May 15 - 21, 2013

2 | NEWS | financialmirror.com

Divisions hamper plans to tackle failing banksl ECB wants single agency to tackle failed banks; EU ministers divided

on whether big depositors should be shielded from losses

The European Central Bank clashed with Germany onTuesday over how quickly the euro zone should complete asystem to deal with failing banks.

A separate rift also emerged at a European Union financeministers meeting over whether or when big depositors shouldsuffer losses, as they did in Cyprus’s bailout.

ECB board member Joerg Asmussen called for a singlescheme across the euro zone to close troubled banks. Such aunified mechanism should be in place by the time the ECB startsoverseeing banks next year, he said.

Those views where in conflict with German Finance MinisterWolfgang Schaeuble, who has said the next step should be thecoordination of national schemes to shut down problem banks,rather than a system with shared euro zone risk. “We want asingle European resolution regime, together with a singleresolution agency and a single resolution fund that is financed bya levy from the banking industry,” Asmussen said, underliningwhat EU leaders agreed to establish last June.

“This should come into place in parallel with the singlesupervisory mechanism, hopefully by the summer of next year.”

The frank remarks reflect a growing sense of alarm inFrankfurt over government foot-dragging in completing the two-

legged banking union - with a system of ECB-led banksupervision, on one hand, closely followed by a single agency toclose troubled banks and a fund to cover the costs.

A third plank, which would involve a single system forguaranteeing deposits, already looks unlikely to be created andhas largely been dropped. Asmussen’s remarks set him sharply atodds with Schaeuble, who has said a single agency to restructureor close failed banks can only be established if the EU’s treaty ischanged, a lengthy and complex process.

Schaeuble’s chief argument is that a firmer legal basis isneeded when dividing up the costs of bank failures. But some EUdiplomats see that as a tactic to stall discussions until afterGerman elections, set for September, and prevent the issue beingused to rally voters against Chancellor Angela Merkel.

After more than three years of tackling a debt crisis that hasforced five euro zone countries to seek bailouts for theireconomies or banks, dividing up the bill from bank collapsesremains one of the most contentious issues facing Europe.

FRESH DIVIDEOn Tuesday, finance ministers discussed an EU proposal for a

‘bail in’, which would establish an order for how losses are

distributed when banks are closed, with losses first handed to abank’s shareholders, then junior bondholders, then seniorbondholders and, ultimately, large depositors.

Asmussen and Michel Barnier, the European commissioner incharge of financial regulation, argued in favour of making bigdepositors - those with more than 100,000 euros in accounts -the last in line for losses if a bank goes to the wall.

Barnier and Asmussen argued that such a provision would notmake it more expensive for banks, which rely on deposits torefinance their activities, to raise funding.

“First shareholders have to be burned, then all junior bankbondholders, then unsecured senior bank bondholders anduninsured depositors at the very end,” Asmussen said.

“This means we want to establish a clear depositor preferenceand that also includes, in any case, that deposits below 100,000euros will be protected.”

France’s Finance Minister Pierre Moscovici said he wasagainst a blanket preferential treatment for unsecured depositorsbut was in favour of a “presumption of exclusion from the bail-in” which could be lifted.

Others took a different tack, with Spain saying deposits shouldbe protected and Luxembourg taking a similar line.

Malta unlikely to follow Cyprus into crisisl Size of banking sector has raised comparisons; Malta’s banking model seen as more stable

Cyprus and Malta have a lot in common: Mediterraneanislands enjoying ten months of sunshine a year, they joined theEuropean Union in 2004, use the euro and have banking sec-tors that dwarf their economies.

There are so many similarities that some investors havewondered whether Malta might follow Cyprus in needing abailout to survive the region’s economic crisis.

But Malta’s risk profile is far different to that of Cyprus,which received a 10-bln-euro aid package last month aimed atpreventing its collapse and a possible exit from the euro zone.

On the basis of banking risk and its economy, it seemsunlikely that it will be the next euro member - after Cyprus,Ireland, Greece, Portugal and Spain - to need rescuing.

“The business model of the financial sector in Malta is notas shady and controversial as it was in Cyprus,” said CarstenBrzeski, economist with ING bank in Brussels. “The picture isalso different at the macro level ... Malta should be off thescreens for quite some time.”

The European Commission expects growth on the smallisland economy of just 450,000 people to pick up this year andnext, driven by rising domestic demand and increased netexports.

Unemployment, at 6.4%, is half that of the euro zone, debt

as a proportion of GDP is 72%, below the euro zone average,and the deficit is in check.

BANKSNevertheless, Malta’s banking sector is eight times larger

than its GDP, the same as it was in Cyprus before the rescue.This leaves the economy exposed to financial shocks.

But in Cyprus the banking sector was dominated by twodomestic banks, both of which relied heavily on foreigndeposits, many from Russia, and invested those deposits ingovernment bonds abroad, particularly in Greece.

In Malta, the bulk of banking-sector assets belong to sub-sidiaries of foreign banks which would be responsible for bail-ing them out in case of trouble.

The assets of domestic Maltese banks, which would not beallowed to fail because the economy would collapse, add up toaround 200% of GDP. That is a large but not terrifying amountand the ratio in Cyprus’s was twice as high.

Maltese domestic banks are highly capitalised, profitable andliquid. What is more, they fund themselves largely from thedomestic retail deposit market, lend locally and hold securitiesissued in Malta.

“There is no banking sector in the European Union that iscomparable to the Cypriot one. Malta, Ireland, Luxembourg,they are not comparable to Cyprus,” ECB Executive Boardmember Joerg Asmussen told a European Parliament commit-

tee last week.“One has to look deeper at the structure of the assets and lia-

bilities of the banking sector.”In a report last month, ratings agency Fitch said Malta

would be far more capable of handling a crisis than Cyprus was.“The contingent liability that potential bank support places

on the Maltese sovereign - around 128% of GDP - is significant-ly lower than in Cyprus,” Fitch said.

FLIGHT RISKSome analysts say Malta is vulnerable to a sudden dip in

confidence that could prompt investors to withdraw deposits,something that the hit on Cypriot bank customers could easilyhave triggered. “The key risk ... is that its international offshoreinvestors begin to relocate in light of the policy uncertainty cre-ated by the Cypriot bail-in,” Myles Bradshaw, a portfolio man-ager at PIMCO, said. “This would have significant negative eco-nomic effects that could in turn create a problem with domes-tic banks’ asset quality. Together with the deep recession, thiscould force Malta to seek external assistance.”

In a recent assessment, the European Commission alsoexpressed some macroeconomic concerns, noting Malta’s rela-tively high level of private debt, notably home mortgages.

But it said that despite some overvaluation and possibleoversupply, there was no immediate risk of a property marketcrash.

ANALYSIS

Poland narrowly dodged recession in Q1l GDP growth hovered near 0% for 6 months; Prospect of economy stagnating

Poland came within a whisker of sliding into its first reces-sion since the 1990s at the start of this year, barely registeringany growth in the past two quarters as one of Europe’s few eco-nomic success stories collapsed.

Revised data showed the economy stagnated in seasonallyadjusted terms in the fourth quarter and the first estimate forthe opening three months of 2013 showed quarter-on-quartergrowth of just 0.1%.

Annual economic growth in the country of 38 mln slowedto 0.4%, falling short of an already low consensus forecast of0.7%.

While few economists predict Poland will wind up in reces-sion, the numbers point to the risk the economy will bumpalong with little or no growth for several quarters, instead of thebrisk recovery the government has forecast.

That increases the likelihood the central bank will cut inter-

est rates again next month. But many economists believe itsreduction in rates to an all-time low of 3% has come too late tohave a significant impact.

The last time Poland had successive quarters with similarlylow growth was in 2001. Since then, it has had a quarter withlower growth, but on that occasion the following quarter saw astrong recovery.

The government, which had expected a recovery to kick inthe second half of the year, sounded more cautious after thedata. “We expect some improvement only in the second half ofthe year, under the condition that there is an acceleration ineconomic activity on Polish export markets that is expected bymost forecasters,” the finance ministry’s Chief EconomistLudwik Kotecki said after the data.

Poland’s zloty currency was largely unchanged, but bondyields fell up to 5 basis points, signalling investors’ expectations

of new interest rate cuts. A sluggish recovery would be toughfor a country that has grown used, over two decades, to robustgrowth. Poland was the onlyEuropean Union economyto fend off recession afterthe collapse of LehmanBrothers in 2008 triggered aglobal slump.

“For an economy thathas tended to grow by about4% for the last decade, aslowdown to 1% or evenlower is quasi-stagnation tosay the least,” central bankgovernor Marek Belka saidearlier this month.

May 15 - 21, 2013

financialmirror.com | CYPRUS | 3

Two months on: how bad has it got for the Cyprus economy?Will GDP decline reach -15% this year?

Today, May 15, marks the two-month anniversary of the “Idesof March”, when the unprecedented decision to hit small bankdepositors in Cyprus, and the parliament decision to reject it,introduced capital controls for the first time in an EU country andsent the Cyprus economy reeling.

So, how bad has it got? Later today the Statistical Service,Cystat, will produce the “flash estimate” for real GDP growth (ordecline) in the first quarter. But that will include ten weeks of pre-crisis figures.

To look for the real signs, we must seek out more up-to-datedata. Statistics on plastic card spending, car registrations, cement

sales, bank deposits and loans, and tourism are beginning totrickle through to give us an idea.

Private consumption accounts for 66% of GDP, therefore anyinformation on consumer spending will be the most importantindicator for the impact on the economy as a whole.

Unfortunately, the retail sales data are published with a longlag, so the latest number we have is for February, when retail salesvolumes had already fallen by 11.2% compared with February2012, according to preliminary data.

However, we do have data from JCC Payment Systems. Plasticcard spending by locals tumbled by 22% over the year earlier inMarch (when many outlets refused to take cards) and by 12% inApril, having fallen by only 2% in February.

An indication of weak demand is deflation. Prices fell by 0.3%over the year earlier in March according to the consumer priceindex. If this trend continues, it means that Cyprus has fallen intodeflation far faster than any of the other bailout countries.

Another indication of spending is car registrations. These havebeen in almost uninterrupted double-digit decline for two years. Butin March they recorded their steepest fall yet, with a decline of 50.6%.

An indication of the impact on the already beleagueredconstruction sector, which has been in recession since mid-2008,is that local cement sales fell by 24.4% in April, although this is notthe worst recent performance: they fell by 34.8% in February andby 32.2% for the whole of 2012.

With no one spending, it is no surprise that governmentrevenue went through the floor. Inferring from cumulative datafor March and February, you can see that total revenue droppedcompared with the year earlier by 40.9%, while VAT revenues fellby an astonishing 64.4%, thus winning the prize for the scariestpost-crisis figure to date.

LOCAL BANKS LOSE € 2 BLNBank data are also pretty alarming, with deposits dropping by

EUR 3.8 bln over the previous month in March. And this allhappened before March 15, according to the Central Bank ofCyprus, after which capital controls were imposed.

Just over EUR 2 bln of this EUR 3.8 bln was withdrawn from“other” banks, a list that includes Russian Commercial Bank,Barclays and the Federal Bank of the Middle East (FBME).Nevertheless, nearly EUR 1 bln was drawn from Bank of Cyprusand Laiki and another EUR 300 mln from the co-operatives.

This means that the local banks are probably in a rather weakerstate than had been expected when the “up to 60%” haircut onuninsured depositors at Bank of Cyprus was announced.

New lending has also all but dried up. Growth in the stock ofhousing loans, which was rising in double digits up to mid-2011,turned negative for the first time in March.

Anecdotally, we hear that lending officers are only repackagingloans and credit-card debt to make it more easily payable by thecreditor.

Registered unemployment leapt by 27.7% in April, its highestpace of increase since October.

As for income into the country, tourism declined by 1.8% overthe year earlier in March, thanks in large part to a 32% fall inarrivals from Russia, hitherto our strongest market.

Then there is the anecdotal evidence. I have yet to meet anyonein the private sector who has not suffered a pay cut. As I write thisI have not even paid my own April salary.

And we know that the public sector workers had another pay-cut in the last parliamentary package after an average cut ofaround 10% in January.

What we have not yet seen is the impact on the businessservices sector—the only sector, together with financial services,that was growing and creating jobs before the crisis.

Unfortunately, indications for that sector are published only ona quarterly basis and after a very long lag in the balance ofpayments, so it will be some time before we can really assess thedamage to this sector.

Nevertheless, given the early indications above, I have noreason to adjust my own forecast for a real GDP decline of 15%this year.

This is much less rosy than the European Commission, whichlast week forecast a fall of just 8.7% in 2013, followed by a smallerdecline in 2014, the year in which the cumulative impact of thecrisis will really start to be felt.

Subscribers to Sapienta Country Analysis Cyprus enjoy eachmonth a comprehensive, concise and up to date analysis ofthe politics, policy and economy of Cyprus.www.sapientaeconomics.com

LATEST CYPRUS POST-CRISIS STATISTICS % change Month Measure

Retail sales volumes -11.2 Feb y/y

Local plastic card spending -12.0 Apr y/y

Local plastic card spending -22.0 Mar y/y

Consumer price inflation -0.3 Apr y/y

Motor vehicle registrations -50.6 Mar y/y

Local cement sales -24.4 Apr y/y

Total budget revenue -40.9 Mar y/y

of which VAT revenue -64.4 Mar y/y

Bank deposits -5.6 Mar m/m

of which "others" (traditional "offshore") -20.9 Mar m/m

Stock of housing loans -0.4 Mar y/y

Growth of unemployment 27.7 Apr y/y

Tourism arrivals -1.8 Mar y/y

of which from Russia -32.0 Mar y/y

Sources: Cystat, Central Bank of Cyprus, Ministry of Finance, JCC Payments Systems.

l Taxes earned -41%l VAT revenues -64%l Bank deposits € -3.8 bln

By Fiona MullenDirector, Sapienta Economics Ltd

May 15 - 21, 2013

4 | CYPRUS | financialmirror.com

BOCY takes on €13.8 bln in Laiki assetsEdges closer to normalisation ...at snail’s pace

Two months after the banking crisis erupted and second-largest lender Laiki Popular Bank was forced into resolution,the Central Bank of Cyprus announced a provisional openingbalance sheet for Bank of Cyprus that is taking on about 13.8bln euros in assets from the “good bank” operation of Laiki.

Last week, depositors received statements from the bankindicating what amount of their savings were confiscated aspart of a 10 bln euro bail-in imposed by the Eurogroup torecapitalise the banks and the Coop institutions. In all, 37.5%of deposits of more than 100,000 euros were converted toClass A shares, with a further 22.5% held in reserve until thetwo banks’ consolidation process is concluded, probably bythe end of June.

Further, some sense of normalcy seems to have return tothe Bank of Cyprus as the interim board is now complete, fol-lowing the latest re-appointment of ex-NBG boss Takis

Arapoglou as director. The board is now chaired by formercentral bank senior manager Sophocles Michaelides and istasked with appointing a new CEO for the bank, with CentralBank Governor Panicos Demetriades reportedly consideringthree candidates for the job, including former Piraeus andHSBC executive Michalis Colakides.

“The issue with the CEO should be resolved in the nextfew days. It’s not an easy process, the new board has justbeen appointed for two weeks now (and in the meantime wehad the Easter break), so to find someone very capable to bewilling to take this position takes some time,” a senior bank-ing official told the Financial Mirror.

Meanwhile, the lion’s share of the bank’s equity will prob-ably end up in foreign hands as some 70% represents theconversion of deposits to shares, making it even more criti-cal for the government to find a strategic investor. Some of

the biggest local shareholders will now be the Bank of Cyprusprovident Fund (2% stake), Laiki Bank Provident Fund(1.5%) and Cyta Provident Fund (1.1%).

Following several meetings between central bank and gov-ernment officials, it seems that the capital controls on allbanks and Coops may be almost lifted as early as this Friday,allowing the opening of new bank accounts for legal persons.

At the same time, Bank of Cyprus is working on a secondwave of early retirement plans, following one in January forlong-serving staff, in order to reduce the labour force fromthe current 5,500 to 4,250 people, initially targeting thosewho have more than 25 years of service at the Bank of CyprusGroup, as well as Laiki, while scaled cut back of a further 25%on salaries has also been agreed. Even branches are goingthrough the re-branding process with Laiki Popular logosbeing removed and replaced with bank of Cyprus.

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Meritkapital secures ‘Dealing on own account’ license

CySEC licensed Meritkapital Ltd has been granted alicense extension to ‘Dealing on Account’ offering services inaccordance with the Law 144(I)/2007 to include execution,reception and transmission, investment advice, and portfoliomanagement. Its ancillary services include custodial,investment research and advice on capital structures.

“This marks a positive development for the company asit testifies to its robust financial standing and its potentialfor future growth,” Meritkapital said in an announcement.

‘Dealing on own account’ will enable proprietarytrading to capitalise on specific trading strategies andmarket opportunities, hedging away interest rate and FXrisk, acting as a counterparty for back-to-back fixed-income trades and will facilitate other structured producttrading of the company.

www.meritkapital.com

Gov’t expects bank restrictions lifted soonPresident Nicos Anastasiades said on Monday that very

soon conditions will permit the lifting of all restrictionsimposed on financial transactions.

He also stressed that following the appointment of thenew Board of Directors at the Bank of Cyprus, its restructur-ing will soon be completed.

Capital controls were imposed on the island’s bankingsector following a Eurogroup agreement over a 10bln eurobailout that forced major depositors at the two biggestlenders to pay part of the cost of the rescue.

Addressing an event at the Presidential Palace to mark 20years of the Institute of Chartered Accounts in England andWales in Cyprus, Anastasiades said that, having secured thenecessary financial assistance package, the government istotally devoted to restructuring and revitalizing the economyand its banking system, as well as retaining Cyprus’ positionas an attractive investment destination and a highly-compet-itive centre for international businesses.

He noted that already numerous restrictions on transac-tions have been lifted, including a number of restrictions oninternational business activities.

“Simultaneously, my government concentrates on pro-moting growth, offering favourable tax incentives for existingor new companies doing business in Cyprus, encouragingforeign investment, increasing Cyprus’ competitiveness andcreating a more effective and business-friendly environ-ment”, he stressed.

Anastasiades referred to the measures already taken torestart the economy and tackle unemployment, adding that“other pertinent measures regarding the financial, servicesand investment sectors will soon follow”.

He added that just as in the past under worse economicconditions, the role of the chartered accountants “is oncemore vital in assisting the efforts of the government torestore confidence in the economy of the country anddemonstrate that we are well-equipped, determined and ableto overcome the challenges which lie ahead”.

“In this respect, your collaboration with internationalclients and businesses is highly significant in conveying allthe measures and decisions adopted by the governmenttowards encouraging foreign investment, promoting growthand increasing Cyprus’ competitiveness”, he said.

ESM approves €2 bln first trancheThe European Stability Mechanism (ESM) approved

Monday the Financial Assistance Facility Agreement and thedisbursement of the first tranche of financial assistance to theRepublic of Cyprus.

The first tranche is transferred in two separate disburse-ments: the first – of 2 bln euros was transferred Monday, andthe second – up to 1 bln to be transferred before June 30.

Both disbursements are in cash and will be used for the gen-eral financing needs of the public sector (roll -over of maturingdebt) and fiscal needs. “The loans granted by the ESM help tomaintain financial stability in the euro area and buy time forCyprus”, said Klaus Regling, Managing Director of the ESM.

“This time enables Cyprus to undertake the reforms neces-sary to rebuild its economy on a sustainable basis,” he added.

In accordance with the decisions taken by the Eurogroup onMarch 25, Cyprus will receive assistance of up to 10 bln duringthe next three years.

The ESM is expected to provide up to 9 bln and the IMF isto contribute 1 bln.

Meanwhile, the Eurogroup has commended the Cypriotauthorities for delivering on their commitments to date.

In a statement issued Monday, it is said that the Eurogroupwelcomed the ESM decision to approve the first tranche offinancial assistance to Cyprus.

Cyprus has implemented all prior actions as agreed in theMoU preceding the decision by the ESM on the first disburse-ment, the Eurogroup noted and welcomed the conclusion ofthe independent assessments of compliance with the anti-money laundering framework in Cyprus.

“The Troika institutions have reported the key findings tothe Eurogroup, and recommendations to rectify deficiencieswill be integrated in the AML action plan to be agreed betweenthe Troika institutions and the Cypriot authorities at the timeof the first review”, it is noted.

According to the statement, the action plan will need to tar-get areas covering implementation of customer due diligenceby banks, including through adequate supervision, and thefunctioning of the company registry, among others.

VTB has change of heart, RCB Cyprus to stayAndrei Kostin, chairman and CEO of the Russian state-con-

trolled VTB bank, reportedly told President Nicos Anastasiadeson Monday that the Group will maintain its subsidiary inCyprus, the Russian Commercial Bank.

The government news agency CNA quoted RCB sources assaying that the bank’s decision is a vote of confidence in theCyprus banking system, the Cypriot authorities and theprospects of the economy on the island.

The same source said that the decision of the Russian groupwas based on the Cypriot government’s decision to lift restric-

tions on transactions for international clients. On Friday, theMinistry of Finance relaxed significant controls on RCB andthree other foreign owned banks, despite the strict measuresimposed by the Central Bank of Cyprus following the Eurogroupbailout and bail-in deal two months ago.

Initially, the RCB boss had threatened to shut down theCyprus branches and transfer the operations to Malta, followingthe restrictions imposed on the movement of capital. “Webelieve that the majority of our clients will remain and that wewill be able to gain new customers”, the bank source told CNA.

Since the World Wide Web revolution in 1991, there hasbeen significant growth in the use of computers, internet, e-mail, and recently cell phones for committing financial fraudand other criminal activities.

Computer Forensics evolved during the last two decades asthe main tool in the application of computer investigationtechniques to gather e-evidence suitable for presentation in acourt of law. The goal is to perform a structured investigationto find out exactly what happened on a computer and/or otherelectronic devices and who was responsible for them. TheInternet history, web-based email, lost or deleted files, areexamples of data the fraud investigator can utilise as evidencein his engagement.

There are some unique aspects relating to computer foren-sic investigations compared to investigations looking for evi-dence in the form of paper works.

Paperwork vs. Electronic EvidenceUp until when paper-only discovery was used, forensic

accountants and lawyers asked for and received truckloads ofpaper documents, sometimes brought in from distant places.Their strategy involved finding evidential matter in the form ofpaper work that would help them prove a matter of fact.

Strategies did not change much since then but the natureof evidence in the form of e-evidence did. E-evidence in ourdays may fill supertankers if it were to be printed because nowmany more transactions are computerised than before.Moreover, people nowadays use computers and other electron-ic devices at work for personal use as well, and therefore muchmore information is stored electronically.

In our digital world people, including fraudsters, leave dig-ital footprints of their activities from which their actions andintentions can be revealed. Digital evidence comes in manyforms, including the hard drives found in personal computers,external drives, telephones, smart phones, personal data assis-tants, surveillance cameras and telephone voice mail systems.

The amount of information left in each of these devicesoften proved to be the basic reason that sufficient relevant evi-

dence was collected and financial fraudsters and other crimi-nals were caught and found guilty in a number of knowncases. In some, fraudsters thought they had destroyed theirdigital trails by deleting the relevant files, but this did notprove to be the case.

Deleting a file is not so easyModern computer forensic software can find or retrieve evi-

dence much sooner than in the “old days” where the processcould take many days. Deleting files from hard drives is not soeasy; deleting is in fact a misnomer. Choosing the “delete”option erases the file’s reference from the directory, but it doesnot erase the file until it is overwritten entirely.

Furthermore, businesses have disaster-recovery systems thatperform automatic backups. Therefore, even if a particular filewas never saved or it was deleted shortly after it was created, itmight still be retained on multiple backup media. Most filesusually contain metadata, additional data about original datathat can provide the investigator with important relevant infor-mation.

When files and messages are saved, modified or sent, com-puter software automatically creates artifacts or metadata.Normally this information cannot be changed. Most timesmetadata includes information about the date the documentwas created, who created the data, when it was modified, etc.This may prove to be important e-evidence to be used in courtbecause metadata can be as revealing as a fingerprint.

When Enron declared bankruptcy in December 2001, muchof the investigation relied on computer files and their metadataas evidence. A specialised team of forensic accountants, com-

puter forensic expertsand lawyers began tosearch through hun-dreds of Enron employ-ee computers and wereable to find important e-evidence that was used in court.

Dealing with Electronic EvidenceE-evidence tends to be more complete, can prove intent and

is hard to deny. At the same time some aspects must be takeninto consideration when dealing with a computer investigation:

- Computer forensic investigations may prove very costlybecause specialised skills and software may be needed to prop-erly retrieve relevant information;

- It is an area that is constantly evolving;- We are now experiencing a shift from desktop computers to

handheld devices (e.g. cell phones);- Lawyers and judges involved in a case may not always

understand the accounting and technical details of the casewithout the help of a forensic accountant and/or a computerforensic expert.

In conclusion, electronic evidence (e-evidence) is trace evi-dence, which is an extremely fragile and often high-value formof evidence that tends to be undetectable to the human eye. Justlike other forms of trace evidence, e-evidence must be collected,preserved and handled with care by professionals who knowhow to collect evidence and prepare it for judicial cases. If evi-dence is destroyed or modified then the case could be lost incourt.

Rakis Christoforou is a Certified Public Accountant (CPA),Accredited in Business Valuation (ABV) and Certified in FinancialForensics (CFF). He is the Vice Chairman of the committee of Economic Crime and Forensic Accounting (ECFA) of TheInstitute of Certified Public Accountants of Cyprus (ICPAC),member of ICPAC, AICPA (American Institute of Certified PublicAccountants) and ACFE (Association of Certified FraudExaminers). rakis@spidernet.com.cy

May 15 - 21, 2013

financialmirror.com | CYPRUS | 5

The Evolution of Computer Forensics

BBA,CPA/ABV/CFF, CGMA, ACFE

By Rakis Christoforou

With twelve articles, since April 2010 until recently, wetook unreservedly a stand in favour of the further strength-ening and deepening of our relations with Israel, the onlynon-Muslim country in our region. In the first article(“Finding a new approach to Cyprus-Israel relations”, CyprusMail, 1 April 2010), we made an evaluation of the factorsaffecting them, i.e. the stand of Turkey, of the Arab countriesand that of the European Union. Today, there is anotherimportant factor, the energy sector and in particular thenecessity of cooperation with a view to exploiting and export-ing gas to Europe and the Far East, making use of a liquefac-tion terminal in Cyprus.

In the last article (“Kasoulides’ visit to Israel - A politicalanalysis”, Financial Mirror, 24 April 2013) we expressed theview that the forthcoming visit of President Anastasiades toIsrael would “usher in a new era of a deeper geopoliticalcooperation between the two countries with a view to pro-moting peace and stability in the wider region of the EasternMediterranean.”

It is gratifying to observe, that at the working lunch withPresident Shimon Peres, President Anastasiades stated: “Weare inaugurating a new era in relations between our twocountries” and that during the talks there was an exchangeof views, inter alia, on all four factors mentioned above. Letus, then, examine them in detail.

The concern that, after Netanyahu’s recent apology overthe Mavi Marmara incident, the Cyprus-Israel relations mightadversely be affected was allayed, as assurances werereceived, at the highest level, that relations between Israeland Cyprus do not depend on any political developments inthis respect. Netanyahu himself promised that Israel wouldcontinue to maintain good ties with Cyprus, regardless of itsnewly-rekindled relationship with Turkey. No matter whatTurkish officials say, the fact remains that there are doubtsabout Turkey’s sincerity and the rapprochement exercise willnot be easy and smooth, as suggested by Erdogan’s rhetoricof support to the Palestinians and Syrian rebels and the con-demnation of Israeli air strikes in and near Damascus, having

as target advanced missiles destined for Hezbollah.Moreover, the fact that Turkey seeks to play a protagonis-

tic role in the region diminishes the chances of Israel to talkdirectly to all its Arab neighbours. The relations of Cypruswith the Arab world are excellent and they are not affected bythe strengthening of its relations with Israel. As stated by theMinister of Defence, Mr Photiou, “our cooperation with Israelis no threat to anyone.” As a matter of fact, he did not rule

out similar cooperation with other neighbouring countriessuch as Greece, Lebanon and Egypt. In any event, theCypriot diplomacy should follow closely the repercussions ofthe “Arab Spring” and the developments in Syria.

As far as Europe is concerned, it is a fact that Cyprus liesat the border of the European Union with the EasternMediterranean, and in this respect President Peres stressedthat without Cyprus, Israel is far away from Europe. Indeed,Cyprus and Greece constitute the bridge for Israel to Europeand the discovery of hydrocarbons in our region gives to thisbridge a geostrategic dimension. For this reason, during the

talks, emphasis was placed on energy matters.In particular, the common commitment to exploit cross-

border natural gas and oil reserves was confirmed.Concerning the creation of an LNG terminal in Cyprus,President Anastasiades stated that the two governments werestill “at the stage of deliberations”, adding that private Israelienergy companies had expressed a “manifest interest” inacquiring a stake in an LNG investment for the constructionof the terminal at Vassiliko. On energy security, Anastasiadesand Netanyahu had agreed, among other things, to cooper-ate on military projects to protect the gas fields common toboth countries. Moreover, according President Anastasiades,Netanyahu promised to work with Cyprus to protect offshoregasfields, regardless of any deals it makes with Turkey, or anythreats issued by Ankara. Energy issues aside, the two sidesdiscussed pending agreements on health, research and devel-opment, technology, culture and fighting terrorism andorganised crime.

In conclusion, the visit of President Anastasiades to Israel,the first after Greece to a foreign country, proved that Cyprusis Israel’s most reliable neighbour and genuine friend. Therealism showed by the President of the Republic in his eval-uations, aiming at avoiding over-optimistic expectations, andthe personal relationship which developed during the visit,constitute a positive contribution towards the strengtheningof the relations between the two countries. In fact, they guar-antee that the strategic dialogue, which started in Jerusalem,will have a continuation and results.

Judging from the growing tension between thegovernment and the Central Bank Governor, perhapsit is time that President Nicos Anastasiades stopspussyfooting around and sacks the centralbanker inorder to appoint a person of his choice and get thebanking sector moving again, at a faster pace than itis today.

Regardless if Panicos Demetriades has done a goodjob or not ever since the blundering previous admin-

istration appointed him, there is a clear lack of com-munication with Anastasiades and his Cabinet at acritical time when about 70% of the island’s econom-ic activity has been brought to its knees.

If, as the DISY-led ruling coalition claims, the cen-tralbanker is no longer useful and needs to beremoved, what, then, is the president waiting for?Surely, the cost of firing a contracted public servantis far less than the real damage to the economy bykeeping him there and not talking on the same terms.Besides, having been thrown into the deep end by themost incompetent government this country has ever

seen in the past 53 years, perhaps Demetriades mightwant to return to the calm of academia, where he wasand probably still is greatly respected by his peers.

Seeing the slow pace of events in other public serv-ices, perhaps Anastasiades ought to clear out a lotmore of the dead wood, such as in sectors dealingwith energy, labour, telecoms and tourism. After all,we are still barely 75 days into his 5-year term, so hemight as well sack many more chairmen and boardmembers, or even high-ranking civil servants toensure that the rest of his administration will returnto a rapid path of recovery as soon as possible.

EDITORIAL

Getting rid of dead wood

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May 15 - 21, 2013

6 | OPINION | financialmirror.com

President Anastasiades’ visit to Israel

CIIM offers CISI certification for ‘Risk in Financial Services’

CIIM is offering the Chartered Institute forSecurities & Investment (CISI) Risk in FinancialServices qualification training seminar on May 24 and31 to provide delegates with a broad understanding ofthe key risks that arise within the financial servicesindustry.

Candidates will be introduced to all the major riskareas in financial services, as successfully managingrisk is a fundamental requirement for any effectivebusiness and part of the responsibility for the credit cri-sis in Cyprus is widely attributed to a poor understand-ing of risk.

The content of the training course provides delegateswith a clear benchmark to demonstrate that they haveacquired the necessary knowledge to carry out their

duties competently. The course will cover principles ofthe risk management framework, and corporate gover-nance and risk oversight.

The qualification also covers specific techniquesused in identifying, reducing and managing specificrisks in areas such as operational risk, credit risk, mar-ket risk, investment risk and liquidity risk.

The qualification will be awarded after passing thecomputer based exam at CIIM. It is awarded by theCISI, a charity registered in the UK, which is the pre-mier supplier of financial services qualifications to thesecurities and investment industry. Over 40,000 examsare taken each year.

For further information contact CIIM on 22462246or visit www.ciim.ac.cy

A business plan is a must for successful fund raisingA business plan is critical to the success of any business

which is looking to attract investors and at the same time con-vince management as to whether the assumptions made goingforward are feasible and achievable.

With banks changing their lending model away from accept-ing business owners from qualifying for a loan by the pledgingof property to an environment whereby management has toprove to the bank that their business model is successful inorder to qualify for a loan, the preparation of a complete busi-ness plan becomes an essential tool to success.

Every business plan depends on the nature, complexity andtarget audience for which it is prepared.

If the plan is to attract a limited number of investors whoalready understand the business, then it can be very specificand to the point, concentrating more on financial projections,cash flow, investment returns and contingency plans.

Similarly, if the product or service is not complex, then theplan does not need to be very detailed such as explaining thesetting up of a café. But if the proposed venture will deal incomplicated instruments or an industry which is new to thegeneral public, then it is advisable for extensive description andexplanations together with charts and other tools to make theplan easily understood and presentable.

Every business plan should provide an ExecutiveSummary, description about the company, about manage-ment including CV and previous success of managers, expla-nations about the product or service, what is your key advan-tage, mission and objectives, analysis of the industry, marketin which the company will be active with extensive analysisof company strengths, opportunities, competition and possi-ble weaknesses.

A business plan needs also to be accompanied by very

detailed and extensive financial projections with explanationson how particular sales forecasts are made, the gross and netprofit, profit & loss account, balance sheet, cash flow andsensitivity analysis.

In addition to the above, a business plan needs to includedetails about the marketing and sales plans and if the compa-ny intends to raise funds from investors and the projectedreturns promised.

If the objective of the business plan is to raise funds, thenthe success of the fundraising will also depend on the:l Quality of the issuer;l History and in which industry it is involved;l The company’s previous track record, profitability and

balance sheet size;l How much the existing owners are contributing into the

project;l Where and how the proceeds of the funds will be used;l What is the return objective;l The management team and members of the board;l What contingency plans the company has in the event of

adverse market conditions.

EXIT ROUTEA business plan that in addition to all the above also offers

an exit route for investors is likely to be more successful inreaching its objective of raising funds from investors.

Many investors have no problem to invest in businessesand assume a share of the risk against being compensatedwith a higher return, but almost all investors want to knowwhat kind of exit options management is providing to them.

Nobody wants to be stuck in an investment forever.The most effective exit route is to form a public company

and list the shares on the Emerging Companies Market of theCyprus Stock Exchange under simplified rules and listingconditions. Eurivex Ltd., a regulated investment firm andapproved Nominated Advisor for listings on the ECM of theCSE has helped start-ups list their shares on this market inrecord time and at very reasonable fees, which is ideal for anystart-up or even established businesses.

The listed option allows the company or the issuer to givea buyback pledge that in 2-3 years it will buy back the sharesat a specific price, thus giving added assurance to would-beinvestors that there is a credible plan allowing them to exitthe investment if they so wish and after they achieve a spe-cific return.

Shavasb@eurivex.com

(Eurivex Ltd. is a Cyprus Investment Firm, authorized and regulated by CySEC, license #114/10. Eurivex is an approved Nominated Adviser for listings on the Emerging Companies Market of the Cyprus Stock Exchange. The views expressed above are personal and do not bind the company and are subject to change without notice)

May 15 - 21, 2013

financialmirror.com | COMMENT | 7

By Shavasb BohdjalianApproved Investment Advisor

and CEO of Eurivex Ltd.

End gender gap in science – fix the institutions

Women remain stubbornly under-represented in EUresearch and science despite numerous attempts to address theimbalance, according to the European Union’s recent analysis,‘She Figures: Gender in Research and Innovation 2012’. Here,in joint replies to questions posed by Science|Business, MáireGeoghegan-Quinn, Commissioner for Research and Innovation,and Androulla Vassiliou, Commissioner for Education, Culture,Multilingualism and Youth, outline the latest policy moves todeal with this divide.

Empowering women in research is not enough to close thegender gap. It’s time to “fix the institutions”, they say.

Q: What obstacles do women face in seeking top positions in the field of science?

A glass ceiling exists across many types of organisations andenterprises. For research institutions, there are a number ofobstacles, including opaque structures, an unconscious gen-der bias in the assessment of excellence, and a persistent gen-der pay gap.

Women are often hindered in their career progression due tofamily obligations. The EU’s Marie Curie Actions, which enableresearchers to benefit from grants and gain international experi-ence, specifically help female researchers to achieve a balancebetween their family and professional lives. When women whohave taken a break from their career apply for a grant from theMarie Curie Actions their applications will be evaluated by a spe-cific career return panel.

Q: How does the Commission plan to tackle gender equality in its research programmes?

The Commission has moved its focus from “empoweringwomen in research”- which is still important but not sufficient- to “fixing the institutions”.

The barriers we are addressing have deep roots which canonly be removed through institutional changes. TheCommission wants to promote a change of culture, leading tothe modernisation of research organisations and universities.This is clearly largely a job for the institutions themselves, butwe want to help wherever we can.

The Commission’s July 2012 Communication, “A reinforcedEuropean Research Area Partnership for Excellence andGrowth” made gender equality one of five key priorities. Thepromotion of gender equality in research and innovation aimsto end the waste of female talent, to bring greater diversity toresearch and to foster excellence.

Q: What is the Commission doing to exert its influence ongender policies beyond its own research programmes?

Promoting gender equality in research means pursuing threeobjectives in parallel: integrating the gender dimension inresearch content; involving more women as scientists at all lev-els; and, improving gender balance in decision-making.

All three objectives need to be tackled by all stakeholdersinvolved in order to reach a critical mass of institutions. Thisonly will effectively promote gender equality and achieve theresults for which we are all striving.

The European Research Area Communication puts forward anumber of actions to be addressed in partnership - by EU mem-ber states, research organisations and universities, along with

the European Commission. Member states are asked to engagein partnerships with funding agencies, research organisationsand universities to foster institutional change, and researchstakeholder organisations are called on to set and implementgender equality plans.

The Commission has signed memorandums of understand-ing with the key European associations of universities andresearch institutions which all include a commitment towardsachieving gender equality.

The Marie Curie Actions have a target for 40% female par-ticipation by the end of the current research programme,Framework Programme 7. To date, the overall level of femaleparticipation stands at 36.5%. The gender distribution variesaccording to the scientific discipline; women are best repre-sented in life sciences (47%) and environment and geo-sciences (42%).

By Joanne O’DeaScience|Business

Female % Male %

Chemistry 34.5 65.4Economic Sciences 36.53 63.74Information Science & Engineering 21.01 78.99Environment & Geosciences 42.24 57.76Life Sciences 46.69 53.31Physics 22.7 77.3Mathematics 17.83 82.17Social Sciences & Humanities 52.19 47.81

Gender distribution of Marie Curie Actions Fellows by discipline:

A new world’s new development bankAt the conclusion of their summit in Durban in March, the

leaders of the BRICS (Brazil, Russia, India, China, and SouthAfrica) announced their intention to establish a NewDevelopment Bank aimed at “mobilizing resources for infrastruc-ture and sustainable development projects in BRICS and otheremerging economies and developing countries.”

The significance of this decision cannot be overemphasized.For starters, it reflects the enormous successes in economicdevelopment during the last four decades (the BRICS’ aggregateGDP is now greater than that of the advanced countries when theBretton Woods institutions were founded) and the rebalancing ofglobal economic power that this implies. Indeed, the decisiondemonstrates the BRICS’ ability and willingness to work togeth-er, for their own benefit and for that of the entire world.Emerging markets and developing countries are takingthe future into their own hands – at a time when richcountries are muddling through their own self-inflictedproblems.

A new development bank is clearly needed. The infra-structure requirements alone in emerging-marketeconomies and low-income countries are huge – 1.4 blnpeople still have no reliable electricity, 900 million lackaccess to clean water, and 2.6 bln do not have adequate sanita-tion. At the same time, an estimated two billion people will moveto cities in the next quarter-century. And policymakers mustensure that the investments are environmentally sustainable.

To meet these and the other challenges confronting the devel-oping world, infrastructure spending will have to rise fromaround $800 bln to at least $2 trln annually in the comingdecades. Otherwise, it will be impossible to achieve long-termpoverty reduction and inclusive growth.

While the private sector can meet some of these needs, it cango only so far, especially given the nature of infrastructure proj-ects’ risks, the huge upfront costs, and the high cyclical sensitiv-ity of global financial markets. The funding gap is beyond whatexisting international financial institutions can meet – and theadvanced countries’ malaise means that significant recapitaliza-tion is not in the cards. Annual infrastructure financing frommultilateral development banks and overseas development assis-tance is likely to amount to no more than $40-60 bln, or 2-3% of

projected needs.A development bank anchored in emerging markets and

developing countries can help to address this gap and become apowerful catalyst for change, both in the developing world and –through collaboration and example – in existing institutions. Theworld today is markedly different from the world at the time of thefounding of the World Bank and many of the regional develop-ment banks. The BRICS’ proposed New Development Bank pres-ents an important opportunity to reflect these changes, withmodern financial instruments, strong governance, and a broad-based mandate.

For example, changes in financial markets (including thelarge amounts of money in sovereign wealth funds and public

pension funds) provide opportunities for new development part-nerships, which the New Development Bank can help to catalyzeand orchestrate. So, too, should its deployment of a wide range ofmodern instruments enable it to meet the diverse range of proj-ect needs while ensuring adequate risk management.

The new bank should maximize its multiplier effects by shar-ing and reducing risk through collective action and “crowding in”other financing; by setting a powerful example in adopting inno-vative and cost-effective approaches; and through its policy andinstitutional impact beyond projects that it finances.

While the older institutions have attempted to adapt, theirgovernance remains out of sync with today’s economic and polit-ical realities. The new bank’s governance structure has yet to beworked out, but it promises to be more consistent with contem-porary best practices. Most important, the New DevelopmentBank will give greater voice to the perspectives and interests ofthose in developing countries and emerging markets.

As with the outdated governance arrangements, conceptions

of development that informed the existing multilateral institu-tions’ mandates are markedly different from modern develop-ment thinking. For example, there was no awareness of the chal-lenge posed by climate change, and that all countries (includingthose in the developing world) must reduce their greenhouse-gasemissions and adapt to changes that will be particularly adverseto poor countries. Likewise, there was no comprehension of theinnovation and opportunities entailed in pursuing more sustain-able paths of inclusive economic growth.

Of course, the World Bank and the regional developmentbanks now recognize such imperatives, and the NewDevelopment Bank should not relieve the developed countries oftheir responsibilities. But, with the shortfall of assistance from

developed to developing countries, the new bank canprovide essential help to developing countries andemerging markets as they undertake smarter and moresustainable infrastructure investment for growth andpoverty reduction. Given the need to act quickly – andgiven the slowness with which the developed world hasbeen responding – this new institution is all the morewelcome.

The new bank can make a major contribution to theglobal economy’s health by facilitating the transition to new polesof growth and demand, helping to rebalance global savings andinvestments, and channeling excess liquidity to productive use. Itwill not only be a driver for sustainable growth in the developingand emerging world, but will also foster reform in the existingmultilateral financial institutions – changes from which all of us,in the developed and developing world alike, will benefit.

Nicholas Stern, President of the British Academy, isProfessor of Economics and Chair of the Asia ResearchCenter at the London School of Economics and PoliticalScience. Joseph E. Stiglitz is a Nobel laureate and Professorof Economics at Columbia University. Amar Bhattacharya isDirector of the G-24. Mattia Romani is Deputy DirectorGeneral of the Global Green Growth Institute.

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

America’s healthy path to fiscal healthOver the last five years, the growth of healthcare spending in

the United States has slowed dramatically – to the lowest rate inthe past 50 years. The slowdown is not a surprise. It is a predictableresult of the recession and slow recovery that have left millions ofAmericans without health insurance and dampened householdspending.

But the size of the slowdown is surprising, as is the fact that itstarted several years before the 2008 recession – and not only inthe private insurance system, but also in Medicare and Medicaid,the two major government health programs. (Medicare provideshealth coverage for retirees, and Medicaid provides coverage forlow-income Americans and their children and those with disabili-ties.)

What explains this slowdown in health-care spending? Howmuch of it is attributable to the weak economy, and how much isthe result of changes in provider and consumer behavior?

Two recent studies offer different answers, but both predictthat at least some of the slowdown will persist even after the econ-omy recovers. That would be good news for the US economy,which currently devotes nearly 18% of GDP to health care, by farthe largest share among developed countries. It would also begood news for America’s fiscal position, because Medicare andMedicaid are the two largest contributors to the long-term federalbudget deficit.

The growth of health-care spending declined or remainedunchanged in real (inflation-adjusted) terms each year between2002 and 2011, falling to 3-3.1% in 2009-2011, the lowest rates onrecord since reporting began in 1960. Recent data indicate thatafter a slight acceleration in 2012, the growth of real health-carespending in 2013 has fallen back to its 2009-2011 average.

As a result of the recession and lagging recovery, health-carespending has also slowed significantly since 2009 throughout theOECD. Indeed, for the first time on record, real health-care spend-ing stalled on average in the OECD in 2010, as developed coun-tries, reeling from budgetary constraints, clamped down on healthprograms. Growth in health-care spending was slower in everyOECD country in that year, with the exception of Germany.

A new study by Drew Altman, a respected health-care expertand President of the Henry J. Kaiser Family Foundation, con-

cludes that slower growth in real GDP, along with a lower inflationrate, accounts for more than three-quarters of the slowdown inhealth-care spending in the US after 2001. The weak economy hascaused people to postpone consumption of health-care servicesand has encouraged states and employers to restrain their spend-ing on health.

But important cost-containing changes in the private health-care system, including more cost-sharing in private insuranceplans and tighter controls in managed care, have also contributedto the slowdown. Altman conjectures that, overall, the growth inhealth-care spending between 2008 and 2012 was about one per-centage point lower than predicted by deteriorating macroeco-nomic conditions alone. If this reduction continues after the econ-omy recovers – as seems likely, given the cost-containment incen-tives in the Affordable Care Act (commonly known as Obamacare)– the US stands to spend $2 trln less on health care over the com-ing decade.

Based on the relationship between changes in real per capitahealth-care spending and changes in unemployment rates at thestate level, the recent Economic Report of the President concludesthat the recession and lackluster recovery account for less than20% of the slowdown in health-care spending since 2007 – and foran even smaller share of the slowdown that began in 2002. Anddifficult macroeconomic conditions explain little (if any) of theslowdown in Medicare spending per enrollee since 2001.

That is not unexpected, because the largely retired Medicarepopulation is less vulnerable to macroeconomic fluctuations thanis the working-age population. The Council of Economic Advisers,whose members write the president’s report, surmise that struc-tural changes – including stronger incentives for efficiency by hos-pitals and providers, more cost-sharing in insurance policies, and

the substitution of generic drugs for branded drugs – explain mostof the deceleration in per capita spending growth. They also sug-gest that payment reforms contributed to the slowdown inMedicare’s spending growth after 2001, and that early responsesto new Medicare regulations in the Affordable Care Act may havecaused a further decline after 2010.

The long-term effect on the federal budget implied by a sus-tained reduction in the growth of Medicare and Medicaid spend-ing to the rates of the last several years would be profound. Theseprograms currently claim 21% of the budget, with Medicareaccounting for two-thirds of that amount. Even a small reductionin the growth of these programs would save billions of dollars.Based on the unexpected slowdown in spending growth duringthe last few years, the Congressional Budget Office recently cut itsten-year projections for these programs by 3.5%, reducing the ten-year deficit by $382 bln.

In 2011, Medicare spending accounted for 3.7% of GDP. Basedon current policies, the government forecasts that Medicarespending per beneficiary will grow at an average annual rate of4.3% and will rise to 6.7% of GDP over the next 75 years. If,instead, Medicare spending per beneficiary grew by only 3.6% ayear, the average rate of the last five years, Medicare’s share of GDPwould remain unchanged. This would narrow the fiscal gap, awidely used measure of long-term budgetary imbalance, by almostone-third.

Trends in the US budget reflect an inconvenient truth: If thegrowth of spending on health-care programs cannot be slowed,stabilizing the federal debt at a sustainable level will require deepcuts in spending on other priorities and increases in taxes on themiddle class. The recent slowdown in the growth of health-carespending is a promising sign that America’s budgetary tradeoffsmay turn out to be less difficult than expected.

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

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

May 15 - 21, 2013

8 | COMMENT | financialmirror.com

By Nicholas Stern, Joseph E. Stiglitz, Amar Bhattacharya and Mattia Romani

By Laura D. Tyson

Lives versus profitsThe United States Supreme Court recently began delibera-

tions in a case that highlights a deeply problematic issue con-cerning intellectual-property rights. The Court must answerthe following question: Can human genes – your genes – bepatented? Put another way, should someone essentially be per-mitted to own the right, say, to test whether you have a set ofgenes that imply a higher than 50% probability of developingbreast cancer?

To those outside the arcane world of intellectual-propertyrights, the answer seems obvious: No. You own your genes. Acompany might own, at most, the intellectual property under-lying its genetic test; and, because the research and develop-ment needed to develop the test may have cost a considerableamount, the firm might rightly charge for administering it.

But a Utah-based company, Myriad Genetics, claims morethan that. It claims to own the rights to any test for the pres-ence of the two critical genes associated with breast cancer –and has ruthlessly enforced that right, though their test is infe-rior to one that Yale University was willing to provide at muchlower cost. The consequences have been tragic: Thorough,affordable testing that identifies high-risk patients saves lives.Blocking such testing costs lives. Myriad is a true example ofan American corporation for which profit trumps all other val-ues, including the value of human life itself.

This a particularly poignant case. Normally, economiststalk about trade-offs: weaker intellectual-property rights, it isargued, would undermine incentives to innovate. The ironyhere is that Myriad’s discovery would have been made in anycase, owing to a publicly funded, international effort to decodethe entire human genome that was a singular achievement ofmodern science. The social benefits of Myriad’s slightly earlierdiscovery have been dwarfed by the costs that its callous pur-suit of profit has imposed.

More broadly, there is increasing recognition that thepatent system, as currently designed, not only imposes untoldsocial costs, but also fails to maximize innovation – as Myriad’sgene patents demonstrate. After all, Myriad did not invent the

technologies used to analyze the genes. If these technologieshad been patented, Myriad might not have made its discover-ies. And its tight control of the use of its patents has inhibitedthe development by others of better and more accurate testsfor the presence of the gene. The point is a simple one: Allresearch is based on prior research. A poorly designed patentsystem – like the one we have now – can inhibit follow-onresearch.

That is why we do not allow patents for basic insights inmathematics. And it is why research shows that patentinggenes actually reduces the production of new knowledge aboutgenes: the most important input in the production of newknowledge is prior knowledge, to which patents inhibit access.

Fortunately, what motivates most significant advances inknowledge is not profit, but the pursuit of knowledge itself.This has been true of all of the transformative discoveries andinnovations – DNA, transistors, lasers, the Internet, and so on.

A separate US legal case has underscored one of the maindangers of patent-driven monopoly power: corruption. Withprices far in excess of the cost of production, there are, forexample, huge profits to be gained by persuading pharmacies,hospitals, or doctors to shift sales to your products.

The US Attorney for the Southern District of New Yorkrecently accused the Swiss pharmaceutical giant Novartis ofdoing exactly this by providing illegal kickbacks, honoraria,and other benefits to doctors – exactly what it promised not todo when it settled a similar case three years earlier. Indeed,Public Citizen, a US consumer advocacy group, has calculatedthat, in the US alone, the pharmaceutical industry has paid out

billions of dollars as a result of court judgments and financialsettlements between pharmaceutical manufacturers and feder-al and state governments.

Sadly, the US and other advanced countries have beenpressing for stronger intellectual-property regimes around theworld. Such regimes would limit poor countries’ access to theknowledge that they need for their development – and woulddeny life-saving generic drugs to the hundreds of millions ofpeople who cannot afford the drug companies’ monopolyprices.

The issue is coming to a head in ongoing World TradeOrganization negotiations. The WTO’s intellectual-propertyagreement, called TRIPS, originally foresaw the extension of“flexibilities” to the 48 least-developed countries, where aver-age annual per capita income is below $800. The originalagreement seems remarkably clear: the WTO shall extendthese “flexibilities” upon the request of the least-developedcountries. While these countries have now made such arequest, the US and Europe appear hesitant to oblige.

Intellectual-property rights are rules that we create – andthat are supposed to improve social well-being. But unbalancedintellectual-property regimes result in inefficiencies – includingmonopoly profits and a failure to maximize the use of knowl-edge – that impede the pace of innovation. And, as the Myriadcase shows, they can even result in unnecessary loss of life.

America’s intellectual-property regime – and the regimethat the US has helped to foist upon the rest of the worldthrough the TRIPS agreement – is unbalanced. We should allhope that, with its decision in the Myriad case, the SupremeCourt will contribute to the creation of a more sensible andhumane framework.

Joseph E. Stiglitz, a Nobel laureate in economics,is University Professor at Columbia University.

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

May 15 - 21, 2013

financialmirror.com | COMMENT | 9

By Joseph E. Stiglitz

When I arrived at Larnaca International Airport onJanuary 24, I had no idea what the next four months wouldhave in store. Previously, I knew very little about Cypruswhich is exactly what drew me to spend four months livingand studying in Nicosia. On the first day, it was clear to methat the island life was much different than anything Iwould find in the United States, especially in the northeast,and I was ready to take it all in.

It wasn’t long after my arrival that I noticed a patternamong the people I met. They would ask where I was from,and upon learning that I had chosen to spend four monthsliving and studying in Cyprus, the immediate reaction Ireceived, was why. Why Cyprus? Why would anyone, espe-cially someone from the greater New York City area, wantto come here? This question, followed in some cases by

shock and disbelief, became a pattern with nearly everyoneI met, to which my answer was always, “why not?”

While Cyprus is a small island, it is full of endless dis-coveries in culture and history which make it extremelyunique. I am continually blown away by things that wouldotherwise go unnoticed and find that I am more aware ofthe things that contribute to normal Cypriot life. I foundmyself in a crowded and slightly noisy room, the smell ofCyprus coffee drifting through the air as I maneuvered pasttabled of people talking, watching the football match orplaying a game of backgammon, which I later learned iscalled “tavli.” The tapping of black and white game pieceson the board meshed with the sounds of an espressomachine and this every day Cypriot sight stuck out in mymind. People communicating, interacting, and playinggames that aren’t on their cellphones.

While these everyday sights may seem unimportant inthe grand scheme of things, they make all the difference toan outsider. The odds that you would see such sights in

America, especially in the northeast, are extremely slimand they are what make the culture spectacular. It is theevery day things that have continually amazed me while inCyprus, and it is the everyday, otherwise unnoticed thingsthat make a culture what it is. Coupled with the breathtak-ing landscapes and beautiful coast, Cyprus offers a cultureunique and well worth immersing in, and for this my ques-tion still remains. For all the beauty and amazement thatCyprus has to offer, why not?

Children are every country’s most vital resource. This is truenot just morally, but also economically. Investing in the health,education, and skills of children offers the highest economicreturns to a country. A new study by the UN Children’s Fund(UNICEF) shows which high-income countries are doing wellwhen it comes to making these investments – and which aredoing poorly.

The report, Child Well-Being in Rich Countries, takes a holis-tic view of the conditions of children in the United States,Canada, and Europe – 29 countries in all. The top-ranked coun-tries, where children are best off, are the social democracies ofWestern Europe. The Netherlands heads the list, followed byNorway, Iceland, Finland, Sweden, and Germany.

At the bottom one finds a major surprise: the US, the richestlarge economy in the world, is in 26th place, followed by threemuch poorer countries: Lithuania, Latvia, and Romania. Franceand the United Kingdom are ranked in the middle.

The study assesses children’s well-being in terms of materialconditions (related to household-income levels); health and safe-ty; education; risky behavior (such as excessive alcohol con-sumption); and physical environment, including housing condi-tions. Although the study is limited to high-income countries,national governments – and even cities – in other parts of theworld should replicate it to analyze their ownchildren’s well-being.

The gaps between the northern Europeancountries and the US are the most telling.Northern European countries generally providecash support to families to ensure that all chil-dren are raised in decent conditions, and theyundertake ambitious social programs to pro-vide high-quality day care, pre-school, and pri-mary and secondary education. Moreover, allchildren are well covered by effective health-care systems.

The US, with its individualist, free-marketideology, is very different. There is little cashsupport for families. Government programssupposedly provide a social safety net, butpoliticians are, in fact, largely indifferent tothe well-being of the poor, because poorvoters turn out in lower numbers and do notfinance America’s expensive election campaigns.Indeed, the evidence strongly suggests that US politicians tendto listen and respond only to their richer constituents. The so-called safety net has suffered accordingly, as have America’spoor.

The differences between the social democracies and the USshow up strongly in category after category. In the social democ-

racies, less than 10% of children grow up inrelative poverty (meaning households withless than half of the country’s medianincome). In the US, the rate of relative pover-ty exceeds 20%.

American children suffer far more fromlow birth weight (a major danger signal forlater life); being overweight at ages 11, 13,and 15; and very high rates of teenage fertili-ty. There are around 35 births for every 1,000girls aged 15-19, compared to fewer than tenper thousand in the northern Europeancountries.

Likewise, US children face considerablymore violence in society than children inother high-income countries do. That maynot be surprising, but it is deeply troubling,because children’s exposure to violence is amajor threat to their physical, emotional, andcognitive development. Homicide rates inthe US are roughly five times higher than innorthern Europe.

One fascinating aspect of the UNICEFstudy is its use of what is now called “subjec-tive well-being.” This means asking a persondirectly about his or her life satisfaction.There have been many recent studies of thesubjective well-being of adults around theworld. But I know of no comparable researchin which children were asked directly abouttheir sense of well-being – a very smart ques-tion indeed.

Here, the evidence suggests that northernEurope’s children general-ly appreciate their remarkable advantages. Thechildren were asked to rate their “life satisfac-tion” on an 11-step ladder. In the Netherlands,a remarkable 95% of children set their rating atsix or higher. In the US, the proportion is muchlower, at around 84%. These subjective rank-ings also correlate highly with the children’sreported quality of interactions with their peersand parents. Some 80% of Dutch children reporttheir classmates to be “kind and helpful,” com-pared to just 56% of American children.

The costs to the US of allowing so many of itschildren to grow up in poverty, poor health, poorschools, and poor housing are staggering. Ashocking proportion ends up serving time inprison – especially in the case of non-white poorchildren. Even those fortunate not to fall into the

trap of America’s vast prison system often end upunemployed and even unemployable, without the skills needed toobtain and keep a decent job.

Americans have been blinded to these calamitous mistakespartly by a long history of racism, as well as by a misplaced faithin “rugged individualism.” For example, some white families haveopposed public financing for education, because they believe that

their tax money goes disproportionately to help poorer non-whitestudents.

The result, however, is that everybody loses. Schools under-perform; poverty remains high; and the resulting high rates ofunemployment and crime impose huge financial and social costson US society.

The UNICEF findings are powerful. High national incomes arenot enough to ensure children’s well-being. Societies that have astrong commitment to equal opportunity for all of their children– and that are prepared to invest public funds on their behalf –end up with much better outcomes.

Every country should compare the conditions of its youngpeople with those reported by UNICEF, and use the results to helpguide expanded investment in their children’s well-being.Nothing could be more important for any society’s future healthand prosperity.

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

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

May 15 - 21, 2013

10 | COMMENT | financialmirror.com

Suffer the children, suffer the country

Coffee shop culture

By Jeffrey D. Sachs

By Alisha Lolk

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

www.financialmirror.comAÚ. 915 ∆∂∆∞ƒ∆∏, 15 ª∞´√À, 2013

Επίσπευση των διαδικασιών για έêïδï τηςΤράπεúας Κύπρïυ απÞ τï καθεστώς διαøείρι-σης και εêυγίανσης απïæάσισαν µετά απÞτρίωρη σύσκεψη στï ΠρïεδρικÞ Μέγαρï ïΠρÞεδρïς της ∆ηµïκρατίας ΝίκïςΑναστασιάδης, ï ∆ιïικητής της ΚεντρικήςΤράπεúας Πανίκïς ∆ηµητριάδης και τï µετα-âατικÞ ∆ιïικητικÞ Συµâïύλιï της ΤράπεúαςΚύπρïυ.

Σε δηλώσεις µετά τη συνάντηση ïΚυâερνητικÞς ΕκπρÞσωπïς ÌρήστïςΣτυλιανίδης αναæέρθηκε στις σηµαντικÞτε-ρες απïæάσεις της σύσκεψης

«Στï διïρισµÞ εκτελεστικïύ διευθυντήτης Τράπεúας Κύπρïυ τις επÞµενες µέρες.∆εύτερï ï ΠρÞεδρïς της ∆ηµïκρατίας øαιρέ-τησε τï διïρισµÞ των επιτρïπών τηςΤράπεúας Κύπρïυ ïι ïπïίες, έøïυν ως στÞøïτην αναδιάρθρωση και τïν εêïρθïλïγισµÞτων δραστηριïτήτων και τïυ κÞστïυς λει-τïυργίας της Τράπεúας Κύπρïυ. Για την επί-τευêη των συγκεκριµένων στÞøων καθïρί-στηκαν και øρïνïδιαγράµµατα. Η κυâέρνησηως ένδειêη εµπιστïσύνης πρïς τï τραπεúικÞσύστηµα απïæάσισε να ενισøύσει και να διευ-ρύνει τη διεκπεραίωση των τραπεúικώνσυναλλαγών τïυ κράτïυς µέσω των κυπρια-κών τραπεúών».

Σύµæωνα µε πληρïæïρίες µας τï µÞνïÞνïµα πïυ έπεσε στï τραπέúι των συúητήσε-ων για να αναλάâει τη θέση τïυ ανώτατïυεκτελεστικïύ διευθυντή της ΤράπεúαςΚύπρïυ είναι τïυ Μιøάλη Κïλακίδη παλαιïύστελέøïυς της Τράπεúας Πειραιώς και τηςHSBC.

Παράλληλα η Τράπεúα Κύπρïυ ανακïίνω-

σε τï διïρισµÞ τïυ Τάκη Αράπïγλïυ ως νέïυµέλïυς τïυ ∆ιïικητικïύ της Συµâïυλίïυ.

Στη σύσκεψη υπήρêε έντïνïς πρïâληµα-τισµÞς για τï γεγïνÞς Þτι µε τα νέα δεδïµέ-να τï 70% της Τράπεúας Κύπρïυ θα ελέγøεταιαπÞ êένα κεæάλαια κάτι πïυ καθιστά αδήριτηανάγκη σύµæωνα µε τïν ΚυâερνητικÞΕκπρÞσωπï για εêεύρεση στρατηγικïύ επεν-δυτή.

«ΑυτÞ είναι πάντα στα πλάνα Þøι µÞνï τïυ∆ιïικητικïύ Συµâïυλίïυ και της ΚεντρικήςΤράπεúας αλλά και της κυâέρνησης. Για νασυúητήσïυµε Þµως µια συνεργασία µε στρα-τηγικÞ επενδυτή θα πρέπει να έρθει τï πλή-

ρωµα τïυ øρÞνïυ».Στη σύσκεψη απïæασίστηκε επίσης

ïυσιαστική øαλάρωση των περιïριστικώνµέτρων στα øρηµατïπιστωτικά ιδρύµατα τηςΚύπρïυ την ερøÞµενη Παρασκευή τα ïπïίαθα επιτρέπïυν µεταêύ άλλων τï άνïιγµα τρα-πεúικών λïγαριασµών για νïµικά πρÞσωπα.Απïæασίστηκε επίσης η πρïκήρυêη σøεδίωνπρÞωρης αæυπηρέτησης µε στÞøï να µειωθείï αριθµÞς τïυ πρïσωπικïύ της ΤράπεúαςΚύπρïυ απÞ τις 5,500 πïυ είναι σήµερα στις4,250. Τï σøέδιï θα απευθύνεται σε Þσα στε-λέøη έøïυν πέραν των 25 ετών υπηρεσίας.Παράλληλα απïæασίστηκε να γίνïυν κλιµα-

κωτές µειώσεις µισθών πïυ æθάνïυν µέøρικαι τï 25%.

Την ίδια ώρα σύµæωνα µε πληρïæïρίες ηκαθυστέρηση πïυ παρατηρείται στη µεταæï-ρά των στïιøείων ενεργητικïύ της ΛαϊκήςΤράπεúας στην Τράπεúα Κύπρïυ ïæείλεταικυρίως στα ηλεκτρïνικά συστήµατα τηςΛαϊκής Τράπεúας τα ïπïία Þπως µας λέøθηκεαρµïδίως δεν είναι τελευταίας τεøνïλïγίαςÞπως αυτά της Τράπεúας Κύπρïυ.Καθυστέρηση στη διαδικασία πρïκαλïύν καιïι δυï πρïσæυγές κατά της πρÞσæατης απÞ-æασης για κïύρεµα των ανασæάλιστων κατα-θέσεων. Στï µεταêύ σύµæωνα µε κυâερνητι-κές πηγές µεγαλύτερïς µέτïøïς στηνΤράπεúα Κύπρïυ θα είναι τï Ταµείï Πρïνïίαςτïυ Πρïσωπικïύ της Τράπεúας Κύπρïυ µεπïσïστÞ 2%, ενώ ακïλïυθïύν τï ΤαµείïΠρïνïίας τïυ Πρïσωπικïύ της ΛαϊκήςΤράπεúας µε 1,5% και τï Ταµείï Πρïνïίας τωνΕργαúïµένων της Cyta µε 1,1%.

Να σηµειωθεί Þτι ένα σηµαντικÞ âήµαπρïς την ïµαλïπïίηση της κατάστασης στηνΤράπεúα Κύπρïυ σηµειώθηκε, µε την ïλïκλή-ρωση της απïρρÞæησης των στïιøείων της“καλής” Λαϊκής απÞ την Τράπεúα Κύπρïυ, ηïπïία απέκτησε πρïκαταρτικÞ ισïλïγισµÞ.

Σύµæωνα µε τï µνηµÞνιï, ï επÞµενïςσταθµÞς της Τράπεúας Κύπρïυ είναι η διενέρ-γεια µιας ανεêάρτητης αêιïλÞγησης των στïι-øείων ενεργητικïύ της Τράπεúας, ï ïπïίïς θαπρέπει να ïλïκληρωθεί µέøρι τï τέλïςΙïυνίïυ. Τα στïιøεία της αêιïλÞγησης θακαταδείêïυν κατά πÞσïν θα απαιτηθεί περισ-σÞτερη µετατρïπή ανασæάλιστων καταθέσε-ων σε µετïøές Α.

∆Ú¿Â˙· ∫‡ÚÔ˘ ÒÚ· Ìˉ¤Ó

1133..000000 ¿¿ÙÙÔÔÌÌ·· ÂÂÚÚÈÈÌ̤¤ÓÓÔÔ˘ÓÓ ÏÏÂÂÔÔÓÓ¿¿˙ÔÔÓÓ ··ÔÔ˙ËËÌÌ››ˆÛÛË˶ÏËÚÒıËΠÔÛfi €12,5 ÂÎ. ÙÔ ·’ ÙÚ›ÌËÓÔ ÙÔ˘ 2013

ΣøεδÞν 13,000 άτïµα, τα ïπïία έøïυναπïλυθεί ως πλεïνάúïν πρïσωπικÞ, περιµέ-νïυν στην ïυρά για να λάâïυν απïúηµίωσηαπÞ τï ταµείï πλεïνασµïύ, καθώς τï αρµÞ-διï υπïυργείï εêετάúει ακÞµα αιτήσεις πïυπαραλήæθηκαν µέøρι και πριν απÞ 18 µήνες.Τα στïιøεία πïυ δηµïσίευσε η ΥπηρεσίαΚïινωνικών Ασæαλίσεων αναδεικνύïυν τïνδιïγκïύµενï αριθµÞ αιτήσεων πïυ έøει συσ-σωρευτεί στα συρτάρια τïυ ΥπïυργείïυΕργασίας, και την καθυστέρηση στην πληρω-µή των δικαιïύøων.

ΛÞγω της αναρρίøησης της ανεργίας σεπρωτïæανή επίπεδα, ï αριθµÞς των αιτήσεωνέøει εκτïêευθεί σε επίπεδα ρεκÞρ.

Στï τέλïς τïυ 2012 εκκρεµïύσαν 11,057αιτήσεις, ενώ µέøρι τï τέλïς τïυ πρώτïυ τρι-µήνïυ τïυ 2013 ïι αιτήσεις πïυ εκκρεµïύνεκτïêεύθηκαν στις 12,782.

Τï Υπïυργείï έøει εγκρίνει µέσα σε 3

µήνες µÞλις 1,454 αιτήσεις και έøει απïρρίψειάλλες 299. Έλαâε Þµως 3,478 αιτήσεις, µεαπïτέλεσµα να έøει αυêηθεί ï αριθµÞς τωναιτήσεων πïυ εκκρεµïύν.

Τï πïσÞ πïυ πληρώθηκε στïυς δικαιïύ-øïυς τï πρώτï τρίµηνï τïυ 2013 ανήλθε στα12.538,000 ευρώ σε σύγκριση µε 10 εκ. ευρώπïυ καταâλήθηκαν την αντίστïιøη περίïδïτïυ 2011.Τï µεγαλύτερï µέρïς τïυ πïσïύ γιαπλεïνάúïν πρïσωπικÞ απïρρïæά η µεταπïίη-ση, τï λιανεµπÞριï και ï κλάδïς των κατα-σκευών, τïµείς πïυ πλήττïνται σε µεγαλύτε-ρï âαθµÞ απÞ την ïικïνïµική κρίση.

Τï Ταµείï Πλεïνασµïύ øρηµατïδïτείταιαπÞ εισæïρές εργïδïτών.Τï πïσÞ της εισæï-ράς είναι 1,2% πάνω στις απïλαâές τïυ εργα-úïµένïυ και διαøρïνικά τï ταµείï έøει συσ-σωρεύσει σηµαντικÞ απïθεµατικÞ, αæïύλÞγω της øαµηλής ανεργίας, ïι πληρωµέςήταν µικρÞτερες απÞ τις εισæïρές.

Τï πïσÞ της πληρωµής λÞγω πλεïνασµïύείναι ανάλïγï µε την περίïδï συνεøïύς απα-σøÞλησης, και αντιστïιøεί µε τρεις εâδïµά-

δες ανά συνεøές έτïς εργασίας.Για τï 2012 τï µέγιστï πïσÞ πληρωµής

ανήλθε στις 51,600 ευρώ

∫∫··ÏÏ››ÙÙ··ÈÈ ÛÛ ··ÔÔÏÏÔÔÁÁ››·· ÁÁÈÈ·· ÌÌ››˙˜ $$1100 ‰‰ÈȘ ÔÔ ¡¡ÙÙ››ÓÓÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘∆ιαδικασία κλήτευσης σε απïλïγία

κινïύν ïι Έλληνες ανακριτές, για τïνπρώην ΥπïυργÞ Εσωτερικών τηςΚυπριακής ∆ηµïκρατίας, Ντίνï Μιøαηλίδηκαι τï γιï τïυ, Μιøάλη, µε την κατηγïρίατïυ êεπλύµατïς µαύρïυ øρήµατïς, στïπλαίσιï της υπÞθεσης τïυ πρώηνΥπïυργïύ Άµυνας της Ελλάδας ΆκηΤσïøατúÞπïυλïυ.

à πρώην ΥπïυργÞς της Κυπριακής

∆ηµïκρατίας για τïν ïπïίï η διαδικασία θακινηθεί µέσω τïυ Υπïυργείïυ Εêωτερικώνκαι ï γιïς τïυ, θα κληθïύν να απïλïγη-θïύν για παράνïµες αµïιâές περίπïυ 10εκ. δïλαρίων πïυ æέρïνται να διακίνησαν,µέσω κïινïύ τïυς λïγαριασµïύ µε τελικÞαπïδέκτη τïν Α. ΤσïøατúÞπïυλï, αναæïρι-κά µε την υπïγραæή της σύµâασης πρïµή-θειας απÞ τï υπïυργείï Άµυνας των ΤÃRM-1. Τï πïσÞ είøε κατατεθεί απÞ την υπε-

ράκτια εταιρεία beaston η ïπïία και έøειεµπλïκή στη διακίνηση των παράνïµωνøρηµάτων για την αγïρά των TOR M-1.

Τïν Ντ. Μιøαηλίδη ενέπλεêε αρøικάστην υπÞθεση µε την κατάθεση τïυ στïνανακριτή ï êάδελæïς, συνεργάτης καισυγκατηγïρïύµενïς πλέïν τïυ ΑκηΤσïøατúÞπïυλïυ, Νίκïς ·ήγρας, εναντίïντïυ ïπïίïυ ï κ. Μιøαηλίδης έøει καταθέσειµήνυση.

15 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Ενώπιïν της ΚïινïâïυλευτικήςΕπιτρïπής Θεσµών έøïυν κληθεί να παρα-στïύν την ερøÞµενη Τρίτη ï ΓενικÞςΕισαγγελέας Πέτρïς Κληρίδης και ï∆ιïικητής της Κεντρικής Τράπεúας Πανίκïς∆ηµητριάδης, στï πλαίσιï της έρευνας πïυδιεêάγει η Επιτρïπή για τïυς λÞγïυς πïυïδήγησαν στην καταστρïæή τïυ øρηµατïπι-στωτικïύ συστήµατïς τïυ τÞπïυ.

ΑυτÞ δήλωσε øθες ï πρÞεδρïς τηςΕπιτρïπής ∆ηµήτρης Συλλïύρης µετά τηνκεκλεισµένων των θυρών συνεδρία τηςΕπιτρïπής, η ïπïία, σύµæωνα µε τïν κ.Συλλïύρη, κατέληêε στï πλαίσιï µέσα στïïπïίï θα κινηθεί η Επιτρïπή σε σøέση µε τηνεν λÞγω έρευνα.

à κ. Συλλïύρης είπε Þτι η Επιτρïπή συúή-τησε τïν πρïγραµµατισµÞ της έρευνας καιαπïæάσισε τελεσίδικα Þπως η έρευνα συνεøι-στεί ανεêάρτητα απÞ τη διεêαγωγή ïπïιασδή-

πïτε άλλης έρευνας γι’ αυτÞ τï θέµα.Είπε, επίσης, Þτι θα καταâληθεί πρïσπά-

θεια πρïκειµένïυ τα κÞµµατα να απïστέλ-λïυν τις ερωτήσεις πïυ πρïτίθενται να υπï-âάλïυν κατά την ερøÞµενη συνεδρία τηςΕπιτρïπής στïν ίδιï µέøρι την Πέµπτη «για νατις αêιïλïγήσω και να τις ιεραρøήσω», πρï-κειµένïυ να µην υπάρøïυν επαναλαµâανÞµε-νες ερωτήσεις.

Ερωτηθείς γιατί στη øθεσινή συνεδρίαδεν παρέστη ï ∆ιïικητής της ΚεντρικήςΤράπεúας ενώ είøε πρïσκληθεί να παραστεί, ïκ. Συλλïύρης είπε Þτι ï ίδιïς úήτησε απÞ τï∆ιïικητή να µην πρïσέλθει στη συνεδρίαεπειδή θα απïυσίαúαν κάπïιïι âïυλευτές ïιïπïίïι, Þπως είπε, επιδεικνύïυν ιδιαίτερïενδιαæέρïν να είναι παρÞντες στη συνάντη-ση της Επιτρïπής µε τï ∆ιïικητή.

à ∆ιïικητής κλήθηκε στην Επιτρïπή γιανα δώσει εêηγήσεις σε Þτι αæïρά τïν ισøυρι-

σµÞ âïυλευτών περί παραπληρïæÞρησης ήαπÞκρυψης στïιøείων για τïυς Þρïυς εντï-λής τïυ ïίκïυ Alvarez & Marsal.

∂. ÷ڷϷ̛‰Ô˘: ªfiÓÔ Ô ∞. ¡ÂÔʇÙÔ˘ ·Ô˘Û›·˙Â

Λύπη εêέæρασε η âïυλευτής τïυ ΑΚΕΛΕιρήνη Ìαραλαµπίδïυ για τη δήλωση τïυΠρïέδρïυ της κïινïâïυλευτικής ΕπιτρïπήςΘεσµών ∆ηµήτρη Συλλïύρη σε σøέση µε τηµη συµµετïøή τïυ ∆ιïικητή της ΚεντρικήςΤράπεúας Πανίκïυ ∆ηµητριάδη στη συνε-δρία της Επιτρïπής, Þπως είøε αρøικά πρï-

γραµµατιστεί. Η κ. Ìαραλαµπίδïυ είπε Þτι ηδήλωση τïυ κ. Συλλïύρη περιέøει ανακρί-âειες και πρÞσθεσε Þτι η συνεδρία αναâλή-θηκε γιατί τï úήτησε ï ΠρÞεδρïς τïυ ∆ΗΣΥ,âïυλευτής Αâέρωæ Νεïæύτïυ, πïυ δενείναι µέλïς της Επιτρïπής, απÞ τïν κ.Συλλïύρη γιατί δεν θα µπïρïύσε να παρευ-ρεθεί ï ίδιïς. Είπε, επίσης, Þτι ï κ.Συλλïύρης «µïνïµερώς και øωρίς συνεν-νÞηση» µε τα µέλη της Επιτρïπής úήτησεαπÞ τïν ∆ιïικητή να µην πρïσέλθει σήµεραστην Επιτρïπή. «Ã ΠρÞεδρïς τηςΕπιτρïπής µας ενηµέρωσε Þτι ï κ.Νεïæύτïυ úήτησε να αναâληθεί η συνεδρίαλÞγω τïυ Þτι δεν µπïρïύσε ï ίδιïς να παρα-στεί», είπε.

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™™ÙÙËËÓÓ µµÔÔ˘ÏÏ‹‹ ÙÙÔÔ ÓÓÔÔÌÌÔÔÛÛ¯¤¤‰‰ÈÈÔÔ ÁÁÈÈ·· ÙÙÈȘ ««ªªÂÂÙÙÔÔ¯¤¤˜ µµ»» ÙÙÔÔ˘ ™™˘ÓÓÂÂÚÚÁÁ··ÙÙÈÈÛÛÌÌÔÔ‡‡Αύριï Πέµπτη 16 Μαϊïυ θα τεθεί πρïς

ψήæιση στην Ãλïµέλεια της Βïυλής τï µνη-µïνιακÞ νïµïσøέδιï για τï ΣυνεργατισµÞ.

Τï πρïτεινÞµενï νïµïσøέδιï συúητήθη-κε στην Κïινïâïυλευτική ΕπιτρïπήΕµπïρίïυ. à ΠρÞεδρïς της ΕπιτρïπήςΛευτέρης ÌριστïæÞρïυ δήλωσε Þτι τï νïµï-σøέδιï είναι µνηµïνιακÞ νïµïθέτηµα και θαπαρέøει τη δυνατÞτητα στï ΣυνεργατισµÞ να

αντλήσει κεæάλαια µέσω έκδïσης «µετïøώνΒ» και απÞ τα µέλη τïυ, αλλά και απÞ τïνκάθε Κύπριï πïλίτη ή ïπïιïνδήπïτε άλλïθέλει να επενδύσει στï ΣυνεργατισµÞ.

ΠρÞκειται, είπε, για κατ’ επείγïν νïµïθέ-τηµα τï ïπïίï θα τεθεί πρïς ψήæιση στηνσυνεδρία της Ãλïµέλειας της Βïυλής αύριïΠέµπτη.

Ανέæερε Þτι ïι «µετïøές Β» θα εκδïθïύν

απÞ τη Συνεργατική Κεντρική Τράπεúα και ïïπïιïσδήπïτε θα έøει τη δυνατÞτητα να τιςαγïράσει, ενώ τα øαρακτηριστικά αυτών τωνµετïøών θα καθïριστïύν µέσα απÞ πρïκή-ρυêη πïυ θα συνταøθεί απÞ τïνΣυνεργατισµÞ σε συνεργασία µε τηνΚεντρική Τράπεúα µετά τη ψήæιση τïυ νïµï-σøεδίïυ και θα δηµïσιïπïιηθïύν πριν απÞτην έκδïση τïυς.

ΑπÞ την πλευρά τïυ ï Βïυλευτής τïυΑΚΕΛ Κώστας Κώστα είπε Þτι στις σηµερινέςδύσκïλες ïικïνïµικές συνθήκες πρέπει ναθωρακιστεί και να στηριøτεί ïΣυνεργατισµÞς.

Ανέæερε Þτι τï ΑΚΕΛ θα µελετήσει τïνïµïσøέδιï την ερøÞµενη Πέµπτη στη συνε-δρία της Κïινïâïυλευτικής τïυ õάδας καιθα τïπïθετηθεί ενώπιïν της Ãλïµέλειας.

€11 ÙÙÚÚÈȘ ÂÂÙÙËËÛÛ››ˆ˜ ÙÙÔÔ ÎÎfifiÛÛÙÙÔÔ˜ ÙÙˢ ÊÊÔÔÚÚÔÔ‰‰ÈÈ··ÊÊ˘ÁÁ‹‹˜ ÛÛÙÙËËÓÓ ∂∂..∂∂ºÔÚÔÏÔÁÈ΋ Û˘ÓÂÚÁ·Û›· Ù˘ ∫ÔÌÈÛÈfiÓ Ì 5 ÙÚ›Ù˜ ¯ÒÚ˜

Εντïλή στην ΚïµισιÞν να πρïøωρήσει σεδιαπραγµατεύσεις για ανταλλαγή στïιøείωνµε πέντε τρίτα ευρωπαϊκά κράτη και κρατί-δια, στα ïπïία υπάρøïυν καταθέσεις κïινï-τικών υπηκÞων, έδωσε øθες τï ΣυµâïύλιïΥπïυργών ΕCO-FIN.

ΠρÞκειται για την Ελâετία, τï ΜïνακÞ,την ΑνδÞρα, τïν Αγιï Μαρίνï και τïΛιøνενστάιν µε τις ïπïίες η ΚïµισιÞν θαêεκινήσει συúητήσεις, στην ïυσία θα úητή-

σει να πρïøωρήσïυν στην αυτÞµατη ανταλ-λαγή στïιøείων σøετικά µε τις καταθέσεις.

Η απÞæαση εντάσσεται στï πλαίσιï τηςεκστρατείας της ΕΕ µε στÞøï την καταπïλέ-µηση της æïρïδιαæυγής και æïρïαπïæυ-γής, η ïπïία κïστίúει σε απώλειες εσÞδωνστα κράτη µέλη 1 τρις ευρώ ετησίως.

Στη σηµερινή συνεδρίαση τïυΣυµâïυλίïυ συúητήθηκε και τï θέµα τηςτρïπïπïίησης της κïινïτικής ïδηγίας για

τη æïρïλïγία των τÞκων των καταθέσεων.Μέøρι στιγµής δεν έøει υπάρêει συµæωνίαλÞγω της άρνησης της Αυστρίας και τïυΛïυêεµâïύργïυ να συναινέσïυν στην τρï-πïπïίηση αυτή.

Σήµερα 25 κράτη µέλη ανταλλάσïυνµεταêύ τïυς στïιøεία σøετικά µε τïυςτÞκïυς των καταθέσεων των Ευρωπαίωνæïρïλïγïυµένων. Ãι δύï πρïαναæερÞµε-νες øώρες, έøïυν λάâει εêαίρεση µέøρι τï

2015 απÞ τις διατάêεις της ïδηγίας, σύµæω-να µε την ïπïία τïυς επιτρέπεται να διατη-ρïύν την ανωνυµία των πελατών τïυς κατα-θετών πïυ έøïυν µÞνιµη κατïικία άλλï κρά-τïς µέλïς, επιâάλλïντας ένα æÞρï στïυςτÞκïυς της τάêης τïυ 35%.

Ενα µέρïς αυτïύ τïυ æÞρïυ τïν απïδί-δïυν στï κράτïς æïρïλïγικής κατïικίαςτïυ καταθέτη, øωρίς να απïκαλύπτïυν ταστïιøεία τïυ.

™™˘ÓÓ‰‰ÚÚÈÈ¿¿˙ÂÂÈÈ ÛÛ‹‹ÌÌÂÂÚÚ·· ËË ∂∂ÈÈÙÙÚÚÔÔ‹‹ ¶¶··ÚÚ··ÎÎÔÔÏÏÔÔ‡‡ııËËÛÛˢ ÙÙÔÔ˘ ªªÓÓËËÌÌÔÔÓÓ››ÔÔ˘Συνέρøεται σήµερα τï απÞγευµα υπÞ τïν

ΥπïυργÞ Ãικïνïµικών Ìάρη Γεωργιάδη ηΥπïυργική Επιτρïπή για την παρακïλïύθησητης εæαρµïγής τïυ Μνηµïνίïυ, δύï µέρεςµετά την απÞæαση τïυ Μηøανισµïύ Στήριêηςγια εκταµίευση των 3 δις ευρώ της πρώτηςδÞσης τïυ κυπριακïύ πακέτïυ στήριêης.

Η πρώτη δÞση θα απελευθερωθεί σε 2εκταµιεύσεις: Η πρώτη εκταµίευση, ύψïυς 2δις, έγινε την ∆ευτέρα και η επÞµενη, ύψïυς

έως και 1 δις ευρώ, πριν απÞ τις 30 Ιïυνίïυ.Και ïι δύï δÞσεις θα καταâληθïύν και θα

øρησιµïπïιηθïύν για τις γενικÞτερες ταµεια-κές ανάγκες της κυπριακής Κυâέρνησης,καθώς και για την αναøρηµατïδÞτηση τïυøρέïυς. Σε συνέøεια των απïæάσεων πïυελήæθησαν απÞ τï Eurogroup της 25ηςΜαρτίïυ, η Κύπρïς θα λάâει συνïλική âïή-θεια 10 δις ευρώ τα επÞµενα τρία øρÞνια.

Η Υπïυργική Επιτρïπή Παρακïλïύθησης

συστάθηκε µε απÞæαση τïυ ΥπïυργικïύΣυµâïυλίïυ και είναι επιæïρτισµένη µε τηνπαρακïλïύθηση της υλïπïίησης τωνδεσµεύσεων της ∆ηµïκρατίας πïυ πρïκύ-πτïυν απÞ τï ΜνηµÞνιï Συναντίληψης πïυσυµæωνήθηκε µε την ΤρÞικα.

Στην Επιτρïπή, πέραν τïυ ΥΠÃΙΚ, συµµε-τέøïυν ïι Υπïυργïί Εργασίας, Συγκïινωνιών,Ενέργειας και Υγείας, καθώς και η ειδικήµïνάδα υπÞ τï Γραæείï Πρïγραµµατισµïύ,

πïυ έøει επιæïρτιστεί µε την συντïνισµÞ τωνενεργειών Þλων των υπηρεσιών για την ικα-νïπïίηση των δεσµεύσεων τïυ Μνηµïνίïυ.

à ∆ιευθυντής τïυ Γραæείïυ, ΓιώργïςΓεωργίïυ ανέæερε Þτι η µïνάδα πïυ υπάγε-ται στï Γραæείï θα έøει την ευθύνη για τïνσυντïνισµÞ των ενεργειών Þλων των υπηρε-σιών για ικανïπïίηση των δεσµεύσεων πïυπρïâλέπει τï µνηµÞνιï, πïυ υπάγεται στïΓραæείï Πρïγραµµατισµïύ.

Συνάντηση µε τïν Έλληνα ΥπïυργÞΠεριâάλλïντïς, Ενέργειας και ΚλιµατικήςΑλλαγής, Ευάγγελï Λιâιεράτï, καθώς και µετïν ΥæυπïυργÞ ΠΕΚΑ, Μάκη Παπαγεωργίïυείøε øθες στην Αθήνα ï ΥπïυργÞς Ενέργειας,Εµπïρίïυ, Βιïµηøανίας και Τïυρισµïύ τηςΚύπρïυ, Γιώργïς Λακκïτρύπης, o ï ïπïίïςπραγµατïπïίησε επίσκεψη στην Ελλάδα, στïπλαίσιï της απÞæασης πïυ ελήæθη απÞ τηΛευκωσία και την Αθήνα τïν περασµένïΜάρτιï, για θεσµïθέτηση συναντήσεών τωνδύï Υπïυργών ανά τρίµηνï πρïκειµένïυ να

υπάρêει καλύτερïς συντïνισµÞς των κïινώνδράσεων Κύπρïυ και Ελλάδας στα θέµαταενέργειας. Στην επίσκεψή τïυ στï ΥΠΕΚΑ, ïκ. Λακκïτρύπης συνïδευÞταν απÞ τïν Αν.ΓενικÞ ∆ιευθυντή τïυ κυπριακïύ ΥΠΕ¥,Πρέσâη Τάσï Τúιωνή, καθώς και τïν επιτε-τραµµένï της Πρεσâείας της Κυπριακής∆ηµïκρατίας στην Αθήνα, ΜιøάληΚαραγιώργη, ενώ και στις δύï συναντήσειςσυµµετείøε ï ΓενικÞς Γραµµατέας Ενέργειαςτïυ ΥΠΕΚΑ, Κωνσταντίνïς Μαθιïυδάκης.

Στï επίκεντρï των συνïµιλιών των δύï

Υπïυργών, σύµæωνα µε ανακïίνωση τïυΥΠΕΚΑ, τέθηκαν αναλυτικά Þλες ïι τελευταί-ες εêελίêεις στην περιïøή τηςΝïτιανατïλικής Μεσïγείïυ, ενώ ï κ.Λιâιεράτïς ενηµέρωσε αναλυτικά τïν κ.Λακκïτρύπη για τïυς øειρισµïύς της ελληνι-κής Κυâέρνησης στïν τïµέα της έρευνας,εêÞρυêης και αêιïπïίησης των υδρïγïναν-θράκων, αναæερÞµενïς παράλληλα και σταεπÞµενα âήµατα πïυ δρïµïλïγεί η Ελλάδααναæïρικά µε τη διαøείριση των ενεργειακώνπηγών της. à κ. Λακκïτρύπης απÞ την πλευ-

ρά τïυ αναæέρθηκε στις πρωτïâïυλίες πïυέøει αναλάâει η Κυπριακή ∆ηµïκρατία για τηνεκµετάλλευση των κïιτασµάτων υδρïγïναν-θράκων και ενηµέρωσε για τις διεθνείς επα-æές πïυ είøε πρÞσæατα µε ïµïλÞγïυς τïυστην ευρύτερη περιïøή.

Στη συνάντηση τïυ κ. Λακκïτρύπη µε τïνΈλληνα ΥæυπïυργÞ ΠΕΚΑ ΜάκηΠαπαγεωργίïυ, συúητήθηκαν µεταêύ άλλων ητριµερής συνεργασία Ελλάδας – Κύπρïυ –Ισραήλ πïυ έøει êεκινήσει σε τεøνικÞ επίπεδïγια θέµατα ενεργειακών υπïδïµών.

KKÔÔÈÈÓÓ¤¤˜ ‰‰ÚÚ¿¿ÛÛÂÂÈȘ ∫∫‡‡ÚÚÔÔ˘ -- ∂∂ÏÏÏÏ¿¿‰‰··˜ ÛÛ ıı¤¤ÌÌ··ÙÙ·· ÂÂÓÓ¤¤ÚÚÁÁÂÂÈÈ··˜

Η κατάσταση στην αγïρά ακινήτων είναιγνωστή, ενώ ïι µελλïντικά άµεσες πρïïπτι-κές δεν είναι και Þτι τï καλύτερï. Η αγïράέøει ασæαλώς επηρεαστεί, πέραν απÞ τηνγενική κατάσταση της ïικïνïµίας, απÞ τïκïύρεµα των καταθέσεων δυνητικών αγïρα-στών, τï πάγωµα των καταθέσεων, την συνε-øή αυêανÞµενη ανεργία πïυ επηρεάúειÞλïυς, τÞσï έµµεσα Þσï και άµεσα (µείωσηκατανάλωσης) κλπ κλπ.

ΑυτÞ είναι τï ένα δεδïµένï απÞ τηνµεριά ενÞς επιøειρηµατία ανάπτυêης ακινή-των και απÞ την άλλη υπάρøει και ï øρηµατï-δÞτης, ï ïπïίïς «θέλει τï λαâείν» τïυ.

Είναι πρïσεκτÞ Þτι ïρισµένïι øρηµατïδÞ-τες συµπεριæέρïντε σαν να και να µην συµ-âαίνει τίπïτα. ∆ιατηρïύν τï ψηλÞ τïυς τÞκï7,5% - 8,5%, σε καθυστερηµένες δÞσειςαυêάνεται σε 13% και ïι πιέσεις είναι αæÞρη-τες στïυς πλείστïυς Þσïυς δυσπραγïύντες(τώρα) επιøειρηµατίες ανάπτυêης ακινήτων.

Ως εκ τïύτïυ είναι πïλύ εύστïøα καικαλïδεøïύµενα τα µέτρα πïυ υπέâαλε ηΚυâέρνηση/Κεντρική Τράπεúα επί τïυ θέµα-τïς. Έøει παγώσει τις δÞσεις και τις καθυστε-ρήσεις øωρίς øρέωση αυêηµένων τÞκωνµέøρι τïν Ιïύνιï τïυ 2013 και πρïτάθηκε έναςδιάλïγïς κατανÞησης µεταêύ øρεωστών καιδανειστών πρïς εêεύρεση κάπïιïυ διακανï-

νισµïύ. Μάλιστα στις εισηγήσεις τïυ Κράτïυςείναι και ï καθïρισµÞς ενÞς «διαιτητή» µετα-êύ των δύï για να εêευρεθεί µια λύση (αναµέ-νεται νïµïσøέδιï).

Καλές αυτές ïι κινήσεις, αλλά εάν δενκαταæέρïυµε να µειώσïυµε τïυς τÞκïυς,πïια επιøείρηση υπÞ τις επικρατïύσες συνθή-κες µπïρεί να αντέêει τï 7%- -8% τÞκï; ÃλÞγïς των ψηλών τÞκων είναι διÞτι και τακαταθετικά επιτÞκια είναι ψηλά 4% - 5%. Άραγια να µειωθïύν ïι τÞκïι θα πρέπει και τακαταθετικά επιτÞκια να µειωθïύν. Ίσως αυτÞνα µην µπïρεί να γίνει εæικτÞ µε κάπïιïυείδïυς ïδηγίες, είτε µε νÞµï είτε απÞ τηνΚεντρική άµεσα, διαæïρετικά η µείωση τïυτÞκïυ δανεισµïύ θα επέλθει µÞνï Þταν σε 1-2 øρÞνια, Þταν δηλαδή µειωθïύν τα καταθετι-κά επιτÞκια και αυτÞ, ασæαλώς, εάν Þλïι ïιøρηµατïδÞτες συµæωνήσïυν. Ήδη καταθετι-κïί τÞκïι µειώνïνται απÞ ïρισµένïυς øρηµα-τïδÞτες στα 2,5% - 3%, ενώ ïρισµένες τρά-πεúες διαæηµίúïυν µείωση τïυ øρïνιαίïυδανειστικïύ τÞκïυ κατά 25%-50%. Είναι µιααρøή πïυ âïηθά την Þλη κατάσταση και τηνανάκαµψη.

ΕκτÞς απÞ τα πιï πάνω θα πρέπει απÞ ταδύï µέρη να γίνïυν αντιληπτές ïι θέσειςτïυς, ενÞς πρïς τïν άλλï, µε πνεύµα συνερ-γασίας για αµïιâαίï Þæελïς. Σε ένα πρÞσæα-τï παράδειγµα ï πελάτης øρωστά στïν øρη-µατïδÞτη 900.000 ευρώ και âρήκε αγïραστήτïις µετρητïίς πρïς 800.000 ευρώ, ενώ τïκÞστïς τïυ ίδιïυ τïυ επιøειρηµατία ανάπτυ-êης είναι 1.100.000 εκ. ευρώ. ∆ηλαδή ενώ ïιδιïκτήτης θα úηµίωνε απÞ αυτήν την πράêη300.000 ευρώ, η τράπεúα 100.000 ευρώ καιαυτÞ σε τÞκïυς. Η τράπεúα αρνήθηκε.ÃπÞταν πïιï είναι τï απïτέλεσµα; Να τï

εκπïιήσει η τράπεúα ίσως πïλύπιï κάτω απÞ τις 800.000 ευρώ,διÞτι η εκπïίηση αυτή πιθανώςνα συµπέσει µε τις εκατïντά-δες εκπïιήσεις πïυ θα υπάρ-øïυν σε σύντïµï øρïνικÞ διά-στηµα (µειώνïντας πρÞσθετατις αêίες).

Ìρειάúεται κατανÞηση στïπιï πάνω και άλλα παραδείγµατακαι ευæάνταστη πρïσέγγιση απÞÞλïυς, διÞτι στï πιï πάνω παράδειγ-µα η τράπεúα θα εισέπραττε άµεσα σταταµεία της τις 800.000 ευρώ (øρειάúεταικαι αυτή κατ’ επείγïν εισρïές) θα απέ-æευγε την øρïνïâÞρα και πïλυέêïδη διαδι-κασία αγωγής για πώληση και θα µείωνε τïρίσκï της.

Η πρÞταση επίσης τïυ Κράτïυς για ενïι-κίαση αντί εκπïίηση ακινήτων για πρώτηκατïικία, είναι και αυτή µια πïλύ ενδιαæέρïυ-σα πρÞταση, αντιγραæή απÞ τï ΙσπανικÞµïντέλï. Άν και «παρïυσιάúεται» ως µιαλύση, εντïύτïις στην εæαρµïγή της είναιδύσκïλη, διÞτι τï µέτρï εισηγείται Þπως τïδάνειï θα παραµείνει, ï τÞκïς θα τρέøει γιαµια περίïδï έστω 10-15 øρÞνια και έναντιαυτïύ τïυ συνïλικïύ πïσïύ θα αæαιρείται τïενïίκιï. Έτσι θα διαπιστωθεί Þτι µÞνï εάν τïïæειλÞµενï πïσÞ είναι µικρÞ σε σøέση µε τηνενïικιαστική αêία, θα είναι âιώσιµï για τïνδανειúÞµενï και ασæαλώς ï τÞκïς δεν µπïρείνα είναι ψηλÞς, διÞτι ï τÞκïς απÞ µÞνïς τïυθα είναι ψηλÞτερïς τïυ ενïικίïυ (ίσως 24%;;).Τι είναι η επιλïγή τïυ øρηµατïδÞτη, να τïεκπïιήσει και πÞτε και σε πïια τιµή;

Τώρα, τï να ληæθεί η απÞæαση απÞ έναøρηµατïδÞτη να εêασκήσει τα δικαιώµατα

τïυ είναι ασæαλώς δικαίωµα τïυ, αλλά είναιÞµως πρïς τï συµæέρïν τïυ Þταν µάλιστα ïδανειúÞµενïς έøει καλή πρïϊστïρία και είναι κατά τα άλλα συνεπής; Εάν αυτÞ ισøύει, τÞτεεάν ï øρηµατïδÞτης επιµένει, θα πρέπει ναµην ενεργεί πρïς Þæελïς τïυ ιδρύµατïς πïυαντιπρïσωπεύει, αλλά θα διέπεται απÞ αντί-δραση!! (θα τï ïνïµάúαµε επιøειρηµατικήâλακεία). Είναι δύσκïλïι και πρωτÞγνωρïικαιρïί και Þλïι ψαøνÞµαστε πως θα τïυςυπερâïύµε µε τï λιγÞτερï κÞστïς.

Επίσης µας είναι κατανïητές και ïι θέσειςτων øρηµατïδïτών, διÞτι µε τα πρïâλήµαταπïυ έøïυν, έøïυν και αυτïί τï δίκαιï τïυς γιανα πρïστατεύσïυν τïυς ïργανισµïύς τïυς.Είναι ένα είδïς ακρïâασίας πάνω στï σøïινίÞπïυ ï ακρïâάτης (δανειúÞµενïς) âασίúεταικαι πάνω στην στήριêη τïυ âïηθïύ τïυ (øρη-µατïδÞτη) για να æθάσει στï τέλïς.

∞∞ÓÓÙÙÒÒÓÓˢ §§ÔÔ˚˙ÔÔ˘

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

K·ÈÚfi˜ ÁÈ· ηٷÓfiËÛË

15 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

AÚÔÂȉÔÔ›ËÙÔÈ ¤ÏÂÁ¯ÔÈ ÁÈ· ÂÁÁÂÁÚ·Ì̤ÓÔ˘˜ ¿ÓÂÚÁÔ˘˜ΑπÞ σήµερα Τετάρτη 15 Μαΐïυ, η εγγρα-

æή των ανέργων στα κατά τÞπïυςΕπαρøιακά Γραæεία ΚïινωνικώνΑσæαλίσεων θα ανανεώνεται κάθε έêι αντίκάθε τέσσερις εâδïµάδες πïυ ανανεώνεταισήµερα, Þπως ανακïίνωσαν ïι ΥπηρεσίεςΚïινωνικών Ασæαλίσεων.

Σύµæωνα µε επίσηµη ανακïίνωση, η νέααυτή πρακτική απïσκïπεί στην καλύτερηεêυπηρέτηση των ανέργων κατά την πρïσέ-λευση τïυς για εγγραæή στï ΜητρώïΑνέργων µε την απïσυµæÞρηση τωνΕπαρøιακών Γραæείων ΚïινωνικώνΑσæαλίσεων.

Τïνίúεται, παράλληλα, Þτι ïι απρïειδï-πïίητïι έλεγøïι πïυ διεêάγïνται απÞ τιςΥπηρεσίες Κïινωνικών Ασæαλίσεων, για τηδιαπίστωση Þτι ïι εγγεγραµµένïι άνεργïιείναι διαθέσιµïι, για εργασία θα εντατικï-πïιηθïύν.

Πρïς τï σκïπÞ αυτÞ, ïπïιïσδήπïτε

άνεργïς µπïρεί στï διάστηµα των έêι εâδï-µάδων να κληθεί απρïειδïπïίητα, ανά πάσαστιγµή, να παραστεί σε ΕπαρøιακÞ ΓραæείïΚïινωνικών Ασæαλίσεων, για επιâεâαίωσητης ανεργίας τïυ, ïύτως ώστε να µπïρεί νασυνεøίσει να τïυ καταâάλλεται τï επίδïµα.

∞ıˤÓÔ˘, ∫›ÙÈ Î·È ∑‡ÁÈ ÂÓÙ¿¯ıËÎ·Ó ÛÙÔÓ ÙÔ˘ÚÈÛÙÈÎfi ¯¿ÚÙË

à ∆ήµïς Αθηένïυ και ïι ΚïινÞτητες Κιτίïυ και ·υγίïυτης Επαρøίας Λάρνακας εντάσσïνται και επίσηµα πλέïνστïν τïυριστικÞ øάρτη της ευρύτερης Λάρνακας, µε τα και-νïύργια µέλη να πρïâάλλïυν τα δικά τïυς ιδιαίτερα øαρα-κτηριστικά: η Αθηένïυ για τις παραδÞσεις και τα διάæïραπαλιά κτίρια πïυ έøïυν αναπαλαιωθεί, τï Κίτι για τηνΕκκλησία της Παναγίας της ΑγγελÞκτιστης και τï ·ύγι γιατï αλιευτικÞ καταæύγιï τïυ.

Μια επίσκεψη στην Αθηένïυ θα δώσει τη δυνατÞτηταστïυς επισκέπτες, της να ανακαλύψïυν τις παραδÞσεις της,τις ïπïίες ïι κάτïικïι της περιïøής, παρά τις αντιêïÞτητεςλÞγω της τïυρκικής κατïøής, έøïυν εργαστεί πïλύ σκληρά

για να διατηρήσïυν και να διασώσïυν.Στï ·ύγι µπïρεί να επισκεæθεί κανείς τï αλιευτικÞ

καταæύγιï και να ανακαλύψει τις ïµïρæιές της γραæικήςκïινÞτητας ·υγίïυ, Þπïυ τα τελευταία øρÞνια παρατηρείταιµια σηµαντική ïικιστική ανάπτυêη Þσïν αæïρά την ανέγερ-ση τïυριστικών διαµερισµάτων και παραθεριστικών κατïι-κιών. Η ΚïινÞτητα Κιτίïυ, η ïπïία πήρε τï Þνïµά της απÞ τïαρøαίï Κίτιï (αρøαία Λάρνακα), έøει ενταøθεί στην ΕταιρείαΤïυριστικής Ανάπτυêης και Πρïâïλής Λάρνακας «øάριςστην εκκλησία της Παναγίας της ΑγγελÞκτιστης, πïυ διαθέ-τει σπάνια µωσαϊκά. Η συγκεκριµένη εκκλησία απïτελεί τïσηµαντικÞτερï αêιïθέατï της γύρω περιïøής και µέσω των

εργαλείων πρïâïλής πïυ διαθέτει η Εταιρεία αναµένεταινα την επισκεæθïύν øιλιάδες êένïι τïυρίστες κατά τη διάρ-κεια της æετινής καλïκαιρινής περιÞδïυ».

15 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

British Airways: ¡¤Ô ‰ÚÔÌÔÏfiÁÈÔ §¿Úӷη - °Î¿ÙÁÔ˘ÈÎΗ British Airways εγκαινιάúει τη νέα, απευθείας διαδρïµή

απÞ Λάρνακα πρïς τï αερïδρÞµιï Γκάτγïυικ στï Λïνδίνï,πρïσæέρïντας έτσι ακÞµη περισσÞτερες επιλïγές στïυςταêιδιώτες απÞ και πρïς την Κύπρï. Ãι πτήσεις πρïς και απÞΛάρνακα – Γκάτγïυικ θα πραγµατïπïιïύνται 3 æïρές την âδï-µάδα, êεκινώντας απÞ τις 30 Ιïυνίïυ 2013 και έρøïνται ωςπρïσθήκη στις υæιστάµενες καθηµερινές πτήσεις απÞΛάρνακα πρïς τï Ìίθρïïυ Λïνδίνïυ, στï Terminal 5. Η BritishAirways ανακïίνωσε επίσης την επέκταση της διαδρïµήςΠάæïς - Γκάτγïυικ µέøρι τις 29 Νïεµâρίïυ 2013, ένα µήναπερισσÞτερï απ’ Þτι είøε ανακïινωθεί αρøικά.

Ãι πτήσεις πρïς και απÞ τï Γκάτγïυικ Λïνδίνïυ είναι ήδηδιαθέσιµες πρïς πώληση. Ãι πτήσεις θα πραγµατïπïιïύνταικάθε ∆ευτέρα, Πέµπτη και Κυριακή σε âïλικές ώρες, κάνï-ντας τις συνδέσεις πρïς και απÞ µακρινïύς πρïïρισµïύς

ακÞµη ευκïλÞτερïυς.Η κα Φρέντυ Στίερ, ∆ιευθύντρια Ελλάδας και Κύπρïυ της

British Αirways δήλωσε σøετικά: «Η νέα διαδρïµή Λάρνακα –Γκάτγïυικ θα παρέøει περισσÞτερες επιλïγές σε ταêιδιώτεςπïυ ταêιδεύïυν εκτÞς αλλά και στïν εισερøÞµενï τïυρισµÞ,να æτάσïυν εύκïλα στïν πρïïρισµÞ τïυς. Θα παρέøει επίσηςακÞµη πιï âïλικές συνδέσεις µετ’ επιστρïæής σε άλλïυς πρï-ïρισµïύς τïυ δικτύïυ της BA, απÞ Γκάτγïυικ αλλά και απÞÌίθρïïυ. Είµαστε πïλύ ενθïυσιασµένïι για την πρïσθήκη τηςνέας αυτής διαδρïµής, αæïύ πιστεύïυµε Þτι θα âïηθήσει στïνα æέρει ακÞµη περισσÞτερïυς ταêιδιώτες στην Κύπρï».

Πτήσεις για τη διαδρïµή Λάρνακα – Γκάτγïυικ είναι ήδηδιαθέσιµες πρïς πώληση µέσω της ιστïσελίδας www.ba.com,τïυ ταêιδιωτικïύ σας πράκτïρα ή τïυ νέïυ αριθµïύ τïυΚέντρïυ Κρατήσεων της British Airways, 800 92 556.

∂ÂÎÙ›ÓÂÈ Â›Û˘ ÙË ‰È·‰ÚÔÌ‹ ¶¿ÊÔ˜ - °Î¿ÙÁÔ˘ÈÎ̤¯ÚÈ ÙȘ 29 ¡ÔÂÌ‚Ú›Ô˘ 2013

¢¢ÂÂÓÓ Êʇ‡ÁÁÂÂÈÈ ËË RRuussssiiaannCCoommmmeerrcciiaall BBaannkk

Την απÞæαση να παραµείνει ή έστω να διατηρήσει τïµεγαλύτερï µέρïς των εργασιών της στην Κύπρï έλαâεη ρωσική τράπεúα Russian Commercial Bank, θυγατρικήεταιρεία τïυ τραπεúικïύ κïλïσσïύ VTB.

Στα πλαίσια αυτά ï ΠρÞεδρïς της ∆ηµïκρατίας,Νίκïς Αναστασιάδης µε στέλεøïς της ρωσικής τράπεúαςτï ïπïίï γνωστïπïίησε τις πρïθέσεις της RCB.

Τη συνάντηση Πρïέδρïυ και RCB στï ΠρïεδρικÞΜέγαρï επιâεâαίωσε και ï κυâερνητικÞς εκπρÞσωπïς,Ìρήστïς Στυλιανίδης. Πάντως, ï κυâερνητικÞς εκπρÞσω-πïς δεν έδωσε περαιτέρω λεπτïµέρειες για τη συνάντη-ση, αλλά µε ιδιαίτερη ικανïπïίηση τÞνισε: «Η παραµïνήτελικά της RCB σε συνδυασµÞ µε τις απïæάσεις τïυEurogroup και τις πρώτες δÞσεις πïυ παίρνει η Κύπρïςâάúïυν τη øώρα σταδιακά στïν δρÞµï της ïµαλïπïίησηςκαι της σταθερÞτητας».

∞∞ÈÈÙÙ‹‹ÛÛÂÂÈȘ ÁÁÈÈ·· ÙÙÔÔ ¶¶ÚÚfifiÁÁÚÚ··ÌÌÌÌ··ªªµµ∞∞ ÙÙÔÔ˘ ¶¶··ÓÓ.. ∫∫‡‡ÚÚÔÔ˘

Συνεøίúεται η υπïâïλή αιτήσεων στï ΠρÞγραµµαΜΒΑ τïυ Πανεπιστηµίïυ Κύπρïυ για τï Σεπτέµâριï τïυ2013 Η υπïâïλή αιτήσεων για εισδïøή για τï πρÞγραµµαΜΒΑ της Σøïλής Ãικïνïµικών και ∆ιïίκησης τïυΠανεπιστηµίïυ Κύπρïυ, για τï Σεπτέµâριï 2013 συνεøί-úεται µέøρι τις 31 Μαΐïυ 2013.

Ãι αιτήσεις των υπïψηæίων θα πρέπει να συνïδεύï-νται απÞ: Αντίγραæα ακαδηµαϊκών πτυøίων, ΑêιïλÞγησηαπÞ τï KYΣATΣ (αν είναι απαραίτητη), Αντίγραæα πιστï-πïιητικών και άλλων σøετικών εêετάσεων, ∆ύï συστατι-κές επιστïλές και ∆ύï πρÞσæατες æωτïγραæίες

Ãι υπïψήæιïι πρέπει να δηλώσïυν την πρïτίµησήτïυς, για τη γλώσσα διδασκαλίας, αγγλικά ή ελληνικά καιτην επιλïγή τïυ πρïγράµµατïς πïυ τïυς ενδιαæέρει: (α)ΜεταπτυøιακÞ ΠρÞγραµµα στη ∆ιïίκηση Επιøειρήσεων(MBA), πλήρïυς æïίτησης, διάρκειας ενÞς έτïυς και (â)ΕπαγγελµατικÞ ΜεταπτυøιακÞ ΠρÞγραµµα στη ∆ιïίκησηΕπιøειρήσεων, µερικής æïίτησης, διάρκειας δύï ετών.

Ãι αιτήσεις για εισδïøή στï ΠρÞγραµµα ΜΒΑ âρίσκï-νται στην ιστïσελίδα www.mba.ucy.ac.cy. Τï ΠρÞγραµµαΜΒΑ τïυ Πανεπιστηµίïυ Κύπρïυ πέτυøε πρÞσæατα τηνπιστïπïίηση απÞ τï διεθνïύς æήµης ïργανισµÞ EPAS. ΓιαπερισσÞτερες πληρïæïρίες απïτείνεστε στo τηλέæωνï22-893600 καθηµερινά και στην ιστïσελίδαwww.mba.ucy.ac.cy.

PHC: ŒÙÔÈÌÔ ÙÔ “Mackenzy Food Plaza”Συνεøίúεται η έντïνη ανάπτυêη πïυ παρïυσιάúει η

περιïøή Μακένúι στην Λάρνακα. Σε αυτά τα πλαίσια η PHCFranchised Restaurants Public Ltd πρïøώρησε στην δηµι-ïυργία ενÞς ïλïκαίνïυργιïυ και πρωτïπïριακïύ øώρïυµαúικής εστίασης πïυ θα ανατρέψειτα έως τώρα δεδïµένα στην περιïøή,η ïπïία παρïυσιάúει ραγδαία ανά-πτυêη τα τελευταία øρÞνια. Τï έργïαπïτελεί µέρïς της στρατηγικήςανάπτυêης της PHC FranchisedRestaurants Public Ltd, της µεγαλύ-τερης εταιρίας στï øώρï της µαúικήςεστίασης στην Κύπρï, η ïπïίαεκπρïσωπεί µε µεγάλη επιτυøία διε-θνή brands Þπως την Pizza Hut, KFC,Taco Bell, Wagamama, Caffe Neroκ.α., σε συνεργασία µε την εταιρίαHags Tastebooks Ltd πïυ είøε τηναρøική ιδέα, σøεδιασµÞ και εκτέλεση τïυ έργïυ.

Η PHC συνδυάúïντας την επιøειρηµατική δύναµη καιδιεθνή εµπειρία της καινïτïµεί δηµιïυργώντας έναν ενι-αίï, ïλïκαίνïυργιï και µε ειδικÞ αρøιτεκτïνικÞ σøεδιασµÞøώρï συνïλικής έκτασης 790τ.µ., δίπλα στη θάλασσα και

ακριâώς στï κέντρï της παραλίας τïυ Μακένúυ, στï σηµείïπïυ ï πεúÞδρïµïς µετατρέπεται σε µια ωραία πλατεία, εκείακριâώς πïυ øτυπάει η καρδιά της καλïκαιρινής διασκέδα-σης στη Λάρνακα. à øώρïς ï ïπïίïς θα æέρει την ïνïµασία

“Mackenzy Food Plaza”, έρøεται νακαλύψει την ανάγκη τïυ επισκέπτηγια γρήγïρï και πïιïτικÞ æαγητÞ στιςπιï πρïσιτές τιµές αæïύ θα στεγάσειτα brands: Pizza Hut, KFC, Derlicious(Souvlaki & Gyros), ένα απÞ τα διε-θνïύς æήµης brands πïυ ειδικεύεταιστï frozen yogurt τï Yogen Fruz,καθώς και τï πïλύ αναµενÞµενï στηνκυπριακή αγïρά, Caffé Nero. Η λει-τïυργία τïυ νέïυ αυτïύ øώρïυ έøειήδη êεκινήσει απÞ αρøές Μαΐïυ 2013.

Η εταιρία, µε την ανάπτυêη τωνεργασιών της στην περιïøή Μακένúυ,

παραµένει πιστή στï επενδυτικÞ της πλάνï ανάπτυêης γιατï 2013, σε έργα πïυ αναµένïυν να εêελίêïυν τïν øώρïεστίασης τïυς επÞµενïυς µήνες, έøïντας πάντα ως κύριïÞραµα να πρïσæέρει την καλύτερη καθηµερινή εµπειρίακαæέ και γευµάτων στï νησί.

∆Ô «Cloud Computing» ÂÓÈÛ¯‡ÂÈ ÙȘ ÙÔÈΤ˜ ÌÈÎÚÔÌÂÛ·›Â˜ ÂÙ·Èڛ˜

Σήµερα έøει αλλάêει ïυσιαστικά ï τρÞπïς πïυ λειτïυρ-γïύµε και επικïινωνïύµε. Έøïυµε απïκτήσει ψηæιακή κïινω-νική ταυτÞτητα και σε συνδυασµÞ µε την ανάγκη για πρïσε-øτική ïικïνïµική διαøείριση, δεν µπïρεί παρά να πρïσαρµï-στεί δυναµικά και ï επιøειρηµατικÞς τρÞπïς λειτïυργίας.Σύντïµα ï Þρïς ‘Cloud Computing’ θα είναι τÞσï καθιερωµέ-νïς Þσï τï Facebook και τï Twitter. Κι αν είναι για εσάς σηµα-ντικÞ να âρίσκεστε πάντα ένα âήµα µπρïστά, σίγïυρα είναι

ένας Þρïς πïυ θαθέλετε να µάθετεπρώτïι.

Απαντώντας στηνεπιτακτική ανάγκηπïυ υπάρøει σήµε-ρα για δυναµικήαπÞδïση αλλά καιεêïικïνÞµηση, ηMicrosoft διïργα-

νώνει ανïικτή εκδήλωση την Τρίτη 21 Μαΐïυ απÞ τις 14:30µέøρι τις 18:00, στï ΠïλιτιστικÞ Κέντρï τïυ ΕυρωπαϊκïύΠανεπιστήµιïυ Κύπρïυ, µε στÞøï την «Αύêηση Παρα-γωγικÞτητας και Μείωση ΕêÞδων» για τïπικές µικρïµεσαίεςεταιρίες.

Η εκδήλωση θα καλύψει τις øρήσεις και τα ïæέλη τïυ«Cloud Computing». Εêειδικευµένïι λειτïυργïί της Microsoftθα εêηγήσïυν τα ïæέλη τïυ ‘Cloud Computing’ και θα παρïυ-σιάσïυν δύï νέα πρωτïπïριακά πρïϊÞντα: τï Office 365 και τïWindows Azure.

Ìρησιµïπïιώντας τα πρïϊÞντα αυτά η Microsoft θα πρï-τείνει επαγγελµατικές εæαρµïγές σøεδιασµένες για να πρï-σæέρïυν απÞλυτη ευελιêία, αυτïµατïπïιηµένα εργαλεία δια-øείρισης, αêιÞπιστη απïθήκευση δεδïµένων και µείωση συνï-λικών εêÞδων λειτïυργίας.

Η είσïδïς είναι ελεύθερη. Για περισσÞτερες πληρïæïρίεςεπισκεæθείτε την ιστïσελίδα: www.microsoft.com/en-cy/small-medium-business/events/smb-cloud-solutions.aspx

15 ΜΑΪÃΥ, 2013

financialmirror.com | 5

ÌΡΗΜΑ&ΑΓÃΡΑ

ªÂ›ˆÛË 20% ÛÙÔ ‚·ÛÈÎfi ÌÈÛıfi ÂÈÛËÁÂ›Ù·È Ë √∂µΣαρωτικές αλλαγές στα εργασιακά ειση-

γείται η õïσπïνδία Εργïδïτών καιΒιïµηøάνων, σύµæωνα µε υπÞµνηµα πïυετïίµασε και τï ïπïίï εêασæάλισε η εæηµε-ρίδα µας. Ùπως αναæέρεται στï υπÞµνηµα ïκατώτατïς µισθÞς είναι ιδιαίτερα ψηλÞς. ΓιααυτÞ και εισηγïύνται τη µείωση τïυ κατάτïυλάøιστïν 20% ώστε να µειωθεί στα 700ευρώ ενώ έπειτα απÞ έêι µήνες να ανέλθειστα 740 ευρώ τï µήνα

Τï υπÞµνηµα µε τις θέσεις της ïµïσπïν-

δίας έøει υπïâληθεί τÞσï στïν ΠρÞεδρï της∆ηµïκρατίας Þσï και στην ΥπïυργÞΕργασίας ·έτα Αιµιλιανίδïυ

Ùσïν αæïρά την ΑυτÞµατη ΤιµαριθµικήΑναπρïσαρµïγή σύµæωνα µε την ÃΕΒ απï-τελεί παρωøηµένï και αναøρïνιστικÞ θεσµÞγια αυτÞ υπïστηρίúει την πλήρη κατάργησητης. Παράλληλα τάσσεται ανεπιæύλακταυπέρ της πλήρïυς ελευθερïπïίησης τωνωραρίων λειτïυργίας των καταστηµάτωνκάτι πïυ θα δηµιïυργήσει νέες θέσεις εργα-

σίας για κάλυψη των αυêηµένων αναγκών.·ητïύν επίσης Þπως επεκταθεί τï τïυρι-

στικÞ ωράριï µέøρι και τα τέλη Νïεµâρίïυπερίïδïς πïυ αναστέλλïνται ïι ναυλωµένεςπτήσεις πρïς την Κύπρï.

Αναæïρικά µε την απασøÞληση αλλïδα-πών απÞ τρίτες øώρες εισηγείται Þπως ηέκδïση νέων αδειών απασøÞλησης αλλïδα-πών, να γίνεται στη âάση αυστηρών κριτη-ρίων. Η ÃΕΒ εισηγείται επίσης απαλλαγήκαταâïλής εισæïρών εργïδÞτη σε διάæïρα

κρατικά ταµεία για νέïυς κάτω των 25 ετών.Θεωρεί επίσης ιδιαίτερα úηµιïγÞνα για τιςεπιøειρήσεις τη νïµïθετική ρύθµιση για επέ-κταση Κλαδικών Συλλïγικών Συµâάσεωνενώ απαιτεί να δïθïύν τα σωστά κίνητρα γιαευέλικτες µïρæές απασøÞλησης ώστε ναυπïâïηθήσïυν την ένταêη των ïικïνïµικάανενεργών γυναικών στην αγïρά εργασίαςαλλά και των νέων ανέργων επιτρέπïνταςπαράλληλα αύêηση τïυ εισïδήµατÞς τïυςκαι απÞκτηση εργασιακής πείρας.

∞‡ÍËÛË ÙˆÓ ¯ÚËÛÙÒÓ Ù˘ ÎÈÓËÙ‹˜ ÙËÏÂʈӛ·˜O συνïλικÞς αριθµÞς των øρηστών κινη-

τής τηλεæωνίας στï δεύτερï εêάµηνï τïυ2012 αυêήθηκε κατά 24,162 øρήστες σεσύγκριση µε την αντίστïιøη περίïδï τïυ2011, σύµæωνα µε τα επίσηµα στατιστικάστïιøεία απÞ τï Γραæείï ΕπιτρÞπïυΡυθµίσεων Ταøυδρïµείων και ΗλεκτρïνικώνΕπικïινωνιών.

Η αναλïγία συνïλικïύ αριθµïύ øρηστώνκινητής τηλεæωνίας σε σøέση µε τïν πληθυ-σµÞ της Κυπριακής ∆ηµïκρατίας είναι στï

133% αæïύ υπήρøαν 1,115,106 øρήστες κινη-τής τηλεæωνίας εκ των ïπïίων ïι 606,167ήταν στην πρïπληρωµένη κινητή τηλεæωνίακαι ïι 508,939 ήταν øρήστες στη âάση συµâï-λαίïυ.

Με âάση πάντα τα στïιøεία τï δεύτερïεêάµηνï τïυ 2012 η πρïπληρωµένη κινητήτηλεæωνία είøε τη µεγαλύτερη διείσδυσηστην αγïρά µε πïσïστÞ 72%, ενώ η συνδρï-µητική τηλεæωνία παρïυσίασε αύêηση στïπïσïστÞ της µε απïτέλεσµα να ανέλθει στï

61%. Και Þλα αυτά τη στιγµή πïυ ï ανταγω-νισµÞς αναµένεται να ενταθεί τï επÞµενïδιάστηµα καθώς αναµένεται σύντïµα ηκυâέρνηση να πρïøωρήσει σε ανïικτÞ διαγω-νισµÞ για παραøώρηση και τρίτης άδειας στηνκινητή τηλεæωνία κάτι τï ïπïίï απïτελεί καιδέσµευση της Κυπριακής ∆ηµïκρατίας στηνΕυρωπαϊκή Ένωση. Σήµερα τις δύï άδειεςκατέøïυν η Cyta και η MTN ενώ υπηρεσίεςπρïσæέρει και η Primetel øρησιµïπïιώνταςτÞσï τï δίκτυï της Cyta Þσï και της MTN.

5 πÔ˘Ó›Ô˘ ÍÂÎÈÓÔ‡Ó Ù· ‰ÚÔÌÔÏfiÁÈ· ÙÔ˘ Salamis FiloxeniaΓια τις 5 Ιïυνίïυ µέøρι και τις 14

Ãκτωâρίïυ 2013, είναι πρïγραµµατισµένα ταæετινά δρïµïλÞγια τïυ c/s Salamis Filoxenia.Τï ανανεωµένï c/s Salamis Filoxenia θα σαςταêιδεύει σε υπέρïøïυς συνδυασµïύς αγα-πηµένων ελληνικών νησιών και µαγευτικώνπρïïρισµών στην Ελλάδα και στïυς ΑγίïυςΤÞπïυς.

Υπέρïøα Σαââατïκύριακα αλλά και µεγα-λύτερης διάρκειας κρïυαúιέρες 4-ήµερες, 5-ήµερες, 7-ήµερες και 8-ήµερες µε επισκέ-ψεις στην Κέρκυρα, Κεæαλïνιά, ·άκυνθï,Καλαµάτα, Ναύπλιï, Πειραιά, Μύκïνï,Σαντïρίνη, Σύρï (Τήνï), Άγιï ΝικÞλαïΚρήτης, Αλεêανδρïύπïλη (µε πρïαιρετική 2-ήµερη εκδρïµή στην Κωνσταντινïύπïλη µεδιανυκτέρευση), ΒÞλï, Πάτµï, Μυτιλήνη,Κάλυµνï, Κω, Λέρï, Ìίï, Σάµï, ΡÞδï, Σύµη καιΚαστελÞριúï.

Σηµειώνïυµε Þτι Þταν τï c/s Salamis

Filoxenia θα πρïσεγγίúει στην Σύρï, ïι επιâά-τες θα έøïυν την δυνατÞτητα να αγïράσïυνπρïαιρετική επίσκεψη στην Τήνï για πρïσκύ-νηµα, νïïυµένïυ Þτι ïι συνθήκες και ταδεδïµένα δεν διαæïρïπïιïύνται απÞ τα πρï-âλεπÞµενα κατά την ηµέρα έκδïσης των δρï-µïλïγίων.

Κατά την διάρκεια Þλων των κρïυαúιέρωντïυ c/s Salamis Filoxenia τï Καλïκαίρι 2013τα Παιδιά µέøρι 12 ετών ταêιδεύïυν ∆ωρεάν,πληρώνïντας µÞνï λιµενικïύς æÞρïυς, Þτανµïιράúïνται την καµπίνα µε δύï ενήλικες.

Τï c/s Salamis Filoxenia διαθέτει εννιάκαταστρώµατα επιâατών, είναι 15,400 τÞνων,έøει µήκïς 157 και πλάτïς 22 µέτρα. Μπïρείνα æιλïêενήσει µέøρι 800 επιâάτες σε άνετεςκαµπίνες διαæÞρων κατηγïριών και πïλυτε-λείς σïυίτες, Þλες εêïπλισµένες µε πρïσωπι-κές ανέσεις και τηλεïράσεις LCD.Σηµειώνïυµε Þτι Þλες ïι καµπίνες είναι πάνω

απÞ τï επίπεδï της θάλασσας.Ãι κïινÞøρηστïι øώρïι τïυ πλïίïυ περι-

λαµâάνïυν πέντε ευρύøωρα σαλÞνια καιµπαρ, αµæιθεατρικÞ σινεµά πïυ µπïρεί ναøρησιµïπïιηθεί για ïργάνωση σεµιναρίων καιδιαλέêεων, πισίνες για ενήλικες και παιδιά,µεγάλï καúίνï, ίντερνετ καæέ, µεγάλï κατά-στηµα αæïρïλïγήτων ειδών, κατάστηµαδώρων και επιλεγµένων ελληνικών πρïϊÞ-ντων και γυµναστήριï. Για τïυς µικρïύς µαςæίλïυς υπάρøει παιδÞτïπïς µε εκπαιδευµένïπρïσωπικÞ πïυ θα διïργανώνει διάæïρεςδραστηριÞτητες.

Τï πρÞγραµµα ψυøαγωγίας έøει ανανεω-θεί και εµπλïυτιστεί και η κάθε κρïυαúιέραθα είναι êεøωριστή και µïναδική µε τï δικÞτης øαρακτήρα.

Τï πρÞγραµµα θα συµπεριλαµâάνει ïνÞ-µατα γνωστών καλλιτεøνών πïυ διαπρέπïυνστï τραγïύδι, øïρÞ, θέατρï, σάτιρα, DJ ακÞµη

και στην µαγειρική/γευσιγνωσία! Τï κατά-στρωµα τïυ Sky Bar µε την Disco κάτω απÞ τααστέρια της Μεσïγείïυ θα απïτελέσεισηµείï αναæïράς.

Αêίúει να σηµειωθεί Þτι τï κρïυαúιερÞ-πλïιï c/s Salamis Filoxenia είναι τï µïναδικÞµε κυπριακή σηµαία πïυ έøει σαν âάση τïυτην Κύπρï και έρøεται να αναâαθµίσει τïπρïϊÞν της κρïυαúιέρας απÞ τα λιµάνια µαςµε πïλλές επιλïγές δρïµïλïγίων σταΕλληνικά Νησιά αλλά κυρίως µε την γνωστήæιλïêενία της Salamis και τις πïλλών αστέ-ρων υπηρεσίες εν πλω πïυ θα øαρίσïυν έναευøάριστï ταêίδι σε Þλïυς τïυς επιâάτες µας.

Για πρïκρατήσεις πïυ θα γίνïυν µέøρι τις5 Ιïυνίïυ 2013 θα πρïσæέρïνται ειδικέςεκπτώσεις στα ναύλα σε Þλες τις κρïυαúιέ-ρες.

Για περισσÞτερες πληρïæïρίες στïwww.salamiscruiselines.com

∏∏ MM¤¤ÚÚÎÎÂÂÏÏ ··ÚÚ··Ì̤¤ÓÓÂÂÈÈ ËË ÈÈÔÔ ‰‰ËËÌÌÔÔÊÊÈÈÏÏ‹‹˜ ËËÁÁ¤¤ÙÙˢ

ΣηµαντικÞ πλήγµα έøει επιæέρει η κρίση øρέïυς στηνεµπιστïσύνη των πïλιτών πρïς την Ε.Ε., ενισøύïνταςπαράλληλα την καøυπïψία µεταêύ των κρατών µελών,σύµæωνα µε έρευνα τïυ ερευνητικïύ ινστιτïύτïυ Pew.

Στην έρευνα τïυ αµερικανικïύ ινστιτïύτïυ µε θέµαπώς αντιµετωπίúïυν ïι πïλίτες της Ε.Ε. την κρίση øρέïυςσυµµετείøαν 7.600 πïλίτες απÞ ïκτώ ευρωπαϊκές øώρες,µεταêύ των ïπïίων και η Ελλάδα.

Σύµæωνα µε τα απïτελέσµατα εντείνεται η δυσπιστίαέναντι τïυ ευρωπαϊκïύ εγøειρήµατïς, ενώ διευρύνεταιτï øάσµα Þσïν αæïρά σε θεµελιώδη úητήµατα πïυ σøετί-úïνται µε την Ε.Ε. ανάµεσα στη Γερµανία, τη Γαλλία, τηΒρετανία και άλλα µεγάλα κράτη µέλη, κάτι πïυ øαρακτη-ρίúεται âραδυæλεγής âÞµâα στα θεµέλια της ένωσης.

Τï κύριï εύρηµα της έρευνας, η ïπïία διεêήøθη απÞτις 2 έως τις 27 Μαρτίïυ, είναι Þτι τï πïσïστÞ των πïλι-τών πïυ διάκεινται θετικά έναντι της Ε.Ε., µειώθηκε κατά15 πïσïστιαίες µïνάδες σε ένα øρÞνï και έæθασε απÞ60% τï 2012 σε 45% σήµερα. ΕιδικÞτερα στα κράτη τηςνïτιïανατïλικής Ευρώπης - Ισπανία, Ιταλία και Ελλάδα-αναπτύσσεται µεγάλη απïêένωση τïυ πληθυσµïύ απÞτην Ε.Ε., ενώ και στη Γαλλία αυêάνεται τï αίσθηµα τηςαπïγïήτευσης, γεγïνÞς πïυ δηµιïυργεί ένα Þλï καιµεγαλύτερï øάσµα µε τη Γερµανία.

Η Mέρκελ παραµένει η πιï δηµïæιλής ηγέτης στηνΕυρώπη µε τï 74% των ερωτηθέντων να υπïστηρίúει Þτικάνει καλή δïυλειά. Τï πïσïστÞ της πάντως ήταν υψηλÞ-τερï τï 2012, στï 80%. Ãι λιγÞτερï δηµïæιλείς ηγέτεςείναι αυτïί της Τσεøίας, της Ελλάδας και της Ιταλίας.

««¶¶ÏÏ‹‹ÚÚËË»» ··ÛÛÊÊ¿¿ÏÏÈÈÛÛËË ÙÙˆÓÓ Îη·ÙÙ··ıı¤¤ÛÛˆÓÓ ÂÂÈÈıı˘ÌÌ›› ËË ∫∫ÔÔÌÌÈÈÛÛÈÈfifiÓÓΗ Ευρωπαϊκή Επιτρïπή πρÞκειται να πρïτείνει µια τρïπï-

πïίηση των ïδηγιών της πρïκειµένïυ να εêασæαλιστεί η πρï-στασία Þλων των καταθετών σε περίπτωση πτώøευσης τράπε-úας, Þπως αναæέρεται στην γερµανική ïικïνïµική εæηµερίδαHandelsblatt.

Ãι Βρυêέλλες κρίνïυν Þτι ïι κρατικές εγγυήσεις, ïι ïπïί-ες σήµερα πρïστατεύïυν τις απïταµιεύσεις στα πιστωτικάιδρύµατα έως τï πïσÞ των 100.000 ευρώ δεν είναι επαρκείς,εêηγεί η εæηµερίδα, διαâεâαιώνïντας Þτι έøει λάâει γνώσησøετικïύ εγγράæïυ της ΚïµισιÞν.

à λÞγïς, σύµæωνα µε την εæηµερίδα, είναι Þτι «εάν ïικάτïøïι µεγάλων λïγαριασµών æïâïύνται κατάσøεση σεπερίπτωση κρίσης στην τράπεúά τïυς, θα εæïρµήσïυν σταγκισέ για να απïσύρïυν τα øρήµατά τïυς» κι αυτÞ είναι κάτιπïυ θα µπïρïύσε να απειλήσει την øρηµατïïικïνïµική στα-θερÞτητα µιας øώρας, ανέæερε η Ìάντελσµπλατ.

Για να απïæευøθεί µια τέτïια κατάσταση, η ΕυρωπαϊκήΕπιτρïπή τάσσεται υπέρ µιας «πρïτίµησης» για τï σύνïλïτων απïταµιευτών, ώστε να είναι µειωµένη η έκθεσή τïυς σεúηµίες σε περίπτωση πτώøευσης µιας τράπεúας και να âρίσκï-

νται σε καλύτερη θέση απÞ Þ,τι ïι âασικïί πιστωτές ενÞς øρη-µατïπιστωτικïύ ιδρύµατïς, συνεøίúει η γερµανική ïικïνïµικήεæηµερίδα.

Τï θέµα αυτÞ επρÞκειτï να συúητηθεί κατά τη διάρκειατïυ øθεσινïύ συµâïυλίïυ των υπïυργών Ãικïνïµικών της ΕΕ(Εκïæίν) στις Βρυêέλλες, σύµæωνα µε τï δηµïσίευµα πïυωστÞσï κάνει λÞγï για έναν έντïνï διάλïγï επ’ αυτïύ σεευρωπαϊκÞ επίπεδï. Ãρισµένες øώρες, περιλαµâανïµένηςτης Γαλλίας, αντιτίθενται στην πλήρη πρïστασία των απïταµι-εύσεων, σύµæωνα µε ευρωπαϊκές πηγές.

15 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | EI∆ΗΣΕΙΣ | financialmirror.com

Cy-exit, Cyprus-dollar Î·È Zimbabwe-dollar

Με τï τραπεúικÞ µας πρÞâληµα Þøι µÞνï να παραµένειαλλά και να διïγκώνεται είναι σαæές Þτι κανείς δεν µπïρεί ναγνωρίúει πώς θα τελειώσει αυτή η κρίση για την Κύπρï. Έτσι,ï καθένας είναι ευπρÞσδεκτïς να ρίêει στï τραπέúι τη δικήτïυ πρÞταση.

Μια απÞ αυτές τις πρïτάσεις ήταν και τï σøέδιï πïυκυκλïæïρεί τελευταίως τï ïπïίï πρïτείνει έêïδï της øώραςαπÞ τï ευρώ και τύπωση δïλαρίïυ.

Βασικά είναι µια αντιγραæή θα λέγαµε τις θεωρίας τïυεπικεæαλής ïικïνïµïλÞγïυ της Deutsche Bank, ΤÞµαςΜάγιερ, για τη δηµιïυργία τïυ «Geuro» Þταν η παραæιλïλïγίαγια έêïδï της Ελλάδας απÞ τï ευρώ έδινε και έπαιρνε σεκαθηµερινή âάση. Η θεωρεία αυτή πίστευε πως ακÞµα και εάνïι êένïι πιστωτές διακÞψïυν τη øρηµατïδÞτηση της Ελλάδας,η øώρα δεν θα είναι αναγκασµένη να εγκαταλείψει τï ευρώ,αæïύ µπïρεί να τυπώσει τï «Geuro».

Ãυσιαστικά, να αρøίσει να πληρώνει τις ανάγκες και τιςυπïøρεώσεις της µε υπïσøετικές (IOUs). Ùσïι έøïυν σταøέρια τïυς αυτές τις υπïσøετικές, θα αρøίσïυν να τις øρησι-µïπïιïύν για τις δικές τïυς πληρωµές. Κάπως έτσι, θα έøειδηµιïυργηθεί στην Ελλάδα ένα δεύτερï, παράλληλï νÞµισµα.

Αρøικά, τï Geuro θα υπïøωρήσει σηµαντικά έναντι τïυευρώ. Ùµως, στην πïρεία, η ελληνική κυâέρνηση θα έøει τηδυνατÞτητα να επηρεάσει την ισïτιµία τïυ. ΕæαρµÞúïνταςυπεύθυνες δηµïσιïνïµικές πïλιτικές, ïι ïπïίες µειώνïυν ήκαι εêαλείæïυν εντελώς τï έλλειµµα, θα αναγκάúεται να εκδί-δει λιγÞτερα Geuro. Και έτσι θα περιïρίúεται η πτώση τïυς.

Εêάλλïυ, η παράλληλη κυκλïæïρία δύï νÞµιµων νïµισµά-

των µέσα στην ίδια øώρα δεν είναι µια νέα ιδέα. Έøει τις ρίúεςτης στïν 14ï αιώνα, Þταν η Φλωρεντία øρησιµïπïιïύσε øρυσάæιïρίνια για τï διεθνές εµπÞριÞ της, αλλά ασηµένια νïµίσµα-τα για τις εσωτερικές πληρωµές.

Τη λύση τïυ διπλïύ νïµίσµατïς øρησιµïπïίησε και ïΠαναµάς, ï ïπïίïς απÞ τï 1904 έøει υιïθετήσει τï δïλάριï.Ùµως, τï 1988, Þταν ïι ΗΠΑ έκïψαν τη ρïή δïλαρίων πρïς τηøώρα, η κυâέρνησή της αναγκάστηκε να πληρώσει τïυς δηµÞ-σιïυς υπαλλήλïυς µε ένα νέï νÞµισµα, τï ïπïίï γρήγïρα εêα-πλώθηκε σε ïλÞκληρη την ïικïνïµία.

Με υπïσøετικές πλήρωσε και ηΚαλιæÞρνια τïυς δηµÞσιïυς υπαλλήλïυςτης, Þταν êέµεινε απÞ ρευστÞ.

Αλλά και στην Αργεντινή, ένα øρÞνïπριν απÞ τη øρεïκïπία, κυκλïæïρïύσε µιαπληθώρα νïµισµάτων, πïυ κατάæερνανέστω και κατά τÞπïυς να υπïκαταστήσïυντï πέσï. Έως και σήµερα, ïι Κïυâανïί πρï-τιµïύν να øρησιµïπïιïύν τï αµερικανικÞδïλάριï, έναντι τïυ δικïύ τïυς πέσï.

Ùλα αυτά στην θεωρεία είναι καλά στηνπράêη Þµως τι γίνεται?

Αν η Κύπρïς για øάρη συúήτησης υιïθετήσει τï δïλάριïσαν εθνικÞ νÞµισµα η τιµή τïυ æυσικά θα καθïρίúεται απÞ τηνπρïσæïρά και την úήτηση τïυ και καµία σøέση δεν θα έøει µετï Αµερικάνικï δïλάριï την τιµή τïυ ïπïίïυ καθïρίúει η Fed.

ΕκτÞς και αν η Κύπρïς πάρει την έγκριση των ΗΠΑ για ναλάâει τï δïλάριï ως πρïσωρινÞ νÞµισµά της πράγµα âέâαιαπïυ είναι απίθανï να γίνει απïδεκτÞ øωρίς σïâαρά ανταλλάγ-µατα.

Άρα την τιµή τïυ κυπριακïύ δïλαρίïυ θα την καθïρίúει ηπïρεία της κυπριακής ïικïνïµίας και τα εργαλεία της κεντρι-κής τράπεúας της Κύπρïυ. Ùπïυ τï ίδιï συµâαίνει µε τïΑυστραλέúικï δïλάριï, τï Καναδέúικï, τï δïλάριï Νέας·ηλανδίας και πάει λέγïντας. Και Þπως σίγïυρα συµâαίνει

µε τï δïλάριï ·ιµπάµπïυε. Στην øώρα αυτή η κυâέρνησηείøε την æαεινή ιδέα την δεκαετία τïυ 80 να υιïθετήσει τïδïλάριï ως εθνικÞ νÞµισµα ελπίúïντας πως έτσι θα γλύτω-νε την øώρα απÞ την øρεïκïπία.

Την περίïδï πïυ εισήøθη, τï δïλάριï ·ιµπάµπïυε είøεακÞµα αêία µεγαλύτερη τïυ ∆ïλαρίïυ ΗΠΑ, µε τα 0,68 δïλά-ρια ·ιµπάµπïυε να ισïδυναµïύν σε αêία τïυ 1 δïλαρίïυΗΠΑ. ΩστÞσï ï υψηλÞτατïς πληθωρισµÞς και η κατάρρευ-ση της ïικïνïµίας ïδήγησε στην υπïτίµηση τïυ νïµίσµατïς

και πïλλïί ïργανισµïί άρøισαν να øρησιµïπïι-ïύν άλλα νïµίσµατα, Þπως τï ευρώ, τï

∆ïλάριï ΗΠΑ, τη Λίρα Αγγλίας και τï ΡαντΝïτίïυ Αæρικής.

Η απαêίωση αυτή τïυ εθνικïύ νïµί-σµατïς και η αδυναµία/απειρία της øώραςνα σταµατήσει τïν κατήæïρï τïυ νïµί-σµατïς ïδήγησε τïν δείκτη τïυ πληθωρι-σµïύ στη øώρα τïν Ιïύνιï τïυ 2007 στï11.000% και η ισïτιµία τïυ δïλαρίïυ µε τηλίρα Αγγλίας στη µαύρη αγïρά ήταν

400.000 Z$ πρïς 1 Λίρα Αγγλίας.Τïν επÞµενïµήνα η κυâέρνηση σταµάτησε πρïσωρινά τη

δηµïσιïπïίηση στïιøείων για τïν πληθωρισµÞ.Τïν Απρίλιï τïυ 2008 η Financial Gazette (FinGaz) έγρα-

ψε Þτι επίσηµα ï πληθωρισµÞς τï Φεâρïυάριï τïυ 2008 είøεεκτïêευτεί στï 164.900% ενώ τïν Ιïύλιï τïυ 2008 σηµείωσεκαι νέï ρεκÞρ, µε 2,2 εκατïµµύρια τïις εκατÞ.

Τïν επÞµενï µήνα ανακïινώθηκε Þτι ï πληθωρισµÞς τïµήνα Ιïύνιï “εκτïêεύτηκε” στï 11.250.000%.

Στις 2 Φεâρïυαρίïυ τïυ 2009 η κυâέρνηση ανακïίνωσεÞτι ένα τρισεκατïµµύριï δïλάρια ·ιµπάµπïυε αναπρïσαρ-µÞστηκαν σε αêία πρïς 1 νέï δïλάριï ·ιµπάµπïυε.

Άρα Þλα µπïρεί να æαίνïνται ωραία στην θεωρεία αλλάη εæαρµïγή τïυς µπïρεί σε κάπïιες περιπτώσεις να απέøειÞσï η άâυσσïς.

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

∏∏ ÎÎÚÚ››ÛÛËË ÚÚÔÔ‚‚ÏÏËËÌÌ··ÙÙ››˙ÂÂÈÈ Îη·ÈÈ ÙÙÔÔ˘˜ °°ÂÂÚÚÌÌ··ÓÓÔÔ‡‡˜Κατώτερα των πρïσδïκιών ήταν τα στïιøεία για τï ïικïνï-

µικÞ κλίµα στη Γερµανία τïν Μάιï, κάτι πïυ δείøνει την ανησυ-øία πïυ υπάρøει για τïν αντίκτυπï της κρίσης στη µεγαλύτε-ρη ïικïνïµία της Ευρώπης.

à σøετικÞς δείκτης πïυ καταρτίúει και δηµïσιεύει τïκέντρï ïικïνïµικών ερευνών ZEW ενισøύθηκε µÞλις κατά 0,1µïνάδα, στις 36,4 µïνάδες τïν Μάιï, απÞ 36,3 µïνάδες πïυήταν τïν Απρίλιï. Ãι αναλυτές ανέµεναν ενίσøυση τïυ δείκτη

κατά 2 µïνάδες, στις 38,3 µïνάδες.Πτώση παρïυσίασε και ï δείκτης τρεøïυσών συνθηκών, ï

ïπïίïς διαµïρæώθηκε στις 8,9 µïνάδες απÞ 9,2 µïνάδες, ένα-ντι πρïâλέψεων για άνïδÞ τïυ στις 9,8 µïνάδες.

Εν τω µεταêύ, ï δείκτης ïικïνïµικïύ κλίµατïς για τηνΕυρωúώνη ενισøύθηκε στις 27,6 µïνάδες απÞ 24,9 µïνάδεςπïυ ήταν τïν Απρίλιï και êεπέρασε τις πρïσδïκίες των αναλυ-τών πïυ πρïέâλεπαν άνïδï στις 27,3 µïνάδες.

Ενισøυµένï παρïυσιάúεται την τρέøïυσα εâδïµάδα τïαµερικανικÞ δïλάριï έναντι τïυ ευρώ καθώς τυγøάνει δια-πραγµάτευσης στα 1,3000 σε σøέση µε 1,3170 πïυ âρισκÞταντην περασµένη Τετάρτη.

Θετικά επηρεάστηκε τï δïλάριï απÞ τα ευνïϊκÞτερα τωνεκτιµήσεων στïιøεία για την ïικïνïµία σε συνδυασµÞ µε δηµï-σίευµα στïν αµερικανικÞ τύπï πïυ επιâεâαιώνει Þτι η Κεντρικήõïσπïνδιακή Τράπεúα των ΗΠΑ (Fed) σøεδιάúει την απÞσυρ-ση µέτρων ιδιαιτέρως επεκτατικής νïµισµατικής πïλιτικής. Ταπιï πάνω έøïυν ενισøύσει την εκτίµηση Þτι η Fed θα πρïâεί σεπεριïρισµÞ τïυ ύψïυς πρïγράµµατïς αγïράς τίτλων κατά τηδιάρκεια τïυ τρέøïντïς έτïυς ασκώντας πιέσεις στην ισïτιµίαευρώ/δïλάριï. Σηµειώνεται Þτι ï ΠρÞεδρïς της Fed

Philadelphia εκτιµά Þτι τï πïσïστÞ ανεργίας στις ΗΠΑ ενδεøï-µένως να υπïøωρήσει στï 7% στï τέλïς τïυ 2013 και Þτι θαπρέπει να µειωθεί τï ύψïς τïυ πρïγράµµατïς αγïράς τίτλων(τρέøïν επίπεδï: $85 δις ανά µήνα) στην επÞµενη σύσκεψη τηςFed στις 18-19 Ιïυνίïυ. Σε µια άλλη εêέλιêη, στη Σύσκεψη τωνΥπïυργών Ãικïνïµικών και ∆ιïικητών Κεντρικών Τραπεúώντïυ õίλïυ G7 επιâεâαιώθηκε η δέσµευση Þτι ïι συναλλαγµα-τικές ισïτιµίες δεν απïτελïύν στÞøï ïικïνïµικής πïλιτικής καιÞτι η δηµïσιïνïµική και νïµισµατική πïλιτική θα πρέπει νααπïσκïπïύν στην αντιµετώπιση εγøώριων πρïâληµάτων.Σηµειώνεται Þτι ï ΥπïυργÞς Ãικïνïµικών της Ιαπωνίας παρïυ-σιάστηκε ικανïπïιηµένïς καθώς δεν δέøτηκε κριτική για τηνπïλιτική πïυ υιïθετεί η Τράπεúα της Ιαπωνίας για να αντιµετω-πίσει τïν απïπληθωρισµÞ.

à ΠρÞεδρïς της Ευρωπαϊκής Κεντρικής Τράπεúας ανέæε-ρε Þτι η Κεντρική εêετάúει εύρïς επιλïγών για ενθάρρυνσητïυ δανεισµïύ πρïς τις µικρïµεσαίες επιøειρήσεις στηνΕυρωúώνη.

∂∂ÓÓÈÈÛÛ¯˘Ì̤¤ÓÓÔÔ ··ÚÚÔÔ˘ÛÛÈÈ¿¿˙ÂÂÙÙ··ÈÈ ÙÙÔÔ ··ÌÌÂÂÚÚÈÈÎη·ÓÓÈÈÎÎfifi ‰‰ÔÔÏÏ¿¿ÚÚÈÈÔÔ∫∫˘ÚÚÈÈ¿¿ÎÎÔÔ˜ √√ÚÚÂÂÈÈÓÓfifi˜Treasury Division, Alpha Bank Cyprus Ltd

15 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

ÌΡΗΜΑ&ΑΓÃΡΑ

Jumbo: ¡¤Ô ηٿÛÙËÌ· ÛÙËÓ ¶¿ÊÔΤην υλïπïίηση τïυ επενδυτικïύ τïυ

πρïγράµµατïς συνεøίúει ï Þµιλïς λιανικïύεµπïρίïυ παιøνιδιών, ειδών µπεµπέ, παιδικïύâιâλιïøαρτïπωλείïυ και συναæών πρïϊÞ-ντων, Jumbo. Στï πλαίσιï αυτÞ στις 15 Μαΐïυεγκαινιάúεται η λειτïυργία ηλεκτρïνικïύκαταστήµατïς Jumbo πïυ θα διαθέτει είδηπάρτι, παιδικÞ øαρτïπωλείï και άλλα πρïϊÞ-ντα (πø πïδήλατα, πισίνες, æïυσκωτά κάστρακτλ).

Στην εκπνïή της τρέøïυσας ïικïνïµικήςøρήσης αναµένεται η λειτïυργία δύï ακÞµακαταστηµάτων Jumbo στην Ελλάδα, ενώσυνεøίúεται η πρïετïιµασία για την είσïδïτïυ õίλïυ στην αγïρά της Ρïυµανίας.

Κατά την επÞµενη ïικïνïµική øρήση

(Ιïύλιïς 2013- Ιïύνιïς 2014) αναµένεται ναλειτïυργήσïυν τïυλάøιστïν δύï υπερκατα-στήµατα στη Ρïυµανία, τï νέï κατάστηµατïυ õίλïυ στην Πάæï της Κύπρïυ, καθώςκαι ένα ακÞµακατάστηµα στηνΕλλάδα. Σύµæωναµε την εταιρεία, ïρυθµÞς αύêησηςτων πωλήσεωνκατά τï εννεάµη-νï της παρïύσαςïικïνïµικής øρήσης διατήρησε θετικÞ πρÞ-σηµï +0,41%. Τα απïτελέσµατα τïυ εννεα-µήνïυ τïυ õίλïυ Jumbo θα περιλαµâά-νïυν και τις επιπτώσεις απÞ την πρÞσæατη

κυπριακή κρίση.Σηµειώνεται Þτι η θυγατρική εταιρεία τïυ

õίλïυ Jumbo στην Κύπρï είøε καταθέσειςστην Τράπεúα Κύπρïυ περίπïυ 58 εκ. ευρώ.

Με âάση τηναêιïλÞγηση πïυέγινε κατά τιςµέøρι τώρα επίση-µες ανακïινώσειςτης ΚεντρικήςΤράπεúας τηςΚύπρïυ εκτιµάται

Þτι τï 37,5% τïυ ανασæάλιστïυ πïσïύ τωντραπεúικών αυτών καταθέσεων θα απïµειω-θεί µε συνεπακÞλïυθη καθαρή úηµία τηςτάêης των 20 εκ. ευρώ.

Κατά συνέπεια η κερδïæïρία τïυ õίλïυθα κυµανθεί στα περίπïυ 48 εκ. ευρώ µειω-µένα κατά 29% σε σøέση µε την αντίστïιøηπερυσινή περίïδï.

Αν δεν συνυπïλïγιúÞταν τï έκτακτïαυτÞ γεγïνÞς, τÞτε σε συγκρίσιµη âάση γιατï εννεάµηνï της τρέøïυσας øρήσης τακέρδη τïυ õίλïυ Jumbo θα ήταν µειωµέναµÞνï κατά -3,42% σε σøέση µε την αντίστïι-øη περυσινή περίïδï.

à κύκλïς εργασιών στï εννεάµηνï δια-τήρησε τïν θετικÞ ρυθµÞ ανάπτυêης.

ΑυτÞ κυρίως ïæείλεται στην συµâïλήτων καταστηµάτων της Βïυλγαρίας ενώµικρή µείωση σηµείωσαν τα καταστήµατατης Ελλάδας και την Κύπρïυ.

∞∞.. ™™··ÌÌ··ÚÚ¿¿˜:: ∏∏ ∂∂ÏÏÏÏ¿¿‰‰·· ÛÛ ÎÎÚÚ››ÛÛÈÈÌÌËË Îη·ÌÌ‹‹ Στην πιï κρίσιµη καµπή της πïρείας της

στην κρίση âρίσκεται η Ελλάδα, σύµæωναµε τïν Έλληνα ΠρωθυπïυργÞ, ΑντώνηΣαµαρά, ï ïπïίïς µιλώντας στην ετήσιαγενική συνέλευση τïυ ΣυνδέσµïυΕλλήνων Βιïµηøάνων, είπε Þτι σήµερα δια-ψεύδïνται Þσïι δυσπιστïύσαν.

«∆εν έøïυµε ακÞµα êεπεράσει τïν κίν-

δυνï. ∆εν έøïυµε âγει απÞ την ύæεση, ηïπïία συνεøίúεται για έκτη συνεøή øρïνιά.

∆εν έøïυµε µειώσει την ανεργία, πïυέøει æτάσει τï 27% για τïν γενικÞ πληθυ-σµÞ κι έøει êεπεράσει τï 60% για τïυςνέïυς κάτω των 25 ετών.

Ùµως η εικÞνα τις øώρας έøει αλλάêει.Κανείς δεν µιλάει πια για Grexit. Η ψυøïλï-

γία, µέσα κι έêω απÞ τη øώρα, άλλαêε τελεί-ως», είπε øαρακτηριστικά ï κ. Σαµαράς,πρïσθέτïντας Þτι ïι µεγάλες διαρθρωτι-κές αλλαγές έøïυν αρøίσει να εæαρµÞúï-νται και να απïδίδïυν.

Σύµæωνα µε τïν ΈλληναΠρωθυπïυργÞ, η øώρα πιάνει για πρώτηæïρά σε Þλïυς τïυς συνïλικïύς δείκτες,

τïυς στÞøïυς, πρïωθεί τις απïκρατικïπïι-ήσεις, µπαίνει στï øάρτη τïν διεθνή ωςεπενδυτικÞς πρïïρισµÞς και ïι διεθνείςïίκïι αêιïλÞγησης «αναγνωρίúïυν δηµÞσιαÞτι η Ελλάδα έøει σïâαρές πιθανÞτητες ναεπιστρέψει πïλύ σύντïµα στην Ανάπτυêη»,µε παράλληλη υπïøώρηση των ελληνικώνspreads.

Μέσα στï καλïκαίρι αναµένεται να ανα-κïινωθεί επισήµως στï Λïνδίνï ï σøηµατι-σµÞς µίας νέας επενδυτικής ïµάδας πïυστρέæει τï âλέµµα στην Ελλάδα και στηνΚύπρï. Ιδρυτής αυτïύ τïυ επενδυτικïύκλαµπ είναι επαγγελµατίας τïυ øρηµατïïι-κïνïµικïύ τïµέα πïυ εδρεύει στη âρετανι-κή πρωτεύïυσα και έøει καταγωγή απÞ τηνΑθήνα.

Σύµæωνα µε πηγές κïντά στην ιδρυτικήïµάδα, τï Þνïµα πïυ έøει επιλεγεί για τïσøήµα είναι Hellenic Investment Club.Απαρτίúεται απÞ επενδυτικïύς τραπεúίτες,επαγγελµατίες τïυ τïµέα ιδιωτικών µετïøι-κών κεæαλαίων (private equity), στελέøηκεæαλαίων αντιστάθµισης κινδύνïυ (hedgefund) και επιøειρηµατικών κεæαλαίωνρίσκïυ (venture capital).

Τï Club ειδικεύεται στην εêαγïρά καιστï øτίσιµï εταιρειών πïυ δραστηριïπïιïύ-νται στην ελληνική αγïρά µεσαίων µεγεθών(10 εκατïµµύρια – 100 εκ. ευρώ). ΠρÞθεσητων επενδυτών είναι να µπïυν και στηνκυπριακή αγïρά έως τï τέλïς τïυ έτïυς.

Τï επενδυτικÞ club αναúητά επιøειρή-σεις πïυ λειτïυργïύν σε ελκυστικïύς καικατακερµατισµένïυς τïµείς µε στÞøï να τιςµετατρέψει σε ηγετικές δυνάµεις της αγï-ράς. Ãι ιθύνïντες θεωρïύν Þτι τï επενδυτι-κÞ τïυς µïντέλï δηµιïυργεί αêία επιæέρï-ντας λειτïυργικές âελτιώσεις, στηρίúïνταςτην ïργανική ανάπτυêη και øρηµατïδïτώ-ντας συµπληρωµατικές εêαγïρές. Για τηνώρα æέρεται να υπάρøει δυνατÞτητα αêιï-πïίησης κεæαλαίïυ 200 εκατïµµυρίωνευρώ.

™™ÙÙ·· ÛÛÎη·ÚÚÈÈ¿¿ ÙÙÔÔ HHeelllleenniiccIInnvveessttmmeenntt CClluubb

Τï Εurogroup ενέκρινε τη διπλή δÞσηστην Ελλάδα ύψïυς 7,5 δισ. ευρώ για τïΜάιï και τïν Ιïύνιï, επισηµαίνïντας Þτι απÞελληνικής πλευράς θα πρέπει να ïλïκλη-ρωθïύν ïι πρïαπαιτïύµενες ενέργειες,ώστε να γίνïυν έγκαιρα και ïι εκταµιεύσεις.

Ùπως επισήµανε ï ∆ιευθύνωνΣύµâïυλïς τïυ Ευρωπαϊκïύ ΜηøανισµïύΣταθερÞτητας, τα 4,2 δισ. ευρώ θα εκταµι-ευθïύν την πρïσεøή âδïµάδα, ενώ τα υπÞ-λïιπα 3,3 δισ. ευρώ εντÞς τïυ Ιïυνίïυ.

à ΠρÞεδρïς τïυ Εurogroup Γερïύν

Ντεισελµπλïυµ εµæανίστηκε αισιÞδïêïς γιατην πïρεία της ελληνικής ïικïνïµίας, υπï-γραµµίúïντας Þτι ïι øώρες της Ευρωúώνηςκαι τα θεσµικά Þργανα εκτιµïύν τις σηµα-ντικές πρïσπάθειες τïυ ελληνικïύ λαïύ, ïιïπïίες Þπως είπε, æέρνïυν απïτελέσµατα.

ΕιδικÞτερα, ï κ. Ντεισελµπλïυµ διαπι-στώνει Þτι η Ελλάδα σηµειώνει σηµαντικήâελτίωση στη µείωση των ελλειµµάτων, ενώκερδίσει σε ανταγωνιστικÞτητα. Για την επα-νακεæαλαιïπïίηση των τραπεúών είπε Þτιâρίσκεται σε σωστÞ δρÞµï.

Στα 4,2 δις ευρώ «ρίøνει» τις εκτιµήσειςτης ΚïµισιÞν αναæïρικά µε τï δηµïσιïνïµι-κÞ κενÞ στην Ελλάδα, για τï 2015-2016, τïΥπïυργείï Ãικïνïµικών της Ελλάδας.

Πηγές τïυ ελληνικïύ ΥπïυργείïυÃικïνïµικών, σε σøÞλιï τïυς για τις πρï-âλέψεις της έκθεσης της ΕυρωπαϊκήςΕπιτρïπής πïυ εκτιµïύν Þτι θα υπάρêïυνµέτρα 8 δισ. ευρώ για την περίïδï 2015-16,

απαντïύν Þτι ακÞµα και αν τï κενÞ είναιÞπως λέει η ΚïµισιÞν, αυτÞ σηµαίνει 4.2 δισ.ευρώ συνïλικά για τη διετία 2015-16 και Þøι8 δισεκατïµµύρια, καθώς τï συνïλικÞ κενÞδεν είναι 1.8% τï 2015 και επιπλέïν 2.2%κενÞ τï 2016, αλλά 2.2% σωρευτικÞ για τï2016.

Με αυτïύς τïυς υπïλïγισµïύς, η Αθήνααναæέρει Þτι εάν πάρεις µÞνιµα µέτρα 1.8%τï 2015, τÞτε øρειάúεσαι µÞνï επιπλέïν0.4% µέτρα τï 2016.

Τï ελληνικÞ ΥΠÃΙΚ εκτιµά τέλïς Þτι 4,2δισ. ευρώ πρïσαρµïγή είναι πιï εύκïλï ναεπιτευøθεί øωρίς νέα µέτρα, καθώς Þπωςαναæέρεται σε πληρïæïρίες 5% είναι ηαύêηση των εσÞδων της ΓενικήςΚυâέρνησης τï 2015-16 πïυ θεωρείται Þτιθα έρθει «αυτÞµατα» µÞλις âελτιωθεί ηρευστÞτητα στην ïικïνïµία, σταθερïπïιη-θεί η ïικïνïµία, και αρøίúïυν να απïδίδïυνïι πρïσπάθειες αναδιάρθρωσης τïυ æïρï-εισπρακτικïύ µηøανισµïύ.

∂∂uurrooggrroouupp:: ¢¢fifiÛÛËË €77,,55 ‰‰ÈȘÚÚÔÔ˜ ÙÙËËÓÓ ∂∂ÏÏÏÏ¿¿‰‰··

€44,,22 ‰‰ÈȘ ÙÙÔÔ ‰‰ËËÌÌÔÔÛÛÈÈÔÔÓÓÔÔÌÌÈÈÎÎfifiÎÎÂÂÓÓfifi ÁÁÈÈ·· 22001155--1166

Η Etihad Airways, ï εθνικÞς αερïµεταæïρέας των ΗνωµένωνΑραâικών Εµιράτων ανακηρύøθηκε «Κïρυæαία Αερïπïρική Εταιρείατης Μέσης Ανατïλής» για έâδïµη συνεøή øρïνιά σε επίσηµη εκδή-λωση πïυ πραγµατïπïιήθηκε στï Le Royal Meridien Beach Resort &Spa στï Ντïυµπάι. Στα World Travel Awards Μέσης Ανατïλής η αερï-πïρική εταιρεία έλαâε επίσης τα âραâεία: «Κïρυæαία Πρώτη Θέση»και «Κïρυæαίï ΠρïσωπικÞ Καµπίνας».

Τα World Travel Awards (WTA), τα ïπïία θεσπίστηκαν τï 1993 µεστÞøï την επιâράâευση των καλύτερων ταêιδιωτικών ïργανισµώνστïν κÞσµï αναγνωρίúïντας την ελίτ τïυ κλάδïυ. Έ

Ãι πτήσεις της Etihad απÞ και πρïς την Κύπρï πραγµατïπïιïύ-νται κάθε ∆ευτέρα, Τετάρτη και Παρασκευή µε αναøώρηση απÞΆµπïυ Ντάµπι στις 09:25 και άæιêη στην Κύπρï στις 12:05 τïπικήώρα. Η πτήση EY094 αναøωρεί απÞ Λάρνακα στις 15:00 µε άæιêη στïΆµπïυ Ντάµπι στις 19:30 τïπική ώρα. Για περισσÞτερες πληρïæïρίεςεπισκεæθείτε την ιστïσελίδα www.etihad.com

ÃÃÚÚ˘ÛÛfifi ÌÌÂÂÙÙ¿¿ÏÏÏÏÈÈÔÔ ÁÁÈÈ·· ÙÙËËÓÓ ∫∫ÔÔ˘ÌÌ··ÓÓ‰‰··ÚÚ››·· SStt.. JJoohhnn

ÌρυσÞ µετάλλιï για την Κïυµανδαρία St. Johnκαι αργυρÞ για τï Cabernet Sauvignon ΚτήµαΚΕÃ, της ïµώνυµης κυπριακής ïινïâιïµηøανίαςσε διεθνείς διαγωνισµïύς ïίνïυ.

Σύµæωνα µε ανακïί-νωση της εταιρείας ηΚïυµανδαρία St. Johnκέρδισε τï øρυσÞ στï13ï ∆ιεθνή ∆ιαγωνισµÞÃίνïυ Θεσσαλïνίκηςπïυ διενεργήθηκε σύµ-æωνα µε τις πρïδιαγρα-æές τïυ ∆ιεθνïύςÃργανισµïύ Αµπέλïυ καιÃίνïυ (OIV), ενώ τïKTHMA KEO CabernetSauvignon – Lefkada της εσïδείας 2010 διακρίθη-κε µε τï αργυρÞ µετάλλιï στï ∆ιεθνή ∆ιαγωνισµÞÃίνïυ Lyon International Wine Competition.

ºº¿¿ÚÚÌÌ··Îη· ÛÛÙÙÔÔ˘˜ ∂∂ııÂÂÏÏÔÔÓÓÙÙ¤¤˜°°ÈÈ··ÙÙÚÚÔÔ‡‡˜ ··fifi MMeeddoocchheemmiiee

Η Φαρµακïâιïµηøανία Medochemie, συνεøίúειτη δωρεά æαρµάκων για ανακïύæιση ασθενών καιαδύναµων ïικïνïµικά συνανθρώπων µας.ΠρÞσæερε æάρµακα αêίας 17,000 ευρώ στηνÃργάνωση Εθελïντές Γιατρïί Κύπρïυ, ενισøύï-ντας την πρï-σπάθεια τïυςγια παρïøή δω-ρεάν πρωτï-âάθµιας ιατρï-æαρµακευτι-κής περίθαλ-ψης σε ανέρ-γïυς, øαµηλÞ-µισθïυς πïλί-τες και ευπα-θείς ïµάδες.Η Εταιρεία Medochemie θεωρείκαθήκïν της, τη στήριêη τέτïιων πρωτïâïυλιώνκαι συγøαίρει τïυς Εθελïντές Γιατρïύς για τηæρïντίδα πïυ πρïσæέρïυν σε συµπïλίτες µαςπïυ έøïυν ανάγκη.

DDAAVVIIDD BBEECCKKHHAAMM:: ∆∆ÔÔ ¿¿ÚÚˆÌÌ·· ÙÙÔÔ˘ ÛÛ‡‡ÁÁ¯ÚÚÔÔÓÓÔÔ˘,,··ÚÚÚÚÂÂÓÓˆÔÔ‡‡ ÛÛÙÙ˘ÏÏ!!

Έντïνïς. Μïντέρνïς. ΑρρενωπÞς. à DavidBeckham είναι ένας άντρας µε εκπληκτικÞ στυλκαι γïύστï.Τώρα, τï look τïυ David εµπνέει τï νέïτïυ άρωµα για τïν άντρα: Urban Homme by DavidBackham. Εκκρίνïντας µια άνετη κïµψÞτητα, αυτÞτï άρωµα (αρω-µατική æτέρη,κεøριµπάρι,æρïύτα) είναιη απÞλυτη έκ-æραση τïυ σύγ-øρïνïυ αντρι-κïύ στυλ. Στηνκïρυæή τηςλίστας τωνπιï καλïντυµένων αντρών σ’ Þλï τïν κÞσµï, ïDavid Beckham γνωρίúει πως να ντύνεται στηλεπτïµέρεια και να τï κάνει να æαίνεται εύκïλï.Με αδυναµία στα στενά, κïµψά κïστïύµια,æïρεµένα µε λίγï κÞκκινï και απïøρώσεις, ïDavid είναι ï απÞλυτïς αστÞς-τúέντλεµαν. Κι’ακÞµα, æïρώντας πλεκτά συνδυασµένα µε πïυ-κάµισï και γραâάτα, εêακïλïυθεί να παραµένειï âασιλιάς τïυ καθηµερινïύ κïµψïύ look.∆ηµιïυργώντας τις δικές τïυ πρïτάσεις µÞδας,έøει γίνει είδωλï σ’ Þλï τïν κÞσµï. Τï UrbanHomme αντανακλά αυτή ακριâώς την πρïσωπι-κÞτητα τïυ David Beckham πïυ εντυπωσιάúειτïυς θαυµαστές τïυ.

Ελάτε στη σύγøρïνη, καθηµερινή κïµψÞτητατïυ David Beckham µε τï Urban Homme, τï νέïάρωµα για τïν άντρα πïυ êέρει πïιï είναι τï δικÞτïυ στυλ.

ΠρÞληψη και συνεøή παρακïλïύθηση της ΑρτηριακήςΥπέρτασης συστήνει η Κυπριακή Εταιρεία Υπέρτασης µιας και τï25% των ενηλίκων στην Κύπρï είναι υπερτασικïί και απÞ αυτïύς ïένας στïυς τρείς δεν γνωρίúει Þτι πάσøει απÞ υπέρταση. Παράλληλα,λιγÞτερïι απÞ τïυς µισïύς απÞ αυτïύς πïυ γνωρίúïυν τï πρÞâληµάπïυ αντιµετωπίúïυν µε την υπέρταση πρïσπαθïύν να την αντιµετω-πίσïυν. Η πρÞληψη ή και θεραπεία της υπέρτασης µπïρεί να γίνει µεæαρµακευτικïύς και µη øειρισµïύς, ανάλïγα µε την περίπτωση. Ηρύθµιση ή η απώλεια âάρïυς, καθώς και η άσκηση (âάδισµα ή τρέêι-µï), ανάλïγα µε τïν ασθενή, µπïρεί να âïηθήσει τÞσï στην ρύθµισητης πίεσης Þσï και σε άλλïυς παράγïντες κινδύνïυ.

Η Κυπριακή Εταιρεία Υπέρτασης στα πλαίσια της ΕâδïµάδαςΥπέρτασης διïργανώνει εκδηλώσεις, τï Σάââατï 18 Μαΐïυ 2013, γιαδωρεάν µέτρηση της αρτηριακής πίεσης και ιατρικές συµâïυλές σεΛευκωσία, Λάρνακα ΛεµεσÞ και Πάæï. Συγκεκριµένα, ïµάδες απÞγιατρïύς και νïσïκÞµïυς θα âρίσκïνται στïυς πιï κάτω øώρïυς γιανα πρïσæέρïυν στïυς ενδιαæερÞµενïυς δωρεάν µέτρηση πίεσης,αλλά και ιατρικές συµâïυλές.

ΠρÞγραµµα Εκδηλώσεων 18/05/2013: Λευκωσία: Mall of Cyprus10:00π.µ. – 2:00µ.µ., Λάρνακα: Πλατεία Κίµωνïς, Φïινικïύδες10:00π.µ. – 2:00µ.µ., ΛεµεσÞς: My Mall Limassol 10:00π.µ. – 2:00µ.µ.,Πάæïς: Λιµανάκι: 4:00µ.µ. – 7:00µ.µ.

ÕÕÎÎÔÔ˘ ÙÙËËÓÓ Îη·ÚÚ‰‰ÈÈ¿¿ ÛÛÔÔ˘ –– ÀÀÁÁÈÈ‹‹˜ ¶¶··ÏÏÌÌfifi˜,, ÀÀÁÁÈÈ‹‹˜ ¶¶››ÂÂÛÛËË

EEvviiaann:: ¡¡¤¤·· ··ÁÁÎÎfifiÛÛÌÌÈÈ·· Îη·ÌÌ¿¿ÓÓÈÈ·· ««BBaabbyy aanndd MMee»»

Ãι Υπεραγïρές ΑΛΦΑΜΕΓΑ, αναλïγιúÞµενες τις δύσκïλεςïικïνïµικές συνθήκες πïυ περνά η øώρα µας και τï γεγïνÞς Þτιαρκετïί συνάνθρωπïί µας αντιµετωπίúïυν ιδιαίτερες δυσκïλίεςεπιâίωσης, ανακïίνωσαν τη διεêαγωγή της εκστρατείας«Αγïράúïυµε, Συµµετέøïυµε, Συνεισæέρïυµε στïν ΕρυθρÞΣταυρÞ» µε σκïπÞ την ïικïνïµική ενίσøυση τïυ Ãργανισµïύ, έτσιώστε να συνεøίσει απρÞσκïπτα τï κïινωνικÞ τïυ έργï.

Με την εν λÞγω εκστρατεία, η ïπïία θα διαρκέσει απÞ τις 9Μαΐïυ µέøρι τις 5 Ιïυνίïυ 2013, ïι Υπεραγïρές ΑΛΦΑΜΕΓΑ σεσυνεργασία µε εκλεκτïύς πρïµηθευτές τïυς θα διαθέσïυν µιαπλειάδα απÞ πρïϊÞντα σε øαµηλές τιµές, τα ïπïία ïι καταναλωτέςαγïράúïντάς τα θα συνεισæέρïυν ïικïνïµικά στïν ΕρυθρÞΣταυρÞ.

Στα πλαίσια της διάσκεψης Τύπïυ για την ανακïίνωση τηςεκστρατείας, ï Ανδρέας Παπαέλληνας παρέδωσε στην ΠρÞεδρïτïυ Κυπριακïύ Ερυθρïύ Σταυρïύ Φωτεινή Παπαδïπïύλïυ εισæï-ρά, εκ µέρïυς της εταιρείας Ì.Α. Παπαέλληνας, ύψïυς 30.000 ευρώ.

15 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

EEttiihhaadd AAiirrwwaayyss:: ∫∫ÔÔÚÚ˘ÊÊ··››·· ∂∂ÙÙ··ÈÈÚÚ››·· ÛÛÙÙËË ªª¤¤ÛÛËË ∞∞ÓÓ··ÙÙÔÔÏÏ‹‹

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Τï Evian παρïυσίασε τη νέα, παγκÞσµια καµπάνια τïυ µε τίτλï«Baby & Me», πïυ δηµιïυργήθηκε απÞ την BETC. Βασισµένï Þπως

πάντα στï σκεπτικÞ τïυ «Live young», επιâεâαιώνει για ακÞµα µιαæïρά τï Þραµα τïυ Evian για τη νεÞτητα: µια θετική και ïικïυ-

µενική αêία, πïυ την κïυâαλάει ï κάθε ένας απÞ µας, ανεêαρ-τήτως ηλικίας.

Μετά απÞ τα «Roller Babies», τï âίντεï πïυ κατέκτησεεπίσηµα τï παγκÞσµιï ρεκÞρ ως η πιï πïλυ - ιδωµένη τηλε-

ïπτική διαæήµιση (σύµæωνα µε τï âιâλίï Γκίνες), και µετάαπÞ τï «Baby Inside» και τα 50,000 µωρά – øïρευτές, τï

Evian πρïσæέρει για ακÞµα µια æïρά µια εκπληκτικήκαι συναρπαστική παράσταση στï κïινÞ τïυ.

Απïλαύστε πρώτïι τη νέα διαæήµιση τïυ Evian στïyoutube ψάøνïντας για Baby & Me Evianhttp://www.youtube.com/watch?v=Yy8hlBra9fQ! Tï

Evian εισάγεται και διανέµεται στην Κύπρï απÞ την εταιρεία IakovosPhotiades Foodstuff Suppliers Ltd (ipH).

15 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 9

ÌΡΗΜΑ&ΑΓÃΡΑ

Ãι δήµïι κάνïυν Þτι είναι ανθρωπίνωςδυνατÞ για να âïηθήσïυν τïυς δηµÞτες τïυς,είπε o ΠρÞεδρïς της Ένωσης ∆ήµων ΑλέêηςΓαλανÞς απαντώντας σε ερώτηση αναæïρικάµε τις ενέργειες στις ïπïίες ενδέøεται ναπρïøωρήσïυν σε σøέση µε τïυς πïλίτες πïυαδυνατïύν να καταâάλïυν τα δηµïτικά τέλη.

Υπïγράµµισε ωστÞσï τις δυσκïλίες πïυυπάρøïυν για ïυσιαστική µείωση των τελώντï ïπïίï θα εêετάσει τï επÞµενï διάστηµα ηΜικτή Επιτρïπή Ένωσης ∆ήµων καιΚυâέρνησης. “Ãι ∆ήµïι θα δïυν τï θέµα αυτÞστï πλαίσιï των ευκαιριών πïυ θα δώσει ηκυâέρνηση στïυς ∆ήµïυς να έøïυν τïυς

δικïύς τïυς πÞρïυς ώστε να µπïρέσïυν νασταθïύν στα πÞδια τïυς. ΜÞνï αν αλλάêει ηÞλη πρïσέγγιση για τï ρÞλï της τïπικήςαυτïδιïίκησης ώστε η λειτïυργία της να µηνεêαρτάται απÞ την Κυâέρνηση, ïι δήµïι θαµπïρïύν να πρïσæέρïυν τις υπηρεσίες πïυπρέπει στïυς δηµÞτες”.

Σύµæωνα ωστÞσï µε απÞρρητï έγγραæïπïυ απέστειλε η Ένωση ∆ήµων πρïς τïνΥπïυργÞ Εσωτερικών Σωκράτη Ìάσικï ïι∆ήµïι µεταêύ άλλων εισηγïύνται:

- ÃρισµÞ ενιαίïυ πλαæÞν ύψïυς 250 ευρώγια Þλα τα νïικïκυριά µε απάλειψη της ïρï-æής για τέλη απïκïµιδής σκυâάλων.

- Ενïπïίηση Συµâïυλίων Υδατïπρï-µήθειας µε Συµâïύλια Απïøετεύσεων

- Επιâïλή ενιαίïυ επαγγελµατικïύ æÞρïυσε εταιρείες και άλλα νïµικά πρÞσωπα

- Ãι άδειες κυκλïæïρίας να ταυτίúïνται µετη øρήσεων των δρÞµων

- Ενïπïίηση τïυ æÞρïυ ακίνητης ιδιïκτη-σίας και τïυ ∆ηµïτικïύ Τέλïυς ΑκίνητηςΙδιïκτησίας και µεταâίâαση στïυς ∆ήµïυς τηςαπïκλειστικής είσπραêης της ενιαίας αυτήςæïρïλïγίας

- Εêαίρεση των ∆ήµων απÞ την καταâïλήΦΠΑ για µεγάλα αναπτυêιακά έργα και γιααγïρές µηøανηµάτων

- ΤερµατισµÞ των εισæïρών των ∆ήµωνστï Ταµείï Πλεïνασµïύ

- Ìρέωση υπηρεσιών συλλïγής âαριώναντικειµένων

- Περικïπή øïρηγιών πρïς σωµατεία καιµείωση των πïλιτιστικών εκδηλώσεων.

Σøετικά µε τï θέµα της µείωσης τïυςαριθµïύ των ∆ήµων σε 10 ï Αλέêης ΓαλανÞςείπε Þτι υπάρøïυν øώρες στην Ευρώπη πïυέøïυν 2.000 και 3.000 δήµïυς, πρïσθέτïνταςÞτι ïι δήµïι της Κύπρïυ κατ’ αναλïγία πληθυ-σµïύ δεν µπïρεί να θεωρïύνται πïλλïί τïνί-úïντας Þτι δεν µπïρïύν να γίνïυν αλλαγέςπριν τις επÞµενες δηµïτικές εκλïγές .

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

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Στη σύσταση µïνάδας παρακïλïύθησηςτων ευκαιριών πïυ υπάρøïυν για άντλησηκïνδυλίων απÞ πρïγράµµατα πïυ στηρίúïυνπïλιτικές ΕΕ, πέραν των κïνδυλίων πïυ δια-τίθενται για τις κράτη-µέλη µέσω των διαρ-θρωτικών ταµείων και τïυ ταµείïυ συνïøής,πρïøωρά τï Γραæείï Πρïγραµµατισµïύ,Þπως δήλωσε ï ∆ιευθυντής τïυ Γραæείïυ,Γιώργïς Γεωργίïυ.

Ùπως τÞνισε ï κ. Γεωργίïυ η µïνάδα πïυυπάγεται στï Γραæείï θα έøει την ευθύνη γιατïν συντïνισµÞ των ενεργειών Þλων τωνυπηρεσιών για ικανïπïίηση των δεσµεύσεων

πïυ πρïâλέπει τï µνηµÞνιï, πïυ υπάγεταιστï Γραæείï Πρïγραµµατισµïύ.

Σύµæωνα µε τïν κ. Γεωργίïυ τα πρïγράµ-µατα αυτά είναι ανταγωνιστικά και για αυτάγίνïνται πρïκηρύêεις, υπïâάλλïνται αιτήσειςσε επίπεδï Βρυêελλών. ∆ιευκρίνισε Þτι αιτή-σεις µπïρïύν να υπïâληθïύν απευθείας καιÞøι κατ? ανάγκη απÞ επίσηµïυς æïρείς.

Ερωτηθείς για τις πρïïπτικές άντλησηςκïνδυλίων, ï κ. Γεωργίïυ είπε έæερε ωςπαράδειγµα τï Έâδïµï ΠρÞγραµµα Πλαίσιïγια έρευνα και τεøνïλïγική ανάπτυêη, απÞ τïïπïίï η Κύπρïς έøει αντλήσει “ïυκ ïλίγα

εκατïµµύρια, µε τη συµµετïøή κυπριακώνπανεπιστηµίων, æïρέων και επιøειρήσεωνπïυ υπέâαλαν πρïτάσεις και κέρδισαν πρï-γράµµατα αρκετών εκατïµµυρίων”. “Κατάσυνέπεια θεωρητικά υπάρøïυν πρïïπτικέςάντλησης και θεωρïύµε Þτι στην περίïδï τηςεπταετίας θα υπάρøïυν δυνατÞτητας άντλη-σης δεκάδων εκατïµµυρίων”, είπε. Σύµæωναµε τïν κ. Γεωργίïυ, η µïνάδα στï ΓραæείïΠρïγραµµατισµïύ θα λειτïυργεί ως κέντρïπληρïæÞρησης. Σηµείωσε δε πως η πρÞθεσηείναι να δηµιïυργηθεί µια âάση δεδïµένωνïύτως ώστε ï ïπïιïσδήπïτε ενδιαæέρεται

µπïρïύν να πληρïæïρïύνται για την ύπαρêηενÞς πρïγράµµατïς για τï ïπïίï µπïρεί ναυπïâάλει αίτηση.

Σε σøέση µε τïν τρÞπï ενηµέρωσης τïυκïινïύ για τα πρïγράµµατα, ï κ. Γεωργίïυανέæερε Þτι πιθανÞτατα να δίνïνται κωδικïίσε ενδιαæερÞµενïυς για πρÞσâαση στη âάσηδεδïµένων στην ιστïσελίδα τïυ Γραæείïυ,ενώ δεύτερïν αναλÞγως µε την πïλιτική γιατην ïπïία ενδιαæέρεται κάπïιïς, να απïστέλ-λεται ένα ενηµερωτικÞ sms ή ηλεκτρïνικÞµήνυµα (email) για την εêαγγελία ενÞς νέïυπρïγράµµατïς.

™™ÙÙÔԯ¢Ì̤¤ÓÓ˜ ÚÚÔÔÛÛ¿¿ııÂÂÈȘ ÁÁÈÈ·· ¿¿ÓÓÙÙÏÏËËÛÛËË Â¢ÚÚˆ··˚ÎÎÒÒÓÓ ÎÎÔÔÓÓ‰‰˘ÏÏ››ˆÓÓ

™™ËËÌÌ··ÓÓÙÙÈÈÎÎfifi˜ ÔÔ ÚÚfifiÏÏÔÔ˜ÙÙˆÓÓ ÂÂÁÁÎÎÂÂÎÎÚÚÈÈÌ̤¤ÓÓˆÓÓÏÏÔÔÁÁÈÈÛÛÙÙÒÒÓÓ

à ρÞλïς πïυ µπïρεί να διαδραµατί-σει ï κλάδïς των εγκεκριµένων λïγι-στών στις δύσκïλες ώρες πïυ περνά ηΚύπρïς και η συνδρïµή στις συλλïγι-κές πρïσπάθειες για επανεκκίνηση τηςïικïνïµίας, τïνίστηκε απÞ Þλïυς τïυςïµιλητές σε εκδήλωση στï ΠρïεδρικÞΜέγαρï για τα 20øρïνα απÞ την ίδρυσητïυ Ινστιτïύτïυ CharteredAccountants στην Αγγλία και Ãυαλία(ICAEW), στην Κύπρï.

à εκτελεστικÞς διευθυντής τïυICAEW Michael Izza στï øαιρετισµÞέκαµε µια αναδρïµή στα 20 øρÞνιαπαρïυσίας τïυ Ινστιτïύτïυ στηνΚύπρï λέγïντας Þτι δύï δεκαετίεςπριν αριθµïύσε 330 µέλη και τώρα ταµέλη αυτά êεπερνïύν τα 1,500 ενώ 800τÞσïι æïιτητές εκπαιδεύïνται για τïνεπαγγελµατικÞ τίτλï.

à κ. Izza είπε Þτι τï δηµÞσιï συµæέ-ρïν είναι πρώτιστï και εêέæρασε τηναλληλεγγύη τïυ Ινστιτïύτïυ και τωνµελών τïυ στις δύσκïλες ώρες πïυπερνά η Κύπρïς.

Είπε ακÞµη Þτι ïι εγκεκριµένïιλïγιστές µε την πείρα , τïν επαγγελµα-τισµÞ και τα υψηλά τïυς πρïσÞνταείναι η ελπίδα για τï µέλλïν. Ã κ. Izzaσυνέøισε λέγïντας Þτι τï επάγγελµααυτÞ έøει κερδίσει την εµπιστïσύνητων επενδυτών και είναι ιδιαίτερασηµαντικÞ σε øώρες Þπως η Κύπρïςπïυ στηρίúïνται στις υπηρεσίες.

Σάρκα και ïστά æαίνεται να παίρνει ï σøε-διασµÞς για παρïøή ελεύθερης πρÞσâασηςστï διαδίκτυï σε Þλες τις κïινÞτητες τηςΚύπρïυ, σύµæωνα µε τα Þσα δήλωσανΜέλη της ΚïινïâïυλευτικήςΕπιτρïπή Εµπïρίïυ η ïπïία εêέ-τασε εκ νέïυ τη δυνατÞτηταδηµιïυργίας Ελεύθερης ·ώνης∆ιαδικτύïυ στην Κύπρï.

à ΠρÞεδρïς της ΕπιτρïπήςΛευτέρης ÌριστïæÞρïυ εêέæρα-σε ικανïπïίηση για τï γεγïνÞς,Þπως είπε, Þτι τï θέµα πïυ θέτει εδώ καικαιρÞ η Επιτρïπή για ελεύθερη και δωρεάνπρÞσâαση στï διαδίκτυï σε Þλα τα νïικïκυριάκαι τïυς πïλίτες «æαίνεται Þτι άρøισε να υλï-πïιείται και να παίρνει σάρκα και ïστά».

Ùπως ανέæερε, «υπάρøει επιτέλïυς ηδυνατÞτητα τï κάθε κυπριακÞ νïικïκυριÞ, ï

κάθε ένας, να έøει ελεύθερη πρÞσâαση και σεκατïπινÞτερï στάδιï να υπάρêει και δωρεάνπρÞσâαση µέσα απÞ συγκεκριµένες πïλιτι-

κές». Σηµείωσε Þτι η Επιτρïπή Εµπïρίïυ θακάνει Þτι είναι δυνατÞ έτσι ώστε αυτÞ

τï κïινωνικÞ αγαθÞ να παρέøεταιøωρίς πρïâλήµατα, øωρίς κωλύµα-τα και δυσκïλίες στïν κάθεΚύπριï πïλίτη.

ΠρÞσθεσε Þτι την ίδια στιγµήη Επιτρïπή κάλεσε και τïυς παρÞ-øïυς ευρυúωνικών υπηρεσιών

διαδικτύïυ, να επαναæέρïυν τï διαδίκτυï σεÞσïυς λÞγω των ïικïνïµικών δυσκïλιών υπï-øρεώθηκαν να τï διακÞψïυν, «καταâάλλï-ντας ïι ίδιïι τï κÞστïς πïυ απαιτείται γιαάνεργïυς και για ευάλωτες ïµάδες πληθυ-σµïύ».

à Βïυλευτής τïυ ΑΚΕΛ Κώστας Κώστα

υπενθύµισε Þτι πρÞκειται για την τρίτη æïράπïυ τίθεται τï θέµα στην Επιτρïπή και έκανελÞγï για διάσταση απÞψεων µεταêύ τïυ αρµÞ-διïυ Υπïυργείïυ Συγκïινωνιών και Έργων µετï ΓενικÞ ∆ιευθυντή τïυ ΥπïυργείïυΕµπïρίïυ, Βιïµηøανίας και Τïυρισµïύ.

à Βïυλευτής τïυ ∆ΗΚà Άγγελïς ΒÞτσηςείπε Þτι ήδη υπάρøει σε εêέλιêη µια διαδικα-σία σε συνεργασία των υπηρεσιών τïυ κρά-τïυς µαúί µε την Ένωση Κïινïτήτων, µεστÞøï Þλες ïι κïινÞτητες της Κύπρïυ ναέøïυν τη δυνατÞτητα να παρέøïυν πρïςτïυς κατïίκïυς των κïινïτήτων δωρεάνøρήση τïυ διαδικτύïυ.

«Είναι µια καλή αρøή και θα αναµένïυµετις υπÞλïιπες πληρïæïρίες σε 15 µέρες Þτανθα τïπïθετηθïύν και πάρïøïι, ïι ïπïίïι εκπρώτης Þψεως δεν είναι αρνητικïί σε αυτά ταδύï σøέδια» ανέæερε.

Σαæέστατη διαæïρïπïίηση τïυ κλίµατïςυπέρ της Κύπρïυ, διαπίστωσε ï ΥπïυργÞςÃικïνïµικών Ìάρης Γεωργιάδης, µε την συµ-µετïøή τïυ στï Εurogroup.

«Πάµε καλά, τï κλίµα έøει αλλάêει», ανέ-æερε ï ΥπïυργÞς Ãικïνïµικών µε αæïρµή τησυúήτηση στη συνεδρίαση τïυ Εurogroup καιτην απÞæαση για την εκταµίευση της επÞµε-νης δÞσης στην Κύπρï, ύψïυς 3 δισ. ευρώ, εκτων ïπïίων τα 2 δισ. ευρώ εκταµιεύθηκανήδη και τï άλλï 1 δισ. ευρώ θα δïθεί µέøρι τïτέλïς Ιïυνίïυ.

à κ. Γεωργιάδης âλέπει Þτι υπάρøïυνακÞµη περιθώρια για περαιτέρω âελτίωσητïυ κλίµατïς, δεδïµένïυ Þτι δεν έøïυνεκλείψει, Þπως είπε, Þλες ïι επιæυλάêεις απÞτην πλευρά των εταίρων σøετικά µε την ικα-νÞτητα της Κύπρïυ να διαøειριστεί καλύτερατην κατάσταση. «Πρέπει να κάνïυµε και εµείς

απÞ την πλευρά µας αρκετάπρïκειµένïυ να επιâεâαιώ-σïυµε στην πράêη Þτι είµαστεέτïιµïι», τÞνισε.

Αναæïρικά µε τις ανεêάρ-τητες αêιïλïγήσεις για τïêέπλυµα øρήµατïς, ïΥπïυργÞς Ãικïνïµικών ανέ-æερε Þτι τα ευρήµατα δενδικαιïλïγïύν αυστηρή πρï-σέγγιση απÞ την πλευρά τωνεταίρων.

Ερωτηθείς κατά πÞσï τï θέµα τïυ êεπλύ-µατïς σøετίúεται µε την εκταµίευση της επÞ-µενης δÞσης, απάντησε αρνητικά, διευκρινί-úïντας Þτι στï επÞµενï διάστηµα µέøρι τηνεπÞµενη αêιïλÞγηση της τρÞικας στï τέλïςΙïυλίïυ, η Κυâέρνηση και η τρÞικα θα πρïσ-διïρίσïυν τïν τρÞπï µε τïν ïπïίï θα υλïπïι-

ηθïύν ïι συστάσεις των αêιïλï-γήσεων.

à ΠρÞεδρïς τïυ ΕurogroupΓερïύν Ντεϊúελµπλïυµ, αναæε-ρÞµενïς στï θέµα τïυ êεπλύ-µατïς και επικαλïύµενïς τιςαêιïλïγήσεις, είπε Þτι η νïµï-θεσία είναι σωστή αλλά υπάρ-øïυν ïρισµένα κενά στην εæαρ-µïγή της.

Απαντώντας σε άλλη ερώ-τηση για τï θέµα της περαιτέρω øαλάρωσηςτων περιïρισµών στην διακίνηση κεæαλαίων,ï ΥπïυργÞς Ãικïνïµικών είπε Þτι η øαλάρω-ση θα γίνει µε τρÞπï πρïσεκτικÞ πïυ θα απï-τυπώνει την κατάσταση στïν τραπεúικÞτïµέα, Þπως αυτή διαµïρæώνεται. Σε κάθεπερίπτωση, συνέøισε, στÞøïς είναι η øαλάρω-ση να γίνει τï συντïµÞτερï δυνατÞν.

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ÃÃ.. °°ÂˆÚÚÁÁÈÈ¿¿‰‰Ë˘:: Ã÷·ÏÏ··ÚÚÒÒÛÛÂÂÈȘ ˘fifi ÚÚÔÔ¸ÔÔıı¤¤ÛÛÂÂÈȘ

For all the thousands of apps and social media platformsthat fail to take off, the few that do make it big, make it huge.Take note: the potential for investment in this quickly grow-ing sector is remarkable. In the last week alone, reports ofbusiness takeovers and advancements have come from twoof the world’s most prevalent social media players.

Firstly, we have Facebook, which is reportedly in advancednegotiations to buy Israeli start-up Waze for $1 billion. Itappears that the main point of contention at this stage is thedemand from Waze management that the company remainsin Israel. Facebook has a track record for buying Israeli start-ups and moving all divisions to its headquarters in SiliconValley, but it may be forced into a compromise on this occa-sion. It could even stand to benefit: when it comes to theonline world, Israel, often referred to as ‘the start-upnation’, is a known hot-bed of talent and innovation.Facebook will likely absorb the business affairs but willallow the mobile navigation and traffic app to continueoperating and programming from its current location inTel Aviv.

Zuckerberg may own a global giant, yet Waze is hard-ly a desperate underdog in these negotiations, and hasalready earned $67 million since its inception in 2008.After Apple faced criticism for its iPhone’s poor built-in

navigation, CEO Tim Cook expressed interest in Waze.However, the company, which has gained significantly inmomentum over the last couple of years, and generates rev-enues from location-based advertising, was reluctant to sellfor the reported $500 million sum offered.

Elsewhere in the news, Twitter Inc. was valued at almost$10 billion by GSV Capital Corp, a publicly traded investmentcompany and one if its major investors. GSVC said that itowns 1.9 million shares of the micro-blogging site, with avalue of $35.2 million. Based on a total share count of 530million, this suggests that Twitter is worth about $9.8 billion,an indication that shares are appreciating ahead of a possibleIPO (initial public offering).

The company’s future is still uncertain. CEO Dick Costolohas denied past rumours that management is focused on anIPO. However many analysts predict that the site, which is

now offering new advertising mechanisms and aims to pushfurther into international markets with a target of $1 billionin revenues in 2014, will hold a share sale in the foreseeablefuture to help it realise its goals of expansion. This would alsoenable early investors to profit substantially from their hold-ings. Adding to suspicions that the company will soon makeits market debut, Twitter recently hired ex-banker CynthiaGaylor, a leading expert in IPOs and acquisitions, to head itscorporate development team.

The IPOs of other tech firms including Zynga andGroupon were relatively disappointing to the markets. WhenFacebook launched its IPO last summer, symbolising one ofthe most anticipated events in Internet history, the stocksank to half its offering price, although it has since picked upby 50%.

Yet such precedents have not dampened the excitement ofinvestors over the prospect of Twitter following suit, and theambitious micro-blogging site would not necessarily sufferthe same fate of Facebook. Plus, the timing is right. Theworld is hungrier than ever for technical marvels and the site,with its positive outlook, has plenty of investors interested inthe $1 billion target.

The dollar slipped from a five-week highagainst a basket of major currencies onTuesday as market players locked in profitsahead of a series of U.S. economic data thatcould determine whether the FederalReserve is ready to roll back its stimulusprogram.

While factors cited as a possible triggerfor profit-taking were wide-ranging, from asharp sell-off in Japanese governmentbonds and real estate investment trusts(REITs) to a media report on hedge funds’buying the euro, traders agree that theywere just an excuse.

The dollar index slipped 0.3% to 83.049,dropping further from a five week high of83.438 hit on Friday, with resistance seenat its April high of 83.494. Against the yen,the dollar dropped 0.5% in Asia to 101.39yen, having pulled back from a 4 1/2-yearhigh of 102.15 yen set on Monday.

Japanese Reits, which had surged on

Japan’s aggressive stimulus, tumbled to a 21/2-month low, which some traders specu-late may have prompted investors to makeup for the losses by taking profits else-where. Also putting a brake on yen-sellingis a spike in Japanese government bondyields, which reduces the relative attractionof foreign bonds for Japanese investors,Reuters reported. The 10-year JGB yield

shot up to a nine-month high of 0.855%,having risen more than a quarter of onepercentage point in the past three sessions.

The euro also gained 0.25% to $1.3005,edging away from five-week lows of$1.2935 hit on Friday. Traders say aFinancial Times report that hedge fundsare no longer wary of a collapse in the euro

may have helped to exaggerate pricemoves.

Still, on the whole, the greenback wasunderpinned by data showing U.S. retailsales unexpectedly rose in April as house-holds bought automobiles, building mate-rials and a range of other goods. This weekwill see a raft of U.S. data, includingWednesday’s industrial production, hous-

ing starts and consumer prices onThursday and consumer sentiment data onFriday.

The increase in core retail sales, comingon the heels of relatively strong job growthover the last three months, strengthened

expectations the Fed could scale back itsasset-buying programme later this year.

Such views stood out as many of theworld’s other central banks are looking toloosen their policy, with the Bank of Japanjust into one month of its massive two-yearstimulus plan.

European Central Bank policymakerIgnazio Visco said on Monday the centralbank may opt for negative deposit rates. Ifthe ECB did push its deposit rate into neg-ative territory, banks would effectively becharged for parking spare cash they do notlend, and gives investors strong incentivesnot to hold euro cash.

With the Fed’s possible exit from stimu-lus becoming a key focus, market playerswill be closely looking to comments fromFed speakers later this week. Fed ChairmanBen Bernanke will deliver testimony onMay 22 before the Joint EconomicCommittee of Congress.

$ takes breather, focus on more U.S. data, Fed Policy

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.

Age of the social giants

May 15 - 21, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

By Oren LaurentPresident, Banc De Binary

www.bbinary.com

Who Is The New ‘Shock Absorber’?

LIBOR rates

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

USD USD 0.20 0.24 0.28 0.43 0.70 0.38 0.52 0.73 0.99 1.49 2.07GBP GBP 0.49 0.50 0.51 0.59 0.89 0.61 0.71 0.85 1.03 1.42 1.97EUR EUR 0.06 0.09 0.12 0.20 0.39 0.37 0.48 0.63 0.80 1.15 1.60JPY JPY 0.12 0.14 0.16 0.24 0.44 0.25 0.33 0.42 0.52 0.71 0.97CHF CHF 0.00 0.01 0.02 0.08 0.25 0.08 0.15 0.25 0.39 0.67 1.03

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 09.04 16.04 23.04 30.04 14.05 Today Last Week %Change

USD 1.3013 1.5318 1.0494 0.9860 USD 1.2996 1.3024 1.2994 1.3043 1.2958 1.5318 1.5496EUR 0.7685 1.1771 0.8064 0.7577 GBP 0.8509 0.8510 0.8512 0.8420 0.8461 1.3013 1.3101GBP 0.6528 0.8495 0.6851 0.6437 JPY 128.71 126.83 128.11 127.48 131.25 101.42 97.72CHF 0.9529 1.2400 1.4597 0.9396 CHF 1.2106 1.2079 1.2129 1.2201 1.2334 0.9529 0.9363JPY 101.42 131.98 155.36 106.43

JPY +3.79CHF +1.77

CCY

GBP +1.15EUR +0.67

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.50% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial Markets

Interest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousMAY 15 EUR German Preliminary GDP growth due 9.00am 0.30% -0.60%MAY 15 GBP Claimant Count Change due 11.30am -3.1k -7.0kMAY 15 GBP Unemployment Rate due 11.30am 7.90% 7.90%MAY 15 EUR Flash GDP growth Q/Q due 12.00noon -0.10% -0.60%MAY 15 GBP Bank of England Governor King speaks starting 12.30MAY 15 US Core PPI M/M due 3.30pm -0.60% -0.60%MAY 15 US Empire State Manufacturing Index due 3.30pm 4.2 3.1MAY 15 US TIC Long-Term Purchases due 4.00pm $43.4B -$17.8BMAY 15 US Capacity Utilization Rate due 4.15pm 78.4 78.5MAY 15 US Industrial Production M/M due 4.15pm -0.10% 0.40%MAY 15 US NAHB Housing Market Index due 5.00pm 43 42MAY 16 JPN Prelim GDP Q/Q due 2.50am 0.70% 0.00%MAY 16 EUR CPI Y/Y due 12.00noon 1.20% 1.20%MAY 16 EUR Trade Balance in EUR due 12.00noon 11.8B 12.0BMAY 16 US Building Permits due 3.30pm 0.94M 0.91MMAY 16 US Core CPI M/M due 3.30pm 0.20% 0.10%MAY 16 US Housing Starts due 3.30pm 0.98M 1.04MMAY 16 US Weekly Unemployment Claims due 3.30pm 332k 323kMAY 16 US Phily Fed Manufacturing Index due 5.00pm 2.5 1.3MAY 17 US Prelim UoM Consumer Sentiment due 4.55pm 77.9 76.4MAY 17 US CB Leading Index due 5.00pm 0.30% -0.10%MAY 18 US Fed Chairman Ben Bernanke speaks starting 6.00pm Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

In a world of aggressive monetary easing, wefind that Japan and the US are in the lead. TheBank of Japan is doubling its balance sheet overtwo years, inviting the massive stock of Japanesesavings to seek a new home. And despite thebuzz created by Jon Hilsenrath’s Wall StreetJournal article on the “map” for a FederalReserve’s stimulus exit strategy, the Fed isunlikely to change course any time soon as theUS central bank always tends to follow long rates(when long rates rise, the Fed hikes and vice

versa). With Japanese money pouring into longbond all over the world, there is no threat of theFed hiking any time soon. But meanwhile theECB balance sheet is shrinking (as the low-costLTRO loans are repaid by the commercial banks),while the new Chinese leadership is also attempt-ing to slow the growth of both the financial sec-tor and the local authorities’ balance sheets.

If nothing else, this “relative aggressiveness”of the world’s major central banks (the Bank ofEngland and Swiss National Bank are at least asaggressive as the Fed) means that the role of the“deflationary shock absorber” that Japan occu-pied so well for the period of August 2008-2012(as the BoJ sat on its hands while everyone elsewas doubling/tripling the size of their balance

sheet) will likely now be played by China and theeuro area. Logically, this should mean that Chinaand the EMU will be the two zones where curren-cies should drift up (as the yen did when the BoJwas inactive), and where stocks will likely under-perform bonds (except perhaps the high incomeyielding, domestic consumption orientedstocks?). Of course, this could change rapidlyshould either the European Central Bank or thePeople’s Bank of China decide to follow the BoJ’slead and revolutionalize monetary policy.

In China, an abrupt change in monetary poli-cy is unlikely from a government keen to preventreal estate prices from surging further. Ineuroland, the ECB is unlikely to create ripples inthe months preceding the German elections in

September, and is thus likely to pursue the cur-rent status quo of marginal easing. This is not tosay that the ECB will not change its stripes in theautumn, once past the German election and withbankruptcies/economic numbers in Europebeing horrible. At this point, the ECB may wellcome out all guns blazing in a bid to devalue theeuro (and please French and Italian policymak-ers). Until then, however, we tend to believe thatportfolios should broadly follow these trend lines:

- Continue to overweight the US and, withinthe US market, remain with the low-beta, moredefensive names who will benefit from Japaneseinflows.

- Continue to overweight on ASEAN, wherecompanies are delivering growth and wherefunding costs are shrinking.

- Maintain a high exposure, hedged if possible,to Japanese equities.

- Within China, avoid falling into the value-trap of “cheap” cyclical stocks and instead focuson high dividend yielding equities.

- Hedge the overall equity exposure by eitherowning long-dated German bunds (to cushionagainst a new euro shock) or renminbi bonds.This latter asset class should prove attractive asthe RMB steadily gains.

- Underweight commodities and Europeanequities, at least until the ECB starts to expandits balance sheet once again. Unfortunately, thisis unlikely to happen until the Fall.

Marcuard’s Market update by GaveKal Research

May 15 - 21, 2013

financialmirror.com | MARKETS | 21

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

Japan’s beggar-thy-neighbor monetary goals got a perfect score lastThursday – of 100. Indeed, after breaching the resistance level of 100against the US dollar, the yen kept falling, to finish the day at JPY101. Thiscomes in the midst of an earnings season that has put on full displayAbenomics’ potential for boosting company fortunes. More than half ofTopix companies have reported, with 1Q13 earnings rising an average of10% YoY, compared to 5% in the US. Some automakers and banks havetriple-digit earnings growth, and guided for more to come. This will allunravel if yen weakness is not maintained. But we consider the 100 levelas the new average, rather than a ceiling, for the following reasons:

Gradual normalization of US economy. Rising US real yields correlatewith yen weakness. While US treasury yields have been nudging up afterlast week’s positive surprise on payrolls, we do not expect dramatic move-ments based on the overall economic outlook. The Japanese profits storywould be better with a more robust US growth scenario: while a 1% ofdevaluation tends to translate into 1% profit growth over six months, a 1%change in global economic growth can boost Japanese earnings by doubledigits. But middling US growth is more than adequate to allow the current

yen weakness to stick .The political environment. Japan will hold upper-house elections in

July. This will give Shinzo Abe’s LDP party, which already controls thelower house, a chance to remove all remaining political obstacles to Abe’sradical platform. Thus we can be pretty sure the newly installed custodi-ans of the Bank of Japan will keep stimulus and yen-weakening activitiesin high gear as we move closer to election day. This is because Abe’s refla-tionary success is making him very popular among the country’sfamously fickle electorate. Moreover, we are unlikely to hear any com-plaints from the US, at least not before July. A resurgent Japan is seen as

a wedge against a rising China: thisoffers Washington a good incentiveto back Abenomics, despite thepinch of a rising US dollar.

Profits are likely to be revisedup. Japanese companies have beenguiding for significant profit growththis year. For example, Toyota seesnet profits rising by 42% this fiscalyear, after tripling in the last one.Mitsubishi Chemical, Bridgestone,Fuji Heavy have sent similar mes-sages. But these projections arebased on conservative assumptionsthat the yen averages from 90 to 95against the dollar over the fiscal year.If 100 is the new average—as weexpect—then earnings will berevised up as the year goes on.

Some companies, such asMazda, have already announced

massive domestic capex plans. Ifmore companies follow suit, then Abenomics will transmit into broaderreflationary goals. However many producers are still ramping up overseascapacity. And the same with banks. Pocketing gains from unloading theJGBs to the central bank, Japanese banks (like Mitsubishi UFJ andSumitomo Mitsui Financial) are looking globally for opportunities. Hence,so far, domestic loan demand growth remains moderate.

Ultimately, Japan remains a “buy and hope” strategy: but one too pow-erful to ignore.

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8640British Pound * GBP 1.5318Bulgarian Lev BGN 1.5028Czech Koruna CZK 19.8819Danish Krone DKK 5.727Estonian Kroon EEK 12.0225Euro * EUR 1.3013Georgian Lari GEL 1.635Hungarian Forint HUF 226.08Latvian Lats LVL 0.5372Lithuanian Litas LTL 2.653Maltese Pound * MTL 0.3299Moldavan Leu MDL 12.22Norwegian Krone NOK 5.7825Polish Zloty PLN 3.1983Romanian Leu RON 3.3212Russian Rouble RUB 31.2668Swedish Krona SEK 6.5887Swiss Franc CHF 0.9529Ukrainian Hryvnia UAH 8.11

AMERICAS & PACIFIC

Australian Dollar * AUD 0.9984Canadian Dollar CAD 1.01Hong Kong Dollar HKD 7.7613Indian Rupee INR 54.57Japanese Yen JPY 101.42Korean Won KRW 1106.2New Zeland Dollar * NZD 1.2068Singapore Dollar SGD 1.2381

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.9625Iranian Rial IRR 12092.90Israeli Shekel ILS 3.6253Jordanian Dinar JOD 0.7055Kuwait Dinar KWD 0.2853Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6387Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 9.1512U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7835Kazakhstan Tenge KZT 151.1Turkish Lira TRY 1.8093

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

A ‘Perfect Score’ For Abenomics

May 15 - 21, 2013

22 | WORLD MARKETS | financialmirror.com

BG focus on exploration, LNG, dealsl Shares up over 3%, lead European oil and gas stocks higher

Oil and gas group BG will focus on exploration, liquefiednatural gas (LNG) and selling or partnering more of its dis-coveries as part of a new emphasis on profitability afterbeing forced to cut ambitious output targets.

The gas-focused British company, whose main growthassets are in Australia and Brazil, said the proportion of itsproduction with a profit margin of more than $50 per barrelof oil equivalent (boe) would triple over the next five years,and that its heavy capital spending budget would peak in2015, allowing it to return surplus cash to shareholdersfrom then.

In a keenly-awaited strategy statement under new man-agement and after a crisis of investor confidence in the finalquarter of 2012, the company said it would “manage itsportfolio more actively” in future, partly through asset sales,and partly by bringing in partners to ramp up output morequickly.

The aim is for 50% of its discovered resources to be eithersold or produced in the next ten years.

BG shares were the top gainers among European oil andgas stocks on Tuesday, climbing 3.2% to 1,223 pence.

Last year, the energy investors’ one-time darling shocked

shareholders by saying it would miss output targets. Then,in February, it had to abandon its goal of producing 1 mlnbarrels of oil equivalent a day by 2015, blaming failed wellrejuvenation efforts in Egypt and a fall in U.S. gas prices touneconomic levels.

On Tuesday, new chief executive Chris Finlayson, whotook over at the start of 2013, set himself a more modest2015 output target of between 775,000 and 825,000 boe perday by 2015, up from 667,000 now. He said there would beno output targets more than two years ahead in future asthe company focuses on value over volume.

Oil and gas companies have a history of switching theirperformance measures after failing to meet existing ones,creating a degree of cynicism among investors. Earlier thisyear, BP also made a virtue of circumstances that haveforced it to rein in its growth prospects. Other oil companiesare also moving away from volume measures as meetingthem gets difficult.

“We’re acutely aware of that, and I know that’s a viewthat can be taken,” Finlayson told Reuters ahead of his pres-entation to shareholders and investors. “That’s why we havebeen careful to show in this presentation exactly how we will

deliver that value.”Despite its recent problems and a slump in its share price

in the final quarter of last year, BG’s shares still trade at apremium to their peers as a multiple of current year earn-ings.

Analysts put this down to its strong track record on find-ing new supplies, its exposure to tight LNG markets, and itsposition in Brazil’s potentially prolific Santos basin, where itand a handful of other companies were able to secureacreage before the government decided to limit future devel-opment to the state oil firm Petrobras.

Petrobras on Tuesday launched Brazil’s biggest ever bondsale raising $11 bln of new debt to help fund its huge $237bln investment programme for the period up to 2017.

By 2015, as BG’s costly QCLNG gas-for-export develop-ment in Australia reaches completion, capital spending willfall from $12 bln a year currently to $8-$10 bln, allowing freecash flow to turn positive, increasing return on capitalemployed, and allowing improved shareholder returns.

“We’ll be big enough to pursue the best opportunitiesbut small enough to stay commercially agile,” Finlaysonsaid.

Hedge fund wants Sony Entertainment spin-offBillionaire hedge fund investor Daniel Loeb has called on

Sony Corp to spin off its lucrative entertainment arm, settingthe stage for a clash between his activist Wall Street fund andmanagement at the Japanese electronics maker.

Loeb said his Third Point hedge fund had accumulated alittle more than 6% of Sony’s shares - a stake worth $1.1 bLn- making it the largest stakeholder in the inventor of theWalkman portable music player and Trinitron TV.

In a letter Loeb personally delivered to CEO Kazuo Hirai atSony’s headquarters, the fund manager said Third Point waswilling to put up another 200 bln yen ($1.97 bln) to supportan initial public offering of up to a fifth of the entertainmentarm, which includes one of Hollywood’s top film studios anda leading music label.

Loeb, 51, is one of the best known figures in the secretivehedge fund industry with a record of clashing with corporateexecutives over strategy, including engineering a successfulboardroom shake-up at Yahoo Inc last year.

“HIDDEN GEM”In his letter, Loeb endorsed Hirai’s attempts to revive

Sony, but said the problems of the company’s electronicsbusiness distracted from the value of U.S.-based SonyEntertainment, an asset he called a “hidden gem”.

Loeb said the proposed spin-off of a unit that is home toartists such as Beyonce and Adele and produced movie fran-chises like “Iron Man” and “Spider-Man” could add another

60% to Sony’s stock price.While Sony has sold off real estate and other assets to cover

losses on consumer electronics, Hirai sees the entertainmentbusiness as core to the company’s long-held vision of marry-ing content and hardware.

“The entertainment businesses are important contributorsto Sony’s growth and are not for sale,” Sony said in responseto Loeb’s proposal. “We look forward to continuing construc-tive dialogue with our shareholders as we pursue our strate-gy.”

Sony shares have already doubled this year amid a rally inJapanese shares as foreign investors bet policies of PrimeMinister Shinzo Abe will pull the economy out of a two-decade slump.

Loeb cited the hopes for economic reforms raised by Abein making his case for change at Sony.

Third Point’s flagship fund posted a return of 10.5% forinvestors in January-April, a time when the rest of the hedgefund industry lagged with an average return of just under 5%.The fund was helped by its positions in Yahoo, a bet on Greekgovernment bonds and its holdings of Japanese shares.

But Loeb does not have a well-known track record in Japanwhere activist investors have had little success, rebuffed bycorporate boards packed with insiders and creditor banks thattend to side with management in maintaining the status quo.

Investors and analysts have argued for years that Sonycould be worth more in a break up because of a decade-long

slump in its electronics business as it ceded ground to rivalssuch as Apple in portable music and Samsung Electronics inflat panel TVs.

RIGHTS OFFERINGRather than a traditional IPO, Loeb has proposed selling a

15-20% stake in Sony Entertainment through a rights offer-ing to existing Sony shareholders. The move would allow theparent company to shift some debt off its balance sheet.

Taking the unit public would provide incentives for itsexecutives to run the operations more efficiently. Raising itsprofit margins to the industry average could in theory addanother 625 bln yen in market value, Loeb said.

Loeb cited Sony Financial, the profitable insurance armthat was spun-off but is still majority-owned by Sony, as anexample of how the move could be beneficial for the group.

Most importantly, the cash generated could be used to helpstreamline the electronics business, which suffers from a lackof focus even after Hirai took the helm from former CEOHoward Stringer in 2012, Loeb said.

Hirai’s strategy to revive Sony in consumer electronics isto focus on cameras, PlayStation game consoles and smart-phones.

Loeb’s proposal could trigger buying of Sony’s stock, saidTetsuro Ii, chief executive of Tokyo-based fund managerCommons Asset Management. Sony closed Tuesday up 1.2%at 1,877 yen, valuing the entire company at $19 bln.

Turkey is in talks with the London Stock Exchangeand Nasdaq about a partnership deal that could see itsell a stake in the Istanbul bourse as part of a drive topromote the city as a financial hub, its deputy primeminister said.

Turkey is in the process of merging the IstanbulStock Exchange, the Gold Exchange and DerivativesExchange into Bourse Istanbul – a crucial step in thegovernment’s bid to privatise the company and createa regional financial centre.

“We are holding talks with London and Nasdaq forstrategic partnerships on Bourse Istanbul,” saidDeputy Prime Minister Ali Babacan.

Once the Bourse settles on a strategic partner,

which could involve it selling a stake in return for tech-nology support, it will also seek opportunities for co-operation with other exchanges, such as cross-listingsor joint indexes.

Bourse chairman Ibrahim Turhan said talks werecontinuing with international organisations includingDeutsche Boerse and the CME Group, owner of theChicago Mercantile Exchange (CME), as well asNasdaq and the LSE.

“Our aim is to finalise talks by July and progress tothe level of signing a memorandum of understanding,”Turhan said.

Bourse Istanbul has said the state will retain a 49%stake but will divest a stake of up to 41%, part of it

through a flotation. The remaining 10% is held byother investors.

Turkey in talks with LSE, Nasdaq

May 15 - 21, 2013

financialmirror.com | WORLD MARKETS | 23

U.S. oil boom leaves OPEC sidelined l IEA raises non-OPEC supply forecast; US to overtake Russia as main non-OPEC producer

Rising U.S. shale oil production will help meet most of theworld’s new oil demand in the next five years, even if the glob-al economy picks up steam, leaving little room for OPEC to liftoutput without risking lower prices, the West’s energy agencysaid.

The prediction by the International Energy Agency (IEA)came in its closely watched semi-annual report, which analy-ses mid-term global oil supply and demand trends.

“North America has set off a supply shock that is sendingripples throughout the world,” IEA Executive Director Mariavan der Hoeven said.

“The good news is that this is helping to ease a market thatwas relatively tight for several years,” she added. Oil onTuesday traded near $103 a barrel, well below its peak of $147in 2008.

The IEA said it expected global demand to rise 8% on aggre-gate between 2012 and 2018 to reach 96.7 mln bpd based ona fairly optimistic assumption by the IMF of 3 to 4.5% globaleconomic growth a year during the period.

That incremental demand will be met mainly by non-OPECproduction, which will rise by more than 10% between 2012and 2018 to 59.31 mln bpd, the IEA said, increasing its esti-mate of non-OPEC supply in 2017 by 1 mln bpd versus its pre-vious report in October 2012.

The United States will overtake Russia as the world’s largestnon-OPEC producer as early as 2015, the IEA said.

That may leave OPEC, which had been long seen as the last

resort for the world to meet rising demand, with output fluc-tuating around the current levels of 30 mln bpd for the nextfive years.

The agency cut its estimate of the demand for OPEC crudein 2017 to 29.99 mln bpd, down by 1.22 mln bpd from its pre-vious report six months ago.

It said OPEC’s spare capacity will rise by over a quarter toreach 6.4 mln bpd or 6.6% of global demand, giving an addi-tional cushion to potential supply shocks, the report said.

The adoption of U.S. shale technology could help Russiaand China boost production from unconventional reserves,but new projects may slow in other areas.

“Several members of the (OPEC) producer group face newhurdles, notably in North and sub-Saharan Africa. The region-al fallout from the ‘Arab Spring’ is taking a toll on investmentand capacity growth,” the IEA said.

“Downward adjustments across the (OPEC) group are part-ly offset by substantially stronger growth in Saudi capacitythan previously expected, reflecting newly announced develop-ment projects,” it added.

Iran’s sustainable crude production capacity is likely to fallby as much as 1 mln bpd to 2.38 mln bpd by 2018, the lowestin many decades, due to Western sanctions, the IEA said.

EUROPEAN REFINERS AT RISKThe IEA said the balance of global supply growth, until

recently evenly split between OPEC and non-OPEC, was tilting

towards the latter.“North America thus increases its share of supply growth

both within the non-OPEC group and more globally,” it added.In every other aspect of the supply chain, be it demand,

refining, trade or storage and transportation, the fast rise ofemerging market and developing economies is striking, it said.

These economies are projected to overtake advancedeconomies in oil product consumption from the second quar-ter of 2013. This lead will widen from 49% of global demand in2012 to more than 54% by 2018.

The IEA said that beyond the well known story of growth inBrazil, China, Russia, India, Saudi Arabia and South Africa,many African nations were also on the rise on the global oilconsumption map.

The IEA also predicted shifts in the global refining industryas countries such as India and Saudi Arabia build new refiningcapacity.

The IEA added that another consequence of the surge inU.S. production was a shift in natural gas pricing, which wouldchallenging the conventional wisdom that products producedfrom oil will continue to dominate the market for transportfuels.

“Cheap and abundant natural gas has already facilitatedthe transition of the U.S. economy towards broader use of thefuel,” the agency said. Natural gas will increase its share ofroad transport fuels to 2.5% in 2018 from 1.4% in 2010, itforecast.

Why India slowedFor a country as poor as India, growth should be what

Americans call a “no-brainer.” It is largely a matter of provid-ing public goods: decent governance, security of life andproperty, and basic infrastructure like roads, bridges, ports,and power plants, as well as access to education and basichealth care. Unlike many equally poor countries, Indiaalready has a strong entrepreneurial class, a reasonably largeand well-educated middle class, and a number of world-classcorporations that can be enlisted in the effort to provide thesepublic goods.

Why, then, has India’s GDP growth slowed so much, fromnearly 10% year on year in 2010-11 to 5% today? Was annu-al growth of almost 8% in the decade from 2002 to 2012 anaberration?

I believe that it was not, and that two important factorshave come into play in the last two years.

First, India probably was not fully prepared for its rapidgrowth in the years before the global financial crisis. Forexample, new factories and mines require land. But land isoften held by small farmers or inhabited by tribal groups,who have neither clear and clean title nor the informationand capability to deal on equal terms with a developer or cor-porate acquirer. Not surprisingly, farmers and tribal groupsoften felt exploited as savvy buyers purchased their land for apittance and resold it for a fortune. And the compensationthat poor farmers did receive did not go very far; having soldtheir primary means of earning income, they then faced asteep rise in the local cost of living, owing to development.

In short, strong growth tests economic institutions’capacity to cope, and India’s were found lacking. Its landtitling was fragmented, the laws governing land acquisitionwere archaic, and the process of rezoning land for industrialuse was non-transparent.

India is a vibrant democracy, and, as the economic systemfailed the poor and the weak, the political system tried tocompensate. Unlike in some other developing economies,where the rights of farmers or tribals have never stood in theway of development, in India politicians and NGOs took uptheir cause. Land acquisition became progressively more dif-ficult.

A similar story played out elsewhere. For example, thegovernment’s inability to allocate resources such as miningrights or wireless spectrum in a transparent way led thecourts to intervene and demand change. And, as the bureau-cracy got hauled before the courts, it saw limited upside fromtaking decisions, despite the significant downside from not

acting. As the bureaucracy retreated from helping businessesnavigate India’s plethora of rules, the required permissionsand clearances were no longer granted.

In sum, because India’s existing economic institutionscould not cope with strong growth, its political checks andbalances started kicking in to prevent further damage, andgrowth slowed.

The second reason for India’s slowdown stems from theglobal financial crisis. Many emerging markets that weregrowing strongly before the crisis responded by injectingsubstantial amounts of monetary and fiscal stimulus. For a

while, as industrial countries recovered in 2010, this seemedlike the right medicine. Emerging markets around the worldenjoyed a spectacular recovery.

But, as industrial countries, beset by fiscal, sovereign-debt, and banking problems, slowed once again, the fix foremerging markets turned out to be only temporary. To offsetthe collapse in demand from industrial countries, they hadstimulated domestic demand. But domestic demand did notcall for the same goods, and the goods that were locallydemanded were already in short supply before the crisis. Thenet result was overheating – asset-price booms and inflationacross the emerging world.

In India, matters were aggravated by the investment slow-down that began as political opposition to unbridled develop-ment emerged. The resulting supply constraints exacerbatedinflation. So, even as growth slowed, the central bank raisedinterest rates in order to rebalance demand and the availablesupply, causing the economy to slow further.

To revive growth in the short run, India must improvesupply, which means shifting from consumption to invest-ment. And it must do so by creating new, transparent insti-tutions and processes, which would limit adverse politicalreaction. Over the medium term, it must take an axe to thethicket of unwieldy regulations that make businesses sodependent on an agile and cooperative bureaucracy.

One example of a new institution is the CabinetCommittee on Investment, which has been created to facili-tate the completion of large projects. By bringing togetherthe key ministers, the committee has coordinated and accel-erated decision-making, and has already approved tens of bil-lions of dollars in spending in its first few meetings.

In addition to more investment, India needs less con-sumption and higher savings. The government has taken afirst step by tightening its own budget and spending less,especially on distortionary subsidies. Households also needstronger incentives to increase financial savings. New fixed-income instruments, such as inflation-indexed bonds, willhelp. So will lower inflation, which raises real returns onbank deposits. Lower government spending, together withtight monetary policy, are contributing to greater price sta-bility.

If all goes well, India’s economy should recover and returnto its recent 8% average in the next couple of years.Enormous new projects are in the works to sustain thisgrowth. For example, the planned Delhi-Mumbai IndustrialCorridor, a project with Japanese collaboration entailingmore than $90 bln in investment, will link Delhi to Mumbai’sports, covering an overall length of 1,483 kms and passingthrough six states. The project includes nine large industrialzones, high-speed freight lines, three ports, six airports, a six-lane expressway, and a 4,000-megawatt power plant.

We have already seen a significant boost to economicactivity from India’s construction of its highway system. Theboost to jobs and growth from the Delhi-Mumbai IndustrialCorridor, linking the country’s political and financial capitals,could be significantly greater.

To the extent that democratic responses to institutionalincapacity will contribute to stronger and more sustainablegrowth, India’s economic clouds have a silver lining. But ifIndia’s politicians engage in point-scoring rather than insti-tution-building, the current slowdown may portend stormyweather ahead.

Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business and the chief economic adviser in India’s finance ministry, is the author of Fault Lines: How Hidden Fractures Still Threaten the World Economy.

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

By Raghuram Rajan

May 15 - 21, 2013

24 | WORLD MARKETS | financialmirror.com

Paris St Germain clinched their first French league titlesince 1994 on Sunday thanks to heavy investment from Qataras they proved that money spent on the right players can buysuccess.

With Qatar Sports Investments (QSI) having spent over 200mln euros on transfers since taking over two years ago, theFrench league title was their initial target.

Despite Olympique Marseille’s resilience, PSG had a fairlycomfortable ride based on a defence marshalled by the impres-sive Thiago Silva and Zlatan Ibrahimovic’s brilliance up front.

The Sweden striker scored 27 Ligue 1 goals, a tally lastreached by France’s Jean-Pierre Papin in 1991-92.

PSG could have been more impressive but under Italiancoach Carlo Ancelotti they have turned into a counter-attack-ing side who failed to play eye-catching football despite thepresence of Argentine gem Javier Pastore in the midfield.

Although they produced a few top-notch performances,PSG often struggled against lowly sides, prompting sportingdirector Leonardo to say his team were built for Europe - notthe French league.

A run to the Champions League quarter-finals supportedthat stance even if they did not really surpass expectations.

They took Barcelona to the brink of defeat but were elimi-nated by virtue of the away goals rule, having drawn 2-2 athome before taking the lead but drawing 1-1 at the Nou Camp.

Barcelona’s 7-0 aggregate defeat by Bayern Munich in thesemi-finals put that result into perspective.

GLAMOUR SIGNING“Dream Bigger”, says the club’s slogan.So they brought former England captain David Beckham to

the club on a short-term deal in January, adding glamour offthe pitch rather than really strengthening the team on it.

Always the dedicated professional, Beckham produceddecent performances, and PSG pledged to donate his salary tocharity looking to boost their image as a popular club.

However, it did not work out that way as Beckham’s imagesuffered when he was shown a straight red card in an ill-tem-pered game at Evian Thonon Gaillard last month.

He was not the only one with PSG showing their ugly sideas they picked up nine red cards, more than any other Ligue1 team and more than all the other major European leagueleaders.

PSG’s bad behaviour surfaced again on May 5 whenLeonardo bumped into referee Alexandre Castro in the tunnelafter a 1-1 draw with Valenciennes, during which Thiago Silvawas sent off for putting his hand on the match official.

Leonardo was provisionally suspended while Thiago Silvawas handed a two-match ban.

However, despite those disciplinary problems, PSG

clinched the title with a 1-0 win at Olympique Lyon thanks toa Jeremy Menez goal to end a 19-year wait for the trophy.

UNCERTAIN FUTUREFormer PSG players who won the 1994 title and lifted the

1996 European Cup winners’ Cup believe the club is on theright track despite their teething problems under new owners.

“When Canal Plus bought PSG (in the early 1990s), theyinvested a lot of money to attract great players and we becamea great team,” former France keeper Bernard Lama toldReuters.

“It is a bit what the Qataris have done,” added Lama, whois convinced that “they can be stronger than we were.”

“PSG is pulling French football higher,” former PSG mid-fielder Vincent Guerin told Reuters.

“The project continues, we have recruited good playersthis year and we will be stronger next season,” said Pastore,who has not pledged his future to the club.

Ancelotti must also decide whether to stay at PSG amidspeculation he may join Real Madrid to replace JoseMourinho if the Portuguese leaves the Bernabeu at the endof the season.

The Italian’s departure could prompt some of the club’s topplayers, uncertain about who might take over, to leave as well.

PSG would then have to start their project all over again.

Big-spending PSG prove money can buy success

Man City owners blind to the lesson on their doorstepA week of worldwide acclaim for Alex Ferguson and his 26

years in charge of Manchester United patently failed to getthe message through to Manchester City’s trigger-happyowners that stability is the key to sustained footballing suc-cess.

Instead, goaded by their rivals’ city-centre parade with thePremier League trophy two days after City were humbled byWigan Athletic in a massive FA Cup final shock, they sackedmanager Roberto Mancini, the man who a year ago to the daywas being worshipped as the ‘City Messiah’.

In the modern world of soccer short-termism, no manag-er sacking is ever truly a surprise and Mancini’s exit looked acertainty once he spoke out against the club’s Abu Dhabiowners following Saturday’s Wembley defeat.

Few, however, could have been shown the door with sucha ringing endorsement.

“Roberto’s record speaks for itself and he has the respectand gratitude of Sheikh Mansour, myself and the Board for allof his hard work and commitment over the last three and ahalf years,” said chairman Khaldoon Al Mubara.

“He has clearly also secured the love and respect of ourfans. He has done as he promised and delivered silverwareand success, breaking the club’s 35-year trophy drought andsecuring the title in 2012.”

That title, City’s first for 44 years, was secured in the mostdramatic fashion in the final seconds of the final match of theseason by Sergio Aguero’s goal, and, with a stunning 6-1 vic-tory at Old Trafford en route, would, in any normal world,have been enough to establish Mancini for the long run.

SHORT-CHANGEDThe multimillionaire owners showed, however, that they

wanted more, more, more, and quickly. City’s failure to getpast the group stage of the Champions League for the secondsuccessive season left them feeling short-changed and whentheir defence of the Premier League title fell away, Mancini’slast remaining hope was the FA Cup.

A limp display at Wembley, however, when they weredeservedly beaten by a Wigan side looking destined for rele-gation, left City without any silverware and only the consola-tion of another crack at the Champions League next season.

“Despite everyone’s best efforts, the club has failed toachieve any of its stated targets this year, with the exceptionof qualification for next season’s Champions League,” Citysaid in the statement announcing Mancini’s sacking.

A day earlier Ferguson had stood in the centre circle of OldTrafford and told the world of his grateful appreciation of howUnited’s owners had stood by him during his trophy-less firstfew years - a faith that was repaid a thousand-fold in the nexttwo decades.

David Moyes, who after Ferguson and Arsenal’s ArseneWenger had been the next-longest serving manager after 11

years at Everton, was also given an emotional send-off atGoodison Park on Sunday despite having joined United, withfans recognising his unstinting service as he built a firm basedespite a desperately limited budget.

DEMAND FOR SUCCESSThose two managerial moves left Wenger as the clear

‘Grandfather’ of the Premier League with almost 17 years’service. Tony Pulis is next in line after six years at Stoke City

while Wigan’s Roberto Martinez is the only other man tohave been in the job for more than three years.

“Because of the money thrown at the club (City), theimpatience is there, and the demand for success is muchhigher,” Wenger said a few hours before the Manciniannouncement.

“These people want to be rewarded quickly but I believefor stability inside the club ... it’s important you have peoplewho represent the values you want and the manager can beone of these people when he has been there for a long time.”

There was certainly no shortage of money, with Mancinispending almost 300 mln pounds on transfer fees alone.

Some imports were more successful than others and theowners, unlike the fans, were no doubt unimpressed whenthe Italian publicly berated the likes of Mario Balotelli, CarlosTevez, Joe Hart and Samir Nasri after poor performances.

The new man in the City hot seat will no doubt movesome of the big names on and bring in more of his own buthe will be well aware that the owners have no appetite for anysort of long-term team-building, despite their mysterious ref-erence on Monday to the “need to develop a holistic approachto all aspects of football at the club.”

Moyes joined United on a six-year deal, with Fergusondemanding that the fans be as patient with the new man asthey were with him.

City’s new boss had better hit the ground running or hewill be looking nervously over his shoulder after six months.

ITV buys rights to England qualifiers for £100 mln

Commercial broadcaster ITV will show all Englandsoccer qualifiers for the next two major tournaments inthe latest deal in an increasingly competitive sportsrights market.

The agreement covers UK broadcast rights for homeand away qualifiers for Euro 2016 and the 2018 WorldCup.

Advertising-funded ITV, which has live rights toEngland home games since 2008, declined to commenton how much it had paid for the rights. The Guardianput a figure of 100 mln pounds on the agreement in anonline report.

The value of sports rights has increased in Britainafter telecoms company BT entered the market. BT nowhas a share of rights to English Premier League soccer

and those games will be a central part of a new sports TVservice it will launch in August.

Satellite broadcaster BSkyB will screen qualifiersplayed by Scotland, Wales, Northern Ireland and theRepublic of Ireland. BSkyB has also done a wider deal toprovide extensive live coverage of matches involvingcontinental European nations.

UEFA, European soccer’s governing body, isauctioning rights for qualifying games on a central basisfor the first time, rather than leaving nationalassociations to sell them piecemeal.

UEFA believes that central selling and improvedmarketing of the matches will make them more valuable,pointing to the success of a similar arrangement forChampions League games involving Europe’s top clubs.

Gov’t plans bond market return next yearGreece plans to sell bonds at some point early in 2014, end-

ing four years of exclusion from international capital markets,Prime Minister Antonis Samaras said on Monday.

This is the most optimistic forecast about a bond marketreturn yet made by a Greek official, topping an estimate madelast week by finance minister Yannis Stournaras who said thatthis would not happen before the end of 2014.

“We are already scheduling Greece to go out in the marketsin the first half of next year,” Samaras said in a speech beforebusiness leaders in Athens.

But lenders are more pessimistic about a Greek bond mar-ket return saying that Athens would take several years to fullyreturn to capital markets after funding from its 240-bln eurobailout ends in 2014.

Ireland and Portugal, which also obtained EU/IMF rescueloans, have made more progress than Athens and managed tosell long-term debt again, moving closer to a bailout exit.

This has encouraged Athens, which has also seen its sover-eign yields fall steadily since the ECB announced a bond buy-ing programme to provide a debt backstop for struggling states.

Greek 10-year bond yields dropped below 10% last week,their lowest level in months. Optimism also increased after thecountry’s finances got a clean bill of health by its internationallenders last month. This has opened the way for Athens toreceive as much as 7.5 bln euros in additional rescue loans

from euro group finance ministers later on Monday.“We are already surprising (the lenders). I want us to go

even further than that,” Samaras said in his speech.In a further sign of increasing confidence, he said that the

‘troika’ of international lenders will end nerve-wrangling quar-terly inspection visits to Athens and will instead visit at morerare intervals. They will now return in October, Samaras said.

Greece is set to meet its budget targets this year and next butmust step up privatisations and public sector reform, the EUand IMF said in a draft report released on Monday.

Greece’s autumn talks with its lenders will focus on possibleadditional austerity measures to plug an estimated budgetshortfall of almost 8 bln euros in 2015-2016, the EuropeanCommission said in a separate report.

May 15 - 21, 2013

financialmirror.com | GREECE | 25

EU, IMF rap Greece on asset sales, praise on budget

Greece is set to meet its budget targets this year and nextbut must step up privatisations and public sector reform, thecountry’s international lenders said in a draft report onMonday. The report by the EU and the IMF assessing thecountry’s progress in meeting its bailout goals, said thecountry’s privatisation revenue target had been lowered for2013 to 2 bln euros from 2.6 bln euros.

“While progress has been made in preparing assets forprivatisation, the overall speed of the privatisation processremains unsatisfactory,” said the report.

The document adds to evidence that the debt-laden coun-try still faces big hurdles to standing on its own feet, despitethe fiscal progress made by its coalition government andabout 200 bln euros in rescue loans it has obtained from theEU/IMF since mid-2010.

Even though Athens’ overall debt outlook remainsunchanged as it overachieves on budget cuts, Greece wouldtake several years to fully return to capital markets oncefunding from the bailout programme ends in 2014, thereport said.

Third Point invests in Energean oil company

U.S. hedge fund Third Point has agreed to buy a stake inEnergean Oil & Gas, a small Greek oil producer, for $60 mln,the latest in a series of foreign investments in the countrysince it narrowly avoided crashing out of the euro zone lastyear.

In October, Swiss retailer Dufry bought out the duty-freeoperations of Greek rival Folli Follie for 200.5 mln euros andon May 1, Czech-controlled Emma Delta fund agreed to buya controlling stake in gaming monopoly OPAP for 652 mlneuros.

Greece has been in Third Point’s sights for months. Thefund made big profits by trading deeply discounted Greekgovernment bonds last year. It also submitted a bid to buyOPAP but was disqualified.

The Energean deal is made through the Hellenic Recovery

Fund, a vehicle Third Point set up to invest in Greek assets.“We believe that the opening of the Greek market for

hydrocarbon exploration and production will significantlycontribute towards economic recovery,” Third Point founderDaniel Loeb said in the statement.

Athens plans to award oil and natural gas drilling licensesin 2014, hoping to find big offshore deposits that wouldreduce its dependency on imports.

The country produces almost no oil and natural gas of itsown and spends about 5% of its annual output on energyimports.

Energean Oil is controlled by two individual shareholders.It said it will use the money to double its ongoing oil produc-tion in northern Greece to 4,000 barrels a day by the end of2013 and to start developing a nearby oil field.

Titan Cement posts Q1 lossTitan Group turnover for the first quarter of 2013 stood at

243 mln euros, posting an 8% increase compared to the firstquarter of 2012. But the EBITDA declined by 29% to 24 mln. Thegroup posted a net loss, after tax and minority interests, of 27

mln euros, compared to a net loss of 19 mln in the first quarterof the previous year.

Foreign exchange differences had a 4% negative effect ongroup turnover and a 7.7% negative effect on EBITDA.

Market trends differed markedly across the Group’s countriesof operation: a clear, by now, recovery in the U.S., a continua-tion of the decline in Greece, resilience despite adversity inEgypt, anemic yet stable demand in southeastern Europe andfurther growth in Turkey.

The company declared earlier that 2013 is expected to beanother challenging year.

In Greece, both private construction and public works areheavily impacted by the economic depression. Demand forbuilding materials will decline further from already extremelylow levels, for the first half of the year. Markets in SoutheasternEurope will continue to be adversely impacted by the Eurozonecrisis and demand for building materials is not expected torecover substantially this year.

In Egypt, political and economic woes appear to be escalatingin recent months and uncertainty is high. Although cementdemand appears resilient, the increase in the cost of productionand the weakening of the Egyptian Pound are expected to neg-atively affect results.

In Turkey, market conditions remain positive.Finally, both short- and medium-term prospects appear pos-

itive in the U.S. The housing market seems to have entered astrong recovery phase, positively affecting the building materialsindustry. In a recent publication, the Portland CementAssociation (PCA) expected cement demand to grow by 6.2% in2013 and by 9.2% in 2014.

Construction plunges in February

Greece’s construction sector plunged again year-on-year in February, data showed on Monday, weighing onan economy struggling with its sixth consecutive year ofrecession.

Once a key growth driver, building activity has beenhit hard by austerity measures Athens has imposed totackle the country’s debt crisis and shore up publicfinances.

Record unemployment coupled with cuts in pay andpensions have squeezed household incomes, stiflingdemand for new homes. Tight bank credit and propertytaxes have also taken a toll on the sector.

Statistics service ELSTAT said 1,240 buildingpermits were issued in February, a 45.3% dropcompared with a year earlier. In the 12 months toFebruary building permits fell 42.9% with constructionvolumes down 34.7% compared to the same year-agoperiod, ELSTAT said.

The economy is expected to shrink between 4.2 to4.5% this year.

Coke bottler HBC’s sales seen flat

Coca-Cola HBC, the world’s No. 2 bottler of Coca-Cola, isexpected to post flat sales volumes in the first-quarter when itannounces results on Thursday, with strong growth in Russiaoffset by weaker demand in Europe.

The firm buys syrup concentrate from Coca-Cola and bottlesand distributes the U.S. group’s drinks in 28 countries fromRussia to Nigeria. The first quarter traditionally accounts for asmall part of its full-year profit due to poor weather across itsterritories. Sales volume is forecast almost unchanged at 426mln unit cases, according to a Reuters poll of seven analysts.Government spending cuts and high unemployment in mar-kets like Greece and Italy have hit demand for soft drinks, theysaid. This has offset robust growth in Russia, the bottler’sbiggest market.

But a slowing in raw material price rises this year and bene-fits from cost savings are expected to improve the company’sbottom line.

HBC is expected to post a slightly narrower loss of 15.7 mlneuros from 18.6 mln euros in the same period last year.

Last month it left debt-laden Greece to save on taxes andimprove access to capital markets. It moved headquarters toSwitzerland and its primary listing to London.

The stock trades on 22 times its estimated 2013 earnings,according to data from Thomson Reuters I/B/E/S.

Piraeus to buy back bondsto boost capital

Greece’s second-largest lender Piraeus Bank said on Mondayit planned to buy back 321 mln euros of hybrid bonds as part ofefforts to boost its capital base.The bond buy-back forms part ofthe country’s bank recapitalisation scheme backed by the EUand IMF, under which its main four banks will receive 27.5 blneuros to restore their solvency levels.

Alpha Bank and National Bank have already launched a sim-ilar offer to repurchase hybrid bonds at a discount.

Piraeus said that Barclays, BNP Paribas and Deutsche Bankwould manage its buyback offer, which aims to boost its CoreTier 1 capital adequacy ratio by up to 156 mln euros.

The buy-back offer is expected to run until May 24.

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) Q1 Q1 Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2012 2013 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2012 2013 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 97.82 114.86 -14.84FTSE/CySE 20 47.75 37.08 40.23 44.40 -9.39FTSE/XA & XAK Banking 188.86 81.63 192.07 168.87 13.74MAIN MARKETMAIN MARKET INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 113.87 83.34 88.74 104.69 -15.24BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 - 1.24 - -1 371 000 0 n/a -76.37 0.278 0.185 0.251 -CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 - 0.25 - -3 650 380 0 n/a -89.79 0.047 0.040 0.044 -HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 72 504 0.78 0.15 -100 658 -23 440 n/a -3.78 0.177 0.107 0.117 0.175 -33.14LOGICOM LOG ΛΟΤΖ 74 080 0.35 18 224 0.75 0.33 3 585 2 040 8.93 2.75 1.50 6.10 0.300 0.226 0.246 0.263 -6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 10 341 0.49 0.09 -6 894 -13 281 n/a -5.39 0.048 0.042 0.042 0.045 -6.67LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 5 066 0.22 0.05 -82 674 -40 189 n/a -8.73 0.019 0.011 0.011 0.018 -38.89SECTOR TOTAL / OΛIKO 106 134 0.62 0.10 -5 208 021 0 0 -74 870 1.53PARALLEL MARKET

PARALLEL MARKET INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 637.17 562.64 567.96 627.38 -9.47WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.78 0.14 6 700 6 005 4.76 5.26 2.31 9.24 0.260 0.220 0.250 0.250 0.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 213 3.20 0.13 -2 312 -1 354 n/a -1.88 1.50 3.57 0.460 0.410 0.420 0.439 -4.33A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 236 0.25 0.65 4 059 -1 880 n/a -1.03 0.195 0.160 0.160 0.183 -12.57ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 16 975 0.45 0.21 197 -492 n/a -0.28 2.10 21.65 0.124 0.092 0.097 0.115 -15.65LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.15 0.38 -1 734 -34 500 n/a -12.22 0.061 0.054 0.058 0.058 0.00K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 7 915 4.69 0.13 3 250 3 181 2.49 23.71 1.050 0.590 0.590 1.050 -43.81G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.31 0.42 -1 647 -49 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.00 0.17 -1 046 -1 767 n/a -21.55 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.15 0.63 -2 224 -2 567 n/a -5.70 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.96 0.06 702 1 006 3.83 2.87 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -3 657 -5 616 n/a -4.57 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.48 0.12 -1 273 -3 284 n/a -6.84 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 238 908 1.37 0.31 1 015 0 0 -41 317 5.27ALTERNATIVE MARKETALTERNATIVE INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 657.64 624.36 624.69 636.57 -1.87ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 14 730 0.49 0.31 1 932 -3 731 -3.77 0.93 6.24 0.149 0.153 -2.61A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.014 0.74 -2 776 -1 033 -0.65 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.45 0.11 -2 123 -1 284 -1.16 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.76 0.85 2 311 1 532 3.92 7.00 10.77 0.650 0.650 0.00BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.79 0.18 571 403 2.61 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 526 0.33 0.12 -3 532 -7 040 -4.97 0.039 0.041 -4.88CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.40 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 867 0.27 0.16 -3 913 -16 998 -15.72 0.045 0.042 7.14CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 576 0.03 0.08 -7 733 -14 283 -4.96 0.002 0.004 -50.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 289 0.65 0.46 -104 -95 -0.39 0.299 0.290 3.10C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 887 0.09 0.38 -2 998 -1 275 -0.61 0.033 0.037 -10.81CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 249 0.27 0.90 -652 -366 -7.12 0.243 0.270 -10.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 18 577 2.08 0.06 -4 639 -9 917 -7.21 0.135 0.153 -11.76CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 5.70 0.24 -4 127 -2 868 -93.76 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 27 716 1.86 0.16 6 152 4 381 4.76 3.20 10.63 0.301 0.346 -13.01CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.43 0.33 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 4 617 0.29 0.20 1 600 664 0.82 0.057 0.073 -21.92DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.30 0.19 -529 -666 -4.93 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 -257 -1 404 -8.78 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -6 807 -8 999 -2.58 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.15 0.89 -15 527 -6 859 -20.17 0.138 0.140 -1.43FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.73 0.18 1 608 673 14.01 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 800 0.92 0.12 5 226 -3 246 -3.25 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.10 -0.15 -2 268 -2 602 -11.65 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -112 -203 -2.55 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 10 842 3.40 0.10 -3 948 -8 013 -25.87 0.350 0.385 -9.09KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 709 0.38 0.25 -802 -670 -3.73 0.095 0.089 6.74KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.59 0.99 108 -2 852 -13.98 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 263 -2 408 -3.86 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 694 0.75 0.07 -10 021 -9 471 -9.31 0.056 0.053 5.66MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 735 0.63 0.28 1 324 -1 006 -2.33 0.179 0.184 -2.72MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 941 0.09 0.14 -3 328 -1 399 -1.78 0.012 0.013 -7.69MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 -0.0075 -1.47 -337 -318 -2.13 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 31 833 0.18 0.41 -20 039 -14 396 -3.39 0.075 0.075 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 63 000 1.31 0.55 10 783 5 428 6.20 1.70 2.36 0.720 0.733 -1.77PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.38 0.20 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.004 10.26 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.40 0.44 75 -148 -4.12 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 298 0.04 0.03 151 -1 463 -0.49 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.43 480 -1 593 -4.83 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.43 0.16 973 -3 323 -9.10 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.33 0.03 -19 200 -21 450 -32.25 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.44 0.09 1 577 2 218 6.82 2.00 9.52 0.210 0.230 -8.70TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.34 0.76 -891 -852 -6.98 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 13 -192 -0.93 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -56 -74 -0.76 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.19 5.38 2 739 1 153 1.54 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 415 697 0.77 0.60 -87 300 0 0 -142 839

2012

May 15 - 21, 2013

26 | CSE PRICES | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) Q1 Q1 Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2012 2013 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2012 2013 φορολ. Cents Cents 31/12/12 31/12/2012

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 541 4.80 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 12 585 1.50 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 13 000 10 010 0.77 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 7 799 0.42 0.59 17/10/12GLOBAL DIGITAL SERVICES STC/ΣΤΣΙ 25 000 250 0.01 0.01 30/04/13TOTAL 568 792

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Protean Global Futures (Perpetual Notes) PGFL 650 65 000 000 100 000 1 Dec 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 2012 Q1 2013 Q1 2012 Cents Cents % 572.39 450.90 570.27 546.03 4.44ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0369 -53.93 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 5 222 0.1914 -51.41 -4 301 139 0.25 0.093 0.115 -19.13CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 4 316 0.2682 -63.83 -10 771 -258 -1 596 -2 774 -6.23 0.097 0.119 -18.49DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 54 000 0.7174 -62.36 -14 853 -3 423 -1.71 0.270 0.250 8.00DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 565 0.0012 66.67 -6 892 -2 559 -0.91 0.002 0.004 -50.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0660 36.36 -255 -22 -0.16 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 3 336 0.1709 -65.48 -9 493 -443 -0.78 0.059 0.048 23.17ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0589 -26.99 -86 -251 -2.28 0.043 0.043 0.00KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 418 0.2229 0.94 -180 -57 -2.85 0.209 0.210 -0.48REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0265 -24.53 -150 -182 -0.90 0.020 0.020 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 331 155 5.68 11.00 13.75 0.800 0.800 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -136 -1 921 -70.39 2.000 2.000 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -36 12 0.88 0.520 0.520 0.00UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 704 0.2000 37.50 -403 -782 -5.81 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 83 042 -47 962 -258 -1 596 -12 104 0.00SHIPPING COMPANIES SECTOR

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1728 -98.84 -69 -1 011 -1.25 0.002 0.002 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 13 023 0.06 1.68 -12 265 -12 265 -9.51 0.101 0.101 -A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 399 -350 -0.96 0.100 0.128 -21.88ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 296 0.02 2.41 -6 400 -6 400 -6.40 0.053 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -2 974 -217 -4.29 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 1 600 0.12 0.27 -5 512 -11 266 -22.53 0.032 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 160 714 0.35 12 375 0.57 0.13 -3 755 -10 859 -6.76 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 9 388 -0.12 -0.19 -23 885 -55 832 -14.27 0.06 0.03 0.024 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 157 -0.20 -0.01 -9 100 -9 100 -5.79 0.001 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.08 -0.04 -243 -391 -5.08 0.003 0.003 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 15 000 1.30 0.46 -701 -70 -0.28 1.12 1.87 0.600 0.650 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 285 0.086 0.29 35 35 0.31 0.025 0.020 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 35 890 0.05 15.00 -4 283 6 553 13.69 0.750 0.600 -EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.13 0.19 -219 -2 111 -6.73 0.024 0.024 -FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 148 0.0100 -70.00 -1 465 -1 465 -2.97 0.003 0.009 -FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -24 581 -220 -0.30 0.100 0.100 -KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -77 -77 n/a -0.13 0.14 0.10 0.130 0.130 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 87 87 0.40 0.010 0.005 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 1 910 0.38 0.12 621 -3 654 -8.61 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -10 339 -713 -1.15 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 189 -0.38 0.00 -11 700 -11 700 -6.18 0.001 0.001 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.30 0.78 -545 -605 -7.06 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 10 843 0.43 0.37 2 145 31 0.05 4.00 25.00 0.160 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 510 0.004 2.75 -1 484 494 1.07 0.011 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 619 1.49 0.01 -8 648 -8 648 n/a -10.68 0.120 0.045 0.020 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 879 -959 -9.93 0.080 0.080 -ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 2 925 0.28 0.20 -328 -410 -0.76 0.054 0.054 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 140 0.000 6.67 -1 953 -450 -0.64 0.002 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 1 889 -0.08 -0.04 -15 879 -24 032 -3.82 0.003 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -3 735 921 2.39 0.002 0.002 -SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -60 -60 -0.05 0.010 0.010 -USB BANK USB ΤΡΑΓ 99 271 0.57 64 526 0.52 1.25 -8 961 -825 -0.83 0.650 0.660 -SECTOR TOTAL / OΛIKO 210 466 -157 753 0 0 -155 569

MARKET TOTAL / OΛIKO AΓOPAΣ 1 054 248 -5 500 021 -258 -1 596 -426 699 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

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

May 15 - 21, 2013

financialmirror.com | CSE PRICES | 27

‘Sell in May and go away?’ Not this year

With the Dow and the S&P 500 setting another string ofrecord closing highs last week, the old Wall Street adage -“Sell in May and Go Away” - is starting to look weak.

Closing out the second week of May, the Standard &Poor’s 500 index is up 2.3% for the month.

For the year, the benchmark S&P 500 gained a stunning14.6%.

Some analysts say that when the market starts off thisstrong, it tends to keep the upward momentum going untilthe end of the year.

“Instead of ‘Sell in May and Go Away,’ we may be settingup for a surprise May rally,” said Ryan Detrick, senior techni-cal analyst at Schaeffer’s Investment Research in Cincinnati,Ohio.

“What’s encouraging is that small-cap stocks have beenoutperforming the market recently. It’s a sign that the mar-

ket is going for even the riskiest sectors.”Both the Dow industrials and the S&P 500 topped major

milestones for the first time in early May, with the Dow Jonesindustrial average surpassing 15,000 and the S&P 500 break-ing through the 1,600 mark. Since then, the indexes havebeen steadily holding above the landmark levels. The NasdaqComposite Index has climbed to the highest closing levels in12-1/2 years.

In a sign of the rally’s breadth, the Russell 2000 index ofmid- and small-cap stocks also hit all-time highs recently.

Technical analysts saythe next level to watchwould be 1,660 on theS&P 500.

“The main question iswhether the bulls canmaintain the 1,600 levelon the S&P 500 foranother week,” said Ari

Wald, a technical analyst at PrinceRidge Group, a New York-based investment bank.

“If it does, the next level is 1,660. But with marketsalready this high, it won’t be easy.”

Despite lingering concerns about a technical pullback, themarket’s strong performance so far this year has alsoincreased the chances of equities rallying throughout theyear, according to some analysts.

“With the market up so much, can it continue to makegains over the next seven months through year end? At leastbased on history, it has a better chance of continuing higherduring strong years than when it is not up significantly,”Bespoke Investment Group analysts wrote in a note toclients.

Bespoke noted that this year is only the 11th-best start toa year since 1991, when the index gained another 9.7% forthe rest of the year.

If 2013 plays out like that - with another 9.7% gain instore for the S&P 500 - the broad index would finish the yearup a whopping 24.3%.

LAGGARDS PLAY CATCH-UP

Among recent gainers, sectors closely tied to economicgrowth such as technology and financial stocks have beencatching up after lagging for most of the year.

“We are seeing the once beaten-down stocks making acomeback,” Wald said. “It’s been sort of a rotation of leader-ship that has been taking place for a month or so. It will beinteresting to see if this can last” into next week.

The S&P financial sector index is up about 2% for themonth, while the S&P information technology sector is upabout 3%.

For some perspective, the tech sector has a way to go,when compared with defensive sectors like utilities. The S&Putility sector index is up more than 13% for the year, whilethe S&P info tech sector index rose less than 8%.

CONSUMER IN THE DRIVER’S SEAT

The American consumer will get Wall Street’s attentionthis week when a raft of economic data and retailers’ earn-ings could shed some light on whether they shopped formore than just the bare necessities.

Retail sales for April are released by the U.S. CommerceDepartment.

“It (retail sales) will be a chance to look at the real pictureafter weak numbers last month on sequestration and other(external) factors,” said Karyn Cavanaugh, a market strate-gist at ING U.S. Investment Management in New York.

“The market is driven by good fundamentals from corpo-rate earnings, but it’s really the consumers that take up 70%of our economy. They are a real game changer.”

Other economic data on tap includes April import andexport prices on Tuesday, followed on Wednesday by the U.S.Producer Price Index for April, the Empire State Index forMay, industrial production and capacity utilization for April,and the National Association of Home Builders Index forMay.

On Thursday, the economic agenda includes the U.S.Consumer Price index for April, housing starts for April, week-ly jobless claims and the Philadelphia Fed’s survey for May.

Wall Street will get a look at consumer sentiment onFriday, when the Thomson Reuters/University of MichiganSurveys of Consumers will release its preliminary reading forMay.

On the earnings front, a number of retailers are scheduledto report results, including Macy’s Inc on Wednesday.Results from J.C. Penney Co Inc, Nordstrom Inc, Kohl’s Corpand Wal-Mart are expected on Thursday.

With 89% of the S&P 500 companies having reportedearnings so far, 66.7% have topped profit expectations, abovethe average of 63% since 1994. However, only 46.4% havebeaten revenue expectations, well under the average of 62%since 2002.

May 15 - 21, 2013

28 | BACK PAGE | financialmirror.com

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