February 27 - March 5, 2013

2 | NEWS | financialmirror.com

Euro zone stocks at 3-month lows on Italian vote stalematel Italy’s FTSE MIB falls 4.9%; Investors snap up put options to insure against market fall

Euro zone shares sank to three-month lows on Tuesday afteran Italian election stalemate renewed concerns about the futureof the euro zone and sent investors in search of insuranceagainst a deeper sell-off.

No group managed to secure a majority in the Italian parlia-ment, heralding weeks of political uncertainty and raising theprospect of a government of sworn enemies - the centre rightled by former prime minister Silvio Berlusconi and the centreleft under Pier Luigi Bersani.

“In the medium term we think that Italy is unlikely to aban-don reforms or leave the euro, but the politics before then couldturn into a game of chicken. And equity markets really hategames of chicken,” said Derry Pickford, macro analyst at invest-ment manager Ashburton.

Italy’s benchmark FTSE MIB index sank 4.9% to 15,552.20points, posting its biggest daily fall in nearly a year and with allbut two of its 40 companies in the red.

The EuroSTOXX 50 index closed down 3.1% at 2,570.52points, its lowest finish since November 28. The move extendsthe euro zone blue chip index’s retreat from an 18-month highof 2,754.80 points hit at the end of January.

The broader, pan-European FTSEurofirst 300 fell 1.4% to1,150.25 points.

“It introduces a whole range of uncertainty at a time when

the markets were quite toppy anyway and were probably readyfor some sort of correction,” said Paul Jackson, strategist atSociete Generale.

Worries about a new flare-up in the euro zone’s debt crisisfed through to the bank sector, whose lenders could be hit withnew writedowns and bad debts if the region’s economy weakensas a result of debt problems in countries such as Italy and Spain.

The STOXX Europe 600 Banking Index was the worst-per-forming sector, falling 3.1% with Italian banks such as Intesaand Unicredit - which own large amounts of Italian governmentdebt - tumbling 9.1 and 8.5%, respectively.

SEEKING REFUGESpooked by the steepness of the fall, investors rushed out to

buy put options - which give the right to sell the index at a pre-set price in the future, thus protecting against or simply bettingon a fall in the market.

Implied volatility on the euro zone index - a crude barometerof investor risk aversion, based on how much people are willingto pay for options - surged 21.5% to new 2013 highs, though at25.90 points it was still some way below last year’s peak of 38.31points. Investors also sought refuge in sectors which earn mostof their profits outside the euro zone and should thus be lessaffected by any crisis there.

Within those, Simon Maughan, strategist at OlivetreeSecurities, recommended focusing on stocks which have under-performed so far this year and those which pay dividends.

“If you look at the relative performance of Energy, BasicResources and some Industrials, they are outperformingmarkedly,” he said. “Hiding out in these sectors, as well as util-ities and some telcos, is the way to lose as little money as possi-ble in this latest storm, which has its eye on Italy, but with crosswinds throughout Europe and in France in particular.”

The STOXX 600 Basic Resources index fell only 0.2%, mak-ing it one of the best performing sectors.

Analysts said that in the longer term the current sell off couldoffer an attractive opportunity to snap up cheap Europeanstocks, but cautioned that it may be soon to start buying in - aview that was also backed by technical analysis charts.

“The Italian index has not yet reached an obvious support, itis too early to step back into equities,” Valerie Gastaldy, analystat Day By Day, said in a note.

“The weekly chart of the FTSE MIB shows that the index isback into its large trading range, between 12,320 and 17,000.When an index breaks out and then reintegrates such a pattern,we can expect it to move back to the middle of the range. Thislevel would be around 14,715.”

That would imply a drop of around 5% from current levels.

U.S. home prices cap year with biggest rise since 2006l Consumer confidence rebounds, index rises to 69.6 from 58.4; Better housing environment boosts Home Depot

U.S. home prices closed out 2012 with the biggest annualgain in more than six years while sales of new homes spiked inJanuary, the latest sign that the long-suffering housing marketwas on the mend, data showed on Tuesday.

American consumers, meanwhile, grew more optimistic inFebruary even as payroll taxes rose and about $85 bln worth ofgovernment spending cuts were due to take effect on March 1.

“The numbers are all pretty strong. It’s a significant rise inconfidence and a strong rise in new homes sales — there is notreally much to argue in those numbers,” said David Sloan, aneconomist at 4Cast Ltd in New York.

The S&P/Case Shiller composite index of 20 metropolitanareas showed home prices jumped 6.8% year-over-year inDecember, the biggest gain since July, 2006, just before the bot-tom began to fall out of the U.S. housing market.

Separately, Commerce Department data showed sales of newhomes jumped 15.6% to a 4-1/2-year high. The percentageincrease was the largest in almost 20 years.

Home prices have been rising since last February, helpinghousing contribute to growth last year for the first time since2005. Historically low interest rates have also enticed buyers,and Federal Reserve Chairman Ben Bernanke’s strong defenseof central bank policy suggested those rates would not rise soon.

“There’s no doubt when you look at all the housing datathat’s come out, it certainly paints a picture of continuedimprovement in that market,” said Anthony Chan, chief econo-mist at Chase Private Client.

“You have the best of all possible worlds. You have low mort-gage rates, which are going to stay for a while, and you haveprice appreciation. You take those two things into account andyou have a formula for further significant improvement.”

Major U.S. stock indexes rallied while Treasury yields roseafter the stronger-than-expected data.

Data from the Federal Deposit Insurance Corp showing theU.S. banking industry recorded the highest earnings last yearsince before the financial crisis also contributed to a rosier eco-nomic outlook.

CONSUMERS MORE CONFIDENTImprovements in housing helped lift fourth-quarter profits at

Home Depot. The world’s largest home improvement chain alsoforecast higher sales and earnings per share for the current fis-cal year.

Some economists expect rising home prices and recent stockmarket gains to blunt the impact of tax increases for consumers,which should help spending improve in the second half of 2013.

Macy’s, which also operates the Bloomingdale’s chain of lux-ury stores, said Tuesday it expected same-store sales to riseabout 3.5% this year. Consumers were certainly feeling morecheerful in February. The Conference Board said its consumerconfidence index rose more than expected in February asAmericans shrugged off worries about higher taxes. But whileWashington averted the full brunt of tax increases and spendingcuts that were scheduled to go into effect in 2013, taxes did rise

for some Americans and the payroll deduction holiday came to anend, leaving consumers with less spending money.

FEDERAL RESERVE SUPPORTGovernment spending cuts worth about $85 bln are also due

at the end of the week unless Washington agrees to postponethem, and some fear those could take a big bite out of growthand hurt spending.

What’s more, the housing market is far from fully healed.Some 20% of mortgages are underwater and foreclosure ratesremain elevated. “Housing won’t be a huge contributor togrowth this year but we are on the long road to recovery,” saidMichael Hanson, senior U.S. economist at Bank of AmericaMerrill Lynch. “But consumers will need to see that these gainsare persistent.”

However, Federal Reserve efforts to hold interest rates low,which involve buying mortgage-backed and other assets eachmonth until the labor market improves, look set to continue.

Fed Chairman Ben Bernanke strongly defended those effortson Tuesday, saying the benefits outweigh the costs.

Minutes from the Fed’s last meeting showed some officialsthought the central bank would have to slow purchases beforeseeing the hiring increase the program was designed to deliver.

“Bernanke is arguing that continued stimulus is necessarydespite nascent signs of improvement in the economy,” saidOmer Esiner, chief market analyst at Commonwealth ForeignExchange in Washington.

EU wins trade row with China, wants immediate actionl Imposed duties on EU’s X-ray scanners in 2011; Brussels wants removal of import duties

The World Trade Organisation has backed the EuropeanUnion’s challenge to Chinese duties on X-ray scanners andBrussels demanded they be removed immediately, saying itwould not accept tit-for-tat trade retaliation from Beijing.

China imposed duties of the security scanners from Europein 2011 after Brussels imposed tariffs on Chinese cargoscanners in 2010, a response the European Union said waspurely retaliatory and broke global trade rules.

A WTO panel sided with the EU, according to a reportpublished on Tuesday, saying China’s decision to impose dutieswas not based on an objective examination.

China’s Commerce Ministry said in a statement that itwould assess the judgment and reserved the right to appeal.

“I expect China to remove the measures immediately,” EUTrade Commissioner Karel De Gucht said in a statementfollowing the WTO ruling in Geneva.

“I will not accept tit-for-tat retaliation against Europeancompanies through the misuse of trade defence instruments.”

The case highlights the tensions between two of the world’slargest trading partners, who are balancing a need to protectlocal markets from competition while avoiding a trade war inwhich both sides hit the other with damaging tariffs.

The EU also needs China to buy its products and help itemerge from the aftermath of the euro zone debt crisis, but isconcerned that Beijing is using state financing to allow Chinesecompanies to produce goods that will compete with Europe,ranging from telecoms equipment to solar panels.

In the X-ray scanners case, the EU said Chinese imports tar-iffs effectively closed the Chinese market to European securityinspection equipment and were unjustified.

The EU brought its case to the WTO in July 2011, the firsttime Brussels has challenged a Chinese trade defence measures

before a WTO panel. Since then China’s anti-dumping dutieshave been the target ofseveral other WTO dis-putes, including duties onU.S. cars and chickens,and Japanese stainlesssteel tubes.

The latest ruling fol-lows another defeat forChina’s anti-dumping pol-icy. In October last year itwas found to have brokenthe rules by slapping puni-tive dumping duties on atype of U.S. specialitysteel.

February 27 - March 5, 2013

financialmirror.com | CYPRUS | 3

NEW ERANEW ERAAnastasiades gets ‘Dream Team’ togetherTroika bailout talks less challenging, says Fitch

President-elect Nicos Anastasiades appointed three key figu-res to the most crucial posts of his new Cabinet that takes char-ge on Friday and has set them on a mission to calm jittery ner-ves within the European Union, primarily EU paymasterGermany, regarding bailout talks with the Troika and sustaina-bility of the Cyprus economy.

His landslide victory in Sunday’s second round of the presi-dential elections has given 66-year-old Anastasiades a mandateto conclude talks with Eurozone partners and the IMF to secu-re a mega loan of about 17.5 bln – as much as our GDP – assoon as possible to pay down a runaway public sector deficit, rollover international loans and rescue the main banks.

The seventh president of the Republic, who will be sworn inat the House of Representatives on Thursday, also has to dealwith record unemployment, a slump in property values, twoyears of recession, further austerity measures and reform in thepublic sector, and transparency in the financial services sector.

However, the recent finds of offshore natural gas resourcesand the licensing of six gasfields to international energy giants,is expected to act as a catalyst in reviving stalled talks over theisland’s division and Turkey’s occupation of the north, withGermany’s Chancellor Angela Merkel suggesting in Ankara thisweek that “Cyprus should not be ignored”.

This is where diplomacy comes in, especially by a person whohas become a familiar and welcome figure within the EU’s cor-ridors of power, who will face angry criticism within Germanyabout transparency surrounding billions of euros in Russianbank deposits.

After a decade in Brussels and Strasbourg, EuroMP IoannisKasoulides returns to the Foreign Ministry to head the diploma-tic service tasked with mending the island’s credibility. However,the deputy chairman of the European Popular Party may haveset his sights on a Commission seat next year when Educationand Youth Commissioner Androulla Vassiliou completes herterm, especially as the EPP will want to have a greater say wit-hin the EU’s executive branch.

The biggest challenge is the poor state of the economy and afear by international lenders that Cyprus will not be able to liveup to its end of the bargain and reduce the huge public sectordeficit.

For that reason, Anastasiades has already said that after fiveyears, Michalis Sarris will return to the Ministry of Finance, totake the hot seat and conclude negotiations with the Troika assoon as possible to ensure that state coffers are refilled. At thesame time, 2010 Economics Nobel laureate ChristophorosPissarides will head the new Economic Policy Council, that willbecome the think tank to undertake urgent measures to revivegrowth and encourage foreign direct investments, and to con-

ceive the policies that will transform Cyprus into the businessand financial centre it has aspired to in the past but has not yetachieved.

Sources at the Democratic Rally party suggest that President-elect Anastasiades will announce his full Cabinet of proven poli-ticians and technocrats, probably by Wednesday, having conclu-ded bargaining with junior coalition partner DIKO (DemocraticParty), with the main concern being to appoint fresh faces to keygovernment posts.

The European Party (Evroko) that chipped in to electAnastasiades, is also expected to get a Cabinet post, while theGreens’ Ioanna Panayiotou may be offered the EnvironmentCommission, albeit with greater executive powers.

The socialist Edek, that threw its support behind indepen-dent Yiorgos Lillikas, and the communist party Akel, are notexpected to take part in the ‘national salvation’ government.

A novelty will the appointment of seven new DeputyMinisters, who will not be in the Cabinet, but will lessen the bur-den on the Ministers and will assist by taking more of the bur-den from international responsibilities.

FITCH: LESS CHALLENGING

The best news for the new president came from rating agen-cy Fitch, saying that Anastasiades could make the country’snegotiations with the Troika for a rescue package less challen-ging than under the outgoing president.

“The stance of the new Cypriot president-elect and hisgovernment could make the country`s negotiations with theTroika for a rescue package less challenging than under the out-going president,” Fitch said.

“Nicos Anastasiades has stated his intention to secure timelyfinancial support, and now arguably has a mandate to concludenegotiations. He has already been building relations with leadersof key European partners, including Germany,” Fitch said.

The agency added however that “despite his overwhel-ming victory in the weekend’s elections, he will face the samepolicy challenges as his predecessor, and there is still linge-ring uncertainty about the timing and details of an EU res-cue programme.”

Recalling that Fitch downgraded Cyprus to B/Negative inJanuary, mainly because of its belief that bank recapitalisationcosts are likely to be higher than previously thought, the agen-cy noted that it expected that the authorities will reach agree-ment with the Troika on an official financing programme intime to pay a 1.4 bln bond redemption on 3 June.

Fitch also noted that it expects that the Cypriot governmentto privatise some state-owned enterprises as part of a final

agreement with the Troika, “but there is uncertainty abouthow much debt relief this would achieve.” Anastasiades pled-ged in his campaign that he would not privatise the likes ofstate telco Cyta and electricity utility EAC, but left open pro-spects of selling off all or part of other state assets, such as thePorts Authority and a controlling stake in loss-making CyprusAirways.

Fitch added however that “we would expect any restructu-ring of bank debt to be restricted to junior debt holders,though banks are mostly deposit financed, which limits thepotential impact.”

S&P: “SUBSTANTIAL RISK”

Last week, Standard & Poor’s said that Cyprus faces a “sub-stantial and rising risk” of default on its public debt, especiallyif the Eurozone and the IMF do not provide the necessary bai-lout, of which about 5-8 bln euros will be earmarked to recapi-talise the Cyprus banking system.

The rating agency was quoted as saying that there is a one-in-three possibility of downgrading Cyprus yet again fromCCC+ with negative outlook if a bailout from the EuropeanRescue Mechanism and the IMF is not realised, making it evenmore impossible for the Cypriot government to find the neces-sary funds for the recapitalisation of the banks.

“We may even reduce the rating if we believe that the(Cypriot) authorities are unable to meet their obligations wit-hin a wider context of a rescue programme,” said S&P chiefeconomist Moritz Kramer.

CCBB ttuurrnnss ttoo iinnvveessttoorrss iinn RRuussssiiaa,,LLoonnddoonn ttoo rreessccuuee bbaannkkss

Russian investors seem willing to consider takingpart in any rescue plan for the island’s two main banks– the Bank of Cyprus and the Popular Laiki Bank –whose recapitalisation needs have been estimated in adue diligence report by global bond manager Pimco at6-9 bln euros.

Central Bank Governor Panicos Demetriades hasreportedly been told by Russia’s Finance MinisterAnton Silouanov that there is keen interest to invest inBank of Cyprus and Laiki, subject to the restructuringplans at both banks.

Laiki, that was nationalised last year with a govern-ment bailout of 1.79 bln euros, is expected to concludeits plans in March and BOCY in April, that include con-solidation of their operations at home and abroad.

Russia has even hinted it would support efforts toring-fence the two bank’s “bad bank” operations thatwould absorb their non-performing assets and liabili-ties.

Demetriades was also in London to discuss possibleinvestments in the Cypriot banks which have suffered aheavy blow following the Greek sovereign debt haircutos some 4.5 bln euros.

Banks recap needs seen at €6-9 bln, says Pimco

The recapitalisation of the Cyprus banking sector mayrequire up to about 6 bln to 8.9 bln euros, according to glob-al bond manager Pimco, commissioned by the Central Bankof Cyprus to perform a due diligence report necessary as partof a multi-billion bailout package for near-bankrupt Cyprus.

Pimco concluded its assessment on February 2 with abaseline scenario and adverse scenario, criticised by thefinancial sector as well as politicians of not taking into con-sideration some of the unique features of the Cyprus market,such as the harsh write-down of property values, with hugereal estate portfolios held by the banks.

The banks had also demanded that the Pimco report bereleased prior to discussions for a 17.5 bln euro bailout fromthe European Stability Mechanism, as they were unable toconclude their annual accounts by the end of February with-out considering their recapitalisation needs.

The outgoing communist government has been criticisedof holding on to the Pimco report because the recapitalisa-tion needs of the banks was not as bad as first reported, ini-tially estimated at over 10 bln euros.

Opposition leaders had said all along that the government

had sought to inflate the bailout needs simply to haveenough funds to pay down its unsustainable public sectordeficit just in time for the crucial presidential elections thisweekend.

The summary of the Pimco report concludes that in abaseline scenario, the Bank of Cyprus and Laiki Bank, thetwo hurt most by the writedown of Greek government bonds(GGBs) would need 2.834 bln and 2.782 bln euros, respec-tively, with the Cooperative banks a further 364 mln euros.

The capital shortfall per institution (mln euros):

Institution Baseline scenario Adverse scenarioBank of Cyprus 2.834 3.960Popular Laiki Bank 2.782 3.835Hellenic Bank 0 333Eurobank 0 0Alpha Bank 0 149Cooperatives 364 589Total 5.980 8.866

February 27 - March 5, 2013

4 | CYPRUS | financialmirror.com

It will get worse before getting betterThe European Commission confirmed its economic out-

look for cash-starved Cyprus, doubling its contraction esti-mate from its previous autumn forecast from 1.7% to 3.5%for the whole of 2013.

“Risks remain important and tilted to the downside,” theCommission said on Friday, prompting the Finance Ministryin Nicosia to issue a statement whereby the forecast is thesame as the one included in the bailout agreement to besigned with Troika of international lenders – EC, theEuropean Central bank and the IMF.

Cyprus applied for financial assistance from theEuropean Stability Mechanism last June, seeking up to 17.5bln euros, nearly half of which will be used to recapitalise thelocal banks that have a heavy exposure to Greek governmentbonds that underwent a massive haircut.

The bailout plan for Cyprus is expected to be agreed onEurogroup level in March.

Conclusion of an adjustment programme would be of

“paramount importance” in stabilising Cyprus’s economy,the Commission added.

“A contraction of 3.5% this year is in line with the gov-ernment and troika forecasts so it is not unexpected”, saidFiona Mullen, Director of Sapienta Economics consultancy.

“If the new government can sign a bailout quickly, I actu-ally believe that the worst will be behind us. The rally dam-aging impact on the economy has been the uncertaintywhich we have been living with since the Greek haircut.”

The Commission winter forecast said that the Cypruseconomy was expected to contract by a further 1.3% in2014.

Bailout talks have dragged on, complicated by debt sus-tainability concerns, German misgivings about the island’scommitment to financial transparency and delayed by apresidential election that has focused on the economic fail-ures of the outgoing communist government.

Out of pocket and shut out of markets since mid-2011,

Cyprus has been increasingly relying on short-term expen-sive borrowing from domestic institutions until aid isreleased.

President-elect Nicos Anastasiades had told Reuters in aninterview last Thursday that he had “sounded out” institu-tions, including governments, to give Cyprus a bridgingloan before the conclusion of a bailout deal.

Much needed fiscal measures introduced by Cyprus inanticipation of a bailout, record-high unemployment andfinancial sector deleveraging would be affecting output, theCommission said. In addition, uncertainty was a drag onbusiness and consumer confidence.

“The conclusion of a macro-economic adjustment pro-gramme would be of paramount importance in stabilisingthe economy, but risks would remain on both the externalenvironment and the domestic front,” it said.

Unemployment was set to worsen further in comingyears to 13.7% in 2013, and to 14.2% in 2014.

Retail trade decline deepens in DecCar regs, petroleum sales down in Jan

The decline of retail trade deepened in December accord-ing to preliminary figures, with retail sales volumes fallingby 6% over the year earlier, from a revised 2.8% inNovember. The steepest decline was in sales of electricalgoods and furniture, which dropped by 20.1%.

Computer equipment and book sales fell by 11%. Food products rose by 7% over the year earlier, presum-

ably as people eat at home instead of going out. For the whole of 2012 retail sales are provisionally esti-

mated to have fallen by 3.6%. In terms of value, retail sales are provisionally estimated

to have fallen by 2.4% in 2012. Meanwhile, registrations of motor vehicles remained

depressed in January, dropping by 21% to 1,980 from 2,505in January 2012.

Sales of petroleum products declined by 10.2% inJanuary compared January 2012.

Road transport down in Q3National road transport decreased by 12.0% in July-

September 2012 compared with the corresponding periodof 2011 according to the Statistical Service.Internationalroad transport fell by 13.8% in the same period.

Tax revenues up 20% in Jan.Total collections by the Inland Revenue Department (IRD)

marked an increase of 20% or 40.52 mln euros in January2013, compared to the same month of 2012.

According to data released by the Inland RevenueDepartment, the increase is mainly due to the 47% increase ofthe special contribution to the Defence fund.

The total collections of the IRD for January 2013 reached240,259,908 euros from 199,738,918 euros in January 2012.

The collections from the special contribution to DefenceFund reached 129,044,169 euros in January 2013 comparedto 87,812,295 in January 2012. The income tax on legalpersons/companies (corporation tax) marked an increase of28% in January 2013 or 9,668,681 euros.

The public sector income tax marked a decrease of 20%(from 16.16 mln in January 2012 to 12.86 mln in January2013).

Likewise, the private sector income tax decreased inJanuary 2013 by 6%, compared to the same month of 2012(from 35 mln euros to 32.92 mln).

The self employed income tax marked a huge decrease inJanuary 2013, falling from 14.76 mln euros in January 2012 to3.06 mln.

The special contribution of the public and private sectorincreased by 3.13 mln euros or 918% (from 340,506 euro inJanuary 2012 to 3.47 mln in January 2013).

On the other hand, the capital gains tax decreased by 38%in January 2013 compared to January 2012 (from 3.95 mlneuros to 2.43 mln).

The total collections at the IRD decreased by 351,757 eurosdue to a decrease of 9% in the stamp duty, and by 111,153euros due to a 13% decrease in immovable property tax (from866,236 euros in January 2012 to 755,083 in January 2013).

Property sales reach €1.9 blnProperty sales in 2012 were of a total value of 1.9 bln euros,

of which 571 mln was recorded in the fourth quarter of theyear, data released by the Department of Lands and Surveysshow.

The total value of voluntary property sales reached 1.9 blneuros whilst the value of forced sales came to 10.2 mln euros.

Data on the fourth quarter of the year show that the value

of voluntary property sales came to 568.6 mln euros, whilstforced sales were 2.34 mln. The number of cases for the entireyear was 10,846 voluntary and 184 forced sales, of which2,968 and 60, respectively, were in the fourth quarter.

During 2012, a total of 101,896 property registrationcertificates were issued, 24,565 of which during the fourthquarter of the year.

Total to start offshore drilling for natgas in 2014French energy giant Total is expected to start drilling for

natural gas exploration off the Cyprus coast some time in2014, while the construction of a gas terminal should beginin early 2015.

Total secured two blocks in the Cyprus ExclusiveEconomic Zone earning a license fee of about 100 mln eurosto the cash-strapped government that is facing a runawaypublic sector debt of about 17 bln euros and has sought abailout from international lenders.

It is also one of the biggest companies worldwide with amajor experience in deepwater drilling and one of the keyplayers in the trading of natural gas.

Pierre Olinger, the company’s vice president for theMiddle East, signed two production sharing agreements withthe outgoing Trade Minister Neoclis Sylikiotis on Wednesday,saying that Total will pay 24 mln euros for the signing rightsand present its initial plans on how it will proceed with seis-mic research and later on with drilling in Blocks 10 and 11.

Total said it may also explore for crude oil.The two gasfields are adjacent to U.S. Noble Energy’s ini-

tial find of about 7 trln cubic feet in potential reserves in theAphrodite gasfield, where a second exploration drill is expect-ed over the next two months in cooperation with Israeli part-ners Delek and Avner.

Sylikiotis said that Noble has been granted permission topresent the data which it has gathered from the Cyprus plotto other companies, such as Total, Italy’s ENI and Australian

Woodside that has bought 30% of the rights of the IsraeliLeviathan field, which borders the Cyprus EEZ.

ENI partnered with Korea’s Kogas to explore for hydrocar-bons in blocks 2, 3 and 9.

Sylikiotis also said that the Cyprus state-owned oil and gascompany, KRETYK, is going ahead with the proposals of inter-est for an international economic advisor that will set up aninvestment plan and start negotiations with the companies thathold exploration licenses, with buyers and for presale contacts.“These are expected to proceed during the next two years sothat we will be able at the beginning of 2015 to say that the con-

struction of the terminal is getting underway,” he noted.Sylikiotis said earlier this month that over the next three

years, up to ten exploratory drillings will take place, and thatin the meantime the infrastructure must be prepared for thecommercial exploitation of the hydrocarbons, which trans-lates into thousands of jobs in the energy and other sectors.

He also referred to the financial and political benefits fromthe exploitation of hydrocarbons and cooperation with coun-tries such as the US, France, Italy, Israel and South Korea,and the prospect of becoming a regional energy hub.

Total’s Middle East President for oil exploration and pro-duction Arnaud Breuillac said on February 7 that the Totalgroup has the relevant expertise in terms of deep-water explo-ration and the development of large off-shore projects to fullyexplore and develop the potential oil and gas reserves, notingthat the two blocks actually fit in very well with the newexploration strategy of Total, which is aiming at going fornew places in uncharted territories.

He had said that Total would be doing seismic work on thetwo blocks, specifically 2-D seismic on block 10 and 3-D seis-mic on block 11.

Asked if Total would be drilling for oil first, Breuillac said“we are actually not sure at this point in time for exactly whatwe are going to be drilling but, we are going for two differentplans on the two blocks and so we actually might be drillingfor oil or for gas,” adding that it was “a bit too early to say butthe possibility of oil is considered.”

Services sector drags business confidence down

February 27 - March 5, 2013

financialmirror.com | CYPRUS | 5

The Business Climate Index fell by 0.2 points inFebruary, compared with January 2013, with thedecrease attributed mainly to the worsening of the cli-mate in the services sector, according to data from theUniversity of Cyprus Economic Research Centre.

However, the monthly Business and ConsumerSurvey conducted in cooperation with the EuropeanCommittee found that the retail trade, as well as manu-facturing and consumer confidence indicators, showedan improvement. The business climate in constructionremained negative.

According to the Economic Research Centre, theworsening of the services indicator was the result of thenegative assessments on behalf of the businessesregarding demand and their economic situation in thelast four months, as well as due to their estimates forworsening of demand prospects for the next four

months. The improvement of the consumer indicator was due

to the less negative expectations for the economic situa-tion of households and Cyprus in general, over the next12 months.

It also noted that the Economic Sentiment Indicatorcontinues to be at low levels, due to the increased eco-nomic uncertainty, which prescribes a continued con-traction in economic activity in the coming months.

As regards unemployment, research shows althoughthere has been some improvement, the vast majoritystill expects an increase in the number of unemployedin the next 12 months.

Compared with January, most consumers said thatthe time is not suitable for major purchases, whileslightly more people said the chance to make savingsover the next twelve months is increased.

Cyprus gas and the Cyprus problemHow the two interact

The PRIO Cyprus Centre presents its new report tonight entitled“The Cyprus Hydrocarbons Issue: Context, Positions and FutureScenarios”, by Ayla Gürel, Fiona Mullen and Harry Tzimitras.

Recognising that the hydrocarbons issue is a complex one withmanifold aspects, the report sets the topic within the geological, geo-graphical, legal, political and economic contexts.

It outlines the positions of the various parties and concludes witha number of scenarios on developments on the Cyprus problem andhow this will affect gas exploitation.

The report will be launched in the buffer zone at the Home forCooperation (just past Ledra Palace) tonight at 6pm, followed by awine reception.

The event is open to the public. PRIO reports that there has beena strong response to invitations so advises early attendance.

Bounced cheques peak at €1.7 mln, up 120%

The amount of bounced cheques in the market more than dou-bled to 1,704,062 euros at the end of 2012, up 120% from 773,968euros a year earlier and 390,607 at the end of 2011.

According to the central informational registry at the CentralBank of Cyprus, the number of outstanding cheques in January2013 reached 448, with 228 names of individuals or legal entitiesadded to the list last month.

Names are added to the registry “black list” if at least threebounced cheques have been issued and if the total amount exceeds2,000 euros. To be removed from the registry, three years have topass or at least 12 months from the issue of the last bounced chequeand its settlement in full.

Are the moneylaundering accusations affecting tourism?German tourists stay away in January

Tourism got off to a bad start in January, with the number oftourists diving by 11.2% over the year earlier to 42,286, comparedwith 47,610 in January 2012.

The figures are not as complete as usual and the StatisticalService notes that these numbers are based on estimates.

This makes one wonder if the money ran out to pay the tempo-rary workers who normally conduct the passenger survey. LastMarch there was no passenger survey because parliament had notapproved the budget for these workers.

Among the large markets, for which data are available, the biggestslump was from Germany, with a drop of 52.5% to 2,905. Tourismarrivals from Germany have fallen by an average of 45.8% sinceNovember, around the time that German papers started to accuseCyprus of being a moneylaundering centre—a charge which thegovernment rigorously denies—and German politicians declaredthat they did not want to bail out tax-evaders.

This raises the question of whether the bad publicity has also dis-suaded Germans from spending money in Cyprus.

Arrivals from the UK fell by 4.7% to 15,291 in January 2013. There was an increase of 1.9% to 8,030 in arrivals from Greece

and a 14% increase to 3,930 in arrivals from Russia, though this paceof increase was also slower than in recent times.

Fiona Mullenwww.sapientaeconomics.com

Industrial turnover down 2.8%in NovemberConstruction input prices ease

Industrial turnover dropped by 2.8% over the year earlier inNovember to reach 116.1 (base 2005=100), according to theStatistical Service.This was less than the 11.3% recorded drop inindustrial production for November.

Manufacturing turnover fell by 1.8% in the same period. In January-November 2012 industrial turnover fell by 2.2% com-

pared with the same period of the previous year.Meanwhile, the cost of construction eased in January, with prices

of construction materials dropping by 0.1% compared withDecember 2012. Compared with January 2012 construction materi-als prices fell by 1.6%.

G20 anti-corruption wants more actionThe Group of 20 Anti-Corruption Working Group (ACWG)

meeting in Moscow has been discussing the G20 Anti-Corruption Action Plan for 2013-2014, demanding that theremaining three G-20 countries – Germany, Japan and SaudiArabia – ratify and fully implement the United NationsConvention Against Corruption (UNCAC).

“Without fully implementing the UNCAC, a country cannot comply with the recommendations of the Financial ActionTask Force (FATF), the inter-governmental body developingand promoting policies to combat money laundering and ter-rorist financing,” explained Andreas Frank, CEO of FrankConsultancy Services in Switzerland.

Cyprus has ratified UNCAC on February 23, 2009.By approving the Anti-Corruption Action Plan 2013 –

2014, the G-20 agreed that the remaining three G-20 coun-tries will ratify and fully implement the UNCAC as soon aspossible.

“G-20 countries will lead by example in enhancing thetransparency and inclusivity of their UNCAC reviews,” theworking group said in a statement, adding that “recognisingthe importance of our commitments to tackle foreign bribery,and promoting effective enforcement of legislation againstdomestic and foreign bribery is critical to tackling corruption.”

The ACWG meeting also stated that “within the commit-ment to pursue those who receive and solicit bribes as well asthose who pay them, and to deny safe haven to the proceedsof corruption and to facilitate asset recovery, we will furtherstrengthen our efforts to combat money laundering.”

The task force also decided to deny entry and safe haven injurisdictions to corrupt officials and those who corrupt them,to support the recovery of proceeds of corruption stowedabroad, and that the G20 countries that do not already have

whistleblower protec-tions must enact andimplement suchwhistleblower protec-tion rules.

A statement issuedby the G-20 FinanceMinisters and CentralBank Governors Mee-ting in Moscow said thatanti-corruption authori-ties should be allowed tooperate free from undueinfluence and providedwith proper independ-ence. They should alsopromote integrity,transparency, accounta-bility and the preventionof corruption in thepublic sector, includingin the management ofpublic finances.

“Business is animportant stakeholderin anti-corruptionefforts and transparencywithin the private sectoris critical,” the state-ment concluded.

The G-20 meetingsaid members remaincommitted to the full,timely and consistentimplementation of theinternationally agreed financial sector reforms, and “reiteratetheir willingness to strengthen the oversight and regulation ofthe shadow banking sector.”

In the tax area, the G-20 welcomed the OECD report onaddressing base erosion and profit shifting and acknowledgedthat an important part of fiscal sustainability is securing rev-enue bases.

The G-20 reiterated their commitments and encouragedthe FATF to continue to pursue all its objectives, and notablyto continue identifying and monitoring high-risk jurisdictionswith strategic Anti-Money Laundering /Counter-TerroristFinancing (AML/CFT) deficiencies.

At the G-20 meetings, the members regularly reconfirm

that the fight against money laundering has top priority, hold-ing itself accountable for its commitments and wows to leadby example.

According to the Basel AML index, the G-20 AML/CFTcommitments are mere lip service. The index assigns the G-20 an average ML/FT risk score of 5.42 which puts the G-20in the ranking of 144 on place 94 together with Uzbekistanand Belarus.

Even taking into account that the country comparisonsbased on FATF-style mutual evaluations may lead to wrongconclusions the individual rankings of the twenty G-20 statesgive an appalling impression of the state of implementationand enforcement of the FATF’s AML/CFT recommendations.

Why is it that the communists in Cyprus and therest of Europe are such sore losers?

The ink from Sunday’s presidential electionresults had hardly dried and an uncoordinatedcampaign quickly got underway criticisingPresident-elect Nicos Anastasiades’ every move.The silliest statement came from one commentatorsaying that the election winner was wrong to call apress conference and to give a brief statement tothe foreign press … in English!

Actually, this was probably one of the wisestfirst moves by the new leader who used everymedia available to him to convey the message to

European partners and international lenders thathe remains committed to the bailout plan, as harshas the austerity measures may be.

There was also some patting on the back sayingthat Akel’s candidate, Stavros Malas, had cam-paigned with ethos and introduced a new standardto Cyprus politics. Does this mean that by Akel’sown admission, it’s party leaders and spokesmenare unethical?

Then came the loony party, also known as theEuropean Left that said it was “very concernedabout the election of a right-wing president, ‘manof confidence’ of European leaders, at the head ofthe Republic of Cyprus.”

“His lack of clear vision concerning the militaryoccupation of northern Cyprus by Turkey, his pro-NATO position in a very tense geopolitical area,

and his assumed submission to the injunctions ofthe troika are very serious” the EL said.

It added that following the discovery of a majornatural gas field, the victory of a right-wing to theservice of employers poses a threat to the energysovereignty of the people of Cyprus and to the eco-nomic development of the country.

Do they know something that we don’t? And finally, EL also saluted outgoing President

Demetris Christofias, “who did everything, facingthe crisis, to protect social rights and the sover-eignty of the people of Cyprus”.

No mention of rising unemployment, single-handedly destroying the banking sector and theisland’s credibility, while not taking any responsi-bility for the handling of the worst peacetime dis-aster this land has ever witnessed.

EDITORIAL

SORE LOSERS: Leftists of the world, unite!

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February 27 - March 5, 2013

6 | OPINION | financialmirror.com

Russian lawmakers gave initial backing onFriday to legislation that would prevent seniorofficials holding bank accounts or stocksabroad, a move by Vladimir Putin to show heis tackling corruption.

If approved by both houses of parliamentand signed by the president, the package oflaws will give deputies and other state officialsthree months to decide whether to close for-eign accounts and sell stocks abroad - or quit.

The measures, approved in the first of threereadings in the State Duma lower house, areintended by Putin to demonstrate he is tryingto clean up Russia’s image and reduce theflight of tens of billions of dollars a year in cap-ital abroad.

Critics say the steps planned are cosmeticand populist, and will do little to reduce capitalflight. But the Kremlin hopes they will liftPutin’s ratings, which sank last year after thebiggest protests since he first rose to power in2000.

“Recent opinion polls ... show nationwidesupport for the president’s initiative,” saidIrina Yarovaya, a senior member of Putin’sUnited Russia party who heads the StateDuma’s committee for security and fightingcorruption.

“Within three months all officials listed inthe law must make a decision - either theycontinue their work in public office, but closeall accounts and settle all matters related tosecurities, bonds and so on - or leave theirstate jobs.”

Most Russians would not be affected by thelaws, which apply to senior state and regionalofficials, lawmakers, judges, prosecutors, exec-utives at state-owned companies and mem-bers of the central bank board.

But it would send a signal to the many vot-ers who are sceptical that Putin is serious

about reining in state officials in a countrywhere corruption is widely perceived as rife.

Many Russians regard foreign accounts as apotential place to conceal bribes or other ill-gotten gains, although deputies have repeated-ly denied such accusations.

“These bills are aimed at solving one veryimportant task - the fight against corruption,”said Garry Minkh, Putin’s envoy to the StateDuma.

TAKING ON THE OPPOSITIONUnder the planned new law, immediate

family members aged over 18 would also beobliged to give up their foreign investments,but ownership of real estate abroad is notbarred as long as it is declared.

The legislation seeks to take the wind out of

the sails of protesters who for 14 months haverallied behind slogans denouncing Putin andthe “swindlers and thieves” they say surroundthe president.

Keeping money in Russia is also beingpainted as a patriotic duty by Putin, whoserhetoric has often been fiercely anti-Westernsince he returned to the Kremlin last May.

Central bank chief Sergei Ignatyev said thisweek that almost $50 bln was sent abroad ille-gally last year - about 2.5% of GDP - and thatmuch of it was controlled by a single group ofpeople he did not identify.

Russia ranks 133rd, alongside Hondurasand Guyana, out of 174 states in TransparencyInternational’s 2012 Corruption PerceptionIndex. It is under particular internationalscrutiny as it chairs the Group of 20 nations

this year and has pledged to push forward theeconomic forum’s anti-corruption agenda.

In a sign of the sensitivity of the issue, amember of Putin’s party gave up his parlia-mentary seat last week after anti-corruptionbloggers published documents showing hisname on the deeds of three apartments inFlorida.

Vladimir Pekhtin, who had headed thelower house’s ethics committee, said theapartments, which have a combined value ofabout $2 mln, were owned by his 35-year-oldson Alexei.

It would not be illegal for Pekhtin to ownthe property abroad, but his critics say he didnot include the apartments in declarations hemade for the State Duma on his income andproperty holdings.

Duma backs law limiting o’seas investments

February 27 - March 5, 2013

financialmirror.com | COMMENT | 7

Kremlin eyes seats on central bankThe Russian government may gain rep-

resentation on the board of the Bank ofRussia as part of an overhaul of the regula-tion of financial markets, the Interfax newsagency quoted a source as saying onTuesday. Such a proposal is being consid-ered under reforms to unify financial regu-lation being overseen by First DeputyPrime Minister Igor Shuvalov, although“there are a lot of opponents”, Interfaxsaid, citing its source.

“Bearing in mind that government func-tions are being transferred to the centralbank, there is an idea to introduce to theboard of the central bank one or more gov-ernment representatives to exercise over-sight,” the source added.

Any high-level government representa-

tion at the central bank is likely to raiseserious concern over the institution’s inde-pendence at a time when the Kremlin iscomplaining that high interest rates arechoking off Russian economic growth.

Central bank Chairman Sergei Ignatyev,who favours a tight rein on monetary poli-cy, retires in June and speculation ismounting that President Vladimir Putinwill nominate a successor more in tunewith his desire to boost flagging economicgrowth.

Political influence over central banks isspreading across ex-communist easternEurope as leaders resort to pro-growth poli-cies to shake off the after-effects of the2008-09 slump.

Hungarian Prime Minister Viktor Orban

has led the way by filling his country’s cen-tral bank with appointees favouring his eco-nomic policies, a move that critics say isundermining independence.

Shuvalov, who is pushing the project tohouse a financial ‘mega-regulator’ underthe roof of the central bank, has been one ofthe government leaders who has calledmost vocally for interest rate cuts. Hisspokesman had no immediate comment onthe Interfax report.

The central bank’s policy-making boardhas 11 members and is dominated byorthodox economists including FirstDeputy Chairman Alexei Ulyukayev,Ignatyev’s most senior deputy, and DeputyChairman Sergei Shvetsov, responsible formarket operations.

America’s Sequestered RecoveryBERKELEY – The United States is confronting another round

of cuts in federal government spending, this time threatening totrim at least 0.5 percentage points from GDP growth and to pre-cipitate a loss of at least one million jobs. Automatic across-the-board spending cuts, the so-called “sequester,” would reducespending by $85 billion, with defense programs cut by about 8%and domestic programs by about 5% this year – and with addi-tional cuts of comparable dollar amounts every year until 2021.

All major government functions – national security, foreignaid, basic research, emergency relief, and education, to name afew salient examples – would experience an immediate and size-able funding hit. These cuts, along with the tax increases agreedto in January, would knock about 1.25 percentage points off 2013GDP growth, consigning the economy to another year of tepidrecovery and disappointing job gains.

The real aim of the sequester’s advocates is a smaller federalgovernment – a goal that often is cloaked in the argument thatexcessive government spending is choking economic growth.Although this is a politically compelling argument, because itstokes public fears about an out-of-control deficit, it flies in theface of the facts.

Anemic government spending, not profligacy, has been amajor factor behind the economy’s lackluster recovery. Accordingto a recent report by the Congressional Budget Office, largespending cuts by state and local governments – and, more recent-ly, a significant reduction in federal spending – have contributedto the unusual and prolonged weakness of aggregate demand.

In recent speeches, US Federal Reserve Chairman BenBernanke and Vice Chair Janet Yellen have described fiscal poli-cy at the local, state, and federal levels as a powerful headwindslowing the economy’s return to full employment. In the yearafter the recession ended, discretionary spending at the federal,state, and local levels boosted growth at about the same pace asin previous recoveries.

But, since then – and in sharp contrast to previous recoveries– fiscal policy has become contractionary, reducing aggregatedemand and restraining growth. State and local governmentshave cut spending and payrolls significantly. And federal pur-chases of goods and services have been declining since 2010,when the temporary additional spending in the 2009 stimuluspackage came to an end.

Even without the sequester, real per capita governmentspending (including both purchases and transfer payments) hasdeclined under President Barack Obama, while it increasedunder every preceding president since Richard Nixon. (Indeed,per capita spending growth was much faster under theRepublican administrations of Ronald Reagan and George W.Bush than it was under Democratic Presidents Jimmy Carter andBill Clinton.) And, even without the sequester, the federal budg-

et deficit is set to fall at a faster pace during the next two yearsthan in any two-year period since demobilization after WorldWar II.

As a result of a deep and persistent deficiency in aggregatedemand, the US economy has been operating far below itspotential output level. Real GDP fell by 8% relative to its nonin-flationary potential in 2008-2009, and has remained about 8%below its previous growth path ever since.

This translates into about $900 billion of foregone goods andservices this year alone – a tremendous waste reflected in anunemployment rate of 7.9% and a poverty rate of 15%, signifi-cantly higher than the average of the past 30 years. And the wasteaccumulates over time: the longer the economy operates farbelow its capacity, the slower the growth in its future capacity asa result of diminished risk-taking, foregone investment, and ero-sion of the skills base.

The significant loss of current and future potential output isall the more remarkable, because it has occurred despite a sus-tained and unprecedented effort by the Fed to boost demand andhasten the recovery. Fed officials have repeatedly expressed con-cern that the prolonged weak recovery will inflict future pain inthe form of slower long-run growth.

Motivated by this concern, the Fed has held the nominalshort-term interest rate near zero – its effective lower bound – for

more than five years, with a promise to keep it there until 2015,and has been purchasing about $1 trillion of long-term govern-ment bonds each year. As a result, the nominal yield on the ten-year Treasury bond, a widely used measure of the federal govern-ment’s borrowing costs, hovers around 2%. That is higher thanthe record low of 1.4% hit in 2012, but less than half the pre-2008 level and less than a third of its 40-year average. In realterms, both short-term and long-term interest rates remain innegative territory.

Recent research has found that the multiplier for discre-tionary fiscal policy – the change in output caused by a changein discretionary government spending – is larger when nominalinterest rates are low and there is a significant amount of under-utilized resources. These conditions describe the US economy asit faces yet another round of government spending cuts thatwould have negative multiplier effects on GDP and job growth.

Indeed, these effects are likely to be larger than expected com-pared to conventional multiplier estimates, which rest on twoassumptions: the economy is close to full employment; and thecontraction in demand caused by a cut in government spendingwill be offset by a drop in interest rates. Neither assumptionapplies today.

Even worse, the sequester’s across-the-board spending cutsmake no distinction between effective and essential programsand programs that represent special interests or have outlivedtheir original purpose. Such arbitrary cuts are likely to inflictmore damage on the economy than sensibly targeted cuts of thesame magnitude.

The sequester is the product of ideology and political stale-mate. It has no economic justification. In the long run, addition-al targeted spending cuts will be necessary as part of a balancedpackage to stabilize the debt/GDP ratio. But they are not neces-sary now. Indeed, by endangering the economy’s halting recov-ery, they would be counterproductive.

Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley.

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

Transatlantic Trade-OffsLONDON – Almost two decades after the idea was first moot-

ed, the United States and the European Union have agreed tobegin negotiating a Transatlantic Trade and InvestmentPartnership (TTIP). The partnership’s launch – which shouldoccur at the beginning of 2015 – has been presented as a much-needed “deficit-free stimulus” that would boost US and EU GDPby 0.5% annually, while helping to increase employment on bothsides of the Atlantic.

While both parties aim to eliminate remaining tariffs on bilat-eral trade, they are particularly eager to reduce the thicket of non-tariff barriers – mainly competing technical and sanitary stan-dards and regulations – that have stifled development of the bilat-eral economic relationship. Closer regulatory cooperation mayalso help the US and the EU to confront what business leadersview as increasingly unfair competition from China both at homeand abroad.

But can the TTIP live up to the hype? Tellingly, the High-LevelWorking Group on Jobs and Growth, which was tasked with iden-tifying the policies and measures that should define the negotia-tions, has recommended a more conservative approach.

Indeed, the Group’s final report, released earlier this month,states that the agreement “should be designed to evolve overtime,” moving “progressively toward a more integrated transat-lantic marketplace.” Specifically, the group recommends estab-lishing “an on-going mechanism for improved dialogue andcooperation” on regulatory issues and non-tariff barriers, as wellas a “framework for identifying opportunities for…future regula-tory cooperation.”

Such caution is warranted, given that some of the main prin-ciples that drive the two parties’ regulatory approaches are vastlydifferent – and sometimes at odds with one another. For exam-ple, the EU has long been committed to the “precautionary prin-ciple,” which prevents products that may harm human healthfrom entering the EU market – even if the scientific evidence isnot yet conclusive.

This principle underpins the EU’s refusal to import genetical-ly modified (GM) foods from the US, where they are widely con-sumed. But senior members of the US Congress have stressed

that a successful agreement must include opening the EU mar-ket to all US agricultural products.

Another potential area of contention – conflicting notions ofpersonal privacy – could inhibit the two sides’ ability to accom-plish their shared goal of opening up the digital market. In recentweeks, major US technology companies, including Google andFacebook, have been accused of aggressively lobbying the

European Parliament to suspend plans to intensify privacy rulesin the EU.

A third challenge is rooted in Europe’s deeply held skepticismof financial markets. The day after US President Barack Obamaannounced the launch of the TTIP negotiations, the EuropeanCommission released its blueprint for a Eurozone FinancialTransaction Tax that would impose new costs on US banks oper-ating in EU markets.

Other cases in which barriers to transatlantic trade and invest-ment conceal conflicting objectives and deep-rooted attitudesinclude France’s protection of its cherished audiovisual sectorand America’s desire to continue to block European penetrationof its iconic airline industry.

Negotiators will also have to overcome significant structuralobstacles. As the European Commission struggles to secure aclear negotiating mandate from all 27 member states, the US willface its own internal coordination problems.

European countries succeeded in creating the Single Marketin 1992 not by harmonizing all of their standards and regulations,but by agreeing to recognize one another’s. If a product isapproved for sale in one EU member state, it is considered safeenough to be sold in another. A similar policy of “mutual recog-

nition” could be the key to successful US-EU trade negotiations,but only if both parties can overcome the biases that are built intotheir regulatory and political systems.

Such barriers are particularly pronounced in the US, whereCongress oversees the legal framework within which federal reg-ulatory agencies – such as the Environmental Protection Agencyand the Food and Drug Administration – operate. Not only do theUS administration and its federal agencies have to accept that asafety standard established and tested in Frankfurt or Athens isequivalent to its US counterpart; congressional committees mustagree. For its part, the EU would have to reconsider, for example,its policy on GM foods.

The EU overcame national biases to establish the SingleMarket by instituting a process of legally binding qualified major-ity voting, whereby individual member states could be outvotedon specific regulations. But such an approach cannot be replicat-ed to break the inevitable logjams of transatlantic regulatorynegotiations.

Faced with such significant obstacles, it is not surprising thatthe High-Level Working Group has settled on a more modestmeasure of success for TTIP negotiations. But this does notnegate the partnership’s value.

Although transatlantic tariffs average only 3-5% (with higherpeaks for some sensitive products), tariff elimination would havea significant impact, given that bilateral trade totals $650 billionannually. Simplifying customs procedures and opening up mar-kets for public procurement could bring further benefits. Andestablishing a formal mechanism for transatlantic regulatory con-sultation will eventually pay off, one sector at a time.

The TTIP that is signed in 2015 may not be the revolutionaryand comprehensive agreement for which many observers arehoping. But it remains a crucial step toward a more integratedtransatlantic marketplace.

Robin Niblett is Director of Chatham House.

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

February 27 - March 5, 2013

8 | COMMENT | financialmirror.com

By Laura D. Tyson

By Robin Niblett

Building a Chinese RechtsstaatHONG KONG – A consensus is rapidly emerging within China

that the rule of law is the single most important precondition forinclusive, sustainable, and long-term peace and prosperity. So it isworth considering how the rule of law differs from China’s currentinstitutional arrangements.

The rule of law has been defined in a variety of ways, but mostauthorities agree on certain key characteristics. As Kenneth W.Dam of the University of Chicago formulates it in his book TheLaw-Growth Nexus, the rule of law excludes secret law and legalimpunity, while protecting individuals from legal discriminationand enforcing rules that favor them to their benefit.

Thomas Bingham, former Lord Chief Justice and Senior LawLord of the United Kingdom, proposed a somewhat more expan-sive, though clearly compatible, definition. For Bingham, the lawmust be accessible and – insofar as possible – intelligible, clear, andpredictable. Everyone should be governed according to law, insu-lated from the personal discretion of those in power, and legal dis-putes should be resolved without prohibitive cost or inordinatedelay. There should be equality before the law, together with ade-quate protection of fundamental human rights.

Moreover, state power should be exercised reasonably, in goodfaith, and for the purposes for which it was conferred, with inde-pendent courts and judicial review of legislation ensuring that gov-ernment does not exceed the limits of its authority. The courts andother official adjudicative bodies should provide fair procedures.And the state must comply with its obligations in international law.

The rule of law cannot be built overnight. In England, the com-mon-law tradition evolved over hundreds of years through thou-sands of legal cases in which local lawyers, judges, and juries playedkey roles. In Continental Europe, meanwhile, the rule of lawappeared in the form of the civil-law tradition, which originatedfrom Roman and Napoleonic codes that were revised periodicallyin response to regime change and revolution.

Under both traditions, the rule of law requires a living body ofrules and practices that adapts to changes in values, institutions,practices, expectations, and behaviors in a complex social system.This may be why Alexis de Tocqueville’s The Old Regime and theRevolution is widely read today in Beijing.

Over the last 30 years, China, which adopted the civil-law tra-dition, has advanced rapidly along the path of rule by law, enactinglaws and regulations similar to those in the West. It now enforcesrules, regulations, and property rights for real estate and otherassets, for starting a business, for employment, and for internation-al trade and investment – all of which has made China’s econom-ic rise possible.

But, as China’s economy and society advance, engagementwith global markets and growing awareness of rights have causedexpectations to change faster than the law and judicial practices.The Chinese people are no longer satisfied with rule by law and are

demanding an end to systemic corruption, inadequate land rights,discrimination against migrant workers, state-owned enterprises’privileged position, and weak protection of intellectual property.

Will China be able to establish the rule of law as it is understoodand practiced in the West and elsewhere in Asia?

In the absence of an independent judiciary, legal disputes inChina are often resolved administratively, which means that dis-cretion and lack of due process are a constant danger: as theChinese saying goes, it is easy for someone to catch fish in mud-died waters. This is why a key Confucian principle holds that onecannot rule the state without exercising discipline over oneself.

Indeed, it is unclear whether a judiciary that is independent ofthe Chinese Communist Party can be developed, or how the CCPshould separate itself from the government machinery. As PekingUniversity law professor He Weifang has asked, should the CCPfirst subject itself to the Chinese constitution?

China faces a long journey in building the rule of law, andsequencing that journey requires a holistic understanding of the

role of the CCP. That role partly reflects the CCP’s birth in 1921 outof the violence and chaos that followed the collapse of the QingDynasty nine years earlier, as well as the three decades of civil warand Japanese colonization that intervened before the party tookpower in 1949.

That legacy has shaped a deep aversion to the chaos arisingfrom war and civil strife, and drove the CCP under Zhou Enlai toseek growth and stability through the “Four Modernizations” ofagriculture, industry, national defense, and science and technolo-gy. Over time, the CCP has demonstrated its willingness to changeits institutions, policies, style of operations, and short-term objec-tives in order to advance its core mission of building a modernChina.

Outside observers often forget that reform in China involveschanging the oldest, largest, and most complex bureaucracy in theworld. Over the last few decades, the CCP has succeeded in build-ing the hard physical infrastructure of a modern state, but the cre-ation of the soft infrastructure – institutions and practices consis-tent with the rule of law and representative government – is onlybeginning.

Given China’s past experience, we are likely to see a period ofinstitutional innovation, characterized by marginal changes lead-ing to a system of checks and balances on the exercise of statepower. This will require orchestration from the top and experimen-tation at the bottom.

Nowadays, the proliferation of social media both facilitates thattask and makes it more urgent. Successful models and effectivepolicies can be shared and emulated more easily than ever, whichwill persuade more people than ever that there is no alternative tothe rule of law if China’s modernization is to continue.

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

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

February 27 - March 5, 2013

financialmirror.com | COMMENT | 9

Renewing the South Korean MiracleSEOUL – South Korea’s incoming president, Park Geun-hye,

takes over a country that has been a global role model for econom-ic development. But, with the economy slowing, it has become amodel in need of renewal.

The so-called “Miracle on the Han River” took root with thereforms initiated by Park’s late father Park Chung-hee, the coun-try’s ruler for much of the 1960’s and 1970’s. A measure of SouthKorea’s success is that it was the first country to make the transi-tion from being a recipient of OECD aid to becoming a donor, withper capita GDP today exceeding $30,000 (in purchasing power par-ity terms).

But the growth formula that long underpinned South Korea’ssuccess – a form of state-guided capitalism that focuses on export-led manufacturing – is no longer working for many SouthKoreans. GDP has nearly tripled over the past 20 years, but, withreal wages rising at less than half this rate, growth has becomedecoupled from the fate of ordinary citizens.

More than half of middle-income households spend more eachmonth than they earn. The signs of social distress are multiplying.South Korea’s divorce rate has doubled, fertility rates have fallen tothe fourth lowest among advanced economies, and the suicide rateis the highest in the OECD.

South Korea is troubled for two key reasons. First, althoughsome parts of the economy reached advanced industrialization inrecord time, other parts (and institutions) are struggling to catchup. Manufacturing conglomerates such as Hyundai, LG, andSamsung have morphed into highly productive global giantswhose growth creates fewer high-quality jobs at home than before.Employment at the country’s largest companies is falling, and theshare of South Korean jobs at such companies has dropped by one-third since 1995.

But South Korea does not have a well-developed service sectorto provide a new source of high-paying jobs. Worse, service indus-tries are falling further behind large manufacturers in terms of pro-ductivity and wages.

This leads to the second challenge: the dire financial straits ofmiddle-income households. Many families now face stagnatingwages, owing to the kinds of jobs now available, but are determinedto cling to a lifestyle that they can no longer afford. Families withchildren are engaged in an escalating “educational arms race,”devoting large shares of their income to private education and

tutoring to prepare children for entrance to elite universities and ashot at a secure job at a major corporation.

Middle-income families also insist on buying homes, despitethe highest multiple of home price to income among advancedeconomies and a housing-finance system that imposes high bor-rowing costs. South Korean women still drop out of the labor forcewhen they marry or have children; only 38% of families have twowage earners (half the OECD average).

One of the most pernicious effects of the squeeze on middle-income households and the cost of the educational arms race is avoluntary one-child policy that has reduced the country’s fertilityrate to 1.2 births per woman, among the lowest in the industrial-ized world. The population is aging at an accelerating rate, and thenet flow of working-age citizens into the labor force has turnednegative.

Without action, the economy faces the threat of declining con-sumption and even shrinking output. South Korea badly needsmeasures to relieve the stresses on middle-income finances and anew growth formula based on a globally competitive service sectorand entrepreneurial small and medium-size (SME) businesses thatcreate well-paying jobs.

Major reforms are necessary to help middle-income familiesescape crushing monthly payments for housing and education.Housing payments are higher because mortgages are of shortduration (an average of ten years) and tight loan-to-value restric-tions force borrowers to seek additional higher-cost loans from sec-ond-tier deposit institutions and non-financial companies.

These conditions need to change. Because banks would needto accept higher risk, a secondary market for mortgages is neces-sary. Policymakers should also consider measures to reducedemand for home ownership, including relaxing regulations on

investment by insurance and other companies in residential hous-ing, thereby creating better rental choices for middle-incomehouseholds.

South Korea also needs to improve its public schools, particu-larly at the secondary level, and significantly upgrade vocationaltraining. Families invest in private education because they fear thatthe public education system will not get their children into eliteuniversities and good jobs. “Meister” high schools, introduced in2010 specifically to prepare young people for high-skilled jobs, area positive step.

Aggressive development of services – such as transport, retail,and restaurants, which today are dominated by low-productivity,low-paying local businesses, many run by sole proprietors – isanother imperative. South Korea has excellent opportunities tobuild up health-care services and to compete in the global medical-tourism business. Other tourism, too, can expand to take fulleradvantage of cultural and sports attractions. In financial services,the government should aim to produce 3-4 regional champions.

Finally, Koreans must relearn the entrepreneurialism that builtthe chaebol, the family-owned industrial conglomerates that pow-ered the economy’s development. Today, South Korea has manysmall, family-owned businesses, but few entrepreneurs.

Fostering a more dynamic, innovative SME sector that will pro-duce tomorrow’s globally competitive large companies requiresremoving disincentives to growth, such as the inheritance-taxexemption for family-owned businesses, which rewards owners forkeeping their businesses small. A bankruptcy system that allowsentrepreneurs to survive the inevitable failures that accompanyinnovation, as well as stronger protection of intellectual propertyand improved access to equity finance, are also needed.

Park takes over at a pivotal point in South Korea’s history. Thenew government needs to take the pragmatic steps that can over-come the limitations of today’s economic model and save thecountry from declining growth, higher unemployment, and risinginequality. The task is no less than to achieve South Korea’s sec-ond miracle on the Han River.

Wonsik Choi is Managing Director of McKinsey, South Korea.Richard Dobbs is Director of the McKinsey Global Institute.

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

By Andrew Shengand Geng Xiao

By Wonsik Choi and Richard Dobbs

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

www.financialmirror.comAÚ. 904 ∆∂∆∞ƒ∆∏, 27 º∂µƒ√À∞ƒπ√À, 2013

To αργÞτερï σήµερα αναµένεται να ανακïινωθεί τï νέïκυâερνητικÞ σøήµα, Þπως δήλωσε ï εκλεγµένïς ΠρÞεδρïςτης ∆ηµïκρατίας Νίκïς Αναστασιάδης.

à Νίκïς Αναστασιάδης πρïøωρεί στïν σøηµατισµÞ κυâέρ-νησης µε τα κÞµµατα ∆ΗΣΥ, ∆ΗΚÃ, ΕυρωπαϊκÞ ΚÞµµα καιÃικïλÞγïυς, µιας και η Ε∆ΕΚ έøει δηλώσει πως δεν επιθυµείσυµµετïøή της στï νέï κυâερνητικÞ σøήµα, επιλέγïντας τηνπλευρά της αντιπïλίτευσης.

O κ. Αναστασιάδης έøει ήδη εêαγγείλει τïν διïρισµÞ τïυΙωάννη Κασïυλίδη ως ΥπïυργÞ Εêωτερικών και τïυ ΜιøάληΣαρρή ως ΥπïυργÞ Ãικïνïµικών.

à Ιωάννης Κασïυλίδης ήταν ΥΠΕ¥ στην διακυâέρνησηΓλαύκïυ Κληρίδη την περίïδï 09.04.1997 έως 28.02.2003.

à Μιøάλης Σαρρής διετέλεσε ΥπïυργÞς Ãικïνïµικών στηδιακυâέρνηση Τάσσïυ ΠαπαδÞπïυλïυ την περίïδï 31.08.05έως 28.02.08.

Εêάλλïυ, ï Νïµπελίστας ÌριστÞæïρïς Πισσαρίδης έøειδιïριστεί ως ï ΠρÞεδρïς τïυ Συµâïυλίïυ ΕθνικήςÃικïνïµίας.

Σøετικά µε την διεκδίκηση της Πρïεδρίας τïυ ∆ΗΣΥ æαί-νεται να παίúïυν πλέïν µÞνï τα ïνÞµατα τïν ΑâέρωæΝεïæύτïυ και Νίκïυ Τïρναρίτη, µιας και ï ΤάσïςΜητσÞπïυλïς απέσυρε τï ενδιαæέρïν τïυ, ενώ æαίνεται νααναλαµâάνει τï Υπïυργείï Παιδείας.

Τη θέση τïυ Αναπληρωτή Πρïέδρïυ διεκδικεί ï ΛευτέρηςÌριστïæÞρïυ, ενώ απïτελεί ερωτηµατικÞ µέøρι στιγµής κατάπÞσï στη µάøη αυτή θα ριøθεί και ï Ìάρης Γεωργιάδης.

ΑπÞ πλευράς διïρισµών την θέση τïυ ΚυâερνητικïύΕκπρïσώπïυ æαίνεται να αναλαµâάνει ï ÌρήστïςΣτυλιανίδης, παρά τï γεγïνÞς Þτι η αρøική τïυ πρÞθεση ήταννα αντικαταστήσει στï Ευρωκïινïâïύλιï τïν ΓιαννάκηΚασïυλίδη.

Για την θέση τïυ Υπïυργïύ Υγείας ακïύγεται έντïνα τïÞνïµα τïυ διευθυντή τïυ Ινστιτïύτïυ Γενετικής ΦίλιππïυΠατσαλή, Þπως επίσης και της âïυλευτή τïυ ∆ΗΣΥ ΣτέλλαςΚυριακίδïυ.

Βέâαιïς πρέπει να θεωρείται και ï διïρισµÞς τïυ ΙωνάΝικïλάïυ στï Υπïυργείï ∆ικαιïσύνης, πïυ µε την υπïυργï-πïίηση τïυ επανέρøεται στα έδρανα της Βïυλής η ΜαρίαΚυριακïύ.

Έντïνα ακïύγεται και τï Þνïµα της Γενικής ΕλέγκτριαςÌρυστάλλας Γιωρκάτúη για τï Υπïυργείï Εργασίας.

Τï Υπïυργείï Γεωργίας æαίνεται να καταλήγει στï ΕΥΡΩ-ΚÃ µε επικρατέστερï τïν Μιøάλη Γιωργάλλα.

Τï Υπïυργείï Άµυνας ενδέøεται να αναλάâει ï ΦώτηςΦωτίïυ, ενώ ΥæυπïυργÞς Παρά τω Πρïέδρω πρïïρίúεται ïΚωνσταντίνïς Πετρίδης διευθυντής τïυ γραæείïυ τïυΠρïέδρïυ τïυ ∆ΗΣΥ.

Τï øαρτïæυλάκιï τïυ Υπïυργείïυ Συγκïινωνιών διεκδικείτï ∆ΗΚÃ, παρά τï γεγïνÞς Þτι ï Άγγελïς ΒÞτσης απέρριψεσøετική πρÞταση.

ΕρωτηµατικÞ παραµένïυν ïι διïρισµïί στα υπïυργείαΕµπïρίïυ και Εσωτερικών πïυ τείνïυν να απïτελέσïυν εσω-κïµµατική υπÞθεση τïυ ∆ΗΚÃ.

Την ίδια ώρα µέσω τïυ ΕπιτρÞπïυ Περιâάλλïντïς, θέση ηïπïία πρïτάθηκε απÞ τï νεïεκλεγέντα ΠρÞεδρï ΝίκïΑναστασιάδη στην Ιωάννα Παναγιώτïυ, æαίνεται να συµµετέ-øïυν ïι ÃικïλÞγïι στï νέï κυâερνητικÞ σøήµα.

∂ıÓÈÎfi ™˘Ì‚Ô‡ÏÈÔ √ÈÎÔÓÔÌ›·˜ Ùσïν αæïρά τïν ρÞλï πïυ θα έøει τï ΕθνικÞ Συµâïύλιï

Ãικïνïµίας (ΕΣÃ), επικεæαλής τïυ ïπïίïυ έøει διïριστεί, ïνïµπελίστας ïικïνïµïλÞγïς ÌριστÞæïρïς Πισσαρίδης, αυτÞςθα είναι καθαρά συµâïυλευτικÞς πρïς τïν πρÞεδρï.

Ùπως δήλωσε ï κ. Πισσαρίδης είναι ένα µïντέλï τï ïπïίïέøει δïκιµαστεί σε αρκετές øώρες και δεν είναι κάτι καινïύρ-γιï. Είναι κάτι αντίστïιøï τïυ Council of Economic Advisorsτων Ηνωµένων Πïλιτειών και σε αυτÞ ηγείται πάντα ένα δια-κεκριµένï άτïµï, ανέæερε.

Πάντως τï µέγεθïς τïυ τραπεúικïύ συστήµατïς στηνΚύπρï και κατά πÞσï αυτÞ θα πρέπει ή Þøι να περιïριστεί θααπïτελέσει ένα απÞ τα κύρια θέµατα πïυ θα απασøïλήσïυντï ΕΣÃ.

H ïµάδα πïυ θα στελεøώνει τï Συµâïύλιï αναµένεται νααπïτελείται απÞ 5 έως 10 άτïµα. Τα ïνÞµατα πïυ διέρρευσανσøετικά µε την συµµετïøή τïυς στï συµâïύλιï είναι αυτά τïυCEO της Ελληνικής Τράπεúας και πρώην υπïυργïύÃικïνïµικών, Μάκη Κεραυνïύ, τïυ πρώην υπïυργïύÃικïνïµικών Τάκη Κληρίδη και τïυ πρώην υπïυργïύΕµπïρίïυ Στέλιïυ Κïιλιάρη.

Σε øθεσινές τïυ δηλώσεις ï κ. Πισσαρίδης επεσήµανε Þτιαρκετïί êένïι τïνίúïυν την ανάγκη σµίκρυνσης τïυ τραπεúι-κïύ τïµέα στην Κύπρï.

Εêέæρασε ωστÞσï την άπïψη Þτι σήµερα δεν µπïρεί ναδïθεί µία âαθιά πρïσεγµένη απάντηση επί τïυ θέµατïς καιίσως αυτή την ώρα να µη øρήúει άµεσης απάντησης.

∞‡ÚÈÔ Ë ÓÂÓÔÌÈṲ̂ÓË ‰È·‚‚·›ˆÛËΗ ειδική συνεδρία της Βïυλής των Αντιπρïσώπων για την

εγκατάσταση τïυ νέïυ Πρïέδρïυ της ∆ηµïκρατίας θα γίνειαύριï Πέµπτη 28 Φεâρïυαρίïυ, στις 5 τï απÞγευµα.

à νέïς ΠρÞεδρïς της ∆ηµïκρατίας Νίκïς Αναστασιάδηςθα δώσει τη νενïµισµένη διαâεâαίωση ενώπιïν της Βïυλής,Þπως πρïâλέπεται απÞ τï Σύνταγµα και ακïλïύθως θα πρï-σæωνήσει τη Βïυλή.

Πριν τη διαâεâαίωση, ενδέøεται να απευθύνει ïµιλία και ïΠρÞεδρïς της Βïυλής Γιαννάκης õήρïυ.

Παρών στην εγκατάσταση τïυ νέïυ Πρïέδρïυ της∆ηµïκρατίας θα είναι και ï απερøÞµενïς ΠρÞεδρïς της∆ηµïκρατίας ∆ηµήτρης ÌριστÞæιας.

ΑυτÞ πïυ συνηθίúεται, είναι Þτι πρώτα ï νέïς ΠρÞεδρïςτης ∆ηµïκρατίας και µετά ï απερøÞµενïς επισκέπτïνται τïγραæείï τïυ Πρïέδρïυ της Βïυλής πριν την ειδική συνεδρίακαι µετά Þλïι µαúί πάνε στην Ãλïµέλεια.

Ùταν ïλïκληρωθεί η ειδική συνεδρία, ï νέïς ΠρÞεδρïςτης ∆ηµïκρατίας πάει στï γραæείï τïυ Πρïέδρïυ της Βïυλής

και δέøεται τα συγøαρητήρια των Κïινïâïυλευτικών õάδων.Στη συνέøεια, σύµæωνα µε την πρακτική, ï απερøÞµενïς

ΠρÞεδρïς της ∆ηµïκρατίας πάει στï ΠρïεδρικÞ Μέγαρï,Þπïυ αναµένει τï νέï ΠρÞεδρï να καταæθάσει για να τïυπαραδώσει τα ηνία τïυ κράτïυς και να απïøωρήσει απÞ τïΠρïεδρικÞ.

£· ÌÂÈ Ù¤ÏÔ˜ ÛÙÔ ı¤Ì· Ì ÙÔ Í¤Ï˘Ì·Ã νεïεκλεγείς ΠρÞεδρïς της ∆ηµïκρατίας Νίκïς

Αναστασιάδης, σε συνέντευêη τïυ στην γερµανική εæηµερίδα“Bild”, απέρριψε τïυς ισøυρισµïύς περί êεπλύµατïς âρώµι-κïυ øρήµατïς στην Κύπρï.

Σε Þ,τι αæïρά τïυς ισøυρισµïύς για êέπλυµα âρώµικïυøρήµατïς, ï κ. Αναστασιάδης αναæέρει Þτι η Κύπρïς είναι µενµια µικρή øώρα µε ïικïνïµικά πρïâλήµατα, αλλά υπïγραµµί-úει Þτι αυτÞ δεν σηµαίνει Þτι έøει øάσει την υπερηæάνεια καιτην αêιïπρέπειά της. «Εøïυµε êεπεράσει µεγάλες πρïκλήσειςστï παρελθÞν”, δήλωσε.

Πρïσθέτει Þτι τï êέπλυµα øρήµατïς είναι ένα παγκÞσµιïπρÞâληµα και Þτι καµία øώρα δεν µπïρεί να ισøυριστεί Þτιείναι πλήρως απαλλαγµένη απÞ αυτÞ.

Ìαρακτηρίúει τïυς ισøυρισµïύς άδικïυς και υπερâïλι-κïύς και σηµειώνει Þτι υπήρêαν έλεγøïι, τα νïµικά και θεσµι-κά πλαίσια στην Κύπρï είναι στερεά και έøïυν εæαρµïστεί ïιπρïτάσεις της ΤρÞικας.

«∆εν έøïυµε τίπïτα να κρύψïυµε και είµαι απïæασισµέ-νïς να λήêει αυτή η συúήτηση» ανέæερε.

∂ÂÓ‰˘Ù¤˜ Û ƒˆÛ›· Î·È §ÔÓ‰›ÓÔ „¿¯ÓÂÈ Ë ∫∆Σύµæωνα µε διασταυρωµένες πληρïæï-

ρίες της εæηµερίδας µας, κατά την πρÞσæατηεπίσκεψη τïυ ∆ιïικητή της ΚεντρικήςΤράπεúας Πανίκïυ ∆ηµητριάδη στη ΜÞσøα µετï Ρώσï ΥπïυργÞ Ãικïνïµικών ΆντïνΣιλïυανÞæ τïυ τïνίστηκε τï ενδιαæέρïν τηςΡωσίας να επενδύσïυν στις κυπριακές τρά-πεúες και κυρίως στις τράπεúες Λαϊκή καιΚύπρïυ. à κ. Σιλïυάνïæ τÞνισε στï∆ηµητριάδη Þπως µας ανέæερε ανώτατηπηγή της Κεντρικής Τράπεúας Þτι η Ρωσία âρί-σκεται σε στάση αναµïνής για την κατάθεσητων σøεδίων αναδιάρθρωσης των δύï τραπε-úών. Η µεν Λαϊκή Τράπεúα πρέπει να καταθέ-σει τï σøέδιï αναδιάρθρωσης στα µέσαΜαρτίïυ και η Τράπεúα Κύπρïυ στï τέλïςΑπριλίïυ. Τα σøέδια πρïâλέπïυν µείωση τïυπρïσωπικïύ, κλείσιµï υπïκαταστηµάτων καιπώληση της ïντÞτητας των τραπεúών στï

εêωτερικÞ µε εêαίρεση την Ελλάδα και τïΗνωµένï Βασίλειï. Η ΜÞσøα διαâεâαίωσε τηΛευκωσία Þτι θα συµâάλει σηµαντικά στιςπρïσπάθειες ανασυγκρÞτησης τïυ τραπεúι-κïύ τïµέα στην Κύπρï και τÞνισε Þτι ευνïείτη δηµιïυργία bad bank η ïπïία θα απïρρï-æήσει τα κακά στïιøεία ενεργητικïύ των

κυπριακών τραπεúών πïυ δραστηριïπïιïύ-νται στην Ελλάδα.

Να σηµειωθεί Þτι ï ∆ιïικητής συνεøίúειτις σηµαντικές επαæές τïυ πïυ αæïρïύν τιςκυπριακές τράπεúες στï Λïνδίνï. Με âάσηπληρïæïρίες πραγµατïπïιεί πρïκαταρτικέςεπαæές µε πιθανïύς επενδυτές για τιςκυπριακές τράπεúες.

Υπενθυµίúεται Þτι ïι κεæαλαιακές ανά-γκες των τραπεúών για τα επÞµενα τρία øρÞ-νια, µε âάση την τελική έκθεση τïυ ïίκïυPimco, ανέρøïνται στα 5,98 δις ευρώ στïâασικÞ σενάριï και στα 8,86 δις ευρώ µε âάσητï ακραίï σενάριï.

Με âάση την καταρøήν συµæωνία ΤρÞικαςκαι ΚΤΚ για τï øρηµατïπιστωτικÞ τïµέα,αæïύ δïθεί τï πïσÞ ανακεæαλαιïπïίησης, ïιτράπεúες θα πρέπει να υπïâάλïυν η κάθε µιαøωριστά στην ΚΤΚ σøέδια αναδιάρθρωσης.

Σηµειώνεται Þτι η Λαϊκή Τράπεúα, η ïπïία έøεικρατικïπïιηθεί, θα πρέπει να καταθέσει τïσøέδιï αναδιάρθρωσης της µέøρι τα µέσαΜαρτίïυ και ïι υπÞλïιπες τράπεúες µέøρι τατέλη Απριλίïυ.

Τα σøέδια αναδιάρθρωσης των τραπεúώνθα τύøïυν έγκρισης απÞ την ΚΤΚ, τïΥπïυργείï Ãικïνïµικών, την ΤρÞικα και τη∆ιεύθυνση Ανταγωνισµïύ της ΕυρωπαϊκήςΕπιτρïπής. Κατά την κατάρτιση των σøεδίωναναδιάρθρωσης, ïι τράπεúες θα πρέπει ναλάâïυν υπÞψη, µεταêύ άλλων, τïν τρÞπï µετïν ïπïίï θα καλύψïυν τï κεæαλαιακÞ τïυςέλλειµµα και τι µέτρα θα λάâïυν τα επÞµενατρία øρÞνια είτε µε απïµÞøλευση είτε µεπώληση στïιøείων ενεργητικïύ είτε µε άλλαµέτρα, πρïκειµένïυ να αντλήσïυν τα κεæά-λαια πïυ øρειάúïνται, κατά πρïτίµηση απÞτïν ιδιωτικÞ τïµέα.

OÚΛ˙ÔÓÙ·È ·‡ÚÈÔ ÔÈ Ó¤ÔÈ ˘Ô˘ÚÁÔ›

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢ÂÓ ¤¯ÂÈ ‰Ôı› ·Ú¿Ù·ÛË ÁÈ· ÙȘ ¿‰ÂȘ ΢ÎÏÔÊÔÚ›·˜

Καµία παράταση δεν έøει δïθεί για ανανέωση των αδει-ών κυκλïæïρίας και η 25η Φεâρïυαρίïυ ήταν η τελευταίαµέρα για ανανέωση. Πρïς στιγµή πρïκλήθηκε σύγøυση εê’αæïρµής ανακïίνωσης πïυ εêέδωσε η Αστυνïµία Þτι τïΤµήµα Ãδικών Μεταæïρών έδωσε νέα παράταση για ανα-νέωση των αδειών µέøρι την Πέµπτη 7/3/13 και Þτι απÞ τηνΠαρασκευή 8/3/13 τï Τµήµα Ãδικών Μεταæïρών και ηΑστυνïµία θα αρøίσïυν συστηµατικïύς ελέγøïυς καικαταγγελίες ïøηµάτων, τα ïπïία κυκλïæïρïύν øωρίς ναέøïυν ανανεώσει την άδεια κυκλïæïρίας τïυς.

ΩστÞσï Þπως ελέøθη απÞ τï Τµήµα Ãδικών Μεταæïρώνκαµία παράταση δεν έøει δïθεί. ΑπÞ την Αστυνïµία διευκρι-νίστηκε Þτι επρÞκειτï για παρερµηνεία ïδηγιών τïυΥπïυργείïυ για τï θέµα, Þτι δεν έøει δïθεί παράταση καιισøύïυν τα Þσα έøïυν ανακïινωθεί απÞ τï Υπïυργείï.

Με âάση τα επίσηµα στïιøεία, απÞ τις 675,000 άδειεςκυκλïæïρίας γύρω στις 70,000 κάθε øρÞνï δεν ανανεώ-νïυν. Μέøρι στιγµής ανανέωσαν ïι 400,000 άρα 200,000ακÞµη δεν ανανέωσαν τις άδειες κυκλïæïρίας.

Η κυâέρνηση εκτιµά Þτι τα έσïδα απÞ την ανανέωσητων αδειών κυκλïæïρίας των ïøηµάτων για τï 2013 θαêεπεράσïυν τα 90 εκ. ευρώ.

ÃÚÈÛÙfiÊÈ·˜: ∫·Ù·Û΢·Ṳ̂ÓË Â›ıÂÛË ÌÂÙ¿ ÙÔ ·Ù‡¯ËÌ· ÛÙÔ ª·Ú›

Για κατασκευασµένη επίθεση κατά τïυ Πρïεδρικïύ,µετά τï ατύøηµα της 11ης Ιïυλίïυ 2011 στï Μαρί, έκανεøθες λÞγï ï απερøÞµενïς ΠρÞεδρïς της ∆ηµïκρατίας∆ηµήτρης ÌριστÞæιας, µιλώντας ενώπιïν τïυ πρïσωπικïύÞλων των υπηρεσιών τïυ Πρïεδρικïύ Μεγάρïυ και τωνµελών της Πρïεδρικής Φρïυράς κατά τη διάρκεια απïøαι-ρετιστήριïυ γεύµατïς πïυ παρέθεσε πρïς τιµήν τïυ τïπρïσωπικÞ τïυ Πρïεδρικïύ Μεγάρïυ.

Στην ïµιλία τïυ, σε µια συγκινησιακά æïρτισµένη ατµÞ-σæαιρα και æανερά συγκινηµένïς, ï ΠρÞεδρïς ÌριστÞæιαςαναæερÞµενïς στην Πρïεδρική Φρïυρά είπε πως «Είναι ïιάνθρωπïι πïυ κράτησαν τï ΠρïεδρικÞ αλώâητï την ώρατης µεγάλης επίθεσης, της κατασκευασµένης επίθεσης,µετά απÞ τï ατύøηµα στï Μαρί. Θέλω να τïυς ευøαριστή-σω ïλÞψυøα». Είπε ακÞµη πως ïι εισηγήσεις «τις ïπïίεςκάµαµε» στï ΚυπριακÞ και τις ïπïίες, Þπως ανέæερε, δια-µÞρæωσε ï Τïυµάúïς Τσελεπής και τις ïπïίες άλλïι øαρα-κτήρισαν δώρα για τïν ίδιï απïτελïύν σωτηρία για τïντÞπï.

∞∞ÓÓÙÙÈÈÌ̤¤ÙÙˆÔÔ ÌÌ ÙÙËË ÊÊÙÙÒÒ¯ÂÂÈÈ·· ÙÙÔÔ 2233,,55%% ÙÙˆÓÓ ∫∫˘ÚÚ››ˆÓÓΤï 2011 σøεδÞν ένας στïυς τέσσερις Κύπριïυς πληρïύσε

τïυλάøιστïν ένα απÞ τα τρία κïινïτικά κριτήρια πïυ πρïσδιï-ρίúïυν τη æτώøεια, σύµæωνα µε τα στïιøεία πïυ δηµïσιïπïί-ησε η Εurostat.

Ùπως πρïκύπτει απÞ τα κïινïτικά στïιøεία, τï 2011 τï23,5% τïυ πληθυσµïύ, δηλαδή 200.000 Κύπριïι πληρïύσαντïυλάøιστïν ένα απÞ τα τρία κριτήρια πïυ πρïσδιïρίúïυν τïνκίνδυνï æτώøειας. Η Eurostat πρïσδιïρίúει τï øαρακτηρισµÞτης æτώøειας µε âάση τρία κριτήρια: 1) τï εισÞδηµα, 2) τη στέ-ρηση στïιøειωδών µέσων διαâίωσης, και 3) τα νïικïκυριά πïυπλήττïνται απÞ την ανεργία. à µέσïς Þρïς στην ΕΕ ήταν24,2% και στην Ελλάδα 31,0%, πïυ ήταν και τï ψηλÞτερïπïσïστÞ στην Ευρωúώνη.

Σøετικά µε τις ηλιακές ïµάδες, τï πïσïστÞ æτώøειαςστïυς νέïυς κάτω των 18 ετών ήταν στην Κύπρï 21,8% µε

µέσï Þρï στην ΕΕ 27,0% και στην Ελλάδα 30,4%. Σ’ αυτή τηνïµάδα τïυ πληθυσµïύ ï κίνδυνïς æτώøειας είναι µεγαλύτε-ρïς Þσï øαµηλÞτερï είναι τï επίπεδï µïρæωτικής εκπαίδευ-σης των γïνέων. Έτσι στην Κύπρï, ï κίνδυνïς æτώøειας æτά-νει τï 33,5% Þταν ïι γïνείς έøïυν øαµηλÞ επίπεδï εκπαίδευ-σης, στï 14,8% Þταν έøïυν µεσαίï και µÞλις στï 4,3% Þταν τïεπίπεδï εκπαίδευσης των γïνέων είναι υψηλÞ.

Τï πïσïστÞ æτώøειας στα άτïµα ηλικία 18-64 ετών ήτανστην Κύπρï 20,8%, ενώ ï µέσïς Þρïς στην ΕΕ ήταν 24,3% καιστην Ελλάδα 31,6%.

Αντίθετα, τï πïσïστÞ των ατÞµων ηλικίας άνω των 65ετών, πïυ πληρïύσε ένα απÞ τα τρία κριτήρια πïυ πρïσδιïρί-úïυν τïν κίνδυνï της æτώøειας ήταν στην Κύπρï τï ψηλÞτε-ρï στην ΕΕ µε 40,4%, ενώ ï µέσïς Þρïς των «27» ήταν 20,5%και στην Ελλάδα 29,3%.

440000,,000000 ÂÂÈÈÏϤ¤ÔÔÓÓ ƒƒÒÒÛÛÔÔÈÈ ÙÙÔÔ˘ÚÚ››ÛÛÙÙ˜ ÛÛÙÙËËÓÓ ∫∫‡‡ÚÚÔÔΤετρακÞσιες øιλιάδες επιπρÞσθετïι τïυρίστες απÞ τη

ΜÞσøα και την Αγία Πετρïύπïλη θα επισκέπτïνται απÞ æέτïςτην Κύπρï ύστερα απÞ την απÞæαση τïυ ΥπïυργείïυΣυγκïινωνιών να πραγµατïπïιïύνται ναυλωµένες πτήσειςαπÞ τις δύï ρωσικές πÞλεις απÞ και πρïς την Κύπρï και κατάτη διάρκεια των øειµερινών µηνών.

Σε δηλώσεις τïυ στï ΚυπριακÞ Πρακτïρείï Ειδήσεων ïδηµαρøεύων Αγίας Νάπας Βάσïς ¥ύδιας, «τï ΥπïυργείïΣυγκïινωνιών ενέκρινε τï πάγιï αίτηµα των ∆ήµων της ελεύ-θερης Επαρøίας Αµµïøώστïυ για την πραγµατïπïίηση ναυ-λωµένων πτήσεων απÞ τη ΜÞσøα και την Αγία ΠετρïύπïληαπÞ και πρïς τα αερïδρÞµια Λάρνακας και Πάæïυ κάθε øρÞνïαπÞ τις 15 Μαρτίïυ µέøρι και τις 15 Νïεµâρίïυ, πïυ είναιïυσιαστικά ïι øειµερινïί µήνες».

Εêήγησε Þτι «ïι πτήσεις αυτές θα γίνïνται απÞ ρωσικέςαερïπïρικές εταιρείες και η απÞæαση αυτή θα επιæέρει σηµα-ντική αύêηση των τïυριστών στην Αγία Νάπα και τïν ΠρωταράεκτÞς απÞ τïυς καλïκαιρινïύς και τïυς øειµερινïύς µήνες».

ΑυτÞ, συνέøισε, «απïτελεί πάγιï αίτηµα της περιïøής,

αæïύ θα απïæέρει µεγαλύτερα ïæέλη στην τïπική ïικïνïµία,ενώ απÞ τï σηµαντικÞ αυτÞ τïυριστικÞ γεγïνÞς αναµένεταινα επωæεληθεί ïλÞκληρη η Κύπρïς».

ΠρÞσθεσε Þτι «τïυλάøιστïν 400 øιλιάδες επιπλέïν Ρώσïιτïυρίστες, θα επισκέπτïνται απÞ æέτïς τï νησί µας, αæïύ ïιναυλωµένες πτήσεις απÞ Ρωσία πρïς Κύπρï θα εκτελïύνταιγια εννέα µήνες αντί για πέντε πïυ γινÞταν µέøρι πρÞσæατα.Η συµæωνία θα έøει ως απïτέλεσµα, την αύêηση τïυ τïυριστι-κïύ ρεύµατïς της Κύπρïυ µε επιπλέïν 400 øιλιάδες Ρώσïυςτïυρίστες απÞ τïυς ïπïίïυς τï 45% επιλέγïυν τα τïυριστικάθέρετρα της ελεύθερης επαρøίας Αµµïøώστïυ».

Είπε ακÞµα Þτι «ανασταλτικÞς παράγïντας για την πρï-σέλκυση τïυριστών απÞ την Ρωσία απïτελïύσαν µέøρι æέτïςïι ναυλωµένες πτήσεις πïυ εκτελïύνται απÞ τη ΜÞσøα καιτην Αγία Πετρïύπïλη πρïς την Λάρνακα και την Πάæï µÞνïαπÞ τï Μάιï µέøρι τï Σεπτέµâριï, παρά τα στατιστικά στïιøείατων ταêιδιωτικών πρακτÞρων πïυ έæερναν τïυς Ρώσïυς στιςπρώτες θέσεις των τïυριστών πïυ επέλεγαν την Κύπρï γιατις διακïπές τïυς».

√√ÈÈ ÈÈÙÙ··ÏÏÈÈÎΤ¤˜ ÂÂÎÎÏÏÔÔÁÁ¤¤˜ ÂÂËËÚÚ¤¤··ÛÛ··ÓÓ ÙÙÔÔ ÃÃ∞∞∫∫Σηµαντικές úηµιές κατέγραψε øθες τï Ìρηµατιστήριï

Αêιών Κύπρïυ, επηρεασµένï απÞ τï ιδιαίτερα αρνητικÞ κλίµαπïυ επικράτησε στα ευρωπαϊκά øρηµατιστήρια, µετά τï απï-τέλεσµα των ιταλικών εκλïγών πïυ δεν επιτρέπει τη σύστασηαυτïδύναµης Κυâέρνησης, αυêάνïντας τις ανησυøίες γιααναθέρµανσης της κρίσης øρέïυς.

Αν και ïι ενδïσυνεδριακές úηµιές της αγïράς ανήλθανµέøρι και τï 4,5%, ï ΓενικÞς ∆είκτη τïυ ÌΑΚ περιÞρισε τελικάτις απώλειες σε πïσïστÞ 3,16%, στις 107,4 µïνάδες.

Με úηµιές 2,98% έκλεισε ï ∆είκτης FTSE/CySE 20, υπïøω-ρώντας στις 42,04 µïνάδες. à ηµερήσιïς Þγκïς συναλλαγών

διαµïρæώθηκε στις 598.432 ευρώ.ΑπÞ τις µετïøές πïυ έτυøαν διαπραγµάτευσης, τï µεγα-

λύτερï επενδυτικÞ ενδιαæέρïν πρïσέλκυσαν ïι µετïøές τηςΤράπεúας Κύπρïυ µε Þγκï 486.597 ευρώ (τιµή 0,23 - πτώση4,96%), της Λαϊκής Τράπεúας µε 53.491 ευρώ (τιµή 0,042 -πτώση 2,32%), της Ελληνικής Τράπεúας µε 33.096 ευρώ (τιµή0,17 - άνïδïς 2,41%), της Πετρïλίνα µε 16.087 ευρώ (τιµή0,753 - πτώση 8,72%) και της ∆ήµητρα Επενδυτική µε 3.181ευρώ (τιµή 0,252 - άνïδïς 0,39%).ΑπÞ τις µετïøές πïυ έτυøανδιαπραγµάτευσης, 5 κινήθηκαν ανïδικά, 6 πτωτικά και 7 παρέ-µειναν αµετάâλητες. Ã αριθµÞς συναλλαγών ανήλθε στις 532.

√√ÈÈ ··ÁÁ··ÓÓ··ÎÎÙÙÈÈÛÛÌ̤¤ÓÓÔÔÈÈ ÛÛÙÙÔÔ ¶¶ÚÚÔÔ‰‰ÚÚÈÈÎÎfifiΕκδήλωση ικανïπïίησης για την απïøώρηση τïυ πρïέδρïυ ∆ηµήτρη ÌριστÞæια,

θα πραγµατïπïιήσïυν σήµερα τï âράδυ στις 7.30, εκατïντάδες πïλίτες µετά απÞ τïκάλεσµα συµπαράστασης της õάδας Αγανακτισµένων Εθελïντών.

Η Ãµάδα απευθύνει πρÞσκληση πρïς Þλïυς Þσïι αγανάκτησαν απÞ την συµπεριæï-ρά τïυ ∆ηµήτρη ÌριστÞæια στïυς øειρισµïύς τïυ και ιδιαίτερα σε Þτι αæïρά την έκρη-êη στην ναυτική âάση Φλωράκης στï Μαρί.

Μάλιστα, καλïύν τïυς πïλίτες, Þπως µεταâïύν στην εκδήλωση µε ένα ή περισσÞ-τερα µπαλÞνια τα ïπïία θα αæεθïύν στïν ïυρανÞ ως ένδειêη ικανïπïίησης για τηναπïøώρηση τïυ ∆ηµήτρη ÌριστÞæια απÞ την Πρïεδρία της Κυπριακής ∆ηµïκρατίας.

Στïιøεία πïυ δηµïσιïπïίησε η Ευρωπαϊκή ΣτατιστικήΥπηρεσία, απïδεικνύïυν αυτÞ πïυ νιώθει ï κάθε Κύπριïςκαταναλωτής στην τσέπη τïυ τα τελευταία øρÞνια, Þτιδηλαδή ïι τιµές τïυ ηλεκτρισµïύ έøïυν æτάσει σε ύψηδυσâάστακτα για τα νïικïκυριά και ασύλληπτα για τηνανταγωνιστικÞτητα των κυπριακών επιøειρήσεων.

Βάσει των στïιøείων της Eurostat, ενώ στην Ευρώπητων 27 ï µέσïς Þρïς øρέωσης τïυ ηλεκτρικïύ ρεύµατïς γιατα νïικïκυριά τï 2012 ανερøÞταν σε 0.1316 ευρώ ανά κιλï-âατώρα, στην Κύπρï την ίδια περίïδï η øρέωση ανέρøεταισε 0.2338 ευρώ ανά κιλïâατώρα κάτι πïυ αντιστïιøεί σε78% ακριâÞτερï ρεύµα.

Σύµæωνα µε την Eurostat, δεύτερη ακριâÞτερη øώραµετά την Κύπρï είναι η Ιρλανδία µε 0.1845 ευρώ ανά κιλï-âατώρα, ενώ την πρώτη πεντάδα συµπληρώνïυν η Μάλτα

µε 0.1615 ευρώ, τï Ηνωµένï Βασίλειï µε 0.1603 και τïΒέλγιï µε 0.1590 ευρώ ανά κιλïâατώρα.

Στην αντίπερα Þøθη τï æθηνÞτερï ïικιακÞ ρεύµα κατα-âάλλïυν τα νïικïκυριά της Βïυλγαρίας µε 0.0706 ευρώ ανάκιλïâατώρα, της Εσθïνίας µε 0.0771 και της Ρïυµανίας µε0.0795 ευρώ ανά κιλïâατώρα.

Σε δηλώσεις τïυ ï αναπληρωτής γενικÞς γραµµατέαςτïυ ΚΕΒΕ Μάριïς Τσιακκής αναæέρθηκε στις δυσκïλίες πïυαντιµετωπίúïυν ïι κυπριακές επιøειρήσεις απÞτïκη τïυυψηλïύ κÞστïυς πïυ καταâάλλïυν για τï âιïµηøανικÞρεύµα. «Σίγïυρα τï κÞστïς τïυ ηλεκτρικïύ ρεύµατïς είναιένας παράγïντας πïυ επηρεάúει την ανταγωνιστικÞτητατων επιøειρήσεων και είναι ένας απÞ τïυς âασικïύς παρά-γïντες πïυ âγάúïυν τις εταιρείες εκτÞς αγïράς.

Για αυτÞ και εµείς επιµένïυµε Þτι θα πρέπει να υπάρêει

ρύθµιση πïυ θα µειώνει αισθητά τï κÞστïς για τις επιøειρή-σεις».

à Μάριïς Τσιακκής øαρακτήρισε επίσης αδήριτη ανάγκητην µετïøïπïίησης της Αρøής Ηλεκτρισµïύ µε την παρïυ-σία στρατηγικïύ επενδυτή.

Να σηµειώσïυµε Þτι στα στïιøεία της Eurostat δεν γίνε-ται επεêεργασία σε σøέση και µε τï κÞστïς διαâίωσης.

Την ίδια ώρα µε âάση διεθνές παρατηρητήριï τιµώνÞσïν αæïρά τις τιµές των καυσίµων σε 52 øώρες ανά τïπαγκÞσµιï η Κύπρïς κατατάσσεται ως η 19η ακριâÞτερηøώρα Þσïν αæïρά τï πετρέλαιï κίνησης και η 25η ακριâÞτε-ρη στην αµÞλυâδη âενúίνη 95 ïκτανίων.

Με âάση τα στïιøεία ακριâÞτερη øώρα στην αµÞλυâδηâενúίνη κατατάσσεται η Τïυρκία και στï πετρέλαιï κίνησηςη Νïρâηγία.

ƒÂ‡Ì· Ô˘ Ù۷Λ˙ÂÈ ÎfiÎηϷ ÛÙËÓ ∫‡ÚÔ

∆ύσκïλες µέρες αναµένïυν τï νέïΠρÞεδρï της ∆ηµïκρατίας και αυτÞ εκτÞςτïυ πïλιτικïύ θέµατïς, είναι και τï καυτÞθέµα της ïικïνïµίας.

Ασøïλïύµαστε µε την âιïµηøανία ακινή-των και θα θέλαµε να ιεραρøήσïυµε τα πρï-âλήµατα/θέµατα πïυ θα πρέπει ï νέïςΠρÞεδρïς και τï ΥπïυργικÞ τïυ Συµâïύλιïνα ασøïληθïύν. Τα θέµατα, είναι, ασæαλώςπάµπïλα και θα είναι σøεδÞν αδύνατïν νααντιµετωπιστïύν άµεσα και τïύτï διÞτιυπάρøει µια νïïτρïπία, τÞσï απÞ την∆ηµÞσια Υπηρεσία, Þσï και απÞ την Βïυλή,πως τα θέµατα τïυ κατ’ επείγïντïς δεντïυς απασøïλïύν ιδιαίτερα. Ùντας Þµωςµέλïς της Ευρωπαϊκής Ένωσης και ακÞµη(πρïς τï παρÞν) ένα διεθνές κέντρï ïικïνï-µίας, âρεθήκαµε στï στÞøαστρï και τωνêένων κρατών και ïι λύσεις είναι επείγïυ-σες.

Ùτι και να κάνει ένας νέïς πρÞεδρïς,Þσï αêιÞλïγïς και να είναι, θα πρέπει νααναθέσει σε ïµάδα ιδιωτών êένων/ντÞπιωννα µελετήσïυν τα κακώς έøïντα στην âιï-µηøανία των ακινήτων, να τα καταγράψïυνεντÞς περιÞδïυ 2 µηνών και να τα δηµïσι-εύσïυν πρïς συúήτηση σε ένα είδïς WhitePaper. Ùταν αυτά τα µέτρα «συµæωνηθïύν»σε περίïδï 3 µηνών, να ετïιµαστεί άµεσασøετικÞ νïµïσøέδιï πρïς κατάθεση στηνΒïυλή και µε δέσµευση έγκρισης σε 1-2µήνες.

Άδειες ΠïλεïδïµίαςΝα εκδίδïνται απÞ ιδιώτες αρøιτέκτï-

νες/πïλεïδÞµïυς παρά απÞ τις τώρα πïλε-ïδïµικές αρøές (υπάρøïυν τεράστιες ελλεί-ψεις απÞ ïρισµένïυς ιδιώτες Þµως στιςλεπτïµέρειες των παραµέτρων για άδειακαι γι’ αυτÞ θα øρειαστïύν αυτïί ïι αδειïύ-

øïι σøετικής εκπαίδευσης).Ãι αρøές να κάνïυν απλώς ένα εσωτερι-

κÞ έλεγøï - ίδε υæιστάµενη κατάσταση γιααπαλλïτριώσεις πïυ διενεργïύν ιδιωτικέςεκτιµήσεις µε εσωτερικÞ έλεγøï απÞ τïΚτηµατïλÞγιï. Παρïµïίως για τα πιστïπïιη-τικά τελικής έγκρισης και άδειες διαιρέσε-ως. Πρïς τïύτï αρøιτεκτïνικÞ γραæείï πïυθα ασøïλείται µε τï θέµα θα πρέπει νασυνεργαστεί µε έµπειρïυς κτηµατïλÞγïυς,πïλεïδÞµïυς, περιâαλλïντïλÞγïυς καιάλλïυς. à ιδιïκτήτης θα πληρώνει τïυς(τώρα άνεργïυς) τεøνικoύς, τï Κράτïς θαεπωæεληθεί απÞ µείωση πρïσωπικïύ και ïιδιώτης θα έøει την άδεια τïυ σε 3-5 µήνες.

ΚτηµατïλïγικάΑπλïπïίηση της διαδικασίας έκδïσης

τίτλïυ. Στην Βρετανία εκδίδεται σε 15µέρες. Ùλη αυτή η γραæειïκρατία πïυυπάρøει σήµερα είναι µεν καλή, αλλά δενανταπïκρίνεται στï επείγïν της σηµερινήςκατάστασης. Και πάλι ιδιωτικά γραæείαεγγεγραµµένα µε συνεργάτες κτηµατïλÞ-γïυς, øωρïµέτρες κλπ, να ετïιµάúïυν Þλïτï πακέτï πρïς έγκριση απÞ τïΚτηµατïλÞγιï τï ïπïίï θα διεêάγει επιµέ-ρïυς σπïραδικÞ έλεγøï.

Υπïθήκεςà δανειστής θα είναι υπÞøρεïς µε κάθε

πώληση να ελευθερώνει τï ακίνητï ïύτωςώστε να µην υπάρøει πρÞâληµα στην µετα-âίâαση. Είναι θέµα δικÞ τïυ πως θα εêηγη-θεί µε τïν δανειúÞµενï (π.ø. η τιµή πώλησηςθα πρέπει να πληρώνει πρώτα την τράπεúαâάσει συγκεκριµένïυ συµæωνηθέντïςπïσïστïύ κλπ κλπ).

Φïρïλïγία Ακίνητης ΙδιïκτησίαςΝα επιâάλλεται ανά µïνάδα και Þøι στï

σύνïλï ενÞς έργïυ ή στï σύνïλï της ιδιï-κτησίας. Ως έøει σήµερα η κατάσταση δενγίνïνται ïύτε πληρωµές ïύτε µεταâιâάσειςσε περίπτωση πïυ έστω και ένας αγïραστήςδεν πληρώνει τïυς æÞρïυς τïυ (πïλλαπλάπαραδείγµατα), πρïκαλώντας απώλειαµεταâιâαστικών και ∆ηµïτικών æÞρων.

Ελάøιστα ΕµâαδάΗ κατάργηση των ελάøιστων εµâαδών

ïικιστικών µïνάδων θα µειώσει τï κÞστïςκατïικίας/τιµή διάθεσης κατά µέσï πïσïστÞ30%-40%. Απηρøαιωµένη νïïτρïπία µεπïλύ ψηλÞ κïινωνικÞ και ïικïνïµικÞ κÞστïςπïυ συντηρείται απÞ αδιάæïρïυς ψηλÞµι-σθïυς τεøνικïύς.

ΕλαστικÞτηταΗ µη αυστηρή ερµηνεία των κανïνισµών

ίσως στï στάδιï αυτÞ να είναι πρïς τï συµ-æέρïν τïυ πïλίτη (Παράδειγµα επέµâασηςπέργïλας κατά 30 εκ. στï ίδιï κτήµα τïυιδιïκτήτη αλλά εντÞς της úώνης πρïστασίαςτης παραλίας πïυ δεν εκδίδεται τίτλïς για 3øρÞνια).

Φïρïλïγία 2014 ακίνητα – Νέες Εκτιµήσεις

Αστείï καν να υιïθετηθεί η ηµερïµηνίααυτή για επανεκτίµηση για Þλα τα ακίνητατης Κύπρïυ. Αυτïæïρïλïγία (ίδε παρïµïί-ως µε æÞρï εισïδήµατïς µε σøετικέςεκπτώσεις και µε σπïραδική επίâλεψη απÞτïν ΦÞρï Εισïδήµατïς). Ίσως µε øρήσηιδιωτών εκτιµητών µε αυτÞν τïν τρÞπï είναιεæικτÞ, κïστίúει η εκτίµηση µÞνï στïν ιδιï-κτήτη και Þøι στï Κράτïς και απασøïλείάνεργïυς τώρα εκτιµητές, τεøνικïύς καιάλλïυς, ενώ µειώνει ταυτÞøρïνα τï κÞστïςτïυ Κράτïυς.

Πïλεïδïµική ΑµνηστίαΝα διατηρηθεί για τα επÞµενα 5 øρÞνια

τïυλάøιστïν. Ìρειάúεται άµεση αναθεώρη-ση τïυ κÞστïυς της απïúηµίωσης λÞγω τωντωρινών συνθηκών και να διευρυνθεί.

ΑνικανÞτητα/ΥπευθυνÞτηταΜε συµæωνία µε τις συντεøνίες ανίκα-

νïι/ανεύθυνïι ∆ηµÞσιïι/∆ηµïτικïί λειτïυρ-γïί να παύïνται µέσω της ∆ηµÞσιαςΥπηρεσίας και øωρίς έæεση στα ∆ικαστήριαδιÞτι είναι επείγïν να καθαρίσει ï υπάρøωνστάâλïς άµεσα.

∆ήµαρøïι και άλλïιΠαρïµïίως να παύïνται απÞ τï Κράτïς.

Ίδε την δική µας υπïâïλή διαµαρτυρία για 7containers πïυ µετατράπηκαν σε κατïικίεςενïικίασης στïν Πρωταρά πάνω στην θάλασ-σα µε την ανïøή τïυ τÞτε ∆ήµïυ.

Τερατώδη λάθηΤερατώδη λάθη θα πρέπει να έøïυν συνέ-

πειες έστω και επιπλήêεις. Μη απαντήσειςαπÞ τï Κράτïς/λάθη απÞ ∆ηµÞσιïυς λειτïυρ-γïύς, Þπως η πρÞσæατη απÞæαση∆ικαστηρίïυ για πληρωµή απïúηµίωσης αντί160.000 ευρώ πρïσæïρά Κράτïυς σε 730.000ευρώ η απÞæαση είναι ïρισµένα παραδείγµα-τα.

First Entry και PromotionÙλες ïι πρïαγωγές στï ∆ηµÞσιï,

∆ήµïυς, Ηµικρατικïύς Ãργανισµïύς να είναιπρώτης εισδïøής και πρïαγωγής. ΑυτÞ ÞøιµÞνï θα µειώσει την ανεργία στïυς νέïυς,Þøι µÞνï θα υπάρøει µια καλύτερη υπηρεσία,αλλά και ταυτÞøρïνα δεν θα σηµαίνει καιαπαραιτήτως ï «παλιÞς» έøει την πρïαγωγήστην τσέπη εις âάρïς των νέων (ίδε τραγικήκατάσταση στην εκπαίδευση). Υπάλληλïςµας 52 ετών τïυ πρïσæέρθηκε θέση καθηγη-τή µετά απÞ 22 øρÞνια!! Γιατί Þøι ένας νέïςτων 28 εάν έøει τα ίδια πρïσÞντα;

Αναæερθήκαµε και σε άλλα θέµατα απÞεκείνα τïυ τïµέα των ακινήτων αλλά ταυπïâάλαµε ως ένδειêη τι θα µπïρïύσε ναγίνει. Ίσως στï τέλïς της ηµέρας ένας σύν-δεσµïς ανέργων επιστηµÞνων να είναι µιααρøή για να πιέσïυν πρïς αυτή την κατεύ-θυνση, πάντïτε µε τï ∆ηµÞσιï συµæέρïνυπÞψη.

∞∞ÓÓÙÙÒÒÓÓˢ §§ÔÔ˚˙ÔÔ˘

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

∞∫π¡∏∆∞∞∫π¡∏∆∞ - √È ‰˘ÛÎÔϛ˜ ÁÈ· ÙÔ Ó¤Ô Úfi‰ÚÔ

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

«∞ÛÊ˘Í›·» ·fi €1,7 ÂÎ. ·Î¿Ï˘Ù˜ ÂÈÙ·Á¤˜Πïλλαπλασιάστηκαν ïι ακάλυπτες επι-

ταγές τïν πρώτï µήνα τïυ 2013. Μέσα στιςπρώτες τριάντα µέρες τïυ έτïυς η αêία τωνακάλυπτων επιταγών πïυ εκδÞθηκαν καιδεν εêαργυρώθηκαν λÞγω έλλειψης øρηµά-των έæθασε τï πïσÞ των 1,704,062 εκ.ευρώ. τï ïπïίï µάλιστα σε σύγκριση µε τηναντίστïιøη περίïδï τïυ 2012 κατέγραψεαύêηση της τάêης τïυ 120%

Την αντίστïιøη περίïδï τïυ 2012 ïι ακά-λυπτες επιταγές ανήλθαν στις 773,968 ευρώκαι τï 2011 σε 390,607 ευρώ, παρïυσιάúï-ντας αύêηση της τάêης τïυ 170%.

à συνïλικÞς αριθµÞς των επιταγών πïυøαρακτηρίστηκαν ακάλυπτες τïν Ιανïυάριïείναι 448. Μαúική είναι η καταøώρηση ïνï-µάτων και στï ΚεντρικÞ ΑρøείïΠληρïæïριών Þπïυ υπÞ Þρïυς καταγράæï-νται πρÞσωπα τα ïπïία εκδίδïυν ακάλυπτες

επιταγές. Τïν Ιανïυάριï τïυ 2013 η λίστατης Κεντρικής Τράπεúας µεγεθύνθηκε κατά228 πρÞσωπα.

Σύµæωνα µε τις Ãδηγίες, καταøώρησηπρïσώπïυ στï ΚεντρικÞ ΑρøείïΠληρïæïριών γίνεται µÞνï αν συντρέøειïπïιïδήπïτε απÞ τα ακÞλïυθα κριτήρια ήπρïϋπïθέσεις:

- Σε ïπïιïδήπïτε øρïνικÞ διάστηµαδώδεκα µηνών æυσικÞ ή νïµικÞ πρÞσωπïέøει εκδώσει τρεις τïυλάøιστïν ακάλυπτεςεπιταγές ανεêαρτήτως πïσïύ, ή

- Τï συνïλικÞ πïσÞ ïπïιασδήπïτε ακά-λυπτης ή ακάλυπτων επιταγών υπερâαίνειτï πïσÞ των 2.000 ευρώ,

- Τï καταøωρηµένï άτïµï δηλώθηκεαπÞ τράπεúα ή ΣΠΕ Þτι ήταν σε θέση ναασκεί έλεγøï επί των λïγαριασµών τηςκαταøωρηµένης εταιρείας.

Για ïπïιεσδήπïτε πληρïæïρίες σøετικάµε την καταøώρισή τïυς, τα πρÞσωπα πïυέøïυν καταøωρηθεί στï ΚΑΠ µπïρïύν νααπευθύνïνται στις τράπεúες ή ΣΠΕ µε τιςïπïίες τηρïύν τρεøïύµενïυς λïγαρια-σµïύς.

Τηρïυµένων των πρïνïιών νïµïθεσίας,κανένα καταøωρηµένï πρÞσωπï δεν δια-

γράæεται απÞ τï ΚΑΠ εκτÞς:Μετά την παρέλευση øρïνικής διάρκει-

ας τριών ετών απÞ την ηµερïµηνία καταøώ-ρισης τïυ εν λÞγω πρïσώπïυ στï ΚΑΠ καιαπïδεδειγµένη τακτïπïίηση απÞ τï κατα-øωρηµένï πρÞσωπï Þλων των επιταγώντïυ, καθώς και παρέλευση øρïνικής περιÞ-δïυ 12 µηνών απÞ την ηµερïµηνία τηςτελευταίας τακτïπïίησης ακάλυπτης επιτα-γής, ή κατά τη διακριτική ευøέρεια της∆ιαøειριστικής Επιτρïπής τïυ ΚΑΠ.

Ùταν απïδειøθεί Þτι η τακτïπïίηση τηςκάθε ακάλυπτης επιταγής τïυ έγινε εντÞςενÞς µηνÞς απÞ την ηµερïµηνία επιστρï-æής της ως ακάλυπτης, ή

Μετά την παρέλευση øρïνικής διάρκει-ας 12 µηνών απÞ την απïδεδειγµένη τακτï-πïίηση Þλων των ακάλυπτων επιταγών τïυκαταøωρηµένïυ πρïσώπïυ.

™ÙÔ €1,9 ‰È˜ ÔÈ ˆÏ‹ÛÂȘ ·ÎÈÓ‹ÙˆÓ ÙÔ 2012 Στï 1,9 δισ. ευρώ ανήλθαν ïι πωλήσεις

ακινήτων τï 2012, ενώ κατά τï τέταρτï τρίµη-νï τïυ øρÞνïυ η αêία των πωλήσεων κατα-γράæηκε κïντά στα 571 εκ. ευρώ.

Σύµæωνα µε τα στïιøεία πïυ δηµïσιïπïί-ησε τï Τµήµα Κτηµατïλïγίïυ καιÌωρïµετρίας η ετήσια αêία των εκïύσιωνπωλήσεων ακινήτων ανέρøεται στα

1.903.530.424 ευρώ, ενώ των αναγκαστικώνστα 10.203.897 ευρώ.

Ùσïν αæïρά στï τέταρτï τρίµηνï τïυέτïυς, η αêία των εκïύσιων πωλήσεων ακινή-των ανέρøεται στα 568.563.913 ευρώ, ενώ τωναναγκαστικών στα 2.341.650,00 ευρώ.

Για τï 2012 ï αριθµÞς των υπïθέσεων πïυαæïρïύσαν εκïύσιες πωλήσεις ακινήτων

ήταν 10.846 και αναγκαστικές 184. Για τïτέταρτï τρίµηνï τïυ 2012 ïι αντίστïιøïι αριθ-µïί ήταν 2.968 και 60.

Κατά τη διάρκεια τïυ 2012, συστάθηκαν26.957 υπïθήκες ακινήτων συνïλικής αêίας4.914.296.735 ευρώ, ενώ ακυρώθηκαν 20.649υπïθήκες, συνïλικής αêίας 2.425.574.229ευρώ.

Τï τέταρτï τρίµηνï τïυ øρÞνïυ συστάθη-καν 6.332 υπïθέσεις υπïθηκών συνïλικήςαêίας 1.429.308.452,06 ευρώ, ενώ ακυρώθη-καν 5.461, συνïλικής αêίας 633.740.515,00ευρώ. Τï 2012 εκδÞθηκαν 101.896 πιστïπïιη-τικά εγγραæής ακινήτων, ενώ τï τέταρτï τρί-µηνï τïυ ίδιïυ øρÞνïυ ï αντίστïιøïς αριθµÞςπιστïπïιητικών πïυ εκδÞθηκαν ήταν 24.565.

Η εταιρεία Lanitis Bros και ηΓαλακτïâιïµηøανία Pittas, κατήλθαν σε συµ-æωνία η ïπïία πρïνïεί Þτι η Lanitis θα αναλά-âει τη διανïµή και τιςπωλήσεις των πρïϊÞ-ντων της Pittas στηνκυπριακή αγïρά ενώτï κïµµάτι των εêαγω-γών θα εêακïλïυθήσεινα øειρίúεται η Pittas.Πλέïν, η Lanitis θα είναι ï µïναδικÞς αγïρα-στής των πρïϊÞντων της εταιρείας στηνκυπριακή αγïρά και θα αναλάâει την πρïώ-θησή τïυς µέσω τïυ µεγάλïυ δικτύïυ διανï-

µής πïυ ήδη διαθέτει. Η συµæωνία, θα απïæέ-ρει σηµαντική εêïικïνÞµηση κÞστïυς στηνPittas ενώ η Lanitis θα εµπλïυτίσει την γκάµα

των γαλακτïµικών τηςπρïϊÞντων. Η συµæωνίααναµένεται να δώσειïικïνïµικές ανάσεςστην εταιρεία Pittas ηïπïία τïυς τελευταίïυςµήνες αντιµετώπιúε

σηµαντικά πρïâλήµατα ρευστÞτητας.Σύµæωνα µε τï µνηµÞνιï συνεργασίας µε

την Πήττας, η Αæïί Λανίτη αναλαµâάνει απÞτις 11 Μαρτίïυ 2013 την υπεργïλαâία

(outsourcing) τïυ δικτύïυ διανïµής, απïθή-κευσης και πώλησης.

Η εταιρεία Πήττας διατηρεί την εµπïρικήδιεύθυνση των key accounts καθώς και τηνεµπïρική διαøείριση τïυ ïνÞµατïς.

Ùπως δήλωσε σøετικά ï ΜηνάςΑγγελίδης, ΓενικÞς ∆ιευθυντής της ΑæoίΛανίτη, «Η απάντησή µας στη δύσκïλη ïικï-νïµική συγκυρία είναι ανάπτυêη και επενδύ-σεις. Υλïπïιïύµε τï σøέδιÞ µας µε στρατηγι-κές συνεργασίες µε επιøειρήσεις πïυ έøïυναπïδείêει την αêία και την πïιÞτητά τïυς στïøρÞνï, Þπως η Πήττας. Τέτïιες κινήσειςπαράγïυν πρÞσθετη αêία Þøι µÞνï για εµάς

και τïυς συνεργάτες µας, αλλά και για τïυςκαταναλωτές µας πïυ µας εµπιστεύïνταικαθηµερινά».

ΑπÞ την πλευρά της Πήττας, o ΆθωςΠήττας τÞνισε: «Είµαστε υπερήæανïι για τησυνεργασία µας µε την Αæïί Λανίτη. Μιαεταιρεία, της ïπïίας ïι πïιïτικές πρïδια-γραæές συνάδïυν µε τï υψηλÞ επίπεδï τωνδικών µας, ώστε να της εµπιστευÞµαστετην καθηµερινή ασæάλεια και πïιÞτητα τωνπρïϊÞντων µας. ΣτÞøïς µας είναι η âελτίω-ση της εêυπηρέτησης σε επίπεδï σηµείωνδιανïµής και συøνÞτητας απÞ τï δίκτυï τηςΑæïί Λανίτη».

π·ÙÚÈ΋ ™¯ÔÏ‹ ÛÙÔ ¶·ÓÂÈÛÙ‹ÌÈÔ ∫‡ÚÔ˘Θέτïντας ως στÞøï να εêελιøθεί σε µία

απÞ τις καλύτερες Σøïλές Ιατρικής στïνκÞσµï, τï Πανεπιστήµιï Κύπρïυ ανακïίνωσεεπισήµως την έναρêη της λειτïυργίας τηςΙατρικής Σøïλής απÞ τïν επÞµενïΣεπτέµâριï.

Στï πρώτï έτïς λειτïυργίας της η Σøïλήθα δεøτεί τριάντα Κύπριïυς æïιτητές καιτρεις Ελλαδίτες, ενώ ετησίως ï συνïλικÞςαριθµÞς θα αυêάνεται κατά πέντε.

Στï παρÞν στάδιï, καθÞτι η διδασκαλίαθα είναι στην ελληνική γλώσσα, δεν µπïρείνα γίνει εισαγωγή êένων æïιτητών, ωστÞσïαργÞτερα µε τη λειτïυργία τµήµατïς διδα-øής της ελληνικής γλώσσας αυτÞ θα αλλάêει.

Στα ïæέλη της ίδρυσης της ΙατρικήςΣøïλής αναæέρθηκε ï πρύτανης τïυΠανεπιστηµίïυ Κύπρïυ, Κωνσταντίνïς

Ìριστïæίδης. “Είµαι σίγïυρïς Þτι ï ιστïρικÞςτïυ µέλλïντïς πïυ θα καταγράæει την ιστï-ρία τïυ Πανεπιστηµίïυ Κύπρïυ, θα αναæερ-θεί πïλύ εκτεταµένα και σε αυτÞ τï πρÞ-γραµµα. “

Η διάρκεια æïίτησης θα είναι έêι øρÞνιακαι θα øωρίúεται σε τρεις æάσεις.

Η πρώτη, διάρκειας ενÞς έτïυς, είναι ïιπρïϊατρικές σπïυδές, η δεύτερη, διάρκειαςδύï ετών, συνδυασµÞς σπïυδών στις âασι-κές και κλινικές επιστήµες και η τρίτη, διάρ-κειας τριών ετών, ïι κλινικές σπïυδές.

Ãι æïιτητές, απÞ τï τρίτï έτïς και µετά,θα έøïυν τη δυνατÞτητα να εκπαιδεύïνταιεντÞς των κρατικών και άλλων νïσηλευτη-ρίων.

Στις συνεργασίες πïυ ίσως πρïκύψïυναναæέρθηκε ï κïσµήτïρας της Ιατρικής

Σøïλής, Αντης Αδάµ. “∆εν θα υπάρêει ανάγκηγια ïπïιαδήπïτε σύµâαση εγώ νïµίúω, αλλάïι διασυνδέσεις πïυ θα υπάρøïυν µεταêύτïυ πρïσωπικïύ της ιατρικής σøïλής εδώ και

επιστηµÞνων στï εêωτερικÞ, θα µας âïηθή-σει æυσικά σε ïρισµένïυς τïµείς. Ùπïυδηλαδή ίσως øρειαúÞµαστε âïήθεια.”.

Στα ïικïνïµικά ïæέλη αναæέρθηκε ï∆ιευθυντής Σπïυδών κλινικών σπïυδών,·αøαρίας ·αøαρίïυ. “ΒρισκÞµαστε σε µίαπïλύ δύσκïλη κατάσταση στην πατρίδα µας.Αλλά συνήθως ïι ιατρικές σøïλές είναι ένακίνητρï και για ïικïνïµική ανάπτυêη. Κι ελπί-úω Þτι αυτÞ τï κίνητρï θα έρθει ïπωσδήπïτεστην Κύπρï και δεν πρέπει να σκεæτÞµαστεαντίθετα.”.

Στï µεταêύ ήδη τï Πανεπιστήµιï Κύπρïυâρίσκεται στη διαδικασία µελέτης για λει-τïυργία σøïλής øηµικών µηøανικών καιµηøανικών υδρïγïνανθράκων, και ïι λεπτï-µέρειες θα ανακïινωθïύν εντÞς των επÞµε-νων µηνών.

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

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∂∂ÏÏÏÏËËÓÓÈÈÎÎfifi ‚‚ÚÚ··‚‚››ÔÔ ÁÁÈÈ·· ∫∫.. ∞∞ÂÂÚÚÔÔÁÁÚÚ··ÌÌÌ̤¤˜

∞∞‡‡ÍÍËËÛÛËË 2200%% ÛÛÙÙÈȘ ÂÂÈÈÛÛÚÚ¿¿ÍÍÂÂÈȘ ÙÙÔÔ˘ ∆∆∂∂¶¶ Σηµαντική αύêηση 20% ή 40,52 εκατïµµύρια

ευρώ σηµείωσαν τïν Ιανïυάριï τïυ 2013 ïιεισπράêεις τïυ Τµήµατïς Εσωτερικών ΠρïσÞδων(ΤΕΠ), σε σύγκριση µε τïν Ιανïυάριï τïυ 2012,λÞγω κυρίως της µεγάλης αύêησης κατά 47% πïυκατέγραψαν ïι εισπράêεις απÞ την έκτακτη εισæï-ρά για την άµυνα, σύµæωνα µε τα στïιøεία πïυδηµïσιïπïίησε τï ΤΕΠ.

Ãι εισπράêεις τïυ ΤΕΠ τïν Ιανïυάριï τïυ 2013ανήλθαν στα 240,25 εκατïµµύρια ευρώ, απÞ 199,73εκ. ευρώ τïν περσινÞ Ιανïυάριï. Η αύêηση τωνεισπράêεων τïν Ιανïυάριï τïυ 2013 ïæείλεταικυρίως, σύµæωνα µε τα στïιøεία τïυ ΤΕΠ, στηµεγάλη αύêηση κατά 47% των εσÞδων απÞ τηνέκτακτη εισæïρά για την άµυνα, πïυ ανήλθαν στα129,04 εκ. ευρώ, απÞ 87,81 εκ. ευρώ τïν Ιανïυάριïτïυ 2012, αλλά και στην αύêηση κατά 28%, τωνεισπράêεων απÞ τïν εταιρικÞ æÞρï, ïι ïπïίεςανήλθαν στα 44,62 εκ. ευρώ, απÞ 34,95 εκ. ευρώτïν περσινÞ Ιανïυάριï.

Ãι εισπράêεις τïυ Τµήµατïς τïν Ιανïυάριï τïυ2013 απÞ τï æÞρï εισïδήµατïς των εργαúïµένωντïυ δηµïσίïυ και ευρύτερïυ δηµïσίïυ τïµέακατέγραψαν µείωση 20% και διαµïρæώθηκαν στα12,85 εκ. ευρώ, απÞ 16,16 εκ. ευρώ τïν περσινÞΙανïυάριï.

Τα έσïδα τïυ ΤΕΠ απÞ τï æÞρï εισïδήµατïςτων υπαλλήλων τïυ ιδιωτικïύ τïµέα σηµείωσαντïν Ιανïυάριï τïυ 2013 µείωση 6%, στα 32,91 εκ.ευρώ, απÞ 35,01 εκ. ευρώ τïν Ιανïυάριï τïυ 2012,ενώ ïι εισπράêεις απÞ τï æÞρï εισïδήµατïς τωναυτïεργαúïµένων παρïυσίασαν εντυπωσιακή µεί-ωση 79%, υπïøωρώντας στα 3,06 εκ. ευρώ, απÞ14,75 εκ. ευρώ τïν περσινÞ Ιανïυάριï.

ΑπÞ την έκτακτη εισæïρά ιδιωτικïύ και δηµÞ-σιïυ τïµέα, ïι εισπράêεις τïυ ΤΕΠ αυêήθηκαν κατά918%, στα 3,46 εκ. ευρώ, απÞ 340 øιλιάδες ευρώ.

Ãι εισπράêεις απÞ τï æÞρï κεæαλαιïυøικώνκερδών σηµείωσαν µείωση κατά 38%, στα 2,42 εκ.ευρώ, απÞ 3,94 εκ. ευρώ τïν Ιανïυάριï τïυ 2012.

Η Cyprus Airways ανακηρύøθηκε στην Ελλάδαως η ταøύτερα αναπτυσσÞµενη αερïπïρική εταιρίακατά τï 2012 ανάµεσα στις 10 εταιρίες πïυ κατέ-γραψαν την υψηλÞτερη επιâατική κίνηση τï 2012δραστηριïπïιïύµενες στï ∆ιεθνές ΑερïδρÞµιïΑθηνών. Η µεγάλη αυτή τιµητική διάκριση για τηναερïπïρική εταιρεία της Κύπρïυ, πρïήλθε απÞ τιςαρøές τïυ ∆ιεθνïύς Αερïδρïµίïυ «ΕλευθέριïςΒενιúέλïς».

Η âράâευση πραγµατïπïιήθηκε στï πλαίσιïτïυ 13ïυ Συνεδρίïυ Μάρκετινγκ ΑερïπïρικώνΕταιρειών πïυ διïργάνωσε τï ∆ιεθνές ΑερïδρÞµιïΑθηνών στï ïπïίï συµµετείøαν κïρυæαίïι εκπρÞ-σωπïι αερïπïρικών εταιρειών πïυ δραστηριïπïι-ïύνται στï «Ελευθέριïς Βενιúέλïς» καθώς επίσηςκαι τïυριστικïί παράγïντες της øώρας.

Εκ µέρïυς των Κυπριακών Αερïγραµµών τïâραâείï παρέλαâε ï κ. Γιώργïς Αντώναρïς,∆ιευθυντής Πωλήσεων Ελλάδας, ï ïπïίïς υπï-γράµµισε Þτι η Εταιρία αναπτύσσεται µε ένα εêαι-ρετικÞ ρυθµÞ στην øώρα. “ΠρÞκειται για µια πïλύσηµαντική διάκριση, αν αναλïγιστεί κανείς ÞτιµÞλις στα τέλη τïυ περασµένïυ Ãκτωâρίïυ ïι

Κυπριακές Αερïγραµµές ενίσøυσαν τα δρïµïλÞγιάτïυς στις εσωτερικές πτήσεις µεταêύ των αερï-δρïµίων Αθηνών, Θεσσαλïνίκης, Ηρακλείïυ καιΡÞδïυ!” αναæέρει ανακïίνωση της εταιρίας σøετι-κά µε τη âράâευση.

Σήµερα ïι Κυπριακές Αερïγραµµές πραγµατï-πïιïύν στην Ελλάδα τα ακÞλïυθα εσωτερικά δρï-µïλÞγια: Αθήνα- Θεσσαλïνίκη- Αθήνα 3 πτήσειςκαθηµερινά, Αθήνας-Ηράκλειï –Αθήνα 2 πτήσειςκαθηµερινά, Αθήνας-ΡÞδïς-Αθήνα 2 πτήσεις καθη-µερινά, Θεσσαλïνίκη –Ηράκλειï –Θεσσαλïνίκη 1πτήση καθηµερινά, Θεσσαλïνίκη-ΡÞδïς –Θεσσα-λïνίκη 4 πτήσεις εâδïµαδιαίως, Ηράκλειï-ΡÞδïς-Ηράκλειï 3 πτήσεις εâδïµαδιαίως.

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Παρά την ïικïνïµική κρίση πïυ δïκιµάúει την Κύπρï η εταιρείαMcDonalds Κύπρïυ δεν âάúει στï ψυγείï τα σøέδια επέκτασης της. Σύµæωναµε πληρïæïρίες η γνωστή αλυσίδα ετïιµάúεται να λειτïυργήσει ακÞµα έναεστιατÞριï στï Παραλίµνι πριν απÞ τï καλïκαίρι. Την ίδια ώρα æαίνεται Þτιθέλïντας να έρθει ακÞµα πιï κïντά στï καταναλωτικÞ κïινÞ, θα εµπλïυτίσειτï µενïύ της µε τï δηµïæιλές πρÞγευµα

¢¢ÂÂÓÓ ‹‹ÚÚıı··ÓÓ ÙÙÔÔ˘ÚÚ››ÛÛÙÙ˜ ÙÙÔÔÓÓ ππ··ÓÓÔÔ˘¿¿ÚÚÈÈÔÔ Σηµαντική µείωση 11,2% παρïυσίασαν τïν Ιανïυάριï τïυ 2013 ïι αæίêεις

τïυριστών, ïι ïπïίες µειώθηκαν σε 42.286, σε σύγκριση µε 47.610 τïν Ιανïυάριïτïυ 2012, σύµæωνα µε τη Στατιστική Υπηρεσία.

Με âάση τα απïτελέσµατα της Έρευνας Ταêιδιωτών, τïν Ιανïυάριï τïυ2013 σηµειώθηκε µείωση 4,7% στις αæίêεις τïυριστών απÞ τï ΗνωµένïΒασίλειï (15.291 τïν Ιανïυάριï τïυ 2013 σε σύγκριση µε 16.040 τïν Ιανïυάριïτïυ 2012). Σηµαντική µείωση 52,41% σηµειώθηκε επίσης στις αæίêεις τïυρι-στών απÞ την Γερµανία (απÞ 6.104 τïν Ιανïυάριï τïυ 2012 σε 2.905 τïνΙανïυάριï τïυ 2013)

Αντίθετα αύêηση 1,9% στις αæίêεις τïυριστών σηµειώθηκε απÞ την Ελλάδα(απÞ 7.879 τïν Ιανïυάριï τïυ 2012 σε 8.030 τïν Ιανïυάριï τïυ 2013). Αύêησηεπίσης κατά 14,05% σηµειώθηκε στις αæίêεις τïυριστών απÞ τη Ρωσία (απÞ3.446 τïν Ιανïυάριï τïυ 2012 σε 3.930 τïν Ιανïυάριï τïυ 2013).

™™ÙÙ¿¿ÛÛÈÈÌÌËË ËË ··ÁÁÔÔÚÚ¿¿ ÔÔ¯ËËÌÌ¿¿ÙÙˆÓÓ Μείωση 21,0% σηµείωσαν τïν Ιανïυάριï τïυ 2013, ïι συνïλικές εγγραæές

ïøηµάτων, υπïøωρώντας στις 1.980, σε σύγκριση µε 2.505 τïν Ιανïυάριï τïυ2012, Þπως ανακïίνωσε η Στατιστική Υπηρεσία της Κύπρïυ.

ΩστÞσï, σε σύγκριση µε τις 1.725 συνïλικές εγγραæές ïøηµάτων τïυπρïηγïύµενïυ µήνα (∆εκέµâριïυ τïυ 2012), ïι εγγραæές αυêήθηκαν τïνΙανïυάριï τïυ 2013 κατά 14,8%.

Ãι εγγραæές ιδιωτικών αυτïκινήτων σαλïύν, µειώθηκαν κατά 18,3%, σε1.587 τïν Ιανïυάριï τïυ 2013, σε σύγκριση µε 1.942 τïν Ιανïυάριï τïυ 2012.

Εêάλλïυ, ïι εγγραæές καινïύργιων ïøηµάτων µειώθηκαν τïν Ιανïυάριïτïυ 2013 κατά 26,3%, στα 1.001, σε σύγκριση µε 1.359 τïν αντίστïιøï µήνα τïυ2012.

Ãι εγγραæές µεταøειρισµένων ïøηµάτων µειώθηκαν κατά 14,6%, στα 979,σε σύγκριση µε 1.146 τïν Ιανïυάριï τïυ 2012.

Fitch: ∫·Ï‡ÙÂÚ· Ì ∞Ó·ÛÙ·ÛÈ¿‰Ë Η στάση τïυ εκλελεγµένïυ Πρïέδρïυ της Κύπρïυ και της

Κυâέρνησής τïυ θα µπïρïύσε να καταστήσει τις διαπραγµα-τεύσεις της øώρας µε την ΤρÞικα για τï πακέτï διάσωσηςλιγÞτερï δύσκïλες απÞ Þ,τι µε τïν απερøÞµενï ΠρÞεδρï.ΑυτÞ συµπεραίνει σε έκθεση τïυ ï Ãίκïς αêιïλÞγησης Fitch.

Πρïσθέτει πως «ï Νίκïς Αναστασιάδης έøει εκæράσει τηνπρÞθεσή τïυ να διασæαλίσει µια «έγκαιρη ïικïνïµική στήρι-êη» και τώρα αναµæισâήτητα έøει την εντïλή να ïλïκληρώσειτις διαπραγµατεύσεις. Εøει ήδη ïικïδïµήσει σøέσεις µε ηγέ-τες σηµαντικών Ευρωπαίων εταίρων, περιλαµâανïµένης τηςΓερµανίας», αναæέρει ï Ãίκïς Fitch.

ΩστÞσï, πρïστίθεται, παρά τη µεγάλη νίκη τïυ στις εκλï-γές, θα αντιµετωπίσει τις ίδιες πρïκλήσεις Þπως και ï πρïκά-τïøÞς τïυ, και υπάρøει ακÞµη παρατεταµένη αâεâαιÞτητα γιατï øρïνïδιάγραµµα και τις λεπτïµέρειες ενÞς πρïγράµµατïςδιάσωσης της ΕΕ. à Fitch αναæέρει ακÞµη πως “αναµένïυµεαπÞ την κυπριακή Κυâέρνηση να ιδιωτικïπïιήσει ïρισµένεςκρατικές επιøειρήσεις, ως µέρïς της τελικής συµæωνίας µετην ΤρÞικα, αλλά υπάρøει αâεâαιÞτητα σøετικά µε τï πÞσηελάæρυνση τïυ øρέïυς θα µπïρïύσε αυτÞ να επιτύøει”.

à Ãίκïς υπïâάθµισε την Κύπρï στην κατηγïρία`B`/ΑρνητικÞ τïν Ιανïυάριï, κυρίως επειδή θωρεί πως τïκÞστïς για την ανακεæαλαιïπïίηση των τραπεúών είναι πιθα-νÞν να είναι ψηλÞτερα απÞ Þ,τι θεωρείτï πρïηγïυµένως.Αλλά η αêιïλÞγηση υπïστηρίúεται απÞ την πρïσδïκία µας Þτιïι αρøές θα καταλήêïυν σε συµæωνία µε την ΤρÞικα επί ενÞςεπίσηµïυ πρïγράµµατïς øρηµατïδÞτησης έγκαιρα ώστε ναπληρώσει 1,4 δις ευρώ για εêÞæληση ïµïλÞγων στις 3 Ιïυνίïυ,σηµειώνεται. Πρïστίθεται πως ïι τελευταίες λεπτïµέρειες θαεêαρτηθïύν απÞ την ΤρÞικα και την εκτίµηση της Κυâέρνησηςγια τη âιωσιµÞτητα τïυ øρέïυς, πïυ δεν έøει ακÞµη ïριστικï-πïιηθεί. Ένα πρÞγραµµα διάσωσης είναι απίθανï να περιλαµ-âάνει την αναδιάρθρωση τïυ κυπριακïύ δηµÞσιïυ øρέïυς,επειδή δεν θα πρïσæέρει σηµαντική ελάæρυνση τïυ øρέïυς,αναæέρει ï Ãίκïς Fitch. Θα εêασθενïύσε επίσης, πρïσθέτει,την αêιïπιστία αυτών πïυ øαράúïυν πïλιτική στην ευρωúώνη,ïι ïπïίïι έøïυν πει Þτι η συµµετïøή τïυ ιδιωτικïύ τïµέα στηνΕλλάδα (PSI) απïτελεί εêαίρεση, και θα µπïρïύσε να δηµι-ïυργήσει κινδύνïυς µετάδïσης για άλλες øώρες της ευρωúώ-νης. Αναæέρεται επίσης πως τï γεγïνÞς Þτι ïρισµένï απÞ τï

øρέïς πïυ κρατείται απÞ êένïυς επενδυτές καλύπτεται απÞτï διεθνές δίκαιï θα µπïρïύσε επίσης να πρïσθέσει στακÞστη και στην αâεâαιÞτητα τïυ PSI.

Θα αναµέναµε, αναæέρει ï Ãίκïς Fitch, ïπïιαδήπïτε ανα-διάρθρωση τïυ τραπεúικïύ øρέïυς να περιïριστεί σε µικρïύςκατÞøïυς τïυ øρέïυς, αν και ïι τράπεúες øρηµατïδïτïύνταικυρίως απÞ καταθέσεις, γεγïνÞς πïυ περιïρίúει τις πιθανέςεπιπτώσεις. Θεωρïύµε επίσης Þτι υπάρøει η δυνατÞτητα τηςαµïιâαιÞτητας τïυ κÞστïυς ανακεæαλαιïπïίησης των τρα-πεúών µε εταίρïυς της ευρωúώνης, για παράδειγµα µέσωτïυ Ευρωπαϊκïύ Μηøανισµïύ ΣταθερÞτητας, αν και αυτÞδεν απïτελεί τï âασικÞ σενάριï µας, πρïστίθεται.

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013

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ÌΡΗΜΑ&ΑΓÃΡΑ

11 -- 33 ªª··ÚÚÙÙ››ÔÔ˘ ËË 2200ËË ¢¢ÈÈÂÂııÓÓ‹‹˜∂∂Îη·Èȉ‰Â¢ÙÙÈÈÎ΋‹ŒŒÎÎııÂÂÛÛËË

ΑπÞ την Παρασκευή 1Μαρτίïυ µέøρι την Κυριακή 3Μαρτίïυ θα πραγµατïπïιηθείη20η ∆ιεθνής ΕκπαιδευτικήΕκθεση στη Λευκωσία. Ãι επι-σκέπτες µπïρïύν να ενηµερω-θïύν για τïυς δύï άêïνες τηςæετινής ΕκπαιδευτικήςΈκθεσης, ïι ïπïίïι είναι«Ανάπτυêη στάσεων καισυµπεριæïρών πïυ διακρίνïυντï δηµïκρατικÞ πïλίτη» και«Ανάδειêη των δράσεων πïυέγιναν κατά την ΚυπριακήΠρïεδρία» και απïτελïύντïυς υπÞ έµæαση στÞøïυς τηςσøïλικής øρïνιάς 2012 – 2013.

Παρïυσίαση âιâλίïυ

Στα πλαίσια της έκθεσηςθα γίνει η παρïυσίαση τïυâιâλίïυ “Κύπρïς: ΠερίïδïςΑγγλïκρατίας – ΕικÞνες”. Ηεκδήλωση διïργανώνεται απÞτην Συνεργατική ΚεντρικήΤράπεúα, στï πλαίσιï της συµ-µετïøής της στη ∆ιεθνήΕκπαιδευτική Έκθεση Κύπρïυ,στην ïπïία είναι ï κύριïςøïρηγÞς για έκτη συνεøή øρï-νιά,

Την παρïυσίαση τïυ âιâλί-ïυ θα κάνει ï ΑκαδηµαϊκÞς,τέως Πρέσâης της Κύπρïυστην Ελλάδα, Καθηγητής στïΠανεπιστήµιï Κύπρïυ, κ.Γιώργïς Γεωργής.

Η εκδήλωση θα γίνει τïΣάââατï, 2 Μαρτίïυ 2013, στις7.30 τï âράδυ, στï øώρï τωνεγκαταστάσεων της ∆ιεθνïύςΚρατικής Έκθεσης Κύπρïυ(Αίθïυσα Grecian – ΕλληνικÞΠερίπτερï), στη Λευκωσία.

Fed Î·È πÙ·ÏÈΤ˜ ÂÎÏÔÁ¤˜ ‚‡ıÈÛ·Ó ÙÔ Â˘ÚÒ ∏ ·Ó·ÔÊ·ÛÈÛÙÈÎfiÙËÙ· Ù˘ Fed ÁÈ· ÂÚ·ÈÙ¤Úˆ QE ·fi ÙËÓ ÌÈ· Î·È ÔÈ ÔÏÈÙÈΤ˜ ÂÍÂÏ›ÍÂȘ ·fi πÙ·Ï›· ·fi ÙËÓ ¿ÏÏË ‚‡ıÈÛ·Ó ÙËÓ ÈÛÔÙÈÌ›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ ÛÂ Ó¤Ô ¯·ÌËÏfi ‰‡Ô ÌËÓÒÓ

OÈ ÂÎÏÔÁ¤˜ ÛÙËÓ πÙ·Ï›·Ù·Ú·ÎÔ‡ÓËÛ·Ó ÙËÓ ∂˘ÚÒË

Τα απïτελέσµατα των Ιταλικών εκλïγών ταρακïύ-νησαν την Ιταλία και την Ευρώπη, µιας και Þπως παρα-δέøθηκαν κïρυæαία στελέøη τïυ ∆ηµïκρατικïύΚÞµµατïς -τï ïπïίï κέρδισε µια πύρρειï νίκη- η τρίτησε µέγεθïς ïικïνïµία της Ευρωúώνης είναι απÞ σήµε-ρα ακυâέρνητη και δεν απïκλείεται να ïδηγηθείσύντïµα πάλι στις κάλπες. Με την ελπίδα Þτι, âïηθïύ-ντïς και ενÞς νέïυ εκλïγικïύ νÞµïυ τïν ïπïίï πιθα-νÞτατα θα κληθεί να επεêεργαστεί και να ψηæίσει µια«ενδιάµεση» κυâέρνηση, θα πρïκύψïυν ïι συσøετι-σµïί πïυ θα απïτρέψïυν ένα κραø -ή, µε άλλα λÞγια,τï ατύøηµα πïυ τρέµïυν πïλλïί Ευρωπαίïι και,κυρίως, η Ανγκελα Μέρκελ.

Με τη στάση τïυς, ïι Ιταλïί ψηæïæÞρïι υπέâαλαντïυς πάντες σε ένα επώδυνï σκïτσέúικï ντïυς.ΑæενÞς, έκαναν τïν Πιερλïυίτúι Μπερσάνι και τïνΣίλâιï ΜπερλïυσκÞνι να νïµίúïυν Þτι έæτασαν στηνπηγή, øωρίς ωστÞσï, να τïυς επιτρέψïυν να πιïυννερÞ.

à µεν πρώτïς πίστεψε αρøικά Þτι θα είναι ï απÞ-λυτïς κυρίαρøïς, µε πλειïψηæία και στη Βïυλή (ελέωεκλïγικïύ νÞµïυ) και στη Γερïυσία για να δει τις ελπί-δες τïυ να διαψεύδïνται παταγωδώς µÞλις άρøισε ηρïή των πραγµατικών απïτελεσµάτων. ΤÞτε ακριâώςήταν πïυ ï δεύτερïς νÞµισε Þτι θα µπïρïύσε ναπετύøει την ïλική επαναæïρά, στï τέλïς Þµως, παρÞ-τι κέρδισε τις περισσÞτερες έδρες στη Γερïυσία, έµει-νε δεύτερïς σε ψήæïυς και σøεδÞν 20 µïνάδες πίσωαπÞ τï πïσïστÞ τïυ 2008.

Την ίδια ώρα «περίπλïκï» øαρακτήρισε τï απïτέ-λεσµα των ιταλικών εκλïγών ï Επίτρïπïς Ãικïνïµίας,Ùλι Ρεν, υπïγραµµίúïντας την εµπιστïσύνη τηςΕυρωπαϊκής Επιτρïπής στïυς ιταλικïύς θεσµïύς.

ΕιδικÞτερα, σε δηλώσεις τïυ για τις ιταλικές εκλï-γές, ï Επίτρïπïς Ãικïνïµίας ανέæερε: «O ιταλικÞςλαÞς έκανε τη δηµïκρατική τïυ επιλïγή. Η εικÞνα πïυαναδείøθηκε απÞ αυτές τις εκλïγές είναι æυσικά περί-πλïκη. Ùµως έøïυµε εµπιστïσύνη στïυς ιταλικïύςθεσµïύς και στην ικανÞτητα τïυ Πρïέδρïυ τηςΙταλικής ∆ηµïκρατίας να øαράêει άµεσα µια πïρείαπρïς τα εµπρÞς πïυ να διασæαλίúει Þτι η Ιταλία θαδύναται να συνεøίσει να αντιµετωπίúει τις πρïκλήσειςπïυ αντιµετωπίúει, σε διαâïύλευση µε τις πïλιτικέςδυνάµεις της øώρας και σύµæωνα µε τα Þσα ïρίúει τïιταλικÞ Σύνταγµα.

Πιέσεις ασκήθηκαν στï ευρωπαϊκÞ νÞµισµα έναντι τïυδïλαρίïυ στα τέλη της περασµένης και στις αρøές της τρέ-øïυσας âδïµάδας.Τï ευρώ υπïøώρησε την Τρίτη σε øαµηλÞ 7εâδïµάδων στα 1,3018.

Αρνητικά επηρέασαν τï ευρώ τα δυσµενέστερα των εκτι-µήσεων ïικïνïµικά στïιøεία πïυ ανακïινώθηκαν στηνΕυρωúώνη τα ïπïία ενίσøυσαν την εκτίµηση για ενδεøÞµενηυιïθέτηση επιθετικÞτερης επεκτατικής νïµισµατικής πïλιτι-

κής απÞ την Ευρωπαϊκή Κεντρική Τράπεúα. Συγκεκριµένα, ïδείκτης µεταπïίησης και ï δείκτης υπηρεσιών PMI παρïυσία-σαν υπïøώρηση τï Φεâρïυάριï καταδεικνύïντας συρρίκνωσητïυ τïµέα για 19ï και 13ï συνεøή µήνα αντίστïιøα.Παράλληλα, καθïδικά αναθεωρήθηκε απÞ την ΕυρωπαϊκήΕπιτρïπή (Ε.Ε.) η πρÞâλεψη για την ïικïνïµική δραστηριÞτη-τα στην Ευρωúώνη τï 2013. Συγκεκριµένα, η Ε.Ε. εκτιµά Þτι τïΑΕΠ της Ευρωúώνης θα υπïøωρήσει κατά 0,3% έναντι ïρια-κής αύêησης κατά 0,1% πïυ ήταν η πρïηγïύµενη εκτίµηση.

Η αâεâαιÞτητα για τις πïλιτικές εêελίêεις στην Ιταλία µετάτην ανακïίνωση των εκλïγικών απïτελεσµάτων ενισøύει τηδιάθεση για απïστρïæή κινδύνïυ πλήττïντας τï ευρώ.Σύµæωνα µε τα απïτελέσµατα των εκλïγών, ï συσøετισµÞςδυνάµεων σε Κάτω Βïυλή και Γερïυσία καθιστά δυσøερή την

πρïσπάθεια σøηµατισµïύ σταθερής κυâέρνησης στη øώρα. ΗαâεâαιÞτητα αναæïρικά µε την εæαρµïγή δηµïσιïνïµικών καιδιαρθρωτικών µέτρων πïυ έøïυν ψηæισθεί απÞ την πρïηγïύ-µενη κυâέρνηση τεøνïκρατών πρïκαλεί ρευστïπïιήσεις σεεπενδύσεις υψηλïύ κινδύνïυ και αύêηση της µεταâλητÞτηταςστις διεθνείς αγïρές. Αναµένïνται διακïµµατικές διαπραγµα-τεύσεις µε σκïπÞ τï σøηµατισµÞ κυâέρνησης συνεργασίας.

Σε µια άλλη εêέλιêη, σε øαµηλÞ απÞ τïν Ιïύλιï τïυ 2010υπïøώρησε την ∆ευτέρα η στερλίνα έναντι τïυ δïλαρίïυκαθώς έτυøε διαπραγµάτευσης στα 1,5073. Πιέσεις ασκήθη-καν στη στερλίνα µετά την απÞæαση τïυ ïίκïυ αêιïλÞγησηςπιστïληπτικής ικανÞτητας Moody’s να πρïâεί σε υπïâάθµισητης πιστïληπτικής διαâάθµισης της Μεγάλης Βρετανίας κατάµια κλίµακα σε Aa1(σταθερή πρïïπτική) απÞ Αaa.

™Â ‚Ú·¯˘ÚfiıÂÛÌË ÙˆÙÈ΋ ÔÚ›· ÙÔ Â˘ÚÒ

Έντïνα πτωτικά κινήθηκε η ισïτιµία Ευρώ – ∆ïλαρίïυτην εâδïµάδα πïυ µας πέρασε η ïπïία έæθασε µια ανάσααπÞ τα ψυøïλïγικά επίπεδα τïυ 1.30.

Συγκεκριµένα η ισïτιµία απÞ τα 1.3340 της περασµένηςεâδïµάδας αν και αρøικά ενισøύθηκε µέøρι τα 1.3400 στηνσυνέøεια ακïλïυθώντας έντïνη πτωτική πïρεία διïλίσθησεµέøρι τα 1.3030 για να διïρθώσει στην συνέøεια πάνω απÞτα 1.3100 Þπïυ και κινείται τις τελευταίες ηµέρες.

∆ύï ήταν ïι καθïριστικïί παράγïντες πïυ πίεσαν τηνισïτιµία πρïς τα κάτω η ïπïία παρεµπιπτÞντως απÞ τα ψηλάΦεâρïυαρίïυ µετράει είδη απώλειες πέραν τïυ 4%, τηνµεγαλύτερη µηνιαία πτώση των τελευταίων 8 µηνών.

Καταρøήν είøαµε τα πρακτικά απÞ την τελευταία συνε-δρία της Fed. Σύµæωνα µε τα πρακτικά, ïι αêιωµατïύøïι τηςΚεντρικής Τράπεúας των ΗΠΑ θα εêετάσïυν σηµαντικέςαλλαγές στï πρÞγραµµα αγïράς παγίων κατά την επÞµενησυνάντησή τïυς τï Μάρτιï, καθώς εµæανίúïνται διøασµένïιγια τï τι µέλει γενέσθαι και πρïτείνïυν διαæïρετικïύς øρÞ-νïυς απÞσυρσης των µέτρων.

Κάπïιïι αêιωµατïύøïι της Fed είναι ανήσυøïι για τïκÞστïς και τïυς κινδύνïυς της αγïράς παγίων, Þπως δεί-øνïυν τα πρακτικά. Στη συνεδρίαση, ενώ ïι περισσÞτερïισυµæώνησαν πως τï πρÞγραµµα αγïράς ïµïλÞγων έøει επι-τυøώς καταæέρει να âïηθήσει στην ενίσøυση της ïικïνïµι-κής δραστηριÞτητας, υπήρêαν κάπïιïι πïυ εêέæρασαν τηνανησυøία τïυς για τï ενδεøÞµενï υπερανάληψης ρίσκïυαπÞ τïυς επενδυτές εêαιτίας της υπερ-øαλαρής πïλιτικήςτης Fed.

Αν και πρïσωπικά δεν πιστεύïυµε πως ïι της Fed θααλλάêïυν σηµαντικά την πïλιτική τïυς ετïύτης αυτÞ ήταναρκετÞ για να πρïκαλέσει Sell off σε ευρώ και øρηµαταγï-ρές τα ïπïία εδώ και έêι µήνες συµπεριæέρïνται παράλïγα,µïνÞπλευρα και άκρως κερδïσκïπικά. Αν Þντïς ïι της Fedαπïæάσισαν να τραâήêïυν τï øαλί κάτω απÞ τα πÞδια τωνκερδïσκÞπων θα æανεί στïυς επÞµενïυς µήνες. Αλλά γνω-ρίúïντας την æιλïσïæία τïυ πρïέδρïυ της Fed, BenBernanke, πïλύ δύσκïλï τï âλέπïυµε να συµâαίνει ÞσïαυτÞς ηγείται.

Σε µια άλλη εêέλιêη έντïνη αâεâαιÞτητα σκÞρπισαν στιςαγïρές ïι ιταλικές εκλïγές αæïύ τï απïτέλεσµα τïυς απέ-τυøε να δώσει την δυνατÞτητα αυτïδυναµίας.

ΕιδικÞτερα, ï κεντρï-αριστερÞς συνασπισµÞς τïυ PierLuigi Bersani κέρδισε µε µικρή διαæïρά τις εκλïγές στηνκάτω âïυλή, κερδίúïντας τï 29,55% των ψήæων έναντι τïυ29,18% πïυ έλαâε ï συνασπισµÞς τïυ Berlusconi. Με âάσητïν εκλïγικÞ νÞµï, η κεντρï-αριστερά παίρνει µια ισøυρή

πλειïψηæία στην κάτω âïυλή (παρά τï ισøνÞ πρïâάδισµασύµæωνα µε τις ψήæïυς), αλλά øωρίς τη Γερïυσία, δεν θαείναι σε θέση να περνάει νÞµïυς. Ως εκ τïύτïυ η Ιταλίαµπαίνει σε µια περίïδï έντïνης πïλιτικής αστάθειας µεπιθανÞ τï σενάριï διεêαγωγής επαναληπτικών εκλïγών.

ΑπÞλυτα æυσιïλïγική εêέλιêη αæïύ εδώ και µήνες πρï-ειδïπïιïύσαµε πως η σκληρή και εγκληµατική λιτÞτητα πïυεπέâαλαν ïι Γερµανïί έøει ïδηγήσει στην εêαθλίωση τïπερισσÞτερï λαÞ της Ευρώπης και ήταν απλÞς θέµα øρÞνïυνα ïδηγήσει σε πïλιτική κρίση. ΑκÞµα και αν η Ιταλία κατïρ-θώσει στï τέλïς να κυâερνηθεί η πïλιτική κρίση στηνΕυρώπη έøει µÞλις êεκινήσει και έπïνται νέα επεισÞδια σεΙσπανία, Πïρτïγαλία, Ελλάδα, ακÞµα και σε Γερµανία.

Τεøνικά η ισïτιµία µετά τï εâδïµαδιαίï σπάσιµï τïυ1.33 έøει απωλέσει ένα σηµαντικÞ µέρïς απÞ τï ανïδικÞ τηςmomentum.

Πλέïν τα επÞµενα σηµαντικά επίπεδα τïπïθετïύνταιστα 1.28 – 1.30 πïυ αν και εæÞσïν διασπαστïύν θα σηµατï-δïτήσïυν και αλλαγή της âραøυπρÞθεσµης ανïδικής τάσηςκαι θα ανïίêïυν τïν δρÞµï για τα 1.20 ΑπÞ την άλλη Þσï ηισïτιµία κρατάει πάνω απÞ τα 1.30 διατηρεί την ανïδική τηςτάση µε τïν øρÞνï Þµως πλέïν να λειτïυργά σαæέσταταεναντίïν της τάσης αυτής. Πïλλά âέâαια θα εêαρτηθïύν καιπάλι τÞσï απÞ την πïλιτική αστάθεια σε Ισπανία και Ιταλία,τïν νïµισµατικÞ πÞλεµï πïυ µαίνεται σε ΗΠΑ και Ιαπωνία,τις απïæάσεις της Fed και την αντίδραση της ΕΚΤ σε Þλααυτά.

Foreign Exchange AnalystEmail: michailidisn@aol.com

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27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

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Εκπïιήσεις µη âασικών (non-core) τραπεúικών εργασιών ύψïυς 60δις ευρώ στην Ευρώπη, διαâλέπει ï ελεγκτικÞς ïίκïς PwC.

∆ιαâλέπει παράλληλα, Þτι µεγάλïς αριθµÞς συναλλαγών σε σøέσηµε τα øαρτïæυλάκια δανείων, πïυ µέøρι σήµερα αæïρïύσαν δανεισµÞµε εêασæάλιση ακινήτων, θα επικεντρωθεί σε εταιρικÞ δανεισµÞ, σεσυνδυασµÞ µε δάνεια πιï µακρïπρÞθεσµης λήêης.

“Σύµæωνα µε πρïâλέψεις της PwC, ïι ευρωπαϊκές τράπεúες τï 2013αναµένεται να διαπραγµατευτïύν δάνεια ïνïµαστικής αêίας τïυλάøι-στïν 60 δις ευρώ, στα πλαίσια ενίσøυσης της απïµÞøλευσής τïυς. Ãιαντίστïιøες συναλλαγές ανήλθαν τï 2012 σε περίπïυ 45 δις ευρώ και τï2011 σε 36 δις ευρώ”, αναæέρεται σε ανακïίνωση τïυ ïίκïυ.

Σύµæωνα µε την PwC, µέøρι σήµερα, µεγάλïς αριθµÞς συναλλαγώνσε σøέση µε τα øαρτïæυλάκια δανείων αæïρïύσαν δανεισµÞ µε εêα-σæάλιση ακινήτων. Στï µέλλïν, η PwC αναµένει µεγαλύτερη επικέντρω-ση σε εταιρικÞ δανεισµÞ, σε συνδυασµÞ µε δάνεια πιï µακρïπρÞθεσµηςλήêης. “ΩστÞσï”, αναæέρεται, µε τïυς σηµερινïύς ρυθµïύς διάθεσης,ïι τράπεúες έøïυν ακÞµη δρÞµï µπρïστά τïυς, καθώς η PwC εκτιµά Þτιτα ανεπιθύµητα øαρτïæυλάκια δανείων êεπερνïύν συνïλικά σε ïλÞκλη-ρη την Ευρώπη τα 2,5 τρις ευρώ».

Σε δήλωσή τïυ, ï Στέλιïς Κωνσταντίνïυ,Υπεύθυνïς Συνέταιρïς γιατïν τραπεúικÞ τïµέα στην PwC Κύπρïυ, παρατήρησε πάντως Þτι “âλέ-πïυµε ακÞµη µεγαλύτερη διαæάνεια εκ µέρïυς µεγάλïυ αριθµïύ τρα-πεúών σε Þτι αæïρά τï µέγεθïς των µη âασικών (non-core) øαρτïæυλα-κίων τïυς”.

“Σε Þ,τι αæïρά τις µελλïντικές πρïïπτικές, ï αριθµÞς των πιθανώνσυναλλαγών της PwC είναι ï µεγαλύτερïς πïυ έøïυµε δει πïτέ καιπιστεύïυµε Þτι η αγïρά θα παραµείνει δραστήρια για τα επÞµενα πέντετïυλάøιστïν øρÞνια και ενδεøïµένως για πïλύ περισσÞτερï,” κατέληêε.

¶ÚÔ‚fiÔ˘ÏÔ˜: ∆Ô 2014 ¤ÙÔ˜ ·Ó¿Î·Ì„˘∆ύσκïλη øρïνιά θα είναι και τï 2013, λÞγω της συνεøι-

úÞµενης ύæεσης και της αυêανÞµενης ανεργίας, σύµæωναµε την εκτίµηση τïυ ∆ιïικητή της Τράπεúας της Ελλάδïς, Γ.ΠρïâÞπïυλïυ, στην ïµιλία τïυ στην 80η Ετήσια ΓενικήΣυνέλευση των µετÞøων. Σύµæωνα µε τïν κ. ΠρïâÞπïυλïαπÞ τï 2014 θα αρøίσïυν να καταγράæïνται θετικïί ρυθµïίµεταâïλής τïυ ΑΕΠ.

Ùπως είπε η øρεïκïπία και η έêïδïς της øώρας απÞ τηνΕυρωúώνη, πïυ παρïυσιαúÞταν ως αναπÞæευκτη ένα øρÞνïπριν έøει απïµακρυνθεί και υπάρøει δυνατÞτητα για âαθµι-αία έêïδï απÞ την κρίση, ωστÞσï σύµæωνα µε τïν ίδιï ηΕλληνική Ãικïνïµία δεν έøει εêαλείψει τïυς κινδύνïυς πïυτην απειλïύν, καθώς εêακïλïυθεί να âρίσκεται σε âαθιάκρίση και µπïρεί να εκτρïøιαστεί. Τï 2012 σηµειώθηκε γιαπέµπτη συνεøή øρïνιά υπïøώρηση τïυ ΑΕΠ, µε σωρευτική

µείωση στην πενταετία 2008-2012, της τάêης τïυ 20,1% καιÞπως πρïέâλεψε ï κ. ΠρïâÞπïυλïς, αυτÞ τï πïσïστÞ θαγίνει ακÞµα µεγαλύτερï τï 2013, καθώς η ύæεση συνεøίúε-ται.

ΑναæερÞµενïς στην αύêηση της ανεργίας, ï κ.ΠρïâÞπïυλïς είπε Þτι αυτÞ ïæείλεται στην ύæεση, µε τïπïσïστÞ των ανέργων να æτάνïυν για τï 2012 τï 24,5%,σηµειώνïντας ρεκÞρ, ενώ αναµένεται νέα αύêηση τï 2013,ïπÞτε και αναµένεται ύæεση 4,5% και περαιτέρω διÞγκωσητης ανεργίας.

à διïικητής της Τράπεúας της Ελλάδας εκτίµησε Þτι τï2014 θα υπάρêïυν θετικïί ρυθµïί µεταâïλής τïυ ΑΕΠ, λÞγωτης τÞνωσης της ρευστÞτητας και της εµπιστïσύνης πïυαναµένïνται ως απïτέλεσµα της ανακεæαλαιïπïίησης τωντραπεúών και της επιστρïæής καταθέσεων στï τραπεúικÞσύστηµα. Σύµæωνα µε τïν ίδιï στην κατεύθυνση αυτή θασυµâάλει και âελτίωση της ανταγωνιστικÞτητας κÞστïυς, ηπρÞïδïς στην απελευθέρωση των αγïρών, η επανεκκίνησησηµαντικών έργων υπïδïµών και η πρïγραµµατισµένη απï-πληρωµή ληêιπρÞθεσµων ïæειλών τïυ ∆ηµïσίïυ.

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££˘ÌÌ››˙ÂÂÈÈ ∂∂ÏÏÏÏ¿¿‰‰·· ÙÙÔÔ ··ÔÔÙÙ¤¤ÏÏÂÂÛÛÌÌ··ÛÛÙÙËËÓÓ ππÙÙ··ÏÏ››··

Τï απïτέλεσµα των ιταλικών εκλïγών έøει πïλλές ïµïιÞ-τητες µε αυτÞ των ελληνικών εκλïγών τï Μαϊï τïυ 2012,αναæέρει σε έκθεση της η JP Morgan.

à διεθνής ïίκïς σηµειώνει Þτι η ψήæïς διαµαρτυρίαςστïν Μπέπε Γκρίλï δεν διαæέρει απÞ την ψήæï διαµαρτυρίαςστï Σύριúα, πïυ ïδήγησε τïυς Έλληνες στις κάλπες για δεύ-τερη æïρά.

Η JP Morgan υπενθυµίúει Þτι µετά τις ελληνικές εκλïγέςïι απïδÞσεις των 10ετών γερµανικών ïµïλÞγων υπïøώρη-σαν κατά 32 µïνάδες âάσης, ïι παγκÞσµιες øρηµατιστηριακέςαγïρές και τï ευρώ διïλίσθησαν κατά 3% µε 7% και ταspreads τις περιæέρειας αυêήθηκαν κατά 10% µε 20%.

Πρïσθέτει ωστÞσï Þτι σε αντίθεση µε τï Μαίï τïυ 2012,η ΕΚΤ έøει συγκρïτήσει τï µηøανισµÞ επαναγïράς ïµïλÞγων(OMT), γεγïνÞς πïυ θα περιïρίσει την διεύρυνση τωνspreads στα ακραία επίπεδα της περασµένης øρïνιάς.

Σύµæωνα µε την JP Morgan ένας επιπλέïν παράγïνταςπïυ θα περιïρίσει την µεταâλητÞτητα στις αγïρές ïµïλÞγωνείναι και ïι γερµανικές εκλïγές, καθώς είναι πρïς τï συµæέ-ρïν της Μέρκελ να αντιµετωπίσει γρήγïρα και απïæασιστικάτις εντάσεις.

™™ÙÙËËÓÓ ƒƒfifi‰‰ÔÔ ÁÁÈÈ·· ‰‰ÈÈ··ÎÎÔÔ¤¤˜ ÔÔÈÈ °°ÂÂÚÚÌÌ··ÓÓÔÔ››

Θετικά µηνύµατα για τïν ελληνικÞ τïυρισµÞ έρøïνταιαπÞ τη Γερµανία και την Αυστρία. Ã ταêιδιωτικÞς πράκτïραςτης Γερµανίας Alltours æαίνεται να καταγράæει για æέτïς τïκαλïκαίρι µια αύêηση στις κρατήσεις για Ελλάδα της τάêηςτïυ 10%.

à ΠρÞεδρïς τïυ πρακτïρείïυ ανέæερε Þτι έøει êεπερα-στεί τï αρνητικÞ κλίµα και η Ελλάδα επανήλθε στïυς παλιïύςκαλïύς καιρïύς της.

Η ΡÞδïς είναι τï νησί µε τη σηµαντικÞτερη αύêηση στιςκρατήσεις απÞ Γερµανία της τάêης τïυ 25%. Ακïλïυθεί ηΚρήτη, µε αύêηση µέøρι και 15%.

Ãι κρατήσεις για Σάµï, τις Κυκλάδες και τη Θάσï είναι,επίσης, σε άνïδï.

Επίσης, τï Ruefa-Verkehrsburo της Αυστρίας καταγράæειαύêηση στις κρατήσεις για Ελλάδα της τάêης τïυ 35%.

Η αύêηση των κρατήσεων πιθανÞν να καλύψει τï µεγαλύ-τερï µέρïς των απωλειών πïυ καταγράæηκε τï 2012. ΚάθεøρÞνï περίπïυ 500.000 Αυστριακïί επισκέπτïνται τηνΕλλάδα. Ùπως αναæέρεται στην είδηση, η Ελλάδα πρïæανώςθα επωæεληθεί æέτïς λÞγω της ταραøώδïυς κατάστασηςστην Αίγυπτï, η ïπïία καταγράæει πτώση στις κρατήσεις απÞΓερµανία της τάêης τïυ 15%.

ººÙÙÒÒ¯ÂÂÈÈ·· ÁÁÈÈ·· ÙÙÔÔ 3311%% ÙÙˆÓÓ ∂∂ÏÏÏÏ‹‹ÓÓˆÓÓ

Τï 31% τïυ πληθυσµïύ στην Ελλάδα âρίσκεται αντιµέτω-πï µε τïν κίνδυνï της æτώøειας ή τïυ κïινωνικïύ απïκλει-σµïύ, ενώ στην ΕΕ τï αντίστïιøï πïσïστÞ είναι 24,2%, σύµ-æωνα µε στïιøεία της Eurostat πïυ δÞθηκαν στη δηµïσιÞτη-τα στις Βρυêέλλες και αναæέρïνται στï 2011.

ΕιδικÞτερα, πρïκύπτει Þτι στην Ελλάδα, ανά ηλικιακήïµάδα, τï 30,4% των παιδιών κάτω των 18 ετών αντιµετωπί-úει τïν κίνδυνï της æτώøειας ή τïυ κïινωνικïύ απïκλεισµïύ(27% στην ΕΕ), ενώ στïυς πïλίτες 18- 64 ετών τï πïσïστÞανέρøεται στï 31,6% (24,3% στην ΕΕ) και στïυς ηλικιωµέ-νïυς (άνω των 65 ετών) είναι 29,3% (20,5% στην ΕΕ).

Παράλληλα, ï κίνδυνïς της æτώøειας µειώνεται Þσï υψη-λÞτερï είναι τï επίπεδï εκπαίδευσης των γïνέων.

Η PrimeTel ανακïίνωσε Þτι νέïι και υæιστάµενïι συνδρï-µητές µπïρïύν τώρα να απïκτήσïυν τï απÞλυτï gadget τηςαγïράς, τï Smartphone iPhone5, σε πρïνïµιακές τιµές! ΤïµÞνï πïυ έøετε να κάνετε είναι να µεταæέρετε τïν αριθµÞτïυ κινητïύ σας στην PrimeTel Mobile και να επιλέêετε ένααπÞ τα PAY MONTHLY πρïγράµµατα.

Συγκεκριµένα, µε τï πρÞγραµµα Mobile 50 δίνετε πρïκα-ταâïλή 429 ευρώ και 18 δÞσεις των 10 ευρώ. Επιπλέïν, µπï-ρείτε να κάνετε δικÞ σας ένα iPhone5 µε την πιï πάνω έκπτω-ση επιλέγïντας ένα απÞ τα ευέλικτα πακέτα της PrimeTel(Τηλεæωνία-Mobile-Internet 33 ευρώ και Τηλεæωνία–Mobile-Internet-ΤηλεÞραση 44 ευρώ). Για Þρïυς και πρïϋπïθέσειςεπισκεæθείτε τï

www.primetel.com.cy/termsΘ. 51490 , 3506, ΛεµεσÞς, Κύπρïς

∏∏ VVoollkksswwaaggeenn ÎÎÔÔÓÓÙÙ¿¿ÛÛÙÙÔÔÓÓ ··ııÏÏËËÙÙÈÈÛÛÌÌfifi

Η Volkswagen , πάντα κïντά σε κάθε πρïσπά-θεια πïυ πρïάγει τïν αθλητισµÞ, µε υπερηæάνειαστηρίúει ως Platinum Sponsor τη διεêαγωγή τωναγώνων Volkswagen Duathlon πïυ θα λάâïυν øώρατην Κυριακή 3 Μαρτίïυ, στην ΠαρεκκλησιάΛεµεσïύ, 10 – 11π.µ.

Ãι αγώνες απïτελïύνται απÞ ατïµικÞ και ïµα-δικÞ Duathlon(5øλµ. τρέêιµï –20øλµ. πïδηλα-σία – 5øλµ. τρέêι-µï) και DuathlonSprint (2,5øλµ.τρέêιµï – 10øλµ.πïδηλασία –2,5øλµ. τρέêιµï) και η διεêαγωγή τïυς γίνεται υπÞτην αιγίδα της Cyprus Triathlon Federation.

Η Cyprus Triathlon Federation (www.cytrifed.org) ιδρύθηκε τï 1995 και απïτελείτην επίσηµη εθνική ïµïσπïνδία της Κύπρïυ για τααθλήµατα Triathlon, Duathlon και Aquathlon.

√√ MMaarrcc JJaaccoobbss ¢¢ËËÌÌÈÈÔÔ˘ÚÚÁÁÈÈÎÎfifi˜¢¢ÈÈ¢ıı˘ÓÓÙÙ‹‹˜ ÙÙˢ CCooccaa--CCoollaa lliigghhtt

Η Coca-Cola light, στï πλαίσιï τïυ εïρτασµïύτων 30 øρÞνων της, ανακïίνωσε πρÞσæατα τησυνεργασία της µε τïν Marc Jacobs. à κïρυæαίïςσøεδιαστής µÞδας θα είναι ï ∆ηµιïυργικÞς∆ιευθυντής τïυ νïύµερï ένα light αναψυκτικïύστïν κÞσµï για τï 2013, µε τη συνεργασία τïυς νααπïτελεί ένα συναρπαστικÞ κïµµάτι της καµπά-νιας «ΛάµπïνταςΜαúί Για 30ÌρÞνια». à MarcJacobs δίνει τηδική τïυ δηµιïυρ-γική πινελιά στηνCoca-Cola light,σøεδιάúïντας µιαlimited editionσυλλïγή συσκευ-ασιών.

ΑντιπρÞσωπïς της Coca-Cola light στην Κύπρïείναι η εταιρεία Α/æïί Λανίτη Þπïυ στï πλïύσιïæάσµα µη–αλκïïλïύøων πïτών διαθέτει τις διε-θνείς µάρκες της The Coca-Cola Company ÞπωςCoca-Cola, Sprite, Fanta αλλά και τï ïµώνυµï γάλακαι øυµïύς της, Þπως επίσης και τα αθλητικά πïτάPowerade, τσάϊ Nestea, τï ενεργειακÞ πïτÞMonster, τïν καæέ illy issimo και τα γαλακτïκïµικάπρïϊÞντα ΦΑΓΕ.Τï øαρτïæυλάκιÞ της συµπεριλαµ-âάνει επίσης τï æυσικÞ νερÞ ΚΥΚΚÃΣ και συνεøίúεινα παρέøει τï æυσικÞ µεταλλικÞ της νερÞ ΑΥΡΑ.

¡¡¤¤·· ÛÛÂÂÈÈÚÚ¿¿ ÙÙ˘ÚÚÈÈÒÒÓÓ ““TTrraaddiittiioonnaall IIrriisshh cchheeddddaarr””

H εταιρεία ipH, µε πρωταρøική πρïτεραιÞτητανα ανταπïκρίνεται απÞλυτα στις σύγøρïνες ανά-γκες των καταναλωτών, ανανεώνει την γκάµα τωντυριών cheddar της και êεκινά µια νέα, δυναµικήσυνεργασία µε την εταιρεία Glenstal Foods Ltd.ΣτÞøïς της νέας αυτής «συµµαøίας» είναι να πρï-σæέρει στï κυ-πριακÞ κïινÞµία ïλïκληρω-µένη σειράâραâευµένωνΙρλανδικών τυ-ριών cheddarανώτερης πïι-Þτητας σε συ-σκευασίες λια-νικής πώλη-σης, self service και delicatessen, σε τιµές πïυ συµ-æέρïυν!

Τα «Traditional Irish cheddars» διατίθενται σε5 είδη: Mild cheddar (White και Coloured), Mature,Extra Mature και Vintage cheddar, σε συσκευασίεςτων 200g και επιλεγµένα είδη σε value packs των350g Þπως επίσης και σε µεγάλες συσκευασίεςτων 5kg στï delicatessen.

Πραγµατïπïιήθηκε µε µεγάλη επιτυøία η âραδιά âραâεύ-σεων της Liberty Life Insurance Company LTD.

à ∆ιευθύνων Σύµâïυλïς της Εταιρείας, κύριïς ·ένιïς∆ηµητρίïυ, άνïιêε την âραδιά µε ένα σύντïµï øαιρετισµÞκαλωσïρίúïντας τïυς πρïσκεκληµένïυς, τïυς ασæαλιστές,και υπαλλήλïυς της εταιρείας. Αναæέρθηκε µεταêύ άλλων Þτιï øρÞνïς πïυ πέρασε ήταν εêαιρετικά δύσκïλïς για τιςκυπριακές επιøειρήσεις, ιδιαίτερα Þµως για τις ασæαλιστικέςεπιøειρήσεις τïυ κλάδïυ ·ωής.

Παρ’ Þλα αυτά η Liberty Life κατÞρθωσε µε τη διïρατικÞ-τητα τïυ πρïέδρïυ της, τη συµâïλή των µελών τïυ∆ιïικητικïύ Συµâïυλίïυ και τïυς ακïύραστïυς λειτïυργïύς,να διατηρήσει την παραγωγή της, να αυêήσει τις νέες εργα-σίες και να ατενίúει τï µέλλïν µε αισιïδïêία.

Ακïλïύθησε µέσα σε κλίµα ενθïυσιασµïύ η καθιερωµένηâράâευση των πρώτων ασæαλιστικών συµâïύλων καθώς καιτων κïρυæαίων τραπεúικών Υπαλλήλων απÞ την συνεργασίαµε την USB BANK.

Κατά την διάρκεια της âραδιάς, ïι παρευρισκÞµενïι δια-σκέδασαν µε Ελληνικές µελωδίες απÞ τετραµελή ïρøήστρα,και απÞλαυσαν τις γαστρïνïµικές επιλïγές.

Στην πιï Þµïρæη ειδυλλιακή περιïøή της Πάæïυ πάνω στïκύµα âρίσκεται τï νέï εντυπωσιακÞ δηµιïύργηµα της LeptosEstates «Coral Seas Villas».

Σøεδιασµένï σε Αιγαιïπελαγίτικïυς και Κυκλαδίτικïυςρυθµïύς και øρώµατα, έρøεται να δέσει µε τï γαλάúιï τηςθάλασσας και τις γύρω καταπράσινες µπανανïæυτείες .

Ùλες ïι κατïικίες απïλαµâάνïυν την άπλετη θέα στïαπέραντï γαλάúιï της θάλασσας καθώς επίσης τα ïνειρικάηλιïâασιλέµατα ιδίως τα καλïκαιρινά δειλινά.

Τï «Coral Seas Villas» απïτελεί ακÞµη ένα παραθαλάσσιïέργï της Leptos Estates τï ïπïίï πρïσελκύïνται ήδη αγïρα-στές και επενδυτές, κυρίως απÞ την Σκανδιναâία, Ρωσία, Κίνακαι Μέση Ανατïλή.

∏∏ LLiibbeerrttyy LLiiffee ‚‚ÚÚ¿¿‚‚¢ÛÛ ÙÙÔÔ˘˜ Îη·Ïχ‡ÙÙÂÂÚÚÔÔ˘˜

ªªÂÂÁÁ¿¿ÏÏÔÔ ÂÂÓÓ‰‰ÈÈ··Êʤ¤ÚÚÔÔÓÓ ÁÁÈÈ·· ÙÙÔÔ LLeeppttooss CCoorraall SSeeaass VViillllaass

Η Emirates, πρïσæέρει ειδικές τιµές Ãικïνïµικής Θέσης σεïκτώ επιλεγµένïυς πρïïρισµïύς για επιâάτες πïυ ταêιδεύïυναπÞ την Κύπρï είτε για αναψυøή είτε για επαγγελµατικïύςλÞγïυς.

Ãι τιµές εισιτηρίων της Emirates πïυ êεκινïύν απÞ 508 ευρώαæïρïύν τï δρïµïλÞγιï απÞ Κύπρï πρïς Ντïυµπάι. Η τιµή γιατï δρïµïλÞγιï πρïς Μïυµπάι της Ινδίας, êεκινά απÞ 626 ευρώενώ ïι τιµές πρïς Πεκίνï και Σαγκάη êεκινïύν απÞ 708 ευρώ. Ητιµή πρïς ΜπανγκÞκ της Ταϊλάνδης êεκινά τώρα απÞ 746 ευρώ.Ãι ναύλïι για τï δρïµïλÞγιï πρïς τï Γιïøάνεσµπïυργκ τηςΝÞτιας Αæρικής êεκινïύν απÞ 918 ευρώ ενώ για τη Μελâïύρνηκαι Σύδνεϋ êεκινïύν απÞ 1.249 ευρώ και 1.255 ευρώ αντίστïιøα.Η ειδική πρïσæïρά ισøύει µέøρι τις 31 Μαρτίïυ 2013 για ταêίδιααπÞ σήµερα και µέøρι τις 31 Μαΐïυ 2013. Ãι τιµές περιλαµâά-νïυν τέλη αερïδρïµίïυ και επίναυλï καυσίµων και ισøύïυν ïιτïπικïί Þρïι και πρïϋπïθέσεις.

Για περισσÞτερες πληρïæïρίες στï τηλέæωνï 22 817 816 ήστην ιστïσελίδαwww.emirates.com/cy/English/destinations_offers/destinations/middleeast/uae/dubai/index.aspx

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

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PPrriimmeeTTeell:: ∫∫¿¿ÓÓÙÙ ‰‰ÈÈÎÎfifi ÛÛ··˜ ¤¤ÓÓ·· iiPPhhoonnee55 ÌÌ €442299

27 ΦΕΒΡÃΥΑΡΙÃΥ, 2013

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Εγκρίθηκε απÞ τï ∆ιïικητικÞ Συµâïύλιï της ΑΗΚ τï πιλï-τικÞ έργï για αντικατάσταση τïυ ïδικïύ æωτισµïύ, σύµæωναµε ανακïίνωση τïυ ∆ήµïυ ΠÞλεως Ìρυσïøïύς, η ïπïία διευ-κρινίúει Þτι τï έργï απïτελεί πρÞταση õάδας Εργασίας απÞτην ΑΗΚ, τï ΕνεργειακÞ Γραæείï Κυπρίων Πïλιτών και επιλεγ-µένων Τïπικών Αρøών της Κύπρïυ.

«Μετά την έγκριση ïυσιαστικά êεκινά η διαδικασία για τηνεκπÞνηση της τεøνικής µελέτης, πïυ υπïλïγίúεται στις350.000 ευρώ. Τï 90% θα επιøïρηγηθεί απÞ την ΕυρωπαϊκήΈνωση και τï 10% θα καταâληθεί απÞ τις 16 τïπικές Αρøές(14 ∆ήµïι και 2 κïινÞτητες), πïυ συµµετέøïυν στï «Σύµæωνïτων Νησιών»,» πρïσθέτει η ανακïίνωση.

à ∆ήµïς ΠÞλης Ìρυσïøïύς, ï ïπïίïς είναι ένας απÞ τïυς∆ήµïυς πïυ υπέγραψε τï «Σύµæωνï των Νησιών», µε απÞæα-ση τïυ ∆ηµïτικïύ Συµâïυλίïυ, τïν Ãκτώâριï τïυ 2012 ενέ-κρινε τη συµµετïøή τïυ στï πιλïτικÞ πρÞγραµµα εêïικïνÞµη-σης ενέργειας στïν ïδικÞ æωτισµÞ. Η συνεισæïρά τïυ ∆ήµïυστη συγøρηµατïδÞτηση τïυ κÞστïυς των τεøνικών µελετών,σύµæωνα µε ανακïίνωση τïυ ∆ήµïυ ΠÞλεως Ìρυσïøïύς, θαανέρøεται στα 1500 ευρώ.

Η εêïικïνÞµηση ενεργείας για τïν ïδικÞ æωτισµÞ απïτε-

λεί τïµέα πρïτεραιÞτητας για τις Τïπικές Αρøές της Κύπρïυ,ïι ïπïίες στïøεύïυν µέσω των µέτρων εêïικïνÞµησης ενέρ-γειας να µειώσïυν σηµαντικά τÞσï τις εκπïµπές διïêειδίïυτïυ άνθρακα, αλλά και των ετήσιων δαπανών τïυς για τïνïδικÞ æωτισµÞ, πïυ σε πïλλές περιπτώσεις êεπερνïύν τï10% τïυ ετήσιïυ πρïϋπïλïγισµïύ τïυς, πρïστίθεται στη σøε-τική ανακïίνωση.

Τï έργï πρïâλέπει την αντικατάσταση 63.000 περίπïυυæιστάµενων æωτιστικών σωµάτων πïυ æέρïυν λαµπτήρεςυψηλής πίεσης νατρίïυ (HPS) µε νέα ενεργειακά απïδïτικάæωτιστικά (π.ø. LED).Τï εκτιµώµενï κÞστïς για την αγïρά καιεγκατάσταση των νέων æωτιστικών σωµάτων ανέρøεται περί-πïυ στα 17 εκ. ευρώ.

Τï έργï θα υλïπïιηθεί σε 2 στάδια. Τï πρώτï στάδιïαæïρά την υπïâïλή αίτησης για παρïøή τεøνικής âïήθειαςαπÞ τï ΕυρωπαϊκÞ Ταµείï Ενεργειακής ΑπïδïτικÞτητας γιατην ετïιµασία των τεøνικïïικïνïµικών µελετών. Τï δεύτερïστάδιï, πρïστίθεται στην ανακïίνωση, αæïρά αίτηση της ΑΗΚγια λήψη δανείïυ µε ευνïϊκïύς Þρïυς απÞ τï EEE-F και τηναντικατάσταση των æωτιστικών σωµάτων, στάδιï τï ïπïίïαæïρά εêïλïκλήρïυ την ΑΗΚ. Ãι µελέτες θα ïλïκληρωθïύν

εντÞς τïυ 2013 και τï έργï θα ïλïκληρωθεί τï 2014.Με âάση τις πρïκαταρκτικές εκτιµήσεις, η εêïικïνÞµηση

ηλεκτρικής ενέργειας υπïλïγίúεται να æτάσει στï 48% , ηïπïία θα έøει ως απïτέλεσµα τα ακÞλïυθα σηµαντικά ïικïνï-µικά ïæέλη για την Κύπρï και τις Τïπικές Αρøές:

Μείωση τïυ κÞστïυς συντήρησης τïυ ïδικïύ æωτισµïύπïυ επιâαρύνïνται ïι Τïπικές Αρøές, λÞγω µεγαλύτερης διάρ-κειας úωής των æωτιστικών LED, εêïικïνïµήσεις απÞ αγïράµειωµένων δικαιωµάτων θερµïκηπιακών αερίων λÞγω µείω-σης των εκπïµπών, µείωση δαπανών των Τïπικών Αρøών γιατïν ïδικÞ æωτισµÞ µε âάση τïυς Þρïυς και τις πρÞνïιες πïυθα καθïριστïύν απÞ τα πïρίσµατα της τελικής τεøνικïïικïνï-µικής µελέτης. Με âάση τï υπÞ µελέτη σενάριï, τï συνïλικÞÞæελïς για τις Τïπικές Αρøές µε âάση τις νέες καθïρισµένεςøρεώσεις την περίïδï 2014-2015 υπïλïγίúεται σε 19.5 εκ.ευρώ.

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Σε λίπασµα και âιïµηøανικÞ πλαστικÞ µετατρέπει τααπïτσίγαρα η αµερικανική εταιρεία TerraCycle.

Η Terra Cycle ανήκει στïν επιøειρηµατία Τïµ ·άκικαι ανακυκλώνει µια σειρά εναλλακτικών υλικών ή αντι-κειµένων Þπως παπïύτσια, σαγιïνάρες, ïδïντÞâïυρ-τσες και “κάψïυλες” για καæέ.

Τï πρÞγραµµα Cigarette Waste Brigade θα πρïâλέ-πει τη συλλïγή υλικών πïυ έøïυν νακάνïυν µε τα τσιγάρα και την καύσητïυς Þπως απïτσίγαρα, πακέτακαπνïύ, περιτυλίγµατα, æίλτρα τσιγά-ρων, ακÞµη και στάøτη.

Απαιτïύνται 1000-2000γÞπες για ένα πλαστικÞ στα-øτïδïøείï και περισσÞτε-ρες απÞ 200.000 για µιαπïλυθρÞνα κήπïυ. Ùøι Þτιυπάρøει έλλειψη πρώτωνυλών καθώς υπïλïγίúεταιÞτι τï 37% των απïρριµµάτωνπαγκïσµίως είναι απïτσίγαρα, µε τï συνïλικÞ τïυς νïύ-µερï να εκτιµάται σε 2 τρισ. ετησίως.

à καπνÞς υπïâάλλεται σε διαδικασία κïµπïστïπïί-ησης, η στάøτη øρησιµïπïιείται σε λιπάσµατα και τααπïτσίγαρα µετατρέπïνται σε πλαστικά σæαιρίδια, ταïπïία ανακυκλώνïνται αæïύ πρώτα έøïυν αæαιρεθεί ïιτïêίνες.

Η καπνïâιïµηøανία øρηµατïδïτεί τï πρÞγραµµαCigarette Waste Brigade τïυ ·άκι σε µια πρïσπάθεια νααπïσπάσει θετική δηµïσιÞτητα, πÞσω µάλλïν Þταν έøειαπïκλειστεί απÞ τη διαæηµιστική âιïµηøανία. Έτσι, γιακάθε γÞπα πïυ στέλνïυν ïι καπνιστές ïι καπνïâιïµηøα-νίες συλλέγïυν 1 σεντ τïυ δïλαρίïυ τï ïπïίï πάει σεæιλανθρωπικές ïργανώσεις.

Για την ιστïρία, ï Τïµ ·άκι εγκατέλειψε τï πανεπι-στήµιï Πρίνστïν για να ιδρύσει την TerraCycle µε έδρατï Νιïυ Τúέρσεϊ. Την ιδέα για ανακύκλωση τσιγάρωνείøαν εισάγει Κινέúïι επιστήµïνες τï 2010.

Έρευνα πïυ παρïυσιάστηκε στï Industrial &Engineering Chemistry Research και τις ïπïίας επιλή-æθηκαν Κινέúïι επιστήµïνες τα απïτσίγαρα περιέøïυνïυσίες πρïστατευτικές για τïν øάλυâα τύπïυ Ν80 πïυøρησιµïπïιείται ευρέως σε αγωγïύς πετρελαίïυ.

Συγκεκριµένα, επιâραδύνïυν τη διάâρωση τïυµετάλλïυ και θα µπïρïύσαν να απïτρέψïυν âλάâες καικïστïâÞρες διακïπές στην παραγωγική διαδικασία. Ãεπικεæαλής της έρευνας ·ïυν ·άï και η ερευνητική τïυïµάδα εκτιµïύν Þτι κάθε øρÞνï 4,5 τρισεκατïµµύριααπïτσίγαρα καταλήγïυν στï περιâάλλïν µε καταστρï-æικές συνέπειες εêαιτίας των τïêινών πïυ περιέøïυν.

Με διïργανωτές τï Ινστιτïύτï Ενέργειας ΝïτιïανατïλικήςΕυρώπης (ΙΕΝΕ) και την Εταιρεία ∆ηµïσιÞτητας, Επικïινωνίας,ΕκδÞσεων, ∆ιαæηµίσεων και Συνεδρίων fmw financial mediaway, πραγµατïπïιείται τï 2ï ΕνεργειακÞ ΣυµπÞσιï για τï 2013,κατά τï διήµερï 14 και 15 Μαρτίïυ, υπÞ την αιγίδα τïυΚυπριακïύ Εµπïρικïύ και Βιïµηøανικïύ Επιµελητηρίïυ, στïêενïδïøείï Ìίλτïν της Λευκωσίας.

Η πρώτη ηµέρα τïυ Συνεδρίïυ θα περιλαµâάνει επίσηµïδείπνï µε ïµιλητή τïν ΠρÞεδρï της Κυπριακής ∆ηµïκρατίας,ενώ κατά τη δεύτερη ηµέρα θα παρïυσιασθεί τï τεøνïκρατικÞµέρïς τïυ Συµπïσίïυ, τïυ ïπïίïυ τίτλïς είναι “Ãι ΕνεργειακïίΠÞρïι της Κύπρïυ και τα Νέα ∆εδïµένα στην ΑνατïλικήΜεσÞγειï”. Τï ΣυµπÞσιï θα καλύψει την ενεργειακή στρατηγι-κή στïν τïµέα της έρευνας και αêιïπïίησης των υδρïγïναν-θράκων, την αγïρά πετρελαίïυ και æυσικïύ αερίïυ, την αγïράηλεκτρισµïύ και τις ανανεώσιµες πηγές ενέργειας.

ΕιδικÞτερα, κατά τï 2ï ΕνεργειακÞ ΣυµπÞσιï θα αναλυθείκαι θα συúητηθεί ένα ευρύ æάσµα θεµατïλïγίας και αναµένεταιÞτι τï πλήρες πρÞγραµµα, µε τïυς ïµιλητές κατά ενÞτητακαθώς τïυς øïρηγïύς τïυ, θα ανακïινωθεί αύριï στη δηµïσιï-γραæική διάσκεψη. Στις θεµατικές ενÞτητες τïυ Συµπïσίïυ

περιλαµâάνïνται η νέα ενεργειακή στρατηγική της Κύπρïυ στïπλαίσιï της Ευρωπαϊκής Ενεργειακής Πïλιτικής για τï 2020, ïιέρευνες για κïιτάσµατα æυσικïύ αερίïυ στην Κύπρï, τï νέïενεργειακÞ µείγµα και ïι γεωπïλιτικές επιπτώσεις στην περιï-øή.

Θα υπάρêει, επίσης, παρïυσίαση των νέων εταιρειών πïυεêασæάλισαν άδεια για έρευνες σε ïικÞπεδα της κυπριακήςΑ÷, στïιøεία για την αγïρά ηλεκτρικής ενέργειας στην Κύπρï,για τις ανανεώσιµες πηγές ενέργειας, τη συµπαραγωγή καιεêïικïνÞµηση ενέργειας.

Στï ΣυµπÞσιï, εκτÞς απÞ τïν ΠρÞεδρï της ∆ηµïκρατίας, θαπαρευρεθïύν και θα απευθύνïυν øαιρετισµïύς ïι Αρøηγïί τηνκïινïâïυλευτικών κïµµάτων της Κύπρïυ, Υπïυργïί απÞ τηνΚύπρï και την Ελλάδα, εκπρÞσωπïι κρατικών και ηµικρατικώνïργανισµών των δύï øωρών και εταιρειών ενέργειας τïυ εêω-τερικïύ, ακαδηµαϊκïί στα θέµατα ενέργειας και εκπρÞσωπïιεπιøειρήσεων τïυ τïµέα της ενέργειας.

Συνïλικώς, στï ΣυµπÞσιï θα συµµετάσøïυν και θα ïµιλή-σïυν τριάντα περίπïυ ïµιλητές απÞ την Κύπρï, την Ελλάδα καιτï εêωτερικÞ, ïι ïπïίïι θα και θα καλύψïυν Þλï τï æάσµα τωνενεργειακών πÞρων και εæαρµïγών.

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Η κλιµατική αλλαγή, µε κύριï øαρακτηριστικÞ την αύêηση τηςθερµïκρασίας και της υγρασίας, µείωσε τις τελευταίες έêι δεκα-ετίες τï εργατικÞ δυναµικÞ κατά 10%.

ΑυτÞ πρïκύπτει απÞ νέα έρευνα της Αµερικανικής ΕθνικήςΥπηρεσίας για τïυς Ωκεανïύς και την ΑτµÞσæαιρα (ΝÃΑΑ), ηïπïία υπïστηρίúει Þτι τï πïσïστÞ των εργαúïµένων πïυ αδυνα-τεί να δïυλέψει λÞγω úέστης ενδέøεται να διπλασιαστεί µέøρι τï2050. Η απÞλυτη υγρασία στην ατµÞσæαιρα τα τελευταία øρÞνιαείναι αυêηµένη, κάτι πïυ ïæείλεται στï γεγïνÞς Þτι ï θερµÞςαέρας συγκρατεί περισσÞτερïυς υδρατµïύς σε σøέση µε τïνκρύï. Ùπως είναι γνωστÞ, Þταν τα θερµά καλïκαίρια συνδυάúï-νται µε υψηλή υγρασία η ατµÞσæαιρα πïυ δηµιïυργείται είναιαπïπνικτική και καθιστά ανυπÞæïρη την εργασία.

Για να υπïλïγίσïυν τï στρες πïυ πρïκαλεί στïυς εργαúïµέ-νïυς η δïυλειά σε υψηλÞτερες θερµïκρασίες µε µεγάλη υγρα-σία στην ατµÞσæαιρα, ïι ερευνητές συγκέντρωσαν στïιøεία απÞτïν στρατÞ και τις âιïµηøανίες σøετικά µε τï «στρες λÞγωúέστης» και τα συνδύασαν µε τις επίσηµες πρïâλέψεις για τηνάνïδï της θερµïκρασίας και την αύêηση της υγρασίας τα επÞµε-να øρÞνια. Τα απïτελέσµατα ήταν σïκαριστικά. «Πρïâλέπïυµε

Þτι η απώλεια εργατικïύ δυναµικïύ απÞ «στρες λÞγω úέστης» θαδιπλασιαστεί παγκïσµίως µέøρι τï 2050, πïυ τï κλίµα θα είναιακÞµα θερµÞτερï», τÞνισε σε δηλώσεις τïυ ï επικεæαλής τηςµελέτης John Dunne.Τις θερµές περιÞδïυς µε µεγάλη υγρασία ηικανÞτητα των ανθρώπων για δïυλειά πέæτει στï 90%. Ãι επιστή-µïνες πρïâλέπïυν Þτι µελλïντικά, η αύêηση της θερµïκρασίαςκαι της υγρασίας θα µειώσει την ικανÞτητα για δïυλειά ακÞµαπερισσÞτερï, στï 80%.

Αν µάλιστα επιâεâαιωθεί τï απαισιÞδïêï σενάριï για αύêησητης θερµïκρασίας κατά 6 âαθµïύς Κελσίïυ τις επÞµενες δεκαε-τίες λÞγω κλιµατικής αλλαγής, η εργασία τïυς καλïκαιρινïύςµήνες σε πïλλές περιïøές παγκïσµίως αναµένεται να καταστείσøεδÞν αδύνατη.

This weekend was a somber one for theU.K. - and I’m not just talking about theweather. The country’s first credit ratingdowngrade since 1978 dominated newsheadlines, placing the government in the fir-ing line, and leaving businesses and familiesto question how the cut might affect them.

Moody’s Investors Service lowered theU.K.’s credit rating one level from AAA toAA1, citing the rising debt burden as the rea-son and predicting that the deterioration in

the government’s balance sheet will proba-bly not be reversed before 2016. Followingthe announcement, the Great British Poundfell 0.6% to $1.5163 in the last half-hour oftrading in New York. Overall however, theshort-term market response was not verydramatic. The news hardly came as a sur-prise given that the U.K. has a similar grossdebt to GDP ratio as France and U.S., whohave both recently lost their AAA ratings.

More interesting is what will unfold inthe long-term. Now that this story has found

its way into the public eye, traders and econ-omists should be keeping a tight watch onthe resultant political debate, and see if anynew conclusions and action plans aredrawn.

The downgrade is the ultimate politicalembarrassment for Chancellor of theExchequer, George Osborne. Even his great-est critics must admit that Osborne inherit-ed no easy task, but the Chancellor himselfmade Britain’s AAA status the benchmark of

his own economic credibility. The prob-lem, simply put, is that the U.K. needsgrowth to raise tax revenues and reducethe deficit, but it does not have anymoney to spend and invest in growth.

The Sunday Mirror was of the opin-ion that a chancellor’s shortcomingshave rarely been laid bare so brutally,and members of the coalition and oppo-sition alike have raised questions about

whether he is the right person for the job.The Labour Party has called for a scalingback of the fiscal squeeze, with ShadowChancellor Ed Balls describing the news as a“humiliating blow.”

Osborne responded by insisting that thegovernment must redouble its currentefforts to delivery its economic recovery planand must not “run away from dealing” withthe problem. He acknowledged the need totackle the nation’s debt before interest ratessoar and businesses go bankrupt, but argued

that Labour’s idea to borrow more wouldmake a bad situation worse.

The present situation is certainly badenough. According to the EuropeanCommission, Britain’s debt as a percentageof GDP will climb to 98% next year, up from90% in 2012 and 95% in 2013. Some ana-lysts believe that the country is at risk offalling into an unprecedented triple-diprecession, and some have expressed con-cerns that the pound is nearing the value ofthe Euro, which would push up inflationand add further pressure to families alreadyfeeling the squeeze.

All eyes will be on this year’s Budget nextmonth. The country is torn about the bestroute forwards. While the Sunday Expresscalled for a renewed focus on public sectorsavings, for example, the Independentencouraged the Chancellor to acceleratepublic sector spending to support growth.

Osborne will likely remain steadfast in hisausterity approach, despite already admit-ting that he will be unlikely to reach targetsfor cutting debt in 2015-16 after his fiscalwatchdog cut its growth forecasts. However,if he wants to survive the political pressureand silence the calls for his resignation, hewill have to be strong, offer something thatwe haven’t heard already, and reassure thewatching public that their economy is assafe as it can be under his guidance.

The Chancellor has promised to show in

the Budget that further action can still betaken to make Britain’s economy more com-petitive. With the country’s fiscal future andOsborne’s political career hanging in thebalance, March 20 could very well be a makeor break day.

The euro skidded close to a seven-weeklow against the dollar while the yen keptsome distance from multi-month lows onTuesday as the specter of political gridlockin Italy spurred traders to seek refuge in theU.S. and Japanese currencies.

Italy’s centre left won the lower house aswidely expected, but media projections indi-cate no party or coalition will be able toform a majority in the upper house orSenate.

A deadlocked parliament could threatenItaly’s economic reforms and reignite fearsabout euro zone debt. That could reversethe optimism that the worst of the region’scrisis was over, which had benefited theeuro and riskier assets in general earlier thisyear.

The euro traded at $1.3052, after fallingas low as $1.3039, its lowest since January

10. Support lies at $1.3032 from the bottomof the daily Ichimoku charts. A break therewould send a strong bearish signal and islikely to open the way for a test of itsJanuary 4 low of $1.2998. The euro fell to aslow as 118.74 yen on Monday, down a

whopping 6.5 yen from that day’s high of125.36 yen. It last traded at 119.65 yen,down 0.3%.

The dollar last traded at 91.68 yen, downabout 0.2% from late U.S. levels. The dollarindex, which tracks the greenback against abasket of other major currencies rose 0.2%to 81.832.

In Monday’s whipsaw trading, the dollartumbled to as low as 90.85 yen, its lowest innearly a month, from a 33-month high of94.77 yen hit earlier in the day on the newsthat Japan plans to nominate an advocate ofaggressive monetary easing, Asian

Development Bank President HaruhikoKuroda, as the next central bank governor.

Analysts say steep losses in the yen inrecent months on bets of further monetaryeasing in Japan have made it vulnerable tosharp reversals. Japanese Prime MinisterShinzo Abe’s repeated calls for more force-

ful central bank action was the main forcebehind the yen’s nearly constant declinesince November.

“The yen was long overdue for a correc-tion and all it needed was a catalyst. Theyen’s downtrend may have run its coursefor the time being,” said Teppei Ino, curren-cy strategist at the Bank of Tokyo-Mitsubishi UFJ. While expectations of moreBOJ easing could pressure the yen, theJapanese currency could gain at the expenseof riskier currencies if risk appetite abatesfurther.

In addition to the Italian gridlock, a U.S.stalemate over spending cuts that threatenthe economic recovery undermined marketsentiment. President Barack Obama andCongress remain deadlocked over how toprevent $85 bln in automatic governmentspending cuts set to start on March 1.

Euro sags to 7-week low after messy Italy vote

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.

UK loses its AAA rating

President, Banc De Binary

By Oren Laurent

February 27 - March 5, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

George Osborne

www.bbinary.com

Et Tu, Italy?

LIBOR rates

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

USD USD 0.20 0.24 0.29 0.46 0.75 0.39 0.51 0.69 0.93 1.40 1.95GBP GBP 0.49 0.50 0.51 0.62 0.94 0.62 0.71 0.86 1.05 1.44 2.01EUR EUR 0.06 0.10 0.13 0.24 0.46 0.48 0.61 0.78 0.97 1.33 1.77JPY JPY 0.13 0.14 0.16 0.26 0.46 0.21 0.21 0.23 0.28 0.44 0.74CHF CHF 0.00 0.01 0.02 0.10 0.28 0.10 0.18 0.31 0.47 0.78 1.14

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 29.01 05.02 12.02 19.02 26.02 Today Last Week %Change

USD 1.3085 1.5180 1.0753 1.0878 USD 1.3395 1.3431 1.3327 1.3301 1.3007 1.5180 1.5486EUR 0.7642 1.1601 0.8218 0.8313 GBP 0.8529 0.8522 0.8512 0.8594 0.8553 1.3085 1.3356GBP 0.6588 0.8620 0.7083 0.7166 JPY 121.24 123.80 124.91 124.27 119.49 91.93 93.64CHF 0.9300 1.2169 1.4117 1.0116 CHF 1.2382 1.2199 1.2246 1.2254 1.2063 0.9300 0.9231JPY 91.93 120.29 139.55 98.85

JPY -1.83CHF +0.75

CCY

GBP +1.98EUR +2.03

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousFEB 27 EUR Gfk German Consumer Climate due 9.00am 5.9 5.8FEB 27 CHF Swiss KOF Economic Sentiment due 10.00am 1.00 1.05FEB 27 GBP Second Estimate GDP growth Q/Q due 11.30am -0.30% -0.30%FEB 27 GBP Prelim Business Investment Q/Q due 11.30am 2.20% 3.80%FEB 27 US Durable Goods Orders M/M due 3.30pm -4.10% 4.30%FEB 27 US Fed Chairman Ben Bernanke testifies starting 5.00pm - -FEB 27 US Pending Home Sales M/M due 5.00pm 1.70% -4.30%

FEB 28 CHF Swiss GDP Growth Q/Q due 8.45am 0.00% 0.60%FEB 28 EUR German Unemployment Change due 10.55am -5k -16kFEB 28 EUR Consumer Price Index Y/Y due 12.00noon 2.00% 2.00%FEB 28 US Prelim GDP Growth Q/Q due 3.30pm 0.50% -0.10%FEB 28 US Weekly Unemployment Claims due 3.30pm 361k 362kFEB 28 US Chicago PMI due 4.45pm 54.1 55.6

MAR 1 EUR German Retail Sales M/M due 9.00am 1.10% 1.70%MAR 1 EUR Unemployment Rate due 12.00noon 11.80% 11.70%MAR 1 US Core PCE Price Index M/M due 3.30pm 0.10% 0.00%MAR 1 US Personal Spending M/M due 3.30pm 0.20% 0.20%MAR 1 US Personal Income M/M due 3.30pm -1.90% 2.60%MAR 1 US Final Manufacturing PMI due 4.00pm 55.2 55.2MAR 1 US Revised Consumer Sentiment due 4.55pm 76.3 76.3MAR 1 US ISM Manufacturing PMI due 5.00pm 57.9 56.5

MAR 1 US Construction Spending M/M due 5.00pm 0.50% 0.90%Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

The Italian “protest vote” has reverberated far and wide: equitiesfell, the VIX surged 34%, investors scrambled to safe-haven bondsand Japan’s crusade to weaken its currency suffered a major setback,with the biggest overnight jump in the yen since 2011. Markets seemto fear that Italian voters have stuck a knife into the back of the europroject. But we are not so sure the drama of this election will turnout to be as Shakespearean as all that.

Italy’s vote reaffirms a turning away from fiscal sado-masochism,a trend which was already well underway. Provided GermanChancellor Angela Merkel is not so stubborn as to demand any fur-ther measures from Italy—and that she allows ECB governor MarioDraghi to promise ECBfinancing without anyfurther precondi-tions—Italy andEurope should muddlethrough this situation.

After all, an ease-upon austerity is the poli-cy already chosen inthe case of France,Spain and Portugal,which are all going tobe allowed to misstheir fiscal targets. Sowe cannot see why thetreatment of Italyshould be any different.Germany and Francenow have the option offudging the FiscalCompact in the sameway they fudged theoriginal Stability andGrowth Pact. Thisseems by far the mostlikely scenario sinceFrench PresidentFrancois Hollande clearly wants to do it and Merkel cannot afford acrisis before the German election. Once investors work this out, wesuspect the markets will calm down.

This is not to say the situation is not pretty messy! The big win-ner of the Italian election is obviously the protest vote, as illustratedby a 5% rise in abstention, and, much more importantly, a superstrong 25% score for Beppe Grillo’s Five Star Movement, a new partyfounded by geeks and bloggers with an anti-everything discourse(anti-Monti, anti-Berlusconi, anti-euro, anti-establishment, anti-debtrepayment, anti-markets, etc.). Ex-comedian Grillo (who is not him-self a candidate) has succeeded in gathering protest votes that wereusually spread between the extreme-right and the extreme-left.

While the center-left party of Pier Luigi Bersani took 29.6% of thevote (with more than 99.9% of ballots counted) in the lower house, atouch more than Silvio Berlusconi’s 29.2%, Italians have sent a clearmessage of protest against fiscal austerity, and against tax hikes inparticular. Mario Monti’s new party got just 9% of the vote in the

lower house, and Berlusconi and Grillo’s combined vote is roughly55%.

These split votes mean the emergence of a new government in theeurozone’s third largest economy is going to be extraordinarily prob-lematic. Moreover, new elections cannot be called before late May atthe earliest, since the president of the Republic (elected for sevenyears in May 2006) does not have the right to dissolve during the lastsix months of his mandate. In any case, new elections may not bewhat the establishment would want (Berlusconi included) since itwould fear an even higher score by Grillo.

One possibility is a Bersani/Berlusconi grand coalition. This seemscrazy, but after all the two parties “governed” together in 2012, sincethey were the two main supports to Monti’s technocrat govern-ment—until Berlusconi’s party withdrew its backing in a well-calcu-lated move to campaign on an anti-austerity theme in the elections.Another possibility is a coalition between Bersani and Grillo’s Five-

Star Movements—bizarre, but who knowswith Italy? Whateverthe solution, nothingwill come easily—andthere is the risk that anew market crisismight be a pre-condi-tion for a coalition tobe formed. Why then might mar-kets calm down fairlysoon? Three pointsshould however con-tribute to limit marketlosses.

- First, Italy is not ina situation of fiscalemergency that wouldrequire swift and boldaction. According tothe latest EuropeanUnion estimates, Italy’sfiscal deficit shoulddecline to 2.1% of GDPthis year (after 2.9%last year), the best

result of the largest eurozone economies after Germany. The primarybalance is in clear surplus, and the current account balance is inequilibrium.

- Second, an economic policy that is non-compliant with the eurois probably not in fact on the agenda, since no coalition could be real-istically reached to produce this.

- Third, the global economic cycle has turned up, which, if it lasts,will make investors hesitant to maintain risk-off trades for too long.(Indeed, we already have seen some degree of recovery on the mar-kets, with the yen, for instance, giving back half of yesterday’s gains.)

As long as the global cycle is supportive, and reflation is on,investors should continue to buy the dips and stay long equities.Hedge those equity positions by buying the VIX and the VSTOXX, andselling the euro.

Obviously, not everyone will agree with this, but some analystsargue that the Italian vote marks the beginning of the end for theeuro project.

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

Marcuard’s Market update by GaveKal Research

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8580British Pound * GBP 1.518Bulgarian Lev BGN 1.494Czech Koruna CZK 19.5096Danish Krone DKK 5.6991Estonian Kroon EEK 11.9534Euro * EUR 1.3088Georgian Lari GEL 1.646Hungarian Forint HUF 224.68Latvian Lats LVL 0.53405Lithuanian Litas LTL 2.6377Maltese Pound * MTL 0.328Moldavan Leu MDL 12.2085Norwegian Krone NOK 5.7066Polish Zloty PLN 3.1786Romanian Leu RON 3.346Russian Rouble RUB 30.574Swedish Krona SEK 6.4615Swiss Franc CHF 0.9296Ukrainian Hryvnia UAH 8.105

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0261Canadian Dollar CAD 1.0252Hong Kong Dollar HKD 7.7583Indian Rupee INR 54.12Japanese Yen JPY 91.99Korean Won KRW 1087.8New Zeland Dollar * NZD 1.2028Singapore Dollar SGD 1.2389

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.7374Iranian Rial IRR 12278.90Israeli Shekel ILS 3.7308Jordanian Dinar JOD 0.7057Kuwait Dinar KWD 0.2832Lebanese Pound LBP 1502.00Omani Rial OMR 0.3842Qatar Rial QAR 3.6390Saudi Arabian Riyal SAR 3.7502South African Rand ZAR 8.8062U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7838Kazakhstan Tenge KZT 150.39Turkish Lira TRY 1.8088

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

February 27 - March 5, 2013

financialmirror.com | MARKETS | 21

RBS plans IPO for Citizens in U.S.

Royal Bank of Scotland is planning a par-tial sale of its U.S. bank Citizens this year ornext.

The British state-backed lender will sayat its annual results on Thursday that itspreferred option is an IPO in New York tosell about 20-25% of the bank.

Britain’s financial regulator has put pres-sure on RBS to sell Citizens, which analystshave valued at $9-15 bln, to bolster its capi-tal and concentrate its focus on its core UKbusiness. The bank announced on Sundaythat it is to cut jobs in India as a part of itsplan to wind down retail and commercialoperations there.

However, it is keen to avoid sellingCitizens at a knock-down price, and a partialshare offering would create price transparen-cy and improve its strategic options.

Canada’s Toronto Dominion Bank hasbeen seen as a possible buyer, as are U.S.regional banks PNC and U.S. Bancorp orBrazil’s Itau Unibanco.

The bank is under pressure to get inshape so the government can start selling itsshares. The taxpayer owns 82% of RBS aftera 45 bln pound rescue in 2008.

February 27 - March 5, 2013

22 | WORLD MARKETS | financialmirror.com

Investors face another Washington deadline

U.S. investors face another Washington-imposed deadlineon government spending cuts this week, but it’s not generat-ing the same level of fear as two months ago when the “fiscalcliff” loomed large.

Investors in sectors most likely to be affected by the cuts,such as defense, seem untroubled that the budget talks couldsend stocks tumbling.

Talks on the U.S. budget crisis began again last week leadingup to the March 1 deadline for the so-called sequestration when$85 billion in automatic federal spending cuts are scheduled totake effect.

“It’s at this point a political hot button in Washington but avery low level investor concern,” said Fred Dickson, chief mar-ket strategist at D.A. Davidson & Co in Lake Oswego, Oregon.

The fight pits President Barack Obama and fellowDemocrats against congressional Republicans.

Stocks rallied in early January after a compromise temporar-ily avoided the fiscal cliff, and the Standard & Poor’s 500 indexhas risen 6.3% since the start of the year.

But the benchmark index lost steam last week, posting itsfirst week of losses since the start of the year. Minutes onWednesday from the last Federal Reserve meeting, which sug-gested the central bank may slow or stop its stimulus policysooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could alsoadd to investor concern. Most investors expect a governmentheaded by Pier Luigi Bersani to win and continue with reforms

to tackle Italy’s debt problems. However, a resurgence by for-mer leader Silvio Berlusconi has raised doubts.

“Europe has been in the last six months less of a topic forthe stock market, but the problems haven’t gone away. Thismay bring back investor attention to that,” said Kim Forrest, asenior equity research analyst at Fort Pitt Capital Group inPittsburgh.

OPTIONS BULLS TARGET GAINSThe spending cuts, if they go ahead, could hit the defense

industry particularly hard.Yet in the options market, bulls were targeting gains in

Lockheed Martin Corp, the Pentagon’s biggest supplier.Calls on the stock far outpaced puts, suggesting that many

investors anticipate the stock to move higher. Overall optionsvolume on the stock was 2.8 times the daily average with17,000 calls and 3,360 puts traded, according to options analyt-ics firm Trade Alert.

“The upside call buying in Lockheed solidifies the idea thatoption investors are not pricing in a lot of downside risk inmost defense stocks from the likely impact of sequestration,”said Jared Woodard, a founder of research and advisory firmcondoroptions.com in Forest, Virginia.

The stock ended 0.6% higher at $88.12 on Friday.

If lawmakers fail to reach an agreement onreducing the U.S. budget deficit in the next fewdays, a sequester would include significant cutsin defense spending. Companies such asGeneral Dynamics Corp and Smith & WessonHolding Corp could be affected.

General Dynamics Corp shares rose 1.2% to $67.32 andSmith & Wesson added 4.6% to $9.18 on Friday.

EYES ON GDP DATA, APPLEThe latest data on fourth-quarter U.S. gross domestic prod-

uct is expected on Thursday, and some analysts predict anupward revision following trade data that showed America’sdeficit shrank in December to its narrowest in nearly threeyears.

U.S. GDP unexpectedly contracted in the fourth quarter,according to an earlier government estimate, but analysts saidthere was no reason for panic, given that consumer spendingand business investment picked up.

Investors will be looking for any hints of changes in theFed’s policy of monetary easing when Fed Chairman BenBernanke speaks before congressional committees on Tuesdayand Wednesday.

Shares of Apple will be watched closely this week when thecompany’s annual stockholders’ meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund man-ager David Einhorn a victory in his battle with the iPhonemaker, blocking the company from moving forward with ashareholder vote on a controversial proposal to limit the com-pany’s ability to issue preferred stock.

WALL ST WEEKAHEAD

Abe to raise $10 bln through Japan Tobacco sale

Japan’s government will sell around a thirdof its stake in Japan Tobacco Inc, the world’sNo. 3 tobacco company, to raise about $10.4bln for reconstruction of areas devastated by a2011 earthquake and tsunami.

The Ministry of Finance, which owns justover 50% of the $62 bln former state monopoly,is selling 333 mln shares, according to a regu-latory filing on Monday, with the deal to bepriced between March 11-13.

The offering, the largest such deal since theU.S. Treasury’s $20.7 bln sale of AmericanInternational Group shares in September,comes as Japanese equities scale their highestlevels in more than four years.

Japan’s parliament in 2011 passed a set ofbills including tax hikes and government sharesales in state-owned companies to help financethe roughly $270 bln it expects to spend torebuild the northeast coast after the quake inMarch that year.

Conditions for a sell-down in the govern-ment’s stake in Japan Tobacco have improvedin recent months, with the benchmark Nikkeishare average hitting a 53-month high onMonday. A broad market rally began in mid-November after the calling of an early electionthat put Prime Minister Shinzo Abe in power a

month later. Abe has promised aggressivemonetary and fiscal policies to tackle prolongeddeflation.

Prior to the stake sale, Japan Tobacco,whose cigarette brands include Winston,Camel, Benson & Hedges and Mild Seven, willbuy back as much as 250 bln yen ($2.7 bln)worth of its own shares, Monday’s filingshowed.

GROWTH PROSPECTSShares in Japan Tobacco have outperformed

rival Philip Morris and British AmericanTobacco since the bill approving the sell-downwas approved in 2011, with investors welcom-ing reduced state control.

“We see ample room for JT to increase theirshare buybacks and dividends going forward asthey have no net debt,” said Oscar Veldhuijzen,a London-based fund manager with TheChildren’s Investment Fund Management(UK) LLP and a holder of Japan Tobacco stock.“JT has the best growth prospects amongst thethree major tobacco companies, as two-thirdsof their profits come from Japan and Russia,where tobacco prices remain far below othercountries on a PPP (purchasing price parity)basis.”

Debt holders are also optimistic about thefirm’s ability to generate free cashflow after theshare buy back is completed. Yields on its 2014eurobond have tumbled 18 basis points thismonth and are currently at 0.60%.

Shares in Japan Tobacco closed on Mondayat 2,901 yen, up 1.4% on the day. At that price,the share sale would be valued at about 967 blnyen. Japanese law requires the government tohold at least one-third of Japan Tobacco’s 2 blnshares outstanding.

Japan’s large and liquid stock market is usedto digesting big offerings, such as the $8.5 blnIPO of Japan Airlines in September and a $2.3bln follow-on deal by All Nippon Airways.

Last month, U.S. private equity firmCerberus Capital Management raised about$1.7 bln by selling shares in Japan’s AozoraBank. Overall, equity issuance in Japan rose16.8% last year to $26.4 bln, driven by largeIPOs and a flurry of activity that made 2012 thebusiest year for deals since 2008.

The ministry last June selected JPMorganChase, Daiwa Securities, Goldman Sachs andMizuho Securities as underwriters for theJapan Tobacco offering.

Nomura Holdings was not selected as anunderwriter after its involvement in an insider

trading scandal. But a source familiar with thedetails said on Monday that Japan’s largestinvestment bank had been given a lesser role inthe sale, along with SMBC Nikko Securities,Mitsubishi UFJ Morgan Stanley Securities,Merrill Lynch and UBS.

Japan also plans to sell shares of Japan PostHoldings, which runs the nation’s biggest sav-ings institution, to raise money for post-quakereconstruction.

Countrywide plans FTSE return as UK property recoversCountrywide Holdings, Britain’s largest estate agent by rev-

enue, plans to return to the stock market after nearly six yearsin private hands, hoping a fragile housing market recovery willbe enough to tempt investors amid growing demand for newissues. The company, bought for 1.1 bln pounds by a U.S. pri-vate equity firm in May 2007, said on Wednesday it planned toraise 200 mln pounds by selling new shares.

It will use the money to repay some debt and grow the busi-ness, including through acquisitions. Countrywide declined tosay what it might be worth after floating, but expected to beincluded in the London Stock Exchange’s FTSE-250 index ofmid-cap companies.

Rising equity markets across Europe have fuelled a pick upin initial public offerings (IPO) in recent months.Housebuilder Crest Nicholson returned to the stock marketlast week.

Countrywide Chief executive Grenville Turner said that list-ing showed the IPO market was functioning normally againfollowing the financial crisis, and was also encouraged by signsof improvement in the mortgage and housing markets.“Sentiment is much stronger than it was five years ago and theavailability of affordable mortgages is coming back,” Turnersaid on a conference call with journalists.

House price data is mixed in Britain but there is tentative

evidence to suggest prices are steadying as government meas-ures kick in to encourage banks to lend more.

The average house price in Britain fell from a peak of199,612 pounds in August 2007 to 154,663 pounds in April2009 before climbing to 162,932 in January this year, accord-ing to mortgage provider Halifax, part of Lloyds BankingGroup.

Share prices for the country’s major housebuilders havesoared over the last year as a result of the government’s showof support, but some analysts question whether political initia-tives will be enough as banks seek to reduce their risks andstore capital to meet tougher regulations.

February 27 - March 5, 2013

financialmirror.com | WORLD MARKETS | 23

Moody’s strips Britain of AAAl Major blow to Osborne, says move reinforces need to cut deficit

Britain suffered its first ever sovereign ratings downgradefrom a major agency on Friday when Moody’s stripped thecountry of its coveted top-notch triple-A rating, dealing amajor blow to finance minister George Osborne.

Moody’s said weak prospects for British economic growth,which have thrown the government’s deficit reduction strat-egy off course, lay behind its decision to cut the rating by onenotch to Aa1 from Aaa.

Austerity has been thewatchword for Osborne’sfiscal policy since hisConservative-led coalitioncame to power in 2010 afteran election in which hevowed to defend Britain’striple-A rating, which canhelp keep down borrowingcosts.

But a very slow recoveryfrom the financial crisis haspushed back by at least twoyears the government’s goalof largely eliminating thebudget deficit by 2015’selection.

The opposition LabourParty blames the deficit ontoo much austerity.

Nonetheless, Osborneinsisted now was not thetime to change course. Hisannual budget due onMarch 20 is expected toshow a further deteriorationin the country’s fiscal out-look.

“Tonight we have a starkreminder of the debt prob-lems facing our country andthe clearest possible warning to anyone who thinks we canrun away from dealing with those problems,” he said in astatement. “Far from weakening our resolve to deliver oureconomic recovery plan, this decision redoubles it.”

However, the downgrade may fuel unease amongst mem-bers of his own party and his Liberal Democrat coalition part-ners that Osborne’s gamble that he could slash the deficitand ensure a return to growth by the May 2015 election is

failing to pay off.Sterling fell by almost a cent to around $1.5160 after the

downgrade, just off Thursday’s fresh 2-1/2-year low, and ana-lysts expected it to weaken further on Monday, even if manyhad seen a downgrade coming sooner or later.

“It’s a pretty big deal,” said Kathy Lien, managing directorat BK Asset Management in New York. “We didn’t see a hugereaction in the pound because it’s late in the New York ses-

sion. But you’ll see somemore aggressive sellingwhen the markets open (inAsia) on Sunday.”

Moody’s said the outlookon its rating on Britain wasnow stable, meaning anyfurther change is unlikelyfor the next year or so.

Britain joins the UnitedStates and France in havinglost its triple-A rating fromat least one major agency,after holding a top-notchrating from Moody’s andStandard & Poor’s since1978, and from FitchRatings since 1994.

SLUGGISH GROWTH

Moody’s said that despiteconsiderable economicstrengths, Britain’s growthwas likely to be sluggish dueto a mix of weaker global eco-nomic activity - especially inthe euro zone - and a drag“from the ongoing domesticpublic and private-sector de-leveraging process.”

“This period of sluggish growth poses challenges to thegovernment’s fiscal consolidation program, which we nowassume will extend well into the next parliament,” Moody’sanalyst Sarah Carlson said in a telephone interview withReuters.

But Ed Balls, the Labour Party’s main spokesman onfinance issues, said the Moody’s decision should be a wake-up call for Osborne ahead of his annual budget statement as

Chancellor of the Exchequer.“This credit rating downgrade is a humiliating blow to a

Prime Minister and Chancellor who said keeping our AAA rat-ing was the test of their economic and political credibility.”

“The issue is no longer whether this Chancellor can admithis mistakes but whether the Prime Minister can now seethat, with UK economic policy so badly downgraded in everysense, things have got to change.”

Howard Archer, chief UK economist at IHS Global Insight,said a new approach from Osborne was improbable.

“The strong likelihood is though that it will not material-ly lead to a change in his plans.”

Changes are more likely from the Bank of England, whichsurprised markets earlier this week after it revealed thatGovernor Mervyn King and two other policymakers favouredrestarting bond purchases to boost the economy.

They remained in the minority among their fellow policy-makers but economists increasingly expect more stimuluseventually by the central bank.

This - and the central bank’s tolerance of above-targetinflation - have combined to put pressure on sterling whileleaving British government debt relatively shielded.

Charles Diebel, a fixed income strategist at British bankLloyds, was sanguine about the impact of the downgrade ongilts, as U.S. and French debt was not badly affected whenthese countries lost their triple-A ratings.

“This has been speculated as inevitable and is most likelylargely in the market. I would expect only very limited dam-age to the gilt curve and to sterling. Historically, losing yourAAA is actually a bond bullish event,” he said.

Downgrade adds to investor swing away from poundBritain’s loss of its top credit ranking from Moody’s added to

the pound’s weakness on Monday, helping send it lower againstboth the dollar and euro, but UK bonds, underpinned by thecentral bank, recovered quickly.

The pound only fell moderately, but still hit lows against thedollar not seen since July 2010. The euro rose against sterlingto its highest since October 2011. Ten-year British bonds,known as gilts, initially sold off sharply but later closed flat,attracting interest from investors worried about the outcome ofItaly’s elections.

British shares were broadly higher, lifted in many cases byprospects of stronger exports from a weaker currency.

Moody’s became the first major ratings agency to down-grade British debt late on Friday, surprising some in the mar-kets with its timing, but reflecting a broad view that a weakeconomy will impede British efforts to reduce its deficits.

Nonetheless, the move was an embarrassment for Chancellorfor the Exchequer George Osborne, who promised in the past toprotect Britain’s AAA credit rating. “The credit rating is animportant benchmark for any country but this government’seconomic policy is tested day in and day out in the market, andit has not been found wanting today,” Osborne told parliament.

The main spokesman for finance in the opposition LabourParty, Ed Balls, told Osborne to “get out of denial and get a newplan that will actually work on growth, jobs and the deficit. Orelse the prime minister will have to get a new chancellor.”

Earlier, a spokesman for Prime Minister David Cameronechoed Osborne’s comments that the government would stickto its plan to cut the budget deficit and public debt.

The impact of the downgrade was relatively muted in mar-kets because investors have already been reacting to the condi-tions that prompted Moody’s to act - particularly an economyteetering on the brink of a third recession in four years.

The pound came under heavy selling pressure last week afterthe Bank of England made clear that the currency could havefurther to fall, and that it is prepared to tolerate the impact thiswould have on inflation.

Bank of England Governor Mervyn King’s support for morebond buying, or quantitative easing (QE), has also weighed onsterling because it implies more potential money printing.

“Realistically this is not a sudden smash down but a contin-uation of a (market) move that’s been under way all year,” AndyChaytor, London-based macro strategist at Nomura.

“The stars have aligned in terms of fiscal policy, central bankpolicy - being seen by the market to be allowing higher inflation- and then you get a downgrade as well,” he said.

Sterling hit its two-and-a-half year low of $1.5073 duringAsian trading hours, before recovering to $1.515. It fell to a 16-month low against the euro of 88.15 pence and then recoveredas uncertainty about the Italian elections weighed on the euro.

The pound was around 7% weaker against both the dollarand the euro than it was at the start of the year.

GILTS RECOVER LOSSES

In government debt markets, 10-year gilt yields jumped atthe start of trading by 6 basis points to peak at 2.175 percent- their sharpest intraday price fall since February 13. Laterthey ended the session flat at 2.11%.

News last week that King and two other policymakersfavoured more bond purchases has helped gilts, even if theinflation outlook makes some investors think they offer poorvalue.

Last week’s central bank minutes “gave the market a life-line,” Chaytor said. “If we hadn’t had that, things might havebeen a bit rockier.”

Some investors said Osborne should not draw too muchcomfort from the muted initial reaction in markets.

“The government has favourably contrasted (Britain’s)low government bond yields with high yields in a number ofeuro zone countries ... But this comparison is disingenu-ous,” said Toby Nangle, a fund manager at ThreadneedleInvestments.

“Yields are low because the market believes that (interest)rates will remain low, and because of the Bank of England’spolicy of quantitative easing,” he added.

The next test of investor sentiment will come later thisweek with a sale via syndication of around 3.8 bln pounds of2052 index-linked gilts.

Time Warner’s Warner Bros. basked in the golden glow ofcoveted Best Picture Oscar for its Iran hostage drama “Argo” onSunday, giving the Ben Affleck film a likely boost for its ticketand home entertainment sales.

Hollywood’s big night often proves a boon to studios thattake home Oscars, and this year the haul was spread among sev-eral major film companies.

Among the Best Picture competitors, shipwreck drama “Lifeof Pi” from News Corp’s 20th Century Fox studio earned themost awards - four - including Best Director for Ang Lee.

“Les Miserables,” made by Comcast Corp’s UniversalPictures, secured a Best Supporting Actress win for AnneHathaway and two others.

Besides grabbing the big prize, “Argo” took home two othertrophies for Best Adapted Screenplay and Film Editing.

Winning a golden statuette can boost receipts by one-third ormore.

Last year, ticket sales for “The Artist” gained 41% after it wonthe top film prize, according to the box office division ofHollywood.com. Before this year’s awards show, the nomineesalready racked up a combined $2 bln in global sales, with six ofthe nine contenders topping $100 mln at the domestic box office.

Ticket sales for “Argo,” directed by and starring Ben Affleck,surpassed the expectations of Warner Bros. executives, topping$127 mln at theatres in the United States and Canada, plus $77mln in international markets. The film was released on DVD lastweek and should see a spike in sales.

When Lionsgate Entertainment surprisingly took home thegold for “Crash” in 2006, it had already been released in both thetheatrical and DVD markets. Its DVD sales spiked after theAcademy Awards, with Lionsgate selling 17,500 copies of“Crash” in one day after the Oscars, more than half the previousweek’s entire total of 33,000.

“Argo,” a $45 mln production, recounts a real-life CIA mis-sion to rescue six American diplomats from Iran after the 1979Islamic Revolution, under the cover of making a fake Hollywoodfilm called “Argo.”

Fox’s “Life of Pi” had scored $583 mln in global ticket salesahead of Sunday night’s awards, overcoming skepticism that thebook adaptation about a boy stranded on a lifeboat with a tiger

would work on the big screen.The victory for “Argo” in the Best Picture category ended the

winning streak for independent studio The Weinstein Company,which took home the Best Picture trophy last year for “TheArtist” and the prior year for “The King’s Speech.”

The studio run by brothers Harvey and Bob Weinstein wentinto the night with 16 nominations, including Best Picturenominations for “Silver Linings Playbook” and “DjangoUnchained.”

The Weinstein Company finished the evening with threeawards, including Best Supporting Actor for Christoph Waltz in“Django” and Best Actress for Jennifer Lawrence in “SilverLinings.”

Fox, which led rivals going into the ceremony with 31 nom-inations, ended the night with a total of six, four for “Pi” and twofor the international distribution of “Lincoln.”

Sony topped all studios with seven wins, including best for-

eign language film “Amour” and Best Documentary for“Searching for Sugar Man.” It shared in the two wins for“Django” as the film’s international distributor.

Sony’s thriller, “Zero Dark Thirty,” the controversial accountof the CIA’s search for Osama bin Laden, landed just one tech-nical award, for sound editing, in a category that was a tie.

Walt Disney Co earned the Best Animated Feature award forPixar movie “Brave” about a spunky red-headed princess, plusthree other awards.

Disney-distributed film “Lincoln,” produced by StevenSpielberg’s DreamWorks, went home with just two statuettes,Best Actor for Daniel Day-Lewis and Production Design, aftergoing into the night with an industry-leading 12 nominations.

The film about the 16th U.S. president is leading Best Picturenominees in the box office race, however, selling $179 mlnworth of tickets at U.S. and Canadian theatres in addition to $59mln in international markets

February 27 - March 5, 2013

24 | WORLD MARKETS | financialmirror.com

“Keep your so-called workers,” U.S. boss tells FranceThe CEO of a U.S. tyre maker has delivered a crushing sum-

mary of how some outsiders view France’s work ethic in a let-ter saying he would have to be stupid to take over a factorywhose staff only put in three hours work a day.

Titan International’s Maurice Taylor, nicknamed “TheGrizz” for his negotiating style, told the left-wing industry min-ister in a letter published by media that he had no interest inrescuing a plant set for closure, Goodyear’s Amiens Nord facto-ry in northern France.

“The French workforce gets paid high wages but works onlythree hours. They get one hour for breaks and lunch, talk forthree and work for three,” Taylor wrote on February 8 in the let-ter in English to the minister, Arnaud Montebourg.

“I told this to the French union workers to their faces. Theytold me that’s the French way!” Taylor added in the letter,which was posted by business daily Les Echos on its website.

“Titan is going to buy a Chinese tire company or an Indianone, pay less than one Euro per hour wage and ship all the tiresFrance needs,” he said. “You can keep the so-called workers.”

Socialist President Francois Hollande might take some com-fort in Taylor’s view of his own country’s business policies:“The U.S. government is not much better than the French,” hesaid, referring to a dispute over Chinese exports.

Union leaders were less cautious. CGT official Mickael

Wamen said Taylor belonged more “in an asylum” than theboardroom of a multinational company.

DERISIONTaylor’s comments are the latest blow to France’s image

after verbal attacks last year by Montebourg on firms seeking toshut ailing industrial sites prompted international mockery.

Combined with concerned over plans for a 75% “millionaires

tax”, Montebourg’s antics drove London Mayor Boris Johnsonto remark to an international business audience that it seemedFrance was being run by left-wing revolutionaries.

Montebourg has also lashed out at cheap imports of manu-factured goods from low-wage countries like China and lastyear told the boss of Indian steelmaker ArcelorMittal he wasunwelcome in a spat over a shuttered plant in France.

Despite having per-head productivity levels that rank amongthe best in Europe, economists blame France’s rigid hiring andfiring laws for a long industrial decline that has dented exports.Many also fault the country’s 35-hour work week.

Goodyear’s Amiens Nord plant employs 1,250 workers, whohave been battling demands that they work more shifts oraccept layoffs. The government said in January that the sitefaced imminent closure.

Talks with Titan over a possible purchase of the plant’s farmtyre section fell through last September after a failure to reacha deal with the CGT union on voluntary redundancies.

Taylor’s letter to Montebourg accuses the French govern-ment of “doing nothing” in the face of Chinese competition.

“Sir, your letter states that you want Titan to start a discus-sion. How stupid do you think we are?” he wrote. “Titan is theone with the money and the talent to produce tires. What doesthe crazy union have? It has the French government.”

HOLLYWOOD BUSINESS: HOLLYWOOD BUSINESS:Warner takes Oscar gold, sales boost for ‘Argo’

C/A gap shrinks - only one new FerrariGreece’s current account deficit narrowed last year to its

lowest level since the country joined the euro, adding to evi-dence that the economy is slowly responding to harsh auster-ity measures.

The gap narrowed by 73% in 2012 to 5.58 bln euros,helped by falling imports and lower interest payments after asovereign debt cut, the central bank said on Tuesday.

The bank gave no breakdown on the extent to whichimport cuts reflected less purchases of machinery by Greekfirms, a bad sign for crumbling investment levels andchances of a much needed revival in exports such machinescould produce.

However, one telltale statistic showed how showylifestyles are out of fashion. Only one new Ferrari sports carwas registered nationally in the whole of 2012. That, plus oneused Ferrari sold, contrasted with 21 new and 37 used onesin 2007, the last year before the recession started.

The current account deficit shrank to 2.9% of GDP in 2012from 9.9% the previous year - its lowest level since at least1999, according to available data.

“The pace of the adjustment was impressive last year,”

said Nikos Magginas, an economist at the National Bank ofGreece.

The current account balance is a key measure of howcompetitive a nation’s economy is and of whether it is livingwithin its means. The reading had deteriorated during a debt-fuelled economic boom to a record deficit of 14.7% of GDP in2008.

But a severe economic contraction, partly due to austeri-ty measures as part of the bailout, has narrowed the gap andmay eliminate it in 2014.

In a further sign of economic adjustment announced lastweek, consumer prices stopped rising in January for the firsttime since 1996, reflecting a plunge of almost a third inhouseholds’ real disposable income.

Most of the improvement in the current account reflectedfalling imports, as austerity-hurt businesses and householdscut down on purchases of foreign machinery and consumergoods that are not produced at home. Imports dropped by12% to 41.6 bln euros.

Interest payments on Greece’s sovereign debt droppedsharply after a 75% writedown Athens imposed on private

sector bondholders back in March. The income account bal-ance, which reflects such payments, narrowed by 75% to 2.16bln euros.

Tourism, Greece’s chief money spinner, was not muchhelp, falling by 4.6% to generate revenues of 10.02 bln euroson shrinking arrivals from Germany, the country’s biggesttourism market.

Exports rose by a mere 3.8% and the country needed to dobetter than that to keep its payments balance broadly bal-anced when the economy recovers, economists warned.

“We need more exports of goods for the correction in thecurrent account deficit to become permanent,” Magginassaid.

Several in-built characteristics of the economy tend to tiltit towards current account deficits, such as high dependenceon foreign energy sources and imported products which can-not be easily replaced with domestic ones.

The share of exports as part of GDP stands at about 25%,the lowest level among the 17 countries sharing the euro.

Greece’s foreign exchange reserves stood at 5.5 bln eurosat the end of December, the Bank of Greece added.

OTE seen posting profit risel Net profit up almost fourfold; Sales down 7.1% y/y on recession

Greek telecom giant OTE is expected to announce a prof-it rise for 2012 on Thursday, helped by cost cuts and the saleof its unit in Serbia. Analysts are forecasting a full-year netprofit of 457.2 mln euros, up from 119.7 mln in 2011, afterOTE sold its minority stake in Telekom Srbija for about 400mln euros.

The Serbian sale is expected to offset a charge of about 100mln euros OTE will book inthe fourth quarter to fundan early retirement schemefor more than a tenth of theworkforce at its Greek fixed-line unit.

OTE, 40% owned byGermany’s DeutscheTelekom, has been cuttingcosts and selling units tocope with the economic cri-sis and rising debt.

Austerity and tough reg-ulation in its two biggestmarkets, Greece andRomania, are expected tocontinue hurting sales,which are seen down 7.1%to 4.68 bln euros.

In response to the cost cutting efforts, the company’sshare price has more than doubled over the past 12 monthsto 6.20 euros, outperforming a 33% increase in the Athensbourse’s general index over the same period.

OTE shares trade at about 6.8 times expected 2012 earn-ings and a 9.1 P/E ratio for expected 2013 earnings, com-pared with a multiple of 12.7 for Deutsche Telekom. It has a

market cap of 3.04 bln euros.Meanwhile, Deutsche Telekom’s Claudia Nehmat said that

the merger of OTE with Cosmote Greece is a strategic prior-ity for the German telecom giant, according to a report in thedaily Kerdos.

Nehmat stated that the plan for the merger of the fixedand mobile operations in Greece is at a more advanced level

than in Romania. The mainreason for the merger arethe expected economies ofscale but it will occur undertwo conditions: the change

in culture of OTE’semployees, and, the resolu-tion of pending regulatoryissues.

Deutsche Telekom’s topexecutive also stated thatthe successful refinancingof group’s debt maturitieshas rendered the sale ofGlobul less necessary now.

“We evaluate the poten-tial merger of the fixed andthe mobile operations in

Greece and Romania as the next major catalyst for stock fol-lowing the elimination of refinancing risks at present. Wealso agree that OTE may not sell its Bulgarian mobile unitwhich generates 9% of group’s operating profits following theissue of the EUR 700 mln bond two weeks ago,” said analystDimitris Birbos at the Investment Bank of Greece, a LaikiGroup subsidiary.

“We confirm our positive stance on OTE,” he said.

February 27 - March 5, 2013

financialmirror.com | GREECE | 25

Alpha Bank EGM for €500 mln cap increase

Alpha Bank is expected to announce an EGM in the nextfew days calling on shareholders to approve the share capitalincrease of up to EUR 500 mln from private investors.

The bank’s existing shareholders and the QatariParamount Fund have already agreed to participate, with theParamount Fund seeking to increase its current 5% stake.

“This EUR 500mln relates to private investorsparticipation and therefore Alpha Bank could seek to raise upto EUR 5 bln in fresh equity,” explained KonstantinosManolopoulos, analyst at the Investment Bank of Greece, a

Laiki Group subsidiary.As per the EU-IMF rescue plan, Greek banks are obliged to

conclude their recapitalisation by end-April 2013. Alpha Bankhas already secured EGM approval for the issue of up to EUR2 bln in CoCos (solely underwritten by the HFSF), while alsohaving received EGM approval for the issue of a convertiblebond amounting to EUR 150 mln underwritten by CreditAgricole, as part of the Emporiki Bank deal.

Alpha Bank’s total capital needs as determined by theBank of Greece amount to EUR 4.8 bln.

Austerity dragsFourlis to a loss

Fourlis, the Greek franchisee for furniture retailerIKEA, swung to a loss of 11.3 mln euros in 2012, hurt byan austerity-driven consumption slump as retail salestumbled at a near-record pace in November.

Fourlis, that also operates the InterSports chain ofsports goods stores, posted a 2.3 mln euro net profit in2011.

The retailer said that sales fell 3.6% to 420.3 mlneuros. Its seven IKEA stores in Greece, Cyprus andBulgaria produced revenues of 286.5 mln euros last year,down 8.7% from 2011.

Fourlis’s IKEA stores were among many in Europewhere Sweden’s IKEA suspended sales of meatballs aftertests in the Czech Republic on Monday showed somecontained horsemeat.

“On the positive side, Fourlis’ international activitiesare expected to provide some relief on the revenues sideand especially IKEA Bulgaria and Intersport Turkey. Thatsaid, we forecast a 4% y-o-y drop in 4Q12 consolidatedsales as the robust performance of Intersport (+15% y-o-y) will mitigate the weak performance of IKEA stores,”said Dimitris Birbos, analyst at the Investment Bank ofGreece, a Laiki Group subsidiary.

“We maintain our positive stance on the stock due toits increasing international exposure, cash flowpreservation and solid growth prospects in a normalisedeconomic environment in Greece from 2014 onwards,”Birbos added.

Fourlis stock was last trading at 2.30 euros a share,with a market cap of 117.3 mln.

OPAP revenuesto rise

Gaming giant OPAP’s gross gaming revenues areexpected to double and EBITDA to triple between 2013and 2022 due to the launch of the new products (VLTs,lottery tickets, scratch tickets, online games), thecompany stated in Monday’s conference call regardingthe presentation of the 2013-2022 business plan.

Meanwhile, according to the daily Kathimerini, onlinegaming operators have appealed before the Greeksupreme court against the decision of the GamingAuthority to ban the operation of unlicensed providers inGreece.

Analysts expect the supreme court to justify OPAP’smonopoly (land-based and online) on sports betting andnumerical lottery games and the recognition that theremay be strict controls in the company’s commercialpolicy for social reasons.

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 2011 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 2011 2011 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 124.29 107.40 107.40 114.86 -6.49FTSE/CySE 20 47.75 42.04 42.04 44.40 -5.32FTSE/XA & XAK Banking 188.86 123.41 123.41 168.87 -26.92MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 97.70 97.70 104.69 -6.68BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 412 882 1.24 0.19 -1 371 000 -792 593 -210 956 -1 371 000 n/a -76.37 0.278 0.230 0.230 0.251 -8.37CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 170 750 0.25 0.16 -3 650 380 -291 493 -1 671 495 -3 650 380 n/a -89.79 0.047 0.040 0.042 0.044 -4.55HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 105 347 0.81 0.21 -100 658 -73 081 219 -100 658 n/a -16.24 0.177 0.165 0.170 0.175 -2.86LOGICOM LOG ΛΟΤΖ 74 080 0.35 21 854 0.81 0.37 3 585 3 024 3 026 3 173 6.89 4.28 2.50 8.47 0.295 0.265 0.295 0.263 12.17A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 11 572 0.54 0.09 -6 894 -1 527 109 -6 894 n/a -2.80 0.048 0.044 0.047 0.045 4.44LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 8 750 0.27 0.07 -82 674 -4 830 -8 489 -82 674 n/a -17.95 0.019 0.018 0.019 0.018 5.56SECTOR TOTAL / OΛIKO 731 156 0.66 0.18 -5 208 021 -1 160 500 -1 887 586 -5 208 433 0.21PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 569.68 602.49 627.38 -3.97WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.14 6 700 3 780 2 372 6 124 4.76 5.36 2.31 9.06 0.260 0.240 0.255 0.250 2.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 33 091 3.04 0.15 -2 312 -2 992 -258 -360 n/a -0.50 1.50 3.26 0.460 0.410 0.460 0.439 4.78A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 30 698 0.28 0.60 4 059 -575 -53.39 -0.31 0.195 0.160 0.168 0.183 -8.20ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 18 900 0.48 0.23 197 287 -505 1 324 14.27 0.76 2.10 19.44 0.124 0.108 0.108 0.115 -6.09LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 086 0.26 0.22 -1 734 67 -3 539 -34 500 n/a -12.22 0.058 0.054 0.057 0.058 -1.72K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 9 794 4.69 0.16 2 133 2 133 4.59 15.90 1.050 0.670 0.730 1.050 -30.48G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 600 -1 600 n/a -4.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 -947 -947 n/a -11.55 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 333 -1 333 n/a -2.96 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.91 0.06 759 759 5.07 2.17 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -2 667 -2 667 n/a -2.17 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.53 0.11 -1 302 -1 302 n/a -2.71 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 246 769 1.38 0.33 1 953 1 142 -1 930 -32 944 -4.54ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 655.97 639.78 646.50 636.57 1.56A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 373 373 1.02 0.100 0.128 -21.88ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 422 0.49 0.32 2 334 2 334 2.36 0.91 5.83 0.156 0.153 1.96A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -2 594 -2 594 -1.63 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.49 0.10 -2 121 -2 121 -1.92 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.73 0.89 2 311 2 048 5.24 7.00 10.77 0.650 0.650 0.00BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 470 0.80 0.20 570 570 3.69 1.20 7.50 0.160 0.180 -11.11CCC 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 4 543 0.39 0.11 -3 942 -3 942 -3.64 0.042 0.042 0.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 864 0.07 0.04 -7 733 -7 194 -2.50 0.003 0.004 -25.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 704 0.65 0.49 -104 -52 -0.21 0.316 0.290 8.97C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 7 722 0.09 0.40 -3 921 -3 921 -1.88 0.037 0.037 0.00CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 249 0.27 0.90 -513 -513 -9.98 0.243 0.270 -10.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 20 642 2.20 0.07 -4 639 -9 557 -6.94 0.150 0.153 -1.96CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 558 6.13 0.24 -4 127 -4 127 -134.91 1.490 1.490 0.00CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 32 320 1.86 0.19 5 693 1 756 482 5 693 6.18 3.20 9.12 0.351 0.346 1.45CYVENTURE 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 5 589 0.28 0.24 1 601 676 0.83 0.069 0.073 -5.48DISPLAY 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 - 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.32 0.43 -15 562 -15 562 -45.77 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 -2 198 -2 198 -9.84 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -110 -110 -1.38 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 11 772 3.55 0.11 -3 948 -3 948 -12.74 0.380 0.385 -1.30KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 385 0.41 0.19 -804 -804 -4.47 0.077 0.089 -13.48KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.68 0.86 100 100 0.49 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 392 -1 392 -2.23 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 389 0.80 0.07 -6 299 -6 299 -6.19 0.053 0.053 0.00MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 346 0.64 0.27 1 345 1 345 3.11 0.170 0.184 -7.61MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 098 0.10 0.14 -3 185 -3 185 -4.06 0.014 0.013 7.69MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 0.02 0.47 -281 -281 -1.89 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 35 228 0.20 0.42 -16 880 -16 880 -3.98 0.083 0.075 10.67PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 70 000 1.31 0.61 10 783 5 541 6.33 1.70 2.13 0.800 0.733 9.14PIERIDES 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 16 827 0.01 3.58 -6 356 -5 473 -1.43 0.044 0.052 -15.38PROODOS 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 0.03 151 151 0.05 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.42 480 -1 557 -4.72 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.48 0.15 964 964 2.64 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 328 1.59 0.02 -19 100 -19 100 -28.71 0.035 0.046 -23.91STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 7 475 2.36 0.10 1 577 1 577 4.85 2.00 8.70 0.230 0.230 0.00TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -689 -689 -5.64 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 -37 -37 -0.38 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 441 379 0.81 0.47 -73 597 1 756 482 -102 394

2012

February 27 - March 5, 2013

26 | CSE PRICES | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

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 12 585 1.50 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 7 520 0.41 0.59 17/10/12TOTAL 568 264

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

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 9M '11 9M '12 2012 Cents Cents % 572.39 543.16 549.60 546.03 0.65ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -737 -737 -1.26 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 6 738 0.2798 -57.11 -4 301 139 0.25 0.120 0.115 4.35CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 4 939 0.2704 -58.95 -10 771 -8 799 -3 229 -3 112 -6.99 0.111 0.119 -6.72DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 50 400 0.7239 -65.19 -14 687 -14 687 -7.34 0.252 0.250 0.80DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0070 -57.14 -6 357 -6 357 -2.25 0.003 0.004 -25.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0668 34.73 -255 -255 -1.82 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 884 0.1709 -70.16 -9 493 -443 -0.78 0.051 0.048 6.47ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0630 -31.75 -165 -165 -1.50 0.043 0.043 0.00REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0291 -31.27 -150 -150 -0.74 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 3 367 0.2300 8.70 -403 -383 -2.84 0.250 0.250 0.00SECTOR TOTAL / OΛIKO 80 656 -47 160 -8 799 -3 229 -27 904 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1745 -98.85 -27 -27 -0.03 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 -ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 496 0.02 2.50 -6 400 -6 400 -6.40 0.055 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -1 856 -1 856 -36.72 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 2 000 0.12 0.33 -7 900 -7 900 -15.80 0.040 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 1 950 0.35 150 -3.03 -0.03 -4 006 -4 006 -205.44 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 10 170 -0.12 -0.21 -23 885 -23 885 -6.11 0.06 0.03 0.026 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 629 -0.20 -0.02 -9 100 -9 100 -5.79 0.004 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.05 -0.07 -245 -245 -3.18 0.003 0.003 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 15 000 1.30 0.46 -701 -701 -2.80 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 29 190 0.05 12.20 -551 -551 -1.15 0.610 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 -2 754 -2 754 -3.80 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 -KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 380 0.2229 0.85 -180 -56 -2.80 0.190 0.210 -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 0.45 0.10 621 -3 606 -8.49 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -2 656 -2 656 -4.30 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 379 -0.38 -0.01 -11 700 -11 700 -6.18 0.002 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 14 232 0.50 0.42 2 076 2 076 3.06 4.00 19.05 0.210 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 417 0.004 2.25 -2 192 -2 192 -4.73 0.009 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 376 1.49 0.01 -8 648 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.017 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 314 -1 314 -13.60 0.080 0.080 -ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 2 925 0.28 0.20 -328 -328 -0.61 0.054 0.054 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 70 0.000 3.33 -320 -320 -0.46 0.001 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 6 298 -0.06 -0.16 -15 879 -15 756 -2.50 0.010 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -1 737 -1 737 -4.50 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 -6 248 -6 248 -6.90 0.650 0.660 -SECTOR TOTAL / OΛIKO 191 997 -120 332 18 -17 728 -126 204

MARKET TOTAL / OΛIKO AΓOPAΣ 1 691 957 -5 447 157 -1 166 383 -1 909 991 -5 497 879 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.

February 27 - March 5, 2013

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