 2011 έωσ 2014. Στη µισθοδοσία προστίθενται οι οποιεσδήποτε γενικέσ αυξήσεισ που έχουν εγκριθεί µε νοµοθεσία. Επιπλέον, καταβάλλεται τιµαριθµικÞ επίδοµα, σύµφωνα µε το ποσοστÞ που εγκρίνεται απÞ την Κυβέρνηση απÞ καιρÞ σε καιρÞ

ΕΛΕΓΚΤΙΚΗ ΥΠΗΡΕΣΙΑ Επίσησ έχει προκηρυχτεί για πλήρωση µια κενή µÞνιµη θέση ∆ιευθυντή Τεχνικού Ελέγχου, Ελεγκτική Υπηρεσία.

Εγκεκριµένη Μισθοδοτική Κλίµακα: Α15(i): ?47.406, 49.325, 51.244, 53.163, 55.082, 57.001, 58.920. Σηµειώνεται Þτι αναφορικά µε τη µισθοδοσία αυτού που θα διοριστεί/προαχθεί εφαρµÞζονται οι πρÞνοιεσ των περί τησ µη Παραχώρησησ Προσαυξήσεων και Τιµαριθµικών Αυξήσεων στουσ Μισθούσ των Αξιωµατούχων και Εργοδοτουµένων και στισ Συντάξεισ των Συνταξιούχων τησ Κρατικήσ Υπηρεσίασ και του Ευρύτερου ∆ηµÞσιου Τοµέα ΝÞµων του 2011 έωσ 2014. Στη µισθοδοσία προστίθενται οι οποιεσδήποτε γενικέσ αυξήσεισ που έχουν εγκριθεί µε νοµοθεσία. Επιπλέον, καταβάλλεται τιµαριθµικÞ επίδοµα, σύµφωνα µε το ποσοστÞ που εγκρίνεται απÞ την Κυβέρνηση απÞ καιρÞ σε καιρÞ

∆ΙΕΥΘΥΝΤΗΣ ΤΜΗΜΑΤΟΣ ∆ΗΜΟΣΙΩΝ ΕΡΓΩΝ Παράλληλα έχει προκηρυχτεί για πλήρωση µια κενή µÞνιµη θέση ∆ιευθυντή Τµήµατοσ ∆ηµοσίων Έργων. Ο µισθÞσ τησ θέσησ είναι πάγιοσ και ανέρχεται στο ποσÞ των 65.315 ευρώ. Σηµειώνεται Þτι αναφορικά µε τη µισθοδοσία αυτού που θα διοριστεί/προαχθεί εφαρµÞζονται οι πρÞνοιεσ των περί τησ µη Παραχώρησησ Προσαυξήσεων και Τιµαριθµικών Αυξήσεων στουσ Μισθούσ των Αξιωµατούχων

ªÂ ıÂÙÈÎfi ÚfiÛËÌÔ Û˘ÓÂ¯›˙ÂÈ Ó· ÎÈÓÂ›Ù·È Ô ÙÔ˘ÚÈÛÌfi˜ Συνεχίστηκε και τον Αύγουστο του 2014 η θετική πορεία του τουρισµού, µε τισ αφίξεισ τουριστών να αυξάνονται συνολικά κατά 97.088 ή 5,9% την περίοδο Ιανουαρίου – Αυγούστου 2014, φθάνοντασ σε 1.734.880, σε σύγκριση µε 1.637.792 την αντίστοιχη περίοδο του 2013, σύµφωνα µε τη Στατιστική Υπηρεσία. Τον Αύγουστο του 2014 οι αφίξεισ τουριστών, µε βάση τα αποτελέσµατα τησ Έρευνασ Ταξιδιωτών, ανήλθαν σε 373.086 σε σύγκριση µε 352.215 τον Αύγουστο του 2013, καταγράφοντασ αύξηση 5,9%. Τον Αύγουστο σηµειώθηκε αύξηση 6,5% στισ αφίξεισ τουριστών απÞ το Ηνωµένο Βασίλειο (απÞ 127.118 τον Αύγουστο του 2013 σε 135.424 τον Αύγουστο του 2014), 11,6% αύξηση απÞ τη Ρωσία (απÞ 99.215 σε 110.725) και 61,7% αύξηση απÞ το Ισραήλ (απÞ 8.164 σε 13.201 φέτοσ). Αντίθετα, µείωση 9,7% σηµειώθηκε στισ αφίξεισ τουριστών απÞ τη Σουηδία, τη Γερµανία, τη Νορβηγία και την Ελλάδα. Ο Αύγουστοσ είναι ο έβδοµοσ κατά σειρά µήνασ του 2014 που σηµειώνεται αύξηση στισ

αφίξεισ τουριστών. Εξαίρεση αποτέλεσε ο Ιανουάριοσ κατά τον οποίο σηµειώθηκε µικρή µείωση σε σχέση µε τον Ιανουάριο του 2013.

«•ÂÌÔ‡‰È·Û·Ó» ÔÈ ∫‡ÚÈÔÈ Την ίδια ώρα σηµαντική αύξηση 17,3% σηµείωσαν τον Αύγουστο του 2014 τα ταξίδια κατοίκων Κύπρου στο εξωτερικÞ, σε σύγκριση µε τον Αύγουστο του 2013. ΕιδικÞτερα, µε βάση τα αποτελέσµατα τησ Έρευνασ Ταξιδιωτών, τα ταξίδια κατοίκων Κύπρου στο εξωτερικÞ τον Αύγουστο 2014 ανήλθαν στισ 155.144, σε σύγκριση µε 132.309 τον Αύγουστο 2013. Τον Αύγουστο του 2014 σηµειώθηκε αύξηση 34,9% στισ επιστροφέσ - αφίξεισ κατοίκων Κύπρου απÞ την Ελλάδα (απÞ 53.816 τον Αύγουστο του 2013 σε 72.616 τον Αύγουστο του 2014). Αντίθετα, µείωση 3,2% σηµειώθηκε στισ επιστροφέσ - αφίξεισ κατοίκων Κύπρου απÞ το Ηνωµένο Βασίλειο (απÞ 26.227 τον Αύγουστο του 2013 σε 22.061 τον Αύγουστο του 2014).

και Εργοδοτουµένων και στισ Συντάξεισ των Συνταξιούχων τησ Κρατικήσ Υπηρεσίασ και του Ευρύτερου ∆ηµÞσιου Τοµέα ΝÞµων του 2011 έωσ 2014. Στη µισθοδοσία προστίθενται οι οποιεσδήποτε γενικέσ αυξήσεισ που έχουν εγκριθεί µε νοµοθεσία. Επιπλέον, καταβάλλεται τιµαριθµικÞ επίδοµα, σύµφωνα µε το ποσοστÞ που εγκρίνεται απÞ την Κυβέρνηση απÞ καιρÞ σε καιρÞ Η δηµοσίευση των εν λÞγω θέσεων γίνεται ύστερα απÞ την απÞφαση του Υπουργικού Συµβουλίου και τη µετέπειτα γραπτή συγκατάθεση τησ Κοινοβουλευτικήσ Επιτροπήσ Οικονοµικών και Προϋπολογισµού, για εξαίρεσή τουσ απÞ τισ πρÞνοιεσ των περί τησ ΑπαγÞρευσησ Πλήρωσησ Κενών Θέσεων στο ∆ηµÞσιο και στον Ευρύτερο ∆ηµÞσιο Τοµέα (Ειδικέσ ∆ιατάξεισ) ΝÞµων του 2013. Αιτήσεισ θα πρέπει να υποβληθούν στο έντυπο Γεν. 6 και να παραδοθούν στο Γραφείο τησ Επιτροπήσ ∆ηµÞσιασ Υπηρεσίασ έναντι απÞδειξησ παραλαβήσ ή να αποσταλούν µέσω του Ταχυδροµείου µε συστηµένη επιστολή στον ΠρÞεδρο τησ Επιτροπήσ ∆ηµÞσιασ Υπηρεσίασ, 1407 Λευκωσία, ή µέσω τηλεοµοιοτυπικήσ υπηρεσίασ (αρ. 22670101), Þχι αργÞτερα απÞ τισ 6.10.2014.

∏ Emirates „¿¯ÓÂÈ ∫‡ÚÈÔ˘˜ ÁÈ· ÙÔ Cabin Crew ÙË˜ Η Emirates Airline καλεί υποψηφίουσ απÞ τη Κύπρο να υποβάλουν αίτηση στο διαδίκτυο στην ιστοσελίδα www.emirates.com/careers αν ενδιαφέρονται να ενταχθούν στη Cabin Crew οµάδα τησ. Η Emirates πραγµατοποιεί καθηµερινέσ πτήσεισ επιστροφήσ απÞ το Ντουµπάι στη Λάρνακα και µετά στη Μάλτα. Η οµάδα Cabin Crew Recruitment θα αξιολογήσει αιτήσεισ µέσω διαδικτύου και οι τελικοί υποψήφιοι θα κληθούν µÞνο µε ραντεβού για να γνωρίσουν το Recruitment Team για περαιτέρω αξιολÞγηση το Σάββατο 4 Οκτωβρίου 2014. Οι υποψήφιοι πρέπει να είναι τουλάχιστον 21 ετών κατά τη στιγµή τησ πιθανήσ πρÞσληψησ και καλούνται να στείλουν το βιογραφικÞ τουσ σηµείωµα (CV) στα Αγγλικά, καθώσ και µια φωτογραφία. Άριστη γνώση στα αγγλικά (γραπτά και προφορικά) και τουλάχιστον απολυτήριο Λυκείου είναι απαραίτητα. Οι υποψήφιοι πρέπει να µπορούν να φτάνουν τα 212 εκατοστά, Þταν στέκονται στισ µύτεσ των ποδιών τουσ. Η Emirates εξυπηρετεί σήµερα 144 πÞλεισ σε 82 χώρεσ σε Þλο τον κÞσµο.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

E˘Úˆ·˚Î¿ ÎÔÓ‰‡ÏÈ· ÁÈ· Û‡Ó‰ÂÛË ÙË˜ ∫‡ÚÔ˘ ÌÂ ¶ÂÈÚ·È¿ ΠρÞσκληση στα κράτη µέλη να προτείνουν µέχρι τισ 26 Φεβρουαρίου σχέδια για την αξιοποίηση ευρωπαϊκών κονδυλίων ύψουσ 11,9 δισ ευρώ µε σκοπÞ τη βελτίωση των ευρωπαϊκών µεταφορικών συνδέσεων, απηύθυνε η ΚοµισιÞν. Η Ελλάδα και η Κύπροσ µπορούν να επωφεληθούν κοινοτικών κονδυλίων στο πλαίσιο του ανατολικού διαδρÞµου που ξεκινάει απÞ το βÞρεια Γερµανία και φτάνει στον Πειραιά και την Κύπρο. Η πρωτοβουλία τησ ΚοµισιÞν εντάσσεται στο πλαίσιο του νέου χρηµατοδοτικού µηχανισµού «Συνδέοντασ την Ευρώπη», Þπου η χρηµατοδÞτηση τησ ΕΕ για τισ µεταφορέσ έχει τριπλασιαστεί φθάνοντασ τα 26 δισ ευρώ για την περίοδο 2014-2020. Η χρηµατοδÞτηση θα είναι επικεντρωµένη σε 9 κύριουσ διαδρÞµουσ µεταφορών, οι

οποίοι στο σύνολÞ τουσ θα συνθέτουν ένα κεντρικÞ δίκτυο µεταφορών που θα δώσει νέα πνοή στην οικονοµία τησ ενιαίασ αγοράσ. Η χρηµατοδÞτηση θα στοχεύει στην εξάλειψη των σηµείων κυκλοφοριακήσ συµφÞρησησ, στη ριζική αλλαγή των συνδέσεων Ανατολήσ∆ύσησ και στον εξορθολογισµÞ των διασυνοριακών µεταφορών, τÞσο για τισ επιχειρήσεισ Þσο και για τουσ πολίτεσ Þλησ τησ ΕΕ. Η Κύπροσ και η Ελλάδα εντάσσονται στον ανατολικÞσ διάδροµο/διάδροµοσ Ανατολικήσ Μεσογείου, που θα συνδέει τουσ γερµανικούσ λιµένεσ τησ Βρέµησ, του Αµβούργου και του ΡοστÞκ µέσω τησ Τσεχίασ και τησ Σλοβακίασ, ενώ µία διακλάδωση θα διέρχεται απÞ την Αυστρία, κατÞπιν µέσω τησ Ουγγαρίασ έωσ τον ρουµανικÞ λιµένα τησ Κωνστάντασ, το βουλγαρικÞ λιµένα του Πύργου, µε συνδέσεισ στην Τουρκία, στουσ

ελληνικούσ λιµένεσ τησ Θεσσαλονίκησ και του Πειραιά και σύνδεση µέσω «θαλάσσιασ αρτηρίασ» µε την Κύπρο. Περιλαµβάνει σιδηροδροµικÞ δίκτυο, οδικÞ δίκτυο, αερολιµένεσ,

λιµένεσ, ταχείσ αστικούσ σιδηροδρÞµουσ (RRT) και τισ εσωτερικέσ πλωτέσ µεταφορέσ του ποταµού Έλβα. Το νέο κεντρικÞ δίκτυο, που πρέπει να υλοποιηθεί έωσ το 2030, θα συνδέει: -94 µεγάλουσ ευρωπαϊκούσ λιµένεσ µε το σιδηροδροµικÞ και οδικÞ δίκτυο, -38 κύριουσ αερολιµένεσ µε σιδηροδροµικέσ συνδέσεισ µε µεγάλεσ πÞλεισ -15.000 χλµ. σιδηροδροµικού δικτύου αναβαθµισµένου σε γραµµέσ υψηλήσ ταχύτητασ -35 διασυνοριακά έργα για τη µείωση των κυκλοφοριακών συµφορήσεων. Τα σχέδια θα χρηµατοδοτηθούν µε ευρωπαϊκά κονδύλια, αλλά παράλληλα πρέπει να συνεισφέρουν και τα κράτη µέλη στην υλοποίησή τουσ. Οι επιλεγείσεσ προτάσεισ και τα ποσά που θα διατεθούν ανά σχέδιο θα ανακοινωθούν το καλοκαίρι του 2015.

O Ì‡ıÔ˜ ÙÔ˘ ºÚ¿ÁÎÂÓÛÙ·ÈÓ ·Ó·‚ÈÒÓÂÈ ÛÙÔ TEDxLimassol Στο πρώτο TEDxLimassol, στη σκηνή του Θεάτρου Ριάλτο στισ 20 Σεπτεµβρίου θα βρεθεί o ∆ρ. Sergio Canavero ο οποίοσ αναβιώνει τον µύθο του Φράγκενσταιν και κατακερµατίζει στερεÞτυπα στην ιατρική υποστηρίζοντασ Þτι Þ,τι ξέρουµε είναι λάθοσ! «Είµαστε πλέον σε θέση να µεταµοσχεύουµε ανθρώπινα κεφάλια», σηµειώνει ο Canavero. O ∆ρ. Sergio Canavero είναι νευρολÞγοσ και διευθυντήσ στο Turin Advanced Neuromodulation Group στο Turin τησ Ιταλίασ. Έχει δηµοσιεύσει πάµπολλεσ έρευνεσ για ασθένειεσ που σχετίζονται µε την αναπηρία του σώµατοσ και την αδυναµία κίνησησ καθώσ και µε την κωδικοποίηση του πÞνου. O Dr. Canavero υποστηρίζει την ιδέα Þτι είναι εφικτή η µεταµÞσχευση κεφαλιού σε ανεξάρτητο σώµα ενώνοντασ την σπονδυλική στήλη του δÞτη µε του λήπτη. ΣκοπÞσ τέτοιου είδουσ µεταµÞσχευσησ είναι να δοθεί η ικανÞτητα κίνησησ ξανά σε άτοµα που υποφέρουν απÞ κατά πλάκα σκλήρυνση ή παράλυση λÞγω τραυµατισµένησ σπονδυλικήσ

στήλησ. Ο Dr. Canavero υποστηρίζει Þτι η ιατρική και η τεχνολογία µπορούν να επεκτείνουν τισ ανθρώπινεσ δυνατÞτητεσ και να υπερβούν τα φυσικά Þρια αποδεικνύοντασ Þτι «everything you know is Wrong». Στη σκηνή του TEDxLimassol θα βρεθεί επίσησ και η Βάσια Μαρκίδη. Μια οµιλήτρια που σπάζει τα κατεστηµένα και τα στερεÞτυπα, καταφέρνει το ακατÞρθωτο και βλέπει ζωή σε µία πÞλη που µέχρι και σήµερα θεωρείται φάντασµα. Η Κύπρια Βάσια Μαρκίδη µε το ανατρεπτικÞ έργο τησ θέλει να δώσει ζωή σε µια «περιοχή φάντασµα» και να τη µετατρέψει σε µια πρÞτυπη οικολογική πÞλη για την Ευρώπη υποστηρίζοντασ πωσ «Þ,τι ξέρεισ είναι λάθοσ». Το TEDxLimassol που πραγµατοποιείται στισ 20 Σεπτεµβρίου εντάσσει τη ΛεµεσÞ στο µακρύ κατάλογο των χιλιάδων πÞλεων που φιλοξενούν ένα TED event και σχεδιάζεται ώστε να αποτελέσει το συνέδριο – ορÞσηµο τησ πÞλησ για το 2014. Για να παρακολουθήσετε τισ εξελίξεισ και τα νέα για το

TEDxLimassol, µπορείτε να το βρείτε: στην ιστοσελίδα: http://www.tedxlimassol.com/, στο Facebook: https://www.facebook.com/TEDxLimassol και στο Twitter: https://twitter.com/tedxlimassol

∂ÚÂ˘ÓËÙÈÎfi ÚfiÁÚ·ÌÌ· ÙÔ˘ π∫˘ ÁÈ· ÙËÓ æËÊÈ·Î‹ ∞Ú¯·›· ∫˘ÚÈ·Î‹ °Ú·ÌÌ·ÙÂ›· Τελετή Παρουσίασησ του ερευνητικού προγράµµατοσ «Ψηφιακή Αρχαία Κυπριακή Γραµµατεία» διοργανώνει το Ινστιτούτο Κύπρου αύριο Πέµπτη, 18 Σεπτεµβρίου, στισ 7 µµ, στισ εγκαταστάσεισ του ΙΚυ στην Αθαλάσσα (πρώην ΑΤΙ). Η Ψηφιακή Αρχαία Κυπριακή Γραµµατεία είναι ένα απÞ τα σηµαντικÞτερα έργα του Ερευνητικού Κέντρου Επιστήµησ και Τεχνολογίασ στην Αρχαιολογία (ΕΚΕΤΑ) του

Ινστιτούτου Κύπρου και εντάσσεται στο πλαίσιο των δραστηριοτήτων του στη µελέτη και ανάδειξη τησ πολιτιστικήσ κληρονοµιάσ τησ Κύπρου. ΣτÞχοσ του είναι η δηµιουργία µιασ νέασ ψηφιακήσ βιβλιοθήκησ που αναπτύσσει και εξελίσσει τη σηµαντική εξάτοµη έκδοση τησ Αρχαίασ Κυπριακήσ Γραµµατείασ του Ιδρύµατοσ Λεβέντη, την οποία συντÞνισε και επÞπτευσε ο

∆Ô UCLAN ÂÎ·È‰Â‡ÂÈ Â›‰ÔÍÔ˘˜ ÂÈ¯ÂÈÚËÌ·Ù›Â˜ Τον ∆ιαγωνισµÞ Επιχειρηµατικήσ Ιδέασ 2014, διοργανώνει το πανεπιστήµιο UCLan Cyprus, στα πλαίσια τησ δέσµευσησ του για ενθάρρυνση τησ επιχειρηµατικÞτητασ. Τησ πρωτοβουλίασ ηγείται το Κέντρο ΕπιχειρηµατικÞτητασ – CEDAR του UCLan Cyprus, η οποία διοργανώνεται σε συνεργασία µε φορείσ που δραστηριοποιούνται στη προώθηση νέων επιχειρήσεων και τησ καινοτοµίασ, Þπωσ: ΤεχνολογικÞ Πανεπιστήµιο Κύπρου, Πανεπιστήµιο Κύπρου, ΚυπριακÞ ΕµπορικÞ και ΒιοµηχανικÞ Επιµελητήριο (KEBE), ΑΤΗΚ, Junior Chamber International (Cyprus), Κυπριακή Οµοσπονδία Γυναικών Επιχειρηµατιών Επαγγελµατιών (ΚΟΓΕΕ), Αναπτυξιακή Λάρνακασ – ΑΝΕΤΕΛ, ΠαροικιακÞσ Σύνδεσµοσ Η.Β. ΕΠΙΣΤΗΜΗ, και ΕπιχειρηµατικÞ Συµβούλιο Κυπρίων Ηνωµένου Βασιλείου (UK Cyprus Enterprise Council). Χορηγοί των βραβείων του διαγωνισµού είναι οι KPMG και Αlpha Bank. Μια σειρά απÞ εργαστήρια έχουν προγραµµατιστεί σε Þλη τη Κύπρο µε σκοπÞ να ενηµερώσουν και να στηρίξουν επίδοξουσ επιχειρηµατίεσ για το πώσ να αναπτύξουν επιτυχηµένεσ επιχειρηµατικέσ ιδέεσ. Εργαστήρια θα διεξαχθούν στη ΛεµεσÞ και τη Τετάρτη 24 Σεπτεµβρίου στο UCLan Cyprus στη Πύλα, Λάρνακα. Μετά τα εργαστήρια κατάρτισησ, οι επιχειρηµατικέσ οµάδεσ και άλλοι ανεξάρτητοι συµµετέχοντεσ µπορούν να υποβάλουν τισ δισέλιδεσ επιχειρηµατικέσ τουσ πρÞτασεισ µέχρι τισ 6 Οκτωβρίου. Για ενηµέρωση σχετικά µε τη πρωτοβουλία και τη καταχώρηση ενδιαφέροντωσ για τα εργαστήρια και το ∆ιαγωνισµÞ, επισκεφτείτε την ιστοσελίδα http://www.uclancyprus.ac.cy/en/business/businessidea-competition-2014/ ή επικοινωνήστε µέσω ηλεκτρονικού ταχυδροµείου στο bic2014@uclancyprus.ac.cy

αείµνηστοσ Πάτροκλοσ Σταύρου. Οι δυνατÞτητεσ και οι προοπτικέσ τησ Ψηφιακήσ Αρχαίασ Κυπριακήσ Γραµµατείασ είναι ιδιαίτερα σηµαντικέσ, αφού εκτÞσ απÞ την αναζήτηση αρχαίων λέξεων και εννοιών, την ύπαρξη παράλληλησ νεοελληνικήσ µετάφρασησ, σχολίων, σύνδεσησ µε λεξικά και βιβλιογραφίασ, το έργο ενσωµατώνει πρωτοποριακέσ ψηφιακέσ τεχνολογίεσ.

™ÂÌÈÓ¿ÚÈÔ ÁÈ· fiÛÔ˘˜ ÊÔ‚Ô‡ÓÙ·È Ù· ·ÂÚÔÏ¿Ó· Εξειδικευµένο σεµινάριο για Þσουσ φοβούνται να ταξιδέψουν µε αεροπλάνο, διοργανώνει το Σάββατο 11 Οκτωβρίου το «ΜεσογειακÞ Ίδρυµα Ασφάλειασ Πτήσεων» και οι Κυπριακέσ Αερογραµµέσ, µε τη στήριξη τησ HERMES AIRPORTS. Στο σεµινάριο, το οποίο θα πραγµατοποιηθεί σε ξενοδοχείο στη Λάρνακα, θα γίνουν παρουσιάσεισ απÞ ειδικούσ ψυχολÞγουσ, πιλÞτουσ και άλλο προσωπικÞ, οι οποίοι έτυχαν ειδικήσ εκπαίδευσησ απÞ το πλέον έγκυρο τµήµα αεροφοβίασ στην Ευρώπη, αυτÞ των VIRGIN AIRLINES. Επικαλούµενο στατιστικέσ, το Ίδρυµα αναφέρει Þτι τα άτοµα που συµµετέχουν σε τέτοιου είδουσ σεµινάρια

καταφέρνουν να αποβάλουν τη φοβία τουσ σε ποσοστÞ πέρα του 90%. Σηµειώνει Þτι στο τελικÞ στάδιο του σεµιναρίου θα πραγµατοποιηθεί σύντοµη πτήση µισήσ ώρασ, µε αεροσκάφοσ τύπου AIRBUS των Κυπριακών Αερογραµµών. Τέλοσ, το Ίδρυµα Ασφάλειασ Πτήσεων αναφέρει Þτι το συνολικÞ κÞστοσ συµµετοχήσ ανέρχεται στο ποσÞ των 95 ευρώ, το οποίο περιλαµβάνει, τη συµµετοχή στο σεµινάριο, ενηµερωτικÞ υλικÞ, γεύµατα, µεταφορά προσ και απÞ το αεροδρÞµιο και πτήση και προσθέτει Þτι για πληροφορίεσ το κοινÞ µπορεί να επισκεφθεί τισ ιστοσελίδεσ: www.aerofobiacy.com και www.cyprusair.com ή να τηλεφωνήσει στουσ αριθµούσ 99 841922, 99688945.

™ÂÌÈÓ¿ÚÈÔ ÁÈ· ‰È·¯Â›ÚÈÛË ÙÔ˘ ¿Á¯Ô˘˜ ÛÙËÓ ÂÚÁ·Û›· Το ΚΕΒΕ σε συνεργασία µε το Τµήµα Επιθεώρησησ Εργασίασ, διοργανώνουν στισ 29 Σεπτεµβρίου 2014, η ώρα 9:00, Σεµινάριο για την διαχείριση του άγχουσ στον χώρο εργασίασ. ΣτÞχοσ του σεµιναρίου είναι η ενηµέρωση των συµµετεχÞντων για πρακτικούσ και συγκεκριµένουσ τρÞπουσ αντιµετώπισησ του άγχουσ που στηρίζονται στην πλήρη αξιοποίηση τησ δύναµησ του νου και συγκεκριµένα του υποσυνείδητου νου. Θα γίνει επίσησ ενηµέρωση για την νέα Ευρωπαϊκή Εκστρατεία Ασφάλειασ και Υγείασ στην Εργασία 2014 – 2015. Το σεµινάριο θα παρουσιάσει µε ένα πολύ πρωτÞτυπο και ενδιαφέροντα τρÞπο η Μιράντα Σιδερά, Κοινωνική επιστήµονασ, Εµψυχώτρια, Συγγραφέασ και Σύµβουλοσ σχέσεων.

Η εκδήλωση απευθύνεται σε Þλεσ τισ ιδιωτικέσ επιχειρήσεισ; εργοδÞτεσ, ανώτερα διευθυντικά στελέχη επιχειρήσεων, λειτουργούσ ασφάλειασ, σε οργανισµούσ του δηµÞσιου τοµέα αλλά και σε επαγγελµατίεσ που πιστεύουν Þτι θα επωφεληθούν απÞ αυτήν. ∆εν υπάρχει κÞστοσ συµµετοχήσ ωστÞσο υπάρχει περιορισµÞσ στον αριθµÞ των συµµετεχÞντων γι’ αυτÞ θα τηρηθεί αυστηρά σειρά προτεραιÞτητασ. Η εκδήλωση θα πραγµατοποιηθεί στο Chateau Status, Μάρκου ∆ράκου 12, Λευκωσία, που βρίσκεται απέναντι απÞ το Ξενοδοχείο Ledra Palace. Αιτήσεισ µέχρι την Τετάρτη 24 Σεπτεµβρίου 2014, υπÞψη Μαρίασ Κωνσταντίνου, στο φαξ. 22661044, Email: maria@ccci.org.cy Για περισσÞτερεσ πληροφορίεσ, παρακαλώ Þπωσ επικοινωνείτε στα τηλέφωνα 22889752/49

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

™Â ÌÂÙÔ¯¤˜ ÌÂÙÂÙÚ¿ËÛ·Ó Ù· ª∞∫1 ÙË˜ ∂ÏÏËÓÈÎ‹˜ ∆Ú¿Â˙·˜ Το Συµβούλιο του Χρηµατιστηρίου Αξιών Κύπρου αποδεχθεί προσ εισαγωγή σύµφωνα µε το Άρθρο 58(1) του ΝÞµου του ΧΑΚ 151.065.200 κοινέσ ονοµαστικέσ µετοχέσ τησ εταιρείασ «Ελληνική Τράπεζα ∆ηµÞσια Εταιρεία Λτδ», οι οποίεσ προέκυψαν απÞ την υποχρεωτική µετατροπή 15.106.520 Μετατρέψιµων ΑξιÞγραφων Κεφαλαίου (ΜΑΚ1) τησ εταιρείασ. Οι πιο πάνω µετοχέσ θα ενσωµατωθούν στο ήδη εισηγµένο µετοχικÞ κεφάλαιο τησ εταιρείασ, το οποίο θα ανέλθει σε 3.698.557.601 κοινέσ ονοµαστικέσ µετοχέσ ονοµαστικήσ αξίασ 0,01 ευρώ. ΛÞγω τησ πιο πάνω µετατροπήσ, ο εισηγµένοσ αριθµÞσ των Μετατρέψιµων ΑξιÞγραφων Κεφαλαίου, που διαπραγµατεύονται στο ΧΑΚ µε κωδικούσ HBCS1 / ΕΤΜΑ1 θα µειωθούν σε 25.401.840 αξίασ 1,00 ευρώ το κάθε ένα. Η διαπραγµάτευση των 151.065.200 µετοχών θα αρχίσει σήµερα Τετάρτη 17 Σεπτεµβρίου 2014, ηµεροµηνία κατά την οποία θα ισχύσουν και οι διαφοροποιήσεισ στουσ εισηγµένουσ αριθµούσ των πιο πάνω τίτλων.

¡¤Ô ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÁÈ· ÙÔ CIM Eξέχουσεσ προσωπικÞτητεσ απÞ τον επιχειρηµατικÞ, πολιτικÞ και ακαδηµαϊκÞ χώρο, περιλαµβάνει το νέο ∆ιοικητικÞ Συµβούλιο του Cyprus Institute of Marketing (CIM) για την περίοδο 2014-2015 Þπωσ ανακοινώθηκε την περασµένη εβδοµάδα. ΠρÞεδροσ είναι ο πρώην ΓενικÞσ ∆ιευθυντήσ Ελληνικήσ Τράπεζασ και νυν CEO τησ ExpoBank Γλαύκοσ Μαύροσ., και ΑντιπρÞεδροσ ο ΓενικÞσ ∆ιευθυντήσ τησ MetLife Alico Αντώνησ Καρπασίτησ. Γραµµατέασ είναι ο Marketing/HR Manager του Serano Μάριοσ Χαραλαµπίδησ, και στισ ∆ηµÞσιεσ Σχέσεισ η Client Manager στισ Ειδικέσ ΕκδÞσεισ Άννα Αντωνίου. Μέλη είναι οι Θεοφάνησ Χατζηγιάννησ, Πέτροσ Πέτρου, Garo Dadzigian, Γιώργοσ Γεωργίου, Μάριοσ Καπίρησ, Κατίνα Σιακαλλή, Γιάγκοσ Χατζηγιάννησ, Χρυστάλλα Καπετάνιου, Φώτησ Παύλου, Ιωσήφ Γεωργίου, και Χρίστοσ ΡασπÞπουλοσ.

∞ıÏËÙÈÎ¤˜ ÂÈÛÙ‹ÌÂ˜ ·fi ÙÔ ∂˘Úˆ·˚Îfi ¶·ÓÂÈÛÙ‹ÌÈÔ Το νέο προπτυχιακÞ πρÞγραµµα σπουδών στην Αθλητική Επιστήµη και τη Φυσική Αγωγή (BSc), παρουσίασε και επίσηµα το Τµήµα Επιστηµών Υγείασ του Ευρωπαϊκού Πανεπιστηµίου Κύπρου. Το ΕυρωπαϊκÞ Πανεπιστήµιο Κύπρου έχει ήδη προβεί σε Þλεσ τισ απαραίτητεσ ενέργειεσ για την περαιτέρω εξέλιξη του προγράµµατοσ τησ Αθλητικήσ Επιστήµησ και Φυσικήσ Αγωγήσ µέσω τησ ποιοτικήσ πιστοποίησησ του µεταπτυχιακού προγράµµατοσ στο ίδιο αντικείµενο το οποίο αναµένεται να ξεκινήσει προσεχώσ τισ εργασίεσ του. Το πρÞγραµµα έχει σχεδιαστεί λαµβάνοντασ υπÞψη τισ πλέον σύγχρονεσ εξελίξεισ στον χώρο του αθλητισµού και τισ πιο καινοτÞµεσ εφαρµογέσ οι οποίεσ ισχύουν σήµερα σε Ευρώπη και Αµερική. Το πρÞγραµµα στοχεύει επίσησ στην εξωστρέφεια και τη διασύνδεση του µε την τοπική και διεθνή αθλητική βιοµηχανία. Την ίδια ώρα θα στελεχώνεται απÞ διεθνούσ εµβέλειασ ακαδηµαϊκÞ προσωπικÞ µε τρανÞ παράδειγµα το θεµελιωτή τησ Αθλητικήσ Επιστήµησ στην Ελλάδα και εµπνευστή του διεθνούσ Þρου «Εργοφυσιολογία», Καθηγητή Βασίλη Κλεισούρα, ο οποίοσ ενέπνευσε µε την δράση του, τη µεγαλύτερη µάζα των σηµερινών ακαδηµαϊκών δασκάλων τησ Αθλητικήσ Επιστήµησ σε Κύπρο και Ελλάδα.

∞Ú¯¤˜ ÙÔ˘ 2015 Ë ∫Ú·ÙÈÎ‹ ∂Ù·ÈÚÂ›· ∞ÂÚÔÓ·˘ÙÈÏ›·˜ Μέχρι το τέλοσ του 2014 αρχέσ του 2015 προβλέπεται να τεθεί σε λειτουργία η κρατική εταιρεία αεροναυτιλίασ, η οποία θα περιορίσει το χρÞνο των καθυστερήσεων των πτήσεων στον ΚυπριακÞ Χώρο Ελέγχου Πτήσεων (FIR), σύµφωνα µε τον ΥπουργÞ Συγκοινωνιών και Έργων Μάριο ∆ηµητριάδη. Ο ΥπουργÞσ κάλεσε παράλληλα την Κοινοβουλευτική Επιτροπή Συγκοινωνιών να συζητήσει µε αµεσÞτητα το νοµοσχέδιο που ετοιµάστηκε απÞ το EUROCONTROL για τη θεσµική αυτή αλλαγή, Þταν κατατεθεί στο Κοινοβούλιο για να ψηφιστεί σε νÞµο. Σε Þ,τι αφορά την κρατική εταιρεία, θα διοικείται απÞ ∆ιοικητικÞ Συµβούλιο που θα διορίζεται απÞ το κράτοσ και Þτι οι πρώτοι υπάλληλοι θα µεταφερθούν απÞ τη ∆ηµÞσια Υπηρεσία και θα διατηρήσουν τα δικαιώµατα που έχουν. ΠρÞσθεσε Þτι το κÞστοσ λειτουργίασ τησ εταιρείασ θα καλύπτεται απÞ ανάκτηση των εξÞδων απÞ τισ αεροπορικέσ εταιρείεσ και θα τελεί υπÞ την εποπτεία του αρµÞδιου Τµήµατοσ τησ Πολιτικήσ Αεροπορίασ, το οποίο θα συνεχίσει να λειτουργεί µε τισ υπÞλοιπεσ αρµοδιÞτητεσ του.

¶ÚfiÁÚ·ÌÌ· ∫·Ù¿ÚÙÈÛË˜ À‰ÚÔÁÔÓ·ÓıÚ¿ÎˆÓ ÙÔ˘ ¶·ÓÂÈÛÙËÌ›Ô˘ §Â˘ÎˆÛ›·˜ Ολοκληρωµένο εκπαιδευτικÞ πρÞγραµµα για τουσ υδρογονάνθρακεσ επισηµοποιήθηκε σήµερα µε την υπογραφή συµφωνίασ συνεργασίασ ανάµεσα στο Πανεπιστήµιο Λευκωσίασ και το ΜεσογειακÞ Ινστιτούτο Τεχνολογίασ Υδρογονανθράκων (MITY). Σε αυτÞ το πρÞγραµµα περιλαµβάνονται η ερευνητική δραστηριÞτητα στουσ τοµείσ των υδρογονανθράκων, η οικολογική πλευρά του εγχειρήµατοσ, καθώσ επίσησ και η άριστη κατάρτιση του τεχνικού προσωπικού που θα απαιτηθεί στην εξÞρυξη και αξιοποίηση του φυσικού αερίου. Ο ΕκτελεστικÞσ ∆ιευθυντήσ του Intercollege, ∆ρ. Στέλιοσ Μαυροµούστακοσ, επισήµανε πωσ τα σχετικά προγράµµατα του εκπαιδευτικού ιδρύµατοσ καταρτίζουν σωστά και πιστοποιηµένα αυτούσ που πρÞκειται να απασχοληθούν στην βιοµηχανία πετρελαίου και φυσικού αερίου.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

™Â Î·Ù¿ÛÙ·ÛË ·ÓÈÎÔ‡ ÔÈ °ÂÚÌ·ÓÔ› ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Η απÞφαση τησ ΕΚΤ να προχωρήσει στην πολυπÞθητη ποσοτική χαλάρωση (QE) έχει στην κυριολεξία σκορπίσει τον πανικÞ στουσ Γερµανούσ οι οποίοι έχουν χάσει τον ύπνο τουσ και έχουν αποταθεί σε ένα ανελέητο κυνήγι «µαγισσών» µε απώτερο σκοπÞ να ανατρέψουν τα σχέδια του Μάριο Ντράγκι και τησ ΕΚΤ για αγορά οµολÞγων. Στην πρώτη γραµµή µάχησ βέβαια ο «αµετανÞητοσ» Mr. Schaeuble, ο οποίοσ µιλώντασ στην Κάτω Βουλή τησ χώρασ του τÞνισε µε Þλη την έπαρση που τον χαρακτηρίζει πωσ η Ευρώπη θα «παραδινÞταν στον κÞσµο τησ ψευδαίσθησησ» αν θεωρούσε Þτι η χρήση περισσÞτερου δηµÞσιου χρήµατοσ θα βοηθούσαν στην επίτευξη βιώσιµησ ανάπτυξησ. Επίσησ συνεχίζοντασ στο ίδιο ύφοσ προειδοποίησε τισ ευρωπαϊκέσ κυβερνήσεισ να µην εναποθέτουν τισ ελπίδεσ τουσ στην ΕΚΤ για την αλλαγή πλεύσησ τησ αναιµικήσ οικονοµίασ τησ ευρωζώνησ. Πράγµα αναµενÞµενο απÞ τον εµπνευστή τησ σκληρήσ και µονοδιάστατησ λιτÞτητασ η οποία βύθισε Þλο τον ΕυρωπαϊκÞ νÞτο στην απελπισία, την φτώχεια και την κατάθλιψη. Μετά τον Mr. Schaeuble την σκυτάλη πήρε ο γνωστÞσ και µη εξαιρετέοσ Γενσ Βάιντµαν. Ο επικεφαλήσ τησ Μπούντεσµπανκ, και µέλοσ τησ ΕΚΤ, θεωρώντασ ίσωσ πωσ η ΕΚΤ του ανήκει, είπε Þτι οι πρÞσφατεσ ενέργειεσ τησ ΕΚΤ ενέχουν κινδύνουσ. Ιδιαίτερα ο Βάιντµαν στάθηκε στον “κίνδυνο οι πολιτικοί να επιβραδύνουν τισ προσπάθειεσ προώθησησ των µεταρρυθµίσεων και τον κίνδυνο οι επενδυτέσ να αναλάβουν υπέρµετρα ρίσκα σε αναζήτηση υψηλÞτερων αποδÞσεων, κάτι το οποίο θα έθετε σε κίνδυνο την χρηµατοπιστωτική σταθερÞτητα”. Η απέλπιδα προσπάθεια βέβαια ήρθε απÞ την Γερµανία στο Eurogroup τησ 12ησ Σεπτεµβρίου η οποία µε τισ ευλογίεσ τησ Γαλλίασ παρουσίασε ένα επενδυτικÞ πρÞγραµµα ύψουσ

300 δισ µε σκοπÞ να τονώσουν την ανάπτυξη στην ευρωζώνη. Η Ευρωπαϊκή Τράπεζα Επενδύσεων (ΕΤΕπ), µε έδρα το Λουξεµβούργο, είναι ο προτιµώµενοσ δίαυλοσ για τη χορήγηση επενδυτικών δανείων, Þπωσ αναφέρεται και στην περιγραφή του προγράµµατοσ των 300 δισ. για την «επαναβιοµηχάνιση» τησ Ευρώπησ. Η κοινή πρÞταση Γερµανίασ – Γαλλίασ, έχει ωσ βασική επιδίωξη τησ δηµιουργία του βασικού πλαισίου, εν Þψει τησ συζήτησησ των ηγετών τησ ΕΕ στην έκτακτη σύνοδÞ Κορυφήσ στισ 6 Οκτωβρίου. Ένα πρÞγραµµα βέβαια σκέτο «φιάσκο» αφού είναι πασιφανέσ πωσ κατÞπιν εορτήσ οι Γερµανοί σε µια κίνηση παρωδία προσπαθούν να µεταθέσουν την συζήτηση απÞ την λιτÞτητα η οποία έχει πλέον ανοίξει για τα καλά µετά την πάσα που τουσ έδωσε ο Μάριο Ντράγκι. Η µεγάλη έγνοια πλέον των πολυµήχανων και πονηρών γερµανών είναι πωσ ο Μάριο Ντράγκι έχει ανοίξει την πÞρτα τησ σύγκρουσησ απέναντι στην Γερµανική αδιαλλαξία και είναι θέµα χρÞνου να ανοίξει και το θέµα του τερµατισµού τησ «εγκληµατικήσ» λιτÞτητασ. Οι προνοητικοί Γερµανοί αναγνωρίζουν τισ προσπάθειεσ τησ ΕΚΤ να παρακινήσει τισ κυβερνήσεισ να αναλάβουν δράση για να αντιµετωπίσουν τισ ασθενείσ οικονοµικέσ προοπτικέσ τουσ ακÞµα και αν αυτÞ σηµάνει την απÞλυτη σύγκρουση µε το ΓερµανικÞ κατεστηµένο. Το µήνυµα Draghi ήταν ξεκάθαρο. Κάντε κάτι για να στη-

ρίξετε την ανάκαµψη, διαφορετικά παρακολουθείστε µε να αγοράζω κρατικά οµÞλογα. Ο Draghi βασικά είναι σαν να λέει στουσ Γερµανούσ είτε θα αποφασίσετε εσείσ να λύσετε επιτέλουσ αποτελεσµατικά και τελεσίδικα την κρίση χρέουσ στην Ευρωζώνη είτε θα την λύσω εγώ µε Þλα τα Þπλα που έχω στα χέρια µου. Ο Draghi Þχι µÞνο δείχνει να µην λυγίζει απÞ τα Γερµανικά «πυρά» που δέχεται αλλά πάει ένα βήµα πάρα πέρα προετοιµάζοντασ τισ αγορέσ µε νέα µέτρα πέραν του QE που έχει είδη ανακοινώσει. Οι Γερµανοί βασικά βρίσκονται ενώπιον διπλού «αδιεξÞδου». ΑπÞ την µια έχουν στÞχο να αποτρέψουν την ΕΚΤ απÞ το να υιοθετήσει την ύστατη λύση, που δεν είναι άλλη απÞ την αγορά κρατικών οµολÞγων, προοπτική η οποία προκαλεί έντονη νευρικÞτητα στο Βερολίνο και απÞ την άλλη έχουν στÞχο να πνίξουν εν τι γενέσει τησ την οποιαδήποτε προσπάθεια κρατών µελών να εγκαταλειφθεί η σκληρή λιτÞτητα. Η µεγάλη ανησυχία τησ Καγκελάριου Merkel, σύµφωνα µε πηγέσ απÞ την Φρανκφούρτη, είναι η αποφυγή δηλώσεων για χαλάρωση τησ πίεσησ στη Γαλλία, την Ιταλία και τα υπÞλοιπα κράτη για να κάνουν πιο ανταγωνιστικέσ τισ οικονοµίεσ τουσ. ΑυτÞσ είναι και ο βασικÞσ λÞγοσ που τώρα σε συνεργασία µε την νέα φιλογερµανική κυβέρνηση τησ Γαλλίασ προωθεί το «υποτιθέµενο» πρÞγραµµα των 300 δισ για να κατευνάσει τον Þλο θÞρυβο που αναπτύχθηκε τελευταία κατά τησ Γερµανικήσ λιτÞτητασ. ΑκÞµα Þµωσ και οι προθέσεισ τησ Γερµανίασ για το σχέδιο αυτÞ να είναι αγνέσ και ειλικρινήσ, εκτÞσ του Þτι το ποσÞ των 300 δισ είναι πολύ µικρÞ για µια προβληµατική οικονοµία πέραν των 3 τρισ, Þλοι γνωρίζουµε πωσ η οποιαδήποτε παροχή απÞ πλευράσ Γερµανών συνοδεύεται απÞ νέα σκληρά µέτρα, νέα µνηµÞνια, νέεσ περικοπέσ µισθών και παροχών και γενικά µε περισσÞτερη και πιο σκληρή λιτÞτητα. Η κρίση χρέουσ δεν λύνεται µε πιο πολύ χρέοσ και νέα σκληρή λιτÞτητα. Ùπωσ έχουµε ξανά αναφέρει πολλέσ φορέσ στο παρελθÞν αυτή η πολιτική έχει χρεοκοπήσει. Η αγορά απÞ µÞνη τησ την έχει απορρίψει και απαιτεί νέα πολιτική µε εντελώσ διαφορετική φιλοσοφία.

∫¿ÌÂÚÔÓ: £· Â›Ó·È ÂÒ‰˘ÓÔ ÙÔ ‰È·˙‡ÁÈÔ µÚÂÙ·Ó›·˜ - ™ÎˆÙ›·˜ Σε µια ύστατη προσπάθεια να αποτρέψει τουσ ψηφοφÞρουσ να ψηφίσουν «ναι» στο δηµοψήφισµα αύριο Πέµπτη για την ανεξαρτησία τησ Σκωτίασ, ο πρωθυπουργÞσ τησ Βρετανίασ, Ντέιβιντ Κάµερον, προειδοποίησε Þτι αυτÞ θα σηµάνει ένα «επώδυνο διαζύγιο» µε σοβαρέσ συνέπειεσ για την χώρα, επαναλαµβάνοντασ το σύνθηµα τησ εκστατείασ του «Þχι» πωσ «είµαστε καλύτερα µαζί». Λίγα 24ωρα πριν το δηµοψήφισµα, ο Ντέιβιντ Κάµερον, σε µια δραµατική οµιλία απÞ το λιµάνι Αµπερντίν τησ Σκωτίασ, τÞνισε πωσ «αν η Σκωτία ψηφίσει “ναι”, το Ηνωµένο Βασίλειο θα διαιρεθεί και θα πάρουµε ξεχωριστούσ δρÞµουσ για πάντα». «Η ανεξαρτησία δεν θα είναι ένασ δοκιµαστικÞσ χωρισµÞσ, θα είναι ένα επώδυνο διαζύγιο», σηµείωσε, ενώ πρÞσθεσε Þτι «δεν θα είναι δυνατή µια επιστροφή, µια δεύτερη ευκαιρία». «Γνωρίζω Þτι πολλοί άνθρωποι στη Σκωτία σκοπεύουν

να ψηφίσουν “ναι”», είπε ο ΒρετανÞσ πρωθυπουργÞσ. «Γνωρίζω επίσησ Þτι το στρατÞπεδο του “ναι” παρουσιάζει µια Σκωτία η οποία θα είναι καλύτερα σε Þλα τα επίπεδα (Þταν είναι ανεξάρτητη). Ùµωσ Þταν κάτι ακούγεται πολύ καλÞ για να είναι αληθινÞ, συχνά αυτÞ συµβαίνει γιατί έτσι είναι», προειδοποίησε ο Κάµερον. Η νίκη του “ναι” θα είναι ένα «επώδυνο διαζύγιο». «ΑυτÞ σηµαίνει Þτι δεν θα µοιραζÞµαστε πια το ίδιο νÞµισµα, οι ένοπλεσ δυνάµεισ µασ τισ οποίεσ συγκροτήσαµε απÞ κοινού στη διάρκεια αιώνων θα διαχωριστούν», εξήγησε. «Αν το “Þχι” κερδίσει την Πέµπτη, αυτÞ θα σηµάνει την έναρξη ενÞσ τεράστιου και άνευ προηγουµένου προγράµµατοσ µεταβίβασησ εξουσιών», υποσχέθηκε ο Κάµερον. «Είµαστε καλύτερα µαζί», κατέληξε, επαναλαµβάνοντασ το σύνθηµα τησ εκστρατείασ του “Þχι”. «Ψηφίστε για να παραµείνουµε µαζί ψηφίστε για να σώσετε το Ηνωµένο ΒασίλειÞ µασ», είπε.

™Ù·ıÂÚÔÔÈËÙÈÎ¤˜ Ù¿ÛÂÈ˜ Â˘ÚÒ - ‰ÔÏ·Ú›Ô˘ ™Ù·‡ÚÔ˜ Ã’ ÃÚÈÛÙfi fiÊ ÊË Alpha Bank Cyprus Ltd, Treasury Division Το ευρωπαϊκÞ νÞµισµα κινήθηκε σταθεροποιητικά την τελευταία βδοµάδα έναντι του αµερικανικού δολαρίου µεταξύ 1,29301,2980 ενώ τύγχανε διαπραγµάτευσησ νωρίσ χθεσ το απÞγευµα Τρίτησ στο 1,2960. Ο ΑντιπρÞεδροσ τησ Ευρωπαϊκήσ Κεντρικήσ Τραπέζησ (Constancio) εκτιµά Þτι η οικονοµία τησ Ευρωζώνησ δεν θα εισέλθει σε νέα ύφεση ενώ ο ΠρÞεδροσ τησ Κεντρικήσ Τραπέζησ τησ Γερµανίασ ανέφερε Þτι δεν διαβλέπει κίνδυνο εµφάνισησ αποπληθωρισµού στην Ευρωζώνη. ΩστÞσο ο ΟργανισµÞσ Οικονοµικήσ Συνεργασίασ και Ανάπτυξησ (ΟΟΣΑ) αναθεώρησε καθοδικά την εκτίµησή του για το ρυθµÞ ανάπτυξησ των κυριÞτερων οικονοµιών, κυρίωσ λÞγω των γεωπολιτικών ανησυχιών και του χαµηλού πληθωρισµού στην Ευρωζώνη. Αναλυτικά, αναθεώρησε καθοδικά το ρυθµÞ ανάπτυξησ τησ οικονοµίασ τησ Ευρωζώνησ για το τρέχον έτοσ στο 0,8% απÞ 1,2%, για το 2015 εκτίµησε ρυθµÞ ανάπτυξησ τησ τάξεωσ του 1,1%. Ανέφερε επίσησ, Þτι χρειάζεται να υιοθετηθούν πρÞσθετα µέτρα στήριξησ τησ οικονοµίασ τησ Ευρωζώνησ προκειµένου να εξαλει-

φθεί ο κίνδυνοσ αποπληθωρισµού. Αναφορικά µε την διακύµανση του ευρώ, ο ΠρÞεδροσ του οικονοµικού ινστιτούτου ZEW (Fuest) ανέφερε Þτι είναι αµφίβολο εάν οι Κεντρικέσ Τράπεζεσ των κυριÞτερων οικονοµιών θα αποδεχθούν περαιτέρω υποτίµηση του ευρώ. Επικεφαλήσ οικονοµολÞγοσ τησ Allianz (Heise) δήλωσε Þτι ενδεχÞµενη περαιτέρω υποχώρηση του ευρώ δεν είναι κατάλληλη πολιτική για να αντιµετωπισθεί η κρίση και να ενισχυθεί ο ρυθµÞσ ανάπτυξη τησ οικονοµίασ στην Ευρωζώνη. Ο ΟΟΣΑ προέβλεψε Þτι το ΑΕΠ στισ ΗΠΑ θα παρουσιάσει το 2014 αύξηση κατά 2,1% έναντι εκτιµήσεωσ Μαΐου 2,6% και το 2015 κατά 3,1%. Ο δείκτησ καταναλωτικήσ εµπιστοσύνησ του Πανεπιστηµίου του Michigan ανήλθε το Σεπτέµβριο σε υψηλÞ 84,6 απÞ τον Ιούλιο του 2013 ενώ ο δείκτησ πληθωριστικών προσδοκιών ενÞσ έτουσ του Πανεπιστηµίου του Michigan υποχώρησε το Σεπτέµβριο σε χαµηλÞ 3% απÞ το ∆εκέµβριο του 2013. Ο αντίστοιχοσ δείκτησ πληθωριστικών προσδοκιών 5 ετών υποχώρησε το Σεπτέµβριο στο 2,8% απÞ 2,9% τον Αύγουστο. ΕπιπρÞσθετα οι λιανικέσ πωλήσεισ ενισχύθηκαν σε µηνιαία βάση τον Αύγουστο κατά 0,6% για 7ο συνεχÞµενο µήνα, Þπωσ αναµενÞταν.Tα ανωτέρω µακροοικονοµικά δεδοµένα συµβαδίζουν µε την εκτίµηση Þτι η οικονοµία των ΗΠΑ διατηρεί αναπτυξιακή δυναµική. Το ενδιαφέρον τησ αγοράσ αυτήν την εβδοµάδα εστιάζεται κυρίωσ στην σύσκεψη τησ Οµοσπονδιακήσ Τράπεζασ τησ Αµερικήσ.

•Â¤Ú·ÛÂ Î¿ıÂ ÚÂÎfiÚ ÙÔ iPhone 6 Κάθε ρεκÞρ έσπασαν οι παραγγελίεσ για τα νέα iPhone 6 και iPhone 6 Plus τησ Apple, που ξεπέρασαν τα 4 εκατ. σε ένα µÞνο 24ωρο. Η «επιτυχία» αυτή ενδέχεται να προκαλέσει προβλήµατα σε ορισµένουσ καταναλωτέσ, που ενδέχεται να καθυστερήσουν να λάβουν τισ πολυπÞθητεσ συσκευέσ, αφού οι παραγγελίεσ ξεπέρασαν τισ προβλέψεισ και το στοκ που υπολÞγιζε η εταιρεία. Σύµφωνα µε την Apple, σηµαντικÞσ αριθµÞσ προ-παραγγελιών θα ικανοποιηθεί την Παρασκευή 19 Σεπτεµβρίου, την ηµέρα δηλαδή που ξεκινά η διάθεση των νέων συσκευών στην αγορά, ωστÞσο ορισµένεσ αναµένεται ολοκληρωθούν τον Οκτώβριο.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

financialmirror.com | ΕΛΛΑ∆Α | 7

«∆ÚÂÏ¿» ÔÓÙ·Ú›ÛÌ·Ù· ÁÈ· ÙÔÓ Ù¿ÊÔ ÛÙËÓ ∞ÌÊ›ÔÏË Απίστευτο κι Þµωσ ελληνικÞ. Παίζουν στοίχηµα στο διαδίκτυο τον τάφο τησ Αµφίπολησ και σε ποιον ανήκει. Ιστοσελίδα διαδικτυακού στοιχήµατοσ ανέβασε διαγωνισµÞ για το ποιοσ είναι ο διάσηµοσ νεκρÞσ που έχει ταφεί εκεί και καλεί τουσ πελάτεσ να ποντάρουν, δίνοντασ µάλιστα και εκπληκτικέσ αποδÞσεισ. Βέβαια οι εµπνευστέσ του εν λÞγω στοιχήµατοσ, έσπευσαν να διανθίσουν µε χιούµορ το στοίχηµα βάζοντασ απίθανα πρÞσωπα: ΑπÞ τον ΑδÞλφο Χίτλερ µέχρι τον Μπιν Λάντεν και τον ντιάνα ΤζÞουνσ!. Ùσοι ποντάρετε στον Μπιν Λάντεν και δικαιωθείτε θα λάβετε την εξωπραγµατική απÞδοση 2011, ενώ αν βρεθεί ο Χίτλερ µÞλισ 1945! Πάντωσ σύµφωνα µε τουσ διοργανωτέσ φαβορί φαίνεται να είναι ο ναύαρχοσ του Μεγάλου Αλεξάνδρου Νέαρχοσ, καθώσ έχει απÞδοση 3,65 µε την Ρωξάνη να ακολουθεί µε 4.10. Η καµπάνια τησ εταιρείασ ξεκινά µε το ερώτηµα: Τι συνδέει την Αµφίπολη µε τον Ρανιέρι; Ανακαλύψτε τα ειδικά στοιχήµατα και διασκεδάστε παίζοντασ. Οι επιλογέσ συνολικά είναι δώδεκα, πέντε οι σοβαρέσ και πιθανέσ σύµφωνα και µε τα λεγÞµενα των ειδικών επιστηµÞνων, και επτά οι απίθανεσ αν και για Þλουσ Þσοι έχουν επιλεγεί υπάρχει µια µυστηριώδησ ιστορία που είτε έχει να κάνει µε το που βρίσκεται το πτώµα τουσ (για τα υπαρκτά πρÞσωπα)

είτε µε την παρουσία τουσ στη µικρή και τη µεγάλη οθÞνη (για τουσ πρωταγωνιστέσ τηλεοπτικών σειρών και κινηµατογραφικών ταινιών). Ωσ πιθανÞτερο «ένοικο» του τύµβου η εταιρεία θεωρεί τον Νέαρχο, στον οποίο δίνει τη µικρÞτερη απÞδοση τησ τάξησ του 3,65. Ακολουθούν η Ρωξάνη και ο γιοσ τησ Αλέξανδροσ IV µε 4,10, η Ολυµπιάδα µε 4,55, ο Μέγασ Αλέξανδροσ µε 7,25 και ο Κάσσανδροσ µε 12,20. ΩστÞσο οι πιο απίθανεσ επιλογέσ είναι ΑδÞλφοσ Χίτλερ µε 1.945, ο Τζίµι ΧÞφα µε 101, ο Ιντιάνα ΤζÞουνσ µε 251, ο Λοχίασ ΜπρÞντι απÞ την αµερικανική τηλεοπτική σειρά Homeland µε 501, ο Ναύαρχοσ Γουίλιαµ Μπιλ Αντάµα απÞ το battlestar Gallactica µε 501 και ο Οσάµα Μπιν Λάντεν µε 2011. Για Þσουσ πιστεύουν Þτι ο τάφοσ χρησιµοποιήθηκε ωσ τελευταία κατοικία για κάποιον άγνωστο υπάρχει και αυτή η επιλογή δίνοντασ απÞδοση 18,50. Την ίδια ώρα οι εργασίεσ στο ταφικÞ µνηµείο τησ Αµφίπολησ συνεχίζονται µε µικρά βήµατα. Μπροστά πηγαίνουν οι µηχανικοί για να υποστυλώνουν το µνηµείο, πίσω ακολουθούν οι αρχαιολÞγοι που ανασκάπτουν και αµέσωσ µετά οι συντηρητέσ που προστατεύουν τα ευρήµατα. Αν και η ανυποµονησία για τον «ένοικο» του ταφικού µνηµείου παραµένει διάχυτη, η δουλειά τουσ είναι ιδιαίτερα δύσκολη, αφού χώµατα 13 µέτρων µπλοκάρουν την είσοδο

στον τρίτο ταφικÞ θάλαµο. «Ακούω µÞνο την ανασκαφέα τησ Αµφίπολησ και τα ευρήµατά τησ. ΑυτÞ το εύρηµα έχει παγκÞσµια σηµασία, πολύ πέρα απÞ τα στενά µασ σύνορα. Και γι’ αυτÞ πρέπει να είµαστε σοβαροί και λιγοµίλητοι», δήλωσε ο έλληνασ πρωθυπουργÞσ, Αντώνησ Σαµαράσ. Σύµφωνα µε τον πρωθυπουργÞ, οι στερεωτικέσ εργασίεσ στο ταφικÞ µνηµείο θα συνεχισθούν έωσ και αύριο Πέµπτη.

ª¿ÛÈÌÔ ÙË˜ Cyta ÛÙËÓ ÂÏÏËÓÈÎ‹ ·ÁÔÚ¿ ÎÈÓËÙ‹˜ ÙËÏÂÊˆÓ›·˜ Στην έντονα ανταγωνιστική αγορά κινητήσ τηλεφωνίασ στην Ελλάδα εισήλθε δια τησ εκεί θυγατρικήσ τησ εταιρείασ η Cyta. Η κυπριακή τηλεπικοινωνιακή εταιρεία, που ήδη δραστηριοποιείται στην Ελλάδα µε υπηρεσίεσ σταθερήσ τηλεφωνίασ, ίντερνετ και οπτικοακουστικού περιεχοµένου, θεωρεί «φυσιολογική εξέλιξη και πρÞκληση», Þπωσ ειπώθηκε, να ενδυναµωθεί η παρουσία τησ και µε τον τέταρτο πÞλο που τησ έλειπε, εκείνον τησ κινητήσ τηλεφωνίασ. ΑυτÞ θα γίνει σε συνεργασία µε την Vodafone, Þπωσ ανακοίνωσε ο Γιώργοσ Κουφάρησ, διευθύνων σύµβουλοσ τησ Cyta Ελλάδοσ, που µίλησε για «κορυφαία στρατηγική επιδίωξη», που καθίσταται δυνατή κυρίωσ λÞγω τησ στήριξησ απÞ την µητρική εταιρεία στην Κύπρο.

ΑπÞ την µεριά του, ο πρÞεδροσ τησ Cyta Κύπρου, Χρίστοσ Πατσαλίδησ, διευκρίνισε, πάντωσ, πωσ στÞχοσ είναι η εταιρεία να συνεχίσει την ανεξάρτητη παρουσία τησ στην αγορά. Το βασικÞ πάγιο που προσφέρει η Cyta κυµαίνεται απÞ 9 έωσ 13 ευρώ και περιλαµβάνει 100 λεπτά προσ Þλουσ και 100 λεπτά απÞ συνδροµητέσ Cyta προσ συνδροµητέσ Cyta. Ο συνδροµητήσ ανάλογα µε τισ ανάγκεσ του, µπορεί να προσθέσει προγράµµατα επιπρÞσθετου χρÞνου οµιλίασ, δεδοµένων ή µηνυµάτων έναντι 5 ευρώ. Η Cyta έχει µέχρι τώρα επενδύσει περί τα 200 εκατ. ευρώ στην ελληνική αγορά και ο κύκλοσ εργασιών τησ κινείται σταθεροποιητικά. Για την τρέχουσα χρονιά, η εταιρεία παρουσιάζει θετικÞ EBITDA, αλλά συνεχίζει να καταγράφει αρνητικά αποτελέσµα-

∫Ú›ÛË Î·È ÏÈÙfiÙËÙ· ·‡ÍËÛ·Ó ÙÔ ¯¿ÛÌ· µÔÚÚ¿ - ¡fiÙÔ˘ «Μπορεί η Ευρώπη να κάνει ορισµένα βήµατα προσ την κατεύθυνση τησ οικονοµικήσ σταθεροποίησησ, Þµωσ το επίπεδο τησ κοινωνικήσ δικαιοσύνησ έχει υποχωρήσει τα τελευταία χρÞνια στισ περισσÞτερεσ χώρεσ-µέλη. Η κοινωνική ανισορροπία ανάµεσα στισ βÞρειεσ χώρεσ (που επικρατεί η ευµάρεια) και την πλειονÞτητα των χωρών τησ νÞτιασ και νοτιανατολικήσ Ευρώπησ Þπου έχει ενταθεί σηµαντικά κατά τη διάρκεια τησ κρίσησ». Ùπωσ αναφέρεται σε άρθρο του Γιώργου ΠαυλÞπουλου, αυτή είναι η βασική διαπίστωση τησ έρευνασ µε τίτλο «Κοινωνική ∆ικαιοσύνη στην Ε.Ε.», που διεξήγε το γερµανικÞ ινστιτούτο Bertelsmann. ΑπÞ την πλευρά του, το περιοδικÞ Der Spiegel έκανε το εξήσ σχÞλιο παρουσιάζοντασ την έρευνα στην ιστοσελίδα του: «Η Ευρώπη βρίσκεται αντιµέτωπη µε ένα κοινωνικÞ διχασµÞ. Σε Þ,τι αφορά τισ θέσεισ εργασίασ, την εκπαίδευση και το επίπεδο ζωήσ, το χάσµα ανάµεσα στον Βορρά και τον ΝÞτο έχει µεγαλώσει -η δε Γερµανία έχει καταγράψει σηµαντική πρÞοδο». Ùπωσ φαίνεται και στο σχετικÞ πίνακα, σύµφωνα µε τον δείκτη που έχει επινοήσει το συγκεκριµένο ινστιτούτο (SJI), τισ τρεισ πρώτεσ θέσεισ ανάµεσα στουσ «28» τησ Ε.Ε. καταλαµβάνουν οι τρεισ σκανδιναβικέσ χώρεσ -Σουηδία, Φινλανδία και ∆ανία. Μάλιστα, θα µπορούσαµε να πούµε πωσ η ενίσχυση τησ Ακροδεξιάσ στισ χώρεσ αυτέσ (µε πιο πρÞσφατη την περίπτωση τησ Σουηδίασ) αποτυπώνει ακριβώσ την ανησυχία τουσ για τον «κίνδυνο» η βοήθεια προσ τουσ φτωχÞτερουσ εταίρουσ τησ Ε.Ε. και η αύξηση τησ ροήσ µεταναστών στο έδαφÞσ τουσ να υπονοµεύσει το επίπεδο ζωήσ τουσ. Στο αντίπερα άκρο βρίσκονται οι χώρεσ του ΝÞτου, µε την Ελλάδα να καταλαµβάνει την τελευταία θέση, έχοντασ σηµειώσει τη µεγαλύτερη υποχώρηση του δείκτη έναντι του 2011 σε σχέση µε τουσ υπÞλοιπουσ εταίρουσ τησ Ε.Ε Στισ αµέσωσ προηγούµενεσ θέσεισ βρίσκονται η Ρουµανία, η Βουλγαρία, η Ουγγαρία, αλλά και η Ιταλία, Þπου ο SJI έχει καταγράψει επίσησ µια σηµαντική «βουτιά» σε σύγκριση µε το 2011, αποτυπώνοντασ τα σοβαρÞτατα προβλήµατα που έχει να αντιµετωπίσει η κυβέρνηση Ρέντσι. Αξίζει να σηµειωθεί, επίσησ, Þτι σοβαρÞ πλήγµα έχει δεχθεί και η Ισπανία, ενώ η Γαλλία καταφέρνει για την ώρα να συγκρατεί τη σχετικά υψηλή θέση τησ.

τα, ωστÞσο το 2015 αναµένεται Þτι θα περάσει σε θετικÞ έδαφοσ. Τουσ τελευταίουσ δέκα µήνεσ η εταιρεία διεύρυνε την πελατειακή τησ βάση και µεταµορφώθηκε απÞ έναν πάροχο 2 play σε 4 play, µε την προσφορά υπηρεσιών σταθερήσ τηλεφωνίασ, κινητήσ, τηλεÞρασησ και διαδικτύου. Η Cyta Ελλάδοσ (είναι 100% θυγατρική τησ Cyta) είναι ο πρώτοσ και µοναδικÞσ πάροχοσ MVNO στην Ελλάδα (Mobile Virtual Network Operator, δηλαδή ΕικονικÞσ Πάροχοσ Κινητήσ Τηλεφωνίασ), κοινή πρακτική σε χώρεσ του εξωτερικού εδώ και αρκετά χρÞνια. Η εταιρεία παρέχει υπηρεσίεσ κινητήσ, µέσω των δικών τησ πÞρων και υποδοµών, εκτÞσ απÞ το δίκτυο πρÞσβασησ (ραδιοδίκτυο), για το οποίο γίνεται χρήση υφιστάµενων υποδοµών, τρίτου παρÞχου κινητήσ.

ºÔ‡ÛÎ· 900,000 ·ÎÈÓ‹ÙˆÓ Η λεγÞµενη «φούσκα των ακινήτων» στην Ελλάδα έσκασε επειδή κάποια στιγµή στη δεκαετία 2000-2010 η προσφορά είχε φτάσει τÞσο ψηλά, αφού «Þλοσ ο κÞσµοσ αγÞραζε», και Þταν ήλθε η κρίση η ζήτηση έπεσε σχεδÞν στο µηδέν. Σε αυτήν την διαπίστωση καταλήγει σχετική έκθεση τησ Alpha Bank, που επεξεργάστηκε στοιχεία τα οποία πρÞσφατα δÞθηκαν στη δηµοσιÞτητα απÞ την ελληνική στατιστική Αρχή. Είναι πολύ χαρακτηριστικÞ Þτι µέσα σε 10 χρÞνια η Ελλάδα απέκτησε σχεδÞν 900 χιλιάδεσ περισσÞτερεσ κατοικίεσ (895,7 χιλιάδεσ συγκεκριµένα) ωσ αποτέλεσµα τησ εκρηκτικήσ αύξησησ τησ ζήτησησ για νέα σπίτια, Þπωσ προκύπτει απÞ ανάλυση των στοιχείων. Στη 10ετία του 2000 χτίστηκαν 896 χιλ. νέεσ κανονικέσ κατοικίεσ, έναντι 833 χιλ. νέων κατοικιών που είχαν χτιστεί στη 10ετία του 1990 και 674 χιλ. κατοικιών που είχαν χτιστεί στη 10ετία του 1980. Ετσι, απÞ το 1980 και µετά κτίστηκαν σχεδÞν 2,3 εκατοµµύρια νέα σπίτια! Ùπωσ προκύπτει η ζήτηση έπρεπε να καλυφθεί απÞ ανάλογη προσφορά, αφετέρου δε Þτι µε τον τρÞπο αυτÞ µεγάλωσε η «φούσκα» τησ κτηµαταγοράσ. ∆ιÞτι µε την είσοδο τησ Ελλάδασ στην κρίση η ζήτηση κατέρρευσε και περισσÞτερα απÞ 250.000 ακίνητα µένουν απούλητα. Φανερώνεται έτσι Þτι η χώρα δεν µπÞρεσε να αντέξει τον οικοδοµικÞ «οργασµÞ» και την πληθώρα σπιτιών που κτίστηκαν. ΠαρÞλα αυτά, οι αναλυτέσ εκτιµούν Þτι σταδιακά, θα αρχίσει η αποκατάσταση τησ ισορροπίασ στη αγορά ακινήτων.

«∞Ó¤‚·ÛÂ» ÙËÓ ∂ÏÏ¿‰· Ô Ô›ÎÔ˜ Standard & Poor’s Κατά µία βαθµίδα, απÞ Β- σε Β, ανέβασε την πιστοληπτική ικανÞτητα τησ Ελλάδασ ο οίκοσ αξιολÞγησησ Standard & Poor?s, εκτιµώντασ ταυτÞχρονα Þτι οι προοπτικέσ τησ ελληνικήσ οικονοµίασ παραµένουν σταθερέσ. Αιτιολογώντασ την αξιολÞγησή του ο οίκοσ αναφέρει µεταξύ άλλων πωσ η ελληνική κυβέρνηση έχει κάνει «ουσιαστική δηµοσιονοµική προσαρµογή», και Þτι τα ρίσκα σε αυτÞν τον τοµέα «έχουν υποχωρήσει», και θεωρεί πολύ σηµαντικÞ γεγονÞσ Þτι το Ταµείο Χρηµατοπιστωτικήσ ΣταθερÞτητασ έχει ένα ικανÞ αποθεµατικÞ για να καλύψει ενδεχÞµενεσ νέεσ ανάγκεσ των ελληνικών τραπεζών εφÞσον αυτÞ κριθεί απαραίτητο.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΣΕΠΤΕΜΒΡΙΟΥ, 2014

8 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

10 ‚Ú·¯ÈfiÏÈ· Estee Lauder Î·Ù¿ ÙÔ˘ ∫·ÚÎ›ÓÔ˘ ÙÔ˘ ª·ÛÙÔ‡ ΑπÞ το 1992 η Estee Lauder Companies πρωτοστατεί στην ενηµέρωση κατά του Καρκίνου του Μαστού σε ολÞκληρο τον κÞσµο. ΣτÞχοσ τησ είναι η συνεχήσ ενηµέρωση του κοινού για την σηµασία τησ έγκαιρησ διάγνωσησ και πρÞληψησ. Το 2005 η Estee Lauder επέκτεινε τισ ενέργειέσ τησ για την ευαισθητοποίηση του κοινού αναθέτοντασ στον γνωστÞ σχεδιαστή ∆ούκα το σχεδιασµÞ µιασ αποκλειστικήσ δηµιουργίασ. Ο ∆ούκασ, αντλώντασ έµπνευση απÞ το σύµβολο τησ εκστρατείασ, τη Ροζ Κορδέλα, δηµιούργησε ένα Ροζ ΒραχιÞλι απÞ δέρµα Þπου αναγραφÞταν το µήνυµα Pink Ribbon. Η αποδοχή του κÞσµου, ήταν εντυπωσιακή και σε πολύ σύντοµο χρονικÞ διάστηµα το βραχιÞλι έγινε sold out! ΑπÞ το πρώτο βραχιÞλι µέχρι σήµερα πέρασαν 10 χρÞνια! Φέτοσ, το 10ο ροζ βραχιÞλι αλλάζει και πάλι Þψη και η Ελένη Μενεγάκη είναι το πρÞσωπο που πρωταγωνιστεί στην καµπάνια για την προώθηση του Pink Ribbon Bracelet για δεύτερη χρονιά. Τα βραχιÞλια θα διατίθενται ολÞκληρο τον Οκτώβριο στη συµβολική τιµή των 10 ευρώ, απÞ τα σηµεία διάθεσησ προϊÞντων Estee Lauder σε Þλη την Κύπρο. ΣκοπÞσ τησ πώλησησ είναι η συγκέντρωση χρηµάτων για τον Παγκύπριο Σύλλογο Europa Donna.

«¶Ú¿ÛÈÓÔ» ‚Ú·‚Â›Ô ÁÈ· ÙËÓ ∞∏∫ ΑκÞµα πιο πράσινη είναι η Αρχή Ηλεκτρισµού Κύπρου. Κατά την πρώτη Τελετή Απονοµήσ Βραβείων Πράσινων ∆ηµοσίων Συµβάσεων στην Κύπρο την οποία διοργάνωσαν το ΕνεργειακÞ Γραφείο Κυπρίων Πολιτών και το Τµήµα Περιβάλλοντοσ σε συνεργασία µε τη ∆ιεύθυνση ∆ηµÞσιων Συµβάσεων του Γενικού Λογιστηρίου τησ ∆ηµοκρατίασ - τησ απονεµήθηκε το Βραβείο Αναθέτουσασ Αρχήσ/Αναθέτοντοσ Φορέα για την ολοκληρωµένη πολιτική Πράσινων ∆ηµÞσιων Συµβάσεων. Η τελετή πραγµατοποιήθηκε στα πλαίσια υλοποίησησ του έργου «Buy Smart+» που συγχρηµατοδοτείται απÞ το πρÞγραµµα “Ευφυήσ Ενέργεια για την Ευρώπη” τησ Ευρωπαϊκήσ Επιτροπήσ.Το έργο «Buy Smart+», στο οποίο το ΕνεργειακÞ Γραφείο Κυπρίων Πολιτών συµµετέχει ωσ εταίροσ, στοχεύει στην προώθηση των Πράσινων ∆ηµÞσιων Συµβάσεων και των ενεργειακά αποδοτικών προϊÞντων στην Ευρώπη. Η διαχείριση των Πράσινων ∆ηµÞσιων Συµβάσεων αποτελεί µέροσ ενÞσ ολοκληρωµένου και διασυνδεδεµένου Συστήµατοσ ∆ιαχείρισησ, Þπωσ η µείωση εκπεµπÞµενων ρύπων και βελτίωση τησ ποιÞτητασ του ατµοσφαιρικού αέρα πέριξ των Η/Σ, ο βιοκλιµατικÞσ σχεδιασµÞσ κτιρίων και χρήση συστηµάτων εξοικονÞµησησ ενέργειασ και άλλα.

ÃÔÚËÁ›· √¶∞¶ ÚÔ˜ Û¯ÔÏÂ›· ÙË˜ ˘·›ıÚÔ˘ Σηµαντική χαρακτήρισε ο ΥπουργÞσ Παιδείασ και Πολιτισµού Κώστασ Καδήσ την προσφορά του ΟΠΑΠ, ύψουσ 587.681 ευρώ, για την εξασφάλιση των πÞρων που είναι απαραίτητοι για τη σίτιση των µαθητών που την έχουν ανάγκη. Η χορηγία του ΟΠΑΠ Κύπρου επεκτείνεται και καλύπτει τα προγεύµατα µαθητών Προδηµοτικήσ, ∆ηµοτικήσ αλλά και απÞ φέτοσ Μέσησ και Τεχνικήσ εκπαίδευσησ και το ποσÞ τησ χορηγίασ που δÞθηκε στον ΥπουργÞ Παιδείασ και Πολιτισµού Κώστα Καδή ανέρχεται, για τη σχολική χρονιά 2014 – 2015, σε 587.681 χιλιάδεσ ευρώ, σε σχέση µε 200 χιλιάδεσ πέρσι και θα καλύψει 246 σχολεία τησ κυπριακήσ υπαίθρου. Ο ∆ιευθύνων Σύµβουλοσ τησ ΟΠΑΠ Κύπρου ∆ηµήτρησ Αλετράρησ είπε πωσ είναι ιδιαίτερα σηµαντικÞ κάτω απÞ δύσκολεσ συνθήκεσ να αφουγκραζÞµαστε τισ ανάγκεσ και να αγκαλιάζουµε κάθε προσπάθεια που σκοπÞ έχει τη βοήθεια των συνανθρώπων µασ και ιδιαίτερα των παιδιών.

Ã·Ï·ÚˆÙÈÎ‹ ·fi‰Ú·ÛË ÛÙËÓ Ì·ÓÈ¤Ú· ÌÂ Yves Rocher Φανταστείτε µια µπανιέρα γεµάτη µε αρωµατικά και ενυδατικά αφρÞλουτρα να «ποζάρει» στη µέση του My Mall στη ΛεµεσÞ. Έτσι λάνσαρε η εταιρεία Yves Rocher την υπεροχή των προϊÞντων τησ Les Plaisirs Nature (απολαύσεισ). Η σειρά σώµατοσ Les Plaisirs Nature αποτελείται απÞ αφροντούσ, αφρÞλουτρο, κρέµα σώµατοσ, κρέµα απολέπισησ, άρωµα σώµατοσ και κρέµα χεριών, ενώ κυκλοφορεί σε τέσσερα µαγευτικά αρώµατα: καρύδα, βανίλια, βατÞµουρο και ελιά. Ùπωσ Þλα τα προϊÞντα Yves Rocher, έτσι και αυτά είναι δηµιουργηµένα µε φυσικά συστατικά ακολουθώντασ τα πρÞτυπα κατασκευήσ των Yves Rocher. Επειδή λοιπÞν τελειώνουν τα καλοκαιρινά µπάνια και το δέρµα µασ έχει ανάγκη απÞ ενυδάτωση, η σειρά Les Plaisirs Nature είναι ιδανική για να χαρίσει ξανά στην επιδερµίδα τη φυσική τησ οµορφιά, προσφέροντάσ µασ χαλαρωτικέσ αποδράσεισ στην µπανιέρα, µακριά απÞ το άγχοσ τησ ρουτίνασ.

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∏ Coca-Cola ÛÙËÚ›˙ÂÈ ·ıÏËÙ¤˜ ÙˆÓ Special Olympics Η Α/φοί Λανίτη γιορτάζει φέτοσ τα 70 χρÞνια προσφοράσ τησ στην Κυπριακή κοινωνία και υποστηρίζει υπερήφανα για ακÞµη µια χρονιά το κίνηµα των Special Olympics, Βέλγιο 2014. Μέσω του προγράµµατοσ «Adopt an Athlete» χορηγεί δυο Κύπριουσ αθλητέσ, την Κλεοπάτρα Φιλιππέτη και τον Κυριάκο Σίλου, οι οποίοι θα διαγωνιστούν στο άθληµα του bocce. Η Κλεοπάτρα και ο Κυριάκοσ, µε την Coca-Cola στο πλάι τουσ, θα συµµετέχουν στουσ πανευρωπαϊκούσ αγώνεσ που θα πραγµατοποιηθούν απÞ τισ 9 ωσ τισ 21 Σεπτεµβρίου 2014 στο Βέλγιο, µε την κυπριακή αποστολή να αποτελείται απÞ 22 αθλητέσ. Η Coca-Cola βρίσκεται στο πλευρÞ των Special Olympics απÞ την πρώτη τουσ κιÞλασ διοργάνωση, το 1968.

∂ıÓÈÎ‹ ¶ÚˆÙ·ıÏ‹ÙÚÈ· Ë InfoScreen Η κυπριακή εταιρεία InfoScreen διακρίθηκε µε τον τίτλο του Εθνικού Πρωταθλητή στα European Business Awards και περνάει στη δεύτερη φάση του διαγωνισµού για να εκπροσωπήσει την Κύπρο, µε στÞχο τον µεγάλο τελικÞ του 2015. Τα European Business Awards είναι πανευρωπαϊκÞσ διαγωνισµÞσ διεθνούσ κύρουσ που διοργανώνεται φέτοσ για 8η χρονιά µε τη συµµετοχή πάνω απÞ 24,000 επιχειρήσεων απÞ 33 ευρωπαϊκέσ χώρεσ. Μέχρι σήµερα 709 εταιρείεσ απÞ Þλη την Ευρώπη έχουν αναδειχθεί Εθνικοί Πρωταθλητέσ, περνώντασ στη δεύτερη φάση του διαγωνισµού. Στη δεύτερη φάση, οι Εθνικοί Πρωταθλητέσ θα ετοιµάσουν βίντεο τα οποία θα παρουσιαστούν µπροστά σε κριτική επιτροπή που θα αποτελείται απÞ επιχειρηµατικούσ ηγέτεσ, ακαδηµαϊκούσ και επιχειρηµατίεσ απÞ Þλη την Ευρώπη. Οι καλύτεροι θα βραβευτούν µε το ‘Ruban d’Honneur’ και θα περάσουν στον µεγάλο τελικÞ που θα γίνει το 2015, ενώ ταυτÞχρονα θα µπουν σε δηµÞσια ψηφοφορία για να εκλεγούν οι ‘Public Champions’ για κάθε χώρα. Η InfoScreen ειδικεύεται στην ανάπτυξη λογισµικού, στον τοµέα των εταιρικών υπηρεσιών απÞ το 1995. Με έδρα τη ΛεµεσÞ και γραφεία στο Χονγκ Κονγκ και τη Σερβία, ειδικεύεται στην ανάπτυξη λογισµικού, µε κύριο προϊÞν τησ το Quorum, ένα σύστηµα εταιρικήσ και γραµµατειακήσ διαχείρισησ που χρησιµοποιείται απÞ ∆ικηγορικά και Ελεγκτικά Γραφεία και Υπηρεσίεσ Θεµατοφυλακήσ σε 18 χώρεσ.

∞ÔÊ¿ÛÈÛÂ ÂÛ‡… ÁÈ· ÙËÓ ÎÚ¤Ì· Á¿Ï·ÎÙÔ˜ §·Ó›ÙË˜ Εσύ, ποιο πακέτο θα διάλεγεσ για τισ αλά κρεµ δηµιουργίεσ σου; Το σοφιστικέ, το παιχνιδιάρικο ή το εναλλακτικÞ; Ο Λανίτησ σου δίνει για πρώτη φορά την ευκαιρία να επιλέξεισ εσύ την εµφάνιση του νέου πακέτου τησ κρέµασ γάλακτοσ Λανίτη στο www.yourfavouritecream.com, ανάµεσα απÞ τρεισ πρωτÞτυπεσ επιλογέσ που ενθουσιάζουν. Ψήφισε το αγαπηµένο σου σχέδιο µέχρι τισ 30 Σεπτεµβρίου, µπεσ στην κλήρωση για να κερδίσεισ ένα µοναδικÞ Thermomix και φυσικά, ανακάλυψε ξεχωριστέσ συνταγέσ για να ξετρελάνεισ τουσ φίλουσ και την οικογένεια σου µε αλµυρέσ και γλυκέσ δηµιουργίεσ. Γιατί, γι’ αυτή την κρέµα γάλακτοσ, εσύ αποφασίζεισ!

September 17 - 23, 2014

financialmirror.com | PROPERTY | 17

Welfare reform a risk for English housing associations “ Th e wors t ma y still lie ahea d,” sa ys Moody’s English housing associations could come under pressure from welfare reform measures that threaten to erode their revenues and destabilise cash flows, Moody’s Investors Service said in a report, adding that “although no ratings changes are foreseen in the next 2-3 years as a result of reform, we continue to regard the shakeup of the welfare system as credit negative for the sector overall. “While housing associations so far proved resilient to the shake-up in the welfare sector, the worst may still lie ahead,” said Roshana Arasaratnam, a Moody’s Senior Credit Officer in the sub-

sovereign team. “Bad debts and voids could undermine cash flows and potentially diminish operating margins if housing associations fail to correctly anticipate an increase in arrears. Effective management of the risks could become a credit differentiator in the sector,” she added. The most potentially disruptive element of the welfare reform package, the Universal Credit (UC), would divert housing benefits to tenants’ having previously being paid directly to landlords. The proposed change in the payment mechanism are likely increases the risk of non-payment, as pilot

studies by the UK Department of Work and Pensions point to an average 6.6% fall in affected tenants’ rent payments over the first 12 months. The original plan was to roll out the UC gradually from April 2013 through to the end of 2017, However, this process has been delayed, and the full implementation timetable is now uncertain. Moody’s rated entities estimate that the Universal Credit will lead to an average 10% increase in arrears, which will be manageable for most entities. Housing associations that receive a large proportion of their turnover from housing benefit payments to working age claimants

Real estate valuations from 1/1/13 and the right to appeal

President to inaugurate Minthis Hills in Tsada

By George Mouskides Cyprus International Institute of Management

The official opening ceremony of Minthis Hills, the flagship resort of Pafilia Property Developers near Tsada, will take place on Wednesday, September 17. Minthis Hills is one of the most exclusive and luxurious residential golf resorts in the eastern Mediterranean and is setting new standards for living and leisure in Cyprus. Minthis Hills was conceived through a collaboration of Pafilia, the architectural firm Woods Bagot and masterplanning and architecture firm Atkins. The event marks an exciting milestone for Pafilia; years of pre-work and construction have now resulted in an extraordinary and impressive resort. It

are most likely to be affected. Those that receive a high share of turnover from housing benefit, up to 45% according to a 2012-2013 survey by Moody’s, will inevitably have to work harder to protect their income stream in preparation of the measure’s launch. Other welfare reform risks have been anticipated and managed by Moody’s rated entities. They saw no increase in arrears between 2010 and 2013, indicating that there has been limited credit impact from two other reform measures - the benefit cap and the bedroom tax - which came into force in 2013.

also celebrates the completion of the first phase, which includes the main artery road and project infrastructure, the first residential neighborhood, an 18-hole championship golf course complete with practice facilities and driving range, a nature trail, and a clubhouse that includes a restaurant, with a culinary team trained by Alain Ducasse, a bar, sports lounge, business centre and pro shop. Additionally, the resort is home to Stavros Tis Minthis, a 12th century monastery. When completed, Minthis Hills will include a luxury spa, village square, health club, equestrian centre, tennis academy and over 500 private residences. www.minthishills.com

Someone has to wonder whether it’s worthwhile to file an appeal if the property he owns has been overvalued by the Lands and Surveys Department. It has been made abundantly clear by now that the taxes and fees to be paid based on the property valuations of 1/1/2013 are as follows: 1. Immovable Property Tax (IPT) – starting 2015, 2.Community/Municipality IPT, 3. Sewage fee. The question remains, how many years will someone be obliged to pay taxes based on this valuation, so as to be able to calculate his losses? To put it more simply, how many more years will the 1/1/2013 valuation remain in effect? It took 33 whole years for the 1/1/1980 valuation to be amended, if that is an indication. So, based on these assumptions it is clear that all owners must file an appeal against the overvaluations so that they drop to the actual market prices. Unfortunately, appeals will carry a cost, the so-called “study fees” which were wrongly imposed by the law. As a matter of fact, even if the appeal is

successful these weird study fees are nonrefundable. More specifically, the fees for every property appeal have been set as follows:

To give you an example: Say a house in the Platy area of Nicosia, was valued at 1 mln euros by the government, while its market price stands at 600,000 euros. Based on the suggested 1/1000 tax, (if it applies in 2015), it will be burdened with an additional 400 euros/year just for IPT. The cost of filing an appeal will be 150 euros, as well as about 250 euros for valuation fees, hiking the cost to 400 euros. If the appeal is rejected in its entirety and a reconciliatory solution is reached at a value of 800,000 euros, it will take two years for the appeal and valuation costs to depreciate. It is evident that the Lands and Surveys Department has over-evaluated many properties. In cases where the overvaluation is substantial, based on our calculations, we’d advise owners to file an appeal and have their properties valued at the right market price. George Mouskides is General Manager, FOX Smart Estate Agency, Licensed Estate Agent and US Certified Public Accountant

Average U.S. home price hits $191,000 Real estate in the United States is on the mend, but there are widely different opinions about by how much. Depending on which real estate data analysts use, the housing market in America is either red hot or improvements have slowed considerably. Information from RealtyTrac supports the rapid improvement case. According to its latest report on prices, the median price of a home sold in the U.S. in July was $191,000. That figure was a sharp rise both month over month and year over year: The median price of residential properties sold in July including both distressed and non-distressed sales - was $191,000, up 3% from the previous month, and up 12% from a year ago to the highest level since September 2008, a 70month high. Other recent research shows much more muted improvement. This is especially true with the carefully followed S&P/Case-Shiller report. Data to June 2014, released by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading

measure of U.S. home prices, show a sustained slowdown in price increases. The National Index gained 6.2% in the 12 months ending June, while the 10-City and 20-City Composites gained 8.1%; all three indices saw their rates slow considerably from the previous month. Every city saw its year-over-year return worsen. Obviously, both the methodology and time periods of the two studies are different. However, they do paint sharply different views. RealtyTrac information shows the improvements are markedly different market to market: States with the biggest annual increase in median sales prices were Michigan (+24%), Ohio (+20%), Virginia (+20%), Minnesota (+14%) and New York (+13%). Metros with the biggest annual increase in median sales price included Detroit (+33%), Dayton, Ohio (+31%), Stockton, Calif., (+24%), Modesto, Calif., (+22%), Cleveland (+20%), and Miami (+19%). Some of the increase probably can be accounted for because the markets with the greatest

improvements where those most badly damaged as the real estate bubble burst. This is certainly true of Michigan, Ohio, Detroit, Cleveland and the two California cities. By Douglas A. McIntyre (Source: 24/7 WallSt.com)

September 17 - 23, 2014

18 | WORLD MARKETS | financialmirror.com

Investors are watching Netflix By Oren Laurent President, Banc De Binary

California-based Netflix (Nasdaq: NFLX) has cracked the U.S. home front and has launched successfully in Europe’s English speaking regions. Now, for the next step in its international expansion, the streaming site is pushing further into Europe and seeks to win over audiences in France, Germany, Austria, Belgium, Luxembourg and Switzerland. This will no doubt be an expensive endeavour, but one which, if successful, could pay off for Netflix’s keenest viewers, its investors. Netflix has an interesting business model. In the last quarter, the company’s revenue rose at a rate of 25% per annum, and the current expansion will likely see revenue continue to climb. Yet, and here’s the catch, revenue does not translate automatically into an appreciating stock price. The company has high costs and must invest significantly in producing content and marketing the product before it even has a chance of attracting users. Past expansions indicate that it takes around 2 to 3 years for an individual market to break even before then becoming profitable. In 2012 the company launched in Britain, the Netherlands and Nordic countries. Although the costs of entering the UK and Ireland in January contributed directly to a $43 mln increase in the company’s international loss in the first quarter of 2012, it now looks set to break even next year in these regions. Chief Executive Reed Hastings will be applying the same long-term strategy and business model to the new markets. The six additional countries being targeted have more than 60

Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

EURUSD enters a consolidation phase In line with forecasts, the EURUSD entered a consolidation phase last week after experiencing heavy selling following the ECB’s surprising interest rate decision the week prior. In general, economic news from the EU was quiet, while ECB President Mario Draghi’s speech in Milan on Thursday failed to provide any unexpected volatility. US economic data was also low in quantity, however Friday’s news that Advance Retail Sales increased by 0.6% last month will be seen as encouraging for Q3 GDP. The coming week should be busier for the pair, with the latest German ZEW Survey on Tuesday being followed by EU Inflation data on Wednesday. Also, on Wednesday evening, the Federal Reserve is expected to taper quantitative easing (QE) by a further $10 bln, while also announcing a conclusion to QE in October which should reaffirm to investors that the Fed is one step closer to normalising monetary policy and subsequently, increase confidence in the greenback. Looking at the technicals on the Daily timeframe, the EURUSD continues to be traded in a bearish channel. We can also see that the pair has entered a consolidation period, with resistance around 1.2960 currently preventing this pair from entering 1.30. For the pair to reach 1.30 once again, it is possible that we will either require the German ZEW Survey to show that German data is returning to some sort of

mln broadband households, almost double the number in the European countries where the site already operates. So while the potential is huge, the risk is also greater. Netflix will encounter two additional key challenges during this stage of its expansion. Firstly, it faces a language barrier and will need to invest significantly in localised content given the preference of natives to watch shows in their own language. Secondly, in order to be taken seriously in Europe, it must contend price and quality wise with the strong presence of payTV and streaming competitors. Despite the challenges, initial estimates predict that the company will acquire an additional 4 to 6 mln new international users from the move. This sentiment and optimism about the tech stock led to its 52-week high of

consistency, or a surprisingly dovish FOMC statement on Wednesday evening. Support can presently be found at 1.2891, alongside the current yearly low, 1.2858.

USDJPY buying pressure now looking to slow down At the beginning of last week, comments from Koichi Hamada (advisor to Prime Minister Shinzo Abe) that a weak JPY was “positive for Japan’s economy” allowed investors to price in future stimulus from the Bank of Japan (BoJ). This encouraged widespread JPY weakness and the USDJPY reached its highest valuation since September 2008.

However, comments from BoJ Governor Kuroda on Friday morning that although the central bank is prepared to add stimulus if necessary there are no plans at present to do so, cooled buying pressure down as the week concluded. Next week sees a high quantity of economic data released from both Japan and the United States and as such, the USDJPY should experience volatility. From Japan, the latest Japanese Trade Balance is released on Wednesday with Machine Tool Orders on Thursday and Tokyo Department Sales on Friday morning. In regards to the Unites States, the latest Industrial and Manufacturing Production data was released followed by CPI (Inflation) and the latest Federal Reserve FOMC Decision on Wednesday evening. From a technical standpoint on a Daily timeframe, a bullish trendline remains in control of the pair but both the RSI and Stochastic Oscillator are now located inside the overbought boundaries. This suggests the pair could be about to experience a pullback. In which case, potential support can be found at 106.810 and 106.191.

$489.29 on September 9. It seems that in the case of Netflix, given that short term profits are not the goal, even short term traders are considering the long term game. Over the coming months, we can expect the stats to override sentiment. It will become increasing apparent whether or not one of the largest ever international expansion projects will pay off.

www.bancdebinary.com

The downside break the RBA have been waiting for The Aussie moved dramatically to the downside last week (around 400 pips) with the Reserve Bank of Australia (RBA) finally being provided with a weaker currency, after stating for some time that the Aussie was “overvalued”. Investors reacted negatively to Business Confidence not meeting expectations, with the following evening’s news that Westpac Consumer Confidence had unexpectedly declined encouraging further profit taking. From here, an unusual employment report suggesting that Australia had added nearly ten times the expected number of jobs to its economy was met with confusion from investors. As the week concluded, breaking news that the Australian Security Intelligence Organisation (ASIO) had raised Australia’s terror alert level to “high” encouraged additional bearish movement. Over the weekend, Prime Minister Tony Abbot formally committed to providing Australian military assets to an international coalition against ISIS, which subsequently led to the AUDUSD declining to 0.89 for the first time since March. The technicals on the Daily timeframe suggest the pair is currently withstanding heavy bearish pressure, with further support located at 0.8966. If the pair is going to attempt to recover sudden losses, resistance can be found at 0.9018.

ForexTime Ltd (FXTM) is a forex broker founded by Andrey Dashin in December 2012. The company is registered as a Cyprus Investment Firm and is licensed by the Cyprus Securities and Exchange Commission (CySEC). For information, disclaimer and risk warning visit: www.ForexCircles.com

September 17 - 23, 2014

financialmirror.com | MARKETS | 19

So much for China’s mini-stimulus remained cautious and the pickup in spending by stateowned enterprises ended. The brightest spot was the external sector, where export growth accelerated and the trade surplus hit record highs in both July and August. There is also good news from the labour market: new urban jobs have increased by 9.7mn in the first eight months of the year, almost achieving the full year target of 10mn. Fundamentally, China’s growth is slowing because private sector investment sentiment is weak: fixed asset investment by non-state companies has been steadily decelerating since 2010. In part this reflects a necessary adjustment of companies’ growth expectations-no one expects GDP of 10% growth anymore-but there is also much uncertainty about how the transition away from the investment-driven model will play out. The government has used state sector investment to smooth this slowdown, and the latest boost led to a slight rebound in the second quarter. But the support from state investment did not last, as monetary policy did not get looser, and fiscal spending was forced to slow to stay within budget guidelines. Total credit growth slowed to 15% YoY in August, after reaching 17% in June, as loan growth was only modest and shadow financing has collapsed. Both bankers’ acceptances and trust loans declined outright in July and August-a simultaneous sustained decline that has never happened before. The People’s Bank of China has traditionally been more hawkish than the rest of the government, and its support for ‘selective easing’ was half-hearted at most. While

Marcuard’s Market update by GaveKal Dragonomics So much for the ‘mini-stimulus’. The data on China’s economic performance in August were dismal, showing a significant and unexpected decline in growth. The boost from the government’s suite of supportive policies was always going to be temporary, but renewed weakness is appearing much sooner than expected. We had previously thought that policy could keep growth stable for a couple of quarters, but it only really worked for two months (May and June). So it looks as if the government has already lost its bet that it could keep GDP growth near its 7.5% target with only minimal intervention. With China transitioning out of its high investment phase, growth is on a downward trajectory. To alter that trajectory would require large scale monetary easing, but the government does not yet look inclined to support such a big shift in strategy. All of which points to more of the same: modest policy support and weaker growth. The August numbers were dire: growth of industrial value-added slumped to 6.9% year-on-year, from 9% in July, to give the lowest reading since 2009. Official statisticians blamed a high base effect for the slowdown, since growth was 10.4% last August. But their explanation is hardly convincing, as growth on a sequential basis was also extremely weak. Meanwhile, fixed asset investment growth declined to 14% from 16% in July, as the private sector

Behind the RMB’s strength

WORLD CURRENCIES PER US DOLLAR CURRENCY

renminbi to settling a quarter. For China to succeed in shifting its trade away from US dollars and into renminbi, it needs three things: a) a stable bond market (so people can park excess renminbi in yieldgenerating investments), b) a credible capital market (China is lucky as the only emerging market with a credible financial centre-Hong Kong), and c) a strong currency (who wants to save, or keep working capital, in Indonesian rupiah or Turkish lira?). Which brings us to the recent strength of the renminbi. While the weakness of the euro, yen, pound, and Swiss franc against the US dollar have captured investors’ attention lately, few have noticed that the Chinese currency has in turn outperformed the US dollar, making all time highs against the yen, and is not far off of its record high against the euro. One can point to many factors behind this strength, but the bottom line is that Beijing wants to establish the renminbi as the trading currency for emerging markets, and will only succeed if the renminbi is strong. At a time when most major central banks are keen only to debase their currencies, it is notable that one central bank has chosen a non-quantitative easing, non-zero interest rate policy approach. As we see it, China’s intention to internationalise its currency means that the renminbi and renminbi bonds remain among the best risk-adjusted stores of value available to investors today.

Marcuard’s Market update by GaveKal Dragonomics When Michael Milken invented junk bonds in the early 1980s, few foresaw that his new market would change the way companies financed themselves. Nor did they think it would alter how businesses looked at their cost of capital, trigger an M&A boom, midwife the birth of the private equity industry or change the way banks were run. However, with hindsight, it is obvious that the creation of junk bonds was one of the most important financial developments of the last 30 years. Yet the majority of investors remained oblivious of the shift for a very long time. Fast forward 35 years and the question is whether investors are once again in danger of ‘missing the forest for the trees’. The single most important financial development of recent years might well be the creation of the Dim Sum bond market. Yet few investors seem to care. Today, the world’s second largest economy and its largest exporter is creating a new bond market whose stated purpose is to provide an alternative source of financing for emerging market companies, and to help China break its US dollar dependency and move towards financing trade in its own currency. Things are moving fast: in just four years, China has gone from settling none of its trade in

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.

www.marcuardheritage.com

The Financial Markets Interest Rates Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

0.125% 0.50% 0.05% 0.05% 0.00%

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.15 0.50 0.00 0.09 0.00

0.20 0.53 0.03 0.11 0.00

0.23 0.56 0.05 0.12 0.01

0.33 0.71 0.14 0.17 0.05

0.58 1.05 0.30 0.32 0.15

USD GBP EUR JPY CHF

0.78 1.23 0.21 0.17 0.01

1.25 1.56 0.27 0.18 0.04

1.64 1.80 0.36 0.22 0.11

1.93 1.99 0.49 0.28 0.22

2.34 2.27 0.78 0.44 0.49

2.70 2.55 1.20 0.69 0.85

Exchange Rates Major Cross Rates

CCY1\CCY2 USD EUR GBP CHF JPY

1.2943 0.7726

100 JPY

1.6194

1.0708

0.9335

1.2512

0.8273

0.7213

0.6612

0.5765

0.6175

0.7992

0.9339

1.2087

1.5124

107.12

138.65

173.47

0.8718 114.70

CODE

RATE

EUROPEAN

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

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

10500 1.6192 1.5108 21.278 5.7509 12.0893 1.2944 1.733 242.9 0.54302 2.6672 0.3317 14.3 6.4007 3.2426 3.4099 38.5097 7.1369 0.9337 13.75

AUD CAD HKD INR JPY KRW NZD SGD

0.9021 1.1053 7.751 61.085 107.13 1036.6 1.2257 1.2612

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

0.3770 7.1457 26448.00 3.6361 0.7075 0.2865 1513.00 0.3850 3.6410 3.7506 10.9494 3.6730

AZN KZT TRY

0.7823 181.98 2.2095

AMERICAS & PACIFIC

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

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF

it did inject more liquidity into the traditional banking system, it also rolled out new regulations on interbank borrowing that contained the growth of shadow finance. At the same time, banks are getting much more cautious about lending, given the increase in their own bad loans, the poor state of corporate balance sheets, the deteriorating property market and falling commodity prices. It is likely the crackdown on fraud in trade finance in Qingdao has also made banks more risk-averse. Given all this, banks are unwilling to accelerate lending without very strong support from the central bank. China’s GDP growth has been on a mostly downward trajectory since 2007, and short term growth is greatly dependent on credit. So, policymakers are facing a tough choice: accept higher debt in order to get higher short term GDP growth or accept slower growth in the near term. The signals have been extremely inconsistent this year, but at the World Economic Forum last week, Premier Li Keqiang said the government is comfortable with growth “a bit lower” than its target. The central bank also still seems unwilling to loosen monetary policy as it is worried about China’s rising debt. Therefore, the government will just continue with its ‘selective easing’ policies, and will not take more radical measures such as an interest rate cut, or at least not in the near term. With the help of net exports GDP growth in 2014 can stay slightly above 7%. Nevertheless, it will miss the government’s 7.5% target.

Weekly movement of USD

CCY\Date

19.08

26.08

02.09

09.09

16.09

CCY

Today

USD GBP JPY CHF

1.3305

1.3151

1.3074

1.2821

1.2887

0.7956

0.7926

0.7876

0.7978

0.7947

136.22

136.32

135.94

135.98

137.90

1.2042

1.2003

1.1993

1.2026

GBP EUR JPY CHF

1.6194 1.2943 107.12 0.9339

Last Week %Change 1.6106 1.2821 106.20 0.9326

-0.55 -0.95 +0.87 +0.14

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

September 17 - 23, 2014

20 | WORLD | financialmirror.com

Education and opportunity By Jong-Wha Lee Education is a fundamental driver of personal, national, and global development. Since the beginning of the century, recognition of this has driven many countries to pursue the Millennium Development Goal of achieving universal primary education and eradicating gender disparities at all levels of education by 2015. This has contributed to considerable progress in expanding educational opportunities and attainment worldwide. But there is much more to be done. To be sure, universal primary education has nearly been achieved. Moreover, considerable progress has been made toward gender equality in educational opportunities and attainment. Indeed, enrollment rates for school-age females have increased steadily at all levels, reaching near parity with male enrollment globally. As a result, the gender gap in average years of schooling for the adult population – a widely used measure of educational attainment – has narrowed. Moreover, in 2010, for people aged 25 and above, the femaleto-male ratio in average years of schooling was almost 100% in advanced countries and about 85% in developing regions. But, in many low-income countries in Sub-Saharan Africa, the Middle East, and South Asia, girls still have far less access to education, especially at the secondary and tertiary levels, than boys do. Significant global disparities also remain in post-primary education and the quality of schooling. In advanced countries, almost 90% of the population aged 15-64 has attained at least some secondary education, compared to only 63% in developing countries. Likewise, though more than 33% of the working-age population in advanced countries has achieved

some level of tertiary education, the proportion is just 12% in the developing world. Academic research suggests that countries with higher per capita income, lower income inequality, and lower fertility rates tend to invest more in children’s education, with public expenditure leading to higher enrollment rates. The logical conclusion is that efforts to promote more inclusive economic growth and improve education systems can raise enrollment among young people in developing countries and reduce disparities between genders and among social groups. But simply narrowing the gaps in school-enrollment rates and total years of schooling is not enough. Countries must also ensure the quality of their education systems – a key challenge for the coming decades. As it stands, poor educational outcomes and inefficient education systems are eliciting deep concern worldwide. In many countries, primary schools fail to provide students with appropriate cognitive skills like numeracy, literacy, problemsolving ability, and general scientific knowledge. Furthermore, inadequate education at the secondary and tertiary levels, including technical and vocational education and training, is leaving students unequipped to meet the job market’s changing demands. As a result, many countries are struggling with a mismatch between the skills that employers seek and those that workers have. Wide disparities in educational quality, often measured by student achievement on international examinations, are evident within and across countries. The results of most internationally comparable mathematics, reading, and science exams for primary and secondary students reveal a considerable gap not only between advanced and developing countries, but also across the developing world. According to the Trends in International Mathematics and Science Study, South Korea had the highest average score (590) in 2011 on the science test for secondary students, while Ghana scored the lowest (306). Though academic performance is determined largely by

family inputs and students’ individual talents, other factors, such as the amount of school resources available to students, also play an important role, as do various other school inputs, such as teacher quality, class size, expenditure per pupil, and instruction time. The institutional features of education systems are another important determinant of student achievement. Private financing and provision, school autonomy, and external monitoring and assessment mechanisms tend to influence the quality of education by changing the incentives for students and teachers. In the future, new information and communication technologies are expected to stimulate the expansion of educational opportunities and to improve educational quality at the national and global level, by offering a variety of innovative learning channels. For example, the ability to use new technologies to build borderless networks among schools can offer opportunities for students in low-income countries to learn from teachers in advanced countries – and vice versa. The imperative is clear. Global leaders must commit to enhancing the quality of education and reduce the education gap by increasing school resources, improving the efficiency of educational institutions, and seizing the opportunities afforded by technological innovation. All of this will serve to enrich human capital, which is essential to boosting productivity and incomes. Indeed, if such efforts are designed specifically to ensure equal opportunities for all, regardless of gender or wealth, they will be a boon to the global economy, while promoting social cohesion at the national level. When it comes to improving education, there really is no downside. Lee Jong-Wha, Professor of Economics and Director of the Asiatic Research Institute at Korea University, was a senior adviser for international economic affairs to former President Lee Myung-bak of South Korea. © Project Syndicate, 2014, www.project-syndicate.org

Migration’s hall of mirrors On both sides of the Atlantic, antiimmigrant politics are undermining democracies and damaging lives. Far-right nationalist parties are gaining traction in Europe, while millions of undocumented migrants suffer in the shadows. In the United States, President Barack Obama, concerned about his party’s ability to retain control of the Senate, has decided to put off immigration reform until after the election in November. Yet that may be the wrong approach. A new public-opinion survey by the German Marshall Fund (GMF) reveals that antiimmigrant sentiment stems largely from misinformation, not entrenched animus.

By Peter D. Sutherland The most important finding of the GMF’s Transatlantic Trends survey is that concern about immigrants falls sharply when people are given even the most basic facts. For example, when asked if there are too many immigrants in their country, 38% of the Americans surveyed agreed. But when respondents were told how many foreigners actually reside in the US before being asked that question, their views changed significantly: just 21% replied that there were too many. The same was true in country after country. In the United Kingdom, 54% of respondents said that there were too many immigrants; that number fell to 31% among those who were given the facts about foreigners. In Greece, 58% became 27%; Italy

went from 44% to 22%; and so on. The only countries without such a gap were those with either very little immigration, like Poland, or those with a more open, informed, and progressive political debate about immigration, like Sweden and Germany. Other surveys have exposed extraordinary inaccuracies in perceptions of migrants. In many developed countries, for example, the public believes that there are three times as many immigrants residing in their country as there really are. The average Briton believes that 34% of UK residents are foreigners; the true number is just 11%. Such distortions disappear in countries where migration challenges are confronted openly, discussed reasonably, and addressed with conviction. The average Swede, for example, believes that 18% of the country’s population is composed of migrants; the actual number is close to 13%. As a result, populism in these societies is not on the rise, and mainstream politicians do not vilify minorities and migrants. This constitutes strong evidence that reality-based debate and policymaking can fundamentally transform the negative political dynamics generated by migration. It also suggests that, by failing to engage voters on the reality of migration, mainstream politicians in Europe are manufacturing support for extremist parties. This selfinflicted political wound is extremely dangerous. The Transatlantic Trends survey also shows that the American public is not worried about legal migration, while around twothirds believe that the children of immigrants are being well integrated into their communities. These findings should embolden policymakers to be more proactive in designing pathways for legal migration and

policies to integrate migrants. Even when it comes to illegal immigrants, though US citizens express concern, they are more reasonable than their political leaders about how to solve the problem. A plurality of Americans surveyed by the GMF, for example, said that illegal immigrants should be allowed to obtain legal status. A deliberative approach to engaging the public on other aspects of migration also could help quell anti-migrant sentiment. For example, recent research in several countries shows that immigrants as a whole contribute more economically to their communities than they take from them. In Germany, a study by the Bertelsmann Foundation, to be released next month, shows that the net fiscal contribution per migrant amounted to 3,300 euros in 2012. Such data upend the conventional wisdom that migrants are a drain on public services. Of course, migration creates real challenges for communities and can lead to job losses and lower wages for native workers.

But here, too, it is the absence of attention to these issues, not necessarily the presence of migrants, that is the problem. Implementing vigorous retraining policies, for example, would be a better way to counter these adverse effects than calling for mass deportations. This is one reason why labor unions, which once opposed immigration across the board, are now far more supportive of measures that would legalise undocumented workers and create more pathways for migration. Informed public debate is the sine qua non of a democratic polity. In its absence, bias and populism prevail. The immigration debate will never be an easy one, but it can become less tendentious and more deliberative if its participants consider the facts. Peter Sutherland is United Nations Special Representative for International Migration and former Director-General of the World Trade Organisation. © Project Syndicate, 2014, www.project-syndicate.org

September 17 - 23, 2014

financialmirror.com | WORLD MARKETS | 21

Can Apple sell 92 mln iPhones? By Douglas A. McIntyre, 24/7 Wall St.com There is no bigger Apple (NASDAQ: AAPL) fan among Wall Street analysts than Gene Munster of Piper Jaffray. His optimism extends to his prediction that Apple will sell 92 mln new iPhones this year alone. The early sales rates of the iPhone 6 and iPhone 6 Plus models support Munster’s prediction. Apple and wireless carriers like AT&T Inc. say they are out of the smartphones. As a matter of fact, AT&T Mobility’s CEO said the launch of the iPhone 6 was a milestone for the carrier. Glenn Lurie, the chief executive officer of AT&T Mobility commented, “This is our biggest iPhone, preorder launch day ever.” On Monday, Apple said it received a record 4 mln first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones. Apple said a significant number of orders will be delivered to customers in stores in the U.S., Canada, Australia and some other countries as of Friday, but many will be shipped in October as demand outstrips supply. The first-day pre-orders for the new iPhones, which feature larger screens, were double the 2 mln orders for iPhone 5 models in 2012. Apple’s success could be its own greatest enemy as it drives for record sales in the final three and a half months of the year. Its website says many versions of the iPhone 6 will not be available for three to four weeks (with free shipping). Apple has a track record of underestimating demand, or keeping supply constrained to create the appearance of demand. In either case, each day that its supply chain cannot cough up phones is another day the 92 mln figure is in jeopardy. Another barrier to the success of the iPhone 6 is a potential glitch in its performance, or some problem that could cause the iPhone 6 to need some alteration or repair. Such a problem is not simply a matter of imagination. In 2010, the iPhone 4 had antenna problems. The solution was for people to get a special

case or hold the phone in a way that helped boost reception. Although the trouble created a black eye, it did not appear to curb demand. Yet, as is true of all consumer electronics devices, there is always a risk that a new product will not be glitch free. Apple’s website showed last week that the larger 5.5-inch “Plus” models displayed a wait time of up to a month. The 4.7inch version was available for delivery on Friday.

The company routinely grapples with iPhone supply constraints, particularly in years that involve a smartphone redesign. The best sign for Munster, as a financial analyst, is that Apple will meet its share price target. At more than $100 (up 1% at $101.94 on Monday), it is near a 52-week high. On December 31, 2014, the price may be as good an indicator as any other as to whether Munster’s call was right.

The people’s corporations By Lucy P. Marcus Two big power shifts are occurring around the world today. First, corporate power is growing relative to that of governments. Second, ordinary people are also gaining greater influence. What does it mean that these seemingly contradictory shifts are happening simultaneously? There is, no doubt, more power in the hands of companies than ever before. People who have not been popularly elected control more and more of our daily lives – from entertainment and energy supplies to schools, railways, and postal services. At the same time, the speed of technological innovation is outpacing that of legislation, meaning that corporate activities are routinely entering seemingly gray areas devoid of regulation. But, counterbalancing this trend, people now have the means and opportunities to ensure that companies’ behavior does not go unchecked. They are becoming more educated and aware of how companies operate, and they are more proactive and outspoken when they believe a company has crossed the line. The public increasingly acts as the conscience of companies and industries, asking hard questions and holding them to account. In the past several years, more effective means of collective action – such as social

media, open publishing platforms, and online video sharing – have given people more levers to pull. As people pursue boycotts and disinvestment, lobby for legislation, and activate social-media campaigns with growing sophistication, they are increasingly able to influence companies’ operational and strategic decision-making, thereby imposing checks and balances on today’s enormous accretions of private power. For some companies, this has come as a thunderbolt. Consider the British Petroleum oil spill in the Gulf of Mexico in 2010. The BP spill was one of the first instances in which companies were forced to contend with the power of social media – and in which people realised the potential of the tools at their disposal. Like most companies at the time, BP was accustomed to communicating with traditional seats of power – the White House, the Kremlin, and so on – and to doing so via traditional modes of communication, such as briefing carefully selected journalists and distributing precisely worded press releases. The Gulf oil spill changed all of that. Communities united around an issue and found a voice on Facebook. There was a massive conversation going on, and BP was neither a part of it nor able to control it via traditional communication-management methods. Since then, there has been a marked increase in this sort of direct action. Social media spread ideas in an immediate and unfettered manner. A document, an image, or a video is shared, and suddenly what was

secret or shielded is globally exposed. And, though wrong or false information spreads just as quickly as true information, corrections are often swift as well. For younger people today, using social media as a tool for activism is second nature. They are fluent in using YouTube, Twitter, Facebook, and Reddit to communicate and create a community around an idea, issue, or objection – and to nurture the growth of a small group into a mass movement. And older people are not far behind. As corporate power rises, holding companies to account becomes increasingly important. The scope of accountability must expand as well, in order to affect the behaviour of executives and non-executives alike. And companies’ board members will be increasingly held to account for how well they hold senior management to account. With all of that comes a culture of questioning that which was previously unquestioned – including how companies are run and whether an organisation’s actions are ethical. Any action can be questioned by anyone, and if others find it interesting or important, the question will spread – and not just within a small community or a specialist group, but more broadly and around the world. This shift has changed the nature of activism and collective action. It has also made for new kinds of allies, with activist investors like Carl Icahn tweeting their intentions and markets responding. Likewise, those who in other circumstances might see activist investors as natural adversaries can agree with

the positions that they take, such as concerns about executive compensation or corporate social responsibility. Activist investors can write open letters that may not be picked up by mainstream media outlets, but that can go viral on Twitter or Reddit. This is often enough to make boards and executive committees sit up and take notice. Corporate leaders who embrace this new reality, view it as an opportunity, and resist the inclination to “manage” or avoid issues will have a competitive advantage. They will not regard meeting people where they are as a way to manipulate them, but as an opportunity to hear what they are saying. Their first impulse will not be to figure out how to use modern means of direct communication to persuade customers, employees, and other stakeholders to think and do the things that they want them to think and do. Instead, they will make real changes – and they will be better off for it. Companies make our cars, our phones, and our children’s textbooks – and exercise increasing control over the daily lives and destinies of people worldwide, not only those who use their products, but also those who work for them and those who live in the communities where they are based. If companies do not take seriously the responsibility that comes with their great and growing power, people will be there to remind them. Lucy P. Marcus is CEO of Marcus Venture Consulting. © Project Syndicate, 2014.

September 17 - 23, 2014

22 | WORLD | financialmirror.com

Alibaba boosts IPO p r ice ra ng e

In a filing late on Monday with the U.S. Securities and Exchange Commission (SEC), Alibaba Group Holding Ltd. raised the expected price range on its initial public offering (IPO) from the prior $60 to $66 to a new range of $66 to $68. The number of shares on offer remains the same at 320.1 mln. At the top of the new price range, the company would raise gross proceeds of $21.8 bln. If the underwriters exercise their option on an additional 48 mln shares, total proceeds would total $25.03 bln. The fully diluted market cap of the firm would be $175.5 bln, and Alibaba would claim an enterprise value of $166.5 bln if the stock prices at $68 a share. The order books for the IPO could begin closing Tuesday, and there were reports last week that the stock would price on Wednesday and begin trading on Thursday. That has not been confirmed by the company, and the original schedule of pricing on Thursday with trading to begin on Friday is still the expected timetable. At the company’s roadshow stop in Singapore on Tuesday, one banker is quoted in The Wall Street Journal as saying that he would have liked to “get some shares for our private clients, but most of [the shares] seem to have been taken up by institutions.” The roadshow is scheduled to travel next to London, before concluding on Thursday in New York. Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citigroup are the joint bookrunners on the deal. The stock will trade on the New York Stock Exchange under the ticker symbol BABA. By Paul Ausick (Source: 24/7 Wall St.com)

Investors hope Oracle will see recovery in earnings preview Oracle Corp. (NYSE: ORCL) is set to report earnings after the market closes on Thursday. Investors are hoping that the enterprise software giant can bring a recovery, after the stock price tanked on the heels of Oracle’s previous earnings report. Thomson Reuters has consensus estimates of $0.64 in earnings per share and $8.77 bln in revenues. This would compare to the same quarter a year ago when it posted $0.59 in earnings per share and $8.38 bln in revenues. Estimates for the coming quarter are $0.74 in earnings per share and $9.72 bln in revenues. Recently, Oracle has made moves to take over Front Porch Digital, which stores digital media for more than 500 organisations worldwide, ranging from NASCAR to the U.S. Library of Congress. This appears to have been one of the possible boosts to push up the price over the course of the day on Monday, along with its expanding cloud operations for Transportation Management and Global Trade Management. The vice president of Value Chain Execution Product Strategy, Derek Gittoes had this to say about Oracle’s new innovations in the cloud: “With this announcement, companies can now leverage the advantages of cloud to achieve these same benefits without compromise, while also accelerating deployment timelines, reducing IT capital costs, and controlling their long-term cost of ownership. This announcement is further proof of Oracle’s strategic commitment to deliver a complete suite of industry-leading supply chain solutions on the cloud.” In the weeks before

the announcement, Oracle has seen its shares rise from August to September, but now despite these recent developments in the days ahead of the report, shares have fallen almost 4% from highs this month. Before the earnings came out in the previous quarter, shares reached a 52-week high but quickly receded after reported earnings missed the mark. With shares recently trading at $40.53, the consensus analyst price target is $44.25 and the 52-week range is $32.00 to $43.19. Oracle is trading at 11.77 times its future earnings. Oracle can influence many enterprise software companies share prices, depending upon its bias. Stay tuned. By By Chris Lange

Markets’ rose-tinted world By Mohamed A. El-Erian Αuthor of When Markets Collide

This has been an unusual year for the global economy, characterised by a series of unanticipated economic, geopolitical, and market shifts – and the final quarter is likely to be no different. How these shifts ultimately play out will have a major impact on the effectiveness of government policies – and much more. So why have financial markets been behaving as if they were in a world of their own? Apparently unfazed by disappointing growth in both advanced and emerging economies, or by surging geopolitical tensions in Eastern Europe and the Middle East, equity markets have set record after record this year. This impressive rally has ignored a host of historical relationships, including the longestablished correlation between the performance of stocks and government bonds. In fact, correlations among a number of different financial-asset classes have behaved in an atypical and, at times, unstable manner. Meanwhile, on the policy front, advancedcountry monetary-policy cohesion is giving way to a multi-track system, with the European Central Bank stepping harder on the stimulus accelerator, while the US Federal Reserve eases off. These factors are sending the global economy into the final quarter of the year encumbered by profound uncertainty in several areas. Looming particularly large over the next few months are escalating geopolitical conflicts that are nearing a tipping point, beyond which lies the specter of serious systemic disruptions in the global economy. This is particularly true in Ukraine, where, despite the current ceasefire, Russia and the West have yet to find a way to ease tensions

definitively. Absent a breakthrough, the inevitable new round of sanctions and counter-sanctions would likely push Russia and Europe into recession, dampening global economic activity. Even without such complications, invigorating Europe’s increasingly sluggish economic recovery will be no easy feat. In order to kick-start progress, ECB President Mario Draghi has proposed a grand policy bargain to European governments: if they implement structural reforms and improve fiscal flexibility, the central bank will expand its balance sheet to boost growth and thwart deflation. If member states do not uphold their end of the bargain, the ECB will find it difficult to carry the policy burden effectively – exposing it to criticism and political pressure. Across the Atlantic, the Fed is set to complete its exit from quantitative easing (QE) – its policy of large-scale asset purchases – in the next few weeks, leaving it completely dependent on interest rates and forward policy guidance to boost the economy. The withdrawal of QE, beyond being unpopular among some policymakers and politicians, has highlighted concerns about the risk of increased financial instability and rising inequality – both of which could undermine

America’s already weak economic recovery. Complicating matters further are the US congressional elections in November. Given the likelihood that the Republicans will continue to control at least one house of Congress, Democratic President Barack Obama’s policy flexibility will probably remain severely constrained – unless, of course, the White House and Congress finally find a way to work together. Meanwhile, in Japan, the private sector’s patience with Prime Minister Shinzo Abe’s three-pronged strategy to reinvigorate the long-stagnant economy – so-called “Abenomics” – will be tested, particularly with regard to the long-awaited implementation of structural reforms to complement fiscal stimulus and monetary easing. If the third “arrow” of Abenomics fails to materialise, investors’ risk aversion will rise yet again, hampering efforts to stimulate growth and avoid deflation. Systemically important emerging economies are also subject to considerable uncertainty. Brazil’s presidential election in October will determine whether the country makes progress toward a new, more sustainable growth model or becomes more deeply mired in a largely exhausted economic

strategy that reinforces its stagflationary tendencies. In India, the question is whether newly elected Prime Minister Narendra Modi will move decisively to fulfill voters’ high expectations for economic reform before his post-victory honeymoon is over. And China will have to mitigate financial risks if it hopes to avoid a hard landing. The final source of uncertainty is the corporate sector. So far this year, healthy companies have slowly been loosening their purse strings – a notable departure from the risk-averse behaviour that has prevailed since the global financial crisis. Indeed, an increasing number of firms have started to deploy the massive stocks of cash held on their balance sheets, first to increase dividends and buy back shares, and then to pursue mergers and acquisitions at a rate last seen in 2007. The question is whether companies also will finally devote more cash to new investments in plant, equipment, and people – a key source of support for the global economy. This is a rather weighty list of questions. Yet financial-market participants have largely bypassed them, brushing aside today’s major risks and ignoring the potential volatility that they imply. Instead, financial investors have trusted in the steadfast support of central banks, confident that the monetary authorities will eventually succeed in transforming policy-induced growth into genuine growth. And, of course, they have benefited considerably from the deployment of corporate cash. In the next few months, the buoyant optimism pervading financial markets may prove to be justified. Unfortunately, it is more likely that investors’ outlook is excessively rosy. Mohamed A. El-Erian is Chief Economic Adviser at Allianz and a member of its International Executive Committee. He is Chairman of President Barack Obama’s Global Development Council and the author, most recently, of When Markets Collide. © Project Syndicate, 2014. www.project-syndicate.org

September 17 - 23, 2014

financialmirror.com | GREECE | 23

S&P to move Greece, UAE, Qatar to “emerging” S&P Dow Jones will move Greek stocks into its emerging indexes on Monday while formally removing Qatar and the United Arab Emirates from frontier indexes and upgrading them to emerging markets, after similar moves by rival index provider MSCI. “This year’s major changes to the S&P Global BMI indices are the reclassification of Greece to Emerging status from Developed status, as well as the reclassification of Qatar and UAE from Frontier status to Emerging status,” S&P said in a statement. MSCI moved Greece to emerging

Bond yields edge lower after rating upgrade markets from its developed indexes last November. It also re-classified Qatar and the UAE as emerging markets at the end of May this year. S&P said Greece and Qatar would carry weights of 0.8 and 0.9% of the S&P emerging markets BMI index, while the UAE would have 1.0%. That compares with a 24% weight for China and 11.3% for Brazil, the company added. Meanwhile, Greek bond yields edged lower on Monday after a credit rating

upgrade from Standard and Poor’s, which said the country remained on track to emerge from a six-year recession. The upgrade to B from B- late on Friday brought S&P into line with the other main agencies Moody’s and Fitch, and is a boost for Greece’s fragile coalition government which is hoping to escape the constraints of its EU/IMF bailout programme. Greece is expected to hold negotiations with its lenders on further debt relief later this year, and Prime Minister Antonis

Friction over property tax exposes cracks in coalition’s strategy Although the government passed its latest amendments to the troubled single property tax (ENFIA) on Thursday, the atmosphere surrounding the ballot underlined that all is not well within the coalition, according to the news and policy site MacroPolis.gr. Parliament is still in its summer sessions, so the 51 out of 100 votes the ENFIA changes received was just enough for the government. But the result only came about after the coalition switched eight of its MPs. During the summer sessions, parties are allowed to replace their lawmakers with those from the remaining pool of 200 MPs. The government said that only one of the eight MPs (PASOK’s Nikos Sifounakis) was substituted because he opposed the amendments. However, lawmakers’ comments and media reports indicated there was much wider discontent among coalition MPs, who felt the government had not gone far enough to correct ENFIA’s initial errors and ease the burden on a range of homeowners, including those with empty houses. For instance one of the other MPs that was replaced, New Democracy’s Lefteris Avgenakis, had spoken out against ENFIA before the vote. The government insisted that he and another six deputies were replaced because they were unable to attend the vote for a range of reasons. Regardless of whether the coalition’s assertions are true or just a smokescreen, the image portrayed is of a government struggling to keep its MPs on message. There have been reports of arguments within the New Democracy parliamentary group. One conservative MP was forced to apologise after swearing at a Finance Ministry official during a row over ENFIA. ND’s parliamentary spokesman, Adonis Georgiadis, went as far as to suggest that Finance Minister Gikas Hardouvelis should resign if he is unable to stand by the tax and ensure it is implemented. It is clear that Hardouvelis’s brief honeymoon since being appointed to the cabinet in June is over but last week’s developments have wider significance, especially when one considers that the government wants to create some cohesion ahead of the presidential vote in March. Most of what the government will be doing over the next few months will be aimed at securing the 180 votes it needs to elect a successor to President Karolos Papoulias and avoid early elections. As things stand, the coalition is in a tight spot. Apart from the discomfort in its own ranks, which is unlikely to lead to an outright

rebellion, the numbers do not yet add up in terms of opposition MPs. The government has 154 lawmakers so it needs to get at least another 26 on board. The two most likely sources for these votes are Democratic Left (DIMAR) and the large group of independent MPs. DIMAR has ten MPs, while the independents number 24 – six who defected from Independent Greeks, six from DIMAR, five from PASOK, four from New Democracy, two from Golden Dawn and one from SYRIZA. Even if the government can secure the ten DIMAR votes, garnering another 16 from such a varied group of independents is not a straightforward task, especially as six of the 24 have said they intend to vote against any government candidate. The other option open to the government is to pick a candidate that would appeal to the Independent Greeks, who have 13 seats in Parliament. The thinking is that a centre-right or right-wing candidate might attract the support of the nationalist party and some independents. Again, though, the numbers are very tight. Moreover, this plan seems like a non-starter because Independent Greeks leader Panos Kammenos indicated this week that his party would not back any candidate because he believes Greece needs to hold national elections. The third option for the government is to nominate a non-political candidate who would be able to command the respect of a wide range of MPs. Reports have mentioned academic Helene Ahrweiler (also known as Eleni Glykatzi- Ahrweiler) and film director Costa Gavras as possible candidates. A fourth option has been put forward by former Prime Minister Costas Karamanlis. Sources close to the ex-New Democracy leader have suggested that he has advised current premier Antonis Samaras to bring the presidential election forward - possibly as early as November - to avoid a prolonged period of uncertainty. Consensus on a candidate could perhaps be achieved by the parties agreeing on a date for early elections at a later stage. Karamanlis faced a similar situation to Samaras in 2009, when PASOK made it clear it would oppose any presidential candidate put forward in 2010. Then, the New Democracy government only had 151 MPs and PASOK’s stance was a catalyst in Karamanlis opting for national elections in October 2009, which led to a landslide defeat for his party.

Samaras told a weekend newspaper he is confident the country will not need a third bailout. Greek 10-year bond yields dipped 3 basis points to 5.70% at Monday’s open, while all other euro zone equivalents were flat or a touch higher. “The upgrade was by-and-large expected, but it explains the slight outperformance this morning,” said Rainer Guntermann, a rates strategist at Commerzbank. Fitch raised Greece’s rating to B in March and Moody’s upgraded it to ‘Caa1’ in August.

Hardouvelis: “Investors’ bet on Greece will succeed” Finance Minister Gikas Hardouvelis highlighted the importance and positive prospects of foreign investments in Greece, in an interview with the U.S. broadcaster t CNBC. Hardouvelis added that the Greek people have matured as a society and accept that pensions and other amenities depend on taxation. Regarding the coalition government’s privatisation programme, the Minister stressed the need for foreign investments and argued that there is significant interest for ports, airports and real estate. Hardouvelis attributed the increased investor interest to the overall improvement of public finances. Later in the interview, the Finance Minister praised the efforts in the tourist sector, which demonstrated a remarkable increase. Hardouvelis also predicted that there would be a positive growth rate in the economy in the third quarter for the first time in almost 20 semesters. When asked whether a new bailout programme would be necessary, the Finance Minister said that while the current programme has some advantages and resulted in a number of structural reforms, Greece should be left to carry on implementing reforms as necessary.

Athens pleased with migration portfolio, ‘hot potato’ says opposition The coalition government seems to be pleased with the appointment of Dimitris Avramopoulos as commissioner for Migration and Home Affairs in Jean-Claude Juncker’s new Council. Although the appointment is considered a sign of trust toward Athens, the opposition thinks that Greece just received a “hot potato”, according to a report by EurActiv.gr. A career diplomat and a former foreign minister, Avramopoulos was the third candidate for the leadership of the New Democracy party in 2009. He withdrew his candidacy at the very last moment, expressing full support for PM Antonis Samaras, who was elected ahead of Dora Bakoyannis to lead the centre-right party currently in power in Athens. The centre-right PM seemed to be quite satisfied with the migration portfolio. Juncker’s decision is an “exceptional honour for Greece, and an important sign of the trust in our country”, Samaras proclaimed. He referred to Juncker as a “friend”, adding “this is a completely new portfolio that was created from scratch in order to underline the need to prioritise migration in European politics. The recognition of the need to combat the illegal migration has always been a priority for the Greek government.” “This portfolio is a reward of a long and painstaking effort to take European action in order to effectively tackle the problem.” The Greek PM was also pleased with the appointment of Margaritis

Schinas as the new EU executive’s spokesman, calling him “worthy and experienced”. Schinas, former MEP of centre-right New Democracy, has been head of the Task Force in Greece since May 2013. In 2010, he also served as Deputy Director of the Bureau of European Policy Advisers of Commission President José Manuel Barroso. But Syriza MEP Dimitris Papadimoulis criticised the composition of the new EU executive, saying that despite having greater political character than Barroso’s “colourless” one, the new commission will continue on the path of its predecessor. He noted that the difference in this Commission is Juncker’s “pyramid”. “Instead of having 28 equal commissioners, [Juncker] decided to appoint seven first category vice-presidents to monitor the rest second category commissioners,” he told radio station Alpha. Regarding the migration portfolio, Papadimoulis stated that Avramopoulos must realise that he just took in his hands a “hot potato”. “This post is indeed important and interesting. But Avramopoulos will have a head [to monitor him] Ms Mogherini,” he said, adding that the Greek commissioner will not have “full responsibility”.

September 17 - 23, 2014