April 17 - 23, 2013

2 | CYPRUS | financialmirror.com

EU to explore ‘frontloading’ structural payments to CyprusThe European Commission will propose “frontloading” pay-

ments to Cyprus from the EU budget so that allocations for thenext seven years are paid early to give the battered economy aboost, European Commission President Jose Manuel Barrososaid.

In a letter to President Nicos Anastasiades, Barroso said theCommission would also offer Nicosia higher pre-financing ratesand explore the possibility of increasing the size of the fundsalready agreed for Cyprus in the EU’s 2014-2020 budget.

“With a view to delivering an impact on the ground as soonas possible I would propose to explore with the budgetaryauthority the possibility of frontloading future (EU budget)assistance for Cyprus,” Barroso said in the letter.

Cyprus is to get 945 mln euros over the next seven years asEU co-financing for various projects and as direct payments tofarmers and for the development of rural areas.

“I do not exclude seeking additional support from the budg-etary authority, despite all the well-known difficulties currentlyassociated with these matters at EU level,” Barroso said.

“As you know, the Commission had signalled very seriousconcerns about the situation in Cyprus in its different econom-ic reports over quite a long period. As far back as November 2011we spoke to your predecessor about the need for Cyprus to enterinto a macro economic assistance programme. With this inmind, the Commission ensured during the negotiations for thenext EU multi annual financial framework (MFF) that the deci-sions reached by the European Council took account of the par-ticular needs of Cyprus in the overall context of the negotiations.

“This resulted in Cyprus receiving an additional allocation ofEUR 150 mln under cohesion policy to recognise the challengesposed by the situation and EUR 7 mln under rural development(which will be subject to a co-financing rate of 100%).

“Under cohesion policy and rural development, Cyprus willbe able to request a 10% “top up” co-financing rate. Moreover,there will be a review in 2016 of the cohesion allocations andpossibly of eligibility for the Cohesion Fund in 2017 with a viewto aiijusting the results in cases of significant divergencesbetween the statistical data used to determine the agreed alloca-tions and developments in the real economy.

“Cyprus is not currently eligible for the future YouthEmployment Initiative but since it has not yet been finalized, Iwould be pleased to support a request for its extension to Cypruson an exceptional basis.”

Euro zone finance ministers backed a 10 bln euro bailout onFriday and the European Commission said it would try to helpthe island’s economy grow again with better use of EU structur-al funds. The ministerial support opens the way for several eurozone countries, including Germany and Finland to seek

approval for the three-year bailout in national parliaments, sothat loan agreement with Nicosia can be signed by April 24.

The first tranche of the loan - 9 bln of which will come fromthe euro zone and 1 bln from the IMF - will flow to Nicosia inmid-May.

The euro zone loans will have an average maturity of 15 yearsand maximum maturity of 20 years.

“The Eurogroup considers that the necessary elements arenow in place to launch the relevant national procedures requiredfor the formal approval of the ESM financial assistance facilityagreement for an amount of up to 10 bln euros, subject to IMF’scontribution,” the euro zone ministers said in a statement.

To cover its financing needs over three years, Cyprus itselfwill have to come up with 13 bln euros of its own, with the bulkof that sum coming from the closure of its Laiki bank and therestructuring of the Bank of Cyprus.

The amount that Cyprus would need to contribute on itsown had been estimated a month ago at around 7 bln, but thetwo sums were not directly comparable, EU Economic and

Monetary Affairs Commissioner Olli Rehn told a news confer-ence.

“People have been comparing apples with pears and comingup with oranges,” Rehn said.

“If you look at these two figures of 17 bln ...and the 23 bln forprogramme financing, they are ... not strictly comparablebecause the construction of the first and second, or final pack-age are different,” he said.

“The 17 bln euros is related to net financing needs ... whilethe larger figure, 23...is a gross financing concept,” he said. Thelarger number also includes additional buffers to allow for weak-er fiscal developments and additional costs in banks, he said.

Cyprus will also raise taxes, cut spending and implementstructural reforms to improve its public finances and to be ableto eventually repay its debt, that is to fall to 104% of GDP in 2020from a peak of above 126% in 2015.

But international lenders now forecast the Cypriot economywill contract almost 9% this year and almost 4% in next yearbefore returning to weak growth in 2015 and 2016.

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Non-EU exports soared in Jan-FebTotal exports from Cyprus were doing well

in the first two months of the year accordingto provisional data from the StatisticalService, Cystat.

Total exports including re-exports rose by11.1% over the year earlier to EUR 221.7mln, while imports, held back by depresseddomestic demand, fell by 8.9% to EUR 799.7mln.

The main drive behind exports came frombeyond the EU, with non-EU exports rising

by 27% to EUR 102.5 mln, while EU exportsincreased by just 0.3% to EUR 119.3 mln.

EU trade also declined on the import side,with imports from the EU down 11.1% toEUR 519.0 mln, while imports from outsidethe EU rise by 1.6% to EUR 280.7 mln.

In 2012 exports rose by 1.2% to EUR 1.4bln, while imports dropped by 9% to EUR 5.7bln. Imports were therefore around fourtimes larger than exports.

www.sapientaeconomics.com

Building permitsdropped 12.4% y/y in January

The construction sector in Cyprus hasbeen in decline since the middle of 2008and January was no exception.

The number of building permitsauthorised by the municipal authoritiesand the district administration officesdropped by 12.4% to 486 in January com-pared with 555 in January 2012.

The total value of these permitsreached fell by 13.4% to EUR 108.6 mlncompared with EUR 125.4 mln in January2012 and the total area dropped by 13.5%to 110.0 thousand square metres from127.1 thousand square metres in the cor-responding month of 2012.

These building permits provide for theconstruction of 432 dwellings, down 7.7%from the authorised 468 in January 2012.

Wholesale turnoverdown 2.2% Q/Q in Oct-Dec

Turnover in the wholesale trade sec-tor excluding motor vehicles andmotorcycles dropped by 2.2% over theprevious three-month period inOctober-December 2012.

For 2012 a whole turnover declinedby 6.2%.

Meanwhile, turnover in the whole-sale and retail trade sector includingrepair of motor vehicles rose marginal-ly by 0.5% over the previous period inthe fourth quarter.

However, for the year as a wholeturnover in this broad sector fell to by19.9% compared with the correspon-ding period of 2011.

Outbound travels slumps in February

Once a strong sector in Cyprus, out-bound tourism tumbled in February by17.5%.

On the basis of the Passengers’Survey 60,076 residents of Cyprusreturned from a trip abroad in February2013 compared with 72,824 in the cor-responding month of 2012.

There was a fall of 15.3% in thenumber of the trips of residents toGreece (18,999 in February 2013 com-pared with 22,428 in February 2012)and a 10.4% decline in trips to theUnited Kingdom (16,292 comparedwith 18,177 in 2012).

Cyprus, Greece officials and PGS at Oil & Gas Summit

IRN, Global Summits organiser, is hosting the 2ndAnnual Cypriot-Greek Oil & Gas Summit in Limassol thisweek that will be held under the auspices of the GreekMinistry of Environment, Energy & Climate Change, withIoannis Maniatis, the Head of Sector and former Ministeras key speaker. Charles Ellinas, the Chairman of KRETYK,the Cypriot National Hydrocarbon Company, will join theSummit for an exclusive presentation along with his newlyappointed colleague, 2nd vice Chairman and previouslyEnergy Director from the Ministry of Commerce, Industryand Tourism, Solon Kassinis.

This Summit will focus on the hydrocarbon industry on-shore and offshore Cyprus and Greece, with an expertspeaking faculty discussing key developments in theregion. Among the faculty of the key speakers that willdeliver exclusive presentations are: Oystein Lie, MultiClient

Manager, PGS, Norway; Nikolaos E. Farantouris, Head ofLegal, DEPA, (Public Gas Corporation),Greece; GeorgePaparsenos, Chairman, DESFA, (Greek Gas TransmissionSystem Operator), Greece; Yannis Grigoriou, Head ofExploration and Hydrocarbons Director, HellenicPetroleum S.A. Greece and Cyprus.

The summit will be held at the Four Seasons Hotel onApril 18-19, sponsored by the London named Law Firm ofthe Year 2012, Clyde & Co., Norwegian PGS-PetroleumGeo-Services ASA, NRC (Nuclear Regulatory Commission),an independent agency of the United States government,OBEID Law Firm, Lebanon-based international law firmoperating in MENA region, and Air France - KLM.

For information about the summit contact InternationalResearch Networks at info@irn-international.com, +44(0) 207 111 1615.

April 17 - 23, 2013

financialmirror.com | CYPRUS | 3

Should Russia join the EU or the EU join Russia?l“Solve your problems first”, say experts; Cyprus needs to rebuild its reputation

Leading entrepreneurs from Russia have ridiculed calls forMoscow to consider joining the European Union, sayinginstead that Russian ought to first consider a union of itsown.

Speakers at the Global Russia Business Meeting inLimassol admitted that their country has troubles of its own,such as lack of local financing and venture capital, a braindrain and a deteriorating education system, however thebooming IT and telecoms sector, especially related to softwaredevelopment, was a promising new field for investments.

Some officials have even toyed with the idea that after theloss of trust in the Cyprus banking system, Russia shouldbuild up its own financial services sector.

“Maybe in the future Cyprus becomes the most discussedcountry in a positive way, but you need to rebuild your repu-tation and come out of the current crisis,” said NatalyaKaspersky, CEO of InfoWatch Russia, one of the three entre-preneurs awarded at the Limassol meeting.

“Russia is losing its competitive education. What we needis to have the good from the past and add the new features ofthe present and the future,” she said.

“I hope Cyprus will overcome its problems,” said SurenVardanyan, head of the Moscow Investment and ExportPromotion Agency, who added that the issue of productivitywas just as important.

“We face a huge hurdle in that whenever we try to encour-

age investments, all our problems seem to surface. But assoon as a foreign investors enters Russia, after that they areready to stay for the long run.”

“But as regards Europe, nobody says that no one wants aunion. Perhaps first you should resolve your problems andthen we will talk about cooperation,” he said in an answer toa German delegate at the conference.

The Cyprus government, too, went out of its way to ensurethat Russian investments would not be permanently lost andthat those who lost a vast fortune from their deposits in LaikiBank and Bank of Cyprus that underwent a writedown ro a‘haircut’ could take advantage of the new policy to attract for-eign investors in exchange for a right to apply for citizenship.

“Invest €3 mln, get a Cyprus passport”l Gov’t to ease citizenship requirements, attacks EU “hypocrisy”

Cyprus Airways in talks with MEAl But do the Lebanese really want to buy a loss maker?

Cyprus will relax requirements for citizenship, includingfor bank depositors who lost large amounts of money in thedeal with the EU and IMF, in an effort to keep foreignersinterested in investing in the island state, the president saidon Sunday.

Cyprus was forced to wind down one major bank andimpose considerable losses on large depositors in a secondbank in return for 10 bln euros in aid from the IMF and the EUin a move that was devastating to both Cypriots and foreigninvestors.

Euro zone finance ministers approved the aid on Friday.In remarks to Russian businesspeople in Limassol,

President Nicos Anastasiades said his cabinet would approvethe relaxation of restrictions on foreigners seeking citizenshipof Cyprus.

Non-resident investors who held deposits prior to March 15,when the plan to impose losses on savers was first formulated,and who lost at least 3 mln euros would be eligible to apply forCypriot citizenship, he said.

Cyprus’s existing “citizenship by investment” programme -similar to that of many countries - would be revised to reducethe amount of investment required to be eligible for the pro-gramme to 3 mln euros from the previous 10 mln euros.

“These decisions will be deployed in a fast-track manner,”Anastasiades said in the address.

Other measures were also under consideration, he said,including offering tax incentives for existing or new companiesdoing business in Cyprus.

Anastasiades said countries who accused Cyprus of being amoney laundering hub for businesses from countries such asRussia were being hypocrites, since those same countries were

now trying to lure foreign businesses away.Used to robust growth and a thriving financial services sec-

tor, Cyprus is now bracing itself for record unemployment andat least a 12% drop in output this year.

MODEL CRUMBLESCyprus modelled itself as a competitively-taxed financial

services centre with a network of treaties to avoid doubletaxation.

That model is now threatened by the fact that bailoutconditions have left its two main banks crippled, but alsoforced it to increase its corporate tax to 12.5% from 10%,which had been the lowest in the euro zone.

The bailout, first requested in June 2012, was delayedpartly because of concerns expressed by euro zone states,notably Germany, that its financial sector was opaque, thusaiding money laundering.

But Cyprus was neither a money laundering hub or a taxhaven, Anastasiades said.

“What saddens - I refrain from using the word angers -me deeply is that since the euro group agreement wasreached, some EU partners’ businesses involved in thefinancial services industry have been preying upon ourfinancial services sector, in order to encourage a relocationof funds into their economies,” he said.

It was an irony and an “absurd paradox” that the govern-ments of those businesses claimed those funds weredeposited and invested in Cyprus through illicit means.

“I am a firm believer in the rules of the free market, butallow me to comment on the hypocrisy of such methods,”Anastasiades said.

Troubled national carrier Cyprus Airways said on Tuesday itwas in preliminary talks with neighbouring Lebanon’s MiddleEast Airlines as it undergoes drastic restructuring to stay afloat.

“Middle East Airlines and its representatives had preliminarycontacts with company management and the ministry offinance,” the carrier said in a statement to the stock exchange.

“Consultations are at an early stage and so far there is nospecific agreement to announce.”

“As previously announced, consultations were held withother companies that had shown an interest in buying CyprusAirways. However, these consultations are also at a preliminarystage.”

MEA’s sole benefit from investing in a loss-making airlinewould be to take advantage of premium landing and take-offslots at London’s Heathrow airport, while its European identitycould pave the way for stopover flights from Beirut to leadingdestinations the Lebanese carrier often has trouble entering.

Earlier this month the state-owned carrier that more thandoubled its losses to 55.8 mln euros last year, said that therewere “encouraging” signs that China’s Beijing Yi Xiang DaInvestment could buy it.

The government, which is hoping to keep the carrieroperating through the key summer months, has made it clearthat the cash-strapped airline must undergo a drastictransformation or shut down. One of the immediate measuresagreed to by unions is to reduce the fleet from 11 to 6 aircraftand slash its workforce from 1030 to 540.

The airline has struggled to compete with no-frillscompetition on popular routes to Greece and Britain, eventhrough it embarked on internal national flights within Greeceto compete with Olympic Air and Aegean.

The European Commission has so far stopped short ofgranting a further 31 mln in aid pending a review to see if thefunds would violate competition laws.

April 17 - 23, 2013

4 | CYPRUS | financialmirror.com

“Don’t sell, go for gold-backed bonds”A senior economist is urging the Cyprus government not

to sell its gold reserves, with the 10 tonnes up for sale expect-ed to fetch some 400 mln euros better utilised to launch agold-backed bond.

The government is pondering whether to sell most of itsreserves, which, supposedly is the property of the EuropeanCentral Bank, in order to help reduce its debt to the troika ofinternational lenders.

In his opening statement in a position paper on gold-backed sovereign debt as a more effective Euro area mone-tary policy, Dr. Ansgar Belke of the University of Duisburg-Essen and member of the Monetary Expert Panel in theEuropean Parliament, writes that “using gold as collateral forhighly distressed bonds would bring great benefits to theeuro area in terms of reduced financing costs and bridge-financing.”

Prof. Belke, who was in Nicosia after addressing anEconomist expert panel discussion in Athens on Monday,said that Cyprus should not get into a hostile relationshipwith the local central bank, as it would need the EuropeanSystem of Central Banks’ agreement to the temporary trans-fer of the ‘national’ gold to an independent debt agency.

Although the money is literally a drop in the ocean com-pared to the 23 bln that Cyprus needs to bailout out thebanks, replenish state coffers, pay civil servants and rolloversovereign debt, Belke agrees that it would help Cyprus regainits credibility in the international markets from which it hasbeen excluded for 18 months.

“Gold has been used as collateral in the past and a gold-back bond might work and it could lower yields in the con-text of the euro crisis,” he wrote in the paper.

“There is by and large no transfer of credit risk betweenhigh/low risk countries, losses are borne by specific countriesand not by the largest shareholder of the ECB, it would turn

out to be more transparent, it would not be inflationary andwould foster reforms.”

Belke added that in the case of Italy, one of the biggestgold holders in the world and bond holder in Europe, theOutright Monetary Transaction (OMTs) favoured by ECBchairman Draghi covered some 24% of its two-year refinanc-ing needs and 30% of Portugal’s.

“So, do we go for a compromise or a Eurobond,” askedBelke, adding that the Cyprus experience has given newmeaning to the concept of a banking union, as championedby the northern Euro area members Germany, theScandinavians and even France.

“Cyprus made a mistake of putting all its eggs in one bas-ket, but Cyprus was fortunate not to be connected to othermarkets, hence there was no contagion, nor was there a bankrun.”

In any case, after the Cyprus issue, the whole argument todefend small depositors and calming the fears of German tax-payers seems to have been resolved, Belke said.

Gold rose more than 3% on Tuesday after physical buyers ofbullion grabbed the chance offered by the previous session’srecord-breaking one-day drop, but investors expected more falls.

Bullion on Monday recorded its biggest ever daily fall indollar terms - at one point it was down $142 an ounce -catching gold bulls, speculators and veteran investors bysurprise.

Gold has fallen about 20% so far this year after an unbroken12 years of gains and is some 28% down from the record highhit in September 2011 at $1,920.30.

“I think everyone has to take a breath now ... But there arepeople who still want to sell and they haven’t done so yet,” saidDavid Govett, head of precious metals at Marex Spectron.

Spot gold, lost 8.5% on Monday and dropped to further to$1,321.35 an ounce, its lowest since January 2011, earlier onTuesday.

It later reversed direction, spurred by physical buying andhelped by a weaker dollar against the euro, to briefly rally above$1,400 to a session high of $1,401.24 an ounce, up 3.6%. By1303 GMT it was up 3% or $43.50 at $1,396.50.

The asset traditionally viewed as a safe-haven has beenundermined by a proposed sale of Cypriot gold holdings anduncertainty over the U.S. Federal Reserve’s stimulusprogramme. It failed to capitalise on tensions in the KoreanPeninsula even as Pyongyang made new threats of militaryaction,

“We still believe that the price has further to fall - thefundamental (non-speculative) value of gold is still a fractionof the current price,” Alan Miller, CIO of SCM Private, aninvestment management firm said in a note.

“One thing I have learnt about markets is that they rarelytrade at fair value and they tend to over-shoot (in bothdirections), so I really do not think you can estimate theamount of money “safely parked” in gold which can quicklyhead for the exit when people realise they have bought into thelatest bubble,” he added.

U.S. gold futures for June delivery fell more than 2% to theweakest in more than two years before rebounding 2.3% to$1,393.20 an ounce.

In wider markets, the dollar extended gains versus the yenafter the release of U.S. inflation and housing data but fell

against the euro. European shares dropped after Germany’sZEW economic sentiment survey dropped sharply in April,signalling that the recent flare-up of the euro zone crisis washitting Europe’s largest economy.

ROUT OF 1980 ECLIPSEDMonday’s drop in spot gold, closing down around $125 an

ounce, eclipsed the rout on January 22, 1980, a day after goldhit its then-record $850 on global panic over oil-led inflationdue to Soviet intervention in Afghanistan and the Iranianrevolution.

Reuters market analyst for commodities and energytechnicals, Wang Tao, expects gold to fall further to $1,245 perounce.

Gold hit an 11-month high in October last year after theU.S. Federal Reserve announced its third round of aggressiveeconomic stimulus, raising fears the central bank’s money-printing to buy assets would stoke inflation.

But the gain was erased by a rally in equities, talks the Fedcould reduce its bullion-friendly bond buying programme, andconcerns other indebted euro zone countries could followCyprus’ plan to sell bullion reserves to raise cash.

Heavy outflows on global gold exchange-traded funds,which cut holdings to their lowest in more than a year, couldalso mark the end of a love affair between gold and investors.

Physical dealers saw inquiries from jewellers following thelatest sell-off, but there were no signs of buying related totensions between the two Koreas or bombings in Boston,which killed three people.

It was the worst bombing on U.S. soil since security wastightened after the attacks of September 11, 2001.

Premiums for gold bars edged up to $1.70 to the spotLondon prices in Singapore on Tuesday from $1.20 theprevious day, but dealers had yet to see a surge in demandfrom jewellers and speculators.

Platinum and palladium, which have also been hammeredby heavy selling, regained strength after Japanese shares paredlosses due to renewed weakness in the yen. Spot platinum wasup 3% to $1,443 an ounce and palladium rose 4% to $678.50.Silver also rallied 5.3% to $23.78 after dropping 12.6% onMonday.

Gold sale an option in bailoutThe government said on Thursday a sale of its gold

reserves was among the options for its contributiontowards an international bailout, but ultimateresponsibility rested with its central bank.

Cyprus has to sell some of its gold reserves to raiseabout 400 mln euros to finance its part of the bailout, anassessment of Cypriot financing needs prepared by theEuropean Commission showed.

“The government put various options forward, includingthis,” spokesman Christos Stylianides told a news briefing.

“In its consultations on drafting the memorandum of

understanding the government included such options sowe could have the possibility of meeting financingrequirements,” he said, adding that the gold sale was “oneof many” options.

Earlier a central bank spokeswoman said the sale ofgold reserves had to be approved by the board of the centralbank, and it was not presently on the board’s agenda.

The document said the authorities were “committed” tosell excess amounts of gold reserves. The central bankFebruary accounts showed the island had gold reservesworth 563.4 mln euros.

Gold makes shaky partial recovery from drop to 2-year lowl Spot gold touches low as $1,321.35 an ounce; Bullion off 20% this year

April 17 - 23, 2013

financialmirror.com | CYPRUS | 5

Gold prices may have just cratered at double-digit rates lastseen four decades ago, but some of the world’s central banksare still buying up large amounts of gold. The World GoldCouncil has released its global central bank holdings report,and it contains data about six countries where central banksare adding gold to their official foreign reserves. The six havepurchased large amounts of gold so far in 2013 or throughout2012. It might be possible that their gold demand could offsetsome of selling pressure (which has driven the price below$1,400) in the future, if the buying continues. And somenations may continue because of central bank or currencyissues.

The first thing worth noting is that the World Gold Councilreport evaluates central bank holdings and does not includeinvestor and industrial demand in any of the countries. Amajor market concern is that Cyprus now is likely a goldreserve seller, and the fear is that the troubled nations of Spain,Portugal, Italy and others might be the next sellers of gold. Butit does not appear that there is panic selling among most ofthese nations, so that effect can be discounted for the timebeing.

The six nations that could offset or at least mitigate goldsales by other central banks, institutions and individuals areRussia, Turkey, South Korea, Brazil, Kazakhstan and Iraq.

As recently as February, the World Gold Council showedthat global central banks had bought the most gold since 1964.But India and China were not the demand mechanisms theyhad been in the past.

The WGC shows that Cyprus’s 2013 gold reserve is only13.9 tonnes, which is 61.9% of the nation’s total foreignreserves. The fear of selling from Cyprus is expected, but thereal worry about the future remains that larger troublednations, including Italy, Portugal and Spain, may start sellinggold either to raise capital or because of the existing CentralBank Gold Agreement sale programmes.

Many large nations, based on GDP, have not posted muchchange in their official gold holdings over the past severalquarters. If that changes and some of the troubled nationsactually sell gold as a source of funds, then the raw dollarsinvolved will require more than nervous retail investors andspeculators to step up to buy gold and hold its price at evencurrent depressed levels.

Here are the ranks listed with respective tonnes of gold.This list includes the International Monetary Fund and theEuropean Central Bank.

United States: static at 8,133.5 tonnes.Germany: down slightly at 3,391.3 tonnes (April 2013), versus 3,401.8 tonnes in late 2011.The IMF: static at 2,814 tonnes.Italy: static at 2,451.8 tonnes.France: static at 2,435.4 tonnes.China: static at 1,054.1 tonnes.Switzerland: static at 1,040.1 tonnes.Japan: static at 765.2 tonnes.The Netherlands: static at 612.5 tonnes.India: static at 557.7 tonnes.The ECB: static at 502.1 tonnes.Taiwan: static at 423.6 tonnes.Portugal: static at 382.5 tonnes.

The central banks of Russia, Turkey, South Korea, Brazil,Kazakhstan and Iraq could act as the stabilising mechanismsfor gold if selling pressure continues, according to analysis byinvestment advisors 24/7 Wall St.

A CHANCE TO INCREASEIf history is a measure, it seems highly unlikely that retail

buyers and speculators will start another wave of gold purchas-es. Central banks buy gold in support of their currencies, andthe recent massive drop may give the central banks that can achance to increase their gold holdings.

Russia, with a GDP of $2.5 trln, now ranks as number eightamong the nations with central bank gold ownership, up at976.9 tonnes at the April 2013 report, versus 851.5 tonnes inlate 2011. It kept increasing reserves through 2012, predomi-nantly through purchases of gold in the domestic market. Inthe first two months of 2013, it bought another 19.2 tonnes,which means that should the pace of buying remains static,Russia will cross the 1,000 tonnes metric mark by May. Withgold production of its own, and the desire to continue addingto its influence and power as a financial centre, it should beexpected that central bank buying will continue regardless ofthe price swings in gold.

Turkey (GDP: $1.125 trln), is fairly new to the list. However,its serious accumulation has accelerated because of banking

regulation changes. It is now ranked 15th on the list of nationsand governmental agencies owning gold. Stockpiles are beingadded to Turkey’s balance sheet as a result of a new policyaccepting gold in its reserve requirements from commercialbanks. This now puts gold at 15.6% of its total foreign reserves.The gold buying may continue ahead, although the price dropmight cause banks to take a reserve loss. Turkey makes bankscount the attrition because gold has been mandated. Turkeynow holds of 375.7 tonnes, after adding 16 tonnes so far in thefirst two months of 2013, and that is after adding a net 164.5tonnes or so in 2012.

South Korea (GDP: $1.61 trln), ranks 34th with 104.4tonnes of gold. However, its central bank holdings haveincreased gold reserves by 20 tonnes. It made two large pur-chases in 2012, one of 14 tonnes and one of 16 tonnes. This isstill only 1.6% of the central bank’s reserves. It is possible theescalation of North Korean rhetoric might have something todo with South Korea adding gold, now and in the future.

Brazil (GDP: $2.36 trln), also moved up the World GoldCouncil list to number 41, with 67.2 tonnes. However, this isonly 0.9% of all reserves in its central bank. There were no real

changes in 2013 in Brazil’s gold holdings. The large additionswere made in late 2012, when some 33.6 tonnes were added.For some time Brazil has needed to back its currency withmore gold. The country has one of the great promisingeconomies in term of future expansion, yet the Brazilian realis backed by a relatively small amount of gold.

Kazakhstan (GDP: $231.3 bln) may be a major economy,yet the WGC continues to show that the nation is adding goldreserves to the central bank. It now ranks number 30 amongcentral banks that own gold, with 121.7 tonnes. This is alsolisted as 23.3% of its total reserves. Through purchases andswaps, it has added 6.4 tonnes in the first two months of 2013.The total added for all of 2012 tallied to 33.1 tonnes.

Iraq (GDP: $155.4 bln) is very unlikely to put in a floorunder international gold selling, but the World Gold Councilshowed that Iraq ranked as number 54, with 29.8 tonnes. Thisis only 2.4% of its total foreign reserves, but one fact stood outin 2012, and this was that 23.9 tonnes were added in August.As Iraq continues to get on with its recovery, more hard assetslike gold may need to be purchased by its central bank to showadditional stability for the reemerging nation.

Countries buying the world’s gold

In the very near future, the Cypriot taxpayer will – at last- be relieved of having to support our ailing state carrier.Around 100 million EUR were spent from public coffersduring the last couple of years alone to support CyprusAirways: a real scandal considering the state of our economy.

Politicians are arguing that Cyprus needs a “nationalcarrier” (presumably partly state-owned) to protect andpromote its domestic tourism industry. In fact, the contrarymay be true, as an efficient private carrier could do a muchbetter job at offering a high quality service at a competitiveprice. The Greek tourism industry is deemed to havebenefited from the disappearance of Olympic Airways and itsreplacement by Aegean and Olympic Air.

If we had to per se keep a national carrier, it seems thatdue to political considerations the wrong airline was shutdown two years ago. Eurocypria, apart from its poormanagement towards the end of its life, was more efficient inseat-capacity terms, had half the pay scale, and operated on abetter cost basis than Cyprus Airways. The leaner airline wasmuch more sustainable and probably easier to turn aroundthan its big brother. In fact, it was even pitching for somenon-Cyprus routes, just as Easyjet and Ryanair are doing (eg.point-to-point between Paris and Milan).

Lets face it; if Cyprus Airways can be taken over by China’sBeijing Yi Xiang Da Investment Co Ltd or Lebanon’s MiddleEast Airlines, it should consider itself very fortunate. CzechAirlines (CSA) can pride itself for being amongst thosefortunate ones; it has recently concluded an agreement withSkyTeam partner Korean Air whereby the Seoul-based carrierwill pay a nominal price of 2.6 million EUR for a 44% stake inthe CSA.

Less fortunate “national” airlines with varying stateparticipation such as Air Malta, LOT Polish Airlines, Tarom,Air Baltic (Latvia) and Estonian Air are suffering chronic

losses and are still desperately trying to “restructure”themselves or find fresh capital, all under the watchful eye ofthe European regulator. For some though, the road provedtoo long: Malev, Spanair, Lithuania’s FlyLaL and SABENABelgian Airlines were all wiped off the map.

Allegedly, the main causes for these casualties are the highfuel prices and the lingering recession in Europe. However,difficult market conditions compounded by increased low-cost carrier competition and the tougher line adopted by theCommission on state aid offer a more credible explanation.

What those airlines have in common is their chronicinability to sufficiently restructure themselves to be able tocompete with their privately owned peers. State-ownedlegacy carriers which have been propped-up by governmentsover decades host employees unable to let go of theirprivileges, with politicians incapable of breaking the vicious

circle of clientelism. There are of course exceptions, especially in the larger EU

countries where the main players in the airline business weresuccessfully privatized (British Airways, Air France-KLM,Lufthansa Group, Iberia and Alitalia). State-owned carriershave also been successfully replaced by new private domesticventures in smaller EU states: Wizz Air in Budapest, BrusselsAirlines in Belgium, Bulgaria Air in Sofia, not to mention theGreek case. In Cyprus, it was reported two months ago thatthe Shacolas Group was considering starting a new airlineout of Paphos, to feed traffic into its new grand resort nearPolis and the district at large. This idea would make a lot ofsense, also possibly through a strategic alliance or equitystake with any other carrier. Adding to this list of privatesector-based solutions, there is of course always the“footloose – not national” Ryanair option, which manyregions have embraced.

Thus, in our small island, the best we could hope for is tosee a vibrant privately owned airline replacing theincumbent. The government should regulate not operate;government departments and party political considerationshave no place in the highly competitive and complex airlinebusiness.

musyck@primehome.com

The current economic crisis calls for a radical re-invention and re-engineering of our economy, driven pri-marily by our higher-than average skilled and educatedlabour force. Already, Commission boss Jose ManuelBarroso has pledged 150 mln euros from EU cohesionfunds and a further 7 mln for our rural development.

Analysts are urging the government that the new EUfunds, that will be “front loaded” in order to kick-startparts of the economy, be used to create real sustainablejobs and avoid all the funds being spent on consultants.Oftentimes, consultants will enlighten us on what wealready know: we need experts in order to achieve a nichein the market and gain a competitive edge.

On the other hand, Interior Minister Socrates Hasikosdeclared last week that the plan is to encourage foreigninvestors to pump at least 3 mln euros at a time into aour stagnant economy, in exchange for the right to citi-zenship. Let’s hope this plan works and we manage tolure in some investors from Russia, Ukraine and Asia,while the government should state clearly that thethreshold should not be perceived as an automatic lotteryfor a passport.

On the other hand, the state should also relax entryrules for highly educated IT whizz kids, science, energyand medical experts, who in turn will once again enhancethe island’s university sector to make tertiary educationa quality sector of our economy.

The government also wants to extend shop hours,vehemently opposed by the previous communist regime,not realising that a free market has more advantages

than not, benefitting both the entrepreneur as well as theemployee. State land will also be allocated to new farm-ing projects, as, hopefully, some serious work will finallybe undertaken to promote quality tourism and themedholidays, such as cultural, sports, religious, food andwine.

Finally, the privatisation of government-owned organ-isations and the liberalisation of services should alsoboost the private sector which is hurting the most andwhere unemployment and wage cuts have been drastic,with the current stupid controls causing many compa-nies to close, never to reopen again.

If our Finance Minister is “optimistic”, then perhapswe should be too. But the government should move atlight speed if it wants the private sector up and runningagain. For now, we are still on crutches and the delaysare making thing worse for a quick recovery.

EDITORIAL

Let the labour revolution begin

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April 17 - 23, 2013

6 | OPINION | financialmirror.com

One-way ticket for Cyprus Airways

By Bernard MusyckSchool of Economic and AdministrativeSciences, Frederick University

EU launches Women Innovators Prize

The European Commission has launched the secondedition of the Women Innovators Prize to reward threewomen who have achieved outstanding innovations andbrought them to market. The Prize aims to raise awarenessof the need for more female entrepreneurs and to inspireother women to follow in their footsteps. The first prize isworth 100,000 euros, the second prize 50,000 and thirdprize 25,000.

The contest is open to all women who have founded orco-founded their company and who have benefitted fromthe EU’s research framework programmes or theCompetitiveness and Innovation Framework Programme.

The deadline for applying is 15 October 2013 and the

three winners will be announced in spring 2014. The prize was launched in 2011 to give public

recognition to outstanding women entrepreneurs whobrought their innovative ideas to the market.

Although women are more and more active in research,there are still too few women creating innovativeenterprises. This represents an untapped potential forEurope which needs all its human resources to remaincompetitive and find solutions to the great challenges thatwe are facing (such as climate change, energy and resourceefficiency, health etc).

The website of the contest is www.ec.europa.eu/women-innovators

The new government of President Anastassiades enteredoffice having to deal with a potential financial collapse and amyriad of interconnected problems associated with Cyprus’ssovereign debt, solvency, GDP, a new economic model andcompetitiveness. During crisis management mode, saving the‘patient’ from imminent death has naturally been the first prio-rity. However, disaster recovery and business continuity usual-ly need to start even while a crisis is still bubbling and therehave been encouraging signs of this. There is little evidencethat this government is trying to prevaricate or avoid toughdecisions and actions by blaming external imposition of suffo-cating timetables or unbearable terms and conditions. Thus far,this does appear to be a ‘can do, will do’ regime.

The question is: will the President persevere and carrythrough the essential and, in some cases, radical changes thatare needed for the country’s recovery and long-term sustaina-bility? Many of these changes involve the elimination ofsystemic cancers within the body politic, the public sector, thelegal profession and particular sectors of the economy. Forexample, will President Anastassiades be the long-awaitedsaviour who will clean up corruption? Will he be the one tofinally clean up the Cyprus Property Scandal?

Put Corruption Back in its BoxIt was gratifying to note that soon after taking up office the

President announced his intention to require every publicemployee to sign up to a personal commitment to honesty,integrity and transparency in their conduct. Presumably thiswill make it easier to dismiss public employees who fail tohonour that commitment. Even while the bail-out and bail-infurore was raging during March, his officials announced thatmeritocracy based on objective performance criteria would beintroduced into the evaluation of all public sector employees.Further, the recruitment and selection of public employeeswould be based solely on objective criteria and appointmentsbased on political, family, gumbaros or other corrupt rusfetirelationships would be banished.

The above initiative would be a major step forward in era-dicating the all-enveloping ‘corruption of the spirit’ so evi-dent throughout the public sector. Polis Polyviou describedthis corrupted spirit so vividly in his official 2011 report onthe Mari disaster. To avoid other disasters in Cyprus (and notjust those involving major hazards; was he being prescientabout the potential bankruptcy of the government and banks,perhaps?), Polyviou advocated a compelling need to effectradical change in society, government and institutional lifeaway from nepotism, clientism and corrupt patronage. Thiswould necessarily include:l Transparency throughout government and the public

sector and in its dealings with the public. Lack oftransparency is high on the UNCAC and GRECO lists ofcorruption indicators.

l Depoliticization of professional activity, of public sectorstaffing and of selection processes and criteria. Cyprusneeds to dump its 1960 world-view of normalcy andefficacy determined by tribe, political party, nepotismand rusfeti.

l A determined anti-corruption programme along the linesof an Independent Commission Against Corruption(ICAC), which Polyviou advocated specifically. An ICAC,

such as that long-established in Hong Kong andelsewhere, would have the mandate to investigateallegations of corruption made by any person (not justthe police or the Attorney General) and prosecuteindividuals where appropriate.

l Tackling corruption on a broad basis, so that it includescorrupt practices between companies or individualswhich are against the public interest and not just thosepractices which involve public officials.

l Recognition that all forms and levels of corruption mustbe eradicated: petty, grand, sovereign and spirit.An early start has been made already on this task list. It

has yet to be decided whether an ICAC will be set up but, if

and when it is, where would it begin? Normally, the policeforce has to be examined first, and cleansed if necessary, as itis essential for law enforcement itself to be devoid of corrup-tion. This would also have to extend to the office of theAttorney General, the judiciary, the Bar Association and itsmembers and the Disciplinary Board in view of their closeconnections with the administration of justice and the obvio-us potential for corruption.

With an effective ICAC, corrupt individuals who are prose-cuted should expect to do jail time. The ICAC in Hong Kong,for example, has a long ‘scalp list’ of senior government offi-cials and very powerful business people who have gone to jailfor lengthy periods. A senior Hong Kong lawyer, who previo-usly had been Attorney General in another country, was jai-led for perverting the course of justice. There is no ICAC inthe UK but nonetheless there too politicians, senior officialsand big business leaders have been jailed for bribery andother forms of corruption. Will President Anastassiades havethe backbone and fortitude to drive through his fledglinganti-corruption programme to completion in Cyprus?

Cyprus Property Scandal is Still LiveIn January 2007, in a Risk Watch article entitled ‘Who Will

Clean the Augean Stable?’ I suggested that it was then already‘far too late for the government, the developers and the rest toput a convincing PR gloss on the colossal mess they have crea-ted for Cyprus’ in relation to the scandal of withheld title deedsand property fraud. Collectively, I referred to the perpetrators as‘white collar gangsters’. Very little of substance was done by theprevious government to rectify the state of affairs. Indeed, mini-sters and their officials kept asserting that the scandal was amyth and the product of evil external forces and the internatio-nal media. When such a ludicrous position became unsustaina-ble, they admitted there was a problem with non-issuance oftitle deeds and resorted to a plan in 2010 to clear the backlog of130,000 non-issued deeds.

Unfortunately, the plan had barely scratched the surface ofthe backlog by the end of 2012. Moreover, by then Cyprus washeading for bankruptcy and had been forced in June 2012 to

apply for an EU bailout. The Troika (EU, ECB and IMF) whichevaluated Cyprus’s debt position noted, in its memorandum tothe Cyprus government of the required actions, that whileexposure to Greece’s debt problems had been instrumental inthe crisis for Cyprus banks, many of the latter’s problems werehome grown and related to over-expansion in the property sec-tor as a consequence of the banks’ poor risk management.Further, the memorandum required the government by end ofquarter 4 of 2014 to ‘eliminate the title deeds issuance backlogto less than 2,000 cases’ that remained pending for more than1 year.

While the Land Registry offices may be able to become moreefficient to achieve this issuance target, it is quite another pro-position to transfer those deeds issued to developers to theirrightful owners – the buyers who have already paid for the pro-perty in full. Non-discharged developer mortgages as well as thedeveloper’s unpaid taxes are a real stumbling block to transferthat many buyers are facing. The Inland Revenue appears to besupine in forcing developers to pay their outstanding taxes,while the banks seem terrified of getting developers to servicetheir loan and mortgage debts.

Under the eagle eye of the Troika technocrats, the banks,who for years have had a lax lending policy towards devel-opers, will now have to take action on developer Non-Performing Loans. If developers are unable to service theirloans or discharge their debts, the prospect of developerbankruptcies followed by ‘fire sale’ disposal of repossessedproperties looms much larger. But, in this economic climateand a flat property market, will there be new buyers even forapparent bargains? And, what about all those existing buyers,mainly foreigners who have paid in full and never been aparty to the developer’s mortgages but nonetheless findthemselves the victims of attempted bank liquidation, as inthe Liasides collapse and other cases?

Effective government intervention in this matter is not onlyurgently needed but failure to render it would amount to com-plicity in what has been described as sovereign corruption. Thisis an early test of President Anastassiades’ commitment toclean up Cyprus. How could he achieve a rapid clean-up of thetitle deeds mess? One obvious major action would be the esta-blishment of a ‘bad bank’ specifically for developer debts, alongthe lines of the already successful National Asset ManagementAuthority (NAMAS) set up in Ireland in response to its EU bai-lout problems. This would prevent developers going bankruptwhile protecting the interests of property buyers and the state’sfinances. Such a proposal was put (by CPAG) to a previousFinance Minister Mr Sylikiotis several years ago, as well as otherinfluential parties since then, but ignored. Will PresidentAnastassiades and his new Finance Minister Mr Georgiades actdecisively on this now to prevent the total destruction of theproperty sector?

For over 30 years, Dr Alan Waring has been an internationalrisk management consultant with extensive experience in Europe, Asia and the Middle East. His next book CorporateRisk & Governance will be published in May 2013(www.gowerpublishing.com/isbn/9781409448365). Contact waringa@cytanet.com.cy

©2013 Alan Waring

Will the ‘New Broom’ Sweep Clean?

By Dr Alan Waring

April 17 - 23, 2013

financialmirror.com | COMMENT | 7

THE RISK WTHE RISK WAATCH COTCH COLUMNLUMNTHE RISK WTHE RISK WAATCH COTCH COLUMNLUMN

Louis Apostolides, Quality ControlManager at Linde Hadjikyriakos Gas Ltd.has won the “Cyprus Quality Leader ofthe Year 2012” organized by the CyprusAssociation for Quality (CyAQ), a memberof the Employers and IndustrialistsFederation (OEV) and the EuropeanQuality Organisation (EOQ).

Apostolides, now a candidate for theEuropean Quality Leader of the Yearaward, has been credited for transformingthe company from an industrial unit mak-

ing gas fuel for manufacturers, into apharmaceutical supplies company thatstill uses oxygen products as its main out-put.

In the process it secured several quali-ty standard certifications, including therecognition by the SBA Administration asa supplier of aviation oxygen used byNATO personnel. Since 2007, Apostolideshas also been approved as a ‘qualified per-son’ in accordance with Ministry ofHealth requirements.

Quality Leader of the Year 2012

The two innovation economiesFor 250 years, technological innovation has driven economic

development. But the economics of innovation are very differentfor those at the frontier versus those who are followers striving tocatch up.

At the frontier, the innovation economy begins with discoveryand culminates in speculation. From scientific research to identifi-cation of commercial applications of new technologies, progresshas been achieved through trial and error. The strategic technolo-gies that have repeatedly transformed the market economy – fromrailroads to the Internet – required the construction of networkswhose value in use could not be known when they were firstdeployed.

Consequently, innovation at the frontier depends on fundingsources that are decoupled from concern for economic value; thus,it cannot be reduced to the optimal allocation of resources. Theconventional production function of neoclassical economics offersa dangerously misleading lens through which to interpret theprocesses of frontier innovation.

Financial speculation has been, and remains, one requiredsource of funding. Financial bubbles emerge wherever liquid assetmarkets exist. Indeed, the objects of such speculation astound theimagination: tulip bulbs, gold and silver mines, real estate, the debtof new nations, corporate securities.

Occasionally, the object of speculation has been one of thosefundamental technologies – canals, railroads, electrification, radio,automobiles, microelectronics, computing, the Internet – forwhich financial speculators have mobilized capital on a scale farbeyond what “rational” investors would provide. From the wreck-age that has inevitably followed, a succession of new economieshas emerged.

Complementing the role of speculation, activist states haveplayed several roles in encouraging innovation. They have beenmost effective when pursuing politically legitimate missions thattranscend narrow economic calculation: social development,national security, conquering disease.

In the United States, the government constructed transforma-tional networks (the interstate highway system), massively subsi-dized their construction (the transcontinental railroads), or playedthe foundational role in their design and early development (theInternet). Activist states around the world have funded basic sci-ence and served as early customers for the novel products thatresult. For a quarter-century starting in 1950, the US Departmentof Defense – to cite one crucial example – combined both roles tobuild the underpinnings of today’s digital economy.

For countries following an innovative leader, the path is clear.

Mercantilist policies of protection and subsidy have been effectiveinstruments of an economically active state. In the US, the firstprofitable textile mills blatantly violated British patents. And fero-ciously entrepreneurial private enterprise was supported by a broadarray of state investments, guarantees, and protective tariffs, inaccordance with the “American System” inspired by AlexanderHamilton and realized by Henry Clay.

The great, neglected German economist Friedrich List, a stu-dent of Hamilton’s work, laid out an innovation roadmap for hisown country in 1841, in his National System of PoliticalEconomy. It has been used repeatedly: by Japan beginning in thelast decades of the nineteenth century; by the Asian Tigers in thesecond half of the twentieth century; and now by China.

List noted how Britain’s emergence as “the first industrialnation” at the end of the eighteenth century depended on priorstate policies to promote British industry. “Had the English lefteverything to itself,” he wrote, “the Belgians would be still manu-facturing cloth for the English, [and] England would still have beenthe sheepyard for the [Hanseatic League].”

Coherent programs to promote economic catch-up are rela-tively straightforward. But the transition from follower to leader atthe frontier of the innovation economy is more challenging andelusive.

The US managed the transition roughly between 1880 and1930, combining the professionalization of management with aspeculative taste for new technologies – electrification, automo-biles, and radio – and state tolerance of the Second IndustrialRevolution’s great industrial monopolies, which invested theirsuper-profits in scientific research. The post-World War II invoca-tion of national security as the legitimizing rationale for an eco-nomically active state extended America’s leadership.

It is not yet clear whether East Asia’s economic powerhouseswill succeed in making the transition from follower to frontier. Tobegin, the “national champions” of the catch-up phase must berendered accessible to competitive assault. More generally, thestate’s role must shift from executing well-defined programs to

supporting trial-and-error experimentation and tolerating entre-preneurial failure. And the debilitating “corruption tax” that seemsinevitably to accompany economic revolutions must be curbed, asit was in Britain during the nineteenth century and America dur-ing the twentieth.

Here is the moment of strategic uncertainty. The “made inAmerica” digital economy exhibits ample momentum in the pri-vate sector. But leadership of the next new economy – the low-car-bon economy – is open. America is suffering the consequences ofa generation-long effort to render the state illegitimate as an eco-nomic actor. Europe is mired in its oxymoronic commitment to“expansionary fiscal austerity.”

Can China manage the economic, cultural, and political tran-sitions necessary to assume the leadership role now up for grabs?I find it intriguing to go back almost 200 years and considerBritain’s political economy when the First Industrial Revolutionwas gathering steam.

England in 1820 was governed by a corrupt oligarchy that exer-cised power in intimate collaboration with a national religiousestablishment. Political legitimacy was validated by fear of anarchy,the terrifying reality of which had been observable across theChannel within living memory. Arbitrary, draconian repressionwas the rule: under the “Bloody Code” of criminal justice, morethan 100 felonies were punishable by death or transportation. Thepatent system was notoriously expensive and inaccessible.

England’s rulers sought in vain to keep a lid on the greatestexplosion of economic energy and financial wealth in human his-tory. Over a long generation, England was transformed. From theGreat Reform Act of 1832 to the repeal of the Corn Laws in 1846 –and on to the civil-service reforms initiated in 1853 and theRepresentation of the People Act of 1867 – Britain pursued itsunique path toward a relatively stable and sustainable democraticcapitalism.

No doubt China’s own path will be as distinctive as the process-es by which it has reached its current moment of opportunity.Whether or not its path proves to be as progressive as England’smay determine who assumes the mantle of global economic lead-ership.

William Janeway, a managing director and senior adviser atthe private-equity firm Warburg Pincus, is a visiting lecturerin economics at Cambridge University.

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

The Hydrogen SolutionAround the world, governments and businesses are constant-

ly being called upon to make big investments in solar, wind, andgeothermal energy, as well as biofuels. But, in the United States,unlike in Europe and Asia, discussion of hydrogen energy andfuel cells as systemic, game-changing technologies is largelyabsent. That needs to change: these clean, renewable energysources promise not only zero-emission baseload power, but alsoa zero-emission fuel for cars and trucks, the biggest polluters ofthem all.

By now, many have heard about plans by big carmakers –including Honda, Toyota, and Hyundai – to launch hydrogen fuel-cell cars commercially around 2015. Daimler, Ford, and Nissanplan to launch such cars around 2017. Germany plans to build atleast 50 hydrogen fueling stations by 2015 as the start of a coun-trywide network. Japan and Korea have announced similar plans.

But a bigger, largely unreported, message is that someEuropean countries, especially Germany, have launched projectsthat combine renewables like solar and wind with hydrogen forenergy storage, implying clean, zero-emission, stable power gridsthat require no coal, oil, or nuclear power.

Indeed, the bottom line of a new study by two Americanresearchers, Willett Kempton and Cory Budischak, is that the com-bination of renewables and hydrogen storage could fully power alarge electricity grid by 2030 at costs comparable to those today.Kempton and Budischak designed a computer model for wind,solar, and storage to meet demand for one-fifth of the US grid. Theresults buck “the conventional wisdom that renewable energy is toounreliable and expensive,” says Kempton. “For example,” accordingto Budischak, “using hydrogen for storage, we can run an electricsystem that today would meet a need of 72 gigawatts, 99.9 % of thetime, using 17 GW of solar, 68 GW of offshore wind, and 115 GWof inland wind.”

Their study lends scientific support to several such projectsunderway in Europe aimed at proving that hydrogen gas, convert-

ed from water via electrolysis – think of it as natural gas minus thepolluting carbon – and stored, for example, in subterranean saltcaverns, can smooth out fluctuations inherent in solar and windenergy. It builds in part on two recent studies at StanfordUniversity and the Carnegie Institution, which conclude that, asCarnegie atmospheric scientist Ken Caldeira put it, “there is morethan enough energy available in winds to power all of civilization.”

The latest effort, scheduled to get underway outside Brussels

this year, is the delightfully named “Don Quichote” project(“Demonstration of New Qualitative Innovative Concept ofHydrogen Out of wind Turbine Electricity”), designed to highlightutility-scale energy storage and transport, and to provide power forfuel-cell forklift trucks. The project’s partners are a Belgian grocerychain, the European Commission, and various European organi-zations and companies. Canada’s Hydrogenics is providing theelectrolyzer and a fuel cell.

Meanwhile, near Berlin, five companies launched a €10 mil-lion ($13 million) pilot project at Berlin’s main airport inSchoenefeld in December, expanding and converting an existinghydrogen fueling station to CO2 neutrality by linking it to a near-by wind farm. Earlier last year, two German utilities, Thüga andE.ON, announced two gas demonstration plants. And the world’sfirst renewable energy/hydrogen hybrid power plant, producingboth electricity and hydrogen as car fuel, started production in thefall of 2011.

The previous year, German Chancellor Angela Merkel laid theplant’s cornerstone herself, sending a strong signal of her serious-ness about Germany’s shift to clean, renewable energy. Indeed,the much-noted Energiewende, or energy turnaround, that sheannounced in 2010 is arguably one of the most audacious acts ofenvironmental statesmanship yet.

According to the author and environmentalist Bill McKibben,Germany is in the international forefront of fighting climatechange: “The clear alternative and the best news from 2012 camefrom Germany, the one big country that’s taken climate changeseriously....There were days last summer when [Germans] gener-ated more than half the power that they used from solar panels.”In fact, hydrogen technology will be an integral part of Germany’sevolving renewable/alternative energy-based system.

Germany’s move toward renewable energy is likely to have amuch broader positive impact. A six-article series, “The GermanNuclear Exit,” in the Bulletin of the Atomic Scientist argues thatthe move away from nuclear energy is already “yielding measura-ble economic and environmental benefits.”

More broadly, Lutz Mez, a political scientist at Berlin’s FreeUniversity, argues that the country’s shift has “observably decou-pled energy supply from economic growth,” and that the “evolv-ing Energiewende, rather than the nuclear phase-out” implies“continuing reforms of social, economic, technological, and cul-tural policy in Germany.”

What, one wonders, are lagging nations waiting for?

Peter Hoffmann, the author of Tomorrow’s Energy: Hydrogen, Fuel Cells, and the Prospects for a Cleaner Planet, is the editor and publisher of the Hydrogen & Fuel Cell Letter(www.hfcletter.com).

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

April 17 - 23, 2013

8 | COMMENT | financialmirror.com

By Peter Hoffmann

By William H. Janeway

Financial globalization in reverse?For three decades, financial globalization had seemed inevitable.

New information technologies made it possible to conduct transac-tions halfway around the world in the blink of an eye. Savers gainedthe ability to diversify, while the largest borrowers could tap globalpools of capital. As national financial markets grew more intertwined,cross-border capital flows rose from $0.5 trillion in 1980 to a peak of$11.8 trillion in 2007.

But the 2008 crisis exposed the dangers, with the globalizedfinancial system’s intricate web of connections becoming a conduitfor contagion. Cross-border capital flows abruptly collapsed. Almostfive years later, they remain 60% below their pre-crisis peak.

This pullback in cross-border activity has been accompanied bymuted growth in global financial assets (despite the recent rallies instock markets around the world). Global financial assets havegrown by just 1.9% annually since the crisis, down from 7.9% aver-age annual growth from 1990 to 2007.

Should the world be worried by this decline in cross-border cap-ital flows and slowdown in financing? Yes and no.

After the outsize risks of the bubble years, these trends could bea sign that the system is reverting to historical norms. As we nowknow, much of the growth in financial assets prior to the crisisreflected leverage of the financial sector itself, and some of thegrowth in cross-border flows reflected governments tapping globalcapital pools to fund chronic budget deficits. Retrenchment of thesesources of financial globalization is to be welcomed.

But not all of the current retreat is healthy. Surprisingly, emergingeconomies are also experiencing a slowdown; the development of theirfinancial markets is barely keeping pace with GDP growth. Most ofthese countries have very small financial systems relative to the size oftheir economies, and, with small and medium-size enterprises (SMEs),households, and infrastructure projects facing credit constraints, theycertainly have ample room for sustainable market deepening.

A powerful factor underlying the drop in cross-border capitalflows is the dramatic reversal of European financial integration. Oncein the vanguard of financial globalization, European countries arenow turning inward.

After expanding across national borders with the creation of the

euro, eurozone banks have now reduced cross-border lending andother claims within the eurozone by $2.8 trillion since the end of2007. Other types of cross-border investment in Europe have fallenby more than half. The rationale for the euro’s creation – the finan-cial and economic integration of Europe – is now being undermined.

Current trends seem to be leading toward a more fragmentedglobal financial system in which countries rely primarily on domes-tic capital formation. Sharper regional disparities in the availability

and cost of capital could emerge, particularly for smaller businessesand consumers, constraining investment and growth in some coun-tries. And, while a more balkanized financial system does reduce thelikelihood of global shocks creating volatility in far-flung markets, itmay also concentrate risks within local banking systems and increasethe chance of domestic financial crises.

So, is it possible to “reset” financial globalization while avoidingthe excesses of the past?

Successfully concluding the regulatory reform initiatives currentlyunder way is the first imperative. That means working out the finaldetails of the Basel III banking standards, creating clear processes forcross-border bank resolution and recovery, and building macro-pru-dential supervisory capabilities. These steps would go a long waytoward erecting safeguards that create a more stable system.

But additional measures are needed. The spring meetings of theWorld Bank and the International Monetary Fund represent a pivotalmoment for shifting the debate toward a second phase of post-crisisreform efforts – one that focuses on ensuring a healthy flow offinancing to the real economy.

A crucial part of this agenda is the removal of constraints on for-eign direct investment and foreign investor purchases of equities and

bonds, which are far more stable types of capital flows than banklending. Many countries continue to limit foreign investment andownership in specific sectors, restrict their pension funds’ foreign-investment positions, and limit foreign investors’ access to localstock markets. Eliminating these barriers would increase the avail-ability of long-term financing for business expansion.

More broadly, officials in emerging economies should restartreforms that enable further domestic financial-market development.

Most countries have the basic market infrastructure and regula-tions, but enforcement and supervision is often weak. Progress onthis front would enable equity and bond markets to provide animportant alternative to bank lending for the largest companies –and free up capital for banks to lend to SMEs and consumers.Deepening capital markets would also benefit local savers and opennew channels for foreign investors to diversify.

Given that Europe led the recent rise and fall of financial glob-alization, any effort to reset the system should focus on measures torestore confidence and put European financial integration back ontrack. The recent crisis in Cyprus underscores the urgency of estab-lishing a banking union that includes not only common supervision,but also resolution mechanisms and deposit insurance.

Determining the right degree of openness is a thorny and com-plex issue for every country. Policymakers must weigh the risks ofvolatility, exchange-rate pressures, and vulnerability to sudden rever-sals in capital flows against the benefits of wider access to credit andenhanced competition. The right balance may vary depending on thesize of the economy, the efficiency of domestic funding sources, andthe strength of regulation and supervision. But the objective of build-ing a competitive, diverse, and open financial sector deserves to be acentral part of the policy agenda. The ties that bind global marketstogether have frayed, but it is not too late to mend them.

Martin Baily is Chair in Economic Policy Development at the Brookings Institution. Susan Lund is a principal with the McKinsey Global Institute.

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

April 17 - 23, 2013

financialmirror.com | COMMENT | 9

By Martin Neil Bailyand Susan Lund

The political establishment has dismissed Germany’s newanti-euro party as a fear-mongering populist aberration thatcould implode even before a looming federal election.

But the first congress of the “Alternative for Germany” (AfD)showed that the movement, launched only a few months agoby a group of renegade academics, journalists and business-men, is striking a chord with voters and may prove an influen-tial force come September.

Over 1,500 AfD supporters from across Germany packedinto the Intercontinental Hotel in central Berlin on Sunday toelect the party leadership and formally approve a policy pro-gramme that has one objective above all: an end to the euro andreturn of the deutsche mark.

The meeting was not without the sort of hitches one wouldexpect from a new party that is virtually devoid of experienced,professional politicians.

A speech by party founder Bernd Lucke was interrupted atone point by a man waving a German flag. And delegates inter-jected repeatedly to remind AfD leaders gathered on the stageabout proper protocol as motions were voted on.

Still, the mood in the vast conference room where the con-gress was held bordered on the euphoric at times. And theattendees - mainly older men in suits with a sprinkling of mid-dle-aged women - said they were amazed at how much interestthe party was generating among friends and family members.

“There is huge potential,” said Alexander Gauland, a mem-ber of Chancellor Angela Merkel’s Christian Democrats (CDU)for 50 years before he defected and signed up with the AfD amonth ago.

TABOO FOR DECADESUnlike some other anti-euro movements in Europe, like the

Dutch Freedom party of Geert Wilders or Marine Le Pen’sNational Front in France, the AfD says it is neither nationalistnor anti-immigration. Its programme calls for Canadian-stylepolicies to entice more skilled foreign workers to Germany.

The party supports an “orderly” dismantling of the eurozone because it believes this to be in Germany’s best interests,but also because it says this would help southern members ofthe currency bloc that are struggling with crushing recessionsand rising unemployment.

Above all, attendees in Berlin expressed frustration with thelack of debate in Germany’s big parties over policies that haveled to multi-billion euro bailouts for Greece, Portugal, Ireland,Spain and Cyprus since the bloc’s debt crisis first erupted overthree years ago.

The rescues were backed not only by members of Merkel’scentre-right coalition, but also by the opposition SocialDemocrats (SPD) and Greens.

“This party offers Germany a chance. It is talking aboutthemes that were taboo for decades. Until AfD came along therewas no alternative, and that is undemocratic,” said HenryStrasen, a 47-year-old who runs a gas station in the town ofLuebben south of Berlin and previously supported the FreeDemocrats (FDP), junior partners in Merkel’s coalition.

Since its founding in early March, over 7,500 people havejoined the new party. Spokeswoman Dagmar Metzger saysthree times as many members have come from centre-rightparties in Merkel’s ruling coalition than from the centre-leftcamp of the SPD and Greens.

Opinion polls show one in four Germans would considersupporting the AfD. Despite that, most pollsters say it will bedifficult for the party to get above the five percent thresholdneeded to enter parliament in September, although few are rul-ing out the possibility.

“The question is whether on election day people who sym-pathise with this party actually vote for it,” said Frank Decker,a political scientist at Bonn University.

PIRATES LESSONThat will depend on a number of factors.The AfD will need to collect 2,000 signatures in each of

Germany’s 16 federal states over the coming months to standin the election at all.

In a country where overt nationalism in politics is frownedupon because of the crimes of the Nazi era, the new partymust also take care to keep out fringe elements that couldembarrass it and cloud its message. In front of the hotel onSunday, some people were handing out copies of “JungeFreiheit”, or “Young Freedom”, a weekly that is popular withthe far-right.

Some believe AfD must become more than a one-issueparty to have a chance in September. The programmeapproved on Sunday included recommendations on educa-tion, energy and integration policy, as well as long passages

on Europe.The Pirates, an upstart party that became a magnet for

protest voters in regional elections across Germany last year,also provides a cautionary tale for the AfD. It has seen its sup-port crumble over the past months amid infighting andorganisational disarray.

“We shouldn’t overdramatise this party but we shouldn’tunderestimate them either,” said Wolfgang Bosbach, a seniorlawmaker in Merkel’s CDU who has found himself ostracisedwithin the party for refusing to back euro zone bailouts butrules out defecting to the AfD.

“I don’t believe they will get over 5%. It is very hard toorganise nationwide in just five months. But the voters thatswitch to this party can really hurt the CDU.”

The irony is that if the AfD does do well in the election,stealing a disproportionate number of votes away fromMerkel’s centre-right bloc, it probably increases the likelihoodthat she will be forced into a “grand coalition” with the SPD.

Such a government would be expected to be even moresupportive of European rescues and closer economic integra-tion than the current administration - a result that severalAfD members said they preferred not to think about.

“If the euro fails, Europe will not fail,” party leader Lucke,a Hamburg-based economist, told the cheering crowd inBerlin, playing on one of Merkel’s favourite phrases. “If theeuro fails, Angela Merkel will fail.”

April 17 - 23, 2013

10 | COMMENT | financialmirror.com

Don’t underestimate the anti-euro partylAlternative for Germany” could steal votes from Merkel; Organisational, far-right challenges

Recession-weary Portugal tests limits of austerityl Government hemmed in by court ruling, public anger

Back in 2008, the 500 or so slum dwellers of Terras do Lelowere finally looking forward to a better life.

The authorities had decided where they would relocate themainly Portuguese-speaking immigrants and Roma from theirplywood and corrugated iron shacks that disfigure the fringesof one of south Lisbon’s smartest beach resorts.

And then the financial crisis struck.Five years on, as Portugal slashes its budget to please inter-

national lenders that provided a 78 bln euro bailout in 2011,there are no longer any public funds to erase the scar ofshanties that would not look out of place in Mumbai or Soweto.

“Right now the state has no money to move people fromhere, but they should at least provide us with minimum condi-tions,” said Euclides Fernandes, 33. The slums have no legalelectricity, no sewerage and no running water.

The poverty of Terras do Lelo may be extreme, but the one-two punch of budget austerity and recession is being felt acrossPortugal, a nation of 10.6 mln.

LOOKING FOR CUTSMore cuts are baked in the cake: the government is scram-

bling to come up with 1.3 bln euros in savings, amounting to0.8% of GDP, after the constitutional court last week rejectedplans to reduce public workers’ benefits.

The finance ministry responded with a freeze on non-essen-tial spending, generating front-page headlines on Thursday thateverything from school lunches to police patrols and healthinspections were being curtailed.

Under orders from its troika of lenders - the IMF, the EU and

the ECB - Portugal has to make 4 bln euros in permanent sav-ings between 2013 and 2015.

What was already a huge task for Prime Minister PedroPassos Coelho is now even more complicated due to the court’sruling that measures singling out civil servants are unfair.

“The cuts have to be done. It will not be easy. The job willhave to be thorough and well thought-out,” said RuiConstantino, an economist at Santander in Lisbon.

The public sector wage bill and pensions make up 60% ofstate spending, but analysts expect the government to find cutsthat pass muster with the court by taking the axe to areas suchas health and education.

The question for the government - and for financial markets,which have so far taken the court ruling in their stride - is howthe next slug of spending cuts will be judged in the court ofpublic opinion.

Hundreds of thousands of Portuguese have taken part intwo anti-austerity protests in recent months. The demonstra-tions were peaceful but the message was clear: people are get-ting fed up with ever-rising unemployment - 16.9% last quar-ter - and never-ending cutbacks.

The consensus among political analysts in Lisbon is thatCoelho, who survived a no-confidence motion last week, willsoldier on. But his room for manouevre is shrinking.

Jose Augusto Silva, 64, head of a neighbourhood associationin northeast Lisbon, wishes his countrymen had more of a“culture of action” rather than passively accepting their fate.

“The situation is very hard. There are many pensioners on200-odd euros a month here and now their children and grand-

children are unemployed and come and ask their grandparentsfor money,” he said.

Like many people in bailed-out countries on the euro zoneperiphery, Silva is critical of euro zone paymaster Germany forthe harsh terms of Portugal’s bailout.

HOSTAGE TO FORTUNEEuro zone finance ministers agreed in principle to give

Portugal - and Ireland - more time to repay loans from Europe’sbail-out funds.

Stretching out loan repayments will help in the mediumterm but will not address the immediate imperative of growth.

The economy shrank 3.2% in 2012 and the troika has pen-cilled in a further contraction of 2.3% this year.

Portugal hopes to regain full bond market access this year.But the unarticulated fear is that, without a return to vigorousgrowth, investors will baulk at the prospect that Portugal’sdebt, already 123% of GDP, will fail to stabilise.

Investment has fallen about 40% from its pre-crisis peak,while banks and households are paying down debt. With thepublic sector shrinking, the only bright spot has been exports.

Companies have done better than expected to diversify awayfrom their home market, but exports need to be an ever-biggerdriver of the economy, said Kathrin Muehlbronner, who coversPortugal for Moody’s Investors Service.

Yet here too, Portugal is not master of its own fate.“The export sector has to be the anchor to start a recovery,

but for that you need a recovery in the wider euro zone and theglobal economy. That’s very clear,” she said.

ANALYSIS

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

www.financialmirror.comAÚ. 911 ∆∂∆∞ƒ∆∏, 17 ∞¶ƒπ§π√À, 2013

Xωρίς άλλη καθυστέρηση στï διïρισµÞ τïυ νέïυ∆ιïικητικïύ Συµâïυλίïυ της Τράπεúας Κύπρïυ και τïυ πρï-σωρινïύ εκτελεστικïύ διευθυντή, θέλει να πρïøωρήσει ηκυâέρνηση Νίκïυ Αναστασιάδη.

Ήδη η κυâέρνηση κατάρτισε λίστα µε τα ïνÞµατα πïυπρïτείνει. Σύµæωνα µε πληρïæïρίες της εæηµερίδας µας ηλίστα περιλαµâάνει τα ακÞλïυθα ïνÞµατα:- Φίλιππïς Μάνναρης (Αναλïγιστής Ταµείων Πρïνïίας)- Τάκης Κληρίδης, Πρώην ΥπïυργÞς Ãικïνïµικών - Φειδίας Πηλείδης, ΠρÞεδρïς ΚΕΒΕ- Γιώργïς Παµπïρίδης, ∆ικηγÞρïς- Τάκης Ταïυσιάνης, Πρώην γενικÞς διευθυντής cdb Bank- Kίκης Κυριακίδης, Πρώην διευθυντικÞ στέλεøïς USB Bank- Aλέκïς Μιøαηλίδης, ΑκαδηµαϊκÞς - Κρίσης Ìασάπης, ΑκαδηµαϊκÞς- Γιώργïς Θεïøαρίδης, ΑκαδηµαϊκÞς- Ανδρέας ∆ηµητρÞπïυλïς, Λïγιστής- Μάικ ΣπανÞς, πρώην διευθυντής Coca Cola- Παύλïς Ιωάννïυ, επιøειρηµατίας- Λίνα Λεµέσιïυ, Λïγιστής- Κώστας Ì’ Παπάς, ΕκπρÞσωπïς ΕΤΥΚ.

Η Κυâέρνηση πρïτείνει για Ανώτερï ΕκτελεστικÞ∆ιευθυντή, τïν Φïίâï ΣτασÞπïυλï, ï ïπïίïς σήµερα είναι ïγενικÞς διευθυντής τïυ τµήµατïς µεγάλων επιøειρήσεωντης Τράπεúας Κύπρïυ.

Τï µÞνï Þνïµα για τï ïπïίï æαίνεται να συµæωνïύνΚυâέρνηση και Κεντρική Τράπεúα, είναι αυτÞ τïυ ΦειδίαΠηλείδη.

Συγκεκριµένα ï ∆ιïικητής, Πανίκïς ∆ηµητριάδης æαίνε-ται να αêιώνει τï διïρισµÞ τïυ κ. Πηλείδη στην θέση τïυπρïέδρïυ τïυ διïικητικïύ συµâïυλίïυ.

Στη λίστα τïυ Πανίκïυ ∆ηµητριάδη âρίσκεται και τïÞνïµα τïυ πρώην αντιπρïέδρïυ της τράπεúας, ΕυδÞκιµïυ¥ενïæώντïς.

Φαίνεται πως η Κεντρική, έøει διαæïρετική άπïψη για τïÞνïµα τïυ ανώτερïυ εκτελεστικïύ διευθυντή, καθώς η ίδιαευνïεί τïν διïρισµÞ ανεêάρτητïυ στελέøïυς πïυ να µηνείøε êανά επαæή µε την τράπεúα.

Πηγές, απÞ την Κεντρική Τράπεúα, ανέæεραν στηνFinancial Mirror, Þτι ï τελικÞς λÞγïς µε âάση τï διάταγµα εêυ-γίανσης ανήκει στην Κ.Τ ως Αρøή Εêυγίανσης, η ïπïία δεν θαεπιτρέψει διïρισµïύς πïυ θα κρύâïυν πïλιτικά κριτήρια.

Τελικές απïæάσεις επί τïυ θέµατïς αναµένïνται τïαργÞτερï µέøρι την επÞµενη ∆ευτέρα.

Ùπως πρïâλέπεται στï άρθρï 1,8 τïυ µνηµïνίïυ ï διï-ρισµÞς διïικητικïύ συµâïυλίïυ είναι πρïσωρινÞς και θαισøύ µέøρι την επÞµενη Γενική Συνέλευση των µετÞøων πïυτïπïθετείται τïν Σεπτέµâριï. ΤÞτε ïι νέïι µέτïøïι της τρά-πεúας θα κληθïύν να εκλέêïυν διïικητικÞ συµâïύλιï.

∆· ÔÓfiÌ·Ù· Ô˘ ÚÔÙ›ÓÂÈ Ë Î˘‚¤ÚÓËÛË ÁÈ· ÙÔ ¢.™ Ù˘ ∆Ú. ∫‡ÚÔ˘

Ανάσα σε δεκάδες øιλιάδες δανειïλήπτες, νïικïκυριάκαι επιøειρήσεις, στη σηµερινή εêαιρετικά δύσκïλη ïικïνï-µική περίïδï, αναµένεται να δώσει η άµεση µείωση των επι-τïκίων, µε την ταυτÞøρïνη επιµήκυνση των δανείων απÞ ταøρηµατïπιστωτικά ιδρύµατα.

Ìθες ανακïίνωσε µειώσεις των âασικών επιτïκίων γιαυæιστάµενες και νέες διευκïλύνσεις ηΕλληνική Τράπεúα, δηλώνïντας Þτι θασυνεøίσει να παρακïλïυθεί τις εêελί-êεις και θα παρεµâαίνει ενεργώς, µεσκïπÞ να διευκïλύνει τï στÞøï τηςανάπτυêης και την επιøειρηµατικήδραστηριÞτητα.

Ãι µειώσεις σε âασικά δανειστικάεπιτÞκια ισøύσïυν απÞ σήµερα και, µετην ευκαιρία αυτή η Ελληνική Τράπεúαδηλώνει Þτι “συνεøίúει έµπρακτα καιαπïæασιστικά να συµâάλλει στην επα-νεκκίνηση της κυπριακής ïικïνïµίας”.

Η Ελληνική Τράπεúα απïæάσισε τη µείωση âασικώνδανειστικών επιτïκίων, συµâάλλïντας στην αντιµετώπισητης ïικïνïµικής κρίσης και στην ανακïύæιση των επιøειρή-σεων και των νïικïκυριών.

Έτσι, τï âασικÞ επιτÞκιï της Ελληνικής Τράπεúας απÞ5,75% µειώνεται στï 5,50%, τï âασικÞ επιτÞκιï δανείων επι-øειρήσεων απÞ 4,75% σε 4,50%, τï âασικÞ επιτÞκιï υπερα-νάληψης επιøειρήσεων απÞ 4,75% σε 4,50%, τï âασικÞ επι-τÞκιï στεγαστικών δανείων απÞ 4,40% σε 4,15% και τï

âασικÞ επιτÞκιï στεγαστικών δανείων (συνδεδεµένων µεπαλαιÞτερï âασικÞ επιτÞκιï της Ελληνικής Τράπεúας) απÞ5,25% σε 5,00%.

Πανέτïιµïς για µείωση καταθετικών και δανειστικώνεπιτïκίων είναι και ï ΣυνεργατισµÞς.

Σύµæωνα πάντως µε αρµÞδιες πηγές, η µείωση των επι-τïκίων θα πρέπει να συνïδεύεται και απÞάλλα µέτρα και πρωτίστως µε κίνητρα γιααλλαγή τïυ κλίµατïς και της ψυøïλïγίας, πïυσήµερα δεν ευνïïύν τις επενδύσεις. Για παρά-δειγµα ένα µέτρï τï ïπïίï εæαρµÞστηκε στï

παρελθÞν µε επιτυøία είναι να δïθεί η λεγÞ-µενη επιταøυνÞµενη απÞσâεση, δηλαδή,

αν επενδύσεις 100 øιλιάδες ευρώ καικάτι ακÞµα, µπïρεί να απïσâεστεί σε 2-3 øρÞνια, αν Þøι αµέσως.

Σε σøέση µε την Τράπεúα Κύπρïυ,θεωρείται καταλυτική σηµασίας µια

άµεση παρέµâαση τïυ ∆ιïικητή τηςΚεντρικής Τράπεúας, για να µπïρεί να πρïøωρήσει σε µείω-ση επιτïκίων και Þøι µÞνï.

Ùπως µας έλεγαν άριστες ενηµερωµένες πηγές, η πρï-σπάθεια και ï στÞøïς των τραπεúών για σηµαντική µείωσητων επιτïκίων, ίσως να µην επιτευøθεί, εêαιτίας των πïλλα-πλών æïρïλïγιών τï τελευταίï διάστηµα στις καταθέσεις.

Ήδη η Eurobank Cyprus ανακïίνωσε Þτι τï ΒασικÞΕπιτÞκιï Ìïρηγήσεων, µειώνεται, µε ισøύ απÞ 1η Μαΐïυ2013, απÞ 4,90% σε 4,65% ετησίως.

¶ÂÚ›Ô‰Ô˜ ¯¿ÚÈÙÔ˜ 60 ËÌÂÚÒÓ ÁÈ· ‰¿ÓÂÈ·Εν τω µεταêύ στα πλαίσια âελτίωση της ικανÞτητας απï-

πληρωµής των δανείων η Κεντρική Τράπεúα κάλεσε τα øρηµα-τïπιστωτικά ιδρύµατα να πρïâïύν στις ανάλïγες ρυθµίσεις.

Συγκεκριµένα, η Κεντρική ανακïίνωσε øθες Þτι για ναυπïâïηθηθïύν εκείνïι ïι δανειïλήπτες πïυ αντιµετωπίúïυνπρïâλήµατα στην εêυπηρέτηση τïυ δανεισµïύ τïυς, ως απï-τέλεσµα των δυσµενών συνθηκών πïυ έøïυν δηµιïυργηθείµε την απÞæαση τïυ Eurogroup της 25ης Μαρτίïυ 2013, έøειúητήσει απÞ τα øρηµατïπιστωτικά ιδρύµατα στην Κύπρï ναπρïâïύν σε σøετικές ρυθµίσεις µε σκïπÞ τη âελτίωση τηςικανÞτητας απïπληρωµής των δανείων.

Η ΚΤ úητά Þπως τα øρηµατïπιστωτικά ιδρύµατα παραøω-ρήσïυν περίïδï øάριτïς 60 ηµερών, αρøής γενïµένης απÞσήµερα, κατά τη διάρκεια της ïπïίας ïι εν λÞγω δανειïλήπτεςδεν θα τυγøάνïυν τïυ ιδίïυ øειρισµïύ Þπως ïι άλλïι δανειï-λήπτες µε µη-εêυπηρετïύµενες øïρηγήσεις.

ΑυτÞ, αναæέρει η ΚΤ, συνεπάγεται Þτι ïι λïγαριασµïίαυτών των δανειïληπτών δεν θα µεταæέρïνται στï ΤµήµαΑνάκτησης Ìρεών και δεν θα λαµâάνïνται νïµικά µέτρα.

Επιπλέïν øρεώσεις, τÞκïι υπερηµερίας και υπερâάσεωντων εν λÞγω δανειïληπτών θα αναστέλλïνται άνευ επηρεα-σµïύ των συµâατικών τïυς επιτïκίων, και θα γίνïυν διευθε-τήσεις ρύθµισης µε τïυς εν λÞγω δανειïλήπτες για την ανα-διάρθρωση των øïρηγήσεων τïυς στη âάση νέας αêιïλÞγη-σης της ικανÞτητας απïπληρωµής τïυς, καταλήγει η ΚΤ.

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∞∞fifi 1155%% ÛÛÙÙÔÔ 3300%% ÔÔ ÊÊfifiÚÚÔÔ˜ ›› ÙÙˆÓÓ ÙÙfifiÎΈÓÓ ÛÛÙÙÈȘ Îη·ÙÙ··ıı¤¤ÛÛÂÂÈȘ 5 ÌÓËÌÔÓȷο ÓÔÌÔÛ¯¤‰È· ·Ú·¤ÌÔÓÙ·È ·‡ÚÈÔ ÛÙËÓ µÔ˘Ï‹ ÚÔ˜ „‹ÊÈÛË

Tα νïµïσøέδια πïυ πρïνïïύν την αύêηση τïυ εταιρικïύæÞρïυ απÞ τï 10% στï 12,5%, την αύêηση της æïρïλïγίαςεπί των τÞκων στις καταθέσεις απÞ τï 15% στï 30%, τηναύêηση τïυ ειδικïύ æÞρïυ των øρηµατïπιστωτικών ιδρυµά-των απÞ 0,11% στï 0,15%, την αύêηση των κλιµακωτών απï-κïπών απÞ 0,8% µέøρι και 2%, πρïκειµένïυ να καλυæθïύνθέσεις ωρïµισθίων εκπαιδευτικών, παραπέµπïνται πρïςψήæιση στην Βïυλή αύριï Πέµπτη.

Επίσης θα ψηæισθεί η τρïπïπïίηση τïυ νÞµïυ περί

æÞρων κατανάλωσης, ώστε η ïπïιαδήπïτε διαæïρïπïίησητων æÞρων κατανάλωσης να γίνεται µε την έγκριση τηςΒïυλής και Þøι µε διάταγµα τïυ Υπïυργείïυ Ãικïνïµικών,Þπως γινÞταν πρïηγïυµένως. Τα πέντε νïµïσøέδια, απïτε-λïύν πρïϋπÞθεση για την έγκριση της δανειακής σύµâασηςπρïς την Κύπρï.

∆ιευκρινίúεται Þτι ïι απïκïπές στïυς µισθïύς στï δηµÞ-σιï και ευρύτερï δηµÞσιï τïµέα θα λάâïυν τη µïρæή εθε-λïντικής συνεισæïράς, πρïκειµένïυ να µην επηρεαστïύν

τα συνταêιïδïτικά δικαιώµατα.Η Κïινïâïυλευτική Επιτρïπή Ãικïνïµικών εêέτασε επί-

σης øθες την πρÞταση νÞµïυ τïυ ∆ΗΣΥ, η ïπïία επίσης θαïδηγηθεί ενώπιïν της Ãλïµέλειας για ψήæιση.

Η πρÞταση πρïνïεί τïν απÞλυτï περιïρισµÞ στïυς διï-ρισµïύς στη δηµÞσια υπηρεσία øωρίς ïπïιαδήπïτε εêαίρε-ση, καθώς και την απαγÞρευση των πρïαγωγών στη δηµÞ-σια υπηρεσία, πλην αυτών πïυ έøïυν εêεταστεί και κïινï-πïιηθεί.

17 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¶Èı·Ó‹ ·Ô‰¤ÛÌ¢ÛË ÎÔÓ‰˘Ï›ˆÓ ÁÈ· ∫‡ÚÔΤην πρïσωπική τïυ δέσµευση να πράêει

Þ,τι είναι δυνατÞ, στï πλαίσιï των αρµïδιïτή-των της Ευρωπαϊκής Επιτρïπής, ïύτως ώστεη Κύπρïς να επιστρέψει σε âιώσιµη κατάστα-ση και να µετριαστïύν ïι επιπτώσεις της κρί-σης, εêέæρασε ï πρÞεδρïς της ΕυρωπαϊκήςΕπιτρïπής, ·ïúέ Μανïυέλ ΜπαρÞúï, σε επι-στïλή τïυ πρïς τïν πρÞεδρï της Κυπριακής∆ηµïκρατίας, Νίκï Αναστασιάδη.

Σε Þ,τι αæïρά τï µελλïντικÞ πρïγραµµα-τισµÞ των ∆ιαρθρωτικών Ταµείων, ï ·.ΜπαρÞúï τïνίúει Þτι θα πρέπει να ληæθείυπÞψη η κατάσταση της Κύπρïυ. Επισηµαίνει,µάλιστα, Þτι στï úήτηµα αυτÞ µπïρïύν ναâïηθήσïυν τα στελέøη της Επιτρïπής και ηïµάδα στήριêης πïυ θα συσταθεί για να συν-δράµει τις κυπριακές αρøές. «ΜÞλις συµæω-νήσïυµε για την αêιïλÞγηση των αναγκών

της øώρας θα µπïρέσïυµε να ταιριάêïυµε ταδιαθέσιµα κïνδύλια µε τις συγκεκριµένεςανάγκες», αναæέρει øαρακτηριστικά ï ·.ΜπαρÞúï και συνεøίúει λέγïντας: «Σε αυτÞ τïπλαίσιï δεν απïκλείω να αναúητήσïυµε πρÞ-σθετη στήριêη απÞ τις αρøές πρïϋπïλïγι-σµïύ, παρά τις γνωστές δυσκïλίες πïυ σøετί-úïνται µε αυτά τα úητήµατα σε ευρωπαϊκÞεπίπεδï».

Στï 1,6 δις ευρώ ανέρøïνται ïι ανεί-σπρακτες ïæειλές πρïς τï κράτïς, περιλαµ-âανïµένων των τÞκων και των επιâαρύνσε-ων. Τï 1 δις αæïρά ïæειλές πρïς τï τµήµαεσωτερικών πρïσÞδων και υπïλïγίúεται ÞτιαπÞ αυτÞ πïσÞ, 380 εκ ή πïσïστÞ 40% είναιεπισæαλείς ïæειλές.

ΑυτÞ πρïκύπτει απÞ την έκθεση τηςΓενικής Ελέγκτριας για τï 2011 η ïπïίαπαρïυσιάστηκε øθες ενώπιïν της Επιτρï-πής Ελέγøïυ της Βïυλής.

Η Γενική Ελέγκτρια ÌρυστάλλαΓιωρκάτúη ανέæερε Þτι ελληνÞæωνï µέλïς

της τρÞικας πïυ µελέτησε την έκθεση,αæïύ δεν υπήρøε τï πïσÞ των 30-40 øιλιά-δων για µετάæραση, σε Þ,τι αæïρά τï δηµï-σιïνïµικÞ µέρïς των αναγκών τïυ κράτïυς«διατύπωσε øαρακτηριστικά την άπïψη πωςαν διαøρïνικά ακïλïυθïύνταν ïι εισηγή-σεις της γενικής ελέγκτριας, η Κύπρïς δενθα øρειαúÞταν την τρÞικα».

Η κ. Γιωρκάτúη σε ερωτήσεις âïυλευτώναν αισθάνεται τώρα περισσÞτερï αισιÞδïêηκαι αν µπïρïύµε να æτάσïυµε τα επίπεδασκανδιναâικών øωρών στïν τïµέα της κατα-πïλέµησης της διαæθïράς, υπÞ τï æως και

των εêελίêεων στï τραπεúικÞ σύστηµα καιτην ïικïνïµία γενικÞτερα, είπε Þτι αισθάνε-ται πιï απαισιÞδïêη ως απïτέλεσµα τωνλαθών και παραλείψεων διαæÞρων Αρøών,απÞ τις επïπτικές Αρøές έως τα συµâïύλιατων τραπεúών. «Ãύτε εγώ η ίδια θα µπïρïύ-σα να διανïηθώ τï µέγεθïς της διαπλïκήςκαι της ανïøής πïυ επιδείøθηκε», είπε.

Στις επισηµάνσεις της η ΓενικήΕλέγκτρια αναæέρεται ακÞµη στï θέµα τηςπαρακïλïύθησης των τιµών των πετρελαιï-ειδών και καταγράæει Þτι η διαδικασίαπαρακïλïύθησης παρïυσιάúει αδυναµία σε

âαθµÞ πïυ δεν επιτρέπει την εêαγωγήασæαλών συµπερασµάτων.

Επίσης στις επισηµάνσεις της ηΕλέγκτρια αναæέρεται στις 160,000 ανεκτέ-λεστα εντάλµατα και στις σηµαντικές απώ-λειες εσÞδων τïυ κράτïυς, στï θέµα τηςαêιïλÞγησης των διαδικασιών ανάθεσηςσυµâάσεων για έργα τïυ δηµïσίïυ και στηναπασøÞληση ωρïµίσθιïυ πρïσωπικïύ ÞπïυÞπως αναæέρθηκε, απÞ τï τµήµα αναπτύêε-ων υδάτων 42 άτïµα µεταæέρθηκαν στïτµήµα δασών και καλύπτïυν τις εκεί ανά-γκες.

™ÙÔ €1,6 ‰È˜ ÔÈ ·Ó›ÛÚ·ÎÙ˜ ÔÊÂÈϤ˜ ÁÈ· ÙÔ 2011

™fiÈÌÏÂ: ™Ù· €20,8 ‰È˜ ÔÈ ·Ó¿ÁΘ Ù˘ ∫‡ÚÔ˘

Μεταêύ 20,7 και 20,8 δισεκατ. ευρώκυµαίνïνται ïι øρηµατïδïτικές ανά-γκες της Κύπρïυ, αντί τïυ αρøικïύυπïλïγισµïύ πïυ έκανε λÞγï για 23δις σύµæωνα Þσα είπε κατά την ενηµέ-ρωση τïυ ï ΓερµανÞς υπïυργïύÃικïνïµικών της ΓερµανίαςΒÞλæγκανγκ ΣÞιµπλε στην ΕπιτρïπήÃικïνïµικών τïυ ïµïσπïνδιακïύΚïινïâïυλίïυ.

“Ã υπïυργÞς µας έδωσε αριθµητι-κά στïιøεία τα ïπïία αθρïίúïνται µετα-êύ των 20,7 και των 20,8 δις ευρώ”,δήλωσε ï επικεæαλής της Επιτρïπής,ΝÞρµπερτ Μπάρτλε, ενώ άλλïι âïυ-λευτές πïυ συµµετείøαν στην συνε-δρίαση επιâεâαίωσαν την εκτίµηση Þτιτï πïσÞ θα ανέλθει περίπïυ σε 20 δις.

Η ψηæïæïρία στï γερµανικÞΚïινïâïύλιï για την έγκριση τïυ πακέ-τïυ διάσωσης θα διεêαøθεί την Πέµπτηκαι αναµένεται, σύµæωνα µε τις µέøριτώρα τïπïθετήσεις των κïµµάτων, ναïλïκληρωθεί øωρίς πρïâλήµατα.

™˘Ó¯›˙ÂÈ Î¿Ùˆ ·fi ÙȘ 100 ÌÔÓ¿‰Â˜ ÙÔ Ã∞∫

Με πτώση, για τέταρτη συνεøÞµενηøρηµατιστηριακή συνάντηση, έκλεισεøθες τï κυπριακÞ øρηµατιστήριï,παραµένïντας κάτω απÞ τï επίπεδïτων 100 µïνάδων. à ΓενικÞς ∆είκτηςτïυ Ìρηµατιστηρίïυ υπïøώρησε στις97,08 µïνάδες, παρïυσιάúïντας µικρήπτώση της τάêης τïυ 0,74%.

Πτώση σε πïσïστÞ 0,39% κατέγρα-ψε ï FTSE/CySE 20, ï ïπïίïς έκλεισεστις 37,98 µïνάδες. à ηµερήσιïςÞγκïς συναλλαγών διαµïρæώθηκεστις 60.282 ευρώ.

Εêάλλïυ, τï Ìρηµατιστήριï ΑêιώνΚύπρïυ ανακïίνωσε, Þτι ακïλïυθώ-ντας τις αργίες πïυ έøει καθïρίσει τï∆ι-ΕυρωπαϊκÞ ΑυτïµατïπïιηµένïΣύστηµα Ταøείας ΜεταæïράςΚεæαλαίων σε Συνεøή ÌρÞνï (Target/Target 2, Trans-European, Automated,Real-time Gross Settlement ExpressTransfer System), την Τετάρτη 1 Μαΐïυ2013 δεν θα διεêαøθïύν øρηµατιστη-ριακές συναντήσεις καιεκκαθάριση/øρηµατικÞς διακανïνι-σµÞς των øρηµατιστηριακών συναλλα-γών.

Αναæέρει επίσης Þτι τηνΠαρασκευή 3 Μαΐïυ 2013, τη ∆ευτέρα6 και Τρίτη 7 Μαΐïυ 2013, ηµερïµηνίεςκατά τις ïπïίες εïρτάúεται τï Πάσøαστην Κύπρï, τï Ìρηµατιστήριï θα είναικλειστÞ λÞγω των αργιών αυτών καιδεν θα διεêαøθïύν øρηµατιστηριακέςσυναντήσεις και εκκαθάριση/øρηµατι-κÞς διακανïνισµÞς των øρηµατιστη-ριακών συναλλαγών.

™˘ÓÂÚÁ·ÙÈÛÌfi˜: ŒÙÛÈ ı· ÎÏ›ÛÂÈ ÙȘ Ùڇ˜Στην εêαγγελία έκδïσης Μετïøών

Κατηγïρίας Β ïι ïπïίες θα διαπραγµατεύï-νται εκτÞς Ìρηµατιστήριïυ Αêιών Κύπρïυ µεστÞøï να καλύψει µέρïς τïυ ελλείµµατïςύψïυς 1,5 δις ευρώ πïυ έøει µε âάση τïακραίï σενάριï της Pimco πρïøωρεί ïΣυνεργατισµÞς.

Σύµæωνα µε πληρïæïρίες τï σøέδιï πïυ

θα εêαγγελθεί θα είναι πενταετïύς διάρκειαςκαι θα παρέøει σε Þσïυς τï επιλέêïυν ευνïϊ-κές απïδÞσεις υψηλÞτερες τïυ καταθετικïύεπιτïκίïυ δηλαδή θα είναι κïντά στï 5%.

Τï σøέδιï τï ïπïίï θα απευθύνεται στις700 øιλιάδες µέλη τïυ Συνεργατισµïύ επε-êεργάúεται Ειδική Επιτρïπή πïυ έøει συστα-θεί και αναµένεται να ανακïινωθεί εντÞς τïυ

επÞµενïυ µηνÞς. Πεπïίθηση τïυ Συνερ-γατισµïύ είναι Þτι σε συνδυασµÞ και µε τηâïήθεια πïυ θα λάâει απÞ τα 10 δις ευρώ πïυεêασæάλισε η κυâέρνηση απÞ τïν ESM και τï∆ΝΤ θα καταæέρει να θωρακίσει περαιτέρωτα κεæάλαια τïυ και να σταµατήσει την Þπïιασυúήτηση γίνεται για κïύρεµα στις µη εγγυη-µένες καταθέσεις των πελατών τïυ.

∂ӉȷʤÚÔÓ ·fi Middle East ÁÈ· ∫.∞Συνάντηση µε εκπρïσώπïυς της εται-

ρείας Middle East Airlines, είøε øθες τï συµ-âïύλιï των Κυπριακών Αερïγραµµών.

Ùπως αναæέρει ανακïίνωση των Κ.Ααναæïρικά µε πρÞσæατα δηµïσιεύµαταστïν Τύπï πïυ θέλïυν την εταιρεία νασυúητά µε εκπρïσώπïυς της Middle EastAirlines, και άλλες εταιρείες για ενδεøÞµενηεêαγïρά των Κυπριακών Αερïγραµµών,αναæέρει Þτι ïι διαâïυλεύσεις âρίσκïνται

σε αρøικÞ στάδιï και δεν υπάρøει µέøριστιγµής ïπïιαδήπïτε συγκεκριµένη συµæω-νία πρïς ανακïίνωση.

Ùπως έøει ήδη ανακïινωθεί απÞ τηνΕταιρεία στις 5 Απριλίïυ 2013, έγιναν επίσηςδιαâïυλεύσεις και µε άλλες εταιρείες πïυείøαν επιδείêει ενδιαæέρïν για εêαγïρά τωνΚυπριακών Αερïγραµµών και πάλι Þµως ïιεν λÞγω διαâïυλεύσεις âρίσκïνται σε πρï-καταρτικÞ στάδιï και δεν υπάρøει πρïς τï

παρÞν ïτιδήπïτε ανακïινώσιµï.Ùσïν αæïρά τα δηµïσιεύµατα στα ΜΜΕ

Þτι ïι Κυπριακές Αερïγραµµές έøïυν κατα-λήêει σε συµæωνία µε την Κυâέρνηση για τïµέλλïν της Εταιρείας, αναæέρεται συναæώςÞτι η Κυâέρνηση έøει υιïθετήσει τï ΣøέδιïΑναδιάρθρωσης πïυ πρïτάθηκε απÞ τï∆ιïικητικÞ Συµâïύλιï της Εταιρείας για µεί-ωση τïυ στÞλïυ σε 6 αερïσκάæη και 1 εæε-δρικÞ.

Fitch: ¢È·Ê¤ÚÔ˘Ó Ôχ ∫‡ÚÔ˜ Î·È ª¿ÏÙ·Ãι διαæïρές των τραπεúικών συστηµά-

των Μάλτας και Κύπρïυ είναι κατά πïλύµεγαλύτερες απÞ τις ïµïιÞτητες τïυς, κάτιπïυ σηµαίνει Þτι ï τραπεúικÞς τïµέας τηςΜάλτας δεν παρïυσιάúει τï ίδιï επίπεδïκινδύνïυ για τï κράτïς πïυ παρατηρήθηκεστην Κύπρï, αναæέρει ï ïίκïς πιστïληπτι-κής αêιïλÞγησης Fitch Ratings.

Σε ειδική έκθεση πïυ δηµïσιεύθηκεøθες, ï διεθνής ïίκïς συγκρίνει τï µέγεθïςτïυ τραπεúικïύ τïµέα της Μάλτας και τηςΚύπρïυ, τις πηγές øρηµατïδÞτησής τωνδύï συστηµάτων, την πïιÞτητα τïυ ενεργη-τικïύ τïυς και την κεæαλαιïπïίηση.

Ενώ τÞσï η Μάλτα Þσï και η Κύπρïςέøïυν æαινïµενικά µεγάλï τραπεúικÞτïµέα, πïυ υπερâαίνει κατά πïλύ τï µέγε-θïς των ïικïνïµιών τïυς και ï ïπïίïς âασί-úεται σε κάπïιï âαθµÞ απÞ τη øρηµατïδÞτη-ση απÞ καταθέτες µη κατïίκïυς, µια πιïπρïσεκτική εêέταση, σύµæωνα µε τïν ïίκï,απïκαλύπτει σηµαντικές διαæïρές.

à Fitch σηµειώνει Þτι τï σύνïλï τïυτραπεúικïύ τïµέα της Μάλτας έøει περιïυ-σιακά στïιøεία αêίας 789% τïυ ΑΕΠ τηςøώρας, καθιστώντας τïν τïµέα τïν δεύτερïµεγαλύτερï (µετά τï Λïυêεµâïύργï) στηνΕυρωúώνη και µεγαλύτερï απÞ αυτÞν της

Κύπρïυ, Þπïυ τï συνïλικÞ τραπεúικÞ ενερ-γητικÞ ανερøÞταν τï 2012 στï 672% τïυκυπριακïύ ΑΕΠ.

Σύµæωνα µε τïν διεθνή ïίκï αêιïλÞγη-σης, µε âάση τις κατηγïριïπïιήσεις πïυøρησιµïπïιεί η Κεντρική Τράπεúα τηςΜάλτας, “διεθνείς τράπεúες” µε αµελητέ-ïυς δεσµïύς µε την εγøώρια ïικïνïµίαέøïυν περιïυσιακά στïιøεία αêίας 494% τïυΑΕΠ. Ãι “âασικές εγøώριες τράπεúες», πïυέøïυν ισøυρïύς δεσµïύς µε την εγøώριαïικïνïµία και θεωρïύνται σηµαντικάσυστηµικές διαθέτïυν ενεργητικÞ ύψïυς218% τïυ ΑΕΠ.

£ÂÙÈο ÌËӇ̷ٷ ·fi ÙËÓ ·ÁÔÚ¿ Ù˘ µÚÂÙ·Ó›·˜17 ÂηÙ. ÙÔ˘Ú›ÛÙ˜ ·Ó·Ì¤ÓÔÓÙ·È Ê¤ÙÔ˜ ÛÙËÓ ∂ÏÏ¿‰·

Ùλα είναι θετικά αναæïρικά µε την Κύπρïκαι τïν τïυρισµÞ της δήλωσε ï ΓενικÞς∆ιευθυντής τïυ Κυπριακïύ ÃργανισµïύΤïυρισµïύ Μάριïς Ìαννίδης κατά την διάρ-κεια της παραµïνής τïυ στï Λïνδίνï και σεσυνέντευêη τïυ στïν ΕλληνικÞ ΡαδιïæωνικÞΣταθµÞ τïυ Λïνδίνïυ.

à κ. Ìαννίδης είπε Þτι τï συµπέρασµααυτÞ εêάγεται απÞ τις συναντήσεις πïυ είøεµε τïυς τïυριστικïύς πράκτïρες, και τïυςσυνεργάτες τïυς στï Λïνδίνï.

«Ãι Βρετανïί πïλίτες στηρίúïυν τηνΚύπρï, δεν έøει αλλάêει απïλύτως τίπïτα, καιαυτÞ µας øαρïπïιεί ιδιαίτερα», είπε ï κ.Ìαννίδης.

Να σηµειωθεί επίσης Þτι γύρω στα δεκαε-πτά εκατïµµύρια τïυρίστες αναµένεται ναεπισκεæθïύν την Ελλάδα αυτÞ τï καλïκαίρι,δίδïντας µια ïικïνïµική ανάσα στη øώρα,ύψïυς 11 δις ευρώ.

Ãι πλείστïι τïυρίστες θα πρïέρøïνταιαπÞ τη Ρωσία, η ïπïία τα τελευταία øρÞνια

έøει δείêει αυêηµένï ενδιαæέρïν για τηνΕλλάδα. Ã αριθµÞς των Γερµανών τïυριστώναναµένεται επίσης να αυêηθεί.

ΩστÞσï, εκπρÞσωπïς των êενïδÞøωνστην Ελλάδα δήλωσε Þτι η τïυριστική âιïµη-øανία έøει δεøθεί σïâαρÞ πλήγµα απÞ τηνïικïνïµική κρίση και κάλεσε την Κυâέρνησηνα µειώσει τïν æÞρï επί των υπηρεσιών απÞ23% στï 13%, πρïσθέτïντας Þτι µια τέτïιακίνηση θα ενισøύσει τï σύνïλï τïυ τïυριστι-κïύ τïµέα.

Ùπως δήλωσε και ï πρωθυπïυργÞς τηςΒρετανίας στην συνάντηση των G20, “ίσωςαυτή η κρίση να µας µάθει να εργαúÞµεθαµαúί”. Στïυς δύσκïλïυς αυτïύς καιρïύς καιαναæερÞµενïι στα επαγγελµατικά γραæείατης ïικïδïµικής âιïµηøανίας, είναι καιρÞς νααρøίσïυµε να µελετïύµε τï ενδεøÞµενï τηςσυνένωσης των δραστηριïτήτων τïυς.

Ένα επαγγελµατικÞ γραæείï êεκινά µε τïνιδιïκτήτη, ένα âïηθÞ και 1-2 γραµµατείς.Αυτήείναι πïλύ απïδïτική æάση, διÞτι ï µεν ιδιï-κτήτης τïυ γραæείïυ δεν λïγαριάúει τις ατέ-λειωτες δικές τïυ ώρες, εάν øρειαστεί âïή-θεια θα τïν âïηθήσει η γυναίκα/ æίλïι/γνω-στïί τïυ και έτσι Þτι εισπράττει έøει ένα«καθαρÞ» κέρδïς, έστω πïσïστÞ κέρδïυς20% - 25% επί τïυ τúίρïυ.Τï επÞµενï στάδιï,είναι τï γραæείï να µεγαλώσει σε µέση κλίµα-κα, δηλαδή πλέïν των 10-20 άτïµα, Þπïυ είναιη øειρÞτερη æάση. Πάλιν ï ιδιïκτήτης εργάúε-ται Þπως στην πρïηγïύµενη æάση, αλλά τώραείναι αναγκασµένïς να έøει λïγιστήριï, πιïµεγάλα γραæεία, κλητήρα, µισθïλÞγιï, άτïµïγια τïυς υπïλïγιστές κλπ. Έτσι τï καθαρÞεισÞδηµα σε αυτήν την æάση υπïλïγίúεταικατά µέσï Þρï στï 15%-20% τïυ τúίρïυ.Ùταν Þµως τï γραæείï êεπεράσει τα 80άτïµα, τÞτε υπεισέρøïνται ïι ïικïνïµίες κλί-µακας. Τα âασικά διïικητικά έêïδα παραµέ-νïυν τα ίδια, αλλά υπάρøïυν ïικïνïµίες κλί-µακïς αυêάνïντας τï κέρδïς γύρω στï 30%επί τïυ τúίρïυ. Στην περίπτωση αυτή ïι ιδιï-κτήτες (συνέταιρïι) δεν εργάúïνται στα εêα-ντλητικά ωράρια των πρïηγïύµενων æάσεωνκαι έøïυν τïν øρÞνï εκείνï πïυ απαιτείται γιαπαρïυσία σε δηµÞσιες σøέσεις, τï γραæείïέøει την πυραµίδα λειτïυργίας τïυ, ïι νεïει-σερøÞµενïι µπïρïύν να διαπιστώσïυν πρïï-πτικές ανέλιêης και άρα παραµένïυν µε τηνελπίδα συµµετïøής τïυς στï µέλλïν στηνδιïίκηση/ συνεταιρισµÞ, ενώ η άνεση øρÞνïυπïυ υπάρøει στην διïίκηση επιτρέπει τïν πρï-γραµµατισµÞ επέκτασης των γραæείων αυτώνσε άλλες πÞλεις/øώρες.

ΕκτÞς Þµως απÞ τα λïγιστικά και ïρισµέ-να δικηγïρικά γραæεία, στïν τïµέα των τεøνι-κών γραæείων επικρατεί µια άλλη νïïτρïπία,Þπïυ ï κάθε ένας «θέλει να κάνει τï δικÞ

τïυ». Παρατηρïύµε λïιπÞν Þτι απÞ τïυς αρøι-κïύς τïλµηρïύς τεøνικïύς πïυ συνενώθη-καν, ïλίγïι, ίσως και κανείς, παραµένει ωςσυνεταιρικÞ γραæείï µετά απÞ µέγιστï øρïνι-κÞ πλαίσιï 3-5 øρÞνια (εκτÞς εκείνα πïυ είναισυγγενείς µεταêύ τïυς ïι συνέταιρïι). ΣτïÞλï σκηνικÞ αυτής της ασυνεννïησίας,εµπλέκïνται και ïι συγγενείς της κάθε πλευ-ράς, κυρίως ïι γυναίκες/πατέρες των συνεταί-ρων, παιδιά/νύæες/γαµπρïύδες, θείïι κλπ. πïυπρïκαλïύν τρïøïπέδη στην ανέλιêη τïυ γρα-æείïυ. Με την κατάσταση αυτή δεν υπάρøειδιαδïøή και η µη διαδïøή, έøει ως απïτέλεσµαεπιτυøηµένα γραæεία µε την æίρµα ίσως τïυαρøικïύ ιδιïκτήτη, Þταν εγκαταλείψει τïεπάγγελµα, να øάνεται και η επαγγελµατικήτïυ εύνïια, πïυ ίσως και να αêίúει δεκάδες/εκατïντάδες øιλιάδες ευρώ. Ίσως τα λïγιστι-κά γραæεία µε την αυστηρή τïυς εκπαίδευσηκαι την πρïϊστïρία τïυς (είδε Η.Β.) να είναιπιï απïδεκτά, αλλά δεν είναι κρίµα για τα υπÞ-λïιπα τεøνικά γραæεία, πïυ, είτε λÞγω νïï-τρïπίας, είτε άλλως πως, να «πεθαίνïυν»επαγγελµατικά Þταν υπάρøει η δυνατÞτητασυµµετïøής νέων για συνέøιση;

Ίσως λïιπÞν σε αυτïύς τïυς δύσκïλïυςκαιρïύς να ήλθε η ώρα της συνένωσης/ κïινï-πραêίες απÞ επιτυøηµένïυς ή άλλως πωςτεøνικïύς, µε την δηµιïυργία εταιρειών µε τïανάλïγï καταστατικÞ και ïι τεøνικïί να αρøί-σïυν να σκέπτïνται πιï επιøειρηµατικά καιπρïς τï ίδιï τïυς τï συµæέρïν. Είναι θέµααλλαγής νïïτρïπίας πρώτα, ένα πïλύ σïâαρÞθέµα πïυ øρήúει και την âïήθεια τïυΚράτïυς. Στï θέµα αυτÞ η Αρøή ΒιïµηøανικήςΚατάρτισης θα µπïρïύσε να έøει ένα ηγετικÞρÞλï, τÞσï στην αλλαγή νïïτρïπίας, Þσï καισε συνεργασία µε τï ΚΕΒΕ/ΕΤΕΚ, να επεêηγή-σει τα ïæέλη αυτής της αυταπÞδεικτης ανά-γκης. Στï Þλï θέµα δεν âïηθά και ï αναøρïνι-στικÞς νÞµïς τïυ ΕΤΕΚ, πïυ δεν επιτρέπει τηνδηµιïυργία εταιρειών σε τεøνικά γραæεία δια-æÞρων ειδικïτήτων και εκεί θα πρέπει να στï-øεύσïυµε απÞ την αρøή (πρïς τïύτï ï υπïυρ-γÞς Συγκïινωνιών και Έργων θα πρέπει να τïµελετήσει, ως επίσης και τï ΕΤΕΚ).

Στην «øρυσή» επïøή των ευκαιριών τωνετών 1990-2000 øάσαµε, λÞγω της στενïκέæα-λης αυτής κατάστασης, την ευκαιρία τα τεøνι-κά γραæεία να επεκταθïύν στην Ελλάδα καιστις πρώην ανατïλικές øώρες.Τï απïτέλεσµαείναι Þτι τώρα, Ελληνικά τεøνικά γραæεία ναπρïσπαθïύν και τï έøïυν επιτύøει σε αρκετÞâαθµÞ να εισâάλïυν στην ισøνή αγïρά τηςΚύπρïυ και εµείς εδώ «να γυρεύïυµε τïλάθïς». Ενώ λïιπÞν διαθέτïυµε πïλυάριθ-µïυς νέïυς µε διεθνή πτυøία και µε µια

κïσµïπïλίτικη νïïτρïπία, να έøïυµε µια µηικανïπïιητική κατάσταση στην ανέλιêη τïυς,λÞγω τïυ µικρïύ µεγέθïυς τïυ κάθε γραæεί-ïυ. Εάν για π.ø. λάâïυµε ως παράδειγµα ένααρøιτεκτïνικÞ γραæείï, θα µπïρïύσαν ïισυνέταιρïι να αναλάâει ï κάθε συνέταιρïςένα êέøωρï τïµέα. Ùπως, ï ένας τïν τïµέατης ετïιµασίας σøεδίων για ïίκηση, άλλïςεµπïρικά έργα, άλλïς πïλεïδïµικά θέµατα, ïάλλïς (ίσως και ï πιï γνωστÞς) τις δηµÞσιεςσøέσεις, ï άλλïς τα θέµατα ïργάνωσης/ελέγ-øïυ και ïικïνïµικών κλπ.Τï πρÞâληµα λανθα-σµένης νïïτρïπίας πïυ παρïυσιάúεται είναι,Þταν ï ένας συνέταιρïς θα διαπιστώσει Þτιείναι εκείνïς πïυ «æέρνει» τï µεγαλύτερïεισÞδηµα, ενώ ï άλλïς (π.ø. της διïίκησης)«δεν κάνει τίπïτα» και άρα «τι θέλω τïυςάλλïυς». Τι µέγιστï λάθïς!

Σε µια πρïσπάθεια να êεπεράσïυµε ïκάθε ένας απÞ εµάς στïν τïµέα τïυ τïυςπεριïρισµïύς πïυ πρïέρøïνται απÞ αυτήντην νïïτρïπία είµεθα της άπïψης Þτι:

- Να αναληæθεί µια καµπάνια πρïώθησηςτης ιδέας αυτής απÞ την ΒιïµηøανικήΚατάρτιση/ΚΕΒΕ/ ΕΤΕΚ για τα ïæέλη των κïι-νïπραêιών.

- Αλλαγή τïυ νÞµïυ τïυ ΕΤΕΚ επί τïύτïυ.- Ãικïνïµική âïήθεια πïυ να âασίúεται σε

διάæïρες παραµέτρïυς, ανάλïγα µε τïνσυνεταιρισµÞ. Η πρïσπάθεια αυτή απïτελείένα µέγιστï κίνητρï. Ας συλλïγιστεί κάπïιïςµÞνï τις διαæηµίσεις για την δηµιïυργία τïυ«νέïυ» γραæείïυ, τις απαραίτητες δηµÞσιεςσøέσεις, αλλαγή γραæείïυ, νέα øαρτικά κλπ,ίσως µια επιøïρήγηση της τάêης τïυ 50%µέøρι τï µέγιστï πïσÞ των 200.000 ευρώ ναείναι µια αρøή.

- Ã συνεταιρισµÞς να επιøïρηγείται µεøαµηλÞτïκï δάνειï έστω 4% µέøρι πïσÞ

200,000 ευρώ (ως σύνïλï µε δÞσεις σε διάρ-κεια 3 ετών), µε απïπληρωµή 10 ετών και µετÞκï 3% - 4% µε πρïσωπικές εγγυήσεις.

- Φïρïλïγικές ελαæρύνσεις για περίïδï2-3 ετών µετά την δηµιïυργία τïυ συνεταιρι-σµïύ.

- Τα νέα αυτά επιøïρηγηµένα γραæεία ναυπÞκεινται σε επιâïλή υιïθέτησης ταµείïυπρïνïίας, ταµείïυ σύνταêης, ταµείï υγείας,εργïδÞτηση µε ελάøιστï µισθÞ και άλλα.

Φανταστείτε λïιπÞν αγαπητïί µας ανα-γνώστες και απευθυνÞµενïι ιδιαίτερα στïυςνέïυς, πως ένα γραæείï των 80 και πλέïν ατÞ-µων µε µια τέτïια πρïσέγγιση, µε τα νέα ταλέ-ντα, τι µπïρεί να επιτύøει, Þøι τÞσï στηνΚύπρï ιδιαίτερα Þσï και στï εêωτερικÞ, ενώτέτïιïυ µεγέθïυς γραæεία ίσως να πρïσελκύ-σïυν και παρÞµïιïυς διεθνής ïίκïυς για συµ-µετïøή, αυêάνïντας έτσι τïν κύκλï εργασιώντïυς τÞσï στην Κύπρï Þσï και στï εêωτερικÞ,ιδιαίτερα στις Αραâικές øώρες κλπ., ενώ λÞγωτïυ øαµηλÞτερïυ κÞστïυς σε σøέση µε ταδιεθνή γραæεία, ίσως να αναλαµâάνεταιµέρïς εργασίας στï εêωτερικÞ (τώρα κύριαπρïτίµηση τï Πακιστάν).

Είµεθα µήπως ïνειρïπÞλïι των δικών µαςσκέψεων; ∆εν νïµίúïυµε, διÞτι και ασæαλώςδεν θα ανακαλύψïυµε εµείς στην Κύπρï τïντρÞπï της επέκτασης των υπηρεσιών στηνΚύπρïυ (πïυ µέøρι πρÞσæατα απïτελïύσε τï3ï πιï µεγάλï εισÞδηµα σε êένï συνάλλαγµατης Κύπρïυ).

∞∞ÓÓÙÙÒÒÓÓˢ §§ÔÔ˚˙ÔÔ˘

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

√ ∫·ÈÚfi˜ ÁÈ· ∫ÔÈÓÔڷ͛˜;

3355%% Îο¿ÙÙˆ ÔÔÈÈ ÙÙÈÈÌ̤¤˜ ÛÛ˘ÌÌÌÌÂÂÙÙÔÔ¯‹‹˜ ÛÛÙÙËËÓÓ ∫∫ÚÚ··ÙÙÈÈÎ΋‹ ŒŒÎÎııÂÂÛÛËËMειωµένες τιµές στïυς εκθέτες πïυ θα

λάâïυν µέρïς στη æετινή 38η ∆ιεθνή ΈκθεσηΚύπρïυ, η ïπïία θα πραγµατïπïιηθεί απÞ τις24 Μαΐïυ µέøρι τις 2 Ιïυνίïυ, θα πρïσæέρει ηΑρøή Κρατικών Εκθέσεων Κύπρïυ.

Συγκεκριµένα, ïι τιµές πïυ θα ισøύïυνæέτïς για ενïικίαση øώρïυ στη ∆ιεθνήΈκθεση Κύπρïυ θα είναι µειωµένες κατά35%. Η απÞæαση αυτή απïτελεί ένα έµπρακτïκίνητρï για τις επιøειρήσεις, ώστε να υπïâïη-

θηθïύν για να λάâïυν µέρïς στη æετινή∆ιεθνή Έκθεση. ΕπιπρÞσθετα µε τï µέτρï µεί-ωσης της τιµής παράλληλα âρίσκεται σε εæαρ-µïγή και τï Σøέδιï Επιøïρήγησης ΚυπριακώνΒιïµηøανιών τïυ Υπïυργείïυ Βιïµηøανίας καιΤïυρισµïύ τï ïπïίï πρïâλέπει επιδÞτησηύψïυς 70%. Στις 10 µέρες λειτïυργίας της, η∆ιεθνής Έκθεση Κύπρïυ θα παρïυσιάσει τιςνέες τάσεις, τα πρïϊÞντα και τις υπηρεσίεςδεκάδων επιøειρήσεων.

CCyyttaa:: ¶¶··ÚÚ¿¿ÙÙ··ÛÛËË ÛÛÙÙËËÓÓ ÂÂÍÍfifiÊÊÏÏËËÛÛËË ÏÏÔÔÁÁ··ÚÚÈÈ··ÛÛÌÌÒÒÓÓΠεραιτέρω παράταση στην καθïρισµένη

ηµερïµηνία εêÞæλησης λïγαριασµών δίνει ηCyta στïυς πελάτες της. Συγκεκριµένα µετα-æέρεται η ηµερïµηνία απïσύνδεσης Þλωντων υπηρεσιών της σταθερής τηλεæωνίαςστις 21 Απριλίïυ και της κινητής τηλεæωνίας

στις 28 τïυ ίδιïυ µήνα. Για περισσÞτερες πλη-ρïæïρίες ïι ενδιαæερÞµενïι µπïρïύν νααπευθύνïνται, σε Þλα τα Cytashop παγκύ-πρια, στα Κέντρα Τηλεêυπηρέτησης της Cytaστï 132, µέσω τïυ twitter στï @cytasupportκαι στην ιστïσελίδα της Cyta www.cyta.com.cy.

∞∞ÒÒÏÏÂÂÈȘ €88,,33 ‰‰ÈȘ ÁÁÈÈ·· ÌÌÂÂÁÁ··ÏÏÔÔÎη·ÙÙ··ıı¤¤ÙÙ˜Έγγραæï της Ευρωπαϊκής Επιτρïπής

αναæέρει Þτι ïι µεγαλïκαταθέτες των δύïµεγαλύτερων κυπριακών τραπεúών αναµένε-ται να øάσïυν έως και 8,3 δις ευρώ µέσω τηςαναδιάρθρωσης των τραπεúικών ιδρυµάτων.

Πρïστίθεται Þτι σε υπïσηµείωση τïυ

εγγράæïυ αναæέρεται Þτι «αυτή είναι η µέγι-στη εκτίµηση.Τï τελικÞ πïσÞ εêαρτάται, µετα-êύ άλλων, απÞ την µετατρïπή µέσω τηςανταλλαγής øρέïυς µε µετïøικÞ κεæάλαιïστην Τράπεúα Κύπρïυ και απÞ τις ανακτήσειςτης Λαϊκής Τράπεúας».

17 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

EEuurroobbaannkk:: ™™ÙÙÔÔ 44,,6655%% ÙÙÔÔ µµ··ÛÛÈÈÎÎfifi∂∂ÈÈÙÙfifiÎÎÈÈÔÔ ÃÃÔÔÚÚËËÁÁ‹‹ÛÛˆÓÓ

Σε µείωση τïυ Βασικïύ ΕπιτïκίïυÌïρηγήσεων, απÞ 4,90% ετησίως σε 4,65%ετησίως πρïøώρησε η Eurobank Cyprus, µεισøύ απÞ 1η Μαΐïυ 2013.

Η Eurobank Cyprus Ltd πρïέâει σεαυτή την µείωση στην πρïσπάθεια της ναστηρίêει τις επιøειρήσεις και τïυς ιδιώτεςπελάτες της, άλλα και για να συµâάλει στηγενική πρïσπάθεια για ανάκαµψη τηςΚυπριακής Ãικïνïµία Η συγκεκριµένη µεί-ωση τïυ âασικïύ επιτïκίïυ αæïρά τρεøïύ-µενïυς λïγαριασµïύς και δάνεια πïυ είναισυνδεδεµένα µε τï ΒασικÞ ΕπιτÞκιï τηςEurobank Cyprus Ltd. ΑπÞ τη µείωση εêαι-ρïύνται τρεøïύµενïι λïγαριασµïί ή δάνειατων ïπïίων τα επιτÞκια είναι συνδεδεµέναµε τï εκάστïτε âασικÞ επιτÞκιï τηςΕυρωπαϊκής Κεντρικής Τράπεúας (RepoRates) ή επιτÞκια Euribor ή Libor ή æέρïυνσταθερÞ επιτÞκιï.

™™˘ÓÓÔÔÏÏÈÈÎ΋‹ ÌÌ››ˆÛÛËË 1133%% ÛÛÙÙÔÔ ÚÚ‡‡ÌÌ··

Νέα µείωση ύψïυς 5% απïæασίστηκεγια την τιµή ρεύµατïς. H Ρυθµιστική ΑρøήΕνέργειας Κύπρïυ (ΡΑΕΚ) απïæάσισεέκτακτη µείωση 5% πάνω σε Þλες τις âασι-κές διατιµήσεις για περίïδï δύï µηνών.

Η µείωση αυτή έρøεται σε συνέøεια τηςπρÞσæατης, πρÞωρης κατάργησης τηςέκτακτης πρïσαύêησης 5,75% για τï αυêη-µένï κÞστïς καυσίµïυ µετά την καταστρï-æή τïυ Ηλεκτρïπαραγωγïύ ΣταθµïύΒασιλικïύ, αλλά και της µείωσης των διατι-µήσεων ρεύµατïς κατά 3,5% περίπïυ (ανά-λïγα µε τη διατίµηση) πïυ είναι απïτέλε-σµα της αλλαγής τïυ συντελεστή τηςρήτρας καυσίµïυ στις αρøές τïυ 2013.

Συνïλικά, απÞ την αρøή τïυ 2013 υπήρ-êε µείωση της τιµής τïυ ηλεκτρικïύ ρεύµα-τïς της τάêης τïυ 13%.

Tην ίδια ώρα η Αρøή ηλεκτρισµïύΚύπρïυ κάνει έκκληση σε Þλïυς τïυςπελάτες της ïι λïγαριασµïί των ïπïίων δενέøïυν εêïæληθεί ενώ έøει παρέλθει ητελευταία ηµερïµηνία εêÞæλησης τïυς,Þπως πρïøωρήσïυν στην εêÞæληση τωνλïγαριασµών αυτών.

Ã∞ƒ∏™ °∂øƒ°π∞¢∏™¡·˘ÙÈÏ›· Î·È ÙÔ˘ÚÈÛÌfi˜ ˘ÏÒÓ˜ ·Ó¿Ù˘Í˘

ΕκτÞς παιøνιδιïύ καταλïγισµïύ ευθυνώνγια Þσα συµâαίνïυν στην Κύπρï δηλώνει Þτιθέλει να µείνει ï ΥπïυργÞς ÃικïνïµικώνÌάρης Γεωργιάδης σε συνέντευêή τïυ. «Θααπέøω, παρά τï γεγïνÞς Þτι είναι πïλύ δελε-αστικÞ να εµπλακεί κανείς στï παιøνίδι κατα-λïγισµïύ ευθυνών», αναæέρει.

Στη συνέντευêή τïυ πïυ παραøωρήθηκεστï περιθώριï τïυ Ecofin στï ∆ïυâλίνï, ï κ.Γεωργιάδης σøïλιάúει Þτι θα µπïρïύσεκανείς να πει πïλλά για τïν τρÞπï λήψηςαπïæάσεων στην περίπτωση της Κύπρïυ καιτï πώς στη συνέøεια αυτές άλλαêαν. «Θαµπïρïύσε κανείς επίσης να έøει πïλλά να πειγια τις πρïειδïπïιήσεις της νέας κυπριακήςκυâέρνησης. ∆ε θα µπω σε µια τέτïια συúήτη-ση. Έøïυµε ένα έργï µπρïστά µας και σεαυτÞ θα επικεντρώσïυµε τις πρïσπάθειέςµας», πρïσθέτει ï ΥπïυργÞς Ãικïνïµικών.

Η εæηµερίδα σøïλιάúει Þτι Κύπριïι αêιω-µατïύøïι αναγνωρίúïυν πως ï κ. Γεωργιάδηςτïπïθετήθηκε στï αêίωµά τïυ περισσÞτερïλÞγω πïλιτικής αæïσίωσης παρά λÞγω τωνγνώσεών τïυ σøετικά µε τα διεθνή ïικïνïµι-κά. Αναæέρεται ενδεικτικά Þτι ήταν ένας απÞτïυς δύï συµâïύλïυς τïυ Πρïέδρïυ

Αναστασιάδη πïυ ïριστικïπïίησαν τη συµ-æωνία διάσωσης µε τïυς διαπραγµατευτές.Κατά τï ρεπïρτάú της âρετανικής εæηµερί-δας, αêιωµατïύøïι της ΕΕ εêέæρασαν εκείνητη στιγµή την ενÞøλησή τïυς, λέγïντας Þτι«ï Αναστασιάδης δεν ακïύει πια τïυς ειδι-κïύς».

ΩστÞσï, ï Ìάρης Γεωργιάδης δηλώνει Þτιπιστεύει πως η συµæωνία διάσωσης µε τηντρÞικα µπïρεί να επαναæέρει την ευηµερίαστï νησί. «Είµαστε απïæασισµένïι να υιïθε-τήσïυµε και να εæαρµÞσïυµε Þλα εκείνα ταµέτρα µεταρρυθµίσεων πïυ έπρεπε να είøα-µε υιïθετήσει πρï πïλλïύ, αλλά δεν τï κάνα-µε», σηµειώνει. Ìαρακτηρίúει τïν εαυτÞ τïυπραγµατιστή πïυ αναγνωρίúει Þτι έρøïνταιδύσκïλïι καιρïί, αλλά την ίδια ώρα τïνίúει Þτιείναι αισιÞδïêïς.

Σύµæωνα τïν κ. Γεωργιάδη, η Κύπρïςπρέπει να επικεντρωθεί αντί τïυ τραπεúικïύτïµέα στις «παραδïσιακές âιïµηøανίες» της,Þπως ï τïυρισµÞς και η ναυτιλία, αλλά και νααναπτύêει νέες âιïµηøανίες, Þπως η ενέρ-γεια. Η εæηµερίδα αναæέρεται στην πρïïπτι-κή πïυ ανïίγïυν τα κïιτάσµατα æυσικïύαερίïυ στïν τïµέα της ενέργειας.

à ΥπïυργÞς Ãικïνïµικών λέει Þτι η πιθα-νÞτητα εισïδήµατïς απÞ τï æυσικÞ αέριïπριν απÞ τï τέλïς τïυ τριετïύς πρïγράµµα-τïς διάσωσης θα µπïρïύσε να κάνει τις πρï-âλέψεις για συρρίκνωση τïυ ΑΕΠ κατά 12,5%την επÞµενη διετία να æαίνïνται πιï ρεαλιστι-κές, παρά τις εκτιµήσεις ïικïνïµïλÞγων Þτιτï πïσïστÞ αυτÞ είναι πïλύ αισιÞδïêï. «Ταέσïδα αυτά δεν έøïυν υπïλïγιστεί πïυθενά.∆εν σηµαίνει πως δεν θα έρθïυν και αυτÞπρïσæέρει µια απάντηση στη âιωσιµÞτητατïυ øρέïυς µας», εêηγεί ï Ìάρης Γεω-ργιάδης. Κληθείς να σøïλιάσει την πρïειδï-πïίηση Ντράγκι κατά της απïµάκρυνσης τïυδιïικητή της Κεντρικής Τράπεúας, ï ΥπïυργÞςÃικïνïµικών λέει Þτι η τïπïθέτηση τïυ∆ιïικητή της ΕΚΤ θα εισακïυστεί. à κ.Γεωργιάδης δηλώνει, επίσης, σε σøέση µε τιςæωνές περί εêÞδïυ της Κύπρïυ απÞ τï ευρώÞτι ïι πïλίτες κατανïïύν πως τα περισσÞτεραπρïâλήµατα πρïκλήθηκαν απÞ συµπατριώ-τες τïυς και Þøι απÞ êένïυς.

Παραδέøεται Þτι στην Κύπρï έøει πρï-κληθεί σïκ. «Γνωρίúαµε Þτι η ώρα της κρίσηςθα ερøÞταν και Þτι η αναâïλή απïæάσεωνδεν ήταν συνετή πïλιτική. Η ώρα της κρίσης

έøει έρθει.Υπάρøει εκνευρισµÞς για τη θερα-πεία πïυ µας πρïσæέρθηκε, αλλά δεν νïµίúωÞτι υπάρøει αντιευρωπαϊκÞ αίσθηµα», εκτιµάï κ. Γεωργιάδης. Καταλήγει σηµειώνïντας Þτιεπίσης δεν υπάρøει απÞδïση ευθυνών απÞτïυς Κυπρίïυς σε Þλïυς πλην των ιδίων τωνεαυτών τïυς:

«Είναι τα δικά µας λάθη και ï δικÞς µαςδισταγµÞς να λάâïυµε απïæάσεις πïυ µαςέøïυν ïδηγήσει σε αυτή τη δύσκïλη θέση».

17 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Για λανθασµένïυς øειρισµïύς τïυ διïικη-τή της Κεντρικής Τράπεúας Κύπρïυ (ΚΤΚ),Πανίκïυ ∆ηµητριάδη, σε διάæïρα úητήµατακάνει λÞγï ï πρÞεδρïς Νίκïς Αναστασιάδης,στην επιστïλή τïυ πρïς τïν επικεæαλής τηςΕυρωπαϊκής Κεντρικής Τράπεúας ΜάριïΝτράγκι.

Στην επιστïλή τïυ, ï κ. Αναστασιάδης,αæήνει και έµµεση αιøµή για τïυς øειρισµïύςτης ΕΚΤ στï θέµα της άντλησης ρευστÞτη-τας απÞ τïν αρµÞδιï ευρωπαϊκÞ µηøανισµÞ,«ELA» για τη Λαϊκή Τράπεúα. Αναæέρεισυγκεκριµένα, Þτι ï Πανίκïς ∆ηµητριάδης

έκανε øρήση τïυ «ELA» øωρίς έλεγøï, επιση-µαίνïντας Þτι υπήρêε παραâίαση των κανïνι-σµών της Ευρωπαϊκής Κεντρικής Τράπεúας.Στην εêασέλιδη επιστïλή, ï κ. Αναστασιάδηςεπαναλαµâάνει τα περί παύσης τïυ Πανίκïυ∆ηµητριάδη αναδεικνύïντας λάθη πïυέκανε κατά την εκτέλεση των καθηκÞντωντïυ.

à κ. Ντράγκι έστειλε επιστïλή στïνΚύπριï πρÞεδρï τïνίúïντας Þτι η Þπïια απÞ-æαση για παύση τïυ κ. ∆ηµητριάδη θα κριθείαπÞ τï ΕυρωπαϊκÞ ∆ικαστήριï.

Στη δική τïυ επιστïλή, ï κ. Αναστασιάδης

σηµειώνει στïν πρÞεδρï της ΕυρωπαϊκήςΚεντρικής Τράπεúας Þτι η Κύπρïς έøει πρïε-δρικÞ σύστηµα µε διάκριση εêïυσιών µεταêύΕκτελεστικής και Νïµïθετικής εêïυσίας.Εêηγεί Þτι δεν µπïρεί να παρέµâει στηνέρευνα πïυ κάνει η κυπριακή âïυλή καισηµειώνει Þτι η διαδικασία πïυ θα ακïλïυθη-θεί εµπίπτει στï πλαίσιï τïυ κυπριακïύσυντάγµατïς, αλλά και των νÞµων της ΕΕ.

à ΠρÞεδρïς της Κυπριακής ∆ηµïκρατίαςκάνει, επίσης, αναæïρά στην έκθεση τωνAlvarez & Marsal πïυ εστιάστηκε στηνΤράπεúα Κύπρïυ, αντί στη Λαϊκή.

∞∞ÓÓ··ÛÛÙÙ··ÛÛÈÈ¿¿‰‰Ë˘:: OO ¶¶.. ¢¢ËËÌÌËËÙÙÚÚÈÈ¿¿‰‰Ë˘ ··¤¤ÙÙ˘¯ÂÂ

™™ÙÙËËÓÓ ··ÓÓÙÙ››ııÂÂÛÛËË ÔÔÈÈ ··ÛÛÊÊ··ÏÏÈÈÛÛÙÙÈÈÎΤ¤˜ ÂÂÙÙ··ÈÈÚÚ››Â˜Στην αντεπίθεση περνïύν ïι ασæαλιστι-

κές εταιρείες για τις κατηγïρίες πïυ εκτï-êεύïνται τï τελευταίï διάστηµα για την κïινήαπÞæαση ΤρÞικας, κυâέρνησης και ΚεντρικήςΤράπεúας να τις εêαιρέσει απÞ τï κïύρεµαπïυ τρïøιïδρïµείται στην Τράπεúα Κύπρïυ.

Ãι ασæαλιστικές εταιρείες απïρρίπτïυνµε κατηγïρηµατικÞ τρÞπï Þσα εκτïêεύθηκανεναντίïν τïυς τï τελευταίï διάστηµα Þτιδηλαδή εêαιρέθηκαν για να µην πληγïύν ïι

αντασæαλιστικές εταιρείες ïι ïπïίες είναικυρίως γαλλικών και γερµανικών συµæερÞ-ντων και υπïστηρίúïυν Þτι σε καµία περίπτω-ση δεν υπάρøει αντασæαλιστική κάλυψη γιαπεριπτώσεις Þπως είναι τï κïύρεµα καταθέ-σεων καθώς πρÞκειται για µïναδική περίπτω-ση.

Μάλιστα Þπως είµαστε σε θέση να γνωρί-úïυµε êεκίνησαν επαæές για να πείσïυν γιααυτά τïυς τα επιøειρήµατα, ενώ ετïιµάúïυν

και σøετικÞ υπÞµνηµα τï ïπïίï θα υπïâά-λïυν τις επÞµενες µέρες στïν ΠρÞεδρï της∆ηµïκρατίας. Τï συνïλικÞ ύψïς των καταθέ-σεων των ασæαλιστικών εταιρειών στηνΤράπεúα Κύπρïυ υπïλïγίúεται στα 400 εκ.ευρώ ενώ για να σηµειωθεί Þτι για κάθε 100εκατïµµύρια πïυ εêαιρïύνται τï πïσÞ τïυκïυρέµατïς των ανασæάλιστων καταθέσεωνστην Τράπεúα Κύπρïυ ανεâαίνει κατά µίαπïσïστιαία µïνάδα.

Την έµπρακτη υπïστήριêή της στιςδύσκïλες στιγµές πïυ περνïύν η Κύπρïς καιï λαÞς της, δήλωσε η ΥæυπïυργÞςΕêωτερικών της Ινδίας, Preneet Kaur.

Στï πλαίσιï επίσηµης επίσκεψής της στηνΚύπρï, είøε συνïµιλίες µε τïν ΥπïυργÞΕêωτερικών, Ιωάννη Κασïυλίδη, µε αντικείµε-νï νέες ïικïνïµικές συνεργασίες, και τρÞ-πïυς πρïσέλκυσης τïυ επιøειρηµατικïύενδιαæέρïντïς των σαράντα και πλέïν øιλιά-

δων εκατïµµυριïύøων της Ινδίας.«Ã λαÞς της Κύπρïυ έøει êεπεράσει

δυσκïλίες και στï παρελθÞν και είµαι âέâαιηπως η Κυâέρνηση της Κύπρïυ και ïι σκληράεργαúÞµενïι πïλίτες θα êεπεράσïυν καιαυτήν την κρίση και θα πρïøωρήσïυν σε έναπρÞσæïρï µέλλïν.

Η Ινδία είναι έτïιµη να ενδυναµώσει τιςïικïνïµικές σøέσεις των δύï øωρών.», είπε ηΙνδή ΥæυπïυργÞς.

Αυτές ïι σøέσεις είναι απαραίτητες, υπï-γράµµισε ï Κύπριïς ΥπïυργÞς, δεδïµένïυτïυ νέïυ ïικïνïµικïύ µïντέλïυ της Κύπρïυ.«Τï νέï µïντέλï ïικïνïµίας πïυ πρïσπαθïύ-µε να εδραιώσïυµε στην Κύπρï øρειάúεται ναεêερευνήσει και άλλες αγïρές και η Ινδίααπïτελεί µια µεγάλη ευκαιρία για τïν κυπρια-κÞ ιδιωτικÞ τïµέα, για επενδύσεις, για τïεµπÞριï, Þπως έøïυµε ήδη κάνει µε άλλïυςæίλïυς σε Þλï τïν κÞσµï.»

∫∫‡‡ÚÚÔÔ˜--ππÓÓ‰‰››·· ÌÌÈÈ·· ÓÓ¤¤·· ÛÛ¯¤¤ÛÛËË ··ÚÚ¯››˙ÂÂÈÈ

¶¶ÚÚfifiÛÛııÂÂÙÙ˜ ıı¤¤ÛÛÂÂÈȘ ÛÛÙÙ·· ÎÎÚÚ··ÙÙÈÈÎο¿ ··ÓÓÂÂÈÈÛÛÙÙ‹‹ÌÌÈÈ··ΠρÞσθετες θέσεις στα κρατικά πανεπιστήµια ανακïίνωσαν ï υπïυργÞς παι-

δείας Κυριάκïς Κενεâέúïς και ï πρύτανης τïυ Πανεπιστηµίïυ ΚύπρïυΚωσταντίνïς Ìριστïæίδης.

Ãι απïæάσεις λήæθηκαν µετά και τις πρÞσæατες αρνητικές εêελίêεις στηνïικïνïµία της Κύπρïυ, και εêαιτίας των δυσκïλιών πïυ αντιµετωπίúïυν πïλλέςïικïγένειες και αæïρïύν κυρίως στην ïικïνïµική στήριêη των παιδιών πïυσπïυδάúïυν. Κατά την επÞµενη ακαδηµαϊκή øρïνιά, τï Πανεπιστήµιï Κύπρïυ θαπρïσæέρει 100 επιπρÞσθετες θέσεις σε νεïεισερøÞµενïυς πρïπτυøιακïύς æïι-τητές, ïι ïπïίïι θα παρακαθίσïυν στις Παγκύπριες Εêετάσεις. Επιπλέïν θα πρï-σæέρει 200 πρÞσθετες θέσεις, για µετεγγραæές Κυπριών æïιτητών πïυ σπïυδά-úïυν σε πανεπιστήµια τïυ εêωτερικïύ. Ãι θέσεις θα κατανεµηθïύν σε διάæïρïυςκλάδïυς, µε τρÞπï ώστε να µην απαιτηθïύν επιπρÞσθετες δαπάνες.

√√ §§ÈÈÏÏÏÏ‹‹Îη·˜ ÛÛÙÙËË µµÔÔ˘ÏÏ‹‹Άµεση παρïυσία στη Βïυλή θα έøει τï νέï Κίνηµα

Συµµαøία Πïλιτών θα έøει ï Γιώργïς Λιλλήκας καθώς απï-æάσισαν να συστρατευθïύν µαúί τïυ ï ανεêάρτητïς âïυ-λευτής ·αøαρίας Κïυλίας και ï âïυλευτής τïυ ΕΥΡΩΚÃΝίκïς Κïυτσïύ.

Τï Κίνηµα τï ïπïίï θα âρίσκεται στην αντιπïλίτευσηαπïδυναµώνει και την κυâέρνηση καθώς πλέïν τα κÞµµα-τα πïυ θα στηρίúïυν την κυâέρνηση θα απαριθµïύν 29άτïµα µε απïτέλεσµα να υπάρøει πλέïν ïριακή πλειïψη-æία. Η ιδρυτική συνέλευση τïυ Κινήµατïς τï ïπïίï δεν θαπρÞσκειται ïύτε στη δεêιά, ïύτε στην αριστερά θα πραγµα-τïπïιηθεί στις 28 Απριλίïυ.

¶¤ÛÙ ̷˜ ÙÔ ÔÛÔÛÙfi ÙÔ˘ ÎÔ˘Ú¤Ì·ÙÔ˜ «Ã£∂™»∂˘Î·Èڛ˜ ÁÈ· ÂÂÓ‰‡ÛÂȘ ‚Ï¤Ô˘Ó ÔÈ ƒÒÛÔÈ, Úfi‚ÏËÌ· Ë ·‚‚·ÈfiÙËÙ·

17 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

ÌΡΗΜΑ&ΑΓÃΡΑ

Ικανïπïιηµένïι δηλώνïυν ïι Ρώσïι επιøειρηµατίες απÞ ταµέτρα πïυ εêήγγειλε ï ΠρÞεδρïς της ∆ηµïκρατίας ΝίκïςΑναστασιάδης, ως αντιστάθµισµα στï πλήγµα πïυ υπέστη ηρωσική επιøειρηµατική κïινÞτητα στην Κύπρï, ωστÞσï θεω-ρïύν Þτι πρέπει να êεκαθαρίσει, τï συντïµÞτερï, τï πïσïστÞτïυ κïυρέµατïς των καταθέσεων στην Τράπεúα Κύπρïυ.

ΑυτÞ επεσήµανε ï ΠρÞεδρïς τïυ Κυπριακïύ ÃργανισµïύΠρïσέλκυσης Επενδύσεων (CIPA) ÌριστÞδïυλïς Αγκα-στινιώτης, στï πλαίσιï διάσκεψης Τύπïυ, για τα απïτελέσµα-τα τïυ 4ïυ Επιøειρηµατικïύ Συνεδρίïυ «Global RussiaBusiness Meeting», πïυ ïλïκληρώθηκε øθες στη ΛεµεσÞ.

à κ. Αγκαστινιώτης εêέæρασε την ικανïπïίησή τïυ απÞ τααπïτελέσµατα τïυ Συνεδρίïυ, αæïύ Þπως είπε, «απïδείøθηκεÞτι η Κύπρïς παραµένει και τη θέλïυν ïι συνεργάτες της ναπαραµείνει κέντρï υπηρεσιών, αæïύ πιστεύïυν Þτι συνεøίúεινα έøει τα συγκριτικά πλεïνεκτήµατα πïυ είøε και στï παρελ-θÞν».

Λέγïντας πως, την ίδια ώρα πïυ αρκετïί επιøειρηµατίεςâλέπïυν την κατάσταση πïυ επικρατεί σήµερα στην Κύπρïσαν µια ευκαιρία για επενδύσεις, τις ïπïίες πρïσπαθïύν ναεκµεταλλευτïύν, πïλλïί άλλïι ανησυøïύν για τις εêελίêεις µετην Τράπεúα Κύπρïυ και θεωρïύν Þτι «είναι λάθïς να αναµέ-νïυµε µέøρι τï Σεπτέµâριï για να êεκαθαρίσει τï ïύτωκαλïύµενï κïύρεµά της».

«Θεωρïύν Þτι ïι µετïøές πïυ θα αναλïγïύν στïυς µετÞ-øïυς πïυ έøïυν øάσει λεæτά στην Τράπεúα Κύπρïυ, πρέπει νακατανεµηθïύν τï συντïµÞτερï, για να µπïρέσïυν ïι νέïιιδιïκτήτες να εκλέêïυν ένα ∆ιïικητικÞ Συµâïύλιï, τï ïπïίïθα αναλάâει να κυâερνήσει την Τράπεúα τις αµέσως επÞµενεςµέρες και λέω µέρες, γιατί θεωρïύν Þλïι Þτι αυτÞ τï θέµαπρέπει να κλείσει τï συντïµÞτερï», συµπλήρωσε.

à κ. Αγκαστινιώτης δήλωσε ακÞµη πως ïι Ρώσïι επιøειρη-

µατίες, αν και απïγïητευµένïι απÞ τις εêελίêεις στην κυπρια-κή ïικïνïµία, επιρρίπτïυν τις ευθύνες στïυς Ευρωπαίïυςεταίρïυς µας και θεωρïύν άδικï τïν τρÞπï µε τïν ïπïίï αντι-µετωπίστηκε η Κύπρïς.

ΑπÞ την πλευρά τïυ, ï ΠρÞεδρïς της συνδιïργανώτριαςεταιρείας, Horasis Gobal Visions Community, Frank Richter,δήλωσε πως στï Συνέδριï υπήρêαν πïλύ θετικά σøÞλια απÞτïυς Ρώσïυς συµµετέøïντες, «πïυ µας ανέæεραν Þτι ηΚύπρïς είναι και θα παραµείνει ï πρïνïµιïύøïς κÞµâïς γιατις ρωσικές εταιρείες στην ΕΕ, øρησιµïπïιώντας τις δïµές,øρησιµïπïιώντας τα πρÞτυπα, øρησιµïπïιώντας τις διαæïρε-τικές µïρæές πïυ µπïρεί να πρïσæέρει για να âïηθήσει στηνπαγκïσµιïπïίηση των ρωσικών εταιρειών».

Στï Συνέδριï έλαâαν µέρïς 380 περίπïυ σύνεδρïι απÞ 40øώρες, απÞ τïυς ïπïίïυς ïι 200 ήταν Ρώσïι επιøειρηµατίες.Πέραν της ïικïνïµικής κρίσης στην Κύπρï και των πρïïπτι-κών πïυ διαµïρæώνïνται απÞ τα νέα δεδïµένα, τï συνέδριïασøïλήθηκε µε θέµατα πïυ αæïρïύν τη Ρωσία και την παγκÞ-σµια επιρρïή της, τη âιωσιµÞτητα και την ανάπτυêη, την εκτί-µηση κινδύνων και ευκαιριών στï επενδυτικÞ περιâάλλïν, τηνανάπτυêη ενεργειακών πÞρων και υπïδïµών καθώς και θέµα-τα πïυ σøετίúïνται µε τïν τïυρισµÞ.

∫·ÛÔ˘Ï›‰Ë˜: M·˜ ¤Î·Ó·Ó ÂÈÚ·Ì·Ùfi˙ˆÔ ΑπÞ την πλευρά τïυ ï ΥπïυργÞς Εêωτερικών Ιωάννης

Κασïυλίδης, διαµήνυσε στïυς Ρώσïυς επιøειρηµατίες πωςÞπως µετά τï 1974 και την τïυρκική εισâïλή η Κύπρïς κατά-æερε να κάνει τï ïικïνïµικÞ θαύµα, έτσι και σήµερα θα αδρά-êει αυτήν την άτυøη κατάσταση και θα την µετατρέψει σεευκαιρία à κ. Κασïυλίδης ανέæερε πως η Κύπρïς øρησιµïπïι-ήθηκε ως πειραµατÞúωï απÞ τïυς Ευρωπαίïυς εταίρïυς της,

για να απαντηθεί τï ερώτηµα κατά πÞσï υπάρøïυν πραγµατι-κά πïλύ µεγάλες τράπεúες πïυ απïτυγøάνïυν και να σταλείτï µήνυµα Þτι ïι æïρïλïγïύµενïι δεν θα πλήρωναν για τηδιάσωση τïυς. «Τï bail in επινïήθηκε πïλύ πριν επιâληθεί ηλύση για την Κύπρï και δυστυøώς, η µικρή µας ïικïνïµία øρη-σιµïπïιήθηκε ως πειραµατÞúωï για να διαπιστωθεί αυτÞ»,ανέæερε.

∞گțÛÎÔÔ˜: äÚÈ ÊÈÏ›·˜ ÛÙÔ˘˜ ƒÒÛÔ˘˜Η Κύπρïς συνεøίúει και θα συνεøίσει να απïτελεί τï πιï

αêιÞλïγï και αêιÞπιστï µέρïς για να τις ρωσικές επιøειρηµα-τικές δραστηριÞτητες, και η Εκκλησία της Κύπρïυ θα παρα-µείνει æίλïς και συµπαραστάτης, διαâεâαίωσε ïΑρøιεπίσκïπïς Κύπρïυ ÌρυσÞστïµïς Β’ τïυς Ρώσïυς επιøει-ρηµατίες.

Στï øαιρετισµÞ τïυ, ï Αρøιεπίσκïπïς επεσήµανε πως, Þσïπιï µεγάλες είναι ïι δυσκïλίες, τÞσï πιï µεγάλï θα πρέπει ναείναι τï πείσµα και η πίστη µας για ανάκαµψη και επανεκκίνη-ση και Þτι «τίπïτα δεν είναι αδύνατï, Þλα µπïρïύν να ανατρα-πïύν και να διïρθωθïύν, æτάνει πάντïτε να ενεργïύµε µεεπαγγελµατικÞτητα, πρïγραµµατισµÞ και πρïπαντÞς µεήθïς».

à Αρøιεπίσκïπïς τÞνισε πως τÞσï η Εκκλησία τηςΚύπρïυ, Þσï και ï ίδιïς πρïσωπικά, «θα είµαστε πάντïτεæίλïι και συµπαραστάτες σας σε ïπïιïδήπïτε θέµα σας απα-σøïλεί και Þπως είπα και σε άλλη συγκέντρωση σε ïµïεθνείςσας, θέλω να µε θεωρείτε Πρέσâη και Υπερασπιστή σας».

Τï ευρωπαϊκÞ νÞµισµα έτυøε διαπραγµάτευσης απÞ τηπερασµένη Παρασκευή µέøρι øθες τï πρωί της (16/04) µεταêύτων 1,3020 – 1,3126 δïλαρίων. Αρνητικά επηρέασε τï ευρώ ïπεριïρισµÞς της διάθεσης για ανάληψη κινδύνïυ µετά ταδυσµενέστερα τïυ αναµενÞµενïυ στïιøεία πïυ ανακïινώθη-καν στις Ηνωµένες Πïλιτείες και τη âïµâιστική επίθεση στηΒïστώνη.

Συγκεκριµένα Þσïν αæïρά τα ïικïνïµικά στïιøεία, ï δεί-κτης καταναλωτικής εµπιστïσύνης τïυ Πανεπιστηµίïυ τïυMichigan παρïυσίασε τïν Απρίλιï µη αναµενÞµενη υπïøώρη-ση σε øαµηλÞ εννέα µηνών ενώ ï δείκτης πληθωριστικών

πρïσδïκιών ενÞς έτïυς διαµïρæώθηκε τïν Απρίλιï στï 3%και ï αντίστïιøïς δείκτης 5 ετών στï 2,8%.

Παράλληλα, ïι λιανικές πωλήσεις κατέγραψαν τï Μάρτιïτη µεγαλύτερη µηνιαία υπïøώρηση απÞ τïν Ιïύνιï τïυ 2012ενώ ï δείκτης αγïράς κατïικιών ΝΑΗΒ υπïøώρησε τïνΑπρίλιï σε øαµηλÞ απÞ τïν Ãκτώâριï 2012.

à ΠρÞεδρïς της Fed Boston (Rosengren) δήλωσε Þτι ηΚεντρική Τράπεúα θα πρέπει να συνεøίσει τï πρÞγραµµα αγï-ράς τίτλων, καθώς τï πïσïστÞ ανεργίας διατηρείται υψηλÞτε-ρα τïυ επιθυµητïύ και ï πληθωρισµÞς øαµηλÞτερα απÞ τïστÞøï. à ΠρÞεδρïς της Fed Atlanta (Lockhart) ανέæερε Þτι θαπρέπει να διατηρηθεί σε ισøύ τï πρÞγραµµα αγïράς τίτλωνέως Þτïυ âελτιωθεί η πρïïπτική της αγïράς εργασίας

σε συνδυασµÞ µε τη διατήρηση της σταθερÞτητας τωντιµών. ΘετικÞ παράγïντα απïτέλεσε για τï ευρώ η ανακïίνω-ση Þτι τï πλεÞνασµα τïυ εµπïρικïύ ισïúυγίïυ στην

Ευρωúώνη διευρύνθηκε τï Φεâρïυάριï περισσÞτερï τïυαναµενÞµενïυ σε υψηλÞ (12 δις ευρώ, εκτίµηση: 10 δις ευρώ,Ιανïυάριïς: 8,7 δις ευρώ) απÞ καταγραæής των στïιøείων(1999).

Σε µια άλλη εêέλιêη, αêιïσηµείωτη πτώση κατέγραψε τηνπερασµένη âδïµάδα τï ιαπωνικÞ γιεν έναντι τïυ δïλαρίïυ καιτïυ ευρώ καθώς έτυøε διαπραγµάτευσης σε øαµηλÞ τεσσά-ρων (99,95 γιεν) και τριάµισι ετών (131,12 γιεν) αντίστïιøα.Αρνητικά επηρέασε τï γιεν η αναæïρά τïυ Πρωθυπïυργïύτης øώρας Þτι η Τράπεúα της Ιαπωνίας θα πρέπει να διατηρή-σει τα µέτρα επεκτατικής νïµισµατικής πïλιτικής έως Þτïυεπιτευøθεί ï στÞøïς για τïν πληθωρισµÞ στï 2%. ∆ήλωσε επί-σης Þτι τα απïæασιστικά µέτρα πïυ υιïθέτησε η Τράπεúα τηςΙαπωνίας ενδεøïµένως να διïρθώσïυν την παρατεταµένηενίσøυση πïυ παρïυσίασε τï ιαπωνικÞ νÞµισµα την πρïηγïύ-µενη øρïνική περίïδï.

TÔ ·ÚÓËÙÈÎfi ÂÂÓ‰˘ÙÈÎfi Îϛ̷ Ï‹ÙÙÂÈ ÙÔ Â˘ÚÒ¢¢ÔÔÍÍÔÔ‡‡ÏÏ·· ¶¶··ÛÛ¯··ÏÏ››‰‰ÔÔ˘

17 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | EI∆ΗΣΕΙΣ | financialmirror.com

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∏ ÔÈÎÔÓÔÌÈ΋ ·ÁÎÔÛÌÈÔÔ›ËÛË Û ·ÓÙ›ÛÙÚÔÊË Ì¤ÙÚËÛË

Για τρεις δεκαετίες, η ïικïνïµική παγκïσµιïπïίηση æαινÞ-ταν αναπÞæευκτη. Ãι νέες τεøνïλïγίες κατέστησαν δυνατήτη διεêαγωγή συναλλαγών σε Þλï τïν κÞσµï εν ριπή ïæθαλ-µïύ. Ãι απïταµιευτές απέκτησαν την ικανÞτητα να διαæïρï-πïιηθïύν, ενώ ïι ïæειλέτες θα µπïρïύσαν να αêιïπïιήσïυντην παγκÞσµια αγïρά κεæαλαίïυ. ∆εδïµένïυ Þτι ïι εθνικέςøρηµατïπιστωτικές αγïρές έγιναν Þλï και περισσÞτερï αλλη-λένδετες, ïι διασυνïριακές ρïές κεæαλαίων αυêήθηκαν απÞ0,5 τρισεκατïµµύρια δïλάρια τï 1980 σε περίπïυ 11,8 τρισε-κατïµµύρια δïλάρια τï 2007.

Αλλά η κρίση τïυ 2008 εêέθεσε στïυς κινδύνïυς µετάδï-σης, πïυ περιλαµâάνει ένας περίπλïκïς ιστÞς παγκïσµιïπïι-ηµένïυ øρηµατïπιστωτικïύ συστήµατïς. Ãι διασυνïριακέςρïές κεæαλαίων κατέρρευσαν απÞτïµα. ΣøεδÞν πέντε øρÞνιααργÞτερα, παραµένïυν κάτω απÞ τï 60% των επιπέδων τïυςπριν απÞ την κρίση.

Αυτή η υπïøώρηση στη διασυνïριακή δραστηριÞτητα έøεισυνïδευτεί απÞ υπïτïνική αύêηση των παγκÞσµιων øρηµατï-ïικïνïµικών περιïυσιακών στïιøείων (παρά τις πρÞσæατεςανïδικές τάσεις σε øρηµατιστήρια σε Þλï τïν κÞσµï). ΤαπαγκÞσµια øρηµατïïικïνïµικά περιïυσιακά στïιøεία έøïυναυêηθεί µÞλις κατά 1,9% σε ετήσια âάση απÞ την κρίση, κάτωαπÞ τη µέση ετήσια αύêηση τïυ 7,9% για την περίïδï 1990 -2007.

Πρέπει ï κÞσµïς να ανησυøεί για αυτή τη µείωση στις δια-συνïριακές ρïές κεæαλαίων και επιâράδυνση της øρηµατï-δÞτησης; Και ναι και Þøι.

Μετά τïυς υπερµεγέθεις κινδύνïυς για πιθανές æïύσκεςεπί σειρά ετών, ïι τάσεις αυτές θα µπïρïύσε να είναι ένασηµάδι Þτι τï σύστηµα επανέρøεται. Ùπως γνωρίúïυµε σήµε-ρα, ένα µεγάλï µέρïς της ανάπτυêης σε øρηµατïïικïνïµικάπεριïυσιακά στïιøεία πριν απÞ την κρίση αντικατïπτρίúεταιστη µÞøλευση τïυ ίδιïυ τïυ øρηµατïπιστωτικïύ τïµέα, καθώςη αύêηση των διασυνïριακών ρïών αντανακλïύσε την πρÞ-σâαση των κυâερνήσεων σε παγκÞσµιες αγïρές κεæαλαίωνγια τη øρηµατïδÞτηση øρÞνιων δηµïσιïνïµικών ελλειµµά-των. Η διακïπή των σøέσεων µε τις πηγές της ïικïνïµικήςπαγκïσµιïπïίησης είναι ευπρÞσδεκτη.

Αλλά δεν είναι υγιείς Þλες ïι εκæάνσεις της παρïύσαςυπïøώρησης. ΠαραδÞêως, ïι αναδυÞµενες ïικïνïµίες αντιµε-τωπίúïυν επίσης µια επιâράδυνση. Η ανάπτυêη των øρηµατï-

πιστωτικών αγïρών τïυς µÞλις και µετά âίας æτάνει τï ρυθµÞαύêησης τïυ ΑΕΠ. Ãι περισσÞτερες απÞ τις øώρες αυτέςέøïυν πïλύ µικρά øρηµατïπιστωτικά συστήµατα σε σøέση µετï µέγεθïς των ïικïνïµιών τïυς, και, µε τις µικρές και µεσαί-ïυ µεγέθïυς επιøειρήσεις (ΜΜΕ), τα νïικïκυριά, καθώς και ταέργα υπïδïµής να αντιµετωπίúïυν πιστωτικïύς περιïρι-σµïύς, έøïυν σίγïυρα αρκετÞ øώρï για τη âιώσιµη εµâάθυν-ση των αγïρών τïυς.

∂Á¯ÒÚȘ ÂÂÓ‰‡ÛÂȘ ÎÂÊ·Ï·›Ô˘Ãι σύγøρïνες τάσεις æαίνεται να ïδηγïύν πρïς ένα κατα-

κερµατισµένï παγκÞσµιï øρηµατïπιστωτικÞ σύστηµα στïïπïίï ïι øώρες âασίúïνται κατά κύριï λÞγï στις εγøώριεςεπενδύσεις κεæαλαίïυ. Θα µπïρïύσαν να πρïκύψïυν εντïνÞ-τερες περιæερειακές ανισÞτητες Þσïν αæïρά τη διαθεσιµÞ-τητα και τï κÞστïς τïυ κεæαλαίïυ, ιδιαίτερα για τις µικρÞτε-ρες επιøειρήσεις και τïυς καταναλωτές, περιïρίúïντας τιςεπενδύσεις και την ανάπτυêη σε ïρισµένες øώρες. Και, ενώένα πιï εθνικïπïιηµένï øρηµατïπιστωτικÞ σύστηµα δεν µει-ώνει την πιθανÞτητα των παγκÞσµιων κρίσεων δηµιïυργείωστÞσï αστάθεια σε απïµακρυσµένες αγïρές, και µπïρεί ναïêύνει κινδύνïυς στï πλαίσιï των τïπικών τραπεúικών συστη-µάτων αλλά και να αυêήσει την πιθανÞτητα εγøώριων øρηµα-τïπιστωτικών κρίσεων.

Έτσι, είναι δυνατÞν να επανέρθει η øρηµατïπιστωτικήπαγκïσµιïπïίηση, απïæεύγïντας τα λάθη τïυ παρελθÞντïς;

Η επιτυøής ïλïκλήρωση των ρυθµιστικών πρωτïâïυλιώνµεταρρύθµισης πïυ âρίσκïνται σε εêέλιêη είναι η πρώτη επι-τακτική ανάγκη. ΑυτÞ σηµαίνει Þτι εργάúïνται τις τελευταίεςλεπτïµέρειες των τραπεúικών πρïτύπων της Basel ΙΙΙ, δηµι-ïυργώντας σαæείς διαδικασίες για την επίλυση διασυνïρια-κών τραπεúικών και ανάκτησης, καθώς και τη δηµιïυργίαδυνατïτήτων µακρï-πρïληπτικής επïπτείας. Αυτά τα âήµαταθα âïηθήσïυν σε µεγάλï âαθµÞ πρïς την ïικïδÞµηση τηςεµπιστïσύνης αλλά και ενÞς συστήµατïς εγγυήσεων πïυδηµιïυργïύν ένα πιï σταθερÞ σύστηµα. Αλλά øρειάúïνταιπρÞσθετα µέτρα.

ΓενικÞτερα, ïι υπάλληλïι στις αναδυÞµενες ïικïνïµίες θαπρέπει να επανεκκινήσïυν µεταρρυθµίσεις πïυ θα επιτρέ-ψïυν την περαιτέρω εγøώρια ïικïνïµική ανάπτυêη της αγï-

ράς. Ãι περισσÞτερες øώρες έøïυν τη âασική υπïδïµή τηςαγïράς και τïυς κανïνισµïύς, αλλά η επιâïλή και η επïπτείαείναι συøνά ανεπαρκής. Η πρÞïδïς σε αυτÞ τï µέτωπï θαδώσει τη δυνατÞτητα αγïρών µετïøών και ïµïλÞγων ναπαρέøïυν µια σηµαντική εναλλακτική λύση στïν τραπεúικÞδανεισµÞ για τις µεγαλύτερες επιøειρήσεις - και δωρεάνκεæάλαια για τις τράπεúες να δανείúïυν ΜΜΕ και καταναλω-τές. Η εµâάθυνση στις κεæαλαιαγïρές θα ωæελήσει επίσηςτïπικïύς απïταµιευτές και θα ανïίêïυν νέες διαύλïυς γιαêένïυς επενδυτές να διαæïρïπïιηθïύν.

∆εδïµένïυ Þτι η Ευρώπη ïδήγησε την πρÞσæατη άνïδïκαι την πτώση της ïικïνïµικής παγκïσµιïπïίησης, κάθε πρï-σπάθεια για να επαναæέρει τï σύστηµα θα πρέπει να επικε-ντρωθεί σε µέτρα για την απïκατάσταση της εµπιστïσύνηςκαι να θέσει την ευρωπαϊκή øρηµατïπιστωτική ενïπïίηση καιπάλι στï πρïσκήνιï. Η πρÞσæατη κρίση στην Κύπρï υπïγραµ-µίúει την επείγïυσα ανάγκη δηµιïυργίας µιας ένωσης τραπε-úών, πïυ περιλαµâάνει Þøι µÞνï κïινή επïπτεία, αλλά και τïυςµηøανισµïύς εκκαθάρισης και ασæάλισης καταθέσεων.

ΚαθïρισµÞς τïυ âαθµïύ διαæάνειας είναι ένα ακανθώδεςκαι περίπλïκï úήτηµα για κάθε øώρα. Ãι υπεύθυνïι øάραêηςπïλιτικής πρέπει να σταθµίσïυν τïυς κινδύνïυς της αστάθει-ας, των πιέσεων των συναλλαγµατικών ισïτιµιών, και τηνευπάθεια σε êαæνικές ανατρïπές στις ρïές κεæαλαίων αλλάκαι τα ïæέλη της ευρύτερης πρÞσâασης στην πίστωση και τηνενίσøυση τïυ ανταγωνισµïύ. Η σωστή ισïρρïπία µπïρεί ναπïικίλλει ανάλïγα µε τï µέγεθïς της ïικïνïµίας, της απïδï-τικÞτητας των εγøώριων πηγών øρηµατïδÞτησης, και τηδύναµη της ρύθµισης και της επïπτείας.

Αλλά ï στÞøïς της δηµιïυργίας ενÞς ανταγωνιστικïύ, καιανïικτïύ øρηµατïπιστωτικïύ τïµέα αêίúει να είναι ένα κεντρι-κÞ µέρïς της πïλιτικής ατúέντας. Ãι δεσµïί πïυ ενώνïυν τιςπαγκÞσµιες αγïρές έøïυν æθαρεί, αλλά δεν είναι πïλύ αργάγια να τις επιδιïρθώσει κανείς.

¶ËÁ‹: Sofokleous10.gr

Θα απïøωρήσει η Άνγκελα Μέρκελ τï 2015, Þταν θα έøεισυµπληρώσει τα 60 της έτη; διερωτάται η γερµανική εæηµερί-δα Μπιλντ, ï ∆ιευθυντής της ïπïίας στï Βερïλίνï, Ν. ΜπλÞµε,θεωρεί Þτι εάν δεν υπάρêει µεγάλη ανατρïπή κατά τïυς επÞ-µενïυς πέντε µήνες και επιâεâαιωθïύν ïι δηµïσκïπήσεις, ηΜέρκελ θα παραµείνει καγκελάριïς και µετά τις εκλïγές τïυΣεπτεµâρίïυ, ωστÞσï δεν θα εêαντλήσει τη νέα τετραετίακαθώς θα απïøωρήσει τï 2015. Ùπως ανέæερε πρωτïσέλιδïρεπïρτάú της εæηµερίδας, στï Βερïλίνï æέρεται να διεêάγï-νται ήδη σøετικές συúητήσεις και να κυκλïæïρïύν σενάριααπïøώρησής της εντÞς της επÞµενης θητείας της και συγκε-κριµένα τï 2015. Τρïæή στη σøετική æηµïλïγία δίδει και τïâιâλίï τïυ δηµïσιïγράæïυ και διευθυντή της εæηµερίδαςΜπιλντ για την κ. Μέρκελ, âιâλίï τï ïπïίï κυκλïæïρεί ήδη.

Ùπως επισηµαίνεται, η Καγκελάριïς έøει κατά τï παρελ-θÞν υπïστηρίêει Þτι µια δεκαετία θα πρέπει να είναι ï µέγι-στïς øρÞνïς θητείας ενÞς Πρωθυπïυργïύ.

Τï 2015 η ίδια θα συµπλήρωνε 10 έτη στην ηγεσία τηςøώρας και, επιπλέïν, η Άνγκελα Μέρκελ θεωρïύσε λάθïς τïυπρώην Καγκελαρίïυ Ìέλµïυτ Κïλ τï γεγïνÞς Þτι δεν απïøώ-ρησε εγκαίρως απÞ την πïλιτική, ïρίúïντας διάδïøÞ τïυ καιεπιλέγïντας να είναι υπïψήæιïς στις εκλïγές τïυ 1998, τιςïπïίες και έøασε. Την κ. Μέρκελ æαίνεται να δελεάúει η ιδέανα γίνει η πρώτη µεταπïλεµική Καγκελάριïς πïυ θα απïøωρή-σει µÞνη της και Þøι επειδή έøασε σε εκλïγές, ή επειδή τηναντικατέστησε τï κÞµµα της. Πάντως, ï ΚυâερνητικÞςΕκπρÞσωπïς Στέæεν ·άιµπερτ διέψευσε τη σøετική æηµïλï-γία, υπïγραµµίúïντας Þτι “στις επÞµενες εκλïγές η ΆνγκελαΜέρκελ θα διεκδικήσει µια ïλÞκληρη θητεία”.

Ùσïν αæïρά τα ïικïνïµικά η Καγκελάριïς τηςΓερµανίας Άγγελα Μέρκελ δήλωσε Þτι øρειάúεται ακÞµη ναγίνει δïυλειά στï θέµα της στήριêης των τραπεúών και υπï-στήριêε Þτι ïι κανÞνες πïυ θέτει η Βασιλεία ΙΙΙ πρέπει ναεæαρµïστïύν διεθνώς.

TÔ 2015 Ë ª¤ÚÎÂÏ ÎÏ›ÓÂÈ Ù· 60, ı· ·Ô¯ˆÚ‹ÛÂÈ;

17 ΑΠΡΙΛΙÃΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

ÌΡΗΜΑ&ΑΓÃΡΑ

√È ÂÏÏËÓÈΤ˜ ÙÚ¿Â˙˜ ÂÈÛÙÚ¤ÊÔ˘ÓÛÙ·‰È·Î¿ ÛÙȘ ·ÁÔÚ¤˜

Θετικά µηνύµατα εêέπεµψε τï συνέδριï τïυ Economistγια τις ελληνικές τράπεúες και για τïν ρÞλï πïυ θα παίêïυνστην ανάκαµψη της ïικïνïµίας. Τï συνέδριï πραγµατïπïιεί-ται, την ώρα πïυ âρίσκεται σε πλήρη εêέλιêη η διαδικασία ανα-κεæαλαιïπïίησης των πιστωτικών ιδρυµάτων της Ελλάδας,τïνίúεται σε άρθρï της Ηµερισίας.

∆εν θέλïυµε τï κράτïς να διαøειρίúεται τις τράπεúες ïύτεθέλïυµε η κυâέρνηση να κατευθύνει τη øρηµατïδÞτησηδήλωσε στï συνέδριï τïυ Economist o Πïλ ΤÞµσεν αναπλη-ρωτής διευθυντής τïυ Ευρωπαϊκïύ Τµήµατïς τïυ ∆ΝΤ µεαæïρµή την ανακεæαλαιïπïίηση των τραπεúών η ïπïία εισέρ-øεται σε τελική æάση.

à κ.ΤÞµσεν σηµείωσε πως η σταθερÞτητα τïυ øρηµατïïι-κïνïµικïύ τïµέα διασæαλίστηκε. Ãι τράπεúες επλήγησαναρκετά, αλλά µπÞρεσαν να εêυπηρετήσïυν την ïικïνïµία.Παρά τη µείωση τïυ øρέïυς (τï PSI έπληêε καίρια τις τράπε-úες) τα πιστωτικά ιδρύµατα παρέµειναν ασæαλή και ισøυράσηµείωσε. Ãι τράπεúες αυτή τη στιγµή είναι κεæαλαιïπïιηµέ-νες τÞνισε ï κ. ΤÞµσεν και δεν έøïυν πλέïν ïæειλές στïυςισïλïγισµïύς τïυς. ∆ιαπίστωσε δε, πως o σταδιακÞς τερµατι-σµÞς απïµÞøλευσης της ελληνικής ïικïνïµίας θα επιτρέψειτην περαιτέρω εêυγίανση των ισïλïγισµών των τραπεúών.

à ίδιïς αναγνώρισε Þτι ένα µεγάλï âάρïς για την ïικïνï-µία είναι η κατάσταση στï øρηµατïïικïνïµικÞ σύστηµα υπÞτην έννïια της συστïλής των πιστώσεων τα τελευταία έτη.

ΩστÞσï, ïι ανακεæαλαιïπïιηµένες τράπεúες θα µπïρέσïυννα øρηµατïδïτήσïυν επιøειρήσεις πïυ έøïυν ένα καλÞ επι-øειρηµατικÞ πλάνï είπε. Νïµίúω σηµείωσε Þτι ïι τράπεúες θαµπïρέσïυν να ισïσκελίσïυν τïυς ισïλïγισµïύς τïυς και ναµειώσïυν τα ασæάλιστρα κινδύνïυ.

Ãι τράπεúες σταδιακά θα επιστρέψïυν στις αγïρές και θαøρηµατïδïτïύν δήλωσε ï κ. ΤÞµσεν και αυτÞ. Τï αίσθηµαασæάλειας θα ενισøύεται σταδιακά Þπως συνέâη τïυς έêιµήνες σε επίπεδï καταθέσεων τïυλάøιστïν. ΑυτÞ σηµαίνειπως πρÞσθετïι πÞρïι εισέρøïνται στï τραπεúικÞ σύστηµακάτι τï ïπïίï θα επιτρέψει στις τράπεúες να δώσïυν æθηνÞ-τερï øρήµα. Τα 50 δισ. ευρώ της ανακεæαλαιïπïίησης απïτε-λïύν ïυσιαστικά τη âάση για την υπÞθεση εργασίας Þτι ïιτράπεúες αργά, αλλά σταθερά θα êεκινήσïυν να διευρύνïυντïυς ισïλïγισµïύς τïυς.

∆ηλαδή τις εργασίες τïυς πïυ είναι ïι øρηµατïδïτήσεις.Στï θέµα των καταθέσεων αναæέρθηκε και ï υπïυργÞς ïικï-νïµικών της Ελλάδας Γιάννης Στïυρνάρας σηµειώνïντας πωςη ïµαλή ρïή πιστώσεων θα êεκινήσει Þταν πια æύγει ï æÞâïςκαι αρøίσïυν να επιστρέæïυν ïι καταθέσεις και ευτυøώςέøïυν αρøίσει και επιστρέæïυν ïι καταθέσεις στην Ελλάδα.

∆ιαâεâαιώνïυµε τÞνισε ï ίδιïς τïν κÞσµï πως ακïλïυ-θïύµε την πïλιτική εκείνη πïυ εêασæαλίúει τις καταθέσειςτïυ.

à κ. Στïυρνάρας τÞνισε Þτι είναι ευπρÞσδεκτα τα επενδυ-

τικά funds στην Ελλάδα και µίλησε για την πïλύ σηµαντικήπρωτïâïυλία πïυ αæïρά τις µικρïµεσαίες επιøειρήσεις τηςΕυρωπαϊκής Τράπεúας Επενδύσεων η ïπïία για τïν κάδï τïντελευταίï µήνα εκταµίευσε 900 εκατ. ευρώ.

Απïκαθίσταται η ισøύς τïυ ελληνικïύ τραπεúικïύ συστή-µατïς µέσω συγκεκριµένων διαδικασιών δήλωσε ï πρÞεδρïςτης Εθνικής Γ. ·ανιάς απÞ τï âήµα τïυ συνεδρίïυ. «Μεταêύαυτών των διαδικασιών, η εêυγίανση και η ενïπïίηση τραπε-úών πïυ êεκίνησε τï πρïηγïύµενï Καλïκαίρι µαúί µε την ανα-κεæαλαιïπïίηση, παίúïυν σηµαντικÞ ρÞλï», ανέæερε ï κ.·ανιάς. Τï σκεπτικÞ πïυ επικρατεί για την Ευρωúώνη Þσïναæïρά τις διασώσεις τραπεúών µετά την Κύπρï δεν σøετίúε-ται µε τï ελληνικÞ τραπεúικÞ σύστηµα, τï ïπïίï διαθέτει 50δις ευρώ για να ανακεæαλαιïπïιηθεί τÞνισε ï κ. ·ανιάς.

4433 ¿¿ÙÙÔÔÌÌ·· ÛÛÙÙÔÔ Â‰‰ÒÒÏÏÈÈÔÔ ÁÁÈÈ·· ÙÙÔÔ ««ÎÎfifiÏÏÔÔ ÁÁÎÎÚÚfifiÛÛÔÔ»» ÛÛÙÙÔÔ ÃÃ∞∞ Tï λεγÞµενï «σκάνδαλï µε τις µετïøές æïύσκες» στï

Ìρηµατιστήριï Αθηνών πïυ æαίνεται να úηµίωσε εκατïντά-δες øιλιάδες πïλίτες έæθασε δεκατρία øρÞνια µετά τις πρώ-τες διώêεις πïυ είøαν ασκηθεί, στï ακρïατήριï τïυΤριµελïύς Εæετείïυ Κακïυργηµάτων.

Μετά απÞ πïλύøρïνες «περι-πέτειες» η δικïγραæία για τιςøειραγωγïύµενες µετïøέςσυγκεκριµένων εταιρειών πïυæαίνεται να έλαâαν µέρïς στïαπïκαλïύµενï «πάρτι τïυÌρηµατιστηρίïυ» τï 1999 µετïυ-σιώθηκε σε κατηγïρητήριï γιασυνïλικά 43 πρÞσωπα, η δίκη τωνïπïίων êεκίνησε την ∆ευτέρα.

Στï εδώλιï κάθïνται γνωστïίøρηµατιστές, ιδιïκτήτες εισηγµέ-νων εταιρειών, εæïπλιστές καιµεσάúïντες. Ανάµεσα τïυς ïγνωστÞς ιδιïκτήτης øρηµατιστη-ριακής εταιρείας Παναγιώτης Κïνταλέêης, ïι επιøειρηµα-τίες Γεώργιïς Μπατατïύδης, Παναγιώτης Πανïύσης,Κωνσταντίνïς Στέγγïς και µέλη της ïικïγένειάς τïυ,Σπυρίδωνας ΤασÞγλïυ κ.α.

Σύµæωνα µε τï παραπεµπτικÞ âïύλευµα πïυ εκδÞθηκεσε âάρïς τïυς, ïι κατηγïρίες πïυ ανά περίπτωση έøïυναπαγγελθεί για την υπÞθεση αæïρïύν τα αδικήµατα τηςαπάτης, νïµιµïπïίησης εσÞδων απÞ παράνïµη δραστηριÞ-τητα κ.α.

Σε 836 σελίδες τïυ âïυλεύµατïς, αναλύεται επαρκώς τïλεγÞµενï «κÞλπï γκρÞσï» τïυ ÌΑΑ, µε την τεøνητή αύêηση

της αêίας των επίµαøων µετïøών, ενώ παρατίθενται σηµα-ντικά ευρήµατα της Επιτρïπής Κεæαλαιαγïράς αλλά καιτïυ Σώµατïς ∆ίωêης Ãικïνïµικïύ Εγκλήµατïς (Σ∆ÃΕ).

Στï âïύλευµα επίσης γίνεται αναæïρά σε σïâαρÞτατεςαδυναµίες στην ïργάνωση των øρηµατιστηριακών εταιρει-

ών αλλά κυρίως και στï úήτηµα τïυ εσω-τερικïύ τïυς ελέγøïυ, τις ïπïίες επεσή-µαινε στην πρÞταση τïυ πρïς τï συµâïύ-λιï και ï Εισαγγελέας Εæετών ΑθηνώνΙωάννης ΛιακÞπïυλïς. à εισαγγελέας

διαπίστωνε Þτι κάπïιïι απÞτïυς κατηγïρïύµε-νïυς πïυ κατείøανεισηγµένες εταιρείεςπρïøωρïύσαν σε ψευ-δείς ανακïινώσειςøρηµατ ιστηριακώνσυναλλαγών µε τιµέςδιαæïρετικές απÞ τιςανακïινωθείσες στï

επενδυτικÞ κïινÞ µε απïτέλεσµα να δηµιïυργείται «παρα-πλανητική εικÞνα για την πïρεία των µετïøών, την τιµή καιτην εµπïρευσιµÞτητά τïυς».

Αναæέρεται επίσης σε παραπλανητικές «πληρïæïρίες»πïυ σκïπίµως διαρρέïνταν για επενδυτικÞ ενδιαæέρïνêένων επενδυτών για συγκεκριµένες εταιρείες µε σκïπÞτην τεøνητή αύêηση της εµπïρευσιµÞτητας τïυς. Μάλιστασύµæωνα µε τï âïύλευµα σε κάπïιες περιπτώσεις απïδεί-øθηκε Þτι ïι «µεγάλïι êένïι θεσµικïί επενδυτές» ήταν υπε-ράκτιες εταιρείες και ιδιώτες.

Για τïν τρÞπï πïυ έδρασαν συγκεκριµένïι κατηγïρïύ-

µενïι ïι δικαστές τïυ Συµâïυλίïυ αναæέρïυν Þτι «σε κάθεπερίπτωση µε τις ενέργειές τïυς αυτές εêαπατήθηκε τïεπενδυτικÞ κïινÞ πïυ αγÞραúε τις µετïøές σε τιµές πïυ µετεøνάσµατα διαµïρæώνïνταν σε υψηλÞτερα επίπεδα στηøρηµατιστηριακή αγïρά και τελικά ïδήγησαν σε απαêίωσητης µετïøής και απώλεια µεγάλων øρηµατικών πïσών απÞτï ευρύτερï επενδυτικÞ κïινÞ, ενώ ïι ίδιïι καρπώθηκανπαράνïµα ιδιαίτερα µεγάλα øρηµατικά πïσά».

Τïνίúïυν επίσης στï σκεπτικÞ τïυς Þτι αν «τï επενδυτι-κÞ κïινÞ γνώριúε την εêωøρηµατιστηριακή τιµή της µετïøήςασæαλώς δεν θα πρïέâαινε σε αγïρές σε τιµές µεγαλύτε-ρες τïυ 50% της øρηµατιστηριακής αêίας».

Υπενθυµίúεται Þτι µετά την άσκηση κακïυργηµατικώνπïινικών διώêεων τï 1999 για τï «σκάνδαλï τïυÌρηµατιστηρίïυ» η ανάκριση για την υπÞθεση είøε ανατεθείστην πρώην δικαστικÞ Κωνσταντίνα Μπïυρµπïύλια. Ãι øει-ρισµïί της τÞτε ανακρίτριας, πïυ απïæυλακίστηκε πρÞσæα-τα, της κÞστισαν την θέση της στï δικαστικÞ Σώµα αλλά τηνκαταδίκη της σε 12ετή κάθειρêη για κατάøρηση εêïυσίαςκαι νïµιµïπïίηση εσÞδων απÞ παράνïµη δραστηριÞτητα .

Η δικαστική έρευνα µετά την υπÞθεση «Μπïυρµπïύλια»συνεøίστηκε µε εντïλή τïυ Εισαγγελέα Ìαρ. Λακαæώση ïïπïίïς είøε úητήσει την επανεêέταση κάπïιων æακέλων γιατις «µετïøές - æïύσκες τïυ Ìρηµατιστηρίïυ». Ακïλïύθωςµε πρÞτασή τïυ παραπέµæθηκαν αρøικά σε δίκη 67 άτïµα,τα ïπïία στη συνέøεια µειώθηκαν µε τï εæετειακÞ âïύλευ-µα πïυ εκδÞθηκε, στα 43 πïυ σήµερα âρίσκïνται ενώπιïντïυ δικαστηρίïυ.

Η διαδικασία διεκÞπη, αæïύ διïρίστηκε συνήγïρïς σεκατηγïρïύµενï πïυ δεν είøε, και θα συνεøισθεί στις 24Απριλίïυ.

1155..000000 ··ÔÔÏχ‡ÛÛÂÂÈȘ Îη·ÈÈ ÈÈÛÛ¿¿ÚÚÈÈııÌ̘ ÚÚÔÔÛÛÏÏ‹‹„„ÂÂÈȘÛÛÙÙÔÔ ÂÂÏÏÏÏËËÓÓÈÈÎÎfifi ‰‰ËËÌÌfifiÛÛÈÈÔÔ

Αντιµέτωπï µε ασæυκτικά øρïνïδιαγράµµατα θα âρεθεί τï πρïσεøές διάστηµα τï ΕλληνικÞΥπïυργείï ∆ιïικητικής Μεταρρύθµισης, πρïκειµένïυ να ανταπïκριθεί στην πïσïτικïπïιηµένηπλέïν ρύθµιση για απÞλυση 15 øιλιάδων υπαλλήλων µέøρι τï τέλïς τïυ 2014, εκ των ïπïίων 4.000εντÞς τïυ έτïυς. Έøïντας ήδη πρïσδιïρίσει τις δεêαµενές απÞ τις ïπïίες θα πρïέλθïυν ïι πρïςαπÞλυση υπάλληλïι καλείται αæενÞς να πρïøωρήσει στïν πρïσδιïρισµÞ των æïρέων τïυ ευρύτερïυδηµÞσιïυ πïυ θα âάλïυν «λïυκέτï» απïµακρύνïντας τï σύνïλï των υπαλλήλων τïυς, καθώς καιεκείνων πïυ θα συγøωνευθïύν και τï πλεïνάúïν πρïσωπικÞ τïυς θα µπει σε διαθεσιµÞτητα.

Στην κυâέρνηση πρïτάσσïυν τï επιøείρηµα της επαναπρÞσληψης ισάριθµων πρïσïντïύøων υπαλ-λήλων, απÞ τις «λίστες αναµïνής» επιτυøÞντων τïυ ΑΣΕΠ, σε µία πρïσπάθεια να κάµψïυν τις αντιδρά-σεις πïυ πρïκάλεσαν ïι τελικές απïæάσεις, ενώ σε πρώτη γραµµή âάúïυν και τη δυνατÞτητα εêαγï-ράς µέøρι και τριών πλασµατικών øρÞνων, απÞ υπαλλήλïυς πïυ θα âρίσκïνται κïντά στη σύνταêη, κάτιωστÞσï, πïυ τελεί ακÞµη υπÞ την έγκριση της τρÞικας. Παράλληλα, εντείνεται τï «κυνήγι» των επίïρ-κων, καθώς Þλες ïι πληρïæïρίες επιµένïυν Þτι µέøρι τïν Ιïύνιï ï αριθµÞς εκείνων πïυ θα απïµακρυν-θïύν θα πρέπει να æθάσει τïυς 2.000. Ήδη ï Επιθεωρητής ∆ηµÞσιας ∆ιïίκησης έøει λάâει απÞ τηνεισαγγελία περίπïυ 294 πïινικές υπïθέσεις τïυ τελευταίïυ τριµήνïυ (απÞ τις ïπïίες ïι 65 αæïρïύνπανεπιστηµιακïύς, αστυνïµικïύς κ.ά.) και ïι ïπïίες θα διαâιâαστïύν σήµερα στï υπïυργείï, ώστε µεδιαδικασίες εêπρές να απïµακρυνθïύν, ενώ στï µικρïσκÞπιï âρίσκïνται και ïι 1.900 παλαιÞτερες περι-πτώσεις πειθαρøικά υπÞλïγων πïυ εêετάúïνται στα πειθαρøικά.

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Τï ∆ιïικητικÞ Συµâïύλιï της Επιτρïπής Κεæαλαιαγïράς απïæάσισε να úητήσειαπÞ τï Ìρηµατιστήριï Αθηνών Þπως συνεøίσει την αναστïλή διαπραγµάτευσηςτων µετïøών των τραπεúών “Κύπρïυ” και “Cyprus Popular Bank”,έως την 31ηΜαΐïυ 2013.

Η απÞæαση λήæθηκε σε συνέøεια της ενηµέρωσης απÞ την ΕπιτρïπήΚεæαλαιαγïράς της Κύπρïυ σøετικά µε την απÞæαση τïυ Συµâïυλίïυ τïυÌρηµατιστηρίïυ Αêιών Κύπρïυ να παρατείνει την αναστïλή διαπραγµάτευσηςτων δύï τραπεúών.

Εêάλλïυ η Επιτρïπή Κεæαλαιαγïράς επέâαλε πρÞστιµα ύψïυς 25.00 ευρώ.Συγκεκριµένα επέâαλε πρÞστιµï 15.000 ευρώ στην “ΕΜΠÃΡΙΚΗ ΤΡΑΠΕ·Α ΑΕ” γιαπαραâάσεις της νïµïθεσίας της Κεæαλαιαγïράς αναæïρικά µε την παρïøή πίστω-σης σε πελάτες της, πρÞστιµï 7.000 ευρώ στην εταιρεία “ΒΕΤΑ ÌρηµατιστηριακήΑΕΠΕΥ” για παραâάσεις της νïµïθεσίας της Κεæαλαιαγïράς αναæïρικά µε µηγνωστïπïίηση µέσω τïυ TRS συναλλαγών και διαπιστώσεις ελλείψεων στην ενη-µέρωση πελατών και καταγραæή των εντïλών και πρÞστιµï 3.000 ευρώ στην εται-ρεία “GUARDIAN TRUST XΡΗΜΑΤΙΣΤΗΡΙΑΚΗ ΑΕΠΕΥ” για µη έγκαιρη ενηµέρωσηεπενδυτή για την κάλυψη τïυ διατηρητέïυ περιθωρίïυ.

Η Banc De Binary, µετά την επιτυøηµένη έναρêη των εργασιών της στην Κύπρïκαι την απÞκτηση άδειας απÞ την Επιτρïπής Κεæαλαιαγïράς Κύπρïυ, ενισøύει τηναêιïπιστία και εγκυρÞτητα της ως ηγέτης στïν τïµέα των δυαδικών συµâïλαίωνδικαιωµάτων πρïαίρεσης (binary options) κατακτώντας ένα ακÞµη σηµαντικÞ ïρÞση-µï στην ευρωπαϊκή αγïρά. Σε περίïδï µÞλις τριών µηνών, η Banc De Binary έκανεσηµαντικά âήµατα πρïς την αναγνώριση των δυαδικών συµâïλαίων δικαιωµάτωνπρïαίρεσης (binary options) ως ένα ρυθµιúÞµενï επενδυτικÞ εργαλείï. Ãι ενέργειεςτης εταιρείας είøαν ως απïτέλεσµα την εγγραæή της στις αρµÞδιες ρυθµιστικέςαρøές στï Ηνωµένï Βασίλειï - Financial Services Authority (FSA), στη Γερµανία -Federal Financial Supervisory Authority (BaFin), στην Ισπανία - Comision Nacional delMercado de Valores (CNMV) και στην Ιταλία - Commissione Nazionale Societa e laBorsa (CONSOB), µια στρατηγική κίνηση πïυ ακïλïύθησε τη ρύθµιση των binaryoptions απÞ την Κυπριακή Επιτρïπής Κεæαλαιαγïράς.Αυτή η εêέλιêη επιτρέπει στηνεταιρεία να διευρύνει τïν κύκλï εργασιών της µέσω της απïδïøής νέων επενδυτώναπÞ αυτές τις øώρες. à τïµέας των binary options στην Κύπρï απïτιµάται σε 500εκατïµµύρια ευρώ ανά έτïς και αναµένεται Þτι τα επÞµενα øρÞνια θα διεκδικήσεισηµαντικÞ µερίδιï απÞ την ήδη καθιερωµένη αγïρά συναλλάγµατïς (Forex).

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Η κυπριακή εταιρεία πετρελαιïειδών ΠΕΤΡÃ-ΛΙΝΑ και ï ιταλικÞς Þµιλïς ενέργειας ENI ανανέω-σαν πρÞσæατα τη συνεργασία τïυς για ακÞµη τέσ-σερα øρÞνια, η ïπïία περιλαµâάνει την απïκλειστι-κή άδεια γιατην αντιπρï-σ ω π ε ί α ,παρασκευήκαι διανïµήτων λιπαντι-κών, γράσων και ειδικών υγρών ENI στην κυπριακήαγïρά.

Η συνεργασία ΠΕΤΡÃΛΙΝΑ-ΕΝΙ άρøισε στα τέλητης δεκαετίας τïυ 60’ µε τη διάθεση τïυ AgipGasστην Κύπρï, ενώ στις αρøές της επÞµενης δεκαε-τίας συµæωνήθηκε η απïκλειστική αντιπρïσωπείαλιπαντικών, γράσων και ειδικών υγρών AGIP (σήµε-ρα æέρïυν την ïνïµασία ENI). Στις αρøές τηςδεκαετίας τïυ 90’, ïι δύï εταιρείες συνεργάστη-καν για την ïργάνωση τïυ τïµέα παρασκευήςλιπαντικών στην Κύπρï, αναπτύσσïντας έτσι µιανέα καινïτïµία στïν τïµέα των πετρελαιïειδών.Την ίδια δεκαετία συµæωνήθηκε και η λειτïυργίατïυ δικτύïυ πρατηρίων AGIP στην Κύπρï.

à ΕκτελεστικÞς Σύµâïυλïς Μάρκετινγκ τηςΠΕΤΡÃΛΙΝΑ, κ. Άκης Λευκαρίτης, δήλωσε πως ηΠΕΤΡÃΛΙΝΑ, ως κυπριακή εταιρεία πετρελαιïει-δών, θα συνεøίσει, παρά τις δύσκïλες επïøές πïυδιανύïυµε, να επενδύει σε νέα πρïϊÞντα και υπη-ρεσίες. «Τï αναπτυêιακÞ µας πλάνï âρίσκεταισυνεøώς σε πλήρη εæαρµïγή και εêέλιêη», είπε ïκ. Λευκαρίτης. Τις συµæωνίες υπέγραψαν εκµέρïυς της ΠΕΤΡÃΛΙΝΑ ï ΕκτελεστικÞς Σύµ-âïυλïς Μάρκετινγκ κ. Άκης Λευκαρίτης και εκµέρïυς της ENI ï κ. Μασσιµιλιάνï Ρïσιέλλï.

TToo SSHHAARRKK ··ÚÚÔÔ˘ÛÛÈÈ¿¿˙ÂÂÈÈÙÙÔÔÓÓ GGaarreetthh EEmmeerryy

To SHARK EnergyDrink σας καλεί σεακÞµα ένα êέæρενïπάρτι µε πρωταγωνιστέςÞλïυς εσάς! Αæεθείτεκαι διασκεδάστε στïυςηλεκτρïνικïύς ήøïυςτïυ dj Gareth Emery,ενÞς απÞ τïυς καλύτε-ρïυς âρετανïύς DJs. Ηµïυσική τïυ είναι µïνα-δική, Þπως και ταremixes τα ïπïία τïνέøïυν καθιερώσει στη µïυσική âιïµηøανία.Ìïρέψτε µε τα SHARK girls και καταναλώστεάæθïνï SHARK Energy Drink στï Pavilion, στις 30Απριλίïυ, µαúί µε τïν Gareth Emery. SHARK, Bringout the Beast.

LL’’ eeaauu ffoorr hheerr ··fifi ÙÙÔÔÓÓ NNaarrcciissoo RRooddrriigguueezz

à Narciso Rodriguez παρïυσιάúει µια αριστï-τεøνική σύνθεση πïυ ρίøνει τï γάντι στï αρøέτυ-πï τïυ αρώµατïς!

Αυτή η νέα σύνθεση ανατρέπει την παραδï-σιακή λïγική µε µια συµ-æωνία απÞ ψηλές νÞτεςλïυλïυδιών, µε πρώτï καικαλύτερï τï κίτρï. Τï απï-τέλεσµα: ένα άρωµα υψη-λής µÞδας πïυ επανα-πρïσδιïρίúει τïν αισθησια-σµÞ τïυ for her’s musc µεµια øαρïύµενη úωντάνια.Ακριâώς Þπως τï 2003 ïNarciso Rodriguez έδωσεκαινïύργιï νÞηµα στïµïντέρνï κυπαρίσσι µε τïfor her’s musc, σήµερα απïκαλύπτει τï Þραµατïυ για τï σύγøρïνï άρωµα.

Τï for her l’ eau êαναúωντανεύει τη µαγείατης συλλïγής for her µε µια νέα ελευθερία, ενώτï µπïυκάλι τïυ for her l’ eau έøει δηµιïυργηθείµε øαρακτηριστική λεπτÞτητα.

Η Microsoft ανακïίνωσε αλλαγές στην ηγεσία της στην Κύπρï. ÃΓιώργïς Πετρακίδης, πρώην ΕµπïρικÞς ∆ιευθυντής (Enterprise PartnerGroup Lead) Κύπρïυ είναι ï νέïς ∆ιευθυντής της Microsoft Κύπρïυ. à κ.Πετρακίδης αναλαµâάνει τα ινία της θέσης τïυ Γενικïύ ∆ιευθυντή σεδιαδïøή τïυ κ. Λïυκά, ï ïπïίïς πρïάøθηκε στη θέση τïυ Γενικïύ∆ιευθυντή της Microsoft Ρïυµανίας.

à κ. Πετρακίδης εργάúεται στην Microsoft για δέκα øρÞνια και τατελευταία πέντε øρÞνια ηγήθηκε τïυ εµπïρικïύ τµήµατïς στην Κύπρïυ.Είναι µέλïς τïυ ∆ιïικητικïύ Συµâïυλίïυ τïυ Παγκύπριïυ ΣυνδέσµïυΕπιøειρήσεων Πληρïæïρικής, καθώς και µέλïς σε διάæïρïυς επαγγελ-µατικïύς και επιøειρηµατικïύς ïργανισµïύς πληρïæïρικής τεøνïλïγίας(ΙΤ) στην Κύπρï στïυς ïπïίïυς εκπρïσωπεί την Microsoft.

Η Microsoft άρøισε τη λειτïυργία της στη Κύπρï τï 2003 Þπïυ καιεργïδïτεί µέøρι στιγµής 18 υπαλλήλïυς. Τα πρïϊÞντα και ïι υπηρεσίεςτης Microsoft έøïυν σøεδιαστεί µε σκïπÞ να διευρύνïυν τις ατïµικές καιεπιøειρηµατικές δυνατÞτητες, επιτρέπïντας επικïινωνία µε πïλλά καιδιαæïρετικά ακρïατήρια. ΠερισσÞτερες πληρïæïρίες για τη Microsoftâρίσκïνται στη διεύθυνση: http://www.microsoft.com/cyprus

Eισæïρά πρïς τï ίδρυµα «Τhe Friend’s Hospice» Πάæïυ. Η εισæï-ρά εµπίπτει στα πλαίσια τïυ Βραâείïυ Ασæαλείας Πρατηριïύøων καιΣυνεργατών πïυ έøει καθιερώσει η ExxonMobil/Esso Κύπρïυ τατελευταία 11 øρÞνια. Κατά τïν θεσµÞ αυτÞ Πρατηριïύøïι καιΣυνεργάτες πρïτείνïυν æιλανθρωπικά ιδρύµατα τα ïπïία επωæελïύ-νται των πïσών πïυ εισæέρει η Εταιρεία εæÞσïν ïι ίδιïι εργάúïνταιµέσα σε πλαίσια ασæάλειας.

Τï Friends’ Hospice Πάæïυ είναι ένας ανεêάρτητïς µη κερδïσκï-πικÞς ïργανισµÞς πïυ âασίúεται ïλïκληρωτικά σε δωρεές και παρέ-øει δωρεάν ανακïυæιστική æρïντίδα σε ασθενείς µε καρκίνï καιάλλες ανίατες ασθένειες, εστιάúïντας στην στήριêη των ασθενών καιτων ïικïγενειών τïυς. Ãι υπηρεσίες τïυς είναι διαθέσιµες για Þλïυςτïυς ασθενείς ανεêαρτήτως εθνικÞτητας, θρησκείας ή ïικïνïµικήςκατάστασης.

Στη æωτïγραæία ï Territory Manager της ExxonMobil/Esso Κύπρïυκïς. Ανδρέας Ανδρέïυ (αριστερά), παραδίδει την εν λÞγω επιταγήστην Dr. Ruth Marsh τïυ Hospice, παρïυσία κïυ. ΣτέæανïυΣτεæάνïυ, πρατηριïύøïυ της Esso ï ïπïίïς πρÞτεινε τï ίδρυµα.

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Η εταιρεία SENAGA TRADING LTD εισαγωγέας και δια-νïµέας των κρασιών Γαία στην Κύπρï ανακïίνωσε την επί-σηµη “παρïυσίαση” ενÞς µïναδικïύ êιδιïύ, τï ¥ίδιΑσύρτικï Παλαιωµένï.

Φτιαγµένï απÞ την æηµισµένη πïικιλία ΑσύρτικïΣαντïρίνης, παλαιώνει για πέντε øρÞνια σε δρύινα âαρέλιακαι εµæιαλώνεται σε υψηλής αισθητικής æιάλες των 250ml.

∆ηµιïυργηµένï µε τï ίδιï µεράκι και δïυλειά πïυ æτιά-øνεται ένα καλÞ κρασί, πλïύσιï σε αρώµατα, τï ¥Ι∆Ι ΑΣΥΡ-ΤΙΚÃΥ ΠΑΛΑΙΩΜΕΝÃ απïγειώνει κάθε γευστική αισθητικήκαι απÞλαυση.

Τώρα πïυ έρøεται τï καλïκαίρι ï ρÞλïς της σαλάταςκαι κατά συνέπεια τïυ êιδιïύ καταλαµâάνïυν êεøωριστήθέση στην καθηµερινÞτητα µας.

Ανακαλύψτε Þτι µε τï ΠΑΛΑΙΩΜΕΝÃ ¥Ι∆Ι ΑΣΥΡΤΙΚÃΥ ...Þλα δεν είναι τα ίδια.

17 ΑΠΡΙΛΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

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A buyer’s market in Greece, focus on bargains and distressed propertiesl East European market reduced by a third to€7.7 bln

The Eastern European investment market saw 7.7 bln eurosworth of investment transactions during the whole of 2012, asignificant drop in trading across the market, with turnoverreduced by over a third compared to the 12.2 bln in 2011,according to Colliers International’s “Eastern EuropeanInvestment Overview 2012”.

“This figure should not be taken at face value,” said DamianHarrington, Regional Director of Research for ColliersInternational, “as the closing of large deals distort the statisticalyear-on-year trends”.

Looking back at the 2011 deals, investment market turnoverwas driven by some very large ‘one-off’ deals – the EuropolisPortfolio and Galeria St Pete’s deal – at a total of 2.3 bln this isalmost 20% of the total transaction volume for the year. If thesedeals had closed either side of 2011, the overall figure for theyear would be significantly lower.

Whilst the year-on-year statistics depict strong volatility, theclear underlying trend is that the markets which continue toattract real estate capital offer a combination of the following:liquid capital markets, including competitively priced debt pro-vision; the availability of strong, core assets at reasonable pric-ing levels; and, positive economic and property market growthfundamentals. The markets which most benefit from these con-ditions are Russia and Poland. In 2012 they accounted for over

80% of all transactions and this trend will continue in 2013, theColliers report said.

In Greece, 2012 followed the trends as seen in 2011 since therecession affected the investment market harder than the rest ofthe economy. The majority of the investors were on a standbymode for investment product to get distressed.

The Greek market turned into a buyer’s market as a result oflack of financing – the buyer interest that so far came from localprivate investors looking for bargain deals and distressed proper-ties provided typically by high yields.

However, the first encouraging investment actions started totake place in Q3 2012 with the first major investment salethrough privatisation being announced; the Usufruct Right onthe Exploitation for 90 years of the International BroadcastingCentre (IBC) to Lamda Development, the highest bidder.

Ana Vukovic, Managing Director of Colliers InternationalHellas explained: “We are expecting to see the turning pointwithin 2013 regarding investment volume in Greece. Low pricelevels combined with high yields and reduced political and eco-nomic uncertainty can increase the market’s attractiveness andinvestment interest. Various restructuring funds have started toexpress their interest and we estimate that they will be followedby foreign direct investments, new production lines and deals.”

In summary, the Eastern European investment market hasperformed well over the last couple of years despite the negativefactors it has had to contend with - including weakening eco-nomic sentiment and growth; the partial closure of traditionalforms of debt via the banks outside of the main markets ofPoland and Russia, the Czech Republic and Slovakia: and raftsof regulation impacting operational capacity.

Looking ahead, whilst the European economy should bot-tom-out in 2013 leading to improvements at the end of the year,the operational capacity of banks and investors will remain hin-dered, curtailing activity outside of the larger, core markets.

April 17 - 23, 2013

financialmirror.com | PROPERTY | 19

J&P delivers $750 mln airport terminal in JordanConstruction giant J&P subsidiaries, J&P Avax SA (Greece)

and J&P Overseas (Cyprus), were involved in the constructionof the new $750 mln terminal at Queen Alia InternationalAirport in Amman that was inaugurated by King Abdulla II lastmonth.

The terminal, which has been designed by Foster &Partners, has a capacity to handle 9 mln new passengers, or 12mln once departure lounges are extended in 2020, doubling theairport’s current capacity.

The building will serve as the hub for Royal JordanianAirlines and is inspired by local traditions and topography – aseries of domes branch out from supporting columns like theleaves of a desert palm – and pays heed to the local climate. Assummer temperatures in Amman vary significantly betweenday and night, the building is constructed mainly from heat-dissipating concrete.

Seen from above, the succession of domes that make up theroof are designed to resemble the flowing fabric of a Bedouin tent.

The new terminal is being operated by Aeroports de ParisManagement under a 25-year build, operate, transfer (BOT)model with joint venture partners including Abu DhabiInvestment, Noor Financial Investment Co (Kuwait), EDGO(Jordan), J&P Avax SA (Greece) and J&P Overseas (Cyprus).

“The new terminal at Queen Alia International Airport,Amman is a major flagship project for Aéroports de ParisManagement which has run the airport since 2007,” saidJacques Follain, managing director of Aéroports de Paris

Management. ADPM is the sole operator of the airport and a9.5% shareholder. The two J&P subsidiaries also have a joint19% stake in the venture, Airport International Group.

Today, ADPM manages a portfolio of 22 airports worldwidewith a total traffic of around 130 mln passengers includingParis-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.

J&P Overseasis a holdingcompany of theconstructionand investmentgroup Joannou& Paraskevai-des. About 40%of its revenues

are generated from transport infrastructure projects in theMiddle East with extensive experience in the construction of air-ports. J&P-Avax SA is one of the largest construction companiesin Greece and has constructed several projects for the 2004Olympic Games, in addition to being a significant player in the

London luxury residential property boom looking shakyl Grosvenor says luxury home price growth unsustainable

Grosvenor Group, which owns most of London’s upscaleMayfair and Belgravia districts, said the rate of luxury homeprice growth in the capital looked unsustainable after years offoreigners pouring cash into the safe-haven market.

Luxury home prices have surged 53% since 2009, com-pared with 25% in Greater London, as investors sought refugefrom Europe’s debt crisis, and political uncertainty in the Arabworld and Russia, property group Knight Frank said.

The buoyant market has since attracted a slew of commer-cial developers such as British Land and Land Securities whileGrosvenor has also cashed in by converting offices back totheir original use as homes.

“The extremely high rate of growth over the last two, threeyears is a thing I’m concerned about and I think it’s probablyunsustainable,” said Grosvenor’s Chief Executive Mark Preston.

“As those crises recede then perhaps there’s less interestin capital moving internationally for safe haven reasons,” hesaid. “(And) we’re reaching values in prime London that arejust extremely high by historic standards.”

Preston said Grosvenor would focus on diversifying thebusiness further this year by investing in Canadian residen-tial and British rental homes to offset the risk of slowing pricegrowth in the luxury housing market.

London is the third most expensive place to buy a homeafter Monaco and Hong Kong at 2,540 pounds per squarefoot, Knight Frank data showed.

Grosvenor is one of the first major London luxury homeowners to warn of the sector’s risks.

The firm is controlled by the Grosvenor family, headed byGerald Grosvenor - the Duke of Westminster - whose 7.4 bln

pound fortune placed him at No. 7 in Britain’s Sunday TimesRich List last year.

Its London estate, which it has owned for more than 300years, comprises 300 acres of Mayfair and Belgravia withmore than 1,500 homes, shops and offices as well as invest-ments in China, Europe and North America and a fund man-agement arm.

The company said profit before tax rose 12.5% to 354.4mln pounds in 2012, driven by central London property pricegrowth and improved operational performance. The value ofits property assets was 5.8 bln pounds, unchanged from2011.

Total return, based on rental income and property prices,fell to 7.2% from 9% due to losses on a Spanish office parkand property revaluations in continental Europe.

International Business Machines Corp. is set to report earn-ings this Thursday, and we have Big Blue as one of our top DJIAexpected dividend hikes for the month of April. We are almostcertain that a higher dividend payout is coming, but to whatextent is still up for debate. We want to see a much higher divi-dend for IBM shareholders.

IBM previously announced that its next annual meeting ofstockholders will be held April 30, 2013. In 2012 the companywaited one week after its earnings to report that it was raising itsdividend. We will not be surprised if the same holds true thisyear, but we are not as concerned about the actual week as weare the magnitude (or lack of) coming in the hike. Last year’spayout hike was by 13% (from $0.75 to $0.85 per share per quar-ter), but we think that IBM needs a much better dividend hikethis time around. In fact, we will be severely disappointed if IBMdoes not get more aggressive on its dividend hike.

When IBM raised the payout by $0.10 per quarter to $0.85,shares were at $196.63 and they closed at $200.14 (both pricesare dividend adjusted) the following day. The yield at the time itwas declared went up to 1.73%, and now shares are closer to$210.00. The IT giant would have to offer a 5% payout raise justto get its payout the same as before, as the price appreciationnow only generates a 1.62% dividend yield.

The company would represent that the buyouts are current-ly the preferred method of a return of capital to shareholders.

IBM would also say that the buyouts auto-matically leverage any dividend hikes. Thelong and short is that IBM under-yields itsDJIA technology peers and the company hasno significant revenue growth. Maybe IBM isholding back in hopes of making a game-changing acquisition.

Some of IBM’s earnings growth comesfrom more streamlined operating by its managers, but the sharebuybacks are a large part of that earnings per share growth. Wewould argue also that changing salespeople payouts is anotherthing that allows earnings to grow while sales do not, but that isan internal issue that we will let salespeople and their managerstake up.

IBM needs to understand that a 1.62% dividend yield is veryunimpressive, even for technology leaders. Cisco Systems Inc.has only paid a dividend for about two years and its dividendyield is now more than 3%. Hewlett-Packard Co. is in serioustrouble finding growth and is also trying to protect its markets,and even it raised its dividend by 10% lately to payout a yield of2.77%. So how does IBM get to pay only about 60% of whatHewlett-Packard pays and only about half of what Cisco Systemspays out? The answer is that it should not be allowed to goingforward. Warren Buffett is a large holder of IBM now (with over68 mln shares), and it is very well known that he loves to investin companies paying dividends.

Ginny Rometty is now chairman and CEO of IBM, and sheand the company already have telegraphed that IBM will yetagain increase share buybacks. We cannot stress this enough,but our take is that Big Blue needs to target better earnings pay-out ratios versus today. Thomson Reuters has an estimate of

earnings at $16.77 per share in 2013, and IBM has targeted$20.00 in earnings per share by the year 2015. That current$3.40 in annualized dividend payments, if left alone, would gen-erate an income payout ratio of only about 20%. A $0.10 payoutincrease to $0.95 would only generate a payout ratio of less than23%. We are not going to predict that IBM will raise its dividendby this much, but we still think that the company should. IBMneeds to target 30% of its normalized earnings for dividends,unless it is targeting a large acquisition soon. This would be ahuge dividend increase because it would go all the way up to$5.00 per share per year. The yield of a $5.00 annualized payoutrate is still only just under 2.4%, and that would still keep IBMas the lowest technology dividend of all DJIA stocks. In short,IBM has a lot of catching up to do now.

A screen on Finviz shows that IBM is not just among the low-est on the list of DJIA stocks by dividend yield. It is ranked as 25of 30, down at the bottom of the barrel when it comes to DJIAdividend yields

Will IBM raise its payout to $1.25 per quarter (or $5.00 peryear)? Most likely not. Our guess is that IBM will go up to $1.00per quarter when it raises its payout in the next week or two, butanything short of that is not something for which we will bepraising the company.

Spot gold and silver extended losses onTuesday and plunged to their weakest inmore than two years as investors dumpedtheir holdings on fears about central banksales and worries about global growth.

Spot gold fell as much as 2.3% to$1,321.35 an ounce before recovering to$1,352.56 while silver shed as much as2.4% to $22.04 before trading up at$22.76. On Monday, the price of goldbullion tumbled another $125 per ouncein its biggest-ever daily loss, and its 9%loss was the biggest since 1983.

Gold has been struggling to extendgains this year as a recent rally in U.S. andglobal equities drained money out ofbullion while concerns about central bankselling and a steady drop in exchangetraded funds on selling by large investorsfurther undermined investor sentiment.

Brent crude futures fell below $100 forthe first time in nine months on Tuesdayand last traded down 1% at $99.58 a barreland U.S. crude traded down 1.3% at$87.60 after hitting a four-month low of$86.06.

Investors will likely reassess their

portfolio allocations for the secondquarter, with Japan possibly surprising onthe upside while uncertainty may take adeeper hold on the European and Chineseeconomies. The U.S. may be starting tofeel the pain of its fiscal contraction.

Among the few assets that bucked the

sell-off and gained was the yen, as thereversal in recent positioning meant shortsales on the Japanese currency had to becovered. The dollar fell to a low of 95.67yen and the euro also hit a low of 125 yenearlier but the dollar managed to crawlback nearly two yen and was last at 97.55

yen, while the euro also recovered to127.53 yen.

“Many players had positionedthemselves for the dollar’s rise above 100yen and now they were forced to dumpthe dollar. But looking at the U.S.

currency report, you get the impressionwhile the U.S. and other countries mayaccept the 90-95 yen range, they don’twelcome 95-100 range,” Daisuke Uno,chief strategist at Sumitomo Mitsui Banktold Reuters.

Investors are refraining from yen-selling ahead of the Group of 20 meetingin Washington from Thursday, thinkingother countries may protest against oreven seek to stem the yen’s rapid decline— which accelerated after the BOJ’seasing campaign started on April 4.

Traders say the dollar has a cluster ofimportant supports around 96.25-35,including both tenkan and kijun lines onthe daily Ichimoku charts. It is alsowhere the currency was at just before itjumped after U.S. payrolls data earlierthis month.

Gold slides further, weakest level in 2 years

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.

Investors should demandhigher dividends from IBM

Co-founder and Editor of 24/7 Wall St

By Jon C. Ogg

April 17 - 23, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

πµª: Dividend History

How bond markets work in Euroland

LIBOR ratesCCY CCY/Period 1mth 2mth 3mth 6mth 1yr 2yr 3yr 4yr 5yr 7yr 10yrUSD USD 0.20 0.24 0.28 0.44 0.72 0.37 0.47 0.64 0.86 1.33 1.87GBP GBP 0.49 0.50 0.51 0.60 0.90 0.56 0.61 0.75 0.88 1.26 1.80EUR EUR 0.06 0.10 0.13 0.22 0.42 0.42 0.50 0.64 0.81 1.14 1.55JPY JPY 0.12 0.14 0.16 0.25 0.44 0.28 0.31 0.35 0.41 0.56 0.78CHF CHF 0.00 0.01 0.02 0.09 0.25 0.07 0.16 0.27 0.41 0.70 1.06

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF 100 JPY CCY\Date 05.03 12.03 28.03 09.04 16.04 Today Last Week %ChangeUSD 1.3073 1.5308 1.0756 1.0254 USD 1.2990 1.2977 1.2740 1.2996 1.3024 1.5308 1.5252EUR 0.7649 1.1710 0.8228 0.7844 GBP 0.8589 0.8714 0.8416 0.8509 0.8510 1.3073 1.3013GBP 0.6533 0.8540 0.7026 0.6699 JPY 120.54 124.96 119.68 128.71 126.83 97.52 98.82CHF 0.9297 1.2154 1.4232 0.9533 CHF 1.2188 1.2287 1.2116 1.2106 1.2079 0.9297 0.9362JPY 97.52 127.49 149.28 104.89

The Financial MarketsInterest Rates

Base Rates Swap RatesCCY/Period

0-0,25% USD0.50% GBP0.75% EUR0-0,1% JPY0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USDCCYGBP -0.37EUR -0.46JPY -1.32CHF -0.69

Weekly Economic Calendar

Date Country Detail Forecast PreviousAPR 17 GBP Unemployment Rate and Claimant Count Change due 11.30am 0.0k -1.5kAPR 17 CAD Bank of Canada Policy Report and Rate Statement due 5pm APR 17 US Beige Book due 9.00pm

APR 18 GBP Retail Sales due 11.30am -0.30% 2.10%APR 18 EUR Spanish 10-year Bond Auction APR 18 US Weekly Unemployment Claims due 3.30pm 347k 346kAPR 18 ALL G20 Meetings begin

APR 19 EUR Current Account due 11.00am in EUR 13.9B 14.8BAPR 19 CAD CPI M/M due 3.30pm 0.20% 1.20%APR 19 ALL G20 Meetings

APR 19 ALL IMF Meetings

APR 20 ALL IMF MeetingsIndicated times are Cyprus time Source: Eurivex

Something strange seems to be happeningin European bond markets. French and Dutchbond yields this week registered new lowsdespite a potentially game-changing shockfrom the Cyprus bailout and recessions in botheconomies threatening their sovereign ratings.Even reports yesterday that the cost of theCyprus rescue has risen by a third to ?23bln,caused only a slight market ripple. The case ofFrance is particularly interesting since the 10-year OAT-bund spread declined to 50bps earli-er this week, the lowest level since July 2011.

European bond bears have been wrongfooted due to mistaken assumptions aboutthe fundamental nature of risk in the euro-zone. Unfair as it may seem, core eurozonecountries cannot be analyzed in the same wayas those on the periphery. This distinction—which is as much political as economic—isvital when explaining the fundamental differ-ence in bond valuation for the two groups.

Indeed, since the beginning of the euro cri-sis investors have priced in the possibility thatone or more countries in the GIPSI groupingcould (i) leave the euro of their own accord; (ii)be kicked out by the others, or (iii) be forced todefault, since, for both economic and politicalreasons, they are deemed as sub-sovereign.The treatment meted out to Greece (haircuton the public debt) and Cyprus (big bankdepositor “bail-in”) has reinforced this beliefthat the eurozone has issued debt in a partial-ly “foreign” currency (as when emergingcountries issue bonds in USD).

Investor concern about redenominationrisk has lessened since Mario Draghi’s pledgelast summer that the European Central Bankwould do “whatever it takes” to preserve theeuro system. What remains is the default riskamong the non-core grouping with the resultthat the yield spread remains stubbornly wide,with negative consequences for growth.

By contrast the core countries (includingFrance and the Netherlands) are effectivelyconsidered to be issuing debt in a currencythey can print. From this it follows that anyserious sovereign crisis in one of these corecountries would necessarily demolish ECBresistance to direct monetization of nationaldebts, or lead to the creation of eurobonds.The idea of Berlin imposing a haircut onFrench or Dutch public debt has little credibil-ity within the European construct, and thishas become a bedrock assumption forinvestors.

Such risk that remains can be seen inFrench and Dutch bonds having a spread overbunds in the order of 50bps, fairly high by his-torical standards. And yet the absolute yieldsare sufficiently low to ensure that botheconomies benefit from the accommodativeECB monetary policy.

For this reason, the risk faced by sovereignbondholders (and thus by bank depositors) inthe core countries is completely different thanfor their GIPSI neighbors. What matters is thebelief among investors as varied as the SwissNational Bank, Dutch insurers and Mrs.Watanabe in Japan that France effectivelyissues in its own currency, while Spain andItaly do not. And, hence despite the bad eco-nomic policy-making in Paris and deepeningeconomic downturn, investors keep buyingOATs.

Put another way, French, German and now

Dutch bond bears are wrong for the same rea-sons that treasury, gilt and JGB bears havebeen wrong. Higher public debt, weaker eco-nomic growth and a resulting credit ratingdowngrade have led to these economies seeinglower, not higher, bond yields.

Under what scenario could this logic breakdown? Really, only in the event that investorscome to expect a generalized eurozone break-up as was the case in the fourth quarter 2011,when risk escalated in both the non-core andcore economies (the 10-year OAT yield spikedabove 3.5%, almost 200bps higher thanbunds). Yet, after that panic, investors quicklyrecalibrated to the reality of a two-tier euro-zone bond market.

The only way we are likely to slip back intoa 2011 spiral of decay is if the austerity-pronenorthern Europeans, as personified by Dutchfinance minister Jeroen Dijsselbloem, are ableto derail the expansionary efforts being pro-moted by ECB boss Mario Draghi. In this caseinvestors would start to price in a currencydevaluation risk. But even in the unlikely eventof this disruptive scenario playing out, break-up should not translate into heighteneddefault risk, as the Dutch and French govern-ments will obviously request their re-empow-ered central banks to turn on the printingpresses. In other words, any post-euro envi-ronment is unlikely to produce higher interestrates in France and the Netherlands.

For this reason, there is no compelling casepresently to sell French, Dutch or, for thatmatter, German bonds. So long as eurozonegrowth remains weak and Mrs. Watanabe andother investors around the world seek yieldpick-up in a currency which displays slightlyharder characteristics than their own, coreeurozone bond yields are unlikely to rise thatmuch.

Marcuard’s Market update by GaveKal Research

CCUURRRREENNCCYY CCOODDEE RRAATTEE

EEUURROOPPEEAANN

Belarussian Ruble BYR 8630British Pound * GBP 1.5308Bulgarian Lev BGN 1.4956Czech Koruna CZK 19.776Danish Krone DKK 5.7023Estonian Kroon EEK 11.9676Euro * EUR 1.3074Georgian Lari GEL 1.649Hungarian Forint HUF 224.99Latvian Lats LVL 0.53505Lithuanian Litas LTL 2.6407Maltese Pound * MTL 0.3284Moldavan Leu MDL 12.24Norwegian Krone NOK 5.744Polish Zloty PLN 3.142Romanian Leu RON 3.3486Russian Rouble RUB 31.456Swedish Krona SEK 6.4059Swiss Franc CHF 0.9296Ukrainian Hryvnia UAH 8.1

AAMMEERRIICCAASS && PPAACCIIFFIICC

Australian Dollar * AUD 1.0375Canadian Dollar CAD 1.0226Hong Kong Dollar HKD 7.7621Indian Rupee INR 54.35Japanese Yen JPY 97.53Korean Won KRW 1114.9New Zeland Dollar * NZD 1.1793Singapore Dollar SGD 1.237

MMIIDDDDLLEE EEAASSTT && AAFFRRIICCAA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.8862Iranian Rial IRR 12116.90Israeli Shekel ILS 3.6299Jordanian Dinar JOD 0.7055Kuwait Dinar KWD 0.2848Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6404Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 9.1558U.A.E. Dirham AED 3.6727

AASSIIAA

Azerbaijanian Manat AZN 0.7836Kazakhstan Tenge KZT 151.03Turkish Lira TRY 1.7916

Note: * USD per National Currency

WWOORRLLDD CCUURRRREENNCCIIEESS PPEERR UUSS DDOOLLLLAARR

April 17 - 23, 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

Egypt clerics pick holesin Islamic bonds law

A law that will allow Egypt’s Islamist-ledstate to issue Islamic bonds contravenes thesharia in numerous ways, according to apanel of senior Muslim clerics whose objecti-ons are likely to hold up ratification of thelegislation.

President Mohamed Mursi of the MuslimBrotherhood referred the law to the SeniorScholars Authority of Al-Azhar, a thousand-year seat of Islamic learning, after it wasdriven through parliament by his Islamistallies last month. Egypt has never before issu-ed Islamic bonds, or sukuk, which adhere toMuslim principles that deem the payment ofinterest as impermissible. The government,which is struggling with an unaffordable bud-get deficit, hopes passage of the law will allowit to raise billions of dollars in the Islamicbond market.

But it has triggered tension between theruling Islamists and Al-Azhar. Its scholarscomplained when the Brotherhood-led parlia-ment approved the legislation and referred itto Mursi without first consulting them, asrequired by the constitution.

The clerics are demanding the amendmentof nine of 31 articles in the law, according todetails of their objections published in localnewspapers on Monday. An Al-Azhar officialcontacted by Reuters confirmed the details.

April 17 - 23, 2013

22 | WORLD MARKETS | financialmirror.com

Dish $25.5 bln bid for Sprint to push othersl New entity would have 63 mln subscribers, $50 bln in revs, trumps Japanese offer

Dish Network, the No.2 U.S. satellite TV provider, has offeredto buy wireless service provider Sprint Nextel for $25.5 bln incash and stock, a move that could inspire other telecoms orvideo companies to consider their own prospects of combining.

Dish’s offer could trump a proposal in October byJapanese wireless operator SoftBank Corp to buy 70% ofSprint for $20.1 bln.

Unlike SoftBank, which is only proposing an investment inSprint, Dish is promising to bring customers technical benefits- the ability to watch video anywhere, anytime through a com-bination of its satellite service with Sprint’s wireless network.

Dish’s unsolicited bid is the latest twist in a wave of consoli-dation in the U.S. wireless industry, where carriers are frantical-ly trying to combine to build more powerful networks and com-pete with market leaders Verizon Wireless and AT&T. It is theboldest step yet by Dish Chairman Charlie Ergen, who has spentbillions of dollars on wireless spectrum in the last few years andmade a counteroffer to a bid by Sprint for Clearwire Corp, a spec-trum-rich wireless company majority-owned by Sprint.

Sprint shares jumped as much as 17.8% on Monday to a near4-1/2-year high, and slightly topped the value of the Dish bid.

DEAL TRIGGERBTIG analyst Walter Piecyk said Dish’s move could trigger

other deals. “Everything should be on the table when you havea major movement like this when a major player in one part ofthe business is buying a major player in another part of thebusiness as a combined entity,” he said.

“If you’re a competitor and you don’t make a move, it’s alost opportunity,” Piecyk added, referring to other telecommu-nications and video companies that offer some - but not all - ofwhat a combined Dish and Sprint would offer.

Other analysts agreed a Dish and Sprint combination couldchange the wireless market.

“The idea that Dish can take this huge spectrum holding andpretty quickly put it to use as a mobile services product reallyadds a new competitor element to the landscape,” said BillMenezes, principal research analyst at Gartner.

Dish’s bid comprises $4.76 in cash and 0.05953 share ofDish stock for each Sprint share. The offer, which works out to$7 per share, represents a premium of roughly 12% to Sprint’sclose on Friday.

“This is the culmination of a lot of years of work. Whether itbe the purchase of spectrum, entering auctions, the acquisitionof Sling Media, all those things come together now with themerger with Sprint,” Ergen said on a conference call with ana-lysts and reporters.

SHAREHOLDERS WELCOME OFFERSprint said it would evaluate the proposal, but declined

further comment. Some Sprint shareholders welcomed theDish offer.

“It does appear it offers more value than SoftBank’s agree-ment,” said Roy Behren, an investment manager atWestchester Capital, a merger arbitrage investor. “We’d be infavor of any transaction that offers superior value.”

Behren’s firm held 14 mln Sprint shares at the end of 2012,according to the latest publicly available information.

Another investment manager at a top-25 Sprint shareholderalso reacted positively to Ergen’s offer for the company. “Itmakes very good sense because he brings more to the table ona bunch of different levels than SoftBank does,” said the invest-ment manager, who asked not to be named in the absence ofapproval to speak to the media.

“I’d vote for the Dish deal. It’s more value,” said the manag-er, who sees a combined Dish and Sprint being in a better posi-tion to compete, even though they would be more high lever-aged than a Sprint that is 70%-owned by SoftBank.

Some analysts said the Dish offer could lead to a biddingwar with SoftBank, even though an improved bid could bepricey because of a recent decline in the value of the Japaneseyen .

While apples-to-apples comparisons are difficult becauseSoftBank is offering to buy only part of Sprint, analysts said thefact that the yen is 20% weaker now than last October would bea complicating factor.

13% PREMIUMDish said its offer was 13% greater than SoftBank’s, based on

share prices and exchange rates as of last Friday. It was notimmediately clear precisely how the offers compared, though,given that SoftBank’s offer has multiple steps and is for part,not all, of Sprint.

Dish’s offer would leave Sprint shareholders with 32% own-ership of the combined company. Under the SoftBank deal theywould own 30% of Sprint.

In a statement, SoftBank said its agreement with Sprintwould “offer Sprint shareholders superior short and long termbenefits to Dish’s highly conditional preliminary proposal.

“The SoftBank-Sprint transaction is in the advanced stagesof receiving the necessary approvals, and we expect to consum-mate the transaction on July 1,” it added.

SoftBank’s billionaire founder and chief Masayoshi Son isknown to be as fierce a competitor as Ergen, and analysts don’texpect him to walk away quietly.

Dish shares closed down 2.3 percent at $36.77, whileSprint’s rose 13.5%, or 84 cents, to close at $7.06, after risingas high as $7.33 earlier in the session. SoftBank shares weredown 7% at 4,360 yen in Tokyo on Tuesday afternoon.

‘REALIZATION UNDER SMALLER PLAYERS’A combined Dish and Sprint would have 63.1 mln retail sub-

scribers and $50 bln in annual revenue, Dish said in a regulato-ry filing.

The play for Sprint came together in the last few months asDish started to think about alternatives to gain even more spec-trum, according to a source familiar with the matter.

As much as Dish wants a wireless partner, analysts said,Sprint also needs a deal to compete more effectively.

“There is a realization among the smaller players in the U.S.market that they need to merge or partner to compete againstVerizon and AT&T, which are both so strong commercially andin terms of network quality,” said Kester Mann, telecoms ana-lyst at consultancy CCS Insight.

Barclays is serving as financial adviser to Dish, which said itintended to fund the bid with $8.2 bln in cash from its balancesheet as well as debt financing. Earlier this month, Dish priceda debt offering of $2.3 bln, more than double what was planned.

In its letter to Sprint’s board, Dish said it had received a“highly confident letter” from Barclays with regard to itsfinancing, which suggests Dish would have little difficultyraising the funds it needs. Dish said it would have to raiseabout $9.3 bln total in new funding, though its structure hasnot yet been set.

Princeling-backed firm eyes $500 mln China buyout fundNepoch Capital, a new private equity firm founded by the

son of a former member of China’s politburo, has launched thefirst ‘princeling’ fundraising since the new government tookpower last month vowing to clamp down on cronyism andnepotism.

China’s so-called princelings, the sons and daughters of thecountry’s elite, have a long association with private equityfunds, and their investments - and sometimes bumper profitsfrom a swift exit from lucrative initial public offerings - havedrawn accusations of favouritism and corruption.

The view that princelings have the inside track on invest-ments through their families’ political connections is oftenwhat attracts investors, industry executives say.

He Jintao, the son of He Guoqiang, who used to be in chargeof Communist Party discipline, has quickly raised $200 mlnfrom investors despite a tough fundraising climate, and isexpected to reach a target of as much as $500 mln by the mid-year.

The success of He’s fundraising may put Beijing in an awk-ward position, so soon after Xi Jinping took over as China’s newpresident pledging to tackle widespread corruption within gov-ernment. The behaviour and wealth of the nation’s princelingscame to symbolize that corruption.

Four of the best-known funds with a history of high-levelprinceling involvement have raised a combined $10.4 bln forinvestments.

Their ranks include Liu Lefei, CEO of CITIC Private EquityFunds Management and the son of politburo standing commit-tee member Liu Yunshan; Winston Wen, co-founder of New

Horizon Capital and the son of former premier Wen Jiabao; andJiang Mianheng, a board member at New Margin VentureCapital in the 1990s and son of former China President JiangZemin.

INSIDE TRACKDespite Xi’s drive for more austere government and a clean-

up of official excesses such as lavish banquets that fuelled socialresentment, the Nepoch launch shows that princelings are stillpursuing business interests, attracting investors through theirpolitical ties.

“It’s getting harder to make money in Asia, and you needsomeone with an inside track,” said one investor in China pri-vate equity funds, explaining the strong interest in Nepoch.

Sceptics question whether it’s realistic to expect the govern-ment to root out endemic Communist Party favours. They seeprincelings remaining active, though maybe less in plain view.

“They will eventually find some way to find more distant rel-atives or find more subtle ways to control these economicresources,” said Ho-fung Hung, associate professor of sociolo-gy at Johns Hopkins University and author of “China and theTransformation of Global Capitalism”.

Hung believes the opaque nature of private equity makes itmore of a safe haven for princelings. “If you say Wen Jiabao’sfamily has connections to the gem and diamond industry, peo-ple immediately understand what that is and how it makesmoney,” he told Reuters in a telephone interview. “Most peopledon’t understand how private equity works. That’s why it’sunder the radar and people’s reaction won’t be that strong.”

Even if Nepoch’s founder operates entirely outside hisfather’s circle, the connection between the fund and HeGuoqiang’s former position as head of China’s CentralCommission for Discipline Inspection - responsible for stampingout corruption among government officials - is unavoidable.

“In this market, everyone is looking for distinguishing fac-tors. You could say this distinguishes the fund,” said the privateequity fund investor.

RESTRICTED INVESTMENTInvestors in private equity funds usually meet the fund’s

founders to discuss investment strategies before they commitmoney. At Nepoch, investors only get to meet He Jintao afterthey have agreed to invest, said one of the people familiar withthe matter.

Nepoch has already made two investments, including one inthe technology, media and telecommunications sector, whichis a restricted area for foreign investors, said the people withknowledge of the plans. They declined to name the invest-ments.

Duncan Zheng, a former principal at European buyout firmTriton Partners, is a co-founder with He, the people said,declining to be identified as they are not authorised to talk tothe media.

Nepoch, He and Zheng did not respond to phone calls andmessages seeking comment for this article.

Returns from China private equity have proved disappoint-ing, and fundraising more than halved last year to $23.4 bln,according to Asia Venture Capital Journal data.

April 17 - 23, 2013

financialmirror.com | WORLD MARKETS | 23

Saudi officials should welcome the recent decline inoil prices, which takes benchmark Brent close to thelevel of $100 per barrel that everyone from the king-dom’s oil minister down has said is “reasonable” forboth consumers and producers.

For more than a year, Saudi officials have sought toanchor market expectations by reiterating the $100 fig-ure, though the kingdom has often appeared more com-fortable with prices around $110, and adjusted produc-tion and exports accordingly.

But if the kingdom intends to stabilise prices around$100, it will need to demonstrate that it as comfortablewith prices a little below this figure as it with prices a lit-tle above it. For the target to be credible it needs to besymmetrical.

The rapid slide in Brent prices from almost $119 to$103 in the space of two months is bound to concern

policymakers in Riyadh and other OPEC capitals.But if Saudi Arabia and its closest Gulf allies want to

give the target substance, the kingdom may need to allowprices to drop to $95 or even $90 before cutting produc-tion and trying to jawbone the market higher.

It would mark a change from the approach last sum-mer, when Saudi and other Gulf officials appeareduncomfortable with prices below $100, and appeared tostart to try to push the market higher.

Saudi officials say the kingdom cut production inresponse to reduced demand for its crude.

Brent prices have closed below $100 on just 24 trad-ing days out of 330 since the start of 2012. In contrastthey have closed between $100 and $110 on 93 days,between $110 and $120 on 174 days, and over $120 on39 days.

Nonetheless, in July and August 2012, Saudi Arabiapromptly moved to curb production, apparently inresponse to the brief period of trading below $100 inJune. This early and aggressive reaction cast doubt onwhether the target is really $100, or nearer $110.

The market seems set to test their resolve again, asanalysts and speculators watch if Saudi Arabia tries tokeep prices above $100, or will let them slide under thatthreshold for a time to lower market expectations andcentre them on $100.

Falling oil prices to test Saudi policy

By John KempReuters market analyst

When options trading ahead of deals raises eyebrows

Within 36 hours of Warren Buffett’s announcement of adeal to buy H.J. Heinz, U.S. authorities froze an account linkedto possible insider trading.

The speed of the crackdown on a lucrative options bet, com-bined with successful prosecutions of insider trading rings,suggested that regulators were quickly jumping on any suspi-cious activity.

Yet some veterans of the options business are unconvinced.They worry that very profitable options trading ahead of bigcorporate news is undermining investor confidence in the fair-ness of markets.

A study by options research firm Schaeffer’s InvestmentResearch of 181 such announcements in the 14 months to theend of February shows that such activity prior to news oftakeovers, big stock repurchases or a major investment occurson a regular basis.

There were 41 examples of companies, or 23% of the sam-ple, where the volume of new call options positions - effective-ly bets that the underlying stock would rise – had risen by atleast 50% in the five days before the news when compared withthe average of the previous six months. For 33 of these compa-nies, the volume more than doubled.

The U.S. Securities and Exchange Commission hasannounced litigation or enforcement action for alleged insidertrading involving options trading in two of these companies –Heinz and Shaw Group, a nuclear power plant builder acquiredby Chicago Bridge & Iron for $3 bln.

A sudden increase in bets in a particular stock does not indi-cate there was any wrongdoing, as questionable trades oftenhave innocuous explanations. Some of the bets, while pre-scient, may have been due to lucky speculation, smart analysis,or hedging strategies rather than inside information.

“You can’t look at an option trade in a vacuum; it could bea hedge. The regulator has to look at what the pattern and prac-tice of trading was in that account,” said Thomas Sporkin, apartner at law firm BuckleySandler LLP and a former seniorSEC enforcement official.

“WELL-TIMED” TRADINGThe SEC could also be investigating some of these instances

of “well-timed” trading, as many in the industry term it, buthave made no public announcement. It can sometimes takeseveral years to build a case and many probes get droppedbecause insider trading is difficult to prove.

When asked for comment, an SEC spokesman said theoptions market “has been and will continue to be an area offocus,” adding that a “simple search of the SEC website willshow many, many insider trading enforcement actions involv-ing options.”

Investors use call options - which give the right but not theobligation to buy a stock at a certain price - as a way of bettinga stock will rise. Speculators often use “out-of-the-money” calloptions, which mean they will expire worthless unless theunderlying stock price rises above the strike price. If the stock

surges, the options can be worth many times their initial cost.For example, Heinz had been trading around $60 a share,

but an unnamed investor bet on shares rising to more than$65 each by late June - an investment that cost about $92,000.After the deal was announced, that bet produced a $1.7 mlnprofit.

Still, without some kind of additional knowledge, many ofthese call options are no better than “lottery tickets,” saidRandy Frederick, managing director of active trading and deriv-atives at Charles Schwab. But with inside information, it is likeknowing what the lottery numbers are before they areannounced, he said.

Public remarks from SEC officials on the Heinz case pointto the potential for more action in the future.

“It may well have been the swiftest enforcement action thatwe have ever filed,” Sanjay Wadhwa, senior associate directorof enforcement in the SEC’s New York office who was involvedin the Heinz case, said at an event in February. As global dealactivity rebounds, “I dare say you will see more of these actionscoming out of the SEC,” he said.

“MOM AND POP” INVESTORSOptions trading specialists said such trades add to concerns

there isn’t a level playing field for smaller investors. So-called“mom and pop” investors have not returned to the equitiesmarket in large numbers after the battering they took in thefinancial crisis and following market disruptions such as the“flash crash.”

“The bigger point is the damage that is done to the under-lying confidence in our market and the perception that thingsare not fair,” said Ed Boyle, senior vice president of businessdevelopment and strategy at the BOX options exchange.

Since the beginning of 2012, the SEC has issued about 90different releases related to litigation of insider trading, ofwhich 18 involve the options market. Some of those cases dateback as far as 2006.

Market makers, those who facilitate orderly trading by pro-viding the market with both buy and sell quotes on a security,say they find themselves taking the losing side of the bets madeby those with inside information.

When a market maker sells a call option, they are exposingthemselves to the chance the stock will rise sharply or becomemore volatile. These firms attempt to offset that risk, but thesehedging strategies won’t fully cover a market maker’s exposureto extreme moves in a stock.

Aside from the damage to market makers, insider tradingcan force the prices of takeover deals higher - costing the share-holders of the acquiring companies - and it can leave the share-holders of target companies, who sold ahead of a dealannouncement feeling cheated. It can even scuttle a takeover

proposal altogether if the target gets too expensive as a resultof insider trading.

Each of the 181 transactions that Schaeffer’s studied had avalue of at least $200 mln and were revealed publicly - throughthe media or a corporate announcement - between January 1,2012 and February 28, 2013. Schaeffer’s only looked at new calloptions positions, which are the most often used to expressfresh expectations that a stock will rise, rather than new put(bearish) positions, or already existing options contracts.

RISE IN BULLISH BETSSchaeffer’s surveyed trading on three major options

exchanges accounting for more than half of the market’s activ-ity. The data shows that options for many big names - includ-ing NYSE Euronext, Dollar General and US Airways - saw ahuge increase in bullish bets before major news became publicknowledge. The companies did not comment on the tradingactivity.

Of the transactions studied, 43 were excluded because therewas too little trading for meaningful analysis, 85 cases showedthe same or less trading activity, and 12 cases showedincreased activity of less than 50%. That left the 41 with morethan 50%.

When the ratio of trading over the five days compared withthe previous six months soars, it may raise suspicion thatinformation has been leaked, said Alan White, quantitative ana-lyst at Schaeffer’s, who conducted the research.

The results of the study are at least partially supported byanother recent analysis by Livevol, a San Francisco-basedoptions analytics firm, which showed that call and put volumerose, on average, by 71% and 60%, respectively, in the five trad-ing days before M&A activity was announced when comparedto the prior six months. Livevol looked at all opening and clos-ing options positions for 100 U.S. deals in the first eightmonths of 2012.

Some of the timing of the questionable trading lookedshrewd.

According to Schaeffer’s, activity in new call options ofNYSE Euronext more than doubled in the five days before itannounced it had agreed to be bought for $8 bln, or $33.12 pershare, by IntercontinentalExchange (ICE) on December 20,2012.

There were bets that NYSE’s stock would close above $24 bymid-January. About 9,000 calls at this strike price were boughtfor about 60 cents a contract, a total cost of about $540,000.The price of those contracts jumped to $8 each, or $7.2 mlntotal, when the deal was announced, for a potential profit ofabout $6.6 mln, said Ophir Gottlieb, managing director ofLivevol.

In another instance, investors bet on November 9, 2012 thatTitanium Metals Corp, which that day hit three-month lows of$11.30 a share, would jump to more than $15 by late January.Hours later, after the close of trading, Precision Castparts saidit would buy Titanium for $16.50 a share, or $2.9 bln.

ANALYSIS

April 17 - 23, 2013

24 | WORLD MARKETS | financialmirror.com

Glencore concessions to China expected for Xstrata deall MOFCOM has rarely required structural solutions or sales

Trader Glencore is expected to agree to concessions thisweek to ease Chinese worries over its grip on the supply ofcopper, clearing the final regulatory hurdle in its $32 blnacquisition of miner Xstrata.

After months of negotiations, Glencore is expected to haveagreed to yield some ground, with analysts and marketsources pointing to a likely sale from among Xstrata’s prom-ising - though challenging - greenfield copper projects, whichcould include Las Bambas in Peru, due to begin production in2015.

Industry sources said a solution might also involve givingChina a guaranteed slice of the group’s copper production.

Xstrata is already the world’s fourth-largest producer ofcopper and aims to increase output by more than 50% from2011 levels by 2015, as projects like the $5.2 bln Las Bambasmine ramp up.

Xstrata and Glencore combined account for around 7% ofglobal copper supply, a percentage expected to rise, withmines in Chile, Peru, Australia and in emerging regions likeAfrica’s copper belt.

As a result, Chinese regulators reviewing the biggest evermining tie-up have focused on the new group’s presence inthe red metal, and specifically copper concentrate, the inter-mediate product that feeds smelters and refineries.

Though China’s Ministry of Commerce (MOFCOM) hasonly rarely imposed conditions on deals, China is the biggestbuyer of the minerals Glencore and Xstrata trade and mine. Itsregulator - the only major global watchdog with an overtlypolitical brief - is not deaf to the country’s hunger for copper,or to its ambition to process more of the metal at home.

“Clearly the Chinese are short of copper and iron ore - andthose they care a lot about, and iron ore is not an issue forGlencore Xstrata,” said analyst Paul Gait at Sanford Bernsteinin London.

The European Union’s decision to require action is alsosaid to have emboldened China. Regulators in Brusselsdemanded Glencore scrap an exclusive European zinc salesagreement with producer Nyrstar and sell its equity stake.

MONTHS OF TALKSLengthy negotiation periods are not unusual for MOF-

COM, the newest and least predictable of the world’s mainwatchdogs, and Glencore’s decision to pull and refile its sub-mission on the Xstrata tie-up late last year and its own com-ments about Chinese interest in copper have left little doubtthat some ground will have to be conceded.

China has only imposed sales to ease market dominance ina handful of cases out of several hundred mergers reviewed

since 2008, in deals relevant to its growth ambitions.In one case often compared with Glencore Xstrata - the

acquisition of Russian potash producer Silvinit by rivalUralkali in 2011 - MOFCOM imposed conditions on supply,as well ordering the group to maintain existing sales proce-dures and price negotiations.

Market and industry sources said assets like Glencore’sAfrican hub and Xstrata’s producing mines were unlikely tobe up for negotiation. More likely to be sacrificed are Xstratagreenfield projects, like Las Bambas, set to produce morethan 400,000 tonnes of copper a year for at least its first fiveyears of production, from 2015.

Glencore could offer up Xstrata’s unapproved, longer-dated projects like the $5.9 bln Tampakan mine in thePhilippines, where production has already been pushed outto 2019. Glencore has made no secret of its reluctance toinvest in projects being built from scratch, as risks and costsincrease.

Alternatively, the Chinese could simply secure a chunk ofthe group’s production.

“If I were the Chinese, I wouldn’t want the mine at all, justvolume,” said one industry source. Buying directly allowsChina to bypass the metal exchange, and avoid driving up theprice for itself.

Italy sells €9 bln retail bondItaly raised almost 9 bln euros on the first sale day of a new

bond aimed at individual investors to close the offering twodays ahead of schedule.

The head of Italy’s Debt Management Office, MariaCannata, called it “a success”, adding it will have a positivespillover effect on the rest of the Italian debt market.

But Cannata acknowledged the treasury would have to hikeits borrowing target after the state promised to pay back 40 blneuros in arrears to cash-strapped private companies in 2013-14.

“We will have to issue 20 bln euros more debt this year tocover state debt payments,” she told Class CNBC TV onMonday.

The new 20 bln euros the treasury will have to raise comeon the top of an original borrowing target of 410-420 bln eurosfor this year.

With the fourth tranche of the retail bond dubbed BTPItalia, Rome aims to tap more household savings to help man-age its 2 trln euro public debt mountain.

On the first day of marketing, sales of the new 2017 “BTPItalia” bond totalled more than 8.98 bln euros, while contractsstood at 112,608.

The sale will help Rome meet its higher funding needs forthis year by tapping household savings, taking a little of thestrain off Italian banks that shouldered the Italian debt.

Households in Italy have high savings and also very lowdebt in comparison with many of their European peers, butthe public debt as a percentage of national output is the sec-ond-highest in the euro zone after Greece.

The unprecedented programme of domestic governmentbonds announced by the Bank of Japan was a boon for Italiandebt, helping the country reduce the premium it pays to sell itsbonds compared with safer German debt, Cannata said.

With regard to the BTP Italia, the DMO head said the min-imum guaranteed coupon of 2.25% should be confirmedunless the market encounters a negative shock on the secondday of sale.

Analysts said that the minimum guaranteed yield on

Monday’s BTP Italia, which protects investors from domesticinflation, was attractive and that the treasury was trying to luresmall savers who would otherwise keep their money in a bankaccount.

Italian households are among the wealthiest in the eurozone, a study published by the European Central Bank showedlast week. It put average net wealth in Italy at 275,200 euros,far higher than in triple-A rated Germany (195,200 euros), theNetherlands (170,200 euros) and Finland (161,500 euros).

Italian banks have raised their holdings of domestic debt torecord levels during the euro zone debt crisis as foreigninvestors cut their exposure. The banks now hold 351 blneuros.

The big take-up by small investors in last year’s BTP Italiasales, which netted 27 bln euros in total, relieved some of thepressure on domestic lenders, although as the total debt pilehas risen, the banks’ share has not fallen.

Retail investors can buy the four-year inflation linked bondon the Internet and there are no banking fees on it.

U.S. housing startsat 5-year high

The U.S. Census Bureau and theDepartment of Housing and UrbanDevelopment reported this morning that newhousing starts in March rose to an annual sea-sonally adjusted rate of nealry 1.04 mln. Thatwas an increase of 7% from the upwardlyrevised February rate of 968,000 and a gain of46.7% above the March 2012 rate of 706,000.The consensus estimate from a survey of econ-omists expected the rate to rise to 930,000.

The seasonally adjusted rate of new buildingpermits fell to 902,000, which is 3.9% belowthe upwardly revised February rate of 939,000and 17.3% higher than the March 2012 rate of769,000.

Single-family housing starts fell to an annu-alized rate of 619,000 in March, down 4.8%from the upwardly revised February rate of650,000.

Permits for new single-family homes fell0.5% in March, to an adjusted annual rate of

595,000, from an upwardly revised total of598,000 in February.

Housing starts have reached their highestlevel in nearly five years, but the downside isthat new permits have fallen in every category.Alongside the sequential drop of 0.5% in sin-gle-family permits, new permits for structureswith two to four units fell 27.3% in March, andnew permits for structures including five unitsor more fell 8.1%. Year-over-year figures indi-cate that new permits are higher than theywere a year ago, with most of the gain in sin-gle-family homes.

New housing starts also are skewed heavilytoward structures of five units or more, whichare up 26.9% sequentially and 82.3% year-over-year.

The National Association of Homebuilders(NAHB) yesterday reported a third consecutivedrop in builder confidence, blaming a brokensupply chain and tight financing.

Underwriting props upGoldman Sachs results

Goldman Sachs Group Inc. reported first-quarter fiscal 2013 results before marketsopened Tuesday morning. The investmentbank and financial services giant reported quar-terly diluted earnings per share (EPS) of $4.29on revenue of $10.09 bln. In the same period ayear ago, Goldman reported EPS of $3.92 onrevenue of $9.95 bln. First-quarter results alsocompare to the consensus estimates for EPS of$3.88 on revenue of $9.64 bln.

The bank’s CEO said: “Our strong clientfranchise across our businesses drove general-ly solid results. Still, the potential for macro-economic instability was felt in the quarterand constrained overall corporate and investoractivity. We continue to be very focused oncontrolling our costs and efficiently managingour capital.”

Underwriting revenues grew 63% year-over-year, primarily due to debt underwritingand client activity. The firm’s investment

banking revenues grew by 35% year-over-year.Goldman’s Basel I Tier 1 capital ratio fell to

14.4%, down sequentially from 16.7% at theend of the fourth quarter. The Tier 1 commonratio also fell, from 14.5% at the end of 2012 to12.7% at the end of the first quarter.

As was the case in the first quarter of 2012,the bank suffered a net outflow of assets undersupervision, but by less than half as much.Outflows totaled $21 bln in the first quarter of2012, compared with $9 bln this year. Assetsunder management grew by just $3 blnsequentially, however, with the major changecoming in outflows of $15 bln from the firm’smoney market accounts.

Shares are trading about 0.7% higher in thepremarket this morning, at $146.46 in a 52-week range of $90.43 to $159.00. ThomsonReuters had a consensus analyst price targetof around $148.35 before the results wereannounced.

Alpha Bank shareholders clear recap planl Reverse share split to range from 2-for-1 to 10-for-1

Shareholders of Greece’s third-largest lender Alpha Bankgave a green light on Tuesday to a 4.57 bln eurorecapitalisation plan to improve the bank’s solvency and keepit privately run.

Alpha became Greece’s first big lender to get shareholderapproval to go ahead with the capital boost. The country’s topfour banks, including Alpha, need 27.5 bln euros in fresh fundsto restore their solvency after incurring losses from a sovereigndebt writedown and impaired loans.

The recapitalisation, financed out of Greece’s EU/IMFrescue loans, is expected to help its so-called systemic banksregain interbank access and fund the economy out of its six-year tailspin.

“The capital increase is key for the bank to emerge strongerand remain private,” Alpha Chairman Yannis Costopoulos toldshareholders at a repeat meeting on Tuesday.

Under the recapitalisation rules laid down by Greece’screditors, at least 10% of banks’ new common equity must beraised from the private sector. If not, they will fall under the fullcontrol of a state bank support fund - the Hellenic FinancialStability Fund (HFSF).

Alpha’s capital need has been set by the central bank at4.571 bln euros. Its plan includes a rights offering of up to

457.1 mln euros and new common shares to raise up to 92.9mln euros on which existing shareholders will waive theirrights. These shares will be privately placed with institutionalinvestors.

Together, Alpha’s common equity issues amount to 12% ofits capital need.

Tuesday’s meeting was attended by shareholdersrepresenting about 29% of the bank’s voting shares, exceedinga required quorum of 20%.

Shareholders also empowered management to decide on areverse split to reduce the number of new shares the bank willissue under the plan. The reverse split may range from 2-for-1to 10-for 1, and will be decided by the board at a later date.

If Alpha succeeds in raising the minimum 10% of thecapital need from the market, the remaining 4.113 bln euroswill be supplied by the HFSF in exchange for new shares withrestricted voting rights.

Under the terms of the recapitalisation plan, the new shareswill be priced at half of the average price over the 50 days priorto their issue.

“If it (issue date) was today, it would mean a price of about0.48 euros a share,” Alpha Chief Financial Officer VassilisPsaltis told shareholders.

As an incentive, private investors will get one warrant foreach new common share for which they subscribe, enablingthem to buy shares taken up by the HFSF fund.

The warrants can be exercised semi-annually for a span offour-and-a-half years after their issue date. The number ofAlpha shares each warrant can buy from the HFSF fund willrange from 7.31 to 9, depending on the take-up of the privatesector.

April 17 - 23, 2013

financialmirror.com | GREECE | 25

More bailout aid, debt relief on the wayl Troika gives green light for release of more funds as Greece backs

down on public sector firings, bank mergers

Greece received a clean bill of health from itsinternational creditors on Monday, securing more rescueaid and prompting its finance minister to say he wouldask for much more debt relief if Athens keeps meeting itsbailout targets.

Athens is on course to contain its debt and pull itselfout of a crippling recession next year, the creditors said,adding that the next disbursement of aid to the country,of at least 2.8 bln euros, should be approved soon.

The “troika” of creditors - the European Commission,IMF and ECB - gave the green light for the aid after Greekauthorities gave up their opposition to about 15,000public sector layoffs, a key condition of its latest bailoutdeal agreed late last year.

“I am very pleased that the government is making aparticularly determined effort in this area,” the IMF’smission chief to Greece Poul Thomsen said in aconference in Athens. “It has always been a surprise tome ... that it’s been such a political taboo to get rid ofpeople who underperform”.

The lenders also convinced Athens to freeze plans fora merger between National Bank and Eurobank,respectively its top and third-biggest lenders. Thecreditors were concerned that the joint bank wouldbecome too big to be sold off to private investors after itspublicly funded rescue.

The deal with its creditors opens the way for another6 bln to be disbursed in May, Prime Minister AntonisSamaras said.

Samaras, who heads a fragile three-party coalition,said the deal showed that Greece was getting out oftrouble even as other euro zone countries were gettingbogged down in the crisis.

“Until recently, Greece was setting the bad example,”he said in a televised statement. “Now Greece is shieldedand it’s other member states which are facing problems.”

DRASTIC DEBT CUT

In exchange for harsh austerity measures that havethrown the Greek economy into its deepest peace-timerecession and strained the cohesion of its fragile

coalition, Athens plans to ask creditors for a large debtcut.

Athens aims to achieve a primary budget surplus(before debt payments) in 2013, fulfilling one year earlierthan planned a key condition to obtain further debt relieffrom its creditors, finance minister Yannis Stournarassaid in the same conference.

“The major goal today is to achieve a primary budgetsurplus (before debt payments) as soon as this year...toask for a drastic reduction of public debt,” financeminister Yannis Stournaras said without elaborating.

The troika has already granted Greece debt relief ofabout 40 bln euros late last year, through lower interestrates and longer maturities on its rescue loans.

It has promised more debt relief, probably by similarmeans, if Athens secured a balanced primary budget thisyear and surpluses later.

Under its current bailout plan, Greece is supposed toachieve a balanced primary budget this year and post asurplus of 1.5% of GDP in 2014.

Athens has already obtained about 200 bln euros ofEU/IMF rescue loans since mid-2010 and shaved about100 bln euros from the value of its existing bonds held byprivate-sector investors.

But it still needs further relief to make its debt viablein the long term. The debt-to-GDP ratio currently standsat more than 160% and the IMF said it must be cut to120% by 2020 to be “sustainable”.

In its review on Monday, the troika confirmed it wasprepared to consider “further initiatives and assistance”to help bring the debt down more rapidly once Greece hasachieved a primary surplus.

Euro zone finance ministers and the IMF are expectedto sign off on the troika review in May.

The troika’s next review is expected to take place inJune. By then, Greece must have carried out its first bigprivatisations and set out how it will cover a budgetshortfall of 2 to 4 bln euros for the years 2015 and 2016.

Greece’s coalition government has ruled out takingany new austerity measures and hopes that stronger-than-expected recovery will create enough revenue tomake up for the shortfall.

€1.625 bln 3-month T-Bills sold, yield steady

Greece sold 1.625 bln euros of three-month T-bills onTuesday to roll over a previous issue that comes due on April19, its debt agency (PDMA) said.

The T-bills were priced to yield 4.05%, unchanged from aprevious March 19 auction. The sale’s bid-cover ratio was1.65, down from 1.66 in the previous auction.

The amount raised included 375 mln euros in non-competitive bids.

Greek banks traditionally buy the bulk of T-bill issues,meaning funding costs do not fully reflect the strains fromthe country’s debt crisis. Banks can deposit the bills ascollateral with the central bank to receive funding.

Unemployment up in January

Greece’s unemployment rate settled at 27.2% in January com-pared to 21.5% the respective period last year and 25.7% inDecember 2012, according to data from the Hellenic StatisticalAuthority. The number of employed has decreased by 270,629 per-sons, while unemployed increased by 281,048 persons in January2013. On the whole, the number of employed amounted to3,617,771 persons, while the number of unemployed amounted to1,348,742 persons.

The regions concentrating the highest unemployment inJanuary were Epirus-Western Macedonia with 29.2%, Attica with28.4% and Macedonia-Thrace with 28.2%. Unemployment amongwomen rose to 31.4% in January 2013 from 25.4% a year ago, stillstanding significantly higher than the respective 23.9% figure formen (vs. 18.6% last year).

Finally, the age group mostly hit is that of people between 15-24years of age (59.3% vs. 51.0% last year), while the unemploymentrate for people between 25-34 years of age also rose to 34.2% inJanuary 2013 from 29.0% a year ago.

NBG EGM this weekNational Bank of Greece said it will hold an EGM on April 19 to

seek shareholder approval to proceed with a share capital increase ofEUR 9.75 bln through payment in cash and approval for up to EUR1.9 bln in CoCos. Repeat EGMs in view of lack of quorum have beenset for April 24 and April 29.

NBG’s board proposes that in the event that the bank is unableto secure the 10% minimum contribution of EUR 975.6 mln, theshare capital increase will be covered via a minimum cash contribu-tion of EUR 800 mln, translating into EUR 8 bln rights issues viacash contribution, with the remaining EUR 1.75 bln covered via theissue of CoCos.

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 97.08 114.86 -15.48FTSE/CySE 20 47.75 37.08 37.98 44.40 -14.46FTSE/XA & XAK Banking 188.86 81.63 84.81 168.87 -49.78MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 83.34 88.03 104.69 -15.91BANK 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 0.123 0.107 0.175 -38.86LOGICOM LOG ΛΟΤΖ 74 080 0.35 16 742 0.81 0.28 3 585 3 024 3 026 3 173 5.28 4.28 2.50 11.06 0.300 0.226 0.226 0.263 -14.07A. 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 99 901 0.65 0.09 -5 208 021 -1 160 500 -1 887 586 -59 152 0.88PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 566.47 566.47 627.38 -9.71WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.13 6 700 3 780 2 372 6 124 4.10 5.36 2.31 10.50 0.260 0.220 0.220 0.250 -12.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 932 3.04 0.14 -2 312 -2 992 -258 -360 n/a -0.50 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 18 025 0.48 0.21 197 287 -505 1 324 13.61 0.76 2.10 20.39 0.124 0.099 0.103 0.115 -10.43LAIKI 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 241 751 1.38 0.33 1 631 1 142 -1 930 -35 622 5.88ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 657.64 628.01 629.50 636.57 -1.11ALKIS 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 0.49 0.07 -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 22 018 2.20 0.07 -4 639 -9 557 -6.94 0.160 0.153 4.58CYPRUS 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 31 307 1.86 0.18 6 152 1 756 482 5 048 5.48 3.20 9.41 0.340 0.346 -1.73CYVENTURE 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 11 772 3.55 0.11 -3 948 -7 470 -24.11 0.380 0.385 -1.30KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 691 0.41 0.23 -800 -527 -2.93 0.094 0.089 5.62KRONOS 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 68 250 1.31 0.59 10 783 5 541 6.33 1.70 2.18 0.780 0.733 6.41PIERIDES 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 427 975 0.81 0.46 -87 897 1 756 482 -104 466

2012

April 17 - 23, 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 8 003 0.43 0.59 17/10/12TOTAL 570 005

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 % 572.39 450.90 459.36 546.03 -15.87ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 5 109 0.1914 -52.46 -4 301 139 0.25 0.091 0.115 -20.87CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 3 604 0.2682 -69.80 -10 771 -8 799 -3 229 -2 774 -6.23 0.081 0.119 -31.93DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 44 000 0.7174 -69.33 -14 853 -2 697 -1.35 0.220 0.250 -12.00DODONI 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 3 053 0.1709 -68.40 -9 493 -443 -0.78 0.054 0.048 12.73ISCHIS 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 0.43 380 0.2229 0.85 -180 -56 -2.80 0.190 0.210 -REGALLIA 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 0.2300 19.57 -403 -383 -2.84 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 71 897 -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 1 046 289 -5 499 980 -1 166 383 -1 909 991 -348 052 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 17 - 23, 2013

financialmirror.com | CSE PRICES | 27

A year of returns, all before mid-April

The S&P 500 stock index’s stunning run since the start ofthe year has made many bullish analysts look conservative.

As the benchmark S&P has roared to record highs thisyear with a gain of more than 11%, many Wall Street analystshave been forced to concede their prior targets were too lowand adjust accordingly.

In fact, it has taken less than four months for the S&P tosurpass year-end 2013 targets of about two-thirds of thestrategists polled by Thomson Reuters in December. Of 47analysts surveyed, 30 of them expected to see this year end ata level already exceeded by the index.

The mid-year targets are even more lopsided, as the S&Pis above the mid-year forecast for 27 of the 28 analysts whoestimated where the index would be by the end of June.

“When we started the year at 1,425, that implied about a15 or 20% total return,” said Phil Orlando, chief equity mar-ket strategist at Federated Investors in New York, who has a1,660 year-end target for the index.

“Here we are now 3 1/2 months into the new year andstocks are up 11, 12% - there’s not a whole lot left. Eitherthere’s going to be a pullback at some point, or maybe thingsreally get even better than we thought and our 1,660 targetis too low.”

The more recent Reuters poll in March showed some ana-lysts had revised targets following the strong start to the year,with the S&P above the midyear target for 21 of 34 analystssurveyed and the full-year target for 18 of 43 analysts sur-veyed.

The run has been notable for its resilience. As investorsbuy into weakness, dips are short-lived while bears are forcedto cover short positions and asset managers chase perform-ance.

So far this year, the S&P has only experienced three con-secutive losing sessions once, and the deepest “correction”was a brief 2.8% slide in late February.

Thomas Lee, U.S. equity strategist at JPMorgan in NewYork, last week decided to throw in the towel on a call for a

correction, saying in two recent notes to clients that his1,580 target for the year-end S&P “seems low.” Data in thelast six weeks has not been as weak as some expected, andthe equity market managed to look past it, anyway.

Lee, in his commentary, notes that JP Morgan estimates2013 currently is the worst year for active-manager perform-ance since 1995, with an estimated 68% of funds falling shortof their benchmark. Fund managers, as a result, are takingon more risks to play catch-up, he wrote.

Now that Lee is more bullish, he noted the biggest risk tothis new view is “that the market begins to correct just as wecapitulate on it happening. That is potential irony.”

Fred Dickson, chief market strategist at D.A. Davidson & Coin Lake Oswego, Oregon, who is maintaining his target of 1,450for midyear and 1,500 for the year-end, sees a strong likelihoodof a significant pullback, partly due to the current market struc-ture that contains a large number of program-driven tradersthat follow trends.

“It will take a combination of fundamental events to pullpeople from a buying mode onto the sidelines and when that

happens we will start to see prices decline. As those pricesdecline the program traders flip the switch from buy to sell orbuy to short and you get a fairly rapid 8 to 10% decline,”Dickson said.

One potential catalyst for a pullback could be companyresults as the pace of earnings season begins to pick up.

Earnings for S&P 500 companies are expected to grow at amodest 1.1% in the first quarter, down from a January forecastof more than 4%, according to Thomson Reuters data. Just 6%

of companies havereported thus far, butcompanies so far havebeen notably pes-simistic, with a 4.7-to-1 ratio of negativeto positive warnings.

“The only thingthat happens now isdo we start to see so-mething in the com-pany earnings reports- these are reallyimportant becausethat is where the rub-ber meets the road,”said Gordon Charlop,managing director atRosenblatt Securitiesin New York.

This week, 74S&P companies ac-

ross a wide swath of sectors are expected to report results.Financials dominate the week, including reports fromAmerican Express Co, Goldman Sachs, Bank of America andCitigroup Inc.

Internet companies Google and Yahoo, along with Dowcomponents Johnson & Johnson, Coca-Cola, McDonald’s andGeneral Electric, will also report results.

In addition to earnings, investors will scrutinize regionalmanufacturing data from the New York and PhiladelphiaFederal Reserve banks, the Fed’s Beige Book and data on con-sumer inflation and housing starts.

April 17 - 23, 2013

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