Financial Mirror 2014 11 12 by Financial Mirror

FinancialMirror The return of the Dollar

Ebola and inequality

By Mohamed A. El-Erian - PAGE 21

By Joseph E. Stiglitz - BACK PAGE

Issue No. 1108 €1.00 ¡ovember 12 - 18, 2014

FDIs exceed €2 bln EU Visa and property sales attract 1979 people

A tribute to legendary winemaker Akis Zambartas CYPRUS GOURMET PAGE 8

- PAGE 5

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2 | OPINION | financialmirror.com

FinancialMirror Published every Wednesday by Financial Mirror Ltd.

Can we keep pace with the changes in geopolitics?

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EDITORIAL

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

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In other times, when a country would remain steadily dedicated to its policies and strategies, it would be considered a stabilising factor. Cyprus, however, has very often found itself at a standstill, not least now, with the rapidly changing geopolitical situation in our area. Apart from the occasional success on the diplomatic front or the truly historical agreement signed in Cairo last week that should not be undermined, everything else seems to have simply sunk into a huge bucket of quick-dry cement. We have our daily dose of scandals and the authorities’ inability to punish these scoundrels, a slow-moving administration that is still planning public sector reform that will probably outpace its present term, and the uncontrolled Turkish provocations within the Cyprus EEZ, which the UN mediator claims Ankara has every right to do so, as long as the Turkish navy does not invade Cyprus territorial waters. In other words, we are on our own, yet again, and Cypriot politicians are struggling to hang on to anyone who offers us a glimmer of hope of an alliance or defensive agreement, basically so we can tell Turkey to push off! Unfortunately, though, Turkey will continue to have a major say in all energy-related matters, both today and in the future. This is not a defeatist

statement, but one of pragmatism. Which brings us to the next subject of, then, what should our strategy be, if we have one? The staunchly “pro-Cyprus sovereignty” Russians have left the island’s fortune on the back-burner as they have more important issues to deal with (Ukraine conflict, energy exports) which is why the concern about de-offshorisation that President Putin wants to impose on his rich expats from next January should be addressed immediately, if we ant Cyprus to continue to benefit from Russian businesses. The European Union and the UK are dealing with imploding issues that could could jeopardise the integrity of the Union, while the Americans are busy watching everybody else and do not want to shoot themselves in the foot, as was the case in Iraq and now Afghanistan. And if the Arab world is also at a critical juncture, does that leave us with only Israel to turn to? Perhaps. After all, that is why Avigdor Lieberman visited the island last week, basically to tell us “forget the LNG plant, build a pipeline going north or south and solve your political problem, as we need to export our own gas to the rest of the world.” So, let’s start rebuilding our pre-energy alliances once again, boost sectors where we have a strong presence (shipping, services, etc.) and strengthen our bridges with Egypt, Israel and Lebanon, before history overtakes us, once again, an we find ourselves at a standstill, even ten years from now.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Bush vs Kerry in US, BOC earnings

World stock and the dollar gained on optimism that the US elections would produce a clear winner between incumbent George Bush junior and Senator John Kerry, while in Cyprus, the earnings season was about to kick off with Bank of Cyprus announcing its 3Q results, the Financial Mirror reported in issue 593, on November 3, 2004. US elections: Nearly 125 mln Americans were expected to go to the polls to choose between President George W. Bush and the Democrats’ John Kerry, an outcome that would set the country’s course on the war in Iraq, the fight against terrorism, the economy and foreign relations. The longest and

20 YEARS AGO

Emporiki bank launch, desal tender s ‘biased’

The Commercial Bank of Greece (Emporiki) launched its Cyprus operations with two branches, the Cyprus Financial Mirror reported in issue 84, on November 9, 1994, while tender changes for a desalination plant may have been biased and will cost taxpayers more. Emporiki: Commercial Bank of Greece launched its Cyprus subsidiary operations with Group Chairman Panayiotis Poulis saying it is the only Greek bank on the island with its online system connecting

costliest presidential race lurched to a climax with the S&P 500 gaining 0.8% and the DJIA up 0.6% in a day, just as the Dollar edged higher against the euro, with the outcome expected to be clearer than the cliffhanger in 2000. 3Q results: Bank of Cyprus will kick off the third quarter reporting period when it releases results next week, widely expected to be better than the dismal 9-month figures in 2003 when it reported profits of only CYP 9.79 mln. Analysts will be looking to see if the bank will sustain a rising rate in profits that were up 90% year-on-year in the first half, up at CYP 16.22 mln, but with little hope of a dividend. IMF warnings: The IMF (remember them?) has targeted almost all of the ‘sacred cows’ of Cyprus, calling for all kinds of policies which have before been political no-go areas, including the taxation of the Church and the Cooperative assets, the revamp of

wage indexation and the corporatisation and eventual privatisation of Cyta and the EAC. The IMF mission’s preliminary conclusions added that given Cyprus’ poor record on meeting budget targets, the credibility of the Cypriot authorities was on the line. If ‘fiscal slippages’ (missing budget targets) persists, they could “place the objective of early euro adoption in jeopardy,” the mission said. (Ed’s note: Strange how nobody ever learns in this country…) ECB on COLA: The European Central bank has called for an overhaul of COLA, the inflation-linked wage system bemoaned by all employers, in a report that also shows that wages in Cyprus have outpaced productivity since way back in 1996, thus calling into question union demands for pay hikes. Growth slowdown: The economy will expand at a slower pace in 2005, at 4% according to the EC Autumn Forecast, compared to 4.3% predicted by the government, with final growth for 2004 seen at 3.5%, compared to state forecasts of “almost 4%”.

Cyprus branches with the Greek network. It was also launching an offshore OBU unit and is cooperating with the Cyprus Development Bank to establish the Investment Bank of Kuban. Desal stinker: Government officials seem to have disqualified the best offer to build an economical and profitable water desalination plant in Dhekelia by changing the terms of the initial tender that favour a more expensive technology. (Ed’s note: so, what else is new?). New FinMin: Christodoulos Christodoulou, previously Director General of the Ministry of Agriculture, has been sworn in as the new Finance Minister after the unexpected resignation of Phaedros Economides. Christodoulou, 55, assured President Clerides he would make every effort to perform his

duties and carry out government policy for further economic development and the improvement of standards of living… (LOL!) Demis Roussos in Cyprus: The star attraction at the Emirates Airlines gala dinner to celebrate the inauguration of of air services between Dubai and Larnaca was none other than heart-throb Demis Roussos, with VIP guest including the airline’s driving force, Sheikh Ahmed Bin Saeed Al Maktoum. The entertainer told his fan crowd that he was on a see-food diet, he would “eat all the food he could see”. Cyta says No: Cyta chairman Michalakis Zivanaris said the Authority needs more autonomy to respond to rapid international developments and not privatisation, by calling for changes in its legal framework. (Ed’s note: Keep walking…)

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Ancoria πnsurance to start retail, SME bank Ancoria Insurance, a Cyprus-based life insurer since 1987 that specialises in wealth management, is launching a commercial banking subsidiary that will deal primarily with retail and small to medium sized enterprise (SME) financing. Ancoria Bank has just been issued a banking license by the Central Bank of Cyprus and is expected to start its operations next year with two branches, one in Nicosia and one in Limassol. The bank’s shareholders are, by majority, Ancoria Insurance, a company of Swedish origin, one of its founders Sievert Larsson and the Sievert Larsson Scholarship Foundation, as well as a number of Cypriot investors. The company said in an announcement that the bank will employ “cutting edge technology” and will boast a “high capital adequacy” rate, especially now that EU-wide banking supervision is transferred to the European Central Bank. “We aim to employ 60 people and our focus will be to provide financing to primarily young professionals or other promising ventures,” said Chairman and CEO John Loizou. “It has been our founder’s mission to support local businesses and the aim

is to do that both through recruiting local personnel for the bank and also by financing solid companies,” he said, adding that the bank will not be seeking out retail depositors or savers, but will employ advanced technology systems and cater to versatile clients. Ancoria is an international insurer with more than 22,000 clients. It employs 34 people in the Nicosia offices and specialises in customised life insurance policies that are underpinned by investments in a wide range of funds, structured products and equity trading. Ancoria was initially set up in 1987 by two Swedish visionary entrepreneurs Roger Akelius and Sievert Larsson, then called Alpha Insurance. In 1994, Alpha was renamed Akelius Insurance and formed part of the Akelius Group of Companies until 2008. Now totally independent, highly successful and with a solid background and extensive experience in the industry, the company has grown to become Ancoria Insurance Public Ltd., with its solvency margin over 300%, well above that required by the European Union directives. The company’s major shareholder is the Sievert Larsson Scholarship Foundation.

CyBC must slash 100 jobs, €105 mln pensions The state broadcaster CyBC needs to cut back its payroll by at least 100 people, experts have advised government, with Interior Minister Socratis Hasikos trying to calm nerves among the revolting workers by suggesting that job cuts does not necessarily mean layoffs. PwC has submitted a restructuring plan for the permanently-in-deficit CyBC tht calls for further cutbacks as well as enhancing the state-guaranteed pension fund that shows a shortfall of about 105 mln euros. It seems that the black hole was created by previous boards that kept on dipping into the fund in order to finance other

purchase and projects, including supporting the over-inflated payroll. The broadcaster’s budget for 2014 of 24.3 mln will not be enough to close the year, and the government has asked parliament to approve a supplementary 2 mln euros, while the same budget has been proposed for 2015, which will, once again, have a shortfall before the year is over. From his earlier militant stance that often in the past fell short of demanding CyBC shutting down completely, Hasikos seemed to backed down when on Tuesday he told a morning radio talk show that the job cuts could also mean transfer to other public services or voluntary redundancies.

Union bosses brought the example of the public slaughterhouse whereby workers there were transferred or reemployed in similar posts or other abattoirs. They added that the CyBC permanent staff are a mere 90, with the balance being part-timers, contractual workers and non-broadcast workers (clerical, carpenters, electricians, gardeners, etc.) Government Spokesman Nicos Christodoulides also joined the efforts to calm CyBC staff by saying that President Nicos Anastasiades’s commitment to avoid layoffs still stands, “without undermining the review by the consultants and the Interior Minister’s comments.”

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4 | CYPRUS | financialmirror.com

Summit not aimed at Turkey, Israel visit next C yprus , Egypt, G reece sign his toric agreement on political a nd ene rgy f ront

Foreign Minister Ioannis Kasoulides said that the trilateral summit and declaration of cooperation by the leaders of Cyprus, Egypt and Greece in Cairo on Saturday is not aimed against Turkey, but rather to establish political and economic stability in the eastern Mediterranean. The head of the island’s diplomatic service, who has been to-ing and fro-ing from European to Middle East capitals in recent months, said that the strategic cooperation in the making between the three countries would welcome similar arrangements with other countries in the area as well, hinting at Israel, Jordan and Lebanon. Kasoulides said that Turkey’s provocations in Cyprus offshore waters was the reason why it would be left out of such a regional grouping, adding that the violation of the island’s exclusive economic zone (EEZ) by the seismic survey vessel Barbaros was also the reason why UN-sponsored Cyprus peace talks had broken off. The Cairo declaration, that touched upon a host of subjects of mutual interest among the three nations, is also expected to speed up the final delineation of the common EEZs between the three countries, in a way setting out markers for energy and other activities in the eastern Mediterranean. Cyprus and Egypt have ratified their common maritime boundaries and are proceeding to explore other areas of mutual interest, such as a potential undersea pipeline that would transport future Cyprus natural gas exports to LNG plants in energy-deficit Egypt. Cyprus and Israel have also agreed on their common EEZs, while Lebanon has yet to ratify a parallel agreement with Cyprus, due to the ongoing conflict in neighbouring Syria and the spillover effects that are hampering all political progress in Beirut. Concluding the EEZ between Greece and Cyprus on the one hand, and Greece and Egypt on the other, is seen as excluding Turkey from regional affairs and resources, made worse by Ankara’s stand-off with onetime ally Israel and the present government’s continued criticism of Israel’s policies regarding the Palestinians. Turkey, that continues to violate all the sovereign rights of the Republic of Cyprus since 1974, with the blessing of its NATO allies, has even resorted to calling for the respect of the sovereign rights of Ankara and the breakaway Turkish Cypriot puppet regime in the north of the island, through whom it has invited Turkish oil and gas companies to consider exploration and drilling in other parts of Cyprus waters. The commander of the Turkey navy was quoted as saying on the sidelines of the NATO exercise Blue Whale that he has orders from

the Prime Minister to deploy rules of engagement if his vessels come across Israeli or Greek navy ships in the eastern Mediterranean. FOREIGN MINISTERS TO MEET Cyprus Government Spokesman Nicos Christodoulides said on Sunday after the first annual memorial service for the late President Glafcos Clerides, that the leaders of the three states have appointed their Ministers of Foreign Affairs in charge for the implementation of the joint declaration, which clearly explains the framework within which this cooperation will take place. He added that the first step will be the joint meeting of the Ministers of Energy of the three countries on 24 November. As regards to the bilateral dimension of the relations with Egypt, President Nicos Anastasiades held “a very good and productive meeting with President (Abdel Fattah Al) Sisi” and the Minister of Energy of Egypt will visit Cyprus on November 23 for discussions with his Cypriot counterpart. The spokesman said that President Sisi has accepted an invitation to visit Cyprus in the near future, while adding that the preparation for a new trilateral summit between Cyprus, Greece and Israel is under way. He pointed out that “right now, what we have before us is the visit by the President of the Republic to Jerusalem on 2 December.” AL SISI: HISTORIC BONDS Speaking at the Cairo press conference on Saturday, President Abdel Fattah Al Sisi stated that the summit conference foresaw the

strengthening of the historical and special bonds among the three countries. He added that “Egypt hosted a summit meeting of the three countries, inaugurating a new era of tripartite cooperation, which started a year ago, strengthening this constructive cooperation with two of the countries that truly supported Egypt’s political course for the restoration of democracy and they fully understand the extraordinary events that are taking place in the country.” He also pointed out the cooperation of the three countries in the investment and trade sectors and added that their views coincide completely. “We also exchanged views about the situation and the crises in the region of the Middle East, in particular about the Palestinian issue and the efforts for peace, as well as the developments in Syria and Iraq, about the effort to combat terrorism and ways to strengthen these efforts, and about the situation in Libya. Also examined were the efforts by Greece and Cyprus to enhance and support the contacts between Egypt and the EU” as well as the tripartite cooperation in other international for a,” President Sisi added. ANASTASIADES: FOUR PILLARS On his part, President Anastasiades said that the tripartite cooperation was based on four basic pillars: first, political cooperation and diplomatic coordination both at a regional as well as an international level; second, the substantive and practical strengthening of projects in sectors such as that of energy, the

economy, commerce, tourism, culture and shipping; third, the creation of a joint front to address the dangers from terrorism, xenophobia and sectarianism; and, fourth, for the tripartite cooperation to become a model of constructive and beneficial regional cooperation in a common volatile region. “Consequently, we invite the states of the region that share our vision to participate in joint efforts,” the Cypriot leader said, adding that the ‘Cairo Declaration’ also expressed the support for President Sisi’s efforts and that of the Egyptian people for the implementation of the Road Map and for the effort for economic and political development, including the coming parliamentary elections that will mark the culmination of the process for the democratisation of the country.” “Moreover, the recent events in our region underline the need for stability in Egypt, because it is a country with great influence in the Arab world that can impact on the efforts to address the regional challenges, and terrorism in particular, wherever this is manifested, whether in Syria, Iraq, Libya, Lebanon and elsewhere,” Anastasiades said. SAMARAS: DIPLOMATIC EFFORTS Prime Minister Antonis Samaras of Greece congratulated President Sisi on his initiative for the tripartite meeting. “It is a meeting that we owed to history,” he added. “Greece and Cyprus are members of the EU; Egypt is a country with the largest influence in the Arab world. That is why the exchange of views on the issues of Syria, Libya, Iraq and the sorely tried problem of Palestine were very productive and useful.” He pointed out that “Greece and Cyprus attach great importance to the protection of the Christian populations that lately face the danger of been expelled from their ancestral homes.” “We also gave special weight to the issues of energy security and the cooperation on the hydrocarbon issues. It is a sector on which we will cooperate closely for the benefit of our people and for the benefit of the energy supplies of the entire EU,” Samaras said, adding that “in the relationship among the three of us, Greece and Cyprus will support Egypt as her ambassadors in the EU. Because the guiding principle for the problems in the region must be the stability and security and the best ambassador of stability and security in the region is Egypt.” “The EU must in fact support Egypt in her current great effort and to support her both financially and morally. Greece and Cyprus will help in every way in this direction and we consider as critical our mediation and our role in this new relationship,” the Greek PM concluded.

Bert Pijls is new CEO at Hellenic Bank, roadshow for rights issue Hellenic Bank, one of the island’s four systemic banks that underwent stringent capital stress tests last month, has appointed Dutchman Bert Pijls as its new Chief Executive Officer. He replaces Marinos Yannopoulos who had been acting CEO since September, and now returns to his previous role as a non-executive director on the board. Yannopoulos, who was vice president at the time, stepped in to take over from veteran banker Makis Keravnos who had resigned after ten years at the bank’s helm. Pijls brings over two decades of banking experience to Hellenic, which is in the latter stages of a EUR 220 mln rights issue to meet capital shortfall identified in the EU-wide stress tests and fund its ambitious growth plans. His experience and networking is expected to play a

significant role in the capital increase road show underway this week tat should raise some 130 mln euros by the end of December with the blessing of institutionals Third Point and Wargaming.net who control just over 40%. The rights issue is being offered at 3.75c a share. “With his deep experience in banking across six different countries and his recent specialism in the use of digital channels to enhance customer service, Bert Pijls is ideally placed to ensure the implementation of our strategic plan and capture the considerable opportunity before us as the solid banking alternative for Cypriot households and businesses,” said chairwoman Irena Georgiadou. Pijls was most recently Managing Director of Customer Services and Commercial at British Gas/Centrica, where he had

a strong focus on increasing the company’s use of digital channels. Before that, he was Managing Director at Citigroup EMEA in London, CEO at Egg and held senior positions in the US, Germany and Belgium with Citigroup and American Express. “I am joining a bank in sound financial health, with supportive shareholders and a committed team and in a unique position as the credible challenger to the established order in Cypriot banking,” Pijls said. One of his initial responsibilities will be to transform the previously conservative bank into a more aggressive financial institution with the aim of increasing market share, both at home and abroad, through retail products and niche services, such as wealth management.

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FDIs exceed €2 bln

EU Vi sa a nd prop er ty sales a ttract 1979 p eop le

Foreign direct investments (FDIs) into Cyprus are expected to have exceeded 2 bln euros in the past year, boosted by the mega-capital raising by Bank of Cyprus in September and Hellenic Bank earlier this year, as well as a record number of immigrant visas granted to non-European residents who have invested in property or in bank deposits. According to Financial Mirror calculations, the Ministry of Interior has granted long-term immigrant visas or implemented fast-track procedures to 1979 from March 2013 to the end of October this year, many of whom have bought properties worth at least 300,000 euros (excluding VAT) and secured a permanent residency permit. Some have also opted to deposit 5 mln euros in long-term facilities of at least three years, thus jumping to the head of the queue when it comes to immigrant visas and fast-tracking procedures with the Civil Registry and Migration Department (CRMD). However, the number of applicants seems to have dropped from a total of 1259 from March to December 2013 to 720 so far this year, with only two months remaining. The best months that attracted record applicants were April and July last year with 178 and 117 cases, respectively, soon after the March 2013 Eurogroup decision that resulted in a bailout for the bankrupt economy and the bail-in by depositors to rescue Bank of Cyprus, that in turn was burdened with the huge debts of now-defunct Laiki Bank. Interior Minister Socratis Hasikos told the House Finance Committee on Monday during a review of his department’s

Troika team arrives, €350m tranche by December A new team of technocrats from the Troika of international lenders arrived on Monday to prepare the ground for the next review of the island’s economic adjustment programme some time in early January. Already, the Eurogroup of Eurozone finance ministers has approved the next tranche of 350 mln euros in bailout money that had been delayed with the parliament’s decision to challenge the set of bills on mortgage foreclosures. The delay, that concluded with the Supreme Court saying the parliament’s interjection had been unlawful, brought the Cyprus government closer to bankruptcy as the foreclosures bills, aimed to improve debt collection by the banks, was a conditional ‘prior action’ to secure the next package of the 10 bln bailout money. The IMF Executive Board is also expected to approve its contribution of about 85 mln euros, thus raising the funds, expected to arrive on the island in early December, to 435 mln euros. Now that the foreclosures fracas is out of the way, the Troika will focus on other reforms and restructuring issues, such as the creation of a national health system (NHS) that should begin implementation in mid-2015 to improve merging of services in the public sector, better use of services from the private sector, lowering the cost of medicines and making healthcare more accessible to the vulnerable groups of society. Other issues on the agenda are progress on the privatisation of government assets and services, a review of the financial sector by the Central Bank in order to lift all remaining obstacles on capital movement, while keeping a watchful eye on other issues that could derail the adjustment programme, that would ultimately freeze the bailout plan. Finally, with the bank stress tests suggesting that the four systemic banks on the island – Bank of Cyprus, Hellenic, Cooperative, RCB – have enough capital with withstand further shocks without government assistance, the Ministry of Finance may consider resorting to international markets for funding yet again.

budget for 2015 that since coming into office in March 2013, the country has attracted some 1 bln euros in investments related permanent residence visas and immigrant applications. “It is a fact that the present administration’s policy to encourage naturalisations, but also by providing permanent residence visas (immigration applications) to persons who buy properties worth at least 300,000 euros, brought in ‘fresh money’ of about 1 bln euros. “This is all within the similar legal parameters laid down by other EU member states. It is not only Cyprus that has such programmes in place and it is not only Cyprus that attract foreign investors,” Hasikos said. FDIs into Cyprus reached 965 mln in 2008 and peaked at about 2.5 bln euros in 2009, before dropping to 578 mln in 2010 and then picking up a bit to 987 mln in 2011, according to the Cyprus Investment promotion Agency (CIPA). The drop, say analysts, was due to the global financial crisis and developments. However, according to revised Central Bank data, FDIs remained steady at 979 mln euros in 2012. “Both amounts (bank investments and property/immigrant visas) will boost FDIs to beyond 2 bln euros this year,” a CIPA official told the Financial Mirror, adding that further road-shows being planned by Hellenic Bank to secure its 200 mln euro capital raise to cover its stress test shortfall, will help breach that amount. Efforts are also underway with the new-established Cyprus Investment Funds Association (CIFA), a CIPA umbrella

organisation of fund managers, seeking to list funds on the Cyprus Stock Exchange or at least secure an EU-wide passport through prospectuses approved by the Cyprus Securities and Exchange Commission (CySEC), the financial sector regulator. What is left now is for fast-rack procedures to be introduced and implemented both by the CSE and CySEC, in order to diversify the range of Cyprus-listed funds or companies, while the somewhat favourable outcome of the bank stress tests and upward revisions by rating agencies may also lead to improving the image of Cyprus in international fund markets.

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GEQU to invest $78m in Jordan LPG VT H ydr ocarbo n eye s more stora ge as se ts

CAIR bid put on hold The government has put on hold the final stage of selecting a successful bidder among Aegean Airlines and Ryanair to take over troubled national carrier Cyprus Airways, as the Finance Minister has said that securing European Commission approval for nearly 100 mln euros in past state aid as “highly unlikely.” Haris Georgiades told the House Finance Committee that the final two bidders of the 22 that initially showed interest had set some conditions that are unacceptable to the government. He added that if the airline manages to remain operational, then further cutbacks will be necessary, which is why he asked for a supplementary budget of 10 mln euros for staff compensations be approved by the parliamentary committee. “In case an investor is found, then the CAIR sale can go ahead even tomorrow,” adding that the issue has dragged on for too long and that an investor should have been sought from as far back as in 2007. Meanwhile, Etihad Airways has reportedly asked for a finder’s fee of 1 mln euros in order to introduce the government to potential investors, with Georgiades saying that finding new investors seems remote, especially with the EC ruling on the approval of the state aid still pending. He said that only exclusive routes out of Cyprus are those of Paris and Amsterdam, while the government may even proceed to auction off its non-EU air operator’s certificates (AOC). Greek scheduled carrier Aegean and Europe’s leading lowcost operator Ryanair were the only two airlines the government had shortlisted in the race to acquire troubled Cyprus Airways who initially had until November 15 to submit their final bids. All eyes are currently on the EC ruling on whether a EUR73 mln rescue package in 2012 and a EUR 31.3 mln capital increase in early 2013 violated EU state-aide regulations.

Global Equity International, Inc. (GEQU) and its whollyowned subsidiary Global Equity Partners Plc., appointed VT Hydrocarbon Holdings (Pte.) Ltd. to help raise $78 mln in order to acquire an LPG (liquid petroleum gas) storage tank facility in Jordan, with the amount already raised and secured in a letter of “Proof of Funds” from the potential investors. Using this first deal as a model, VT will acquire, operate, manage and build hydrocarbon storage farms in Aqaba and expand to repeat the formula in other parts of the world, with the main business focus on LPG storage as well as other wet fuel facilities. Operating in a politically neutral zone, VT’s Cypriot owners expect to initially acquire an existing storage facility and repurpose it to specialise in wet fuel storage and LPG storage, thus directly responding to the 45% market deficit in LPG supply being suffered in the local region, which includes Jordan’s neighbouring countries. LPG demand is increasing yearly in the region for many reasons, mainly domestic consumption, feedstock for petrochemicals and fuel for vessels as there is no effective storage for this demand. Storage is required to ensure steady supply, price stability

and security and VT’s aim will be to provide the largest and most state-of-the-art LPG facility and logistics to support the region. “This is a fantastic opportunity due to the global shortage of storage for LPG tanks as well as VT’s goal to be the primary energy storage provider in the region supplying support to other industry players such as Jordanian Petroleum Refineries, Total, and Manaseer Group,” GEQU’s CEO Peter Smith said in Dubai. “We believe VT will be a significant piece of the LPG landscape. The company is well suited to our particular market, contacts and interests, and we look forward to assisting in their growth plan during the next three years,” Smith added. Global Equity International Inc. is an American company public company with the subsidiary Global Equity Partners Plc www.gepartnersplc.com an independent provider of corporate restructuring, and financial and corporate advisory solutions mainly to the SME sector, with offices in London, New York, Frankfurt and Dubai, they assist clients both locally and internationally to deliver solutions spanning the SME sector.

TNT adds new air routes to Germany, Netherlands depot TNT Cyprus announced that it is stepping up its services in Europe with the TNT Group building a new international depot in Eindhoven in the Netherlands and launching air services to Hanover, Germany. Both developments are part of the company’s strategy to invest in its core European network, enhance operational efficiency and service quality. Completion of the new depot in Eindhoven is expected in June 2015 which will enhance TNT’s capability to handle increased volumes of parcels and freight across north-

western Europe, with direct deliveries to customers and daily road line-hauls to Liege, Arnhem, Northampton, Paris and Zurich. The new depot will particularly serve customers in the high-tech industry. As regards Germany, Europe’s largest express delivery market, TNT now offers five weekly flights connecting Hanover to the company’s main international air hub in Liege (Belgium), Hanover to Billund (Denmark) and Oslo (Norway) to Hanover.

Emirates launches special economy fares to 6 destinations Emirates is offering special fares in Economy Class to six selected destinations for leisure and business passengers in Cyprus. Emirates return Economy Class fares start from as low as EUR 385 for travel to Bangkok, China’s Beijing and Shanghai from EUR 400, while fares to Quanzhou - the largest city of Fujian Province - start from EUR 620. Hong Kong now starts from EUR 423, while fares to Johannesburg

start from EUR 435. The special promotion runs until Tuesday, November 24 for outbound travel March 15, 2015. “These attractive special fares are designed to make it possible for travellers from Cyprus to visit some other unusual destinations in Asia and South Africa for holiday or business,” said Mustafa Al-Jabri, Emirates’ Cyprus Manager.

Forex, services driving Cyprus job sector, says GRS The financial crisis that hit Cyprus in March 2013 has had a knock-on effect on the employment sector. More than a year on from the onset of the crisis, Cyprus’ leading recruitment agency, GRS Recruitment, provides insight into the current recruitment situation and trends that are being experienced in Cyprus. After becoming the fifth country in the Eurozone to be bailed out in March 2013, the country then spiralled into debt, which had a rippling effect on its employment sector. By October 2013, unemployment rates peaked to 16.9%, as many businesses were forced to slash employee salaries, downsize or even shutdown. As the months progressed the unemployment figures gradually dropped, with the latest statistics from August demonstrating a 1.5% drop to 15.4%. And although business services have suffered a blow at the hands of the economic downturn, they have not suffered to the extent that analysts predicted. This is due to the unyielding strength and resilience that certain sectors continue to possess within Cyprus.

Magnet for Forex - Professional Services

In spite of the current challenging environment, many job vacancies across the island continue to be filled. The foreign exchange sector is particularly flourishing and forex is currently the largest recruitment sector overall, with 27% of GRS’ job vacancies being filled in forex. This sector has experienced unprecedented growth over the last decade. In 2010, 10% of all available vacancies were recruited in the forex sector and as the industry grew, more and more vacancies were filled. Gradually this figure rose to 11.2% in 2011 and 33.45% in 2012, peaking to 49% in 2013.

Another resilient sector that contributes heavily to Cyprus’ economy is the professional services sector, and this is a very dominant area of recruiting activity at GRS. In 2014, the company filled 25% of vacancies in the professional service sector, compared with just 16% in 2013 due to the impact of the financial crisis. In previous years, this figure remained high at 31% in 2010, 34% in 2011 and 27% in 2012. Cyprus remains an attractive location for offshore company formation and company registrations in are still on the rise. Cyprus is a highly tax-effective location for establishing business, with one of the lowest corporate tax rates in Europe (12.5%) as well as countless double taxation agreements and tax exemptions. Throughout the past ten months, the number of company registrations in Cyprus has increased on a month by month basis, with reports showing that 919 applications for company registration were made in September 2014 compared with 798 in September 2013. As more companies continue to become registered in Cyprus, so too does demand for administration through auditing, accounting, legal and corporate services. Speaking on the matter, GRS co-founder and director, Donna Stephenson stated: “The professional services sector is a key growth area that has played a leading role in shaping economic growth for the past two decades. This sector continues to drive growth in Cyprus and provide plenty of employment opportunities islandwide”. She continued: “We have a very strong database of professional support staff that is regularly recruited to these firms, including accountants of every level, lawyers, corporate assistants, administrators and bookkeepers.” Provided that Cyprus remains an attractive location for

company formation and companies continue to establish entitles here, professional services requirements will continue to be in high demand, which will in turn create more job opportunities and have a positive impact on hiring trends, she added.

Promising Growth Areas

Other significant areas that are showing promising signs of growth include the oil and gas sector. Although oil and gas exploration in Cyprus is in its infancy, rapid changes in the market are presenting heightened employment opportunities, and a number of major oil and gas companies have already established base on the island. GRS is already placing individuals into placements within this sector and is a key player in meeting a complete range of Cyprus recruitment needs – including the requirement of temporary workers. Earlier this year, the company was issued with Cyprus’ first temporary worker license and is now in a unique position to provide temporary employees to its Cyprusbased clients. “The flexibility now offered through temporary recruitment options to clients both in the oil and gas sector and the economy as a whole gives employers a wider scope of options when considering hiring personnel, whether for a temporary increase in workload, specific projects, to cover sickness or maternity or simply so that new staff don’t appear on your payroll,” said Steve Slocombe, GRS co-founder and director. “Using temporary employees enables employers to essentially ‘try before you buy’ which in uncertain economic times gives absolute flexibility in the planning and costing of hiring new personnel”, he added.

Νovember 12 - 18, 2014

financialmirror.com | COMMENT | 7

The importance of transparency and corporate governance to investor confidence in Cyprus By Peter Droussiotis As Cyprus seeks to re-emerge from the financial and economic crisis currently afflicting the island, it is important for Cypriot businesses to take steps in order to remove obstacles to the return of investor confidence which will be essential to the recovery of the economy. Although government policy and action, public sector reform and the development of a legislative framework which encourages enterprise and investment are all of pivotal significance to economic regeneration and success in any country, there are specific things that businesses themselves can do in order to change the business climate on the island for the better. There is no doubt that Cyprus’s image outside the island has been tarnished as a result of the financial crisis which unfolded at the beginning of 2013. It is true that it can take years if not decades to build a reputation but only a few days or even moments to lose it. Businesses can reverse the adverse effects of the financial crisis on the image of Cyprus as an investment destination by focusing on changes which demonstrate to the outside world that business transparency, good

corporate governance and independent oversight are at the centre of everything that Cypriot businesses do. In discussions I have had with potential investors in relation to Cyprus, the theme that returns again and again is a lack of confidence that Cypriot business people and company owners are as committed to these principles as they should be. In fact, investors often point out that the causes of financial failure and economic malaise can often be attributed to corporate governance and risk management shortcomings, lack of forward strategic thinking, ineffective corporate checks and balances and the absence of independent non-executive oversight and challenge at board level in the business and financial worlds. Many investors I speak to currently tend to identify such weaknesses with the nature of the Cypriot economy. I am confident that this perception can change but this will not happen unless and until the Cypriot business world makes transparency and corporate governance a strategic priority. The value of independent non-executive directors (NEDs) on the boards of SMEs, as well as larger companies, has increasingly been recognised in all major economies and a strong non-executive board presence is a key characteristic of the corporate regime in all economically successful countries. I stress the independence of nonexecutives because this is probably the most essential quality underlying the contribution

that a NED can make to any business. The mentality often observed in Cyprus of appointing one’s mates to perform this or a similar role, sometimes without any regard to the skills or gravitas of the person appointed, is counterproductive and creates only an illusion that transparency, independent judgment and corporate discipline characterise corporate decisionmaking. Truly independent and competent NEDs ideally with international or cross-border experience and connections are likely to be an asset to any Cypriot business. Not only will such persons be able to challenge the norm and act with integrity while serving on the board of a company, they will also be

well-placed to perform a useful ambassadorial role on behalf of the organisation with a range of stakeholders including clients, employees, shareholders, suppliers, regulators and, of course, potential investors and partners. Peter Droussiotis is founder chairman of PGD Strategy Limited, a specialist corporate finance and management consulting firm headquartered in London. He also serves as a Non-Executive Director on the board of HgCapital-owned Sequel Business Solutions, a City-based provider of software and business solutions to the insurance industry in the UK and internationally. Peter is also Chairman of the UK-Cyprus Enterprise Council. peter.droussiotis@pgdstrategy.com

Using social apps to drive brand engagement By Mariana Antonescu More and more businesses are developing branded applications as part of their marketing programmes, integrating product information with product reviews and even gaming elements to reach consumers. From in-game advertisements to entire games built around brands, engagement through games-based apps takes on multiple forms and presents unique opportunities for marketers. Social gaming is one of the best mediums that can be leveraged by companies to capture the attention of their audience as well as engage them. Social games are interactive in nature which in turn makes marketing easier as information can be given to customers and awareness about their brand can be created. This interactive mode of social gaming helps not just in promoting and raising awareness of a company’s brand but also in keeping customers engaged for a long time. The message for marketers should be clear: they need to consider using social game-based apps to build brand engagement, recognition and loyalty. Here are four tips on what brands of all sizes should consider when building their own custom apps. 1. Define Your Goals. As with every other social strategy marketers employ, success in social gaming engagement starts with a

clearly defined goal. Knowing what you want the gaming experience to be will go a long way in helping you decide the right game and type of engagement. You need to build a game that accomplishes your goals while targeting your desired audience. When defining your goals, consider fan growth, consumer engagement, viral growth, revenue generation, coupon or sales promotion and the campaign component (part of broader campaign).When launching a social gaming application you must determine what works best for your brand and overall marketing strategy. Highly engaging and with viral components built in, social games provide the perfect vehicle for fuelling fan growth and building community. They also serve as a perfect vehicle for driving brand awareness, revenue

and promotions. 2. Offer Real-World Rewards. By linking the points that users earn inside the game to real world rewards (like coupons or gift cards), businesses can give their users more incentives to come back to their apps and spend time earning points. If you’re looking for a leader to follow – or one to borrow ideas from – look no further than McDonald’s. To promote their new collection of sauces, McDonald’s launched an online game, ‘McNuggets Saucy Challenge’, challenging those who dare to test their Chicken McNuggets sauce-dunking skills and win real world rewards. The company incorporated giveaways into their social gaming giving players something tangible to strive for or achieve in a fun and entertaining way. 3. Don’t Build It from Scratch.

Remember that you are building a game to engage your social community, not to become the next great video game publishing company. Aware of the growing demand for branded social games, companies specialising in community management tools have made it relatively quick and easy to choose a game, brand it with your look and feel, and launch it online. As long as you don’t need to create your games from scratch, then brandable, traditional games can provide a cost-effective means of offering fun, interactive content to your consumers. Consider partnering with a company with a wide portfolio of social apps which allows you to include your gaming concepts and company information. 4. Simplify and Beautify. If a game is confusing, difficult, or just plain boring, players will likely abandon it. A consumer is more likely to be drawn to your game - and spend more time engaging with it and your brand - if it’s shared on your website or social platform, it’s easy to get started and rules and instructions are kept to a minimum. To succeed in the age of mobile apps, companies must do more than just launch an app. They need to deliver engaging customer journeys, with compelling and relevant app experiences that build binding relationships with customers. Social gaming is a great way to do that as it adds a fun, engaging layer to any brand. Who doesn’t like playing for a chance to win a prize? Adding social games to any brand will not only promote your business, but build loyalty and engagement. Mariana Antonescu (MBA) is Business Consultant with a special interest in the field of Social Media Marketing. www.mari10.blog.com

Νovember 12 - 18, 2014

8 | COMMENT | financialmirror.com

2014 – The Wine Year In Review Once upon a time… Cyprus wine was a joke. The “leading” white wines, made in factories in Limassol, were largely stale, flat and well on the way to oxidisation. The reds, mostly made from Mavro, were dull and lifeless. The reason, of course, was that grapes were grown as a cash crop by village people who only made wine in Pithari, but who sold most of their grapes to wineries 40 kilometres away. The crop often languished in panniers and other containers for days by the roadside awaiting transport. In the 1970s just one white wine stood out from the rest, “Ayios Andronicos”, from Chrysorroyiatissa monastery. At the end of a visit then, I took several bottles back to England. One evening we were invited to a small Cypriot restaurant in south London, which had no alcohol licence, so I took along some Ayios Andronicos. On tasting it, the chef-proprietor refused to believe it was from Cyprus. Mostly Xynisteri, it demonstrated, all those years ago, that our indigenous white grape could make good white wine, and was one of the factors that made me its strong advocate when I took up residence in 1991 and started writing about wine and food. This story shows how far our wine has come in a few decades. I was reminded of it when I read vintage reports for 2014 sent to me by some of our best winemakers. What they demonstrate is that growing vines and making wine is not something you do is you want consistent income and profitability. It is a tough business and Cyprus winemakers are a wonderful, dedicated group of people, who deserve our support. Which means, buy our own wines, because they are good!

Patrick Skinner

towards better and better quality. We have invested heavily in new vineyards and are not shy to admit our mistakes, correct them and move forward”. Of the 2014 harvest Costas reports: “The quality was good but not super. There was hail in Omodos and Vasa, which destroyed the Cabernet we were getting from there, so we had to rely only on grapes from Pelendri and Agros. Our vineyards at the winery surprised us with a good and plentiful quantity of Sauvignon, so this year’s production has a great percentage of our own grapes”. “The 2014 Yiannoudi is our best this year. We do not know the grape very well yet but it seems to be very promising. Our 2014 production is 35,000 bottles of Xynisteri, 28,000 Rosé, 10,000 Cabernet Sauvignon, 5,000 Merlot, 35,000 Porfyros, 4,000 Vamvakada (Maratheftiko), 1000 Yiannoudi, 20,000 Sauvignon Blanc, 10,000 Chardonnay, 3,000 Commandaria and 3000 Zivania “We will be in the market with this year’s Xynisteri, Sauvignon Blanc, Chardonnay and Rodinos by December 2014. We are now selling 2012 Cabernet, 2012 Merlot, 2012 Vamvakada and 2013 Porfyros. This year we hired a viticulturist just for the summer months, which we will repeat next year. It really helped us and allowed us to pay more attention to detail”. Like most of our wineries, Zambartas pursues its own individualistic path, as an up-market rather boutique-style winery. In a shorter time than many of its competitors it has established a reputation for classy, quality, mid to high price wines. Until the untimely passing of Akis Zambartas on Monday, news of which only reached me as I sent in this article, this has always been a father-son set-up, with former KEO M.D. Akis starting things rolling, whilst son Marcos completed his oenology degree and hands-on learning in varied vineyards and wineries around the world. Marcos, who has been full-time for several years, now assumes sole leadership of this essentially family enterprise. Zambartas’ seven wines have established a niche in the market at leading hotels and restaurants, as well as selected retail outlets. Marcos tells me that in addition to the “regular” seven of their wines, this year they are making a small quantity of “single vineyard” Xynisteri from a plot they own in Mandria. Now that is one I must taste!

Increased distribution for Ezousa

Three Good Men and True. Left to right: Theodoros Fikardos, Costas Tsiakkas and Marcos Zambartas In terms of quality, it has been a good year for Cyprus wine. Limassol wineries were hit by storms which damaged the crop, but all declare quality generally to be “very good”. Xynisteri is doing well. Paphos wineries generally report a good year for both quality and quantity. Theodoros Fikardos, the wonderfully rugged individualist of Cyprus wine, and a great friend of many years, tells me his best grape this year is Xynisteri and he has made 30,000 litres, much of it from his own grapes. This is his largest volume – the next is half that: Mataro (Mourvèdre) at 15,000 litres. What I love about Theodoros is that he happily flies in the face of accepted industry practice by making a wide range of wines, and sells it all. His wines are like the man, ebullient and friendly. Rebecca Argyrides, at Vasa Winery, estimated production around 13,500 bottles, shared between Maratheftiko, Merlot/Cabernet, Viognier and Chardonnay. “We got heavily hit by hail this year. Consequently production has been badly hit. Quality was great but we are still vinifying, so we cannot judge which variety is best this year yet.” At Pelendri, Costas Tsiakkas has always been honest and practical in his approach. He uses all the counsel he can get: “We have just had a visit from a consultant from Beaune who comes every three months and checks on the wines and gives us general guidelines. The comments were quite favourable. We may not make the best wines in the world, but for us the most important thing is that our wines are good value for money. We make slow but steady steps

Distributors Ghalanos have agreed with winemaker Michalis Constantinides to distribute the wines of his Kannaviou village based Ezousa winery. This marks yet another important step in what is, by international wine standards, a remarkable career. Though he is a graduate in Food and Drink Chemistry, Michalis is largely self-taught as a winemaker. His first vintage was only eleven years ago, but he has won a number of awards in that time, some of them from Cyprus Gourmet. All Michalis’s wines are worth exploring; for me, the Xynisteri and the Maratheftiki Rosé are the stand-outs. The range is: ‘Ayios Chrysostomos’ Xynisteri, ‘Eros’ Maratheftiko rosé, ‘Diomedes’ red, ‘Aenos’ Cabernet Sauvignon and ‘Metharme’ Maratheftiko red.

Another marketing tool for the Londa Limassol’s Londa Beach Hotel, “proudly” announced that it has become a member of the marketing/promotional group called “Small Luxury Hotels of the World”. This has a membership of more than 520 hotels in 80 countries, all chosen for their unique character, personal service and amenity. Such membership is a “good thing”. It helps broaden and expand the hotel’s marketing vistas and, most probably, its income. It also puts Cyprus, still not on “must visit” lists for quality tourists, in front of potential customers. Send your news and views to CYPRUS GOURMET! We have a high quality, high-income readership who want to know about good food, good wine, good places to visit and good things to do! Email me at editor@eastward-ho.com and visit me at www.eastward-ho.com Let’s hear from you!

Winemaker Akis Zambartas passed away Akis Zambartas, the driving force behind the establishment of Zambartas Wineries in 2006, has died aged 67. After a long career in the wine business, as Managing Director of KEO for 8 years and previously its chief winemaker for 25 years, Akis decided to follow his dream and build his own boutique winery in order to craft quality wines from the finest Cypriot and international grape varieties found on the island. In a matter of few years and with enormous energy and passion, he built the beautifully located winery in Ayios Amvrosios, and won several awards in international competitions, sharing responsibilities in recent years with his son Marcos. Akis Zambartas had been a leading authority of Cyprus wines. He visited wineries and vineyards all over the world and acquired detailed knowledge about every aspect of

grape cultivation and wine production in Cyprus. He had a PhD in Chemistry from the University of Lyon and a degree in Winemaking from the University of Montpellier. To close the circle of his career and pass on his knowledge and experience, Akis started teaching the Oenology course at the University of Limassol, TEPAK. Akis oversaw every part of the winemaking process at Zambartas Wineries and is also credited with reviving and promoting some of the native grape varieties. He was convinced that the uniqueness of a wine starts with the vine and will come only to full expression by careful handling of the process from grape to glass. With an obsession for perfection, he and Marcos, handcrafted the wines from vineyards to bottle, resulting in elegant, yet expressive wines. His funeral will take place on Thursday.

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 990

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∆∂∆∞ƒ∆∏, 12 ¡√∂ªµƒπ√À, 2014

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™˘ÌÏËÚˆÌ·ÙÈÎfi˜ ÚÔ¸ÔÏÔÁÈÛÌfi˜ €10 ÂÎ. ÁÈ· ·Ô˙ËÌÈÒÛÂÈ˜ ÙÔ˘ ÚÔÛˆÈÎÔ‡ Παγώνουν στο παρÞν στάδιο οι διαδικασίεσ επιλογήσ ενÞσ απÞ τουσ δύο επίδοξουσ επενδυτέσ για αγορά των Κυπριακών Αερογραµµών, Ryanair και Aegean, την ώρα που τα περιθώρια για την εταιρεία στενεύουν ολοένα και περισσÞτερο. Χθεσ ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ χαρακτήρισε ωσ πολύ δύσκολη την προσπάθεια έγκρισησ απÞ την Ευρωπαϊκή Επιτροπή Ανταγωνισµού την κρατική ενίσχυση των Κυπριακών Αερογραµµών. Με Þσα δήλωσε ο ΥπουργÞσ ενώπιον των Κοινοβουλευτικών Επιτροπών Οικονοµικών και Ελέγχου φαίνεται Þτι στένεψαν τα περιθώρια µε τισ προσπάθειεσ επίτευξησ συµφωνίασ µε ενδιαφερÞµενουσ επενδυτέσ για πώληση τησ εταιρείασ, να µην ευδοκιµούν. Σύµφωνα µε τον ΥπουργÞ οι δύο ενδιαφερÞµενοι επενδυτέσ θέτουν Þρουσ προσ την κυβέρνηση, που δεν γίνονται αποδεκτοί, ενώ κατάστησε σαφέσ πωσ τυχÞν συνέχεια των κυπριακών αερογραµµών θα προϋποθέτει επιπρÞσθετεσ κινήσεισ που θα περιλαµβάνουν και νέεσ περικοπέσ. «Σε περίπτωση που βρεθεί πραγµατικÞσ επενδυτήσ, τÞτε η πώληση των ΚΑ µπορεί να γίνει και αύριο», ανέφερε χαρακτηριστικά ο ΥπουργÞσ. «Ψάχνουµε για ένα υπαρκτÞ επενδυτή και Þχι τσαρλατάνο στη βάση φηµολογίασ, είµαστε έτοιµοι να πωλήσουµε την εταιρεία σε επενδυτή ή στουσ εργαζÞµενουσ», συµπλήρωσε. Συµπλήρωσε δε πωσ στρατηγικÞσ επενδυτήσ έπρεπε να είχε αναζητηθεί απÞ το 2007, Þταν η Ευρωπαϊκή Επιτροπή είχε εγκρίνει την πρώτη κρατική ενίσχυση. Επεσήµανε επίσησ πωσ η κυβέρνηση προσπαθεί να εξαντλήσει κάθε περιθώριο επιβίωσησ των ΚΑ Þχι υπÞ τη µορφή που είναι σήµερα.

Χθεσ οι Υπουργοί Οικονοµικών και Συγκοινωνιών Χάρησ Γεωργιάδησ και Μάριοσ ∆ηµητριάδησ, µιλώντασ ενώπιων των κοινοβουλευτικών επιτροπών οικονοµικών και ελέγχου σε µια συνεδρίαση που διήρκησε εφτά ώρεσ, τÞνισαν πωσ η κυβέρνηση εξετάζει ακÞµη και το χειρÞτερο σενάριο για το µέλλον τησ εταιρείασ και υπέδειξαν Þτι προσ το σκοπÞ αυτÞ έχει κατατεθεί συµπληρωµατικÞσ προϋπολογισµÞσ ύψουσ 10 εκ. ευρώ για αποζηµιώσεισ του προσωπικού. Tην ίδια ώρα ο Χάρησ Γεωργιάδησ κατέστησε σαφέσ πωσ αν ακÞµη εγκριθεί κρατική ενίσχυση, θα υπάρξουν περαιτέρω απολύσεισ και περαιτέρω µειώσεισ µισθών. Σηµείωσε επίσησ πωσ η Etihad airways ζήτησε απÞ το κράτοσ 1 εκ. ευρώ για να το φέρει σε επαφή µε επενδυτέσ, υπογραµµίζοντασ πωσ οι προοπτικέσ προσέλκυσησ επενδυτών για αγορά των ΚΑ είναι περιορισµένεσ καθώσ εκκρεµεί ακÞµη η απÞφαση τησ επιτροπήσ ανταγωνισµού τησ ΕΕ . Επί τησ ουσίασ, εάν η αρµÞδια επιτροπή τησ ΕΕ απορρίψει το σχέδιο αναδιάρθρωσησ των ΚΑ οι επιλογέσ για την εταιρεία θα περιοριστούν σοβαρά και πλέον Þλα τα σενάρια είναι πιθανά. ΑυτÞ που θέλησε να µεταφέρει ο Χάρησ Γεωργιάδησ είναι πωσ απÞ πλευράσ κυβέρνησησ θα εξαντληθούν Þλα τα περιθώρια. Παράλληλα ο ΥπουργÞσ Συγκοινωνιών Μάριοσ ∆ηµητριάδησ, ανέφερε Þτι το υπουργείο του προετοιµάζεται για το ενδεχÞµενο κλεισίµατοσ τησ εταιρείασ, σε Þτι αφορά τη συνδεσιµÞτητα τησ Κύπρου µε τουσ προορισµούσ που καλύπτουν σήµερα οι Κυπριακέσ Αερογραµµέσ. Είπε Þτι σήµερα τα µÞνα δροµολÞγια που δεν καλύπτονται απÞ ιδιωτικέσ εταιρεί-

εσ και καλύπτονται απÞ τισ Κυπριακέσ Αερογραµµέσ είναι του Παρισιού και του Αµστερντάµ. Παράλληλα η κυβέρνηση προχωρεί στο σχεδιασµÞ τησ δηµοπράτησησ των δικαιωµάτων διακρατικών συµφωνιών µε χώρεσ εκτÞσ Ευρωπαϊκήσ Ένωσησ. ΠρÞκειται για συµφωνίεσ για τον αριθµÞ των δροµολογίων αλλά και τισ εταιρείεσ που τα καλύπτουν. Σε Þτι αφορά τη διαδικασία εξεύρεσησ ιδιώτη επενδυτή, η Γενική Λογίστρια Ρέα Γεωργιάδου είπε Þτι αρχικά εκδηλώθηκε ενδιαφέρον απÞ 22 επενδυτέσ, απÞ τουσ οποίουσ µÞνο οι 9 υπέβαλαν µη δεσµευτική προσφορά. ΑπÞ αυτέσ αξιολογήθηκαν θετικά µÞνο δύο, τησ εταιρείασ Aegean και τησ εταιρείασ Ryanair απÞ τισ οποίεσ ζητήθηκαν δεσµευτικέσ προσφορέσ. Σύµφωνα µε τον τέωσ πρÞεδρο τησ εταιρείασ Τώνη Αντωνίου, οι Κυπριακέσ Αερογραµµέσ απÞ το 2012 µέχρι σήµερα, κατέγραψαν ζηµιέσ 95 εκ. ευρώ. Σηµείωσε πωσ ενώπιον του έχει πρÞταση για να διατηρηθούν οι ΚΑ και εξέφρασε την ετοιµÞτητα του να το κοινοποιήσει. ΑπÞ την πλευρά του ο νυν πρÞεδροσ των Κ.Α. Μάκησ Κωνσταντινίδησ άφησε να νοηθεί πωσ Ryanair και Aegean ζήτησαν στοιχεία που αποτελούν εµπιστευτικά ζητήµατα τησ εταιρίασ. Τέλοσ εκπρÞσωποι των εργαζοµένων εξέφρασαν την ανησυχία τουσ και ζήτησαν να σωθεί η εταιρεία, ενώ επέκριναν την κυβέρνηση για τουσ χειρισµούσ τησ σχετικά µε τουσ επενδυτέσ.

O Ackermann ÎÂÚ‰›˙ÂÈ ¤‰·ÊÔ˜ ÁÈ· ÙËÓ ÚÔÂ‰Ú›· ÙË˜ µ√C Ο πρώην εκτελεστικÞσ διευθυντήσ τησ Deutsche Bank, Josef Ackermann βρίσκεται ανάµεσα στουσ δέκα υποψηφίουσ για την προεδρία τησ Τράπεζασ Κύπρου. O Αckermann φαίνεται µάλιστα να είναι ο επικρατέστεροσ για τη θέση αφού χαίρει τησ υποστήριξησ των Viktor Vekselberg, του δεύτερου πλουσιÞτερου άντρα τησ Ρωσίασ και του Αµερικανού δισεκατοµµυριούχου Wilbur Ross, ο οποίοσ επένδυσε και στην Τράπεζα τησ Ιρλανδίασ µετά την κρίση µε αξιοσηµείωτα κέρδη. O πρώην εκτελεστικÞσ διευθυ-

ντήσ τησ Deutsche Bank ήταν ο κύριοσ υπεύθυνοσ για την αναδιάρθρωση του ελληνικού δανείου, το οποίο προκάλεσε και την κατάρρευση του κυπριακού τραπεζικού τοµέα. Ο Ross, του οποίου ο Þµιλοσ κατέχει το 17% τησ Τράπεζασ Κύπρου, σκοπεύει να αναλάβει τη θέση του αντιπροέδρου µαζί µε τον Ρώσο Vladimir Strzhalkovskiy. Οι µέτοχοι θα εγκρίνουν τον νέο πρÞεδρο στο πλαίσιο τησ ετήσιασ γενικήσ συνέλευσησ στισ 20 Νοεµβρίου. Ο Ackermann, άφησε την Deutsche Bank το 2012 και έχει

προταθεί για πρÞεδροσ τησ Τράπεζασ Κύπρου. Σύµφωνα µε τον Wilbur Ross ο Ackermann ξέρει σχεδÞν Þλουσ στην Ευρώπη, στην Ανατολική Ευρώπη καθώσ και τεράστιο αριθµÞ ανθρώπων στισ ΗΠΑ και αλλού. Ο Ross, σηµείωσε επίσησ πωσ επενδυτέσ απÞ την Ευρώπη, τισ ΗΠΑ και τη Ρωσία στοιχηµατίζουν Þτι η Τράπεζα Κύπρου µπορεί να αντιµετωπίσει τα προβληµατικά δάνεια και την κλιµάκωση των εντάσεων µεταξύ τησ Ευρώπησ και τησ Ρωσίασ.

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ªÂ ‰‡Ô Î·Ù·ÛÙ‹Ì·Ù· ı· ÍÂÎÈÓ‹ÛÂÈ Ë Ancoria Bank Τραπεζική άδεια λειτουργίασ απέκτησε η Ancoria Bank απÞ την Κεντρική Τράπεζα τησ Κύπρου και ετοιµάζεται πυρετωδώσ για έναρξη εργασιών η οποία προσδιορίζεται για το δεύτερο εξάµηνο του 2015. Ήδη η τράπεζα έχει υποβάλει ονÞµατα στην Κεντρική για έγκριση για διευθυντικέσ θέσεισ αλλά και θέσεισ στο ∆ιοικητικÞ Συµβούλιο ενώ σε πρώτο στάδιο προγραµµατίζεται να λειτουργήσει ένα κατάστηµα σε Λευκωσία κι ένα σε ΛεµεσÞ. «ΠρÞθεση µασ είναι να ξεκινήσουµε µε ένα µικρÞ αριθµÞ πελατών που θα περιλαµβάνει τÞσο Μικροµεσαίεσ Επιχειρήσεισ Þσο και ιδιώτεσ πελάτεσ», σχολίασε η ∆ιευθύντρια Ανάπτυξησ Υπηρεσιών Ευγενία Χριστοδούλου. Η κ. Χριστοδούλου ξεκαθάρισε πωσ δεν πρÞκειται για µία τράπεζα που θα διεκδικήσει συστηµικά µερίδια στην αγορά αφού µεσοπρÞθεσµα προσβλέπει σε µερίδια 0.2-

0.3%. Η νέα τράπεζα προτίθεται να εργοδοτήσει µικρÞ αριθµÞ προσωπικού ενώ θα δώσει ιδιαίτερη έµφαση στην εκµετάλλευση και χρήση σύγχρονων τεχνολογιών. Η υποβολή τησ αίτησησ υποβλήθηκε απÞ την Ancoria Holdings Limited τον Οκτώβριο του 2013. Μερικά απÞ τα κριτήρια που εξετάστηκαν απÞ την Κεντρική αφορούν τουσ

κανÞνεσ εταιρικήσ διακυβέρνησησ και την εφαρµογή των ευρωπαϊκών οδηγιών και κατευθυντήριων γραµµών που καλύπτουν τη διεξαγωγή τραπεζικών εργασιών. Μέτοχοι τησ Ancoria Bank θα είναι, κατά πλειοψηφία, η Σουηδικών συµφερÞντων Ancoria Ασφαλιστική, εταιρεία η οποία δραστηριοποιείται στον τοµέα ασφαλειών ζωήσ και είναι εγγεγραµµένη και εδρεύει στην Κύπρο απÞ το 1987, ένασ εκ των ιδρυτών τησ Ancoria Ασφαλιστικήσ, κ. Sievert Larsson και το Sievert Larsson Scholarship Foundation. ΣηµαντικÞ ποσοστÞ του κεφαλαίου θα κατέχεται απÞ Κύπριουσ Ιδιώτεσ. Η νέα τράπεζα θα παρέχει τραπεζικέσ υπηρεσίεσ µε έµφαση στουσ τοµείσ των ιδιωτών και µικροµεσαίων επιχειρήσεων στην Κύπρο. Για περισσÞτερεσ πληροφορίεσ στο 22551550 ή στο email:bank@ancoria.com

73 ÂÎ. ÁÈ· ÙËÓ ∞∏∫ ∫¤Ú‰Ë €7 Καθαρά κέρδη 73 εκ. ευρώ σηµείωσε το 2013 η Αρχή Ηλεκτρισµού έναντι 77,5 εκ. ευρώ τον προηγούµενο χρÞνο, σύµφωνα µε την ετήσια έκθεση του οργανισµού. Τα έσοδα πωλήσεων ηλεκτρικήσ ενέργειασ µειώθηκαν την ίδια χρονιά κατά 169,7 εκ. ευρώ ή 17,6%, µείωση που αποδίδεται κατά κύριο λÞγο στη µείωση τησ ζήτησησ, τη µείωση του κÞστουσ καυσίµων και την επιβολή τησ προσωρινήσ µείωσησ απÞ τη ΡΑΕΚ. Με βάση την µεθοδολογία τησ ΡΑΕΚ, η κεφαλαιουχική απÞδοση τησ ΑΗΚ περιορίστηκε το 2013 στο 5,4% έναντι 5,5% που ήταν το 2012.

™˘ÓÂÚÁ·Û›· ƒ∞∂∫ ÌÂ E- Control ∞˘ÛÙÚ›·˜ ΜνηµÞνιο Συνεργασίασ θα υπογράψει η Ρυθµιστική Αρχή Ενέργειασ Κύπρου (ΡΑΕΚ) σε συνεργασία µε τη Ρυθµιστική Αρχή Ενέργειασ τησ Αυστρίασ (E- Control). Η υπογραφή τησ συνεργασίασ θα γίνει αύριο Πέµπτη 13 Νοεµβρίου στα πλαίσια τησ υπογραφήσ Μνηµονίου Συνεργασίασ µεταξύ των δυο Αρχών για σκοπούσ εδραίωσησ και ενίσχυσησ τησ συνεργασίασ τουσ. Σύµφωνα µε την ΡΑΕΚ την Πέµπτη 13 Νοεµβρίου 2014, θα εξυπηρετεί το κοινÞ απÞ τισ 08:00π.µ µέχρι και τισ 10:00 π.µ, λÞγω τησ προγραµµατισµένησ εκδήλωσησ που διοργανώνει σε συνεργασία µε τη Ρυθµιστική Αρχή Ενέργειασ Αυστρίασ (E- Control) µετά τισ 10:00 π.µ

1 ‰È˜ ∂›ÛÚ·ÍË €1 ·fi ÙÈ˜ ÔÏÈÙÔÁÚ·Ê‹ÛÂÈ˜ Γύρω στο 1 δισ ευρώ υπολογίζει η κυβέρνηση Þτι εισέρρευσε τουσ τελευταίουσ 15 µήνεσ στα κρατικά ταµεία απÞ τα πρÞγραµµατα των πολιτογραφήσεων και τησ µÞνιµησ παραµονήσ που εφαρµÞστηκε σε έκτακτη βάση. Σύµφωνα µε τα προγράµµατα τησ κυβέρνησησ, το κράτοσ παρέχει κυπριακή υπηκοÞτητα σε αλλοδαπούσ επενδυτέσ και µεγαλοκαταθέτεσ Þταν καταθέτουν στισ τράπεζεσ καταθέσεισ ύψουσ 5 εκ. ευρώ, αγοράζουν µετοχέσ και οµÞλογα ή αγοράζουν ακίνητη περιουσία µέχρι 300.000 ευρώ αφού προηγουµένωσ διασφαλίσουν Þτι έχουν έσοδα στο εξωτερικÞ και δεν εργάζονται στο νησί. Οι πωλήσεισ ακινήτων σε ξένουσ ανήλθαν το εννιάµηνο του 2014 στα 886 τεµάχια έναντι 737 την αντίστοιχη περίοδο του 2013 καταγράφοντασ άνοδο 20,2%. Τα προγράµµατα τησ κυβέρνησησ καταρτίστηκαν ωσ έµµεση αρωγή στισ εταιρείεσ ανάπτυξησ, που αντιµετωπίζουν σοβαρά οικονοµικά προβλήµατα λÞγω τησ απÞτοµησ µείωσησ τησ εξωγενούσ και τησ εγχώριασ ζήτησησ.

600 ÂÎ. ¶¤Ú·Ó ÙˆÓ €6 Ù· ¯Ú¤Ë ÙˆÓ ¢‹ÌˆÓ Την ευχή Þτι µέχρι το τέλοσ του χρÞνου θα ψηφιστεί ο νÞµοσ για τη µεταρρύθµιση τησ τοπικήσ αυτοδιοίκησησ, εξέφρασε ο ΥπουργÞσ Εσωτερικών Σωκράτησ Χάσικοσ, επισηµαίνοντασ Þτι ο νÞµοσ θα εφαρµοστεί µετά το 2017. Ο ΥπουργÞσ τÞνισε Þτι το χρέοσ των δήµων είναι πέραν των 600 εκ. ευρώ. Θα πρέπει, είπε, να εξεταστεί ποιοσ θα πληρώσει αυτά τα χρήµατα και να απαντηθεί το ερώτηµα γιατί οι εύρωστοι δήµοι να χρηµατοδοτήσουν τουσ φαλιρισµένουσ. Ο κ. Χάσικοσ ανέφερε Þτι στισ 17 Νοεµβρίου θα πραγµατοποιηθεί σύσκεψη µε τη συµµετοχή των δήµων υποδεικνύοντασ ταυτÞχρονα, πωσ Þτι αποφασιστεί θα τύχει τησ έγκρισησ τησ ΤρÞικασ.

Τη µεγαλύτερη µείωση σηµείωσε η οικιακή κατανάλωση (14,1%) ενώ η εµπορική και βιοµηχανική κατανάλωση σηµείωσαν µείωση 9,9% και 7,9% αντίστοιχα. Το κÞστοσ καυσίµων τησ ΑΗΚ κατά το 2013 σηµείωσε µείωση 24,7% σε σύγκριση µε το 2012, ωσ αποτέλεσµα τησ µείωσησ τησ τιµήσ των υγρών καυσίµων, µείωσησ τησ παραγωγήσ ενέργειασ και µείωσησ τησ κατανάλωσησ καυσίµων κατά µονάδα παραγωγήσ. Σε χαιρετισµÞ του ο ΥπουργÞσ Ενέργειασ Γιώργοσ Λακκοτρύπησ, κατά την διάρκεια παρουσίασησ τησ έκθεσησ αναφέρθηκε στην αναθεώρηση και τροποποίηση των ΚανÞνων Αγοράσ, µε στÞχο την εµπορική λειτουργία τησ

ανταγωνιστικήσ αγοράσ µέχρι τον Ιούνιο του 2016. «Πολύ σύντοµα θα εξαγγελθεί η διαδικασία δηµÞσιασ διαβούλευσησ κατά την οποία τÞσο η ΑΗΚ Þσο και οι υπÞλοιποι ενδιαφερÞµενοι, θα έχουν τη δυνατÞτητα να τοποθετηθούν επί του Προσχεδίου του ΠροτεινÞµενου Λεπτοµερούσ Σχεδιασµού τησ Αγοράσ Ηλεκτρισµού», ανέφερε. Ο ΥπουργÞσ είπε πωσ ήδη ενηµερώθηκε το ΥπουργικÞ Συµβούλιο για την πρÞταση τησ ΡΑΕΚ για εφαρµογή ενÞσ υβριδικού µοντέλου που θα συνδυάζει διαδοχικά στάδια προθεσµιακήσ αγοράσ και κοινοπραξίασ ισχύοσ µε µηχανισµÞ ισοζυγίου, γνωστÞ και ωσ Net-Pool.

√ Pijls Ó¤Ô˜ ·ÓÒÙ·ÙÔ˜ ÂÎÙÂÏÂÛÙÈÎfi˜ ‰ÈÂ˘ı˘ÓÙ‹˜ ÙË˜ ∂ÏÏËÓÈÎ‹˜ Τον Bert Pijls διÞρισε στη θέση του Ανώτατου Εκτελεστικού ∆ιευθυντή του Οµίλου, το ∆ιοικητικÞ Συµβούλιο τησ Ελληνικήσ Τράπεζασ. Ο διορισµÞσ του Bert Pijls υπÞκειται στην έγκριση των εποπτικών αρχών. Ο Bert Pijls θα αντικαταστήσει το Μαρίνο ΓιαννÞπουλο, ο οποίοσ εκτελεί τα καθήκοντα του Ανώτατου Εκτελεστικού ∆ιευθυντή απÞ το Σεπτέµβριο. Ο κ. ΓιαννÞπουλοσ θα παραµείνει στο ∆ιοικητικÞ Συµβούλιο τησ Τράπεζασ ωσ µη-εκτελεστικÞ Μέλοσ. Ο Bert Pijls αναµένεται να βοηθήσει την Ελληνική Τράπεζα, η οποία βρίσκεται σε προχωρηµένο στάδιο διαδικασίασ αύξησησ κεφαλαίου, να υπερκαλύψει τισ κεφαλαιακέσ τησ απαιτήσεισ και να προχωρήσει µε τα φιλÞδοξα σχέδιά τησ ώστε να διαδραµατίσει πρωταγωνιστικÞ ρÞλο για στήριξη και ανάκαµψη τησ κυπριακήσ οικονοµίασ. O κ. Pijls, Ολλανδικήσ καταγωγήσ, ήταν πρÞσφατα ∆ιευθύνων Σύµβουλοσ υπηρεσιών Ιδιωτών & Επιχειρήσεων

στη British Gas / Centrica, µε επικέντρωση στην αύξηση τησ χρήσησ τησ ψηφιακήσ τεχνολογίασ στην Εταιρεία. Προηγουµένωσ, διετέλεσε ∆ιευθύνων Σύµβουλοσ τησ Citigroup ΕΜΕΑ στο Λονδίνο, µε καθήκοντα Αναπληρωτή Ανώτατου Εκτελεστικού ∆ιευθυντή και µε την ευθύνη επανασχεδιασµού των εργασιών τησ για βελτίωση των δεικτών εξÞδων / εσÞδων. Προγενέστερα, στη Citigroup διετέλεσε, επίσησ, Ανώτατοσ ΕκτελεστικÞσ ∆ιευθυντήσ στην Egg και ∆ιευθύνων Σύµβουλοσ Λιανικήσ Τραπεζικήσ στην Αγγλία, καθώσ επίσησ και ∆ιευθυντήσ Τοµέα Ιδιωτών & Μικροµεσαίων Επιχειρήσεων στην Τσεχία. Ο κ. Pijls κατείχε θέσεισ στον χρηµατοοικονοµικÞ τοµέα των Η.Π.Α., τησ Γερµανίασ και του Βελγίου, κυρίωσ στη Citigroup και στην American Express. Κατέχει πτυχίο στη ∆ιοίκηση Επιχειρήσεων απÞ το Πανεπιστήµιο Nijenrode τησ Ολλανδίασ και µεταπτυχιακÞ στη ∆ιεθνή ∆ιοίκηση απÞ το American Graduate School of International Management (Thunderbird) Phoenix, Arizona.

™˘Ó¿ÓÙËÛË ∆ÚfiÈÎ·˜ - ¢È·ÎÔÌÌ·ÙÈÎ‹˜ ÂÈÙÚÔ‹˜ ÁÈ· ·ÊÂÚÂÁÁ˘fiÙËÙ· Οι τρείσ κυπριακέσ τράπεζεσ, βρέθηκαν χθεσ στο επίκεντρο των επαφών που είχε τεχνικÞ κλιµάκιο των διεθνών πιστωτών.ΥπÞ το φωσ των νέων δεδοµένων που δηµιούργησαν τα stress tests, το κλιµάκιο τεχνοκρατών απÞ το ∆ΝΤ θα αποτιµήσει τισ ενέργειεσ τησ Τράπεζασ Κύπρου, τησ Ελληνικήσ και του Συνεργατισµού σε θέµατα αναδιάρθρωσησ, διαχείρισησ των µη εξυπηρετούµενων δανείων και αύξησησ των κεφαλαίων τουσ. Θα αξιολογηθεί επίσησ η ρευστοτική κατάσταση των τραπεζών ενÞψει τησ άρσησ των

περιορισµών στη διακίνηση χρηµάτων στο εξωτερικÞ. Η πλήρησ άρση των περιορισµών αναµένεται να τεθεί σε εφαρµογή πριν το τέλοσ του έτουσ. Το τεχνικÞ κλιµάκιο τησ ΕΕ θα έχει αύριο το απÞγευµα συνάντηση µε τα µέλη τησ διακοµµατικήσ επιτροπήσ που έχει συσταθεί για το πλαίσιο αφερεγγυÞτητασ. Με βάση το µνηµÞνιο, η Κύπροσ οφείλει να θεσπίσει το νέο πλαίσιο αφερεγγυÞτητασ µέχρι το τέλοσ του έτουσ. Τα κλιµάκια των επικεφαλήσ τησ τρÞικασ αναµένεται Þτι θα έρθουν στην Κύπρο στισ 10 Ιανουαρίου.

Emirates: EÈÛÈÙ‹ÚÈ· ÁÈ· ª·ÓÁÎfiÎ ·fi €3 385 Ειδικά ναύλα στην Economy Class σε έξι επιλεγµένουσ προορισµούσ για ταξιδιώτεσ αναψυχήσ και για δουλειά στην Κύπρο, προσφέρει η Emirates Τα Emirates ναύλα µετ’ επιστροφήσ για Economy Class ξεκινούν απÞ Þσο 385 ευρώ για ταξίδια στην ΜπανγκÞκ, στην Ταϊλάνδη. Οι επιβάτεσ µπορούν να επισκεφθούν τη συναρπαστική πρωτεύουσα τησ Κίνασ, το Πεκίνο, και τη µεγαλύτερη πÞλη τησ χώρασ, τη Σαγκάη, και µε τα δύο ναύλα να ξεκινούν απÞ 400 ευρώ, ενώ τα ναύλα στην Quanzhou - τη µεγαλύτερη πÞλη τησ επαρχίασ Fujian -

ξεκινούν απÞ 620 ευρώ. Το Χονγκ Κονγκ ξεκινά απÞ 423 ευρώ, ενώ τα ναύλα για Γιοχάνεσµπουργκ στη ΝÞτια Αφρική ξεκινούν απÞ 435 ευρώ. Η ειδική προσφορά ισχύει µέχρι την Τρίτη 24 Νοεµβρίου 2014 για το ταξίδι µετάβασησ µεταξύ σήµερα και 15 Μαρτίου 2015. Για περισσÞτερεσ πληροφορίεσ σχετικά µε τισ ειδικέσ προσφορέσ τησ Emirates, επικοινωνήστε µε τον ταξιδιωτικÞ σασ πράκτορα, ή στο Emirates Sales Office στη Λευκωσία, ή στο τηλ 22 817816.

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12 ΝΟΕΜΒΡΙΟΥ, 2014`

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

Είχαµε την ευκαιρία να επισκεφθούµε την νέα Μαρίνα Λεµεσού Þπου έχουν σχεδÞν ολοκληρωθεί τα έργα επί του «εδάφουσ» και συνεχίζονται οι εργασίεσ για τισ παραλιακέσ επαύλεισ στην επίχωση. Κατ’ αρχή θα θέλαµε να συγχαρούµε την εταιρεία/κοινοπραξία ανάπτυξησ αλλά ιδιαίτερα τον ∆ήµο και ∆ηµÞτεσ τησ Λεµεσού και ασφαλώσ τον ∆ήµαρχο για την στήριξη τουσ σε τέτοιο έργο επένδυσησ. ΤαυτÞχρονα θέλουµε να ψέξουµε τουσ αιώνιουσ αρνητικούσ, τουσ ορισµένουσ ονοµαζÞµενουσ περιβαλλοντιστέσ, που είχαν την ένσταση τουσ για το έργο αυτÞ (παρÞµοια στάση τουσ για το Πάρκο Αθαλάσσασ, τώρα στολίδι τησ Λευκωσίασ, το έργο Άνασσα που καθιερώθηκε ωσ ένα απÞ τα αξιÞλογα ξενοδοχεία του κÞσµου, µε τουσ τελευταίουσ jet-setters το βασιλικÞ ζευγάρι του Βελγίου κλπ) και τώρα συνεχίζουν την πολεµική τουσ εναντίον τησ οικονοµίασ, Þπου µασ κατάγγειλε η πληρωµένη απÞ την ∆ηµοκρατία πλουσιοπάροχα Επίτροποσ Περιβάλλοντοσ για το πολύ αξιÞλογο έργο τησ Λίµνησ µε δύο γήπεδα γκολφ, ξενοδοχείο κλπ κλπ. ∆ιερωτÞµαστε κατ’ επέκταση πωσ αυτή η Επίτροποσ θα πρέπει να κατέχει µια θέση που αντιστρατεύεται τÞσο την πολιτική του Κράτουσ, τουσ άνεργουσ Þσο και τησ ανάπτυξησ τησ οικονοµίασ. ΑυτÞ το έργο Þταν εκτελεστεί θα είναι το δεύτερο νέο αστέρι που θα γεννηθεί µετά απÞ την Μαρίνα τησ Λεµεσού. ΕπανερχÞµαστε Þµωσ στην Μαρίνα Λεµεσού Þπου παρατηρήσαµε τα ακÞλουθα µε τισ δικέσ µασ επιφυλάξεισ: - Τα κέντρα αναψυχήσ έχουν πωληθεί/ενοικιαστεί σε γνωστά κέντρα, µε πολύ Þµορφο διάκοσµο και µε πολύ καλήσ ποιÞτητασ εξυπηρέτηση. Και Þµωσ ακÞµη και εδώ έχουµε µουρµούρεσ γιατί τα κέντρα αυτά να είναι κέντρα ρουτίνασ και Þχι ψηλήσ ποιÞτητασ κέντρα Þπωσ π.χ. κέντρα µε

Michelin stars διÞτι οι επισκέπτεσ θα απογοητευθούν απÞ την «χαµηλή» ποιÞτητα αυτών των εστιατορίων κλπ. ∆ηλαδή για να καταλάβουµε, οι επισκέπτεσ τησ µαρίνασ θα αυξηθούν εάν είναι πολύ ακριβά τα κέντρα απÞ τισ τωρινέσ χρεώσεισ κατά µέσο Þρο 40 ευρώ το άτοµο σε 80 ευρώ το άτοµο; Γιατί ο επισκέπτησ αυτού του επιπέδου µε τÞσεσ άλλεσ εναλλακτικέσ χώρεσ να έλθει στην Κύπρο; Έχουµε αυτή την ελκυστικÞτητα για να µασ προτιµούν; Ασφαλώσ Þχι. - Οι περισσÞτεροι των κÞτερων ταξιδεύουν απÞ την µια χώρα στην άλλη και απÞ µαρίνα σε µαρίνα, προσ τούτο παράδειγµα είναι η Ελλάδα µε τισ πολλαπλέσ µαρίνεσ στα νησιά κλπ, ωσ επίσησ και η Τουρκία. - Ο επισκέπτησ του κÞτερου στην Κύπρο γιατί να έλθει Κύπρο που είναι ένασ αποµονωµένοσ προορισµÞσ, ενώ ταυτÞχρονα η Αίγυπτοσ, Λίβανοσ, Συρία κλπ που µε τα προβλήµατα που έχουν «εγκλωβίζουν» τουσ επισκέπτεσ στην Κύπρο και µÞνο; - Εκείνο το οποίο µασ προβληµατίζει είναι η συντήρηση του έργου και πωσ τα οικοδοµικά έργα Þλα ξεκινούν µε άριστη ποιÞτητα και λÞγω µη πληρωµήσ κοινοχρήστων και συντή-

ρησησ καταλήγουν σε καταστροφή. Πολύ φοβούµαστε Þτι εάν δεν αλλάξει ο νÞµοσ περί κοινοχρήστων, ίσωσ και το διαµάντι αυτÞ, η µαρίνα, να καταλήξει σε κατηγορία εγκατάλειψησ στο µέλλον. - Η ΛεµεσÞσ είναι γνωστή για τον πλούτο τησ διασκέδασησ και πολιτισµού. Πράγµατι τα κÞτερα στην Μαρίνα ήταν κατά µέσο Þρο αξίασ 1 εκ. ευρώ, άψογα σκάφη πολύ καλήσ ποιÞτητασ Þλων των τύπων, ιδιοκτησίασ κυρίωσ απÞ ξένουσ. - Μασ προβληµατίζει Þτι το παλιÞ Λιµάνι τησ Λεµεσού (τώρα ψαρολίµανο) έχει ενοικιαστεί σε ξένουσ (Κύπριοσ του εξωτερικού) µε µέσο ενοίκιο προσ 40 ευρώ/τ.µ./µήνα στον κύριο ενοικιαστή, ο οποίοσ και θα υποενοικιάζει τισ µονάδεσ αυτέσ µε κάποιο κέρδοσ έστω 50 ευρώ/τ.µ.; Και διερωτÞµαστε ποιοσ θα ενοικιάσει Þλα αυτά τα µέτρα αναψυχήσ τησ Μαρίνασ/Ψαρολίµανου/ Περιοχή Κάστρου κλπ µε τÞσο ψηλά ενοίκια που Þταν προστεθούν τα κοινÞχρηστα, διαχείριση κλπ, τα ενοίκιο θα είναι εκτÞσ πραγµατικÞτητασ. Μήπωσ θα αυξηθεί επιπλέον ο αριθµÞσ κÞσµου/επισκεπτών Þσο προσθέτονται νέα έργα; Οι πελάτεσ είναι µια πίττα που θα δια-

µοιραστεί σε Þλουσ και έστω και µε κάποια αύξηση του τουρισµού στην ΛεµεσÞ ίσωσ να υπάρχει υπερ-προσφορά, ενώ οι πλούσιοι επισκέπτεσ (Ρώσοι) υποφέρουν τώρα τÞσο απÞ την πτώση του ρουβλίου (-25%) Þσο και απÞ την αβεβαιÞτητα τησ δικήσ τουσ οικονοµίασ. - Οι τιµέσ πώλησησ στην Μαρίνα είναι γύρω στισ 6.000-7.000 ευρώ/τ.µ. για τα διαµερίσµατα και 11.000 - 14.000 ευρώ/τ.µ. για τισ υπερπολυτελείσ επαύλεισ. Επίπεδο πιο κάτω απÞ τισ αρχικά ζητούµενεσ τιµέσ (λÞγω τησ κατάστασησ που επικρατεί). - Έβαλαν λοιπÞν οι Λεµεσιανοί ωσ µια γροθιά Þλοι µαζί µια επίµονη προσπάθεια και ακÞµη ψάχνονται οι Λαρνακείσ (θα τουσ «φάνε» και το βιοµηχανικÞ λιµάνι οι Λεµεσιανοί), ενώ και ο ∆ήµαρχοσ τησ Αγίασ Νάπασ αναζητά µελέτεσ και µελέτεσ για την δική του Μαρίνα τησ Αγίασ Νάπασ, προσθέτοντασ στα προβλήµατα του έργου αυτού (µη ύπαρξη σοβαρού ενδιαφέροντοσ), ενώ για τουσ Παφίτεσ τι θα πούµε; Μήπωσ µια νέα έρευνα απÞ τα ίδια, προερχÞµενη και πάλι εισ βάροσ Πάφου; - Μια και που είµαστε στα νέα στολίδια, παρατηρούµε και τισ εξελίξεισ του πολύ µεγάλου έργου Γεροσκήπου-ΑρχιεπισκÞπουΡουµάνου επενδυτή και παρ’ Þλησ τησ προσπάθειασ τησ Κυβέρνησησ, βρίσκουµε και εδώ εµπÞδια για την διάθεση ακίνητησ ιδιοκτησίασ του Κράτουσ (απÞ τον ΓενικÞ Ελεγκτή). Θα πρέπει να υπάρξει αλλαγή νοµοθεσίασ, πληροφορούµαστε, απÞ την Βουλή – και εδώ θα γίνει το «έλα να δεισ» µε παρεµβάσεισ κυρίωσ οικονοµικήσ µορφήσ διαφÞρων συµφερÞντων προσ τουσ βουλευτέσ µε καθυστερήσεισ και τρικλοποδιέσ, αυξάνοντασ τισ πιθανÞτητεσ τησ εγκατάλειψησ τησ προσπάθειασ αυτήσ απÞ τουσ ενδιαφερÞµενουσ. - Κλπ κλπ Μπράβο λοιπÞν στουσ συµµετέχοντεσ τησ Μαρίνασ Λεµεσού και άλλουσ τολµηρούσ επενδυτέσ τησ ανάπτυξησ ακινήτων και τουσ ευχÞµαστε κάθε επιτυχία αλλά χωρίσ τισ αναγκαίεσ διορθώσεισ για τα κοινÞχρηστα και συντήρηση (µε νοµοθεσία) πωσ θα τισ διαφυλάξουµε ωσ κÞρη οφθαλµού προσ Þφελοσ του Κυπριακού τουρισµού και τησ οικονοµίασ τησ Κύπρου;

RICS: §·‚ˆÌ¤ÓÔ˜ Ô ÙÔÌ¤·˜ ·ÎÈÓ‹ÙˆÓ ÙË˜ §Â˘ÎˆÛ›·˜ Σηµαντικέσ µειώσεισ παγκύπρια κατέγραψε το Γ’ τρίµηνο του 2014 ο ∆είκτησ Τιµών Ακινήτων του RICS (Royal Institution of Chartered Surveyors) Κύπρου, που πραγµατοποιείται σε συνεργασία µε το Σύνδεσµο ΕπιστηµÞνων Επιµετρητών ΟικονοµολÞγων Κατασκευών Κύπρου (ΣΕΕΟKΚ) και το Σύνδεσµο ΕπιστηµÞνων Εκτιµητών Ακινήτων Κύπρου (ΣΕΕΑΚ). Ο δείκτησ παρακολουθεί τισ τιµέσ και τα ενοίκια των ακινήτων σε Þλεσ τισ επαρχίεσ στην Κύπρο και βασίζεται σε µεθοδολογία που αναπτύχθηκε απÞ το Πανεπιστήµιο του Reading, του Ηνωµένου Βασιλείου. Μειώσεισ παρατηρήθηκαν σε Þλεσ τισ κατηγορίεσ µε τη σηµαντικÞτερη πτώση να παρουσιάζεται στη Λευκωσία. Παγκύπρια, οι τιµέσ για κατοικίεσ, τÞσο για σπίτια, Þσο και για διαµερίσµατα, παρουσίασαν τριµηνιαία πτώση τησ τάξησ του 1.6% και 1.0% αντίστοιχα, µε τη µεγαλύτερη µείωση να καταγράφεται στη Λευκωσία (3.4% για τα σπίτια) και στην Πάφο (1.5% για τα διαµερίσµατα). Παγκύπρια, οι τιµέσ των καταστηµάτων µειώθηκαν κατά µέσο Þρο 2% και των γραφείων κατά 1.4%, ενώ για τισ αποθήκεσ δεν καταγράφηκε ποσοστιαία µεταβολή. Σε σύγκριση µε το αντίστοιχο τρίτο τρίµηνο του 2013, οι τιµέσ των διαµερισµάτων µειώθηκαν κατά 6.3%, των σπιτιών κατά 4.4%, των καταστηµάτων κατά 9.6%, των γραφείων 6.3% και των αποθηκών κατά

4.2%. Η µέση τιµή ενοικίασησ σε ολÞκληρη την Κύπρο παρουσίασε τριµηνιαία πτώση 1.2% στα διαµερίσµατα, 0.9% στα σπίτια, στα καταστήµατα 3.2%, στισ αποθήκεσ 0.4% και στα γραφεία 0.9%. Συγκρίνοντασ τα ενοίκια µε εκείνα του τρίτου τριµήνου του 2013, οι τιµέσ υποχώρησαν κατά 4.7% για τα διαµερίσµατα, 4.1% για σπίτια, 11.2% για καταστήµατα, 9.2% για τισ αποθήκεσ και 4.6% για τα γραφεία. O κ. Χαράλαµποσ Πετρίδησ, MRICS, δήλωσε: «Η πτωτική πορεία στισ τιµέσ των ακινήτων συνεχίζεται και το τρίτο τρίµηνο του 2014 αν και σε αρκετέσ περιοχέσ φαίνεται να υπάρχει επιβράδυνση στισ µειώσεισ τιµών. Η αυξηµένη εµπορευσιµÞτητα σε σχέση µε το 2013 συνεχίζεται και είναι προβλεπτÞ Þτι οι αγοραπωλησίεσ ακινήτων κατά το 2014 θα αυξηθούν περί το 15% εν συγκρίσει µε την περσινή χρονιά. Ùσον αφορά τισ τιµέσ των ακινήτων αναµένεται να συνεχισθεί η πτωτική πορεία και φέτοσ εν αναµονή των εξελίξεων στον χρηµατοπιστωτικÞ τοµέα, κυρίωσ Þσον αφορά τα µη εξυπηρετούµενα δάνεια, τα τεστ αντοχήσ (stress tests), την περιορισµένη ρευστÞτητα στην αγορά και τα υψηλά επιτÞκια. Επίσησ τα ακίνητα επηρεάζονται απÞ τισ αυξηµένεσ φορολογίεσ ιδιοκτησίασ και το θέµα των εκποιήσεων των ενυπÞθηκων ακινήτων ενεργώντασ έτσι ωσ τροχοπέδη για

τη σταθεροποίηση τησ αγοράσ». Η µεθοδολογία και τα πορίσµατα τησ έρευνασ είναι διαθέσιµα στην ιστοσελίδα του RICS : http://www.rics.org/cy/knowledge/market-analysis/ricscyprus-property-price-index-q4-2013/

ª‹Ó·˜ ∫Ú·ÛÈÔ‡ Ô ¡Ô¤Ì‚ÚÈÔ˜ ∆ιοργανώνεται απÞ τον ΚυπριακÞ ΟργανισµÞ Τουρισµού, ο Μήνασ Κρασιού το Νοέµβριο, µε διάφορεσ εκδηλώσεισ οι οποίεσ περιλαµβάνουν εκδροµέσ σε οινοποιεία των 7 διαδροµών των ∆ρÞµων του Κρασιού, Έκθεση Κυπριακού Οίνου «Κύπροσ, ∆ρÞµοι του Κρασιού» στισ 16.11.14, Ηµέρεσ Παιδιού, Þπου τα παιδιά θα µάθουν για τον

αµπελώνα, τα παράγωγά του και το κρασί και να φτιάξουν τισ δικέσ τουσ κατασκευέσ. Ο Μήνασ Κρασιού περιλαµβάνει επίσησ έκθεση φωτογραφίασ καθώσ και επιµορφωτικά σεµινάρια για επαγγελµατίεσ του τουρισµού σε ξενοδοχεία και χώρουσ εστίασησ και ψυχαγωγίασ για το κυπριακÞ κρασί, την ιστορία, την παρά-

δοση και τον πολιτισµÞ που το περιβάλλει, γευσιγνωσία, καθώσ και τρÞπουσ σερβιρίσµατοσ του κρασιού, και τα οποία απευθύνονται σε επαγγελµατίεσ. Για περισσÞτερεσ πληροφορίεσ για τουσ ∆ρÞµουσ του Κρασιού επισκεφθείτε την ιστοσελίδα: http://www.visitcyprus.com

ΧΡΗΜΑ&ΑΓΟΡΑ

12 ΝΟΕΜΒΡΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∆Ô˘ÚÎÈÎ¿ ·Ú·Ï·ÓËÙÈÎ¿ ‰ËÌÔÛÈÂ‡Ì·Ù· ÂÚ› ÂÈÛÙÚÔÊ‹˜ Â‰·ÊÒÓ ∆ιέψευσε χθεσ κατηγορηµατικά η κυπριακή κυβέρνηση πληροφορίεσ που δηµοσιεύθηκαν στην τουρκική εφηµερίδα Milliyet, περί κατάθεσησ πρÞτασησ τησ Ελληνοκυπριακήσ πλευράσ µε συγκεκριµένεσ περιοχέσ που ζητά να επιστραφούν. Ο κυβερνητικÞσ εκπρÞσωποσ Νίκοσ Χριστοδουλίδησ δήλωσε Þτι αυτÞ που κατέθεσε η κυβέρνηση είναι κριτήρια στα οποία θα πρέπει να στηριχθεί η επιστροφή εδαφών. Ο εκπρÞσωποσ ανέφερε Þτι η διαρροή παραπλανητικών πληροφοριών αποτελεί διαχρονική πρακτική τησ Τουρκίασ και τÞνισε Þτι τα δηµοσιεύµατα είναι προφανέσ Þτι εξυπηρετούν σκοπιµÞτητεσ τησ Άγκυρασ και τησ τουρκοκυπριακήσ ηγεσίασ στην προσπάθειά τουσ να εξέλθουν απÞ τη δύσκολη θέση στην οποία βρίσκονται, λÞγω των προκλητικών και παράνοµων ενεργειών τησ Τουρκίασ κατά τησ Κυπριακήσ ∆ηµοκρατίασ. «∆εν είναι η πρώτη φορά που γινÞµαστε µάρτυρεσ

τέτοιων παραπλανητικών πληροφοριών. Στο πλαίσιο αυτÞ θα ήθελα να υπενθυµίσω πωσ µÞλισ την περασµένη βδοµάδα, η ίδια η τουρκική εφηµερίδα, η οποία προβάλλει σήµερα το εν λÞγω δηµοσίευµα, είχε ισχυριστεί Þτι η ελληνοκυπριακή πλευρά είχε καταθέσει χάρτη για το εδαφικÞ», ανέφερε ο εκπρÞσωποσ. Η κυβέρνηση, ανέφερε, δεν πρÞκειται να ακολουθήσει την Άγκυρα σε ένα τέτοιο «παιχνίδι» που µοναδικÞ στÞχο έχει τον αποπροσανατολισµÞ απÞ τισ προκλητικέσ ενέργειέσ τησ στην ΑΟΖ τησ Κυπριακήσ ∆ηµοκρατίασ και στη δηµιουργία εντυπώσεων. Τέλοσ κάλεσε τα Ηνωµένα Έθνη Þσο και Þλουσ Þσοι µε δηλώσεισ τουσ ενδιαφέρονται για το ΚυπριακÞ, να πάρουν το µήνυµα για τισ πραγµατικέσ προθέσεισ τησ τουρκικήσ πλευράσ, Þπωσ αυτέσ εκδηλώνονται µέσα απÞ παραπλανητικά δηµοσιεύµατα. Σύµφωνα µε τη Milliyet, τα εδάφη που ζητήθηκε να επι-

στραφούν είναι: - ΜÞρφου και Συριανοχώρι και η περιοχή που εκτείνεται δυτικά τησ ΜÞρφου συµπεριλαµβανοµένων και των ακτών. - Στην ΑµµÞχωστο ζητείται να επιστρέψει τουλάχιστον το 80% του πληθυσµού. - Η βορειοδυτική πλευρά τησ Αµµοχώστου. - Τα µεγάλα χωριά ΓερÞλακκοσ, Ζώδεια, Αργάκι, Φιλιά, Κατωκοπιά και Ακάκι δυτικά τησ Λευκωσίασ και Μια Μηλιά, Κυθραία, Νέο ΧωριÞ, Τραχώνι, Βουνί. Άσσια, Βατυλή, Λύση και Κοντέα µεταξύ Λευκωσίασ και Αµµοχώστου. - Η βορειοδυτική πλευρά τησ Λευκωσίασ και οι περιουσίεσ στισ ενδιάµεσεσ περιοχέσ. - Η χερσÞνησοσ τησ Καρπασίασ που περιλαµβάνει τα χωριά Ριζοκάρπασο, Γιαλούσα, Αγία Τριάδα, Βαθύλακασ, Λεονάρισσο, Λυθράγκωµη, Κώµα του Γιαλού, Μελάναρκα, Βασίλι, Κοιλάνεµοσ, Αγιοσ ΑνδρÞνικοσ, Νέτα, Αγιοσ Συµεών και το Μοναστήρι του ΑποστÞλου Ανδρέα.

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∂ÍÂ‡ÚÂÛË ÂÈÛÙËÌÔÓÈÎÒÓ Ï‡ÛÂˆÓ Ì¤Ûˆ ÙÔ˘ Science Shop Στο διεθνή και ευρωπαϊκÞ χάρτη των “Science Shop” έβαλε την Κύπρο το ΕυρωπαϊκÞ Πανεπιστήµιο Κύπρου. Είναι το πρώτο Science Shop που δηµιουργήθηκε στην Κύπρο και συγκαταλέγεται ανάµεσα στα 30 που δηµιουργήθηκαν στην Ευρώπη. Το Science Shop του Ευρωπαϊκού Πανεπιστηµίου Κύπρου είναι µέλοσ του διεθνούσ δικτύου των Science Shops (Living Knowledge). Με τη λειτουργία του Science Shop µπορούν πλέον να απευθύνονται στουσ υπεύθυνουσ του προγράµµατοσ, κοινωνικέσ οµάδεσ, οργανώσεισ, αλλά και ιδιώτεσ για Þποιο πρÞβληµα αντιµετωπίζουν – περιβαλλοντικÞ, ενεργειακÞ, κοινωνικÞ, οικονοµικÞ κλπ - και αµέσωσ θ’ αρχίζει η διαδικασία εξεύρεσησ επιστηµονικήσ λύσησ. Ο συντονιστήσ του προγράµµατοσ

καθηγητήσ Ανδρέασ Ευσταθιάδησ ανέφερε Þτι «η θεσµοθέτηση του Science Shop έγινε µέσα απÞ το ευρωπαϊκÞ ερευνητικÞ πρÞγραµµα PERARES (Public Engagement with Research and Research Engagement with Society, 7th framework program). Λειτουργεί στισ εγκαταστάσεισ του Ευρωπαϊκού Πανεπιστηµίου Κύπρου µε την αξιοποίηση των εργαστηρίων του Πανεπιστηµίου, των καθηγητών και των φοιτητών του. Σε συνεργασία µε τισ κοινωνικέσ οµάδεσ προχωρεί µε συντονισµένο τρÞπο στην επιστηµονική επίλυση των προβληµάτων που απασχολούν την κυπριακή κοινωνία και οικονοµία». Το πρÞγραµµα λειτουργεί κάτω απÞ συντονιστική οµάδα, στην οποία συµµετέχουν οι κοινωνικέσ οµάδεσ, µέλη ∆ΕΠ και φοιτητέσ του Ευρωπαϊκού Πανεπιστηµίου. Μέσω των επαφών

τησ συντονιστικήσ οµάδασ µε κοινωνικέσ οργανώσεισ θ’ αναδεικνύονται τοπικά, αλλά και ευρύτερου ενδιαφέροντοσ θέµατα προσ επίλυση σχετικά µε την κοινωνία, την οικονοµία, την ανάπτυξη, το περιβάλλον, κα, τα οποία χρήζουν επιστηµονικήσ µελέτησ. ΠαρÞµοιεσ δράσεισ υλοποιούνται σε διάφορεσ ευρωπαϊκέσ χώρεσ µε ιδιαίτερη επιτυχία, ενώ το εγχείρηµα ξεκίνησε απÞ την Ολλανδία που είναι και η συντονίστρια χώρα του έργου, πριν απÞ περίπου 35 χρÞνια. Οι µέχρι τώρα θετικέσ αναφορέσ απÞ τουσ υπÞλοιπουσ εταίρουσ, οδηγούν στο συµπέρασµα Þτι το Science Shop που δηµιουργείται στην Κύπρο, θα καταξιωθεί τÞσο στην κυπριακή κοινωνία Þσο και στο ΕυρωπαϊκÞ Πανεπιστήµιο Κύπρου.

∂Î·È‰Â˘ÙÈÎ¿ ÙÔ˘ÚÈÛÙÈÎ¿ ÛÂÌÈÓ¿ÚÈ· ·fi ™∆∂∫ Σειρά σεµιναρίων για την ξενοδοχειακή/τουριστική βιοµηχανία διοργανώνει ο ΣΤΕΚ (Σύνδεσµοσ Τουριστικών Επιχειρήσεων Κύπρου). Η θεµατολογία των σεµιναρίων αφορά την εξυπηρέτηση πελατών, την επαγγελµατική κατάρτιση σε θέµατα καθαριÞτητασ και υγιεινήσ, την εξοικονÞµηση µέσω καινοτÞµων τρÞπων, την οινογνωσία και την εκµάθηση ρωσικών για τισ τουριστικέσ επιχειρήσεισ.

Η διαρκήσ εκπαίδευση των στελεχών τησ ξενοδοχειακήσ βιοµηχανίασ είναι σηµαντική για τη διατήρηση τησ ποιÞτητασ των υπηρεσιών που παρέχεται Þχι µÞνο στον ξένο τουρίστα, αλλά και στον Κύπριο πολίτη που απολαµβάνει τισ υπηρεσίεσ ενÞσ ξενοδοχείου, εστιατορίου ή άλλησ τουριστικήσ επιχείρησησ. Εάν ζητάτε πραγµατικά την αναβάθµιση τησ τουριστικήσ εµπειρίασ που προσφέρεται στουσ πελάτεσ σασ, έχετε υπο-

χρέωση να επενδύσετε στην εκπαίδευση του προσωπικού σασ και ωσ εκ τούτου ο ΣΤΕΚ θεωρεί καθήκον του να παρέχει προγράµµατα εκπαίδευσησ σχεδιασµένα για την ξενοδοχειακή βιοµηχανία. Τα σεµινάρια, που επιχορηγούνται απÞ την ΑνΑ∆, ξεκίνησαν τον Νοέµβριο και ολοκληρώνονται µέσα ∆εκεµβρίου. Για περισσÞτερεσ πληροφορίεσ µπορείτε να καλείτε στο τηλέφωνο 22374433.

™˘ÌÌÂÙÔ¯‹ ÙÔ˘ ∫√∆ ÛÙÔ ICCA Ô˘ ‰ÈÂÍ‹¯ıË ÛÙËÓ ∆Ô˘ÚÎ›· Στο 53ο ICCA (International Congress and Convention Association) Congress and Exhibition που έλαβε χώρα απÞ την 1η µέχρι την 5η Νοεµβρίου 2014 στην πÞλη Antalya τησ Τουρκίασ, συµµετείχε αποστολή του Κυπριακού Οργανισµού Τουρισµού. Τον ΚΟΤ εκπροσώπησαν ο ΑντιπρÞεδροσ του ∆ιοικητικού Συµβουλίου του ΚΟΤ Κώστασ Κουµήσ και η ∆ιευθύντρια Τουρισµού κυρία Αννίτα ∆ηµητριάδου. Στη διοργάνωση συµµετείχαν περισσÞτεροι απÞ 900 σύνε-

δροι και εκθέτεσ απÞ Þλο τον κÞσµο αντιπροσωπεύοντασ Εθνικούσ Οργανισµούσ Τουρισµού, Convention Bureaux, επαγγελµατίεσ οργανωτέσ συνεδρίων, εκδÞτεσ και ΜΜΕ µε τουσ οποίουσ οι αξιωµατούχοι του ΚΟΤ είχαν σειρά επαφών. Η αντιπροσωπεία του ΚΟΤ που εκπροσωπούσε παράλληλα και το Cyprus Convention Bureaux, είχε την ευκαιρία να ενηµερωθεί για τισ τελευταίεσ εξελίξεισ στον τοµέα του συνεδριακού τουρισµού και τισ ευκαιρίεσ που διανοίγονται για την Κύπρο. Θέµατα Þπωσ αυτά του Branding, Destination

∞˘ÍËÌ¤ÓÔ ÂÓ‰È·Ê¤ÚÔÓ ÁÈ· ÙÔ «The Oval» Συνεχίζονται οι πωλήσεισ παράλληλα µε τισ κατασκευαστικέσ εργασίεσ στο «The Oval», το πολυτελέσ γραφειακÞ συγκρÞτηµα τησ Cybarco Development Ltd που ανεγείρεται στη ΛεµεσÞ. Ùπωσ δήλωσε ο EκτελεστικÞσ ∆ιευθυντήσ τησ εταιρίασ, Μιχάλησ Χατζηπαναγιώτου σε λιγÞτερο απÞ 6 µήνεσ απÞ τη µέρα που παρουσιάστηκε για πρώτη φορά το «The Oval» στο κοινÞ, έχουν ήδη πουληθεί το 25% του κτηρίου. Παράλληλα µε εντατικούσ ρυθµούσ και βάση χρονοδιαγράµµατοσ συνεχίζονται και οι κατασκευαστικέσ εργασίεσ. Το «The Oval» είναι ένα έργο ορÞσηµο, που θα ενισχύσει περεταίρω την εικÞνα τησ Λεµεσού σαν επιχειρηµατικÞ κέντρο. Ανεγείρεται κοντά στο ΝαυτικÞ Ùµιλο Λεµεσού, 100 µέτρα απÞ τη θάλασσα και προγραµµατίζεται να ολοκληρωθεί µέχρι το τέλοσ του 2016. Έχουν ολοκληρωθεί οι χωµατουργικέσ εργασίεσ και οι εργασίεσ πασσαλώσεων του κτηρίου, η αποστράγγιση του εδάφουσ και οι εκσκαφέσ, και έχουν ήδη ξεκινήσει οι εργασίεσ σκυροδέµατοσ των υπογείων χώρων. Το έργο αποτελείται απÞ 16 ορÞφουσ µε απρÞσκοπτη θέα στη θάλασσα, το εσωτερικÞ των οποίων µπορεί να προσαρµοστεί στισ απαιτήσεισ οποιασδήποτε επιχείρησησ. Η εντυπωσιακή εικÞνα του έργου συµπληρώνεται µε τουσ πολυτελείσ, επανδρωµένουσ χώρουσ υποδοχήσ που βρίσκονται στο ισÞ-

γειο, τουσ Þµορφα διαµορφωµένουσ κήπουσ και την καφετέρια, καθώσ επίσησ και µε τισ υπηρεσίεσ που θα προσφέρονται Þπωσ property management, 24ωρη ασφάλεια και ελεγχÞµενη είσοδοσ τÞσο στο κτίριο Þσο και στα 2 υπÞγεια Þπου βρίσκονται οι χώροι στάθµευσησ. Για περισσÞτερεσ πληροφορίεσ ή για διευθέτηση συνάντησησ, καλέστε το 8000 50 30 ή επισκεφτείτε την ιστοσελίδα Cybarco.com

Marketing και καινοτÞµων προσεγγίσεων για στοχευÞµενη προώθηση του συνεδριακού τουρισµού, είχαν σηµαντική θέση στο πρÞγραµµα εργασιών του Συνεδρίου. H Κυπριακή αποστολή υπέβαλε αίτηση για φιλοξενία στην Κύπρο του Mediterrannean ICCA Chapter ενώ παράλληλα εξέτασε τισ προϋποθέσεισ για διοργάνωση στην Κύπρο αριθµού άλλων συνεδρίων. Περαιτέρω εξελίξεισ αναµένονται τον ∆εκέµβριο εφÞσον έχει ήδη προγραµµατιστεί η κάθοδοσ στην Κύπρο αξιωµατούχων του ICCA.

CIIM: ∂›ÛËÌÔ °Â‡Ì· ÌÂ ÙÔÓ ¶ÚfiÂ‰ÚÔ ∞Ó·ÛÙ·ÛÈ¿‰Ë Επίσηµο γεύµα µε κεντρικÞ οµιλητή τον ΠρÞεδρο τησ ∆ηµοκρατίασ Νίκο Αναστασιάδη, διοργανώνει ο Σύνδεσµοσ Αποφοίτων του CIIM και το Cyprus International Institute of Management, σε συνεργασία µε το ΚΕΒΕ και την ΟΕΒ. Θέµα τησ συνάντησησ είναι «Ο αναβαθµισµένοσ ρÞλοσ τησ Κύπρου στην Ανατολική ΜεσÞγειο ωσ σταθεροποιητικÞσ παράγων και ενεργειακÞ κέντρο για την Ευρώπη» και θα πραγµατοποιηθεί την Πέµπτη 20 Νοεµβρίου 2014, στισ 12:45 το µεσηµέρι, στο Ξενοδοχείο Hilton Park στην Λευκωσία. Στη διάρκεια τησ εκδήλωσησ χαιρετισµούσ θα απευθύνουν ο ΠρÞεδροσ του Συνδέσµου Αποφοίτων του CIIM, Κυριάκοσ Θεοφίλου και ο ∆ιευθυντήσ του Cyprus International Institute of Management ∆ρ ΘεÞδωροσ Παναγιώτου. Μετά το πέρασ τησ οµιλίασ του Προέδρου Αναστασιάδη, θα ακολουθήσει Ανοιχτή Συζήτηση. Το δικαίωµα συµµετοχήσ για το επίσηµο γεύµα έχει καθοριστεί στα 50 ευρώ και τα καθαρά έσοδα απÞ την εκδήλωση, θα διατεθούν για ενίσχυση του Ταµείου Υποτροφιών του CIIM, που έχει δηµιουργηθεί µε στÞχο την οικονοµική στήριξη άπορων και άριστων φοιτητών.

ΧΡΗΜΑ&ΑΓΟΡΑ

12 ΝΟΕΜΒΡΙΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

Ã. °ÂˆÚÁÈ¿‰Ë˜: ™Â ÂÍ¤ÏÈÍË Ë ‰È·‰ÈÎ·Û›· ÁÈ· ÙËÓ ÂfiÌÂÓË ‰fiÛË Σε εξέλιξη βρίσκεται η τυπική διαδικασία για εκταµίευση τησ επÞµενησ δÞσησ, η οποία αναµένεται στα µέσα ∆εκεµβρίου, σύµφωνα µε τον ΥπουργÞ Οικονοµικών Χάρη Γεωργιάδη. Σε δηλώσεισ του ο ΥπουργÞσ ανέφερε Þτι είναι δεδοµένο πωσ το Γιούργκρουπ διαπίστωσε Þτι προχωρά το πρÞγραµµα τησ κυβέρνησησ και Þτι έχουν υλοποιηθεί οι προϋποθέσεισ που είχαν τεθεί. Ο ΥπουργÞσ ανέφερε επίσησ πωσ η κυπριακή οικονοµία έχει διανύσει πολύ δρÞµο µετά την ανάληψη τησ εξουσίασ απÞ τον πρÞεδρο Αναστασιάδη, σε µια κρίσιµη στιγµή.

Μιλούσε στο Λονδίνο, Þπου παρέστη στην ετήσια χοροεσπερίδα του παραρτήµατοσ του ∆ηµοκρατικού Συναγερµού Ηνωµένου Βασιλείου. Ùπωσ είπε ο κ. Γεωργιάδησ, έκτοτε έχουν ληφθεί δύσκολεσ αλλά απαραίτητεσ αποφάσεισ για τη µεταρρύθµιση τησ οικονοµίασ, τη διÞρθωση του τραπεζικού κλάδου και την εδραίωση των δηµοσίων οικονοµικών. Σηµείωσε Þτι «ίσωσ τα αποτελέσµατα να µην έρθουν Þσο γρήγορα θα θέλαµε, αλλά ήδη η ανεργία είναι χαµηλÞτερη, η ύφεση έχει διανύσει την πορεία τησ, η ανάπτυξη αναµένεται απÞ το επÞµενο έτοσ και οι τράπεζέσ µασ που

κλονίστηκαν βαριά, πέρασαν επιτυχώσ τα τεστ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ». Ο υπουργÞσ Οικονοµικών τÞνισε Þτι η κυβέρνηση πρέπει να συνεχίσει τη µακρά, αλλά αναγκαία προσπάθεια δηµιουργίασ θεµελίων µιασ πιο βιώσιµησ οικονοµίασ για την Κύπρο. ΑπευθυνÞµενοσ προσ τα µέλη τησ παροικίασ, ο Χάρησ Γεωεργιάδησ είπε Þτι η κυβέρνηση εξακολουθεί να χρειάζεται τη δική τουσ συµβολή και να τουσ θεωρεί απÞ τουσ βασικÞτερουσ πυλώνεσ επί των οποίων η Κύπροσ και ο ΕλληνισµÞσ γενικÞτερα µπορούν να στηριχθούν.

¡¤Ô ÌÔÓÙ¤ÏÔ ÙÔ˘ Û˘ÛÙ‹Ì·ÙÔ˜ ÚÔÌÔÙÈÎ‹˜ Da Vinci ÛÙÔ πÔÎÚ¿ÙÂÈÔ Το νέο και πιο σύγχρονο µοντέλο Da Vinci, το οποίο διαθέτει την πλέον εξελιγµένη ροµποτική τεχνολογία και χαρακτηρίζεται ωσ η κορυφή τησ ιατρικήσ επιστήµησ, απέκτησε πρÞσφατα το Κέντρο Ροµποτικήσ Χειρουργικήσ του Ιπποκράτειου Νοσοκοµείου στη Λευκωσία. Το υπερσύγχρονο αυτÞ ιατρικÞ µηχάνηµα, αποτελεί το κÞσµηµα τησ ιατρικήσ, καθιστώντασ το Κέντρο πρωταγωνιστή στα ιατρικά χρονικά τησ Κύπρου. Στη διάρκεια των τελευταίων έξι χρÞνων, η έµπειρη οµάδα του Κέντρου Ροµποτικήσ Χειρουργικήσ πραγµατοποίησε πέραν των 600 επεµβάσεων υψηλήσ ακρίβειασ µε άριστα αποτελέσµατα, σε ασθενείσ µε ουρολογικέσ παθήσεισ. ΑπÞ το 2012 η επαναστατική µέθοδοσ εφαρµÞζεται και στη γυναικολογία, αφού µέχρι στιγµήσ έχουν αντιµετωπισθεί µε επιτυχία πέραν των 150 γυναικολογικών περιστατικών, παρέχοντασ τεράστια οφέλη, µέγιστη ασφάλεια και τέλειο αισθητικÞ αποτέλεσµα στισ γυναίκεσ ασθενείσ. Το νέο καινοτÞµο ΡοµποτικÞ ΧειρουργικÞ Σύστηµα da Vinci Si παρέχει:

- Τρισδιάστατη απεικÞνιση υψηλήσ ευκρίνειασ (HD) του χειρουργικού πεδίου - ∆υνατÞτητα ενσωµάτωσησ διπλήσ χειρουργικήσ κονσÞλασ

∫¤Ú‰Ë €3 31 ÂÎ. ÁÈ· ÙËÓ Eurobank ∫‡ÚÔ˘ Κέρδη 31,3 εκ. ευρώ µετά τουσ φÞρουσ ανακοίνωσε η Eurobank Cyprus Ltd («Eurobank Κύπρου») για το πρώτο 9µηνο του 2014. Ο δείκτησ κεφαλαιακήσ επάρκειασ είναι 37,57%(Capital Adequacy Ratio) µε βάση τα νέα κριτήρια τησ Βασιλείασ ΙΙΙ (CRD IV/CRR), παρουσιάζει ισχυρή και βελτιωµένη ρευστÞτητα και µε χαµηλή βάση κÞστουσ λειτουργίασ. Ùπωσ αναφέρεται σε ανακοίνωση τησ τράπεζασ ισχυρÞ θεµέλιο για τη συνέχιση τησ επιτυχηµένησ πορείασ τησ είναι το στρατηγικÞ µοντέλο που ακολουθεί και η προσήλωση στην πελατοκεντρική φιλοσοφία και η σηµασία που αποδίδεται στην ποιÞτητα εξυπηρέτησησ.

Σύµφωνα µε την ανακοίνωση η Eurobank Κύπρου ενισχύει την παρουσία τησ στουσ τοµείσ των µεγάλων επιχειρήσεων, τησ διαχείρισησ περιουσίασ ιδιωτών, τησ τραπεζικήσ διεθνών εταιρειών και των κεφαλαιαγορών. Παράλληλα αναπτύσσει περαιτέρω το εύροσ των ποιοτικών υπηρεσιών και των προϊÞντων που προσφέρει, χρηµατοδοτεί σταθερά την κυπριακή οικονοµία και ενισχύει τισ υγιείσ αναπτυξιακέσ πρωτοβουλίεσ, επενδύει στην καλλιέργεια µακροχρÞνιων σχέσεων εµπιστοσύνησ, διαφάνειασ και αξιοπιστίασ µε τουσ πελάτεσ και συνεργάτεσ τησ και τέλοσ προσθέτει θέσεισ εργασίεσ στη βάση τησ ανάπτυξησ των εργασιών τησ.

¢ÈÂÚÂ˘ÓËÙÈÎ‹ Â›ÛÎÂ„Ë ÂÎÚÔÛÒˆÓ ÙÔ˘ ∫·Ù¿Ú ÛÙËÓ ∫‡ÚÔ Σε συνέχεια τησ επίσκεψησ που πραγµατοποίησε ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ στο Κατάρ στισ αρχέσ του τρέχοντοσ έτουσ, βρίσκονται στην Κύπρο απÞ τισ αρχέσ τησ εβδοµάδασ εκπρÞσωποι του Κατάρ Investment Authority Οι εκπρÞσωποι του Κατάρ είχαν την ∆ευτέρα συνάντηση µε τον ΚυπριακÞ ΟργανισµÞ Προώθησησ Επενδύσεων (CIPA), κατά την οποία ενηµερώθηκαν για το επενδυτικÞ περιβάλλον τησ Κύπρου, το φορολογικÞ καθεστώσ, το κυπριακÞ νοµικÞ πλαίσιο και για τισ επενδυτικέσ προοπτικέσ µε βάση υλικÞ που τουσ είχε

αποσταλεί στο παρελθÞν. Η παρούσα επίσκεψη στην Κύπρο των εκπροσώπων του Κατάρ θεωρείται ωσ διερευνητικού επιπέδου, ενώ δεν έχουν έρθει να δουν κάτι συγκεκριµένο. Κατά τισ επαφέσ τουσ στην Κύπρο, οι οποίεσ βρίσκονται “σε πολύ προκαταρκτικÞ στάδιο”, θα συναντηθούν, µε µέλη τησ Κυβέρνησησ, κυρίωσ µε Υπουργούσ, για να ενηµερωθούν περαιτέρω για την Κύπρο. Στο πλαίσιο των επαφών τουσ οι εκπρÞσωποι του Κατάρ θα συναντηθούν επίσησ µε τον Έφορο Αποκρατικοποιήσεων και µε την Κεντρική Τράπεζα.

OÈÎÔÓÔÌÈÎ‹ Û˘ÓÂÚÁ·Û›· ¶¿ÊÔ˘ - √˘ÎÚ·Ó›·˜ ΜνηµÞνιο οικονοµικήσ συνεργασίασ υπέγραψαν Πάφοσ και Ουκρανία. Συγκεκριµένα τα ουκρανικά επιµελητήρια απÞ τισ πÞλεισ Cherkaskoi, Dnipropetrovsk, Kirovogradskoy, και Symskoy και η Πάφοσ υπέγραψαν ΜνηµÞνιο συνεργασίασ µε κύριο σκοπÞ την οικονοµική συνεργασία. Ο ΠρÞεδροσ του ΕΒΕ Πάφου Ανδρέασ ∆ηµητριάδησ δήλωσε Þτι “Με την υπογραφή των συµφωνιών συνεργασίασ βάζουµε την υποδοµή ώστε να δηµιουργηθεί εκείνο το έδαφοσ, το οποίο θα βοηθήσει στην συνεργασία των επιχειρήσεων, στον τοµέα του τουρισµού, του εµπορίου, τησ βιοµηχανίασ, µε την ανταλλαγή επισκέψεων επιχειρηµατικών συναντήσεων σε εκθέσεισ και διάφορα άλλα”. Επεσήµανε επίσησ, πωσ η προσπάθεια αυτή του ΕΒΕ Πάφου, αποτελεί συνέχεια τησ εξωστρέφειασ που – Þπωσ ανέφερε- πρέπει τÞσο το Επιµελητήριο αλλά και ο εµποροβιοµηχανικÞσ κÞσµοσ τησ Πάφου να επιδείξουν ώστε “να ξεσηκώσουµε

την οικονοµία µασ γρήγορα, ραγδαία και µε επιτυχία”. Ο Γιαννάκησ Αριστοδήµου, Επίτιµοσ ΠρÞξενοσ τησ Ουκρανίασ στην Πάφο και αντιπρÞεδροσ του Επιµελητηρίου Πάφου, είπε Þτι στÞχοσ µε την υπογραφή του µνηµονίου συνεργασίασ είναι να παρουσιάζεται η Πάφοσ µε γεγονÞτα που την τιµούν και µε γεγονÞτα που φέρουν τουσ δύο λαούσ, τον ουκρανικÞ και τον κυπριακÞ, σε πιο συχνή επικοινωνία. Ο πρÞεδροσ του Επιµελητηρίου τησ Ουκρανίασ Gennadiy Chyzhykov, ανέφερε πωσ οι σχέσεισ τησ Κύπρου και τησ Ουκρανίασ έχουν εισέλθει σε άλλο επίπεδο. Ιδιαίτερα, σηµείωσε, µε την τελετή των εγκαινίων του γραφείου του Επίτιµου Προξένου τησ Ουκρανίασ στην Πάφο οι σχέσεισ των δύο χωρών ενδυναµώνονται και διευκολύνονται ακÞµη περισσÞτερο. Ο κ. Chyzhykov χαρακτήρισε σηµαντική χώρα την Κύπρο για τη σύναψη οικονοµικών συµφωνιών.

- Αναβαθµισµένα χειρουργικά οφέλη για τον χειρουργÞ - ∆υνατÞτητα απεικÞνισησ των αιµοφÞρων αγγείων διαµέσου τησ χρήσησ του διεγχειρητικού συστήµατοσ απεικÞνισησ (Firefly Fluorescence Technology) µε έγχυση ενδοκυανίνησ - ∆υνατÞτητα χρήσησ εξελιγµένων ροµποτικών εργαλείων, κατευθυνÞµενα απÞ τον χειρουργÞ κονσÞλασ, Þπωσ το Vessel Sealer για την απολίνωση αγγείων διαµέτρου έωσ 7mm και το εργαλείο αυτÞµατησ συρραφήσ των ιστών (Stapler) - ∆υνατÞτητα ενσωµάτωσησ ροµποτικών χειρουργικών εργαλείων για την πραγµατοποίηση χειρουργικών επεµβάσεων διαµέσου ΜΟΝΟ µίασ οπήσ 1,8 εκ. απÞ τον οµφαλÞ του ασθενούσ - ∆υνατÞτητα παράλληλησ απεικÞνισησ επιπρÞσθετων ιατρικών απεικονίσεων και εξετάσεων στη χειρουργική κονσÞλα σε πραγµατικÞ χρÞνο (Tile Pro). ΑπÞ το 2008 το Ιπποκράτειο έχει δηµιουργήσει παράδοση στη διενέργεια εξειδικευµένων επεµβάσεων µε το ροµποτικÞ σύστηµα Da Vinci.

ŒÎ‰ÔÛË Ô‰ËÁÔ‡ ÁÈ· ÙÔÓ ÚÔÛÎ˘ÓËÌ·ÙÈÎfi ÙÔ˘ÚÈÛÌfi EιδικÞσ οδηγÞσ µε πληροφορίεσ για τα σηµαντικÞτερα µοναστήρια και εκκλησίεσ τησ Πάφου κυκλοφÞρησε µε πρωτοβουλία του προέδρου και των µελών τησ επαρχιακήσ επιτροπήσ Πάφου του ΠΑΣΥΞΕ. ΣκοπÞσ του εντύπου, που δίνεται δωρεάν απÞ τα ξενοδοχεία, είναι η ενηµέρωση των επισκεπτών κυρίωσ των Ρώσων οι οποίοι ωσ ΟρθÞδοξοσ λαÞσ, επιδεικνύουν έντονο ενδιαφέρον για τα µνηµεία θρησκευτικού ενδιαφέροντοσ. Εκ των πραγµάτων ήτο αδύνατο να συµπεριληφθούν Þλεσ οι εκκλησίεσ και τα θρησκευτικά µνηµεία τησ Πάφου ωστÞσο, παρέχεται η δυνατÞτητα στον επισκέπτη να γνωρίσει την µακραίωνη ιστορία του τÞπου µασ, ακολουθώντασ τα βήµατα του ΑποστÞλου Παύλου. Η ανάγκη για την κυκλοφορία οδηγού περιήγησησ προέκυψε απÞ το µεγάλο ενδιαφέρον τουριστών κυρίωσ Ρώσων για προσκυνηµατικέσ περιηγήσεισ, γι αυτÞ το έντυπο – οδοιπορικÞ, είναι στη Ρωσική γλώσσα και περιλαµβάνει οδικÞ χάρτη για πληρέστερη πληροφÞρηση. Ο πρÞεδροσ τησ τοπικήσ επιτροπήσ Πάφου του ΠΑΣΥΞΕ κ. Θέµησ Φιλιππίδησ σε δηλώσεισ του µε αφορµή την έκδοση αυτή τÞνισε πωσ η Πάφοσ ωσ ποιοτικÞσ τουριστικÞσ προορισµÞσ στοχεύει στην προώθηση του εναλλακτικού τουρισµού. Οι Ευρωπαίοι αλλά και Ρώσοι επισκέπτεσ αναζητούν στουσ προορισµούσ τησ επιλογήσ τουσ, πρωτÞτυπεσ βιωµατικέσ εµπειρίεσ. Μπροστά σε αυτή τη διεθνή τάση η Πάφοσ ανοίγει ορίζοντεσ σε νέεσ µορφέσ τουρισµού ακολουθώντασ ένα διαφορετικÞ τρÞπο οργάνωσησ απÞ το µοντέλο τουρισµού που ίσχυε παραδοσιακά «Ήλιοσ – θάλασσα- φιλοξενία». Ο Μητροπολίτησ Πάφου Γεώργιοσ χαιρετίζοντασ την προσπάθεια τησ τοπικήσ επιτροπήσ Πάφου του ΠΑΣΥΞΕ τÞνισε Þτι «η παρουσίαση αυτή εκπληρώνει πολλαπλούσ σκοπούσ. ∆εν ωφελεί µÞνο τουσ επισκέπτεσ των οποίων ικανοποιεί τα γνωστικά, τα θρησκευτικά και άλλα αισθητήρια, αλλά και αναδεικνύει το ιστορικÞ και πολιτιστικÞ µασ παρελθÞν, θέτοντασ ενώπιον µασ και τισ δικέσ µασ ευθύνεσ».

ΧΡΗΜΑ&ΑΓΟΡΑ

12 ΝΟΕΜΒΡΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

¶fiÛÔ ı· ·ÓÙ¤ÍÂÈ Ô Mr. Draghi ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Το ∆.Σ. τησ ΕΚΤ αναλαµβάνει οµÞφωνα τη δέσµευση να χρησιµοποιήσει και άλλα µη συµβατικά µέσα, δήλωσε ο πρÞεδροσ τησ ΕΚΤ Mario Draghi στην τελευταία συνεδρία τησ ΕΚΤ, απαντώντασ στα πρÞσφατα δηµοσιεύµατα που κάνουν λÞγο για σοβαρέσ διαφωνίεσ στουσ κÞλπουσ τησ κεντρικήσ τράπεζασ Þσον αφορά την κατεύθυνση τησ νοµισµατικήσ πολιτικήσ. Ο επικεφαλήσ τησ ΕΚΤ επανέλαβε µάλιστα Þτι ο ισολογισµÞσ τησ ΕΚΤ, µετά τισ πρÞσφατεσ αποφάσεισ για τισ αγορέσ ABS και καλυµµένων οµολÞγων αναµένεται να κινηθεί προσ το µέγεθοσ που είχε αρχέσ του 2012. ΑυτÞ φέρεται να είχε προκαλέσει και πάλι την αντίδραση των µελών του ∆.Σ. που ελέγχονται απÞ τον ΓερµανÞ κεντρικÞ τραπεζίτη Jens Weidmann. Είναι κοινÞ µυστικÞ Þτι στο Συµβούλιο τησ ΕΚΤ υπάρχει µια συγκροτηµένη - στηµένη αντιπολίτευση στισ αποφάσεισ του Mario Draghi και τησ πλειοψηφίασ που στηρίζει τισ µέχρι σήµερα αποφάσεισ του. ΠρÞκειται φυσικά για τον Jens Weidmann και τουσ συναδέλφουσ του απÞ τισ ΚΤ Λουξεµβούργου, Ολλανδίασ, Εσθονίασ και Λετονίασ. Η κριτική που απευθύνουν στον ευρωπαίο κεντρικÞ τραπεζίτη αφορά τÞσο στισ επιλογέσ του για την ακολουθούµενη νοµισµατική πολιτική τησ ΕΚΤ, Þσο και για τουσ τρÞπουσ που χρησιµοποιεί για να τισ επιτύχει. Συγκεκριµένα , αναφορικά µε το δεύτερο σηµείο, υποστηρίζουν Þτι η ανακοίνωση του Mario Draghi , Þτι το ενεργητικÞ τησ ΕΚΤ θα πρέπει να αυξηθεί στα επίπεδα των αρχών του 2012 (δηλαδή πάνω απÞ 1 τρισ ευρώ) έγινε ερήµην τουσ. ∆εν είχαν ενηµερωθεί για την πρÞθεση αυτή αλλά και ούτε είχε προηγουµένωσ συζητηθεί στο συµβούλιο τησ ΕΚΤ. Τώρα οι αντιρρήσεισ τουσ σχετικά µε τισ επιλογέσ του Mario Draghi στην νοµισµατική πολιτική τησ ΕΚΤ είναι λίγο

πολύ γνωστέσ: αντιδρούν, βασικά για λÞγουσ που έχουν να κάνουν µε τα Γερµανικά συµφέροντα, στην επεκτατική τησ κατεύθυνση και ειδικά στην περίπτωση που θα λάβει την πραγµατική µορφή «ποσοτικήσ χαλάρωσησ» (quantitative easing). Και ο λÞγοσ που το κάνουν είναι απλÞσ και τον γνωρίζουν Þλοι. Οι Γερµανοί µια χώρα πλεονασµατική και καθÞλου αποπληθωριστική το τελευταίο πράγµα που επιθυµεί είναι η υποτίµηση του Ευρώ και ενίσχυση των πληθωριστικών πιέσεων, πράγµα βέβαια που πιθανÞν να συµβεί µε την υιοθέτηση του QE. ΠαρÞλη την πίεση αυτή ο Mr. Draghi δείχνει να αντέχει. Ο κεντρικÞσ τραπεζίτησ αποδεικνύεται ικανÞσ χειριστήσ των εντυπώσεων. Ενώ τελεί υπÞ διαρκή πολιτική πίεση απÞ το Βερολίνο και συνεχÞµενα κτυπήµατα απÞ τουσ «εντεταλµένουσ» του Κ. ΣÞιµπλε δείχνει να αντέχει. Συνεχίζει να λειτουργεί µε οικονοµικά κριτήρια και σαφέστατα διαθέτει µεγαλύτερη ανεξαρτησία απÞ οποιονδήποτε οµÞλογÞ του στον κÞσµο και σίγουρα δεν έχει καµία σχέση µε τον προκάτοχο του ο οποίοσ ήταν ένα «φερέφωνο» Γερµανικών συµφερÞντων. Το πÞσο έχουν αποθρασυνθεί οι Γερµανοί µε την άρνη-

ση του Mr. Draghi να υπηρετήσει τα Γερµανικά συµφέροντα φαίνεται και απÞ τα δηµοσιεύµατα Γερµανικών εντύπων. Στο τελευταίο τησ άρθρο η Deutsche Welle ξεπέρασε κάθε Þριο έπαρσησ και αλαζονείασ υποδεικνύοντασ Þτι ο επιτήδειοσ ΙταλÞσ θα µπορούσε να τερµατίσει πρÞωρα την παρουσία του στη Φρανκφούρτη, διαδεχÞµενοσ τον ΙταλÞ ΠρÞεδρο τησ ∆ηµοκρατίασ Giorgio Napolitano ο οποίοσ γίνεται 90 ετών εντÞσ του 2015. Το σχετικÞ δηµοσίευµα µάλιστα εικονογραφούνταν απÞ αφηγήσεισ για την αδιαφορία που επιδεικνύει ο Draghi έναντι των λοιπών µελών του ∆.Σ. περνώντασ τισ περισσÞτερεσ ώρεσ των συνεδριάσεων στα κινητά του. Επίσησ Þπωσ έγινε γνωστÞ η Bundesbank ξεψαχνίζει το ΚαταστατικÞ τησ ΕΚΤ αναζητώντασ τρÞπουσ να µπλοκάρει νοµικά την ποσοτική χαλάρωση. Το γερµανικÞ “αντάρτικο” βέβαια έναντι του προέδρου τησ ΕΚΤ δεν είναι σηµερινή υπÞθεση – Þπωσ µαρτυρεί η προσφυγή ιδιωτών στο ΣυνταγµατικÞ ∆ικαστήριο τησ Καρλσρούησ, την οποία οι Γερµανοί δικαστέσ παρέπεµψαν στο ΕυρωπαϊκÞ ∆ικαστήριο του Λουξεµβούργου, δηλώνοντασ µεν αναρµÞδιοι αλλά και διατυπώνοντασ σοβαρέσ επιφυλάξεισ Þτι τα αντισυµβατικά µέτρα Draghi συνιστούν υπέρβαση εντολήσ αλλά και έµµεση δηµοσιονοµική µεταβίβαση. ΠαρÞλα αυτά ο Mr. Draghi δείχνει προσ το παρÞν να µεν ανησυχεί και αυτÞ φάνηκε και στην συνέντευξη Τύπου που παραχώρησε µετά την τακτική συνεδρίαση του ∆.Σ. τησ ΕΚΤ την Πέµπτη ο Draghi εµφανίσθηκε ήρεµοσ και κυρίαρχοσ των εξελίξεων. ΠερισσÞτερο ήρεµοσ µάλιστα απ΄ Þ,τι κατά την προηγούµενη συνεδρίαση στη Νάπολη, η οποία είχε σηµαδευτεί απÞ συνεχÞµενεσ ερωτήσεισ για την οµοφωνία εντÞσ τησ τράπεζασ. Το µέγα θέµα βέβαια είναι οι πολιτικοί ηγέτεσ του Ευρωπαϊκού νÞτου να δράξουν την ευκαιρία και να στηρίξουν πολιτικά το κεντρικÞ τραπεζίτη που είναι ο µοναδικÞσ που τÞλµησε να πάει κÞντρα στην Γερµανική «εγκληµατική» πολιτική που έχει µετατρέψει την υπÞλοιπη Ευρωζώνη σε «ζÞµπι».

Societe Generale: ¶ÚÔÛ¤ÍÙÂ ÙËÓ ·ÁÔÚ¿ ÂÙÚÂÏ·›Ô˘ ΕπιφυλακτικÞτητα συστήνει η Societe Generale στουσ επενδυτέσ που θεωρούν Þτι η πτώση των τιµών του πετρελαίου θα δώσουν ώθηση στην παγκÞσµια οικονοµία, αναλύοντασ τουσ πέντε λÞγουσ για τουσ οποίουσ µπορεί τελικά να µην είναι επωφελήσ η πτώση. Στην ανάλυση τησ η γαλλική τράπεζα επιχειρεί να απαντήσει στα ερωτήµατα που έχουν προκύψει τισ τελευταίεσ εβδοµάδεσ σχετικά µε τισ επιπτώσεισ των τιµών του πετρελαίου στην παγκÞσµια οικονοµία. Τα αποτελέσµατα τησ πτώση τησ τιµήσ του πετρελαίου πρέπει να ερµηνεύονται µε προσοχή, τονίζει η Societe Generale. Σύµφωνα µε την ανάλυση NiGEM, η πτώση κατά 20 δολάρια στην τιµή του βαρελιού προσθέτει 0,26 ποσοστιαίεσ µονάδεσ στο παγκÞσµιο ΑΕΠ µετά το πρώτο έτοσ. Οι ΗΠΑ, ο Καναδάσ και µια σειρά απÞ παραγωγούσ πετρελαίου τησ Ασίασ αναµένεται να κερδίσουν περισσÞτερο απÞ τισ χαµηλÞτερεσ τιµέσ του πετρελαίου. ΩστÞσο, δεν λείπουν οι επιφυλάξεισ: - Η πορεία των νοµισµάτων θα µεταβάλλει σηµαντικά το Þφελοσ (Η ανάλυση τησ Societe Generale κρατά τα νοµίσµατα αµετάβλητα)

- Οι χαµηλÞτερεσ τιµέσ του πετρελαίου επίσησ προσθέτουν άγχοσ σε χώρεσ Þµωσ η Ρωσία, το Ιράν και η Βενεζουέλα. ΩστÞσο, αντισταθµίζεται απÞ µια πολύ επιθετική αντίδραση τησ νοµισµατικήσ πολιτικήσ φέρνοντασ έτσι το ΑΕΠ σε θετικÞ ήδη έδαφοσ. ΑυτÞ προϋποθέτει Þτι τα πιστωτικά κανάλια λειτουργούν σωστά και Þτι δεν θα υπάρξει καµία πρÞσθετη ζηµιά στην εµπιστοσύνη. Λαµβάνοντασ υπÞψη την τρέχουσα κατάσταση, αυτÞ φαίνεται πολύ λιγÞτερο πιθανÞ αποτέλεσµα. Έτσι υπάρχουν ανησυχίεσ Þτι οι χαµηλÞτερεσ τιµέσ του πετρελαίου θα µπορούσαν να αυξήσουν τουσ κινδύνουσ για τη Ρωσία. Σε περίπτωση που οι τιµέσ του φυσικού αερίου καταρρεύσουν επίσησ, η αρνητική επίπτωση στην Ρωσία θα αυξηθεί. - Οι θετικοί πολλαπλασιαστέσ µπορεί να είναι χαµηλÞτεροι λÞγω των υψηλών επιπέδων χρέουσ. Οι φορείσ χάραξησ πολιτικήσ ελπίζουν Þτι οι χαµηλέσ τιµέσ του πετρελαίου θα σώσουν την ανάπτυξη. ΩστÞσο η Societe Generale συστήνει Þτι θα πρέπει να το σκεφτούν δύο ΕιδικÞτερα, οι ηγέτεσ τησ Ευρωζώνησ θα πρέπει να δράσουν

αποφασιστικά µετά τισ εκκλήσεισ τησ ΕΚΤ για επιτάχυνση των διαρθρωτικών µεταρρυθµίσεων. - Αύξηση τησ παγκÞσµιασ ρευστÞτητασ Το µικρÞτερο κÞστοσ για το πετρέλαιο θα δηµιουργήσει προβλήµατα στο σχεδιασµÞ για την παγκÞσµια ρευστÞτητα. Η πρÞεδροσ τησ Fed, J. Yellen προειδοποίησε Þτι τα υψηλÞτερα ποσοστά πολιτική θα µπορούσαν να αυξήσουν τη µεταβλητÞτητα τησ αγοράσ, - Προβλήµατα στην αµερικανική παραγωγή σχιστÞλιθου. Σε ποιο επίπεδο η παραγωγή σχιστÞλιθου παραγωγήσ γίνεται µη ανταγωνιστική; Αυτή είναι µια ερώτηση που δεν φαίνεται να έχει µια απλή απάντηση. Το κÞστοσ ποικίλλει σε µεγάλο βαθµÞ. Επιπλέον, οι χαµηλÞτερεσ τιµέσ του πετρελαίου, µε δεδοµένο το κÞστοσ εξÞρυξησ και του κÞστουσ τεχνογνωσίασ που έχει αποκτηθεί, µπορεί να καταστήσει µη ανταγωνιστική την εκµετάλλευση των αποθεµάτων των ΗΠΑ. Αυτοί είναι οι πέντε λÞγοι για τουσ οποίουσ µπορεί η πτώση των τιµών του πετρελαίου να µην είναι ιδιαίτερα επωφελήσ για την παγκÞσµια οικονοµία.

∂∫∆ - √ÌfiÊˆÓË Ë ‰¤ÛÌÂ˘ÛË ¯Ú‹ÛË˜ ÌË Û˘Ì‚·ÙÈÎÒÓ Ì¤ÙÚˆÓ ∞Ï¤ÍË˜ ∫ÈÙÚÔÌËÏ›‰Ë˜ Alpha Bank Cyprus Ltd, Treasury Division Η πτωτική πορεία του ευρωπαϊκού νοµίσµατοσ έναντι του αµερικανικού δολαρίου αποδυναµώθηκε την περασµένη εβδοµάδα, καθώσ η ισοτιµία διατηρήθηκε κοντά στα επίπεδα του 1.2400-1.2500. Η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) στην συνεδρίαση τησ περασµένησ Πέµπτησ διατήρησε αµετάβλητο το επιτÞκιο πράξεων κύριασ αναχρηµατοδÞτησησ στο 0.05%, Þπωσ και τα επιτÞκια διευκÞλυνσησ οριακήσ χρηµατοδÞτησησ (0.30%) και διευκÞλυνσησ αποδοχήσ καταθέσεων (-0.20%). Ο πρÞεδροσ τησ ΕΚΤ Mario Draghi τÞνισε Þτι το ∆Σ δεσµεύεται οµÞφωνα στη χρήση επιπρÞσθετων µη συµβατικών µέτρων για ενίσχυση τησ οικονοµίασ αν χρειαστεί. Επίσησ πρÞσθεσε Þτι οι αγορέσ καλυµµένων οµολÞγων και ABS θα έχουν σηµαντικÞ αντίκτυπο στον ισολογισµÞ τησ ΕΚΤ, ο οποίοσ αναµένεται να αυξηθεί στα επίπεδα που βρισκÞταν στισ αρχέσ του 2012 (> 3 τρισ

ευρώ). Ο πληθωρισµÞσ θα παραµείνει χαµηλά τουσ επÞµενουσ µήνεσ ενώ οι κίνδυνοι για την οικονοµία τησ ευρωζώνησ παραµένουν. Στισ ΗΠΑ οι νέεσ θέσεισ εργασίασ µη συµπεριλαµβανοµένου του αγροτικού τοµέα, διαµορφώθηκαν τον Οκτώβριο στισ 214,000 έναντι εκτίµησησ για 235,000, ενώ το ποσοστÞ ανεργίασ υποχώρησε τον Οκτώβριο σε 5.8% έναντι εκτίµησησ για 5.9%. Τα τελευταία δεδοµένα εξακολουθούν να συµβαδίζουν µε την προοπτική ενίσχυσησ τησ απασχÞλησησ στισ ΗΠΑ και διατήρησησ τησ αναπτυξιακήσ δυναµικήσ. ΠαρÞλα αυτά, στα πρακτικά τησ πρÞσφατησ συσκέψεωσ τησ Fed επισηµάνθηκε Þτι η επιβράδυνση τησ ανάπτυξησ τησ παγκÞσµιασ οικονοµίασ αποτελεί κίνδυνο για την προοπτική τησ οικονοµίασ των ΗΠΑ. Κατ’ επέκταση η εν λÞγω αναφορά τροφοδοτεί την εκτίµηση Þτι η Fed πιθανÞν να είναι διστακτική στη διαδικασία σταδιακήσ απÞσυρσησ τησ επεκτατικήσ νοµισµατικήσ πολιτικήσ. Επίσησ επανέλαβε τη σηµατοδÞτηση για διατήρηση του επιτοκίου αναφοράσ πλησίον του 0% για σηµαντικÞ χρονικÞ διάστηµα µετά την ολοκλήρωση του προγράµµατοσ ποσοτικήσ επέκτασησ. Τέλοσ η Fed θεωρεί Þτι η πρÞσφατη ισχυροποίηση του δολαρίου αποτελεί κίνδυνο για τισ εξαγωγέσ και την ανάπτυ-

ξη τησ οικονοµίασ των ΗΠΑ και πιθανÞν αποτρέπει την άνοδο του πληθωρισµού προσ τον στÞχο. Σε άλλεσ οικονοµικέσ εξελίξεισ, η Τράπεζα τησ Αγγλίασ διατήρησε Þπωσ αναµενÞταν αµετάβλητο το βασικÞ επιτÞκιο στο 0.50% και το ύψοσ του προγράµµατοσ αγοράσ τίτλων στισ 375 δισ λίρεσ. Επίσησ στη Μ. Βρετανία η βιοµηχανική παραγωγή ενισχύθηκε σε µηνιαία βάση το Σεπτέµβριο κατά 0.6% (εκτίµηση 0.4%) και σε ετήσια βάση κατά 1.5% (εκτίµηση 1.6%), ενώ το εµπορικÞ έλλειµµα διαµορφώθηκε το Σεπτέµβριο στα 2.84 δισ λίρεσ. (εκτίµηση 2.3 δισ λίρεσ).

ΧΡΗΜΑ&ΑΓΟΡΑ

12 ΝΟΕΜΒΡΙΟΥ, 2014

financialmirror.com | ΕΛΛΑ∆Α | 7

∆ÂÙ · ÙÂÙ ™·Ì·Ú¿ - ¡Ù·‚Ô‡ÙÔÁÏÔ˘ ÁÈ· ·ÔÎÏÈÌ¿ÎˆÛË ÙË˜ ¤ÓÙ·ÛË˜ Σε πλήρη εξέλιξη βρίσκεται η ελληνοτουρκική κρίση, µετά τισ πολεµικέσ ιαχέσ του αρχηγού του τουρκικού πολεµικού Ναυτικού Μπουλέντ Μποστάνογλου ο οποίοσ είπε Þτι η Αγκυρα έχει δώσει εντολέσ για κανÞνεσ εµπλοκήσ στην Ανατολική ΜεσÞγειο. ΩστÞσο, σε µια προσπάθεια για αποκλιµάκωση τησ έντασησ αποφασίστηκε συνάντηση του Αντώνη Σαµαρά µε τον Τούρκο πρωθυπουργÞ, Αχµέτ Νταβούτογλου στισ 5 ∆εκεκµβρίου. Η συνάντηση των δύο πολιτικών ανδρών θα γίνει στο πλαίσιο του 3ου τακτικού ετήσιου Ανώτατου Συµβουλίου Συνεργασίασ µεταξύ των Κυβερνήσεων τησ Ελλάδασ και τησ Τουρκίασ, υπÞ την προεδρία των δύο πρωθυπουργών, στισ 5-6 ∆εκεµβρίου στην Αθήνα. Η ελληνική πλευρά επιχειρεί να υποβαθµίσει το γεγονÞσ, εκτιµώντασ Þτι πρÞκειται για αναµενÞµενη κλιµάκωση τησ προκλητικÞτητασ εξαιτίασ τησ συµφωνίασ του Καϊρου. Πάντωσ, αυτÞ για το οποίο ανησυχούν περισσÞτερο στην Αθήνα είναι το γεγονÞσ Þτι η Άγκυρα στήνει σκηνικÞ Ιµίων θέλοντασ ουσιαστικά να «κατεβάσουν σηµαίεσ» οι Έλληνεσ και οι Κύπριοι. ΠρÞκειται για την απαίτηση τησ Τουρκίασ να παγώσει κάθε δραστηριÞτητα στην κυπριακή ΑΟΖ µε αντάλλαγµα την απÞσυρση του «ΜπαρµπαρÞσ» και των άλλων πλοίων που το υποστηρίζουν. ΠρÞκειται για µια τακτική τησ τουρκικήσ κυβέρνησησ να δηµιουργήσει

τετελεσµένα στην Ανατολική ΜεσÞγειο αµφισβητώντασ τα κυριαρχικά δικαιώµατα τησ Κύπρου και συνακÞλουθα και των άλλων χωρών, Þπωσ η Ελλάδα και η Αίγυπτοσ που έκλεισαν τη συµφωνία για χάραξη ΑΟΖ. Πληροφορίεσ θέλουν επίσησ την Αθήνα να ετοιµάζει για νέα τριµερή συνάντηση, αυτή τη φορά µε την Κύπρο και το Ισραήλ. Ο Κύπριοσ ΠρÞεδροσ Νίκοσ Αναστασιάδησ στισ 2 ∆εκεµβρίου θα πραγ-

µατοποιήσει επίσκεψη στα ΙεροσÞλυµα, Þπου στισ συναντήσεισ του µε τον πρωθυπουργÞ Μπ. Νετανιάχου θα δώσουν ώθηση στισ διµερείσ σχέσεισ τÞσο στον ενεργειακÞ τοµέα Þσο και στο κεφάλαιο τησ Ασφάλειασ που λÞγω τησ κατάστασησ στη Συρία δηµιουργεί νέεσ προκλήσεισ. Για σήµερα Τετάρτη έχει προγραµµατιστεί επίσκεψη στην Αθήνα υψηλÞβαθµησ αντιπροσωπείασ του ισραηλινού ΥΠΕΞ για

διαβουλεύσεισ µε εκπροσώπουσ του Ελληνικου ΥΠΕΞ, Þπου αναµένεται να υπάρξουν διερευνητικέσ επαφέσ µε σκοπÞ την προετοιµασία νέασ Τριµερούσ µεταξύ Ελλάδασ-Κύπρου και Ισραήλ, η οποία φυσικά θα λειτουργεί συµπληρωµατικά µε την Τριµερή Ελλάδασ-Κύπρου-Αιγύπτου. Στη συνάντηση αυτή θα συµµετάσχει απÞ την Κύπρο είτε ο γενικÞσ διευθυντήσ του ΥΠΕΞ, πρέσβησ Αλ. Ζήνων, είτε ο αναπληρωτήσ του Τ. Τζιωνήσ. Ο κυβερνητικÞσ εκπρÞσωποσ τησ Κύπρου Ν. Χριστοδουλίδησ επιβεβαίωσε Þτι έχει ήδη αρχίσει η προετοιµασία τησ νέασ Τριµερούσ µε το Ισραήλ. Αυτέσ οι πληροφορίεσ για νέα τριµερή ήταν η βασική αιτία για τισ «πολεµικέσ» δηλώσεισ του Τούρκου ναυάρχου ο οποίοσ έσπευσε να πει επίσησ Þτι διαθέτει 158 πολεµικά πλοία, 50 αεροπορικά µέσα, αµφίβια ταξιαρχία πεζοναυτών, δυνάµεισ υποβρυχίων καταστροφών και 50.000 έµπειρο προσωπικÞ. Υπενθυµίζεται Þτι σε εξέλιξη βρίσκεται στρατιωτική άσκηση µε την ονοµασία «Γαλάζια Φάλαινα µέχρι τισ 14 Νοεµβρίου µε τη συµµετοχή και νατοϊκών στοιχείων απÞ τισ ΗΠΑ, τη Γερµανία, την Αγγλία, την Ισπανία και τον Καναδά, καθώσ και µιασ φρεγάτασ απÞ το Πακιστάν. Ξεκίνησαν στη ναυτική βάση «Ακσάζ» στη Μαρµαρίδα και θα συνεχιστούν µε ασκήσεισ άµυνασ. Η τελική φάση προβλέπει επίσκεψη στο λιµάνι τησ Αττάλειασ.

23 ÂÎ. ÙÔ˘Ú›ÛÙÂ˜ «¿ÙËÛ·Ó fi‰È» ÙËÓ ∂ÏÏ¿‰· Σε νέα αναθεώρηση τησ εκτίµησησ των αφίξεων επισκεπτών απÞ το εξωτερικÞ στην Ελλάδα για το 2014 προχώρησε ο Σύνδεσµοσ Ελληνικών Τουριστικών Επιχειρήσεων (ΣΕΤΕ), µε βάση τα στοιχεία των αεροπορικών αφίξεων του µηνÞσ Οκτωβρίου. ΕιδικÞτερα, σύµφωνα µε τον ΣΕΤΕ, προβλέπεται Þτι ο αριθµÞσ των αφίξεων εξωτερικού θα φθάσει τα 20,5 εκ. αφίξεισ, έναντι 19,5 εκ. αφίξεων τησ προηγούµενησ εκτίµησησ, χωρίσ να συνυπολογίζονται οι αφίξεισ κρουαζιέρασ. Σε περίπτωση, µάλιστα, που θα επιβεβαιωθούν τα προσωρινά στοιχεία τησ ΤτΕ για επιπλέον 1,2 εκ. οδικέσ και ακτοπλοϊκέσ αφίξεισ κατά το διάστηµα Ιουλίου- Αυγούστου 2014, οι συνολικέσ αφίξεισ -πλην κρουαζιέρασ- εκτιµάται Þτι θα ξεπεράσουν τα 21 εκ. απÞ 17,9 εκ. το 2013 και 15,5 εκ. το 2012. Οι αφίξεισ κρουαζιέρασ, σηµειώνει ο ΣΕΤΕ, παρά τισ αρχικέσ προβλέψεισ που τισ έδειχναν στάσιµεσ σε σχέση µε το 2013, κατέγραψαν αύξηση κατά 100.000 το πρώτο εξάµηνο και σε σύνολο έτουσ, αναµένεται να κινηθούν περί τα 2,5 εκ., έναντι των 2,2 εκ. του 2013. Συνολικά, εποµένωσ, για το 2014, η νέα εκτίµηση των συνολικών αφίξεων επισκεπτών -µε Þλα τα µέσα- κινείται προσ το επίπεδο των 23 εκ., παρουσιάζοντασ αύξηση κατά

15% σε σχέση µε το 2013. Σε επίπεδο αεροπορικών αφίξεων απÞ το εξωτερικÞ, συνεχίστηκε και ενισχύθηκε περαιτέρω τον Οκτώβριο η ανοδική πορεία σε ποσοστÞ +23,5%, µε αποτέλεσµα σε επίπεδο δεκάµηνου (Ιανουαρίου- Οκτωβρίου 2014) η αύξηση πλέον να ανέρχεται στο 15%, σε σχέση µε το αντίστοιχο διάστηµα του 2013, στο σύνολο των βασικών αεροδροµίων τησ χώρασ. Πέραν τησ εντυπωσιακήσ αυτήσ αύξησησ για δεύτερη συνεχή χρονιά, καταγράφονται δύο ιδιαίτερα ενθαρρυντικέσ τάσεισ: Η πρώτη αφορά στη σαφή επιµήκυνση τησ περιÞδου µε τον Απρίλιο 2014 στο +36,4% και τον Οκτώβριο 2014 στο +23,5%, σε σχέση µε το αντίστοιχο διάστηµα του 2013. Η δεύτερη, αφορά στην εξίσου σηµαντική ενίσχυση τησ κίνησησ προσ την Αθήνα και τη Θεσσαλονίκη, αλλά και τη διάχυση του τουριστικού ρεύµατοσ προσ πολλούσ µικρÞτερουσ ή λιγÞτερο καθιερωµένουσ προορισµούσ, οι οποίοι κατέγραψαν υψηλά διψήφια ποσοστά αύξησησ σε σχέση µε καθιερωµένουσ προορισµούσ που κινήθηκαν µε µονοψήφια ποσοστά αύξησησ. Με αφορµή τα τελευταία στοιχεία για τισ αφίξεισ ο πρÞεδροσ του ΣΕΤΕ, Ανδρέασ Α. Ανδρεάδησ δήλωσε: «Τα τελευ-

ταία στοιχεία, αποδεικνύουν την εξαιρετική δυναµική του ελληνικού τουρισµού. Παρά την επιδείνωση του οικονοµικού κλίµατοσ σε Ευρώπη και Ρωσία και το ιδιαίτερα ασταθέσ περιβάλλον στην ευρύτερη περιοχή, στο τέλοσ του 2014, η Ελλάδα αναµένεται να ανέλθει στη δεκαπεντάδα τησ παγκÞσµιασ κατάταξησ των µεγαλύτερων τουριστικά χωρών. Κινούµαστε σηµαντικά γρηγορÞτερα απÞ τα αναµενÞµενα προσ την επίτευξη των στÞχων του στρατηγικού σχεδίου και του Τουριστικού Οδικού Χάρτη 2021».

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Στον αέρα βρίσκεται η επιστροφή τησ τρÞικασ στην Αθήνα µε τουσ δανειστέσ να υπογραµµίζουν Þτι δεν θα πάνε για τισ διαπραγµατεύσεισ αν δεν σηµειωθεί πρÞοδοσ σε Þσα έχουν συµφωνηθεί. Σύµφωνα µε το Bloomberg Athens «η Ευρωπαϊκή Ένωση λέει Þτι η τρÞικα θα επιστρέψει Þταν η Αθήνα δείξει πρÞοδο». Το τελευταίο Eurogroup συζήτησε µε θετικÞ τρÞπο για το µέλλον του προγράµµατοσ στήριξησ τησ Ελλάδασ και για τα επÞµενα βήµατα, δήλωσε χθεσ η εκπρÞσωποσ τησ Ευρωπαϊκήσ Επιτροπήσ Μίνα Αντρέεβα. Εξάλλου, τÞνισε Þτι στÞχοσ είναι να υπάρξει ολοκλήρωση τησ εν εξελίξει αξιολÞγησησ έωσ το Eurogroup τησ 8ησ ∆εκεµβρίου. Απαντώντασ σε ερώτηση για το πÞτε προτίθεται να επιστρέψει η τρÞικα στην Αθήνα για την ολοκλήρωση τησ αξιολÞγησησ, η κ. Αντρέεβα είπε Þτι απαιτείται περαιτέρω πρÞοδοσ σε ορισµένα ζητήµατα, Þπωσ στον προϋπολογισµÞ του 2015, τα «κÞκκινα» δάνεια, την είσπραξη των φÞρων και άλλεσ πηγέσ δηµοσίων εσÞδων. Σύµφωνα µε την εκπρÞσωπο τησ ΚοµισιÞν, οι επαφέσ µε τισ ελληνικέσ Αρχέσ συνεχίζονται, ενώ -Þπωσ είπε- δεν είναι ακÞµη σε θέση να επιβεβαιώσει ηµεροµηνία επιστροφήσ τησ τρÞικασ, η οποία θα επιστρέψει µÞλισ υπάρξει πρÞοδοσ στα παραπάνω θέµατα. Σηµείωσε ακÞµη Þτι ο επίτροποσ Οικονοµίασ Πιερ Μοσκοβισί χαιρέτησε την άποψη που εξέφρασαν οι ελληνικέσ Αρχέσ για την άµεση αντιµετώπιση βασικών θεµάτων µε στÞχο τη βιώσιµη ανάκαµψη τησ οικονοµίασ. Σύµφωνα, πάλι, µε άλλεσ πληροφορίεσ η τρÞικα θα επιστρέψει στην Αθήνα εντÞσ των προσεχών ηµερών, ενδεχοµένωσ και µέσα στο Σαββατοκύριακο.

ΦιλÞδοξα έργα, καινοτÞµεσ ιδέεσ, φορολογικά και οικονοµικά κίνητρα και ένασ ευρύτεροσ σχεδιασµÞσ για µια µεγάλη αστική ανάπλαση που θα αλλάξει ριζικά την εικÞνα τησ Αθήνασ περιέχονται στην υπουργική απÞφαση που υπέγραψε ο έλληνασ υπουργÞσ Περιβάλλοντοσ.Περιοχέσ Þπωσ το ΕµπορικÞ Τρίγωνο Κουµουνδούρου - Ψυρρή, Πλατεία Βάθησ - Μεταξουργείο - ΚεραµεικÞσ, Μουσείο - Πανεπιστηµίου, Πλατεία Βικτωρίασ - Πλατεία Αττικήσ - Άγιοσ Παύλοσ θα απολαµβάνουν στο µέλλον µια σειρά φορολογικών κινήτρων για επιχειρηµατίεσ, ελεύθερουσ επαγγελµατίεσ και ιδιώτεσ που επιστρέφουν στο κέντρο τησ πÞλησ. Προβλέπεται επίσησ η ανάπλαση τησ Πλατείασ Οµονοίασ, του προαύλιου χώρου του Αρχαιολογικού Μουσείου, του χώρου µεταξύ Ακαδηµίασ Αθηνών και Πανεπιστηµίου Αθηνών (Πλ. Κωστή Παλαµά) και του προαύλιου χώρου του Πνευµατικού Κέντρου τησ Αθήνασ. Ακολουθούν οι πλατείεσ Αγίου Παντελεήµονα, Βικτωρίασ, Βάθη, Αγίου Παύλου, Ακαδηµίασ Πλάτωνοσ, Εξαρχείων, Θεάτρου (και η Πλατεία Ξούθου), η Ανάπλαση τησ Πλατείασ Αρχηγέτιδασ και τησ µικρήσ πλατείασ Θησείου απέναντι απÞ τον σταθµÞ ΗΣΑΠ, η Πλατεία ΜητροπÞλεωσ και η Πλατεία Κολωνακίου. Προβλέπεται, επίσησ, η δηµιουργία πλατειών σε µη απαλλοτριωµένουσ χώρουσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

12 ΝΟΕΜΒΡΙΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com

Be a hero… ÊfiÚÂÛÂ ÙÔ ÂÚ‹Ê·Ó· Û·Ó ‹Úˆ·˜ Τα µπλουζάκια ‘Be a hero’ Etherial Limited Edition για άνδρεσ και γυναίκεσ συνεχίζει να διαθέτει προσ πώληση ο Παγκύπριοσ Σύνδεσµοσ Καρκινοπαθών και Φίλων (ΠΑΣΥΚΑΦ) στα πλαίσια τησ Εκστρατείασ Ενηµέρωσησ και Οικονοµικήσ Ενίσχυσησ ‘Μαζί στη ζωή’ µε στÞχο την οικονοµική ενίσχυση των υπηρεσιών και των προγραµµάτων του. Τα µπλουζάκια ‘Be a hero’ δηµιούργησε για τον ΠΑΣΥΚΑΦ και την Πρέσβειρα του Ευρυδίκη, η ζωγράφοσ, Digital and Design Artist Χρίστα ∆αµιανού Σταύρου, το 2013. Σε χρώµατα άσπρο, ροζ και γκρι, µε ιδιαίτερα σχέδια που συµβολίζουν τη δύναµη και την αλλαγή, ο ΠΑΣΥΚΑΦ επιλέγει τα τρία µπλουζάκια ωσ εναλλακτικÞ µέσο επικοινωνίασ µε Þσουσ θέλουν να ξεχωρίζουν µε τα µικρά αλλά σηµαντικά και µασ προκαλεί να γινÞµαστε ήρωεσ µε Þποιο τρÞπο µπορούµε, στην καθηµερινÞτητα µασ. Τα µπλουζάκια διατίθενται προσ πώληση απÞ το κατάστηµα 34 the Shop, Limassol Marina στην ΛεµεσÞ, Nanolab στην Λευκωσία, διαδικτυακά απÞ www.etherial.eu και απÞ τα Γραφεία του ΠΑΣΥΚΑΦ σε Þλεσ τισ πÞλεισ.

ÕÎÚˆ˜ ÂÈÙ˘¯ËÌ¤ÓÔ ÙÔ Automania Show 2014 Ο Ùµιλοσ Πηλακούτα οργάνωσε µε µεγάλη επιτυχία το Automania Show 2014 σε ένα συναρπαστικÞ διήµερο στη Πλατεία του ΓΣΠ στη Λευκωσία. Το κοινÞ είχε την ευκαιρία να γνωρίσει απÞ κοντά και να οδηγήσει αγαπηµένα αυτοκίνητα απÞ τον Ùµιλο Πηλακούτα, τα οποία προσφέρονταν σε πολύ ειδικέσ τιµέσ. Στην εκδήλωση παρουσιάστηκαν η εντελώσ νέα BMW 218i Αctive Tourer µε απίστευτα ευρύχωρο εσωτερικÞ, χάρη στη λειτουργικÞτητα και τον πολυµορφικÞ σχεδιασµÞ τησ. Τισ εντυπώσεισ του κοινού έκλεψε η εντελώσ νέα BMW 218i Αctive Tourer µε την απÞλυτη εµπειρία οδήγησησ, την ειδική τιµή γνωριµίασ, αλλά και τον εντυπωσιακÞ εξοπλισµÞ τησ. Φυσικά στο Automania Show 2014 παρουσιάστηκαν Þλα τα µοντέλα του Οµίλου Πηλακούτα σε φανταστικέσ τιµέσ! Το µοναδικÞ ΒΜW 116i αυτÞµατο, µε πλούσιο εξοπλισµÞ, τo εκπληκτικÞ ΒMW 316i ΑΥΤΟΜΑΤΟ, η σειρά Χ τησ ΒΜW που παρουσίασε την εντελώσ νέα ΒMW X4, την εντελώσ νέα ΒΜW X5, η νέα ΒΜW X3 και άλλα.

250.000 ÁÈ· ÙÈ˜ ·Ó¿ÁÎÂ˜ Û›ÙÈÛË˜ ·È‰ÈÒÓ ·fi ÙËÓ ∆Ú. ∫‡ÚÔ˘ €2 Στο πλαίσιο τησ Εταιρικήσ Κοινωνικήσ Ευθύνησ η Τράπεζα Κύπρου πρÞσφερε χορηγία προσ το Υπουργείο Παιδείασ και Πολιτισµού ύψουσ 250.000 ευρώ για τη δηµιουργία και λειτουργία πέντε κουζινών σε ολοήµερα δηµοτικά σχολεία µε στÞχο να απολαµβάνουν τα παιδιά ζεστÞ, σπιτικÞ µεσηµεριανÞ φαγητÞ. Ο ΠρÞεδροσ του ∆ιοικητικού Συµβουλίου τησ Τράπεζασ, ∆ρ. Κρίστησ Χασάπησ, ενηµέρωσε τον ΥπουργÞ Παιδείασ και Πολιτισµού, ∆ρ.Κώστα Καδή για την εν λÞγω χορηγία. Η χορηγία αυτή αποτελεί µέροσ τησ υλοποίησησ απÞφασησ του ∆ιοικητικού τησ Συµβουλίου, για τη διάθεση συνολικού ποσού µέχρι 1 εκ. ευρώ για τισ ανάγκεσ σίτισησ παιδιών σχολικήσ ηλικίασ. Στισ δύσκολεσ οικονοµικέσ συνθήκεσ που διανύει η χώρα µασ, τέτοιου είδουσ συλλογικέσ προσπάθειεσ οι οποίεσ ενισχύουν την κοινωνική συνοχή κρίνονται απαραίτητεσ, µε την Τράπεζα Κύπρου να διαβεβαιώνει πωσ θα συνεχίσει να στηρίζει ενεργά την τοπική κοινωνία.

Café la Mode Î·È ÛÙËÓ ¶·ÏÈ¿ §Â˘ÎˆÛ›·

STAROIL: ¶ÂÙÚ¤Ï·ÈÔ ı¤ÚÌ·ÓÛË˜ ÛÂ Û˘ÌÊ¤ÚÔ˘ÛÂ˜ ÙÈÌ¤˜ Οι θερµοκρασίεσ πέφτουν και η κυπριακή εταιρεία πετρελαιοειδών STAROIL αναδεικνύεται ο ιδανικÞσ σύµµαχοσ του καταναλωτή για τον φετινÞ χειµώνα, διαθέτοντασ πετρέλαιο θέρµανσησ σε πραγµατικά συµφέρουσεσ τιµέσ, έτσι Þπωσ έχουν καθοριστεί απÞ το µειωµένο κÞστοσ του αργού πετρελαίου στισ διεθνείσ αγορέσ. Κάνοντασ την παραγγελία είτε επικοινωνώντασ µε την παγκύπρια τηλεφωνική γραµµή 77 77 21 12, είτε στην ιστοσελίδα www.staroilcyprus.com, µπορείτε να εκµεταλλευτείτε τισ τρέχουσεσ χαµηλέσ τιµέσ στο πετρέλαιο θέρµανσησ, καθώσ επίσησ και τη δυνατÞτητα άµεσησ εξυπηρέτησησ µέσω του ιδιÞκτητου στÞλου τησ εταιρείασ, χωρίσ επιπρÞσθετη χρέωση. O ∆ιευθύνων σύµβουλοσ τησ STAROIL κ. Γιώργοσ Πέτρου δήλωσε: «Με δεδοµένο Þτι ο χειµώνασ είναι προ των πυλών, καλÞ είναι οι καταναλωτέσ να δράσουν προνοητικά και να εντοπίσουν τισ πιο συµφέρουσεσ προτάσεισ, έτσι ώστε να επωφεληθούν τα σηµερινά δεδοµένα τησ αγοράσ. Η STAROIL παραµένει σύµµαχοσ των νοικοκυριών έτσι ώστε να επωφελούνται ποιοτικÞ πετρέλαιο σε συµφέρουσεσ τιµέσ».

¢‡Ô ÛËÌ·ÓÙÈÎ¤˜ ‚Ú·‚Â‡ÛÂÈ˜ ÁÈ· ÙÔ˘˜ ¯˘ÌÔ‡˜ ∫¿ÌÔ˜ Ã›Ô˘ Ο Κάµποσ Χίου µετά απÞ τον ΧρυσÞ Ερµή που απέσπασε το 2013, στην ενÞτητα Design Συσκευασιών Μη Αλκοολούχων Ποτών, κέρδισε ακÞµα µια σηµαντική διάκριση στα διεθνή βραβεία σχεδιασµού συσκευασίασ Pentawards (τα βραβεία Ùσκαρ του packaging), µε το χρυσÞ βραβείο στην κατηγορία Αναψυκτικών & Χυµών για τισ συσκευασίεσ των µη συµπυκνωµένων φυσικών χυµών του! Μια εξαιρετική και συνάµα απλή συσκευασία που κατάφερε να αποτυπώσει την αυθεντικÞτητα και τη φρεσκάδα των Χυµών Κάµποσ Χίου που φτιάχνονται απÞ γλυκά και ζουµερά φρούτα απÞ ηλιÞλουστα ελληνικά περιβÞλια. Οι 100% φυσικοί χυµοί απÞ µη συµπυκνωµένο χυµÞ προστέθηκαν στην υφιστάµενη γκάµα χυµών Κάµποσ Χίου φέτοσ το καλοκαίρι και διατίθενται σε γεύσεισ πορτοκάλι (µε ζουµερά κοµµατάκια και χωρίσ κοµµατάκια), µανταρίνι και πορτοκάλι-µήλο-ροδάκινο. ΑποκλειστικÞσ αντιπρÞσωποσ των προϊÞντων Κάµποσ Χίου στην Κύπρο είναι η εταιρεία ipH Iakovos Photiades Foodstuff Suppliers Ltd, η οποία κατάφερε µέσα σε ένα χρÞνο να εδραιώσει τουσ χυµούσ Κάµποσ Χίου στην κατηγορία φυσικών χυµών ψυγείου στην Κύπρο µέσα απÞ µία πετυχηµένη διαφηµιστική καµπάνια στην τηλεÞραση καθώσ και άλλεσ δραστηριÞτητεσ Þπωσ δειγµατίσεισ και προσφορέσ σε Þλα τα µεγάλα λιανικά σηµεία πώλησησ.

Το νέο µέλοσ τησ οικογένειάσ του, το Café la Mode Townhouse, που ανοίγει σύντοµα στην οδÞ ΟνασαγÞρου, στην Παλιά Λευκωσία, παρουσίασε σε εκπροσώπουσ των ΜΜΕ ο Ùµιλοσ εταιριών Voici La Mode. Οι τάσεισ τησ αγοράσ και οι ανάγκεσ τησ εποχήσ, αλλά και η ραγδαία ανάπτυξη τησ Παλιάσ Λευκωσίασ, ιδιαίτερα τησ ΟνασαγÞρου, ήταν η αφορµή για να δηµιουργηθεί το Café la Mode Townhouse. Το Café la Mode Townhouse είναι ένασ µοντέρνοσ χώροσ, µε προσεγµένο και ζεστÞ περιβάλλον που υπÞσχεται στον επισκέπτη µια µοναδική γευστική εµπειρία, διατηρώντασ πάντα το Þραµα των Café la Mode που Þλοι αγαπήσαµε τα τελευταία 16 χρÞνια: Προσήλωση στο υψηλÞ επίπεδο ποιÞτητασ, άριστη εξυπηρέτηση και απÞλυτοσ σεβασµÞσ προσ τον πελάτη. Ο «ρετρÞ» χαρακτήρασ του Café la Mode Townhouse διαφέρει πολύ απÞ τα υπÞλοιπα Café la Mode, αλλά αναµφισβήτητα δένει απÞλυτα µε την αύρα τησ παλαιάσ πÞλησ. Η εσωτερική διακÞσµηση του χώρου υπÞσχεται να ταξιδέψει τον επισκέπτη σε µια άλλη εποχή. To Τοwnhouse θα είναι ένασ χώροσ για κάθε ώρα τησ µέρασ. Απολαύστε το κλασικÞ English Breakfast αλλά και υγιεινέσ επιλογέσ προγεύµατοσ. Για το µεσηµεριανÞ, έχοντασ υπÞψιν τουσ γρήγορουσ ρυθµούσ ζωήσ, δοκιµάστε τα µαγειρευτά φαγητά στα οποία υπάρχουν επιλογέσ µε τα πιάτα τησ ηµέρασ. Επίσησ, συνδυάστε τον απογευµατινÞ καφέ σασ µε λαχταριστέσ κρέπεσ και βάφλεσ ή µοιραστείτε µε την παρέα σασ, το βράδυ, νÞστιµα platters, που µπορείτε να συνδυάσετε µε ένα κρασί τησ επιλογήσ σασ απÞ την µεγάλη κάβα. ΑκÞµη, δοκιµάστε το νέο µενού µε εξωτικά κοκτέιλ που θα κλέψουν τισ εντυπώσεισ!

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Νovember 12 - 18, 2014

financialmirror.com | PROPERTY | 17

Property prices continue to fall in Q3 Property prices continued to fall in the third quarter of the year, with year-on-year values dropping by as much as 4-6%, according to the RICS Cyprus Property Price Index. The 20th edition of the index, based on prices as at the end of September, saw price falls in almost all towns and asset classes, with Nicosia dropping the most. “The capital is clearly feeling the impact on the government and banking sector (the two sectors that dominate the local employment market), whilst other cities are progressively bottoming out,” the RICS sale and rent report said. Across Cyprus, residential prices for both houses and flats fell in the third quarter by 1.6% and 1.0% respectively from the previous quarter, with the biggest drop being in Nicosia (3.4% for houses) and Limassol (1.5% for flats). Values of retail properties fell by an average of 2.0% and offices by 1.4%, whilst those of warehouses remained stable. Compared to Q3 2013, prices dropped by 6.3% for flats, 4.4% for houses, 9.6% for retail, 6.3% for office, and 4.2% for warehouses, RICS Cyprus said. “During the third quarter, the economy showed some signs of stability, with the economy’s performance being better than expected at the end of 2013 and tourism outperforming forecasts. Unemployment remained at a historical high level, stabilised at about 17-18%, further decreases in salaries were recorded, and discussions were ongoing regarding privatisations of state owned enterprises, the revised Immovable Property Tax, and the foreclosure bill. At the same time Bank of Cyprus raised an additional 1.0 bln euros to shore up its capital base.” The report explained that “given prevailing economic conditions and the turbulence in the banking system, there was a lack of transactions during the third quarter. Local buyers in particular were the most discerning as the increase in unemployment and the prospects of the local economy maintained the lack of interest. Furthermore, those interested were unable to access bank-finance or their deposits.” The Property Price Index also saw a deterioration in rents. Across Cyprus, on a quarterly basis rental values decreased by 1.2% for apartments, 0.9% for houses, 3.2% for retail units, 0.4% for warehouses and 0.9% for offices. Compared to Q3 2013, rents dropped by 4.7% for flats, 4.1% for

houses, 11.2% for retail, 9.2% for warehouses, and 4.6% for offices, the RICS report said. “The majority of asset classes and geographies continue to be affected, with areas that had dropped the most early on in the property cycle now nearing the trough,” the report added. At the end of Q3, average gross yields stood at 3.9% for apartments, 1.9% for houses, 5.2% for retail, 4.3% for warehouses, and 4.4% for offices. “The parallel reduction in capital values and rents is keeping investment yields relatively stable and at very low levels (compared to yields overseas). This suggests that there is still room for re-pricing of capital values to take place,” the RICS report concluded.

European real estate stocks down 1.4% The stock markets suffered a modest drop over the last month in the wake of increased sanctions against Russia, which are impacting negatively on economic prospects in Europe, and uncertainty about the speed of interest turnaround in the USA. The Dax fell 1%, while the EuroStoxx was down by 1.2%. European real estate stock saw a similar fall, at 1.4% closing slightly weaker than the stock market as a whole. Losses were spread relatively evenly, with just eight of the Epix 50 stocks remaining in the black. The heaviest losers included Greek company Eurobank Properties REIC SA (-5.4%) and Italian firm Beni Stabili SpA (4.98%). Having again been downgraded by a broker, French company ICADE SA (-4.3%) likewise fell significantly. Befimmo SA acquired two office properties from AXA Belgium SA (-1.4%) in exchange for shares, as a result of which AXA Belgium SA now holds an 11.4% share in the company. Up by 11.7%, the biggest winner by far was the Russian PIK Group OAO. As such, the company has gained 50% since the end of July. (Source: Ellwanger & Geiger Privatbankiers)

The urban village “I want to be a part of it – New York, New York,” Frank Sinatra sang of the city that has attracted so many of the world’s most ambitious people, from artists and performers to businesspeople and bankers. In a sense, this is not a difficult phenomenon to explain; metropolises like New York City, with their multicultural populations, multinational corporations, and multitude of talented individuals, are rife with opportunities. But the impact of large cities runs deeper than economic or even cultural power; cities can fundamentally change people’s lives – and even the people themselves. In 2010, Geoffrey West, together with a team of researchers, discovered that several socioeconomic measures – both positive and negative – increase with the size of the local population. In other words, the larger the city, the higher the average wage, productivity level, number of patents per person, crime rate, prevalence of anxiety, and incidence of HIV. In fact, when a city doubles in size, every measure of economic activity increases by about 15% per capita. That is why people move to the big city; indeed, it is why cities thrive. This law remains constant across city sizes. And it is not unique. A growing body of evidence suggests that similar functions govern even more aspects of urban life than the research by West’s team indicated. How can cities as ostensibly different as New York, with its towering profile, and Paris, characterised by wide boulevards, function so similarly? If, as Shakespeare suggested, a city is nothing but its people, the answer may lie in the characteristic patterns of connection, interaction, and exchange among residents. HIV – indeed, any sexually transmitted disease – provides a particularly vivid example of the way that social networks

shape urban life, as it spreads through linkages of sexual partners. Ideas – and the innovations that result from them – spread in a similar manner. Just a few years ago, a broad investigation of these complex social networks would have been virtually impossible. After all, the available tools – isolated laboratory experiments and written questionnaires – were both imprecise and difficult to apply on a large scale. The Internet has changed that. By enmeshing billions of people in seamless connectivity, online platforms have transformed the scope of social networks and provided new tools for researchers to investigate human interaction. In fact, an entirely new field of study is emerging at the intersection of data analytics and sociology: computational social science. Using data collected online or through telecommunications networks – the wireless providers Orange and Ericsson, for example, have recently made some data available to researchers – it is now possible to address, in a scientific way, fundamental questions about human sociability. A recent paper (of which one of us, Carlo Ratti, is a coauthor) uses anonymised data from telecommunications networks across Europe to explore how human networks change with city size. The results are striking: in large cities, people not only walk faster (a tendency recorded since the 1960s), but they also make – and change – friends faster. This phenomenon is likely rooted in the fact that, in accordance with West’s findings, the total number of human connections increases with city size. London’s 8 million inhabitants regularly connect with almost twice the number of people as Cambridge’s 100,000 residents. This increasing exposure to people – and hence to ideas, activities, and even

By Carlo Ratti and Matthew Claudel

diseases – could explain the impact of city size on socioeconomic outcomes. But another tendency is also consistent across cities of all sizes: people tend to build “villages” around themselves. This behaviour is quantified as the networks’ “clustering coefficient” – that is, the probability that a person’s friends will also be friends with one another – and remains extraordinarily stable across metropolitan areas. Simply put, humans everywhere are naturally inclined to live within tightknit communities. Of course, this idea has been suggested before. The urbanist Jane Jacobs, for example, described the rich interactions occurring in New York City neighbourhoods – what she called an “intricate ballet, in which the individual dancers and ensembles all have distinctive parts which miraculously reinforce each other.” What computational social science offers is the prospect of quantifying such observations and gaining insights that could shape the design of urban environments in the future. The question is whether these insights could also unlock the power of human interactions in small towns, enabling them to access some of the social and economic advantages of a large city. In this sense, it is critical to recognise the fundamental difference between “urban villages” and their rural counterparts. In the latter, social networks are largely predetermined by family, proximity, or history. City dwellers, by contrast, can explore a wide variety of options to create custom-made villages according to their social, intellectual, or creative affinities. Perhaps that is why Sinatra left his hometown of Hoboken, New Jersey. Only in a city like New York could he find the Rat Pack. Carlo Ratti directs the Senseable City Laboratory at the Massachusetts Institute of Technology and heads the World Economic Forum’s Global Agenda Council on Future Cities. Matthew Claudel is a research fellow at the Senseable City Laboratory. © Project Syndicate, 2014, www.project-syndicate.org

Νovember 12 - 18, 2014

18 | WORLD MARKETS | financialmirror.com

Another round of Abenomics By Oren Laurent President, Banc De Binary

Two years on, and Abenomics is still going strong. The latest news from Japan proves that Prime Minister Shinzo Abe is sticking to his strategy to boost and reboot the Japanese economy with a series of monetary, fiscal, and structural policies. Defiant of critics, Abe’s government is sending a strong signal to investors that it has their interests at heart. When Abe began his second term in office in December 2012, he made clear that his priority was to re-energise the Japanese economy which had flourished in the 1980s but had since suffered two decades of deflation and low growth. His Keynesian-style plan, popularly termed “Abenomics”, was to support the export driven economy with a significant stimulus package to drive down exchange rates. The goals were to increase production, corporate earnings, and employment, which together would ultimately pave the way for long-term

and sustainable growth. So far, so good? Critics argue that hyperinflation could lead to the collapse of the yen and cause investors to doubt the real market value of their investments. They also argue that Abe’s policies will not necessarily combat the country’s huge national debt, which stands around double its gross domestic product. However, during Abe’s two years in office so far, the data has been positive. Since the end of 2012, the Japanese yen has fallen 7.8% against the US dollar which has prompted increased production and a rise in stock prices reflected in the climbing Nikkei index. A survey in October last year indicated that business sentiment was the most robust it had been six years. Fast-forward to the present. Out of the companies on the Topix index that released their quarterly reports in the recent earnings seasons, almost two thirds beat Bloomberg expectations for profit. On Friday October 31, the Bank of Japan revealed plans to increase its monetary easing, justifying their actions as necessary to rid the “deflationary mindset” of consumers and businesses. On the very same day, the national pension fund, one of the largest pension funds in the world, pledged to invest more in domestic stocks. Markets were closed on the Monday following the double

news due to a public holiday, but when they reopened on Tuesday, investor sentiment was amply positive. Stocks jumped quickly, and the Nikkei 225 climbed over 4% in the morning session. Except for the Australian dollar, the yen dropped unsurprisingly against all the G10 currencies. The long-term outlook, and the amount and timeframe of stimulus that the Bank of Japan will deem fit, remain uncertain. Analysts are rightly questioning if the current policies will give enough of an impetus for Japan’s economy to sustain itself in the long run without constant interference. However, for short-term investments, we have a more defined reason to be optimistic. The results to date, combined with the very fact of the government’s backing, should inspire confidence.

www.bancdebinary.com

Janet Yellen inspires USD profit-taking Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

EURUSD – A fresh two-year low The EU economic sentiment continued to weaken last week following the European Commission downgrading economic growth forecasts alongside an unexpected 1.3% monthly decline in retail sales. ECB President Mario Draghi wasted no time in sending the Euro to a fresh twoyear low on Thursday (1.2456) when he said EU inflation levels were set to remain low and the ECB is willing to further loosen monetary policy to support the Eurozone economy. The US economy adding a slightly more modest 214,000 jobs to its payroll in October led to the Eurodollar concluding the week back at 1.24. There is no doubt that the longer term risks weigh towards the downside for EURUSD. At the same time, shorter term USD profit-taking will lead to the Eurodollar benefiting from risk appetite. The US employment report not meeting the high expectations set for it, and US exports declining due to the higher valued USD, are both valid reasons for the Federal Reserve to cool down interest rate expectations, meaning investors should be vigilant towards any potential moves towards 1.25. On Friday, EU GDP figures are released and further signs of stagnant economic growth or the EU slipping back into contraction territory will have bearish implications on the Euro. From a technical standpoint, the Eurodollar is continuing to trade in the same bearish direction it has done for months, with there being no indications this will end in November. The pair has just bounced away from the lower trendline, which has proven dynamic in the past. The pair entering a consolidation period would allow the EURUSD to trade lower in the future. Possible resistance can be found at 1.2440 and 1.2470, while support is located at 1.24 and 1.2358.

main GDP contributor - unexpectedly dropped to a 17month month low of 56.2 and heavily weakened investor appetite towards the GBP. A comment from Federal Reserve Chair Janet Yellen on Friday that “supportive policy is still needed in slow global recovery” increased speculation that the Fed will keep interest rates low and encouraged USD profit-taking, resulting in the Cable concluding the week around 1.59. The Cable is in for another volatile week, with Wednesday’s Bank of England (BoE) Inflation Report posing one of the major event risks for the week. Bearing in mind UK CPI recently dropped to a five-year low of 1.2%, the downside risks for the inflation report are strong. The BoE’s views on weak price pressures have strengthened over recent months and, when you consider that alongside signals of UK economic momentum slowing, BoE Governor Carney might announce on Wednesday that a potential UK rate rise will be delayed after Spring 2015. On the technicals, GBPUSD downside moves can find support at 1.5874, 1.5824 and 1.5790. If the USD profittaking that occurred on Friday afternoon continues, possible resistance levels are located at 1.5926, 1.5942 and 1.5994.

USDJPY – Signaling another GBPUSD – Reasons to expect pullback a dovish BoE Widespread US dollar strength following the Fed

The Cable tumbled to its lowest valuation since early September 2013 at 1.5790 late last week following additional indications of an economic slowdown in the UK. The week started positively when the Manufacturing PMI surged to its highest level since July (53.2) and was followed by the Construction PMI hitting 61.4, but things went downhill from there. The Services PMI – the UK’s

concluding QE, GDP surpassing expectations and impressive Initial Jobless Claims led to this pair climbing as high as 115.201 on Friday. The subdued reaction to the US economy only adding 214,000 jobs to its payroll in October encouraged the rally to stall, while the comment from Janet Yellen regarding the need for “supportive policy to remain” on Friday encouraged investors to close positions.

This pair is more vulnerable to pulling back to 113 than it is in appreciating back to 115. Although the US outlook continues to be bright, investors have once again been tempted into pricing in a sooner-than-expected US interest rate rise. The US economy adding less jobs in October is only going to reaffirm to the Fed that the economy is progressing moderately with rates needing to remain low for some time. Moreover, the US Trade Deficit unexpectedly widening suggests the higher valued USD is now weakening export competiveness. Although the US economy is domestically focused, exports declining will lower economic growth forecasts – providing the Fed with a valid reason to keep rates low. Both the Stochastic Oscillator and RSI are each pointing sharply downwards after approaching the overbought boundaries, providing further indications this pair is looking to pullback. Any upside moves can find resistance around 114.480, while support can be found at 113.957, 113.510 and 113.230.

Gold – High volatility in the market Gold finally breaking below $1180 support level resulted in the metal falling as low as $1131 on Friday morning. With US Dollar demand running high following strong US economic performances, Gold accelerated to the downside. However, the comment made from Janet Yellen regarding the need for “supportive policy to remain” resulted in Gold reversing and the commodity recorded its largest daily gain since early June ($47). Aside from Friday’s Advance Retail Sales, high risk economic data from the US is lower this week. Gold will continue to move in accordance to demand for the USD, but Gold investors should remain very vigilant towards any possible USD profit-taking in the next couple of days. The previously critical $1180 support level will now act as major resistance, but a further dovish comment from the Fed would encourage Gold bulls to challenge $1180. Overall, Gold breaking below $1180 was a critical indicator that the bears are in control of the longer term future for Gold. As long as widespread USD profit-taking doesn’t occur, Gold should continue gradually moving to the downside. Possible support can be found at $1160, $1149 and $1140. ForexTime Ltd (FXTM) is a forex broker, registered as a Cyprus Investment Firm and is licensed by the Cyprus Securities and Exchange Commission (CySEC). For disclaimer note, risk warning and information visit ForexCircles at www.forexcircles.com

Νovember 12 - 18, 2014

financialmirror.com | MARKETS | 19

Now that you can, should you buy Shanghai? Marcuard’s Market update by GaveKal Dragonomics After years of frustration, months of speculation and repeated assertions that ‘there is no firm timetable,’ the world’s biggest inaccessible stock market is finally opening up to foreign investment. From Monday, the Shanghai-Hong Kong Stock Connect programme will allow international investors to buy and sell around 560 of the largest A-shares listed in Shanghai directly through their Hong Kong broker, without all the hassle of complying with existing QFII and RQFII institutional quotas. The long term potential of this move is huge for both sides - together Hong Kong and Shanghai leapfrog the London Stock Exchange, Euronext and Tokyo to take the number

three spot in terms of capitalisation. But for now the question facing investors is a simple one: Now that I can invest, should I? We recently looked at valuations in Shanghai, and concluded that the market contains far fewer bargains than its aggregate P/E ratio of 11.5 would suggest. Like many emerging market exchanges (Korea and Brazil for example), Shanghai is dominated by a handful of large firms-most notably the big four banks, which make up 20% of the market’s capitalisation and contribute 40% of its earnings. The rockbottom valuations of these institutionswhich may be fully justified, depending on the true ratio of bad loans on their balance sheets- drag down the aggregate to a huge degree. In fact the market cap-weighted P/E for stocks in the group of 560 which the Shanghai-Hong Kong Connect scheme will open up is around 20, comparable with

Japan. Yet for many clients, the question is not whether to allocate to China, but how to do so. Specifically, what are the relative advantages of A-shares over H-shares (mainland companies listed in Hong Kong) now that the former are freely accessible for the first time? The answer depends on the nature of your China play. If Shanghai’s indexes are strongly influenced by the financial sector, Hong Kong’s are totally dominated by it. Financial and energy firms make up 80% of H-shares by market capitalisation, with industrials bringing the total up to almost 90%. Consumer, healthcare and IT firms, meanwhile, make up a tiny 6% of the Hshare market. In Shanghai, financials and energy firms constitute a little less than 60% of the market, with consumer, healthcare and IT firms carrying more than twice as

much weight as in Hong Kong at 16%. But while Shanghai offers the opportunity to invest in a wider spectrum of market sectors, what it does not offer is a bargain. Across all sectors except consumer discretionary, Ashares are more expensive on a market-cap weighted basis than the equivalent H-share sector in Hong Kong. So, investors with strong convictions about the rise of the Chinese consumer may well want to take a hard look at Shanghai, both for individual opportunities and for a degree of diversification which simply does not exist in the H-share universe. However, investors whose views on China fall into a broader ‘growth will do fine, the banks will sort themselves out with minimal pain, real estate will recover and reforms will proceed nicely’ category, will probably want to stick to the deeply discounted bank and developer plays on offer in the H-share market.

Deflation: Boom or bust? Marcuard’s Market update by GaveKal Dragonomics It has been our contention for a while that capitalism is returning to its 19th century deflationary roots. Indeed, the evidence for this assertion has become overwhelming. The consumer price indices of 13 OECD countries have negative YoY readings. Another eight are below 1%. In the case of “goods inflation,” all European economies are flashing negative. And if the likes of Italy or Spain thought that salvation lay with an “internal devaluation,” they can think again as Germany’s producer price index is negative. Even the US CPI ex-shelter is only inching along at about 1% YoY (excluding rental costs as these are largely imputed values not based on actually transacted prices). Our own leading indicator of inflation, which is largely based on actually transacted prices, is plunging again. This indicator has tended to lead falling or decelerating prices by about six months. The index tends to be highly correlated to world trade, and worryingly it has broken down in recent days. The assumption is that world trade will fall in volume terms, with declining prices to boot. But what exactly is the driver of these deflationary forces? There are three big factors: 1) The advent of new shale oil and gas technologies is leading to lower energy prices. This is “good deflation” which can be thought of as a tax cut. The unknown factor is the amount of US dollar debt that has been incurred to develop resources which may become unprofitable at much lower

prices. In this case, plenty of borrowers could go bankrupt, which is hardly good news. Indeed, the aftermath of the 1985 oil price plunge saw bank failures in Texas and the Lone Star state’s economy struggled for years afterwards. 2) Productivity enhancements tied to accelerated automation and the spread of robotic technology is having a profound impact. Robots used to do simple and repetitive tasks. Now they do smart and repetitive things such as surgery. The worry for the middle class in most advanced economies is that their jobs mostly involve doing intelligent and repetitive tasks. The good news is that the price of surgery will go down; the bad news is that many surgeons will be out of a job. This is classical creative destruction, but this time hitting professionals. 3) Intense pressure is also to be seen in capital-intensive manufacturing industries that are still heavily represented in advanced economies, ie., makers of automobiles and household white goods. Such producers of hardware tend to run high debt loads and are highly exposed to potential “disruptive technologies.” For example, battery technology advances allow far more efficient storage of electricity, which will lead to the replacement of the combustion engine and with it the bankruptcy of a big chunk of our industrial systems. In short, capitalism has rarely seen a time when both the forces of creation and destruction have been as powerful as right now. The question is not whether we face inflation or deflation – this one is settled in favour of deflation. As an investor, you need a portfolio that can handle both a deflationary bust and the benefits of a deflationary boom. Hence, we would tend to own shares in the automation

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

category, hedged by US treasuries and dim sum bonds. This set-up should protect against a nasty outcome in both the energy sector and that part of the capital-intensive industrial complex that is especially prone to disruption.

WORLD CURRENCIES PER US DOLLAR CURRENCY

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

10750 1.5849 1.5764 22.235 5.9981 12.6137 1.2404 1.753 247.79 0.56658 2.7832 0.3461 14.87 6.833 3.4033 3.5677 46.6532 7.4049 0.9692 15.8

AUD CAD HKD INR JPY KRW NZD SGD

0.8609 1.1395 7.7532 61.62 115.95 1091.45 1.2922 1.2955

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

0.3770 7.1499 26570.00 3.8115 0.7080 0.2908 1513.00 0.3850 3.6412 3.7519 11.3021 3.6729

AZN KZT TRY

0.7824 180.87 2.2670

AMERICAS & PACIFIC

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

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

USD GBP EUR JPY CHF

0.15 0.51 0.00 0.08 0.00

0.20 0.53 0.03 0.10 0.00

0.23 0.56 0.05 0.11 0.01

0.33 0.69 0.15 0.15 0.05

0.56 1.01 0.30 0.29 0.16

USD GBP EUR JPY CHF

2yr

3yr

4yr

5yr

7yr

10yr

0.75 1.09 0.21 0.16 -0.01

1.18 1.37 0.27 0.18 0.02

1.52 1.59 0.34 0.23 0.09

1.78 1.77 0.44 0.28 0.18

2.16 2.02 0.68 0.41 0.41

2.50 2.29 1.05 0.64 0.74

Exchange Rates

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

Major Cross Rates

CCY1\CCY2 USD EUR GBP CHF JPY

1 USD

Opening Rates

1 EUR

1 GBP

1.2404

1.5846

1.0318

0.8624

1.2775

0.8318

0.6953

0.6511

0.5443

0.8062 0.6311

0.7828

0.9692

1.2022

1.5358

115.95

143.82

183.73

1 CHF 100 JPY

0.8359 119.63

Weekly movement of USD

CCY\Date

14.10

21.10

29.10

04.11

11.11

CCY

Today

USD GBP JPY CHF

1.2659

1.2757

1.2675

1.2458

1.2361

0.7876

0.7883

0.7853

0.7787

0.7804

135.48

135.56

136.91

141.18

142.29

1.2015

1.1993

1.1988

1.1989

1.1955

GBP EUR JPY CHF

1.5846 1.2404 115.95 0.9692

Last Week %Change 1.5998 1.2458 113.32 0.9624

-0.95 -0.43 +2.32 +0.71

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

Νovember 12 - 18, 2014

20 | WORLD | financialmirror.com

No significant rebound in global growth in 2015 Global GDP growth is unlikely to rebound significantly in the next two years, as a gradual slowdown in the Chinese economy and structural impediments in the euro area, Brazil and South Africa continue to weigh on economic activity, Moody’s Investors Service said in its quarterly Global Macro Outlook report. For the G20 economies as a whole, the rating agency expects GDP growth of around 3% in 2015 and 2016, after 2.8% in 2014. “Most factors that have weighed on global GDP growth in 2014 will remain in place in the next two years, including the gradual slowdown in China,” said Marie Diron, a author of the report. The latter has led to a very sharp deceleration in its imports and has dampened export growth globally. “Moreover, structural deficiencies in some countries and

regions - including the euro area, Brazil and South Africa are also preventing a significant rebound in growth,” continued Diron. These domestic factors are impinging on economic activity to a greater extent than previously envisaged and have driven a downward revision in Moody’s 2015 forecasts for many countries and regions, including the euro area, Japan and Brazil. In contrast, Moody’s expects sustained robust growth in the US, UK and India over the next two years. Moody’s expects robust growth in the US over the next two years (+3% and +2.8% in 2015 and 2016 respectively), as strong job creation and favourable financing conditions create an environment conducive to realise pent-up demand for consumption. Meanwhile, strong profits and low external

financing costs will continue to foster investment by US companies, whilst relatively brighter growth prospects in the US will tend to favour investment at home rather than abroad. In Brazil, slower exports to China have exacerbated underlying weaknesses and drive Moody’s GDP growth forecasts of around 1% in 2015. An elevated level of government debt limits the room for fiscal stimulus measures, whilst high inflation constrains the central bank’s ability to ease monetary policy in support of growth and hampers purchasing power and consumption. Moreover, underinvestment has resulted in deficient infrastructure. Reforms to address these deficiencies will take time to come to fruition and hence have a limited visible effect on GDP growth over the next two years.

How much longer can the Eurozone rely on Germany for growth?

Ov er-re lia nce is b ec om in g a n is s ue

In the aftermath of the financial crisis, the Eurozone relied on Germany to push up its economic growth rate. However, in the absence of a pick-up of growth in France, Italy and the periphery, this over-reliance on Germany is starting to become an issue, according to the PwC monthly Global Economy Watch. The November GEW report explained that the concern arises from two main issues: • Even with reasonably strong growth rates in Germany in recent years, the Eurozone hasn’t managed to grow faster than 1% since 2011 and as a result its GDP remains smaller than immediately before the financial crisis; • Germany has itself slowed recently and faces longer term demographic and economic challenges that could drag down its potential growth rate starting from around 2020. Focusing on Germany, the PwC GEW analysts downgraded their main scenario GDP growth projection from 1.5% to 1.2% for 2014 as there are tangible signs that external shocks (notably the Ukraine-Russia situation) have affected its shortterm outlook. In October, for example, the ZEW Indicator of Economic Sentiment slumped into negative territory for the

first time since November 2012. This is expected to have wider implications on the Q3 Eurozone GDP figure which will be announced on Friday, November 14. The GEW authors think that, in the long-run, Germany has three main challenges it needs to overcome to maintain robust economic growth rates. These are: 1. Unfavourable demographics: Germany’s working-age population is expected to shrink by around 8 mln people between 2010 and 2030; 2. Low investment to GDP ratio with its public investment rates below those of the other core countries; and, 3. Poor labour productivity in the services sector compared to France and the UK (which is, however, offset by Germany’s international excellence in the manufacturing sector). So, where is growth in the Eurozone going to come from? In the short-term, the outlook for the other core economies, which make up close to 40% of Eurozone GDP, is looking weak. Italy has fallen into its third recession since 2008, although

the PwC analysts expect it to grow modestly in 2015 in their main scenario. France has stagnated for the first two quarters of 2014 and, in the absence of substantial reforms to its product and labour markets, its outlook remains poor. “In fact, we calculate that, in a downside scenario where France and Italy fail to grow next year, Eurozone growth could average just 0.8% as compared to our current main scenario projection of just over 1%,” the PwC report said.

The economics of inclusion Many people find economic growth to be a morally ambiguous goal – palatable, they would argue, only if it is broadly shared and environmentally sustainable. But, as my father likes to say, “Why make something difficult if you can make it impossible?” If we do not know how to make economies grow, it follows that we do not know how to make them grow in an inclusive and sustainable way. Economists have struggled with the tradeoff between growth and equity for centuries. What is the nature of the tradeoff? How can it be minimised? Can growth be sustained if it leads to greater inequality? Does redistribution hamper growth? I believe that both inequality and slow growth often result from a particular form of exclusion. Adam Smith famously argued that, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” So why would growth not include people out of self-interest, rather than requiring deliberate collective action? It is well known that levels of income are dramatically different around the world. Thanks to more than two centuries of sustained growth, average per capita income in the OECD countries is just under $40,000 – 3.3, 11.3, and 17.7 times more than in Latin America, South Asia, and Sub-Saharan Africa, respectively. Sustained growth has obviously not included the majority of humanity. What is less well known is that huge gaps exist within countries. For example, GDP per worker in the State of Nuevo León in Mexico is eight times that of Guerrero, while output per worker in the Department of Chocó in Colombia is less than one-fifth that of Bogotá. Why would capitalists extract so little value from workers if they could get so much more out of them? The answer is surprisingly simple: fixed costs. Modern production is based on networks of networks. A modern firm is a network of people with different expertise: production, logistics, marketing, sales, accounting, human-resource management, and so on. But the firm itself must be connected

to a web of other firms – its suppliers and customers – through multi-modal transportation and telecommunication networks. To form part of the modern economy, firms and households need access to networks that deliver water and dispose of sewage and solid waste. They need access to the grids that distribute electricity, urban transportation, goods, education, health care, security, and finance. Lack of access to any of these networks causes enormous declines in productivity. Just think of how your life would change if you had to walk two hours each day to obtain drinking water or wood for fuel. But connecting to these networks involves fixed costs. Before anyone can consume a kilowatt-hour, a liter of water, or a bus ride, somebody has to get a copper wire, a pipe, and a road to their house. These fixed costs need to be recouped through long periods of use. If income is expected to be low (perhaps because of other missing networks), it does not pay to connect a firm or a household to the network, because the fixed costs will not be recouped. Growth is not inclusive because fixed costs deter markets from extending the networks that underpin it. Changes in these fixed costs have outsize effects on who is included. For example, the first telephone company started operations in 1878, while mobile phones are barely 25 years old. One might expect that the former would have diffused more than the latter, just because of the time advantage. Yet, in Afghanistan, there are 1,300 mobile phones for every landline. In India, there are 72 cellphone lines per 100 persons, but only 2.6 landlines. In fact, many Indians with mobile phones must defecate in the open because the median Indian does not have piped water in his house. In Kenya, where there are 50 mobile phones per 100 people, only 16% of the population has access to electricity. This reflects the fact that cellphone towers and handsets are much cheaper than pipes and copper wires, making it possible for the poor to pay the fixed costs. It is the fixed costs that limit the diffusion of the networks. So, a strategy for inclusive growth has to focus on ways of

By Ricardo Hausmann either lowering or paying for the fixed costs that connect people to networks. Technology can help. Clearly, cellphones have done wonders. Cheaper photovoltaic cells may enable remote villages to get electricity without the fixed costs of long transmission lines. Mobile banking may lower the fixed costs faced by traditional banks. But in other areas, the issue involves public policy. From its beginning in 1775, the US Postal Service was based on the principle “that every person in the United States – no matter who, no matter where – has the right to equal access to secure, efficient, and affordable mail service.” A similar logic led to the expansion of the interstate highway system. Obviously, all of this costs money, and it is here that priorities matter. Poor countries lack the money to connect every person to every network at once, which explains the huge regional differences in income. But too many resources are often allocated to palliative redistributive measures that address the consequences of exclusion rather than its causes. Countries such as Brazil, South Africa, Peru, Uganda, Guatemala, Pakistan, and Venezuela spend substantially more money on subsidies and transfers than on public investment to expand infrastructure networks, education, and health care. A strategy for inclusive growth must empower people by including them in the networks that make them productive. Inclusiveness should not be seen as a restriction on growth to make it morally palatable. Viewed properly, inclusiveness is actually a strategy that enhances growth. Ricardo Hausmann, Director of the Center for International Development and Professor of the Practice of Economic Development at the John F. Kennedy School of Government at Harvard University, is a former Venezuelan minister of planning. © Project Syndicate, 2014, www.project-syndicate.org

Νovember 12 - 18, 2014

financialmirror.com | WORLD | 21

The return of the Dollar By Mohamed A. El-Erian Αuthor of When Markets Collide

The US dollar is on the move. In the last four months alone, it has soared by more than 7% compared with a basket of more than a dozen global currencies, and by even more against the euro and the Japanese yen. This dollar rally, the result of genuine economic progress and divergent policy developments, could contribute to the “rebalancing” that has long eluded the world economy. But that outcome is far from guaranteed, especially given the related risks of financial instability. Two major factors are currently working in the dollar’s favour, particularly compared to the euro and the yen. First, the United States is consistently outperforming Europe and Japan in terms of economic growth and dynamism – and will likely continue to do so – owing not only to its economic flexibility and entrepreneurial energy, but also to its more decisive policy action since the start of the global financial crisis. Second, after a period of alignment, the monetary policies of these three large and systemically important economies are diverging, taking the world economy from a multi-speed trajectory to a multi-track one. Indeed, whereas the US Federal Reserve terminated its large-scale securities purchases, known as “quantitative easing” (QE), last

month, the Bank of Japan and the European Central Bank recently announced the expansion of their monetary-stimulus programs. In fact, ECB President Mario Draghi signaled a willingness to expand his institution’s balance sheet by a massive 1 trln euros ($1.25 trln). With higher US market interest rates attracting additional capital inflows and pushing the dollar even higher, the currency’s revaluation would appear to be just what the doctor ordered when it comes to catalysing a long-awaited global rebalancing – one that promotes stronger growth and mitigates deflation risk in Europe and Japan. Specifically, an appreciating dollar improves the price competitiveness of European and Japanese companies in the US and other markets, while moderating some of the structural deflationary pressure in the lagging economies by causing import prices to rise. Yet the benefits of the dollar’s rally are far from guaranteed, for both economic and financial reasons. While the US economy is more resilient and agile than its developed counterparts, it is not yet robust enough to be able to adjust smoothly to a significant shift in external demand to other countries. There is also the risk that, given the role of the ECB and the Bank of Japan in shaping their currencies’ performance, such a shift could be characterised as a “currency war” in the US Congress, prompting a retaliatory policy response. Furthermore, sudden large currency moves tend to translate into financial-market

instability. To be sure, this risk was more acute when a larger number of emerging-economy currencies were pegged to the US dollar, which meant that a significant shift in the dollar’s value would weaken other countries’ balance-of-payments position and erode their international reserves, thereby undermining their creditworthiness. Today, many of these countries have adopted more flexible exchange-rate regimes, and quite a few retain adequate reserve holdings. But a new issue risks bringing about a similarly problematic outcome: By repeatedly repressing financial-market volatility over the last few years, central-bank policies have inadvertently encouraged excessive risktaking, which has pushed many financial-asset prices higher than economic fundamentals warrant. To the extent that continued currency-market volatility spills over into other markets – and it will – the imperative for stronger economic fundamentals to validate asset prices will intensify. This is not to say that the currency re-alignment that is currently underway is necessarily a problematic development; on the contrary, it has the potential to boost the global economy by supporting the recovery of some of its most challenged components. But the only way to take advantage of the re-alignment’s benefits, without experiencing serious economic

disruptions and financial-market volatility, is to introduce complementary growthenhancing policy adjustments, such as accelerating structural reforms, balancing aggregate demand, and reducing or eliminating debt overhangs. After all, global growth, at its current level, is inadequate for mere redistribution among countries to work. Overall global GDP needs to increase. The US dollar’s resurgence, while promising, is only a first step. It is up to governments to ensure that the ongoing currency re-alignment supports a balanced, stable, and sustainable economic recovery. Otherwise, they may find themselves again in the unpleasant business of mitigating financial instability. Mohamed A. El-Erian, Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of President Barack Obama’s Global Development Council and the author, most recently, of When Markets Collide. © Project Syndicate, 2014, www.project-syndicate.org

A growth pact for America By Glenn Hubbard America, once again, will have a divided government, with the Democrats holding the White House, and the Republicans controlling both houses of Congress. But that does not necessarily mean that the final two years of Barack Obama’s presidency need to be defined by stalemate and mutual recrimination. The electorate’s desire for change and fear of continuing slow growth, which pushed the Republicans to their victory in this week’s mid-term congressional election, will invariably prompt discussion about new policy options designed to raise growth, employment, and incomes. Of course, America’s experience with divided government can leave one pessimistic about the two parties’ ability to compromise; but, as Mexico recently demonstrated when its three big parties agreed on a market-oriented “Pact for Mexico,” even bitterly opposed political parties can overcome their suspicions to embrace needed reforms. The list of potential policy actions that could benefit the United States – trade liberalisation, comprehensive regulatory reform, and immigration and education reform, among others – is long. But only two policies are particularly promising for such a “Pact for America”: federal infrastructure spending and corporate-tax reform. Enactment of these reforms would generate a win for each side – and for both. But such a bipartisan consensus requires removing both the left and the right’s ideological blinders, at least temporarily. On the left, a preoccupation with Keynesian stimulus reflects a misunderstanding of both the availability of measures (shovelready projects) and their desirability (whether they will meaningfully change the expectations of households and businesses). Indeed, to counteract the mindset forged in the recent financial crisis, spending measures will need to be longer-lasting if they are to raise expectations of future growth and thus stimulate current investment and hiring. The right, for its part, must rethink its obsession with temporary tax cuts for households or businesses. The impact of

such cuts on aggregate demand is almost always modest, and they are poorly suited for shifting expectations for recovery and growth in the post-financial-crisis downturn. Politics complicates matters further, because the exclusively short-term focus on the fiscal impact of spending and revenues clashes with policies whose benefits accumulate over time. While such benefits may not appear to be “stimulus,” their mounting effect better serves the objective of raising expectations of future demand and growth. But the concerns of serious people, whether on the left or the right, are not so different. Will economic growth accelerate sufficiently to boost job and income growth? Can the barriers that exclude many Americans from recovery and future prosperity be removed? Federal infrastructure spending and corporate-tax reform should top the list of policies capable of attracting bipartisan agreement, because they promise significant long-term productivity, income, and employment gains, while also supporting short-term growth. A commitment to a multi-year federal infrastructure-spending programme, for example, could increase demand, private investment, and employment, even though projects may not be immediately available. And such a programme, normally proposed by Democrats, can and should be crafted to secure Republican support as well. To that end, an infrastructure programme should give states and localities a key role in selecting the projects to be funded, and these governmental units should have “skin in the game” by funding part of the costs. Policymakers should also give serious consideration to regulatory reforms that would reduce the expense of new projects and assure their timely completion. An infrastructure programme oriented in this way – as opposed to a grab bag of politically expedient shovel-ready projects – should be able to muster conservative support. And, done properly, federally funded infrastructure projects should provide substantial benefits to lower-income Americans. Better transport infrastructure, for example, would not only create jobs, but would also reduce the costs of commuting to work. Corporate-tax reform also offers a good opportunity for bipartisan agreement, especially given that Obama and congressional leaders of both parties have expressed interest. While gains from fundamental tax reform – say, replacing the current tax system with a broad-based consumption tax – are

large, on the order of 0.5-1 percentage point per year of economic growth for a decade, corporate-tax reform would also boost growth. Reducing the tax rate for companies substantially, while eliminating targeted business-tax preferences and broadening the corporate-tax base, would increase both investment and workers’ wages. Allowing multinational companies to repatriate overseas profits without paying additional US tax would also bolster investment and job creation at home. Given that recent research shows that much of the burden of corporate taxation is borne by workers in the form of lower wages, Democrats should embrace tax reform as a way to support income growth. One could add to such a reform further support for low-income Americans by increasing the Earned Income Tax Credit for single workers. Given their policy objectives, conservatives should support a well-crafted federal infrastructure programme, and liberals should support corporate-tax reform. But changes in the political process would help move matters ahead. Because the payoffs from infrastructure spending and tax reform do not fit neatly within the five-year or ten-year budget window used by America’s fiscal scorekeepers, measuring more completely the benefits from such policies is vital to attracting political support. Moreover, any increase in spending on infrastructure or any revenue loss from tax reform should be offset elsewhere. For example, future growth in Social Security benefits or the homemortgage-interest tax deduction could be scaled back for more affluent individuals, as progressive indexation, proposed by conservatives in the US, and the adjustment of mortgageinterest tax deductions in the United Kingdom, started during the Thatcher administration, attest. Clearly, the economy is Americans’ top concern. Its leaders must respond with a policy agenda focused on reviving growth now and sustaining it in the future. But that can happen only if enough legislators in both parties, and the president, remove their intellectual and political blinders and reach the long-term compromises needed to create jobs and increase incomes. The time for a Pact for America has arrived. Glenn Hubbard, former Chairman of the Council of Economic Advisers under President George W. Bush, is Dean of Columbia Business School. © Project Syndicate, 2014, www.project-syndicate.org

Νovember 12 - 18, 2014

22 | WORLD | financialmirror.com

Hello Lumia, goodbye Nokia Micr osoft dr ops bra nd after $7.2 bln inve stment

Microsoft has released its new Lumia 535 apparently having lost some confidence in its Nokia devices, despite the $7.2 bln it spent on the cell phone company last September. The brand had become a liability, even for the fading Nokia to which its name had become an embarrassment and Microsoft seems to be acknowledging that, according to 24/7 Wall St.com. The Lumia 535 did not release a price tag, but it should be around $150 together with a suite of Microsoft products. “Today sees the launch of the new Microsoft Lumia 535, our “5x5x5” smartphone package bringing a 5-inch screen, 5-megapixel front- and rear-facing camera, and free integrated Microsoft experiences (such as Skype and OneNote) to more people at an affordable price,” the company said. The Lumia 535 is set to debut in November in Russia, Ukraine, China, Indonesia and the Philippines, while those living in Australia, Vietnam, Thailand and unspecified countries in Africa will see this phone in December. January will see the Lumia 535 sold in Latin America as well, while

Microsoft has promised it will come to the UK in the first quarter of 2015. The Lumia 535 has a screen that makes it competitive, and a set of features that will allow it to keep company with other high-end phones, according to technology analysts. Featuring the same wide-angle, 5-megapixel front-facing camera as the Lumia 730 and 735, the Lumia 535 provides crystal-clear imagery and the Lumia selfie app. It is also muscular in terms of storage and processor power: with a 5inch display, 1.2 GHz quad-core processor, and 1GB RAM, hoverboardng through an underground metro system with Subway Surfers, editing documents in Microsoft Office, or posting selfies to Instagram is now super-easy. When it comes to storage, the Lumia 535 comes with 8GB of memory and can support a microSD card up to 128 GB, or use the 15 GB free OneDrive storage to store photos or documents. But, as Reuters pointed out: “Microsoft had said in the past it planned to license the Nokia brand for its lower-end mobile phones for ten years and to use the name on its

smartphones only for a “limited” time, without saying how long that might be.” The process of wiping out the brand continues.

Why Oppenheimer got so bullish on Alibaba Alibaba Group Holding Ltd. (NYSE: BABA) has seen its shares trade higher and higher, although we may have seen a small sell-the-news reaction to the good news about Singles Day in China. Now, Oppenheimer’s analyst Ella Ji has initiated coverage of Alibaba with an Outperform rating and a whopping $133 price target. What stands out here most is that the highest analyst price target at all other brokerage firms on Wall Street is $135. So, 24/7 Wall St. wanted to see what Ji has gotten so excited about to make for a consensus price target that is almost the highest on Wall Street and about 10% higher than the consensus price target. The Alibaba dominance in e-commerce is represented by the largest user base and unmatched user engagement, with some 50 orders per active customer in 2014. That is exponentially higher than average orders for JD.com, Amazon.com and other Chinese peers. Another boost was from a solid core growth profile, indicating that Alibaba’s Taobao and Tmall will deliver consolidated growth of 14% and 46% from 2014 to 2019 in gross merchandise value. The firm expects that Taobao will be Alibaba’s business hub that feeds traffic to the more profitable

Tmall, as well as others in its ecosystem. Oppenheimer said: “The world’s largest online/mobile commerce platform has now developed to be one of the most comprehensive ecosystems globally. In this report, we not only discuss Alibaba’s listed assets (e-commerce and cloud), but also provide a detailed analysis of its entire ecosystem, which adds substantial breadth & depth to the listed company. Together, they build up a long-lasting competitive barrier to entry & directly enhance the listed company’s top-line growth and margin profile. We think BABA is one of the best-positioned companies in the China Internet space by virtue of its strong

brand, large and loyal customer base, and compelling network advantage.” Other key drivers were as follows: - Significant upside for mobile, expected to drive 70% of growth in next five years; - Alibaba’s strategic layout in O2O with expected investments to bear fruit over time; - Tmall Global expected to be a leader in the nascent $25 bln crossborder inbound e-commerce market in China; - Improving complementary services such as its data management platform that help merchants with user growth and stickiness and eventually will benefit Alibaba. Oppenheimer’s $133 price target equates to a price-toearnings (P/E) ratio of 43, on top of the firm’s 31% earnings per share growth and fiscal 2016 earnings of $3.10 per share. Oppenheimer’s analysis also projects a potential benefit of $6.70 per share from Ant Financial, prior to any tax consequences. Alibaba shares were indicated down 1.6% at $117.25 in the early indications on Tuesday and opened at about $117.23. Its post-IPO trading range has been $82.81 to $119.45. (By Jon C. Ogg, Source: 24/7 Wall Str.com)

A plutocrats summit? At an official dinner in Washington, DC, ahead of November’s G-20 Summit in Brisbane, Australia-born media mogul Rupert Murdoch lectured ministers on the dangers of socialism and big government. A fervent opponent of Australia’s carbon price, and a battle-hardened opponent of US President Barack Obama, Murdoch lauded the virtues of austerity and minimal regulation, and railed against the corrosive effects of social safety nets. The ministers were in Washington to attend the Annual Meetings of the International Monetary Fund and the World Bank, where they attempted to thrash out differences and establish common ground before the upcoming summit. The tone set by Murdoch, however, suggests that a consensus on sustainable, inclusive growth will be hard to achieve. Murdoch’s comments are in keeping with views expressed by his friend, Australian Prime Minister Tony Abbott, and Abbott’s current administration. In January, for example, Abbott informed a startled Davos conference that the global financial crisis was caused not by unregulated global markets, but rather by too much governance. This was

certainly news to the finance ministers who had spent the past few years struggling with the toxic fallout from financial-sector excess. Viewed in the context of such comments, one can better understand Australia’s refusal to put issues of climate change and inclusive prosperity on the Brisbane agenda. Of course, stimulating global growth is a big enough challenge in itself, even without considering inclusiveness or environmental sustainability. The IMF’s gloomy growth forecasts attest to that. And many policymakers view Australia’s G-20 chairmanship as an opportunity to reenergise and refine the group’s mission to boost global growth, create jobs, and raise living standards. G-20 finance ministers have already decided on a 2% target for annual growth through 2018, and are sifting through more than 900 proposals for structural reforms in order to achieve this. What reforms G-20 members propose in Brisbane, and how serious they will be about implementing them, remains to be seen. The bigger challenge, though, is hitting those growth targets in a sustainable and inclusive way. If structural reforms are not done right,

By Wayne Swan

the Brisbane Summit will come to be regarded as a failure. Structural reforms, in which certain interests are sacrificed for the greater good, will always be controversial and difficult to execute. But when such reforms involve sacrifices by ordinary citizens and benefit society’s most privileged groups, political gridlock and instability invariably follow. Over the past two years, academics, regulators, economists and financial institutions have all linked the secular stagnation in demand with greater income inequality. It is ironic that, at a time when many in the developing world are entering, or aspire to enter, the emerging middle class, wealth in much of the developed world is becoming more concentrated at the top. Indeed, inequality of outcomes both in emerging and advanced economies has increased within and across generations. Australia’s refusal to discuss inclusive growth in Brisbane may please plutocrats like Murdoch, but talk of unregulated markets, lower taxes, and the removal of social safety nets strongly indicates that the summit will offer no substantive policies aimed at reducing inequality. With just days to go until the Brisbane meeting, the G-20 is ignoring the main long-

term threats to the global economy. As the Bank of England’s Governor Mark Carney (who I assume also heard Murdoch’s lecture) remarked earlier this year, “[U]nchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself.” IMF Managing Director Christine Lagarde recently put it more starkly, noting that the world’s 85 richest people control more wealth than the world’s 3.5 bln poorest people, and that this degree of inequality is casting a dark shadow over the global economy. Inequality is not a fringe issue. Combating its rise is essential to achieving sustainable economic growth and political stability. The G-20’s real power is to highlight such challenges and generate informed debate on the issues as a prelude to action. The question now is which leader in Brisbane, if any, will grab the global megaphone and speak out. Wayne Swan, a former deputy prime minister and treasurer of Australia, was a regular participant in the G-20 Finance Ministers Meetings. His most recent book is The Good Fight: Six years, two prime ministers and staring down the Great Recession. © Project Syndicate, 2014, www.project-syndicate.org

Νovember 12 - 18, 2014

financialmirror.com | GREECE | 23

Davutoglu to visit Greece next month Turkish Prime Minister Ahmet Davutoglu will visit Athens on December 5 and 6 to attend a bilateral cooperation meeting, the Foreign Ministry in Ankara announced on Monday, just two days after Greece and Cyprus signed a cooperation agreement with Egypt that aims to boost energy security and stability in the eastern Mediterreanean. The daily Sabah said tat Davutoglu will cochair the third Turkey Greece High-Level Cooperation Council meeting along with his Greek counterpart Antonis Samaras. The visit is seen by many as en effort by Turkey to des-escalate tensions in the region when Turkey and Greece are said to be at odds over the divided island of Cyprus and peace talks to resolve the issue have stalled. President Nicos Anastsaisdes suspended talks over the divided island on October 7 when Turkey sent a warship to monitor a Greek

Cypriot oil-and-gas exploration mission off the island’s coast and within its Exclusive Economic Zone. The Greek Cypriot side submitted a formal complaint against Turkey during a European Council meeting in late October over Ankara’s move, while Turky proceeded to send its seismic vessel Barbaros to conduct surveys in areas already being explored by oil and gas majors from the U.S., Israel, France, Italy and Korea. Turkey is opposed to any unilateral Greek Cypriot move to explore hydrocarbon resources around the island insisting that the island’s natural resources should be exploited in a fair manner under a united Cyprus. The previous meeting of the Turkey-Greece High-level Cooperation Council was held in Istanbul on March 4, 2013. The council had its first meeting on May 14, 2010 in Athens.

Turkey, Greece business forum this week Turkey and Greece will hold a joint business forum on Wednesday bringing together hundreds of participants in Izmir, with Turkish Economy Minister Nihat Zeybekci and Greek Development Minister Nikos Dendias making speeches. Turkey’s Foreign Economic Relations Council (DEIK), the Greek Embassy in Ankara and the Union of Hellenic Chambers of Commerce and Industry are organising the event. A total of 243 participants from Turkey and Greece will

have bilateral meetings at the event, but with the businessto-business meetings a total of 538 gatherings will be held overall, according to the daily Hurriyet. The event aims to promote bilateral trade and enhance investment flows between the two countries. It will also explore opportunities for Greek-Turkish trade and investment cooperation in third countries. The forum will focus mainly on the areas of food and agricultural products, tourism and real estate, construction and building materials, shipping, transport and energy.

Germany and Greece sign ‘reconciliation’ agreement In an attempt to bridge cultural differences and break down national stereotypes among young people, Berlin and Athens have decided to establish a Greek-German Youth Institute, according to a EurActiv Greece report. The “reconciliation” agreement was signed etween the ministries of education of Greece and Germany and includes a variety of activities like internships, school and youth exchanges as well as visits to places where the Nazi atrocities took place. According to sources, the Institute will be established as an international organisation and will cost approximately EUR 6 mln. It will be funded by both the Greek and German governments. The financial crisis has created prejudice among Germans and Greeks and the two governments are making efforts to bring their peoples together. In the past, Germany has signed similar agreements with Poland and France, aiming to heal the wounds of the Second World War. “More than 3 million young people benefited from that. We had ten bilingual schools in France and in Germany”, said Sigrid Skarpelis-Sperk, former SocialDemocrat MP and a leading figure in the initiative, during the first meeting of the project in Bad Honnef in Germany. “[Back then] we decided to change the relations with our neighbours. Not only shaking hands but also promoting stubborn ideas for friendship,” she added. ECONOMIC CRISIS Many participants were wondering why the agreement with Greece has come so late, considering the atrocities of the Nazi troops in Greece during the Second World War. “Our goal is the rapprochement of our societies […] The project aims at bringing our young people together as well as improving the bilateral Greek-German relations,” noted the Greek Secretary General for Youth, Panagiotis Kanellopoulos. He admitted that the ongoing crisis “had an effect” for the creation of the Institute and that Athens “embraced this effort from the very beginning”. Skarpelis-Sperk also explained that the Institute was part of the negotiations for the form of the German Grand

Coalition, as requested by the Social Democrats. Asked about the “rumours” that Athens is a bit reluctant to join the German initiative, she said: “Maybe. In politics and especially in election times, one has second thoughts. With the agreements with Poland and France there were also people who were not willing to sit on the same table with Germans. But in the end, these institutes were created in the interest of the peaceful cooperation of young people”. GERMAN INDUSTRY ABSENT The German former MP was also surprised when she realised that the Federation of German Industries (BDI) was absent from the first meeting of the stakeholders. “BDI of course should have been invited […] it was an unsystematic move”, she said, expressing the hope that it will participate in the future events. EurActiv Greece understands that the content of the initiative has not been finalised yet with many advocating a more “cultural” and “historical” focus while others, particularly from the Greek side, a more economic orientation on youth entrepreneurship. According to sources in Germany, the “hot potato” of World War II compensation will not be discussed in the initiative activities. “There is no way to talk about war compensation. This is not the proper platform to do so”, a source told EurActiv Greece. Greece’s demands for wartime reparations from Germany – particularly in regard to loans during the Nazi occupation – are considered an “open wound” in the Greek-German relations. Armodios Drikos, President of the Hellenic National Youth Council, told EurActiv Greece: “The re-approach of the German and Greek youth is the way out of the social deadlock and media manipulation that have been provoked by the crisis. Only new generations are able to tear down the prejudice and think of our common future. The acceptance of Nazi atrocities will help us read commonly the history and look ahead, based on the education and culture, and not only on the numbers of the fiscal consolidation”. By Sarantis Michalopoulos, EurActiv.gr

Participants will seek to come up to speed with the latest economic and business developments in both countries; meet potential investors, exporters, importers, business and technology partners; promote trade, investment and business opportunities; and multiply business footprint across the Aegean Sea. The main sectors of interest are tourism and real estate, agriculture and food, marine and shipping, manufacturing, construction and building materials, commerce, energy and transport.

Two winners share €1 18.4 mln Joker jackpot Two lucky winners from Pella, Macedonia, and Corinth, Peloponnese shared last week’s near-record Joker prize of 18.4 mln euros, the second biggest payout ever by the recently privatised OPAP gaming giant. Nearly 5 mln punters in Greece and Cyprus challenged their luck after 15 consecutive jackpots since September 11 and the total amount placed in bets was almost 40 mln euros. The lucky numbers that instantly changed the two winners’ lives and made them richer by 9.2 mln euros each were: 9, 14, 20, 24, 30 and the Joker number was 16. This is the second largest Joker amount ever awarded in Greece, after the 19.2 mln prize that three people split in April 2010. In 2006, three winners shared 14 mln euros, while in January 2009, one person won the 11 mln euro jackpot, the largest sum awarded to a single player. The two players bet 10 and 11 euros and according to the bet shop owners in Pella and Corinth, they did not even pick the lucky numbers on their own and allowed the OPAP machines to pick a random number.

Tourism to reach new record this year October’s statistical data have forced the Association of Greek Tourism Enterprises (SETE) to once again revise this year’s predictions regarding tourist arrivals, according to the GreekReporter website. SETE said that the number of international arrivals is expected to reach 20.5 mln, a significant increase compared to the 19.5 mln arrivals, which was the previous estimate, not including people travelling on cruises. If the provisional Bank of Greece data regarding 1.2 mln road and maritime arrivals are confirmed - not taking cruises into account then the total number of arrivals will exceed 21 mln when the same number stood at 17.9 mln in 2013 and 15.5 mln in 2012. During the first semester, cruise arrivals showed a slight increase compared to 2013, with the total number standing at around 2.5 mln. Overall, the new visitor arrival estimate for 2014 reaches 23 mln, showing a 15% increase compared to 2013. International air arrivals continued in October, rising at a rate of 23.5% and resulting in a 15% increase during the ten month period between January and October, compared to the previous year.

Νovember 12 - 18, 2014

24 | BACK PAGE | financialmirror.com

Ebola and inequality By Joseph E. Stiglitz The Ebola crisis reminds us, once again, of the downside of globalisation. Not only good things – like principles of social justice and gender equality – cross borders more easily than ever before; so do malign influences like environmental problems and disease. The crisis also reminds us of the importance of government and civil society. We do not turn to the private sector to control the spread of a disease like Ebola. Rather, we turn to institutions – the Centers for Disease Control and Prevention (CDC) in the United States, the World Health Organisation (WHO), and Médecins Sans Frontières, the remarkable group of doctors and nurses who risk their lives to save those of others in poor countries around the world. Even right-wing fanatics who want to dismantle government institutions turn to them when facing a crisis like that caused by Ebola. Governments may not do a perfect job in addressing such crises, but one of the reasons that they have not done as well as we would hope is that we have underfunded the relevant agencies at the national and global level. The Ebola episode holds further lessons. One reason that the disease spread so rapidly in Liberia and Sierra Leone is that both are war-ravaged countries, where a large proportion of the population is malnourished and the health-care system has been devastated. Moreover, where the private sector does play an essential role – vaccine development –

it has little incentive to devote resources to diseases that afflict the poor or poor countries. It is only when advanced countries are threatened that there is sufficient impetus to invest in vaccines to confront diseases like Ebola. This is not so much a criticism of the private sector; after all, drug companies are not in business out of the goodness of their hearts, and there is no money in preventing or curing the diseases of the poor. Rather, what the Ebola crisis calls into question is our reliance on the private sector to do the things that governments perform best. Indeed, it appears that with more public funding, an Ebola vaccine could have been developed years ago. America’s failures in this regard have drawn particular attention – so much so that some African countries are treating visitors from the US with special precautions. But this just echoes a more fundamental problem: America’s largely private health-care system is failing. True, at the top end, the US has some of the world’s leading hospitals, research universities, and advanced medical centers. But, though the US spends more per capita and as a percentage of its GDP on medical care than any other country, its health outcomes are truly disappointing. American male life expectancy at birth is the worst of 17 high-income countries – almost four years shorter than in Switzerland, Australia, and Japan. And it is the second worst for women, more than five years below life expectancy in Japan. Other health metrics are equally disappointing, with data indicating poorer health outcomes for Americans throughout their lives. And, for at least three decades, matters have been getting worse. Many factors contribute to America’s health lag, with lessons that are relevant for other

countries as well. For starters, access to medicine matters. With the US among the few advanced countries that does not recognise access as a basic human right, and more reliant than others on the private sector, it is no surprise that many Americans do not get the medicines they need. Though the Patient Protection and Affordable Care Act (Obamacare) has improved matters, healthinsurance coverage remains weak, with almost half of the 50 US states refusing to expand Medicaid, the health-care financing programme for America’s poor. Moreover, the US has one of the highest rates of childhood poverty among the advanced countries (which was especially true before austerity policies dramatically increased poverty in several European countries), and lack of nutrition and health care in childhood has lifelong effects. Meanwhile, America’s gun laws contribute to the highest incidence of violent deaths among advanced countries, and its dependence on the automobile underpins a high rate of highway fatalities. America’s outsize inequality, too, is a critical factor in its health lag, especially combined with the factors mentioned above. With more poverty, more childhood poverty, more people without access to health care, decent housing, and education, and more

people facing food insecurity (often consuming cheap foods that contribute to obesity), it is no surprise that US health outcomes are bad. But health outcomes are also worse in the US than elsewhere for those with higher incomes and insurance coverage. Perhaps this, too, is related to higher inequality than in other advanced countries. Health, we know, is related to stress. Those striving to climb the ladder of success know the consequences of failure. In the US, the rungs of the ladder are farther apart than elsewhere, and the distance from the top to the bottom is greater. That means more anxiety, which translates into poorer health. Good health is a blessing. But how countries structure their health-care system – and their society – makes a huge difference in terms of outcomes. America and the world pay a high price for excessive reliance on market forces and an insufficient attention to broader values, including equality and social justice. Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. His most recent book, co-authored with Bruce Greenwald, is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress.

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