May 29 - June 4, 2013

2 | NEWS | financialmirror.com

Europe’s austerity-to-growth shift largely semantic

To listen to some European leaders, especially in France, youwould think the era of austerity was over and the euro zone wasgoing full steam ahead to revive economic growth.

In a striking change of tone, European CommissionPresident Jose Manuel Barroso said last month that austerity -the policy of cutting public debt by reducing spending and rais-ing taxes - had reached the limits of public acceptance.

In reality, the shift is more in words than deeds. The rhetorichas changed but there has been no policy U-turn.

To be sure, the European Commission is granting govern-ments more time to reduce their budget deficits to EU limits,chiefly because recession had made those targets unattainable.

Euro zone states have a breathing space because bond mar-kets have ceased to panic since the European Central Bank saidlast year it would act decisively if necessary to preserve the euro.

The EU emphasis is now on reducing “structural deficits” -an elastic measure meant to take account of the economic cycle- and on reforming labour markets and pension systems, open-ing up more sectors to competition and easing business regula-tion to improve countries’ growth potential.

Small initiatives are in the works, amid great political fanfare,to combat the scourge of mass youth unemployment whichthreatens southern Europe with a lost and alienated generation.

The ECB is exploring ways to ease lending to smaller busi-nesses in the hardest-hit peripheral countries of the euro zone.But while it is keeping the liquidity taps to banks open, it has nointention of following the U.S., British and Japanese centralbanks into massive money printing to try to spur growth.

“It is not that we are letting austerity policies go,” saidCarsten Brzeski, European economist at ING in Brussels. “It’sonly about the pace of adjustment and a shift towards structur-al reforms to avoid ending up in a downward spiral of austerity.”

While the ECB could perhaps do a bit more to increase thesupply of credit to business in depressed southern Europe, themain inhibitor to investment there was the lack of demand, forwhich there was no easy solution, he said.

EU policymakers and central bankers say highly indebtedcountries will have no alternative for several years to curbing

public spending and shrinking the state, however politicallyunpalatable that may be.

“Growth is the key to getting out of the crisis, we all agree onthat,” Bundesbank chief Jens Weidmann, the ECB’s leadinghawk, said in a speech to French businessmen last week. “Butrenouncing budget consolidation will not bring us closer to thatobjective.”

POLITICAL LIMITSBarroso’s April 22 recognition of the political limits of auster-

ity recalled his predecessor Romano Prodi’s 2002 comment thatthe EU’s budget rules were “stupid” because they were too rigid.

“While I think this policy is fundamentally right, I think ithas reached its limits,” Barroso said. “A policy to be success-ful not only has to be properly designed, it has to have theminimum of political and social support.”

To some, that sounded a bit like the pope questioning theexistence of God. It prompted gleeful “austerity is over” head-lines in countries such as Ireland that have endured harshcuts, and irritated several European governments.

In Brussels, a senior official in regular contact with nation-al leaders said Barroso had “miscommunicated” and therewas no alternative to austerity, even if the word was avoided.

“The idea that there will now be deficit spending, that theage of austerity is finished, is misleading,” the official said.

“On the margins, we can postpone budget consolidationby a year, or by two years, but it’s not really the answer. Theanswer is growth, and that is only going to come throughstructural reform and improved productivity.”

German Chancellor Angela Merkel, who has used Berlin’sfinancial clout since the start of the crisis to press for fiscaldiscipline, made clear that austerity and growth were notopposites and that budget savings must continue.

In a veiled criticism of close ally France, which has so farraised revenue rather than cut public spending to narrow itsbudget gap, Berlin says governments should avoid increasingthe tax burden because that harms growth.

Two events in the economics profession have sapped thetheoretical case for so-called front-loaded austerity - makingdrastic public spending cuts at the start of an economicadjustment programme.

First IMF chief economist Olivier Blanchard acknowledgedthat cutting government spending may have had a biggerimpact than previously calculated on reducing economic out-put. Then U.S. economists found flaws in data underpinningthe influential theory of Harvard economists Kenneth Rogoffand Carmen Reinhardt that public debt above 90% of GDPstunts growth.

That leaves the economics of austerity murkier today thanwhen the euro zone debt crisis struck in 2010, while the pol-itics just keep getting harder.

Governments in Greece, Ireland, Portugal, Spain and Italythat implemented austerity measures such as civil service payand job cuts, pension freezes, raising the retirement age andeasing hire-and-fire rules have been turfed out by voters.

Their successors have faced mass protests, rising anti-aus-terity populist movements and a steep decline in public sup-port for the European Union.

EU policymakers were chilled to watch former ItalianPrime Minister Mario Monti, a liberal technocrat revered inBrussels, crash and burn in a general election in February inwhich anti-austerity populists made stunning gains.

The lesson that leaders such as French President FrancoisHollande and new Italian Prime Minister Enrico Letta seem tohave drawn is that they must pursue fiscal discipline bystealth while constantly talking up growth.

The question is whether they will be willing to pursue boldeconomic reforms that loosen job protection, cut labourcosts, break open closed professions and change the incen-tives to work.

The political price of such measures may be high sincethey disturb vested interests, and the economic payoff inhigher growth rates and more job-creation may take years tobe felt.

ANALYSIS

ANALYSIS

By Paul Taylor

Germany to pick up, but fall short of pacel Q1 disappointed hopes for dynamic recovery; Weak economy could impact election campaign

Germany’s economy will recover from a bout of winterweakness but fall well short of the dynamic growth rates ofprevious years as euro zone recession and global slowdownstunt exports and investment.

There are homegrown problems too. What hue ofgovernment will result from September elections is injectinguncertainty and foreign investors cite worries about over-regulation and Germany’s future energy mix afterChancellor Angela Merkel turned her back on nuclearpower.

Europe’s paymaster was long resilient to the eurodebt crisis but contracted at the end of last year andonly eked out meagre growth in the first quarter.

The Bundesbank said last week a solid secondquarter recovery was in prospect. Construction isexpected to bounce back after a harsh winter andprivate consumption will grow thanks to lowunemployment, inflation-busting wage increases andlow interest rates. But even the government forecastsjust 0.5% growth in 2013 and economists doubtGerman companies will start investing heavily in theshort term. “Nobody expects strong growth for thisyear now especially as the first quarter was sosobering,” said Christoph Schmidt, head of the German Councilof Economic Experts, advisors to the government known as the“wise men”.

The economy grew just 0.1% in the first quarter aftershrinking 0.7% in the last three months of 2012. “Trade will notcontribute much, it could even drag on growth, so that leavesdomestic demand,” Schmidt said. “Private consumption isrelatively stable but investments are restrained and the keyquestion will be when and how much they pick up.”

And after the Munich-based Ifo think tank’s business climate

index climbed on Friday, it said growth should jump in thesecond quarter thanks in part to a major construction rebound.

But that will be an ephemeral effect. Germany’s DIHKChambers of Commerce cut its growth forecast for this year to0.3% from 0.7%, citing concerns that exports will pick up lessstrongly than expected.

INVESTMENT POSTPONEDUncertainty kills investment plans and a survey compiled by

the “wise men” shows it is still significantly higher than in the

20 years leading up to the financial and debt crises.Capital investment is also dependent on world markets since

so much of German industry is geared towards exports.Demand for German goods in fast-growing emerging

markets such as China has compensated somewhat for Europe,mired in a debt crisis for more than three years. But a globalslowdown and a weak Japanese yen have dimmed even thatbeacon of hope.

Exports to countries outside the EU dropped 0.2% on theyear in the first quarter. Sales to the euro zone were down 3.9%

on the year. Japanese exports, meanwhile, have risen stronglysince a new government there demanded expansionary moneyprinting. “The yen has depreciated by 24% since September andin same period there was no change in the euro, so that is ahuge advantage, and Japan and Germany are very strong insimilar sectors,” said Christian Schulz, an economist atBerenberg Bank.

Kai Carstensen, a senior Ifo economist, expects investment topick up slightly in the second quarter given the resolution of theCyprus bank crisis and the appointment of a government in Italy.

HOMEGROWN PROBLEMSIn the medium-term, the lack of a government roadmap for

dealing with rising energy prices following Chancellor Merkel’sdecision to switch to green energy from nuclear is also weighingon investment.

U.S. companies polled by the American Chambers ofCommerce in Germany have warned that rising energy priceswere making them cautious about investing. They also criticisedbureaucracy and over-regulation, with 85% saying Germanyneeded to reform to keep up with its global competition.

Another cause of uncer-tainty is the opposition centre-left’s “soak-the-rich” electioncampaign promises of newtaxes even though Merkel, whogoverns with the pro-businessFree Democrats, is still expe-cted to be Chancellor afterSeptember’s polls. Lars Feld,another economic advisor tothe government, said Germa-ny should not sacrifice compe-titiveness just as its Europeanneighbours were reforming toincrease theirs.

May 29 - June 4, 2013

4 | CYPRUS | financialmirror.com

First yachts at Limassol MarinaLimassol Marina welcomed the first 15 yachts last week

with the delivery of the south eastern breakwater with theproject being designated as a port of entry later in June.

A further 50 reservations have been made by yacht ownerswho will gradually start filling up the 650 berths in Limassol’smost ambitious leisure project expected to cost some 500mln euros. “The completion and operation of yet anotherphase of this ground-breaking project, is sending out a posi-tive message for Cyprus. We are working hard to face the cur-rent challenges and are proving that we have the capabilitiesand strength to deliver this outstanding scheme as planned,”said Marios E. Lanitis, chairman of Limassol Marina Ltd.

He added that due to the economic crisis that has hitCyprus, some of the commercial aspects of the project havebeen postponed to early 2014, when the Marina is alsoexpected to reach near-capacity and property owners will

start taking delivery of the seafront villas. Delivery of theNereids apartments already started in early 2013.

“We have a king… with a sell-by date”CB appoints interim CEOat Bank of Cyprus

Greek banker Christos Sorotos has accepted the herculeantask of interim CEO at Bank of Cyprus, with the bank’s firstshareholders’ meeting under its new structure, determiningthe chief executive’s future next October.

Sorotos, now based in the UK and with experience incorporate restructurings, takes up his duties on Wednesday,May 29, the central bank said. He had previously worked as adeputy governor at National Bank of Greece, countrycorporate officer for Citibank in Greece and general managerat Eurobank Greece.

Bank of Cyprus is being recapitalised with own-fundstaken from depositors who will become the bank’s newshareholders as part of 10 bln euro bailout promised toCyprus by the EU and the IMF.

Sorotos’ first task will be to downsize the bank’s branchnetwork and workforce after absorbing the resolved LaikiBank operations, reducing the headcount from 5,500 to nomore than 4,250.

Guitar for sale: Hard Rock After just seven months of operation, Hard Rock Café

Nicosia closed last week in what seems to be a conflictbetween the international brand and the local franchisee,probably exacerbated by the economic crisis.

Staff at the multi-storey location in the heart of Nicosiawent on strike last Wednesday after they said they were notpaid for two months. There were several posts on facebookpages, but no official statement from the company, despiteinitial comments that the café would reopen after resolving“technical problems”. This never happened and the propertyremained shut throughout last week.

A spokesman for Hard Rock International said in a state-ment sent to the Financial Mirror that initially “we wereexcited to open this location last year and disappointed thatthe franchisee in Nicosia was unable to fulfil its obligationsand keep the location open.”

Venus Rock investment to top €1 blnThe Vebnus Rock resort at Ha Potami near Paphos will see

a total investment of 1 bln euros, the project’s new owner,Charles Zhang, Chairman of the China Glory NationalInvestment Company told President Nicos Anastasiades onMonday.

Theodoros Aristodemou, chairman of Aristo Developers,who along with Dolphin Capital Investments sold the projectfor 280 mln euros, said: “The first investments (by CharlesZhang) were made in Cyprus and I am certain that more willfollow because they have confidence in Cyprus, despite the

recent problems we are facing”.“The cost of the entire investment, until its completion in

two to three years, might reach 1 bln euros”, Aristodemousaid, adding that there are already immediate benefits fromthe deal, both regarding the issue of employment for thecompletion of the project and the immediate income fromtaxes.

Zhang said that he decided to invest here because thereare very good prospects and assured the president that localworkers will be mostly used for the project.

Greece and Cyprus compete for a sliceof Chinese housing-for-visa market

Cyprus is facing tough competition from its EU partnersin its bid to attract foreign investors with the promise of res-idency permits for five years for those who purchase proper-ty worth at least EUR 300.000 and show proof of at least EUR30.000 in their bank account to cover living expenses.

Greece recently passed a similar law allowing foreignnationals from third countries such as Russia, Ukraine andChina to qualify for a five-year residency visa, provided theyinvest more than EUR 250.000 in real estate, without anyother conditions. Spain and Portugal are also offering ascheme with a minimum threshold of EUR 500.000.

Foreign investors, particu-larly the Chinese, are said to bekeen to acquire residence per-mits in Greece, Spain andPortugal as this would securethem easy access to the other24 countries in the passport-free Schengen area, in contrastto Cyprus which is not a member of the Schengen area,where third country nationals need to apply for a visa to otherEU countries.

Cypriot developers have already scored a major win espe-cially with the Chinese investors, since according to mediareports, about 600 to 1000 lots have been sold, mainly in thePafos area.

Cyprus scored another success after Dolphin Capital andAristo Developers announced the sale for EUR 290 mln of alltheir joint interest in the Venus Rock Golf Resort project toHong Kong investors.

The government believes that the best way to clear thebacklog of unwanted properties built during the bubble peri-od is to offload them on foreign investors, which at the sametime will lead to new demand for housing and thus help landdevelopment companies out of their dire financial situation,help reduce unemployment and generally create economicactivity, while also generating new taxes and other revenue.

The small size of Cyprus is both an advantage and a disad-vantage. It’s an advantage if the country closes another fiveto ten deals similar to the Aristo deal, then it will have soldmost available land along the coastal areas and if managedproperly, the unemployment problems in the sector will havebeen solved to a large degree, the government will generatesatisfactory income from the transfer fees and the renewed

buzz in the sector will go a long way to help boost economicactivity.

Our disadvantage is that being a small place with limitedavailable land on the coastal areas, there is a limit to howmany large deals we can accommodate. Since Cyprus is nota member of the Schengen area and the fact that Greece isoffering a lower investment threshold, this will for sure hurtCyprus in the medium term. The massive negative publicitythat Cyprus received from the bank deposit haircut, the eco-nomic default and the continuing capital restrictions are alsohurting Cyprus’s chances of attracting serious foreign

investors.Unofficial reports also sug-

gest that a number of Cypriotdevelopers have tarnished thereputation of the island byoffering up to 25% commis-sions to Chinese agents andmiddlemen while other devel-

opers are reported to have attempted to sell low value housesfor the “minimum price” of EUR 300.000 with the promise torebate EUR 30.000 to the buyer to cover the first-year expens-es.

Such gimmicks have alerted the Chinese to the fact thatthe real value of the properties they are being offered is sig-nificantly below the purchase price, which is why many arenow demanding additional guarantees and safeguards withrespect to the price volatility range that they will tolerate,especially on the downside.

It is obvious that there is a huge market in China, Russiaand other countries eager to secure an EU residency permit,which is why this sector will continue to boom in the nextyears. The question is whether Cyprus manages such ademand properly and fairly for the benefit of the country, thesellers, as well as the buyers.

Shavasb@eurivex.com

(Eurivex Ltd. is a Cyprus Investment Firm, authorized andregulated by CySEC, license #114/10. Eurivex is an approvedNominated Adviser for listings on the Emerging CompaniesMarket of the Cyprus Stock Exchange. The views expressedabove are personal and do not bind the company and aresubject to change without notice)

By Shavasb Bohdjalian

Approved Investment Advisor and CEO of Eurivex

The present economic and financial crisis has created aunique opportunity for the government to proceed with struc-tural changes, including the implementation of the necessaryAnticorruption Measures to ensure transparency and good reg-ulation.

Suggested Anticorruption Measures1. Consider the recent suggestions of Transparency

International Cyprus for the implementation of a NationalStrategic Anti-Corruption Action Plan in the first instance, thesetting up of an Independent Commission against Corruption(ICAC), and the appointment of an Anti-CorruptionCommissioner. The ICAC ought to have investigative authori-ties and be staffed with competent investigators in the field ofcorruption.

In order for the government to have political stability andelectoral accountability the general public will need to trustthose in authority, including elected politicians and high rank-ing public officials. Thus, those in authority and power will needto set the ‘tone at the top’ for a society where principles such asmeritocracy, integrity, competence, ethical behaviour andimpartiality of government institutions are practiced.

2. Proceed with a Whistleblower Protection ActA whistleblower is a person who tells to someone in author-

ity about alleged dishonest or illegal activities (misconduct,wrongdoing) occurring in a government department or privatecompany or organisation. The alleged misconduct may be clas-sified in many ways; for example, a violation of a law, rule, reg-ulation and/or a direct threat to public interest, such as fraud,health/safety violations, and corruption.

The parliament must implement a WhistleblowerProtection Act so that an employee or other third party willnot be dismissed, retaliated or treated unfairly because ofwhistleblowing. If he is, he can then claim unfair treatment–and will be protected by law as long as certain criteria are met.

3. Introduce regulation for the preservation of evidence and especially electronic evidence Many cases that are now investigated by government

authorities (i.e. Ministry of Justice and CySEC – theSecurities and Exchange Commission) or other third partiescannot be tried in court because of the lack of evidence andespecially digital evidence. This is so because the accused

party may be abusing the system by claiming that it does nothave the evidence requested when in fact it did or shouldhave but destroyed it later in the process. This situationneeds to be resolved in a similar way like the court caseZubulake vs UBS in the U.S. in 2006.

The case has set important practices relating to both thelegal and technical aspects of electronic discovery, as the rel-evant communication among interested parties was availablein digital form. The main issues raised were:

The scope of a party’s duty to preserve digital evidenceduring the course of litigation or even when first acknowl-edged that a chance of litigation exists;

The imposition of sanctions for the spoliation of digitalevidence.

4. Implement new regulations against bribery and other wrongdoingsBribery is occurring when a person offers, gives or prom-

ises to give a “financial or other advantage, or favour” toanother individual in exchange for “improperly” performinga “relevant function or activity” (this is actually an exchange

of “favours” involving a wrongful act). The offence of beingbribed is defined as requesting, accepting or agreeing toaccept such an advantage, in exchange for improperly per-forming such a function or activity. Financial or other advan-tage “could potentially encompass items such as contracts,non-monetary gifts and offers of employment or promotion”.

Bad practices, nepotism and favoritism are a majorsource of problems in Cyprus since our Independence in1960. Above Acts alone, though may not solve the prob-lem, will impose an additional burden for those who wantto continue such practices.

The passing of such regulations is expected among otherthings to be given some attention abroad and will help attractinternational investors.

More than ever, the present crisis in Cyprus demands anapproach that also accounts for Anticorruption measures. Itmay be the best chance that we have as a country for cur-ing some of the long-lasting ills of our society. It remains,therefore, fundamental that the government rises to theoccasion, grasps this unique opportunity, and implement, ifnot all, at least some of the measures suggested above at thefirst stage.

This could be the key factor for the government’saccountability and trust among its constituents, internation-al investors and foreign governments. It will definitely helptowards regaining much of the government’s damaged pres-tige.

Rakis Christoforou is a Certified Public Accountant (CPA),Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF). He is the Vice Chairman of The committee of Economic Crime and Forensic Accounting(ECFA) of The Institute of Certified Public Accountants of Cyprus (ICPAC), member of AICPA (American Institute of Certified Public Accountants) and ACFE (Association of Certified Fraud Examiners).

rakis@spidernet.com.cy

May 29 - June 4, 2013

financialmirror.com | CYPRUS | 5

Anticorruption measures must be given top priority

BBA,CPA/ABV/CFF, CGMA, ACFE

By Rakis Christoforou

FXTM at the iFXEXPOThe iFXEXPO returns to Limassol this week at the 5-star Grand Resort Hotel as the industry’s

leading B2B expo, an exclusive event in the forex calendar which allows brokers, liquidityproviders, industry leaders and other financial experts to join forces and drive the industryforward together.

ForexTime Ltd (FXTM), the forex broker founded by Andrey Dashin, will be marking a strongpresence at this year’s iFXEXPO on on May 29 and 30, promoting their innovative partnershipprograms such as the FXTM Introducer Program at Stand 16.

And because half the fun of an expo is a thrilling after-party, FXTM is sponsoring a glamorousevening of entertainment at the chic Dolce club in Limassol, tonight, with a full agenda of non-stop music and breathtaking performances by a variety of entertainers. FXTM is also offering thechance to win one of 200 free tickets to this party by visiting FXTM’s Facebook page.

EIB president to visitWerner Hoyer, President of the European Investment Bank, will pay an official visit to Cyprus

on Thursday, May 30.During his visit, Hoyer will meet with President Nicos Anastasiades and will hold a series of

contacts with Finance Minister Haris Georgiades and will sign an agreement for a loan of 100mln euros for the financing of projects and programmes which are co-funded by the CohesionFund and the Structural Funds.

Petroleum product sales down 12.8%Sales of petroleum products dropped by 12.8% over the year earlier in the first four months

of the year to 401,472 tonnes in January-April compared with 460,155 in the same period of2012. In April, the first full month after the banking crisis, total sales fell by a less mild 7.1% to29,201 tonnes. This was mainly because of a 34.1% increase in purchases of marine gasoil byships to 4,600 tonnes, which reflects a buoyant shipping sector, as well as a 8.5% rise inpurchases of heavy fuel oil for electricity purposes to 16,582 tonnes, which could reflect eitherlower oil prices or an unusually hot late April.

On the retail side, sales of unleaded 95 RON gasoline at petrol stations fell by 2.6% over theyear earlier in April, whereas sales of the more expensive unleaded 98 tumbled by 22.9%.

Total stocks of petroleum products recorded a decline of 10.3% at the end of April comparedwith the previous month and a fall of 24% compared with April 2012.

Motor reg decline deepens in AprilThe decline in motor vehicle registrations deepened in April, with total registrations dropping

by 36.8% over the year earlier, having fallen by 35.7% in March. The declines in March and April are the steepest on Sapienta Economics records going back

to 2003. The number of motor vehicle registrations reached 6,135 in January - April 2013,compared with 9,712 in January - April 2012. Registrations of private saloon cars fell by 36% to4,621 from 7,223 in January - April 2012. www.sapientaeconomics.com

After the devastation of WWII, the establishment of theCommon Market, later the European Union ushered in an eraof hope and unity for Europe. The effort has been a huge suc-cess, until recently.

The Union became a club which countries were anxious tojoin. This popularity is fading rapidly. Iceland, a country thatonce applied for EU membership, has changed its mind.Iceland’s new government has indicated it would drop its bidto join the EU. Edmund Phelps, Nobel Laureate in economics,warned Iceland against EU membership, stating quite plainlythat the EU experiment might yet “prove unworkable, unsuc-cessful”.

In Great Britain, popular skepticism has reached the pointwhere a new political party dedicated to exiting the EU is oneof the fastest growing political forces in Britain. A referendumwithin the next few years allowing citizens to vote on whetherBritain should exit the EU is now a near certainty.

More generally a survey of European countries by the pres-tigious Pew Research Center has found a major drop inEuropean popular support for the EU. Surprisingly, France,one of the eight countries sampled and the leader in establish-ing the European Union, registered the sharpest drop in senti-ment. Last year 60% of the French had expressed a favourableimpression of the EU. The current poll featured a 19 pointdrop, with only 41 % of respondents indicating they had afavourable impression.

WHY THE CHANGE?Cypriots are in a good position to offer an opinion as to rea-

sons for this change. Rarely has any country not defeated inwarfare suffered the sort of economic destruction inflicted onCyprus by the Eurogroup. Established by the EU to govern thecommon currency, the Eurogroup today overshadows its par-ent. In a case of the “tail wagging the dog” it is the Eurogroup

along with the IMF and the European Central Bank (theTroika) which now wields the real power in Europe and influ-ences public opinion.

While the EU deals with more abstract concepts like humanrights, the movement of people across borders, safety and san-

itation standards, the Eurogroup has the power to rule, orruin, the very lives of its citizens. As we know all too well inCyprus, it can dictate to member countries on matters such astaxation, salaries, retirement, privatisation, employment, theviability of its industries, the economic model a countryshould follow, etc.

This assumption of power could perhaps be more readilyaccepted if its efforts were crowned with success. As we are alltoo aware, just the opposite has been the case. The Eurogrouphas led Europe into the greatest financial crisis since the greatdepression. The latest GDP figures show the Eurozone regis-tering a sixth consecutive quarter of negative growth.

DEMOCRATIC DEFICITEven more significant as regards public opinion is the

decidedly undemocratic nature of the Eurogroup’s gover-nance. While the EU has broad ranging objectives and a dem-

ocratically elected parliament, the Eurogroup is primarily afinancial organisation. Its concern is with national finances,exercising a banker’s control with a banker’s mentality. Aswith any purely financial organisation, decisions are madelargely by those members who have the necessary materialresources necessary to achieve the organisation’s objectives.Smaller countries have very little voice. Accounts of decisionmaking within the Eurogroup make it clear that Germany andthe IMF make the key decisions. The others follow.

While the Eurogroup gives the impression that it knowswhat it is doing, the results do not bear this out. Eurogroupmeetings proceed from one crisis to another. While the EU hasbeen associated with significant benefits and citizen’s rights,the Eurogroup is associated by millions with austerity andautocratic decision making. Unfortunately, the failures andactions of the Eurogroup reflect unfavourably on its parent,the EU.

The EU is not unaware of the negative sentiment this is cre-ating against it and the dangers it poses to the entire Europeanmovement. The European parliament has made no secret ofits disagreement and opposition to the methods of theEurogroup. In an attempt to counter this growing antipathy,both the President of the European Commission (Jose ManuelBarroso) and the President of the European Parliament(Martin Schulz) have recently gone out of their way to offertheir support to President Anastasiades. But will this beenough to overcome the cultural difference between the spiritof partnership that provided the basis for the foundation andsuccess of the EU and the quite different “banker” ethos of theEurogroup?

Now that the dust has settled and people have alreadyforgotten the cocky “nothing wrong here” comments inthe aftermath of the Moneyval report, perhaps it’s timeto sit back and take a good look at how badly we dealtwith the whole issue, which, at best can be described asa public relations nightmare, and see how we can moveon.

There is no doubt in anyone’s mind that corruptionexists, both with monetary rewards and politicalfavouritism. Transparency is a must and meritocracymust become the rule, not the exception.

President Anastasiades has been given a goldenopportunity and a public mandate to clean this mess and

appoint or hire people in public positions based on whatthey can do and not which party they belong to. But heis moving very slowly and with the exception of ahandful of appointments, nothing much has changedfrom the previous administration.

The feeling among ordinary people is that they havebeen let down – by the politicians, the banks, thegovernment and their employers. People want to look upto role models and be given a ray of hope that things willimprove. But this can only come from our leadership,who for fear of losing precious voters, don’t want toupset the status quo and are content with sweepingproblems under the carpet.

And if we want to regain the trust of our Europeanpartners, the Moneyval report should be taken muchmore seriously and not brushed to one side saying thatother countries rank worse than Cyprus. Unfortunately

for us, other countries also have a higher rate ofprosecution and people have ended up in jail. Hasanyone gone to jail in Cyprus on charges of corruptionor for “crimes against the national interest”?

The content of the Moneyval report is identical to theconclusions of the Del Ponte investigations for theHague Tribunal in search of the Milosevic millions. Weknow what happened but chose, once again, to sweepeverything under the carpet. Even former Laiki bossAndreas Vgenopoulos claimed he had damningdocuments about the pro-Milosevic deals at the bank,but has so far failed to produce a single sheet of evidenceto back up the claim.

Instead of pointing the finger at others, let’s start byputting our own house in order. Let’s admit to mistakesof the past, prosecute those who have broken the lawand restore faith in the public. And let’s do it fast.

EDITORIAL

Corruption, transparency and “we told you so”

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By Dr. Jim LeontiadesCyprus International Institute of Management

May 29 - June 4, 2013

6 | OPINION | financialmirror.com

Is Eurogroup destroying the European Union?

Women In Business to meet, greet and get motivated

The first meeting of International Women In Business to“Meet, Greet & Get Motivated” will be held at the CleopatraHotel, Nicosia on Sunday, June 2, from 10 a.m. to 12 noon.

This will be a networking opportunity for local and inter-national women in business to listen to the success storiesof two International Women in Business from Iceland whowill be interviewed in a live link broadcast from Iceland,where they will share share their experience of how they

turned crash into cash, leading a jet setting life around theworld.

“At IWIB, we invest in our global team of InternationalWomen in Business and we illustrate first hand the benefitsof being connected in business,” said Sarah Pavlou, co-founder and director of IWIB Cyprus.

For information and to register, visit the websitehttp://www.iwib.org/iwib-event-nicosia-cyprus

May 29 - June 4, 2013

Europe’s Troika should grow upIn early 2010, a group of men (and a few women) in dark

suits landed in Athens. They belonged to a global institution,the International Monetary Fund, and to a pair of regionalones, the European Commission and the European CentralBank. Their mission was to negotiate the terms and condi-tions of a financial bailout of Greece. A few months later,what became known as the “troika” was dispatched toIreland, then to Portugal, and later to Cyprus.

This endeavor was bound to have wide implications. Thetroika negotiated what ended up being the largest financialassistance packages ever: loans to Greece from the IMF andEuropean partners are set to reach €240 bln, or 130% of thecountry’s 2013 GDP – far more in both absolute and relativeterms than any country has ever received. Loans to Ireland(€85 bln) and Portugal (€78 bln) are also significantly big-ger than those usually provided by the IMF.

Moreover, cooperation between the three institutions isunprecedented. Back in 1997-1998, during the Asian crisis,the G-7 flatly rejected Japan’s proposal for an Asian MonetaryFund. Now the IMF has even accepted a minority-lender role,with the bulk of assistance coming from the EuropeanStability Mechanism (ESM), a new institution often viewedas an embryonic European Monetary Fund.

It is frequently argued that the size of the assistance pack-ages is a testament to Europe’s clout within the IMF.Perhaps, but the packages are, first and foremost, a conse-quence of the constraints to which Europeans were (and stillare) subject.

Economic adjustment is necessarily slower within a mon-etary union than it is for countries with their own currency,because, even for very flexible economies, prices changemore slowly than the exchange rate. Delivering the sameresult therefore takes more time, and requires keeping coun-tries in intensive care for longer – and at higher cost.

Three years later, the results are mixed at best.Unemployment has increased much more than anticipatedand social hardship is unmistakable. There is one bright spot:Ireland, which is set to recover from an exceptionally severefinancial crisis. But there is also a dark spot: Greece, where

GDP has shrunk by 20% since 2009 and where the publicdebt/GDP ratio is now higher than anticipated at the launchof the program, despite the debt reduction negotiated withprivate creditors in February 2012. This is not because of alack of fiscal consolidation. On the contrary, the Greekauthorities have done more than planned on this front. But

the collapse of GDP has necessarily implied a rising debtratio, driving the country into a recessionary spiral as eco-nomic contraction forces further spending cuts.

Could the troika have done better? It was not responsiblefor existing monetary conditions – a currency union with acentral bank focused on price stability. But European offi-cials’ hesitant response to the crisis added to the difficulty.Prolonged controversies over the terms and conditions ofassistance and the absurdly high interest rate initially set onofficial loans exacted a heavy toll on countries already understress.

Furthermore, the troika made three mistakes. First, Greekdebt reduction was postponed for too long. Once it becameclear that the burden was unbearable, debt should have beencut expeditiously. Too many creditors were reimbursed at paron their maturing claims.

Second, the troika based its programs on overly opti-mistic assumptions. It misjudged the consequences of fiscalconsolidation and credit constraints, underestimating thecontraction of employment and overestimating exports andprivatization receipts.

Finally, not unlike what happened during the Asian crisisin the late 1990’s, the troika took country cases one by one. Asa result, it did not pay enough attention to cross-countryspillovers and deteriorating conditions in the wider eurozone.

Should the troika survive? Its three participating institu-tions have different mandates and different roles. It was per-haps inevitable that initially they worked jointly; but there isreason to question such an approach now.

Operationally and financially, the IMF has become muchmore involved in Europe than its global shareholders deemsustainable. It should become a catalytic lender whose partic-ipation in eurozone programs remains desirable but notindispensable – giving it the possibility to disagree and walkaway.

The ECB is in an odd position as well, but for differentreasons. As the eurozone’s central bank, rather than a lend-ing institution, it does not have a clear role in negotiationson behalf of creditors. If it remains in the troika, its partici-pation should be mostly silent.

Finally, Europe should transform the ESM into aEuropean Monetary Fund capable of providing policy assess-ment and advice, as well as financial assistance – possiblydrawing on European Commission staff.

Beyond European specifics, the troika experimentanswers a question of major importance to other parts of theworld: Can the IMF cooperate with regional institutions? Theanswer is yes – but not easily. The troika has proved func-tional, and Europe would have been at pains to provide con-ditional assistance to eurozone countries without the IMF’sparticipation and support. But cooperation has proved to bedifficult, if only because each participating institution hasrules and constraints that are not easy to reconcile with theothers’.

This column draws on a Bruegel report co-authoredwith André Sapir and Guntram Wolff.

Jean Pisani-Ferry is Professor of Economics at UniversitéParis-Dauphine and currently serves as Director of Economic Policy Planning for the Prime Minister of France.

© Project Syndicate, 2013.www.project-syndicate.org

Misreading the global economyIn April 2010, the International Monetary Fund’s World

Economic Outlook offered an optimistic assessment of theglobal economy, describing a multi-speed recovery strongenough to support roughly 4.5% annual GDP growth for theforeseeable future – a higher pace than during the bubbleyears of 2000-2007. But, since then, the IMF has steadilypared its economic projections. Indeed, this year’s expectedGDP growth rate of 3.3% – which was revised downward inthe most recent WEO – will probably not be met.

Persistent optimism reflects a serious misdiagnosis of theglobal economy’s troubles. Most notably, economic projec-tions have vastly underestimated the severity of the eurozonecrisis, as well as its impact on the rest of the world. Andrecovery prospects continue to depend on the emergingeconomies, even as they experience a sharp slowdown. TheWEO’s prediction of a strengthening recovery this year con-tinues the misdiagnosis.

European Central Bank President Mario Draghi’sannouncement last summer that the ECB would do “what-ever it takes” to preserve the euro reassured financial mar-kets. But, as pressure from financial markets has eased, sohas European leaders’ incentive to address problems with theeurozone’s underlying economic and political dynamics.Easy ECB liquidity is now sustaining a vast swath ofEurope’s banking system.

The eurozone is operating under the pretense that publicand private debts will, at some point, be repaid, although, inmany countries, the distress now is greater than it was at thestart of the crisis almost five years ago. As a result, banks,borrowers, and governments are dragging each other into avicious downward spiral. Politicians have exacerbated the sit-uation by doubling down on fiscal austerity, which hasundermined GDP growth while failing to shrink governmentdebt/GDP ratios. And no decisive policy action aimed at heal-ing private balance sheets appears imminent.

Moreover, Europe’s problems are no longer its own.

Europe’s extensive regional and global trade networks meanthat its internal problems are impeding world trade and, inturn, global economic growth. In 2012, world trade expand-ed by only 2.5%, while global GDP grew at a disappointing3.2% rate.

Periods in which trade grows at a slower pace than outputare rare, and reflect severe strain on the global economy’s

health. While the trauma is no longer acute, as it was in2009, wounds remain – and they are breeding new patholo-gies. Unfortunately, the damage is occurring quietly,enabling political interests to overshadow any sense ofurgency about the need to redress the global economy’sintensifying problems.

Against this bleak background, it is easy to celebrate thesuccess of emerging markets. After all, emerging and devel-oping economies are growing much faster than the advancedcountries. But even the world’s most dynamic emergingmarkets – including China, Brazil, and India – are experienc-ing a sharp deceleration that cannot be ignored.

Consider India, where growth is now running at an annu-alized rate of 4.5%, down from 7.7% annual growth in 2011.To be sure, the IMF projects that India’s economy willrebound later in 2013, but the basis for this optimism isunclear, given that all indicators so far suggest another dis-mal year.

The emerging economies’ supposed resilience, which hasbuoyed economic forecasts in recent years, needs to bereassessed. Like the advanced economies, emerging

economies experienced a boom in 2000-2007. But, unlike theadvanced economies, they maintained high GDP growthrates and relative stability even at the height of the crisis. Thiswas viewed as powerful evidence of their new economicmight. In fact, it was largely a result of massive fiscal stimu-lus and credit expansion.

Indeed, as the effects of stimulus programs wear off, newweaknesses are emerging, such as persistent inflation inIndia and credit misallocation in China. Given this, thenotion that emerging economies will recapture the growthlevels of the bubble years seems farfetched.

Economic forecasts rest on the assumption thateconomies ultimately heal themselves. But economies’ pow-erful self-healing capabilities work slowly. More problematic,a misdiagnosis can lead to treatments that impair the healingprocess. Overly optimistic economic projections based onmistaken assessments of the global economy’s ailments thusthreaten recovery prospects – with potentially far-reachingconsequences.

In Europe, the banks’ wounds must be closed – weakbanks must be shut down or merged with stronger banks –before recovery can begin. This will require an extensive swapof private debts for equity. For the global economy, themalaise reflected in anemic trade growth calls for coordinat-ed fiscal stimulus by the world’s major economies.Otherwise, the risk of another global recession will continueto rise.

Ashoka Mody, a former mission chief for Germany and Ireland at the International Monetary Fund, is currently Visiting Professor of International Economic Policy at the Woodrow Wilson School of Public and International Affairs, Princeton University.

© Project Syndicate, 2013.www.project-syndicate.org

May 29 - June 4, 2013

8 | COMMENT | financialmirror.com

By Jean Pisani-Ferry

By Ashoka Mody

Europe’s lost KeynesiansThere is no magic Keynesian bullet for the eurozone’s woes. But

the spectacularly muddle-headed argument nowadays that toomuch austerity is killing Europe is not surprising. Commentatorsare consumed by politics, flailing away at any available target, whilethe “anti-austerity” masses apparently believe that there are easycyclical solutions to tough structural problems.

The eurozone’s difficulties, I have long argued, stem fromEuropean financial and monetary integration having gotten too farahead of actual political, fiscal, and banking union. This is not aproblem with which Keynes was familiar, much less one that hesought to address.

Above all, any realistic strategy for dealing with the eurozone cri-sis must involve massive write-downs (forgiveness) of peripheralcountries’ debt. These countries’ massive combined bank and gov-ernment debt – the distinction everywhere in Europe has becomeblurred – makes rapid sustained growth a dream.

This is hardly the first time I have stressed the need for whole-sale debt write-downs. Two years ago, in a commentary called“The Euro’s Pig-Headed Masters,” I wrote that “Europe is in con-stitutional crisis. No one seems to have the power to impose a sen-sible resolution of its peripheral countries’ debt crisis. Instead ofrestructuring the manifestly unsustainable debt burdens ofPortugal, Ireland, and Greece (the PIGs), politicians and policy-makers are pushing for ever-larger bailout packages with ever-less realistic austerity conditions.”

My sometime co-author Carmen Reinhart makes the samepoint, perhaps even more clearly. In a May 2010 Washington Posteditorial (co-authored with Vincent Reinhart), she described “FiveMyths About the European Debt Crisis” – among them, “Myth #3:Fiscal austerity will solve Europe’s debt woes.” We have repeatedthe mantra dozens of times in various settings, as any fair observerwould confirm.

In a debt restructuring, the northern eurozone countries(including France) will see hundreds of billions of euros go up insmoke. Northern taxpayers will be forced to inject massive amountsof capital into banks, even if the authorities impose significant loss-

es on banks’ large and wholesale creditors, as well they should.These hundreds of billions of euros are already lost, and the game ofpretending otherwise cannot continue indefinitely.

A gentler way to achieve some modest reduction in public andprivate debt burdens would be to commit to a period of sustainedbut moderate inflation, as I recommended in December 2008 in acommentary entitled “Inflation is Now the Lesser Evil.” Sustainedmoderate inflation would help to bring down the real value of real

estate more quickly, and potentially make it easier for German wagesto rise faster than those in peripheral countries. It would have beena great idea four and a half years ago. It remains a good idea today.

What else needs to happen? The other steps involve economicrestructuring at the national level and political integration of theeurozone. In another commentary, “A Centerless Euro CannotHold,” I concluded that “without further profound political and eco-nomic integration – which may not end up including all currenteurozone members – the euro may not make it even to the end ofthis decade.”

Here, all eyes may be on Germany, but today it is really Francethat will play the central role in deciding the euro’s fate. Germanycannot carry the euro on its shoulders alone indefinitely. Franceneeds to become a second anchor of growth and stability.

Temporary Keynesian demand measures may help to sustainshort-run internal growth, but they will not solve France’s long-run competitiveness problems. At the same time, France andGermany must both come to terms with an approach that leads tofar greater political union within a couple of decades. Otherwise,the coming banking union and fiscal transfers will lack the neces-

sary political legitimacy.As my colleague Jeffrey Frankel has remarked, for more than 20

years, Germany’s elites have insisted that the eurozone will not be atransfer union. But, in the end, ordinary Germans have been provedright, and the elites have been proved wrong. Indeed, if the eurozoneis to survive, the northern countries will have to continue to help theperiphery with new loans until access to private markets is restored.

So, given that Germany will be picking up many more bills(regardless of whether the eurozone survives), how can it best usethe strength of its balance sheet to alleviate Europe’s growth prob-lems? Certainly, Germany must continue to acquiesce in an ever-larger role for the European Central Bank, despite the obviousimplicit fiscal risks. There is no safe path forward.

There are a number or schemes floating around for leveragingGermany’s lower borrowing costs to help its partner countries,beyond simply expanding the ECB’s balance sheet. For meaningfulburden-sharing to work, however, eurozone leaders must stopdreaming that the single currency can survive another 20 or 30years without much greater political union.

Debt write-downs and guarantees will inevitably bloatGermany’s government debt, as the authorities are forced to bail outGerman banks (and probably some neighboring countries’ banks).But the sooner the underlying reality is made transparent andbecomes widely recognized, the lower the long-run cost will be.

To my mind, using Germany’s balance sheet to help its neigh-bors directly is far more likely to work than is the presumed “trick-le-down” effect of a German-led fiscal expansion. This, unfortunate-ly, is what has been lost in the debate about Europe of late: Howeverloud and aggressive the anti-austerity movement becomes, therestill will be no simple Keynesian cure for the single currency’s debtand growth woes.

Kenneth Rogoff, a former chief economist of the IMF, isProfessor of Economics and Public Policy at Harvard University.

© Project Syndicate, 2013.www.project-syndicate.org

May 29 - June 4, 2013

financialmirror.com | COMMENT | 9

By Kenneth Rogoff

A recent visit to Turkey reminded me of its enormouseconomic successes during the last decade. The economyhas grown rapidly, inequality is declining, and innovation ison the rise.

Turkey’s achievements are all the more remarkable whenone considers its neighborhood. Its neighbors to the west,Cyprus and Greece, are at the epicenter of the eurozone cri-sis. To the southeast is war-torn Syria, which has already dis-gorged around one million refugees into Turkey. To the eastlie Iraq and Iran. And to the northeast lie Armenia andGeorgia. If there is a more complicated neighborhood in theworld, it would be difficult to find it.

Yet Turkey has made remarkable strides in the midst ofregional upheavals. After a sharp downturn in 1999-2001, theeconomy grew by 5% per year on average from 2002 to 2012.It has remained at peace, despite regional wars. Its banksavoided the boom-bust cycle of the past decade, havinglearned from the banking collapse in 2000. Inequality hasbeen falling. And the government has won three consecutiveelections, each time with a greater share of the popular vote.

There is nothing flashy about Turkey’s rise, which hasbeen based on fundamentals, rather than bubbles or resourcediscoveries. Indeed, Turkey lacks its neighbors’ oil and gasresources, but it compensates for this with the competitive-ness of its industry and services. Tourism alone attracts morethan 30 million visitors annually, making Turkey one of theworld’s top destinations.

Even a short stay in Ankara allows one to see these under-lying strengths. The airport, highways, and other infrastruc-ture are first class, and a high-speed intercity rail networklinks Ankara with other parts of the country. Much of theadvanced engineering is homegrown. Turkish constructionfirms are internationally competitive and increasingly winbids throughout the Middle East and Africa.

Turkey’s universities are rising as well. Ankara hasbecome a hub of higher education, attracting students fromAfrica and Asia. Many top programs are in English, ensuringthat Turkey will attract an increasing number of internation-al students. And the country’s universities are increasinglyspinning off high-tech companies in avionics, informationtechnology, and advanced electronics, among other areas.

To its credit, Turkey has begun to invest heavily in sus-tainable technologies. The country is rich in wind, geother-mal, and other renewable energy, and will most likely becomea global exporter of advanced green innovations.

Waste-treatment facilities are not typically tourist attrac-tions, but Ankara’s novel integrated urban waste-manage-ment system has rightly attracted global attention. Until a

few years ago, the waste was dumped into a fetid, stinking,noxious landfill. Now, with cutting-edge technology, thelandfill has been turned into a green zone.

The private waste-management company ITC receivesthousands of tons of solid municipal waste each day. Thewaste is separated into recyclable materials (plastics, metals)and organic waste. The organic waste is processed in a fer-mentation plant, producing compost and methane, which isused to produce electricity in a 25-megawatt power plant.The electricity is returned to the city’s power grid, while theheat exhaust is piped to the facility’s greenhouses, which pro-duce tomatoes, strawberries, and orchids.

Turkey’s diversified, innovative base of industry, con-struction, and services serves it well in a world in which mar-ket opportunities are shifting from the United States andWestern Europe to Africa, Eastern Europe, the Middle East,and Asia. Turkey has been deft in seizing these new opportu-nities, with exports increasingly headed south and east to theemerging economies, rather than west to high-income mar-kets. This trend will continue, as Africa and Asia becomerobust markets for Turkey’s construction firms, informationtechnology, and green innovations.

So, how did Turkey do it? Most important, Prime MinisterRecep Tayyip Erdogan and his economics team, led byDeputy Prime Minister Ali Babacan, have stuck to basics andlooked to the long term. Erdogan came to power in 2003,after years of short-term instability and banking crises. TheInternational Monetary Fund had been called in for an emer-gency rescue. Step by step, the Erdogan-Babacan strategywas to rebuild the banking sector, get the budget under con-trol, and invest heavily and consistently where it counts:infrastructure, education, health, and technology.

Smart diplomacy has also helped. Turkey has remained astaunchly moderate voice in a region of extremes. It has keptan open door and balanced diplomacy (to the extent possible)with the major powers in its neighborhood. This has helped

Turkey not only to maintain its own internal balance, butalso to win markets and keep friends without the heavy bag-gage and risks of divisive geopolitics.

No doubt, Turkey’s ability to continue on a rapid growthtrajectory remains uncertain. Any combination of crises – theeurozone, Syria, Iraq, Iran, or world oil prices – could createinstability. Another global financial crisis could disrupt short-term capital inflows. A dangerous neighborhood meansinescapable risks, though Turkey has demonstrated aremarkable capacity during the last decade to surmountthem.

Moreover, the challenge of raising educational quality andattainment, especially of girls and women, remains a priori-ty. Fortunately, the government has clearly acknowledgedthe education challenge and is pursuing it through schoolreforms, increased investments, and the introduction of newinformation technologies in the classroom.

Turkey’s successes have deep roots in governmentalcapacity and its people’s skills, reflecting decades of invest-ment and centuries of history dating back to Ottoman times.Other countries cannot simply copy these achievements; butthey can still learn the main lesson that is too often forgottenin a world of “stimulus,” bubbles, and short-term thinking.Long-term growth stems from prudent monetary and fiscalpolicies, the political will to regulate banks, and a combina-tion of bold public and private investments in infrastructure,skills, and cutting-edge technologies.

Jeffrey D. Sachs is Professor of Sustainable Development,Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is alsoSpecial Adviser to the United Nations Secretary-General on the Millennium Development Goals.

© Project Syndicate, 2013.www.project-syndicate.org

May 29 - June 4, 2013

10 | COMMENT | financialmirror.com

Why Turkey is thriving

Turkey is likely to take a long-awaited step on its pathtowards European Union entry next month, EU officials saidon Monday, after France eased its opposition to Ankara’saccession talks.

Turkey’s EU talks have ground to a halt in recent years, inpart because of opposition from France, as well as because ofan intractable dispute between Ankara and Cyprus.

But relations with France have improved since the arrivalof President Francois Hollande last year, and Paris hasagreed to drop its opposition to discussing Ankara’s prepara-tions in some policy areas.

Ireland’s foreign minister said EU governments werelikely to start talks with Turkey on issues related to region-al policy - one of the 35 “chapters” an EU candidate has tocomplete before it is ready to become a member - in June.Turkey has so far completed talks in only one of the policyareas.

“It is a sign of the continued commitment of both sides

to moving the accession process forward,” Eamon Gilmoretold a news conference in Brussels. Ireland holds the rotat-ing presidency of the EU until July and oversees many policydebates in the bloc.

The regional policy chapter covers issues related to how acountry spends EU aid in poorer regions.

Many EU governments believe keeping Turkey on the EUpath is important because of Ankara’s rising clout as apowerbroker in the Middle East and its growing economicweight. France, and Germany, have been reluctant becauseof Turkey’s relative size and potential influence in the bloc.

German Chancellor Angela Merkel said in February shefavoured new talks to revive Turkey’s stalled EU member-ship bid.

Despite waning domestic support for joining the EU,Ankara has continued to push for full membership of theunion and has said it wants to join before 2023, the cente-nary of the founding of the Republic of Turkey.

Turkey wants to move ahead on EU path in June

By Jeffrey D. Sachs

Turkey passes “wealthamnesty” law to lureback funds from abroad

The Turkish parliament has passed a “wealth amnesty”law designed to lure back funds held abroad by affluentTurks without punitive taxes and fines.

Under the legislation, Turks will pay just 2% on eligiblefunds, avoiding taxes that could otherwise reach 30-40%.They will also avoid an investigation into whether the wealthwas generated in Turkey and improperly kept overseas.

In order to benefit from the amnesty, Turkish individu-als or companies will be obliged to declare their wealthbefore the end of July.

Turkey last used such a programme in 2009 to helpmitigate the effects of the global financial crisis, drawingbacking about 50 bln lira ($28 bln).

Turkey was Europe’s fastest-growing economy in 2011,expanding 8.5%, but growth slowed sharply to 2.2% lastyear and the government is keen to see a recovery aheadof an election cycle beginning next year.

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

www.financialmirror.comAÚ. 917 ∆∂∆∞ƒ∆∏, 29 ª∞´√À, 2013

Τï πρïσøέδιï πïυ απέστειλε η ΚεντρικήΤράπεúα στα øρηµατïπιστωτικά ιδρύµατα τηςΚύπρïυ Þσïν αæïρά την ταêινÞµηση των µηεêυπηρετïύµενων και ρυθµισµένων øïρηγή-σεων απïκαλύπτει η εæηµερίδα µας. Με τιςαλλαγές πïυ τρïøιïδρïµïύνται τï επÞµενïδιάστηµα αναµένεται να εκτïêευθïύν τα µηεêυπηρετïύµενα δάνεια των τραπεúών καιτων συνεργατικών πιστωτικών ιδρυµάτωνκαθώς θα υιïθετηθïύν νέïι αυστηρïί κανÞ-νες.

Με âάση την εγκύκλιï πïυ απέστειλε ï∆ιευθυντής τïυ Τµήµατïς Επïπτείας τηςΚεντρικής Τράπεúας Γιάγκïς ∆ηµητρίïυ ïινέες αλλαγές αναµένεται εæÞσïν υλïπïιη-θïύν να εκτïêεύσïυν τï ύψïς των µη εêυπη-ρετïυµένων øïρηγήσεων των τραπεúών καιτων συνεργατικών πιστωτικών ιδρυµάτων σεεπίπεδα ρεκÞρ.

Συγκεκριµένα µε ïδηγίες της ΤρÞικα καιµε τη σύµæωνï γνώµη της ΚεντρικήςΤράπεúας:

- Μετά απÞ πάρïδï 90 ηµερών ακÞµη και

σε περίπτωση πïυ η αêία της υπïθήκης υπερ-âαίνει την αêία της øïρήγησης τï δάνειï θαθεωρείται µη εêυπηρετïύµενï.

- Σε περιπτώσεις αναδιάρθρωσης δανεί-ων απαγïρεύεται ρητά η περίïδïς καταâï-λής øάριτïς ή πληρωµής τÞκων για εύλïγïøρïνικÞ διάστηµα.

Η επιµήκυνση τïυ øρÞνïυ απïπληρωµήςτων δανείων θα καθïριστεί µέσω τïυ δικαιώ-µατïς πïυ θα δίνεται στï δανειïλήπτη νακαταâάλλει µέøρι και τï 80% της πρïηγïύµε-νης δÞσης. Για παράδειγµα εάν ένας δανειï-λήπτης κατέâαλλε 1000 ευρώ µηνιαίως θαµπïρεί να καταâάλλει 800 ευρώ επιµηκύνï-ντας ανάλïγα τï δάνειï τïυ.

Σε Þτι αæïρά τïυς τρεøïύµενïυς λïγα-ριασµïύς σε περιπτώσεις Þπïυ πελάτης ïπïι-ïδήπïτε øρηµατïπιστωτικïύ ιδρύµατïςυπερâαίνει κατά 5% τï Þριï πïυ τïυ παραøω-ρείται (παρατράâηγµα) αυτÞµατα θα κατα-τάσσεται στην κατηγïρία των µη εêυπηρε-τïύµενων δανείων.

ΕκπρÞσωπïι øρηµατïπιστωτικών ιδρυµά-

των πïυ µίλησαν στην εæηµερί-δα µας εêέæρασαν την ανησυøίατïυς για τïυς νέïυς αυστηρïύςκανÞνες πïυ τρïøιïδρïµïύνταικαι τÞνισαν Þτι úήτησαν διευ-κρινίσεις απÞ την ΚεντρικήΤράπεúα και την ΤρÞικα:

- Για τις συνέπειες πïυ θαέøει για τï δανειακÞ τïυς øαρ-τïæυλάκιï και για τïν τρÞπïυπïλïγισµïύ αυτών τωνúηµιών.

Αêίúει να σηµειωθεί Þτι ταθέµατα των πρïâλέψεων γιαεπισæαλείς øïρηγήσεις, τηναναγνώρισης τÞκων, καθώςκαι των πïλιτικών και διαδι-κασιών της διαøείρισης τωνµη εêυπηρετïύµενων καιρυθµισµένων øïρηγήσεων, θα περι-ληæθïύν σε êεøωριστή ïδηγία πïυ θαεκδώσει η Κεντρική Τράπεúα µε âάση τιςαπαιτήσεις τïυ µνηµïνίïυ.

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¢ÈÔÚÈÛÌfi˜ ÃÚ. ™ÔÚÒÙÔ˘ ÛÙËÓ ∆Ú¿Â˙· ∫‡ÚÔ˘Τïν διïρισµÞ τïυ Ìρήστïυ Σïρώτïυ ως

Ενδιάµεσïυ ∆ιευθύνïντα Συµâïύλïυ τηςΤράπεúας Κύπρïυ ανακïίνωσε øθες ηΚεντρική Τράπεúα της Κύπρïυ. à διïρισµÞςτïυ κ. Σïρώτïυ ισøύ απÞ σήµερα Τετάρτη 29Μαΐïυ 2013.

à Ìρίστïς Σïρώτïς, έøει µακρÞøρïνηπείρα, πέραν των 34 ετών, στα τραπεúικά,συµπεριλαµâανïµένης της διαøείρισης µηεêυπηρετïύµενων δανείων και αναδιαρθρώ-σεις εργασιών στην Ελλάδα, στï Λïνδίνï στιςΗνωµένες Πïλιτείες, Βïυλγαρία, Ρïυµανίακαι αλλïύ.

∆ιετέλεσε στï παρελθÞν Υπïδιïικητήςτης Εθνικής Τράπεúας της Ελλάδïς και είøετην ευθύνη για τη διαøείριση των µη εêυπηρε-τïύµενων δανείων και τη δηµιïυργία «κακήςτράπεúας» συµâάλλïντας στην αναδιάρθρω-ση της τράπεúας και στην έêïδï της απÞ τηνκρίση.

∆ιετέλεσε επίσης Country CorporateOfficer της CITIBank για Ελλάδα και Κύπρï ωςεπίσης και ΓενικÞς ∆ιευθυντής της Eurobankστην Ελλάδα. Σήµερα ï κ. Σïρώτïς έøει τηâάση τïυ στï Λïνδίνï Þπïυ ασøïλείται µε

θέµατα εταιρικών αναδιαρθρώσεων(corporate restructurings).

à κ. Σïρώτïς µαúί µε τï µεταâατικÞ∆ιïικητικÞ Συµâïύλιï της τράπεúας, θα ïδη-γήσïυν τï ΣυγκρÞτηµα στη Γενική Συνέλευσητων νέων µετÞøων απÞ την ïπïία θα πρïκύ-ψει η νέα διïίκηση της Τράπεúας. Μετά και τïδιïρισµÞ τïυ πρïσωρινïύ ∆ιευθύνïνταΣυµâïύλïυ, τα επÞµενα âήµατα για την τρά-πεúα είναι η ετïιµασία και υπïâïλή σøεδίïυαναδιάρθρωσης της τράπεúας και η ïλïκλή-ρωση της απïτίµησης των στïιøείων ενεργη-τικïύ της τράπεúας τï ïπïίï θα καθïρίσει καιτï τελικÞ ύψïς τïυ κïυρέµατïς των ανασæά-λιστων καταθέσεων στην Τράπεúα Κύπρïυ.

Την ίδια ώρα και σύµæωνα µε τïν ΒïηθÞ∆ιευθυντή στï Τµήµα Επïπτείας τηςΚεντρικής Τράπεúας, Μιøάλη Στυλιανïύ, µέøριτις 31 Ιïυλίïυ η Τράπεúα Κύπρïυ αναµένεταινα εêέλθει απÞ τï καθεστώς εêυγίανσης καινα έøει καθïριστεί και πïιÞ µέρïς τïυ πïσï-στïύ τïυ 22,5% των ανασæάλιστων καταθέσε-ων της Τράπεúας πïυ παραµένει δεσµευµένïθα µετατραπεί σε µετïøές και πïιï θα επι-στραæεί στïν καταθέτη.

ΑυτÞ δήλωσε ενώπιïν της κïινïâïυλευτι-κής επιτρïπής ïικïνïµικών, ï ïπïίïς είπε Þτιη Κεντρική Τράπεúα συúήτησε τï θέµα αυτÞ σεσυνάντηση πïυ είøε µε τï κλιµάκιï τηςΤρÞικας πïυ âρισκÞταν στην Κύπρï την πρïη-γïύµενη εâδïµάδα.

à κ. Στυλιανïύ είπε Þτι κατά τη συνάντη-ση συµæωνήθηκε µε την ΤρÞικα Þπως τρïπï-πïιηθεί τï σøετικÞ διάταγµα της ΚεντρικήςΤράπεúας πïυ πρïâλέπει Þτι τï τελικÞ πïσï-στÞ µετατρïπής των ανασæάλιστων καταθέ-σεων της Τράπεúας Κύπρïυ σε µετïøές θαπρέπει να καθïριστεί µέσα σε περίïδï 90 ηµε-ρών απÞ την ηµέρα υπïâïλής της έκθεσηςαπïτίµησης των περιïυσιακών στïιøείων της

Τράπεúας Κύπρïυ.Ανέæερε Þτι η Κεντρική Τράπεúα υπέâαλε

αίτηµα πρïς την ΤρÞικα Þπως αυτÞς ï øρÞνïςµειωθεί και συµæωνήθηκε, συνέøισε, Þπως ηέêïδïς της τράπεúας απÞ τï καθεστώς εêυ-γίανσης καταστεί δυνατή µέσα σε 15 µέρεςαπÞ την υπïâïλή της έκθεσης απïτίµησης καιÞøι σε 90.

ΑυτÞ σηµαίνει, πρÞσθεσε, Þτι εάν πρïøω-ρήσïυν ïι διαδικασίες απïτίµησης τηςΤράπεúας Κύπρïυ τÞτε η τελική έκθεση θαείναι έτïιµη γύρω στις 15 Ιïυλίïυ και άραµέøρι τις 31 Ιïυλίïυ θα καθïριστεί και πïιÞµέρïς τïυ 22,5% των ανασæάλιστων καταθέ-σεων της Τράπεúας Κύπρïυ θα µετατραπεί σεµετïøές.

à ΓενικÞς ∆ιευθυντής τïυ ΥπïυργείïυÃικïνïµικών Ìρίστïς Πατσαλίδης είπε Þτι ηΚυâέρνηση συµæωνεί µε την πρÞταση νÞµïυκαι µε τις πρÞνïιες της, εκæράúïντας, παράλ-ληλα, την ανησυøία τïυ ΥπïυργείïυÃικïνïµικών για τï ενδεøÞµενï να καθυστε-ρήσει περαιτέρω η διαδικασία εêÞδïυ τηςΤράπεúας Κύπρïυ απÞ τï καθεστώς εêυγίαν-σης.

ª¤¯ÚÈ 31 πÔ˘Ï›Ô˘ ÙÔηıÂÛÙÒ˜ Â͢Á›·ÓÛ˘

Ενδιαæέρïν για επενδύσεις δισεκατïµµυρίων στïντïµέα των πετρïøηµικών απÞ τα κïιτάσµατα υδρïγïναν-θράκων εντÞς της Απïκλειστικής Ãικïνïµικής ·ώνης τηςΚυπριακής ∆ηµïκρατίας, επιδεικνύïυν εταιρείες κïλïσσïίαπÞ τï Ισραήλ και τη Γερµανία. à ΕκτελεστικÞςΑντιπρÞεδρïς της ΚΡΕΤΥΚ ΣÞλων Κασίνης, εêέæρασε τηνεκτίµηση Þτι τα κατασκευαστικά έργα για τï τερµατικÞυγρïπïίησης æυσικïύ αερίïυ στï ΒασιλικÞ θα αρøίσïυν τï2015, ώστε Þλες ïι υπÞ εêέταση επενδύσεις στïν τïµέα, να

πάρïυν σάρκα και ïστά.Την ίδια ώρα, ï κ. Κασίνης επεσήµανε τη δυνατÞτητα

εêαγωγής æυσικïύ αερίïυ απÞ τα ïικÞπεδα 12, 9 και 3, ταïπïία απέøïυν λιγÞτερï απÞ διακÞσια øιλιÞµετρα απÞ τιςακτές της Λεµεσïύ, µέσω απλών διασωληνώσεων κατευθεί-αν απÞ τα κïιτάσµατα. ΤÞνισε επίσης, τα πïλλαπλά ïικïνï-µικά ïæέλη απÞ την άµεση αêιïπïίηση τïυ æυσικïύ αερίïυ.

à ΕκτελεστικÞς ΑντιπρÞεδρïς της ΚΡΕΤΥΚ, υπïγράµµι-σε Þτι µετά τις πρÞσæατες επαæές τïυ Πρïέδρïυ της

∆ηµïκρατίας στις Βρυêέλλες, η Κύπρïς εδραιώνεται ωςενεργειακÞς κÞµâïς για την Ευρώπη. Υπïλïγίúεται µάλισταÞτι για την περίïδï 2019-2030, η Κύπρïς θα µπïρεί να καλύ-ψει πέραν τïυ πενήντα τïις εκατÞ των ενεργειακών ανα-γκών της Ευρώπης.

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EӉȷʤÚÔÓ ·fi πÛÚ·‹Ï Î·È °ÂÚÌ·Ó›· ÁÈ· ÙËÓ Î˘Úȷ΋ ∞√∑

29 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Στï πρïσøέδιï τïυ ∆ηµïσιïνïµικïύΠλαισίïυ τï ïπïίï κατέθεσε ï ΥπïυργÞςÃικïνïµικών Ìάρης Γεωργιάδης καταγρά-æεται µε τρÞπï êεκάθαρï η δραµατικήκατάσταση της ïικïνïµίας και η λιτÞτηταπïυ θα ακïλïυθηθεί τα επÞµενα øρÞνια.

Ãι εκτιµήσεις για τïυς âασικïύς δείκτεςτης ïικïνïµίας είναι ενδεικτικές: Για τï2014 πρïâλέπεται ύæεση πέραν τïυ 8.7%και ανεργία πέραν τïυ 15.5%

Η ανάπτυêη και αυτή αναιµική πρïâλέ-

πεται µÞλις για τï 2015 και θα είναι τηςτάêης τïυ 1.1%.

Σηµειώνεται Þτι τï ίδιï τï ΥπïυργείïÃικïνïµικών διευκρινίúει Þτι ακÞµη και ïιεκτιµήσεις πïυ περιλαµâάνïνται στï µνη-µÞνιï απïτυπώνïυν µια µάλλïν αισιÞδïêηεκτίµηση για την Κυπριακή ïικïνïµία.

Σε Þτι αæïρά τïυς πρïϋπïλïγισµïύς γιατα Υπïυργεία µέøρι και τï 2016 γίνεται êεκά-θαρï Þτι θα περιλαµâάνïυν δεσµευτικïύςανώτατïυς ïρÞæïυς δαπανών, Þπως øαρα-

κτηριστικά αναæέρïνται. Άλλωστε τïΥπïυργείï Ãικïνïµικών πρïâλέπει µείωσηεσÞδων πέραν των 300 εκ. ευρώ τïν επÞµε-νï øρÞνï.

Στï πρïσøέδιï ∆ηµïσιïνïµικïύ πλαισί-ïυ αναæέρïνται µε αριθµïύς ïι επιτρεπÞµε-νες δαπάνες ανά Υπïυργείï και ανά έτïςµέøρι τï 2016.

Μάλιστα ïι δαπάνες τïυ ΥπïυργείïυÃικïνïµικών για τï 2014 θα µειωθïύν σøε-δÞν 600 εκ. ευρώ ενώ µειώσεις πïυ κυµαί-

νïνται στï 10% και περισσÞτερï έøïυνÞλα τα Υπïυργεία, µε εêαίρεση τïΥπïυργείï Εµπïρίïυ πïυ έøει αύêηση 2 εκ.ευρώ λÞγω έργων πïυ αæïρïύν τï æυσικÞαέριï, και τï Υπïυργείï Εργασίας 232 εκ.ευρώ λÞγω αυêηµένων αναγκών πïυ πρï-κύπτïυν απÞ τα τεράστια πïσïστά ανερ-γίας.

Συνïλικά θα υπάρêει εντÞς τïυ 2014περισυλλïγή δαπανών της τάêης των 700εκ. ευρώ.

¶ÂÚÈÛ˘ÏÏÔÁ‹ ‰··ÓÒÓ ‡„Ô˘˜ €700 ÂÎ. ÙÔ 2014

∞Ú¯›˙ÂÈ Ë ÂȂ‚·ÈˆÙÈ΋ ÁÂÒÙÚËÛË Μέσα στις επÞµενες δύï εâδïµάδες θα

êεκινήσει η επιâεâαιωτική γεώτρηση στïτεµάøιï 12 της κυπριακής Α÷. Η επιâεâαι-ωτική γεώτρηση αναµένεται να διαρκέσειτέσσερις περίπïυ µήνες.

Ãι θυγατρικές εταιρείες æυσικïύ αερί-ïυ της Delek Group, Delek Drilling LP και

Avner LP ανακïίνωσαν την έγκριση τηςεπιâεâαιωτικής γεώτρησης για æυσικÞαέριï στï τεµάøιï 12, “Αæρïδίτη”, τηςΚυπριακής Α÷.

Η Noble Energy Mediterranean Ltdέøει συστήσει στïυς εταίρïυς της τïυïικïπέδïυ «Αæρïδίτη», να εγκρίνïυν

την επιâεâαιωτική γεώτρηση ως µέρïςτïυ πρïγράµµατïς εργασίας πïυ εγκρίθη-κε απÞ την κυπριακή Κυâέρνηση στï πλαί-σιï της Σύµâασης Καταµερισµïύ Παρα-γωγής.

Σηµειώνεται Þτι ï πρïϋπïλïγισµÞς τηςεπιâεâαιωτικής γεώτρησης ανέρøεται στα

117 εκατïµµύρια δïλάρια και έøει εγκριθεί.Τï τρυπάνι, Þπως αναæέρει η ανακïίνωση,θα εισøωρήσει 1750 µέτρα κάτω απÞ τηνεπιæάνεια της θάλασσας και στη σøεδιαúÞ-µενη τελική æάση αναµένεται Þτι θα εισøω-ρήσει στα 5600 περίπïυ µέτρα κάτω απÞ τïεπίπεδï της θάλασσας.

Σε ιστïρικά øαµηλά επίπεδα και πρïµηνύïντας επιδείνω-ση των µακρïïικïνïµικών συνθηκών, παρέµεινε τïν Μάιï τïïικïνïµικÞ κλίµα στην Κύπρï, παρά την µικρή âελτίωση πïυπαρïυσίασε, σύµæωνα µε τα στïιøεία πïυ δηµïσίευσε τïΚέντρï Ãικïνïµικών Ερευνών (ΚÃΕ) τïυ ΠανεπιστηµίïυΚύπρïυ.

Τï ïικïνïµικÞ κλίµα αυêήθηκε κατά 8,3 µïνάδες µε τï∆είκτη Ãικïνïµικής Συγκυρίας (∆ÃΣ) να æθάνει τις 72,5µïνάδες απÞ 64,2 µïνάδες τïν Απρίλιï. Στην ανακïίνωση, τïΚÃΕ κάνει λÞγï για æαινïµενικά µεγάλη αύêηση τïυ δείκτητï Μάιï, καθώς παραµένει σε πïλύ øαµηλά επίπεδα.

Η αύêηση τï Μάιï ïæείλεται στη âελτίωση τïυ κλίµατïςσε Þλïυς τïυς τïµείς, αλλά και ανάµεσα στïυς καταναλωτές.

Η καλυτέρευση πρïέρøεται κυρίως απÞ τις λιγÞτερïαρνητικές πρïσδïκίες των επιøειρήσεων, για τη úήτηση, τιςπωλήσεις και την παραγωγή τï επÞµενï τρίµηνï, καθώς καιαπÞ τις λιγÞτερï απαισιÞδïêες εκτιµήσεις των καταναλωτώνγια την ïικïνïµική κατάσταση της Κύπρïυ και, σε µικρÞτερïâαθµÞ, των νïικïκυριών τïυς κατά τïυς επÞµενïυς 12µήνες.

Ùπως υπïγραµµίúει τï ΚÃΕ, αν και ïι εκτιµήσεις επιøειρή-σεων και καταναλωτών ήταν λιγÞτερï αρνητικές συγκριτικάµε τïν περασµένï µήνα, ïι αêιïλïγήσεις τïυς για τις πλεί-

στες πτυøές παραµένïυν σε ιστïρικά αρνητικά επίπεδα, µεαπïτέλεσµα ï ∆ÃΣ να καταγράæει ιδιαίτερα øαµηλές τιµές,γεγïνÞς πïυ πρïδιαγράæει øειρïτέρευση των συνθηκώνστην πραγµατική ïικïνïµία.

Ãι αêιïλïγήσεις των επιøειρήσεων για τις πωλήσεις τïυτελευταίïυ τριµήνïυ παραµένïυν περίπïυ στα ίδια αρνητικάεπίπεδα µε τïν περασµένï µήνα, ενώ περισσÞτερες επιøειρή-σεις παρατήρησαν µείωση στα τρέøïντα απïθέµατά τïυς.

Η Βïυλή úήτησε øθες για ακÞµη µια æïρά την µείωσητης τιµής τïυ ηλεκτρικïύ ρεύµατïς µε αæïρµή και τα στïι-øεία της Eurostat µε âάση τα ïπïία ï Κύπριïς πïλίτης πλη-ρώνει πιï ακριâÞ ρεύµα απÞ Þτι ïι υπÞλïιπïι πïλίτεςøωρών της ΕΕ.

Η ΑΗΚ υπÞ τις παρïύσες συνθήκες δεν έøει την δυνα-τÞτητα για παραγωγή ηλεκτρικïύ ρεύµατïς σε øαµηλÞτερïκÞστïς ,απάντησε ï ΕκπρÞσωπïς της Αρøής ΚώσταςΓαâριηλίδης στις επικρίσεις πïυ διατύπωσαν νωρίτερα ïι

Βïυλευτές.à κ. Γαâριηλίδης είπε Þτι η ΑΗΚ øρησιµïπïιεί πετρέλαιï

και παράγωγά τïυ και δυστυøώς έøει καταστεί δέσµια τïυπετρελαίïυ λÞγω των διαøρïνικά λανθασµένων Þπως είπεøειρισµών της πïλιτείας.

à ΠρÞεδρïς της Επιτρïπής Εµπïρίïυ ΛευτέρηςÌριστïæÞρïυ δήλωσε Þτι θα συγκληθεί ειδική συνεδρίασητης Επιτρïπής για να συúητηθεί ειδικά τï θέµα λέγïνταςøαρακτηριστικά Þτι « η κατάσταση δεν πάει άλλï».

•·Ó¿ ÛÙÔ ÙÚ·¤˙È ÔÈ ¯ÚÂÒÛÂȘ Ù˘ ∞∏∫

E˘Úˆ·˚΋ ÂÎÛÙÚ·Ù›· ·Ó·¯·›ÙÈÛ˘ Ù˘ ·ÓÂÚÁ›·˜ Εκστρατεία για την αναøαίτιση της ανερ-

γίας των νέων êεκινïύν Ευρωπαίïι ηγέτες καιαêιωµατïύøïι της ΕΕ, δηµιïυργώντας υψηλέςπρïσδïκίες για συγκεκριµένες και άµεσηςεæαρµïγής απïæάσεις στην πρïσεøή ΣύνïδïΚïρυæής, στις 28 και 29 Ιïυνίïυ, στιςΒρυêέλλες. Σε παρέµâασή τïυ øθες στη διά-σκεψη των Πρïέδρων των πïλιτικών ïµάδωντïυ Ευρωπαϊκïύ Κïινïâïυλίïυ, ï ΠρÞεδρïςτïυ Ευωπαικïύ Συµâïυλίïυ Ìέρµαν ΒανΡÞµπει επιâεâαίωσε Þτι η ανεργία των νέων

θα είναι τï κïρυæαίï θέµα της ΣυνÞδïυΚïρυæής, ενώ øαιρέτισε τις πρωτïâïυλίεςπïυ αναλαµâάνïυν διάæïρïι Ευρωπαίïι ηγέ-τες και τïυς κάλεσε να δραστηριïπïιηθïύντις επÞµενες âδïµάδες σε συνεργασία και µετïυς κïινωνικïύς εταίρïυς.

Ως πρώτï στÞøï θέτει την ïλïκλήρωσητης νïµïθετικής διαδικασίας για την υλïπïίη-ση απÞ την 1η Ιανïυαρίïυ 2014 τïυ κïινïτικïύπρïγράµµατïς πρïσæïράς σε Þλïυς τïυςνέïυς κάτω των 30 ετών θέσης απασøÞλησης

ή εκπαίδευσης, τï αργÞτερï τέσσερις µήνεςµετά την ïλïκλήρωση των σπïυδών τïυς.Κάλεσε την Ευρωâïυλή να επιταøύνει τιςενέργειές της, ώστε να τεθεί σε λειτïυργία τïνέï ταµείï µε τα 6 δις ευρώ, τï ïπïίï θα συγ-øρηµατïδïτήσει την πρωτïâïυλία αυτή.

ΑπÞ την πλευρά τïυ στην ίδια διάσκεψη ïΠρÞεδρïς της ΚïµισιÞν ·ïúέ ΜανïυέλΜπαρÞúï υπïσøέθηκε κινητïπïίηση Þλων τωνκïινïτικών ïργάνων (ΕΚΤ) και ïργανισµών(Ευρωπαική Τραπεúα Επενδύσεων) στην µάøη

κατά της ανεργίας των νέων. à ίδιïς υπïσøέ-θηκε Þτι πέραν απÞ τα 6 δις ευρώ τïυ νέïυταµείïυ κατά της ανεργίας των νέων µπïρείνα υπάρêïυν και επιπρÞσθετïι πÞρïι απÞάλλα πρïγράµµατα και γραµµές τïυ κïινïτι-κïύ πρïϋπïλïγισµïύ.

Να σηµειωθεί Þτι η Γαλλία και η Γερµανίαθα παρïυσίασïυν στις αρøές Ιïυνίïυ τηνκïινή πρÞτασή τïυς για την αντιµετώπιση τηςανεργίας των νέων, την ïπïία θα υπïâάλïυνστη Σύνïδï Κïρυæής.

™Â ÈÛÙÔÚÈο ¯·ÌËÏ¿ ›‰· ÙÔ ÔÈÎÔÓÔÌÈÎfi Îϛ̷

€600 ÂÎ. ÙÔ ÎfiÛÙÔ˜ Ù˘ ÁÚ·ÊÂÈÔÎÚ·Ù›·˜

Η γραæειïκρατία κïστίúει ετησίως στï κυπριακÞ κρά-τïς 600 εκ. ευρώ, σύµæωνα µε τïν ΠρÞεδρï της ΕπιτρïπήςΕµπïρίïυ Λευτέρη ÌριστïæÞρïυ.

à κ. ÌριστïæÞρïυ πρÞσθεσε Þτι η αντιµετώπιση τηςγραæειïκρατίας απïτελεί âασική πρïϋπÞθεση για διευκÞ-λυνση των Κυπρίων πïλιτών. Ανέæερε Þτι πρέπει να δηµι-ïυργηθεί ηλεκτρïνική κάρτα εêυπηρέτησης των πïλιτώνγια Þλες τις δηµÞσιες υπηρεσίες µέσω διαδικτύïυ. à κ.ÌριστïæÞρïυ ανέæερε Þτι πρέπει να λειτïυργήσïυν ταλεγÞµενα one stop shop.

∂È·ڈÛË ÙÚÈÒÓ ÁÈ· ¢™ ∫ÂÓÙÚÈ΋˜Πλήρες είναι και πάλι τï ∆ιïικητικÞ Συµâïύλιï της

Κεντρικής Τράπεúας της Κύπρïυ, καθώς τï ΥπïυργικÞΣυµâïύλιï πρïøώρησε στην πλήρωση των τριών θέσεωνπïυ είøαν κενωθεί µε την παραίτηση των Ανδρέα Μάτση,Ìαράλαµπï Αøνιώτη και Λïύη Ìριστïæίδη.

Τα νέα µέλη είναι ïι Αλέêανδρïς Μιøαηλίδης, ΜιøάληςΣπανÞς και Στέλιïς Κïιλιάρης. Τα υπÞλïιπα µέλη τïυ ∆Στης ΚΤΚ είναι ï ∆ιïικητής Πανίκïς ∆ηµητριάδης και ïΝίκïς Κωνσταντίνïυ.

∞ÓÒÙ·ÙË ÙÈÌ‹ ÛÙ· ÙÛÈÁ¿Ú· Σκέψεις για να επεκταθεί η παράταση της øρïνικής

περιÞδïυ, µετά τï τέλïς της ïπïίας θα καθίσταται υπïøρε-ωτική η αναγραæή ανώτατης τιµής πώλησης σε καπνικάπρïϊÞντα, µέøρι την 1η Αυγïύστïυ, κάνει η κïινïâïυλευτι-κή επιτρïπή ïικïνïµικών. Σύµæωνα µε τα στïιøεία πïυκατατέθηκαν στη συνεδρία για τï πρώτï τετράµηνï τïυ2013, η κατανάλωση των τσιγάρων έøει µειωθεί σε πïσïστÞ20.68% ενώ τα έσïδα απÞ ειδικïύς æÞρïυς κατανάλωσηςέøïυν µειωθεί κατά 16.24% σε σøέση µε την αντίστïιøηπερσινή περίïδï, γεγïνÞς πïυ δικαιïλïγεί τï να δïθείπαράταση στην εæαρµïγή τïυ νÞµïυ καθïρισµïύ ανώτα-της τιµής πώλησης.

Τï µέτρï για αγïρά ακινήτων κÞστïυςάνω των 300.000 ευρώ πïυ συνïδεύεται µετην παρïøή âίúας µÞνιµης παραµïνής στηνΚύπρï, έøει τα απïτελέσµατα τïυ ιδιαίτεραµε τïυς Κινέúïυς αλλά και για άλλïυς αγïρα-στές, Þπως Άραâες, Ρώσïι και ίσως πιï πρÞ-σæατα στην νέα αγïρά της Ινδίας.

Ως Γραæείï ίσως να είµαστε και ïι µÞνïιπïυ έθιêαν τï θέµα τïν 9/2011 σε ένα σεµινά-ριï πïυ εµείς ïργανώσαµε µε την συµµετïøήτïυ υπïυργείïυ Εσωτερικών και τïυ CIPA.Στï σεµινάριï αυτÞ αναδείøθηκαν ïι ελλεί-ψεις τïυ σøεδίïυ και ακïλïύθησε µετά ηδιïρθωτική πïρεία. Στην πïρεία αυτή τηςδιÞρθωσης âρισκÞµαστε αντιµέτωπïι µεσυνεøείς αλλαγές Þσïν αæïρά τα κριτήριακαι αυτÞ πρïκαλεί σύγøυση στïυς êένïυςαγïραστές, µε απïτέλεσµα να υπάρøει απï-γïήτευση και στρïæή ενδιαæέρïντïς και σεάλλες øώρες πïυ έøïυν παρÞµïια κίνητρα(ίδε Ισπανία µε 500.000 ευρώ αγïρά).

Εκείνï Þµως τï ïπïίï µας êένισε είναι Þτιη πρÞσæατη (15.4.2013) αλλαγή των κριτη-ρίων η ïπïία æαίνεται να έγινε «ραµµένη καικïµµένη» στα µέτρα ïρισµένων επιøειρηµα-τιών ανάπτυêης ακινήτων. Η διαæïρïπïίηση

αναæέρει Þτι για να εêεταστεί µια αίτηση υπÞτην µïρæή τïυ fast track (ταøεία διαδικασία),δηλαδή εντÞς 2 µηνών περίπïυ, η αγïράκατïικίας Þσïν αæïρά την âίúα θα πρέπει ναείναι καινïύργια (να µην είøε πωληθεί στïπαρελθÞν), ενώ αναæέρει Þτι τï σύνïλï των300.000 ευρώ µπïρεί να είναι µέøρι και δύïκατïικίες, κατάστηµα, γραæείï κλπ, αλλάÞλες αυτές ïι µïνάδες θα πρέπει να αγïρα-στïύν απÞ ένα πωλητή/developer και Þøι απÞδιάæïρïυς πωλητές. ΑυτÞ σηµαίνει Þτι σεκάπïιï âαθµÞ εγκλωâίúïνται Þλïι εκείνïι ïιïπïίïι θέλïυν να πωλήσïυν τις κατïικίεςτïυς, περιïρίúει ακÞµη και developers πïυτïυς øρωστά ï αρøικÞς αγïραστής και άρααπïκλείεται η µεταπώληση και ασæαλώςπεριïρίúει τïυς εκατïντάδες êένïυς τïυςïπïίïυς αæïύ κïυρέψαµε τις καταθέσειςτïυς, αυêήσαµε τïυς æÞρïυς ακινήτων,εγκλωâίσαµε τις υπÞλïιπες τïυς καταθέσεις,τώρα δεν θα µπïρïύν και να πωλήσïυν τιςκατïικίες τïυς µε την µέθïδï αυτή (εάν δενείναι καινïύργια κατïικία, τÞτε ï αιτητής θατύøει øειρισµïύ µε την κανïνική ïδÞ τηςκωλυσιεργίας, µε øρïνικÞ πλαίσιï απάντησης8-10 µηνών). Τïνίúïυµε την σηµαντικÞτητατης αγïράς σε σøέση µε την âίúα, διÞτι ηµεγάλη πλειïψηæία των αγïραστών εµπί-πτïυν τώρα σε αυτήν την κατηγïρία.

Μας είναι κατανïητÞ ασæαλώς Þτι τï νέïαυτÞ µέτρï στïøεύει στην επανα-δραστηριï-πïίηση της ïικïδïµικής âιïµηøανίας και µιαπïυ αναæέρεται σε νέες κατασκευές και άραυπïδηλïί Þτι θα ανεγερθïύν νέα έργα µε ταπαρεµæερή ïæέλη για την ïικïνïµία. ΠαρÞλï

τïύτïυ θα µπïρïύσε τï µέτρï να διαæïρï-πïιηθεί ïύτως ώστε να πρïσæέρει και κάπïιαελπίδα σε υæιστάµενïυς µεµïνωµένïυς ιδιï-κτήτες – π.ø. τï µεν µέτρï των 300.000 ευρώνα αναæέρεται σε καινïύργια κτίρια, αλλά σεπερίπτωση επανα-πωλήσεων να αυêάνεται σεέστω 350.000 ευρώ. Με τïν τρÞπï αυτÞ θαυπάρøει µεν µια αισθητή πλεïνεκτική διάκρι-ση πρïς Þæελïς των developer, αλλά και µιαελπίδα για τïυς υπÞλïιπïυς. Και στις δύïπεριπτώσεις να γίνεται η υιïθέτηση τηςµεθÞδïυ fast track. Πïιïς πρïτιθέµενïς αγï-ραστής θα δώσει πρïκαταâïλή και να περιµέ-νει 8-10 µήνες για µιαν απάντηση; ∆ηλαδή ταøρήµατα αυτïύ τïυ αγïραστή δεν έøïυν αêίακαι µε τïν τρÞπï µας να τïν διώêïυµε; Καιεάν στï τέλïς των 8-10 µηνών τïυ απαντή-σïυµε Þτι δεν δικαιïύται âίúα θα έøει τα øρή-µατα ï πωλητής να τïυ τα επιστρέψει; Μήπωςπρïκαλέσετε µε τï µέτρï αυτÞ πïλυάριθµαπρïâλήµατα πïυ θα έøïυν αρνητικÞ αντίκτυ-πï στην Κύπρï στï τέλïς;

Επίσης τï µέτρï αυτÞ αναæέρεται Þτι θαεæαρµÞúεται και σε µεταøειρισµένες κλπµïνάδες, εάν κατά την 7.5.2013 υπήρøανκατατεθειµένα πωλητήρια έγγραæα. ΕίναικατανïητÞ Þτι µια πράêη πώλησης απÞ τηνηµερïµηνία συµæωνίας της τιµής µέøρι τηςετïιµασίας πωλητηρίïυ εγγράæïυ øρειάúεται2-2? µήνες (γίνεται επαæή ιδιïκτήτη/αγïρα-στή, ï αγïραστής συµâïυλεύεται τïν δικηγÞ-ρï, úητά δάνειï, παραθέτει τα διάæïραέγγραæα πïυ øρειάúïνται κλπ, µέøρι πïυ θαυπάρøει η τελική κατάληêη και µετά η κατά-θεση τïυ πωλητηρίïυ εγγράæïυ).

Άρα, τι θα γίνει µε τις δεκάδες υπïθέσειςÞπïυ εισέπραêε π.ø. ï πωλητής µια πρïκατα-âïλή (πïσÞ κράτησης) πρï 2 µηνών και τïέγγραæï δεν κατατέθηκε πρï της 7.5.2013;Έøïυµε απτά παραδείγµατα - Þταν µάλισταγια να ïλïκληρωθεί η πράêη, ï êένïς αγïρα-στής δεν µπïρïύσε να µεταæέρει τα øρήµατατïυ στις Κυπριακές τράπεúες για 1 µήνα!!

Πιστεύïυµε Þτι τï θέµα θα πρέπει να δια-æïρïπïιηθεί και εδώ και η ηµερïµηνία της7.5.2013 να µετατεθεί έστω στις 7.8.2013,ïύτως ώστε ïι υæιστάµενες πράêεις να ïλï-κληρωθïύν. Έστω και εάν «κάπïιïι» παρïυ-σιάσïυν ψευδή έγγραæα, τι úηµιά θα υπïστείτï Κράτïς για π.ø. 30-40 αγïρές απÞ τις 1.000πïυ έγιναν στïυς τελευταίïυς 12 µήνες;

Είναι άδικï κ. Υπïυργέ των Εσωτερικώνεις âάρïς Κύπριων και êένων αγïραστών, µεµια διαæïρïπïίηση η ïπïία είναι στï κïινÞακατανÞητη, εκτÞς ασæαλώς για τïυς επιøει-ρηµατίες ανάπτυêης ακινήτων, ïι ïπïίïι υπÞτις επικρατïύσες συνθήκες έøïυν ασæαλώςκαι την συµπάθεια µας.

∞∞ÓÓÙÙÒÒÓÓˢ §§ÔÔ˚˙ÔÔ˘

∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

ª· ÁÈ·Ù› ·ÚÈ ÀÔ˘ÚÁ¤; µ›˙˜ Î·È ∞ΛÓËÙ·

29 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

∞∞ÎÎfifiÌÌËË 1122 ÌÌ‹‹ÓÓ˜ ÁÁÈÈ·· ÙÙËËÓÓ Â··ÓÓÂÂÎÎÙÙ››ÌÌËËÛÛËËÙÙˆÓÓ ··ÎÎÈÈÓÓ‹‹ÙÙˆÓÓ ··ÁÁη‡ÚÚÈÈ··l ∏ ·Í›· Ú¤ÂÈ Ó· ·ÓÙÈηÙÔÙÚ›˙ÂÈ ÙËÓ ÛËÌÂÚÈÓ‹ ÙÔ˘˜ ·Í›·

Î·È fi¯È ÙȘ ·Í›Â˜ ÙÔ˘ 1980Συνεøίúεται µε εντατικïύς ρυθµïύς η

εκστρατεία επανεκτίµησης της αêίας500.000 ιδιïκτησιών, παγκύπρια, η ïπïίαάρøισε στις 13 Μαΐïυ, σύµæωνα µε τïνΑναπληρωτή ∆ιευθυντή τïυ ΚτηµατïλïγίïυΚλεάνθη Κλεάνθïυς.

Λειτïυργïί τïυ Τµήµατïς Κτηµα-τïλïγίïυ και Ìωρïµετρίας, εργάúïνταιεντατικά για την καταγραæή µιας και σύµ-æωνα µε τï µνηµÞνιï, η Þλη εργασία θα πρέ-πει να έøει ïλïκληρωθεί µέøρι τïν Ιïύνιïτïυ 2014 µε την αêία των ακινήτων να αντι-κατïπτρίúει την σηµερινή τïυς αêία καιÞøι τις αêίες τïυ 1980 πïυ παρïυσιά-úïνται σήµερα στïυς υæιστάµενïυςτίτλïυς ιδιïκτησίας.

à κ. Κλεάνθïυς είπε ακÞµηÞτι άλλï σïâαρÞ έργï πïυπρέπει να γίνει απÞ τïΤµήµα, σύµ-æωνα µε τιςαπαιτήσειςτης ΤρÞικας,είναι η έκδï-ση µέσα στïυςεπÞµενïυς 20µήνες, τωντίτλων ιδιï-κτησίας πïυεκκρεµïύν για 60.000 µïνάδες πïλυκατïι-κιών/ïικιών, σηµειώνïντας Þτι µέøρι τώρατï ΚτηµατïλÞγιï πρïέâαινε σε έκδïση1.000 τίτλων ιδιïκτησίας τï µήνα και θαπρέπει να αυêηθεί ï αριθµÞς αυτÞς στις3.000 τï µήνα για να ïλïκληρωθεί τï έργïστï øρïνικÞ περιθώριï πïυ έøει τεθεί.

Επιπλέïν, ανέæερε Þτι τï Τµήµα θα πρέ-πει, σύµæωνα µε τï µνηµÞνιï, να πρïâεί σεεκτίµηση της αêίας Þλη της κρατικής ιδιï-κτησίας, ηµικρατικών ïργανισµών και τïπι-κών αρøών αυτïδιïίκησης, σηµειώνïνταςÞτι στην καταγραæή της αêίας θα πρέπει ναπεριληæθïύν ïι επιâαρύνσεις των ακινήτων

αυτών (δεσµεύσεις, µίσθωση, άδειες øρή-σης)

à κ. Κλεάνθïυς είπε Þτι τï πρώτï έργïθα πρέπει να παραδïθεί τï Σεπτέµâριï τïυ2013, ενώ µέøρι τï τέλïς τïυ τρέøïντïςέτïυς θα πρέπει να έøει παραδïθεί Þλï τïέργï.

ΕιδικÞτερα, Þσïν αæïρά την εκτίµησητης σηµερινής αêίας των ιδιïκτησιών, κ.Κλεάνθïυς είπε Þτι ïι 500.000 ιδιïκτησίεςθα εêεταστïύν απÞ τïυς λειτïυργïύς τïυΤµήµατïς επί τÞπïυ (απÞ σπίτι σε σπίτι),

σηµειώνïντας, ωστÞσï,Þτι τï έργï τïυ

Κτηµατïλïγίïυ γιααυτÞ τï θέµα πε-

ριïρίúεται κάπωςκαθώς διαθέτει

τα øαρακτη-ριστικά ενÞςπïλύ µεγά-λïυ αριθµïύιδιïκτησιών(100.000) ταïπïία συγκέ-ντρωσε απÞπρïηγïύµε-νη έρευνα

πïυ διεêήγαγε.Ãι συνïλικές ιδιïκτησίες, παγκύπρια,

ανέρøïνται στï 1.100.000 ïι ïπïίες αæï-ρïύν øωράæια και ïικÞπεδα, ενώ έναςάλλïς αριθµÞς ιδιïκτησιών πïυ ανέρøεταιστις 900.0000 αæïρïύν γραæεία, διαµερί-σµατα, καταστήµατα, âιïµηøανίες, ïικίες,διπλïκατïικίες.

Εêήγησε Þτι γίνεται συλλïγή στïιøεί-ων/øαρακτηριστικών για κάθε ακίνητï ταïπïία µεταæέρïνται για περαιτέρω επεêερ-γασία στï Τµήµα, Þπïυ γίνεται øρήση κάπïι-ων δεικτών τïυς ïπïίïυς “πïλλαπλασιάúïυ-µε µε κάπïια øαρακτηριστικά για να æθά-σïυµε στην επανεκτίµηση”.

∂∂∆∆∂∂:: ¶¶ÚÚfifiÛÛııÂÂÙÙÔÔ ‰‰¿¿ÓÓÂÂÈÈÔÔ €110000 ÂÂÎÎ.. Στην Κύπρï για επίσηµη επίσκεψη æθάνει

σήµερα Τετάρτη ï ΠρÞεδρïς της ΕυρωπαϊκήςΤράπεúας Επενδύσεων Βέρνερ ÌÞϊερ. à κ.ÌÞϊερ θα έøει συνάντηση αύριï Πέµπτη στις12:00 µε τïν ΥπïυργÞ Ãικïνïµικών ÌάρηΓεωργιάδη, ενώ θα ακïλïυθήσει στις 12:30 ηυπïγραæή της συµæωνίας για πρÞσθετïδάνειï πρïς την Κυπριακή ∆ηµïκρατία ύψïυς100 εκ. ευρώ.Της υπïγραæής θα ακïλïυθήσειδηµïσιïγραæική διάσκεψη Τύπïυ.

à κ. ÌÞϊερ αναµένεται να γίνει δεκτÞς στις18:30 της Πέµπτης στï ΠρïεδρικÞ Μέγαρï

απÞ τïν ΠρÞεδρï της ∆ηµïκρατίας ΝίκïΑναστασιάδη.Η αναøώρηση τïυ απÞ τηνΚύπρï είναι πρïγραµµατισµένη για τηνΠέµπτη τï âράδυ. Η Ευρωπαϊκή ΤράπεúαΕπενδύσεων ενέκρινε περί τα τέλη ΑπριλίïυπρÞσθετï δάνειï συνïλικïύ ύψïυς έως 100εκατ. ευρώ, µε απïδέκτη την Κυπριακή∆ηµïκρατία. Τï δάνειï θα στηρίêει τï κυπρια-κÞ ΕθνικÞ ΣτρατηγικÞ Πλαίσιï Αναæïράς(ΕΣΠΑ), τï ïπïίï επικεντρώνεται κυρίως στηναειæÞρï ανάπτυêη, την ανταγωνιστικÞτητα καιτï ανθρώπινï κεæάλαιï.

∆Ô Venus Rock ·ÓÔ›ÁÂÈ Â˘Úˆ·˚Τ˜ fiÚÙ˜ÛÙÔ˘˜ ÎÈÓ¤˙Ô˘˜ ÂÂÓ‰˘Ù¤˜

Τα 290 εκ. ευρώ αγγίúει η επένδυση πïυ κάνει ï Κινέúïςεπιøειρηµατίας Τσαρλς ·ιανγκ στï έργï Venus Rock τïυõίλïυ Aristo στην Πάæï.

Τï έργï τï ïπïίï αναµένεται να ïλïκληρωθεί τα επÞµεναδύï µε τρία έτη θα περιλαµâάνει δύï γήπεδα γκïλæ, πεντά-στερï êενïδïøείï, εµπïρικÞ κέντρï και µικρή µαρίνα γιασκάæη αναψυøής.

Σε αυτά τα πλαίσια ï κ. ·ιανγκ συναντήθηκε µε τïνΠρÞεδρï, Νίκï Αναστασιάδη.

à κ. Young είπε µετά την συνάντηση πως «αæÞτïυ µελε-τήσαµε την Κύπρï αντιληæθήκαµε Þτι εδώ υπάρøïυν πïλύκαλές πρïïπτικές επενδύσεων». ΠρÞσθεσε Þτι ï ΠρÞεδρïςτης ∆ηµïκρατίας έδωσε την πλήρη στήριêη τïυ για την επέν-δυση αυτή, σηµειώνïντας Þτι «για τï έργï, στï ïπïίï επενδύ-ïυµε øρησιµïπïιïύµε Þσï τï δυνατÞν περισσÞτερï ντÞπιïεργατικÞ δυναµικÞ».

Η Þλη επένδυση, µέøρι την ïλïκλήρωση της τα πρïσεøήδύï-τρία øρÞνια, µπïρεί να æτάσει περίπïυ στï ενάµισι δισε-κατïµµύριï και άµεσα υπάρøïυν πïλλαπλά ïæέλη, τÞσï στïθέµα της εργïδÞτησης για την απïπεράτωση τïυ έργïυ Þσïκαι στα άµεσα έσïδα απÞ πλευράς æïρïλïγιών, άµεσων καιέµµεσων. Στï παρÞν στάδιï µπïρεί να είναι γύρω στα 40 εκα-

τïµµύρια, αλλά µέøρι την ïλïκλήρωση τïυ έργïυ µπïρεί καινα æτάσïυν στα 400 εκ.

à Τσαρλς ·ιανγκ είναι πρÞεδρïς τïυ επενδυτικïύ ïµίλïυεταιρειών China Glory International Investment Group (CGIG)και έøει κάτω απÞ την ïµπρέλα τïυ δέκα επενδυτικές εταιρεί-ες πïυ ασøïλïύνται µε τα ακίνητα, τις επενδύσεις σε ïρυøεία,øρηµατïïικïνïµικά ακÞµη και µε πïλυτελή είδη.

Σύµæωνα µε πληρïæïρίες πïυ είδαν τï æως της δηµïσιÞ-τητας η China Glory, âρίσκεται στï ψάêιµï για γραæεία στηΛευκωσία. ΣτÞøïς της CGIG είναι να καταστήσει την Κύπρïως τïν πρώτï ευρωπαϊκÞ της πρïïρισµÞ απÞ τïν ïπïίï θαεπιøειρήσει να κάνει περαιτέρω επενδυτικές κινήσεις στηνΕυρώπη.

Ãρισµένα απÞ τα έργα τïυ ïµίλïυ στην κινεúική αγïράακινήτων είναι τï Chateau-Glory International Apartments,TheSummit Club και τï No.9 Commercial Mansion.

∫·Ù·Û΢‹ Ì·Ú›Ó·˜Σύµæωνα µε τïν πρÞεδρï της Aristo Developers

ΘεÞδωρï Αριστïδήµïυ, περίπïυ 40 εκ. ευρώ άµεσα θα

εισπράêει τï κυπριακÞ κράτïς απÞ την πράêη πώλησης τïυproject Venus Rock ενώ η εισρïή κεæαλαίïυ στη∆ηµïκρατία θα æτάσει τα 2 δις ευρώ.

Ãι επενδυτές πïυ αγÞρασαν τï έργï, ανέæερε, θέλïυννα πρïøωρήσïυν στην άµεση υλïπïίηση τïυ και µ’ αυτÞ τïντρÞπï θα πρïκύψει άµεσα µεγάλη εργïδÞτηση σηµαντικïύαριθµïύ εργαúïµένων.

Ανέæερε ακÞµα πως ïι επενδυτές ενδιαæέρïνται και γιακατασκευή µαρίνας στην περιïøή και έøïυν επιδείêει ενδια-æέρïν για γη πïυ υπάρøει στην περιïøή.

Πάντως, ï κ. Αριστïδήµïυ ως πρώην πρÞεδρïς τηςΤράπεúας Κύπρïυ ανέæερε πως η τιµή πώλησης τïυ έργïυδιαψεύδει και τις εκτιµήσεις της Pimco για τη µείωση στιςτιµές των ακινήτων.

29 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¶ÚÔÙÈÌÔ‡Ó ÙËÓ ¶¤ÙÚ· ÙÔ˘ ƒˆÌÈÔ‡ ÁÈ· ÔÏÈÙÈÎÔ‡˜ Á¿ÌÔ˘˜Η επαρøία Πάæïυ απïτελεί έναν απÞ

τïυς δηµïæιλέστερïυς πρïïρισµïύς τέλε-σης πïλιτικών γάµων, τα έσïδα των ïπïίωναæήνïυν στïυς ∆ήµïυς ένα πïλύ σηµαντικÞκïνδύλι ετησίως.

Η Μαρία Γιάγκïυ λειτïυργÞς γάµων στï∆ήµï Πέγειας ανέæερε πως τï τελευταίïδιάστηµα καταâάλλεται έντïνη πρïσπάθειαγια την πρïσέλκυση νέων αγïρών και πως ï∆ήµïς Πέγειας δίνει µεγάλη πρïσïøή καιέøει αναâαθµίσει τα τελευταία øρÞνια τïπρïϊÞν τïυ. Η κ Γιάγκïυ ενδεικτικά είπε πωςαπÞ τις αρøές τïυ έτïυς 2013 µέøρι σήµεραέøïυν τελεστεί 300 περίπïυ πïλιτικïί γάµïιστï ∆ήµï Πέγειας ιδιαίτερα τïυς µήνεςΜάρτη, Απρίλη και Μάιï. Σύµæωνα µε την κΓιάγκïυ δεκάδες úευγάρια απÞ την Βρετανίααπïæασίúïυν να τελέσïυν τïν πïλιτικÞ τïυςγάµï στην Πέγεια , λιγÞτερα απÞ τηνΡïυµανία και την Ρωσία και κάπïια απÞ τηνΑµερική.

Απαντώντας σε σøετική ερώτηση η υπεύ-θυνη λειτïυργÞς στï ∆ήµï Πέγειας ανέæερε

πως ï αριθµÞς των πïλιτικών γάµων πïυτελέστηκαν στην Πέγεια µέøρι στιγµήςκυµαίνεται στα ίδια µε τα περσινά επίπεδα.Ùσïν αæïρά τï ερøÞµενï έτïς , τï 2014,παρατήρησε, πως η νέα øρïνιά σε σøέση µετην τέλεση πïλιτικών γάµων κυµαίνεται σεκαλύτερα επίπεδα, παρïυσιάúïντας µια

αύêηση της τάêης τïυ 20 %, ενώ για τï 2015άρøισαν ήδη ïι πρïκρατήσεις.

Ãι περισσÞτερïι γάµïι τελïύνται στηνπανέµïρæη περιïøή της Πέτρας τïυ Ρωµιïύ,αλλά και στην Κάτω Βρύση. Στï ∆ήµïΓερïσκήπïυ έøïυν τελεστεί µέøρι τώρα 254πïλιτικïί γάµïι, ενώ ï αριθµÞς των κρατήσε-ων αγγίúει τïυς 870 για τïυς επÞµενïυςµήνες. Η Γερïσκήπïυ øαρακτηρίúεται απÞτïυς δηµïæιλέστερïυς πρïïρισµïύς ενώ τïενδιαæέρïν για την τέλεση των πïλιτικώντïυς γάµων εκæράúïυν δεκάδες úευγάριακυρίως απÞ την Βρετανία , ακïλïυθεί ηΡωσία και στην συνέøεια τï Ισραήλ.Ενδιαæέρïν ωστÞσï έøïυν επιδείêει και úευ-γάρια απÞ την Πïλωνία και την Ρïυµανίααλλά και απÞ êένïυς πïυ διαµένïυν στïΚατάρ και στï Ντïυµπάι.

Η τέλεση πïλιτικών γάµων στï ∆ήµïΓερïσκήπïυ απέæερε έσïδα ύψïυς µισïύεκατïµµυρίïυ ευρώ τï έτïς 2012.

Η ∆Þêα Ãικïνïµίδïυ υπεύθυνη λειτïυρ-γÞς για την τέλεση πïλιτικών γάµων στï

∆ήµï Πάæïυ σηµείωσε Þτι τï τελευταίï διά-στηµα καταâάλλεται έντïνη πρïσπάθεια γιατην πρïσέλκυση νέων αγïρών αλλά τï θέµα,είπε, πρïσκρïύει κυρίως στις πτήσεις.Ενδεικτικά ανέæερε τï παράδειγµα τïυΙσραήλ Þπïυ καταγράæεται πïλύ µεγάλïενδιαæέρïν για τïν γαµήλιï τïυρισµÞ.∆εκάδες úευγάρια είπε απÞ την γειτïνικήøώρα καταλήγïυν στα θέρετρα της ΑγίαςΝάπας, τïυ Παραλιµνίïυ αλλά και τïυΠρωταρά λÞγω της εύκïλης σύνδεσης µέσωτïυ Αερïδρïµίïυ Λάρνακας - Þπως είπε.

Σε µικρÞτερï âαθµÞ τελïύνται πïλιτικïίγάµïι στï ∆ήµï ΠÞλεως Ìρυσïøïύς. Ã∆ήµαρøïς ΠÞλεως Ìρυσïøïύς ΆγγελïςΓεωργίïυ Ãδυσσέως δήλωσε πως µέøρι στιγ-µής στï ∆ήµï τïυ έøïυν τελεστεί 14 πïλιτι-κïί γάµïι παρïυσιάúïντας η τέλεση γάµων,µια αύêηση της τάêης τïυ 50 %, απÞ τηνπερσινή øρïνιά. Ùσïν αæïρά τïυς επÞµε-νïυς µήνες, είπε πως µέøρι στιγµής, έøïυνήδη κλείσει να τελέσïυν τïν γάµï τïυς στï∆ήµï ΠÞλεως Ìρυσïøïύς 32 úευγάρια.

™™¢¢∂∂∫∫:: ∂∂ÎÎÛÛÙÙÚÚ··ÙÙ››··Â··ÓÓÂÂÎÎÎΛ›ÓÓËËÛÛˢ ÙÙˢ ÔÔÈÈÎÎÔÔÓÓÔÔÌÌ››··˜

à Σύνδεσµïς ∆ιαæήµισης Επικïινωνίας Κύπρïυ (Σ∆ΕΚ), επιδιώκïντας τηνπαρακίνηση καταναλωτών και επιøειρηµατιών για επαναδραστηριïπïίηση καιαπÞ κïινïύ λήψη µέτρων πïυ θα âïηθήσïυν στην επανεκκίνηση της κυπριακήςïικïνïµίας, έøει πρïøωρήσει στη δηµιïυργία της διαæηµιστικής εκστρατείας µετίτλï «Η úωή πρïøωράει µεúωή», η ïπïία µεταæέρει êεκά-θαρα τï µήνυµα της αισιïδï-êίας και της ελπίδας για τηνενδυνάµωση της εγøώριαςαγïράς.

à ΠρÞεδρïς τïυ ∆ιïι-κητικïύ Συµâïυλίïυ τïυΣ∆ΕΚ κ. Στέλιïς Αναστα-σιάδης ανέæερε Þτι «τï ∆.Σ.τïυ Συνδέσµïυ, παρακïλïυ-θώντας τις αλυσιδωτές επι-πτώσεις της ïικïνïµικής κρί-σης στην ïπïία έøει περιέλθειη Κύπρïς, κατέληêε στην επιλïγή της εκστρατείας “Η úωή πρïøωράει µε ·ωή”,µε σκïπÞ να πείσïυµε τïυς καταναλωτές Þτι πρέπει να συνεøίσïυν τη úωή τïυςκανïνικά και τïυς επιøειρηµατίες Þτι πρέπει να υπïστηρίúïυν τα brands τïυςδιαæηµιστικά».

Επισηµαίνεται Þτι η δηµιïυργία και η υλïπïίηση της ιδέας έγινε δωρεάν απÞδιαæηµιστικά γραæεία µέλη τïυ Σ∆ΕΚ.

Η ηλεκτρïνική διακυâέρνηση έøει κατα-γράψει πρÞïδï, αλλά ïι ευρωπαίïι πïλίτεςúητïύν την περαιτέρω âελτίωση των παρεøÞ-µενων δηµÞσιων υπηρεσιών, αλλά και των υπη-ρεσιών σε διασυνïριακÞ επίπεδï, σύµæωνα µεέρευνα της Ευρωπαϊκής Επιτρïπής.

Σήµερα σøεδÞν ένα στïυς δύï πïλίτες(46%) øρησιµïπïιεί πλέïν τï ∆ιαδίκτυï γιαεêεύρεση εργασίας, για την υπïâïλή τηςæïρïλïγικής δήλωσης, για καταøώριση γέννη-σης, για έκδïση διαâατηρίïυ ή για άλλες υπη-ρεσίες ηλεκτρïνικής διακυâέρνησης.

Τï 80% αναæέρïυν Þτι øάρη στις ηλεκτρï-νικές δηµÞσιες υπηρεσίες εêïικïνïµïύνøρÞνï, τï 76% Þτι τïυς αρέσει η ευελιêία πïυτïυς πρïσæέρïυν και τï 62% Þτι τïυς âïη-θïύν να εêïικïνïµïύν øρήµατα. ΩστÞσï, ïιøρήστες δηλώνïυν περισσÞτερï ικανïπïιηµέ-νïι απÞ τις ηλεκτρïνικές τραπεúικές υπηρεσίες(âαθµÞς ικανïπïίησης 8,5 µε άριστα τï 10) καιτις ηλεκτρïνικές αγïρές (7,6), παρά απÞ τιςηλεκτρïνικές δηµÞσιες υπηρεσίες (6,5).

Τï «ΨηæιακÞ ΘεµατïλÞγιï για τηνΕυρώπη» έøει θέσει ως στÞøï να αυêήσει τηøρήση των υπηρεσιών ηλεκτρïνικής διακυâέρ-νησης, έτσι ώστε ï αριθµÞς των øρηστών ναæθάσει έως τï 2015 τï 50% των Ευρωπαίων

πïλιτών. Στην έρευνα πïυ πραγµατïπïιήθηκεστï πλαίσιï της Συγκριτικής Εκθεσης τïυ 2012για την Ηλεκτρïνική ∆ιακυâέρνηση συµµετεί-øαν 28.000 øρήστες τïυ ∆ιαδικτύïυ απÞ 32øώρες. Ανάµεσα στα σηµαντικÞτερα πïρίσµαταήταν τα εêής:

- Ãι πιï δηµïæιλείς υπηρεσίες ήταν ηδήλωση æÞρïυ εισïδήµατïς (τï 73% των øρη-στών υπïâάλλïυν τη æïρïλïγική τïυς δήλωσηηλεκτρïνικά), η δήλωση αλλαγής διεύθυνσης(57%) και η εγγραæή σε ίδρυµα τριτïâάθµιαςεκπαίδευσης και/ή η υπïâïλή αίτησης γιασπïυδαστική υπïτρïæία (56%).

-ΠαρÞλï πïυ τï 54% των ερωτηθέντωνεêακïλïυθïύν να πρïτιµïύν τις συναλλαγέςπρÞσωπï µε πρÞσωπï ή άλλες παραδïσιακέςµïρæές εêυπηρέτησης, τïυλάøιστïν τï 30%δήλωσαν Þτι θα µπïρïύσαν να είναι τακτικïίøρήστες υπηρεσιών ηλεκτρïνικής διακυâέρνη-σης, εάν ïι παρεøÞµενες υπηρεσίες ήταν καλύ-τερα πρïσαρµïσµένες στις ανάγκες τïυς.

Σøïλιάúïντας τα απïτελέσµατα της έρευ-νας, η αντιπρÞεδρïς της ΕυρωπαϊκήςΕπιτρïπής αρµÞδια για τï ΨηæιακÞΘεµατïλÞγιï, Νέλι Κρïυς, δήλωσε Þτι η ηλε-κτρïνική διακυâέρνηση στην Ευρώπη έøειευïίωνες πρïïπτικές.

ŒŒÓÓ··˜ ÛÛÙÙÔÔ˘˜ ‰‰‡‡ÔÔ Â¢ÚÚˆ··››ÔÔ˘˜¯ÚÚËËÛÛÈÈÌÌÔÔÔÔÈÈ›› ÙÙÔÔ ››ÓÓÙÙÂÂÚÚÓÓÂÂÙÙ

8 Ιïυλίïυ τïυ 1962. Μια ηµερïµηνία πïυγια πïλλïύς δεν σηµαίνει τίπïτα αλλά για τïκυπριακÞ πïδÞσæαιρï σηµαίνει πïλλά. Είναι ηµέρα Þπïυ σε µια µικρή πÞλη της πρώηνΓιïυγκïσλαâίας τη ∆Þúνιτσα γεννήθηκε ïΙâάν Γιïâάνïâιτς ï άνθρωπïς πïυ άλλαêε τïρïυ της ιστïρίας τïυ κυπριακïύ πïδïσæαί-ρïυ.ΑπÞ µικρÞ παιδί έδειøνε Þτι τï πïδÞσæαι-ρï ήταν Þλη τïυ η úωή. ¥εκίνησε απÞ µικρήηλικία να παίúει πïδÞσæαιρï στην τïπικήïµάδα της ∆Þúνιτσας αλλά η επαγγελµατικήτïυ πïρεία êεκίνησε την σεúÞν 1984-85 σανπïδïσæαιριστής της Ραντ Βελιγραδίïυ Þπïυκαι αγωνίστηκε στï ανώτερï επίπεδï τηςτÞτε Γιïυγκïσλαâίας για τις σεúÞν 1987-1988και 1988-1989. Την επÞµενη σεúÞν παίρνειµεταγραæή στην ïµάδα τïυ ΗρακλήΘεσσαλïνίκης Þπïυ έπαιêε για δέκα συναπτάέτη µέøρι τï τέλïς της πïδïσæαιρικής τïυκαριέρας. Την Ελλάδα την αγάπησε και δενείναι τυøαίï τï Þτι επιδίωêε και πήρε και τηνυπηκïÞτητα της øώρας αæïύ τη θεωρïύσεως δεύτερη τïυ πατρίδα. Ã Γιïâάνïâιτς ήτανγια Þλïυς Þσïι τï γνώρισαν υπÞδειγµα επαγ-γελµατία αæïύ δεν απïâλήθηκε πïτέ, σκïρά-ρïντας παράλληλα 52 γκïλ σε 272 πïδïσæαι-ρικές αναµετρήσεις.

¥εκινά την καριέρα τïυ ως πρïπïνητήςτï 2001 απÞ τη Νίκη ΒÞλïυ. Τï 2002 αναλαµ-âάνει ως πρïπïνητής της πρώην ïµάδας τïυ,τïυ Ηρακλή µέøρι τï 2003 πïυ έρøεται στηνΚύπρï ως πρïπïνητής τïυ ΑΠÃΕΛ. ΣτïΑΠÃΕΛ πανηγυρίúει την κατάκτηση τïυΠαγκύπριïυ πρωταθλήµατïς τïυ 2003-04 καιµένει µέøρι τï Μάρτιï τïυ 2005 Þπïυ δεøÞµε-νïς µÞλις µια ήττα απÞ την ΑΕΚ στη Λάρνακαï τÞτε ΠρÞεδρïς τïυ ΑΠÃΕΛ ΠρÞδρïµïςΠετρίδης τïυ úητά να απïøωρήσει. à ίδιïςæεύγïντας τïυ είπε απλά µïυ στέρησες τïδεύτερï συνεøÞµενï πρωτάθληµα τï ïπïίïδεν κατάæερε τελικά να κατακτήσει η ïµάδατης Λευκωσίας. à Γιïâάνïâιτς επιστρέæειστην Ελλάδα και αναλαµâάνει την ΠαναøαϊκήΤï 2007 αναλαµâάνει και πάλι τïν Ηρακλήµέøρι τïν Ιανïυάριï τïυ 2008 πïυ επιστρέæειστην Κύπρï ως πρïπïνητής τïυ ΑΠÃΕΛ. Τηνπρώτη øρïνιά πανηγυρίúει κύπελï, την επÞ-µενη øρïνιά τï πρωτάθληµα και τï 2009 ïδη-γεί την ïµάδα στïυς øρυσïæÞρïυς õίλïυςτïυ Τσιάµπιïνς Λιγκ.

∆Û¤ÏÛÈ, ¶fiÚÙÔ Î·È ∞ÙϤÙÈÎÔ Τï ΑΠÃΕΛ αγωνιúÞµενï σε ένα Þµιλï µε

Τσέλσι, ΠÞρτï και Ατλέτικï Μαδρίτης κατάæε-ρε να κατακτήσει 4 âαθµïύς και να øάσει γιαένα γκïλ την πρÞκριση τïυ στï EuropaLeague ως τρίτïς Þπïυ πρïκρίθηκε ηΑτλέτικï η ïπïία µετέπειτα κατέκτησε και τïτρÞπαιï. Τα έσïδα τïυ ΑΠÃΕΛ ανήλθαν στα10 εκ. ευρώ.Την ίδια øρïνιά ï ΑΠÃΕΛ øάνει τïπρωτάθληµα απÞ την õÞνïια και τï κύπελλïαπÞ τïν ΑπÞλλωνα και για αυτÞ απïæασίúει ναενισøυθεί ïυσιαστικά. Μαντïύκα, Αίλτïν,·Þρúε, Μπïαâεντïύρα ήταν ïι πιï σηµαντικέςπρïσθήκες της νέας ïµάδας πïυ έκτιúε ïΓιïâάνïâιτς. ΤÞτε έøασε την ευκαιρία να πρï-κριθεί στïυς õίλïυς τïυ Europa League απÞτη æηµισµένη Ισπανική Ìετάæε η ïπïία τïναπέκλεισε στην παράταση.

Την ίδια øρïνιά τï ΑΠÃΕΛ κατακτά διάυγιεινïύ περιπάτïυ τï πρωτάθληµα και êανάέøει την ευκαιρία να µπει σε õίλïυς τïυΤσιάµπιïνς Λιγκ. Στις 23 Αυγïύστïυ τïυ 2011ï ΑΠÃΕΛ πανηγυρίúει την πρÞκριση τïυστïυς ïµίλïυς µετά τη νίκη θρίλερ 3-1 επί της

Βίσλα. Τï εισιτήριï æέρνει æαρδιά πλατιά τηνυπïγραæή των âραúιλιάνων Μαντïύκα καιΑίλτïν, ï ïπïίïς πέτυøε τï γκïλ της πρÞκρι-σης στï 87’.

¶fiÚÙÔ, ™·¯Ù¿Ú Î·È ∑ÂÓ›Ù Ã ΑΠÃΕΛ κληρώνεται στη δεύτερη τïυ

παρïυσία στην κïρυæαία διασυλλïγική διïρ-γάνωση απέναντι σε ΠÞρτï, Σαøτάρ και ·ενίτΑγιάς Πετρïύπïλης. Αν και πïλλïί θεωρïύ-σαν αδύνατï να πρïκριθεί εντïύτïις η ïµάδατïυ Ιâάν Γιïâάνïâιτς πετυøαίνει τï ακατÞρ-θωτï να τερµατίσει δηλαδή πρώτη στïνÙµιλï της αæήνïντας δεύτερη τη ·ενίτ ΑγίαςΠετρïύπïυλης. ΕπÞµενη πτήση η γαλλικήΛυÞν Þπïυ ï Γιïâάνïâιτς ïδηγεί και πάλι τηνïµάδα τïυ σε θρυλική πρÞκριση.Την ίδια ώρασε ιλιγγιώδες πïσÞ για τα ïικïνïµικά δεδïµέ-να τïυ ΑΠÃΕΛ και της Κύπρïυ ανήλθαν ταέσïδα της ïµάδας τïυ Ιâάν Γιïâάνïâιτς.Συνïλικά υπïλïγίúεται Þτι έâαλε στα ταµείατης περισσÞτερα απÞ 23 εκ. ευρώ øωρίς ναυπïλïγίúïνται τα έσïδα απÞ τις πωλήσειςεισιτηρίων στïν πρïηµιτελικÞ, καθώς και τïbonus απÞ τη øïρηγία της εταιρίας ΜΤΝ πïυδιαæηµίúεται στη æανέλα. Η ευρωπαϊκήπïρεία τερµατίúεται στïυς 8 απÞ τη æηµισµέ-νη ΡΕΑΛ µε τïυς παίκτες και τïν πρïπïνητή

να µïιράúïνται τï πïσÞ των 8 εκ. ευρώ γιατïν άθλï πïυ πέτυøαν.

Την επÞµενη øρïνιά ï Γιïâάνïâιτς øάνειÞλïυς τïυς εγøώριïυς τίτλïυς και τï καλï-καίρι âιώνει τïν ευρωπαϊκÞ απïκλεισµÞ απÞτην άσηµη Νέæτσι Μπακïύ. Πïλλïί τïν αµæι-σâήτησαν επικρίνïντας τις επιλïγές τïυς καιτïν καλïύσαν να απïøωρήσει θεωρώντας Þτι

έκλεισε ï κύκλïς τïυ. à ίδιïς σαν σύγøρïνïςÃδυσσέας έκλεισε τα αυτιά στις σειρήνες καιαν και âρέθηκε πίσω στï πρωτάθληµα κατά-æερε να ανατρέψει τα εις âάρïς τïυ δεδïµέ-να και να πανηγυρίσει τïν 6ï τïυ εγøώριïτίτλï στην Κύπρï. Απïæάσισε λïιπÞν ï ερα-στής των τίτλων να απïøωρήσει απÞ τηνïµάδα µετά απÞ 5,5 øρÞνια. «Είµαι ένας πρï-πïνητής πïυ είµαι 5,5 øρÞνια εδώ, απÞ τιςσπάνιες æïρές πïυ µπïρεί να συµâεί αυτÞ..∆εν ήρθα ως καταêιωµένïς πρïπïνητής, µεεµπειρία. Και καταæέραµε να πετύøïυµεαρκετά πράγµατα αυτά τα 5,5 øρÞνια. Ãι æίλα-θλïι είναι Þ,τι πιï σηµαντικÞ στïν ΑΠÃΕΛ καιη αναγνώριση της πρïσπάθειας των παικτώναπÞ τïυς æιλάθλïυς θα είναι πïλύ σηµαντικήγια τïυς πïδïσæαιριστές. à ΑΠÃΕΛ κατάæε-ρε επί επïøής Γιïâάνïâιτς να âάλει σταταµεία τïυ πέραν των 50 εκ. ευρώ, να είναισήµερα η µÞνη ïµάδα σε Κύπρï και Ελλάδαπïυ δεν øρωστά σε κανένα και παράλληλα ναέøει ιδιÞκτητη µπïυτίκ. Αν δεν καταæέρειωστÞσï æέτïς η ïµάδα να πρïκριθεί σεευρωπαϊκÞ Þµιλï ενδεøïµένως να αντιµετω-πίσει πρïâλήµατα στï µέλλïν.

à γραæών είναι σίγïυρïς πάντως Þτι ïΙâάν Γιïâάνïâιτς µια µέρα θα επιστρέψει καιθα µεγαλïυργήσει και πάλι για τï κάλï τïυκυπριακïύ πïδïσæαίρïυ Σε ευøαριστïύµεγια Þλα.

29 ΜΑΪÃΥ, 2013

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€50 ÂÎ. «¿ÊËÛ» Ô π‚¿Ó ÛÙÔ ∞¶√∂§

™™˘ÓÓ¯››˙ÂÂÈÈ ÔÔ ººÔÔ››‚‚ÔÔ˜ ∂∂ÚÚˆÙÙÔÔÎÎÚÚ››ÙÙÔÔ˘Σε λαϊκή απαίτηση των µετÞøων να παραµείνει στην πρïεδρία τïυ ΑΠÃΕΛ ï Φïίâïς

Ερωτïκρίτïυ, εêελίøθηκε η τελευταία Γενική Συνέλευση. O Φïίâïς Ερωτïκρίτïυ απïæά-σισε να µην απïøωρήσει απÞ τï ΑΠÃΕΛ. Σε µια δύσκïλη µεταâατική περίïδï για τηνïµάδα, ï πρÞεδρïς των πρωταθλητών ανακάλεσε τηναπÞæαση τïυ καθώς, Þλïι σøεδÞν ïι µέτïøïι στηρί-úïυν και ευνïïύν την παραµïνή τïυ. Μέσα λïιπÞναπÞ τη συνέλευση ï πρÞεδρïς τïυ ΑΠÃΕΛ âγήκε ενι-σøυµένïς και αυτÞ πïυ τίθεται ως πρïτεραιÞτητα,πλέïν, είναι ï πρïγραµµατισµÞς.

Ήδη, ï νέïς πρïπïνητής Πάïυλï Σέρúιï κïινïπïί-ησε τις αρøικές τïυ εισηγήσεις, και η διïίκηση πρέπεινα âιαστεί, αæïύ σε τρεις εâδïµάδες αρøίúει η πρïε-τïιµασία. Η πρÞκριση σε Þµιλï ευρωπαϊκής διïργάνω-σης απïτελεί πïλύ µεγάλï στïίøηµα για τïν ΑΠÃΕΛκαι αναµæίâïλα, µε την επίτευêη τïυ στÞøïυ θα πάρειπïλύ âαθιά ïικïνïµική ανάσα.

29 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

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∞ÛÊ·ÏÈṲ̂Ó˜ ηٷı¤ÛÂȘ: ª‡ıÔÈ Î·È Ú·ÁÌ·ÙÈÎfiÙËÙ·

Πïλλïί, µετά τις τελευταίες εêελίêεις στην Κύπρï και τηνïυσιαστική υæαρπαγή, µε απÞæαση τïυ Eurogroup, σøεδÞντïυ συνÞλïυ των απïταµιεύσεων, πïυ âρίσκïνταν κατατεθει-µένες στις κυπριακές τράπεúες, είναι και παραµένïυν έκπλη-κτïι, απÞ αυτή την κίνηση των ευρωúωνιτών. Η έκπληêη αυτήστηρίúεται στην εδραία πεπïίθηση, πïυ υπήρøε, ως περιρρέ-ïυσα ατµÞσæαιρα, Þτι ïι τραπεúικές καταθέσεις στην ευρωúώ-νη ήταν εγγυηµένες και Þτι, ως εκ τïύτïυ, δεν πρÞκειται ναθιγïύν.

Φυσικά, έκαναν και (Þσïι επιµένïυν σε αυτή την άπïψη, ή,σε πιï light εκδïøές της) κάνïυν λάθïς.

Στην ευρωúώνη, ïυδεµία πρïâλέπεται εγγύηση των τρα-πεúικών καταθέσεων, απÞ τις ευρωσυνθήκες, πïυ την δηµι-ïύργησαν. Η Ε.Κ.Τ., ως κεντρική τράπεúα, δεν εγγυάται, γι’αυτές, ïύτε και πρïâλέπεται κάπïιï συγκεκριµένï ευρωσύ-στηµα, πïυ να τις εγγυάται, ή να τις πρïστατεύει. ∆εν υπάρ-øει κάπïιïς θεσµÞς, πïυ να έøει την αρµïδιÞτητα να καταâά-λει τï πïσÞν των καταθέσεων µιας τράπεúας, Þταν αυτή âρε-θεί σε αδυναµία να ανταπïκριθεί στις υπïøρεώσεις της, απέ-ναντι στïυς καταθέτες της, Þταν, δηλαδή, περιπέσει σε κατά-σταση øρεïκïπίας και πτωøεύσει.

Στις Η.Π.Α., απÞ την επïøή τïυ πρïέδρïυ Franklin DelanoRoosevelt και της Great Depression της δεκαετίας τïυ 1930,υπάρøει ï θεσµÞς τïυ εγγυητή, ως δανειστή της τελευταίαςκαταæυγής, ï ïπïίïς εγγυάται Þτι ïι τραπεúικές καταθέσειςθα καταâληθïύν στïυς δικαιïύøïυς, Þ,τι και να συµâεί στηντράπεúα, στην ïπïία είναι κατατεθειµένες, µε δεδïµένï Þτιαυτή είναι υπÞ την επïπτεία τïυ ïµïσπïνδιακïύ τραπεúικïύσυστήµατïς.

à θεσµÞς αυτÞς τïυ εγγυητή της τελευταίας καταæυγής,είναι τï Federal Deposit Insurance Corporation (F.D.I.C.), ïïπïίïς δηµιïυργήθηκε ακριâώς, για να σταµατήσει τï τερά-στιï κύµα των τραπεúικών πτωøεύσεων, πïυ είøε êεσπάσει καιπαράσερνε, στïν âυθÞ µιας ραγδαία εêελισσÞµενης καιεæιαλτικής ïικïνïµικής κρίσης, την αµερικανική ïικïνïµία,εêαæανίúïντας, στην κυριïλεêία, τις απïταµιεύσεις τïυ αµερι-κανικïύ πληθυσµïύ, πïυ ήταν κατατεθειµένες στï απρïστά-

τευτï, έως τÞτε, αµερικανικÞ τραπεúικÞ σύστηµα.Για να έøïυµε ένα µέτρï σύγκρισης, πρέπει να πïύµε Þτι,

την επïøή της GREAT DEPRESSION στις Η.Π.Α., ïι τράπεúες,λÞγω της ανυπαρêίας ïπïιïυδήπïτε µηøανισµïύ εγγύησηςτων καταθέσεων, πτώøευαν µαúικά. Ãι τράπεúες έπεæταν σαντις µύγες, µετά απÞ æλιτάρισµα, µε απïτέλεσµα ένα διαρκέςbank run, τï ïπïίï επέτεινε και καθιστïύσε ïλïένα και µεγα-λύτερï τï πρÞâληµα.

Τï 1929 τïν πρώτï øρÞνï της κρίσης, πïυ êεκίνησε τïνÃκτώâριï αυτïύ τïυ øρÞνïυ, πτώøευσαν 659 τράπεúες, αριθ-µÞς ï ïπïίïς ήταν πïλύ µεγάλïς, για την επïøή.

Τï 1930 πτώøευσαν 1352 τράπεúες, ενώ τï 1931, ï αριθµÞςτων τραπεúών πïυ έâαλαν λïυκέτï, ανήλθε στις 2294.

Στï τέλïς τïυ 1933, ïι µισές, περί-πïυ, τράπεúες της µεγάλης αυτήςøώρας είøαν øαθεί απÞ τï πρÞσωπïτης γης. Και µαúί µε αυτές είøαν εêα-æανισθεί και ïι καταθέσεις των απïτα-µιευτών.

Τï 1933, τα πράγµατα πήγαν,ακÞµη, øειρÞτερα. Ãι τραπεúικές πτω-øεύσεις έæθασαν στις 4004.

Άµεσï απïτέλεσµα των τραπεúι-κών πτωøεύσεων ήταν Þτι ïι καταθέ-σεις στις øρεωκïπηµένες τράπεúεςεêαæανίúïνταν και æυσικά µαúί τïυςεêαæανιúÞταν και τï øρήµα, τï ïπïίï θα µπïρïύσε να êïδευ-τεί. Αυτή η διαδικασία είøε απïτέλεσµα να δεøθïύν απανω-τά συντριπτικά κτυπήµατα τα επίπεδα της κατανάλωσης,αæïύ ïι øαµένïι καταθέτες και ευρύτερα ïι καταναλωτέςπρïέâαιναν σε δραστική µείωση των δαπανών τïυς, ενώ ταδάνεια µειώνïνταν απÞτïµα, ως απïτέλεσµα τïυ γεγïνÞτïςÞτι δεν υπήρøαν και δεν δηµιïυργïύνταν καταθέσεις, γιατην øρηµατïδÞτησή τïυς. Κατά την διαδικασία της ρευστï-πïίησής τïυς, ïι πτωøευµένες, αλλά και ïι, υπÞ πτώøευση,τράπεúες, Þπως και εκείνες ïι ïπïίες æïâÞντïυσαν Þτι θαâρεθïύν σε δύσκïλη θέση - δηλαδή, σε ένα σύντïµï øρïνι-κÞ διάστηµα και πρακτικά, Þλες ïι τράπεúες - απαίτησαν τηνεêÞæληση των πιστωτικών τïυς υπïλïίπων, στις άλλες τρά-πεúες και στις επιøειρήσεις της πραγµατικής ïικïνïµίας,γεγïνÞς τï ïπïίï κτύπησε, µε σæïδρÞτητα, τις επενδύσειςκαι τις δαπάνες, πïυ σøετίúïνταν µε αυτές, πïλύ περισσÞτε-ρï, πïυ, υπÞ τïν æÞâï της πτώøευσης, ïι τράπεúες ήταν,πλέïν, πïλύ æειδωλές στην øïρήγηση των δανείων, τα

ïπïία, κατά κανÞνα, αρνιÞντïυσαν να τα øïρηγήσïυν.Την λύση στï πρÞâληµα την έδωσε τï 1933 η κυâέρνη-

ση τïυ πρïέδρïυ Franklin Roosevelt. Και η απάντηση αυτήήταν η δηµιïυργία τïυ F.D.I.C., ως θεσµικïύ εγγυητή τωντραπεúικών καταθέσεων. Τα κεæάλαια της õïσπïνδιακήςΕταιρείας Ασæάλισης των Καταθέσεων ήταν συνεισæïράτïυ αµερικανικïύ κράτïυς και των ïµïσπïνδιακών τραπε-úών και η ύπαρêή της σήµαινε, πïλύ απλά, Þτι η ευθύνη γιατις καταθέσεις επιµερίúïνταν σε Þλες τις τράπεúες, είτεαυτές ήταν καλές, είτε κακές και στï κράτïς - δηλαδήστïυς æïρïλïγïυµένïυς και στïν αµερικανικÞ πληθυσµÞστïν σύνïλÞ τïυ.

Φυσικά, ïι τραπεúίτες αντέδρασαν στην πρÞταση, για τηνδηµιïυργία της F.D.I.C., διÞτι την θεώ-ρησαν, ως µια επικίνδυνη και κακήπρÞταση, µε την δικαιïλïγία, πïυ καισήµερα, πρïâάλλεται, κατ’ εêïøήν,στην ευρωúώνη, Þτι ïι ευθύνες τωνκακών τραπεúών επιµερίúïνται καιστις καλές, αυêάνïντας τïν ηθικÞ κίν-δυνï απÞ τις συνέπειες της κακής δια-øείρισης.

Βεâαίως, είøαν άδικï. Η υπÞθεση,µε τις τραπεúικές πτωøεύσεις είøε,κατά πïλύ, êεπεράσει τα úητήµατα τïυηθικïύ κινδύνïυ. Αæïρïύσε, πλέïν,

την ίδια την συγκρÞτηση της αµερικανικής ïικïνïµίας, ηïπïία, µέσω τïυ έντïνïυ απïπληθωρισµïύ, απïøρηµατιúÞτανκαι ïδηγείτï στï να λειτïυργήσει, παρά τï γεγïνÞς Þτι ήταν ηπιï µïντέρνα ïικïνïµία τïυ κÞσµïυ, øωρίς øρήµα. Η υπÞθεσητων τραπεúικών øρεωκïπιών αæïρïύσε, επίσης - και τï κυριÞ-τερï - την ίδια την επιâίωση µεγάλων τµηµάτων τïυ αµερικα-νικïύ πληθυσµïύ, αæïύ η ïικïνïµική κρίση είøε εêελιøθεί σεανïικτή και διαρκώς διευρυνÞµενη ανθρωπιστική κρίση.

Κατά µία έννïια θα λέγαµε κάτι παρÞµïιï συµâαίνει σήµε-ρα και στην Ευρώπη µε τις στιγµές πïυ περνïύν και αναµένε-ται να περάσïυν ïι πλύστες Ευρωπαϊκές τράπεúες να θυµί-úïυν κάτι απÞ ΗΠΑ λίγï ακριâώς πριν τï 1933.

Και για να απïæύγïυµε Þτι ακριâώς âίωσαν µε τïν øειρÞ-τερï τρÞπï ïι Αµερικάνïι η µÞνη λύση είναι η δηµιïυργία τïυαντίστïιøïυ ευρωπαϊκïύ FDIC µε την συµµετïøή Þλων τωνυγιών ευρωπαϊκών τραπεúών πïυ θα υπάγïνται κάτω απÞ τηνΕΚΤ και των ευρωπαϊκών κρατών και øωρίς âεâαίως τα ψευ-τïδιλήµµατα των Γερµανών περί ηθικïύ κινδύνïυ.

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

Τï ευρωπαϊκÞ νÞµισµα τύγøανε διαπραγµάτευσης απÞτη περασµένη Παρασκευή µέøρι τï πρωί της Τρίτης (28/05)µεταêύ 1,2883 – 1,2995 δïλαρίων.

Στήριêη παρείøαν στï ευρώ τα ευνïϊκÞτερα των εκτι-µήσεων στïιøεία πïυ ανακïινώθηκαν την Παρασκευή γιατï δείκτη επιøειρηµατικïύ κλίµατïς στη Γερµανία.Συγκεκριµένα, ï εν λÞγω δείκτης ενισøύθηκε τï Μάιï στις105,7 µïνάδες απÞ 104,4 τïν πρïηγïύµενï µήνα.Παράλληλα, ï δείκτης πρïσδïκιών IFO διατηρήθηκε στααναµενÞµενα επίπεδα ενώ ï δείκτης τρέøïυσας συγκυ-ρίας υπερέâη τïν κινητÞ µέσï Þρï 12 µηνών. Συνïλικά, τïεπίπεδï των δεικτών IFO τï Μάιï συµâαδίúει µε τάσηπεριïρισµένης âελτίωσης της ïικïνïµικής πρïïπτικήςστη Γερµανία.

Σύµæωνα µε αναæïρές στï τύπï, η Γερµανία πρïτίθε-ται να αναπρïσαρµÞσει σηµαντικά τις πïλιτικές δηµïσιï-νïµικής λιτÞτητας, ενώ εêετάúεται τï ενδεøÞµενï να δρα-στηριïπïιηθεί η γερµανική αναπτυêιακή τράπεúα (KFW)στην πρïσπάθεια âελτίωσης των συνθηκών øρηµατïδÞτη-σης των µικρïµεσαίων επιøειρήσεων κρατών τηςΕυρωúώνης µε υψηλÞ κÞστïς δανεισµïύ.

ΕκπρÞσωπïς της γερµανικής κυâέρνησης δήλωσε Þτιτï σύµæωνï δηµïσιïνïµικής σταθερÞτητας και ανάπτυêης

επιτρέπει ευελιêία στην άσκηση δηµïσιïνïµικής πïλιτι-κής. Σύµæωνα µε δηµïσιεύµατα, η Ευρωπαϊκή Επιτρïπήσøεδιάúει να καταστήσει λιγÞτερï αυστηρïύς τïυς κανÞ-νες για τïν υπïλïγισµÞ τïυ δηµïσιïνïµικïύ ελλείµµατïς,επιτρέπïντας στις κυâερνήσεις να øρησιµïπïιήσïυν ειδι-κïύς λïγιστικïύς κανÞνες αναæïρικά µε τις δηµÞσιεςεπενδύσεις.

Σε µια άλλη εêέλιêη, κατά τη διάρκεια της κατάθεσηςτïυ στï Κïγκρέσï την περασµένη âδïµάδα ï ΠρÞεδρïςτης õïσπïνδιακής Κεντρικής Τράπεúας των ΗΠΑ δήλωσεÞτι τï ύψïς τïυ πρïγράµµατïς αγïράς τίτλων θα µπïρïύ-σε να µειωθεί εæÞσïν υπάρêïυν περισσÞτερες ειδήσειςδιατηρήσιµης âελτίωσης της ïικïνïµίας και της αγïράςεργασίας. Σηµείωσε ωστÞσï, Þτι ενδεøÞµενη πρώιµη απÞ-æαση για µείωση τïυ ύψïυς τïυ πρïγράµµατïς αγïράςτίτλων θα µπïρïύσε να πρïκαλέσει επιâράδυνση ή παύσητης ïικïνïµικής ανάκαµψης και επιπλέïν υπïøώρηση τïυπληθωρισµïύ.

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να ωθïύν τα παιδιά τïυς πρïς την ιατρική και τη δικηγïρίαδίνει µελέτη πïυ απïτυπώνει τα επαγγέλµατα µε τη µεγαλύτε-ρη αναγνώριση και υψηλές απïδïøές, στï µέλλïν.

Τï υπïυργείï Επιøειρήσεων, Καινïτïµίας και ∆εêιïτήτωντης Βρετανίας παρïυσίασε έρευνα µε τα πιï επικερδή επαγ-γέλµατα σε 20 øρÞνια, των ïπïίων τï αντικείµενï δεν υπάρøειακÞµα αλλά âασίúïνται σε πιθανά σενάρια για τις ανάγκες καιτη úήτηση τïυ µέλλïντïς.

Σύµæωνα µε τη µελέτη αυτή, τα επαγγέλµατα θα είναι ταεêής:

1. Σύµâïυλïς υγείας για ηλικιωµένïυς: µε δεδïµένï Þτι ï

γηραιÞτερïς πληθυσµÞς αυêάνεται, τÞτε ένα επάγγελµα πïυθα εêειδικεύεται στην περίθαλψη της τρίτης ηλικίας θα είναιαπαραίτητïς.

2. ÌειρïυργÞς επαύêησης µνήµης: θα συµâάλει στη âελ-τίωση της µνήµης, ιδίως τïυ ηλικιωµένïυ πληθυσµïύ.

3. ΑπτικÞς πρïγραµµατιστής: θα ασøïλείται µε την τεøνï-λïγία σε συνδυασµÞ µε την επιστήµη της αæής.

4. ΨηæιακÞς Αρøιτέκτïνας: θα σøεδιάúει εικïνικές κατα-σκευές για να τις øρησιµïπïιïύν Þσïι ασøïλïύνται µε τï µάρ-κετινγκ και τη διαæήµιση.

5. Ìειριστής Ìαµένων ∆εδïµένων: θα διαγράæει τα άøρη-στα δεδïµένα υπεύθυνα.

6. Ελεγκτής Κλίµατïς: θα τρïπïπïιεί τις καιρικές συνθήκεςπïυ διαρκïύν για µεγαλύτερï øρïνικÞ διάστηµα απ’ Þ,τι πρέπει.

7. Μάνατúερ για Άâαταρ: θα σøεδιάúει και θα διαøειρίúεταιτïυς εικïνικïύς øαρακτήρες των µελλïντικών pc games.

8. Κατασκευαστής µελών σώµατïς: στï ίδιï πλαίσιï µε τηντελειïπïίηση της πρïσθετικής øειρïυργικής, θα δηµιïυργïύ-νται µέλη για αθλητές και στρατιώτες.

9. Ìρηµατιστής øρÞνïυ: αντί για øρήµατα, θα διαøειρίúεταιτï øρÞνï τïυ πελάτη τïυ.

10. Περιïριστής παντïδυναµίας: θα επαναæέρει τïυςπελάτες τïυ στην πραγµατικÞτητα, µετριάúïντας τις πεπïιθή-σεις πïυ τïυς θέλïυν πανίσøυρïυς.

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Τï κέντρï της πïλιτικής της απÞ την λιτÞτητα πρïς τιςδιαρθρωτικές µεταρρυθµίσεις αναµένεται να µετατïπίσει ηΚïµισιÞν κατά την σηµερινή ανακïίνωση των πρïτάσεών τηςγια τα κράτη µέλη της ευρωúώνης, ανέæεραν αêιωµατïύøï.

Στην ετήσια αêιïλÞγησή της, η ΚïµισιÞν αναµένεται νααναæέρει Þτι ενώ η δηµïσιïνïµική εêυγίανση πρέπει νασυνεøιστεί, ï ρυθµÞς µπïρεί να είναι πλέïν πιï αργÞς καθώςµέρïς της εµπιστïσύνης των επενδυτών στην ευρωúώνηέøει απïκατασταθεί.

Επειδή ïι υπερøρεωµένες κυâερνήσεις δεν µπïρïύν ναστηρίêïυν την ανάπτυêη µέσω των δηµÞσιων δαπανών, θαπρέπει να αναθεωρήσïυν τïν τρÞπï λειτïυργίας των ïικï-νïµιών τïυς, κάνïντας τις αγïρές εργασίας πιï ευέλικτες ήανïίγïντας τις αγïρές πρïϊÞντων και υπηρεσιών.

«Τï âασικÞ µήνυµα θα είναι η µετατÞπιση απÞ τη λιτÞτη-τα στις διαρθρωτικές µεταρρυθµίσεις», είπε υψηλÞâαθµïςΕυρωπαίïς αêιωµατïύøïς.

Ãι πρïτάσεις, αæïύ εγκριθïύν στη σύνïδï στα τέληΙïυνίïυ, θα απïκτήσïυν δεσµευτικÞ øαρακτήρα και αναµέ-νεται να επηρεάσïυν την κατάρτιση των πρïϋπïλïγισµώναπÞ τï 2014.

29 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

ÌΡΗΜΑ&ΑΓÃΡΑ

∫.∆: ¶ÔÏÈÙÈ΋ ·fiÊ·ÛË Ë ÒÏËÛË ÙˆÓ Î˘ÚÈ·ÎÒÓ ÙÚ·Â˙ÒÓ

Η πώληση των δραστηριïτήτων των κυπριακών τραπεúώνστην Ελλάδα ήταν πρïϊÞν πïλιτικών απïæάσεων, είπε øθες ïδιïικητής της Κεντρικής Τράπεúας της Κύπρïυ Πανίκïς∆ηµητριάδης, τïνίúïντας Þτι τï τίµηµα ήταν ικανïπïιητικÞ.

ΥπÞ τï âάρïς κατηγïριών για êεπïύληµα των τραπεúών, ïκ. ∆ηµητριάδης είπε Þτι τα κέρδη 3,4 δις ευρώ πïυ παρïυσία-σε η Τράπεúα Πειραιώς απÞ την εêαγïρά των κυπριακών τρα-πεúών είναι λïγιστικά και µη πραγµατïπïιηθέντα.

Η επιτρïπή εêέτασε øθές, παρïυσία πρώην διïικητικώνστελεøών των τραπεúών, την πράêη πώλησης των υπïκατα-στηµάτων των τριών κυπριακών τραπεúών στην Τρ. Πειραιώςκαι τη µεθïδïλïγία της Pimco στï θέµα των ακινήτων.

Τα λïγιστικά κέρδη της Τρ. Πειραιώς «αναµένεται να αντιλï-γιστïύν σταδιακά µέσω των αυêηµένων πρïâλέψεων απÞ τηναύêηση των µη εêυπηρετïύµενων øïρηγήσεων», είπε ï διïικη-τής Σύµæωνα µε τï διïικητή, η πώληση των ελληνικών υπïκα-ταστηµάτων των κυπριακών τραπεúών τέθηκε απÞ τïυς διε-θνείς δανειστές της Κύπρïυ ως πρïϋπÞθεση για την έγκρισητïυ πακέτïυ âïήθειας πρïς την Κύπρï. Τï τίµηµα και ïι Þρïιπώλησης συµæωνήθηκαν σε πïλιτικÞ επίπεδï µεταêύ Κύπρïυκαι Ελλάδας στα πλαίσια των δύï Eurogroup τïυ Μαρτίïυ.

Ùπως τÞνισε, ïι διαπραγµατεύσεις πïυ έγιναν απÞ τηνΚεντρική Τράπεúα µε εκπρïσώπïυς της Τράπεúας Πειραιώςµεταêύ της 23ης και 26ης Μαρτίïυ, 2013 αæïρïύσαν τηνσυνïµïλÞγηση τïυ νïµικïύ εγγράæïυ για τη συµæωνία πώλη-σης των ελληνικών υπïκαταστηµάτων των Κυπριακών τραπε-úών και Þøι τï τίµηµα και τïυς Þρïυς της πώλησης.

«Για παράδειγµα, κατά τη διάρκεια των διαπραγµατεύσε-ων µε την Πειραιώς, αυτή úήτησε να περιληæθεί Þρïς στï

συµâÞλαιï πïυ να της δίνει τï δικαίωµα, υπÞ ïρισµένες πρï-ϋπïθέσεις, να ακυρώσει τη συµæωνία τï ïπïίï δεν έγινε απï-δεκτÞ απÞ την Κυπριακή πλευρά και παραπέµæθηκε για επίλυ-ση µεταêύ τïυ Κύπριïυ και τïυ Έλληνα υπïυργïύ ïικïνïµι-κών πïυ âρίσκïνταν στις Βρυêέλλες για τη συνάντηση τïυEurogroup». «Άλλï παράδειγµα θέµατïς πïυ εγέρθηκε στιςδιαπραγµατεύσεις µε την Τράπεúα Πειραιώς και επιλύθηκε σεεπίπεδï υπïυργών ïικïνïµικών Κύπρïυ και Ελλάδας, αæï-ρïύσε τï θέµα τïυ πïιïς θα επωµίúετï τις æïρïλïγίες πïυ θαπρïέκυπταν απÞ τη συναλλαγή. Για τï θέµα αυτÞ τï τελικÞσυµâÞλαιï πρïνïεί Þτι ïι ïπïιεσδήπïτε æïρïλïγίες πρïκύ-ψïυν απÞ τη συναλλαγή θα επιâαρύνïυν τïν αγïραστή», είπε.

Σε Þλες τις συúητήσεις µε την Τράπεúα της Ελλάδας και µετην Τράπεúα Πειραιώς παρευρίσκïνταν εκπρÞσωπïι των κλι-µακίων της τρÞικας τÞσï της Κύπρïυ Þσï και της Ελλάδας.

«ΑπÞ τη στιγµή πïυ πρïøωρïύσαµε µε συνεισæïρά τωνανασæάλιστων καταθετών στην ανακεæαλαιïπïίηση των δύïτραπεúών, τα υπïκαταστήµατα στην Ελλάδα δεν θα µπïρïύ-σαν να êανανïίêïυν». «∆εν θα είøαµε τη δυνατÞτητα να επι-âάλïυµε σε αυτά περιïρισµïύς στη διακίνηση κεæαλαίων, θαυπήρøαν µαúικές απïσύρσεις καταθέσεων µε απïτέλεσµα τηνκατάρρευση των τραπεúών και την ενεργïπïίηση τïυ ΤαµείïυΠρïστασίας Καταθέσεων», ανέæερε ï διïικητής.

«Σηµειώνω Þτι ïι ασæαλισµένες καταθέσεις στα Ελληνικάυπïκαταστήµατα των Κυπριακών τραπεúών υπïλïγίúïνται σεπερίπïυ 9 δις ευρώ. Υπενθυµίúω Þτι, πέραν απÞ τα υπïκατα-στήµατα στην Ελλάδα, αναγκαστήκαµε να λάâïυµε ανάλïγαµέτρα και για τï υπïκατάστηµα της Τράπεúας Κύπρïυ στηΡïυµανία και της Λαϊκής Τράπεúας στï Ηνωµένï Βασίλειï».

∫·Î‹ Û˘Ìʈӛ· ϤÓ ÔÈ µÔ˘ÏÂ˘Ù¤˜Eν τω µεταêύ øθες ως πïλύ κακή øαρακτήρισαν τη συµæω-

νία πώλησης των υπïκαταστηµάτων των κυπριακών τραπεúώνστην Τρ. Πειραιώς τα µέλη της επιτρïπής θεσµών, της κυπρια-κής âïυλής απïρρίπτïντας τη θέση της Κεντρικής ΤράπεúαςÞτι τï τίµηµα είναι ικανïπïιητικÞ. Μετά τï πέρας της κλειστήςσυνεδρίας της επιτρïπής âïυλευτές υπïστήριêαν Þτι υπήρêεσύγøυση για τï πïίïς ευθύνεται για τη συµæωνία, σηµειώνï-ντας Þτι ï ∆ιïικητής της ΚΤ τïυς ανέæερε Þτι ήταν πïλιτικήαπÞæαση ενώ η κυâέρνηση απÞ την πλευρά της υπïστήριêεÞτι ήταν απÞæαση πïυ λήæθηκε στï Eurogroup.

Είπαν επίσης Þτι ïι διïικήσεις των τραπεúών διαæώνησανµε τη συµæωνία και δεν είøαν ενηµερωθεί για αυτή.

à πρÞεδρïς της επιτρïπής και πρÞεδρïς τïυ ΕΥΡΩΚÃ∆ηµήτρης Συλλïύρης δήλωσε Þτι επιâεâαιώθηκαν ïι ανησυ-øίες της επιτρïπής για τïν τρÞπï πïυ υλïπïιήθηκε η συµæω-νία και τι απïτέλεσµα είøε για τις κυπριακές τράπεúες και γιατην ïικïνïµία της Κύπρïυ.

∆· ÂÏÏËÓÈο ÔÌfiÏÔÁ· ÚˆÙ·ıÏËÙ¤˜ ÙÔ ·’ ÙÚ›ÌËÓÔ«Τα ελληνικά ïµÞλïγα αναδείøτηκαν «πρωταθλητές» σε

παγκÞσµιï επίπεδï τï α’ τρίµηνï τïυ 2013, πρïæέρïνταςεπταπλάσιες τïυλάøιστïν απïδÞσεις συγκριτικά µε τα δεύ-τερα στη λίστα µε τις υψηλÞτερες απïδÞσεις ïµÞλïγα»,αναæέρει τï πρακτïρείï Bloomberg, ενώ συνεøίúει «ïι δια-πραγµατεύσεις ελληνικïύ øρέïυς στην ηλεκτρïνική δευτε-ρïγενή αγïρά κρατικών τίτλων αναµένεται να διαµïρæω-θïύν στï υψηλÞτερï επίπεδï των τελευταίων δύï ετών, ενώτα συµâÞλαια υπέρ της ελληνικής ανάπτυêης πληθαίνïυνδιαρκώς».

Σηµειώνεται Þτι µετά την µεγαλύτερη αναδιάρθρωσηκρατικïύ øρέïυς στην ιστïρία, τα ελληνικά ïµÞλïγα ανακά-µπτïυν εκ νέïυ εν µέσω τÞνωσης της πεπïίθησης πως ηøώρα θα παραµείνει στη úώνη τïυ ενιαίïυ νïµίσµατïς. Ταράλι των ελληνικών ïµïλÞγων δέøτηκε επίσης ισøυρή

ώθηση απÞ την αναâάθµιση της πιστïληπτικής διαâάθµισηςτης ÃλλανδÞς απÞ την Fitch αυτÞ τïν µήνα.

Η πτώση των απïδÞσεων δείøνει πως «ïι αγïρές µίλη-σαν», δήλωσε στις 23 Μαΐïυ ï πρωθυπïυργÞς ΑντώνηςΣαµαράς, τïνίúïντας Þτι η Ελλάδα (πïυ έøει µείνει εκτÞςαγïρών απÞ τï Μάρτιï τïυ 2010) ενδέøεται να ακïλïυθήσειτα âήµατα Ιρλανδίας ανακτώντας µερική πρÞσâαση στιςαγïρές Þντας στï πρÞγραµµα διάσωσης.

«Πέρυσι, τα ελληνικά ïµÞλïγα ήταν ένα στïίøηµα για τïεάν η Ελλάδα θα παραµείνει ή Þøι στï ευρώ, αλλά τώρα ταπράγµατα είναι πïλύ διαæïρετικά», σøïλίασε ï Gabriel Sterne,αναλυτής σταθερïύ εισïδήµατïς στην Exotix, øρηµατιστη-ριακής πïυ ειδικεύεται σε µη ρευστïπïιήσιµα ïµÞλïγα.

“Ãι θεµελιώδεις κίνδυνïι εêακïλïυθïύν να υæίστανται,αλλά ïι πιθανÞτητες να συµâεί κάτι καταστρïæικÞ είναι λιγÞ-

τερï επαøθείς. ∆εν είµαστε σε καµία περίπτωση σε αυτÞ τïσηµείï τώρα, αλλά αν ïι απïδÞσεις συνεøίσïυν να υπïøω-ρïύν, τÞτε τα ελληνικά ïµÞλïγα θα µπïρïύσαν κάπïια στιγ-µή στï µέλλïν να απïτελέσïυν æυσικïύς τίτλïυς Þπïιï θαµπïρïύσε κανείς να επενδύσει».

Υπενθυµίúεται Þτι η Exotix αναâάθµισε τα ελληνικά ïµÞ-λïγα σε “hold” απÞ «sell» την πρïηγïύµενη εâδïµάδα.

Σηµειώνεται Þτι, σύµæωνα µε τιµές κλεισίµατïς πïυ έøειστην κατïøή τïυ τï Bloomberg, η απÞδïση τïυ ελληνικïύδεκαετïύς υπïøώρησε κάτω απÞ αυτήν τïυ 30ετïύς στις 21Μαϊïυ, µετά την διεύρυνση τïυ spread στις 759 µïνάδεςâάσης τï Μάιï τïυ 2012. Η αναστρïæή της καµπύλης απï-δÞσεων θεωρείται Þτι σηµατïδïτεί «µικρÞτερη» ανησυøίατων επενδυτών για τις µακρïπρÞθεσµες πρïïπτικές τηςïικïνïµίας.

Η Περιæέρεια Νïτίïυ Αιγαίïυ “ρίøνει”, τιςεπÞµενες ηµέρες, στη µάøη τïυ τïυρισµïύένα δυνατÞ τεøνïλïγικÞ “øαρτί”. ΠρÞκειταιγια µία καινïτÞµα διαδικτυακή πύλη - µïναδι-κή στην Ελλάδα, ενώ στï εêωτερικÞ αντίστïι-øη έøïυν ïι Βαλεαρίδες Νήσïι - πïυ δίνει στηδυνατÞτητα στïυς τïυρίστες, πρïτïύ ακÞµηταêιδέψïυν µε αερïπλάνα, πλïία ήÞπïιï άλλï µέσï έøïυν επιλέêει πρïςτï αγαπηµένï τïυς νησί, να γνωρίúïυνµε κάθε λεπτïµέρεια τι πρÞκειται νασυναντήσïυν εκεί. Ãι απαιτητικïί και“ψαγµένïι” επισκέπτες των Κυκλάδων καιτων ∆ωδεκανήσων, µέσω τïυwww.aegeanislands.gr, ακÞµη κι αν âρίσκïνταιστην άλλη άκρη τïυ πλανήτη, θα µπïρïύν ναπρïγραµµατίúïυν τï ταêίδι τïυς µε κάθελεπτïµέρεια - τι θα δïυν, πïύ θα µείνïυν, τιθα æάνε, τις ακτïπλïϊκές συνδέσεις αλλά καιτα ιδιαίτερα øαρακτηριστικά τïυ κάθε τÞπïυ.Με αυτÞν τïν τρÞπï, θα µπïρïύν να διαλέ-γïυν τï νησί πïυ τïυς “εκæράúει” περισσÞτε-ρï και αυτÞ πïυ θα καλύψει τις περισσÞτερεςανάγκες τïυς, δίøως να øρειαστεί να πληρώ-σïυν κάπïιï ταêιδιωτικÞ γραæείï για να τïυςπρïγραµµατίσει µια ïργανωµένη εκδρïµή.

Με µÞτï “Τα νησιά τïυ Αιγαίïυ µε τïΑπέραντï Γαλάúιï”, η Περιæέρεια ΝïτίïυΑιγαίïυ, µε την πρωτïπÞρα αυτή διαδικτυακήπύλη δίνει τη δυνατÞτητα στïυς ενδιαæερÞ-µενïυς να µπïρïύν να ενηµερώνïνται γιακάθε νησί êεøωριστά. Έτσι, θα γνωρίúïυν,ακριâώς, µε æωτïγραæίες και øάρτες, τα

µïνïπάτια στα ïπïία θα περπατήσïυν για ναδïυν “µαγικά” ηλιïâασιλέµατα και ερηµικέςπαραλίες, τïυς αρøαιïλïγικïύς øώρïυς πïυθα επισκεæτïύν, τα παραδïσιακά æαγητά πïυθα γευτïύν, τα πανηγύρια στα ïπïία θα δια-σκεδάσïυν αλλά και τα θαλάσσια σπïρ πïυµπïρïύν να κάνïυν σε κάθε νησί. Η συγκεκρι-

µένη διαδικτυακή πύλη, πïυ θα âγει στïν“αέρα” στις αρøές Ιïυνίïυ και είναι σε συνερ-γασία της Περιæέρειας Νïτίïυ Αιγαίïυ µε τïΠανεπιστήµιï της Κρήτης (σ.σ. η αντίστïιøητων Βαλεαρίδων Νήσων είναι µε τη στήριêητης Microsoft), δεν έρøεται να αντικαταστήσειτις ιστïσελίδες των ∆ήµων. Απïτελεί ένασυµπληρωµατικÞ, øρήσιµï “εργαλείï”, πρω-τïπïριακÞ για τα ελληνικά δεδïµένα.

Με τï “Þπλï” αυτÞ, κανένας τïυρίσταςδεν θα µπïρεί να øαθεί στις Κυκλάδες και τα∆ωδεκάνησα, αæïύ ανά πάσα στιγµή θα µπï-ρεί, µέσω τïυ κινητïύ τïυ τηλεæώνïυ ή ενÞςæïρητïύ υπïλïγιστή, να “κατεâάúει” øάρτεςκαι να γνωρίúει πïύ âρίσκεται. “Ãι τïυρίστεςθα έøïυν τη δυνατÞτητα, µέσω διαδικτύïυ, νασυλλέγïυν τις πληρïæïρίες πïυ απαιτïύνταιγια τις διακïπές τïυς στις Κυκλάδες και τα∆ωδεκάνησα. Είναι ένα µέσï πïυ âïηθάειτïυς ïργανωµένïυς τïυρίστες, αæïύ θα µπï-

ρïύν να êεκινήσïυν τï ταêίδι απÞ τη øώρατïυς, γνωρίúïντας ακριâώς τι θα συναντήσïυνστην Ελλάδα” δήλωσε η ΑντιπεριæερειάρøηςΤïυρισµïύ Νïτίïυ Αιγαίïυ Ελευθερία Φτακλάκη.

Παράλληλα, øάρη στη διαδικτυακή πύλη,θα κάνïυν ευκïλÞτερα “island hopping”(µετάâαση, δηλαδή, απÞ τï ένα νησί σε ένα

άλλï κïντινÞ) έτσι ώστε στη διάρκειατων διακïπών τïυς να συνδυάσïυν“εικÞνες” απÞ δύï, τρία ή και περισσÞ-τερα νησιά. “Με καλή συνεργασία τωνακτïπλïϊκών εταιρειών θα µπïρïύν ïιτïυρίστες να κάνïυν ‘island hopping’.

Θα έøïυν τη δυνατÞτητα, στï πλαίσιï τïυίδιïυ ταêιδιïύ διακïπών, να συνδυάúïυννησιά πïυ âρίσκïνται σε κïντινή απÞστασηκαι να âλέπïυν την πïλυµïρæία και τις αντι-θέσεις τïυ Νïτίïυ Αιγαίïυ.Τï ‘island hopping’είναι ισøυρÞ στïιøείï διαæïρïπïίησης τωνδιακïπών στα νησιά τïυ Αιγαίïυ σε σύγκρισηµε άλλïυς πρïïρισµïύς της Μεσïγείïυ” πρï-σθέτει η κ. Φτακλάκη.

Τα ∆ωδεκάνησα και ïι Κυκλάδες “δïυλεύ-ïυν” ιδιαίτερα µε τïυρίστες απÞ Γερµανία,Αυστρία, Σκανδιναâία, Γαλλία, Αγγλία, Ισπανία,Ιταλία, ενώ τελευταία υπάρøει ένα “ρεύµα” καιαπÞ τη Ρωσία, µια µεγάλη και αναπτυσσÞµενηαγïρά. Ãι Κινέúïι δείøνïυν ιδιαίτερη “αδυνα-µία” στη Σαντïρίνη, ενώ τις Κυκλάδες æαίνε-ται να πρïτιµïύν και ïι Αµερικανïί πïυκάνïυν κρïυαúιέρα στï Αιγαίï. “Σε σøέση µεπέρσι πάµε καλά. ΕøθρÞς τïυ καλïύ, Þµως,είναι τï καλύτερï” καταλήγει η κ. Φτακλάκη.

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Επιâεâαιώνïνται ïι αισιÞδïêες εκτιµή-σεις για αύêηση τïυ τïυριστικïύ ρεύµατïςαπÞ την Ρωσία πρïς την Ελλάδα, πïυ µπï-ρεί να ïδηγήσïυν τïν αριθµÞ των Ρώσωντïυριστών να πρïσεγγίúïυν τï ένα εκατïµ-µύριï σε ετήσια âάση.

Πιï συγκεκριµένα, στη διάρκεια τηςεπίσκεψης πïυ πραγµατïπïίησε στïΕλληνικÞ Πρïêενείï στην ΜÞσøα ï υæυ-πïυργÞς Εêωτερικών ∆ηµήτρης Κïύρ-κïυλας ενηµερώθηκε ïτι µÞνï την περα-σµένη ∆ευτέρα υπïâλήθηκαν 13.000 αιτή-σεις για θεώρηση διαâατηρίων (visa), αριθ-µÞς ρεκÞρ για µια ηµέρα. Σηµειώνεται ïτι ηδιαδικασία έγκρισης θεωρήσεων διαâατη-ρίων Ρώσων τïυριστών πρïς την Ελλάδαείναι η ταøύτερη µεταêύ των øωρώνΣεγκεν.

Νωρίτερα, ï κ. Κïύρκïυλας συναντή-θηκε µε τïν υæυπïυργÞ Εêωτερικών τηςΡωσίας για Ευρωπαϊκά θέµατα ΑλεêέιΜέσκïæ (Alexey Meshkov) και συúήτησανδιεêïδικά θέµατα πïυ αæïρïύν την περαι-τέρω σύσæιêη των ευρωπαϊκών σøέσεων µετη Ρωσία, πïυ απïτελεί και στρατηγικÞ τηςεταίρï.

à κ. Μέσκïæ ενηµέρωσε τïν κ.Κïύρ-κïυλα Þτι υπάρøïυν σηµαντικά ρωσικάκεæάλαια πïυ επιθυµïύν να επενδύσïυνστην øώρα.

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Σε εïρταστική ατµÞσæαιρα και στï πλαίσιïµιας άψïγης διïργάνωσης πραγµατïπïιήθηκεøθες ï 51ïς τελικÞς τïυ Κυπέλλïυ Coca-Cola. ÃσυναρπαστικÞς αγώνας µεταêύ ΑΕΛ-ΑπÞλλωναêεκίνησε µε την είσïδï απÞ cheerleaders, τηνπαρïυσίαση τïυ τρïπαίïυ και ïλïκληρώθηκε µεâραâεύσεις. Νικη-τής τïυ τελικïύ Κυ-πέλλïυ Coca-Colaκαι τïυ µεγαλύτε-ρïυ πïδïσæαιρικïύγεγïνÞτïς στηνΚύπρï για τï 2013αναδείøθηκε ïΑπÞλλωνας κερδί-úïντας 2-1 την ΑΕΛ.Ãι Cheerleaders της Coca-Cola καλωσÞρισαν τïκïινÞ και συνÞδευσαν τïυς παίκτες των δύï ïµά-δων κατά την είσïδÞ τïυς στïν αγωνιστικÞ øώρïτïυ Τσιρείïυ σταδίïυ. Η øïρηγία τïυ ΚυπέλλïυΚύπρïυ απÞ την Α/æïι Λανίτη αρøίúει τï 1962 τïνïπïίï υπηρετεί τα τελευταία 51 øρÞνια. ΑπÞ τις 24Νïεµâρίïυ τïυ 1992 µετïνïµάστηκε σε ΚύπελλïCoca-Cola. Απïτελεί τη µακρïâιÞτερη σøέση στïøώρï τïυ πïδïσæαίρïυ Þøι µÞνï στην Κύπρï αλλάκαι την Ευρώπη.

∏∏ HHaazzee TTeeaamm ÌÌÂÂÙÙ··ÎÎÔÔÌÌ››˙ÂÂÈÈÛÛÙÙÔÔ CChhaatteeaauu SSttaattuuss

Η Haze Team εισάγει την έννïια τïυ Club -Restaurant στη νυκτερινή διασκέδαση της πρω-τεύïυσας, δίνïντας άλλï øρώµα στις καλïκαιρι-νές Παρασκευές. ΑυτÞ τï καλïκαίρι θα æιλïêενεί-ται στï Chateau Status. Μετά τη µεγάλη επιτυøίακαι τη θεσµïθέτηση τïυ afterwork πάρτι “Milanoda Bere”, πïυ µας κράτησε συντρïæιά Þλï τï øει-µώνα, η ïµάδατης Haze µετα-æέρεται σε ένα“open air” øώρïενÞψει της καλï-καιρινής σεúÞν,µε ανανεωµένïconcept. Η HazeTeam θα συν-δυάσει την εêαι-ρετική κïυúίνα τïυ Chateau Status µε την πïιïτικήδιασκέδαση υπÞ τïυς ήøïυς των Djs της ïµάδαςαπÞ Ελλάδα και Κύπρï, δηµιïυργώντας ένα πρω-τïπïριακÞ Club - Restaurant.

Για περισσÞτερες πληρïæïρίες και κρατήσειςαπïταθείτε σε έναν απÞ τïυς maitre της HazeTeam στo 96549554 (Ìάρης), 99092932 (Γιώργïς)και 99464446 (ΝικÞλας). Περιïρισµένïς αριθµÞςκρατήσεων.

TToo PPeerrrriieerr ÁÁÈÈÔÔÚÚÙÙ¿¿˙ÂÂÈÈ··ÚÚ¤¤·· ÌÌ ∞∞nnddyy WWaarrhhooll

Τï Perrier, τï απÞλυτï δρïσιστικÞ πïτÞ, γιïρτά-úει τα 150 τïυ øρÞνια. Έτσι τι καλύτερï παρά ναγιïρτάσει τα 150øρïνα τïυ µε µια αναπάντεøηαλλά συνάµα µυθική σύµπραêη, την ïπïία ïύτετïλµά κάπïιïς να ïνειρευτεί.Τï Perrier για τï 2013,εστιάúεται σε µια µïναδική καλλιτεøνική συνεργα-σία µε τïν AndyWarhol! Συλλε-κτικές συσκευα-σίες στις ïπïίεςτï Perrier µετα-πïιεί την επιγρα-æή τïυ και τηδιακïσµεί στïστυλ τïυ κινήµα-τïς της Pop Art,πïυ πρωτïπÞρïς ήταν ï Andy Warhol, διατίθενταιστην αγïρά παγκÞσµια. Τï Perrier «ντύνει» τïµπïυκάλι τïυ για να επιδείêει την εκκεντρικÞτηταστï πιï ψηλÞ σηµείï της δηµιïυργικÞτητας.Συλλεκτικά µπïυκάλια των 33cl θα διατεθïύν στηνκυπριακή αγïρά απÞ τïν Ιïύνιï. Τï Perrier εισάγε-ται και διανέµεται στην Κύπρï απÞ την εταιρείαLaiko Cosmos Trading LTD.

Λίγïυς µÞνï µήνες µετά την παράδïση των 94 πïλυτελώνδιαµερισµάτων στï ïικιστικÞ συγκρÞτηµα Nereids Residences,η Μαρίνα Λεµεσïύ έøει καλωσïρίσει τα πρώτα σκάæη.

Η παράδïση τïυ νïτιïανατïλικïύ κυµατïθραύστη και ηάæιêη των πρώτων σκαæών σηµατïδïτïύν µία νέα επïøή γιατην Κύπρï. Με 650 θέσεις ελλιµενισµïύ για πïλυτελή σκάæηαναψυøής µήκïυς απÞ 8 έως 115 µέτρα, η Μαρίνα Λεµεσïύείναι η πρώτη στην Κύπρï µε δυνατÞτητα ελλιµενισµïύsuperyachts. Παρέøει ïλïκληρωµένες και υψηλïύ επιπέδïυυπηρεσίες και διευκïλύνσεις, ενώ η ïµάδα έµπειρων επαγ-γελµατιών διασæαλίúει την ïµαλή λειτïυργία Þλων τωνεγκαταστάσεων.

Τα κατασκευαστικά έργα στη Μαρίνα Λεµεσïύ συνεøίúï-νται µε γïργïύς ρυθµïύς.Τα διαµερίσµατα τïυ συγκρïτήµα-τïς Thetis Residences θα παραδïθïύν τïν Ιïύλιï ενώ η ïλï-κλήρωση των επαύλεων Peninsula Villas αναµένεται τï 2014.Συνεøίúïνται επίσης τα έργα στην εµπïρική περιïøή, η ïπïίααναµένεται να ïλïκληρωθεί µέøρι τï τέλïς τïυ øρÞνïυ καιθα λειτïυργήσει επίσηµα την άνïιêη τïυ 2014.

∏∏ ªª··ÚÚ››ÓÓ·· §§ÂÂÌÌÂÂÛÛÔÔ‡‡ Îη·ÏψÛÛfifiÚÚÈÈÛÛ ÙÙ·· ÚÚÒÒÙÙ·· ÛÛÎο¿ÊÊËË

Σε µία Þµïρæη εκδήλωση στην Λευκωσία γιïρτάστηκαντα 150α γενέθλια της Bourjois. Μέσα σε µία παριúιάνικηατµÞσæαιρα, η Brand Manager της Bourjois ÌρυστάλωΑπïστïλίδïυ, µας µετέæερε στï παρελθÞν κάνïντας µίαιστïρική αναδρïµή της µάρκας, πρïâάλλïντας τις πρώτεςσυσκευασίες των καλλυντικών της επïøής και εêιστïρώνταςτην επιτυøηµένη πïρεία της µάρκας πïυ τη διατήρησαν στηνκïρυæή τα τελευταία 150 øρÞνια.

Η Bourjois απέδειêε πως η αγάπη της για την καλαισθη-σία και τη γυναικεία περιπïίηση είναι διαøρïνική τέøνη.

Παράλληλα η Bourjois καλωσïρίúει τï æετινÞ καλïκαίριπαρέα µε την πλέïν αγαπηµένη µάρκα της παραλίας, τηHavaianas. Πïιïς δεν έøει λατρέψει ένα πïλύøρωµï σετσαγιïνάρας Havaianas; Σκεæθείτε τώρα να ενώνει τις δυνά-µεις τïυ µε ένα trendy καλïκαιρινÞ âερνίκι νυøιών τηςBourjois! Επισκεæθείτε ένα απÞ τα 15 καταστήµατα BeautyLine παγκύπρια και µε αγïρές σε ïπïιαδήπïτε πρïϊÞνταBourjois αêίας 25 ευρώ και άνω, µπείτε σε κλήρωση και διεκ-δικείστε καθηµερινά 5 úευγάρια καλïκαιρινές σαγιïνάρεςHavaianas απÞ τη νέα µïντέρνα της συλλïγή.

29 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

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Η Toyota επανάκτησε την κïρυæαία θέση ως η πïλυτιµÞ-τερη µάρκα αυτïκινήτïυ στïν κÞσµï στη λίστα µε τις 100ΠïλυτιµÞτερες Μάρκες τïυ BrandZΣ. Η αêία της µάρκας τηςToyota αυêήθηκε κατά 12% στα 18.6 δις ευρώ τïν τελευταίïøρÞνï µÞνï, σηµατïδïτώντας µια απÞ τις µεγαλύτερεςαυêήσεις στην αυτïκινητïâιïµηøανία. Στα 8 øρÞνια πïυδηµïσιεύεται η έκθεσητηςBrandZΣ, απÞ τï 2006 δηλαδή, ηToyota ανακηρύøθηκε ως η πïλυτιµÞτερη µάρκα αυτïκινή-τïυ έêι æïρές ενώ τις άλλες δύï æïρές κατετάγει δεύτερη.

Σύµæωνα µε την έκθεση, παρÞλη την âελτίωση τωνπωλήσεων αυτïκινήτïυ σε µερικές περιïøές, σε µερικέςάλλες ïι πωλήσεις ήταν κάτω απÞ τα επίπεδα στα ïπïία âρί-σκïνταν πριν την κρίση, επηρεάúïντας έτσι τις συνïλικέςαêίες των µαρκών. Σε αντίθεση µε αυτÞ Þµως, ïι παγκÞσµιεςπωλήσεις της Toyota Motor Corporation τï 2012 αυêήθηκανκατά 22.6% στις 9.75 εκατïµµύρια µïνάδες, κάτι πïυ επηρέ-ασε θετικά την αêιïλÞγηση της µάρκας στην έκθεση αυτïύτïυ øρÞνïυ.

Τï Public êεκίνησε την online λειτïυργία τïυ στïwww.public-cyprus.com.cy, µε 500.000 πρïϊÞντα, για αγïρέςÞλï τï 24ωρï, παραλαâή στï σπίτι σïυ ή σε 27 σηµεία

µε κÞστïς 1 ευρώ, και 50,000 êενÞγλωσσα âιâλία σε τιµέςAmazon και ανεêάντλητη γκάµα τεøνïλïγίας!

Μπïρείς να παραγγείλεις Þ,τι θέλεις και να τï παραλά-âεις σπίτι σïυ, µε τα øαµηλÞτερα τέλη της αγïράς.

Τï Public online æιλïêενεί τη µεγαλύτερη γκάµα σε πρïϊ-Þντα τεøνïλïγίας πïυ έøεις δει πïτέ στα ελληνικά! Στïwww.public-cyprus.com.cy µπïρεις να âρεις τις πιï πρÞσæα-τες κυκλïæïρίες, να ενηµερωθείς για τα øαρακτηριστικάτïυς και να τις παραγγείλεις επί τÞπïυ.

Παράλληλα τï online κατάστηµα τïυ Public σïυ δίνει τηδυνατÞτητα να πληρώσεις µε τïν τρÞπï πïυ θέλεις: µε απÞ-δειêη λιανικής, τιµïλÞγιï, 12 δÞσεις µέσω πιστωτικών καρ-τών Master Card, Visa ή ακÞµα µέσω JCC πλατæÞρµας ή/καιPaypal.

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29 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΝΕΡΓΕΙΑ | 9

ÌΡΗΜΑ&ΑΓÃΡΑ

Ãι τιµές ηλεκτρικïύ ρεύµατïς πïυ πληρώνïυν τα νïικï-κυριά στην Κύπρï, είναι ïι ψηλÞτερες στην Ευρώπη, ÞøιµÞνï σε απÞλυτïυς αριθµïύς, αλλά και λαµâάνïντας υπÞψητï âιïτικÞ επίπεδï, σύµæωνα µε τα στïιøεία πïυ δηµïσιï-πïίησε η Εurostat.

Σύµæωνα µε τα κïινïτικά στïιøεία, η τιµή των 100 Κwhανέρøïνταν τï δεύτερï εêάµηνï τïυ 2012 στην Κύπρï σε29,1 ευρώ, ενώ ï µέσïς Þρïς στην ΕΕ ήταν 19,7 ευρώ, στηνΕυρωúώνη 20,6 ευρώ και στην Ελλάδα 14,2 ευρώ.

Η Eurostat µετέτρεψε τα ευρώ σε ΜïνάδεςΑγïραστικής ∆ύναµης (ΜΑ∆), πïυ είναι ένας ενιαίïς τρÞ-πïς υπïλïγισµïύ των τιµών, ï ïπïίïς λαµâάνει υπÞψη τïâιïτικÞ επίπεδï (µισθïί κλπ) κάθε øώρας, ώστε να µπïρείνα γίνει πλήρη σύγκριση των τιµών.

ΑπÞ τïν υπïλïγισµÞ αυτÞ πïυ είναι άκρως αντιπρïσω-πευτικÞς πρïκύπτει Þτι ïι Κύπριïι πληρώνïυν για κατανά-λωση ηλεκτρικïύ ρεύµατïς ένα πïσÞ πïυ αντιστïιøεί 32,9ΜΑ∆, ενώ η αµέσως επÞµενη øώρα ήταν η Γερµανία µε 25,7ΜΑ∆, και ακïλïυθïύσαν η Ισπανία µε 25,5 ΜΑ∆ και η

Πïρτïγαλία µε 25 ΜΑ∆. Στην Ελλάδα ήταν 15,7 ΜΑ∆, στηνΕΕ 19,7 και στην Ευρωúώνη 19,9 ΜΑ∆.

Θα πρέπει να σηµειωθεί Þτι στην Κύπρï σηµειώθηκε καιη µεγαλύτερη ετήσια αύêηση των τιµών τï δεύτερï εêάµη-νï τïυ 2012 σε σøέση µε την αντίστïιøη περίïδï τïυ 2011æτάνïντας τï 20,6%, ενώ ακïλïύθησε η Ελλάδα µε 14,5%.

à µέσïς Þρïς αύêησης στην ΕΕ ήταν 6,6% και στηνΕυρωúώνη 6,1%.

Αναæïρικά µε τις τιµές æυσικïύ αερίïυ, ïι υψηλÞτερηστην ΕΕ καταγράæηκε στην Ελλάδα Þπïυ η κατανάλωσηæυσικïύ αερίïυ ισïδύναµïυ µε ενέργεια 100 Kwh, η τιµήσυµπεριλαµâανïµένης της æïρïλïγίας ανέρøεται σε 10,2ευρώ.

à µέσïς Þρïς στην Ευρωúώνη ήταν 7,9 ευρώ και στηνΕΕ 7,2 ευρώ.

Σε ΜΑ∆, ïι Ελληνες πληρώνïυν για κατανάλωση æυσι-κïύ αερίïυ ισïδύναµïυ µε 100 Kwh τï πïσÞ των 11,3 ΜΑ∆,ενώ ï µέσïς Þρïς στην ΕΕ ήταν 7,2 ΜΑ∆ και στηνΕυρωúώνη 7,6 ΜΑ∆.

ÌÌÃΡΗΓÃΣ ΣΕÃΡΗΓÃΣ ΣΕΛΙ∆ΛΙ∆ΑΣΑΣ wwwwww..hheellllaass--eenneerrggyy..ccoommwwwwww..hheellllaass--eenneerrggyy..ccoomm

∞∞‰‰˘ÓÓ··ÌÌ››·· ÌÌ··˜ ÂÂÛÛ››˜ Îη·ÈÈ ÙÙÔÔ ÂÂÚÚÈÈ‚‚¿¿ÏÏÏÏÔÔÓÓ!!∞∞‰‰˘ÓÓ··ÌÌ››·· ÌÌ··˜ ÂÂÛÛ››˜ Îη·ÈÈ ÙÙÔÔ ÂÂÚÚÈÈ‚‚¿¿ÏÏÏÏÔÔÓÓ!!

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Στï Βερïλίνï âρίσκεται ï Κινέúïς πρωθυπïυργÞς ΛιΚεκιάνγκ µε τïυς δασµïύς στα κινεúικά æωτïâïλταϊκά νααπïτελïύν τï υπ’ αριθµÞν ένα θέµα στις συúητήσεις πïυ θαπραγµατïπïιήσει µε την Καγκελάριï Ανγκέλα Μέρκελ.

Σε κïινή τïυς δήλωση η δύï ηγέτες τÞνισαν πρïς Þλεςτις κατευθύνσεις Þτι Γερµανία και Κίνα απïρρίπτïυν τïν“πρïστατευτισµÞ”, ενώ η Μέρκελ δήλωσε Þτι “θα κάνει ταπάντα ώστε να âρεθεί µια λύση µέσω διαλÞγïυ και να µηνπέσïυµε σε ένα είδïς αντιπαράθεσης πïυ θα καταλήêειστην επιâïλή αµïιâαίων δασµών”.

Σύµæωνα µε διεθνή Μέσα ïι µισές øώρες-µέλη απÞ τις27 πïυ συναπαρτίúïυν την Ευρωπαϊκή Ένωση, µε επικεæα-λής τη Γερµανία, αντιτίθενται στην πρÞταση της ΚïµισιÞννα επιâάλλει δασµïύς στα κινεúικά æωτïâïλταϊκά πρïϊÞντα(ηλιακïύς συλλέκτες κυρίως) ως τιµωρία για την εæαρµïγήπρακτικών ντάµπινγκ.

Υπενθυµίúεται άλλωστε Þτι την πρïηγïύµενη εâδïµάδαï ΓερµανÞς αντικαγγελάριïς και υπïυργÞς ÃικïνïµικώνΦίλιπ Ρέσλερ øαρακτήρισε ως “σïâαρÞ λάθïς” την αναµενÞ-µενη για τις αρøές Ιïυνίïυ επιâïλή δασµών και στρέæïνταςτα âέλη τïυ πρïς τïν επίτρïπï Εµπïρίïυ Κάρελ ντε Γκïυøτ

επεσήµανε Þτι “η Γερµανία είναι πïλύ ανήσυøη και ïρθώς.Περιµένω απÞ την Επιτρïπή να κάνει τα πάντα για να απï-æευøθεί η σύγκρïυση στï εµπÞριï. Η Επιτρïπή πρέπει να

επιδιώêει διαπραγµατεύσεις και διάλïγï αντί για απειλές”.Στï ίδιï µήκïς κύµατïς µε τïν Ρέσλερ, ï υπïυργÞς

Ενέργειας και Κλιµατικής Αλλαγής της Βρετανίας ΓκρεγκΜπάρκερ την περασµένη εâδïµάδα µετέâη στις Βρυêέλλεςεπικεæαλής πïλυµελïύς ïµάδας επιøειρηµατιών τïυ κλά-δïυ, για να πείσει την ΚïµισιÞν να αλλάêει στάση και ναπρïøωρήσει σε διαπραγµατεύσεις µε την Κϊνα.

Αêίúει να σηµειωθεί Þτι σύµæωνα µε την ισøύïυσαΣυνθήκη της ΕΕ, η αρµïδιÞτητα για την επιâïλή τέτïιωνµέτρων ανήκει στην ΚïµισιÞν και, τυπικά, δεν απαιτείται ηέγκριση των øωρών-µελών.

Τï µέσï ύψïς των δασµών πïυ εισηγείται η ΚïµισιÞν γιατα κινεúικά æωτïâïλταϊκά είναι 47%, µε την αêία των εισα-γÞµενων κινεúικών πάνελ τï 2012 να ανέρøεται σε 21 διςευρώ.

Τï 60% των æωτïâïλταϊκών πïυ εêάγει η Κίνα κατευθύ-νïνται πρïς την Ευρώπη, και αντιστïιøïύν στï 7% τïυσυνÞλïυ των κινεúικών εêαγωγών πρïς τη Γηραιά Ήπειρï.

Υπενθυµίúεται Þτι τï Νïέµâριï ïι ΗΠΑ πρïøώρησανστην επιâïλή δασµών της τάêης τïυ 36% στα κινεúικά εισα-γÞµενα æωτïâïλταϊκά.

∂˘Úˆ·˚Îfi˜ “ÂÌʇÏÈÔ˜” ÁÈ· ÙÔ˘˜ ‰·ÛÌÔ‡˜ ÛÙ· ÎÈÓÂ˙Èο ʈÙÔ‚ÔÏÙ·˚ο

ΗλιακÞ Πάρκï στï Μεταλλείï Σκïυριώτισσας εγκαι-νίασε πρÞσæατα ï ΥπïυργÞς Γεωργίας Νίκïς Κïυγιάλης.

à κ. Κïυγιάλης κατά την τελετή εγκαινίων ανέæερεÞτι στï Μεταλλείï Σκïυριώτισσας εæαρµÞστηκε γιαπρώτη æïρά στην Ευρώπη η σύγøρïνη µέθïδïς τηςυδρïµεταλλïυργίας, παράγï-ντας καθαρÞ µεταλλικÞ øαλκÞυπÞ µïρæή καθÞδων øαλκïύ,ïι ïπïίες πληρïύν τις αυστη-ρÞτερες πρïδιαγραæές καισυγκαταλέγïνται µεταêύ τωνκαθαρÞτερων στïν κÞσµï.

«Η εæαρµïγή της υδρïµε-ταλλïυργίας είναι περιâαλλï-ντικά æιλικÞτερη και έøειøαµηλÞτερï κÞστïς, επιτρέπï-ντας έτσι την επεêεργασίαµεταλλευµάτων øαµηλÞτερηςπεριεκτικÞτητας».

ΣτÞøïς της δηµιïυργίας τïυ Πάρκïυ, είπε, «είναι ησυνεøής εκøύλιση τïυ µεταλλεύµατïς καθ’ Þλη τη διάρ-κεια τïυ εικïσιτετραώρïυ».

«Εκτιµώ Þτι αυτή η σïâαρή επένδυση της εταιρείαςθα απïδώσει τα µέγιστα, τÞσï ïικïνïµικά Þσï και τεøνï-

λïγικά, επιτυγøάνïντας τη µέγιστη δυνατή και γρηγïρÞ-τερη απïληψιµÞτητα τïυ øαλκïύ απÞ τï µετάλλευµα»,πρÞσθεσε.

Αêίúει να σηµειωθεί, συνέøισε, «Þτι η ιδιïκτησία, ηδιεύθυνση και η στελέøωση της εταιρείας είναι καθαρά

κυπριακή και Þτι έøει γίνει µιααπÞ τις µεγαλύτερες âιïµηøα-νίες τïυ τÞπïυ µε 100% εêα-γωγικÞ øαρακτήρα».

«Η αêία τïυ συναλλάγµα-τïς απÞ τις εêαγωγές τïυ øαλ-κïύ, σύµæωνα µε τις σηµερι-νές τιµές, ανέρøεται σε δεκά-δες εκατïµµύρια ευρώ ετη-σίως, συµâάλλïντας έτσισηµαντικά στην ïικïνïµία τïυτÞπïυ ειδικά σ’ αυτές τιςδύσκïλες ώρες της ïικïνïµι-

κής ύæεσης», πρÞσθεσε.Καταλήγïντας ανέæερε Þτι «η πρïσæïρά εργασίας σε

ανθρώπïυς πïυ πρïέρøïνται κυρίως απÞ αυτή την ακρι-τική, αγρïτική περιïøή, σε µια επïøή πïυ τα πïσïστάανεργίας ανεâαίνïυν, δεν µπïρεί να περάσει απαρατή-ρητη».

¶ÚˆÙÔÔÚȷ΋ ̤ıÔ‰Ô˜ ÛÙÔ ªÂÙ·ÏÏÂ›Ô ™ÎÔ˘ÚÈÒÙÈÛÛ·˜

∆Ô 60% ÙˆÓ ÊˆÙÔ‚ÔÏÙ·˚ÎÒÓ Ô˘ ÂÍ¿ÁÂÈ Ë ∫›Ó· ηÙ¢ı‡ÓÔÓÙ·È ÚÔ˜ ÙËÓ ∂˘ÚÒË

∂∂˘ÚÚˆ··˚ÎÎfifi ÂÂÓÓÂÂÚÚÁÁÂÂÈÈ··ÎÎfifi ‚‚ÚÚ··‚‚››ÔÔÁÁÈÈ·· ÙÙÔÔÓÓ ¢¢‹‹ÌÌÔÔ ŒŒÁÁÎΈÌÌˢ

à ∆ήµïς Έγκωµης µέσα στα πλαίσια τïυ ΕυρωπαϊκïύΈργïυ MEDDEA - ΠÞλεις ΕêïικïνÞµησης Ενεργείας, âραâεύ-τηκε µε τï ΕυρωπαϊκÞ ΕνεργειακÞ Βραâείï (eea®)”. à γενι-κÞς σκïπÞς τïυ έργïυ MEDDEA, είναι η επίτευêη τωνΕυρωπαϊκών ενεργειακών στÞøων «20-20-20» στην περιïøήτης Μεσïγείïυ, µέσω της διαøείρισης ενεργειακών θεµάτωναπÞ τις τïπικές αρøές. Σ’ αυτή την κατεύθυνση, øρησιµïπïιεί-ται µια συγκεκριµένη µεθïδïλïγία ïλïκληρωµένïυ ενεργεια-κïύ σøεδιασµïύ σε επίπεδï τïπικής αρøής µε την ïνïµασίαEuropean energy award, δηλαδή τï ΕυρωπαϊκÞ ΕνεργειακÞΒραâείï, ένα κïινÞ εργαλείï ενεργειακïύ σøεδιασµïύ στιςøώρες τις Μεσïγείïυ.

Σηµειώνεται Þτι τï European energy award-eea®, επιâρα-âεύει τις πÞλεις για σηµαντικές πρïσπάθειες στïν τïπικÞενεργειακÞ σøεδιασµÞ. Ãι ∆ήµïι πïυ âραâεύïνται είναιµïντέρνες πÞλεις µε ικανÞτητα ανάπτυêης υπïδïµών, καλύ-τερων υπηρεσιών, καλύτερη διακυâέρνηση, ενεργÞ συµµετï-øή πïλιτών, πρïσæέρïυν µιας υψηλής πïιÞτητας úωής στïυςδηµÞτες τïυς µέσω καλύτερης διαøείρισης της ενέργειας καιτïυ περιâάλλïντïς, âελτιώνïυν της εικÞνα τïυς και νιώθïυνµέρïς της Ευρώπης µέσω της σύγκρισης και ανταλλαγήςεµπειριών µε άλλες τïπικές αρøές πïυ συµµετέøïυν στï πρÞ-γραµµα eea®

ΑπÞ την Κύπρï εταίρïς στï έργï MEDDEA, συµµετείøε τïΕνεργειακÞ Γραæείï Κυπρίων Πïλιτών τï ïπïίï εæάρµïσε τïeea® στïυς δήµïυς της Κύπρïυ πïυ συµµετείøαν.

Vladimir Putin has said that he wants Russia to become oneof the world’s five largest economies but growth has slowed tojust 1.6% in the first quarter of 2013. Ironically, it is Putin’s dic-tatorial style that could be impeding his own wishes, and hin-dering the very economic progress that has helped to keep himin power to date.

Between 2000 and 2008, high exports of gas, oil and miner-als lined the pockets of the upper and middle classes. Russiaenjoyed a boom, with an average annual economic growth of7%. The economy contracted in 2009, quickly recovered, andbefore the March 2012 presidential election, the governmentaugmented stimulus spending. However, debt-riddled Europeis not buying exports of oil and gas like it used to, and Russia’sspending is still on the rise, adding to the budget deficit. Theeconomy may not be at the point of contracting, but it isexpanding at the slowest rate since 2009.

Yet, Russia’s economic woes cannot simply be reduced tomatters of trade and monetary policy. While these are certainlyin the picture and will form part of the solution, analysts mustnot make the mistake of talking about Russia with the samelingo that they apply to Western Europe.

Consider firstly the level of corruption which has made thecountry an unattractive investment climate. Why would inter-national businesses want to open an office in a country withouta high level of legal framework to protect intellectual propertyrights and fair competition? Added to this is the pressure on the

supply chain caused by demographics and a shrinking popula-tion, a pressure which could be relieved by higher investment.

Business ombudsman, Boris Titov, is pushing for anamnesty for the 13,000 entrepreneurs convicted of economiccrimes. In reality, many of these were imprisoned because com-petitors or former business partners bribed a member of the lawenforcement. Arguably, such an amnesty which would boosteconomic development and display the Kremlin’s good attitudeto investors, would have more of a positive impact on the econ-omy than reforms to the monetary policy.

We must also account for the fact that Russia’s economicdevelopment is decades behind many other countries, thanksto its communist history. Only now is the country facing whatanalysts term the “middle-income trap”. As happened inWestern Europe in the 1970s, and Singapore and Hong Kongin the 1980s, developing economies can stall when they reachan income around $16,000 GDP per capita and begin to losetheir previous advantage, namely low costs.

According to Ivan Chakarov, an analyst at RenaissanceCapital, this middle-income trap is the main factor behindRussia’s slowing economic growth. He warns that Russia’seconomy is unlikely to grow faster than an annual 2% for thenext decade.

Not the sort to accept personal responsibility, Putin’sresponse has been to demand a solution from the government.On April 22 he convened an emergency meeting of advisors andofficials, and has asked Prime Minister Dmitry Medvedev to pro-duce an action plan. At the meeting, Evsey Gurvich of theEconomic Expert Group proposed that the Russian leadershiprein in monopolies and rule out tax increases, and SergeiSinelnikov-Murylev from the Russian Academy of ForeignTrade suggested that funding be cut from sectors includingdefence, law enforcement and state-controlled companies.

If Putin’s advisors get their way, this may mean a shift to

more liberal economics, with stress on education and healthcare. Analysts and traders will be looking closely to the PrimeMinister’s proposed solutions in attempts to ascertain thecountry’s economic future. With his shrinking political capital,and Putin undoubtedly looking for a scapegoat should plans torevitalise the economy fail, this could well be Medvedev’s lastchance to shine.

The yen tumbled on Tuesday as Japaneseshares appeared to be stabilizing after sharplosses and extreme volatility in the past fewsessions, easing worries that investors mayhave to close their yen-selling positions tomake up for losses.

While the Nikkei’s fall of more than 10%from its 5 1/2-year peak has remindedtraders how painful a correction of a one-way trade can be, the market expects theBank of Japan’s massive easing to likelyweaken the yen in the long term.

The dollar rose 1.0% to 101.95 yen, upmore than a full yen from two-week low of100.66 hit on Friday, staying above key tech-nical support levels, including 21-day mov-ing average, at 100.80 yen on Tuesday. Itskijun line on the daily Ichimoku charts, nowat 100.37, is also seen as a major support,

said Citibank. The euro also gained 1.0% to131.70 yen, pulling up from Thursday’strough around 129.95. The dollar was alsounderpinned by expectations that the U.S.Federal Reserve is ready to scale back its mas-sive stimulus program.

The euro eased stood little changed at$1.2927, though it has no sign of breakingout of its rough $1.28-1.32 range in the pastfew months.

Investors have clearly turned bearish onthe once high-flying Australian dollar, withthe market still betting on yet more interestrate cuts given slower growth in the coun-

try’s single biggest export market, China.The Aussie ticked up 0.1% to $0.9643,

after a test to the downside was blocked byoption-related bids just under $0.9600, butit still stayed close to the 2012 nadir of$0.9581. A break there would take it back to

lows not seen since October 2011. It hasfallen 9 percent from a high of $1.0583 setjust last month.

Some analysts suspect the slide in theAussie is overdone. Analysts at St. Georgebelieve the Chinese recovery will be sus-

tained and the notion that the Fed couldstart unwinding its bond purchases withina few months is premature.

“Our forecast of $1.02 by end 2013 and$1.00 by end 2014 reflects our view of alater pullback in stimulus from the FederalReserve, the relative strength of theAustralian economy and positive prospectsfor China.”

Meanwhile according to a report by BNPParibas, and based on the latest IMM data(through 21 May) there is a surge inimplied long USD positioning to the high-est level since at least June 2008. Thedetails suggest an across-the-boardincrease in net shorts, including EUR(largest since November), JPY, GBP, CHFand AUD. CAD was one exception as shortsfell on the week.

Yen resumes fall, USD longs at extreme on IMM

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

Russia wants G5 position, but at what cost?

May 29 - June 4, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

www.bbinary.com

By Oren LaurentPresident, Banc De Binary

China’s waning coal era

LIBOR rates

CCY CCY/Period 1mth 2mth 3mth 6mth 1yr 2yr 3yr 4yr 5yr 7yr 10yr

USD USD 0.19 0.23 0.27 0.42 0.69 0.41 0.58 0.83 1.11 1.63 2.20GBP GBP 0.49 0.50 0.51 0.59 0.88 0.63 0.74 0.89 1.07 1.46 2.00EUR EUR 0.06 0.09 0.12 0.20 0.39 0.39 0.53 0.70 0.88 1.23 1.67JPY JPY 0.12 0.14 0.16 0.24 0.44 0.25 0.32 0.42 0.52 0.75 1.04CHF CHF 0.00 0.00 0.02 0.08 0.24 0.07 0.15 0.27 0.41 0.71 1.08

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 23.04 30.04 14.05 21.05 28.05 Today Last Week %Change

USD 1.2910 1.5106 1.0322 0.9789 USD 1.2994 1.3043 1.2958 1.2835 1.2869 1.5106 1.5247EUR 0.7746 1.1701 0.7995 0.7582 GBP 0.8512 0.8420 0.8461 0.8418 0.8520 1.2910 1.2885GBP 0.6620 0.8546 0.6833 0.6480 JPY 128.11 127.48 131.25 131.28 130.94 102.16 102.56CHF 0.9688 1.2507 1.4635 0.9483 CHF 1.2129 1.2201 1.2334 1.2404 1.2414 0.9688 0.9672JPY 102.16 131.89 154.32 105.45

JPY -0.39CHF +0.17

CCY

GBP +0.92EUR -0.19

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.50% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousMAY 29 EUR German Prelim CPI M/M 0.20% -0.50%

MAY 29 EUR German Unemployment Change due 10.55am 4k 4k

MAY 29 EUR M3 Money Supply Y/Y due 11.00am 2.90% 2.60%

MAY 29 EUR Private Loans Y/Y due 11.00am -0.40% -0.80%

MAY 29 EUR Spanish 10-year Bond auction

MAY 29 GBP CBI Realised Sales due 11.30am 4 -1

MAY 29 CAD Bank of Canada Rate Statement, Official Rate due 5.00pm 1.00% 1.00%

MAY 30 CHF Swiss GDP growth Q/Q due 8.45am 0.20% 0.20%

MAY 30 GBP Nationwide HPI M/M due 9.00am 0.50% -0.10%

MAY 30 EUR Italy 10-year bond auction MAY 30 CAD Canada Current Account due 3.30pm in CAD -15.3B -17.3B

MAY 30 US Weekly Unemployment Claims due 3.30pm 342k 340k

MAY 30 US Prelim GDP Growth Q/Q due 3.30pm 2.50% 2.50%

MAY 30 US Prelim GDP Price Index Q/Q due 3.30pm 1.20% 1.20%

MAY 30 US Pending Home Sales M/M due 5.00pm 1.30% 1.50%

MAY 31 JPN Unemployment Rate due 2.30am 4.10% 4.10%

MAY 31 EUR German Retail Sales M/M due 9.00am 0.30% -0.50%

MAY 31 CHF Swiss KOF Economic Indicator due 10.00am 1.08 1.02

MAY 31 GBP Mortgage Approvals due 11.30am 55k 54k

MAY 31 EUR CPI Flash Estimate Y/Y due 12.00noon 1.40% 1.20%

MAY 31 EUR Unemployment Rate due 12.00noon 12.20% 12.10%

MAY 31 US Core PCE Price Index M/M due 3.30pm 0.10% 0.00%

MAY 31 US Personal Spending M/M due 3.30pm 0.20% 0.20%

MAY 31 US Personal Income M/M due 3.30pm 0.20% 0.20%

MAY 31 US Chicago PMI due 4.45pm 50.3 49.0

MAY 31 US Revised UoM Consumer Sentiment due 4.55pm 84.1 83.7

Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

A recent report in the People’s Daily that Beijing city will elimi-nate all large scale coal boilers within the city center by 2015 is anoth-er sign of the shifting winds in global commodity and asset markets.The move is certainly a self-interested one on the part of China’s newleaders, who breathe the same filthy air as the proletariat when theyleave the carefully filtered confines of their private compound inZhongnanhai.

But the broader message is clear. As we argued in a previouscomment on Commodities: This is Structural, the age of coal-pow-ered and heavy industrial led growth in China is over. Slower, lesselectricity intensive, and cleaner growth is bad news for bulk com-modity producers and shipping stocks. But the winners will also bemany. China continues to forge ahead with its ambitious nuclearagenda, import rising quantities of natural gas, and struggle tounlock its own substantial shale gas reserves. Its energy transitionwill be as transformative on the demand side as the unconventionalenergy revolution in the US is proving to be for the global energy sup-ply— although it will take time to unfold.

What exactly do we mean by saying that coal-powered growth isover? Clearly, China remains massively dependent on coal for itsenergy needs—the black stuff still supplies 70% of all energy andaccounts for 80% of electricity production. When Chinese powerdemand growth was galloping along at 10-20% annually and theenergy intensity of the economy was actually rising as it was in themid 2000s, the nation naturally turned to the cheapest and mostabundant energy source on earth, which China also happens to be

liberally endowed with. But the forces which pushed China into atight embrace of the dirtiest fuels over the past decade are now abat-ing.

First, growth is lower. Chinese electricity demand growth hasslowed decisively along with the construction-led industrial complex.As we argued last year: Metals, the industrial economy has alreadybegan to shift away from energy intensive metals and cement ledgrowth, although the shift remains fitful. When power demand isgrowing at 7% and 30% of an increasingly scarce industrial watersupply is being sucked up by coal power, the logic for coal is far lesscompelling.

Second, the rising outrage of the Chinese urban middle class overhorrific air pollution is becoming a major concern for the leadership.In the 2000s as China was rapidly transitioning from a poor rural toa middle income urban society, the nation’s leaders could safetyfocus on building cities and moving people into them, without wor-rying overly much about things like quality of life, which richer citi-zens tend to value. But as we have highlighted in recent work manyChinese have now reached a critical mass where they are able, andvery willing, to spend money on items that would have been consid-ered luxuries a decade ago. This includes clean air. Middle classurbanites, who have been a critical piece of the Communist Party’ssupport since reform and opening began, have already begun todemand a quality of life more comparable to citizens of other middleincome nations.

China’s leaders will be forced to respond—and indeed theyalready have. New sulfur and nitrogen oxide emissions requirementsare raising capital costs for generators. And December 2012’s coalpower price reform ensures that should coal prices recover down theline, the power grid will no longer be artificially insulated from high-er prices—a major reason that wind and natural gas power have not

gained higher market share in China. Coal power retains the domi-nant share of power supply in China, but in 2012 saw its share dropalmost -3% to 78.5%, the lowest in a decade.

In sum, coal’s dominance in China will continue to erode,even in an environment of lower prices — which in Asia at leastlargely reflect weaker Chinese power growth on the demand side any-way. The winners will naturally be the purveyors of credible alterna-tives and their enabling technologies. Chinese demand for naturalgas will help ameliorate (although not eliminate) a likely coming glutof LNG supply in the Pacific in the second half of the decade, andsupport uranium and nuclear technology providers in an environ-ment of weak OECD demand.

Most importantly, whoever can help China unlock its ownmassive shale gas reserves at the right price will hold somethingof a golden ticket, if they can protect the technology once they haveit. China’s shale reserves are apparently massive—larger than theUS’s—but deeper and in water-scarce areas of an already water-scarce country. Chinese policymakers have thrown their supportbehind shale gas development, but progress has been slow. The oilservice firm which can solve these technological problems and mar-ket them to the Chinese oil majors would find itself in an enviableposition indeed.

www.marcuardheritage.comMarcuard’s Market update by GaveKal Research

May 29 - June 4, 2013

financialmirror.com | MARKETS | 21

Gold rose on Monday, extending its gains after its strongest week in amonth, as the dollar slipped and European stock markets steadied, whilephysical buying remained strong in Asia.

Spot gold rose 2% last week, mostly benefitting from a lower dollar anda shift of funds out of equities. It wasup 0.6% to $1,394.39 an ounce.

U.S. gold futures for Junedelivery rose 0.5% to $1,394.00 anounce.

Gold is still down nearly 17% thisyear, however, after last month’srout pushed prices down to a morethan two-year low of $1,321.35. Thedrop was caused by worries aboutcentral bank sales and fuelled by abreak below key support at $1,500an ounce.

“Gold is holding around thelevels seen at the end of last week, asthere are few factors that arebalancing each other out at themoment,” Commerzbank analystDaniel Briesemann said.

“On the one side you havecontinued ETF (exchange-traded fund) outflows and speculators cuttingbullish bets on COMEX, while on the other hand the metal is finding somesupport from continued demand for coins and bars amongst retailinvestors and ongoing purchases by central banks from emergingcountries, which kept buying in April.”

Holdings in SPDR Gold Trust, the world’s largest gold-backedexchange-traded fund, fell 0.24% to 1,016.16 tonnes on Friday, their

lowest since mid-February 2009. The fund held 1,350.50 tonnes of gold atthe beginning of 2013. Speculative net long positions - the differencebetween bullish and bearish contracts - held by COMEX gold futures andoptions hedge fund traders, fell to 35,686 lots in the week to May 21, the

lowest level since July 2007, whileshort positions continued to rise,a report by the CommodityFutures Trading Commission(CFTC) showed on Friday.

ASIAN BUYINGPhysical demand for the metal

remained strong in Asia, wherepremiums for gold bars hit arecord high amid tight supplieslast week.

Lower spot prices over thepast month have attracted buyersmainly in China, the world’ssecond biggest consumer of theprecious metal after India, traderssaid. Data from the IMF showedthat Russia, Turkey andKazakhstan were among the

central banks buying gold in April, despite the metal’s price fall, todiversify their strategic portfolio. The dollar index was still 0.1% lower,while European shares steadied as markets were awaiting more macroeconomic data out of the United States to assess whether the FederalReserve will slow its $85-bln monthly bond purchases in coming months.Silver rose 1.2% to $22.66 an ounce, platinum was up 0.5% to $1,457 anounce and palladium edged up 0.7% to $729.22 an ounce.

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8660British Pound * GBP 1.5106Bulgarian Lev BGN 1.5146Czech Koruna CZK 20.074Danish Krone DKK 5.7731Estonian Kroon EEK 12.1205Euro * EUR 1.291Georgian Lari GEL 1.634Hungarian Forint HUF 223.64Latvian Lats LVL 0.5429Lithuanian Litas LTL 2.6744Maltese Pound * MTL 0.3326Moldavan Leu MDL 12.47Norwegian Krone NOK 5.8431Polish Zloty PLN 3.2443Romanian Leu RON 3.3544Russian Rouble RUB 31.3865Swedish Krona SEK 6.6522Swiss Franc CHF 0.9688Ukrainian Hryvnia UAH 8.152

AMERICAS & PACIFIC

Australian Dollar * AUD 0.9661Canadian Dollar CAD 1.0356Hong Kong Dollar HKD 7.7636Indian Rupee INR 55.765Japanese Yen JPY 102.16Korean Won KRW 1126.65New Zeland Dollar * NZD 1.2336Singapore Dollar SGD 1.2636

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.9802Iranian Rial IRR 12093.90Israeli Shekel ILS 3.7066Jordanian Dinar JOD 0.7061Kuwait Dinar KWD 0.2860Lebanese Pound LBP 1501.00Omani Rial OMR 0.3838Qatar Rial QAR 3.6398Saudi Arabian Riyal SAR 3.7503South African Rand ZAR 9.6823U.A.E. Dirham AED 3.6730

ASIA

Azerbaijanian Manat AZN 0.7832Kazakhstan Tenge KZT 150.82Turkish Lira TRY 1.8488

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

Gold rises due to demand, mainly in Asial Extends gains after strongest week in a month

Disclaimer: This information may not be construed as advice and in particular notas investment, legal or tax advice. Depending on your particular circumstances youmust obtain advice from your respective professional advisors. Investment involvesrisk. The value of investments may go down as well as up. Past performance is noguarantee for future performance. Investments in foreign currencies are subject toexchange rate fluctuations. Marcuard Cyprus Ltd is regulated by the CyprusSecurities and Exchange Commission (CySec) under License no. 131/11.

May 29 - June 4, 2013

22 | WORLD MARKETS | financialmirror.com

OPEC almost off radar for oil marketl No change to 30 mln bpd output target, as Saudis adjust supply to keep market balanced;

Trouble ahead in 2014, cuts may be needed

Oil traders should not lose too much sleep worrying aboutwhat OPEC, often unpredictable and quarrelsome in the past,will do when it meets this week.

The producer cartel is odds on to leave output policyunchanged. As a risk factor for oil markets, its May 31 gath-ering in Vienna barely features on traders’ radar.

One reason is that Brent oil prices are very close to topproducer Saudi Arabia’s favoured $100 a barrel. While that isexpensive by historical standards, it is well below the $125price that sounded alarm bells for major consumer countrieslast year.

In fact, the shale revolution in the U.S., still the world’sbiggest oil consumer ahead of China by a big margin, hasraised hopes among importers that the relentless rise in fuelprices over the past decade may be at an end.

Annual nominal average world oil prices rose more thanfour-fold on average in the decade from 2002 from $25 a bar-rel to a record $111 a barrel in 2012. This year on average todate they are down, if only a little, and Brent was trading atjust over $102 a barrel on Friday.

An International Energy Agency report released earlier thismonth forecast U.S. shale oil supply will help meet most ofthe world’s new demand in the next five years, leaving littleroom for OPEC to lift output without risking lower prices.

“OPEC is in a hard situation,” said Chakib Khelil, Algeria’soil minister from 1999 to 2010. “The demand for OPEC oil isgoing down, while increasing demand is being met by others,not by OPEC.”

North America’s supply growth will cause a decline indemand for OPEC oil until the end of the decade and a build-upof its spare capacity, said Christof Ruhl, chief economist at BP .

Only a year ago, the shale boom was dismissed by OPECas of little concern. Kuwait’s oil minister Hani Hussein saidproducers would “wait to see more research to get a betteridea about the impact of shale oil” and his Venezuelan coun-terpart Rafael Ramirez said: “I’m not worried at all, they areonly projections.”

By the end of the year, the U.S. had recorded the biggestannual increase in oil output since it first became an oil pro-ducer in the early 1860s. The 850,000 bpd increment wasmore than each of OPEC’s two smallest producers, Qatar andEcuador, produce in total.

EXPENSIVE SHALESome of that shale oil is among the most expensive glob-

ally to produce, but Saudi Arabia - holder of most OPEC spare

capacity - shows no sign of opening the taps to bring downprices and curtail that output by making it uneconomic.

Far from it, Saudi Oil Minister Ali al-Naimi in a speech lastmonth in Washington hailed the U.S. energy renaissance as“good news.”

Shale’s impact is felt most by those in OPEC who reliedheavily on exports to the United States.

The rise in domestic U.S. supplies has put a squeeze onNigeria and Algeria in the U.S. market, forcing them to cutprices and send more oil further afield.

OPEC delegates say the 12-member group’s meeting willstick with an output target of 30 mln bpd.

“The price is still reasonable, and not less than $100,” saida delegate from one of OPEC’s Gulf members. “So it looksvery straightforward. Continue with the official productionceiling and make informal adjustments, if necessary.”

Short-term market management will continue to be guid-ed by Saudi Arabia.

Saudi has trimmed from a 30-year high reached in 2012of 10 mln bpd, pumping 9.3 mln bpd in April. That put OPECproduction at 30.46 mln bpd, right in line with its calcula-tions for average demand for its crude in the second half ofthe year.

OPEC used to give traders more to worry about. In theearly 2000s it met as many as seven times a year comparedto just twice now, often making surprise decisions as it triedto micro-manage oil markets.

But it may not be out of the headlines for long.Next year could see a drop in world demand for OPEC oil

which delegates said may argue for supply curbs.“We’re heading for a problem in 2014 and we’ll probably

have to make a supply cut,” said a senior OPEC source. “Andif OPEC were proactive, we’d start to look seriously at indi-vidual production allocations.”

PREVIEW

Russian gas pipeline undermines Nabuccol Azeri consortium expected to pick winner in June; Gas due to flow to European Union from 2019

Europe’s grand plan for a gas pipeline from the Caspian Seathat would make its eastern states less reliant on Russia mayhave been fatally undermined by Russia’s even bigger project.

As Azerbaijan nears a decision on which pipeline to choosefor its future exports, the Nabucco plan that was long theEuropean Union favourite could lose out to the more modestTrans Adriatic Pipeline (TAP) across Greece to southern Italy.

In a complex equation based on politics as much as econom-ics, TAP is in the ascendancy over the Nabucco pipeline toAustria in the face of Russia’s $39 bln South Stream plan.

“The question is: ‘Is Nabucco viable if South Stream is built?’”said Andrew Neff, Moscow-based principal energy analyst withresearch firm IHS.

The decision between TAP and Nabucco is expected in Junefrom partners in the Shah Deniz consortium, led by gas fieldoperator BP and Azeri state energy company Socar.

The EU won’t have a direct say in the choice, but its recentswitch to “project neutrality” from support for Nabucco couldmake a big difference. It now says it would be happy with eitherpipeline or even both.

OPERAEurope’s original plan was a 3,900 km pipeline all the way

from Azerbaijan, across Turkey and up through the Balkans. Itwas named Nabucco after the epic Verdi opera, with its rousingchorus, that the founding parties had listened to at the Viennaopera house in 2002.

Although the plan, led by Austria’s OMV, was scaled back toa 1,300 km version linked to a Turkish pipe, it had kept thefavour of both Brussels and Washington.

That was not least because ‘Nabucco West’ would cross for-mer eastern bloc countries that depend the most on Russia forenergy - even though initial Azeri gas supplies will account fora mere 2% of EU needs.

The TAP pipeline is only 800 km, including a stretch underthe sea to southern Italy. Its shareholders are led by Swiss AXPOand Statoil, which has a stake in the Azeri gas fields.

The business case for the two appears relatively balanced.Nabucco would be estimated to cost less than $8 bln with

one Azeri expert reckoning TAP would be $500 mln cheaper,but Nabucco might bring access to more markets.

All of which makes the politics even more important.

EXPEDIENTChoosing TAP, which does not cut through territory that

Russia traditionally dominated, could be politically expedient

for Azerbaijan, which is broadly aligned with the West but hasno interest in conflict with its former Soviet overlord.

Russia began building South Stream in December andhopes to deliver gas to Europe well before 2019, when the Azerigas is due to start flowing to the EU.

The Gazprom-led 2,500 km South Stream will cross theBlack Sea and then closely follow the line of Nabucco West.

Plans for a southern route that could have competed with TAPwere scrapped, another boost for Nabucco’s rival.

Southern European states see benefits for themselves too.Italy, which relies for gas on politically unstable North Africa

as well as Russia, is keen to diversify supply.Struggling to recover from its debt crisis, Greece would wel-

come the additional revenue from the pipeline. InfluentialGermany would be happy with anything that strengthens Greekfinances and reduces potential future bailout costs.

TAP would have the side bene-fit of forcing greater cooperationbetween old rivals Greece andTurkey, EU diplomats said.

Bulgaria and Romania, thepoorest European countries,would appreciate the infrastruc-ture investments if Nabucco werebuilt.

But their economies do notface the immediate pain thatGreece’s does - and a SouthStream pipeline through Bulgaria,Serbia, Hungary and Sloveniawould also bring economic bene-fits even though it would notbreak Russia’s dominance.

Washington is less concernedabout the pipeline supply route toNATO allies than it was given thechange in the global energy pic-

ture as a result of the U.S.-led shale gas boom and the increas-ing importance of liquefied natural gas, which can be shippedby sea.

In fact, the emergence of those alternative gas supplies hasraised debate about whether long pipelines which tie end usersinto relatively expensive contracts can be justified by the eco-nomics alone.

May 29 - June 4, 2013

financialmirror.com | WORLD MARKETS | 23

Dollar builds steam, unnerves emerging marketsAs the dust settles on a volatile week, many strategists

now sense a green light for a long-brewing multi-year rise ofthe U.S. dollar - with unnerving portents for emergingmarkets.

The U.S. Federal Reserve’s now open debate about thebeginning of the end of its massive money-printingprogrammes caused gyrations on stock and bond marketseverywhere this week.

Even the prospect of the Fed reducing the amount ofdollars it’s been flooding into the domestic and globaleconomies via its bond-buying policy has seen severalstrategists crank up long-term dollar forecasts significantly.

The scenario raises concerns among many economists ofwhat’s become known as “sudden stops” in westerninvestment flows to emerging markets - the most spectacularbeing the 1997/98 currency crises across Asia, Russia andLatin America but yet again at the height of the credit crisisin late 2008/2009.

And that 1990’s crash coincided with a sustained dollarrally over many years and an investor shift back to the UnitedStates.

The bullish case for the dollar has been building formonths - U.S. growth rates outstripping western peers; anentrenched housing recovery; cheaper domestic energy fromshale and its likely shrinkage of U.S. trade deficits; and eventhe relocation of some U.S. industry back home have beenoft-cited factors.

But these tailwinds have struggled to lift the dollar to dateas long as the Fed’s dollar printing weighed down itsexchange rates. If that headwind were now even to weakenfrom storm force to a mere gale, then lift-off may be in sight.

“We cannot think of a better environment for furtherdollar over-peformance, irrespective of gyrations in U.S.equities,” said Citi emerging markets strategist Luis Costa,scaling back overweight recommendations on someemerging debt in the process.

HSBC strategist David Bloom, ratcheting up the bank’send-year dollar forecasts, reckons low global inflation isallowing central banks everywhere to step up the “currencywar” and weaken local units via lower interest rates or

outright currency sales in an anxious dash to offset flagginggrowth.

Armed with a pick up in its domestic economy, the dollarcould now absorb that worldwide push to devalue.

“We believe we have entered a dollar bull environment,”he said, adding that any Fed shift in the opposite direction

would simply reinforce significant dollar appreciation of 10%or more before U.S. authorities would feel any need to object.

BOON OR BOMB?So if a higher dollar trajectory is now in view, why all the

nerves about emerging markets? Taking comfort fromexporters’ relief at weakening currencies, for example,Turkish and South African equities barrelled to record highsthis week.

The broader anxiety is that a decade of staggeringinvestment flows to emerging economies - some $8 trlnsince 2004 on some estimates - has ridden on the back ofboth a commodities “super cycle” over the past decade and aprotracted strengthening of emerging currencies against thedollar.

The Fed’s inflation-adjusted and trade-weighted dollarindex against a broad sweep of mostly developing countries,for example, has fallen more than 25% over the past tenyears.

But if both the long-term commodity price surge and aweakening dollar are at a long-term turning point, then themetrics of investment in emerging markets may shift also -with nearly half of the $80 trln of world’s private pension,insurance and mutual funds still based in the United States.

What’s more, the latest investor wave into emerging

markets has been into bond markets - much of itdenominated in local currencies and where index-wide yieldsare near record lows.

JPMorgan estimates total new sovereign and corporatebond sales from emerging markets soared to a record of $411bln last year alone, some 30% higher than 2011.

The combination of local currency losses against thedollar and higher U.S. bond yields over the coming yearscould seriously disturb those investment calculations, notleast in a period where economic growth rates in China andother developing giants are slowing relative to the UnitedStates.

In a note to clients on Thursday entitled “Emergingmarkets on tenterhooks”, Barclays said: “The interplay ofsupportive emerging market (debt) fundamentals anduncertainty about U.S. Treasury yields leaves EM fixedincome on an uncertain footing.”

Developing economies and markets are more robust now,argue optimists. There are fewer fixed currency pegs andmore flexible exchange rate adjustments which reduce thechance of sudden shocks. Foreign cash reserves are farhigher after ten years of inflows and government debtpositions and credit quality have improved and are, in somecases, even superior to the West.

Societe Generale says many investors have addedemerging bonds to portfolios of late because they havebecome both less volatile and less correlated with other assets- hence they are holding them to stabilise portfolios.

Goldman Sachs insist that painting emerging marketswith one brush is misleading and the dispersion of returnswithin the emerging market universe is rising. Picking theright ones - Turkey or Indonesia equities so far this year - isthe best strategy, they say.

But with many investors still invested in broad emergingmarkets buckets or indices, the combined dollar and U.S.yield reversal along with slower emerging world growth couldstill be dangerous for both the stars as well as the laggards.

And for risk-wary fund managers there are liquidityconcern about - the ease of selling at a fair price during acrash.

U.K. house prices to see fastest rise in 4 years

British house prices will rise at their fastest pace in fouryears in 2013 with London prices storming ahead, a Reuterspoll found on Monday, also showing that the gains would notmatch inflation this year.

Low interest rates and government lend-ing incentives to stimulate growth in thehousing market mean prices remain over val-ued, analysts said.

The poll of 23 market watchers, taken inthe past week, predicted UK house priceswould rise 2.0% this year, far more upbeatthan the flat outlook envisaged in a Februarypoll. Forecasts ranged from a 2.0% fall to a 5%rise. In 2014 they will gather momentum to2.4% - still only in line with consumer priceinflation which is expected to average 2.4%next year. “Stronger than expected first quar-ter GDP data will provide an important bolsterto household confidence. At the same time,borrowing costs are coming down and banksare expected to approve more mortgage appli-cations,” said Melanie Bowler at Moody’sAnalytics. Britain’s economy basically flatlined for most of thelast two years but is expected to grow 0.8% this year and 1.5%in 2014.

The price of London homes, long the magnet for rich over-seas investors, are expected to soar 5.0% this year and next asdemand in the capital continues to outrun supply.

During a decade-long boom to 2007, house prices tripledbut sank at the start of the financial crisis Most respondents donot see them reaching pre-crash prices for several years.

BUILDING SUPPORTThe average house price in Britain stood at 165,586 pounds

in April, according to mortgage lender Nationwide, over sixtimes last year’s average salary of 26,500 pounds.

Most respondents said that average price was still too high,with the poll giving a consensus rating of six on a 10-pointscale, where one is very undervalued and 10 is very overvalued.

The Bank of England slashed interest rates to a record low0.5% over four years ago, making borrowing cheap for thosewho managed to get a mortgage, and is not expected to raisethem until 2015 at the earliest.

The BoE extended its Funding for Lending scheme (FLS)last month for another year, offering banks cheap finance if theyin turn lend on to households and businesses.

Mortgage approvals, used as a guide to future housing mar-ket activity, rose to 53,504 in March and are expected to aver-age 57,000 per month in six month’s time and 64,000 in ayear. Britain’s government launched incentives to help strug-gling home buyers in March as it looks to support growth in areal estate market it sees as key to reviving the country’s ailingeconomy.

By Mike DolanINVESTMENT FOCUS

Volatility of Solvency II ratioscould have broad implicationsfor European insurers

Although the Solvency II regime has yet to be finalised, Moody’sInvestor Service has outlined its expectation that solvency ratios willultimately exhibit a more complex volatility under Solvency II thanunder Solvency I, as both the available capital and the capital require-ments of the solvency ratio will change with market conditions.

While Moody’s acknowledges that the move to Solvency II will notchange insurers’ economic reality, the introduction of new solvencyratios may influence the behaviour of investors, insurers and regulators.The aim of the new regulation is implicitly to influence market behav-iour in ways that are favourable to creditors, but there is neverthelesssome risk of the opposite occurring. The report explores some potentialunintended consequences of the new regulation from the perspective ofinvestors, insurers and regulators, and discusses Moody’s interpretationof the new solvency ratios in its analysis of insurers’ capital adequacy.

The magnitude of the credit implications will depend on the final cali-brations of Solvency II, which will influence how issuers, investors andregulators themselves react. In particular, as part of the preparations forSolvency II, the European Insurance and Occupational PensionsAuthority (EIOPA) has launched the Long-Term Guarantee Assessment(LTGA), an impact study that is testing different ways of discounting theliabilities of insurers. In a separate report, entitled “European Insurers:Solvency II LTGA Study Assesses Impact of Different Liability DiscountRates” Moody’s has described what it views as the two extremities thatdefine the range of possible outcomes post the study which are oppositein terms of implied capital requirements. At one end, a high discountrate would lead to lower capital requirements, while a low discount ratewould require more capital.

Moody’s expects that the eventual outcome post the study will be topermit relatively generous discounting of liabilities. This is because law-makers recognise the capital burden that a more punitive version ofSolvency II would place on insurers which provide guaranteed products,particularly within an extreme low interest-rate environment. Such anoutcome would not lead to negative rating pressure for most Moody’s-rated insurance groups who the rating agency expects will remain rela-tively well-capitalised on an economic basis in this scenario.

INVESTMENT FOCUS

May 29 - June 4, 2013

24 | WORLD MARKETS | financialmirror.com

Have your summer vacation all booked?Hoping to ignore your phone for a while, feel-ing safe in your investments and secure in theknowledge that the world’s financial authori-ties aren’t planning any surprises just yet?

Think again.U.S. Federal Reserve Chairman Ben

Bernanke made it clear in congressional testi-mony last week that the central bank couldvery well entertain a change in policy soonerthan many had predicted. That would meanproviding less stimulus to the economy bycutting back on its bond buying program.

The result was an unsettling bout of volatil-ity, with Treasury yields jumping while stocksslid, as investors feared the Fed’s supportmight start to recede.

And that means this could be a summerwhen investors may find the waves are notonly on the beach.

While Fed-watchers are hard-pressed to seea turning point at the bank’s June policymeeting, there are plenty of other spots thissummer when the Fed could start to preparemarkets for change.

Besides the June meeting, there is a policymeeting in July and the release of minutesfrom both those meetings that will follow.There are three Fridays where monthly jobsdata will be released, and plenty of inflationreadings and other, lesser economic data-points.

And of course, there are other potentialflashpoints. Will an heir to Bernanke emerge?Will the annual monetary policy symposium

in Jackson Hole, Wyoming, this August mat-ter without Ben Bernanke?

Here’s what to watch for this summer onthe Fed front.

FED MEETINGS AND MINUTES – Fedpolicymakers meet twice more before theSeptember 2 Labor Day holiday this year: June18-19 and July 30-31. In addition, the minutesof those Federal Open Market Committeemeetings will be released three weeks later.

The June meeting is likely “as good a targetas any” for a signal from the Fed about theirfuture plans, said Omer Esiner, chief marketanalyst at Commonwealth Foreign Exchangein Washington, D.C.

The Fed doesn’t want to startle investors,because that would be disruptive. Expect plen-ty of flags, through meeting statements andminutes, before policymakers make anymovements.

DATA DELUGE: JOBS VS INFLATION –The Fed’s dual mandate means that both jobsand inflation data will be key. Labor data hasbeen more encouraging of late, with theunemployment rate down to 7.5%. The Fedhas said it wants to see the rate fall to 6.5%before it raises interest rates.

The data has been spotty enough that poli-cymakers could want more consistency.Nonfarm payroll growth has averaged about208,000 monthly over the past six months buthas dipped below that level in some months.Chicago Fed President Charles Evans said hewould like to see growth of 200,000 eachmonth before cutting back on bond purchas-

es, also referred to as quantitative easing.Also far from target is inflation. The

Personal Consumption Expenditures index,which is the measurement most watched bythe Fed, was only at 1% in March. The Aprilreading is due on May 31.

“They would be more comfortable withinflation at 2, 2.5%,” said Wilmer Stith, co-manager of the Wilmington Broad MarketBond Fund in Baltimore.

With inflation hardly threatening, there arefew price pressures to argue for ending theflood of easy money, and the data only goes tounderscore the relative weakness of the econ-omy, Stith noted.

THE NEXT FED CHAIR? Bernanke hasn’tofficially bid adieu to the Fed, but he is clearlyeyeballing the door. His second term ends inJanuary, and there has been no officialannouncement about his future at the Fed.

“I don’t think that I’m the only person inthe world who can manage the exit (fromquantitative easing),” he said earlier this year.

WITH OR WITHOUT BEN: JACKSONHOLE – Bernanke may be opening the wayfor possible successors by skipping the

Jackson Hole gathering later this year due toan unspecified scheduling conflict.

While Fed Vice-Chair Janet Yellen is emerg-ing as the favorite to hold the position next,Bernanke and company have so far beenquiet.

The Fed honcho’s absence could meanJackson Hole offers little in the way of news, inwhich case, head to the beach and read thattrashy novel you’ve been meaning to getthrough.

But maybe not.Bernanke’s absence on the schedule could

open up a spot for an heir-apparent to take thespotlight instead.

If that is Yellen, “perhaps that is going to bethe platform for her to gain even more recog-nition nationally,” Stith said.

DEBT CEILING DEBATES - YES, THISAGAIN – One thing investors and traders maynot have to worry about is a debt ceiling crisisin Washington. The government probablywon’t breach its congressionally authorizedborrowing limit until at least Labor Day.

The perfect bookend to summer, in otherwords.

Irish gold end of U.S. corporate rainbow

Irish officials and business leaders like totrumpet their success in attracting U.S. invest-ment as proof the country is on the road torecovery.

At a conference in Dublin on Friday thehead of Ireland’s largest bank gave small busi-ness leaders the “15-second elevator pitch” hegives to U.S. executives when he is in NewYork or Boston. “I’ve mentioned to U.S.investors that U.S. companies have more cap-ital invested in Ireland than they do in Brazil,Russia, India and China put together,” saidRichie Boucher, chief executive of Bank ofIreland.

“We have had a record year of FDI (foreigndirect investment) in 2012.”

The numbers are eye-catching. About $30bln of net FDI flowed in to Ireland from theUnited States in 2011, the last year data isavailable. That is double the level at the peak ofIreland’s boom and the equivalent of 6,670euros for every man, woman and child in thecountry.

And yet in the real economy, the number ofjobs in foreign-owned firms fell by 9%, accord-ing to state enterprise board Forfas. Totalemployment fell even more – 15%.

What the FDI figures help illustrate is howlarge international companies and funds useIreland as a base to route their profits andinvestments to cut their tax bills.

This practice was laid bare this week whenthe U.S. Senate revealed that computer giant

Apple had paid little or no tax on tens of bil-lions of dollars in profits channelled throughIrish subsidiaries. “Ireland is a conduit forfirms. One implication of that conduit is theyare making billions here but just paying a tinyproportion in tax,” said Jim Stewart, senior lec-turer in finance, Trinity College Dublin.

Three main factors appear to be at work inthe large jumps in Irish FDI; multinationalsshifting income from units in other countriesto Ireland - which counts on the export side ofbalance-of-payments figures; companytakeovers; and inflows into Ireland’s shadowbanking sector. “FDI figures are becomingmore and more meaningless. They do not nec-essarily reflect real economic activity,” saidChris Van Egeraat, an economist at theNational University of Ireland Maynooth.

“You see exports growing and FDI growingin certain sectors, but you see unemploymentgrowing in those sectors; that should ringsome alarm bells about how we should inter-pret these FDI figures.”

BENEFITS AND BRASSPLATESSuffering from high unemployment for

most of the 20th century and with strong tiesto the United States due to generations of emi-gration, Ireland’s governments have spentdecades courting U.S. companies such as Dell,Intel and Pfizer with generous tax concessionsand low rates.

The policy has yielded some real benefits,with multinationals accounting for almost onein every ten jobs in Ireland. Every four multi-national jobs Ireland attracts adds three more

indirectly in the local economy, according tothe state Industrial Development Agency(IDA), which is tasked with attracting foreignfirms.

Prime Minister Enda Kenny is relying onthe export-focused multinational sector toboost economic growth and ensure the coun-try emerges from an EU-IMF bailout smoothlythis year, after the country’s debt levelsquadrupled on the back of a property bubbleand banking crash.

But foreign companies that relocate theirheadquarters to Ireland for tax purposes with-out really operating in the economy, known asbrass-plate firms because their presence some-times amounts to little more than a name ona door sign, are flattering the country’s eco-nomic output figures and its balance of pay-ments, often used as a measure of competi-tiveness.

Ireland had a current account surplus lastyear of 6.1% of gross national product (GNP),but this falls to 0.6% when foreign companies’retained profits are stripped out, according toresearch by the Economic and Social ResearchInstitute (ESRI), an independent think-tankpartly funded by the Irish government.

The ESRI does not say how many suchredomiciled companies there are in Ireland,but the ESRI estimates their retained profits at7.39 bln euros in 2012, equivalent to 5.5% ofGNP.

Shire Pharmaceuticals and Beazley PLC areamong companies to have moved their domi-cile to Ireland in recent years, both citing taxadvantages among their reasons.

AMNESTIES AND SHADOWSIreland’s FDI figures illustrate what a big

impact corporate repatriations can have.In 2005, for example, when the United

States introduced a temporary tax amnesty onprofits brought back from overseas sub-sidiaries - repatriated cash would otherwiseattract 35% U.S. tax - a net $15 bln of U.S. FDIhigh-tailed it out of Ireland and back to themother country. Another big factor at play inthe FDI figures is Ireland’s shadow bankingsector, investment firms and funding vehiclesthat operate out of Dublin’s financial servicescentre, on the banks of the river Liffey.

These investment funds, money marketfunds and special purpose-style vehiclesaccount for around 1.7 trln euros of assets,more than ten times the size of the domesticeconomy and greater than the traditionalbanking sector, which has assets of around 1.1trln euros, according to central bank statistics.

Some 32,700 people are employed in theIrish Financial Services Centre (IFSC), helpingto administer over 1 trln euros in hedge fundassets alone.

But many of the funding vehicles have noemployees in Dublin; they are managedinstead from another city, often London orNew York, and based in Ireland to shrink theirtax bills.

While Ireland’s local banking sector hasbeen decimated by a highly leveraged binge onproperty, the IFSC has gone from strength tostrength, boosted by the global financial crisis,which has seen a big market in sales of dis-tressed debt.

How the Fed could ruin your summer holidayHow the Fed could ruin your summer holiday

ANALYSIS

DEPA terms changed to aid Gazprom bidGreece agreed to change some terms in the planned privati-

sation of natural gas distributor DEPA, opening the way forRussian energy giant Gazprom to bid for the firm.

Privatisation agency HRADF finalised the terms of the salecontract late on Friday, lowering the amount that DEPA’sbuyer will have to deposit as a guarantee before the deal getsregulatory approval.

“The guarantee was halved to 10% of the purchase price,”the official said.

HRADF also said it would compensate the buyer if DEPAfails to collect overdue bills owed by recession-struck clients.“We are guaranteeing up to 180 mln euros of arrears if they arenot settled by December 31, 2015,” the official said.

Gazprom has been lobbying hard to wring these conces-

sions from the government, leveraging its position as the onlymajor energy company interested in buying DEPA.

Cash-strapped Greece needs the DEPA sale to go through tohit the privatisation revenue targets set in its EU/IMF bailout.Gazprom last year made a preliminary bid of 900 mln euros forDEPA, whose 2012 net profit stood at 106 mln euros.

But the Russian firm’s role as DEPA’s main supplier hasraised concerns that the EU, already trying to loosen Gazprom’sgrip on Europe’s energy market, might block or impose strin-gent conditions on the deal.

Under the final terms of the DEPA sale, Gazprom will notlose any of its deposit if the EU blocks the DEPA acquisition.

HRADF also pushed back by about ten days a May 29 dead-line for the submission of final bids to give DEPA’s suitors more

time to study the final sale terms.Gazprom’s only rival for DEPA is M&M Gas, a joint venture

by Greek energy firms Motor Oil and Mytilineos.But M&M’s initial bid of about 550 mln euros was far below

Gazprom’s and its parent firms owe money to DEPA and com-pete with it in the wholesale gas market.

Sintez, a small Russian energy firm controlled by Russiantycoon Leonid Lebedev, is expected to submit a binding bid justfor grid operator DESFA, which is part of DEPA but can be soldseparately.

Sintez’s major rival for DESFA, a regulated business with asteady profit margin, is Azerbaijan’s state gas firm SOCAR.Greek-Czech consortium PPF/Terna may also submit a finalbid for DESFA.

May 29 - June 4, 2013

financialmirror.com | GREECE | 25

Aegean posts €1.2 mln net loss

Revenue for Aegean Airlines in the first quarter reached 115.9mln euros, 11% higher compared to the same quarter of last year,with pre-tax losses narrowing to 8.2 mln compared to losses of31.2 mln in 2012.

Higher load factors in international routes and further costmanagement efforts were the main contributors to theimprovement.

Net result after taxes saw a loss of 1.2 mln euros against lossesof 25 mln in 2012, given the additional positive impact of a 5 mlnrise in deferred tax assets, derived from the increase in tax rate to26% from 20%.

Aegean carried 1 mln passengers in the first quarter, an increasein its average load factor to 70.5% from 65.3%. Passengers oninternational flights reached 585,000, rising 7% versus 2012.Domestic traffic fell by 13%, with average fares declining by afurther 9% for a fifth consecutive year as a result of declining localGDP.

“Our international network gradually matures allowing us to atleast partially cover the loss from declining domestic demand andactivity. We will continue to invest on strengthening ourinternational network by cautiously adding more destinations,”said Managing Director Dimitris Gerogiannis.

In the summer, Aegean will operate 158 international routes,both from Athens and its eight regional airport bases.

“We look forward to the economies of scale from the acquisitionof Olympic Air so as to strengthen our competitiveness and be ableto secure a growth path for our company as well as our ability tosupport Greek tourism,” Gerogiannis added.

Fourlis still in the redFourlis will release its 1Q13 results with revenues expected at

EUR 85 mln (-6% y-o-y), EBITDA of 1.9 mln (vs. 0.9m last year)and net losses of 4.2 mln (vs. -5.2 y-o-y), mostly affected by thedomestic macroeconomic environment that remained verydifficult for local retailers with Greece’s first quarter GDPcontracting by 5.3% y-o-y.

Retail sales in the home furnishing market dropped 17% y-o-y,while the clothing/footwear market posted an 11% y-o-y decreasein the first two months of 2013. The later celebration of theOrthodox Easter this year would have negatively impacted retailsales in March as well.

On the positive side, the group’s operations in Bulgaria (IKEA)and Turkey (Intersport) have mitigated the weak top line of theoperations in Greece. Per business unit, IKEA’s sales are seen atEUR 54 mln, down 9% y-o-y, while Intersport’s sales are expectedto remain almost flat at EUR 26.5 mln (+2% y-o-y).

Turkish unit lifts NBG to profitNational Bank of Greece posted a profit for the second

consecutive quarter on Friday, helped by strong earningsfrom its Turkish unit Finansbank, lower funding costs andreduced provisions for bad debt.

The bank posted net profit of 27 mln euros in the firstquarter compared with a loss of 731 mln in the same periodlast year. Finansbank’s profit grew 23% to 155 mln euros.

A slowdown in new non-performing loans amidGreece’s economic slump led to a 15% drop in provisionsyear-on-year to 428 mln euros. Loans more than 90 dayspast due rose to 19.8% of NBG’s loan book from 19% inDecember.

With Greece’s economy contracting for a sixthconsecutive year and more than one in four Greeks without

a job, credit impairments continue to pound loan books,forcing banks to set aside provisions for losses.

NBG’s net interest income was helped by lower fundingcosts after it reduced recourse to the central bank’s costlyemergency liquidity facility (ELA).

Greek banks resumed funding directly from theEuropean Central Bank in December, when the countrystruck a new rescue deal with its international lenders. ECBfunding is about 2 percentage points cheaper than ELAfunding.

Last month, NBG’s plan to integrate rival Eurobank wassuspended following concern from EU and IMF lenders thatthe combined entity would be too big relative to the size ofGreece’s economy.

ND extends lead in opinion pollsThe ruling conservatives have widened their lead over

anti-austerity opponents, three polls showed, in a sign thatimproving business sentiment has bolstered support for thecrisis-ridden country’s government.

A survey by GPO pollsters for Mega TV released onTuesday put support for the New Democracy party at 21.3%,1.8 points ahead of the leftist Syriza party, which opposes theinternational bailout.

Two polls published on Sunday by agencies RASS andALCO showed Prime Minister Antonis Samaras’ NewDemocracy leading by as much as 2.8 points, up from about1 point last month.

This is their widest poll lead since an election victory lastyear that made it the backbone of a three-party coalition ded-icated to renewing Greece’s EU/IMF bailout and saving itfrom bankruptcy and a chaotic exit from the euro zone.

Bond and share prices have rebounded since then, withthe stock market hitting a two-year high two weeks ago and

Samaras saying Greece is on course to meeting its EU/IMFtargets.

However, the Greek economy remains stuck with a recordunemployment rate of 27% and a harsh recession.

Despite the improved ratings, a rift has emerged withinthe coalition over a draft anti-racism bill aimed at stoppingviolence against immigrants that activists blame on sympa-thisers of the far-right Golden Dawn party.

The bill, sponsored by the coalition’s two junior partners,the Socialist PASOK and Democratic Left parties, proposespenalties ranging from fines to withdrawal of voting rights forthose inciting racial hatred or carrying out attacks. The billtargets Golden Dawn, which tapped into popular anger overausterity-driven cuts to emerge from obscurity and enter par-liament in last year’s election. PASOK backs the bill whereasNew Democracy opposes it, saying existing laws suffice.

Golden Dawn, which denies any involvement in anti-immigrant attacks, ranked third with 10% in the GPO poll.

HellenicExchanges profitsat €4 mln

Hellenic Exchanges delivered 1Qprofits in-line with consensus and ana-lyst estimates, with net profits at EUR 4mln (-16.5% y-o-y or +10% y-o-y whenexcluding the one-off PSI fee at 1Q12).

Operating revenues stood at EUR8.9 mln (-13% y-o-y or +1.7% afterPSI), with EBITDA at EUR 4.5 mln (-2.7%). Personnel costs stood at EUR2.2 mln (-20.8% YoY), primarily drivenby the implementation of the VRS andsalary reductions, while 1Q13 head-count stands at 230 employees downfrom 231 at 4Q12 and 261 at 1Q12.

HELEX said it will book EUR 11 mlnrevenues from the CCHBC public offer,while the group reported a net cashposition of EUR 120.3 mln, up from114.5 mln at 4Q12, plus 1.8 mln infinancial assets.

Eurobank in €580 mlnbuyback

Eurobank Ergasias announced itsoffer to buy back Tier I and LowerTier II securities worth EUR 580 mlnunder its proposed liability manage-ment exercise, in respect of five seriesof hybrid securities and a single sub-ordinated medium term note. Thetender period has been set from May27 to June 11, while the results of theoffer will be announced on June 12.

The tender for the securities forcash will be at a purchase price equalto 100% of the principal amount ofeach security, excluding in the case ofthe existing Lower Tier II any accruedpayment, for the sole purpose of sub-scribing for new ordinary registeredshares at an issue price EUR 1.54under the proposed share capitalincrease.

Metka in €93 mlndeal in Algeria

Metka SA, the energy sector con-tractor of the Mytilineos Group, hassigned a 93 mln euro contract withSociété Algérienne de Production del’Electricité (SPE Spa), in consor-tium with General Electric.

The deal with SPE, part of theSonelgaz Group, the major Algerianelectricity utility, is Metka’s thirdmajor project in Algeria and con-cerns the engineering, procurement,construction and commissioning ofan open cycle gas turbine powerplant with two gas turbines and atotal output of 368 MW, scheduledto be completed in juts under 30 months.

Metka is currently executing proj-ects with more than 6,000MW ofpower generation capacity in six dif-ferent countries – Algeria, Jordan,Iraq, Syria, Turkey and Greece.

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) Q1 Q1 Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2012 2013 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2012 2013 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 97.66 114.86 -14.97FTSE/CySE 20 47.75 37.08 38.60 44.40 -13.06FTSE/XA & XAK Banking 188.86 81.63 164.28 168.87 -2.72MAIN MARKETMAIN MARKET INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 113.87 83.34 88.70 104.69 -15.27BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 - 1.24 - -1 371 000 0 n/a -76.37 0.278 0.185 0.251 -CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 - 0.25 - -3 650 380 0 n/a -89.79 0.047 0.040 0.044 -HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 71 884 0.78 0.15 -100 658 -23 440 n/a -3.78 0.177 0.107 0.116 0.175 -33.71LOGICOM LOG ΛΟΤΖ 74 080 0.35 18 520 0.75 0.34 3 585 2 040 9.08 2.75 1.50 6.00 0.300 0.226 0.250 0.263 -4.94A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 9 110 0.49 0.08 -6 894 -13 281 n/a -5.39 0.048 0.037 0.037 0.045 -17.78LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 6 448 0.22 0.06 -82 674 -40 189 n/a -8.73 0.019 0.011 0.014 0.018 -22.22SECTOR TOTAL / OΛIKO 105 962 0.62 0.10 -5 208 021 0 0 -74 870 1.59PARALLEL MARKET

PARALLEL MARKET INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 637.17 558.48 558.48 627.38 -10.98WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.78 0.14 6 700 6 005 4.78 5.26 2.31 9.20 0.260 0.220 0.251 0.250 0.40VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 29 494 3.17 0.13 -2 312 -796 -2 591 -1 354 n/a -1.88 1.50 3.66 0.460 0.410 0.410 0.439 -6.61A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 236 0.25 0.65 4 059 -1 880 n/a -1.03 0.195 0.160 0.160 0.183 -12.57ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 16 975 0.45 0.21 197 -492 n/a -0.28 2.10 21.65 0.124 0.092 0.097 0.115 -15.65LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 14 675 0.15 0.34 -1 734 -34 500 n/a -12.22 0.061 0.052 0.052 0.058 -10.34K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 7 915 4.69 0.13 3 250 3 181 2.49 23.71 1.050 0.590 0.590 1.050 -43.81G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.31 0.42 -1 647 -49 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.00 0.17 -1 046 -1 767 n/a -21.55 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.15 0.63 -2 224 -2 567 n/a -5.70 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.96 0.06 702 1 006 3.83 2.87 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -3 657 -5 616 n/a -4.57 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.48 0.12 -1 273 -3 284 n/a -6.84 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 236 496 1.37 0.31 1 015 -796 -2 591 -41 317 5.30ALTERNATIVE MARKETALTERNATIVE INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 657.64 624.25 624.25 636.57 -1.94ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 14 730 0.49 0.31 1 932 -3 731 -3.77 0.93 6.24 0.149 0.153 -2.61A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.014 0.74 -2 776 -1 033 -0.65 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 518 0.45 0.11 -2 123 -1 284 -1.16 0.050 0.045 11.11ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 26 203 0.76 0.88 2 311 1 532 3.92 7.00 10.45 0.670 0.650 3.08BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.79 0.18 571 403 2.61 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 526 0.33 0.12 -3 532 -7 040 -4.97 0.039 0.041 -4.88CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.40 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 867 0.27 0.16 -3 913 -16 998 -15.72 0.045 0.042 7.14CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 576 0.03 0.08 -7 733 -14 283 -4.96 0.002 0.004 -50.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 314 0.65 0.46 -104 -95 -0.39 0.300 0.290 3.45C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 887 0.09 0.38 -2 998 -1 275 -0.61 0.033 0.037 -10.81CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 249 0.27 0.90 -652 -366 -7.12 0.243 0.270 -10.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 17 889 2.08 0.06 -4 639 -9 917 -7.21 0.130 0.153 -15.03CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 5.70 0.24 -4 127 -2 868 -93.76 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 28 544 1.86 0.17 6 152 4 381 4.76 3.20 10.32 0.310 0.346 -10.40CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.43 0.33 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 4 455 0.29 0.19 1 600 664 0.82 0.055 0.073 -24.66DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.30 0.19 -529 -666 -4.93 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 -257 -1 404 -8.78 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -6 807 -8 999 -2.58 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.15 0.89 -15 527 -6 859 -20.17 0.138 0.140 -1.43FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.73 0.18 1 608 673 14.01 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 000 0.92 0.11 5 226 -3 246 -3.25 0.45 4.50 0.100 0.108 -7.41KARAOLIS GROUP KARA 22 343 0.34 335 -0.10 -0.15 -2 268 -2 602 -11.65 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -112 -203 -2.55 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 10 533 3.40 0.10 -3 948 -8 013 -25.87 0.340 0.385 -11.69KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 709 0.38 0.25 -802 -670 -3.73 0.095 0.089 6.74KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.59 0.99 108 -2 852 -13.98 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 263 -2 408 -3.86 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 593 0.75 0.07 -10 021 -9 471 -9.31 0.055 0.053 3.77MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 692 0.63 0.28 1 324 -1 006 -2.33 0.178 0.184 -3.26MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 863 0.09 0.13 -3 328 -1 399 -1.78 0.011 0.013 -15.38MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 -0.0075 -1.47 -337 -318 -2.13 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 29 710 0.18 0.38 -20 039 -14 396 -3.39 0.070 0.075 -6.67PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 66 500 1.31 0.58 10 783 5 428 6.20 1.70 2.24 0.760 0.733 3.68PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.38 0.20 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.004 10.26 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.40 0.44 75 -148 -4.12 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 298 0.04 0.03 151 -1 463 -0.49 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.43 480 -1 593 -4.83 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.43 0.16 973 -3 323 -9.10 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.33 0.03 -19 200 -21 450 -32.25 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.44 0.09 1 577 2 218 6.82 2.00 9.52 0.210 0.230 -8.70TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.34 0.76 -891 -852 -6.98 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 13 -192 -0.93 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -56 -74 -0.76 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.19 5.38 2 739 1 153 1.54 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 416 637 0.77 0.60 -87 300 0 0 -142 839

2012

May 29 - June 4, 2013

26 | CSE PRICES | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) Q1 Q1 Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2012 2013 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2012 2013 φορολ. Cents Cents 31/12/12 31/12/2012

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 541 4.80 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 440 12 660 1.50 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 13 000 10 010 0.77 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 8 913 0.48 0.59 17/10/12GLOBAL DIGITAL SERVICES STC/ΣΤΣΙ 25 000 250 0.01 0.01 30/04/13TOTAL 569 981

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Protean Global Futures (Perpetual Notes) PGFL 650 65 000 000 100 000 1 Dec 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 572.39 450.90 498.14 546.03 -8.77ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0369 -53.93 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 5 166 0.1914 -51.93 -4 301 139 0.25 0.092 0.115 -20.00CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 4 227 0.2682 -64.58 -10 771 -258 -1 596 -2 774 -6.23 0.095 0.119 -20.17DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 46 000 0.7174 -67.94 -14 853 -3 423 -1.71 0.230 0.250 -8.00DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 565 0.0012 66.67 -6 892 -2 559 -0.91 0.002 0.004 -50.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0660 36.36 -255 -22 -0.16 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 3 336 0.1709 -65.48 -9 493 -443 -0.78 0.059 0.048 23.17ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0589 -26.99 -86 -251 -2.28 0.043 0.043 0.00KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 418 0.2229 0.94 -180 -57 -2.85 0.209 0.210 -0.48REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0265 -24.53 -150 -182 -0.90 0.020 0.020 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 331 155 5.68 11.00 13.75 0.800 0.800 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -136 -1 921 -70.39 2.000 2.000 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -36 12 0.88 0.520 0.520 0.00UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 704 0.2000 37.50 -403 -782 -5.81 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 74 897 -47 962 -258 -1 596 -12 104 0.00SHIPPING COMPANIES SECTOR

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1728 -98.84 -69 -1 011 -1.25 0.002 0.002 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 13 023 0.06 1.68 -12 265 -12 265 -9.51 0.101 0.101 -A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 399 -350 -0.96 0.100 0.128 -21.88ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 296 0.02 2.41 -6 400 -6 400 -6.40 0.053 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -2 974 -217 -4.29 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 1 600 0.12 0.27 -5 512 -11 266 -22.53 0.032 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 160 714 0.35 12 375 0.57 0.13 -3 755 -10 859 -6.76 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 9 388 -0.12 -0.19 -23 885 -55 832 -14.27 0.06 0.03 0.024 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 157 -0.20 -0.01 -9 100 -9 100 -5.79 0.001 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.08 -0.04 -243 -391 -5.08 0.003 0.003 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 15 000 1.30 0.46 -701 -70 -0.28 1.12 1.87 0.600 0.650 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 285 0.086 0.29 35 35 0.31 0.025 0.020 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 35 890 0.05 15.00 -4 283 6 553 13.69 0.750 0.600 -EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.13 0.19 -219 -2 111 -6.73 0.024 0.024 -FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 148 0.0100 -70.00 -1 465 -1 465 -2.97 0.003 0.009 -FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -24 581 -220 -0.30 0.100 0.100 -KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -77 -77 n/a -0.13 0.14 0.10 0.130 0.130 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 87 87 0.40 0.010 0.005 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 1 910 0.38 0.12 621 -3 654 -8.61 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -10 339 -713 -1.15 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 189 -0.38 0.00 -11 700 -11 700 -6.18 0.001 0.001 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.30 0.78 -545 -605 -7.06 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 10 843 0.43 0.37 2 145 31 0.05 4.00 25.00 0.160 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 510 0.004 2.75 -1 484 494 1.07 0.011 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 619 1.49 0.01 -8 648 -8 648 n/a -10.68 0.120 0.045 0.020 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 879 -959 -9.93 0.080 0.080 -ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 2 925 0.28 0.20 -328 -410 -0.76 0.054 0.054 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 140 0.000 6.67 -1 953 -450 -0.64 0.002 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 1 889 -0.08 -0.04 -15 879 -24 032 -3.82 0.003 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -3 735 921 2.39 0.002 0.002 -SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -60 -60 -0.05 0.010 0.010 -USB BANK USB ΤΡΑΓ 99 271 0.57 64 526 0.52 1.25 -8 961 -825 -0.83 0.650 0.660 -SECTOR TOTAL / OΛIKO 210 466 -157 753 0 0 -155 569

MARKET TOTAL / OΛIKO AΓOPAΣ 1 044 458 -5 500 021 -1 054 -4 187 -426 699 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

May 29 - June 4, 2013

financialmirror.com | CSE PRICES | 27

Look for signs in the rally’s break

The U.S. stock market’s break in its recent rally left investorswondering last week if they’re seeing a turning point or just ablip in the upward path.

This week could make it harder to figure out, consideringthat the long Memorial Day weekend typically signals the startof the summer. The U.S. stock market was closed on Mondayfor the holiday.

The three major U.S. stock indexes posted a decline for theweek on Friday, their first weekly loss since mid-April, raisingsome fresh worries that this year’s rally may be weakening.

Among investors’ biggest concerns right now is how soonthe Federal Reserve may be ending its stimulus program. Theminutes released this week from the Federal Reserve’s latestmeeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.

Volume picked up sharply in the last two days following therelease of the Fed’s minutes on Wednesday.

“We should have already been prepared for” the Fed’s even-tual tapering of stimulus measures, said Bryant Evans, invest-ment adviser and portfolio manager at Cozad AssetManagement, in Champaign, Illinois.

“The market is perhaps just looking for an excuse to sell offsome gains. And then you throw in the ‘sell in May and goaway’ philosophy, well, here we are (at) Memorial Day week-end.”

The pickup in volume suggested to some a shift in senti-ment, though activity has been below average throughout therally, which has taken the Dow and the S&P 500 to recordhighs.

Much of that rally has been driven by the Fed’s continuedeconomic stimulus.

BRIEF PULLBACKSThe rally’s duration and scope have surprised even veteran

market watchers, many of whom have been expecting a rever-sal in the trend for several weeks.

The market has managed to avoid any significant pullbacksince November, and dips have been used as buying opportu-nities. Even with the week’s 1.1% loss, the S&P 500 remainsup 15.7% for the year.

Volatility has also not been a problem.That’s why Wednesday’s reversal - where the Dow and the

S&P 500 both rose more than 1 percent during the morning,but fell more than 1% in the afternoon - caused many investorsto take notice. “That’s a change. Historically, when you get that

kind of a reversal day, it kind of stalls things out for a while,”said Frank Gretz, market analyst and technician for brokerageShields & Co in New York.

But he said the market’s up trend has mostly been orderly,with little divergent action.

Other analysts see some of the market’s strong momen-tum finally waning. Last week’s decline caused the S&P 500to trade below its 14-day moving average, but the index man-aged to close above that level.

MORE VOLATILITY AHEAD?In another possible sign of weakening sentiment: Two

massive blocks of puts were bought on Friday on the iSharesMSCI Emerging Markets Fund and the Vanguard FTSEEmerging Markets Fund, according to options strategists.

The move suggests investors are hedging against a possi-ble decline in emerging markets in the weeks and monthsahead. “Buyers can only take stocks so far. There’s certainly alittle bit of buyers’ fatigue setting in, and with the marketbeing as extended as it is, it’s certainly not unrealistic to thinksellers will start to come in and take advantage of the strengthwe’ve had,” said Michael James, managing director of equitytrading at Wedbush Securities in Los Angeles.

That’s not to say the up trend is over, James said.Enis Taner, global macro editor at RiskReversal.com, an

options research firm in New York, wrote in a note to clientsthat he expects “equity volatility will be higher in the next cou-ple months than it has been for the past six months, particu-larly when looking at signals from the commodity and curren-cy market. “Call option buying was the dominant theme” atthe beginning of last week “as the market kept making newhighs,” he added. “Wednesday’s selloff from the highs though,after Bernanke’s comments and the FOMC minutes, and thenJapan’s mini-crash” last Thursday “have completely changedthe bias of the market.

“The CBOE put/call ratio is near its highs of the year today- a sign that investors are quickly reaching for protection toprotect gains after months of complacency,” Taner wrote.

BOND YIELDS VS. STOCKS’ GAINSSome of the recent rally has reflected a push out of bonds

and into stocks.Equity valuations tend to be lower when real 10-year U.S.

Treasury note yields are above 4 percent or below 2%,Goldman Sachs analysts wrote in a recent research note.

“We expect both real and nominal bond yields to graduallyrise from current low levels,” the analysts wrote.

On Friday, the benchmark 10-year U.S. Treasury note’syield rose slightly above the key 2% level - the highest in twomonths. Treasury yields rose after the Fed added to bondinvestors’ fears that the U.S. central bank might slow its bondpurchases later this year if the economy improves further.

Investors are trying to determine if yields are likely to climbon stronger growth and a more hawkish stance by the Fed.

Economic data has remained mixed, adding further uncer-tainty to market projections.

This week brings May consumer confidence data and pre-liminary data for first-quarter gross domestic product onThursday. On Friday, personal income and consumption datafor April is set for release, along with the final reading on con-sumer sentiment for May from Thomson Reuters/Universityof Michigan, and the ISM-Chicago business survey, alsoknown as the Chicago Purchasing Managers Index, for May.

May 29 - June 4, 2013

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