April 24 - 30, 2013

2 | CYPRUS | financialmirror.com

Stelios (and his £1.7 bln) regains top spotas richest Greek in UK

Sir Stelios Haji-Ioannou has regained his number onespot from Alki David among 17 Greeks and Greek Cypriotsprofiled in the 25th anniversary issue of the Sunday TimesRich List. Stelios was originally listed as No.1 in the GreekRich List’s first issue in 2007, compiled by Philip Beresford.The ‘Easy’ empire founder’s wealth has increased 33% since2012 and is now valued at GBP 1.7 bln. He is also positioned16th in the Sunday Times Rich List’s ‘Top 20 FastestGrowing Fortunes’.

Other notable entries include, Sir John Zochonis (No.42) in the ‘Giving List’, donating GBP 6.8 mln of his fortuneto charity; 42 year old retired hedge fund manager ChrisRokos, listed in the ‘Political Donors List’, giving 99,000pounds to the Conservative Party; and, Theo Paphitis andTheo Karparthios listed in the ‘UK Fashion List’.

The Greeks in the 2013 Sunday Times Rich List:1. Sir Stelios Haji-Ioannou & family, 1700 mln,

aviation/leisure;2. Aristotelis Mistakidis, 1525 mln, commodities;3. Alki David & the Leventis family, 1490 mln, industry;4. Chris Lazari, 728 mln, property;5. John Christodoulou, 678 mln, property;6. Michael Lemos, 605 mln, inheritance;7. Andreas Panayiotou, 365 mln, property;8. Sir John Zochonis & Family, 330 mln, soap;9. Chris Rokos, 230 mln, hedge funds;10. Alexander Goulandris & family, 200mln, shipping;11. Anthony Green & family, 200 mln, soap;12. Trifon Natsis, 180 mln, hedge fund;13. Theo Paphitis, 180 mln, stationery & lingerie;14. Stelio Stefanou, 140 mln, business services;15. George Michael, 100 mln, music;16. Theo Karpathios, 81 mln, fashion;17. Panico Panayi, 90 mln, bingo & property.

FTSE posts biggest gain since JanuaryBritain’s blue chip share index jumped 2% on Tuesday on

strong earnings reports and after weak German data fuelledexpectations for a rate cut in the euro zone, the UK’s mainexport market. The FTSE 100 rose 125.50 points, or 2.0%, to6,406.12, its best performance since January 2.

Speculation mounted that the ECB would act soonerrather than later to boost growth in the euro zone after datashowed business activity in Germany shrank in April.

“The Bundesbank may become a bit more dovish withregards to interest rates. There is still the chance of a ratecut,” a London-based trader said.

Rate cut expectations lifted European stocks markets aswell. In London, investors were also encouraged by a better-than-expected start to the earnings season.

“Gains across Europe today can in part be put down to theprospect of an ECB rate cut. However, specifically for the

FTSE 100 the numbers released by ARM Holdings and ABFoods have beaten a market with pretty low earnings expec-tations,” said Adam Seagrave, trader at Saxo Bank.

Chip designer ARM Holdings led the gainers, jumping11.9%, after its first-quarter profit topped analyst forecasts,driven by a boom in smartphones and tablet computers.

The technology sector was also lifted after U.S. video sub-scription service Netflix posted better-than-expected first-quarter growth.

Associated British Foods surged 8.1% after the companypredicted its Primark discount clothing chain would remainBritain’s fastest-growing major retailer this year.

Saxo Bank’s Seagrave said that so long as central banksglobally maintained loose monetary policy and corporateearnings remained buoyant then equities as an asset classpresent a particularly attractive yield.

MINERS LAGMining stocks, however, continued to lag broader market

gains after data from top commodities consumer China showedactivity in the country’s vast factory sector barely grew in April.

Shares in gold miners, such as Fresnillo that has lost 40% inthe year-to-date, have suffered in particular as the price of goldhas slumped to two-year lows. “Some of the resources stocks,(such as) Fresnillo and Randgold, aren’t joining in the broaderrally and there is still some downside on these types of stocks,”Richard Curr, head of dealing at Prime Markets, said.

Analysts have cut Fresnillo’s and Randgold’s earnings pershare estimates by 9% and 6%, respectively in the past week,while short interest in the former is up 21% in a week.

“(Miners) Kazakhmys and Petropavlosk (down 3.8 and0.4%) are our favourite picks to short sell from here,” PrimeMarkets’ Curr said.

Wall St rises on strong earnings, Apple up 1.7%U.S. stocks climbed on Tuesday as strong earnings from

insurer Travelers Cos and others put shares on track for a thirdstraight day of gains, though worries about the strength of theglobal economy were not far from investors’ minds.

Earnings drove Wall Street’s 1% advance, with Netflix andCoach Inc among the S&P 500’s top percentage gainers. Netflixsoared 25.3% to $218.52, while Coach jumped 11% to $56.16,both posting profits above expectations, while Netflix alsoreported strong subscriber growth.

The S&P’s index of IT stocks gained 1.5%, while Apple rose1.7% to $405.39 ahead of its results, due after the closing bell.Tech has lagged other S&P 500 sectors in the last month asinvestors sought more defensive areas.

The earnings season has been largely positive, with morethan 68.9% of S&P 500 companies that have reported results sofar beating expectations. In a typical quarter, 63% surpassestimates. Still, there have been a number of high-profiledisappointments, including IBM and General Electric.

“The earnings that are being delivered are through efficiencyand productivity,” said Bucky Hellwig, senior vice president ofBB&T Wealth Management in Alabama. “If I’m a businessman,I’d rather have my company’s sales growing than making more

money through cost cutting.”Analysts see earnings growth of 2.1% this quarter, up from

expectations of 1.5% at the start of the month.The Dow Jones industrial average gained 143.61 points, or

0.99%, to 14,713.70. The Standard & Poor’s 500 Index rose15.89 points, or 1.02%, to 1,578.39. The Nasdaq CompositeIndex climbed 39.29 points, or 1.22%, to 3,272.84.

Equities have steadily advanced in 2013, leading manyanalysts to call for a correction, although major indexes haverebounded off declines. Still, data pointing to economicweakness in the U.S. and China have raised questions aboutwhether the rally will continue.

Data due later in the week is expected to show the U.S.economy accelerated in the first quarter, but that pace is notexpected to last with recent data suggesting growth backed offheading into the spring.

A softer second quarter is already baked into marketexpectations, Hellwig said, adding that strength will need topick back up in the second half of the year.

Texas Instruments shares shot up 3% to $35.86 after thecompany said improving demand for its chips would lead togrowth in the current quarter, while DuPont’s adjustedearnings beat expectations. DuPont, a Dow component, alsoraised its dividend, sending its stock up 3.4% to $52.12.

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Luxembourg to back FTT challengeLuxembourg will support Britain’s legal challenge to

Europe’s proposed Financial Transaction Tax (FTT), thecountry’s finance minister, Luc Frieden, said on Monday.

As Europe’s largest financial centre, London has the most tolose if finance firms move their trading operations to parts of theworld free from such taxes.

“We are very sympathetic to the stance of the UK ... We willcertainly bring our support to the case that has been started inthe European Court of Justice,” Frieden said during a questionand answer session at the City Week banking conference.

The British government last week filed a deadline daychallenge to the tax at the European Court of Justice.

A successful legal case against the tax would hinder itsapplication outside those countries that sign up to it and couldsignificantly cut the amount of revenue it brings in. As thebiggest trading centre in the EU, Britain would probably end upcollecting much of the tax even though it won’t be applying it.

Germany has argued that banks, hedge funds and high-frequency traders should pay for a financial crisis that began inmid-2007 and exposed sovereign debt problems that forced euro

zone countries to bail out peers such as Portugal and Greece.Frieden said that Luxembourg was looking at whether to

formally add its signature to the UK’s challenge, rather thanjust voice support. Speaking at the same conference, ThomasDonohue, head of the U.S. Chamber of Commerce, alsostressed his country’s obje-ctions to the plans.

“European leaders aremoving forward with pro-posals that are non-startersfor the United States, forexample the financial tran-saction tax and cap on bo-nuses for U.S. employees.”

“We will not allow the FTTto happen and we are goingto be very careful how com-pensation is capped, regula-ted and dealt with like pricecontrol,” he said.

April 24 - 30, 2013

financialmirror.com | CYPRUS | 3

Tumble in March Russian tourism arrivalsquestions assumptions

Tourist arrivals from Russian tumbled by32% over the year earlier in March, calling intoquestion reports that Larnaca airport wasflooded with Russians coming to get theirmoney out of the country as the banks closedfor nearly two weeks and capital controls wereimposed.

The number of Russians visiting dropped to7,686 in March from 8,600 in March 2012,after a drop of 3.6% in February.

Prior to that, Russian arrivals had beendriving tourism growth in Cyprus, rising by42.8% in 2012, 49.2% in 2011 and 50.5% in2010, while arrivals from the UK, fell cumula-tively by more than 10% in the same period.

Tourists from Russia had become the sec-ond largest market after the UK, with 477,119arrivals in 2012, compared with 959,459 forthe UK.

Arrivals from Greece also dropped sharply

in March, by 15.2% to 8,056, while arrivalsfrom Germany declined by 2.5% to 11,113.

The only major market showing growthwas the UK, where arrivals in March (WesternEaster was celebrated in that month) rose by12.2% to 39,170, having fallen by 6% in 2012.

UK arrivals might also have been boostedby the swarm of journalists who arrived on theisland during the banking crisis, probably mostof which were from Britain.

For the first three months of the yeartourism arrivals were down by 10.2%. This alsocalls into question the idea that Cyprus canrely on tourism to replace banking and finan-cial services, which have taken a severe blowsince the crisis.

Until March financial and professional serv-ices were the only two main private sectorsthat had continued to grow (albeit at a slowerpace) throughout the six-quarter recession.

They were also the main two sectors creat-ing jobs, particularly among young, educatedCypriots.

According to a recent report by FionaMullen and Marina Theodotou published byPwC, employment in business and interna-tional services rose on average by 3.9% peryear in 2007-011 whereas employment intourism declined by 1.7% in the same period.

Calls abroad that the banking sector mustne “shrunk” were a key reason for theapproach taken by the Eurogroup for its partialbailout of Cyprus.

The Cyprus government will contributeEUR 13 bln, primarily to resolve and recapi-talise the banking sector, and the EuropeanSupport Mechanism and the IMF will con-tribute EUR 10 bln, primarily to cover matur-ing debt and budgetary needs. www.sapientaeconomics.com

Nikolas raises €800 for charity

Junior golf champ Nicholas Pitiris has raised800 euros so far this year as the youngestvolunteer and fund raiser for the cancer patientsand friends association, Pasykaf. The money willgo to the charity’s awareness programmeencouraging healthy eating and sports activitiesamong the youth, where a rising trend in obesityis increasing the risk of cancer and other illnesses.

Nicholas will be raising a further 10 euros forevery par and 50 euros for every birdie he scoresthis year, thanks to a sponsorship deal withDeloitte and PrimeTel. The 11-year-old champ,who has been playing in U.S. and internationalcircuits for the past three years, will also head theJunior Charity Tournament at Minthis Hills inPaphos in September, organised by Golf4Hope.

EIB approves €100 mln loan for key investmentsThe European Investment Bank has

approved a loan of up to EUR 100 mlnfor key investments in Cyprus. The loanwill be used for investments in priorityareas identified in the National StrategicReference Framework, which includeimproving the competitiveness of theeconomy, promoting sustainabledevelopment, and investing in skills and

innovation. It will therefore contribute tothe smart, sustainable and inclusivegrowth of the Cypriot economy in linewith the Europe 2020 strategy.

“This loan builds on the EUR 200mln loan provided in 2012 which hasbeen committed to support a largenumber of schemes in the areas of solidwaste management, renewable energy,

skills and innovation and urbandevelopment,” said EIB PresidentWerner Hoyer.

«The new loan will strengthen theproductive base and competitiveness ofthe Cypriot economy and providefinancial added value due to its longtenor and favourable terms through theJASPERS initiative,” Hoyer said.

April 24 - 30, 2013

4 | CYPRUS | financialmirror.com

Mission (im)possible?l Cyprus-Lebanon-Israel in East Med oil and gas alliance? Basin may hold 100 tcf;

Cyprus goes ahead with natgas plant

Cyprus has not yet realised it, but it has been given a gold-en opportunity to help develop a regional energy roadmap witheconomic and political benefits to the island and its neighbours.

President Nicos Anastasiades announced on Friday, withinthe framework of a package of measures to revive the economy,generate growth and create jobs that his government will goahead and build a natural gas liquefaction terminal in theVassilikos area.

This plant should, initially, satisfy the island’s energy needs,with ready liquefied natural gas imported over the next fewyears and coming on stream into the national electricity grid inorder to reduce carbon emissions generated by the EAC’s dieselpowered stations.

With an estimated 100-120 trillion cubic feet of natural gasreserves waiting to be explored and pumped out from offshoregasfields lying between Cyprus, Israel and Lebanon, theVassiliko terminal could also act as a common production plat-form for the eastern neighbours that have yet to decide on asimilar liquefaction plant.

This is an issue that President Anastasiades will discuss dur-ing his visit to Israel in mid-May, with prospects of cooperationin oil and gas production and exports.

Israel, that is facing immense opposition from environmen-tal groups not to build such a plant on its soil, also faces thenational strategic issue of dealing with exports of ownresources, as regional conflicts and the security of its bordershave imposed a necessity to store as much of its own energysupply as possible.

“Cyprus must first get its LNG programme going and thenconclude a commercial agreement with Noble. Combined withthe political decision to built the plant, this would give Cyprussome more credibility, even within the world gas industry,” saidenergy analyst Gary Lakes, who chaired the Cypriot-Greek Oil& Gas Summit held in Limassol last week.

Noble Energy is expected to conclude its appraisal drillingwithin its Block 12 in the Cyprus Exclusive Economic Zone inJune, after which it will have a clear picture of the gasfield’spotential, currently estimated at 7 tcf. The company has alreadyconfirmed some 30 tcf of reserves within its Israeli licensesadjacent to the Cyprus EEZ, with Cypriot officials optimisticthat all 12 blocks could contain anything from 30tcf and high-er.

“Noble has strong indications through the evaluation oftheir 3D survey data that there is another gas field in Block 12,possibly of the order of about 3-5 tcf,” Charles Ellinas, executivechairman of the Cyprus National Hydrocarbons Company(Kretyk) said at the same conference, organised by IRN.

“There are strong indications of hydrocarbons in Blocks 2,3, 9, 10 and 11 (awarded to) ∂¡π/KOGAS and Total… and allindications are that Block 9 holds substantially more gasresources than Block 12,” Ellinas said.

Total is expected to be drilling for oil as well, while it is afront runner in the pre-qualifying round for oil and gas explo-ration within Lebanese waters, despite the Cyprus EEZ agree-ment not yet approved by the parliament in Beirut.

A recent visit by Trade and Energy Minister GeorgeLakotrypis to the Lebanese capital is expected to have raisedthis question, that should now reach its final stage.

However, although there is as yet no peace agreementbetween Lebanon and Israel, international energy experts donot exclude some sort of cooperation over the years, if the polit-ical tensions between the two is diffused.

In any case, Lebanon will be opening its bidding round atthe end of April and will close by November, which means thatit does not plan to award any blocks any time before March2014, with exploration expected to take another three years.Experts believe that Lebanon holds some 30 tcf of natural gasreserves towards its southern EEZ blocks.

Georges Mosditchian, Europe and Central Asia Manager forthe French group GEP-APTP, also posed a rhetorical questionat the Limassol conference last week, suggesting that “Beirut,Nicosia, Jerusalem and Paris provide new opportunities in theMediterranean gas industry.” He said that there are some majortechnological issues and a team is already in the region investi-gating how to develop cooperation in the easternMediterranean.

Meanwhile, Kretyk’s Executive Director Solon Kasinis alsotold the Limassol conference last week that the second licens-ing round for Cyprus closes on May 26 and that the govern-ment may extend that deadline, adding that Lebanon is expect-ed to decide on ten natural gas blocks in May and that there areprospects for synergies with oil companies exploring within theCyprus EEZ.

Lebanon’s new Ambassador to Cyprus, Youssef Sadaka, saidduring the presentation of his credential to PresidentAnastasiades, that he hoped “our two countries continue tocooperate closely for the exploitation of the respective ExclusiveEconomic Zones for the benefit of our two nations.”

In his reply, President Anastasiades said “we shall be con-centrating on developing various sectors of the economy,such as shipping, tourism, infrastructure projects, education,health, research and development and, of course, energy. Thediscovery of natural gas reserves within Cyprus’ ExclusiveEconomic Zone has created a new impetus for cooperationbetween Cypriot and foreign businesses, includingLebanese,” he said.

He added that “the creation of a network of natural gastransportation projects in the Eastern Mediterranean willstrengthen regional energy security and attract foreign invest-ments, leading to job creation, thus giving a necessary boostnot only to Cyprus, but also to the economies of the countriesin the region.”

Georgiades: Gold sale not a priorityl Capital controls could be eased in days or weeks

Cyprus seems to backing away from the sale of gold reservesunder the international bailout agreed this month and is stillexploring all options to meet its side of the deal, FinanceMinister Harris Georgiades said in an interview.

Georgiades also said he anticipated currency controls,imposed after a chaotic bailout last month and which led to alockdown of the banking system for 15 days would be eased in“days or weeks”.

Cyprus’ agreement to sell 400 mln euros worth of its goldreserves was one of several shockwaves its progress towards

a bailout sent through European financial markets earlierthis month.

The amount is small but the precedent of a euro zonecentral bank being pushed to dispose of some of its reserveshelped drive the biggest fall in gold prices in 30 years. Investorsworry central banks in some of the euro zone’s strugglinglarger economies could eventually be pushed to follow Cyprus’example.

But while Georgiades said the gold sale was one of severalcommitments to the island’s international lenders, he said itwas not an issue which took priority.

“We shall do whatever it takes, we shall meet all fiscaltargets. I am sure we shall succeed in gathering the amountswhich remain our responsibility in order to avoid any need tocome back with a new (adjustment) programme,” Georgiadestold Reuters in an interview on Monday night.

FRACTIOUS PARLIAMENTTeetering on the edge of default, Cyprus last month

wound down Popular Laiki, its second largest bank andraided depositors’ uninsured savings above 100,000 euros atBank of Cyprus to fund a recapitalisation. Both banks werebadly hit by their exposure to Greece.

The ‘haircut’ on deposits is expected to reach 44%, withthe final amount concluded after Laiki’s operations andbalance sheet is fully absorbed by Bank of Cyprus.

It has to come up with most of the 23 bln itself, with only

10 bln made available by lenders and a fractious parliament,which had rejected milder terms of a broad-based bail-in onbank depositors in March, will have to approve the bailout incoming days.

“I think parliament will acknowledge there is noalternative at this point,” Georgiades said, adding that mostbailout terms, such as increasing corporate tax, spendingcuts and tax increases, had already been approved virtuallyunanimously by lawmakers in by-laws.

Cyprus imposed capital controls at the end of March,worried about a flight of funds from a banking system flushwith cash from Russian and European businesses, but alsofrom many overseas Cypriots.

Now islanders are on a cash withdrawal limit of 300 eurosa day and have a 2,000 euro ceiling on what they can takeabroad, while businesses cannot make transfers exceeding20,000 euros overseas unless they are vetted by the centralbank.

Firms have complained the restrictions are stifling, whileRussia has warned it will only restructure its own loan to theisland if its interests here are protected.

“I am pretty confident these necessary but temporarymeasures will not be needed in the next days or weeks,”Georgiades said.

Asked whether measures would be eased in two, or sixmonths, Georgiades said: “Definitely not six months. I amoptimistic we shall be able to proceed much sooner.”

Romania finds solution for BOCY unitAuthorities in Romania and Cyprus have found a solution

for the local unit of Bank of Cyprus (BoC), which has beenclosed for more than two weeks to find a buyer.

“Thanks to a good cooperation we eventually found asolution. Deposits are protected and will be under Romanianauthority,” Adrian Vasilescu, an adviser to Central BankGovernor Mugur Isarescu, told Reuters.

The solution will need two more days “for technicalproceedings” before disclosure, Vasilescu said, declining tocomment on whether a buyer had been found.

Two of Cyprus’s banks operate in Romania: Bank ofCyprus and Marfin, a unit of Popular Bank Laiki. Together,the two control less than 1.3% of assets in the Balkancountry’s banking system.

April 24 - 30, 2013

financialmirror.com | CYPRUS | 5

Output in construction recorded its steepest drop in 2012 sincethe long recession in the sector that began in the second half of2008, with the construction production index falling by 22%compared with the previous year.

Construction output also recorded its steepest decline on aquarterly basis, falling by 27% in the fourth quarter compared withthe same period of 2011, to 57.8 (2005=100).

This is the lowest index on records that began in 2000. Itmeans that construction output is only around quarter of the sizeit was 12 years ago: in the first quarter of 2000, the constructionoutput index was 76.5 (2005=100).

The decline in 2012 was across both subsectors: buildingconstruction fell by 19.8%, while civil engineering tumbled by27.3%.

The steeper decline for civil engineering is probably related tobuilding projects in the run-up to Cyprus holding the EUpresidency in the second half of 2012. Civil engineering projectsrecorded a small 1.2% increase in 2011.

As regards building construction, this has been hit byoversupply built up during the boom period and tighter creditconditions thereafter.

In an earlier Financial Mirror article, Sapienta Economicsexplained how by 2011 Cyprus had a total housing stock of 431,059but only 309,300 households to fill them, meaning a housingoversupply of around 120,000, which was too large to be filled byholiday home-buyers.

Construction output prices down in Q4Despite the decline in construction, output prices have taken a

long time to respond. Output prices fell by only 0.4% overall in2012 although they fell by a steeper 2% year on year in the fourthquarter. Does this mean that construction companies are stillsqueezing the end-buyer for profits?

Probably not. The main reason for the slower decline in prices,despite tumbling demand that should depress prices, is related tothe cost of materials inputs.

Input prices of materials, reported as the price index ofconstruction materials, are heavily influenced by oil prices.

As can be seen from the chart, input prices dropped after thepeak in mid-2008 but started to climb again from the beginning of2009 and did not drop off until the last quarter of 2012.

This more or less matches the path of oil prices. According tothe Economist Intelligence Unit’s monthly Global Outlook, Brentcrude fell from $97.66/barrel in 2008 to $61.86/b in 2009, thenclimbed to $79.63 in 2010, $110.94 in 2011 and $111.97 in 2012.It is expected to drop to $106.60 in 2013.

As input prices fell, the chart shows that developers in Cyprus

followed suit, cutting output prices. But theycarried on cutting long after constructioninput prices had started to rise again. Developers have seen a deep cut in profit margins

The result is a widening gap between theamount developers pay for inputs and theamount they can charge once the project iscompleted. In other words, a deep cut in profitmargins. One can reasonably infer from therapid rise of unemployment amongconstruction workers that the developers haveresponded to lower demand and tighter

margins by laying off staff. We can also assume that in some casesthe staff laid off have been replaced by cheaper and not necessarilyofficially registered workers in their place. How to re-skill andretrain the 6,717 unemployed construction workers registered atthe end of March so that they can be employable in other fields isa huge undertaking with no easy answers. At least in Cyprus wehave a wealth of knowledge on what has and has not workedelsewhere via Professor Chris Pissarides, the chairman of the neweconomic advisory council, who won his Nobel Laureate throughresearch into labour markets.

Why have construction output prices not fallen?

Director, Sapienta Economics Ltd

By Fiona Mullen

A Euro exit by Cyprus today would bring major costs andhardship, not least in the form of a steep devaluation. There isalso the matter of a small country attempting to go it alone.These are both key considerations which rule out a Euro exit inthe foreseeable future.

The “foreseeable future”, however, does not extend very far.Who foresaw the situation this country is in today? Unforeseenevents which can fundamentally change our situation are a realpossibility. Future developments may make an exit from theEuro not only be desirable but necessary. Events outside ourcontrol could force or persuade Cyprus to exit. These could takea number of forms:

Euro zone break up: Despite some brave talk from its lead-ers, the Euro zone itself moves from one crisis to another. Thereis no real sign of economic improvement, just the reverse. Facedwith continual economic recession, at some point membersmay have no choice but to leave. Such talk was until recentlyconsidered extreme or even eccentric. Today , even The NewYork Times asks in a recent article “Can European disintegrationbe reversed”? Notable economists and financial figures (e.g.,George Soros) suggest that it cannot.

The members of the common currency would then have nochoice but to fall back on alternative arrangements, for their cur-rency, their banks, financial regulations, etc. All such provisionstake time, in a situation in which very little time would be avail-able. It is just for such complex, unforeseen situations, thatcompanies prepare contingency plans. Plans that may never beused but which are a prudent preparation for possible futureevents.

Political change. The Euro zones’ austerity programmesand their disastrous economic results have given rise to newpolitical parties whose political platform is based on a Euro exit.One of the most powerful political parties in Greece is commit-ted to exiting the Euro. As Greece falls further into recession, Mr.Tsipras’s Syriza is gaining votes. The big winner in Italy’s recent

election was the “five star” party of Beppe Grillo a former come-dian whose party is also committed to a Euro exit. Even inGermany, there is a new party based on severing ties with lazysoutherners and returning Germany to the Deutsche Mark.

If such anti-Euro political parties gain power and there isan exit by Greece, Italy, or any other country, Cyprus mightchoose to follow, or not. But we should be prepared to makethe choice.

New Troika demands: The troika will be back. Its future

requests to the Cypriot government (and there will be many)are an unknown quantity. Will they be acceptable? For thetime being we have to proceed on the working assumptionthat they will. But recent events have shown that we cannotcount on the good sense and understanding of the Troika. Weshould not rule out the possibility of some future outrageousdemands that may not be acceptable. If that is the case, analternative plan should be ready.

Cyprus Gas: Future gas discoveries by Cyprus would havea bearing on our willingness and ability to exit the Euro. Theywould have a positive impact on both the exchange rate prob-lem a departing country would face as well as its geo politicalposition.

Whatever the cause and whatever the timing – Cyprusshould have as a clear objective staying within the EuropeanUnion, even if it leaves the Euro. Here again, this will requirecareful preparation.

The ink on President Anastasiades’ declaration forgrowth and jobs announced last Friday has hardly driedand it has already given rise to concerns that some of theseproposals will not meet the required targets.

Perhaps, the plan’s weakness lies in its initial focus ononly some areas: to support vulnerable groups, trainunemployed youth and graduates, create (some) new jobs,enhance development and encourage green investments.

Within a month, he said, there will be a second packageof measures that will address employment, sustainabilityand, hopefully, growth in the financial and servicessectors, technology and research, while plans will also beunderway to implement state reforms and institutionalchanges that will result in “less government”.

The problem with the first package is that with thecurrent dire situation in state coffers, any subsidies to bepaid for individual electricity bills, grants to install solarpanels and financial aid to rehire part-timers, as well as toencourage some 6,000 jobs in the tourist sector, will drainall funds that will come in from the Troika. Many otherunskilled workers will remain on the dole and will not beable to find suitable jobs, losing the opportunity to earnwages and resume contributions to the near-bankruptSocial Insurance Fund, so that some day they, too, willhave a pension to look forward to.

What is needed is for some of the government servicesto show a level of flexibility when a small company seeks atax rebate in order to hire out-of-work people. Some levelof leeway in the interpretation of the measures would go along way to ensuring that some people find jobs outsidethe strict confines of the above mentioned categories andsome employers also secure the necessary funds to hire

unemployed workers.With the tourist season about to begin, this sector will

immediately absorb the seasonal workers who have beenwaiting for hotels and restaurants to re-open in order to becalled back by their previous bosses. Thus, the measureswill primarily benefit the hoteliers and the trade unions,giving little regard to many more trying to find work inother areas.

In order to ensure that the regulations are generallyadhered to, but also that some flexibility will be shownwhere necessary, perhaps some senior officials from theMinistry of Labour should be seconded to a “Labour TaskForce” that will oversee the implementation of the plan,and also to approve or reject other cases that might be onthe verge of acceptance.

After all, for some workers and some SMEs, finding theright financial aid will ensure their viability which is vitalin the present times.

EDITORIAL

Fast track growth needs some flexibility

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By Dr. Jim LeontiadesCyprus International Institute of Management

April 24 - 30, 2013

6 | OPINION | financialmirror.com

Why and when Cyprus should plan to exit the Euro

Property owners… the poor relatives

The majority of property owners in Cyprus belong to themiddle class. Civil servants, bank employees, those in the semi-governmental sector and mid-size businesses make up most ofthe owners, while major property owners are only a very smallpercentage of the population.

Despite all this, the state, unfortunately, is placing everyone,the mega rich and the middle class, in the same bucket.

Had the government wanted to go after the major playersthey would have taken into account someone’s overall wealth,(bank deposits, stocks and bonds, immovable property, vehi-cles, boats, etc), while at the same time also factoring into theequation someone’s obligations and liabilities. This should bethe starting point for imposing taxation.

Instead of following this practice the state agreed with theTroika to impose taxes in the region of ?104 mln on propertyownership.

Which are the various taxes a property owner has to pay?- Income tax and a defense levy on collected rents;- Municipal taxes, as well as sewerage charge for the property;- A 20% capital tax on profits whenever a property is sold;- If someone buys a property, a transfer fee of max. 8% on

the price is paid and if the sale is of a newly-built building VATis imposed.

It is clear that buying or selling real estate in Cyprus is high-ly overtaxed, (one of the steepest in the EU).

The property tax had been relatively low up to now and soshaped to affect only about 11,000 owners. This figure is nowbound to increase and affect the vast majority of propertyowners.

Do we honestly want Cypriot as well as foreign investors toput their hard-earned cash in the real estate sector? If theanswer is yes, the segmented and erratic approach of taxationis not the path to take. We should rather devise a just and sim-ple taxation framework, attractive to real estate investors. Thisis the time for incentives, not new taxes.

In today’s market, rent prices are taking a dive, their collec-tion becoming increasingly difficult and taxes and levies aremultiplying.

This is a time when property owners are watching theirproperty values diminish daily and their selves becoming thepoor relatives of Cypriot society. We hope the government willmake a serious and educated assessment of all these factors andtake the proper actions.

George Mouskides is General Manager, FOX Smart Estate Agency and a Licensed Estate Agent, US Certified Public Accountant.

By George Mouskides

The visit of Foreign Minister Ioannis Kasoulides and Ministerof Commerce, Industry and Tourism, George Lakkotripis toIsrael was preparatory to President Nicos Anastasiades’ visitscheduled for May 6-7. It took place, however, within a particu-lar climate, characterised by two important events affectingCyprus-Israeli relations - the attempted rapprochement betweenTurkey and Israel, and Ankara’s threats aimed at hindering theexploitation of the natural gas in Cyprus’ Exclusive EconomicZone (EEZ).

As a matter of fact, the apology offered by Israeli PrimeMinister Benjamin Netanyahu to Tayip Erdogan concerning the

killing of nine Turkish citizens on the Mavi Marmara, after pres-sure by President Barack Obama and taking into account possi-ble negative developments in Syria and Iran, created fears that itmight adversely influence Cyprus-Israeli relations. These fearswere dispelled, at the highest level, during a telephone conversa-tion between Netanyahu and Anastasiades on April 4, at the ini-tiative of the Israeli prime minister. It was confirmed thatCyprus-Israeli relations will not be affected by this development.The same stand was confirmed to Minister Kasoulides whounderstood that there was a genuine will on the part of Israel tostrengthen relations.

It is of interest, therefore, to see how real the perceptions ofa rapprochement between Turkey and Israel are. The question tobe answered is whether Turkey will change policy. At thismoment her foreign policy is driving her away from the Westand aims at playing a leading role within the Muslim world. Inorder to achieve this, she should attack Israel. Already Erdoganhas announced that he will visit Gaza to show support for

Hamas. One can imagine Israel’s reaction when he arrives inGaza as a liberator of the Palestinians. An Israeli commentatorcharacterised this decision as a slap in the face for Israel, the USAand Mahmoud Abbas. Many have expressed doubts over the sin-cerity of Erdogan’s intentions. The Cypriot delegation sensedIsrael’s displeasure towards Turkey’s protagonistic role in theMuslim world, a role also sought by Egypt and Saudi Arabia.

On the question of energy, Turkey is playing tough geopolit-ical poker as she aims to secure the management of hydrocar-bons in the region, through the participation of Turkish Cypriotsin the exploitation of the Cypriot EEZ, testing with her threatsthe reaction of countries and companies. Cyprusand Israel are facing this situation through theircooperation in the field of energy, whose charac-ter is not only economic, but mainly strategic.Cooperation is needed to exploit and transportnatural gas to Europe as well as the creation ofa terminal in Cyprus. It is only natural for Israelto prefer having a second terminal outside Israel,for obvious reasons, and consider Cyprus andGreece as its natural bridge to Europe for trans-porting its natural gas.

It would have been naïve to believe that Israelwants to strengthen the role of Turkey whentransporting natural gas to Europe throughCyprus and Greece strengthens its own positionthrough its contribution to Europe’s independence from Russiaand a future Islamic Turkey. During the discussion of these mat-ters the presence of Minister Kasoulides gave a political dimen-sion to the whole approach.

The cooperation in the field of energy also raised the ques-tion of cooperation in other fields such as health, technology,research, agriculture, water development, tourism, and soforth. On all these issues, there was a genuine will for cooper-ation on a permanent basis with the possibility of includingGreece as well.

The question of cooperation between Cyprus and Israel

enjoys widespread acceptance and the following simple fact tes-tifies to its importance. Due to the presence in Israel of theAmerican Secretary of State, John Kerry all the meetings ofPremier Netanyahu were cancelled. However, as soon as he wasfree he accepted the Cypriot delegation immediately. The onewho rendered properly the deeper meaning of the special rela-tionship between Cyprus and Israel is the wise and seasonedpresident of Israel, Shimon Peres, who projected the commonfate of the two countries by saying that if Cyprus is geographi-cally an island, then Israel is politically an island.

The visit of Minister Kasoulides not only prepared the ground

of the forthcoming visit of President Anastasiades to Israel, butalso reconfirmed the commitment of the two new governmentsto strengthen their cooperation.

If in January 2012 Nicos Anastasiades, when as DISY leadervisited Israel, was received as ambassador of closer cooperationbetween Cyprus and Israel and a staunch supporter of a consis-tent and trustworthy pro-Israeli policy, now, his visit to Israel inMay as president of the Republic will usher in a new era of adeeper geopolitical cooperation between the two countries witha view to promoting peace and stability in the wider region ofthe Eastern Mediterranean.

Minister Kasoulides’ visit to Israel - A political analysis

April 24 - 30, 2013

financialmirror.com | COMMENT | 7

BByy DDrr AAnnddrreessttiinnoossPPaappaaddooppoouulloossFormer ambassador of Cyprus

Lending in the darkThe proliferation of China’s opaque, loosely regulated (or

unregulated) shadow-banking system has been raising fears ofpossible financial instability. But just how extensive – and howrisky – is shadow banking in China?

According to the China Banking Regulatory Commission,shadow banking (all credit not regulated by the same standardsas conventional bank loans) increased from 800 bln yuan ($130bln) in 2008 to ¥7.6 trln in 2012 (roughly 14.6% of GDP). Totaloff-balance-sheet banking activity in China – composed of cred-its to property developers (30-40%), local-government entities(20-30%), and small and medium-size enterprises (SMEs), indi-viduals, and bridge-loan borrowers – was estimated to be ashigh as ¥17 trln in 2012, roughly one-third of GDP.

The term “shadow banking” gained prominence during thesubprime mortgage crisis in the United States to account fornon-bank assets in the capital market, such as money-marketfunds, asset-backed securities, and leveraged derivative prod-ucts, usually funded by investment banks and large institution-al investors. In 2007, the volume of shadow-banking transac-tions in the US exceeded that of conventional banking assets.

The Financial Stability Board has estimated that total globalshadow-banking assets in 2011 amounted to $67 trln, with theUS accounting for $23 trln, the eurozone for $22 trln, and theUnited Kingdom for $9 trln. Chinese shadow banking totalsonly about $2.2 trln.

Shadow banking in China is dominated by lending to high-er-risk borrowers, such as local governments, property develop-ers, and SMEs. It is ultimately funded through retail bankdeposits, banks’ wealth-management products, and privateequity. Thus, the real issue in China is not the volume of shad-ow credit, but its quality, and the banking system’s capacity toabsorb potential losses.

Market forces and policy conflicts triggered shadow bank-ing’s emergence in China. With the People’s Bank of China(PBOC) keeping interest rates artificially low, retail depositorsbegan taking advantage of higher rates of return offered by localgovernments, property developers, and SMEs, which neededfunding to maintain investment and adjust to a new marketenvironment.

Since 2008, shadow banking has exploded, owing to priceand regulatory factors. In an environment dominated by directquantitative controls, such as increasingly stringent lendingquotas, shadow banking is meeting genuine market demand,with the interest rates that borrowers are willing to pay provid-ing a useful price-discovery mechanism. China simply needs a

better system for evaluating the quality of such credits (and forproviding depositors with returns that can offset inflation).

Chinese policymakers should view the shadow-bankingscare as a market-driven opportunity to transform the bankingsystem into an efficient, balanced, inclusive, and productiveengine of growth. They should begin by reforming the proper-ty-rights regime to enable market forces to balance the supplyand demand of savings and investments in a manner thatmaintains credit discipline and transparency.

This requires, first and foremost, determining who – theinvestor or the bank – bears the underlying default risk of high-

yield wealth-management products. Given that this is a legalquestion of contract definition and enforcement, it should beanswered in the courts or arbitration tribunals, not by regula-tors. Clarifying ultimate responsibility for credit quality and riskwould also reduce intermediation costs by eliminating the needto resort to informal channels, such as credit-guarantee andtrust companies.

Furthermore, reducing local-government financing vehi-cles’ exposures is essential. China needs to build its municipalbond market to generate more sustainable funding for infra-structure projects. Local governments could then privatize themassive assets that they have accumulated during years ofrapid growth, using the proceeds to pay down their debt.

Reform efforts should be supported by measures – such asstrict enforcement of balance-sheet transparency requirements– to improve risk management. In fact, the existing shadow-banking risks are manageable, given relatively robust GDPgrowth and strong macroeconomic fundamentals. At the endof 2012, China’s commercial banks held ¥6.4 trln in core capi-tal and ¥1.5 trln in non-performing-loan provisions, for a riskcushion of roughly ¥8 trln.

Low-risk central-government bonds and central-bankreserve requirements – most of which are backed by substan-tial foreign-exchange reserves – account for ¥31 trln of the ¥95

trln in total commercial-bank assets. Another ¥8 trln are hous-ing mortgages, which also carry little risk, given low loan-to-value ratios. Exposure to domestic sovereign obligations – bystate-owned enterprises and local governments – accounts forabout ¥32 trln, and obligations by private firms amount toroughly ¥24 trln.

This breakdown suggests that the ¥8 trln cushion would besufficient to offset potential losses arising from higher-riskcredit in China’s commercial banking sector. The high interest-rate margins set by the PBOC provide additional support.

But, if more risk builds up through continued expansion ofshadow credit, this risk buffer may become inadequate.Thus, Chinese policymakers must focus on curbing theshadow-banking sector’s growth, while ensuring that allcurrent and future risks stemming from the system arelaid bare. The introduction of measures to cool the prop-erty market, and new direct regulatory controls overshadow-banking credit, represent a step in the rightdirection.

Perhaps the biggest challenges facing China are rais-ing real returns on financial liabilities (deposits and

wealth-management products) and promoting more balancedlending. Increased costs for investment in real assets wouldhelp to rein in property prices and reduce over-capacity in infra-structure and manufacturing.

Ultimately, addressing shadow banking in China will requiremechanisms that clearly define, allocate, and adjudicate finan-cial risks among the key players. This includes ensuring thatborrowers are accountable and that their liabilities are transpar-ent; deleveraging municipal debt through asset sales and moretransparent financing; and shifting the burden of resolvingproperty-rights disputes from regulators to arbitrators and,eventually, to the judiciary. Such institutional reforms wouldgo a long way toward eliminating default (or bailout) risk andcreating a market-oriented financial system of balanced incen-tives that supports growth and innovation.

Andrew Sheng, President of the Fung Global Institute, is a former chairman of the Hong Kong Securities and FuturesCommission, and is currently an adjunct professor at Tsinghua University in Beijing. Xiao Geng is Directorof Research at the Fung Global Institute.

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

Cartography’s new Golden AgeMOUNTAIN VIEW, CALIFORNIA – Noé Diakubama, an

emigrant from the Democratic Republic of Congo who nowlives in Paris, is one of this century’s intrepid pioneers. Usingonline mapmaking tools, he created the first map of his vil-lage, Mbandaka, which he and his wife have modified morethan 100,000 times since 2009. Noé literally put Mbandaka –and the people who live there – on the map.

Noé is not the only such pioneer. There is a vast and grow-ing community of online mapmakers creating useful, acces-sible maps of lesser-known areas – and transforming people’slives in the process.

During the Age of Exploration, which extended from thefifteenth to the seventeenth century, adventurers likeChristopher Columbus, Ferdinand Magellan, and James Cookembarked on dangerous journeys to distant lands, from NewZealand to Newfoundland, drawing detailed charts of theirvoyages. By advancing geographic knowledge, they broad-ened people’s worldview, enhanced trade, and helped tousher in the Industrial Revolution.

Today, people like Noé are spearheading a second goldenage of cartography, which promises to bring equally signifi-cant economic and social benefits. Indeed, accurate mapsbreak down geographic barriers, empowering individuals toreach their desired destinations, enabling businesses to reachconsumers anywhere, and enriching people’s outlooks.

The Internet is transforming the way maps are made,enabling ordinary people – dubbed “citizen cartographers” –to work alongside intrepid adventurers and professionalgeographers. These cartographers – whose only commoncharacteristic is Internet access – are embracing the opportu-nity to depict the places that they know and love, whether tohelp their neighbors get around or to give faraway people aglimpse of their local environments.

Using online tools like Google Map Maker, they are con-

tributing to the shared goal of building a digital map of theworld. Some even host “mapping parties,” at which commu-nities gather around computers, in schoolyards or churchhalls, to add layers of detail that extend beyond topography.By including human elements, such as popular cafés or localwalking trails, they create comprehensive, useful tools forothers, and enhance their understanding of their own com-munity.

Digital maps can be as dynamic as the communities thatthey depict. While paper maps can accurately portray staticfeatures like rivers and mountains, they cannot easily beupdated when new buildings are constructed, roads arererouted, or new restaurants open. By contrast, digital mapscan be modified instantly, keeping locals apprised of develop-ments in their area and helping visitors to feel like natives inunfamiliar places.

Similarly, a digital map can be tailored to an individual’sinterests or needs. A keen cyclist might want a map showingbicycle paths, including information about the terrain. But atourist might prefer a map that highlights specific attrac-tions or indicates public-transport links. Such customiza-tion leads to many millions of versions of the world – all ofthem accurate.

Digital mapping technology is having the most profound

impact on the world’s most remote and undeveloped regions.In Africa, for example, road coverage on Google Mapsincreased from 20% in 2008 to 75% last year, while the num-ber of towns and villages for which detailed maps are avail-able grew by more than 1,000%. This has not only facilitatedtrade and transport, but also translates into faster responsetimes for emergency services, saving thousands of lives eachyear.

In fact, modern tools like maps and satellite navigationcontribute to annual savings of up to 3.5 billion liters of gaso-line and more than one billion hours of travel time. As aresult, farmers are better able to get their goods to marketbefore they perish, and to build more efficient irrigation sys-tems, which save the global agricultural industry $8-22 bil-lion annually.

The mapping movement’s growing momentum promisesto result in the accurate and comprehensive representationof almost every inch of the world, including road data, pho-tos, and business listings. This will create even more oppor-tunities for economic growth, improve access to health careand other services, contribute to social development, andbroaden – both figuratively and literally – people’s worldview.

To advance the world’s geographic knowledge, explorersused to have to head out to sea, enduring inclement weatherand debilitating disease, unsure of where they were going –or whether they would ever return home. While today’sonline cartographers do not face the same risks, they, too, areembarking on a journey into the unknown in search ofknowledge, excitement, and better lives.

Brian McClendon is Vice President for Engineering at Google.

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

April 24 - 30, 2013

8 | COMMENT | financialmirror.com

By Brian McClendon

By Andrew Shengand Geng Xiao

Central banks’ outdated independenceBUENOS AIRES – The global financial crisis has raised funda-

mental questions regarding central banks’ mandates. Over thepast few decades, most central banks have focused on price stabil-ity as their single and overriding objective. This focus supportedthe ascendancy of “inflation-targeting” as the favored monetarypolicy framework and, in turn, led to operational independence forcentral banks. The policy was a success: the discipline imposed bystrict and rigorous concentration on a sole objective enabled poli-cymakers to control – and then conquer – inflation.

But, as a consequence of this narrow approach, policymakersdisregarded the formation of asset- and commodity-price bubbles,and overlooked the resulting banking-sector instability. This, byitself, calls for a review of the overall efficacy of inflation-targeting.Moreover, after the financial crisis erupted, central banks wereincreasingly compelled to depart from inflation targeting, and toimplement myriad unconventional monetary policies in order toameliorate the consequences of the crash and facilitate economicrecovery.

With advanced economies struggling to avoid financial col-lapse, escape recession, reduce unemployment, and restoregrowth, central banks are being called upon to address, sometimessimultaneously, growing imbalances. This has triggered a searchfor a radical redefinition of central banks’ objectives – and has castdoubt on the appropriateness of maintaining their independence.

In particular, central banks’ behavior during the crisis hascalled into question whether inflation-targeting is an effectiveframework in the presence of systemic shocks, and, more broadly,whether it can be sustained throughout economic cycles. After all,a policy regime that sets aside its only goal during a crisis seemsto lack the ability to cope with unexpected challenges. Critics iden-tify this “crisis straitjacket syndrome” as the main problem withsingle-minded inflation targeting.

While theoretical arguments can be made to justify recentdepartures from policy, the reality is that in the post-crisis world,advanced-country central banks’ goals are no longer limited toprice stability. In the United States, the Federal Reserve has essen-tially adopted a quantitative employment target, with nominal

GDP targets and other variations under discussion in other coun-tries. And financial stability is again a central-bank responsibility,including for the more conservative European Central Bank.

This shift toward multiple policy objectives inevitably reducescentral-bank independence. Some analysts have recently claimed

that this is because the pursuit of GDP growth, job creation, andfinancial stability, as well as the establishment of priorities whenthere are tradeoffs, clearly requires political decisions, whichshould not be made by unelected officials alone. Moreover, bypushing interest rates toward zero, the current policy of quantita-tive easing (increasing money supply by buying government secu-rities) has strong, often regressive, income effects. Opponents ofcentral-bank independence contend that, given the allocationaland distributional consequences of current monetary-policy inter-ventions, central banks’ decision-making should be subject topolitical control.

But this argument neglects an important point. While it is truethat multiple policy targets tend to increase the political sensitivityof central banks’ decisions, concentrating only on price stabilityalso has important distributional consequences and political impli-cations. In fact, politicization is a matter of scale, not a substantivetransformation of monetary policymaking.

The real reason why central-bank independence tends to createa democratic deficit under a multi-target monetary-policy regime,and why it has become increasingly vulnerable, is that the twomain arguments in favor of it no longer apply.

The first argument in favor of central-bank independence isthat, without it, politicians can exploit expansionary monetary pol-icy’s positive short-run effects at election time, without regard for

its long-run inflationary consequences. (By contrast, fiscal andexchange-rate policies rarely imply comparable temporal trade-offs, and thus are difficult to exploit for political gain.) But thisargument becomes irrelevant when ensuring price stability is nolonger monetary policymakers’ sole task.

The second argument for institutional independence is thatcentral banks have a clear comparative advantage in dealing withmonetary issues, and can therefore be trusted to pursue their tar-gets independently. But this advantage does not extend to otherpolicy areas.

Given that central banks are likely to continue to pursue mul-tiple objectives for a long time, their independence will continueto erode. As long as governments do not encroach excessively oncentral-bank decision-making, this development will restore bal-ance in policymaking and support policy coordination, particular-ly in times of stress.

To ensure a positive outcome, policymakers should develop afully transparent framework with well-defined “rules of engage-ment.” A strict framework for allowing, and at the same time lim-iting, government’s involvement in central-bank decision-makingis particularly crucial in emerging markets, given that, in most ofthem, central-bank independence has contributed not only to theeradication of inflation, but also to institution-building.

Central-bank independence is a peculiar institutional innova-tion. Seemingly irrefutable theoretical models underlie a paradigmthat has changed in significant ways, and that, if preserved, isbound to cause serious political problems. Like it or not, policy-makers must accept that central-bank independence will continueto weaken, and they should prepare to cope with the conse-quences.

Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England.

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

April 24 - 30, 2013

financialmirror.com | COMMENT | 9

By Mario I. Blejer

Igor Luksic, leader of the Social Democrats in Slovenia’sruling coalition, disagrees with the European leaders who sayhis country should privatise its three biggest lenders to avoidthe misery of another bailout in the euro zone.

“We have always been against selling banks,” said Luksic,whose party is the second largest in Prime Minister AlenkaBratusek’s government.

The banks in the Alpine former Yugoslav republic of 2 mlnpeople are a key reason why it showed up on the agenda ofthe recent Dublin meeting of the bloc’s 27 finance ministerson preventing a new eurozone debt crisis.

“Slovenia is facing serious challenges,” EU Economic andMonetary Affairs Commissioner Olli Rehn told Reuters, call-ing for decisive action to restructure and recapitalise thebanking sector among other urgent measures.

Financial market pressure on Slovenia has lain bare howthis tiny euro zone state achieved Europe’s smoothest trans-formation from a Communist economy to a market-basedmodel: it only went half way.

While former Soviet satellite states like Poland and theCzech republic privatised big firms, slashed budgets, andpushed through other reforms, Slovenia held on to publicassets, avoided cost cuts and repeatedly bailed out statebanks after escaping the violent breakup non-alignedYugoslavia in 1992.

That has now become a liability for Bratusek who, afterlast month’s chaotic rescue of Cyprus, is scrambling to stopa spike in Slovenia’s borrowing costs and convince investorsit can change its ways and avoid insolvency.

Bratusek, who took power only four weeks ago, haspledged to break taboo by imposing unpopular austerity

measures and selling at least one of the publicly owned com-panies that make up as much as half of the economy, andpossibly a bank.

Luksic stopped short of threatening to quit the coalition ifit privatised the banks, but the cabinet has not rejected itspredecessor’s plan for Ljubljana to keep blocking stakes in themain two ones, which experts say will prevent their sale.

The coalition of parties whose members range from neo-liberal centrists to leftists, is not united on other reformseither, and may face staunch opposition from voters.

WAVERING FAMEFrom its immaculate highways to the trendy shops and

bars in its capital Ljubljana, Slovenia resembles developed EUstates like Austria and Germany far more than its ex-Communist peers.

With living standards measured at 84% of the EU average,it has leapfrogged euro zone laggards Portugal and Greeceand enjoys more than twice the standard of Serbia, fromwhich it split when it left the former Yugoslavia in 1991.

But, following a nasty downturn and spike in the budgetdeficit, its once enviable debt levels have doubled to 54% ofGDP.

Last week the Paris-based OECD warned the debt level,fuelled by the cost of saving Slovenia’s banks plus healthcare,pension, and other costs, could reach 100% by 2015 ifLjubljana does not embrace reform.

Luksic acknowledged his party might not prevail in itsattempt to stop the banks being privatised but said at the veryleast the biggest bank Nova Ljubljanska Banka or NLB,should stay in state hands, since it could become a big

regional bank.Foreign institutions have for years criticised successive

governments’ for stifling competition and investment andsay it has avoided painful reforms that its regional peersembraced.

Spending by the state is about 50% of GDP, one of thehighest levels of the OECD club of wealthy countries.Governments have also repeatedly rejected foreign bids tobuy state-owned firms, most recently killing the sale of lead-ing grocery chain Mercator to a Croatian rival in 2011.

Protecting national interests, diplomats, business leaders,and others say, is also tangled with corruption and cronyismin Slovenia’s small ruling elite and will be a hard habit tobreak.

The combination of state ownership, a tight-knit politicalnetwork, and bad management helped trigger the lendingspree from state banks that, following a collapse in real estateprices, has gone sour.

Bratusek plans to shift some of the 7 bln euros in badloans choking mostly the banks NLB, Abanka Vipa, and NovaKBM, in which the state is either the majority or a strategicstakeholder, to a “bad bank” in June.

The government must then pump some 1 bln euros ofnew capital into them this year - the OECD says maybe muchmore - with the aim of selling them, even though bankers,analysts and diplomats say there are no prospective buyersfor now.

It is not the first time the government has had to bail outits banks. It has injected capital into NBL - which needs anestimated 375 mln euros this time around - on five separateoccasions.

April 24 - 30, 2013

10 | COMMENT | financialmirror.com

Eurozone backwater Slovenia is latest liabilityl Trying to avoid bailout, investors seek signs of reform; Transformation from communism half

finished as gov’t faces resistance to austerity, privatisations

Italy deadlock nears end, problems not overl Broad based government within a week as Berlusconi comes out a big winner,

Bersani a broken man, leaving centre-left in turmoil

Months of paralysing political deadlock seem close to an endin Italy with a new government possible within the week, butthere are still questions over whether the stability can last.

President Giorgio Napolitano has reluctantly been re-electedfor an unprecedented second term after traditional politiciansbegged him to stay on and deal with one of the most turbulentmoments in recent Italian political history.

Now there is some optimism that a government can beformed within the week, nearly two months after February’sinconclusive election.

NEW GOVERNMENTNapolitano, 87, has emerged from the tur-

moil with his power greatly enhanced com-pared to the previous few months, when asan outgoing president his arms were consti-tutionally tied.

Now he not only has the big stick ofbeing able to call a snap election, whichmany politicians want to avoid, but isthought to have obtained solid assurances ofcooperation from party leaders who beggedhim to stay on.

Napolitano is expected to hold a rapidround of consultations with political parties,banging their heads together and then handinga mandate to a potential new prime minister assoon as Wednesday.

This prime minister-designate would try to form a broadbased coalition between the divided centre-left and SilvioBerlusconi’s centre-right plus the centrists of outgoing PrimeMinister Mario Monti within the week.

Beppe Grillo’s populist 5-Star Movement bitterly opposes thedeal that re-elected Napolitano and would remain in opposition,joined by the leftist SEL party of Puglia governor Nichi Vendola.

Napolitano’s favourite to lead this government is said to beveteran politician Giuliano Amato, a 75-year-old former pre-

mier with the experience and skills to face the political chaos.However, after the election in February showed an over-

whelming desire for change, Amato may be seen as too old andtoo much a member of the traditional establishment. One alter-native is Enrico Letta, the 46-year-old outgoing deputy leaderof the divided centre-left Democratic Party (PD).

However the PD splits may torpedo Letta, leavingNapolitano to choose a less established political figure.

Whoever is given the mandate is expected to try to form agovernment by the end of the week with ministries mixedbetween senior politicians and a few technocrats.

They could include members of Monti’s government or ofthe two commissions of “sages” that Napolitano set

up last month to propose reforms to mend the bro-ken political system and address a chronic reces-

sion that has incited serious public anger.Estimates of the life of the new govern-

ment vary between one and two years - ifit survives at all. A common prediction isthat a new election could be held in June2014, coinciding with European polls

and saving money for Italy, which hasone of the world’s biggest public debts.

High among the government’s prioritieswould be policies to restore growth to achronically stagnant economy, stimulate

employment and reform a dysfunctional elec-toral law which is one of the main reasons forthe long deadlock since February.

PROBLEMSAlthough this outcome is widely predicted, the new mood

has not eliminated several elements of potential instability.Chief among these is the explosion inside the Democratic

Party whose leader Pier Luigi Bersani has resigned and is saidto be a broken man after party rebels torpedoed two presiden-tial candidates he had ordered them to vote for last week.

There is now open factional warfare inside the party whichcould make it difficult to forge a reliable deal on a governmentor avoid parliamentary sniping against the new administration.

The leftwing of the party opposes any coalition with mediamagnate Berlusconi, who faces a string of scandals, and divi-sions over this were at the centre of Bersani’s difficulties.

If a section of the party objects to a government deal, itcould split off and join Vendola in a new leftwing groupingwhich might ally with Grillo’s populists.

But another danger is that Berlusconi, with his enemies intotal disarray, could decide to exploit his advantage and go backto the polls within months if he doesn’t get what he wants inthe new government.

WINNERS AND LOSERSBy far the biggest loser is Bersani, an amiable but colourless

politician whose string of errors have destroyed his career andbrought his party to the brink of collapse.

The biggest winner looks like Berlusconi, who is now ridinghigh, having overtaken the centre-left at the top of the opinionpolls and projecting an image of statesmanlike restraint asBersani’s party falls apart. He has been calling for a broad basedgrand coalition for weeks.

It is an extraordinary reversal of fortunes from as recently aslast November when Berlusconi looked a beaten man, hisPeople of Freedom (PDL) party was fracturing, and Bersani hada 10-point lead in opinion polls.

But Berlusconi, 76, has long been acknowledged as one ofItaly’s most skilful politicians, with enviable communicationskills complemented by his television empire. Bersani hasproved to be one of the worst.

Another big winner looks like being Matteo Renzi, the 38-year-old mayor of Florence, an outspoken opponent of Bersaniand who, in contrast, is a dynamic and effective politician.

However, Renzi needs time to set him up as the centre-leftcandidate in the next election and he said on Monday thereshould be no vote for a year.

Renzi has long been seen as a game changer in Italy with theskills to defeat Grillo’s rabble rousing tactics - unlike Bersani -and also attract a big chunk of centre-right voters. But itremains to be seen whether a centre-left robbed of its left wing,which opposes Renzi, would be strong enough to defeatBerlusconi and Grillo in a new election.

ANALYSIS

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

www.financialmirror.comAÚ. 912 ∆∂∆∞ƒ∆∏, 24 ∞¶ƒπ§π√À, 2013

Η πρïσπάθεια πïυ âρίσκεται σε εêέλιêηγια µείωση των επιτïκίων, Þπως ανέæερανστην εæηµερίδα µας ανώτατες πηγές τηςΚεντρικής Τράπεúας, θα αæïρά σε πιστή αντι-γραæή τïυ µïντέλïυ της Πïρτïγαλίας, τïïπïίï ενέκρινε και η Ευρωπαϊκή Επιτρïπή,ώστε να κερδηθεί øρÞνïς και να πάρει ανά-σες η αγïρά.

Ãπως αναæέρθηκε αρµïδίως µε τα νέαδεδïµένα τï ύψïς των καταθετικών επιτï-κίων θα κυµαίνεται µεταêύ 3 και 3,5% ενώτων δανειστικών επιτïκιών Þσïν αæïρά στε-γαστικά δάνεια µεταêύ 4,5 και 5% και Þσïναæïρά καταναλωτικά και επιøειρηµατικάδάνεια µεταêύ 5,5 και 6%.

Η πïρτïγαλικïύ τύπïυ παρέµâαση τïυ

Πανίκïυ ∆ηµητριάδη απïσκïπεί στï να πιέσειπρïς τα κάτω τï κÞστïς δανεισµïύ για τα νïι-κïκυριά και τις επιøειρήσεις.

Ìρησιµïπïιώντας τï παράδειγµα τηςΠïρτïγαλίας, η κυπριακή επïπτική αρøή ανα-µένεται να πρïσπαθήσει να θέσει Þριï στακαταθετικά επιτÞκια επιâάλλïντας πïινές σεÞσα øρηµατïπιστωτικά ιδρύµατα υπερâαί-νïυν τï Þριï πïυ θα καθïριστεί.

Νïείται Þτι τï Þριï µπïρεί να διαæïρïπïι-ηθεί ανάλïγα µε τη øρïνική διάρκεια τηςκατάθεσης.

Σε γενικές γραµµές η πïρτïγαλικήσυνταγή σε Þτι αæïρά τα δάνεια περιλαµâά-νει τïν ïρισµÞ της δεινής ïικïνïµικής θέσης,ηµερïµηνία λήêης για την ένταêη στï καθε-

στώς των ευνïϊκών ρυθµίσεων για τα στεγα-στικά δάνεια, εισïδηµατικÞ πλαæÞν, αλλά καιανώτατï Þριï αêίας τïυ ακινήτïυ.

Ανώτατες τραπεúικές πηγές πïυ µίλησανστη Financial Mirror εêέæρασαν έντïνηδυσæïρία για την εγκύκλιï πïυ απέστειλεσήµερα πρïς τις τράπεúες ï ∆ιïικητής τηςΚεντρικής, καθώς εµµέσως πλην σαæώςκατηγïρεί τï τραπεúικÞ σύστηµα Þτι αισøρï-κερδεί εις âάρïς των καταναλωτών.

Ãι τραπεúίτες διερωτïύνται πως γίνεταινα αισøρïκερδïύν απÞ τη µια και να καταγρά-æïυν úηµιές απÞ την άλλη και διερωτώνταιπως µπïρïύν να µειωθïύν τα επιτÞκια Þταν ηΚεντρική Τράπεúα τïυς úητά να âρïυν πρÞ-σθετα κεæάλαια, εêέλιêη η ïπïία θα ασκήσει

περαιτέρω πιέσεις στα καταθετικά επιτÞκια.Η συνάντηση τïυ ∆ιïικητή µε τïυς

Τραπεúίτες είναι ïρισµένη για σήµερα στιςïκτώ και τριάντα τï πρωί.

¶ÔÚÙÔÁ·ÏÈÎÔ‡ Ù‡Ô˘ ·Ú¤Ì‚·ÛË ·fi ÙÔÓ ¢ÈÔÈÎËÙ‹

Στï 44% θα ανέλθει σε πρώτη æάση τïύψïς τïυ κïυρέµατïς στις µη εγγυηµένεςκαταθέσεις της Τράπεúας Κύπρïυ σύµæωναµε πληρïæïρίες της εæηµερίδας µας. Η δεύ-τερη æάση τïυ κïυρέµατïς αναµέ-νεται να ïλïκληρωθεί τïν πρïσεøήΙïύνιï περίïδï Þπïυ θα ïλïκληρω-θεί η επανεκτίµηση των περι-ïυσιακών στïιøείων τηςΛαϊκής Τράπεúας. Μεâάση τα µέøρι στιγµήςδεδïµένα τï τελικÞύψïς τïυ κïυρέµατïς αναµέ-νεται να πλησιάσει τα επίπεδα τïυ50%.

Σύµæωνα µε ανώτατη κυâερνητική πηγήεκεί πïυ επικεντρώνïνται ïι πρïσπάθειες σεσυνεργασία και µε την Κεντρική Τράπεúα είναιστην έêïδï τï ταøύτερï δυνατÞ τηςΤράπεúας Κύπρïυ απÞ τï καθεστώς της δια-øείρισης. ∆ηλαδή δεν θα πρέπει να περιµέ-νïυν να ïλïκληρωθïύν τïν Ιïύνιï και τïΣεπτέµâριï Þλες ïι διαδικασίες αυτÞ πρέπεινα γίνει τώρα µε τη µεταæïρά των περιïυσια-κών στïιøείων της Λαϊκής Τράπεúας στηνΤράπεúα Κύπρïυ, τη µετατρïπή των καταθέ-σεων σε µετïøές να εêέλθει η Τράπεúα απÞ τï

καθεστώς διαøείρισης.Στï µεταêύ ανακïίνωση για την απÞæαση

«κïυρέµατïς» τεσσάρων εκ των επτά κατη-γïριών καταθετών πïυ εêαιρέθηκαν απÞ τα

αρøικά διατάγµαταγια την εêυγίανσητων δύï τραπε-úών, εêέδωσε η

Κεντρική Τράπεúα.Συγκεκριµένα θα υπïστïύνκïύρεµα της τάêης τïυ 27,5%

Ασæαλιστικές εται-ρείες, κïινïπραêίεςασæαλιστικών εται-ρειών και ασæαλιστι-κά επικïυρικά ταµεία,

Εγøώριïι επικïυρικïί øρηµατïïικïνïµικïίïργανισµïί και æïρείς πïυ δεν είναι εγγε-γραµµένïι στïν Έæïρï Εταιρειών,Φιλανθρωπικά ιδρύµατα πïυ είναι εγκεκριµέ-να απÞ τï Υπïυργείï Ãικïνïµικών, Σøïλείακαι εκπαιδευτικά ιδρύµατα πïυ είναι εγκεκρι-µένα απÞ τï Υπïυργείï Παιδείας.∆ιευκρινίúεται Þτι, τα δηµÞσια σøïλεία καιεκπαιδευτικά ιδρύµατα εµπίπτïυν στην κατη-γïρία της Γενικής Κυâέρνησης.

Για Þλες τις πιï πάνω κατηγïρίες εκτÞς

των ασæαλιστικών εταιρειών, κïινïπραêιώνασæαλιστικών εταιρειών και ασæαλιστικώνεπικïυρικών ταµείων, καταθέσεις έως100,000 ευρώ είναι ασæαλισµένες και δενεπηρεάúïνται.

Την ίδια ώρα εêαιρïύνται εêïλïκλήρïυ ïιακÞλïυθες κατηγïρίες καταθέσεων:

Πιστωτικά ιδρύµατα και ιδρύµατα πληρω-µών τα ïπïία έøïυν λάâει άδεια λειτïυργίαςαπÞ την Κεντρική Τράπεúα και πρïσæέρïυντις υπηρεσίες έκδïσης ή/και απïδïøήςµέσων πληρωµών, Γενική Κυâέρνηση (περι-λαµâανïµένων æïρέων τïπικής αυτïδιïίκη-σης), Συµæωνίες Επαναγïράς Ìρηµατï-ïικïνïµικών Μέσων (repo transactions).

∆·Ì›· ¶ÚÔÓÔ›·˜ Σε σøέση µε τα Ταµεία Πρïνïίας στï τρα-

πέúι âρίσκïνται δύï σενάρια Αναæïρικά µε τις καταθέσεις των Ταµείων

Πρïνïίας θα δïθεί επιλïγή στα δικαιïύøαµέλη. Να απïúηµιωθïύν είτε απÞ ένα λïγα-ριασµÞ στï Ταµείï Κïινωνικών Ασæαλίσεωνµε την αæυπηρέτησή τïυς είτε µε µετïøέςκατηγïρίας Α της Τράπεúας Κύπρïυ.

¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ Ùσïν αæïρά τις διεργασίες για τï νέï

∆ιïικητικÞ Συµâïύλιï της Τράπεúας Κύπρïυπληρïæïρίες αναæέρïυν Þτι µέøρι αυτή τηνώρα έøει απïæασιστεί η συµµέτïøη 10 πρï-σώπων. ΠρÞκειται για τïυς: Τάκη Ταïυσιάνη(πρώην τραπεúικÞ στέλεøïς), Φίλιππï Μάν-ναρη (αναλïγιστή ταµείων πρïνïίας), ΓιώργïΘεïøαρίδη (ακαδηµαϊκÞς), Κρίστη Ìασάπη(ακαδηµαϊκÞς), Ανδρέα ∆ηµητρïυλÞπïυλï(λïγιστής), Λάµπρïς ΠαπαδÞπïυλïς (τραπε-úικÞ στέλεøïς), Πανίκïς Πïύρïς (πρώην Γ∆Υπïυργείïυ Γεωργίας), Σάââας Σαââίδης(πρώην Γ∆ Τράπεúας Αναπτύêεως), ΣïæïκλήςΜιøαηλίδης (πρώην διευθυντικÞ στέλεøïςΚΤ), Κώστας Ìατúήπαπας (εκπρÞσωπïςΕΤΥΚ). Παράλληλα αναµένïυν την έγκρισητης ΤρÞικα για διïρισµÞ ïι Μιøάλης·αννετίδης (επιøειρηµατίας) και ΣωτήρηςΜαρκίδης (ανώτερïς λειτïυργÞς ΚΤ).

Σύµæωνα µε τïν ΥπïυργÞ ÃικïνïµικώνÌάρη Γεωργιάδη τï ∆Σ τïυ µεγαλύτερïυøρηµατïπιστωτικïύ ιδρύµατïς της Κύπρïυαναµένεται να ανακïινωθεί τï αργÞτερïσήµερα.

∫Ô‡ÚÂÌ· 44% Î·È ‚Ï¤Ô˘Ì ÛÙËÓ ∆Ú. ∫‡ÚÔ˘

√√ ¯ÚÚ˘ÛÛfifi˜ ‰‰ÂÂÓÓ››ÓÓ··ÈÈ ÁÁÈÈ·· ÔÔ‡‡ÏÏËËÌÌ··

Η Κύπρïς δεν δίνει πρïτεραιÞτητα στηνπώληση των απïθεµάτων øρυσïύ, αλλά εêετάúειÞλες τις επιλïγές πρïκειµένïυ να τηρήσει τιςυπïøρεώσεις της στï πλαίσιï της δανειακής σύµâασης, δήλωσε ï ΥπïυργÞςÃικïνïµικών Ìάρης Γεωργιάδης. “Θα κάνïυµε Þ,τι øρειαστεί, θα τηρήσïυµεÞλïυς τïυς δηµïσιïνïµικïύς µας στÞøïυς”, ανέæερε ï κ. Γεωργιάδης, πρïσθέ-τïντας Þτι ï ίδιïς είναι âέâαιïς πως “θα πετύøïυµε να συγκεντρώσïυµε ταπïσά πïυ είναι στη δική µας αρµïδιÞτητα, πρïκειµένïυ να απïæύγïυµε τηνανάγκη για ένα νέï πρÞγραµµα”. à κ. Γεωργιάδης απέæυγε να τïπïθετηθεί ωςπρïς τï πÞτε θα γίνει η πώληση τïυ øρυσïύ, λέγïντας Þτι τï θέµα αυτÞ “δενείναι καν τï πιï σηµαντικÞ ή τï θέµα τïυ µεγαλύτερïυ µεγέθïυς”. “Είναι κάτιπïυ âρίσκεται στην ατúέντα, αλά δεν είναι κάτι πïυ αντιµετωπίúïυµε τώρα”,πρÞσθεσε. Υπενθυµίúεται Þτι έγγραæï της Ευρωπαϊκής Επιτρïπής για τις øρη-µατïδïτικές και δηµïσιïνïµικές ανάγκες της Κύπρïυ αναæέρει Þτι η Κύπρïςσκïπεύει να διαθέσει τα απïθέµατα øρυσïύ πρïκειµένïυ να εêασæαλίσει 400εκ. ευρώ.

Σε ερώτηση αν η Κυâέρνηση θα επανεêετάσει την πώληση τïυ øρυσïύ ανκαταæέρει να διασæαλίσει τï πïσÞ απÞ άλλïυς πÞρïυς, ï κ. Γεωργιάδης είπεπως “Þλες ïι πιθανÞτητες πρέπει να εêετάúïνται.”

™™ÙÙÔÔ ∞∞ÓÓÒÒÙÙ··ÙÙÔÔ ËË ··fifiÊÊ··ÛÛËË ÁÁÈÈ·· 11ËË ‰‰fifiÛÛËËΜία, µία άρøισε øθες να εêετάúει τις πρïσæυγές για την απÞæαση τïυ Eurogroup πïυ αæïρïύν στις

Τράπεúες Κύπρïυ και Λαϊκή η Ãλïµέλεια τïυ Ανωτάτïυ ∆ικαστηρίïυ, αæïύ παρά τις ïδηγίες πïυ δÞθηκανκατά την πρïηγïύµενη ακρÞαση για τï θέµα Þπως ïι δικηγÞρïι συνεννïηθïύν µεταêύ τïυς και κατηγïριï-πïιηθïύν ïι πρïσæυγές για σκïπïύς σύντïµης εκδίκασής τïυς, αυτÞ δεν κατέστη εæικτÞ.

Παράλληλα, στην αρøή της διαδικασίας ï ΠρÞεδρïς τïυ Ανωτάτïυ ∆ικαστηρίïυ Πέτρïς Αρτέµη απïæά-σισε να µην πρïεδρεύσει της διαδικασίας για τις πρïσæυγές πïυ έøïυν κατατεθεί στï ∆ικαστήριï και αæï-ρïύν την απÞæαση τïυ Eurogroup για τï “κïύρεµα” καταθέσεων, λÞγω τïυ Þτι, Þπως εêήγησε, θεωρεί Þτιδεν θα είναι δυνατÞ να εκδïθεί απÞæαση πριν την ηµερïµηνία της πρïαæυπηρετικής τïυ άδειας.Της διαδι-κασίας ενώπιïν τïυ Ανωτάτïυ ∆ικαστηρίïυ πρïήδρευσε, µετά απÞ σύντïµη διακïπή για την απïøώρηση τïυ∆ικαστή Αρτέµη, ï ∆ικαστής ∆ηµήτριïς Ìατúηøαµπής.

ΑπÞ την πλευρά τïυ ï ΓενικÞς Εισαγγελέας επιøειρηµατïλÞγησε εκτενώς ως πρïς τï γιατί τï διάταγµαδεν είναι Κανïνιστική ∆ιïικητική Πράêη, αλλά Ατïµική ∆ιïικητική Πράêη, αναæέρïντας πρïς υπïστήριêη τηςθέσης τïυ νïµïλïγία σύµæωνα µε την ïπïία η Κ∆Π είναι γενικής æύσης και µπïρεί να λάâει øώρα κατ’ επα-νάληψη και σε διάæïρïυς øρÞνïυς, ενώ στï διάταγµα, Þπως είπε αναæέρεται συγκεκριµένα η ηµερïµηνίαµεταâίâασης των περιïυσιακών στïιøείων της Λαϊκής στην Τράπεúα Κύπρïυ την 29η Μαρτίïυ, στις 06.10.Παρά τï γεγïνÞς Þτι τï διάταγµα ήταν γενικÞ Þσïν αæïρά τïν αριθµÞ ατÞµων πïυ επηρεάúει, ï κ. Κληρίδηςεêέæρασε τη θέση Þτι δεν παύει να έøει τï στïιøείï της ατïµικÞτητας.

Παράλληλα, ï κ. Κληρίδης ισøυρίστηκε Þτι τï διάταγµα ήταν απïτέλεσµα καθαρά πïλιτικής απÞæασηςγια την απïæυγή της άτακτης øρεïκïπίας της Κύπρïυ, αυτής τïυ Eurogroup, και απïτελïύσε πρïϋπÞθεσηγια να συνïµïλïγηθïύν τï ΜνηµÞνιï Συναντίληψης και η ∆ανειακή Σύµâαση, ïι ïπïίες είναι διεθνείς συµ-æωνίες. Ως εκ τïύτïυ είναι επέκταση «πράêης κυâερνήσεως» και δεν εµπίπτει στην αρµïδιÞτητα ελέγøïυτïυ Ανωτάτïυ. Η διαδικασία θα συνεøιστεί σήµερα Τετάρτη, στις 10.00.

24 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Σε πρïειδïπïίηση πρïς πάσα κατεύθυν-ση και στην ωµή παραδïøή Þτι σε περίπτω-ση µη έγκρισης τïυ κυπριακïύ µνηµïνίïυαπÞ τη Βïυλή των Αντριπρïσώπων θα υπάρ-êει στάση πληρωµών, τÞνισε σε δηλώσεις ïΥπïυργÞς Ãικïνïµικών Ìάρης Γεωργιάδης.

à Ìάρης Γεωργιάδης αæïύ παραδέøθη-κε Þτι τα ταµεία τïυ κράτïυς είναι άδειατÞνισε Þτι âρίσκïνται εν αναµïνή της απï-δέσµευσης την πρώτης δÞσης τïυ δανείïυτων 10 δις Þπως αυτή συµæωνήθηκε στïEurogroup στα µέσα Μαίïυ.

«Τï Ταµείï πïλύ æïâάµαι είναι άδειï.Αυτή την κατάσταση έøïυµε παραλάâει,

κάτω απÞ αυτή την κατάσταση έπρεπε ναλειτïυργήσïυµε. Θεωρώ για να στείλïυµεκαι ένα καθησυøαστικÞ µήνυµα στïυςσυµπïλίτες µας Þτι µε δεδïµένη την επικύ-ρωση τïυ µνηµïνίïυ και της δανειακής σύµ-âασης θεωρώ Þτι η περίïδïς τïυ Πάσøα καιµέøρι τα µέσα τïυ µήνα θα µπïρέσει να υλï-πïιηθεί øωρίς πρÞâληµα. Θα τα âïλέψïυµεαυτÞ θέλω να πω µε µια συντïνισµένη πρï-σπάθεια απÞ πλευράς ΥπïυργείïυÃικïνïµικών.»

à ΥπïυργÞς Ãικïνïµικών έκανε εκτενήαναæïρά και στï øρïνïδιάγραµµα της ανά-πτυêης δίνïντας ιδιαίτερη έµæαση στις πρï-

σπάθειες πïυ γίνïνται για µείωση τωνδανειστικών επιτïκίων. «Τα πïλύ υψηλά επι-τÞκια είναι ακριâώς τα πρïâλήµατα πïυ επι-âαρύνïυν την ïικïνïµική δραστηριÞτητα,την επιøειρηµατική δραστηριÞτητα, τηνïικïνïµική ανάπτυêη τελικά. Πρέπει ναâρïύµε τïν τρÞπï ï ïπïίïς θα είναι νÞµιµïςκαι εæαρµÞσιµïς να µειώσïυµε τα επιτÞκια.Έøïυµε διάλïγï µε τις τράπεúες εêετάúïυ-µε και τις δυνατÞτητες νïµïθετικής ρύθµι-σης µε ένα τρÞπï Þµως απïδεκτÞ».

à Ìάρης Γεωργιάδης εêέæρασε παράλ-ληλα την άπïψη Þτι αυτή η περίïδïς είναι ηκαλύτερη για να επενδύσει κάπïιïς στην

Κύπρï. «Τώρα πïυ είναι η ευκαιρία για ναπραγµατïπïιηθïύν τα πρώτα âήµατα ναπραγµατïπïιηθïύν ïι επενδύσεις, να µπειτï νερÞ στï αυλάκι. Πρέπει να καθαρίσïυµετï πεδίï απÞ γραæειïκρατικά âαρίδια, διïι-κητικά âαρίδια Þλα αυτά πïυ απÞ µÞνïι µαςέπρεπε να πράêïυµε και για διάæïρïυςλÞγïυς δεν τï κάναµε».

Καταλήγïντας ï Ìάρης Γεωργιάδης επι-σήµανε Þτι η κυâέρνηση θα δώσει µάøη γιανα ανακÞψει την καλπάúïυσα πïρεία τηςανεργίας κάνïντας αναæïρά και στα σøέδιατης κυâέρνησης για άνïιγµα 8,000 νέωνθέσεων εργασίας.

∞ÓÔÈÎÙfi ÙÔ ÂӉ¯fiÌÂÓÔ ÛÙ¿Û˘ ÏËÚˆÌÒÓ∂ÈÙ·ÎÙÈ΋ Ë ¤ÁÎÚÈÛË ÙÔ˘ ÌÓËÌÔÓ›Ô˘ ·fi ÙËÓ µÔ˘Ï‹

Ã∞∫: ¶ÂÚÈÔÚÈṲ̂ÓÔ·ÁÔÚ·ÛÙÈÎfi ÂӉȷʤÚÔÓ

Σταθερïπïιητικές τάσεις επικράτη-σαν øθες στï κυπριακÞ Ìρηµατιστήριï,εν µέσω περιïρισµένïυ αγïραστικïύενδιαæέρïντïς. à ΓενικÞς ∆είκτης έκλει-σε στις 97,19 µïνάδες, σηµειώνïνταςαπώλειες της τάêης τïυ 0,32%. Η αêίατων συναλλαγών διαµïρæώθηκε στις10.541,88 ευρώ, µε την Ελληνική Τράπεúανα συγκεντρώνει τï 64,3% τïυ ηµερήσι-ïυ τúίρïυ.

à ∆είκτης FTSE/CySE 20 έκλεισε στις37,99 µïνάδες, παρïυσιάúïντας ïριακέςúηµιές σε πïσïστÞ 0,37%.

22 ÂÎ. ‰ÈÂχÛÂȘ Û 10 ¯ÚfiÓÈ· ·fi Ù· Ô‰ÔÊÚ¿ÁÌ·Ù·

Συµπληρώθηκαν øθες 10 øρÞνια απÞτï άνïιγµα των ïδïæραγµάτων στις 23Απριλίïυ τïυ 2003. Σε αυτÞ τï διάστηµακαταγράæηκαν 8 εκ διελεύσεις Ε/κ και 14εκ διελεύσεις Τ/κ, σύµæωνα µε τïναρθρïγράæï και διευθυντή της εæηµερί-δας, Γενί Ντïυúέν,Τúενκ Μïυτλïύγιακαλι.Ùπως έγραψε έøïυν περάσει 10 øρÞνιαπïυ πηγαινïερøÞµαστε, øωρίς να σηµειω-θïύν πρïâïκάτσιες, øωρίς να ανïίêει ηµύτη κανενÞς. Σηµειώθηκαν, γράæει, 8 εκδιελεύσεις Ε/κ και 14 εκ διελεύσεις Τ/κ,συνïλικά 22 εκ.

ÀÔ‚¿ıÌÈÛË Ù˘ ∂ÏÏËÓÈ΋˜ ·fi Fitch

Σε υπïâάθµιση της µακρïπρÞθεσµηςκαι âραøυπρÞθεσµης αêιïλÞγησης τηςΕλληνικής Τράπεúας σε Restricted Default(RD) απÞ B πρïøώρησε ï ïίκïς αêιïλÞγη-σης Fitch Ratings αæαιρώντας τï RatingWatch Negative (RWN) λÞγω της παράτα-σης στïυς ελέγøïυς κίνησης κεæαλαίων.

Ùπως αναæέρεται σε έκθεση τïυïίκïυ, ενώ ïι έλεγøïι κεæαλαίïυ επρÞκει-τï να είναι πρïσωρινïί, απïκαθιστώνταςτην εµπιστïσύνη στï τραπεúικÞ σύστηµατης Κύπρïυ διαρκïύν περισσÞτερï απÞÞ,τι πρïâλεπÞταν αρøικά.

à ïργανισµÞς σηµειώνει Þτι ïι περιï-ρισµïί έøïυν øαλαρώσει απÞ τις 27Μαρτίïυ 2013 πïυ εæαρµÞστηκαν γιαπρώτη æïρά, αλλά εêακïλïυθïύν να επι-κρατïύν στις κυπριακές τράπεúες περιï-ρίúïντας την ικανÞτητα των πελατών νααπïσύρïυν τις καταθέσεις τïυς.

Ùπως αναæέρεται στην ανακïίνωσητïυ ïίκïυ, τα ratings της τράπεúας θαεπαναêεταστïύν Þταν αρθïύν πλήρως ïιπεριïρισµïί.

∆∆¤¤ÏÏÔÔ˜ ÛÛÙÙ·· ‚‚··ÛÛÈÈÏÏÈÈÎο¿ ÂÂÈȉ‰fifiÌÌ··ÙÙ·· ÁÁÈÈ·· ··ÏÏÏÏÔÔ‰‰··ÔÔ‡‡˜ΑυστηρÞτερα εισïδηµατικά κριτήρια ,

αναθεώρηση τïυ πïσïύ πïυ παραøωρείταιγια κάλυψη των âασικών αναγκών και καθï-ρισµÞ ανώτατïυ πïσïύ επιδÞτησης ανά νïι-κïκυριÞ, ώστε τï ύψïς των επιδïµάτων ναείναι øαµηλÞτερï απÞ τï εισÞδηµα απÞεργασία τρïøιïδρïµεί τï επÞµενï διάστηµαη κυâέρνηση .

Συγκεκριµένα πλέïν δεν θα δίνεται Þλïτï πïσÞ των øρηµάτων σε øρήµατα αλλά

ïυσιαστικά θα δίνïνται για τις ανάγκες στέ-γασης, τï ενïίκιï θα δίνεται απευθείας στïνιδιïκτήτη Þπïυ θα στέλλεται στα αρµÞδιατµήµατα τï πïσÞ αυτÞ Þπως τï æÞρï εισï-δήµατïς επιπρÞσθετα η κυâέρνηση θα âρειτÞπïυς στέγασης ιδιÞκτητïυς ή µε ενïίκιïέτσι ώστε να µην øρειάúεται να δίνïνταιøρηµατικά πïσά για σκïπïύς στέγασης. Γιασκïπïύς υπïδïøής θα δίνïνται øρηµατικάκïυπÞνια έτσι ώστε να µην δίνïνται øρηµα-

τικά πïσά. Με τïν τρÞπï αυτÞ δεν θα υπάρ-êει παγίδευση στα επιδÞµατα αλλά θα γίνε-ται πιï σωστÞς τρÞπïς κατανïµής τωνπÞρων τïυ δηµïσίïυ.

Μέτρα θα ληæθïύν και για τη διασæάλι-ση της διακïπής της Þπïιας επιδÞτησης τωναλλïδαπών στις περιπτώσεις πïυ αυτïίαρνïύνται πρïσæïρά απασøÞλησης σετïµείς και περιÞδïυς Þπïυ η απασøÞλησητïυς επιτρέπεται.

Ãÿ¿ÛÛÈÈÎÎÔÔ˜:: ∫∫˘ÎÎÏÏÒÒÌÌ··ÙÙ·· Îη·ÙÙ··‚‚ÚÚÔÔ¯ıı››˙ÔÔ˘ÓÓ ÂÂÚÚÈÈÔÔ˘ÛÛ››Â˜Για διαæθïρά και κυκλώµατα ιδιαίτερα

στις τïυρκïκυπριακές περιïυσίες στïΚτηµατïλÞγιï, έκανε λÞγï øθες ï ΥπïυργÞςΕσωτερικών Σωκράτης Ìάσικïς, τïνίúïνταςÞτι η Κυâέρνηση δεν θα µείνει απαθής ενώστην Þλη υπÞθεση για διαλεύκανση θαεµπλακεί και η Αστυνïµία.

Σε δηλώσεις τïυ µετά απÞ συνάντησηπïυ είøε µε εκπρïσώπïυς της ΕνωσηςΚïινïτήτων Κύπρïυ, ï κ. Ìάσικïς ερωτηθείς

σøετικά είπε πως «æαίνεται υπάρøει διαæθï-ρά øωρίς να ισïπεδώνω Þλïυς τïυς λειτïυρ-γïύς τïυ Τµήµατïς Κτηµατïλïγίïυ». ΑπÞ τηνάλλη Þµως, σηµείωσε, υπάρøïυν αυτές ïιεêαιρέσεις των δηµïσίων λειτïυργών πïυæαίνεται Þτι έâαλαν τï øέρι στï µέλι και τσι-µπïύσαν κατά τρÞπï διαρκή.

à κ. Ìάσικïς ανέæερε Þτι «æαίνεται Þτιλειτïυργεί ένα κύκλωµα ιδιαίτερα δε Þτι έøεισøέση µε τα τïυρκïκυπριακά. Εκεί έøïυν

αναπτυøθεί κυκλώµατα ιδιαίτερα σε µια απÞτις επαρøίες µας - στην Λάρνακα - αυτή ηπαρανïµία æαίνεται Þτι ανθεί.Επαναλαµâάνω δεν είµαστε απαθείς και θαεµπλακεί άµεσα η Αστυνïµία».

à ΥπïυργÞς επιâεâαίωσε επίσης Þτι ηΚυâέρνηση σøεδιάúει να περάσει στην επÞµε-νη συνεδρία τïυ Υπïυργικïύ Συµâïυλίïυ τηνπρÞταση της για την æïρïλÞγηση της ακίνη-της περιïυσίας.

∞∞ÓÓËËÛÛ˘¯››Â˜ ÁÁÈÈ·· ÙÙËËÓÓ ÛÛ˘ÁÁ¯ÒÒÓÓ¢ÛÛËË AAeeggeeaann -- OOllyymmppiicc Σε âάθïς έρευνα, âάσει τïυ κανïνισµïύ

της ΕΕ περί συγκεντρώσεων, σøετικά µε τηνπρïτεινÞµενη εêαγïρά της Olympic Air απÞτην Aegean Airlines, απïæάσισε να πρïøω-ρήσει η Ευρωπαϊκή Επιτρïπή.

Στην απÞæασή της, η Επιτρïπή εκæράúειανησυøίες Þτι η συναλλαγή µπïρεί να έøειως απïτέλεσµα αυêήσεις τιµών και µειωµέ-νη πïιÞτητα υπηρεσιών σε αρκετά ελληνικάδρïµïλÞγια εσωτερικïύ µε αναøώρηση απÞΑθήνα, στα ïπïία η ïντÞτητα πïυ θα πρïέ-κυπτε απÞ τη συγκέντρωση θα απïκτïύσετï µïνïπώλιï ή ισøυρή θέση στην αγïρά.

Η έναρêη σε âάθïς έρευνας δεν πρïδι-κάúει τï απïτέλεσµα της εν λÞγω έρευναςκαι η Επιτρïπή έøει πλέïν πρïθεσµία 90εργάσιµων ηµερών, δηλαδή έως τις 3Σεπτεµâρίïυ, πρïκειµένïυ να λάâει ïριστι-κή απÞæαση ως πρïς τï κατά πÞσï η πρï-τεινÞµενη συναλλαγή θα παρακωλύσει σεσηµαντικÞ âαθµÞ την άσκηση απïτελεσµα-τικïύ ανταγωνισµïύ στïν ΕυρωπαϊκÞ

ÃικïνïµικÞ Ìώρï (ΕÃÌ). ΑπÞ την αρøικήανάλυση της αγïράς, η ΚïµισιÞν διαπίστωσεÞτι η πρïτεινÞµενη συναλλαγή θέτει ïρι-σµένα σïâαρά πρïâλήµατα σε αρκετά ελλη-νικά δρïµïλÞγια εσωτερικïύ, στα ïπïία ηAegean και η Olympic είτε ανταγωνίúïνταιµεταêύ τïυς επί τïυ παρÞντïς είτε âρίσκï-νται σε καλή θέση για να ανταγωνιστïύν.

Τα δρïµïλÞγια αυτά øρησιµïπïιïύνταιÞøι µÞνï απÞ Έλληνες επιâάτες αλλά καιαπÞ µεγάλï αριθµÞ êένων ταêιδιωτών,δεδïµένïυ Þτι η Ελλάδα απïτελεί δηµïæιλήτïυριστικÞ πρïïρισµÞ.

ΩστÞσï, η µέøρι σήµερα έρευνα έδειêεÞτι η ïντÞτητα πïυ θα πρïέκυπτε απÞ τηνπρïτεινÞµενη εêαγïρά θα απïκτïύσε τïµïνïπώλιï στα δρïµïλÞγια απÞ Αθήνα πρïςÌανιά, Σαντïρίνη, Μυτιλήνη, Κέρκυρα,Αλεêανδρïύπïλη και Κω, γεγïνÞς πïυ θαείøε δυσµενείς επιπτώσεις στις τιµές τωνεισιτηρίων και στï επίπεδï της εêυπηρέτη-σης των επιâατών των εν λÞγω δρïµïλï-γίων. Σε άλλα ελληνικά δρïµïλÞγια εσωτε-ρικïύ Þπïυ ïι δύï αερïπïρικές εταιρείεςεκτελïύν δρïµïλÞγια σε ανταγωνισµÞ µε τηCyprus Airways (δηλ. απÞ Αθήνα πρïςΘεσσαλïνίκη, Ηράκλειï και ΡÞδï), η συναλ-λαγή θα απïµάκρυνε ένα σηµαντικÞ αντα-γωνιστή.

Επιπλέïν, απÞ την έρευνα τηςΕπιτρïπής πρïέκυψαν ενδείêεις Þτι ηCyprus Airways, ï µεγαλύτερïς ανταγωνι-στής των δύï εταιρειών, ίσως να πάψει στïµέλλïν να δρα ως âιώσιµïς ανταγωνιστήςστην εγøώρια ελληνική αγïρά.

ªªÂ››ˆÛÛËË 1100%% ÛÛÙÙ·· ··ÓÓÂÂÈÈÛÛÙÙËËÌÌÈÈ··Îο¿ ‰‰››‰‰··ÎÎÙÙÚÚ··Μείωση 10% των διδάκτρων των δηµï-

σίων και ιδιωτικών Πανεπιστηµίων τηςΚύπρïυ, για τï ακαδηµαϊκÞ έτïς 2013-2014,ανακïίνωσε øθες ï ΥπïυργÞς Παιδείας καιΠïλιτισµïύ Κυριάκïς Κενεâέúïς, πïυ επι-æυλάøθηκε ωστÞσï να απαντήσει κατάπÞσï θα υπάρêει µείωση και στα δίδακτρατων κïλλεγίων.

Ανακïινώνïντας την απÞæαση ï κ.Κενεâέúïς ανέæερε Þτι µετά απÞ συνεννÞη-ση µε τïυς Πρïέδρïυς των Συµâïυλίων των

ιδιωτικών Πανεπιστηµίων, στη âάση έκκλη-σης τïυ Υπïυργείïυ Παιδείας και εκτίµησηςτων δεδïµένων και των συγκυριών, υπάρøειαπÞæαση απÞ τα ιδιωτικά Πανεπιστήµια, τηνïπïία εêαγγέλλïυµε για µείωση των διδά-κτρων, ως ειδική έκπτωση για τï ακαδηµαϊ-κÞ έτïς 2013-2014 στα ήδη εγκεκριµέναδίδακτρα.

à κ. Κενεâέúïς επεσήµανε Þτι η µείωσηγίνεται παρά τï γεγïνÞς Þτι τα Πανεπιστήµιαδεν έøïυν επιâάλει ïπïιαδήπïτε αύêηση στα

δίδακτρα απÞ τï 2010, πρïσθέτïντας Þτιεκκρεµïύσε ανïικτÞ αίτηµα για αύêηση τωνδιδάκτρων καθώς ήταν στην ίδια κλίµακα απÞτï 2010.

Συγκεκριµένα σε µείωση των διδάκτρωντïυς πρïøωρïύν : Πανεπιστήµιï Κύπρïυ,ΤεøνïλïγικÞ Πανεπιστήµιï Κύπρïυ, ΑνïικτÞΠανεπιστήµιï Κύπρïυ, ΠανεπιστήµιïFrederick, ΕυρωπαϊκÞ Πανεπιστήµιï Κύπρïυ,Πανεπιστήµιï Λευκωσίας, ΠανεπιστήµιïΝεάπïλις και Πανεπιστήµιï UCLan-Cyprus.

Υπάρøει πρÞταση απÞ την ΠÃΒΕΚ για µείωση των εµπïρι-κών ενïικίων κατά 50%. Ùπως µας είναι αντιληπτÞ εµπïρικÞενïίκιï σηµαίνει ïπïιεσδήπïτε øρήσεις εκτÞς απÞ ïικιστικές.à πρÞεδρïς της Επιτρïπής Εµπïρίïυ της Βïυλής πρÞσθεσεÞτι τα εµπïρικά ενïίκια περιλαµâάνïυν και êενïδïøεία. ∆ενγνωρίúïυµε ασæαλώς πως τï Þλï θέµα θα εêελιøθεί, αλλά ήδητï ΑΚΕΛ υπïστηρίúει αυτήν την πρÞταση µε µείωση ενïικίωνκατά 25%. Είµεθα της άπïψης Þτι και τα άλλα πïλιτικά κÞµµα-τα να ακïλïυθήσïυν παρÞµïια πρÞταση, αλλά θα πρέπει τïµέτρï αυτÞ να λάâει υπÞψη τïυ και ïρισµένες άλλες παραµέ-τρïυς πïυ να αντιµετωπίúïυν σε κάπïιï âαθµÞ την ïικïνïµικήδυσπραγία της αγïράς.

- Ήδη η αγïρά ακινήτων κατά τα τελευταία 1-2 øρÞνια έøειεισέλθει σε µια συναινετική µειωτική πïρεία των ενïικίωνµεταêύ ιδιïκτητών και ενïικιαστών πïυ κυµαίνεται απÞ 15%-20%, âασιúÞµενη πάνω στα πρï της κρίσης ενïίκια τïυ έτïυς2010.

- Με τις επικρατïύσες øειρÞτερες συνθήκες, είναι λïγικÞνα υπάρêει υπÞ τις περιστάσεις µια µείωση της τάêης µε µέγι-στï πïσïστÞ 20%-30% απÞ τï έτïς 2010.

- Ενïίκια τα ïπïία έτυøαν ήδη της µείωσης είτε σε υæιστά-µενïυς ενïικιαστές, είτε µείωση σε νέïυς µε µειωµένα ενïί-κια, θα πρέπει να ληæθïύν υπÞψη και Þøι η π.ø. 25% µείωση ναεπιâληθεί στï ήδη µειωµένï ενïίκιï. Εδώ θα αντιµετωπίσïυµεπρïâλήµατα διÞτι θα πρέπει να καθïριστεί Þτι νέες ενïικιά-σεις µετά την 15.3.2013 δεν θα τύøïυν µείωσης.

- Η µείωση τïυ ενïικίïυ ναι µεν θα αναæέρεται σε εµπïρι-κά ακίνητα, αλλά ίσως για τα êενïδïøεία τα ïπïία æαίνεταιτώρα να âρίσκïνται σε καλύτερη κατάσταση, η µείωση να είναιµικρÞτερη κατά 10%-15%.

- Η κάθετη µείωση ενïικίων θα πρέπει να λάâει υπÞψη τηςÞτι ï ιδιïκτήτης δυνατÞν να âασίúεται στα πρïς τï úην απÞ τηνείσπραêη των ενïικίων, ενώ άλλïι να øρησιµïπïιïύν τï ενïίκιïγια σκïπïύς απïπληρωµής δανείων, σπïυδές παιδιών κλπ. Ωςεκ τïύτïυ δεν πρέπει η µείωση να είναι τέτïια πïυ να âïηθάµια κατηγïρία και να πρïκαλεί επιâάρυνση σε άλλη.

- Η µείωση θα πρέπει να καλύπτει Þλη την Κύπρï σε αστι-κές περιïøές και ίσως Þøι øωριά π.ø. εêïøικά κλπ.

- Θα πρέπει να καλύπτει τÞσï Κύπριïυς ενïικιαστές Þσïκαι êένïυς και Þøι Þπως είναι σήµερα τï ενïικιïστάσιï να µηνκαλύπτει άτïµα/εταιρείες εκτÞς Ε. Ένωσης.

- Η øρïνική διάρκεια της µείωσης να είναι περιïρισµένηέστω για 12 µήνες και ανανεώνεται τÞσï η περίïδïς Þσï και τïπïσïστÞ µείωσης âάσει των επικρατïυσών συνθηκών.

- Είναι δεδïµένï Þτι η αêία των εµπïρικών ακινήτων είναιâασισµένη στï εισπρακτέï εισÞδηµα. Ως εκ τïύτïυ κάθετηµείωση των ενïικίων θα πρïκαλέσει την µείωση της αêίας τωνκαι µείωση της αêίας εêασæάλισης των (αντίδραση απÞ τïυςøρηµατïδÞτες;).

- ΑπÞ την µια πρïσπαθïύµε να ενθαρρύνïυµε νέες επεν-δύσεις/αναπτύêεις και απÞ την άλλη εισάγïυµε περιïριστικάµέτρα στην απÞδïση/επένδυση. Ως εκ τïύτïυ øρειάúεταιµεγάλη πρïσïøή και θα πρέπει να τïνιστεί Þτι πρÞκειται περίπρïσωρινïύ µέτρïυ µε σαæή ηµερïµηνία λήêης.

- ΕπανερøÞµενïι στα ακίνητα µε εισÞδηµα πïυ είναιδεσµευµένα για øρέη, η απïπληρωµή τïυ øρέïυς θα επε-κτείνεται ανάλïγα για την περίïδï της απïπληρωµής και τïύψïς της δÞσης.

Κλπ κλπΕίναι δεδïµένï Þτι ïι πλείστïι ιδιïκτήτες έøïυν ανταπï-

κριθεί στις εκκλήσεις των ενïικιαστών για µείωση της τάêης

τïυ 15%-20%, αλλά αυτÞ τï πïσïστÞ δεν είναι απÞλυτï. Εάνµελετήσïυµε την λεωæÞρï Μακαρίïυ στην Λευκωσία Þπïυ τï40% των καταστηµάτων είναι κενά και µε τα ενïίκια τïυ 2010ψηλά, τÞτε και τï 30% µείωση ίσως να είναι και λίγη.Υπάρøïυνπράγµατι λαίµαργïι ιδιïκτήτες πïυ δεν λαµâάνïυν υπÞψη τïνøρÞνï ύπαρêης τïυ ενïικιαστή τïυς και την συνέπεια τïυ στιςυπïøρεώσεις τïυ κλπ είτε δεν παραøωρïύν µείωση ενïικίïυ,είτε ένα πïσïστÞ µείωσης 5%-10%. ΚαλÞ θα ήταν ïι ιδιïκτή-τες να αντιληæθïύν Þτι καλύτερα να διατηρηθεί ένας συνεπήςενïικιαστής παρά να τïν εêαναγκάσïυν να απïøωρήσει. Μετην αναµενÞµενη αύêηση τïυ æÞρïυ ακίνητης ιδιïκτησίαςκατά 3 æïρές περίπïυ, είναι πρÞδηλï Þτι ένα κενÞ κατάστηµαθα είναι καταστρïæικÞ για τïυς ιδιïκτήτες.

Υπάρøει η πρÞταση τïυ Υπïυργείïυ για παραίνεση σε µηαυêήσεις. ΑυτÞ δεν µας âρίσκει σύµæωνïυς διÞτι αæήνει τïυςενïικιαστές έρµαιï των ïρέêεων των ιδιïκτητών.

Τελειώνïντας και για εκείνïυς τïυς ενïικιαστές πïυ έøïυνπρÞâληµα µε τïυς ιδιïκτήτες και για εκείνα τα κτίρια πïυ εµπί-πτïυν στï ενïικιïστάσιï, ï ενïικιαστής (και ï ιδιïκτήτης) έøειτï δικαίωµα µείωσης (ή αύêησης) τïυ ενïικίïυ µέσω τïυ∆ικαστηρίïυ ελέγøïυ ενïικίασης.

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

ªÂ›ˆÛË ÂÓÔÈΛˆÓ;

ªª¤¤¯ÚÚÈÈ 44 ππÔÔ˘ÓÓ››ÔÔ˘ ÙÙÔÔ ÏÏ··ÊÊfifiÓÓ ÛÛÙÙÔÔ ÁÁ¿¿ÏÏ··

Νέï διάταγµα µε τï ïπïίï επιµηκύνεται η διάρκεια τηςισøύïς των ανώτατων øïνδρικών και λιανικών τιµών πώλη-σης τïυ æρέσκïυ παστεριωµένïυ αγελαδινïύ γάλακτïς,Þπως αυτές καθïρίστηκαν σε πρïηγïύµενï διάταγµα, εêέ-δωσε τï Υπïυργείï Εµπïρίïυ, Βιïµηøανίας και Τïυρισµïύ.

Ως εκ τïύτïυ ïι ανώτατες τιµές (συµπεριλαµâανïµέ-νïυ τïυ ΦΠΑ) παραµένïυν ως εêής:

- Παστεριωµένï αγελαδινÞ γάλα, συσκευασίας 1λίτρïυ: ανώτατη øïνδρική τιµή πώλησης 1,32 ευρώ/ανώτα-τη λιανική τιµή πώλησης 1,41 ευρώ.

- Παστεριωµένï αγελαδινÞ γάλα, συσκευασίας 1,5λίτρων: ανώτατη øïνδρική τιµή πώλησης 1,93 ευρώ /ανώ-τατη λιανική τιµή πώλησης 2,06 ευρώ.

- Παστεριωµένï αγελαδινÞ γάλα, συσκευασίας 2λίτρων: ανώτατη øïνδρική τιµή πώλησης 2,52 ευρώ /ανώ-τατη λιανική τιµή πώλησης 2,69 ευρώ.

Τï διάταγµα ισøύ απÞ την Κυριακή, 21 Απριλίïυ, γιαπερίïδï 45 ηµερών, µέøρι και την 4η Ιïυνίïυ.

Τï Υπïυργείï Εµπïρίïυ κάλεσε Þλïυς τïυς εµπλεκÞ-µενïυς æïρείς, ιδιαίτερα υπÞ τις παρïύσες αντίêïες συν-θήκες, να επιδείêïυν την αναγκαία αυτïσυγκράτηση µεσκïπÞ την πρïστασία των καταναλωτών, αλλά και τηςεγøώριας παραγωγής τïυ æρέσκïυ παστεριωµένïυ αγε-λαδινïύ γάλακτïς.

24 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

∫∫˘ÚÚÈÈ··ÎΤ¤˜ ∞∞ÂÂÚÚÔÔÁÁÚÚ··ÌÌÌ̤¤˜ Îη·ÈÈ ÛÛ˘ÓÓÙÙ¯ÓÓ››Â˜ÛÛ˘ÓÓ··ÓÓÙÙÔÔ‡‡ÓÓ ÙÙËËÓÓ ∑∑¤¤ÙÙ·· ∞∞ÈÈÌÌÈÈÏÏÈÈ··ÓÓ››‰‰ÔÔ˘

Με στÞøï τη διευκρίνιση των τρÞπων εæαρµïγής τηςσυµæωνίας πïυ επιτεύøθηκε για τη διάσωση τωνΚυπριακών Αερïγραµµών, στις 12 Απριλίïυ, µεταêύΚυâέρνησης, συντεøνιών και εταιρείας, θασυναντηθïύν σήµερα τï απÞγευµα µε τηνΥπïυργÞ Εργασίας και ΚïινωνικώνΑσæαλίσεων ·έτα Αιµιλιανίδïυ, συντεøνίεςκαι ∆ιεύθυνση των ΚΑ.

Κατά τη συνάντηση, αναµένεται να συúη-τηθεί η πρακτική εæαρµïγή της συµæωνίας,πïυ αæïρά, µεταêύ άλλων, τïν τρÞπï απïνï-µής των δικαιωµάτων τïυ πρïσωπικïύ πïυθα απïøωρήσει. Συúήτηση θα γίνει και επίτïυ πïσïύ πïυ παραµένει σε ρευστÞτηταστï ταµείï πρïνïίας των εργαúïµένων στιςΚΑ, µετά την απÞæαση για “κïύρεµα” 27% σεανασæάλιστïυς καταθέτες της Τράπεúας Κύπρïυ.

Ùπως πρïνïεί η συµæωνία πïυ επιτεύøθηκε, ï αριθµÞςτïυ πρïσωπικïύ της εταιρείας πïυ θα απïøωρήσει ανέρøε-ται στïυς 490, ïι απïúηµιώσεις τïυ πρïσωπικïύ πïυ θα

απïøωρήσει θα είναι ίσες µε τï 50% των απïúηµιώσεων τïυυæισταµένïυ συµæωνηµένïυ σøεδίïυ, τï ïπïίï θα αρøίúεινα εæαρµÞúεται απÞ την 1/1/2014, θα διαρκέσει µία περίïδï

τριών øρÞνων και θα καταâάλλεται σε ίσεςεêαµηνιαίες δÞσεις.

Ãι απïκïπές στïυς µισθïύς θα γίνïυνστη âάση και των συµæωνιών πïυ υπήρøανµε τις συντεøνίες των εργαúïµένων και στηâάση της µείωσης τïυ 17% τïυ συνïλικïύµισθïλïγίïυ, τï ïπïίï τï 9% απïκïπτÞτανήδη απÞ πρïηγïυµένως και τώρα θα απïκï-πεί ένα επιπλέïν 8%.

Σε σøέση µε τα Ταµεία Πρïνïίας, έøεισυµæωνηθεί Þπως τï έλλειµµα των 6 εκα-τïµµυρίων καλυæθεί µέσω τïυ Σøεδίïυâάσει τïυ ïπïίïυ θα καλυæθïύν Þλα τα

Ταµεία Πρïνïίας και τï ïπïίï σøέδιï θα εκπïνήσει τïΥπïυργείï Ãικïνïµικών. Τï υπÞλïιπï πïσÞ των 12 εκατïµ-µυρίων θα καλυæθεί µέσα απÞ περιïυσιακά στïιøεία τηςεταιρείας.

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Τίθεται σε ισøύ απÞ την 1η Μαΐïυ τï θερινÞ ωρά-ριï των τραπεúών, Þπως ανακïίνωσε ï ΣύνδεσµïςΤραπεúών.

Ùπως αναæέρει η ανακïίνωση τïυ Συνδέσµïυ,κατά την περίïδï απÞ την 1η Μαΐïυ 2013 µέøρι την30η Σεπτεµâρίïυ 2013, ïι Τράπεúες θα εæαρµÞúïυν τïθερινÞ ωράριï εêυπηρέτησης τïυ κïινïύ, πïυ είναι τïακÞλïυθï: ∆ευτέρα µέøρι Παρασκευή: 8.15 π.µ. – 1.30µ.µ.

Η πιστή τήρηση τïυ ωραρίïυ είναι αναγκαία γιατην ïµαλή διεκπεραίωση των τραπεúικών εργασιών,αναæέρει η ανακïίνωση.

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Η σøïλή Θετικών Επιστηµών – Τµήµα Επιστηµών Υγείαςτïυ Ευρωπαϊκïύ Πανεπιστηµίïυ Κύπρïυ διïργανώνει την1η επιστηµïνική ηµερίδα στη ∆ηµÞσια Υγεία, µε θέµα: «20øρÞνια πρïσπάθειας εισαγωγής τïυ ΓΕΣΥ στην Κύπρï. Πïύαπïτύøαµε;». Η ηµερίδα θα πραγµατïπïιηθεί αύριï Πέµπτη,25 Απριλίïυ, στï ΠïλιτιστικÞ Κέντρï τïυ ΕυρωπαϊκïύΠανεπιστηµίïυ Κύπρïυ και θα αρøίσει στις 9:00πµ. Στηνηµερίδα θα παρευρεθεί ï ΥπïυργÞς Υγείας κ. ΠέτρïςΠετρίδης.

Κύριïς ïµιλητής στην ηµερίδα θα είναι ï καθηγητήςÃικïνïµικών της Υγείας, κ. Νίκïς Πïλύúïς, πρώην ΓΓ τïυΥπïυργείïυ Υγείας της Ελλάδïς, µε θέµα: «Ãι ΥπηρεσίεςΥγείας στïν καιρÞ της κρίσης».

Τï απïγευµατινÞ µέρïς της ηµερίδας θα είναι αæιερω-µένï στη νÞσï τïυ Αλτσøάιµερ και άλλων συναæών ανïιών.

Τï ΕυρωπαϊκÞ Πανεπιστήµιï æιλïδïêεί να µετατρέψεισε ετήσιï θεσµÞ τη διïργάνωση ηµερίδας για τη ∆ηµÞσιαΥγεία.

ΠρÞκειται για ακÞµη ένα επιστηµïνικÞ εργαλείï κατα-γραæής τεκµηριωµένων εισηγήσεων, µελετών, πρïτάσεωνκαι ιδεών πïυ συµâάλλει στïν πανευρωπαϊκÞ πρïâληµατι-σµÞ για την υιïθέτηση της ïρθής στρατηγικής για τηνυγεία. à τïµέας της ∆ηµÞσιας Υγείας απïτελεί µια σηµαντι-κή συνιστώσα της ΕΕ. Στην επïøή της παγκïσµιïπïίησης,ένα σύγøρïνï Κράτïς ïæείλει να ενισøύσει την ικανÞτηταταøείας αντιµετώπισης των απειλών κατά της υγείας.

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Σηµαντική αύêηση τïυ δηµÞσιïυ øρέïυς στην Κύπρïτï 2012, καταγράæïυν τα πρώτα στïιøεία για τις δηµïσιï-νïµικές επιδÞσεις των øωρών της ΕΕ, πïυ δηµïσιïπïίη-σε η Eurostat.

Σύµæωνα µε τα κïινïτικά στïιøεία, πïυ θα ïριστικï-πïιηθïύν τïν πρïσεøή Ãκτώâριï, τï δηµÞσιï øρέïς τηςΚύπρïυ ανήλθε τï 2012 στα 15,350 δισ. ευρώ ή 85,8% τïυΑΕΠ. Τï 2011 τï δηµÞσιï øρέïς ήταν 12,778 δισ. ευρώ ή71,1% τïυ ΑΕΠ. ΠρÞκειται για τη δεύτερη µεγαλύτερηετήσια αύêηση τïυ øρέïυς στην Ευρωúώνη µετά απÞεκείνη της Ισπανίας.

Τï δηµÞσιï έλλειµµα κυµάνθηκε τï 2012 στα 1,127δισ. ευρώ ή -6,3% τïυ ΑΕΠ. Τï συνïλικÞ ΑΕΠ της Κύπρïυκυµάνθηκε τï 2012 στα 17,887 δισ. ευρώ, έναντι 17,979δισ. ευρώ πïυ είøε καταγραæεί τï 2011. ΜÞνï 6 απÞ τις 17øώρες της ευρωúώνης εµæάνισαν τï 2011 έλλειµµα κάτωτïυ 3% τïυ ΑΕΠ πïυ είναι και τï ανώτατï απïδεκτÞ Þριï.ΠρÞκειται για τï Λïυêεµâïύργï, τη Φινλανδία, τηνΕσθïνία, τη Μάλτα, την Αυστρία και τη Γερµανία. Ãι υπÞ-λïιπες âρίσκïνται σε καθεστώς επιτήρησης.

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Τï µέγιστï πïσïστÞ µείωσης στις τιµές των επενδυ-τικών µïνάδων της Eurolife, µετά τï κïύρεµα τïυ 27.5%στις καταθέσεις, είναι µικρÞτερï τïυ 1%, Þπως ανακïίνω-σε η εταιρεία. Σύµæωνα µε ανακïίνωση της ασæαλιστι-κής: Τï ΜικτÞ Ταµείï θα υπïστεί κïύρεµα 0.7%, Τï∆υναµικÞ 1%, Τï ΕισïδηµατικÞ 1.4%, Τï Εγγυηµένï δενεπηρεάúεται

Στï παράδειγµα κατÞøïυ σøεδίïυ µε επένδυση στïΜικτÞ Ταµείï η αêία αγïρά θα µειωθεί απÞ 50,000 ευρώ σε49.780 ευρώ.

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Ãι απώλειες απÞ την απïµείωση των καταθέσεωνστην Τράπεúα Κύπρïυ και τη Λαϊκή Τράπεúα, µετά και τïνέï διάταγµα της Κεντρικής Τράπεúας ηµερïµηνίας 21Απριλίïυ, δεν êεπερνïύν τï 0,1% τïυ ενεργητικïύ τωνεπηρεαúÞµενων επενδυτικών ταµείων της Universal Life.

Τï µικρÞ µέγεθïς της úηµιάς και η γενικÞτερη ευρω-στία της Εταιρείας επιτρέπïυν στην Universal Life ναεπωµιστεί η ίδια τï κÞστïς της απïµείωσης, καλύπτïνταςτï απÞ ίδια κεæάλαια. «Θέλïυµε µε αυτÞ τïν τρÞπï ναεπιâραâεύσïυµε τïυς ασæαλισµένïυς µας για την εµπι-στïσύνη πïυ δείøνïυν στην Εταιρεία µας, αλλά και ναστείλïυµε ευρύτερα µηνύµατα αêιïπιστίας και σταθερÞ-τητας», ανακïίνωσε η εταιρεία.

∞Ó·ÛÙ·ÛÈ¿‰Ë˜: ¢ÂÓ Ì·˜ Û‚¿ÛÙËΠηÓ›˜!Ως πειραµατÞúωï αντιµετωπίστηκε απÞ τïυς εταίρïυς

της η Κύπρïς, για να εæαρµïστεί η θεωρία τïυ κïυρέµατïςτων καταθέσεων, δήλωσε ï ΠρÞεδρïς της ∆ηµïκρατίας ΝίκïςΑναστασιάδης, ï ïπïίïς την ίδια ώρα κατήγγειλε έλλειψηαλληλεγγύης απÞ τïυς εταίρïυς έναντι της Κύπρïυ.

à ΠρÞεδρïς της ∆ηµïκρατίας, ανέæερε Þτι η Κυâέρνησήκαταâάλλει πρïσπάθειες ώστε να µετριάσει τις συνέπειες τηςαπÞæασης τïυ Eurogroup µε στÞøï να πρïστατέψει τα συµ-æέρïντα Þσων επηρεάúïνται και να âïηθήσει ώστε να επανα-κτηθεί η εµπιστïσύνη στην ïικïνïµία της Κύπρïυ και στïτραπεúικÞ σύστηµα.

Πρïς αυτή την κατεύθυνση, έøïυν ήδη ανακïινωθεί σειράκαι µεταρρυθµίσεις.

Ùπως είπε ï ΠρÞεδρïς, τα µέτρα αæïρïύν τη στήριêη τωνευπαθών ïµάδων τïυ πληθυσµïύ, την καταπïλέµηση τηςανεργίας, την πρïώθηση της ανάπτυêης, την παραøώρησηευνïϊκών æïρïλïγικών κινήτρων για υæιστάµενες και νέεςεταιρείες πïυ δραστηριïπïιïύνται στην Κύπρï, την ενθάρ-ρυνση νέων επενδύσεων, την ανάπτυêη της ανταγωνιστικÞτη-τας και τη δηµιïυργία πιï æιλικïύ επιøειρηµατικïύ περιâάλλï-ντïς.

Στï σηµείï αυτÞ, ï ΠρÞεδρïς Αναστασιάδης αναæέρθηκεστην αντιµετώπιση της ïπïίας έτυøε η Κύπρïς Þταν απïτάθη-κε για âïήθεια στïν µηøανισµÞ στήριêης για να σηµειώσει Þτι,Þταν ένα µέλïς της ΕΕ âρίσκεται σε δεινή ïικïνïµική θέση,στρέæεται για στήριêη στην ευρωπαϊκή τïυ ïικïγένεια, γνωρί-úïντας Þτι θα τïυ παρασøεθεί âïήθεια στï πλαίσιï της αρøήςτης αλληλεγγύης.

«Στη διάρκεια Þλων µïυ των επαæών µε Ευρωπαίïυς ïµï-λÞγïυς µïυ και ανώτατïυς αêιωµατïύøïυς των ευρωπαϊκώνïργάνων πριν απÞ τη συµæωνία τïυ Eurogroup, είøα µεταæέ-ρει ένα σαæές µήνυµα: Þτι δηλαδή η Κύπρïς δεν úητά ειδική

µεταøείριση, αλλά αναµένει µια δίκαιη αντιµετώπιση, η ïπïίανα âασίúεται στïυς ίδιïυς Þρïυς και πρïϋπïθέσεις πïυ ισøύ-ïυν για Þλïυς τïυς άλλïυς ευρωπαίïυς εταίρïυς και Þτι απλάúητάµε αυτÞ πïυ δικαιïύµαστε, δηλαδή αλληλεγγύη», σηµεί-ωσε ï ΠρÞεδρïς Αναστασιάδης.

Συνέøισε λέγïντας Þτι αντ’ αυτïύ, δυστυøώς, η âασικήευρωπαϊκή αρøή της αλληλεγγύης δεν έτυøε σεâασµïύ και ηΚύπρïς έγινε πειραµατÞúωï, λήæθηκαν απïæάσεις εκ τωνπρïτέρων και στη συνέøεια επιâλήθηκαν, για να κάνει αναæï-ρά στïν Πλάτωνα και στη ρήση τïυ «æηµί γαρ εγώ είναι τïδίκαιïν ïυκ άλλï τι ή τï τïυ κρείττïνïς συµæέρïν» (λέω Þτιτï δίκαιï δεν είναι τίπïτα άλλï απÞ τï συµæέρïν τïυ ισøυρÞ-τερïυ).

«Η Κύπρïς αντιµετωπίστηκε ως πειραµατÞúωï για ναγίνïυν δïκιµές για την ïικïνïµική θεωρία τïυ κïυρέµατïςτων τραπεúικών καταθέσεων, øωρίς να ληæθïύν υπÞψη ïισυνέπειες πïυ θα ακïλïυθïύσαν και ασøέτως τïυ Þτι υπήρêεαπερίσκεπτη διαøείριση απÞ τις τράπεúες και αναπïτελεσµα-τική επίâλεψη τïυ τραπεúικïύ συστήµατïς γενικÞτερα», είπεï ΠρÞεδρïς.

ΑπευθυνÞµενïυς στïυς Ευρωπαίïυς επικεæαλής των κïι-νïâïυλίων των øωρών µελών της ΕΕ, ï ΠρÞεδρïς της∆ηµïκρατίας εêέæρασε την ελπίδα τï πρïηγïύµενï πïυ δηµι-ïυργήθηκε στην Κύπρï να µην έøει συνέøεια και να εæαρµï-στεί αλλïύ στην Ευρώπη, αν και τÞνισε Þτι ï λÞγïς ύπαρêηςενÞς πρïηγïύµενïυ είναι Þτι µπïρεί να λειτïυργήσει στηνεêυπηρέτηση της εæαρµïγής κανÞνων και κατευθυντήριωνγραµµών πïυ θα επαναληæθïύν και αλλïύ.

24 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢¢ÂÂÓÓ ÛÛÙÙÂÂÚÚÈÈÒÒÓÓÂÂÈÈ ËË ∂∂ÚÚ¢ÓÓËËÙÙÈÈÎ΋‹ ∂∂ÈÈÙÙÚÚÔÔ‹‹ ÁÁÈÈ·· ÙÙËËÓÓ ÔÔÈÈÎÎÔÔÓÓÔÔÌÌ››··∞Ó·Ï·Ì‚¿ÓÂÈ Ë ∏ÏÈ¿Ó· ¡ÈÎÔÏ¿Ô˘ ÛÙË ı¤ÛË ÙÔ˘ ·Ú·ÈÙËı¤ÓÙÔ˜ ∫·ÏÏ‹

Θα πιάσει αµέσως δïυλειά µετά τη νενïµισµένη διαâεâαίω-ση η πρώην Επίτρïπïς ∆ιïικήσεως και ∆ικαστής ΗλιάναΝικïλάïυ, η ïπïία ïρίúεται απÞ τïν ΠρÞεδρï Αναστασιάδη καιτï ΥπïυργικÞ Συµâïύλιï ως αντικαταστάτρια τïυ παραιτηθέ-ντïς Πρïέδρïυ της τριµελïύς Ερευνητικής Επιτρïπής για τηνÃικïνïµία, Παναγιώτη Καλλή.

à κ. Καλλής ενηµέρωσε τïν ΠρÞεδρï της ∆ηµïκρατίας µεεπιστïλή τïυ για τïυς λÞγïυς παραίτησης, Þπως και τïυς συνα-δέλæïυς τïυ και τï πρïσωπικÞ της Επιτρïπής για την παραίτη-σή τïυ και παρέδωσε τï γραæείï και τïυς æακέλïυς µε τï υλικÞπïυ συγκέντρωσε µέøρι τώρα η Επιτρïπή.

Η παραίτηση Καλλή έρøεται µετά και την απïøώρηση τïυεπίσης µέλïυς της Επιτρïπής Γιαννάκη Κωνσταντινίδη, ï ïπïί-ïς παραιτήθηκε, επικαλïύµενïς λÞγïυς υγείας, πρïτïύ αρøίσειτï έργï της η Επιτρïπή και στη θέση τïυ έδωσε διαâεâαίωση

και ανέλαâε καθήκïντα στις 12Απριλίïυ 2013 ï Ανδρέας Κραµâής,∆ικαστής Ανωτάτïυ. Την παραίτησηΚαλλή επιâεâαίωσε ï ΚυâερνητικÞς ΕκπρÞσωπïς ÌρήστïςΣτυλιανίδης λέγïντας Þτι στην επιστïλή τïυ ï κ. Καλλής επικα-λείται σύγκρïυση συµæερÞντων µε υπïθέσεις τïυ γραæείïυτων παιδιών τïυ. Η Κυâέρνηση ανέθεσε, επίσης, την περασµένηΠέµπτη σε δύï ακαδηµαϊκïύς ïικïνïµικών επιστηµών τïυΠανεπιστηµίïυ Κύπρïυ, τïυς Ανδρέα Ìαρίτïυ και Κώστα¥ιïύρï, να πλαισιώσïυν την τριµελή Επιτρïπή και να παρακάθï-νται στις συνεδρίες. Την περασµένη Παρασκευή είøε γίνει ηπρώτη δηµÞσια ακρÞαση της Ερευνητικής Επιτρïπής µε καλε-σµένï τïν ΓενικÞ ∆ιευθυντή τïυ Υπïυργείïυ Ãικïνïµικών,Ìρίστï Πατσαλίδη, ενώ έøει κληθεί να καταθέσει αύριïν ηΓενική Ελέγκτρια Ìρυστάλλα Γιωρκάτúη.

à Σύνδεσµïς Καταθετών της Λαϊκής Τράπεúας καλεί ταµέλη τïυ να συγκεντρώσïυν τα απαραίτητα έγγραæα, ταïπïία θα παραδώσïυν στï δικηγÞρï πïυ θα ετïιµάσει τηνπρïσæυγή στα δικαστήρια για διεκδίκηση της περιïυσίας καιτων δικαιωµάτων τïυς Τράπεúας.

Ùσïν αæïρά στα æυσικά πρÞσωπα, µέλη τïυ Συνδέσµïυ,ï Σύνδεσµïς Καταθετών της Λαϊκής Τράπεúας αναæέρει Þτιθα πρέπει να παραδώσïυν αντίγραæï ταυτÞτητας ή∆ιαâατηρίïυ, πρÞσæατï ΛïγαριασµÞ ∆ηµÞσιας Ωæελείας(π.ø. λïγαριασµÞς ΑΗΚ, Υδατïπρïµήθειας), τελευταία τραπε-úική κατάσταση των καταθέσεων και των υπïøρεώσεων (σεπερίπτωση συµψηæισµών), αντίγραæα συµâάσεων (εάν υπάρ-

øïυν) στις ïπïίες πρïνïείται δικαίωµα συµψηæισµïύ (σεπερίπτωση συµψηæισµών) και ïπïιαδήπïτε αλληλïγραæίαείøε ï καταθέτης µε την τράπεúα µετά τις 15 Μαρτίïυ 2013.

Σε σøέση µε τα νïµικά πρÞσωπα, ï Σύνδεσµïς αναæέρει Þτιθα πρέπει να παραδώσïυν αντίγραæα πιστïπïιητικών τïυ νïµι-κïύ πρïσώπïυ (ίδρυσης, µετÞøων, διευθυντών), τελευταία τρα-πεúική κατάσταση των καταθέσεων και των υπïøρεώσεων (σεπερίπτωση συµψηæισµών), αντίγραæα συµâάσεων (εάν υπάρ-øïυν) στις ïπïίες πρïνïείται δικαίωµα συµψηæισµïύ (σε περί-πτωση συµψηæισµών) και ïπïιαδήπïτε αλληλïγραæία µε τηντράπεúα µετά τις 15 Μαρτίïυ 2013.

EEÙÙÔÔÈÈÌÌ¿¿˙ÔÔ˘ÓÓ ÙÙÈȘ ÚÚÔÔÛÛÊÊ˘ÁÁ¤¤˜ ÙÙÔÔ˘˜ ÔÔÈÈ Îη·ÙÙ··ıı¤¤ÙÙ˜ ÙÙˢ §§··˚Î΋‹˜

∞∞··ÛÛ¯fifiÏÏËËÛÛËË ··ÓÓ¤¤ÚÚÁÁˆÓÓ ÛÛ 225500 ÛÛÎο¿ÏϘ ÁÁˢ ÙÙÔÔ˘ ¶¶··ÓÓÂÂÈÈÛÛÙÙËËÌÌ››ÔÔ˘ ∫∫‡‡ÚÚÔÔ˘

∆ιακÞσιες πενήντα σκάλες γεωργικής γης πïυ ανήκει στïΠανεπιστήµιï Κύπρïυ θα αêιïπïιηθïύν απÞ øέρια æïιτητώναλλά και µελών των ïικïγενειών τïυς µε âάση τï σøέδιï πïυέøïυν ετïιµάσει τï Πανεπιστήµιï και τï Υπïυργείï Γεωργίας.

Φïιτητές απÞ άπïρες ïικïγένειες αλλά και ïι γïνείς τïυς θαέøïυν δικαίωµα συµµετïøής ώστε να ανταπïκριθïύν στις ïικïνï-µικές τïυς ανάγκες και τις υπïøρεώσεις τïυς για τις σπïυδές.Τασøέδια ανακïίνωσε ï Πρύτανης τïυ Πανεπιστηµίïυ ΚύπρïυΚώστας Ìριστïæίδης. «Έøïυµε απïæασίσει να µετατρέψïυµεκαλλιεργήσιµη γη Þπïυ εκεί âασικά θα εργάúïνται γïνείς æïιτη-τών µας πïυ είναι και ïι δύï άνεργïι και θα υπάρøïυν επίσηςθέσεις ηµιαπασøÞλησης για πïλλά νέα παιδιά τïυ Πανεπιστηµίïυ

γιατί αντιλαµâάνεστε εµείς δεν θέλïυµε να εγκαταλείψει κανέ-νας æïιτητής για ïικïνïµικïύς λÞγïυς. Άρα λïιπÞν αυτή η έκτα-ση θα αêιïπïιηθεί». Τï πρÞγραµµα πρïνïεί ακÞµα και τïυς τρÞ-πïυς πώλησης των πρïϊÞντων πïυ θα παράγïυν ïι æïιτητές καιïι γïνείς τïυς. «Θα πωλείται σε ένα ειδικÞ παúάρι πïυ θα δηµι-ïυργηθεί δίπλα απÞ τï Πανεπιστήµιï ώστε αυτά τα λεæτά ναπηγαίνïυν σε άπïρïυς æïιτητές και σε παιδιά πïυ τα έøïυν πρα-γµατικά ανάγκη», επισήµανε ï Κώστας Ìριστïæίδης. à Πρύτανηςτïυ Παν. Κύπρïυ δεν ήταν σε θέση στï παρÞν στάδιï να δώσειλεπτïµέρειες για τις θέσεις εργασίας πïυ θα δηµιïυργηθïύνπρïσθέτïντας πως âρίσκεται σε εêέλιêη µελέτη απÞ τï Υπïυρ-γείï Γεωργίας η ïπïία θα τïυς παραδïθεί την πρïσεøή εâδïµάδα.

EÓÔ›ÎÈ· €157,5 ÂÎ. Ï‹ÚˆÛ ÙÔ ÎÚ¿ÙÔ˜ ·fi ÙÔ 2007-2012

24 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

ÌΡΗΜΑ&ΑΓÃΡΑ

Συνïλικά 157,5 περίπïυ εκατïµµύρια ευρώ δαπάνησε τïκράτïς απÞ τï 2007 µέøρι τï 2012 για ενïίκια κτηρίων σταïπïία στεγάúïνται δηµÞσιες υπηρεσίες συµπεριλαµâανïµέ-νων και των κτηρίων των διπλωµατικών απïστïλών στïεêωτερικÞ.

Για τïν πρïηγïύµενï øρÞνï (2012) τï συνïλικÞ πïσÞανήλθε στα 30,48 εκ. ευρώ, µειωµένï κατά 0,75 εκ ευρώ σεσøέση µε τï 2011 ïπÞταν και τï κράτïς κατέâαλε συνïλικάγια ενïίκια 31,29 εκ. ευρώ.

Τï θέµα της ενδεøÞµενης διασπάθισης δηµïσίïυ øρήµα-τïς απÞ τη διαøρïνική πïλιτική πïυ ακïλïυθεί τï κράτïςαναæïρικά µε τη στέγαση δηµïσίων υπηρεσιών σε ενïικια-úÞµενïυς ιδιωτικïύς øώρïυς, τα κριτήρια επιλïγής τωνøώρων αυτών και τï ύψïς τïυ ανερøÞµενïυ κÞστïυς τωνκαταâαλλÞµενων ενïικίων απασøÞλησε øθες τηνΚïινïâïυλευτική Επιτρïπή Ελέγøïυ.

Σε δηλώσεις τïυ µετά τï τέλïς της συνεδρίας ïΠρÞεδρïς της Επιτρïπής Γιώργïς Γεωργίïυ ανέæερε Þτικατά την περίïδï 2007 – 2012 καταâλήθηκαν για ενïικιαúÞ-µενα απÞ κρατικές υπηρεσίες κτήρια, ενïίκια της τάêης των155 εκ. ευρώ αλλά και πως πέρα τïυ 30% των δηµÞσιωνυπηρεσιών στεγάúïνται σε δηµÞσια κτήρια.

Ανέæερε δε πως ï πρώτïς στÞøïς της ΕπιτρïπήςΕλέγøïυ µετά και την εêέταση τïυ θέµατïς είναι η ενεργï-πïίηση και παρακïλïύθηση της συσταθείσας Επιτρïπής γιαεπαναδιαπραγµάτευση των συµâïλαίων ενïικίασης κτηρίωνµε στÞøï τη µείωση τïυ κÞστïυς ενïικίασης. «Η παρακï-λïύθηση θα είναι συνεøής, επίµïνη και επίµïøθη» ανέæερε,υπïδεικνύïντας Þτι απÞ τïν ∆εκέµâριï τïυ 2011 µέøρι καισήµερα έøïυν εêïικïνïµηθεί απÞ την διαπραγµάτευση τωνσυµâïλαίων 1,6 εκ. ευρώ.

∆ήλωσε ακÞµη Þτι η Επιτρïπή úήτησε απÞ την πρïϊστά-µενης της εν λÞγω υπηρεσίας πρïκειµένïυ κάθε τρειςµήνες να ενηµερώνει την Επιτρïπή Ελέγøïυ για τα απïτε-λέσµατα των απïæάσεων της Επιτρïπής.

Ανέæερε ακïλïύθως Þτι ï δεύτερïς στÞøïς πïυ έøειθέσει η Επιτρïπή είναι η παρακïλïύθηση της πïλιτικής τηςΚυâέρνησης Þπως την εêήγγειλε ï ΥπïυργÞς ïικïνïµικώνγια στέγαση των δηµïσίων υπηρεσιών µε σύγøρïνες µεθÞ-δïυς ανέγερσης κτηρίων σε συνεργασία µε τïν ιδιωτικÞτïµέα.

à Βïυλευτής τïυ ∆ΗΣΥ Σωτήρης Σαµψών έκανε λÞγï«για παραδείγµατα πïυ âγάúïυν µάτι». Ανέæερε Þτι «τïπïσÞ για τις ενïικιάσεις πρεσâευτικών κατïικιών στï εêω-

τερικÞ και γραæείων ανέρøεται για τï 2011 στα 7 σøεδÞν εκ.ευρώ και άλλα τÞσα για τï 2012».

à Βïυλευτής τïυ ∆ΗΚà Γιώργïς Πρïκïπίïυ δήλωσε Þτι«πράγµατι παρïυσία Þλων των κρατικών æïρέων διαπιστώ-θηκε στην Επιτρïπή Þτι τï κράτïς πληρώνει για ενïίκιαµεγάλα πïσά, ύψïυς περίπïυ 30 εκ. ευρώ τï øρÞνï».

Αναæέρθηκε ακÞµα στα µεγάλα πïσά πïυ καταâάλλει τïκράτïς για ενïίκια πρεσâευτικών κατïικιών στï εêωτερικÞ.«Υπάρøïυν 5 κατïικίες Πρέσâεων πïυ τï κράτïς πληρώνειαπÞ 112.000 ευρώ µέøρι και 170.000 ευρώ τï øρÞνï καιάλλες κατïικίες απÞ 60.000 ευρώ µέøρι και 100.000 ευρώ τïøρÞνï» είπε.

FIG TREE BAY FIG TREE BAY -- ¡ISSI BEACH ¡ISSI BEACH √È ÈÔ ‰È¿ÛË̘ Î·È ÔÈ ÈÔ «Ú¿ÛÈÓ˜» ·Ú·Ï›Â˜

Στην πιλïτική υλïπïίηση τïυ έργïυ «πράσινες παρα-λίες», σε δύï απÞ τις πιï δηµïæιλείς παραλίες της Κύπρïυ,τï Fig Tree bay και τïυ Νissi Beach, πρïøώρησαν απÞ κïινïύï ΚυπριακÞς ÃργανισµÞς Τïυρισµïύ (ΚÃΤ), µε την υπïστή-ριêη τïυ Κυπριακïύ Συνδέσµïυ ΑειæÞρïυ Τïυρισµïύ (CSTI),σε συνεργασία µε τï Τravel Foundation (ΤF) τïυ ΗνωµένïυΒασιλείïυ.

Βάσει ερωτηµατïλïγίïυ, ïι απÞψεις των λïυÞµενωνδιαæïρïπïιήθηκαν πρïς τï καλύτερï για τις δύï αυτέςπαραλίες µετά την ïλïκλήρωση τïυ πιλïτικïύ πρïγράµµα-τïς τï ïπïίï περιελάµâανε την αναδιαµÞρæωση τïυ øώρïυτων παραλιών µε την πρïσθήκη σταøτïδïøείων για τα απï-τσίγαρα, µε περισσÞτερïυς κάδïυς ανακύκλωσης απïρριµ-µάτων και µε την δενδρïæύτευση κυπριακών æυτών µε ειδι-κή σήµανση για την ïνïµασία και øαρακτηριστικά τïυς.

Στï πλαίσιï τïυ πιλïτικïύ πρïγράµµατïς αναâαθµίστη-

καν ïι øώρïι υγιεινής στις δύï παραλίες ενώ έγινε και αντι-κατάσταση της επίπλωσης των παραλιών, ενέργειες Þλεςαυτές πïυ ïδήγησαν στï Þτι τïν Ãκτώâριï τïυ 2012 σεσøέση µε τïν αντίστïιøï µήνα τï 2011, 11% περισσÞτερïιεπισκέπτες της παραλίες τïυ «Nissi Beach» ισøυρίστηκανÞτι ïι παραλίες ήταν ένας πïλύ σηµαντικÞς για τις διακïπέςτïυς στï νησί ενώ για την παραλία «Fig Tree» διπλάσιïςαριθµÞς øρηστών απάντησαν Þτι ïι παραλίες είναι ένας«πïλύ σηµαντικÞς» παράγïντας στην απÞæασή τïυς να επι-σκεæθïύν την Κύπρï.

Στï πιλïτικÞ πρÞγραµµα «Πράσινες» ΚυπριακέςΠαραλίες εντάøθηκε και η δηµιïυργία ïδηγïύ «Πράσινων»παραλιών ï ïπïίïς έøει ως σκïπÞ τïυ να âïηθήσει τις τïπι-κές αρøές, τïυς διευθυντές êενïδïøείων και τïυς ιδιïκτή-τες παραλιακών υπïστατικών στην εæαρµïγή των επιτυøώνπρακτικών τïυ πιλïτικïύ πρïγράµµατïς για την δηµιïυργίαπερισσÞτερων «πράσινων» παραλιών στην Κύπρï.

Ãι παραλίες απïτελïύν τï κύριï ανταγωνιστικÞ πλεïνέ-

κτηµα της Κύπρïυ ως τïυριστικïύ πρïïρισµïύ. ∆εν είναιτυøαίï πïυ 57 παραλίες της Κύπρïυ πληρïύν τα κριτήριατïυ ευρωπαϊκïύ πρïγράµµατïς Γαλάúιες Σηµαίες καισυγκαταλέγïνται στις πιï ελκυστικές παραλίες τηςΜεσïγείïυ.

à πρÞεδρïς τïυ ΚÃΤ, Αλέκïς Ãρïυντιώτης τÞνισε πωςïι πρÞσæατες εêελίêεις στïν τÞπï µας καθιστïύν êεκάθαρïÞτι η σηµασία τïυ τïυρισµïύ για την κυπριακή ïικïνïµίαείναι σήµερα ακÞµη πιï úωτική. Συνεøίúïντας ανέæερε πωςτï έργï των πράσινων παραλιών υλïπïιείται στα πλαίσιατïυ πενταετïύς µνηµïνίïυ συνεργασίας µε τï TravelFoundation.

Η συνεργασία αυτή δίνει την δυνατÞτητα επικïινωνίαςτων απïτελεσµάτων στην αγïρά τïυ Ηνωµένïυ Βασιλείïυκαι ειδικÞτερα στïυς ïργανωτές ταêιδίων πïυ διακινïύντïυρίστες στη Κύπρï. «Ας µη êεøνïύµε Þτι διαøρïνικά τïΗνωµένï Βασίλειï απïτελεί τη σηµαντικÞτερη τïυριστικήαγïρά για τïν τÞπï µας» υπïγράµµισε.

à Φίλιππïς ∆ρïυσιώτης, ΠρÞεδρïς τïυ ΚυπριακïύΣυνδέσµïυ ΑειæÞρïυ Τïυρισµïύ, ανέæερε πως µε τα σηµε-ρινά δεδïµένα της Κυπριακής Ãικïνïµίας αντιλαµâανÞµα-στε Þλïι Þτι ï ΤïυρισµÞς είναι ï µÞνïς παραγωγικÞς τïµέαςκαι Þτι πρέπει να τïν πρïæυλάêïυµε σαν κÞρη ïæθαλµïύ.«Είναι επιτακτικÞ πλέïν να πρïæυλάêïυµε τï περιâάλλïν,την πïλιτιστική µας κληρïνïµία, να εργïδïτήσïυµεΚύπριïυς στην êενïδïøειακή âιïµηøανία να πρïâάλïυµε τακυπριακά πρïϊÞντα. Πρέπει να επαναæέρïυµε «the localpride» (την τïπική περηæάνια) Þπως σωστά ανάæερε ηRachel Jelley, Sustainable Manager Sunvil σε πρÞσæατïσυνέδριï πïυ έγινε στην Λευκωσία.

à ΤïυρισµÞς είναι αυτÞς πïυ θα εργïδïτήσει άνεργïυςκύπριïυς, είναι αυτÞς πïυ θα δώσει ïêυγÞνï στην Κυπριακήïικïνïµία», τÞνισε øαρακτηριστικά.

∞°°∂§∞ ∫øª√¢ƒ√ª√À

πÛ·Ó›·, °·ÏÏ›· Î·È πÚÏ·Ó‰›· ÚÔÙÈÌÔ‡Ó ÔÈ µÚÂÙ·ÓÔ›Μειωµένες κατά περίπïυ 12%, ήταν ïι επισκέψεις απÞ

τη Βρετανία πρïς την Κύπρï κατά τï 2012, σύµæωνα µε τασυγκεντρωτικά στïιøεία της âρετανικής ΕθνικήςΣτατιστικής Υπηρεσίας. Ãι συνïλικά 821.000 επισκέπτες(έναντι 934.000 τï 2011) πραγµατïπïίησαν αθρïιστικά 9,4εκατïµµύρια διανυκτερεύσεις στη øώρα, êïδεύïντας 558εκατïµµύρια λίρες (652 εκ. ευρώ).

à αριθµÞς των επισκέψεων καθιστά την Κύπρï τïν 11ïπιï δηµïæιλή πρïïρισµÞ για τïυς Βρετανïύς στην Ευρώπη,µε τις Ισπανία, Γαλλία και Ιρλανδία να âρίσκïνται στην κïρυ-æή. Ãι επισκέπτες πρïς Ελλάδας κατά τï 2012 ανήλθαν σε

1.824.000 (8η µεταêύ των ευρωπαϊκών πρïïρισµών).Ως πρïïρισµÞ διακïπών επέλεêαν τη øώρα 722.000

Βρετανïί, πïυ πέρασαν αθρïιστικά 8,3 εκατïµµύρια νύøτεςσε τïυριστικά καταλύµατα, êïδεύïντας συνïλικά 513 εκα-τïµµύρια λίρες. Εê αυτών 401.000 πέρασαν τις διακïπές τïυµε τïυριστικά πακέτα all inclusive.

à µέσïς Þρïς παραµïνής στη øώρα ήταν 12 νύøτες, µεδαπάνη 680 λιρών κατά τï σύνïλï της παραµïνής ή 59λίρες τη µέρα.

Συνïλικά 16.000 υπïλïγίúεται Þτι επισκέæθηκαν τηøώρα για επαγγελµατικïύς σκïπïύς, περνώντας 118.000

νύøτες και δαπανώντας 10 εκ. λίρες. Με σκïπÞ να δïυν συγ-γενείς ή æίλïυς ήρθαν 77.000 επισκέπτες. Αυτïί êÞδεψαν 25εκατïµµύρια λίρες στï σύνïλï των 937.000 διανυκτερεύσε-ών τïυς. Για διάæïρïυς άλλïυς λÞγïυς τη øώρα επισκέæθη-καν 5.000 άνθρωπïι απÞ τη Βρετανία, πληρώνïντας συνïλι-κά 9 εκ. λίρες.

Στις 111.000 ανήλθαν ïι επισκέψεις απÞ την Κύπρï πρïςτï Ηνωµένï Βασίλειï τï ίδιï έτïς. Πραγµατïπïιήθηκαν 1,43εκατïµµύρια διανυκτερεύσεις και δαπάνες 94 εκατïµµυ-ρίων λιρών. Μέσïς Þρïς παραµïνής ήταν ïι 13 νύøτες καιµέσïς Þρïς των δαπανών ïι 66 λίρες ηµερησίως.

¢·¿ÓË €7 ÂÎ. ÁÈ· ÙȘÚÂÛ‚Â˘ÙÈΤ˜ ηÙÔÈ˘ ÙÔ 2011

Πτώση παρïυσίαúε τï ευρωπαϊκÞ νÞµισµα έναντι τïυ αµερικανικïύ δïλαρίïυ øθες τï πρωί καθώςτύγøανε διαπραγµάτευσης µέøρι τα 1,2971 σε σøέση µε 1,3128 πïυ âρισκÞταν την περασµένηΠαρασκευή. Αρνητικά επηρεάστηκε τï ενιαίï νÞµισµα µετά τα δυσµενέστερα τïυ αναµενÞµενïυ στïι-øεία πïυ ανακïινώθηκαν για τïυς τïµείς µεταπïίησης και υπηρεσιών στη Γερµανία, καθώς ενισøύθηκε

η ανησυøία για την πïρεία της ïικïνïµίας τηςΕυρωúώνης και η πιθανÞτητα µείωσης τïυ επιτï-κίïυ αναæïράς της ΕΚΤ.

Η εκτίµηση Þτι η ΕΚΤ ενδεøïµένως να πρï-âεί σε µείωση τïυ επιτïκίïυ αναæïράς εντÞςτων επÞµενων δυï µηνών ενδυναµώθηκε µετά

και απÞ τις δηλώσεις αêιωµατïύøïυ της ΕΚΤ ï ïπïίïς ανέæερε Þτι η τράπεúα θα µπïρïύσε να πρïâεί σεπεραιτέρω µείωση τïυ επιτïκίïυ αναæïράς εάν τα ïικïνïµικά στïιøεία τï δικαιïλïγïύν.

Σε µια άλλη εêέλιêη, η ισïτιµία δïλάριï/γιεν πρïσέγγισε τï πρωί της ∆ευτέρας (22/4) τï υψηλÞ(99,95 γιεν) 4 ετών πïυ κατέγραψε στις 11 Απριλίïυ. Θετικά επηρέασαν την ισïτιµία δïλάριï/γιεν ïιδηλώσεις τïυ Υπïυργïύ Ãικïνïµικών της Ιαπωνίας Þτι ï Þµιλïς των øωρών τïυ G20 δεν αντιτάøθηκεστην τρέøïυσα επεκτατική νïµισµατική πïλιτική της Τραπέúης της Ιαπωνίας, καθώς απïσκïπεί στηναντιµετώπιση τïυ απïπληθωρισµïύ και τη στήριêη της ïικïνïµίας. Παράλληλα, ï ∆ιïικητής τηςΤραπέúης της Ιαπωνίας δήλωσε Þτι η τρέøïυσα επεκτατική νïµισµατική πïλιτική της ΚεντρικήςΤράπεúας θα δηµιïυργήσει θετικïύς κύκλïυς στην εταιρική κερδïæïρία, την απασøÞληση και τï επίπε-δï των µισθών. à ÃÃΣΑ εκτίµησε Þτι η Τράπεúα της Ιαπωνίας θα πρέπει να συνεøίσει την ιδιαιτέρωςεπεκτατική νïµισµατική της πïλιτική για να επιτευøθεί ï στÞøïς για τïν πληθωρισµÞ, ωστÞσï ενδεøï-µένως δεν επαρκεί για διατηρήσιµη ïικïνïµική ανάπτυêη.

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24 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | EI∆ΗΣΕΙΣ | financialmirror.com

Alpha Bank Cyprus Ltd, Treasury Division.

∫ÏÈÓÈο ÓÂÎÚfi ÙÔ ÙÚ·Â˙ÈÎfi Ì·˜ Û‡ÛÙËÌ·,·Ó·˙ËÙÂ›Ù·È ı·‡Ì·

Ùσï και να πρïσπαθïύν ïι κυâερνώντες µας να εæαρµÞ-σïυν µέτρα τÞνωσης της υπÞ κατάρρευσης ïικïνïµίας τίπï-τα ïυσιαστικÞ δεν αναµένεται να αλλάêει Þσï τï τραπεúικÞµας σύστηµα δεν âγαίνει απÞ την εντατική πïυ τï έøïυντïπïθετήσει ïι επιστήµïνες των Βρυêελλών.

Είδη η Κύπρïς συµπληρώνει έκαστïς 5 εâδïµάδες σκλη-ρών περιïρισµών των τραπεúικών συναλλαγών πïυ µπïρεί ναιµεν να εµπïδίúïυν πρïσωρινά την æυγή κεæαλαίων απÞ τακυπριακά øρηµατïπιστωτικά ιδρύµατα αλλά στην ïυσία επιâα-ρύνïυν ακÞµη περισσÞτερï την διάθεση των καταθετών γιαανάληψη των øρηµάτων τïυς.

Ùσï πιï αργά υλïπïιηθεί η άρση των περιïρισµών αυτώντÞσï πιï µεγάλη θα είναι η επιθυµία των καταθετών για æυγήτων κεæαλαίων τïυς.

Σύµæωνα µε τα επίσηµα στïιøεία πïυ είδαν τï æως τηςδηµïσιÞτητας λίγï πριν απÞ τï καταστρïæικÞ κïύρεµα της15ης Μαρτίïυ η Τράπεúα Κύπρïυ είøε σύνïλï καταθέσεωνπέριê τα 19 δις ευρώ, τα συνεργατικά γύρω στα 15 δις, ηΕλληνική τράπεúα κïντά στα 8 δις και διάæïρες άλλες µικρέςκυπριακές τράπεúες γύρω στα 3 δις. Άρα έøïυµε ένα σύνïλï45 δις καταθέσεις σε κυπριακά øρηµατïπιστωτικά ιδρύµατα.Αν αæαιρέσïυµε τα 10 δις πïυ θα κïυρευτïύν απÞ την τράπε-úα Κύπρïυ µας απïµένïυν άλλα 35 δις απÞ τα ïπïία τïυλάøι-στïν τα 20 µε 25 δις είτε θα µεταæερθïύν στï εêωτερικÞ Þταναρθïύν ïι περιïρισµïί είτε θα µεταæερθïύν σε άλλες êένεςτράπεúες πïυ εδρεύïυν στην Κύπρï.ΑυτÞ αυτÞµατα ισïδυνα-µεί µε ένα έλλειµµα στï σύνïλï τïυ πέραν των 10 µε 15 διςαæïύ σε καµία περίπτωση ïι τράπεúες µας δεν έøïυν την ανα-

γκαία ρευστÞτητα για να καλύψïυν τï σύνïλï των καταθέσε-ων τïυς.

ΑυτÞ τï έλλειµµα είτε θα καλυæθεί απÞ την ΕΚΤ µέσω τïυELA είτε θα αναλάâει η κεντρική τράπεúα της Κύπρïυ, µέσωτην εêïυσίας πïυ της παρέøει τï νïµïσøέδιï «έκτρωµα» πïυψηæίστηκε τïν περασµένï µήνα, να εêυγιάνει τις τράπεúεςαυτές µε µια æÞρµïυλα πανïµïιÞτυπη µε αυτήν πïυ εæαρµÞ-στηκε στην τράπεúα Κύπρïυ µε Þλες τις τραγικές συνέπειες.

Μπρïς γκρεµÞς και πίσω ρέµα θα λέγαµε αæïύ είτε µε τïνένα είτε µε τïν άλλï τρÞπï τï τραπεúικÞ µας σύστηµα είναικαταδικασµένï σε πλήρη κατάρρευση. Αν ενεργïπïιηθεί ïELA αυτÞ αυτÞµατα σηµαίνει ένα επιπλέïν κÞστïς για τï κρά-τïς γύρω στα 10 µε 15 δίς πïυ θα εκτÞêευε τï øρέïς µαςκïντά στα 40 δις πïυ αυτÞµατα σηµαίνει Þøι µÞνï µη âιώσιµï,αλλά øρέïς øώρας υπÞ πτώøευση. ΑπÞ την άλλη αν αναλάâειη κεντρική τράπεúα της Κύπρïυ να εêυγιάνει αυτές τις τράπε-úες, η µέθïδïς είναι λίγï πïλύ γνωστή. Ùπως και µε την τρά-πεúα Κύπρïυ θα έøïυµε ακÞµα µια απïστïλή αυτïκτïνίαςÞπïυ ïµïλïγιïύøïι, µέτïøïι και κυρίως καταθέτες θα συµµε-τάσøïυν στην εêυγίανση (διάλυση) αυτή.

Πρïσωπικά εκτιµïύµε πως η πιθανÞτητα η ΕΚΤ να επιτρέ-ψει στην κεντρική τράπεúα της Κύπρïυ να παράσøει απεριÞρι-στη ρευστÞτητα µέσω τïυ ELA είναι µηδαµινή. Ãύτε η ΕΚΤ,ïύτε η κεντρική τράπεúα της Κύπρïυ θα ενδιαæερθïύν νακάνïυν κάτι τέτïιï.

Η ΕΚΤ είναι πïλύ ευαίσθητη Þσïν αæïρά τïν ELA και ανη-συøεί πïλύ για τï πώς λήγïυν αυτά τα πρïγράµµατα. Ηκεντρική τράπεúα της Κύπρïυ γνωρίúει Þτι πρέπει να αναλά-âει τï πιστωτικÞ ρίσκï πïυ σøετίúεται µε τï δανεισµÞ τïυELA.

Επίσης µετά την Þλη συúήτηση πïυ êέσπασε για τï δυσâά-στακτï πïσÞ πïυ æïρτώθηκε η τράπεúα Κύπρïυ απÞ τïν ELAτης Λαϊκής πïλύ δύσκïλα η ΕΚΤ θα πρïøωρïύσε σε νέα παρï-øή ρευστÞτητας µέσω αυτïύ τïυ εργαλείïυ. Μεγάλï ερωτη-µατικÞ είναι και ï τρÞπïς πïυ παρέøει τïν ELA η ΕΚΤ και κάτω

απÞ πïιες πρïϋπïθέσεις αυτÞς παρέøεται σε µη æερέγγυεςτράπεúες ïι εêασæαλίσεις των ïπïίων πιθανÞν να µην είναιαρκετές να καλύψïυν την ΕΚΤ. Ας µην êεøνάµε πως ï ELA δενείναι τίπïτα περισσÞτερï απÞ «πρïσωρινή» ρευστÞτητα και ïικυπριακές τράπεúες µÞνï πρïσωρινές δεν είναι ïι ανάγκεςτïυς.

Στï σηµείï πïυ έæεραν τις τράπεúες µας ïι « επιστήµï-νες» των Βρυêελλών και δει τï τρίï ΣÞιµπλε, Ντάιúεµπλïυµκαι Μέρκελ µία εæικτή λύση υπάρøει.

Συγκεκριµένα, θα πρέπει να επιτρέψïυν στïν ESM νααναλάâει τις κυπριακές τράπεúες και να τις ανακεæαλαιïπïι-ήσει. ΑπÞ τη στιγµή πïυ µια τέτïια εêέλιêη µïιάúει απίθανη, ηεπιâίωση των Κυπριακών τραπεúών øωρίς πïλύ δυσάρεστεςκαι τραγικές συνέπειες θα µïιάúει Þνειρï απατηλÞ και η συµ-µετïøή της Κύπρïυ στï ευρώ θα παραµένει αâέâαιη.

Για αυτïύς τïυς λÞγïυς ïι κεæαλαιακïί έλεγøïι δεν θααπïσυρθïύν και Þσï δεν απïσύρïνται τï πρÞâληµα θα µεγα-λώνει. Και για Þσï ισøύει αυτÞ, η Κύπρïς θα είναι “τυπικά”µÞνï µέλïς της ευρωúώνης.

Την ίδια ώρα, ï æÞâïς Þτι µπïρεί να επιâληθïύν καιαλλïύ περιïρισµïί στις κινήσεις κεæαλαίων, θα επηρεάσειτην συµπεριæïρά των πïλιτών και σε άλλες øώρες τηςευρωúώνης.

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

Η Ευρωπαϊκή Επιτρïπή ανακïίνωσε τη σύσταση ευρωπαϊ-κïύ µηøανισµïύ παρακïλïύθησης της πρïÞδïυ πïυ σηµειώ-νïυν τα κράτη µέλη στην καταπïλέµηση της æïρïδιαæυγήςκαι της æïρïαπïæυγής, αλλά και των ενεργειών για την εêά-λειψη των æïρïλïγικών παραδείσων.

ΠρÞκειται για πρωτïâïυλία πïυ εντάσσεται στï πλαίσιïτïυ σøεδίïυ δράσης πïυ παρïυσίασε τïν περασµένï∆εκέµâριï. ΕιδικÞτερα, θα συσταθεί µια πλατæÞρµα øρηστήςδιακυâέρνησης στïν æïρïλïγικÞ τïµέα, πïυ θα απαρτίúεταιαπÞ περίπïυ 45 µέλη: έναν εκπρÞσωπï υψηλïύ επιπέδïυ απÞτη æïρïλïγική αρøή κάθε κράτïυς µέλïυς και, κατά µέγιστïν,δεκαπέντε εκπρïσώπïυς µη κυâερνητικών æïρέων.

Ãι εκπρÞσωπïι µη κυâερνητικών æïρέων θα διïρίúïνταιαπÞ την Επιτρïπή, âάσει ανïικτής διαδικασίας υπïâïλής αιτή-σεων. Η πρÞσκληση υπïâïλής αιτήσεων δηµïσιεύθηκε, γιατην επιλïγή των æïρέων πïυ θα συµµετάσøïυν. Στïυς ενλÞγω æïρείς θα ανατεθεί τριετής εντïλή, ανανεώσιµη κατÞ-

πιν περαιτέρω επιτυøïύς υπïâïλής αίτησης.Η πλατæÞρµα πïυ θα συνεδριάσει για πρώτη æïρά, πιθα-

νÞτατα στις 10 Ιïυνίïυ, θα παρακïλïυθεί την πρÞïδï πïυ θασηµειώνεται Þσïν αæïρά τις δύï συστάσεις πïυ συνδέïνταιµε τï εν λÞγω σøέδιï δράσης.

Η πρώτη σύσταση πρïâλέπει µια ισøυρή στάση της ΕΕέναντι των æïρïλïγικών παραδείσων, η ïπïία υπερâαίνει ταισøύïντα διεθνή µέτρα. Με τη øρήση κïινών κριτηρίων, τακράτη µέλη καλïύνται να πρïσδιïρίσïυν τïυς æïρïλïγικïύςπαράδεισïυς και να τïυς θέσïυν σε εθνικές µαύρες λίστες.Πρïâλέπïνται επίσης ειδικά µέτρα, σκïπÞς των ïπïίων είναινα πεισθïύν ïι εν λÞγω øώρες µη µέλη της ΕΕ να εæαρµÞúïυντα κïινïτικά πρÞτυπα διακυâέρνησης.

Η δεύτερη πρïτείνει τρÞπïυς για την αντιµετώπιση τωννïµικών τεøνικών λεπτïµερειών και των «παραθύρων» πïυïρισµένες εταιρείες εκµεταλλεύïνται για να απïæύγïυν τιςæïρïλïγικές υπïøρεώσεις τïυς. Τα κράτη µέλη ενθαρρύνï-

νται να âελτιώσïυν τις συµâάσεις τïυς περί διπλής æïρïλï-γίας, ώστε να απïæεύγεται η απïυσία æïρïλÞγησης. Είναιεπίσης σκÞπιµï να υιïθετήσïυν έναν κïινÞ γενικÞ κανÞνααπαγÞρευσης καταøρήσεων, πïυ θα τïυς επιτρέπει να αντι-λαµâάνïνται τυøÞν τεøνάσµατα µε σκïπÞ τη æïρïδιαæυγή, νααγνïïύν τα επίπλαστα στïιøεία και να æïρïλïγïύν âάσει τηςπραγµατικής ïικïνïµικής υπÞστασης.

Άλλες πρωτïâïυλίες πïυ πρïâλέπïνται στï σøέδιï δρά-σης περιλαµâάνïυν: 1) την εκπÞνηση κώδικα æïρïλïγïυµέ-νων, 2) την καθιέρωση αριθµïύ æïρïλïγικïύ µητρώïυ ΕΕ, 3)την επανεêέταση των διατάêεων âασικών ïδηγιών της ΕΕκατά των καταøρήσεων και τη θέσπιση κïινών κατευθυντη-ρίων γραµµών για τïν εντïπισµÞ των øρηµατικών ρïών.

Σύµæωνα µε την ΚïµισιÞν ïι ετήσιες απώλειες πÞρων τωνκρατών µελών απÞ τη æïρïδιαæυγή και æïρïαπïæυγή ανέρ-øïνται σε 1 τρισ. ευρώ, ενώ τï πρïϊÞν της παραïικïνïµίαςγενικÞτερα ανέρøεται σε 2 τρις ευρώ.

∫∫ÔÔÌÌÈÈÛÛÈÈfifiÓÓ:: AAÒÒÏÏÂÂÈȘ €22 ÙÙÚÚÈȘ ÂÂÙÙËËÛÛ››ˆ˜ ··fifi ÙÙËËÓÓ ··ÚÚ··ÔÔÈÈÎÎÔÔÓÓÔÔÌÌ››··

§§¿¿ııÔÔ˜ ËË ÏÏÈÈÙÙfifiÙÙËËÙÙ·· ÏϤ¤ÂÂÈÈ ÔÔ ¢¢ÈÈ¢ıı˘ÓÓÙÙ‹‹˜ ÙÙˢ PPiimmccoo

Έντïνα επικριτικÞς κατά της Βρετανίας και της ευρωúώνης για την πïλι-τική λιτÞτητας πïυ ακïλïυθïύν εµæανίúεται µε συνέντευêή τïυ στïυςΦαϊνάνσιαλ Τάιµς ï ∆ιευθυντής της µεγαλύτερης εταιρείας διαøείρισης ïµï-λÞγων στïν κÞσµï, της Pimco.

à Μπιλ Γκρïς δηλώνει Þτι η Βρετανία και σøεδÞν Þλη η Ευρώπη έøïυνκάνει λάθïς πιστεύïντας Þτι η âραøυπρÞθεσµη δηµïσιïνïµική λιτÞτητα είναιï τρÞπïς για να δηµιïυργηθεί πραγµατική ανάπτυêη. «∆εν είναι (αυτÞς ï τρÞ-πïς). Ìρειάúεται να êïδέψεις øρήµατα», αντιτείνει ï ΑµερικανÞς επενδυτής.

Ãι Φαϊνάνσιαλ Τάιµς σøïλιάúïυν Þτι η τïπïθέτηση Γκρïς ακïλïυθεί τηνπρïειδïπïίηση τïυ ∆ΝΤ πρïς øώρες Þπως η Βρετανία, η Γερµανία και ïι ΗΠΑπως πρέπει να øαλαρώσïυν την περιïριστική δηµïσιïνïµική πïλιτική.Έρøεται επίσης ενώ η διεθνής ïικïνïµική κïινÞτητα συúητά τïν αντίκτυπïτων στατιστικών λαθών στην ακαδηµαϊκή έρευνα των Κένεθ ΡÞγκïæ καιΚάρµεν Ράινøαρτ πïυ έøει øρησιµïπïιηθεί ευρέως στην επιøειρηµατïλïγίαυπέρ της λιτÞτητας.

à Μπιλ Γκρïς λέει Þτι ήταν λανθασµένη η εντύπωση πως ïι αγïρές ïµï-λÞγων απαιτïύσαν απÞ τις κυâερνήσεις την επιâïλή λιτÞτητας. «Ãι επενδυ-τές ïµïλÞγων θέλïυν ανάπτυêη, Þπως και ïι επενδυτές σε µετïøές», αναæέ-ρει ενδεικτικά. Σøïλιάúει Þτι µακρïπρÞθεσµα είναι σηµαντικÞ να κάνει κανείςκαλή ïικïνïµία øωρίς σπατάλες.

24 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

ÌΡΗΜΑ&ΑΓÃΡΑ

K¿ÓÂÈ ıÚ·‡ÛË ÛÙË µÚÂÙ·Ó›· ÙÔ ÂÏÏËÓÈÎfi ÁÈ·Ô‡ÚÙÈ

Σηµαντική αύêηση επεæύλασσε τï 2012 για τïν Þγκï καιτην αêία πωλήσεων τïυ ελληνικïύ και ελληνικïύ τύπïυ για-ïυρτιïύ (στραγγιστÞ) στη âρετανική αγïρά.

Σύµæωνα µε συγκεντρωτικά στïιøεία τïυ ΓραæείïυÃικïνïµικών και Εµπïρικών Υπïθέσεων της πρεσâείας τηςΕλλάδας στï Λïνδίνï ï Þγκïς πωλήσεων αντιστïιøïύσε στï11,3% της συνïλικής αγïράς και η αêία πωλήσεων στï13,1%.

Τα αντίστïιøα ετήσια πïσïστά αύêησης ήταν 29,6% και43%, σε µια øρïνιά κατά την ïπïία πïλλά αναγνωρισµέναπρïϊÞντα γιαïυρτιïύ δέøθηκαν πιέσεις στις πωλήσεις τïυς.

Πïλλές ήταν ïι εταιρείες παραγωγής πïυ παρïυσίασαννέα πρïϊÞντα γιαïυρτιïύ ελληνικïύ τύπïυ πρïσπαθώνταςνα αêιïπïιήσïυν την αυêηµένη úήτηση πïυ παρατηρείταιτïυλάøιστïν την τελευταία διετία. ∆ιευθυντές πωλήσεωνεπισηµαίνïυν πως τï ελληνικÞ και ελληνικïύ τύπïυ γιαïύρ-τι θεωρείται Þτι πρïσæέρει ισïρρïπία γεύσης και ιδιïτήτων– θρεπτικών συστατικών και υγιεινής διατρïæής.

Η ΦΑΓΕ έøει ρίêει στη âρετανική αγïρά τέσσερα νέαπρïϊÞντα απÞ τις αρøές τïυ 2013, ενώ κïρυæαίες εταιρείες

τïυ øώρïυ (Yoplait, Tims Dairy, Mullerlight) έøïυν παρïυσιά-σει ή θα παρïυσιάσïυν νέα γιαïύρτια ελληνικïύ τύπïυ.

Πληρïæïρίες των αρµïδίων της πρεσâείας αναæέρïυνÞτι ïι µεγάλες αλυσίδες σïύπερ µάρκετ της Βρετανίας εêε-τάúïυν τï ενδεøÞµενï να κυκλïæïρήσïυν πρïϊÞντα ίδιαςετικέτας µε τïν øαρακτηρισµÞ Greek Yoghurt, µε γιαïύρτιπαραγÞµενï απÞ ελληνικές âιïµηøανίες, πρïκειµένïυ ναεπωæεληθïύν απÞ την αύêηση της úήτησης τïυ πρïϊÞντïς.

Σηµειώνεται Þτι τï ελληνικÞ γιαïύρτι δεν είναι κατïøυ-ρωµένï πρïϊÞν Π.Ã.Π.

(ΠρïστατευÞµενη Ãνïµασία Πρïέλευσης) ή Π.Γ.Ε.(ΠρïστατευÞµενη Γεωγραæική Ένδειêη). Στη âρετανικήαγïρά η διάκριση στην ïνïµασία µεταêύ τïυ ελληνικïύ για-ïυρτιïύ (Greek yoghurt) και τïυ ελληνικïύ τύπïυ (Greekstyle yoghurt) καθιερώθηκε στα τέλη της δεκαετίας τïυ1980 µετά απÞ δικαστικïύς αγώνες των ελληνικών εταιρει-ών και âασίστηκε στη νïµïθεσία (εθνική και ευρωπαϊκή)περί πρïστασίας τïυ καταναλωτή.

Η διάκριση αυτή επιâεâαιώθηκε πρÞσæατα απÞ τïΑνώτατï ∆ικαστήριï της Βρετανίας πïυ απïæάνθηκε Þτι

τïν Þρï «ελληνικÞ γιαïύρτι», δεν µπïρεί να æέρει πρïϊÞνπïυ δεν παράγεται στην Ελλάδα, δικαιώνïντας τη ΦΑΓΕστην πρïσæυγή της κατά της αµερικανικής Chobani.

Η Ελλάδα παρέµεινε τï 2012 στην τρίτη θέση τωνøωρών πρïέλευσης τïυ εισαγÞµενïυ γιαïυρτιïύ στïΗνωµένï Βασίλειï (µε αêία 16,5 εκατïµµυρίων λιρών, ετή-σια αύêηση 16,4%) πίσω απÞ τη Γαλλία και τη Γερµανία.

™™ÙÙÈȘ 2233 ∞∞ÚÚÈÈÏÏ››ÔÔ˘ 22001100 ÍÍÂÂÎΛ›ÓÓËËÛÛ ÔÔ ««ÁÁÔÔÏÏÁÁÔÔıı¿¿˜»» ÙÙˢ ∂∂ÏÏÏÏ¿¿‰‰··˜ ∞fi ÙfiÙ ̤¯ÚÈ Û‹ÌÂÚ· ˘Ô¯ÚÂÒıËΠӷ ˘ÔÁÚ¿„ÂÈ ÙÚ›· ªÓËÌfiÓÈ·

«Είναι ανάγκη, ανάγκη εθνική και επιτακτική, να úητή-σïυµε επισήµως απÞ τïυς εταίρïυς µας την ενεργïπïίησητïυ µηøανισµïύ στήριêης, πïυ απÞ κïινïύ δηµιïυργήσαµεστην Ε.Ε.». Με αυτά τα λÞγια ï τÞτε ΈλληναςΠρωθυπïυργÞς, Γιώργïς Παπανδρέïυ ανακïίνωσε απÞ τïΚαστελÞριúï τï αίτηµα για την υπαγωγή της Ελλάδας στïΜηøανισµÞ Στήριêης. Τï ηµερïλÞγιï έδειøνε 23 Απριλίïυ2010 Þταν και êεκινïύσε ï «γïλγïθάς» της øώρας.

ΑπÞ τÞτε µέøρι σήµερα η Ελλάδα υπïøρεώθηκε να υπï-γράψει τρία ΜνηµÞνια, αρκετά ΜεσïπρÞθεσµαΠρïγράµµατα. Κάθε τρίµηνï υπïδεøÞταν τïυς επιτελείςτης τρÞικας στην Αθήνα για την αêιïλÞγηση τïυ πρïγράµ-µατïς δηµïσιïνïµικής πρïσαρµïγής πïυ πάντα κατέληγεσε πιέσεις και την λήψη νέων σκληρών µέτρων. Η øώρα κρα-τïύσε την ανάσα της σε κάθε συνεδρίαση-θρίλερ τïυEurogroup για την εκταµίευση της επÞµενης δÞσης τïυδανείïυ συνïλικïύ ύψïυς 110 δις απÞ την ευρωúώνη και τï∆ΝΤ.

Ãι υπïσøέσεις για έêïδï της øώρας στις αγïρές καιθετικïύς ρυθµïύς ανάπτυêης απÞ τï 2012 διαψεύστηκανδραµατικά. Ήδη η ανεργία για τï τρίµηνï Ãκτωâρίïυ –∆εκεµâρίïυ 2012 έκανε «άλµα» στï 26%. Σύµæωνα µε τηνΕΛΣΤΑΤ ï αριθµÞς των ανέργων στη øώρα æτάνει τïυς1.295.535 ανθρώπïυς. Η ύæεση κινείται στï 6% για τï ίδιïδιάστηµα, σύµæωνα µε την ΕΛΣΤΑΤ, ενώ η Τράπεúα τηςΕλλάδïς εκτιµά Þτι θα µειωθεί τï 2013 στï 4,5%.

Πέρα απÞ τïυς αριθµïύς ïι εικÞνες αστέγων στïυς δρÞ-

µïυς της Αθήνας και ανθρώπων πïυ συνωστίúïνται στιςïυρές για λίγï δωρεάν æαγητÞ κάνïυν σøεδÞν καθηµερινάτïν γύρï τïυ κÞσµïυ. ΑκÞµη και ïι πρωταγωνιστές παραδέ-øïνται Þτι η «συνταγή» για την Ελλάδα περιείøε λάθη και ηάγρια λιτÞτητα πïυ επιâλήθηκε æέρνει µÞνï æτώøεια καιαπÞγνωση στïυς Έλληνες.

Στις πïλιτικές πïυ επιâλήθηκαν στην øώρα ήταν ïισαρωτικές αλλαγές στα εργασιακά. Αναστïλή διατάêεων,νÞµων και συλλïγικών συµâάσεων πïυ πρïâλέπïυν αυτÞ-µατες αναπρïσαρµïγές µισθών, επιøειρησιακές συµâάσειςεργασίας, µείωση τïυ κατώτατïυ µισθïύ στïν ιδιωτικÞτïµέα, µείωση της µετενέργειας των συµâάσεων απÞ τïυς

6 στïυς 3 µήνες, µείωση των απïúηµιώσεων απÞλυσης,κατάργηση Þλων των επιδïµάτων εκτÞς απÞ τα επιδÞµατατέκνων, σπïυδών και επικινδύνïυ εργασίας και κατάργησητων «δώρων» στï ∆ηµÞσιï µε µειώσεις µισθών µέσω τïυµισθïλïγίïυ-âαθµïλïγίïυ.

Ανάλïγï «µαøαίρι» υπέστησαν και ïι συνταêιïύøïι µεεπιâïλή ετήσιας εισæïράς στις συντάêεις άνω των 1.400ευρώ, κατάργηση της 13ης και 14ης σύνταêης σε κύριες καιεπικïυρικές συντάêεις, αύêηση των ïρίων ηλικίας συνταêιï-δÞτησης κατά 2 έτη µείωση στï εæάπαê των δηµïσίωνυπαλλήλων κατά 23% και κατάργηση τïυ ΕΚΑΣ για Þσïυςδεν έøïυν συµπληρώσει τï 64ï έτïς.

Επιπλέïν επιâλήθηκαν σκληρά æïρïλïγικά µέτρα µετην θέσπιση ειδικής εισæïράς αλληλεγγύης, ï λεγÞµενïς«κεæαλικÞς» æÞρïς, έκτακτï ειδικÞ τέλïς στα ακίνηταµέσω της ∆ΕΗ (τï «øαράτσι» της ∆ΕΗ), 4 αυêήσεις στïυςσυντελεστές ΦΠΑ, εêίσωση τïυ Ειδικïύ ΦÞρïυΚατανάλωσης σε πετρέλαιï θέρµανσης και κίνησης πïυυπïøρέωσε æέτïς τα νïικïκυριά να «παγώσïυν», κατάργη-ση τïυ αæïρïλïγήτïυ ïρίïυ και των περισσÞτερων æïρïα-παλλαγών απÞ æέτïς, επαναæïρά των τεκµηρίων και επιâï-λή τέλïυς επιτηδεύµατïς για τïυς ελεύθερïυς επαγγελµα-τίες.

Αντίστïιøï ήταν και τï «ψαλίδι» στην Υγεία πïυ έæερεστα Þρια της κατάρρευσης τα νïσïκïµεία, καθώς επιâλήθη-κε ετήσια µείωσης στις λειτïυργικές δαπάνες τïυς κατά10% και αύêηση της øïρήγησης γενïσήµων æαρµάκων.

Την άµεση ή περατωθείσα σύγκληση των ΓενικώνΣυνελεύσεων των µετÞøων των τεσσάρων συστηµικών τρα-πεúών της Ελλάδας - Αlpha Τράπεúα, Εθνική Τράπεúα τηςΕλλάδïς, Eurobank και Τράπεúα Πειραιώς ανακïίνωσε τïΤαµείï Ìρηµατïπιστωτικής ΣταθερÞτητας, µε στÞøï τη λήψηµέøρι την 30ή Απριλίïυ 2013 ανεκκλήτων απïæάσεων για τïυςσκïπïύς της ανακεæαλαιïπïίησής τïυς.

Τï Ταµείï Ìρηµατïπιστωτικής ΣταθερÞτητας υπενθυµίúειÞτι, σύµæωνα µε τï ισøύïν πλαίσιï πïυ διέπει τη λειτïυργίατïυ, «έøει ήδη καλύψει µε τη µïρæή πρïκαταâïλής καιδεσµευθεί µε την µïρæή δεσµευτικών επιστïλών για τï σύνï-λï των κεæαλαίων πïυ είναι αναγκαία για την ανακεæαλαιï-πïίηση των τεσσάρων συστηµικών τραπεúών, Þπως αυτάέøïυν καθïρισθεί απÞ την Τράπεúα της Ελλάδïς. Ãι πρïπλη-ρωµές και δεσµεύσεις æτάνïυν συνïλικά τα 27,501 δις ευρώ.

Την ∆ευτέρα συνεδρίασε τï ∆ιïικητικÞ Συµâïύλιï τηςEurobank, µε θέµα τις ιδιαιτερÞτητες τïυ εγøειρήµατïς πρï-σέλκυσης ιδιωτικών κεæαλαίων, και πρïέκρινε την κάλυψητης αύêησης µετïøικïύ κεæαλαίïυ των 5,8 δισ. ευρώ απÞ τïΤαµείï Ìρηµατïπιστωτικής ΣταθερÞτητας, µε σøετική εισήγη-ση να αναµένεται να παρïυσιασθεί στη Γενική Συνέλευση της30ής Απριλίïυ. Στη συνεδρία τïυ ∆ιïικητικïύ Συµâïυλίïυτέθηκε τï θέµα της αâεâαιÞτητας της συγøώνευσης ή µη µε

την Εθνική Τράπεúα και η συνεπαγÞµενη αδυναµία αêιïλÞγη-σης της επενδυτικής πρÞτασης, καθώς και η απïυσία τηςπαραδïσιακής âάσης των δεκάδων øιλιάδων µετÞøων τηςEurobank, η ïπïία λÞγω της πρÞσæατης ανταλλαγής µετïøώνυπïκαταστάθηκε απÞ τη συµµετïøή της Εθνικής Τράπεúαςκατά περίπïυ 85% στï µετïøικÞ της κεæάλαιï.

Σύµæωνα µε την ανακïίνωση της Eurobank, τï ∆ιïικητικÞΣυµâïύλιï συúήτησε, επίσης, τις άµεσες πρïïπτικές της ανα-συγκρÞτησης τïυ ελληνικïύ τραπεúικïύ συστήµατïς και στïπλαίσιï τïυ ρÞλïυ της ως µιας εκ των τεσσάρων συστηµικώντραπεúών, «σκïπεύει να συµµετάσøει στην στρατηγική ανα-διάταêη τïυ ελληνικïύ τραπεúικïύ συστήµατïς, ενσωµατώ-νïντας άλλες µικρÞτερες µη συστηµικές τράπεúες», ενώ, ανïι αρµÞδιες αρøές απïæασίσïυν τελικά «τη µη πραγµατïπïί-ηση της συγøώνευσης, η Τράπεúα θα υπïâάλει, ως ïæείλει,ïλïκληρωµένï επιøειρησιακÞ σøέδιï, µε στÞøï να πρïσελκύ-σει ιδιωτικά και θεσµικά κεæάλαια απÞ την Ελλάδα και τï εêω-τερικÞ τï ταøύτερï δυνατÞν, Þπως άλλωστε πρïâλέπει και τïισøύïν θεσµικÞ πλαίσιï», µε στÞøï την περαιτέρω ενίσøυσητης κεæαλαιακής διάρθρωσης της Τράπεúας, την πρïσαρµïγήστις ανάγκες και τα νέα δεδïµένα της εγøώριας και διεθνïύςτραπεúικής αγïράς και τη διατήρηση και επαύêηση της εται-ρικής αêίας, επ’ ωæέλεια της ελληνικής ïικïνïµίας.

MM››ˆÛÛËË ÙÙÔÔ˘ ‰‰ËËÌÌfifiÛÛÈÈÔÔ˘¯ÚÚ¤¤ÔÔ˘˜ ÏÏfifiÁÁˆ ÙÙÔÔ˘ ÎÎÔÔ˘ÚÚ¤¤ÌÌ··ÙÙÔÔ˜

Σηµαντική µείωση τïυ δηµÞσιïυ øρέïυς στην ΕλλάδαλÞγω τïυ «κïυρέµατïς» των ïµïλÞγων, αλλά και αύêησητïυ ελλείµµατïς, η ïπïία ïæείλεται στην ανακεæαλαιï-πïίηση των τραπεúών, καταγράæïυν τα πρώτα στïιøείαγια τις δηµïσιïνïµικές επιδÞσεις των øωρών της ΕΕ τï2012, πïυ δηµïσιïπïίησε η Eurostat.

Σύµæωνα µε τα κïινïτικά στïιøεία, τï δηµÞσιï øρέïςτης Κύπρïυ κυµάνθηκε τï 2012 στα 303,918 δισ. ευρώ ή156,9% τïυ ΑΕΠ. Τï 2011 τï δηµÞσιï øρέïς ήταν 355,172δισ. ευρώ ή 170,3% τïυ ΑΕΠ.

Τï δηµÞσιï έλλειµµα κυµάνθηκε τï 2012 στα 19,360δισ. ευρώ ή -10,0% τïυ ΑΕΠ, ενώ τï 2011 είøε ανέλθει στα19,834 δισ. ευρώ ή -9,5% τïυ ΑΕΠ. ΩστÞσï, øωρίς την ανα-κεæαλαιïπïίηση των τραπεúών τï ελληνικÞ έλλειµµαήταν 6,0% τïυ ΑΕΠ, ενώ ï στÞøïς πïυ είøε τεθεί στï πλαί-σιï τïυ µνηµïνίïυ ήταν 6,6%.

Τï συνïλικÞ ΑΕΠ της Ελλάδας κυµάνθηκε τï 2012 στα193,749 δισ. ευρώ, έναντι 208,532 δισ. ευρώ πïυ είøε κατα-γραæεί τï 2011.

Αναæïρικά µε τα δηµÞσια έσïδα, Þπως πρïκύπτει απÞτα στïιøεία της Εurostat, τï 2012 αυêήθηκαν στï 44,7%τïυ ΑΕΠ απÞ 42,4% τï 2011.

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Η εêειδικευµένη εταιρεία πïλυτελών ταêιδιών, CenturyTravel, ανακïίνωσε την απïκλειστική της πρïσæïρά µε τïπεντάστερï κρïυαúιερÞπλïιï «ms Noordam» της γραµµήςκρïυαúιέρων Holland America, για αναøωρήσεις πïυ θαπραγµατïπïιηθïύν κατά τïυς µήνες Μάιï και Αύγïυστï2013.

Πρïσκαλώντας τïυς επιâάτες σε τïπία διαøρïνικήςïµïρæιάς, η Century Travel πρïσæέρει τï πακέτï κρïυαúιέ-ρας έντεκα νυκτών «Ancient Mysteries» στην πρïνïµιακήτιµή των 1349 ευρώ τï άτïµï.

Στην ειδική τιµή συµπεριλαµâάνεται µπÞνïυς µέøρι έêιδωρεάν øερσαίες εκδρïµές, για Þλες τις κρατήσεις πïυ θαγίνïυν µέøρι τï τέλïς Απριλίïυ 2013!

Για περισσÞτερες πληρïæïρίες σøετικά µε τα πρïϊÞντακαι τις υπηρεσίες της Century Travel, µπïρείτε να καλείτεστï 70 000 970 ή να επισκεæθείτε την ιστïσελίδαwww.centurycyprus.com.

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Για ένα υπέρïøï σώµα øρησιµïπïιείστεπρïϊÞντα της σειράς BODY απÞ τη NUXE.Bιώστε την εµπειρία µιας ïλïκληρωµένης καιαισθησιακής øαλάρωσης. Τα πρïϊÞντα ΝUXEBODY εισøωρïύν ως δια µαγείας στï σώµα σας,απïρρïæïύνται γρήγïρα, øωρίς να αæήνïυνίøνη ή υπïλείµµατα λαδιïύ.

ΠρÞκειται για τï ΝUXE BODY FondantShower Gel, τï ΝUXE BODY Fondant Body Scrub,τï ΝUXE BODY24HR Moistu-rizing Lotion.

Τï Þνειρï γιαµεταêένιï δέρµαγίνεται πραγµα-τικÞτητα µε τïNUXE BODYFondant ShowerGel πïυ περιπïι-είται τï δέρµασας, πρïσæέρï-ντας âαθιά κα-θαριÞτητα øωρίςνα êηραίνει.

Άριστη απï-λέπιση για Þλï τïσώµα πïυ απïµα-κρύνει τα νεκράκύτταρα και øαρίúει απαλÞτητα και υγεία στηνεπιδερµίδα. Για ένα λείï και απαλÞ δέρµα øρησι-µïπïιείστε σε ïλÞκληρï τï σώµα σας τï ΝUXEBODY Fondant Body Scrub .

Πρïτιµείστε ένα λείï απïτέλεσµα για τïδέρµα σας µε NUXE BODY 24HR MoisturizingLotion. H êηρÞτητα τïυ δέρµατïς θα είναι µιαµακρινή ανάµνηση µε την 24ωρη ενυδάτωσηενÞς κïκτέιλ απÞ εκøυλίσµατα σιταριïύ καιêύλïυ, γλυκïύ αµυγδάλïυ και λάδι ηλιïτρïπίïυ.

∆ιατίθεται στα æαρµακεία και ïι τιµές êεκι-νïύν απÞ 10,25 ευρώ µέøρι 18.85 ευρώ.

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Στις ετήσιες âραâεύσεις τïυ 2012, των πρïω-θητικών ενεργειών της εταιρείας Nestle Watersγια τα νερά Perrier, Vittel και Contrex, η εταιρείαCosmos Trading Ltd κέρδισε ένα απÞ τα τέσσεραâραâεία πïυ απïνεµήθηκαν. Συγκεκριµένα, ηεκστρατεία “Perrier Rolland Garros”, κέρδισε τïâραâείï “Best Retail Activation 2012” στην κατη-γïρία Retail. Αêίúει να σηµειωθεί Þτι η Κύπρïςδιακρίθηκε ανάµεσα σε πïλύ µεγάλες και δυνα-τές øώρες Þπως Αυστραλία, Γαλλία, Σιγκαπïύρη,Ιαπωνία, Ισραήλ, Ιταλία, ΜεêικÞ, Βραúιλία, Κίνα,Αγγλία κ.ά.

Τη συµâïλή για αυτή την επιτυøία είøε ηïµάδα marketing και πωλήσεων Retail τηςCosmos Trading Ltd, Þπως και η δηµιïυργικήïµάδα τïυ Disruption Agency της TBWA\ENTELIAγια την ιδέα και εκτέλεση αυτής της ενέργειας.

à 11øρïνïς ΝικÞλας Πιτυρής, µέλïς της Εθνικής Νέωνκάτω των 18 της Κυπριακής õïσπïνδίας Γκïλæ, ανακïίνωσετη συµµετïøή τïυ, την εθελïντική πρïσæïρά και ïικïνïµικήστήριêη τïυ πρïς τï πρÞγραµµα «Τα παιδιά τïυ σήµερα, ïκÞσµïς τïυ αύριï» τïυ Παγκύπριïυ ΣυνδέσµïυΚαρκινïπαθών και Φίλων (ΠΑΣΥΚΑΦ) για τï 2013 πïυ πραγµα-τïπïιεί δια µέσïυ της πρωτïâïυλίας Golf for Hope.

à νεαρÞς αθλητής δήλωσε Þτι για κάθε επιτυøηµένï Parκαι Birdie, ï ΠΑΣΥΚΑΦ θα επωæελείται απÞ εισæïρές ύψïυς10 και 50 ευρώ αντίστïιøα, απÞ τις Εταιρείες καιÃργανισµïύς, υπïστηρικτές τïυ αθλητή.

Η συµµετïøή τïυ ΝικÞλα στï πρÞγραµµα «Τα παιδιά τïυσήµερα, ï κÞσµïς τïυ αύριï» σηµατïδïτεί και τη θεσµïθέτη-ση τïυ Φιλανθρωπικïύ Τïυρνïυά Νέων τï ïπïίï αναµένεταινα êεκινήσει τïν Ãκτώâριï, στï Minthis Hill στην Πάæï και ταέσïδα τïυ θα στηρίúïυν τï πρÞγραµµα. Ãργανισµïί πïυενδιαæέρïνται να στηρίêïυν την πρωτïâïυλία τïυ ΝικÞλαΠιτuρή µπïρïύν να επικïινωνïύν µε τα Κεντρικά Γραæεία τïυΠΑΣΥΚΑΦ, στï τηλ. 22 345 444.

Τï Πανεπιστήµιï Νεάπïλις Πάæïυ συµµετείøεστïυς τρίτïυς Παγκύπριïυς ΠανεπιστηµιακïύςΑγώνες Στίâïυ πïυ πραγµατïπïιήθηκαν στις 19Απριλίïυ 2013 στï στάδιï ΓΣΠ στη Λευκωσία.

Η πρωτïετής æïιτήτρια στï Real Estate ·ωήΣταύρïυ εêασæάλισε τï øρυσÞ µετάλλιï στï άλµα ειςµήκïς γυναικών και η πρωτïετής æïιτήτρια στηνΑρøιτεκτïνική Θεκλιάννα Αριστείδïυ πήρε τï αργυρÞµετάλλιï στη σæύρα γυναικών.

Τις αθλήτριες συνÞδευσε ï γυµναστής τïυΠανεπιστηµίïυ Ìρίστïς Σωæρïνίïυ και ï πρώτïς âïη-θÞς Κυριάκïς Ανδρέïυ.

Τï Πανεπιστήµιï Νεάπïλις Πάæïυ συγøαίρει τιςδύï æïιτήτριες για τις αθλητικές τïυς επιδÞσεις καιτï ήθïς πïυ επέδειêαν και καλεί τïυς æïιτητές νασυµµετέøïυν ενεργά σε τέτïιες διïργανώσεις.

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Tην καινïτÞµα υπηρεσία MTN TransferTo πïυ επιτρέπειστïυς prepaid συνδρïµητές να µεταæέρïυν øρÞνï ïµιλίαςÞπïυ θέλïυν σε 80 øώρες τïυ κÞσµïυ, εισήγαγε η ΜΤΝ στηνΚύπρï. Ãι συνδρïµητές της πρïπληρωµένης κινητής τηλε-æωνίας MTN µπïρïύν πλέïν να πιστώσïυν øρÞνï ïµιλίας σεαγαπηµένα τïυς πρÞσωπα στï εêωτερικÞ, σε ïπïιïνδήπïτεπαρïøέα µε τïν ïπïίï συνεργάúεται η υπηρεσία TransferTo,σε περισσÞτερες απÞ 80 øώρες, µε ένα SMS. Η παγκÞσµιαµεταæïρά øρÞνïυ ïµιλίας µε τï ΜΤΝ TransferTo είναι απλή,σύντïµη και απÞλυτα ασæαλής, ενώ «λύνει τα øέρια» ïικïγε-νειών, æïιτητών, επισκεπτών και τïυριστών. Συγκεκριµένα ïισυνδρïµητές απïκτïύν πρÞσâαση øωρίς øρέωση στην υπη-ρεσία στέλνïντας SEND µε γραπτÞ µήνυµα στï 8686 και στησυνέøεια ακïλïυθïύν τις ïδηγίες και επιλέγïυν τï πïσÞ πïυθέλïυν να µεταæέρïυν απÞ τï δικÞ τïυς øρÞνï ïµιλίας στïλïγαριασµÞ τïυ æίλïυ ή ïικïγενειακïύ πρïσώπïυ πïυ âρί-σκεται εκτÞς Κύπρïυ. ΑυτÞµατα τï πïσÞ πιστώνεται στïλïγαριασµÞ τïυ παραλήπτη.

24 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

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24 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ENΕΡΓΕΙΑ | 9

ÌΡΗΜΑ&ΑΓÃΡΑ

Αγαπητïί αναγνώστες τïν τελευταίï µήνα ï τÞπïς µαςâίωσε τέτïιες ïικïνïµικές µεταâïλές και ανατρïπές ïι ïπïί-ες αναµæισâήτητα δεν άæησαν κανένα ανεπηρέαστï.Σίγïυρα µπρïστά σε µια τέτïια αρνητική πρïïπτική τï πρώτïµας µέληµα δεν πρέπει να είναι τίπïτα άλλï απÞ την παραγω-γή ιδεών και την εæαρµïγή Þσων εê’ αυτών είναι ρεαλιστικέςώστε τïυλάøιστï να έøει ï κÞσµïς «ψωµί στï τραπέúι τïυ».Με λίγα λÞγια δηµιïυργία θέσεων εργασίας σε ένα περιâάλ-λïν καθÞλïυ ευνïϊκÞ για ανάπτυêη. Σίγïυρα η λύση, εν µέρειâέâαια, δεν είναι δυνατÞ να εστιαστεί µÞνï στïν τïµέα τωνυπηρεσιών ï ïπïίïς æαίνεται να εισέρøεται σε τρïøιά συρρί-κνωσης. Επίσης πρέπει να συνειδητïπïιήσïυµε Þτι τα πρïϊÞ-ντα της Κύπρïυ δεν µπïρεί πλέïν να είναι µÞνï διανïητικά.Συνεπώς αναγκαúÞµαστε να στρέψïυµε τï âλέµµα και στïνπρωτïγενή τïµέα, τïν ïπïίï âέâαια έøïυµε κατακρεïυργήσειείτε µέσω λανθασµένων πïλιτικών είτε λÞγï της ανταγωνιστι-κÞτητας.

Γεωργία λïιπÞν υπÞ Þρïυς. Είναι σηµαντικÞ πρïτïύ πρï-øωρήσω να επισηµάνω τις λέêεις- æράσεις: στïøευÞµενïιπελάτες (target clients), εêαγωγές, µεταπïίηση, πïιïτικά πρïϊ-Þντα, âιïλïγικές καλλιέργειες. Πως άραγε συνδέïνται Þλααυτά µεταêύ τïυς; Κïιτάêτε, είναι αδύνατï να συναγωνιστïύ-µε πρïϊÞντα µεταπïιητικής γεωργίας τα ïπïία παράγïνται καιέøïυν ως καταναλωτικÞ τïυς στÞøï τïν πïλίτη των µεσαίωνκαι κατώτερων ïικïνïµικών στρωµάτων. Ãι λÞγïι πρïæανείς,δεν υπάρøïυν τεράστιες καλλιεργήσιµες εκτάσεις, δεν υπάρ-øει σηµαντική µηøανïπïίηση γεωργικών διαδικασιών αλλάïύτε και æτηνά εργατικά øέρια Þπως στην περίπτωση γιαπαράδειγµα της Αργεντινής. ΑυτÞ έøει ως απïτέλεσµα έναµήλï πïυ παράγεται στην Ισπανία να æτάνει στïν τÞπï µας µετιµές øαµηλÞτερες απÞ τï αντίστïιøï κυπριακÞ πρïϊÞν τïïπïίï στερείται τις πιï πïλλές æïρές τïυ µεγέθïυς και τηςεµæάνισης τïυ αντίστïιøïυ «ευρωπαϊκïύ». Συνεπώς µέσααπÞ τï πιï πάνω πλαίσιï καταλήγïυµε στï γεγïνÞς πως δενøωρïύν άλλïι διεκδικητές στï πιï πάνω πλαίσιï. Τι γίνεταιÞµως αν στï µυαλÞ µας αρøίσïυµε να δïυλεύïυµε την έννïιατης µεταπïίησης έτσι Þπως αυτή πρïκύπτει µέσα απÞ µικρέςµïνάδες συνεταιρισµών ανθρώπων Þπïυ ïι παραδïσιακέςσυνταγές, τï µεράκι και µια πρώτη ύλη απαλλαγµένη απÞ ταøηµικά παρασκευάσµατα των ευρωπαίων εταίρων; Πρïτïύεπιøειρήσετε να απαντήσετε στï ερώτηµα σκεæτείτε επίσηςσε πïιες τιµές υπάρøει διαθέσιµη η κυπριακή πρώτη ύλη. Σεµια δεύτερη æάση επισκεæτείτε τις ιστïσελίδες ενδεικτικά

των εταιριών Μυλαίλια, Γιαµ, Τα Μανιάτικα και πάρτε µιαγεύση απÞ τις τιµές και τïυς πιθανïύς πελάτες πïυ έøïυν στïµυαλÞ τïυς ïι πιï πάνω εταιρείες.

Συµµαúεύïντας τώρα τα πρïλαλήσαντα, είναι êεκάθαρïπως υπάρøει η δυνατÞτητα να στραæïύµε πρïς επιλεγµένεςαγïρές απευθυνÞµενες σε µεσαία και υψηλά κïινωνικïïικï-νïµικά στρώµατα τÞσï τïυ εσωτερικïύ αλλά κυρίως τïυ εêω-τερικïύ, σε πελάτες δηλαδή πïυ αναúητïύν την πïιÞτητα. Μιακαλïæτιαγµένη µαρµελάδα σύκïυ, τïυ τάδε συνεταιρισµïύ ïïπïίïς παράγει âιïλïγικά σύκα και ï ίδιïς τα µεταπïιεί και ταεêάγει, ή ένα κυπριακÞ øαλïύµι æτιαγµένï απÞ αγνÞ âιïλïγι-κÞ κατσικίσιï γάλα, δεν έøει τίπïτα να úηλέψει απÞ αντίστïι-øες ïλλανδικές, γαλλικές ή ιταλικές æίρµες πïυ øρυσïπληρώ-νïνται. Πïιïς ευρωπαίïς δïκίµασε γλυκÞ τïυ κïυταλιïύ απÞκρεµµύδι ή απÞ κυδώνι ή ακÞµα γλυκÞ αµυγδάλïυ και δενρώτησε επίµïνα τï γκαρσÞνι µιας κυπριακής ταâέρνας: «WhatΪs that, it is very delicious» . It is Cyprus sweet τïυ λέµεεµείς απλά και λιτά. Ùσïι Þµως µπήκαν στïν κÞπï να τïυ πïυνπως τï æτιάøνïυµε εµείς µε τη συνταγή της γιαγιάς, απÞ δικάµας πρïϊÞντα, τÞτε και τï ï περιηγητής κάνει κράτηση πρω-τïύ æύγει και για τï επÞµενï âράδυ… Έτσι απλά για πρïâλη-µατισµÞ.

Παρατηρώντας µε πρïσïøή τα Þσα έøïυν λεøθεί διαπι-στώνει κανείς Þτι τï εργασιακÞ αυτÞ πλαίσιï απïτελείται απÞσαæείς και ïριïθετηµένες θέσεις εργασίας. Θέσεις εργασίαςπïυ ανήκïυν στην παραγωγή της πρώτης ύλης, µε εêειδικευ-µένïυς και ανειδίκευτïυς εργάτες, θέσεις εργασίας στï πλαί-σιï της µεταπïίησης, της µεταæïράς, της διαæήµισης, τηςπρïώθησης, τïυ σøεδιασµïύ κτλ. Φυσικά Þλα αυτά πρïϋπïθέ-

τïυν πρώτα απ’ Þλα εµπιστïσύνη µεταêύ Þλων των εµπλεκï-µένων µιας και µιλάµε για περιπτώσεις συνεταιρισµών Þπïυ ïκαθένας «πïνάει για τï απïτελέσµατα» και «µάøεται» για τηâελτίωσή τïυς. Φυσικά δεν έøïυµε και άλλες λύσεις. ΕίναικαιρÞς πια να εµπιστευτïύµε ï ένας τïν άλλï. Και µην êεøνά-τε πως τï «πρÞσεøε αυτÞς θα σïυ γελάσει» δεν έøει πιαπέραση µιας και Þλïι âγήκαµε γελασµένïι. Γελασµένïι µάλι-στα σε τέτïιï âαθµÞ πïυ αναγκαστικά πρέπει να επιστρέψïυ-µε στï «εµπιστευτείτε αλλήλïυς» και ας µην τïυς αγαπάµε.

Και τι γίνεται µε τï øρήµα, πïιïς επενδύει πλέïν σε τέτïι-ïυς καιρïύς. Αγαπητïί æίλïι, Þσïι âέâαια δεν έøετε æυγαδεύ-σει τα κεæάλαια σας (ïι αρïυραίïι æεύγïυν πρώτïι απÞ τïπλïίï πïυ âυθίúεται) µην είστε âέâαιïι Þτι σας ανήκïυν.Εκείνï πïυ είναι περισσÞτερï âέâαιï πως µας ανήκει είναι ηγή, ïι δïυλειές, ïι επιøειρήσεις µε υπÞσταση, αυτïί πïυ παρά-γïυν κάτι τï øειρïπιαστÞ κυρίως, γιατί Þπως είπε κάπïτε καιï πïιητής, «η γή δεν έøει κρικέλια για να την πάρïυν και ναæύγïυν». Άρα, παρά να έøει κάπïιïς øρήµατα στις µέρες µαςκαι ειδικά στïν τÞπï µας, είναι πïλύ καλύτερï να έøει τηδυνατÞτητα µέσα απÞ µηøανισµïύς (π.ø επιøειρήσεις) να«µαúέψει» øρήµα.

Μετά τïν πιï πάνω υπïψήæιï τύπï επενδυτή, σειρά έøει ï«κïυρεµένïς καταθέτης». Κύριε, εσύ πïυ είøες τα κεæάλαιï,σε æτάνïυν τώρα ïι εκατÞ øιλιάδες. Αν Þøι, και λαµâάνïνταςυπÞψη πως πια η δύναµη σïυ είναι µικρή, τÞτε γίνε γρïθιά µεάλλïυς ïµïιïπαθείς σïυ, αν θέλεις να êανά διεκδικήσεις ταÞσα έøασες, συνένωσε τï κεæάλαιÞ σïυ και δώσε µέσα απÞ τηπιï πάνω πρÞταση ή κάπïια άλλη, πνïή στïν τÞπï.

Ύστερα είναι και ï απλÞς κÞσµïς, ï ïπïίïς âέâαια θαøρειαστεί τα æώτα τïυ κράτïυς. Κάπïιïς âάúει την πρώτη ύληπïυ παράγει, κάπïιïς άλλïς λίγα øρήµατα, ένας τρίτïς τηντεøνïγνωσία, ενώ ένας τέταρτïς τï δυναµισµÞ τïυ, τις γνώ-σεις και τï æιλÞτιµÞ τïυ για να ηγηθεί. Ùµως εδώ σε θέλωκάâïυρα. Αγαπητïί κυâερνÞντες âγέστε και δώστε κίνητρα.ΑκÞµα και ïι πρεσâείες µας στις τέσσερεις γωνιές της υæηλί-ïυ µπïρïύν να ψάêïυν για τïυς στïøευÞµενïυς πελάτες.Αλλά είπαµε, Þλïι µια γρïθιά. Απλές σκέψεις, και πïλλές επι-πλέïν πρïτάσεις στï µυαλÞ.Τï ταêίδι Þµως êεκινά Þταν æυσή-êει ï άνεµïς της «πρïθυµίας» και Þταν έστω και για µια æïράθυσιάσïυµε την Ιæιγένεια µας, τï εγώ µας για τï «εµείς µας».

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Ηµερίδα µε θέµα «Ηλιïθερµικά συστήµατα και εæαρµïγέςσε Ελλάδα και Κύπρï» πραγµατïπïιήθηκε στα πλαίσια ενηµέ-ρωσης για τï έργï «Ηλιïθερµική Παραγωγή Ηλεκτρισµïύ καιΝερïύ, ΗΠΗΝ», τï ïπïίï υλïπïιείται απÞ τï ΙνστιτïύτïΚύπρïυ, την Αρøή Ηλεκτρισµïύ Κύπρïυ, τï Τµήµα ΑνάπτυêηςΥδάτων της Κύπρïυ και τï ITE/∆ίκτυï ΠΡΑ¥Η.

Τï έργï «Ηλιïθερµική Παραγωγή Ηλεκτρισµïύ και Νερïύ,ΗΠΗΝ», εντάσσεται στï ΠρÞγραµµα ∆ιασυνïριακήςΣυνεργασίας «Ελλάδα-Κύπρïς 2007-2013» και συγøρηµατïδï-τείται κατά 80% απÞ την Ευρωπαϊκή Ένωση (ΕΤΠΑ) και κατά20% απÞ Εθνικïύς ΠÞρïυς της Ελλάδας και της Κύπρïυ.

Σηµειώνεται Þτι τï έργï ΗΠΗΝ, τï ïπïίï êεκίνησε στα τέλητïυ 2011 και συνεøίúεται έως σήµερα, πραγµατεύεται την

τεøνïλïγική λύση της συµπαραγωγής αæαλατωµένïυ νερïύκαι ηλεκτρικής ενέργειας, øρησιµïπïιώντας την ηλιïθερµικήµέθïδï απïκïµιδής ηλιακής ενέργειας, ως ικανής να συµâάλειïυσιαστικά στην µέσï και µακρïπρÞθεσµη επίλυση τÞσï τïυενεργειακïύ Þσï και τïυ υδατικïύ πρïâλήµατïς νήσων καιπεριïøών της Ανατïλικής και ΝÞτιας Μεσïγείïυ. Καθώς η ανά-γκη για αêιïπïίηση των ανανεώσιµων πηγών ενέργειας γίνεταιïλïένα και πιï έντïνη, στÞøïς είναι παράλληλα η ευαισθητï-πïίηση τïυ κïινïύ, η ενίσøυση της περιâαλλïντικής συνείδη-σης σε θέµατα εêïικïνÞµησης ενέργειας και η ενθάρρυνσητης επιøειρηµατικής δραστηριÞτητας στïυς τïµείς των ανανε-ώσιµων πηγών ενέργειας.

Η ηµερίδα «Ηλιïθερµικά συστήµατα και εæαρµïγές σε

Ελλάδα και Κύπρï», περιλάµâανε ïµιλίες εκπρïσώπων τωνæïρέων υλïπïίησης τïυ έργïυ, αναæïρικά µε την πρïτεινÞ-µενη τεøνïλïγία, τις εæαρµïγές και τα ïæέλη αυτής, καθώςεπίσης και παρïυσιάσεις έµπειρων στελεøών απÞ τïν ερευνη-τικÞ και επιøειρηµατικÞ øώρï, αναæïρικά µε εæαρµïγές ηλιï-θερµικών συστηµάτων και πρÞτυπα ενεργειακής διαøείρισης.

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Στη δηµιïυργία δεύτερïυ æωτïâïλταϊκïύ πάρκïυ πρïøωρεί τï Πανεπιστήµιï Κύπρïυ.Τï πράσινï æως δÞθηκε µετά την υπïγραæή Μνηµïνίïυ Συνεργασίας µεταêύ τïυ

Πανεπιστηµίïυ Κύπρïυ και της Ιεράς ΜητρÞπïλης Ταµασïύ και Ãρεινής.Τη Συµæωνία υπέγραψαν, εκ µέρïυς τïυ Πανεπιστηµίïυ ï Πρύτανης, Καθηγητής

Κωνσταντίνïς Ìριστïæίδης και εκ µέρïυς της Ιεράς ΜητρÞπïλης Ταµασïύ και Ãρεινής, ïΠανιερώτατïς Μητρïπïλίτης Ταµασïύ και Ãρεινής, κ. Ησαΐας.

Τï ΦωτïâïλταϊκÞ Πάρκï πïυ θα δηµιïυργηθεί σε γη της ΜητρÞπïλης θα απïτελεί τïδεύτερï Πάρκï για τï Πανεπιστήµιï, µετά και τï πρώτï πïυ θα δηµιïυργηθεί σύντïµα στηΝεκρή ·ώνη. «Θα πρέπει», σηµείωσε ï κ. Ìριστïæίδης, «να αναúητήσïυµε ένα νέï ïικïνï-µικÞ µïντέλï, τï ïπïίï θα ευθυγραµµίúεται µε τïυς στÞøïυς της Ε.Ε. για ïικïλïγία και πρά-σινη ανάπτυêη. Μέσα απÞ την υλïπïίηση τέτïιων πρωτïâïυλιών η Ευρώπη-κυρίως ηΒÞρεια-θα αλλάêει τïν τρÞπï µε τïν ïπïίï âλέπει σήµερα την Κύπρï».

∂∂ÓÓÈÈ··››·· ··ÁÁÔÔÚÚ¿¿ ÁÁÈÈ·· ÔÔÈÈÎÎÔÔÏÏÔÔÁÁÈÈÎο¿ ÚÚÔÔ˚fifiÓÓÙÙ··Την πρïώθηση µιας ενιαίας αγïράς µε κïινïύς κανÞνες και µεθÞδïυς µέτρησης περι-

âαλλïντικών επιδÞσεων για τα «πράσινα» πρïϊÞντα, εισηγείται η Ευρωπαϊκή Επιτρïπή, ηïπïία υιïθέτησε ανακïίνωση και σύσταση πρïς αυτή την κατεύθυνση.

Ãπως αναæέρει η ΚïµισιÞν, σήµερα ïι επιøειρήσεις πïυ επιθυµïύν να αναδείêïυν τιςπεριâαλλïντικές επιδÞσεις των πρïϊÞντων τïυς αντιµετωπίúïυν πïλυάριθµα εµπÞδια.Έøïυν να επιλέêïυν µεταêύ διαæÞρων µεθÞδων πïυ πρïωθïύνται απÞ δηµÞσιες αρøές καιιδιωτικές πρωτïâïυλίες, συøνά επιâαρύνïνται µε πïλλαπλές δαπάνες πρïκειµένïυ ναπαράσøïυν περιâαλλïντικές πληρïæïρίες, ενώ αντιµετωπίúïυν και τη δυσπιστία των κατα-ναλωτών στïυς ïπïίïυς πρïκαλïύν σύγøυση Þλες αυτές ïι ετικέτες µε πληρïæïρίες πïυκαθιστïύν δύσκïλη τη σύγκριση των πρïϊÞντων.

Με τις νέες εισηγήσεις της ΚïµισιÞν, πïυ αæïρïύν µια ανακïίνωση σøετικά µε την ïικï-δÞµηση της ενιαίας αγïράς για τα πράσινα πρïϊÞντα και µια σύσταση σøετικά µε τη øρήσητων µεθÞδων, αναµένεται να εêασæαλισθïύν συγκρίσιµες και αêιÞπιστες περιâαλλïντικέςπληρïæïρίες, εµπνέïντας έτσι εµπιστïσύνη στïυς καταναλωτές, τïυς επιøειρηµατικïύςεταίρïυς, τïυς επενδυτές και άλλïυς επιøειρηµατικïύς æïρείς.

Investing in emerging markets is typicallyassociated with political and economic risk.However, while the Western World continuesto struggle in the aftermath of recession, trad-ing the Asian emerging markets is no longernecessarily more risky, and in some cases, is infact more profitable. It’s time to turn yourheads and savings to Indonesia, Malaysia andThailand. Here’s why.

A survey of business leaders released by theEconomist Network at the start of the year,entitled the ‘2013 Asia Business Outlook’,names these three countries among the fivemost popular investment destinations in Asiaafter the big regional superpowers, China andIndia. An impressive 40% of firms surveyedplan to increase their investment in Malaysiaand Thailand during the year, and Indonesiaremains attractive to multinationals. As mem-bers of Asean (the Association of SoutheastAsian Nations), these dynamic economies cer-tainly look set to grow. They deserve to be seenas powers in their own right, and have a valu-able role to play in contributing to Asia’s over-all economic success and development.

Unlike their Western counterparts, Aseangovernments have not borrowed excessively

and therefore have more scope to use mone-tary policy to stimulate growth where appro-priate. According to Sherene Ban, Asian equi-ties specialist at JPMorgan, the region was hitbadly by the Asian crisis of 1997 and was deter-mined not to repeat the experience. Havingspent a decade rebuilding and investing ingood infrastructures, it is now reaping therewards.

The comparatively little debt in these coun-tries will also support an increase in consumerspending as credit grows. Indeed, the affluentmiddle-class in the Asean region is expected toincrease. This segment, defined as those withdisposable income above $3,000 a year, is like-ly to make up a quarter of the population by2015, providing a significant boost to varioussectors from healthcare to retail.

The countries are also profiting fromChina’s continuing economic surge, whichhas resulted in demand for their commoditiesand exports. An Ernst and Young report inFebruary indicated that China will pick up8.3% in 2013, with obvious advantages to itskey trading partners which include Malaysia,Indonesia and Thailand. These three are alsoworking strategically together to profit fromtheir shared commodities. Just last week forexample, Indonesia proposed a review of thesupply management for rubber, following anagreement in August by the countries, whomake up 70% of the world’s rubber output, tocontrol supply and raise prices.

Statistics from the International MonetaryFund seem to support my case for investment.

The IMF expects Malaysia to grow 4.7%,Indonesia to grow 6.3% and Thailand to grow7.5% by the end of the year. It is important tostress to potential investors that emergingeconomies can be volatile and unpredictable.Such great growth figures are not going to besustainable indefinitely, and I wouldn’t bet myown money at this stage on what will happenin the longer-term. Yet, the signs for 2013 atleast are positive.

Factor in too that Europe and America arestruggling, and remain unattractive to manyinvestors. By comparison, the Asean regionlooks like an even more booming and sensible

alternative. A great place to start investingwould be through Exchange Traded Funds,and for online traders, consider binary optionsdue to their short-term availability withexpiries over the coming months.

The yen rose broadly and the Australiandollar hit a six-week low on Tuesday as aweak reading on the Chinese manufactur-ing sector stirred worries about the healthof the global economy.

The Australian dollar touched a low of$1.0222, its lowest level since March 11,and last changed hands at $1.0224, down0.4% from late U.S. trade.

Growth in China’s vast factory sectordipped in April as new export ordersshrank, according to the flash HSBCPurchasing Managers’ Index — a prelimi-nary survey of factory managers, suggest-ing the world’s No.2 economy still facesformidable global headwinds into the sec-ond quarter.

The gauge of manufacturing in China,

Australia’s biggest export market, triggereda renewed fall in the Aussie dollar, whichonly last week had suffered its biggestweekly percentage drop in nearly a year, hitby concerns about Chinese growth and arout in commodity prices.

The yen rose broadly, with the U.S. dol-lar falling 0.6% to about 98.68 yen. The dol-lar’s drop versus the yen gained momen-tum after triggering some stop-loss dollaroffers, Jeffrey Halley, FX trader for SaxoCapital Markets in Singapore told Reuters.

In addition, Japanese names and someshort-term traders were spotted sellingcross/yen pairs on Tuesday morning,Halley said.

The dollar had made an attempt to breakabove the psychologically key 100 yen level

on Monday after G20 countries gave astamp of approval to Japan’s massive mon-etary easing program, which sent the yenreeling to a four-year low of 99.95 versusthe dollar earlier this month.

Although the dollar’s latest attempt tobreak above 100 yen failed, the greenback isseen likely to attract buying against the yenon dips.

“Personally feel that any dips in dol-lar/yen and the related crosses will bebought into,” said a trader for a Japanesebank in Singapore. “There is no indica-tion, at least at my end, of any signifi-cant move to buy the yen, except onprofit-taking,” the trader added.

Against the dollar, the euro sagged0.2% to $1.3040, still stuck in a range of

$1.30 to $1.32 for now.Keeping a lid on the euro were com-

ments from European Central Bank policy-makers that suggested the bank may beleaning towards a cut in interest rates.

Yen pushes higher, Aussie falls on China concerns

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.

Emerging ASEAN economies

By Oren LaurentPresident, Banc De Binary

April 24 - 30, 2013

20 | WORLD MARKETS | financialmirror.com

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www.bbinary.com

China’s local debt fears return

LIBOR rates

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

USD USD 0.20 0.24 0.28 0.43 0.72 0.35 0.45 0.62 0.83 1.29 1.82GBP GBP 0.49 0.50 0.50 0.59 0.89 0.54 0.60 0.70 0.85 1.23 1.76EUR EUR 0.06 0.10 0.13 0.22 0.41 0.36 0.45 0.57 0.72 1.04 1.46JPY JPY 0.12 0.14 0.16 0.25 0.44 0.23 0.25 0.28 0.33 0.46 0.69CHF CHF 0.00 0.01 0.02 0.09 0.25 0.02 0.09 0.20 0.33 0.61 0.98

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 12.03 28.03 09.04 16.04 23.04 Today Last Week %Change

USD 1.2985 1.5219 1.0644 1.0138 USD 1.2977 1.2740 1.2996 1.3024 1.2994 1.5219 1.5308EUR 0.7701 1.1720 0.8197 0.7807 GBP 0.8714 0.8416 0.8509 0.8510 0.8512 1.2985 1.3073GBP 0.6571 0.8532 0.6994 0.6661 JPY 124.96 119.68 128.71 126.83 128.11 98.64 97.52CHF 0.9395 1.2199 1.4298 0.9525 CHF 1.2287 1.2116 1.2106 1.2079 1.2129 0.9395 0.9297JPY 98.64 128.08 150.12 104.99

JPY +1.15CHF +1.05

CCY

GBP +0.58EUR +0.67

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousAPR 24 EUR German ifo Business Climate due 11.00am 106.4 106.7APR 24 GBP BBA Mortgage Approvals due 11.30am 31.2k 30.5kAPR 24 EUR Italy 10-year bond auctionAPR 24 US Durable Goods Orders due 3.30pm -2.80% 5.60%APR 24 US Core Durable Goods Orders due 3.30pm 0.50% -0.70%APR 25 EUR Spanish Unemployment Rate due 10.00am 26.50% 26.00%APR 25 GBP Prelim GDP growth Q/Q due 11.30am 0.10% -0.30%APR 25 US Weekly Unemployment Claims due 3.30pm 352k 352kAPR 26 JPN Bank of Japan Monetary Policy Statement, Press Conf APR 26 CHF Swiss KOF Economic Barometre due 10.00am 0.98 0.99APR 26 EUR M3 Money Supply and Private Loans due 11.00am -0.80% -0.90%APR 26 US Advance GDP growth Q/Q due 3.30pm 3.00% 0.40%APR 26 US Advance GDP Price Index Q/Q due 3.30pm 1.40% 1.00%APR 26 US Revised UoM Consumer Sentiment due 4.55pm 74.3 72.3Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

The surprising re-acceleration of creditgrowth in China—total credit grew at a 22%pace in the first quarter, against just a 9.6% risein nominal GDP—is drawing attention again tothe role of local governments. Growth-obsessedlocal agencies have been turning in large num-bers to the dodgy “shadow” finance markets toborrow money for new infrastructure projects.With this borrowing coming so soon after the2009 splurge on debt-funded infrastructure,even Chinese investors are getting dubiousabout buying more local government debt.Yesterday, China’s State Council held its quarter-ly meeting on economic policy and flagged theneed to “guard against” the risks of local govern-ment debt.

How big is the problem? We estimate totallocal government debt in China, including boththeir direct debt and the indirect debt of localfinancing vehicles, is around Rmb16-18trln, or

30-35% of GDP. This debt burden increased byabout Rmb2trn in 2012, so local governmentsclearly had to do some additional leveraging-upto pay for last year’s round of infrastructurespending.

While the latest surge in local governmentdebt is hardly a good thing, it has always beendifficult for us to see this kind of debt as a triggerof financial crisis. All local government debt isultimately a liability of the sovereign, since inChina local governments have no legal or consti-tutional basis for taking on independent finan-cial liabilities. Local agencies are obviously doingso anyway and so there will have to be a reckon-ing. But this will be a political negotiation ratherthan a market-driven crisis, since all the moneybeing lent to them is coming from other parts ofthe sovereign—i.e., the state-owned commercialand development banks. Ultimately it is just amatter of different parts of the government com-ing to terms with each other.

The concerns on China’s local governmentdebt are really about transparency, since no oneknows exactly how much there is; and certainty,since no one knows on what terms the central

government will eventually take over the localdebt. Given the modest scale of formal centralgovernment liabilities, Beijing could easilyabsorb the full face value of local governmentdebts. But it will not have to, since local govern-ment debts are generally liabilities that arebacked by a physical asset, usually an infrastruc-ture project.

The government is only on the hook for thedifference between the cash flow generated bythat asset and the value of the loan.

The real issue for China’s over-leveraged localgovernment borrowers, like all over-leveragedborrowers, is that someday they have to stopborrowing. And that therefore the spendingfinanced by that borrowing will also stop.Chinese banks are doing as little lending to localgovernment agents as they can get away withpolitically, and face intense regulatory scrutinyon these loans already; there has been less atten-tion to their purchases of bonds issued by theseentities (banks buy most corporate bonds inChina) but this channel of fundraising is alsogetting tighter.

Our view is that infrastructure pump-priming

has played a much smaller role in driving China’sbusiness cycle than most popular accounts sug-gest; the property market is much bigger andmore important. Since the latest wave of infra-structure projects will likely generate lowerreturns than previous ones, and public infrastruc-ture projects by their nature already have lowreturns, it is hard to see this spending generatinga lot of value-added for the economy. So whilecutting back on the credit that finances local gov-ernment infrastructure spending would be ashock, it is unlikely to result in a massive long-term hit to China’s growth—since that money isnot contributing much to growth as it is.

The alternative is for the state to give over-leveraged local borrowers license to keep borrow-ing despite the obvious excesses, in a (misguid-ed) attempt to keep growth stable. We saw a sim-ilar phenomenon in Japan in the 1980s and inKorea in the 1990s, though those borrowerswere state-supported companies rather thanlocal governments. Growth managed to stayhigh for several years even though the problemof excessive debt had been clearly identified. Butthe side effects of the continued surge in creditwere asset bubbles and a loss of competitiveness.The risk is that China could end up going downthis path—though the pro-reform rhetoric of thenew leadership for now suggests they want a dif-ferent strategy.

Marcuard’s Market update by GaveKal Research

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8600British Pound * GBP 1.5219Bulgarian Lev BGN 1.5059Czech Koruna CZK 20.001Danish Krone DKK 5.7405Estonian Kroon EEK 12.05Euro * EUR 1.2985Georgian Lari GEL 1.653Hungarian Forint HUF 231.26Latvian Lats LVL 0.5386Lithuanian Litas LTL 2.6588Maltese Pound * MTL 0.3306Moldavan Leu MDL 12.2638Norwegian Krone NOK 5.9067Polish Zloty PLN 3.178Romanian Leu RON 3.3538Russian Rouble RUB 31.7575Swedish Krona SEK 6.6113Swiss Franc CHF 0.9395Ukrainian Hryvnia UAH 8.133

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0228Canadian Dollar CAD 1.0283Hong Kong Dollar HKD 7.7644Indian Rupee INR 54.41Japanese Yen JPY 98.64Korean Won KRW 1120.65New Zeland Dollar * NZD 1.1948Singapore Dollar SGD 1.2405

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.9171Iranian Rial IRR 12061.90Israeli Shekel ILS 3.6244Jordanian Dinar JOD 0.7057Kuwait Dinar KWD 0.2851Lebanese Pound LBP 1512.50Omani Rial OMR 0.3842Qatar Rial QAR 3.6407Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 9.2877U.A.E. Dirham AED 3.6729

ASIA

Azerbaijanian Manat AZN 0.7836Kazakhstan Tenge KZT 151.08Turkish Lira TRY 1.8075

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

April 24 - 30, 2013

financialmirror.com | MARKETS | 21

Disclaimer: This information may not be construed as advice and in particular not as investment, legal ortax advice. Depending on your particular circumstances you must obtain advice from your respective pro-fessional advisors. Investment involves risk. The value of investments may go down as well as up. Past per-formance is no guarantee for future performance. Investments in foreign currencies are subject to exchangerate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission(CySec) under License no. 131/11.www.marcuardheritage.com

The social purpose of tax havensThe Cahuzac affair in France has conveniently emerged just as the

search for possible scapegoats to Europe’s quandary was intensifying.Thanks to the former French budget minister’s secret Swiss bankaccount, Europe can now move from its war against finance (Hollandedeclaring that finance was his enemy, the financial transaction tax, cap-ping of bonuses, etc) to an outright war against tax havens (lettingCyprus sink, arm-twisting Luxembourg into abandoning its banking-secret policy, etc). Leaving aside the EU’s increasing penchant for forc-ing members to adopt policies that blatantly go against national interests(like the Tobin tax in the UK), yesterday’s announcement byLuxembourg of an “open-book” policy raises the question of whether theEU is cutting off its nose to spite its face. If tax havens have existed andthrived for so long, they must have some sort of economic justification.

Beyond the debate on the “morality” of hiding one’s wealth, let ussimply focus on the possible consequences of closing down havens. Firstassume that there are two kinds of deposits in these jurisdictions: theperfectly legal kind, and the illegal kind (such as the ones that JeromeCahuzac had in Switzerland). For an economist, there is no reason to dif-ferentiate between the two. Combine them and the amounts get large.Large enough to offer both types of investors economies of scale, a largearray of financial services needed, etc.

Now the reality for most tax havens is that their economies are far toosmall to absorb the excess savings that pour into their countries. Theirbanks thus end up being large buyers of assets outside of the country. Allelse being equal, this should be good news for “foreign assets”. If, forexample, a Luxembourg bank decides to buy French or German bondswith the deposits of a Belgian dentist, then the yields in Germany andFrance will be lower than they would have otherwise been. If thataccount is now closed and moved to Singapore to buy SGD bonds (prob-ably a smart trade anyway), then interest rates in France and Germanywill move higher, while they fall in Singapore.

Or to put it another way: when it comes to the illegal deposits, the

economic net effect of Mr Cahuzac hiding his money in Switzerland wasfor this “gentleman” to have a lower tax rate. If the governments of theworld now succeed in getting these deposits in the open, it will be equiv-alent to a tax increase, no more no less. And increasing taxes massively,when tax rates are already unbelievably high, would be a sure recipe forsending the struggling economies into a tailspin. Look at it this way:with their domestic economies already circling the drain, can theFrench, Italian or Spanish entrepreneurs stomach a tax increase? Onceagain, a war on tax havens is (at least for an economist without anymoral compass) nothing but an attempt to increase taxes to prop upbankrupt welfare states; i.e., yet another attempt to send good moneyafter bad to continue feeding the leviathan.

As the 19th century Frederic Bastiat used to say, in any economy, youhave what you see and what you do not see. In this case, we see the eviltax havens which allow corrupt French politicians to hide their wealthfrom the confiscatory taxes they impose on the rest of the population.What we do not see is that tax havens may be a key part of an age-oldequation which allows small, risk-taking entrepreneurs to produce prof-itably. Who is to say that, if we close the tax havens, a number of French,German, Italian, etc, entrepreneurs will not simply decide to head to thebeach and call it a day?

So, at the risk of sounding like a Burkian conservative, we would havehoped that Eurocrats would tread carefully when attempting to shiftsocial contracts and economic infrastructures for the already strugglingEuropean entrepreneur. As things stand, Europe’s welfare states arealready on the brink. In this position of weakness, going out all gunsblazing after rich people and their wealth strikes us as sheer madness; or,perhaps, simple desperation? With every day that passes, Europe contin-ues to make itself less entrepreneur- and investor-friendly. Europeanbanks rallied hard yesterday after their -22% post January drop—anysuch rallies should be sold, just as any dip in Singaporean banks shouldbe bought.

April 24 - 30, 2013

22 | WORLD MARKETS | financialmirror.com

Commodities slump, investors sellingl Consumers to gain slowly; Disinflation gives more leeway to central banks;

India, China among gainers; Australia’s luck may run out

Lower airfares, cheaper food and rising profit margins areamong the benefits that should flow from tumbling oil andcommodity prices - but only after a long lead time.

Having poured $400 bln into commodities over the pastdecade, many investors are now selling. Their confidence thatrisky assets could only float higher on a rising tide of cheap cen-tral bank money has crumbled as the global economy fails torespond to the stimulus.

Even China, an important buyer of natural resources, isslowing. Inflation, against which gold in particular is a classichedge, is falling nearly everywhere.

Price pressures will ease further if natural resources keepfalling. That is bad news for exporters such as Saudi Arabia andBrazil but good news for net importers.

Weaker commodity prices should be positive for the worldeconomy on average because falling inflation supports con-sumer spending, said ABN AMRO economist Han de Jong.

Standard and Poor’s Goldman Sachs Commodity Index hasfallen 6.6% so far this year.

But raw materials represent a small part of most firms’ costs,so it is not surprising that some businesses, especially those invery competitive markets, are not getting carried away.

“There are thousands of components in a car so the impactmight not be that great,” said Cui Liyan with Great Wall MotorCo, China’s top maker of SUVs and pick-up trucks. “Great Wallhas never passed on additional costs to consumers when com-modity prices have surged in the past.”

For a U.S. economy experiencing slow growth, cheaperenergy is a positive, said Michael Ward, chief executive of CSXCorp, the country’s second-largest railroad. But CSX itself isindifferent because it runs a fuel surcharge programme. “Overtime, we’re passing the increases or decreases in fuel to the cus-tomer,” Ward said.

An official at South Korea’s largest food maker, CJCheilJedang Corp, said it normally takes four to six monthsbefore a fall in agricultural futures prices passes through intothe firm’s product prices.

OIL THE ONE TO WATCHThe lurches in gold, including the sharpest one-day drop in

30 years on Monday, have grabbed the attention, but falling oilprices are of much greater economic significance.

Brent crude is down about 16% from the year’s high at$119.17, hit on February 8.

Economists at JP Morgan estimate a 15% drop in the priceof oil, caused by a supply increase, would be enough to lift glob-al economic output this year by 0.2 percentage points.

But if the price fall reflects a darkening economic outlook,the same 15% decline is consistent with a 0.5% downgrade inglobal growth prospects for the year, the bank calculates.

An executive at Indian engineering company Larsen &Toubro said the broader fall in commodity prices cut both ways.Cheaper materials would help profit margins and, if the trendwere sustained, would increase the chances of lower interestrates, he said. But prices were falling for a reason.

“Prices are down today because the investment cycle hasslowed and demand for commodities has slowed. If this extendsover the long term, it cannot be a good thing for a projectscompany such as ours,” he said.

THE EXCHANGE RATE FACTORPinpointing the repercussions of the commodity sell off is

further complicated because it cannot be seen in isolation.KCE Electronics, a Thai maker of printed circuit boards,

should be sitting pretty because it uses a lot of copper, which isdown 12% so far in 2013.

But executive director Panja Senadisai said the savings areoutweighed by the strength of the Thai baht against the dollar,which hurts KCE’s exports.

The story is similar at Tenneco Inc’s Indian subsidiary: theauto components maker is seeing lower prices for steel and rub-ber - the key Tokyo Commodity Exchange rubber contract hasshed more than 8 percent this week - but a weak rupee andhigh inflation are diluting the benefit.

Currencies also muddy the waters for Japan Airlines Co,with a weakening yen on balance a negative for the airline, saidJAL spokesman Taro Namba. Still, JAL has already respondedby announcing a 7.6% cut in cargo fuel surcharges from May 1to 122 yen per kilo on long-haul international routes. AndKorean Air Lines, South Korea’s biggest airline, expects a dropin fuel surcharges to lead to lower passenger ticket prices witha one month’s lag.

PASSING ALONG THE FOOD CHAINCheaper food is a particular boon in countries with uncom-

fortably high inflation. Take Indonesia, where inflation scaled anearly two-year high of 5.9% in March.

Thanks to falling prices for everything from rice to meat andshallots, the month-on-month rise in consumer prices willprobably be less than 0.1% in April, according to deputy centralbank governor Perry Warjiyo.

Business models differ and not everyone is rushing to passon cheaper inputs. Danish shipping group A.P. Moller - MaerskGroup is an example.

“Our job is to make sure that the customers understand thatthey actually have a big value proposition by shipping with us...The customers are willing to pay a bit more. This is not a com-modity. There’s more to it than just shipping a box,” said chiefexecutive Nils Anderson.

With global inflation by and large benign, the door is openfor leading central banks to provide even more monetary sti-

mulus. St. Louis Fed President James Bullard said he wouldfavour increasing the pace of the Federal Reserve’s bond buyingif inflation continues to go down. U.S. consumer prices rosejust 1.5% in the 12 months through March.

Falling commodity prices and slower wage growth give theBank of England more scope to resume bond-buying to try togalvanise the economy, BOE policymaker Martin Weale argued.Basic wage growth in Britain has slowed to a record low.

Even the conservative European Central Bank has hintedthat it is open to doing more. With the bank’s economists fore-casting an inflation rate of just 1.3% in 2014, well short of itstarget of just under 2%, more and more economists expect aninterest rate cut next month.

China too has increased policy room. “The drop in globalcommodity prices is obviously very good news for China,because it will help lessen imported inflationary pressure andleaves Beijing much more scope to expand credit and loosenmonetary policy to bolster the domestic economy,” said YuanGangming, a researcher at the Chinese Academy of SocialSciences.

INDIA VS AUSTRALIAIndia, Asia’s third-largest economy, is hoping that the com-

modity rout will not only dampen inflation but also reduce itstwin deficits. Crude and gold imports contribute nearly 45% ofIndia’s total import bill.

“The fall will help us deal with the widening current accountdeficit, which is the biggest worry for the government,” said asenior official at the ministry of finance in New Delhi.

India spent $169 bln on foreign oil in the fiscal year thatended in March, 9% more than the year before. That is a big fac-tor behind a full-year current account deficit likely to have beenaround 5% of GDP - a level the central bank governor has calledunsustainable.

And because India heavily subsidises consumer fuels andfertilizer, the government’s budget deficit for the new fiscal yearcould well come in below its target of 4.8% of GDP if globalcommodity prices keep declining, the official added. The fall incrude prices could halve the oil subsidy bill.

Australia would appear to be an obvious loser from an endto the commodities super-cycle. The ‘Lucky Country’ hasenjoyed more than 20 years of unbroken growth, largely thanksto booming exports of minerals and energy to Asia.

Lower commodity prices and a strong Australian dollar havealready forced Treasurer Wayne Swan to slash his forecast fortax revenues, especially from company earnings and a newprofits tax on big iron ore and copper mines. As a result the gov-ernment has had to abandon its promise to return to a budgetsurplus for the year ending in June. But Swan remains opti-mistic about growth prospects across Asia.

“The growth in the middle classes across the Asian regionwill produce demand for a whole range of goods and services,not just in resources, not just in agriculture, but across a widerange of activities and I think the consequence of that will onlybe good for Australia,” he said.

Solaise doubles assets, clients eye smaller hedge fundsA U.K.-based hedge fund set up by alumni from some of

the world’s biggest computer-driven traders of futures mar-kets has almost doubled assets in recent months, as investorsin the sector look to smaller firms to help them ride out toughmarket conditions.

Solaise Capital, set up in late 2010 by former employees ofWinton, Man Group’s flagship AHL fund and Aspect Capital,said that inflows from a pension fund client in December andfurther inflows this year have lifted assets to around $165mln.

That compares with the $86 mln it ran at the end ofNovember.

Meanwhile, Man Group has seen assets at its AHL comput-er-driven investment fund fall to $14.4 bln at the end of lastyear from $21 bln a year before, while Winton Capital, one ofthe world’s biggest funds, has also seen outflows.

In contrast, Cambridge-based Cantab Capital, run by EwanKirk, has seen assets jump to $5.3 bln from $1.6 bln at theend of 2011.

Solaise’s inflows come in spite of two years of performancelosses both for Solaise and for the wider group of so-calledCTAs (commodity trading advisors) in 2011 and 2012.

Such hedge funds trade a wide variety of global futuresmarkets, including commodities but also currency, bonds andequity instruments, but have suffered as financial marketslack the long-lasting trends they usually profit from.

Chief Operating Officer James Walker said that investorshad been attracted to Solaise’s trading systems and the fact ituses a variety of strategies to trade markets.

“We launched at probably the worst time you could launchin a CTA in 20 years,” said Walker, formerly chief financialofficer at Aspect Capital.

“Everyone understands it’s been a truly dreadful run forCTAs and they appreciate we’ve done pretty well. (But) clearlywe need to deliver absolute performance.”

The average CTA lost 2.5% last year, according to HedgeFund Research, while Solaise was down 1.1%.

Many small managers in the $2.3 trln hedge fund industry

have struggled to attract clients since the credit crisis asinvestors have often opted for the brand names and perceivedsafety of multi-billion dollar firms.

But there are signs in the computer-driven sector thatinvestors are hunting out smaller funds that they believe havestrong teams and risk management. “People are getting awayfrom the big names because they’re not getting the trans-parency,” said Yvonne Barker-Layton, director at hedge fundresearch firm Revere Capital Advisors.

Walker said Solaise, which is based in London’s plush StJames’s Square, differed from rivals by having less of itsassets invested in the traditional strategy of following markettrends.

CTA performance has improved this year. BrokerNewedge’s CTA index is up 2.9% in the first three months ofthe year, while Winton is up 7.5% so far this year.

Funds also profited from the recent slump in the price ofgold, which by itself added 1.09 percentage points to fundperformance, according a Newedge model portfolio.

By Alan Wheatley

Global EconomicsCorrespondent, Reuters

April 24 - 30, 2013

financialmirror.com | WORLD MARKETS | 23

In other ages, we have called on shamans or saints in timesof crisis when the usual remedies have not worked.

In the stagnant world economy today, we have designatedcentral bankers as our superheroes, and we are relying on theirmagical monetary powers to restart global growth.

As the European Central Bank president, Mario Draghi,whom some have nicknamed Super Mario, said this month:“There was a time, not too long ago, when central banking wasconsidered to be a rather boring and unexciting occupation.”

Not anymore. No one embodies this new glamor more thanMark Carney, the 48-year-old governor of the Bank of Canada,who has been tapped to lead the Bank of England, making himthe first foreign governor in the institution’s 319-year history.

The bar for Carney could not be higher. A cartoon in theBritish papers made the point. It showed a Bethlehem inn withJoseph leading Mary on a donkey. The caption above theinnkeeper’s head declares: “Unless you’re Mark Carney, you’llhave to make do with the stable.”

Carney’s star power was reflected in the packed house thatturned out in Washington on Thursday to hear him at aThomson Reuters Newsmaker interview. Carney, who toldlegislators he hoped his departure from Britain would be “lessnewsworthy” than his arrival, continued his effort to play downheroic expectations.

He deftly dodged questions about the British economy,saying it was not his job to comment on Britain yet. And hepointed out that fiscal policy - the domain of the electedauthorities - and the private sector were the true engines ofeconomic liftoff.

“If we want to talk about ultimate sources of growth,sustainable fiscal policy is a necessary condition. Sustainablegrowth comes from the private sector, not from the (IMF), theBank of Canada or anyone else,” he said.

He also took care to delineate the proper lines of authority

between the central bank and the Ministry of Finance, andsteadfastly declined repeated invitations to overstep them.“Central bankers take fiscal policy as given,” Carney said.“Treasuries take monetary policy as given. That’s theseparation, and I’m not going to wade in positively, negatively,neutrally.”

Within those constraints, though, Carney offered acautiously optimistic view of the world economy.

“The important development in our opinion over the courseof the last 12 months or so, is that the quality of private-sectorgrowth in the United States has picked up,” he said. “The U.S.is moving towards that class of advanced economies that havewell-functioning financial systems where private credit isgrowing and where there is reasonably solid investmentgrowth.”

That is good news for Canada, as Carney said, and it is alsogood news for the rest of the world.

Carney believes that a crucial element in restoringsustainable global growth is finishing the job of repairing globalfinance and the regulatory framework in which it operates. Asthe head of the Financial Stability Board, set up by the Groupof 20 major economies in the aftermath of the financial crisis,he is one of the leaders in that effort.

A major focus is repairing the gap that was revealed in theemergency response to 2008 - the existence of “too big to fail”banks, whose owners and executives pocket profits in the good

times but get a state bailout when things go awry. Over the nextfew days in Washington, during the spring meetings of the IMFand the World Bank, Carney and other central bankers andfinance ministers will continue to hammer out a way to letbanks die without requiring taxpayers to foot the bill.

The recent crisis in Cyprus gave a messy preview of how thatsort of resolution might work.

Carney hopes that global guidelines - and they need to besimple enough, he said, to be usable in the time frame in whichthe authorities in the real world must often operate - will makefuture resolutions cleaner and more predictable.

That game plan, he believes, should include bail-ins, ormaking stakeholders in the banks pay most of the costs.

“Bail-in broadly speaking - not bail-in as it was performed acouple of weeks ago in Cyprus - but bail-in as a component ofaddressing systemic risk,” Carney said, “is an absolutelynecessary element. It doesn’t solve everything, but it’sabsolutely necessary.”

Having lost our faith in the private sector and the bankerswho dominated so many Western economies before 2008,some are looking to government bankers like Carney.

One of the analytical mistakes before the financial crisis wasbelieving that efficient markets were perfect and that privatebankers could police themselves.

Refreshingly, Carney is not making the same error inreverse. He is a believer in regulation and has embraced it at itsmost complex, global scale. But he said regulators need to bewatchful of the unintended consequences of their rules andmindful of the feedback loops between their actions and privatemarkets. The relationship between markets and governments isa complicated process that requires eternal vigilance andconstant tweaks.

If the central bankers can pull that off, they will deserve thatroom in the inn after all.

Banker steps into the role of superhero

By Chrystia FreelandReuters Editor

Osborne urges Scotland to stay in U.K.Britain’s government raised the prospect of euro-style

financial problems if Scotland votes for independence, sayingthe kind of currency union proposed by nationalists is unlike-ly to work.

The euro zone’s experience of countries sharing a curren-cy but not a government shows no there is clear case for anindependent Scotland to use sterling, Britain’s finance min-istry said in a report.

The nation of 5 mln will hold a referendum on September18 next year to decide whether to split from the U.K., as pro-posed by the Scottish National Party (SNP) that runs thecountry’s devolved government.

Independence campaigners want Scotland to keep sterlinginitially and decide later whether to set up its own currency.

British finance minister George Osborne linked the pushby nationalists to the problems besetting the euro zone andsaid an independent Scotland using the pound would haveno control over its currency and economic policy.

“I think its unlikely that the rest of United Kingdom would

agree to or could make work a euro-style currency zone withScotland,” he told BBC radio. “If Scotland wants to keep thepound, the best way they could do that would be to stay inthe United Kingdom.”

Opinion polls show around 30% of Scots are currently infavour of independence, while 50% are against.

“PLAYING WITH FIRE”

A leading member of the SNP accused the Treasury of try-ing to make the prospect of independence sound as difficultas possible and said Osborne was “playing with fire.”

John Swinney, Scottish finance secretary, said an inde-pendent Scotland might refuse to take on its share of Britishdebt if London did not let Scotland use the pound as part ofa currency union.

Financial markets are unperturbed by what they see as aremote prospect of Scottish independence. But there couldbe major implications for sterling and the British govern-

ment bond market if this perception changed.Markets could easily force a currency union to break up

after independence if they did not think there was a solidcommitment to it on both sides, imposing costs on bothScotland and the rest of Britain, the report said.

Moreover, there would be complex issues to be decidedon whether the Bank of England could continue to be alender of last resort to Scottish banks, and Britain wouldwant “rigorous oversight” of an independent Scotland’s fis-cal policies.

The report highlighted further risks for Scotland if itdecided to use sterling unilaterally, join the euro or create itsown currency.

Scotland’s economy was heavily exposed to the volatile oiland gas sector, and more similar to the economy in the restof Britain than to that of the euro zone, the report said.

“All of the alternative currency arrangements would belikely to be less economically suitable for both Scotland andthe rest of the UK,” it concluded.

MPs hope Carney will change BoE cultureFuture Bank of England governor Mark Carney must not

lose sight of the need to revamp the central bank’s“hierarchical” culture when he takes over on July 1, BritishMPs said on Friday.

Members of the parliament committee that scrutinises theBoE have had a spiky relationship with the current governor,Mervyn King, who they accuse of a high-handed approach.

But when Carney appeared before the MPs in February, hesaid he would seek consensus - something which thecommittee welcomed in a formal report on Carney’sappointment.

“If these commitments result in meaningful change to thecurrent hierarchical decision-making processes and cultureof the Bank, this will be a highly significant development,”the committee said on Friday.

However Carney will have his work cut out to avoid aclash with other policymakers when he arrives at the bank.Under a new remit from finance minister George Osborne,the bank must decide by early August whether it plans to use

so-called “intermediate targets” to provide long-range policyguidance.

In his current role as head of Canada’s central bank,Carney has championed committing to keep interest rateslow until a certain intermediate target, such as a level ofunemployment, is reached. But some BoE officials have deepreservations about whether this would work in Britain.

At a Reuters event last week, Carney again praised thisapproach, which is also taken by the U.S. Federal Reserve.

“It helps market participants understand not exactly thetiming of adjustment of interest rates but the minimumconditions before the Fed even thinks about adjustment ofinterest rates,” he said.

Carney will be taking over the bank at a time when thereis major uncertainty about the best course for monetarypolicy at a time of economic stagnation and above-targetinflation, and when the bank has also just assumed majornew regulatory powers.

Legislators said they were worried that the arm of the BoE

responsible for supervising banks, the Prudential RegulationAuthority, would hurt competition in Britain’s alreadyconcentrated banking market through over-regulation.

April 24 - 30, 2013

24 | WORLD MARKETS | financialmirror.com

Brazilian banks brace for weak earningsl Investors to eye trends in margins, revenue, defaults; Return on equity rose for Itaú Unibanco;

Default ratio up for Santander Brasil

Brazil’s largest private-sector banks are braced for anotherquarter of weak earnings as sagging economic growth continuesto drag on demand for new loans while preventing defaults fromfalling more rapidly.

First-quarter data from the country’s top three listed non-government banks should reinforce the view that profitabilitytrends in the sector remain fragile, with performance hingingexcessively on cost-cutting as interest income slips, a ThomsonReuters poll with analysts showed on Friday.

The business outlook for Itaú Unibanco Holding SA, BancoBradesco SA and Banco Santander Brasil SA did not improve inthe quarter, analysts said. Central bank data on the credit marketpointed to disappointing loan book expansion, which likelyweighed on top-line performance. “Overall, we think the quarteris unlikely to be an inflection point signaling an acceleration ofearnings momentum,” said Saúl Martínez, a senior bankinganalyst with JPMorgan Securities in New York.

Banks have suffered in the face of government pressure tocut borrowing costs, a reluctance among indebted consumers toborrow and two years of flagging activity. Last year, industryprofit fell for the first time in 15 years as banks had to focus onless-risky types of credit that charge lower spreads – thedifference between the interest rate charged on a bank loan andthe cost of funding.

Return on equity, a gauge of how well banks investshareholder money, rose only for Itaú - suggesting that profitgains stemmed from stringent expense reductions and a focuson activities other than loans. Net interest margin, the averagerate earned on loans, fell for a sixth quarter, the poll found.

This year’s first quarter was probably the third in a row thatbanks saw default ratios receding, which, although positive, wasmore the result of a risk-off approach implemented by Itaú andpeers in recent months than an improving economy, saidMarcelo Henriques, an analyst with BTG Pactual Group.

In addition, income from the trading of bonds, stocks andother financial instruments fell on expectations that policymakerscould raise borrowing costs to head off inflation. The trend likelycontinued into the second quarter, Henriques said.

TRENDS IN MARGINS, DEFAULTSShares of those three banks are up a combined 0.3% this

year, while the benchmark Bovespa stock index has dropped14%. Potential swings in the price of those stocks hinge onunderlying trends in interest income and margins, defaultratios and provisions - the money they set aside to write offsouring loans, analysts said.

Bradesco, Brazil’s No. 2 private-sector lender, is scheduledto release first-quarter earnings on Monday before marketsopen. Net income excluding one-off items, known asrecurring profit, is expected to rise by 2% to 2.98 bln reais($1.38 bln) on a quarter-on-quarter basis, according to theaverage estimate of 10 analysts in the poll.

Return on equity, a gauge of profitability for banks knownas ROE, likely sank by about 2 percentage points to 17.1% inthe quarter, reflecting stagnant interest income, an uptick inexpenses and lower net interest margin, the poll showed.

Banco Santander Brasil, the nation’s largest foreignlender, is forecast to post a 14.2% quarter-on-quarter drop inrecurring profit to 1.33 bln reais. The ten analysts polled

expect strong loan-book growth, rising nonperforming loansand slightly higher provisions at the lender, which is set topost earnings on April 25 before markets open.

Santander Brasil’s ROE probably plummeted to anaverage 9.5% in the quarter. Loan delinquencies climbed to5.6% of total loans from 5.5% in the prior quarter.

Recurring net income at Itaú Unibanco, Brazil’s mostprofitable bank, likely slipped 1.4% to 3.45 bln reais on aquarterly basis, a poll of 11 analysts showed. Despite thedecline in profit, operational trends are expected to be morefavorable, the poll found.

Provision expenses likely fell 7.5% to 4.619 bln reais,below management’s guidance. Net interest margin cameslightly lower in the quarter, the poll found.

Itaú reports earnings on April 30 before markets open.ROE is expected at 18.6%, up from 18.4% in the prior threemonths, after expenses fell an average 0.6% and the defaultratio fell to 4.7%, the lowest level in seven quarters.

Following is a table with analysts’ first-quarter earningsexpectations. Comparisons are made with the prior threemonths.

Nokia sales tumble despite Lumia pick-upA sharp fall in sales of Nokia’s basic phones overshadowed a

stronger performance from its Lumia smartphones in the firstquarter, rekindling fears over its future and sending its sharestumbling to year lows.

The results renewed pressure on Chief Executive StephenElop, who was hired in 2010 to turn the Finnish mobile phonemaker around after it fell behind rivals Samsung and Apple inthe smartphone race.

He made the controversial decision to switch to Microsoft’suntried Windows Phone software in early 2011 and had said thetransition would take two years, a period that’s now over.Analysts said he was running out of time.

“Basically, he has only the second quarter,” said MikkoErvasti at Finnish investment banking and wealth manage-ment group Evli.

Nokia said it sold 5.6 mln units of Lumia handsets in thefirst quarter, up from 4.4 mln in the previous quarter, and fore-cast stronger growth in the current quarter.

But shipments of mobile phones slumped 21% to 55.8 mlnunits, a far steeper decline than the 8% fall that markets expect-ed, with unit sales down in every region.

As a result, overall net sales fell 20% to 5.9 bln euros from ayear earlier, far short of the 6.5 bln euros forecast by analysts.

STAYING RELEVANTNokia’s future is seen depending on higher-margin smart-

phones as a growing number of global consumers want accessto apps such as Twitter from their handsets.

But it still sells more regular mobile phones than smart-phones, and needs to protect its position in the basic handsetmarket so buyers of its cheaper handsets don’t defect to otherbrands when they eventually upgrade to smartphones.

In markets such as China, Nokia faces strong competitionnot only from rivals such as Samsung but also from emerging,cut-price competitors.

Nokia recently launched a 15 euro phone in an effort to

boost its share in emerging markets, and Elop said it would alsorevamp its Asha range of mid-tier feature phones this year.

Analysts also said that while the pick-up in Lumia wasencouraging, rivals weren’t standing still either.

Samsung’s Galaxy S4 is set to go on sale later this monthand is expected to outsell its predecessors with monthly sales ofaround 10 mln.

NSN LIFTING CASH POSITIONIn addition to Lumia sales, first-quarter results showed a few

bright spots, helped by equipment venture Nokia SiemensNetworks (NSN), once a cash drain for co-parents Nokia andSiemens but now profitable after massive cost cuts and a focus

on fourth-generation (4G) Long Term Evolution (LTE) net-works has begun to pay off.

While NSN’s quarterly sales were slightly weaker than ana-lysts had forecast, its underlying profit, or adjusted earningsbefore interest and taxes (EBIT), of 196 mln euros was higherthan the 121 mln euros that markets expected.

Nokia’s shares fell 12.7% to a year-low of 2.30 euros, abovethe all-time low of 1.33 hit last year, but a far cry from their 65-euro peak in 2000.

Nordea analyst Sami Sarkamies said the weak results inmobile phones may force analysts to reconsider what they seeas the sum value of the company’s parts, which include itshandset business, Navteq mapping unit and stake in NSN.

Oracle fixes 42 holes in JavaOracle Corp released a major security update for the

version of Java programming language that runs insideWeb browsers to make it a less popular target for hackers.

The patch fixes 42 vulnerabilities within Java, includ-ing “the vast majority” of those that have been rated asthe most critical, said Oracle Executive Vice PresidentHasan Rizvi.

One widespread hacking campaign disclosed this yearinfected computers using Microsoft’s Windows and Applesoftware inside hundreds of companies, includingFacebook, Apple and Twitter.

The situation grew so bad earlier this year that the U.S.Department of Homeland Security recommended thatcomputer users disable Java in the browser. But manylarge companies use internal software that relies on Javaand have been pressing Oracle to make the language safer.

The most significant change will be that, in the defaultsetting, sites will not be able to force the small pro-

grammes known as Java applets to run in the browserunless they have been digitally signed. Users can overridethat only if they click to acknowledge the risk, Rizvi said.

Oracle inherited Java when it bought Sun Microsystemsin 2010. It is the company’s greatest exposure to the massmarket, as versions of Java run on desktops, in telephonesand other devices and on servers.

The browser version, however, has been especiallyprone to security problems.

Last year, Java surpassed Adobe’s Reader as the mostfrequently attacked piece of software, according to securitysoftware maker Kaspersky Lab.

Java was the vehicle for 50% of all cyber attacks lastyear in which hackers broke into computers by exploitingsoftware bugs, according to Kaspersky. That was followedby Adobe Reader, which was involved in 28% of all inci-dents. Microsoft Windows and Internet Explorer wereinvolved in about 3% of incidents, according to the survey.

Recurring profit 3.45 bln 2.98 bln 1.33 bln reaisPercent change -1.4% +2.0% -14.2%

Return on equity 18.6% 17.1% 9.5%Percent change +0.2 pps -2.1 pps -2.7 pps

Default ratio 4.7% 4.1% 5.6%Percent change -0.1 pps unchanged +0.1 pps

Provisions 4.62 bln 3.17 bln 3.40 bln reaisPercent change -7.5% -5.7% +2.8%

($1 = 2.01 Brazilian reais)

ITAU BRADESCO SANTANDER

Banks try to raise €27.5 blnl HFSF to cover Eurobank rights issue

Greece’s four leading banks are trying to raise funds tocover massive holes left behind by the country’s debt restruc-turing, with one bank turning to the government for help andanother saying it has enough money to prevent giving upmanagement control to the state.

National Bank of Greece, Eurobank Ergasias, Alpha Bankand Piraeus Bank need to raise some 27.5 bln euros after theywere wiped out by the country’s 200 bln debt restructuring lastyear.

Eurobank admitted on Monday to being the first domesticbank to fall under state control, dropping plans to raise moneyfrom investors that would have secured management controlof the lender. It said its board decided that the HellenicFinancial Stability Fund (HFSF) will fully cover a 5.8 bln eurorights issue and it could be recapitalised as early as next week.

“As one of the four systemic banks, Eurobank intends toactively engage in the strategic restructuring of the Greekbanking system through the acquisition of smaller nonsys-temic banks,” it said.

Its shares plunged 30% at the opening of trade on Tuesdayto 16 cents.

The news comes after the country’s central bank halted ear-lier this month Eurobank’s merger with NBG, at a time of fearsby international lenders that the combined entity couldbecome too big to be bailed out by the government.

As part of Greece’s latest 173 bln euro bailout by its euro-zone peers and the IMF, some 50 bln has been set aside torecapitalise the four big banks, that combined control some80% of all banking assets. Under the terms of the plan, thebanks must secure 10% of their capital needs from the privatesector to maintain management autonomy and retain theirprivate character.

The HFSF bank-rescue fund will underwrite the balancebut will have only restricted management rights if its share isless than 90%.

On the other hand, Piraeus Bank said it has enough moneyto meet the 10% threshold after it agreed to take overMillennium Bank, the Greek unit of Portuguese lender Banco

Comercial Portugues SA (BCP). The news sent Piraeus shares16% higher on the Athens bourse.

BCP will sell Millennium for 1 mln euros and will invest 400mln in Piraeus’s upcoming rights issue. In addition, BCP willrecapitalise its Greek unit before the sale closes by 400 mlneuros. About 139 mln of that has already been injected.

“We are confident that we can achieve an even higher par-ticipation of private investors, in this landmark rights issue ofPiraeus Bank,” said Michalis Sallas, chairman of Piraeus Bank.

The ASE banking stocks index rose 18% on hopes theother two lenders, NBG and Alpha, will follow suit and alsokeep control of management. In Lisbon, BCP shares trimmedgains of more than 4% to end up 2.1%, with investorscheered by news of the deal. Its Greek unit has long been adrag on Group results, which is also struggling with a reces-sion at home.

With the transaction, BCP will lower its risk-weightedassets by about 4 bln euros, in turn raising its capital ratios. Asof December, the bank’s core tier 1 ratio was 9.8%.

April 24 - 30, 2013

financialmirror.com | GREECE | 25

Tourism seen bouncing back to pre-crisis levelsl Political calm, fewer protests encourage visitors; Revenues

seen up 9-10%; Arrivals to rise 6-7% to record 17 mln

Greek tourism revenues are expected to bounceback this year to pre-crisis levels following the returnof political stability to the country, with visitors fromGermany, Britain and Russia expected back.

The country has pinned its hopes on its sun-drenched beaches and ancient monuments to pull itselfout of a deep recession. Tourism is the economy’sbiggest cash-earner, accounting for about 17% of out-put.

Andreas Andreadis, head of Greece’s main tourismbody SETE, said revenues are seen rising by up to 10%this year to 11 bln euros on the back of an expectedrecord 17 mln visitors.

“We are heading for arecord year in terms of foreigntourist arrivals,” he said in aninterview with Reuters. “Ourtarget of about 11 bln euros indirect revenues is feasible andwe may even exceed it.”

If SETE’s forecast is met,receipts will rise to their high-est level since 2009, whenGreece’s debt crisis began.That sparked violent streetprotests that scared off visi-tors.

Hoteliers, restaurant own-ers and tourism businesseshave slashed prices andupgraded their services toweather the crisis and lure more visitors, Andreadissaid. A better mix of tourist markets - tourists who staylonger and spend more on average - will also help therise year on year, he said.

About 40% of hotels are now listed under the 4-staror 5-star categories, up from 25% during the 2004Athens Olympics, he said, adding that positive feedbackfrom last year’s visitors had also helped pre-bookings.

“Fears that Greeks would be negative towardstourists - Germans for instance - were dismissed lastyear and now fears have been replaced with confi-dence,” said Andreadis.

STABILITYSummer bookings from Germany and the UK were

up 15% and 20%, respectively, mainly due to reduceduncertainty over the country’s future in the euro zoneand fewer violent protests since a stable government

took over in June, he said.Greece’s main competitors are Spain, Croatia,

Turkey and Egypt. Political uncertainty and turmoil inEgypt is turning some visitors towards Greece,Andreadis said.

“What usually affects tourism is strikes and socialunrest,” he said. “Greece is very quiet this year com-pared with Italy, Spain and Portugal, it’s ‘business asusual’.”

A popular summer destination for decades, mainlywith Germans and Britons, Greece is now attractingincreasing numbers of tourists from Eastern Europe.

A 30% rise in Russian tourists will also add to rev-enues, Andreadis said. Almost 900,000 Russians visitedGreece in 2012, a threefold increase in just three years.

Russians stay longer and spend more than the aver-age foreign visitor. According to central bank data for2012, they accounted for 9.4% of all receipts, muchhigher than their 5.6% share in arrivals.

Greece expects tourism to rebound strongly enoughto offset the impact of the Cypriot crisis on the Greekeconomy. The tourism industry employs one in fivepeople in a country where unemployment has climbedto 27% and the economy is in recession for a sixth con-secutive year.

Domestic tourism, which has been severely hit asausterity-hit Greeks are cutting down on expenses, wasexpected to remain at last year’s depressed levels.

“We won’t see an increase but there will be no fur-ther drop either,” he said.

OPAP shares fall after single bid Shares in gambling monopoly OPAP fell 5.2% on the Athens bourse on

Tuesday after the government got only one valid bid by investors to buy astake, at a discount to the company’s market value.

Greece said late on Monday it was seeking a higher offer for the sale of a33% stake in OPAP after a low bid of 622 mln euros from the bid vehiclecalled Emma Delta backed by shipping tycoon George Melisanidis andCzech investor Jiri Smejc.

The offering price came at a discount of about 16% to OPAP’s closingshare price of 7.08 euros on Monday. “The shares are falling because theoffer came at a discount,” said IBG analyst Dimitris Birbos.

EU deepens probe into Aegean-Olympic deal

EU antitrust regulators have deepened their investigation into thesecond takeover bid by Aegean Airlines for Greek rival Olympic Air, cit-ing concerns about the combined group’s market power in Greece.

The European Commission said that it would now decide on the 72-mln-euro deal by September 3.

“The Commission has concerns that the transaction may lead toprice increases and poorer service on several domestic Greek routes outof Athens, where the merged entity would have a monopoly or an other-wise strong market position,” it said in a statement.

The Commission blocked Aegean’s first takeover attempt in 2011,worried that the merged company would have a quasi-monopoly of theGreek air travel market.

ND regains narrow lead in pollThe ruling conservatives have regained a narrow lead over anti-bailout left-

ists, an opinion poll published on Saturday showed.A survey by Metron Analysis for Sunday’s Eleftherotypia newspaper put

support for New Democracy at 18.7%, giving it a 0.6 percentage-point lead overthe radical Syriza party.

Prime Minister Antonis Samaras’s New Democracy party, which won elec-tions last June with 29.6% of the vote, has been neck-and-neck with the anti-bailout Syriza in recent polls. In a previous Metron Analysis poll in March, NewDemocracy trailed Syriza by 0.3 percentage points.

New Democracy has been behind Syriza for months following the June 17vote but managed to grab a poll lead in January after securing internationalbailout funds to avert bankruptcy and allay doubts over Greece’s future in theeuro. Samaras has since been trying to show Greece’s international lendersthat his country is determined to achieve its bailout targets.

The “troika” of creditors concluded their review of the country’s bailoutplan earlier this month, giving Athens a clean bill of health, which secures adisbursement of at least 2.8 bln euros in aid.

Their next inspection is expected to take place in June and by then Greecemust have carried out its first big privatisations and set out how it will cover abudget shortfall of 2 to 4 billion euros for the year 2015 and 2016. The poll alsoshowed that 68% think the current situation is worse than a year ago.

Greeks have lost almost a third of their disposable incomes since the debtcrisis started more than three years ago, mainly due to repeated waves of aus-terity and tax hikes in turn for foreign aid. But the coalition government hasruled out taking any new austerity measures, hoping for a recovery of theeconomy after five years of recession.

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2011 2012 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. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 97.19 114.86 -15.38FTSE/CySE 20 47.75 37.08 37.99 44.40 -14.44FTSE/XA & XAK Banking 188.86 81.63 103.58 168.87 -38.66MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 83.34 88.12 104.69 -15.83BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 - 1.24 - -1 371 000 -792 593 -210 956 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 -291 493 -1 671 495 0 n/a -89.79 0.047 0.040 0.044 -HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 66 307 0.78 0.14 -100 658 -73 081 219 -23 440 n/a -3.78 0.177 0.107 0.107 0.175 -38.86LOGICOM LOG ΛΟΤΖ 74 080 0.35 18 224 0.75 0.33 3 585 3 024 3 026 2 040 8.93 2.75 1.50 6.10 0.300 0.226 0.246 0.263 -6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 11 326 0.54 0.08 -6 894 -1 527 109 -8 443 n/a -3.43 0.048 0.043 0.046 0.045 2.22LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 5 527 0.27 0.04 -82 674 -4 830 -8 489 -30 442 n/a -6.61 0.019 0.012 0.012 0.018 -33.33SECTOR TOTAL / OΛIKO 101 383 0.64 0.10 -5 208 021 -1 160 500 -1 887 586 -60 285 1.61PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 566.47 567.79 627.38 -9.50WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.14 6 700 3 780 2 372 6 124 4.48 5.36 2.31 9.63 0.260 0.220 0.240 0.250 -4.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 932 3.20 0.13 -2 312 -2 992 -258 -1 354 n/a -1.88 1.50 3.49 0.460 0.410 0.430 0.439 -2.05A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 236 0.28 0.57 4 059 -575 n/a -0.31 0.195 0.160 0.160 0.183 -12.57ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 16 100 0.48 0.19 197 287 -505 1 324 12.16 0.76 2.10 22.83 0.124 0.092 0.092 0.115 -20.00LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.26 0.22 -1 734 67 -3 539 -34 500 n/a -12.22 0.061 0.054 0.058 0.058 0.00K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 8 989 4.69 0.14 3 250 3 181 2.83 23.71 1.050 0.612 0.670 1.050 -36.19G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 647 -50 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 -1 046 -1 753 n/a -21.38 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 608 -1 071 n/a -2.38 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.91 0.06 702 1 012 3.80 2.89 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 0.53 0.11 -1 273 -3 338 n/a -6.95 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 239 826 1.39 0.32 1 631 1 142 -1 930 -36 616 6.03ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 657.64 624.36 624.36 636.57 -1.92ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 14 631 0.49 0.30 1 932 1 842 1.86 0.93 6.28 0.148 0.153 -3.27A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -2 776 -637 -0.40 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.49 0.10 -2 123 -1 250 -1.13 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 030 0.73 0.87 2 311 2 048 5.24 7.00 10.94 0.640 0.650 -1.54BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.80 0.18 571 432 2.80 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 101 0.33 0.11 -3 532 -7 040 -4.97 0.036 0.041 -12.20CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.42 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 867 0.39 0.11 -3 942 -5 558 -5.14 0.045 0.042 7.14CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 576 0.07 0.03 -7 733 -7 194 -2.50 0.002 0.004 -50.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 289 0.65 0.46 -104 -52 -0.21 0.299 0.290 3.10C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 887 0.09 0.36 -2 998 -1 245 -0.60 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 21 054 2.20 0.07 -4 639 -9 557 -6.94 0.153 0.153 0.00CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 6.13 0.22 -4 127 -2 867 -93.72 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 27 716 1.86 0.16 6 152 1 756 482 5 048 5.48 3.20 10.63 0.301 0.346 -13.01CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 4 617 0.28 0.20 1 601 676 0.83 0.057 0.073 -21.92DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.29 0.19 -529 -660 -4.89 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 0.32 0.43 -15 527 -5 627 -16.55 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 10 800 0.97 0.11 5 126 -3 289 -3.29 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.05 -0.32 -2 268 -2 698 -12.08 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 10 842 3.55 0.10 -3 948 -7 470 -24.11 0.350 0.385 -9.09KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 781 0.38 0.26 -802 -670 -3.73 0.099 0.089 11.24KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.68 0.86 108 -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 5 694 0.80 0.07 -10 490 -6 041 -5.94 0.056 0.053 5.66MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 735 0.64 0.28 1 324 -1 006 -2.33 0.179 0.184 -2.72MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 941 0.10 0.12 -3 328 -1 218 -1.55 0.012 0.013 -7.69MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 0.02 0.47 -337 -308 -2.07 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 31 833 0.20 0.38 -20 039 -9 844 -2.32 0.075 0.075 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 62 563 1.31 0.54 10 783 5 541 6.33 1.70 2.38 0.715 0.733 -2.46PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.40 0.19 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.01 3.25 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 73 -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 0.48 0.15 973 -3 279 -8.98 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.59 0.03 -19 200 -19 800 -29.77 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.36 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 0.41 0.64 -891 -482 -3.95 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 -24 -0.25 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 2 739 1 151 1.53 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 416 894 0.81 0.46 -87 899 1 756 482 -104 609

2012

April 24 - 30, 2013

26 | CSE PRICES | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2011 2012 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. 2011 2012 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 8 390 13 844 1.65 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 7 799 0.42 0.59 17/10/12TOTAL 569 801

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 9M '11 9M '12 2012 Cents Cents % 572.39 450.90 462.96 546.03 -15.21ACTIBOND 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 5 222 0.1914 -51.41 -4 301 139 0.25 0.093 0.115 -19.13CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 3 960 0.2682 -66.82 -10 771 -8 799 -3 229 -2 774 -6.23 0.089 0.119 -25.21DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 42 000 0.7174 -70.73 -14 853 -2 697 -1.35 0.210 0.250 -16.00DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 565 0.0070 -71.43 -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 2 827 0.1709 -70.74 -9 493 -443 -0.78 0.050 0.048 4.38ISCHIS 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 -56 -2.80 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 -383 -2.84 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 70 177 -47 962 -8 799 -3 229 -10 978 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1728 -98.84 -69 -1 014 -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 -3.03 -0.03 -3 840 -1 569 -0.98 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 -0.05 -0.07 -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 0.20 0.12 -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 0.41 0.56 -438 -438 -5.11 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 10 843 0.50 0.32 2 145 35 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 18 -17 728 -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 -0.06 -0.05 -15 879 -15 756 -2.50 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 90 499 0.57 58 824 0.43 1.51 -8 961 -824 -0.91 0.650 0.660 -SECTOR TOTAL / OΛIKO 204 764 -157 731 18 -17 728 -137 834

MARKET TOTAL / OΛIKO AΓOPAΣ 1 033 044 -5 499 982 -1 166 383 -1 909 991 -350 322 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.

April 24 - 30, 2013

financialmirror.com | CSE PRICES | 27

In earnings frenzy, will Apple get crushed?l Major US indexes post largest weekly declines

Apple may have lost nearly half of its value since its peak inSeptember, but it is still the talk of the town. Only this time,it’s all about how low can it go?

Wall Street would normally be set for a technical reboundafter a drop of more than 2%, the worst weekly decline so farthis year. But that could easily change by the time the iPhonemaker reports its earnings, which are due on Tuesday after theclosing bell.

“It’s not the $700 stock anymore, but Apple still has hugeweighting on indexes, and it’s still the window into the state ofconsumers, a sort of reality check,” said James Dailey, portfo-lio manager of Harrisburg, Pennsylvania-based TEAMFinancial Asset Management.

Wall Street has been recently pressured by a slew of disap-pointing economic data and weaker-than-expected earningsreports from blue-chip companies like IBM.

For the week, the Dow fell 2.1%, the S&P 500 also lost 2.1%and the Nasdaq slid 2.7%.

“The critical level next week would be 1,540 on the S&P500, which is near the 50-day moving average,” said AndreBakhos, director of market analytics at Lek Securities in NewYork.

He added that a dip below this mark would bring “addition-al weakness to as low as 1,500 levels.”

On Friday, the benchmark S&P 500 index closed at1,555.25.

With the earnings season in full swing, the growth in S&P500 companies’ first-quarter earnings is now estimated at2.2%, up from an April 1 forecast for growth of 1.5%, accord-ing to Thomson Reuters data, based on results from 104 com-panies and estimates for the rest.

Of the companies that have reported, 67.3% have beatenanalysts’ earnings expectations, while just 43.3% have beatenrevenue estimates. Revenue growth is seen at just 0.7% for thefirst quarter over the year-ago period.

About a third of S&P 500 companies and a third of the Dowcomponents - ten blue-chip companies - are scheduled toreport earnings next week.

Among Dow stocks, Caterpillar kicked off on Monday, fol-lowed by DuPont, United Technologies Corp and Travelers onTuesday.

Boeing and Procter & Gamble report on Wednesday, fol-lowed by Exxon Mobil on Thursday. Chevron wraps up theweek by reporting on Friday.

APPLE BRUISED BY THE BEARSOnce a Wall Street darling, Apple faces tough questions

from shareholders this week. Its stock is down more than 40%from its peak in September.

And for this year alone, Apple is down 27% - still firmly inthe grip of a bear market, which Wall Street defines as the lossof 20% or more from a recent peak.

The company is expected to report a mere 8% gain in quar-terly revenue, among the weakest displays of quarterly growthin years, according to average analysts’ estimates, polled byReuters.

Earnings per share are expected to fall 18% as SamsungElectronics and other hard-charging rivals erode Apple’s mar-ket share and put pressure on its margins.

“The market is aware that Apple is not going to report goodnumbers,” Dailey said. “But it will be interesting to see howthe stock reacts, considering that it’s already been pressured,leading up to the earnings announcement,” Dailey said.

Apple shares closed below $400 on Thursday for the firsttime since December 2011. The stock has shed more than

$280 bln in market value since peak-ing at more than $700 a share inSeptember.

On Friday, the stock closed down0.4% at $390.53.

But Apple, which was once theworld’s most valuable company, istrading at nine times trailing earn-

ings. And 45 of 58 analysts polled by Reuters give the stock a“strong buy” or “buy” rating.

According to Thomson Reuters Starmine, Apple’s intrinsicvalue - a price target based on expected growth rates over thenext decade - was about $565 a share.

HOME SALES AND GDP ON TAPEconomic indicators in the coming week will cover hous-

ing, manufacturing and a first look at first-quarter grossdomestic product. In the housing sector, March figures forexisting home sales are due on Monday and new home saleson Tuesday. Economists polled by Reuters have forecast slightgains in both March existing and new home sales overFebruary figures.

U.S. durable goods orders for March will be released onWednesday, with the forecast calling for a drop in March fol-lowing February’s gain. Durable goods are manufacturedgoods, such as washing machines and refrigerators, meant tolast three years or more.

Thursday’s data on weekly U.S. initial claims for joblessbenefits are projected to dip to 351,000 for the latest week.

On Friday, Wall Street will get a snapshot of the broad econ-omy, measured by gross domestic product, or the output of allgoods and services inside U.S. borders. First-quarter GDP isforecast to have grown at an annual rate of 3%, compared withgrowth at an annual pace of just 0.4% for the fourth quarter.

A final reading for April on U.S. consumer sentiment willcome out on Friday from the Thomson Reuters/University ofMichigan Surveys of Consumers. The forecast calls for a bliphigher to a reading of 73.0 from a previous reading of 72.3.

April 24 - 30, 2013

28 | BACK PAGE | financialmirror.com

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