March 13 - 19, 2013

2 | NEWS | financialmirror.com

Hollande clings to jobs goal as voters lose faithl French public deficit is way off target; President reaffirms jobs pledge but economists sceptical

French President Francois Hollande, battling to appease vot-ers as his economic goals recede, loosened a budget target for2013 on Tuesday but clung to his pledge to end a jobs crisis.

On a two-day trip to eastern France aimed at convincing asullen public he can restore the economy to health, Hollandeadmitted that deficit-cutting has been blown off course but saida delayed target was preferable to austerity measures that couldstifle economic recovery.

He said the end-2013 public deficit should come in at 3.7%of GDP, as the European Commission is forecasting, a far cryfrom his initial 3% goal.

But Hollande insisted that he can reach his last standinggoal, to reverse by end-2013 a rise in unemployment that hastaken the rate to a 13-year high of 10.6%.

“The right economic strategy is to stay on this track withoutdoing anything that can weaken growth,” Hollande told a meet-ing in Dijon, capital of the Burgundy wine-making region.

On his pledge to halt the jobs crisis, he said: “I will use everylever I can to achieve this aim of reversing the trend in unem-ployment.”

Confidence in Hollande has dropped to the lowest level in 30years for a French leader just ten months into his presidency.

As anaemic growth thins state revenues and left-wingers

fume at the focus on spending cuts, the Socialist governmentsaid this week it will demand another 5 bln euros in cost cuts atministries this year.

Hollande has yet to acknowledge that the goal closest to vot-ers’ hearts is also likely to elude him.

The Commission sees French unemployment, currently at10.6%, rising further this year and hitting 11% in 2014. Analystsalso see no reason for the jobless rate to fall.

With Hollande bound to address the issue in a televised mes-sage to the nation later this month, his aides seemed to bepreparing the ground by explaining that his pledge should beread as halting the rise in unemployment, not turning it around.

SOS CALL?Opposition UMP politicians poured scorn on Hollande’s

“meet-and-greet” Dijon trip, scheduled as his approval ratingshit new lows below 30% in early March. Lawmaker FranckRiester called it “the SOS call of a captain in distress”.

Hecklers on the tour shouted: “What happened to the prom-ises?” and “We’ve been waiting six months for a change!”Images of one of them being dragged off by police jarred in whatwas billed as a warm outing with no crowd barriers.

In a rough Dijon suburb with a 32% unemployment rate,

Hollande told locals at an indoor climbing wall that he wouldrestore employment step by step, like a rock climber.

The Socialist-controlled parliament is due to pass legislationnext month based on a labour accord reached between employ-ers and three mainstream trade unions to make it easier forfirms to cut work hours and pay in downturns.

While hard-left lawmakers oppose the law, it is in line withwhat economists advise to boost hiring in the long term - butprobably not this year, when the government has admitted theeconomy will likely grow just 0.2 to 0.3%, well below the 0.8%budget assumption.

Euro woes not over, as Germany piles up crisis fundsThe euro zone crisis is not over, France’s reforms are slipping

and the Bundesbank has set aside billions in new provisionsagainst what it sees as risky European Central Bank moves,Germany’s central bank said on Tuesday.

Presenting Bundesbank 2012 results that showed a sharpincrease in its risk provisions, the German central bank’s chief,Jens Weidmann, urged governments to tackle the roots of theirtroubles with reforms.

Weidmann, a member of the ECB’s Governing Council,opposed the bank’s yet-to-be-used bond-buy plan agreed lastSeptember and believes euro zone governments must shape uptheir economies to exit the crisis rather than looking to the ECBfor help. “The crisis is not over despite the recent calm on finan-cial markets,” Weidmann said.

There was uncertainty about the reform course in Italy andCyprus, he said, adding: “The reform course in France seems tohave floundered”.

The ECB’s other German policymaker, Joerg Asmussen, latelast month urged France to take “concrete and measurable”

steps to bring down its budget deficit, saying Paris faced a test ofits credibility.

The Bundesbank is concerned about risks the ECB has takenon to help banks through the crisis, for example by acceptinglower-rated assets in return for cash, exposing it to larger lossesif a bank fails to repay.

Wiedmann also expressed concerned that a debt deal strucklast month between the ECB and Ireland over ailed Anglo IrishBank showed the ease with which the bank can fall into the“clutches” of fiscal policy - and area the Bundesbank does notwish it to go.

The Bundesbank said it increased its risk buffers by 6.7 blneuros to 14.4 bln.

CONFIDENCE LOSTGermany, Europe’s economic powerhouse expanded robust-

ly during the first two years of the euro zone crisis but growthslowed last year and the economy shrank 0.6% in the fourthquarter. Most economists still see the country escaping a reces-

sion, defined as two consecutive quarters of contraction, bygrowing weakly in the first quarter before regaining momen-tum. German growth is crucial to underpinning the euro-zoneeconomy.

“The German economy is structurally in good shape,” hesaid, though confidence had been hit by the euro zone debt cri-sis, which posed the biggest risk to a recovery.

“Only some of the confidence lost as a result of crisis hasbeen recovered so far,” Weidmann said.

He nonetheless expected growth to strengthen as the yearprogresses, assuming there are no further shocks to confidence.

“In the short term, we in the euro area have, if anything,declining inflation risks,” Weidmann said, adding that in themedium-term it was important to leave no doubt about the ‘sta-bility orientation’ of ECB monetary policy.

The ECB discussed cutting interest rates last week, but decid-ed to keep them on hold, citing positive economic survey indi-cators, which in turn suggest it is ready to keep rates at 0.75%barring the economy taking another turn for the worse.

Hungarian PM pushes for state bank, rebuffs foreign criticsHungary’s go-it-alone prime minister said there were too

many foreign-owned lenders in the country and promised tofree companies from billions in euro and Swiss-franc loans.

Viktor Orban, a conservative who has angered investors andignored European Union warnings that he is backsliding ondemocracy, said his government would set up a system of state-owned banking and called on policymakers to cut interest ratesfurther.

In a week when the ruling Fidesz party overhauled the con-stitution and, via his former economy minister, Orban took con-trol of the central bank, the combative prime minister steppedup rhetoric characterising Hungary as a country embattled byforeign influences that are keeping it down.

He said one step would be to help small firms convert euro-and Swiss franc-denominated debt into forint loans, a move thatmay force losses on banks but one that Orban said was crucialfor Hungary to go its own way.

“There is one way to break free: if we break free of foreigncurrency lending,” he told a business forum. “In my mind it isfundamentally a matter of sovereignty.”

Giving no details, Orban also said the government wouldboost lending by establishing a state-owned banking systembased on the network of savings cooperatives that it acquiredwhen it bought a stake in Takarekbank last year.

The push for more state influence in the economy is a depar-ture from neo-liberal policies, such as selling banks and otherfirms into private hands, that most of the EU’s new ex-commu-nist members pursued before joining the bloc last decade.

And as the euro zone crisis has exposed the EU’s inability toenforce economic rules among its members, Orban’s actionshave underscored the paucity of tools the bloc has to uphold its

democratic values. Diplomats and rights groups say the charis-matic 49-year-old leader has taken an autocratic tack, eliminat-ing checks and balances and replacing opponents in courts, thecentral bank, and other institutions and replaced them with loy-alists who will carry out his orders without question.

Germany used a visit to Berlin by Hungarian President JanosAder, an ally of Orban, to voice concerns about this week’s voteby parliament in Budapest to change the constitution. “Theconcerns of Hungary’s European partners and friends, for exam-ple over the restricting of the constitutional court’s competen-cies, must be taken seriously,” a spokesman for GermanChancellor Angela Merkel said.

Orban, a father of five who made his name as a studentactivist under communism, defended his policies and said adecision to break ties with the IMF last year was to prove thatHungary could act without outside help.

The forint dropped more than a percent following his com-

ments, to 305.7 per euro, before recovering to 304.2.

FRUSTRATION AT HOMEAt home, Orban’s tactics have driven away many of the vot-

ers who elected his Fidesz party with an overwhelming twothirds parliamentary majority in the 2010 election.

Although Fidesz leads opinion polls ahead of an election nextyear, its popularity is hovering far below its peak at about 25%and about half of voters are undecided.

Orban has launched a new campaign attacking his leftistrivals and is now expected to embark on a series of pro-growth measures, including urging the central bank to cutinterest rates. He has said last week’s naming of GyorgyMatolcsy - a close ally and the architect of economic policiesthat have spurned outside help and led to criticism frominvestors - to head the central bank would not infringe on itsindependence. But hecalled on the bank to cutinterest rates so companiescan borrow at a lower ratethan the current 8-10%.

Analysts said that and thepush to reduce foreign cur-rency loans were a clear sig-nal that rates would comedown and the governmentwas trying to push the forintcurrency weaker, whichcould make exports morecompetitive and boostgrowth.

March 13 - 19, 2013

financialmirror.com | CYPRUS | 3

Gov’t plans tax hikes, mixed signals for banks’ ring-fence

Cyprus may hike its corporate tax from the competitivelylow 10% to 12.5% soon to stave off IMF pressure for investorsto take losses on bank deposits as it seeks to secure a 17.5 blneuro bailout.

International lenders, who resumed talks with Cyprus lastweek, are urging Cyprus to lifts its corporate tax rate and intro-duce a capital gains levy, to ensure it can repay an internation-al bailout which it requested last year.

A source with direct knowledge of the island’s consultationswith the lenders told Reuters that a “small” corporate taxincrease could be considered by Cyprus, along with a temporarylevy on capital gains.

“It looks like consultations are starting to yield results, andthe proper compromises are being found,” the source said.

Media reports also suggested that the new government mayask Greece to use some of the funds from Athens’ EU/IMFbailout to help Cypriot banks with a presence in Greece. Athens,however, played down such talk on Monday.

“There has been no specific request by the Cypriot side toGreece to contribute to the recapitalisation of Cypriot banks,”Greek government spokesman Simos Kedikoglou told reportersafter President Nicos Anastasiades met Greek Prime Minister

Antonis Samaras in Athens.Averof Neophytou, deputy leader of the ruling Democratic

Rally party, asked on Monday whether a corporate tax increasemight be on the cards, said Cyprus needed to make some choic-es because a bailout accord was needed to avert bankruptcy.

“At the end we will look at the pros and the cons, lay out pri-orities then decide what measures can be taken which are notdestructive for the promotion of growth,” he told state radio.

President Anastasiades, who has vowed to work for a swiftbailout deal, was on a two-day visit to Athens to convince Greekofficials to agree to ring-fencing the “bad bank” operations ofthe island’s two main lenders that are exposed to nearly 25 blneuros worth of Greek state and private debt.

Saying that the Cyprus economy was in a “state of emer-gency”, Anastasiades called political party leaders and his clos-est economic advisors to the Presidential Palace on Saturdaynight asking all sides to take a share of the burden he inheritedlast month form a bankrupt communist administration.

The president said that the Troika of international lendersfrom the European Union, the European Central Bank and theIMF were insisting on a number of conditions in order torelease a 10 bln euro bailout and to avoid a haircut on Cyprus

bank deposits. He added that without any recapitalisation, thelocal banks, and the nationalised Popular Laiki, would survivethe most until the end of March.

Anastasiades said that all parties would have to agree tosome form of privatisation of about seven public services andutilities, without necessarily being sold off to foreign investors.These would take about two years, but at the first stage wouldfocus on restructuring these services as government-owned orpublicly-owned companies.

Four consultancies will be hired for the due diligence onthese services.

The Troika also wants to raise the tax on dividends from 20%to 30%, and the tax on interest from 15% to 30%, as well as a“rich tax” on earnings beyond 120,000 euros a year rising from30% to 40%.

No date yet for Cyprus vote in Bundestag

German Finance Minister WolfgangSchaeuble told conservative politicians onTuesday the Bundestag lower house of par-liament would get to vote on 17.5 bln eurosin aid for Cyprus before a European decisionbut he did not set a date.

“In the parliamentary group meetingSchaeuble said the Bundestag would get tovote on it in the week before a European deci-sion,” Norbert Barthle, budget spokesman forGerman Chancellor Angela Merkel’s ChristianDemocrats (CDU) told Reuters.

Another participant in the meeting con-firmed Barthle’s account of events.

Earlier on Tuesday some sources hadcited Schaeuble as saying the Bundestagcould decide on aid for Cyprus as early asnext week.

A precondition for the Bundestag to voteon bailouts is a decision from euro zonefinance ministers that Cyprus requires finan-cial assistance.

Schaeuble can only give the Eurogroup ofeuro zone finance ministers Germanapproval for the aid once he has the greenlight from the Bundestag. Approval from thelower house is far from a done deal with justsix months to go to federal elections.

Casinos in two years, says MinisterThe government hopes that the first casi-

nos will be operational with in two years andhas asked the Cyprus Tourism Organisation(CTO) to update the studies they have carriedout in 2007, Trade and Tourism MinisterGeorge Lakkotrypis said on Tuesday.

The Minister briefed the House CommerceCommittee on all issues related to his Ministry,such as natural gas reserves, tourism, renew-able energy sources, consumer matters andelectricity cost.

Speaking to the press, Lakkotrypis said thatas far as the casino issue is concerned, theministry must have before it all the informa-tion before making its final decision. Hereferred to the social dimension of the issue,

replying to questions about the criteria ofadmission to the casino.

The Minister said that the issue of casinos isurgent to ensure state revenues and the gov-ernment hopes that in two years the first casi-nos will be operating on the island.

As regards the request for free internetaccess, Lakkotrypis said that this is related tothe creation of a technological park in Cyprusthat will give the opportunity to big scale com-panies to start business.

Asked whether the procedures as regards nat-ural gas reserves in Cyprus’ Exclusive EconomicZone will speed up, he said the government hasits priorities, is well aware of what needs to bedone and this will be done the soonest.

Noble seeks 2nd gasfield off Cyprus shore, looking for oil?

Noble Energy is contemplating exploring asecond gasfield within its own license area inBlock 12 of the Cyprus Exclusive EconomicZone, suggesting there might be crude oildeposits below the recent finds of natural gas.

The second exploratory well is expected tofind some 5 trln cubic feet of natural gas, sig-nificantly below the 7 tcf average at the firstwell.

Confirmation drilling by Noble in block 12is a top priority, said Energy Minister GeorgeLakkotrypis.

Asked to comment on the fact that Cyprus’

international lenders refuse to take intoaccount the country’s earnings from naturalgas reserves in their estimate of the amountof a financial bailout, the Minister said “this isthe main reason we urgently need to proceedwith the confirmation drilling.”

“If there is confirmation of the reservesand these are validated, we can then declarethese deposits as marketable at a specificvalue”, he pointed out. He said there will bea meeting with Noble this week in order todiscuss their next moves, adding that thecompany’s contract is until October.

March 13 - 19, 2013

4 | CYPRUS | financialmirror.com

House sales plunge in Jan, FebHouse sales in Cyprus, with the exception of Paphos,

plunged by 44% on an annual basis in the first two monthsof 2013, figures released by the Department of Lands andSurvey showed.

Sale contracts submitted to the Department dropped44% to 727 in January and February 2013 compared with1,289 in the corresponding period of 2012.

Cyprus-wide contracts for January 2013 declined by53% year-on-year to 375 from 803 in January 2012, where-as house sales in February reached 352 compared with 486in previous year registering a reduction of 28%.

In Nicosia, sales plunged by 75% in January reaching 46compared with 182, whereas February house sales declinedto 59 compared with 148, a reduction of 60%. For the firsttwo months of 2013, Nicosia sale contracts declined by68%.

Limassol house sales declined by 51% in the first twomonths with 177 sale contracts filed compared with 361 inJanuary-February 2012.

House sales in Larnaca declined by 48% in the first twomonths of 2013, reaching 102 compared with 196 in thecorresponding period of 2012.

The Famagusta area saw the steepest decline with 70%,as sale contracts in January and February 2013 reached 37compared with 124 in the corresponding period of 2012.

On the other hand, Paphos was the only region that reg-istered growth of 10%, owing to a steep increase inFebruary when sale contracts increased by 86%. Sale con-tracts, mainly attributed to Chinese buyers seeking a per-manent residency with an investment of 300,000 euros, forthe first two months of 2013 reached 306 compared with278 of January-February 2012.

Have AML talks hit a snag?l ECB’s Draghi urges action on anti-money laundering

Negotiations between the Ministry of Finance andinvestigators from the Troika of international lenders toreach an agreement on the terms of reference for theindependent audit into Cyprus’ legal framework againstmoney laundering came across obstacles on Tuesdayevening.

According to the state-controlled Cyprus News Agency,while at first the terms of reference were agreed,negotiations were subsequently blocked on the part of theTroika.

“The issue of the terms of reference remains open”, theCNA report quoted a source as saying, without excludingthe possibility of an agreement to allow the procedure of atender to choose an independent audit company toparticipate in the investigation for money laundering.

The audit into Cyprus’ legislation against moneylaundering will be conducted by an independent privatefirm with the participation of the Moneyval Committee ofthe Council of Europe.

The government rejects allegations that Cypriot banksengage in money-laundering activities and has repeatedly

said that it has “nothing to hide”, ahead of an independentaudit of compliance with anti-money launderingregulations decided at a recent Eurogroup meeting.

DRAGHI URGES CYPRUS ON AMLMeanwhile, CB President Mario Draghi has urged the

new Cypriot government to look at how it is combatingmoney laundering.

Euro zone finance ministers pledged last week to agreea bailout for Cyprus, but details of how the rescue will befinanced are yet to be sorted out.

One stumbling block has been concern about Cyprus’simplementation of its money-laundering laws. The newgovernment has agreed to an independent review.

Admitting that the issue was not directly in the ECB’sremit, Draghi volunteered that it was a key issue.

“It is very important that the Cypriot government takesthis opportunity to revisit the anti-money launderinglegislation - not so much in terms of the legislation, but inaccepting international oversight on how effectively thislegislation has been implemented,” he said.

Four new leaders expected at this week’s EU summit

This week’s EU summit on Thursday and Friday willsee four new faces, even though just five weeks haveelapsed since the February 7-8 summit. Resignations andelections have brought Slovenia and Malta new PrimeMinisters and Cyprus a new President, while Bulgaria willbe represented by the President ahead of an imminentpoll.

The mostly male crowd at the EU’s highest tableshould be augmented by a new female leader. The leaderof the centre-left Positive Slovenia, Alenka Bratu?ek, is hercountry’s Prime Minister-designate, likely to forge a gov-ernment in time for the summit.

In recent years only German Chancellor Angela Merkel,Danish Prime Minister Helle Thorning Schmidt andLithuania president Dalia Grybauskaitò have provided atouch of colour in the otherwise male-only summit “fam-ily photo”.

Bratusek, 42, took over following a vote in parliamenton February 27 which dismissed the centre-right PrimeMinister Janez Jansa over a graft case.

Another centre-left leader to join the high table will bethe new Maltese Prime Minister Joseph Muscat, sworn inon Monday. His Labour Party won the country’s generalelection on Saturday for the first time in 15 years. He willreplace Lawrence Gonzi of the centre-right NationalistParty.

Muscat has made statements saying that he would addmore weight to the centre-left camp at EU summits.

In recent months, the dominance of the centre-rightEuropean People’s Party at EU summits has been eroding.

The EPP currently has 13 out of the 27 members of theEuropean Council: Angela Merkel (Germany), MarianoRajoy (Spain), Jean-Claude Juncker (Luxembourg), TraianBasescu (Romania), Viktor Orbán (Hungary), Donald Tusk(Poland), Fredrik Reinfeldt (Sweden), Enda Kenny(Ireland), Valdis Dombrovskis (Latvia), Antonis Samaras(Greece), Jyrki Katainen (Finland), Pedro Passos Coelho(Portugal) and Nicos Anastasiades (Cyprus).

It was Anastasiades who broke the slimming-down ten-dency of the EPP group, when the new Cypriot president,elected on February 24, replaced Demetris Christofias, theonly Communist at the EU’s highest table.

Anastasiades, who was sworn in on 1 March, is expect-ed to speed up a joint rescue plan by the European Unionand IMF before the island runs out of cash, potentiallyderailing the fragile confidence returning to the eurozone.Christofias had rejected the terms proposed for Cyprus’rescue on ideological grounds.

The centre-left Party of European Socialists (PES) isrepresented by François Hollande (France), Elio di Rupo(Belgium), Helle Thorning-Schmidt (Denmark), WernerFaymann (Austria), Robert Fico (Slovakia), Victor Ponta(Romania), Joseph Muscat (Malta).

Alenka Bratusek’s party Positive Slovenia is not PES-affiliated, but PES has welcomed the involvement of theSocial Democrats (SD) in negotiations for a new centre-left coalition government in Slovenia. Croatia, which isexpected to join the Union on 1 July, is already represent-ed at EU summits by its Prime Minister Zoran Milanoviç,a social-democrat.

Inflation rate falls in FebThe consumer price inflation rate fell to 1.6% in February from

with 1.8% in January 2013 and 3.1% in February 2012. The EU-harmonised inflation rate also fell to 1.8% in February,

compared with 2.0% in January 2013 and 3.1% in February 2012.Compared with the previous month, prices measured by the

national consumer price index rose by 0.22%. The Statistical Service reported that this was mainly owing to

increases in the prices of petroleum products, insurance premiumfor motor cars and air fares.

Decreases were recorded in the prices of certain fresh vegeta-bles. potatoes and certain medicines.

In January-February 2013, consumer prices rose by 1.7% com-pared with the corresponding period of 2012.

Recession pushed downtrade deficit in 2012

Recessionary conditions pushed down the trade deficit in2012, which fell to EUR 4,320.0 mln (4.3 bln) in January-December 2012 from EUR 4,906.5 mln in 2011.

The main reason was a sharp fall of imports. Total imports/arrivals (covering total imports from third

countries and arrivals from other Member States) in January-December 2012 amounted to EUR 5,740.5 mln compared withEUR 6,310.5 mln in January-December 2011.

Exports also rose however. Total exports/dispatches (coveringtotal exports to third countries and dispatches to other MemberStates) in January-December 2012 rose to EUR 1,420.5 mln(EUR 1.4 bln) compared with EUR 1,404.0 mln in January-December 2011. Provisional data for January report totalimports of EUR 410.9 mln, of which EUR 247.9 mln werearrivals from other Member States of the EU and EUR 163.0 mlnimports from third countries.

Total exports/dispatches reached EUR 115.9 mln of whichEUR 62.4 mln were dispatches to other Member States of the EUand EUR 53.5 mln exports to third countries.

Revised GDP deepens Q4recession

Full national accounts figures have revised down the contrac-tion in the fourth quarter to a seasonally adjusted 3.3% from a pre-vious flash estimate of 3%. On a non-seasonally adjusted basis realGDP declined by 3.4% over the same quarter of 2011.

The decline was broadbased. Cystat reported that negativegrowth rates were recorded for construction, manufacturing, retailand wholesale trade, transport, public administration, and recre-ational and cultural activities).

A positive growth rate was recorded for Legal and accountingactivities.

Lebanon, Cyta in telecomlink to Europe via Cyprus

The Lebanese Ministry of Telecommunications (LMoT) and theCyprus Telecommunications Authority (Cyta) have agreed to sharecapacity on Cyta’s Alexandros cable subsystem betweenCyprus–Egypt–France, thereby creating reciprocal Eurasia andEastern Mediterranean business opportunities.

As part of the agreement, LMoT will buy multiple capacity con-nectivity to France and Egypt, thus enhancing the robustness ofLebanon’s international access through physical diversity and sig-nificant increase in bandwidth.

The two sides have also signed an MoU for the construction ofthe Europa system, a new high-capacity undersea cable betweenCyprus and Lebanon, which is expected to be ready by 2015 or ear-lier. This will enhance and gradually replace the existing CADMOScable system, also connecting Lebanon and Cyprus. At the sametime, Europa will form a bridge between the IMEWE cable systemlanding in Lebanon and Alexandros cable subsystem landing inCyprus. Cyta Chairman Stathis Kittis accompanied by CEO AristosRiris amd senior officials attended the signing ceremony in Beiruttogether with Telecommunications Minister Nicolas Sehnaoui,accompanied by LMoT Director General Naji Andraos and otherofficials.

Cyta, through its strategic business unit Cytaglobal (www.cyta-global.com), is particularly active in the area of international sub-marine fibre optic cables, providing wholesale products and servic-es on a global basis, and has established Cyprus as a regional tele-coms hub in the Eastern Mediterranean.

March 13 - 19, 2013

financialmirror.com | CYPRUS | 5

The outspoken head of the Church of Cyprus, often describedas a shrewd administrator with good business sense, believesthat the only way out of the current economic crisis is throughgrowth, and this will only come out of back-to-basics invest-ments, such as in quality tourism and energy.

Archbishop Chrysostomos II gave an exclusive interview tothe Financial Mirror with the discussion swerving from theeconomy to politics, banking to growth, poverty to education,before ending up with the economy again.

On every topic, the primate of the island’s Greek OrthodoxChurch has a learned opinion and is not afraid to speak hismind, as was the case of his latest comments in favour of pri-vatisation of state-owned services.

However, the Archbishop is a firm believer in developing theattributes of the hard-working and entrepreneurial Cypriots, say-ing that new projects will help revive employment, investingmillions in the local economy and putting the island on theinternational map, once again.

One of his ambitious projects is to develop “luxury retire-ment resorts” that will operate throughout the year, attractingmainly higher-income northern Europeans.

The Archbishop has already assigned some of his closestassociates to start work immediately, with the first resort expect-ed to be built near the popular holiday town of Ayia Napa.Financing will probably come from overseas investors.

“All we want is a faster and simpler conclusion of procedures.No special treatment for us, just for things to move faster,” hesaid, adding that very often unnecessary red tape is a hindrancethat slows down development and growth.

Archbishop Chrysostomos believes that with the highly qual-ified doctors and nursing profession on the island, Cyprus canvery soon become a world leader in medical tourism, a globalmarket estimated to be worth $40-60 bln, by attracting long-stayvisitors who will enjoy high quality facilities, such as healingspas. The success of the first resort will pave the way for moresuch projects around the island, for which the Church of Cyprushas set aside some of its prime real estate.

“Of course, the market is open to everyone and I hope thiswill be the beginning for a major turnaround in our touristindustry. Our climate is only good for such developments, andwe should focus on the services sector.”

There will also be a trickle-down effect with tangible benefitsin the wider tourist industry, religious tourism, as well as thehospitality sector of food and leisure.

ENERGY AND PV PARKSEnergy is another sector that the Archbishop is interested in,

saying that there are investment opportunities in photovoltaicparks and that potential partners from Russia, France and Israelhave already been lined up. Already, some 100 donums of landhave been earmarked for the project.

The Church had in the past considered participating as aminority shareholder in one of the bidding ventures for oil andgas exploration, an investment it has not given up on altogether.

BANKING WILL RECOVER

As regards the banking sector, the Archbishop is reserved, butsees some glimmer of hope, “if only the Troika [of internationallenders] lets us to keep a sustainable capital adequacy level ofcloser to 8%, compared to 9-10%, and allows the banks about 4-5 years to recover.”

“The banks need time and the Church will stand in the wayof anything that we disagree with.”

The banks are not blameless in their unwise investmentchoices, he said, adding that the Church lost some 9.5 mlneuros in investments it had from its holdings of bank stocks anddividends. The biggest problem was probably the exposure to theproperty market which was over inflated.

The Hellenic Bank, in which the Church controls a direct andindirect stake of about 25%, is the better of the island’s threelargest banks.

“I am not just satisfied, I am enthusiastic,” with their per-formance, despite a low-risk conservative approach to invest-ments. The bank announced lower-than-expected losses of 23.4mln euros for 2012, down from the 100.7 mln losses reported in2011, most of which was attributed to the writedown of Greeksovereign debt.

“It was wrong that [the previous Christofias administration]blamed everything on the banks. Mistakes were made, but thehaircut of about 4.5 bln euros was the result of the wrong deci-sion taken by former President Christofias and his lack of com-munication with the former Central Bank Governor AthanassiosOrphanides.”

Is it, then, the right time to talk about the merger of the twobiggest banks – Bank of Cyprus and Laiki Popular?

“Maintaining the banks separate will also contribute to ahealthier and competitive banking sector. If Bank of Cyprus issupported, it will be able to recover. The situation is worse in thecase of Laiki, that will be difficult to sustain in its present form.I’m sure that investors will be found,” the Archbishop said,adding that the latter’s downfall started after AndreasVgenopoulos took charge of the bank and concluded a three-waymerger with Marfin and Egnatia.

RETURN OF THE POUND?

In comments he made later, Archbishop Chrysostomos sug-gested that if the Troika (European Union, European CentralBank and IMF) impose harsh conditions for the 17.5 bln eurobailout, “then maybe we should threaten them with exiting theeurozone and bringing back the Cyprus pound.”

However, he had harsher words for former PresidentChristofias, Central Bank Governor Paniccos Demetriades andformer Finance Minister Vassos Shiarly, saying they were toblame for agreeing to the terms of reference for the PIMCO duediligence of the Cyprus banking system.

“I told the board members and the management of theHellenic Bank that if the central bank Governor or the formerFinance Minister or the previous government are to blame, thenthe banks should consider taking legal action, because theguidelines given to PIMCO were wrong and aimed at showingunrealistic data, basically to cover the shortfalls of the govern-ment.”

As regards the new administration of Nicos Anastassiadeswhom he endorsed during the election campaign, theArchbishop said that the new president “will surprise us all.”

He added that although the Christofias administration didnot have that many faults, “you cannot flaunt your communistculture all over the place. The previous government’s theory totake from the rich, simply made the rich poor, and the poorpoorer.”

Creative thinking at TEDxNicosiaThe second TEDxNicosia networking event was held last week

inspiring the audience and prompt it to “Re-Think, Re-Generate and Re-Act.” Partnering up with Cytamobile-Vodafone sent out a loud messageof the decisive role large organisations can play in reviving theircommunities.

In all, 12 speakers, pioneering performances and thought-provokingTEDx videos grasped the attention of 450 individuals, triggering them toseek a new perspective and even hope through a more creative approach.

Given the current financial crisis in Cyprus, TEDxNicosia created aplatform to Re-Think certain things that are taken for granted, by makingfresh plans for the present and the future; to Re-Generate personalenergy, regenerate ideas and even hope; and to Re-Act to external andinternal stimuli to chart a new course.

l Chain of “luxury retirement resorts’’ Lost €9.5 mln from investments, blames Christofias

Church to invest in tourism, energyChurch to invest in tourism, energy

The Cairo Islamic Summit and the Turkish CypriotsAt the Twelfth Islamic Summit of the Organisation of

Islamic Co-operation (OIC) held in Cairo (6-7 February 2013)the Turkish diplomacy was again very active, with a view topromoting its positions on the Cyprus problem. In the FinalCommuniqué support was declared for a solution based on“the inherent constitutive power of the two peoples, theirpolitical equality and co-ownership of the island.”Furthermore, the text stated the following: “We express oursolidarity with the Turkish Cypriots and our appreciation fortheir constructive efforts to attain a mutually acceptable settle-ment and call on Member States to strengthen effective soli-darity with the Turkish Cypriot State.”

We retain the expressis verbis reference to the “TurkishCypriot State” and the appearance for the first time of the con-cept of “co-ownership of the island”, which prompted DervishEroglou to state that all the points proposed by Turkey wereadopted in the Final Communiqué. Time and hard work byTurkey resulted in these extreme positions, a negative develop-ment for our side. It should be mentioned that after the illegaldeclaration, in November 1983, by the Turkish Cypriots oftheir pseudostate, Turkey upgraded her participation in theworks of the OIC. For the first time, at the Fourth OIC Summitheld in Morocco (January 1984) Turkey was represented by herPresident, General Kenan Evren. She wanted to show theimportance she was attaching to the OIC, playing the Islamiccard, but also to work for the gradual change of the inimicalclimate prevailing in the Arab countries towards her and topromote her positions on the question of Cyprus.

It should not be forgotten that under the Ottoman empirethe Arabs were economically, politically, racially and otherwisesuppressed, that the cessation of minorities represents a greatmenace to many Arab countries, that Turkey was the first

Muslim country to recognise Israel and that as a NATO mem-ber it provokes the sentiments of some Arab hardliners. Time,however, has played its role and in the new environmentTurkish economic penetration and other interests influencedtraditional Arab friends of Cyprus. Moreover, the change of cli-mate in the Islamic world rendered the Turkish arguments per-suasive, especially after the 2004 referenda on the Annan Plan.

At the beginning, the expression of support was very weak.The strongest was for the full equality of the two communitiesand the right of the “Turkish Muslim people of Cyprus” to beheard at all international fora, where the Cyprus problem wasdiscussed. Gradually, Turkey managed to introduce her posi-tions in the texts of the OIC, using the arts of ambiguous sug-gestiveness. The following are good examples: The TurkishCypriot proposal of 31st August 1998 was welcomed, withoutany mention that it was about confederation. Support wasgiven to the declaration of the U.N. Secretary General of 12September 2000, without knowing that the Turks are inter-preting it as recognition of their own regime. A decision wasmade that the Turkish Muslim people of Cyprus will participatein the works of the OIC under the name provided for in thePlan of U.N. Secretary General, without any mention of the“Turkish Cypriot constituent state” contained therein. In thisparticular case, it was only natural that the uniformed partici-

pants were not aware that the U.N. Secretary General declaredthat, if the result of the referenda were negative, then his planwas null and void and any reference, therefore, to its provi-sions invalid.

The real dimensions and meaning of these texts are betterunderstood if we take into account the following, which limittheir importance: From the legal point of view, their impor-tance is diminished, as most of them are in the preamble andnot in the operative part of the Communiqué.

Most countries friendly to Cyprus register reservations,whereas those which adopt the Turkish positions vote differ-ently in other fora (54 out of the 57 members of the OIC areNon-Aligned countries). There are, also, many who considerthe decisions of the OIC, which anyway are not binding, deadletter, stressing the confusion which prevails during theiradoption, as most of the participants do not know whetherthey vote a draft, an amendment or a final text. Moreover, if wecompare the texts in the official languages of the OIC (Arabic,French and English) we will observe that in many cases, lan-guage wise, they have a different meaning.

Be that as it may, we should not underestimate theirimportance. At our bilateral meetings with Arab countries,since we are no longer members of the Non-Aligned, weshould stress the pursuit of EU membership by Turkey, whichentails recognition of the Republic of Cyprus, withdrawal ofthe Turkish troops and settlers, opening of the Turkish portsto Cypriot vessels, etc. Moreover, taking advantage of the reac-tion of certain Arab countries to the ambitions of Turkey todominate the Middle East, we should persuade our Arabfriends that Cyprus is the bridge leading towards Europe andnot Turkey. To counter Turkish gains in the OIC we needaggressive diplomacy.

One of the pillars on which the Cyprus economy willhave to depend on in order to get out of the bankrupt situ-ation we inherited is to re-invent education. And the newadministration is tasked with the impossible – trying toreduce unemployment.

We have too many accountants with great expertise butlacking any depth in their interpretation of all things blackand white. Everyone wants to become a doctor with nograsp of the realities of Cyprus and what specialisation isneeded, while lawyers are in abundance with few treadinginto the new domains of intellectual property, energy, mar-itime, international trade or even European social law.

In other words, we have too many chiefs and fewIndians.

Thinking “outside the box” is a thing of the past.Nowadays, you have to think, breathe and work outsidethe box.

Being different is passé. You have to innovate and be sev-eral steps ahead of the rest, otherwise small and large enter-prises will never have the competitive edge over their rivals.

Education is the key word here. With Cyprus graduallymoving to install a natural gas network for home consump-tion, we have no qualified engineers who have a clue aboutLNG networking and connections to households or busi-nesses. This is not an issue for MIT-trained wizards orinternational award wining academics. They are not theones who will take care of the plumbing and piping of thenational gas grid.

Our universities have rightly embarked on introducingnovel energy-related courses, but these are aimed at prepar-ing candidates for the handful of positions on offshore plat-forms or within exploration companies. What we need arethe hundreds of people who will handle the nuts and boltsof the operation.

This is where past governments took the stupid decisionto abolish the Higher Technical Institute, where, amongother vocational courses, Cyprus had the unique school formarine engineers, highly regarded by the shipping indus-

try. The programme has since been orphaned and lingeringfrom one state institution to the other. It would have beeneasier to keep the HTI open and even keep it going as a sep-arate college. As a result, we are no longer producing engi-neers who would have secured jobs on board Cyprus-regis-tered ships even before their graduation.

Let’s not do the same with energy-related courses. It’sbad enough that the Human Resources DevelopmentAgency (HRDA/ANAD) has run out of funds because grantswere handed out by the bucket-load, depriving many otherSMEs of valuable aid to hire young graduates, this lack ofmoney also prevents employers from considering to re-traintheir staff in order to adapt to the new needs of the marketand compete on an equal footing with their local or interna-tional rivals.

As a leading management expert told several audiencesin Cyprus, “take any job you find, even if below your finan-cial expectations. Don’t lounge around the cafés. And try togo back to school and learn more.”

Now, if only the state and the academics put their headstogether. They could actually achieve miracles.

EDITORIAL

Re-educate, re-train, re-engineer

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BByy DDrr AAnnddrreessttiinnoossPPaappaaddooppoouulloossAmbassador a.h.

March 13 - 19, 2013

6 | OPINION | financialmirror.com

KEVE workshop on increasing sales amid crisis

The Cyprus Chamber of Commerce and Industry is leadinga workshop aimed at small to medium sized enterprises thatneed some critical change to turn around their companies andhelp the economy grow again.

“Increasing your sales (solutions) in the middle of econom-ic crisis” at the Cyprus Hilton on April 9 will be led by inspira-tional trainer Michael Virardi, as part of a joint programme withthe Nicosia Chamber of Commerce and the European Centre

for Entrepreneurial Support.The full-day workshop costs EUR 200.60 (109.60 with

HRDA subsidy) and will deal with “determining sales and cus-tomer needs”, “who is a good salesman”, “learning from mis-takes and how to communicate better”, “setting a needs-basedanalysis”, case studies, the use of body language and “dealingwith complaints”. For information call KEVE on 22889840 orsend an e-mail to gvenizelou@ccci.org.cy .

The issue as to whether or not Cyprus should proceedwith privatisation of semi-governmental organisations suchas Cyta, the Electricity Authority (EAC) and the PortsAuthority has once again become headline news for the allthe unfortunate reasons.

We know the real reason why the “old establishment”does not wish to change the status of the semi-governmen-tal organisations. Simply put, the “old establishment” -meaning all the political parties - have used these SGOs forboth placing their respective party members or sympathisersin highly paid jobs and used the SGOs to fund their various“social” and business activities, which in the end is againgiven to their party members and sympathisers.

The party hierarchy, which thrives on the rousfeti systemof giving jobs and contracts in exchange for votes, cannotfunction if the political parties cannot fulfill their obligationsto their constituents.

Following the economic crisis, the political parties knowwell that their ability to place their faithful with the govern-ment, banks and the likes of Cyprus Airways has finished, sothe only other place where they can still place the party faith-ful and clinch lucrative deals are the SGOs.

That is the reason why the new government (and all theothers before it) does not wish to even discuss the issue ofprivatisation of the SGOs and not because they are acting inthe interests of the employees of the SGOs as they publiclyclaim.

The only person who dared mention the dreaded word wasFinance Minister Michalis Sarris, who as we all know hasreached his position because of his academic and work cre-dentials and not because of his rank in a specific political

party. Even Sarris was careful in choosing his words, sayinghe prefers the SGOs to become organisations with share cap-ital, all of which will be owned by the state, without explain-ing what would be the purpose of such an undertaking ifeventually it would not lead to a partial or full sale.

And why is Cyta, the EAC and the Ports Authority any dif-ferent from the Cyprus Stock Exchange, for example? Howcome the same politicians who are now drawing “red lines”saying they won’t allow the three SGOs to go cannot be both-ered when there was a suggestion to privatise and sell theCSE? Is it because the CSE does not have the ability toabsorb the party faithful, or deliver the lucrative contracts forvarious unnecessary projects?

The irony of the situation is that Cyprus is engaged intough negotiations to convince our fellow eurozone partnersto provide us with a financial bailout, otherwise risk defaultand we desperately need to identify sources of revenue toprove that the country’s debt would be sustainable after therecapitalisation of the banks and securing a loan to cover thefinancing needs of the country.

The Sunday Kathimerini placed a EUR 4.2 bln valuationon the three main SGOs of which EUR 1.2 bln is the valua-tion for Cyta, EUR 1 bln is the estimate for the Ports

Authority and EUR 2 bln is the valuation of the EAC. Press reports suggest that Cyprus has been offered a EUR

10 bln loan from the Troika and told to find the remainingEUR 7 bln or so to capitalise its two major banks and coverits financing needs from other sources.

Instead of putting the issue on the table and agree to theimmediate privatisation of all three SGOs to close the deal,our politicians are instead playing with fire by agreeing todiscuss other revenue raising methods such as an increase inthe corporate tax from 10% to 12.5%, imposing a tax onfinancial transactions, which if implemented will lead to anexodus of foreign companies and result in layoffs and also atax on interest accrued on deposits, which may lead to aflight of capital.

For decades, the politicians and political parties have“milked” the SGOs, making them inefficient, unproductiveand forcing them to effectively operate without planning andvision. It’s time they were turned over to the private sector,coupled with the removal of their monopolistic status inorder to encourage competition, better service and properplanning to cover the real needs of this country for thefuture.

shavasb@eurivex.com

(Eurivex is a Cyprus Investment Firm, authorized and regulated by CySEC, license #114/10 and approved by the Cyprus StockExchange to act as Nomad for listings on the Emerging CompaniesMarket. The views expressed above are personal and do not bind the company and are subject to change without notice)

Cyprus should proceed with privatizations… yesterday

March 13 - 19, 2013

financialmirror.com | COMMENT | 7

By Shavasb BohdjalianCertified Investment Advisor andCEO of Eurivex Ltd.

Inviting all buddingentrepreneursUCLan, partners launch Business Ideas Competition

The Centre for Entrepreneurial Development and Research of UCLANCyprus is launching the Business Idea Competition 2013, an initiative organ-ised in cooperation with the Larnaca Chamber of Commerce, the FamagustaChamber of Commerce, the Junior Chamber International (Cyprus), theWomen’s Coop Bank, the Cyprus Federation of Business and ProfessionalWomen (BPW), Cyprus Network of Female Entrepreneurship Ambassadors,Anaptixiaki – ANETEL and UK-based EPISTEME and the National Federationof Cypriots.

The competition is open to enterprising youngsters, students, MBAs,alumni, young professionals and social enterprisers who aspire to venture outand are keen to explore the potential of their business idea.

“In the current adverse economic climate itis of paramount importance that we inspireand support the aspiring entrepreneurs tokick-start new ventures; entrepreneurshipand new business creation will help engineerinnovations, fuel the growth of the economy,open new growth horizons and generate newjobs,” said Dr Panikkos Poutziouris, Professorof Entrepreneurship and Family Business atUCLan Business School, who leads theCEDAR initiative.

Enterpreneurs can register theirinterests and join training work-shops which are being held inCyprus this month and in the UKnext month to offer support and guidance on how to develop a winning busi-ness proposal.

The first event already took place at the Limassol Chamber of Commercein cooperation with JCI (Cyprus), followed by a workshop at UCLan Cyprusnear Larnaca on Thursday, March 14, and at the Cyprus Chamber ofCommerce and Industry (KEVE) in Nicosia, in cooperation with JCI (Cyprus)on March 26. A workshop will also be held on April 9 at the Hellenic Centre inLondon.

The prizes for the best three proposals are: 1st Award , EUR 1,500 spon-sored by Alpha Bank; 2nd Award, EUR 1,000 sponsored by DemetrakisKoumandari Foundation; and, 3rd Award, complimentary registrations at theUCLan MBA Module: New Enterprise Venture Development.

Individuals or groups should submit a four-page proposal by May 15 by send-ing it to elias@uclan.ac.uk or visit www.uclancyprus.ac.cy/enterprise.

Hydrocarbons and the environmental debate

The recent explorations for offshore natural gasin the Aphrodite field, as well as the imminentplans by Total, ENI and KOGAS in blocks 2, 3, 9, 10and 11 of the Cyprus Exclusive Economic Zonemay have offered a ray of hope for the near-bank-rupt economy. But experts and academics havealso warned that equal attention must be paid toproptect the Eastern Mediterranean which has arich and diverse marine flora and fauna.

“Local pelagic life in the East Med comprisesdeepwater corrals, marine mammals such as thebottlenose dolphin, the common dolphin, and thegreen and loggerhead turtles. Within the samevicinity lies the Eratosthenes Seamount, part ofwhich coincides with blocks 10 and 11, which ishome to a diverse and unexplored flora and fauna,”explained Constantinos Hadjistassou from theUniversity of Cyprus, who said that a public debateis underway about the coexistence of the oil andgas industry and the marine environment.

The debate suggests that striking a balancebetween the exploitation of hydrocarbon resourcesand the preservation of the marine environmentand sea life is vital to the long term sustainability ofthe regional ecosystem. In compliance with EU andCypriot laws, oil and gas companies active in thearea are obliged to conduct environmental assess-ments before prospecting, exploring and exploitinghydrocarbon resources. Currently, little is knownabout the (marine) biology of the area. Elsewhere,such as in the North Sea, Norway through the

adoption of an integrated management approachhas created a paradigm shift in terms of the coexis-tence of the oil industry with ocean resources. Thescheme maximises long term economic value byrespecting the marine environment while protect-ing marine resources, such as fisheries.

“Cyprus can leverage on a unique opportunityto set the benchmark in the Eastern Mediterraneanfor the development of a prosperous oil and gasindustry in concomitance with the marine floraand fauna,” said Hadjistassou.

Forging a healthy relationship between oil andgas operations and the general public calls fortransparency, dedicated mechanisms for surveil-lance, monitoring and compliance, and environ-mentally conscious decision-makers. How this canbest be achieved is a matter for debate that will ask,how does the public trust that the best decisionswere taken to factor in the wellbeing marine life?Which guidelines ensure transparency? Whatmeasures have been adopted or will need to beimplemented to mitigate environmental risks?Should decisions be jointly taken through publicconsultations and what weight do citizens’ viewsbear?

Nireas Marine Research, a non-governmentalorganisation (NGO), and Energy Sequel launchedthe online debate this week regarding the environ-mental aspects of the oil and gas industry inCyprus, which can be followed at www.energyse-quel.com\oilenvirodebate

A global “New Deal”?The International Monetary Fund’s belated admission that it

significantly underestimated the damage that austerity would doto European Union growth rates highlights the self-defeatingcharacter of “orthodox” recipes to address the causes of the debtcrisis that followed the financial crash of 2008-2009.

Conventional theory suggests that a single country (or groupof countries) consolidating its finances can expect lower interestrates, a weaker currency, and an improved trade position. But,because this cannot happen for all major economies simultane-ously – one country’s (or group of countries’) austerity impliesless demand for other countries’ products – such policies even-tually lead to beggar-thy-neighbor situations. Indeed, it was thisdynamic – against which John Maynard Keynes fought – thatmade the Great Depression of the 1930’s so grim.

Today’s problems are compounded by a lack of sufficient pri-vate demand – particularly household consumption – in theadvanced economies to compensate for demand losses stem-ming from austerity. During the last two decades, consumptiondrove these countries’ economic growth, reaching historicallyhigh GDP shares.

Moreover, major advanced economies, such as the UnitedStates, Germany, and Japan, face longer-term fiscal problems inthe form of aging populations or oversize welfare states, limitingtheir capacity to contribute to demand management. Recentmoves to ease monetary policy have been a step in the rightdirection; but, so far, they have not proved to be a game chang-er.

For domestic demand to act as an engine of growth, policiesshould shift resources from investment to consumption. Whilethe magnitudes involved are huge, they must be attained if anextended period of low growth, high unemployment, and declin-ing living standards among the world’s poorest is to be avoided.

International economic policy coordination should be signif-icantly strengthened in order to deal effectively with changes onsuch a scale. Start with Europe. It is by now patently obviousthat austerity and domestic reforms are not enough to pull theeurozone’s periphery out of deep recession. Growing awarenessof the failure of current policies is causing social discontent, civildisorder, and political instability, with the recently concludedItalian elections and the growing popular resistance to Greekreform efforts serving as a bellwether.

Returning the eurozone’s peripheral economies to the path

of growth requires more than structural reforms and fiscal con-solidation. It also requires a substantial reform of the monetaryunion’s system of economic governance, aimed at restoringfinancial stability and lowering borrowing costs, together with aboost in external demand in order to compensate for the effectsof austerity.

Reforming governance implies significant progress towardeconomic unification: centralizing European debt through

Eurobonds, mobilizing sufficient rescue funds, allowing theEuropean Central Bank to intervene in the primary bond mar-kets, and establishing both a fiscal and a banking union.

This is a tall order, in view of the reluctance of most EUmember states to cede competences to European institutions.But Europe should move more decisively in this direction.Otherwise, speculation on member states’ national debt will per-sist, keeping borrowing costs at levels that are inconsistent withthe conditions required to sustain economic recovery.

Concerning external demand, intra-European help in theform of reflationary policies in stronger economies is unlikely toprove sufficient, owing primarily to the fiscal and political con-ditions prevailing in Germany. Implementing a Marshall Plan-type initiative by mobilizing EU budget resources and addition-al lending by the European Investment Bank to finance invest-ments in weaker countries could be an alternative, but it lackspolitical support.

On a global scale, neither the US nor Japan is in a positionto provide significant external stimulus. Only the emerging anddeveloping economies of Asia could effectively contribute to lift-ing global demand through a coordinated effort aimed at boost-ing domestic consumption, which, in turn, would stimulateadditional investment. Recent IMF experience suggests that,through appropriate coordination, private funds could be mobi-lized for big private-public partnership projects linking demand

expansion with infrastructure investment.In other words, a global “New Deal” – combining policies

designed to achieve an orderly realignment of consumptionand investment worldwide – seems to be required. Theadvanced economies should promote productivity-enhancingstructural reforms with renewed vigor. The eurozone shouldsolidify its currency union. And the emerging and developingeconomies should support domestic sources of growth.

For such a deal to become possible, certain preconditionsmust be met. First, international policy coordination by the G-20 must be tightened by creating a permanent secretariat tomake policy proposals and recommendations concerningmacroeconomic and financial developments. The secretariatshould actively cooperate with the IMF to benefit from its analy-sis, notably regarding exchange rates.

Second, global financial reform must proceed at a fasterpace. The financial sector requires tougher regulation,strengthened supervision, and internationally consistent reso-lution mechanisms to address the problems posed by verylarge, global institutions that are considered too big (or toocomplex) to fail. Such reform is essential if the internationalfinancial system is to mediate the sizeable resource transfersthat will underpin the required changes in the structure of glob-al demand.

Finally, a new trade pact – possibly, but not necessarily,within the Doha Round – is needed to ensure the major trad-ing powers’ access to foreign markets. This is critically impor-tant for inspiring confidence in Asian countries, which mightbe persuaded to favor domestic, as opposed to external, sourcesof demand. Moreover, trade liberalization will also increase con-sumer confidence worldwide.

The time is right for a new global settlement that targetsgrowth, addresses crisis conditions in certain parts of the world,and rebalances the global economy to set it back on a path ofstrong and steady growth.

Yannos Papantoniou, a former economy and finance ministerof Greece (1994-2001), is President of the Center forProgressive Policy Research.

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

Mexico Breaking Good?For a glimpse of the average American’s understanding of

the relationship between the United States and Mexico, one onlyhas to watch the critically acclaimed television series BreakingBad. Set in Albuquerque, New Mexico, a few hundred miles fromthe border, the series chronicles the rise and fall of Walter White,a high school chemistry teacher who becomes a methampheta-mine tycoon.

Most of the characters on the US side of the border are por-trayed with sympathy and depth. The main protagonist’s step-by-step descent into the drug underworld unfolds with suchsubtlety that each individual decision he makes along the wayseems almost reasonable.

Unfortunately, the other side of the border receives moresuperficial treatment. In one scene, two Mexican hit men ruth-lessly slaughter a dozen innocent compatriots who could bearwitness to their border crossing. In another episode, membersof the Mexican Federal Police are seen assaulting a drug lord inhis hacienda, with the implication that they are only doing thebidding of a rival dealer.

“Breaking Bad” is brilliant television, but it is regrettable thatso many Americans see only this side of things. Mexico has pro-found security problems in some regions, but it is also a coun-try that just might be on the threshold of a huge political andeconomic transformation. Indeed, for a couple of years now,Mexico’s GDP growth rates have been near the top of the OECD,and recently above Brazil’s.

Rather than continue fighting (as in the US) after a heatedpresidential election, Mexico’s major political parties appearpoised to cooperate on a number of critical structural reformsthat could energize economic growth for decades to come. Theagenda includes an expansion of the tax base to reduce depend-ency on oil, an initiative to increase competition in media andtelecommunications, and a constitutional change that will per-mit the state-owned oil company Pemex to enter into joint ven-tures with foreign firms.

This last reform is critical, because much of Mexico’s geolo-gy is very similar to that of the southwestern US. In principle,

Mexico’s economy should be benefiting from the same shale-gas revolution that is providing a huge boost to the US, wherenatural-gas prices are now less than one-quarter of whatEuropeans pay.

Mexico is already enjoying a manufacturing boom that hasincreased its exports to the US, following a long secular decline.With China’s wages soaring and rising oil prices driving up ship-ping costs, production in Mexico is suddenly looking muchmore attractive, even taking security concerns into account.

Of course, any number of things can go wrong. First and

foremost, the political elite might suddenly back away fromessential structural reforms, and the Mexican business commu-nity’s current optimism could collapse. It wouldn’t be the firsttime.

There is also a risk that foreign investors, who already arestarting to like Mexico, might come to love it a little too much.A huge influx of capital could lead to a significant appreciationof the peso’s exchange rate, causing an increase in Mexico’s cur-rently very attractive labor costs. Or the US could slip into reces-sion (though modest growth is certainly the central scenarionowadays).

Then there is the matter of security, which constitutes ahuge tax on business in many parts of Mexico. For example,one important achievement of former President FelipeCalderón’s administration was to push through a 140-milehighway connecting the interior city of Durango and thePacific port at Mazatlán. Traversing extremely rough terrainwith 200 tunnels and bridges, it promises to cut the transit

time by three or four hours. Except for the weather, the high-way has the feel of Switzerland.

But the new road has raised concerns, particularly in theUS, that it could serve as a smuggling route for drugs andweapons, so the military feels obliged to set up checkpoints.Unfortunately, early anecdotal evidence suggests that thesesafeguards may ultimately slow down traffic by roughly thesame amount of time that the project was meant to speed itup!

Mexican leaders acknowledge the country’s internal prob-lems, but place three of them at America’s doorstep. First andforemost, the US generates the huge demand for illicit drugsthat sustains the entire Latin American mafia, just as the USexperiment with alcohol prohibition in the 1920’s fueled therise of gangsters like Al Capone. No one knows precisely theMexican drug cartels’ annual profits, but they certainlyamount to billions of dollars.

Second, the US, with its incredibly lax restrictions on gunpurchases, serves as a veritable arms depot for rich Mexicandrug lords. True, they could arguably acquire similar weaponselsewhere, but not necessarily as cheaply and conveniently.

Finally, the US could do more to curtail money laundering.One simple step would be to restrict the circulation of $100bills, which are mostly used in the underground economy.

Many of the problems that characterize the complex US-Mexican relationship will be ameliorated if Mexico can sustainrapid economic growth. Net immigration to the US, which hasalready tapered off, might reverse. The US stands to benefit asmuch as Mexico if conditions south of the border begin break-ing good.

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

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

By Yannos Papantoniou

By Kenneth Rogoff

March 13 - 19, 2013

8 | COMMENT | financialmirror.com

Transatlantic trade’s transformative potentialAfter instant and seemingly coordinated fanfare in Europe

and the United States, the proposal for a European Union-USfree-trade area has been generating little media attention. Thereare three reasons for this, and all three highlight broader con-straints on good national economic policymaking and produc-tive cross-border coordination.

In his “State of the Union” address in January, US PresidentBarack Obama proposed a “comprehensive Transatlantic Tradeand Investment Partnership” with Europe based on trade that is“fair and free.” His administration regards this as part of a com-prehensive approach to generating “good-paying Americanjobs.”

Obama’s bold proposal received an immediate and enthu-siastic reception in Europe. Taking to the airwaves withinhours, European Commission President José ManuelBarroso and European Council President Herman VanRompuy called the proposal “ground-breaking.” Arguing thatit could increase Europe’s annual economic growth rate byhalf a percentage point, they declared that formal negotia-tions would start quickly.

At first, there was quite a bit of general interest, and under-standably so. The proposal involves the world’s two largest eco-nomic areas, with national, regional, and global implications.Yet, despite the realization that an agreement could fundamen-tally alter the nature of global trade and production networks, itonly took a few weeks for interest to drop off.

One reason is rooted in initial conditions that limit directgains from increased trade while widening the scope for tensionand conflict. Free-trade agreements that promise the greatestbenefits are those that link economies characterized by high tar-iffs, low levels of trade, and little overlap in consumption andproduction patterns. This is not the case for the EU and the US.Average tariff levels are only 3%. The EU already accounts foralmost 20% of US imports, and the US for 11% of EU imports.And, given similar per capita income levels and cultural orienta-tions, overlaps in production and consumption are considerable.

Having said this, there would be immediate upside potential,owing to better resource allocation, more harmonized invest-ment regimes, stronger standards, and the elimination of out-

dated non-tariff and regulatory barriers. Aerospace, auto manu-facturing, biotechnology, cosmetics, and pharmaceuticals areamong the sectors that stand to gain. There is also the potentialfor reforming inefficient approaches to food and agriculture, par-ticularly in Europe.

The second reason for waning attention to the proposed part-nership speaks to a broader issue: A seemingly endless stream ofshort-term political dramas has made it extremely difficult forboth Europe and the US to focus for long on any secular andstructural initiative.

In Europe, broad-based discussion was undermined by theoutcome of the Italian election – just the latest sign of how frus-trated citizens in a growing number of countries are rejectingconventional political parties and the political status quo. Withthat, it becomes more difficult to pursue longer-term policyobjectives, which merely adds further uncertainty about the pre-cise path of European economic and financial integration.

In the US, the disruption took the form of yet another fiscalmini-drama. With a dysfunctional Congress again letting downthe American people, the country is now on the receiving end ofa budgetary sequester – another self-manufactured headwind toeconomic growth, job creation, and progress on reducingincome and wealth inequalities.

Put the two together and you get a barrier to EU-US tradenegotiations – one that renders ambitious (though not entirelyunrealistic) the two-year timeline that has been set for complet-ing the deal.

The third reason concerns the poor state of global policy dia-logue, notwithstanding all the happy talk about global chal-lenges and shared responsibilities. Last month’s G-20 meetingended up as yet another expensive summit lacking sufficient

content and follow through. Rather than catalyzing constructivepolicy coordination, it has inadvertently encouraged complacen-cy.

All three reasons are highly regrettable. They underscore theWest’s seeming inability to break out of a short-term mindset inorder to respond to the risks and opportunities related to historicnational and global re-alignments.

The real promise of freer transatlantic trade consists in itspotential to transform global trade, production networks, andmultilateral organizations to the benefit of all. At the most gen-eral level, it would act to rationalize the current system of fourpoorly functioning blocs – centered on China, Europe, the US,and the rest – to three, and eventually (and perhaps quite quick-ly) to two better-functioning blocs that would have little choicebut to work well together: one dominated by China, and theother by the EU/US.

Such a global structure has the potential to encourage bettermedium-term alignments to reduce trade barriers, set properstandards, and enhance mutually beneficial cooperation. Itwould facilitate coordination on stronger global rules and prin-ciples, including those pertaining to intellectual-property rightsand trade in services. And it would force multilateral organiza-tions to reform if they wish to retain even the limited relevancethat they have now.

The proposal for freer transatlantic trade is potentially trans-formational. It comes at a time when the West is increasinglybeing dragged down by short-term disruptions and continuedpolicy inertia. Yet the implementation prospects are far frompromising. The proposal has the capacity to act as a catalyst foradapting policy approaches to current realities; but it is subjectto the dulling forces of twentieth-century mindsets and institu-tions that are too slow to adapt to twenty-first-century chal-lenges and opportunities.

Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and the author of When Markets Collide.

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

By Mohamed A. El-Erian

March 13 - 19, 2013

financialmirror.com | COMMENT | 9

Will programmers rule?Marc Andreessen made his first fortune writing the code

that became Netscape Navigator, the Internet browser. He isnow a venture capitalist who evangelizes about the growingimportance of software in business today. Indeed, he proclaimsthat software is taking over the world – that it will be theprimary source of added value – and offers the followingprediction: the global economy will one day be divided betweenpeople who tell computers what to do and people who are toldby computers what to do.

Andreessen’s aim is to shock his listeners – not just foreffect, but to get them to do something about it. To stop theworld from being divided between a few alpha programmersand many drones, he wants the potential drones to stop takingeasy liberal arts courses in college. Instead, he wants them tofocus on courses in science, technology, engineering, andmath (STEM), where the good jobs will be. But will this solvethe problem that he poses?

Perhaps not. Two attributes of software creation allow a fewtalented programmers to corner the market and take all theassociated profits. First, software with a slight edge tends to geta significantly greater share of the available market; and,second, the available market is global, because it costs so littleto make an extra copy and send it anywhere in the world. As aresult, those who are creative and competent enough to writethat slightly better search engine will capture the globalmarket.

In this winner-take-all environment, only a small number ofthose who have taken programming courses will reap amajority of the rents. Completing the right preparatory coursesis no guarantee of receiving a share of the software jackpot.Differences in luck and talent among those equally preparedwill ensure that the quality of software firms’ products lies ona bell curve, with only a few Googles and Facebooks and manymore bored, moderately paid computer technicians helping theaverage confused person deal with malware.

Put differently, in a winner-take-all world, raising theaverage level of skills or education does nothing to alter the

skewed distribution of income. So, will anything preventinequality from widening?

The obvious answer is yes. But how society responds willmean the difference between a prosperous world and a worldtorn apart by slow growth and resentment.

Property rights are ultimately sanctioned by society, and, tothe extent that they seem to be unfair, society has an incentiveto change them. But will society see the software billionaire ashaving acquired her wealth unfairly, or will it see that wealth asa fair reward for cleverness?

The more that everyone has access to the same educationalopportunities, the more society will tend to accept somereceiving disproportionate rewards. After all, they themselveshave a chance to be winners. Interestingly, software may itselfreduce the cost of expanding educational access – witness themassive open online courses (MOOCs) offered by companieslike Coursera.

But equal access is probably an unlikely ideal. The otherextreme is very unequal access, made more unequal becausethe wealthy have the time to help their kids with homeworkand the money to arrange for tuitions, while the poor leavetheir children watching TV while they work a second job. Willthe resentful workers who must follow a computer’sinstructions – say, in assembling an order in Amazon’sfulfillment centers – vote to tax the programmers who putthem there until the software creators lose the incentive toinnovate, leaving society poorer? Or will the rich programmersall migrate to Monaco or Switzerland, taking the brains andrents with them, as society falls apart into barricaded and

mutually resentful enclaves and ghettoes?In reality, many intermediate possibilities exist. One is that

cultural norms may develop that encourage billionaires toshare their wealth, even if they are spared taxation. Forexample, the Giving Pledge is a commitment by some of theworld’s richest people, Warren Buffett and Bill Gates amongthem, to devote the majority of their wealth to philanthropy.

Economic competition may also play a role – if billions areto be made by innovators, more of the most talented get intoinnovation, so that, even in a winner-take-all world, the winnercaptures the market for a fleeting moment before someone elsetakes it away from him. The billions to be made today may onlybe millions tomorrow.

And values also adjust. While a quartz watch keeps timemore accurately than the most finely crafted handmademechanical Swiss watch, the value of a quartz watch hasplummeted, while Swiss watches’ value has climbed into thestratosphere. Even though they are virtually indistinguishablein appearance, people seem to cherish the knowledge thatsomeone has lovingly crafted their watch.

So it may well be that the demand for discussing, say,medieval French church music in small classes at a universitywill grow even as the demand for MOOCs grows. Not everyoneshould heed Andreessen’s exhortation to quit liberal artsprograms!

That is not to say that his basic concerns are unwarranted.Better access for all to fundamental needs like qualityeducation is necessary to make the winner-take-all character ofmarkets more tolerable. But societies may also have to change.If we are lucky, the changes will take place spontaneously.

Raghuram Rajan is Professor of Finance at the University of Chicago Booth School of Business and the chief economicadviser in India’s finance ministry.

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

By Raghuram Rajan

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

www.financialmirror.comAÚ. 906 ∆∂∆∞ƒ∆∏, 13 ª∞ƒ∆π√À, 2013

Σε κατάσταση «εκτάκτïυ ανάγκης» κήρυ-êε ïυσιαστικά την κυπριακή ïικïνïµία ïΠρÞεδρïς της ∆ηµïκρατίας ΝίκïςΑναστασιάδης. Κάλεσε τïυς Αρøηγïύς τωνκïµµάτων να αναλάâïυν Þλïι µαúί τις ευθύ-νες τïυς. Έθεσε ως κρίσιµï ïρÞσηµï την 25ηΜαρτίïυ και άνïιêε τα øαρτιά τïυ για τη δρα-µατική κατάσταση και τις επιλïγές πïυ υπάρ-øïυν. Ùπως ανέæερε ïι διαπραγµατεύσεις µετην ΤρÞικα ïλïκληρώθηκαν και τï ∆ΝΤ παρα-µένει άτεγκτï για συνεισæïρά τï µέγιστï 10δις ευρώ. ΠρÞσθεσε µάλιστα Þτι ïι τράπεúεςκαι ιδιαίτερα η Λαϊκή αντέøïυν τï πïλύ µέøριτα τέλη Μαρτίïυ. Τï ïδυνηρÞ σενάριï τïïπïίï απïµένει ως επιλïγή είναι η απïδïøήτïυ πακέτïυ - τελεσίγραæï τεσσάρων συνµία πρïτάσεων της ΤρÞικα. Η µÞνη Þπωςêεκαθαρίστηκε πρïϋπÞθεση για απïæυγή τïυκïυρέµατïς καταθέσεων. Τï πακέτï πρïνïεί:- Απïδïøή των ιδιωτικïπïιήσεων (η συúήτησηεπικεντρώνεται για τï øρïνïδιάγραµµα καιαν θα περιïριστεί σε µετïøïπïιήσεις) - Αύêηση τïυ æÞρïυ επί των µερισµάτων απÞ20% σε 30% για τïυς µÞνιµïυς κατïίκïυςΚύπρïυ - Αύêηση τïυ æÞρïυ επί των τÞκων καταθέ-σεων απÞ 15% σε 30% - Επιâïλή τïυ æÞρïυ εκατïµµυριïύøïυδηλαδή αύêηση τïυ æÞρïυ για εισÞδηµαάνω των 120.000 ευρώ απÞ 30% σε 40% - Αύêηση τïυ εταιρικïύ æÞρïυ απÞ 10% σε12.5% (συúητείται ï øρÞνïς επιâïλής τïυαυêηµένïυ συντελεστή ώστε να ισøύει απÞ01/01/2014)

Σε σøέση µε τις ιδιωτικïπïιήσεις ηκυâέρνηση êεκαθάρισε Þτι δεν µπïρïύν ναπρïøωρήσïυν ενωρίτερα απÞ τα δύï øρÞ-νια. ΠρÞθεση είναι να αρøίσïυν πρώτα ïιµετïøïπïιήσεις µε παραøώρηση πακέτïυ σεστρατηγικïύς επενδυτές, µε την ελπίδα Þτιµε τις πρïïπτικές τïυ æυσικïύ αερίïυ δενθα καταστεί καταστεί αναγκαία η πλήρηςιδιωτικïπïίηση ïπïιïυδήπïτε κερδïæÞρïυ

Ηµικρατικïύ Ãργανισµïύ. Η κυâέρνησηπάντως ανέθεσε σε êένï ïίκïυς να πρïâïύνσε εκτίµηση της αêίας των ηµικρατικώνïργανισµών.

•·Ó¿ ÛÙË ªfiÛ¯· ÁÈ· ‚Ô‹ıÂÈ·

Εκ νέïυ στη ΜÞσøα æαίνεται να µεταæέ-ρïνται πλέïν ïι πρïσπάθειες της κυπριακήςκυâέρνησης για εêεύρεση περαιτέρωπÞρων πïυ θα περιληæθïύν στï πακέτïστήριêης.

Μετά την επίσκεψη στην Ελλάδα, ïΜιøάλης Σαρρής έøει κλείσει ήδη ραντεâïύστï ρωσικÞ υπïυργείï Ãικïνïµικών ενώγίνïνται πρïσπάθειες και για διευθέτησησυνάντησης µεταêύ Αναστασιάδη-Πïύτιν.

Η Ρωσία έøει διαµηνύσει Þτι είναι πρÞ-θυµη να συνεισæέρει σε µια διάσωση τηςΚύπρïυ, εάν εêασæαλίσει τïυς ίδιïυς Þρïυςαπïπληρωµής µε την ευρωúώνη.

∞ÁÒÓ·˜ ‰ÚfiÌÔ˘ Σε µια άλλη εêέλιêη æαίνεται πως τï

Υπïυργείï Ãικïνïµικών και η ΤρÞικα κατέ-ληêαν σε συµæωνία για τïυς Þρïυς εντïλήςπïυ θα διέπïυν την ανεêάρτητη αêιïλÞγησητïυ κυπριακïύ νïµικïύ πλαισίïυ κατά τïυêεπλύµατïς âρώµικïυ øρήµατïς και τηςεæαρµïγής τïυ.

Η αêιïλÞγηση της κυπριακής νïµïθε-σίας περί êεπλύµατïς øρήµατïς, θα γίνειαπÞ ανεêάρτητï ιδιωτικÞ ïίκï, µε τη συµµε-τïøή της επιτρïπής Moneyval τïυΣυµâïυλίïυ της Ευρώπης.

Σύµæωνα µε τις ίδιες πληρïæïρίες, ïιÞρïι εντïλής θα δïθïύν σήµερα στηνΚεντρική Τράπεúα, η ïπïία θα διεêάγει τïδιαγωνισµÞ, µέσω τïυ ïπïίïυ θα επιλεγεί ïανεêάρτητïς ïίκïς µε συνïπτικές διαδικα-σίες, λÞγω τïυ περιïρισµένïυ øρÞνïυ πïυυπάρøει µέøρι τï τέλïς Μαρτίïυ για να γίνειη αêιïλÞγηση τïυ κυπριακïύ νïµικïύ πλαι-σίïυ για τï êέπλυµα øρήµατïς.

Η Þλη διαδικασία, σύµæωνα µε την απÞ-æαση τïυ Γιïύρïγκρïυπ, θα πρέπει να έøειïλïκληρωθεί κατά τï δεύτερï 15νθήµερïΜαρτίïυ, πρïκειµένïυ να υπάρêει συµæω-νία επί της δανειακής σύµâασης τηςΚύπρïυ πριν τï τέλïς τïυ µήνα.

¶ÈÛÛ·Ú›‰Ë˜: ∏ ∆ÚfiÈη ÂÈ̤ÓÂÈ!

Σε δηλώσεις τïυ øθες ï ΠρÞεδρïς τïυΣυµâïυλίïυ Εθνικής Ãικïνïµίας, νïµπελί-στας ÌριστÞæïρïς Πισσαρίδη ανέæερε πωςη ΤρÞικα επιµένει και θέτει στï τραπέúι Þλατα επίµαøα θέµατα για την κυπριακή πλευ-ρά, Þπως την αύêηση τïυ εταιρικïύ æÞρïυ,την έκτακτη εισæïρά επί των τÞκων τωνκαταθέσεων, και τις ιδιωτικïπïιήσεις τωνηµικρατικών ïργανισµών.

à κ. Πισσαρίδης, εêήγησε Þτι απÞ τηστιγµή πïυ ïι διαπραγµατεύσεις συνεøίúï-νται και δεν έøει ακÞµη υπïγραæεί τï µνη-µÞνιï, αυτά τα θέµατα δεν διαγράæïνται γιατïυς πιστωτές παρά τï γεγïνÞς Þτι σεκάπïια απÞ αυτά διατυπώνïυν έντïνες ήλιγÞτερες έντïνες απÞψεις.

∆ιευκρίνισε Þτι εæÞσïν ακÞµη ï διάλïγïςείτε σε υψηλÞ επίπεδï, είτε σε τεøνïκρατικÞσυνεøίúεται, την ίδια ώρα και η κυπριακή δια-πραγµατευτική ïµάδα ελπίúει Þτι κάπïιαθέµατα ενδεøïµένως να τα κερδίσει.

à κ. Πισσαρίδης δεν απέκλεισε τï ενδε-øÞµενï ακÞµη και ï εταιρικÞς æÞρïς, πïυÞπως έøει διαρρεύσει, θα ανέλθει στï12,5%, να µπïρεί να περιïριστεί σε πιïøαµηλÞ πïσïστÞ.

Κληθείς να σøïλιάσει πληρïæïρίες τωντελευταίων ηµερών Þτι τï κïύρεµα των κατα-θέσεων και τï τέλïς επί των øρηµατïπιστωτι-κών συναλλαγών απïτελïύν παρελθÞν γιατην τρÞικα, ï κ. Πισσαρίδης επανέλαâε Þτιθεωρητικά είναι Þλα στï τραπέúι.

∫Ú›ÛÈÌÔ ÔÚfiÛËÌÔ Ë 25Ë ª·ÚÙ›Ô˘ ΚΑΤΑΣΤΑΣΗ

ΕΚΤΑΚΤΟΥ ΑΝΑΓΚΗΣ

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ΕντÞς δύï ετών ευελπιστεί η ΚυâέρνησηÞτι θα λειτïυργήσïυν καúίνï στην Κύπρï,σύµæωνα µε τïν νέï ΥπïυργÞ Ενέργειας,Εµπïρίïυ, Βιïµηøανίας και ΤïυρισµïύΓιώργγï Λακκïτρύπη.

Τï νïµïσøέδιï πïυ ετïίµασε η κυâέρνη-ση τï ïπïίï αæïρά τη δηµιïυργία καúίνï στηνΚύπρï παραθέτïυµε πιï κάτω. Σύµæωνα µεπληρïæïρίες τï νïµïσøέδιï πïυ âρίσκεταιαυτή τη στιγµή στη νïµική υπηρεσία πρïâλέ-πει τη δηµιïυργία Casino Resort υψηλών πρï-διαγραæών η κατασκευή τïυ ïπïίïυ θα πρέ-πει είναι κατά τï ελάøιστï 5,000 τετραγωνι-κών µέτρων. Αναλυτικά στα καúίνï πïυ θαδηµιïυργηθïύν θα επιτρέπεται η είσïδïς σεΚύπριïυς παίκτες εæÞσïν είναι άνω των 22ετών και κάτω απÞ αυστηρά εισïδηµατικάκριτήρια και σε êένïυς άνω των 18 ετώνøωρίς εισïδηµατικά κριτήρια σύµæωνα µε τιςίδιες πληρïæρïίες. Πρïâλέπει επίσης διαδι-κασία πρïκήρυêης ανïικτïύ διαγωνισµïύ γιατις άδειες πïυ θα δïθïύν και παράλληλαδηµιïυργία Εθνικής Αρøής Καúίνï η ïπïία θαεêετάúει τις αιτήσεις πïυ θα υπïâληθïύν.

Σøετικά µε τïν αριθµÞ των καúίνï πïυ θαδηµιïυργηθïύν αναµένεται να απïæασίσει τïεπÞµενï διάστηµα τï ΥπïυργικÞ Συµâïύλιï,ενώ σε εκκρεµÞτητα είναι και τï θέµα της

æïρïλïγίας αν δηλαδή θα είναι επί τïυ συνÞ-λïυ τïυ τúίρïυ των παιøνιδιών ή εάν θα είναιγια κάθε παιøνίδι êεøωριστά. Για τï θέµα τηςæïρïλïγίας θα απïæασίσει ï ΥπïυργÞςÃικïνïµικών Μιøάλης Σαρρής και ïι τεøνï-κράτες τïυ Υπïυργείïυ.

Η κυâέρνηση âρίσκεται πάντως εν αναµï-νή της επικαιρïπïίησης της µελέτης τïυΚυπριακïύ Ãργανισµïύ για τïν αριθµÞ τωνκαúίνï πïυ θα γίνïυν κάτι πïυ αναµένεται ναγίνει εντÞς τïυ επÞµενïυ δεκαπενθηµέρïυ.

à ΚÃΤ σύµæωνα µε πληρïæïρίες αναµέ-νεται να πρïκρίνει τη δηµιïυργία τριών καúί-νï σε σηµεία κλειδιά εντÞς Κύπρïυ ενώ ηκυâέρνηση στïøεύει στη δηµιïυργία µέøρικαι 5 καúίνï. Πάντως øώρïι Þπως τï æιλέτïαπέναντι απÞ τï Ìίλτïν Þπïυ θα γινÞταν ηεπένδυση τïυ Κατάρ και τï παλαιÞ αερïδρÞ-µιï Λάρνακας âρίσκïνται στις πρώτες πρïτε-ραιÞτητες Þσïν αæïρά τïυς øώρïυς πïυ θατα æιλïêενήσïυν.

Ερωτηθείς ï ΥπïυργÞς αναæέρθηκε καιστην κïινωνική πτυøή τïυ θέµατïς για αδειï-δÞτηση και δηµιïυργία καúίνï ενώ για τïθέµα των εισïδηµατικών κριτηρίων είπε Þτιαυτή η λεπτïµέρεια δεν έøει συúητηθεί.

Απέæυγε να επεκταθεί σε Þ, τι αæïρά τιςσκέψεις της Κυâέρνησης, λέγïντας Þτι η επι-

καιρïπïίηση είναι απαραίτητη, ώστε να κατα-λήêει η Κυâέρνηση για τï αν θα πρÞκειται γιακαúίνï πρÞσθετης αêίας – δηλαδή καúίνï µεάλλες αναπτύêεις ή πïλλά καúίνï και αυτάείναι τα ερωτήµατα πïυ πρέπει να απαντη-θïύν.

à κ. Λακκïτρύπης είπε Þτι τï úήτηµα επεί-γει και περιλαµâάνεται και στï πρÞγραµµαδιακυâέρνησης, ενώ σε ερώτηση αν στα επÞ-µενα δύï øρÞνια θα έøïυµε καúίνï, απάντησε«αυτÞ ευελπιστïύµε, ναι».

∞ÓÙ·ÏÏ·Á‹ ·fi„ˆÓÌθες ï ΥπïυργÞς ενηµέρωσε την

Επιτρïπή Εµπïρίïυ της Βïυλής για Þλα ταθέµατα πïυ άπτïνται τïυ Υπïυργείïυ τïυ.

Για τï θέµα των υδρïγïνανθράκων - γιατï ïπïίï η ενηµέρωση της Επιτρïπής έγινεσε κλειστή συνεδρίαση ï κ. Λακκïτρύπης σεδηλώσεις στïυς δηµïσιïγράæïυς ήταν æει-δωλÞς και περιïρίστηκε να διαâεâαιώσει Þτιη Κυâέρνηση «êέρει τι πρέπει να γίνει και θατï πράêει στïν τάøιστï δυνατÞ øρÞνï».

à κ. Λακκïτρύπης δεσµεύτηκε ενώπιïντης Επιτρïπής Þτι θα παρευρίσκεται στιςσυνεδριάσεις της ανά δίµηνï για ανταλλαγήαπÞψεων.

Σε ερώτηση αν θα επιταøυνθïύν ïι διαδι-κασίες για θέµα των υδρïγïνανθράκων, ïΥπïυργÞς απέæυγε να µπει σε λεπτïµέρειες,λέγïντας απλώς Þτι ενηµέρωσε την Επιτρïπήγια κάπïιες πρïτεραιÞτητες, και διαâεâαίωσεÞτι «êέρïυµε τι πρέπει να γίνει και θα τï πρά-êïυµε στïν τάøιστï δυνατÞ øρÞνï».

Για τï αίτηµα για ελεύθερη πρÞσâαση στïδιαδίκτυï σε Þλη τη Κύπρï, ï ΥπïυργÞς είπεÞτι πρÞκειται για ένα σηµαντικÞ úήτηµα πïυσøετίúεται και µε την πρïώθηση της καινïτï-µίας και άπτεται και συνïλικών θεµάτωντεøνïλïγικïύ πάρκïυ τï την πρïσέλκυσηµεγάλων εταιρειών τεøνïλïγίας πïυ ίσωςµπïρέσïυν να πρïωθήσïυν την ελεύθερηπρÞσâαση στï διαδίκτυï, σε κάπïιες περιï-øές, πÞλεις και επαρøίες.

ΚΑΤΑΣΤΑΣΗ ΕΚΤΑΚΤΟΥ ΑΝΑΓΚΗΣ

13 ΜΑΡΤΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

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Σε ακύρωση πρïσæάτων πράêεων της απελθïύσαςΚυâέρνησης, σε τïµείς της αρµïδιÞτητάς τïυ, πρïøωρεί ïνέïς ΥπïυργÞς Εσωτερικών, Σωκράτης Ìάσικïς, κατÞπινδιερεύνησης και τεκµηριωµένης εισήγησης, Þπως έγινε ήδηµε την άδεια για αιïλικÞ πάρκï στην περιïøή Λευκάρων.

à ΥπïυργÞς κληθείς, στη διάρκεια δηλώσεών τïυ νασøïλιάσει δηµïσίευµα για έγκριση αιïλικïύ πάρκïυ απÞ τηναπελθïύσα Κυâέρνηση κατά τις τελευταίες ηµέρες της δια-κυâέρνησης ÌριστÞæια και κατά πÞσïν δεσµεύεται απÞαυτή την απÞæαση, ï κ. Ìάσικïς δήλωσε Þτι µια απÞ τις πρώ-τες πράêεις τïυ, ως Υπïυργïύ Εσωτερικών, ήταν να ακυρώ-σει τη συγκεκριµένη άδεια.

Ìθες η εæηµερίδα Φιλελεύθερïς σε δηµïσίευµα τηςανέæερε Þτι η τέως ΥπïυργÞς Εσωτερικών Ελένη Μαύρïυ,την τελευταία µέρα, πρïτïύ παραδώσει στïν κ. Ìάσικï, υπέ-γραψε πïλεïδïµική άδεια για λειτïυργία αιïλικïύ πάρκïυδυναµικÞτητας 26 ανεµïγεννητριών.Τï τµήµα Πïλεïδïµίαςκαι Ãικήσεως αρνήθηκε να υπïγράψει την συγκεκριµένηάδεια, διÞτι η εν λÞγω ανάπτυêη εµπίπτει σε úώνη ειδικήςπρïστασίας Natura 2000 τïυ πïταµïύ Πεντάσøïινïυ. Η ίδιααίτηση είøε απïρριæθεί και απÞ την Περιâαλλïντική Αρøή,δεδïµένïυ Þτι αναµένεται να υπάρêïυν αρνητικές επιπτώ-σεις στα είδη πτηνïπανίδας.

à ΥπïυργÞς Εσωτερικών, είπε πως πρïøώρησε στηνακύρωση µιας και “έøει να κάνει µε τï γεγïνÞς Þτι Þλα τα

Τµήµατα, πïυ είøαν σøέση µε την αδειïδÞτηση αυτή, ήσανκάθετα αντίθετα”. “Υπεγράæη, λïιπÞν, αυτή η άδεια τïυ αιï-λικïύ πάρκïυ, στην περιïøή Λευκάρων”, δήλωσε ï κ.Ìάσικïς, “στις 28 Φεâρïυαρίïυ (2013) και, êεκινώντας απÞτη θέση αρøής, Þτι για τÞσï µεγάλα έργα δεν υπïγράæειςως απερøÞµενη Κυâέρνηση, ιδιαιτέρως την τελευταίαηµέρα πριν παραδώσεις, πρïøώρησα σε διερεύνηση τηςσυγκεκριµένης άδειας και κατέληêα στï συµπέρασµα Þτιαυτή η άδεια έπρεπε να ακυρωθεί, πράγµα τï ïπïίï καιέπραêα”. “Υπάρøïυν επίσης”, συνέøισε, “και άλλες τέτïιεςπεριπτώσεις πïυ υπεγράæησαν µεταêύ πρώτïυ και δεύτε-ρïυ γύρïυ των εκλïγών, περιπτώσεις τις ïπïίες είµαι ανα-γκασµένïς να διερευνήσω”, ανέæερε.

∞∞ÔÔÛÛ‡‡ÚÚÂÂÙÙ··ÈÈ ÙÙÔÔ ÓÓÔÔÌÌÔÔÛÛ¯¤¤‰‰ÈÈÔÔ ÃÃÚÚÈÈÛÛÙÙfifiÊÊÈÈ·· ÁÁÈÈ·· ··ÎΛ›ÓÓËËÙÙ··Απïσύρεται τï νïµïσøέδιï πïυ κατέθεσε στη Βïυλή η

Κυâέρνηση ÌριστÞæια για τη æïρïλÞγηση ακινήτων και η νέαΚυâέρνηση θα ετïιµάσει και θα καταθέσει σύντïµα νέï σøε-τικÞ νïµïσøέδιï.

ΑυτÞ δήλωσε ï ΥπïυργÞς Εσωτερικών, ΣωκράτηςÌάσικïς,.

Ερωτηθείς εάν θα απïσυρθεί τï νïµïσøέδιï της πρïη-γïύµενης Κυâέρνησης για æïρïλÞγηση ακινήτων και εάν θα

ετïιµάσει άλλï η παρïύσα Κυâέρνηση, ï κ. Ìάσικïς δήλωσεÞτι η νïµïθεσία αυτή διαµïρæώνεται “σε συνεργασία µε τïΥπïυργείï Ãικïνïµικών” και δεν υπάρøει τίπïτε τώρα πρïςανακïίνωση. “Σίγïυρα δεν θα είναι τï πρïηγïύµενï νïµïσøέ-διï, αλλά”, πρÞσθεσε, “για τï Þτι πρέπει να ετïιµάσïυµενïµïσøέδιï για τη æïρïλïγία των ακινήτων, ναι, πρέπει”.

Σε ερώτηση εάν απïσύρεται, δηλαδή, τï πρïηγïύµενïνïµïσøέδιï, ï κ. Ìάσικïς απάντησε: “Ναι, για την ώρα”.

∏∏ ¡¡OOBBLLEE Îη·ÈÈ ÙÙ·· ÛÛ¯¤¤‰‰ÈÈ·· ÙÙˢ∆εύτερï κïίτασµα âλέπει η Noble στï τεµάøιï 12.

Μάλιστα έøïυν καταλήêει στï συµπέρασµα Þτι, πέραν τηςδυνατÞτητας άντλησης πετρελαίïυ σε µεγαλύτερï âάθïςαπÞ τï κïίτασµα æυσικïύ αερίïυ στï «12» υπάρøει και δεύτε-ρï κïίτασµα æυσικïύ αερίïυ, για τï ïπïίï ïι εκτιµήσεις είναιτης τάêης των 5 τρισεκατïµµυρίων κυâικών µέτρων, δηλαδήλίγï πιï περιïρισµένï απÞ τï «Αæρïδίτη. Τη ∆ευτέρα αντι-πρïσωπεία της Κρατικής Εταιρείας Υδρïγïναθράκων είøεσυνάντηση µε τη διïίκηση της Noble στη Λευκωσία µε στÞøïνα êεκαθαρίσïυν ïι πρïθέσεις τïυ αµερικανικïύ κïλïσσïύκαι τα øρïνïδιαγράµµατα των επÞµενων κινήσεων τïυ τα

ïπïία æέρïυν την επιâεâαιωτική γεώτρηση να γίνεται σταµέσα Ιïυνίïυ.Τη ∆ευτέρα ï ΑντιπρÞεδρïς της ΚΡΕΤΥΚ ΣÞλωνΚασίνης αναøώρησε ια την Ιταλία για να συúητήσει τις επÞµε-νες κινήσεις της ΕΝΙ, ενώ στις 21 Μαρτίïυ για τï ίδιï θέµαείναι πρïγραµµατισµένη η κάθïδïς και της ΤÃΤΑΛ. Σε µιαάλλη εêέλιêη σύµæωνα µε πληρïæïρίες η κυâέρνηση έøειεδώ και λίγες µέρες στα øέρια της έκθεση πïυ ετïίµασαν απÞκïινïύ η Υπηρεσία Ενέργειας τïυ Υπïυργείïυ Εµπïρίïυ και ηΚΡΕΤΥΚ στην ïπïία γίνεται αναæïρά για τα πρïσδïκώµεναέσïδα για την Κυπριακή ∆ηµïκρατία απÞ την εκµετάλλευσηæυσικïύ αερίïυ µέøρι τï 2035.

Ãλïκληρώθηκε τη ∆ευτέρα η µελέτητïυ Αναθεωρηµένïυ ΣøεδίïυΑναδιάρθρωσης τïυ õίλïυ της ΛαϊκήςΤράπεúας και τï ∆ιïικητικÞ Συµâïύλιï ενέ-κρινε την υπïâïλή τïυ στην ΚεντρικήΤράπεúα της Κύπρïυ.

Στï Αναθεωρηµένï Σøέδιï λήæθηκανυπÞψη ïι απÞψεις και τα σøÞλια τηςΕπïπτικής Αρøής και τïυ ΥπïυργείïυÃικïνïµικών, «διαµïρæώνïντας ένα ρεαλι-στικÞ και συνάµα ïλïκληρωµένï σøέδιïαναδιάρθρωσης τïυ õίλïυ».

Πρïστίθεται Þτι η υλïπïίηση τïυΣøεδίïυ Αναδιάρθρωσης πïυ άρøισε σε λει-

τïυργικÞ επίπεδï τïν Αύγïυστï τïυ 2012,«συµâάλλει ήδη στην περαιτέρω αναâάθµι-ση της απïτελεσµατικÞτητας και ανταγωνι-στικÞτητας της Τράπεúας και µε την αναµε-νÞµενη πλήρη ανακεæαλαιïπïίησή της, θαδηµιïυργηθïύν ïι πρïϋπïθέσεις για µιανέα επïøή ανάπτυêης για τïν Ùµιλï ΛαϊκήςΤράπεúας πρïς Þæελïς της ΚυπριακήςÃικïνïµίας και τïυ τÞπïυ».

Η αναθεωρηµένη υπïâïλή εµπίπτει σταπλαίσια των υπïøρεώσεων της Τράπεúαςâάσει των κανÞνων της ΕΕ για κρατική στή-ριêη, καταλήγει η ανακïίνωση. Ìθες η ΛαϊκήΤράπεúα σε ανακïίνωση της, κατÞπιν υπÞ-

δειêης της Επιτρïπής ΚεæαλαιαγïράςΕλλάδïς διευκρίνισε Þτι στï παρÞν στάδιïδεν υπάρøει ïτιδήπïτε πρïς ανακïίνωση,αναæïρικά µε την πώληση της ΕπενδυτικήςΤράπεúας Ελλάδïς A.E..

∆ηµïσιεύµατα στïν ελληνικÞ ηλεκτρï-νικÞ Τύπï ήθελαν την Λαϊκή Τράπεúα ναπρïøωρεί στην άµεση πώληση τηςΕπενδυτικής Τράπεúας Ελλάδïς.

Σύµæωνα πάντïτε µε τα ελληνικάµέσα ενηµέρωσης τï θέµα είναι σε εêέ-λιêη, καθώς έøει εκδηλωθεί ενδιαæέρïναπÞ υπïψήæιïυς αγïραστές, Έλληνεςκαι êένïυς και απïµένει η διαγωνιστική

διαδικασία.Τï ενδιαæέρïν πρïκύπτει απÞ τï µεγά-

λï ατïύ της Επενδυτικής Τράπεúας, πïυείναι η τραπεúική άδεια, η ïπïία της παρέ-øει τη δυνατÞτητα άσκησης ïλÞκληρης τηςγκάµας των τραπεúικών εργασιών, ανεêάρ-τητα απÞ τï γεγïνÞς Þτι έως σήµερα λει-τïυργïύσε ως αµιγώς επενδυτική τράπεúα,Þπως αναæέρθηκε στα δηµïσιεύµατα.

Υπïγραµµίúεται δε πως ï αγïραστής,πέραν της «øρυσής» άδειας θα εêαγïράσειøïρηγήσεις ύψïυς 300 εκατ. ευρώ πρïςµεγάλες επιøειρήσεις, ïργανισµïύς καιµικρïµεσαίες εταιρείες.

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∫∞: M Virgin Û ª¿ÓÙÛÂÛÙÂÚ,∂‰ÈÌ‚Ô‡ÚÁÔ Î·È ∞ÌÂÚÓÙ›Ó

Ãι Κυπριακές Αερïγραµµές διεύρυναν τη συνεργασίατïυς µε τη Virgin Atlantic ώστε µέσω Heathrow να εêυπη-ρετεί τï επιâατικÞ κïινÞ πρïς Μάντσεστερ, Εδιµâïύργïκαι Αµπερντίν µε απïâίâαση και επιâίâαση των επιâατώνστα αερïπλάνα των δύï εταιρειών µέσω Heathrow απÞ τïTerminal 1. Ãι πτήσεις κïινïύ κωδικïύ KυπριακώνΑερïγραµµών - Virgin Atlantic (CY –VS) µέσω τïυHeathrow πρïς και απÞ τï Μάντσεστερ êεκινïύν στις 31Μαρτίïυ, για τï Εδιµâïύργï, αρøίúïυν στις 5 Απριλίïυ καιγια τï Αµπερντίν στις 9 Απριλίïυ. Ãι επιâάτες θα έøïυν επί-σης την επιλïγή να διακÞπτïυν τï ταêίδι τïυς, µε παραµï-νή στï Λïνδίνï, øρησιµïπïιώντας τï ίδιï εισιτήριï.

Ãι Κυπριακές Αερïγραµµές πραγµατïπïιïύν πτήσειςκïινïύ κωδικïύ µε την Virgin Atlantic απÞ τï 2011, Þτανστις 12 Αυγïύστïυ τέθηκε σε εæαρµïγή η συµæωνία γιαπτήσεις µέσω Heathrow πρïς 2 αερïδρÞµια της ΝέαςΥÞρκης, τη Bïστώνης και τï Λïς Άντúελες και αντιστρÞ-æως πρïς τη Λάρνακα.

ªfiÓÔ ÙÔ 2% ÙˆÓ ∫˘Ú›ˆÓ ·Ó·Ì¤ÓÂÈ ¤ÍÔ‰Ô ·fi ÙÔ Â˘ÚÒ

Πρώτïι στην Ευρώπη σε Þ,τι αæïρά την πιθανÞτητα νακάνïυν øρήση της «Πρωτïâïυλίας των ΕυρωπαίωνΠïλιτών» κατατάσσïνται ïι Κύπριïι πïλίτες, Þπως καιπρώτïι ανάµεσα στïυς «27» πïυ úητïύν να µάθïυν περισ-σÞτερα για τα δικαιώµατά τïυς.

ΩστÞσï, Þπως δείøνει τï ΕυρωâαρÞµετρï τïυΦθινïπώρïυ (3 και 18 Νïεµâρίïυ 2012), ïι Κύπριïι ένïιω-θαν λιγÞτερï Ευρωπαίïι σε σøέση µε έêι µήνες πριν, παράτï Þτι η έρευνα διεêήøθη Þταν η Κύπρïς είøε τηνΠρïεδρία της ΕΕ. Σηµειώνεται Þτι ανάµεσα στα κύριαγεγïνÞτα πïυ κυριαρøïύσαν στα ΜΜΕ εκείνη την περίïδïήταν η Κυπριακή Πρïεδρία της ΕΕ, η ïικïνïµία και ïισυνïµιλίες µε την ΤρÞικα.

Ένα ιδιαίτερα ψηλÞ πïσïστÞ των Κυπρίων απάντησεπως δεν πρïσδïκά τίπïτα απÞ την ΕΕ (20%), µια σηµαντι-κή αύêηση απÞ την Άνïιêη 2012.

ΜÞνï 2% των Κυπρίων (Þπως και ï µέσïς Þρïς της ΕΕ)δήλωσαν Þτι αναµένïυν έêïδï απÞ την ΕΕ και τï ευρώ.

Συρρίκνωση για έκτï συνεøÞµενï τρίµηνï παρïυσίασε ηκυπριακή ïικïνïµία τï τέταρτï τρίµηνï τïυ 2012, µε τïκυπριακÞ Ακαθάριστï Εγøώριï ΠρïϊÞν (ΑΕΠ) να µειώνεταικατά 3,4%, σε σύγκριση µε τï αντίστïιøï τρίµηνï τïυ 2011.

Αυτή είναι η µεγαλύτερη µείωση τïυ κυπριακïύ ΑΕΠ απÞτï τρίτï τρίµηνï τïυ 2011, Þταν άρøισε η συρρίκνωση τηςïικïνïµίας.

Μετά τη διÞρθωση τïυ ΑΕΠ ως πρïς τις επïøικές διακυ-

µάνσεις και τις εργάσιµες µέρες, η κυπριακή ïικïνïµία υπïλï-γίúεται Þτι συρρικνώθηκε τï τέταρτï τρίµηνï κατά 3,3%.

Aρνητικïύς ρυθµïύς ανάπτυêης παρïυσίασε ï δευτερï-γενής τïµέας της ïικïνïµίας (Κατασκευές, Βιïµηøανία), Þπωςεπίσης ïι τïµείς τïυ Εµπïρίïυ, των Μεταæïρών και τωνΥπηρεσιών (∆ηµÞσια ∆ιïίκηση, Ψυøαγωγικές και Πïλιτιστικές∆ραστηριÞτητες). ΘετικÞ ρυθµÞ ανάπτυêης παρïυσίασε ïτïµέας των Νïµικών & Λïγιστικών Υπηρεσιών.

66ËË ÛÛ˘ÓÓ¯‹‹˜ ÛÛ˘ÚÚÚÚ››ÎÎÓÓˆÛÛËË ÙÙˢ ÔÔÈÈÎÎÔÔÓÓÔÔÌÌ››··˜

Ως έøει σήµερα η διαδικασία/νïµïθεσία σε συγκρïτήµα-τα øωρίς τίτλïυς, ï εγγεγραµµένïς ιδιïκτήτης είναι τïυπεύθυνï άτïµï για την καταâïλή τïυ æÞρïυ ακίνητηςιδιïκτησίας και øρεώνει τïν αγïραστή ανάλïγα. Ùπως ÞµωςπρÞκειται να διαµïρæωθïύν ïι κλίµακες ιδιïκτησίας τηςακίνητης ιδιïκτησίας, είναι πρïσεκτÞ Þτι αγïραστές πïυίσως να εκπίπτïυν της æïρïλïγίας θα καλïύνται να πληρώ-σïυν για αρκετά øρÞνια (πρï της µεταâίâασης) µε πïσïστÞ8% (άγνωστï τï µέγιστï τώρα). Πρïς τïύτï είναι σωστÞ εάνένας αγïραστής επειδή δεν κατέθεσε τï συµâÞλαιï τïυ ναεπιâαρύνεται µε συν 8% και άλλïι πïυ τï κατέθεσαν σøε-δÞν µηδέν; Γίνεται αντιληπτÞ Þτι µε τïν øρÞνï πïυ øρειάúε-ται η έκδïση τίτλων ιδιïκτησίας µετά την απïπεράτωσηενÞς έργïυ 5-7 øρÞνια, τï κÞστïς θα είναι πïλύ ψηλÞ στïυςκατÞøïυς/αγïραστές έστω και εάν εêαιρïύνται της æïρïλï-γίας. Τï πïσÞ πïυ θα øρεώνεται ένας αγïραστής είναι πïλύψηλÞ και αυτÞ Þøι µÞνï είναι άδικï αλλά και δυσλειτïυργι-κÞ, διÞτι αγïραστές θα καλïύνται να πληρώσïυν ένα πïλύψηλÞ æÞρï, πïυ ίσως να ισïύται µε τï επίπεδï τïυ ενïικίïυκαι άρα είτε θα είναι δύσκïλη η πληρωµή τïυ και/ή θα έøειαρνητική εêέλιêη στην αγïρά ακινήτων.

Ως εκ τïύτïυ είναι πιï ïρθÞ Þπως πρïέλθει εισήγηση εκµέρïυς σας στην Βïυλή να διαæïρïπïιήσει τïν νÞµï ïύτωςώστε η æïρïλïγία να είναι ανά µïνάδα και Þøι συσωρευτική(έøει γίνει κάπïια πρÞταση απÞ τï ΚΕΒΕ/ÃΕΒ επί τïυ θέµα-τïς). Εδώ πρÞκειται για δυνατÞτητα πληρωµής αγïρα-στών/µη είσπραêη απÞ τï ΤΕΠ και Þøι µια πρïσπάθεια µείω-σης της æïρïλïγίας σε πïλυκατÞøïυς ακινήτων.

Ένα πïλύ πιï σïâαρÞ θέµα είναι και η πληρωµή τïυæÞρïυ ακίνητης ιδιïκτησίας/απïøετευτικïύ κλπ. Τï ΤΕΠµετά µε την έκδïση των τίτλων και για να επιτευøθεί ηµεταâίâαση σε ένα έργï πρέπει Þλï τï ïæειλÞµενï πïσÞ ναπληρωθεί για Þλες τις µïνάδες την ίδια τακτική ακïλïυ-θïύν και ïι άλλες αρøές. Σε περίπτωση πώλησης των µïνά-δων είναι επίσης δεδïµένη η øρέωση πρïς τïν αγïραστήÞταν εκδίδïνται ïι τίτλïι για µεταâίâαση, Þπως πρïαναæέρ-θηκα, Þλï τï υπÞλïιπï πïσÞ Þλων των µïνάδων θα πρέπεινα πληρωθεί. Ως εκ τïύτïυ έστω και ένας αγïραστής αδυ-νατεί να πληρώσει, τÞτε κανένα διαµέρισµα/µïνάδα µεταâι-âάúεται. Τï απïτέλεσµα είναι Þτι Þøι µÞνï δεν επιτυγøάνε-ται η είσπραêη τïυ æÞρïυ ακίνητης ιδιïκτησίας, των∆ηµïτικών, απïøετευτικών τελών κλπ, αλλά ïύτε και τïΚράτïς εισπράττει έστω και ένα σεντ απÞ τα µεταâιâαστικά.Η πιï πάνω παρατήρηση µας είναι, τώρα, πιï έντïνη πïυάρøισε η έκδïση καθυστερηµένων τίτλων και εκκρεµïύν ïιµεταâιâάσεις-εισπράêεις απÞ τις Αρøές και τï Κράτïς.

ΥπÞ τις επικρατïύσες συνθήκες της ïικïνïµίας, την µεί-ωση της δυνατÞτητας πληρωµής απÞ αρκετïύς αγïραστέςείναι λάθïς να συνεøισθεί αυτή η πρïσέγγιση (δηλαδή ηείσπραêη Þλïυ τïυ πïσïύ ή τίπïτε!!).

Τα παραδείγµατα απÞ εµάς και µÞνï ως Γραæείï διαøεί-ρισης ακινήτων είναι πάµπïλλα. Σε ένα έργï στην Πάæï µε30 διαµερίσµατα, ï æÞρïς ιδιïκτησίας καταâλήθηκε απÞτïυς 20 ιδιïκτήτες, αλλά δεν έγιναν µεταâιâάσεις λÞγω τïυπιï πάνω πρïâλήµατïς (της µη είσπραêης των æÞρων απÞÞλïυς τïυς αγïραστές εκ µέρïυς τïυ πωλητή). Ναι µενίσως να είναι η νïµική ευθύνη τïυ πωλητή να καλύψει Þλïτï πïσÞ, την ïπïία Þµως ευθύνη ï πωλητής âάσει τïυπωλητηρίïυ εγγράæïυ διαâίâασε στïυς αγïραστές. Άρα ïπωλητής αρνείται να καταâάλει την «υπïøρέωση» αυτή τηνïπïία δεν θεωρεί Þτι τïυ ανήκει.

Απïτέλεσµα και αυτÞ ένα απÞ τα πïλλά παραδείγµατα,παραµένïυν εγκλωâισµένïι Þλïι σøεδÞν ïι αγïραστές καιτï Κράτïς και ïι κλπ δεν εισπράττει τίπïτε. ΑπÞ τïυς 20ανταπïκρινÞµενïυς αγïραστές στï πιï πάνω παράδειγµα

τï Κράτïς θα είøε εισπράêει γύρω στις 50.000 ευρώ µεταâι-âαστικά, æÞρïυς κλπ. ΤαυτÞøρïνα υπάρøει µια έντïνηδυσæïρία ιδιαίτερα απÞ τïυς êένïυς αγïραστές για µηµεταâίâαση µε την ανάλïγη δυσæήµιση της ∆ηµïκρατίαςστï εêωτερικÞ.

Σε άλλï έργï µας απÞ τïυς 50 αγïραστές, 3 êένïι αγï-ραστές έøïυν «εêαæανισθεί» στην Ρωσία και είναι αδύνατηη είσπραêη. Για να αναλάâει την κατïøή ï πωλητής θα πρέ-πει να υπάρøει πïλυετής δικαστική απÞæαση. Εν τω µεταêύτι γίνεται µε τïυς υπÞλïιπïυς αγïραστές και γιατί και εδώτï Κράτïς να µην εισπράêει απÞ εκείνïυς πïυ είναι έτïιµïι- µια και πïυ δεν θα øαρίσει κανένα πïσÞ στïυς µη πληρώ-σαντες, αλλά θα τα εισπράêει σε κάπïιï στάδιï µαúί µε τïυςτÞκïυς κλπ.

Στην επïøή πïυ διανύïυµε αγαπητέ Υπïυργέ τωνÃικïνïµικών επαναλαµâάνïυµε Þτι ï στÞøïς θα πρέπει ναείναι η είσπραêη «κάπïιïυ» πïσïύ παρά τίπïτε, πλέïν τωνυπÞλïιπων παρεµæερών συνεπειών.

Εκ µέρïυς µας σε συνεργασία µε τïν ΣύνδεσµïΚτηµατïµεσιτών, Εκτιµητών, ΚΕΒΕ, ÃΕΒ θα γίνει πρïσπά-θεια Þπως âγει στην επιæάνεια αυτÞ τï πρÞâληµα πïυ µεπρακτικά µέτρα µπïρεί άµεσα να διαæïρïπïιηθεί και ναâïηθήσει σε µεγάλï âαθµÞ την δυνατÞτητα είσπραêηςæÞρων απÞ την πïλιτεία και να απïæύγει τï Κράτïς περαι-τέρω δυσæήµιση.

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

¶ÏËڈ̋ ÊfiÚÔ˘ ·Î›ÓËÙ˘ ȉÈÔÎÙËÛ›·˜ -¢È·‰Èηۛ· Î·È ÂÈÛÚ¿ÍÂȘ

13 ΜΑΡΤΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

¶¶¿¿ÙÙˆÛÛ··ÓÓ ÔÔÈÈ ˆÏÏ‹‹ÛÛÂÂÈȘ ··ÎÎÈÈÓÓ‹‹ÙÙˆÓÓΜείωση κατέγραψαν ïι πωλήσεις ακινήτων παγκύπρια,

παρά την άνïδï των πωλήσεων στην πÞλη της Πάæïυ.Σύµæωνα µε στïιøεία πïυ ανακïίνωσε τï ΚτηµατïλÞγιï ,

τï Φεâρïυάριï τïυ 2013 ïι πωλήσεις ακινήτων κατέγραψανµείωση σε Þλες τις πÞλεις πλην της Πάæïυ, πïυ κατέγραψεεντυπωσιακή αύêηση 86%.

Σύµæωνα µε τα στïιøεία τïυ Κτηµατïλïγίïυ, παγκύπριατα πωλητήρια έγγραæα πïυ έøïυν κατατεθεί στïΚτηµατïλÞγιï µειώθηκαν τï δεύτερï µήνα τïυ 2013 στα 352τεµάøια έναντι 486 τï Φεâρïυάριï τïυ 2012, καταγράæïνταςετήσια πτώση της τάêης τïυ 28%.

Τïν Ιανïυάριï η µείωση έæθασε τï 53% η ïπïία απïδίδε-

ται εν µέρει στη ψηλή âάση τïυ περσινïύ Ιανïυαρίïυ. Σε Þλεςτις επαρøίες παρïυσιάúεται διαæïρετική τάση σε σøέση µετην Πάæï. Στην ΑµµÞøωστï η µείωση στις πωλήσεις ακινήτωνΦεâρïυαρίïυ ανήλθε στï 61% και στη Λευκωσία στï 60%.

Στη ΛεµεσÞ η µείωση ανήλθε στï 45 % και στη Λάρνακαστï 15 %.

¶¶ÚÚÔÔ‚‚ÔÔÏÏ‹‹ ÙÙˢ ¶¶¿¿ÊÊÔÔ˘ ÁÁÈÈ·· ÚÚÔÔÛÛ¤¤ÏÏÎ΢ÛÛËË ººÈÈÓÓÏÏ··ÓÓ‰‰ÒÒÓÓ ÙÙÔÔ˘ÚÚÈÈÛÛÙÙÒÒÓÓ

Μέσα στα πλαίσια πρïâïλής της Πάæïυ και των πτήσεωναπÞ Φινλανδία πρïς Πάæï-Κύπρï, η Εταιρεία ΤïυριστικήςΑνάπτυêης και Πρïâïλής Περιæέρειας Πάæïυ (Ε.Τ.Α.Π) διε-êάγει για τï Σαââατïκύριακï 15-16 Μαρτίïυ πρïώθηση τηςτïυριστικής Πάæïυ σε δυï µεγάλες υπεραγïρές στïøεύï-ντας πιθανïύς επισκέπτες.

Συγκριµένα µε την στήριêη τïυ Κ.Ã.Τ, σε συνεργασία µεêενïδÞøïυς, διïργανωτή ταêιδιών και την γνωστή εταιρείαΚυπριακών και Ελληνικών ΠρïϊÞντων FILOS πïυ δραστηριï-πïιείται στην Φινλανδία εγκαινιάúεται σειρά πρïωθητικώνενεργειών για τα ταêιδιωτικά πακέτα καλïκαιριïύ 2013.

Ãι δύï ïργανισµïί µε συµµάøïυς τï τïυριστικÞ πρïϊÞντης Πάæïυ και την γαστρïνïµία και ιδιαίτερα τï κυπριακÞøαλïύµι επικεντρώνïυν την κïινή πρïσπάθεια για σύνδεσητης Πάæïυ µε την γαστρïνïµική εµπειρία και ενηµέρωση καιεêïικείωση των πιθανών επισκεπτών µε τï τί έøει η Πάæïς ναπρïσæέρει.

Συγκεκριµένα στις υπεραγïρές αυτές, θα τïπïθετηθïύνσηµεία πρïώθησης της Πάæïυ µε πανÞ, επιδαπέδια στάντ καιπληρïæïριακÞ στάντ, ενώ ïι επισκέπτες θα έøïυν την ευκαι-ρία να γευθïύν κυπριακÞ øαλïύµι και να ενηµερωθïύν γιατην Πάæï –Κύπρï ως τïυριστικÞ πρïïρισµÞ, συνεøίúει η ανα-κïίνωση.

Σύµæωνα µε την ανακïίνωση για την εν λÞγω ενέργειαέøει ετïιµασθεί πρïωθητικÞ υλικÞ στη Φινλανδική γλώσσαενώ µέσα απÞ την πρïσπάθεια αυτή ïι επισκέπτες θα έøïυντην ευκαιρία επίσης µέσα απÞ διαγωνισµÞ να κερδίσïυνδώρα και δωρεάν διακïπές στην Πάæï.

ΠαρÞµïια πρïωθητική ενεργεία έøει επίσης πρïγραµµα-τιστεί και για τις 5-6 Απριλίïυ σε δυï άλλες µεγάλες υπερα-γïρές της ευρύτερης περιïøής ενώ µέσα απÞ την δράση ηΕ.Τ.Α.Π αναµένει δηµιïυργία θετικής εικÞνας για την Πάæïκαι απïτελεσµατικÞτερη πρïâïλή τïυ πρïïρισµïύ “Πάæïς-Κύπρïς” στï ευρύ κïινÞ και πιθανïύς επισκέπτες.

¢¢ÈÈ··ÁÁˆÓÓÈÈÛÛÌÌfifi˜ ÂÂÈȯÂÂÈÈÚÚËËÌÌ··ÙÙÈÈÎ΋‹˜ Èȉ‰¤¤··˜ ··fifi ÙÙÔÔ UUCCLLaann ∆ιαγωνισµÞ Επιøειρηµατικής Ιδέας 2013, πïυ είναι ανïι-

κτÞς σε νέïυς επίδïêïυς επιøειρηµατίες , æïιτητές, MBAs,απÞæïιτïυς και Þσïυς άλλïυς αγκαλιάúïυν τï επιøειρείν, διïρ-γανώνει τï Κέντρï ΕπιøειρηµατικÞτητας τïυ ΠανεπιστηµίïυUCLan Cyprus, σε συνεργασία µε διάæïρïυς εταίρïυς.

Ãι ενδιαæερÞµενïι καλïύνται «να κïινïπïιήσïυν τïενδιαæέρïν τïυς και να συµµετάσøïυν σε εκπαιδευτικά εργα-στήρια τα ïπïία θα πραγµατïπïιηθïύν στην Κύπρï και τïΗνωµένï Βασίλειï και θα ενïρøηστρωθïύν µε στÞøï την

παρïøή στήριêης και καθïδήγηση για την ετïιµασία επιøειρη-µατικών πρïτάσεων. Τα εργαστήρια êεκίνησαν øθες 12Μαρτίïυ 2013 στï ΕµπïρικÞ ΒιïµηøανικÞ ΕπιµελητήριïΛεµεσïύ (σε συνεργασία µε τï ∆ιεθνές Επιµελητήριï ΝέωνΚύπρïυ), στις 14 Μαρτίïυ στï UCLAN Cyprus, στη Πύλα, στηΛάρνακα, στις 26 Μαρτίïυ στï ΕµπïρικÞ ΒιïµηøανικÞΕπιµελητήριï Κύπρïυ στη Λευκωσία (σε συνεργασία µε τï∆ιεθνές Επιµελητήριï Νέων Κύπρïυ) και στις 9 Απριλίïυ στïHellenicCentre στï Λïνδίνï».

Τï Πανεπιστήµιï Κύπρïυ ανακïίνωσε την έναρêη µετα-πτυøιακïύ πρïγράµµατïς στη Μηøανική Πετρελαίων (Masterin Petroleum Engineering) και την πρïκήρυêη θέσεων µετα-πτυøιακών æïιτητών για τï Σεπτέµâριï τïυ 2013.

Τï πρÞγραµµα θα δεøθεί έως 20 æïιτητές τï øρÞνï, κατÞ-øïυς πρώτïυ πτυøίïυ σε κλάδï της µηøανικής ή των θετικώνεπιστηµών και θα πρïσæέρεται αρøικά απÞ την ΠïλυτεøνικήΣøïλή. ΑργÞτερα θα ενταøθεί σε υπÞ µελέτη νέï Τµήµα.

Τï πρÞγραµµα θα πρïσæέρεται στην Αγγλική και στηνΕλληνική σε αυτïøρηµατïδïτïύµενη âάση. Μέρïς τïυ πρï-γράµµατïς θα διδάσκεται σε εντατική âάση µε στÞøï τη συµ-

µετïøή διδασκÞντων απÞ Εταιρείες Πετρελαίων καιΚαθηγητών απÞ τï εêωτερικÞ. Απαραίτητη πρïϋπÞθεση γιαεισδïøή στï πρÞγραµµα είναι η πïλύ καλή γνώση τηςΑγγλικής γλώσσας. Τï πρÞγραµµα, Μάστερ στη ΜηøανικήΠετρελαίων, σøεδιάστηκε για να είναι πλήρες στα θέµατα τηςέρευνας και παραγωγής υδρïγïνανθράκων (upstreamindustry) και να καλύπτει τις ανάγκες της âιïµηøανίας και τιςαπαιτήσεις των διïικητικών και ρυθµιστικών ïργάνων τηςΚύπρïυ. To πρÞγραµµα θα καλύψει τις ακÞλïυθες κύριεςπεριïøές: 1. Γεωλïγία πετρελαίων και εæαρµïσµένη γεωæυσι-κή (Petroleum Geology and Applied Geophysics), 2. Μηøανική

γεωτρήσεων και εêïπλισµïύ ïλïκλήρωσης και ανάπτυêης(Drilling and Completion Engineering), 3. ÌαρακτηρισµÞςταµιευτήρα, διαøείριση και παραγωγή υδρïγïνανθράκων(Reservoir Characterization, Management and Production ïfHydrocarbon Resources), 4. Παραγωγή, µεταæïρά και απïθή-κευση υδρïγïνανθράκων (Production, transportation andstorage facilities) Κύριïς στÞøïς τïυ πρïγράµµατïς είναι ναπρïετïιµάσει και να επιταøύνει την ανάπτυêη τïυ ανθρωπί-νïυ δυναµικïύ στην Κύπρï για πρÞσληψή τïυ απÞ τις τïπι-κές αρøές, διεθνείς εταιρείες και θυγατρικές εταιρείες στïνκλάδï πετρελαίïυ και æυσικïύ αερίïυ.

«¶ÚfiÛÎÏËÛË» ∞Ú¯ÈÂÈÛÎfiÔ˘ ÚÔ˜

Mε ïδηγίες τïυ ΑρøιεπισκÞπïυ ΚύπρïυÌρυσïστÞµïυ γίνïνται µελέτες, πïυ στïøεύ-ïυν στην δηµιïυργία στην Κύπρï των πρώ-των πïλυτελέστατων êενïδïøείων για άτïµατης τρίτης ηλικίας.

Στα πïλυτελέστατα αυτά êενïδïøεία πïυθα έøïυν τις κατάλληλες υπïδïµές για αυτήτην ηλικία και θα λειτïυργïύν ïλÞøρïνα, θαπαρέøεται διαµïνή, διατρïæή, ιατρïæαρµα-κευτική περίθαλψη, υπηρεσίες ευεêίας καιπïλλά άλλα. ΣτÞøïς είναι η ανάπτυêη τïυΙατρικïύ Τïυρισµïύ, ένας τïµέας ï ïπïίïςµπïρεί να απïæέρει πïλλά θετικά στηνκυπριακή ïικïνïµία.

Μιλώντας στην εæηµερίδα µας ïΑρøιεπίσκïπïς ÌρυσÞστïµïς, τÞνισε πως «ΗΚύπρïς λÞγω κλίµατïς πρέπει να επενδύσειστïν ΙατρικÞ ΤïυρισµÞ», για να τïνίσει πως ηΚύπρïς µÞνï υπηρεσίες µπïρεί να πρïσæέ-ρει, και σε αυτÞ πρέπει να επικεντρωθïύµε.

à ιατρικÞς τïυρισµÞς είναι µία νέα συνε-øώς αναπτυσσÞµενη ïικïνïµική δραστηριÞ-τητα παγκïσµίως. Αναæέρεται στη µετάâασηεκτÞς και εντÞς συνÞρων ανθρώπων µε πρï-âλήµατα υγείας πρïκειµένïυ να τïυς παρα-øθεί ιατρική æρïντίδα πïυ στïøεύει στηνπρÞληψη, διάγνωση και διατήρηση της υγείαςτïυς. Απαιτεί σύνθεση, συνεργασία και κïινήπρïσπάθεια τïυ επιøειρηµατία τïυρισµïύ καιτïυ ιατρïύ. Περιλαµâάνει επίσης υπηρεσίεςµεταæïράς, ενηµέρωσης, êενάγησης, εστία-σης και διαµïνής των τïυριστών υγείας σεεπιλεγµένα êενïδïøεία.

Η δηµιïυργία αυτών των êενïδïøείωνστïøεύει στην πρïσέλκυση τïυριστών τηςτρίτης ηλικίας κυρίως απÞ τις ΒÞρειες øώρες,καθ’ Þλη την διάρκεια τïυ øρÞνïυ, γεγïνÞςπïυ θα ïδηγήσει και στï άνïιγµα πïλλώνθέσεων εργασίας, Þπως ιατρικïύ-νïσηλευτι-κïύ πρïσωπικïύ αλλά και τïυ êενïδïøειακïύτïµέα. Για την δηµιïυργία τïυ πρώτïυ êενï-δïøείïυ, απÞ την εκκλησία της Κύπρïυ µάλ-λïν θα αêιïπïιηθεί Γη στην περιïøή της ΑγίαςΝάπας, και Þσïν αæïρά την øρηµατïδÞτησητïυ έργïυ αυτή αναµένεται να γίνει µε δανει-ïδÞτηση απÞ τï εêωτερικÞ. Τέτïιες επενδύ-σεις είπε øαρακτηριστικά ï Αρøιεπίσκïπïςαπïτελïύν παράδειγµα πρïς µίµηση, ενώστÞøïς της εκκλησίας είναι η δηµιïυργίατέτïιων êενïδïøείων και σε άλλες περιïøέςτης Κύπρïυ.

à Αρøιεπίσκïπïς Κύπρïυ µιλώντας στηνεæηµερίδα µας σøïλίασε και την εκλïγήΝίκïυ Αναστασιάδη, αναæέρïντας øαρακτη-ριστικά πως η πρïεδρία Αναστασιάδη θαεκπλήêει θετικά. Σε ερώτηση µας για την δια-κυâέρνηση ÌριστÞæια ανέæερε πως αυτή δενυστερïύσε σε κάτι, «δεν είναι Þµως ïρθÞ ναπρïτάσσεις συνεøώς και παντïύ την κïυµ-µïυνιστική σïυ κïυλτïύρα. Η θεωρία της δια-κυâέρνησης ÌριστÞæια τï να απαιτείς ναπάρεις απÞ τïυς έøïντες και κατέøïντες καινα θες να γίνïυν ïι πλïύσιïι æτωøïί και ïιæτωøïί æτωøÞτερïι, είδαµε πïυ µας ïδήγη-σε», είπε, συµπληρώνïντας πως και ïι τράπε-úες έκαναν λάθη.

Σøετικά µε την ανάκαµψη είπε πως øρειά-úïνται θαρραλέες απïæάσεις για να πάρει ταπάνω της êανά η κυπριακή ïικïνïµία, αæïύ ï

ίδιïς πιστεύει πως τï µÞνï πρÞâληµα είναι ηæïύσκα στïν κατασκευαστικÞ τïµέα πïυεπηρέασε εν µέρει και τις τράπεúες. Ãι υπÞ-λïιπïι τïµείς Þπως τïυρισµÞς, ναυτιλία, πρï-σέλκυση êένων εταιρειών, δεν έøïυν επηρεα-στεί τÞσï και µπïρïύν να âïηθήσïυν στηνανάκαµψη.«ΜÞνï η εκκλησία της Κύπρïυέøασε απÞ τις τράπεúες 9,5 εκ. ευρώ» ανέæε-ρε θέλïντας να καυτηριάσει τï πως ïι κακïίïικïνïµικïί øειρισµïί έøïυν επηρεάσει τηνúωή των κυπριακών νïικïκυριών.

∆Ú¿Â˙˜Ερωτηθείς για την πïρεία της Ελληνικής

Τράπεúας είπε πως είναι ενθïυσιασµένïς,σηµειώνïντας πως æÞρτωσαν τα πάντα στιςτράπεúες για να δικαιïλïγήσïυν τïυς λάθïυςøειρισµïύς τïυς Þσïν αæïρά τï κïύρεµα πïυέκαναν ïι κυπριακές τράπεúες, τïυ ελληνικïύ∆ηµïσίïυ øρέïυς ύψïυς 4,5 δις ευρώ, υπï-γραµµίúïντας την µη καλή συνεργασία πïυείøαν ï πρώην πρÞεδρïς ∆. ÌριστÞæιας και ïπρώην ∆ιïικητής της Κεντρικής Τράπεúας Αθ.Ãρæανίδης. Ãι τράπεúες øρειάúïνται øρÞνïείπε, και η εκκλησία θα σταθεί εµπÞδιï σε ïτι-δήπïτε θεωρήσει πως δεν την âρίσκει σύµ-æωνη. Αναæïρικά µε την Τράπεúα Κύπρïυανέæερε πως αν στηριøθεί θα αντεπεêέλθει,ενώ η Λαϊκή δύσκïλα θα τα καταæέρει µιαςκαι θεωρεί πως η εµπλïκή ΑνδρέαΒγενÞπïυλïυ στην τράπεúα ήταν ισïπεδωτι-κή για τï συγκρÞτηµα. Ερωτηθείς για τυøÞνσυγøωνεύσεις στïν τραπεúικÞ τïµέα ανέæε-ρε πως αυτÞ απÞ την µια έøει τα θετικά τïυ,ωστÞσï η αυτÞνïµη λειτïυργία των τραπε-

úών συµâάλει στïν υγιή ανταγωνισµÞ.

∂Ó¤ÚÁÂÈ·Στα πλαίσια των επενδύσεων της η

εκκλησία θα δραστηριïπïιηθεί και στïντïµέα της ενέργειας επενδύïντας στην δηµι-ïυργία æωτïâïλταϊκών πάρκων, πρïøωρώ-ντας µε την ενïικίαση γης.

Στα σøέδια είναι και η δηµιïυργία εργï-στασίïυ παραγωγής ηλεκτρικής ενέργειας µετην συµµετïøή επενδυτών απÞ Ρωσία, Γαλλίακαι Ισραήλ, σηµείωσε ï Αρøιεπίσκïπïς.

∫ÚÈÙÈΤ˜Απαντώντας σε Þσïυς τïν κατακρίνïυν

για την επενδυτική τïυ δραστηριÞτητα, ανέ-æερε πως τï έργï της εκκλησίας δεν είναιµÞνï θρησκευτικÞ, αντίθετα έøει και ένα κïι-νωνικÞ, æιλανθρωπικÞ, πïλιτιστικÞ έργï ναεπιτελέσει.

Για αυτÞ τïν λÞγï η εκκλησία δεν µπïρείνα παραµένει αδιάæïρη, στις πρïïπτικές πïυυπάρøïυν για αύêηση των εισïδηµάτων της.Σøετικά µε την κάθïδï των Ρώσων στηνΚύπρï και τïν αντίκτυπï πïυ έøει τÞσï απÞïικïνïµικής πλευράς, αλλά και απÞ πïλιτισµι-κής πλευράς, στην øώρα µας ανέæερε πωςαυτÞ µÞνï θετικά µπïρεί να έøει µιας και ïιΡώσïι µπïρïύν να στηρίêïυν την ïικïνïµίαµας.

Ãι ρώσïι ήταν και θα παραµείνïυν έναςπρïσγειωµένïς λαÞς ανέæερε, και αυτÞâïηθά στην συνύπαρêη τïυς µε τïυςΚύπριïυς.

13 ΜΑΡΤΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Την παγκÞσµια κυκλïæïρία τïυ Office 365 υπηρεσίες γιαεπιøειρήσεις ανακïίνωσε η Microsoft. ΠρÞκειται για την πιïïλïκληρωµένη σειρά Office στην υπηρεσία Cloud µε νέα øαρα-κτηριστικά, πρïσαρµïσµένα στις ανάγκες και τïυς πρïϋπïλï-γισµïύς µικρών, µεσαίων και µεγάλων επιøειρήσεων. ΕκτÞςαπÞ την αναâάθµιση των υπηρεσιών Lync Online, MicrosoftExchange Online και Microsoft SharePoint Online, ïι επιøειρή-σεις µπïρïύν να απïκτήσïυν τις πλïύσιες εæαρµïγές τïυOffice, µε τις ïπïίες είναι εêïικειωµένες, για µέøρι και πέντεσυσκευές, µέσα στα πλαίσια της υπηρεσίας Cloud.Τα øαρακτη-ριστικά τïυ Office 365 έøïυν ήδη αυêήσει τις δυνα-τÞτητες κïινωνικής δικτύωσης των εταιρειών µέσωτïυ SharePoint και τïυ Yammer, ενώ µέøρι τïνΙïύνιï θα πρïστεθïύν τï Lync-Skype, η υπηρεσίαάµεσων µηνυµάτων (Instant Messaging) καθώς καιη æωνητική επικïινωνία. Τï Office 365 είναι πλέïνδιαθέσιµï σε συνïλικά 69 αγïρές και 17 γλώσσες,ενώ αναµένεται να λανσαριστεί σε άλλες 20 αγï-ρές και 16 γλώσσες απÞ τï δεύτερï τρίµηνï τïυ2013.

Τï νέï Office 365 ProPlus περιλαµâάνει τιςτελευταίες και πιï ïλïκληρωµένες λύσεις εæαρ-µïγών Office – Word, Excel, PowerPoint, OneNote,Outlook, Publisher, InfoPath και Access – πïυπαρέøïνται ως υπηρεσία και µπïρïύν να øρησιµïπïιη-θïύν για µέøρι και πέντε συσκευές. Ãι øρήστες µπïρïύν απλάνα συνδεθïύν µε τï Office 365 απÞ ïπïιαδήπïτε συσκευήτïυς, να έøïυν πρÞσâαση στα πρïσωπικά τïυς αρøεία.

Τï Office 365 ProPlus είναι διαθέσιµï στην τιµή των 154.80

ευρώ ανά øρήστη για συνδρïµή ενÞς έτïυς τï αντίστïιøï12.90 ευρώ ανά øρήστη τï µήνα και περιλαµâάνεται στην ανα-νεωµένη premium έκδïση τïυ Office 365 Enterprise και στïνέï Office 365 Midsize Business.

Τï Office 365 Midsize Business είναι σøεδιασµένï γιαµεσαίες επιøειρήσεις πïυ απασøïλïύν απÞ 10 µέøρι 250 εργα-úïµένïυς.Αυτή η υπηρεσία περιλαµâάνει τï Office 365 ProPlusκαι παρέøει στις µεσαίες επιøειρήσεις υπηρεσίες επικïινωνίαςυψηλïύ επιπέδïυ, καθώς και συνεργασία µε τï ExchangeOnline, τï Lync Online και τï SharePoint Online – µαúί µε απλï-

πïιηµένα εργαλεία πληρïæïρικής πïυ είναι αναγκαία για τηδιατήρηση τïυ ελέγøïυ και της µείωσης της πïλυ-πλïκÞτητας. Στï πακέτï επίσης περιλαµâάνïνται ηενσωµάτωση τïυ Υπηρεσιών ΚαταλÞγïυ (ActiveDirectory), µια διαδικτυακή πλατæÞρµα διαøείρισης,καθώς και τηλεæωνική υπïστήριêη κατά τις εργάσι-µες ώρες.Τï κÞστïς ανέρøεται στα 147.60 ευρώ ανάøρήστη για τη συνδρïµή ενÞς έτïυς, τï αντίστïιøï12.30 ευρώ ανά øρήστη τï µήνα.

Τï Office 365 Small Business Premium είναι σøε-διασµένï για µικρές επιøειρήσεις πïυ απασøïλïύναπÞ έναν µέøρι δέκα εργαúÞµενïυς. ΕκτÞς απÞ τïïλïκληρωµένï πακέτï των εµπλïυτισµένων εæαρ-µïγών Office, αυτή η υπηρεσία περιλαµâάνει εταιρικάemail, κïινÞøρηστα ηµερïλÞγια, εργαλεία διαδικτύïυ

και δυνατÞτητες âιντεïκλήσεων υψηλής ευκρίνειας, µε µιαευκïλÞøρηστη υπηρεσία πïυ δεν απαιτεί εêειδίκευση σε θέµα-τα πληρïæïρικής.Τï κÞστïς είναι 124.80 ευρώ ανά øρήστη γιατη συνδρïµή ενÞς έτïυς.

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Συµæωνία συνεργασίας διαµïιρασµïύ øωρητικÞτηταςστï υπïθαλάσσιï καλωδιακÞ υπïσύστηµα της CytaALEXANROS, µεταêύ Κύπρïυ-Αιγύπτïυ-Γαλλίας, ανακïί-νωσαν τï Υπïυργείï Τηλεπικïινωνιών τïυ Λιâάνïυ και ηCyta.

Με τη συµæωνία συνεργασίας δηµιïυργïύνται αµïι-âαίες επιøειρηµατικές ευκαιρίες στην Ευρασία και στηνΑνατïλική ΜεσÞγειï. Στα πλαίσια της συνεργασίαςαυτής, εκøωρείται πρïς τï Υπïυργείï Τηλεπικïινωνιώντïυ Λιâάνïυ σηµαντική øωρητικÞτητα διασύνδεσης πρïςΓαλλία και Αίγυπτï, αναâαθµίúïντας την ευρωστία τηςδιεθνïύς πρÞσâασης τïυ Λιâάνïυ, µέσω διαæïρισµïύ καιαύêησης ταøύτητας τïυ δικτύïυ.

Ãι δύï πλευρές, έøïυν ταυτÞøρïνα υπïγράψειΜνηµÞνιï Συναντίληψης για την κατασκευή και πÞντισητïυ συστήµατïς EUROPA, ενÞς νέïυ υπïθαλάσσιïυκαλωδιακïύ συστήµατïς µεγάλης øωρητικÞτητας µεταêύΚύπρïυ και Λιâάνïυ, τï ïπïίï αναµένεται να τεθεί σεεµπïρική λειτïυργία τï αργÞτερï µέøρι τï 2015. Τïσύστηµα EUROPA θα αναâαθµίσει και σταδιακά θα αντι-καταστήσει τï υæιστάµενï καλωδιακÞ σύστηµαCADMOS, πïυ επίσης διασυνδέει τï Λίâανï µε τηνΚύπρï, παρέøïντας, µε τïν τρÞπï αυτÞ, υψηλής πïιÞτη-τας εναλλακτική διÞδευση µεταêύ των δύï øωρών.

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13 ΜΑΡΤΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

ÌΡΗΜΑ&ΑΓÃΡΑ

ÙÔ˘ÚÈÛÌÔ‡ ÛÙËÓ ∞Á. ¡¿·Την ίδια ώρα εισήγηση για επιστρïæή στην

κυπριακή λίρα εæÞσïν τï κλιµάκιï της ΤρÞικαεπιµένει να πρïâάλλει παράλïγες απαιτήσειςέκανε ï Αρøιεπίσκïπïς Κύπρïυ ÌρυσÞστïµïςï ïπïίïς έστρεψε τα πυρά τïυ κατά τïυ τέωςΠρïέδρïυ της ∆ηµïκρατίας και τïυ ∆ιïικητήτης Κεντρικής Τράπεúας για τïυς Þρïυς εντï-λής πïυ έδωσαν στην Pimco. à πρïκαθήµενïςτης κυπριακήςΕκκλησίας έδωσε νïυ-θεσίες στïν ΠρÞεδρïτης ∆ηµïκρατίας ΝίκïΑναστασιάδη να είναιέτïιµïς ακÞµη και γιααπïøώρηση απÞ τηúώνη τïυ ευρώ εάν ηΤρÞικα επιµένει ναπρïâάλλει παράλïγεςαπαιτήσεις. «Και αν ηπïλιτική µας ηγεσίααντιληæθεί Þτι µεαυτές τις αêιώσειςστραγγαλίúεται ηκυπριακή ïικïνïµίακαι ï λαÞς θα υπïæέ-ρει για πïλλά øρÞνια νïµίúω Þτι πρέπει ναæανïύµε και εµείς απέναντι τïυς σκληρïί καινα τïυς πïύµε κάνïυµε σκέψεις να æύγïυµεαπÞ τï ευρώ. Αν θέλïυν να µας καταστρέψïυννα έøïυµε τï θάρρïς να τïυς πïύµε γεια σαςκαι εµείς θα επιστρέψïυµε στη λίρα πïυ είøα-µε». à ΜακαριÞτατïς στη συνέøεια των δηλώ-σεων τïυ έστρεψε τα πυρά τïυ κατά τέωςΠρïέδρïυ της ∆ηµïκρατίας ∆ηµήτρηÌριστÞæια, τïυ τέως Υπïυργïύ Ãικïνïµικών

Βάσïυ Σιαρλή και τïυ ∆ιïικητή της ΚεντρικήςΤράπεúας Πανίκïυ ∆ηµητριάδη πρïτρέπïνταςτις διïικήσεις των τραπεúών να κινηθïύν νïµι-κά εναντίïν τïυς σøετικά µε τïυς Þρïυς εντï-λής πïυ συµæώνησαν µε την Pimco. «Εγώ είøαπει στï συµâïύλιï και τη διïίκηση τηςΕλληνικής Τράπεúας να µελετήσïυν και ανæταίει ï ∆ιïικητής της Κεντρικής Τραπέúης, αν

æταίει ï ΥπïυργÞς, ανæταίει η κυâέρνηση, ητÞτε κυâέρνηση πρέ-πει να κινήσïυµεαγωγή. Πιστεύω έδω-σαν εντïλές στηPimco δεν την άæη-σαν να κάνει τï καθή-κïν της ως έπρεπε.∆ηλαδή ήθελαν ναâγάλïυν τα νïύµεραεêωπραγµατικά για ναæύγει τï âάρïς τηςευθύνης της κυâέρνη-σης. à ΑρøιεπίσκïπïςÌρυσÞστïµïς εêέ-æρασε την ανησυøία

τïυ για τï µέλλïν της Λαϊκής Τράπεúας σηµει-ώνïντας Þτι είναι δύσκïλï να ανανήψει καιπρÞσθεσε Þτι στï παρÞν στάδιï θεωρεί πωςδεν θα είναι πρïς Þæελïς των κυπριακών τρα-πεúών ïι µεταêύ τïυς συγøωνεύσεις.Καταλήγïντας ανέæερε øαρακτηριστικά Þτικαι ïι διïικήσεις των τραπεúών δεν είναι«κïύππες άππανες», σηµειώνïντας ωστÞσïÞτι τï πρÞâληµα δεν είναι τÞσï µεγάλï Þσï τïπαρïυσίαúε η πρïηγïύµενη κυâέρνηση.

∂∂ÈÈÛÛÙÙÚÚÔÔÊÊ‹‹ ∂∂ÈÈÛÛÙÙÚÚÔÔÊÊ‹‹ ÛÛÙÙËËÓÓ §§››ÚÚ··ÛÛÙÙËËÓÓ §§››ÚÚ··¶¿ÚÙ ÛÙ· ‰ÈηÛÙ‹ÚÈ·

ÃÚÈÛÙfiÊÈ·, ™È·ÚÏ‹, ¢ËÌËÙÚÈ¿‰Ë

«∞ÓÂÚ¯fiÌÂÓÔ ·ÛÙ¤ÚÈ» Ô È·ÙÚÈÎfi˜ ÙÔ˘ÚÈÛÌfi˜ Ì Ù˙›ÚÔ $60 ‰È˜ ÂÙËÛ›ˆ˜

Πάντως έêυπνη πρέπει να θεωρηθεί ηκίνηση τïυ ΑρøιεπισκÞπïυ, να επενδύσει σεαυτή την εêειδικευµένη µïρæή τïυρισµïύ.

Τέτïιες κινήσεις θα επιτρέψïυν στηνΚύπρï να διεκδικήσει µερίδιï απÞ µια αγïράπïυ παγκïσµίως έøει τúίρï 40-60 δις δïλάριαετησίως, µε ετήσια ανάπτυêη 20%.

Σίγïυρα ï αριθµÞς των πέντε εκατïµµυ-ρίων µετακινïύµενων ασθενών-τïυριστώνπρέπει να ληæθεί σïâαρά υπÞψη.

Η δηµιïυργία τïυ εêειδικευµένïυ πρïϊÞ-ντïς διακïπών θα διευρύνει τÞσï την γκάµατων τïυριστών στην Κύπρï Þσï και τηνπερίïδï πïυ η øώρα δέøεται επισκέπτες.

ΑυτÞ πïυ καταδεικνύïυν ïι έρευνες είναιπως ïι αρµÞδιïι τïυριστικïί æïρείς παγκï-σµίως πïντάρïυν για τις επÞµενες τρειςδεκαετίες στïυς τïυρίστες τρίτης ηλικίας.

Ãι ίδιες έρευνες αγïράς ιατρικïύ τïυρι-σµïύ έøïυν καταδείêει Þτι πïσïστÞ 30%-40%των εσÞδων τïυ ιατρικïύ τïυρισµïύ κατευ-θύνεται πρïς τη διαµïνή και την εστίαση.Τïύτï σηµαίνει Þτι κάθε αύêηση των εσÞδωντïυ ιατρικïύ τïυρισµïύ θα έøει σηµαντικάευεργετικές επιπτώσεις στα ïικïνïµικά απï-τελέσµατα τέτïιων êενïδïøείων και εêίσïυσηµαντικÞ είναι τï γεγïνÞς Þτι η συγκεκριµέ-νη αγïρά εêασæαλίúει λÞγω της æύσεώς τηςκαι ρευστÞτητα στις êενïδïøειακές και τïυ-ριστικές επιøειρήσεις πïυ θα εµπλακïύν.

¢È·ÎÔ¤˜ Û ÂÓÙ¿ÛÙÂÚÔ Ì ÙÔÓ... ÁÈ·ÙÚfi

Για έναν ασθενή η επιλïγή øώρας γιαιατρικÞ τïυρισµÞ είναι συνάρτηση στην ïπïίαεπιδρïύν - µε διαæïρετικÞ ειδικÞ âάρïς - ητιµή, η πïιÞτητα - ασæάλεια, τï νïµικÞ πλαί-

σιï, τï κÞστïς µεταæïράς και διαµïνής, ηεπικïινωνία, η µετεγøειρητική υπïστήριêη, η«καλή æήµη» âασισµένη σε µαρτυρίες ασθε-νών, η εµπειρία γιατρών, ïι πιστïπïιήσεις κ.ά.Σύµæωνα µε την Treatment Abroad MedicalTourism Survey 2012, πïυ πραγµατïπïιήθηκεστην Αγγλία, απÞ τï σύνïλï των ερωτηθέ-ντων εννέα στïυς δέκα θα επέστρεæε στηνίδια øώρα για κάπïια άλλη θεραπεία και θασυνιστïύσε επίσης κάτι τέτïιï στïυς συγγε-νείς τïυ και στïυς γνωστïύς τïυ.Τï 84% τωνερωτηθέντων θα πήγαινε και πάλι στïν ίδιï

γιατρÞ ή κλινική, ενώ τï 51% απάντησε Þτι θαταêίδευε σε µια øώρα την ïπïία δεν είøε επι-σκεæθεί πïτέ πριν πρïκειµένïυ να λάâειιατρικές υπηρεσίες.

Στην έρευνα αναæέρεται και µαρτυρίαâρετανïύ τïυρίστα ï ïπïίïς ταêίδεψε στηνΚύπρï για να æτιάêει τα δÞντια τïυ, συνïδευ-Þµενïς απÞ την ïικïγένειά τïυ. Μετά τηνεπέµâαση έµεινε µία εâδïµάδα σε êενïδï-øείï πέντε αστέρων, συνδυάúïντας διακïπές.Τï συνïλικÞ κÞστïς θεραπείας και αναψυøήςήταν 8.000 ευρώ λιγÞτερα απ’ Þ,τι κÞστιúε

µÞνï η επέµâαση στη Μεγάλη Βρετανία. Μεâάση µελέτη της εταιρείας στïυς 25 κυριÞτε-ρïυς πρïïρισµïύς ιατρικïύ τïυρισµïύ τï2012, απÞ στïιøεία των εθνικών ïργανισµώνυγείας, ï συνïλικÞς αριθµÞς ασθενών - τïυ-ριστών ανέρøεται σε 4,019 εκατ. µε µέση κατάκεæαλή δαπάνη τα 2.084 δïλάρια και τïντúίρï να ανέρøεται σε 8,376 δισ. δïλάρια.Στην κïρυæαία θέση της κατάταêης âρίσκεταιη Ταϊλάνδη µε 673.000 ασθενείς-τïυρίστεςκαι ακïλïυθïύν ïι ΗΠΑ µε 600.000, ηΜαλαισία µε 578.000, η Σιγκαπïύρη µε370.000, η Ãυγγαρία µε 330.000, η Πïλωνία µε275.000, η Ιïρδανία µε 170.000, η Ινδία µε156.000, η Τïυρκία µε 130.000, ενώ η ΝÞτιαΚïρέα µε 110.000 είναι στη δέκατη θέση.

∏ ∫‡ÚÔ˜ ·¤ÎÙËÛÂÚÔ‚¿‰ÈÛÌ· ÛÙËÓ Ô‰ÔÓÙÈ·ÙÚÈ΋

Η Κύπρïς και η Ãυγγαρία έøïυν απïκτή-σει πρïâάδισµα στην ïδïντιατρική, ηΤαϊλάνδη στην κïσµητική και η Ινδία σταïρθïπεδικά. Η Ελλάδα έøει δυνατÞτητεςστην υπïγïνιµÞτητα, καθώς τï νïµικÞ πλαί-σιï πïυ διέπει την εêωσωµατική γïνιµïπïίη-ση είναι πιï æιλελευθερïπïιηµένï απÞ άλλεςøώρες.

Με âάση τïν ïδηγÞ για θεραπείες γïνιµÞ-τητας στï εêωτερικÞ τïυ Ãργανισµïύ για τï2012, τï κÞστïς εêωσωµατικής γïνιµïπïίη-σης στην Ελλάδα ανέρøεται σε 3.000-3.350ευρώ, στη Βραúιλία σε 3.030 ευρώ, στηνΤσεøία σε 2.250 ευρώ, στην Ãυγγαρία σε 1.800ευρώ, στην Ινδία σε 1.525-2.285 ευρώ, στηΡωσία σε 2.400 ευρώ, στην Ισπανία σε 4.200-5.000 ευρώ, στην Τïυρκία σε 1.500 ευρώ καιστην Ãυκρανία σε 1.385 ευρώ.

∆· ¤ÓÙ ÂηÙÔÌ̇ÚÈ· ÂÙËÛ›ˆ˜ ·ÁÁ›˙ÂÈ Ô ·ÚÈıÌfi˜ ÙˆÓ ÌÂÙ·ÎÈÓÔ‡ÌÂÓˆÓ·ÛıÂÓÒÓ - ÙÔ˘ÚÈÛÙÒÓ

™ËÌÂ›Ô ÈÛÔÚÚÔ›·˜ „¿¯ÓÂÈ ÙÔ Â˘ÚÒ∂Ó Ì¤Ûˆ ¤ÓÙÔÓ˘ ·‚‚·ÈfiÙËÙ·˜ ÁÈ· ÙȘ ÂfiÌÂÓ˜ ÎÈÓ‹ÛÂȘ Ù˘ Fed Î·È Ù˘ ∂∫∆ ηıÒ˜ Î·È Ù˘ ÔÏÈÙÈ΋˜ ·‚‚·ÈfiÙËÙ·˜ ÁÈ· ÙÔ Ì¤ÏÏÔÓ Ù˘ πÙ·Ï›·˜ Ë ÈÛÔÙÈÌ›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ Û˘Ó¯›˙ÂÈ Ó· „¿¯ÓÂÈ ÛËÌÂ›Ô ÈÛÔÚÚÔ›·˜

3300 Ì̤¤ÚÚ˜ ÁÁÈÈ·· ÂÂÍÍfifiÊÊÏÏËËÛÛËË Îη·ıı˘ÛÛÙÙÂÂÚÚËËÌ̤¤ÓÓˆÓÓ ÏÏËËÚÚˆÌÌÒÒÓÓΑπÞ τις 16 Μαρτίïυ ïι δηµÞσιες αρøές θα είναι υπïøρεωµένες να

πληρώνïυν εêïæλïύν εντÞς 30 ή σε ιδιαίτερα εêαιρετικά περιπτώσεις60 ηµερών, αγαθά και υπηρεσίες πïυ αγïράúïυν απÞ επιøειρήσεις.∆ιαæïρετικά, θα υπïøρεïύνται να πληρώνïυν τÞκïυς υπερηµερίας.

Σύµæωνα µε την ΚïµισιÞν, κάθεµέρα σε ïλÞκληρη την Ευρώπη,δεκάδες µικρές και µεσαίες επιøειρή-σεις (ΜΜΕ) πτωøεύïυν επειδή τατιµïλÞγιά τïυς δεν εêïæλïύνται. Ωςαπïτέλεσµα øάνïνται θέσεις εργα-σίας, ενώ επιøειρηµατικές ευκαιρίεςπαραµένïυν ανεκµετάλλευτες, γεγï-νÞς πïυ παρεµπïδίúει την επιστρïæήστην ïικïνïµική ανάπτυêη. Για νατερµατίσει τις καθυστερηµένες πλη-

ρωµές, κατά συνέπεια, η Ευρωπαϊκή Ένωση εêέδωσε την ïδηγία2011/7/ΕΕ για την καταπïλέµηση των καθυστερήσεων πληρωµών στιςεµπïρικές συναλλαγές. Έως τις 16 Μαρτίïυ 2013 τα κράτη µέλη θαπρέπει να έøïυν ενσωµατώσει την αναθεωρηµένη ïδηγία για τις καθυ-στερηµένες πληρωµές στï εθνικÞ τïυς δίκαιï. Η ïδηγία υπïøρεώνειτις δηµÞσιες αρøές να πληρώνïυν για αγαθά και υπηρεσίες εντÞς 30ηµερïλïγιακών ηµερών ή, σε ιδιαίτερα εêαιρετικές συνθήκες, εντÞς 60ηµερών. Ãι επιøειρήσεις θα πρέπει να πληρώνïυν τα τιµïλÞγιά τïυςεντÞς 60 ηµερïλïγιακών ηµερών, εκτÞς αν υπάρøει διαæïρετική ρητήσυµæωνία και εæÞσïν η εν λÞγω συµæωνία δεν είναι κατάæωρα κατα-øρηστική για τïν πιστωτή.

Μέøρι σήµερα µÞνï 9 øώρες, µεταêύ αυτών η Κύπρïς, έøïυν ενσω-µατώσει την κïινïτική ïδηγία στï εθνικÞ δίκαιï, δηλαδή είναι νÞµïςτïυ κράτïυς, ενώ η Ελλάδα δεν έøει κïινïπïιήσει την ενσωµάτωσηστην ΚïµισιÞν.

Σταθερïπïιητικά κινήθηκε η ισïτιµία Ευρώ – ∆ïλαρίïυτην εâδïµάδα πïυ µας πέρασε εν µέσω Þµως έντïνων διακυ-µάνσεων.

Συγκεκριµένα η ισïτιµία απÞ τα 1.3000 της περασµένηςεâδïµάδας αν και αρøικά ενισøύθηκε µέøρι τα 1.3120 στηνσυνέøεια διïλίσθησε µέøρι και τα 1.2950 για να διïρθώσειστην συνέøεια κïντά στα 1.3000 και πάλι Þπïυ και κινείται τιςτελευταίες ηµέρες.

Μια έντïνη µεταâλητÞτητα σε µια εâδïµάδα σηµαντικώνεêελίêεων απÞ Ευρώπη και ΗΠΑ.

Αρøικά είøαµε την τακτική συνεδρία της ΕΚΤ η ïπïία αæïύαρøικά πρïøώρησε σε περικïπή των εκτιµήσεών της για τηνανάπτυêη τïυ ΑΕΠ της ευρωúώνης στην συνέøεια τÞνισε πωςη απÞæαση να διατηρηθïύν αµετάâλητα τα επιτÞκια ελήæθηµέσω της «επικρατïύσας συναίνεσης», αντί «ïµÞæωνα».Επίσης, πρÞσθεσε πως δεν σøεδιάúεται κάτι ιδιαίτερα αναæï-ρικά µε επιπλέïν δράση.

Βασικά η ΕΚΤ δεν ανακïίνωσε νέα µέτρα στήριêης παράτα στïιøεία πïυ εµæάνισαν την πρïηγïύµενη εâδïµάδα Þτι ηïικïνïµία της ευρωúώνης συρρικνώθηκε για πέµπτï συνεøÞ-µενï τρίµηνï στï τέλïς τïυ 2012 ενώ απέæυγε να αναæερθεί

και στïν νïµισµατικÞ πÞλεµï πïυ µαίνεται. Επίσης καµία ανα-æïρά δεν έγινε και στην πïλιτική αâεâαιÞτητα στην ΙταλίαÞπως και στï ΚυπριακÞ úήτηµα.

ΠαρÞλα αυτά η αρøική αντίδραση της ισïτιµίας ήταν ανï-δική αæïύ απÞ την αγïρά ερµηνεύτηκε σαν άρνηση της ΕΚΤνα øαλαρώσει την νïµισµατική της πïλιτική παρÞλï τïν νïµι-σµατικÞ πÞλεµï πïυ µαίνεται στïν υπÞλïιπï κÞσµï. Η απÞæα-ση της ΕΚΤ να διατηρήσει τη νïµισµατική της πïλιτική αµετά-âλητη επιâεâαιώνει τη διάθεση της κεντρικής τράπεúας νααπïσύρει σταδιακά τη στήριêη απÞ την ïικïνïµία και αυτÞεπιâραâεύεται απÞ την αγïρά µε την άνïδï της ισïτιµίας.ΑυτÞ είναι πïλύ σηµαντικÞ για τïυς επενδυτές πïυ αναúη-τïύν απÞδïση και ιδιαίτερα Þταν η Fed επιµένει στη διατήρη-ση των øαµηλών επιτïκίων. Πïλλïί περίµεναν Þτι ï MarioDraghi θα ήταν περισσÞτερï διαλλακτικÞς µε την ύæεση πïυπλήττει την Ευρωúώνη. Ùµως στην ïµιλία τïυ τÞνισε Þτι ανκαι συúητήθηκε µια µείωση επιτïκίων, ïι συνθήκες έκανανεύκïλη την απÞρριψη αυτής της λύσης. Ùσï η διάθεση γιαρίσκï παραµένει αυêηµένη, ïι øρηµαταγïρές σπάνε τï έναανïδικÞ ρεκÞρ µετά τï άλλï και η Fed πιστή στην πïλιτική τηςτïυ συνεøÞµενïυ QE στηρίúει την αµερικανική ïικïνïµία, τïευρώ θα âρίσκεται σε µια ισøυρή θέση. ΩστÞσï ïι πρïïπτικέςτης ανάπτυêης της Ευρωúώνης είναι κάτι πïυ θα µπïρïύσε ναæέρει σε δύσκïλη θέση τï ευρώ τïυς επÞµενïυς µήνες αæïύείναι êεκάθαρï πως η Ευρωúώνη έøει µείνει έτη æωτÞς πίσωαπÞ τις ΗΠΑ.

Εêάλλïυ τα τελευταία στïιøεία απÞ την αγïρά εργασίαςτων ΗΠΑ ήταν για ακÞµα µια æïρά άκρως ενθαρρυντικά επι-

âεâαιώνïντας για ακÞµα µια æïρά την άπïψη πως ïι ΗΠΑ µετην νïµισµατική πïλιτική πïυ ακïλïυθïύν âρίσκïνται στηνσωστή κατεύθυνσή σε αντίθεση µε τïυς ευρωπαίïυς πïυ âρί-σκïνται σε άκρως αντίθετη πïρεία.

Είδη η αγïρά αναµένει τις τïπïθετήσεις των αêιωµατïύ-øων της Fed µετά τα τελευταία πïλύ ενθαρρυντικά αυτά στïι-øεία και ειδικά τïυ πρïέδρïυ Bernanke ï ïπïίïς είναι γνω-στÞς θιασώτης τïυ συνεøÞµενïυ QE. Αναæέρïυµε συγκεκρι-µένα πως σύµæωνα µε τα στïιøεία τïυ γραæείïυ εργασίας ïιθέσεις απασøÞλησης πïυ δηµιïυργήθηκαν τïν Φεâρïυάριïήταν 236.000, έναντι πρÞâλεψης για 160.000 θέσεις.ΤαυτÞøρïνα, τï πïσïστÞ της ανεργίας υπïøώρησε στï 7,7%,δηλαδή στï øαµηλÞτερï επίπεδï µετά τï ∆εκέµâριï τïυ2008. Σε µια άλλη εêέλιêη ï Dow Jones στη Νέα ΥÞρκη âρέθη-κε σε νέα ιστïρικά υψηλά επίπεδα, πάνω απÞ τις 14.350 µïνά-δες ακÞµα µία ένδειêη πως ïι αγïρές πρïεêïæλïύν τα καλύ-τερα για τï µέλλïν των ΗΠΑ.

Τεøνικά η ισïτιµία συνεøίúει âρίσκεται σε πïλύ κρίσιµαεπίπεδα µε τïν øρÞνï Þµως πλέïν να λειτïυργά υπέρ τïυδïλαρίïυ. Τα επίπεδα τïυ 1.28 – 1.30 πïυ αν και εæÞσïν δια-σπαστïύν θα ενισøύïυν την διαæαινÞµενη αυτή τάση και θαανïίêïυν τïν δρÞµï για τα 1.20 ΑπÞ την άλλη Þσï η ισïτιµίακρατάει πάνω απÞ τα 1.30 θα συνεøίúει να ψάøνει σηµείï ισïρ-ρïπίας µε τα 1.33 να απαιτïύνται πλέïν για να êανα απïκτή-σει και πάλι τï ανïδικÞ της momentum. Πïλλά âέâαια θαεêαρτηθïύν και πάλι τÞσï απÞ την πïλιτική αστάθεια σεΙσπανία και Ιταλία, τïν νïµισµατικÞ πÞλεµï πïυ µαίνεται σεΗΠΑ και Ιαπωνία και τις απïæάσεις των Fed και ΕΚΤ.

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

13 ΜΑΡΤΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | ∆ΙΕΘΝΗ | financialmirror.com

√√√√™™∞∞:: ™™ËËÌÌ¿¿‰‰ÈÈ·· ··ÓÓ¿¿ÙÙ˘ÍÍˢÛÛÙÙËËÓÓ ∂∂˘ÚÚˆ˙ÒÒÓÓËË

Άρøισε να κάνει την εµæάνιση τηςη ανάπτυêη στην Ευρωúώνη, ιδιαίτεραστη Γερµανία, σύµæωνα µε τïυς âασι-κïύς ïικïνïµικïύς δείκτες πïυ δηµï-σιïπïίησε ï ÃργανισµÞς ÃικïνïµικήςΣυνεργασίας και Ανάπτυêης (ÃÃΣΑ).

Στη Γαλλία και την Ιταλία, στη δεύ-τερη και στην τρίτη µεγαλύτερη ïικï-νïµία της Ευρωúώνης µετά τηΓερµανία, η τάση, ωστÞσï, δεν είναιτÞσï ισøυρή, σηµειώνει ï ÃÃΣΑ.

Στη Γαλλία, ïι âασικïί δείκτεςπαρïυσιάúïυν µια “σταθερïπïίηση”της επιøειρηµατικής δραστηριÞτητας,ενώ καταδείκνυαν τï Φεâρïυάριï Þτιη επιøειρηµατική δραστηριÞτητα θαµπïρïύσε να αρøίσει να σηµειώνειελαæρά αύêηση.

Η Ιταλία θεωρείται επίσης Þτι âρί-σκεται σε σταθερïπïιητική æάση, ηïπïία θα είναι âελτιωµένη σε σøέσηµε την πρÞσæατη περίïδï συρρίκνω-σης.

Ãι δείκτες τïυ ÃÃΣΑ έøïυν σøε-διαστεί να εντïπίúïυν τα σηµείακαµπής στïν ïικïνïµικÞ κύκλï, αλλάεπίσης δείøνïυν πρïς µια âιώσιµηανάπτυêη τÞσï στις ΗνωµένεςΠïλιτείες, στη µεγαλύτερη ïικïνïµίαστïν κÞσµï, Þσï και στην Ιαπωνία,στην τρίτη µεγαλύτερη ïικïνïµίαστïν πλανήτη.

Τα στïιøεία για τη δεύτερη µεγα-λύτερη ïικïνïµία στïν κÞσµï, τηνΚίνα, την Ινδία και σε µικρÞτερïâαθµÞ για τη Βραúιλία υπïδηλώνïυνÞτι η ïικïνïµική ανάπτυêη θα συνεøι-στεί, αλλά µε ρυθµÞ πïυ είναι øαµη-λÞτερïς της τάσης πïυ παρïυσίασανïι øώρες αυτές πρïηγïυµένως, ενώ ηΡωσία θα επωæεληθεί απÞ την ανά-καµψη της ïικïνïµικής δραστηριÞτη-τας.

FFoorreexxTTiimmee:: BBoonnuuss ¤¤ˆ˜ $$//€ 66000000 ÛÛ ÓÓ¤¤ÔÔ˘˜ ÂÂÂÂÓÓ‰‰˘ÙÙ¤¤˜Μέøρι και 6000 δïλάρια/ευρώ µπÞνïυς, πρïσæέρει στïυς νέïυς

επενδυτές η Κυπριακή Επενδυτική Εταιρεία ForexTime. Αυτή η ειδικήπρïσæïρά παρέøεται µε την ευκαιρία της επίσηµηςέναρêης της ForexTime και την πρÞσæατη λειτïυργία τηςιστïσελίδας της www.forextime.com. Η πρïσæïρά µπÞ-νïυς ισøύει µέøρι και τις 31 Μαρτίïυ 2013 και είναι δια-θέσιµη για Þλïυς τïυς νέïυς και εγκεκριµένïυς πελά-τες.

Η ForexTime δίνει στïυς πελάτες πρÞσâαση στηνπαγκÞσµια αγïρά νïµισµάτων και πρïσæέρει συναλλα-γές σε Forex, πïλύτιµα µέταλλα, εµπïρεύµατα, µετïøέςκαι δείκτες. Η εταιρεία παρέøει επίσης λύσεις πρïσαρµï-σµένες ειδικά σε διαæïρετικές περιïøές, συµπεριλαµâανïµένων καιυπηρεσιών λïγαριασµών πïυ είναι συµâατïί µε τï νÞµï της σαρία.

Η ForexTime Ltd (FXTM) είναι µια Κυπριακή Επενδυτική Εταιρεία

για on line συναλλαγές µε Forex, πïυ ιδρύθηκε απÞ τïν Andrey Dashinτïν ∆εκέµâριï τïυ 2012. H FXTM παρέøει πρÞσâαση στην παγκÞσµια

αγïρά νïµισµάτων και πρïσæέρει τη δυνατÞτητα γιασυναλλαγές σε περισσÞτερα απÞ 61 úεύγη νïµισµάτων,καθώς επίσης και σε πïλύτιµα µέταλλα Þπως ï ÌρυσÞςκαι τï Ασήµι, CFDs µετïøών, CFDs διαπραγµατεύσιµωναµïιâαίων κεæαλαίων (ETF) και CFDs σε συµâÞλαια µελ-λïντικής εκπλήρωσης εµπïρευµάτων.

Η εταιρεία είναι εγγεγραµµένη ως ΕπενδυτικήΕταιρεία Κύπρïυ µε αριθµÞ εγγραæής HE310361 καικατέøει άδεια απÞ την Επιτρïπή ΚεæαλαιαγïράςΚύπρïυ, µε αριθµÞ άδειας 185/12.

Για την καταâïλή τïυ µπÞνïυς ισøύïυν Þρïι και πρïϋπïθέσεις. ΓιαπερισσÞτερες πληρïæïρίες επισκεæτείτε την ιστïσελίδαwww.forextime.com

™™ÙÙÔÔ ¡¡ÙÙÔÔ˘ÌÌ¿¿ÈÈ ÙÙÔÔ ˘„„ËËÏÏfifiÙÙÂÂÚÚÔÔ ÍÍÂÂÓÓÔÔ‰‰Ôԯ››ÔÔ Τï êενïδïøείï JW Marriott Marquis Dubai αναδείøθηκε και επίσηµα ως τï υψηλÞτερï êενï-

δïøείï στïν κÞσµï απÞ τï âιâλίï καταγραæής των παγκïσµίων ρεκÞρ “Γκίνες”.Τï êενïδïøείï, τï ïπïίï âρίσκεται στï Ντïυµπάι των Ηνωµένων Αραâικών Εµιράτων, έøει

ύψïς 355 µέτρα και απïτελείται απÞ 72 ïρÞæïυς, ενώ είναι µÞλις 26 µέτρα κïντύτερï απÞ τïEmpire State της Νέας ΥÞρκης.

Τïν τίτλï τïυ υψηλÞτερïυ êενïδïøείïυ στα Ηνωµένα Αραâικά Εµιράτα κατείøε µέøρι πρÞ-τινïς τï Rose Tower.To JW Marriott Marquis Dubai απïτελείται απÞ δύï δίδυµïυς πύργïυς καιδιαθέτει 1.608 δωµάτια.

à δεύτερïς πύργïς είναι πρïγραµµατισµένï να ανïίêει τις πÞρτες τïυς στïυς επισκέπτεςτï 2015. Τï êενïδïøείï âρίσκεται σε κïντινή απÞσταση απÞ τï Μπïυρτú Ìαλίæα, τï ïπïίï µεύψïς 828 µέτρα, απïτελεί τï υψηλÞτερï κτίριï στïν κÞσµï.

ÕÏÏÔ˜ ÁÈ·«ÏԢΤÙÔ»;

Έτïς απïκάλυψης θα είναι τï 2013 για την ïικïνïµίακαι τις ελληνικές επιøειρήσεις καθώς 170.000 µικρïµεσαίεςείναι έτïιµες να κλείσïυν, 195.000 θέσεις εργασίας κινδυ-νεύïυν να øαθïύν, 6 στις 10 επιøειρήσεις µείωσαν ώρεςεργασίας και µισθïύς ενώ 1 στις 2 καθυστερεί να πληρώσειτïυς εργαúïµένïυς της.

Τα συγκλïνιστικά αυτά στïιøεία πρïκύπτïυν απÞ τηνεêαµηνιαία έρευνα της Marc AE στην ελληνική αγïρά καιαæïρά στην απïτύπωση τïυ ïικïνïµικïύ κλίµατïς στιςµικρïµεσαίες επιøειρήσεις.

Σύµæωνα µε την έρευνα ï αριθµÞς των λïυκέτων καιτης απώλειας θέσεων εργασίας επιâραδύνïνται αλλά αυêά-νεται η ταøύτητα των απïεπενδύσεων και τις µερικής απα-σøÞλησης.

Ãι µικρïµεσαίïι είναι απαισιÞδïêïι καθώς τï 33% «âλέ-πει» ανάκαµψη της αγïράς µετά τï 2020 ενώ η ανασæάλειαøτυπάει κÞκκινï µε τï 54,7% να δηλώνïυν πως τα øρήµατάτïυς είναι ασæαλή στï εêωτερικÞ ή αλλïύ και Þøι στις τρά-πεúες. Η έρευνα της Μarc AE εκτιµά Þτι τα καθαρά «λïυκέ-τα» των επιøειρήσεων τï 2013 θα είναι 55.000 ενώ στïπρώτï εêάµηνï τïυ έτïυς η απώλειες θέσεων µισθωτήςεργασίας θα πλησιάσïυν τις 69.000. Ã ρυθµÞς της µείωσηςτων θέσεων εργασίας είναι 1 πρÞσληψη πρïς 4 απïλύσειςÞταν στην έρευνα τïυ περασµένïυ Ιïυλίïυ ήταν 1 πρïς 7.Αυêήθηκαν επίσης κατά 25% ïι επιøειρήσεις πïυ øρωστïύνστην εæïρία.

NYTimes: ™ÙËÓ ∂ÏÏ¿‰·… ÁÈ· ÊıËÓ¿ Û›ÙÈ·

«Τέλεια αγïρά για υπïψήæιïυς αγïραστές» øαρακτηρί-úει η αµερικανική εæηµερίδα New York Times την Ελλάδα,πρïτρέπïντας τïυς αναγνώστες της να στρέψïυν τï âλέµ-µα τïυς πρïς τï ελληνικÞ real estate.

Επισηµαίνει δε Þτι ïι τιµές των ακινήτων, λÞγω τηςïικïνïµικής κρίσης, έøïυν γίνει ιδιαίτερα ελκυστικές.

«Η âαθιά ύæεση σε συνδυασµÞ µε την εθνική κρίση øρέ-ïυς είøε σηµαντικÞ αντίκτυπï στην ελληνική αγïρά realestate», αναæέρει η εæηµερίδα επικαλïύµενη στïιøεία ενÞςµεσιτικïύ και ενÞς δικηγïρικïύ γραæείïυ στην Ελλάδα,σύµæωνα µε τα ïπïία ïι τιµές των ακινήτων έøïυν πέσεικατά 35-50% απÞ τï 2008.

Επιπλέïν, Þπως αναæέρεται στï άρθρï ενώ µεταêύ 2002και 2008 πωλïύνταν περίπïυ 150.000 κατïικίες κάθε øρÞνï,«τï 2011 πωλήθηκαν µÞλις 11.000 κατïικίες» γεγïνÞς πïυσηµαίνει Þτι η αγïρά «συρρικνώθηκε κατά 95%».

«Γι’ αυτÞ τï λÞγï η Ελλάδα απïτελεί την τέλεια αγïράγια τïυς αγïραστές, καθώς µπïρεί πλέïν κανείς να δια-πραγµατευτεί τις τιµές και Þσïι πληρώνïυν µε µετρητάείναι âασιλιάδες».

Η ίδια κατάσταση περίπïυ, συνεøίúει τï άρθρï, ισøύεικαι στα νησιά, αν και στα πιï δηµïæιλή απÞ αυτά, Þπως είναιη Μύκïνïς, η Σαντïρίνη και η Κρήτη, η πτώση στις τιµέςδεν έøει êεπεράσει τï 20%. Αντίθετα σε νησιά Þπως ηΝάêïς είναι δυνατÞν να αγïράσει κανείς κατïικία έναντι$60.000, αναæέρει τï άρθρï.

Ãι περισσÞτερïι êένïι αγïραστές στην Ελλάδα πρïέρ-øïνται απÞ øώρες της Ευρωπαϊκής Ένωσης κα τη ΒÞρειαΑµερική. Επίσης, υπάρøει ένα ενδιαæέρïν Γάλλων καιΓερµανïί αγïραστών για τα νησιά, ενώ η Κρήτη πρïσελκύειαγïραστές απÞ τη Ρωσία και η Μύκïνïς απÞ Þλïν τïνκÞσµï, αναæέρεται.

13 MAΡΤΙÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 7

ÌΡΗΜΑ&ΑΓÃΡΑ

Η Emirates ανακïίνωσε Þτι απÞ την 1η Ãκτωâρίïυ 2013 θαêεκινήσει καθηµερινές, απευθείας πτήσεις πρïς τï ∆ιεθνέςΑερïδρÞµιï Κλαρκ (Clark International Airport), τïν δεύτερï πρï-ïρισµÞ της αερïπïρικής εταιρείας στις Φιλιππίνες. ΠρÞκειται γιακαλά νέα, τÞσï για εκείνïυς πïυ πάντα ήθελαν να επισκεæθïύν τιςΦιλιππίνες για διακïπές ή για επαγγελµατικïύς λÞγïυς, Þσï και γιαπάνω απÞ 9.400 Φιλιππινέúïυς πïυ εργάúïνται στην Κύπρï. ΗEmirates εκτελεί ήδη πτήσεις πρïς τη Μανίλα.

Eπίσης η Emirates, ανταπïκρινÞµενη στη úήτηση για διεθνείςπτήσεις απÞ και πρïς τη ∆υτική Αυστραλία ανακïίνωσε την έναρ-êη τρίτης καθηµερινής πτήσης απÞ Ντïυµπάι πρïς Περθ.

Αυτή η συνεøής δέσµευση πρïς τïν τïυρισµÞ και τï εµπÞριïτης ∆υτικής Αυστραλίας æέρνει την αύêηση των εâδïµαδιαίωνπτήσεων της Emirates πρïς τï Περθ απÞ 19 σε 21 ανά εâδïµάδαπïυ µεταæράúεται µε επιπλέïν 1.440 θέσεις.

Η Emirates πετά καθηµερινά απÞ τï Ντïυµπάι στη Λάρνακα µεBoeing 777-200. Για περισσÞτερες στï www.emirates.com.cy ή στïτηλέæωνï 2281 7816.

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Σε στρατηγική εµπïρική συνεργασία µε τηνKenya Airways, τïν εθνικÞ αερïµεταæïρέα τηςΚένυας, πρïøώρησε η Etihad Airways, εθνικÞςαερïµεταæïρέας των Ηνωµένων ΑραâικώνΕµιράτων, στïøεύïντας στην επέκταση της στηνΑæρική. Ως µέρïς τηςδιµερïύς συµæωνίαςκïινïύ κωδικïύ, ηEtihad Airways θατïπïθετήσει τïνκωδικÞ ΕΥ στις πτή-σεις της KenyaAirways απÞ τïΝαϊρÞµπι πρïς 27πρïïρισµïύς τïυ τïπικïύ δικτύïυ της KenyaAirways στην Αæρική. Αντίστïιøα, η Kenya Airwaysθα τïπïθετήσει τïν κωδικÞ KQ στις καθηµερινέςπτήσεις της Etihad Airways απÞ τï ΝαϊρÞµπι πρïςτï Άµπïυ Ντάµπι και µε την επιæύλαêη ρυθµιστικώνεγκρίσεων, σε επιπλέïν 32 πρïïρισµïύς στïπαγκÞσµιï δίκτυï της Etihad Airways.

Oι πτήσεις της Etihad Airways απÞκαι πρïςΛάρνακα πραγµατïπïιïύνται κάθε ∆ευτέρα,Τετάρτη και Παρασκευή µε αναøώρηση απÞ ΆµπïυΝτάµπι στις 09:35 και άæιêη στην Κύπρï στις 11:45τïπική ώρα. Η πτήση EY094 αναøωρεί απÞ Λάρνακαστις 14:15 µε άæιêη στï Άµπïυ Ντάµπι στις 19:25τïπική ώρα. Για περισσÞτερες πληρïæïρίες επισκε-æθείτε την ιστïσελίδα www.etihad.com

√√ √√››ÎÎÔÔ˜ HHeennnneessssyy ÏÏ··ÓÓÛÛ¿¿ÚÚÂÂÈÈÙÙËË ÓÓ¤¤·· ÙÙÔÔ˘ ÈÈÛÛÙÙÔÔÛÛÂÂÏÏ››‰‰··

à Jas Hennessy & Co (LVMH), ï Ãίκïς Cognacγια σøεδÞν 250 øρÞνια, µε øαρά ανακïινώνει τïλανσάρισµα της νέας τïυ ιστïσελίδαςwww.hennessy.com. Μïντέρνα, διαæïρετική! Η νέαιστïσελίδα υιïθετεί ένα úωηρÞ τÞνï και πνεύµα γιανα επιδείêει τïν πλïύτï, την διαæïρετικÞτητα καιτη úωντάνια τïυ ÃίκïυHennessy ανά τïν κÞσµï.Η στενή σøέση µεταêύτïυ Ãίκïυ Hennessy καιτης κïυλτïύρας γιαδηµιïυργία, την τέøνηκαι τη µïυσική γίνεταιεµæανής µέσα απÞ ταπïλυάριθµα και ενδιαæέ-ρïντα δηµïσιεύµατα στην ιστïσελίδα.

Μπïρείς να συνδεθείς σήµερα µέσω τïυ υπï-λïγιστή της ταµπλέτας ή τïυ κινητïύ σïυ, και ναâιώσεις την εµπειρία της νέας ιστïσελίδας, η ïπïίααντικατïπτρίúει απÞλυτα την κληρïνïµιά τïυÃίκïυ Hennessy. Τï Cognac Hennessy διανέµεταιαπÞ την εταιρεία Φώτïς Φωτιάδης ∆ιανïµείς Λτδ,σε Þλα τα σηµεία πώλησης ïινïπνευµατωδώνπïτών. ΠερισσÞτερες πληρïæïρίες στï τηλέæωνï22471111

KKfifi„„ÙÙ ÙÙÔÔ Îο¿ÓÓÈÈÛÛÌÌ·· ÌÌ iiCCooaacchh

Η αντικαπνιστική εκστρατεία “Ex-Smokers areUnstoppable” ή “Αν τï σταµατήσεις δεν σε σταµα-τάει τίπïτα” της Ευρωπαϊκής Επιτρïπής, έøει απï-δειøθεί πïλύ επιτυøηµένη στην Κύπρï, µε 1 στïυς100 Κύπριïυς πïυ καπνίúïυν να έøïυν αναúητήσειπρακτική âïήθεια µέσω τïυπρωτïπïριακïύ διαδικτυα-κïύ âïηθήµατïς, iCoach.Αυτά τα απïτελέσµατακατατάσσïυν την Κύπρïστην 3η υψηλÞτερη θέσηστην Ε.Ε. σε εγγραæές στïiCoach σε αναλïγία µε τïναριθµÞ καπνιστών, µετά τηΜάλτα και τïΛïυêεµâïύργï. Πανευρω-παϊκά, περισσÞτερïι απÞ336,000 πïλίτες έøïυν αρøί-σει τη διαδικασία διακïπής τïυ καπνίσµατïς µέσωτïυ διαδραστικïύ διαδικτυακïύ εργαλείïυ iCoachµέøρι σήµερα.Τï iCoach, πρïσæέρει έµπρακτη στή-ριêη σε άτïµα πïυ θέλïυν να σταµατήσïυν τïκάπνισµα αλλά και σε άτïµα πïυ δεν έøïυν απïæα-σίσει ακÞµα να τï κÞψïυν.

ΦιλανθρωπικÞ Fashion Show µε µήνυµα “Color Up Your Life”για στήριêη τïυ Συνδέσµïυ Φίλων και ΑτÞµων µε ÙγκïυςΕγκεæάλïυ (CBTA), θα πραγµατïπïιηθεί την Κυριακή, 7Απριλίïυ 2013, στις 7 τï âράδυ, στï êενïδïøείï Ìίλτïν, στηΛευκωσία.

Στï εντυπωσιακÞ Fashion Show, πïυ έøει τεθεί υπÞ την αιγί-δα τïυ ∆ηµάρøïυ Λευκωσίας Κωνσταντίνïυ Γιωρκάτúη, θαπαρïυσιαστεί η κïλεêιÞν Άνïιêη -Καλïκαίρι 2013, των KooKooκαι 155. Μετά τï Fashion Show θα ακïλïυθήσει κïκτέιλ πάρτι,ενώ θα διατίθενται πρïς πώληση µïναδικές δηµιïυργίες απÞτην επίδειêη των KooKoo και 155, καθώς και øειρïπïίητα κïσµή-µατα N&G.

Εισιτήρια πρïπωλïύνται στην τιµή των 15 ευρώ. Για περισσÞ-τερες πληρïæïρίες: Avaton Communications 22101143 /99486525

Τα καθαρά έσïδα θα δïθïύν στï Σύνδεσµï Φίλων καιΑτÞµων µε Ùγκïυς Εγκεæάλïυ.

Την εκδήλωση στηρίúïυν: Prime Insurance, Beauty Line, SAXShoes & Accessories, Avaton Communications, ïι σøεδιαστέςΜάριïς Μέσσιïς και Ανδρέας Κïντίδης, Smiley Face MarketingStrategies, Hilton Cyprus.

Σε αναγνώριση των πρακτικών πïυ εæαρµÞúει στïν τïµέατης ∆ιαøείρισης και Ανάπτυêης τïυ Ανθρώπινïυ ∆υναµικïύ της,η ΥΠΕΡΙΩΝ (Hyperion Systems Engineering) πιστïπïιήθηκε πρÞ-σæατα µε τï πρÞτυπï Investors in People.

Επίσης, σε ειδική τελετή, απïνεµήθηκε στην ΥΠΕΡΙΩΝ απÞτïν ΠρÞεδρï της ∆ηµïκρατίας τï Βραâείï ΕêαγωγώνΥπηρεσιών για τï 2011. Τα ετήσια Βραâεία Εêαγωγών τελïύνυπÞ την αιγίδα τïυ Υπïυργείïυ Εµπïρίïυ, Βιïµηøανίας καιΤïυρισµïύ και τïυ Κυπριακïύ Εµπïρικïύ και ΒιïµηøανικïύΕπιµελητηρίïυ.

Η ΥΠΕΡΙΩΝ δραστηριïπïιείται παγκÞσµια απÞ τï 1993 στïυςτïµείς των πετρελαιïειδών, æυσικïύ αερίïυ, πετρïøηµικών,øηµικών διεργασιών, παραγωγής ενέργειας, επεêεργασίαςνερïύ και πρωτïγενïύς παραγωγής øάλυâα και αλïυµινίïυ,πρïσæέρïντας συµâïυλευτικές υπηρεσίες και εêειδικευµένεςλύσεις âιïµηøανικής πληρïæïρικής.

““CCoolloorr UUpp YYoouurr LLiiffee”” Îη·ÈÈ ÛÛÙÙ‹‹ÚÚÈÈÍÍ ¿¿ÙÙÔÔÌÌ·· ÌÌ fifiÁÁÎÎÔÔ˘˜ ÂÂÁÁÎÎÂÂÊÊ¿¿ÏÏÔÔ˘

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Ένα νέï...ταêιδιάρικï πρÞγραµµα ανταµïιâής τακτικώνπελατών θέτïυν σε εæαρµïγή ïι Υπεραγïρές αλæαµεγα.

ΑπÞ τη ∆ευτέρα, 4 Μαρτίïυ, και για τέσσερις µήνες, ïι κατα-ναλωτές µπïρïύν να απïκτήσïυν µε τη συµπλήρωση των απαι-τïύµενων κïυπïνιών, ∆ΩΡΕΑΝ τις µïντέρνες, εύøρηστες καιπρακτικές ταêιδιωτικές τσάντες KAPPA. Η συλλïγή περιλαµâά-νει 8 διαæïρετικά είδη: τσαντάκι για πρïσωπικά είδη, µικρή τσά-ντα πλάτης, τσάντα ώµïυ, µεγάλη τσάντα πλάτης, ταêιδιωτικήτσάντα µε τρïøïύς, επαγγελµατικÞ τρÞλεϊ, âαλίτσα 24 και σετâαλίτσες 20 και 28 ιντσών.

Η συµµετïøή στï πρÞγραµµα ανταµïιâής πελατών των υπε-ραγïρών αλæαµεγα είναι απλή. Με κάθε απÞδειêη αêίας 20ευρώ, ï πελάτης λαµâάνει ένα κïυπÞνι και µε τη συµπλήρωσητïυ απαιτïύµενïυ αριθµïύ κïυπïνιών εêασæαλίúει τα πρïσæε-ρÞµενα πρïϊÞντα εντελώς ∆ΩΡΕΑΝ. Τα κïυπÞνια θα µïιράúïνταιµέøρι τις 20 Ιïυλίïυ 2013 και ïι συµπληρωµένες κάρτες θαανταλλάσσïνται µέøρι 3 Αυγïύστïυ ή µέøρι εêαντλήσεως.

13 ΜΑΡΤΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

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13 ΜΑΡΤΙÃΥ, 2013

financialmirror.com | ΕΝΕΡΓΕΙΑ | 9

ÌΡΗΜΑ&ΑΓÃΡΑ

Θα πρïωθηθεί κατά πρïτεραιÞτητα η øρήση υγραερίïυγια την κίνηση των ïøηµάτων, σύµæωνα µε τïν ΥπïυργÞΣυγκïινωνιών και Έργων Τάσï ΜητσÞπïυλï, ενώ την ίδιαώρα τï υπïυργείï αναµένεται να συντïνίσει τα υπÞλïιπαεµπλεκÞµενα Υπïυργεία πρïκειµένïυ τï ταøύτερï δυνατÞνα πρïσæερθεί αυτή η εναλλακτική δυνατÞτητα στα ïøήµα-τα και τïυς ïδηγïύς.

à υπïυργÞς τÞνισε ταυτÞøρïνα Þτι στις πρïτεραιÞτη-τες τïυ Υπïυργείïυ Συγκïινωνιών είναι να διασæαλισθεί ηασæαλής øρήση τïυ υγραερίïυ για τï συγκεκριµένï σκïπÞκαι ταυτÞøρïνα η µείωση τïυ κÞστïυς κίνησης και των επι-πτώσεων στï περιâάλλïν απÞ την κίνηση ïøηµάτων.

à ∆ιευθυντής τïυ Τµήµατïς Ãδικών ΜεταæïρώνΣωτήρης Κïλέττας είπε Þτι στï θέµα της øρήσης τïυ υγρα-ερίïυ για κίνηση ïøηµάτων εµπλέκïνται τï ΥπïυργείïΕνέργειας, Εµπïρίïυ, Βιïµηøανίας και Τïυρισµïύ, τïΥπïυργείï Εργασίας και Κïινωνικών Ασæαλίσεων τï ïπïίïανέλαâε να ετïιµάσει τη σøετική νïµïθεσία και τïΥπïυργείï Συγκïινωνιών και Έργων ως αρµÞδιï για ταµηøανïκίνητα ïøήµατα.

à κ. Κïλέττας πρÞσθεσε Þτι πïλύ σύντïµα ïλïκληρώνε-ται η νïµïθετική ρύθµιση τïυ θέµατïς και θα µπïρïύν ναøρησιµïπïιïύνται µηøανïκίνητα ïøήµατα πïυ θα κινïύνταιµε υγραέριï. Ùσïν αæïρά τις τεøνικές πρïδιαγραæές τωναυτïκινήτων, ανέæερε Þτι ήδη τï Τµήµα ÃδικώνΜεταæïρών έøει εγγράψει µηøανïκίνητα ïøήµατα τα ïπïίαµπïρïύν να øρησιµïπïιήσïυν υγραέριï για την κίνησή τïυςκαι εêήγησε Þτι είναι πλέïν θέµα έγκρισης για øρήση τïυυγραερίïυ ως καυσίµïυ κίνησης.

à κ. Κïλέττας διευκρίνισε επίσης Þτι η έγκριση τïυυγραερίïυ ως καυσίµïυ κίνησης είναι θέµα απÞæασης τïυΥπïυργικïύ Συµâïυλίïυ, τï ïπïίï µÞλις ενηµερωθεί Þτιυπάρøïυν Þλες ïι πρïϋπïθέσεις και ïι νïµïθετικές ρυθµί-σεις θα πρïøωρήσει να εγκρίνει και τï υγραέριï ως καύσι-µï κίνησης, øωρίς να øρειάúεται να κατατεθεί στη ΒïυλήσøετικÞ νïµïσøέδιï.

à κ. ΜητσÞπïυλïς, µιλώντας µετά απÞ ευρεία σύσκεψηστï Τµήµα Ãδικών Μεταæïρών, είπε Þτι συúητήθηκε τïσύστηµα των ∆ηµÞσιων Μαúικών Μεταæïρών, τρÞπïι âελ-τίωσης των παρεøïµένων πρïς τïν πïλίτη υπηρεσιών και

περιïρισµïύ τïυ κÞστïυς λειτïυργίας τïυ συστήµατïς τïïπïίï øαρακτήρισε δαπανηρÞ.

à ΥπïυργÞς Συγκïινωνιών είπε ακÞµα Þτι τï µεγάλïúητïύµενï σε αυτή τη δύσκïλη ïικïνïµική συγκυρία είναιπώς να âελτιωθεί η πïιÞτητα υπηρεσιών πïυ πρïσæέρει τïΤÃΜ στïυς πïλίτες, κάνïντας καλύτερη διαøείριση τωνπεριïρισµένων ïικïνïµικών και ανθρώπινων πÞρων πïυδιαθέτει. Επεσήµανε δε Þτι σøεδÞν τï σύνïλï τïυ κυπρια-κïύ πληθυσµïύ έøει συναλλαγές µε τï συγκεκριµένï τµήµααæïύ υπïλïγίúεται Þτι στην Κύπρï υπάρøïυν 800 µε 850øιλιάδες µηøανïκίνητα ïøήµατα.

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

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

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ÀÀ¤¤ÚÚ ÙÙÔÔ˘ ““¤¤Í͢ÓÓÔÔ˘ ÌÌÂÂÙÙÚÚËËÙÙ‹‹”” ÙÙÔÔ ∂∂µµ∂∂ §§Â¢ÎΈÛÛ››··˜

Tï ΕΒΕ Λευκωσίας αντιµετωπίúει θετικά την πιλïτικήεγκατάσταση τïυ πρώτïυ έêυπνïυ µετρητή (smart metering)για ïικιακïύς σκïπïύς, πïυ επιτρέπει συµψηæισµÞ της κατα-νάλωσης µε την ιδία παραγωγή.

Τï ΕΒΕ Λευκωσίας, ευελπιστεί Þτι η πιλïτική εæαρµïγή θαεπεκταθεί τάøιστα να καλύψει âιïµηøανικές και εµπïρικέςøρήσεις για να επιτρέπει τïν συµψηæισµÞ της κατανάλωσηςµε την παραγÞµενη ηλεκτρική ενέργεια Þøι µÞνï απÞ æωτï-âïλταϊκά, αλλά και απÞ άλλες µεθÞδïυς παραγωγής.

ΕκτÞς απÞ την εêïικïνÞµηση στï κÞστïς ηλεκτρικïύ ρεύ-µατïς για κάθε υπïστατικÞ, ένα τέτïιï σøέδιï θα µειώσει τιςεπενδυτικές υπïøρεώσεις της ΑΗΚ αναæέρει ανακïίνωση τïυΕΒΕ Λευκωσίας.

“Πρωτίστως Þµως επείγει η διαµÞρæωση τïυ θεσµικïύπλαισίïυ πïυ θα επιτρέπει Þπως Þλïι ïι παραγωγïί ενώνïνταιστï σύστηµα µεταæïράς, δίνïντας πρïτεραιÞτητα πρÞσâα-σης στï δίκτυï σε αυτïύς πïυ µπïρïύν να παράγïυν και ναδιαθέτïυν ηλεκτρικÞ ρεύµα στις øαµηλÞτερες δυνατέςτιµές”, καταλήγει η ανακïίνωση.

ΑπÞ 50 έως 100 εκατïµµύρια πειραµατÞúωα øρησιµïπïι-ïύνται κάθε øρÞνï στα διάæïρα τεστ επιστηµÞνων καιερευνητών. Πάρα πïλλά απÞ αυτά âρίσκïυν τïν θάνατï.Εκτιµάται Þτι 13 εκατïµµύρια úώα âασανίúïνται και σκïτώ-νïνται κάθε øρÞνï στα Ευρωπαϊκά εργαστήρια µÞνï. Τïúήτηµα θέτει ένα απÞ τα πιï µεγάλα ηθικά διλήµµατα τηςεπïøής µας: Ναι στην θυσία των úώων αν είναι να σωθïύνανθρώπινες úωές ή Þøι;

Για την πρïστασία, µάλιστα, των πειραµατÞúωων έøειθεσπιστεί και ΠαγκÞσµια Ηµέρα. Η ΠαγκÞσµια ΗµέραΚατάργησης των Πειραµάτων σε ·ώα γιïρτάúεται στις 24Απριλίïυ. ∆ιïργανώνεται απÞ την Animal Aid, υπÞ την αιγί-δα τïυ ÃΗΕ. Πïντίκια, αρïυραίïι, κïυνέλια, γïυρïύνια αλλάκαι γάτες, σκύλïι και πίθηκïι øρησιµïπïιïύνται σε επιστη-µïνικά εργαστήρια πρïκειµένïυ να ελεγøθïύν η τïêικÞτη-τα νέων æαρµάκων, η επίδραση τïêικών και øηµικών ïυσιώνστην ανθρώπινη αναπαραγωγή, η πρÞκληση αλλεργιών,δερµατικών πρïâληµάτων, καρκίνïυ.

Η παγκÞσµια âιïµηøανία καλλυντικών είναι κι αυτή ανά-µεσα σ’ αυτïύς πïυ, øρÞνια τώρα, øρησιµïπïιïύν πειραµα-

τÞúωα για την εêέλιêη των πρïϊÞντων της. ΜÞνï πïυ στηνδική της περίπτωση, τï κάθε νέï πρïϊÞν πïυ πρïκύπτει,δεν σώúει ανθρώπινες úωές. Κάνει απλά τïυς ανθρώπïυςνα δείøνïυν πιï Þµïρæïι: Με πιï λαµπερά µαλλιά, øωρίςρυτίδες, µε πιï στιλπνή επιδερµίδα. Είναι αυτÞς λÞγïς γιανα θανατώνïνται κάθε øρÞνï εκατïµµύρια ανυπεράσπισταúώα;

Μετά απÞ έναν ακτιâιστικÞ αγώνα 20 ïλÞκληρων ετών,η Ευρωπαϊκή Ένωση τελικά πείστηκε πως Þøι. Και απÞ την∆ευτέρα, 11 Μαρτίïυ, επέâαλε µια καθïλική απαγÞρευσηστην øρήση πειραµατÞúων απÞ τις εταιρείες καλλυντικών.Στην Ευρωπαϊκή Ένωση και κυρίως για τη Γαλλία, την Ιταλία,τη Μεγάλη Βρετανία και τη Γερµανία, τις øώρες δηλαδή µεµεγάλες εταιρείες καλλυντικών, η απÞæαση της ΕΕ είναιιστïρική.

Ήταν τï απïτέλεσµα ενÞς συντïνισµένïυ αγώνα πïυκατηύθυνε κυρίως η Ανίτα ΡÞντικ, η περίæηµη ιδρύτρια τωνBody Shop, της âρετανικής σειράς “ïικïλïγικών” καλλυντι-κών πïυ άλλαêε πάρα πïλλά στï øώρï, απÞ τï 1976 Þταν καιπρωτïεµæανίστηκε.

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Απαντήσεις σε Þλα τα καυτά ερωτήµατα πïυ αæï-ρïύν την αêιïπïίηση τïυ æυσικïύ αερίïυ της Κύπρïυ,αναµένεται να δïθïύν στï 2ï ΕνεργειακÞ ΣυµπÞσιï πïυπραγµατïπïιείται αύριï Πέµπτη και Παρασκευή στηΛευκωσία.

Σøετικές τïπïθετήσεις αναµένεται να γίνïυν απÞτην κυâέρνηση µέσω των ïµιλών τïυ Πρïέδρïυ της∆ηµïκρατίας, τïυ Υπïυργïύ Ενέργειας, Εµπïρίïυ,Βιïµηøανίας και Τïυρισµïύ, τïυ ΥπïυργïύΠεριâάλλïντïς, Ενέργειας και Κλιµατικής Αλλαγής τηςΕλλάδας, απÞ την ΚΡΕΤΥΚ, απÞ τη ΡΑΕΚ, αλλά και απÞτïυς 30 και πλέïν εêειδικευµένïυς ïµιλητές πïυ λαµâά-νïυν µέρïς στις εργασίες τïυ Συµπïσίïυ.

Ιδιαίτερï ενδιαæέρïν παρïυσιάúει και η συµµετïøήεπιøειρήσεων πïυ ασøïλïύνται µε τïν τïµέα της ενέρ-γειας, Þπως είναι η ∆ΕΦΑ, η ∆ΕΠΑ Ελλάδας, η VTT, η J&PAvax, ï Σύνδεσµïς Αιïλικής Ενέργειας Κύπρïυ καιάλλïι.

Τï ΣυµπÞσιï µε τίτλï “ï ρÞλïς της Κύπρïυ στïνενεργειακÞ διάδρïµï της Ν.Α. Μεσïγείïυ” θα καλύψει

την ενεργειακή στρατηγική στïν τïµέα της έρευνας καιαêιïπïίησης των υδρïγïνανθράκων, την αγïρά πετρε-λαίïυ και æυσικïύ αερίïυ, την αγïρά ηλεκτρισµïύ, τιςανανεώσιµες πηγές ενέργειας (ΑΠΕ).

Τï ΕνεργειακÞ ΣυµπÞσιï πïυ απïτελεί τη σηµαντικÞ-τερη ενεργειακή εκδήλωση στην Κύπρï, αναµένεται νααπïτελέσει σηµείï αναæïράς στα ενεργειακά πράγµατατης Κύπρïυ, αλλά και της ευρύτερης περιïøής τηςΑνατïλικής Μεσïγείïυ.

Τï ΣυµπÞσιï πïυ είναι υπÞ την αιγίδα τïυ ΚΕΒΕ, έøειως Ìïρηγïύς τï ΣυγκρÞτηµα της Τράπεúας Κύπρïυ, τη∆ηµÞσια Εταιρεία Παρïøής Αερίïυ της Ελλάδας (∆ΕΠΑ),ως Υπïστηρικτές την ΑΗΚ, τη ΚΡΕΤΥΚ και τη ΡΑΕΚ, τη∆ΕΦΑ, της J & P Avax, τï Σύνδεσµï Αιïλικής ΕνέργειαςΚύπρïυ, Επίσηµï Αερïµεταæïρέα τις ΚυπριακέςΑερïγραµµές, Ìïρηγïύς Επικïινωνίας τï ΡΙΚ και τï“Φιλελεύθερï” και τη ∆ιαδικτυακή Στήριêη των ιστïσελί-δων www.energia.gr και www.nomisma.com.cy.

Ãργανωτές τïυ συµπïσίïυ είναι η fmw financialmedia way και τï Ινστιτïύτï Ενέργειας ΝΑ Ευρώπης.

Last Monday, US President Barack Obama named twoadditions to his cabinet whose responsibility will be to man-age climate change and energy policy if Congress fails to actquickly. It is abundantly clear now that in his second term,Obama, free from the political pressures of re-election, is tak-ing the energy issue seriously. According to White Housespokesman Clark Stevens, “enhancing energy security will beamong his top priorities.”

This is no easy task. The President has advocated theimportance of greener environmental choices and wantsAmerica to lead on this front. At the same time, he will have tobalance the concern that the country could risk falling behindin the industry and manufacturing sectors if it fails to meet thehigh demand for energy. Factor in too the country’s desire tobecome less dependent on foreign oil and to boost theAmerican economy and job market, and Obama certainly hashis work cut out.

It is difficult to be sure so early on what exact targets he willset and meet. However, if the two cabinet appointments andtheir previous activities are anything to go by, we can expectAmerica to invest in renewables and up its own natural gasoutput. McCarthy, an experienced clean air regulator, will takethe helm at the Environmental Protection Agency, and Moniz,a physicist and known advocate for natural gas and nuclearpower, will run the Department of Energy.

So far, the boom in natural gas production has broughtAmerica lower energy prices and reduced carbon emissions.

Arguably, the production of natural gas through hydraulicfracturing presents certain environmental challenges, and formany environmentalists this prevents natural gas from beinga satisfactory long-term energy solution. However, thePresident hasn’t yet been deterred. New and more stringentfuel efficiency standards finalised in August include incen-tives to spur the production of natural gas-powered carsthrough 2025.

Working towards American self-sufficiency, Obama is alsoencouraging oil production. Wary of constantly bubbling polit-ical tensions in the Middle East and Africa, the Americansuperpower is understandably reluctant to be so reliant on oilimports from these areas. Plus it is keen to create jobs and eco-nomic opportunity in the process. Indeed the output of crudeand other liquid petroleum products in the US is set to risemore than 80% through 2020.

The rest of the world needs to be taking note. For so long,countries have vowed to invest in cleaner energies and reducegreenhouse gas emissions, and many have discussed ways tobecome more energy independent. Yet action has been slow.No one wants to be the first to fall behind and hinder their pro-ductivity by changing the status quo.

If America does indeed manage its energy more efficiently,which is now looking as likely as ever, this marks a significantchange in attitude. Yet it could be as hard to follow as to lead.Oil is the world’s most traded commodity and America is oneof the largest users of this black gold. A reduction in demandfor oil from America could potentially reduce import prices forother countries. That would also reduce the incentive to findalternatives.

That doesn’t mean we can afford to be complacent though.Should tensions flare in the Arab world and oil becomes a pre-cious commodity, the countries who have taken significantmeasures to become self-sufficient will be in the strongestposition. Energy independence and greener energy are at

times contradictory, as America’s increased oil output shows.However, they are both essential parts of the energy plan fordecades ahead. It is necessary for governments to stop justtalking and to tackle these two issues together and head on.The sooner, the better.

www.bbinary.com

The yen hit a 3-1/2 year low against thedollar on Tuesday after signs that Bank ofJapan monetary stimulus could come soonerthan previously expected. It recovered in latertrade as some traders took profits, butremained vulnerable.

The euro also struggled against a broadlyfirmer dollar, weighed down by politicaluncertainty in Italy and the contrast betweena brightening U.S. economic outlook and fal-tering growth in the euro zone.

The latest bout of yen selling was spurredby a report in the Nikkei business daily thatthe nominee for Bank of Japan governor,Haruhiko Kuroda, hinted he may launchnew monetary easing steps soon after hetakes office next week, rather than wait forhis first policy meeting on April 3-4.

The dollar climbed as high as 96.71 yen,

its highest level since August 2009, beforegiving up some ground to last trade down0.1% on the day at 96.16 yen. This latestlurch higher in the dollar came after astronger-than-expected U.S. jobs report on

Friday prompted speculation the FederalReserve could back off stimulus measuressooner than anticipated.

Minutes from the BOJ's February meet-ing and comments in favor of looser policyfrom the two deputy governor nomineesalso pushed the yen lower.

The moves came against a backdrop of

optimism on the U.S. economy, with theDow closing at a record high, while WallStreet's "fear gauge", the CBOE VolatilityIndex VIX, hit its lowest since February2007.

Positive risk sentiment, fuelled byFriday's U.S. jobs data, also lifted yields onU.S. Treasuries, which tend to have strongpositive correlation with dollar/yen as high-er yields are thought to attract more bondinvestments in that currency.

Against the dollar, the single currency

fell 0.3% to $1.3004, nearing Friday's three-month low of $1.2955. Traders reported anoptions barrier at $1.30 and stop loss ordersaround $1.2985-90.

The euro is seen vulnerable to more sell-ing as the austerity-hit euro zone's econo-my is expected to face an uphill battle torecover from recession. Rabobank expectsthe euro to slip to $1.28 in three monthstime.

Sterling meanwhile also came underselling pressure. The pound has been one ofthe worst performing major currencies in2013, falling 8.4% against the dollar and7.6% against the euro.

That downtrend remained in focus inearly European trading as it dropped 0.2%to $1.4890, to leave it just above Monday's2-1/2 year intra-day low of 1.4866.

Fragile yen hits 3-1/2 year low vs. dollar

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.

Energy: Obama has his work cut out By Oren LaurentPresident, Banc De Binary

March 13 - 19, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

The More Important Oil Story

There was a time when the prospect of increased supply fromLatin America’s largest oil producer would have meant something,especially to the world’s biggest consumer of the black stuff. Buteven if Venezuela is able to ramp back up following Hugo Chavez’sdeath, the impact will likely be modest. Venezuela supplies only 2.3mlon barrels per day of global oil supplies (2%), down from pre-Chavez output of 3.5 mln bpd. And while Chavez was slowly stran-gling Venezuela’s productive capacity during the 14 years of hispresidency, the US energy sector was busy developing new suppliesat home.

This is why the much bigger story for world energy marketslast week can be found not in Chavez’s passing, but in a data pointreleased from the US Energy Administration. According to prelim-inary estimates, China surpassed the US as the largest netimporter of petroleum for the first time. This took place inDecember, when Chinese net petroleum imports (crude plus prod-ucts) of 6.1 mln bpd edged out the US’ 6.0 mln bpd.

Rapidly falling US crude imports (down 15% since mid 2012alone), paired with rising consumer demand across the Pacific,have the potential to reshape energy markets and geopolitics.Together, the US and China account for about one-third of globaloil demand, and China is projected by the International EnergyAgency to drive almost half of global demand growth to 2020, and

three-fourths of net growth. The key structural change in the past six months has been

the explosion of unconventional oil output from shale forma-tions in Texas and the US Midwest. Although there is widespreadrecognition that US crude output is rising, what markets may stillunderappreciate is the breathtaking speed and scale of this expan-sion.

After languishing around 5.5 mln bpd since 2005, daily UScrude output has risen by around 1mn barrels in the past eightmonths alone to hit 7.1 mln bpd in February, a level last seen inthe mid 1990s and close to 75% of the 1970s peak. This has beenaccompanied by a steep 15% decline in net crude imports over thesame period, primarily from suppliers in Africa providing light,sweet crude—the same type of oil coming out of the Bakken alongthe US-Canada border, and other US shales.

Rising petroleum product exports (now the US’ 2nd largestsource of export revenue after autos) have pushed net petroleumimports even lower.

What this means is that US petroleum imports in the past sixmonths have experienced the steepest drop since the financialcrisis in 2009-2010 – and for reasons that are likely primarilystructural and not cyclical. The decline in imports came even asoverall US petroleum demand rose strongly for most of 2H12, onthe back of rebounding GDP growth and as we came in the heavythird-quarter driving season.

Many questions remain about the sustainability of this oilboom—including the pace of pipeline and refinery investment andthe yet-to-known decline rate of tight oil wells. But what does seem

clear is that (1) production will continue growing significantly forseveral years and (2) we are now in for a period of quicker declinesin US petroleum imports as rising output is combined withdemand made stagnant by more efficient autos and other techno-logical factors.

Therefore, demand-side support for global oil prices willincreasingly rest with the country which now has the largest callon internationally traded petroleum supply – China. The impact ofstrongly recovering Chinese oil demand in 4Q12 (up 18% inDecember from June) on global prices was likely blunted, inpart, by rapidly falling US imports over the same period. But bythe same token, if Chinese growth stumbles (as some initial dataincluding recent PMIs suggests it might), then the US might notbe there to support oil prices. The direct call of US demand globalon global oil supply is simply not what it used to be.

Investors in oil and oil-dependent assets should thereforewatch forthcoming Chinese data very carefully for clues tofuture momentum. If the data disappoints, oil will likely fall fur-ther—particularly given other structural headwinds to pricesincluding (1) the likely approval of the Keystone XL pipeline whichwill allow the US to tap supply from the Canadian oil sands, and (2)weaker demand from Japan as coal and LNG imports rise, andespecially if reactors come back online this year.

Marcuard’s Market update by GaveKal Research

March 13 - 19, 2013

financialmirror.com | MARKETS | 21

The Dow Jones Industrial Average is the best performing majorindex year-to-date, in US dollar terms. But Japan is not far behind,with the Topix up 9% in USD terms, trailing the DJIA by just about-80bp. This is not random. If the US continues to do well, so willits major trading partner and competitor across the Pacific. Thoseoptimistic that the US recovery story will continue to fly, shouldalso put Japan on their radar screen.

Why would a bullish scenario for US equities make Japan amore interesting story? It is all about the yen and how theAmericans can make The Next BoJ Head’s Tough Mandate a loteasier. Despite all the aggressive monetary rhetoric emanatingfrom Tokyo, the yen would not have fallen so sharply in the pastthree months without the help of rising US treasury real yields.This “risk-on” trend in US real yields should continue as long asthe US growth outlook holds up. So far the data has been support-ive, including last Friday’s bullish employment report. Loosenedcredit conditions point to further momentum in the labor market.Such positive developments are allowing very repressed US real

treasury yields to rise a bit.That said, the Bank of Japan’s job has only just started. Further

reflation and yen-weakening will require further BoJ action. Webelieve that Japan has a lot more room to act. So does the market.Japanese long bond yields have been falling, because the marketsees that the BoJ is running out of short-term assets to buy underits current asset-purchase mandate. Thus many expect an expand-ed quantitative easing program, including an extension of durationin the BoJ’s bond portfolio, to be announced at the first meetingunder the new BoJ leadership (on April 3-4). It has been a longtime since we have seen such a level of confidence in the BoJ’s abil-ity to stay the course. Further yen weakening and shrinking bondyields are obviously bullish for Japanese corporates. In the absenceof strong nominal global growth, the ability to boost profitability iscrucial: a cheaper currency can do this for many Japaneseexporters. Moreover, the ability to price products more competi-tively in the global market could feed into stronger top-line growth.

Domestic focused plays are also benefitting from the monetary

expansion at home, combined with Abe’s promises of fiscal stimu-lus. Unlike the last round of QE in 2001-2006, the Japanese bank-ing system is now done deleveraging. Its ability to multiply moneyshould boost the investment cycle in Japan more effectively, givingmore hope to the reflation story. Japanese companies generallyhave a high ratio of fixed assets to sales; a high operating leverage(approximately 1/3 higher than those in Europe in the last 12years) means an increase in nominal growth will have a multipliereffect on ROEs.

“Abenomics” has the endorsement of the electorate as reflectedin Prime Minister Shinzo Abe’s high popularity rating. So for once,we do not think the Japanese story will be derailed by domestic pol-icy. The main risk is still with global growth. Keep an eye on thoseUS real yields.

Japan: Bowing To The Dow

Wall Street slips after 7-day rallyU.S. stocks sagged on Tuesday as investors paused after a

seven-session string of gains and the Bundesbank’s chiefwarned the euro zone’s crisis has not ended.

On Wall Street, investors’ confidence has grown in recentmonths, leading to a gain of more than 10% for the year by theDow and nearly 9% by the S&P 500. Signs of improvement inthe economy and the Federal Reserve’s quantitative easinghave helped to drive the advance.

Heading into Tuesday, both the Dow and benchmark S&P500 index had rallied for seven consecutive sessions, with theDow closing at another record high on Monday. The S&P iswithin reach of its all-time closing high of 1,565.15, set on

October 9, 2007. Adding to the weakness, Jens Weidmann,head of Germany’s central bank and a member of the ECB’sgoverning council, said the euro zone crisis was not over.

Pullbacks during the rally so far this year have not been toodeep as investors look for a good place to buy. Market moveshave also been more muted in recent days, even as stocks haveground higher.

Tech shares, which have lagged the rally, pulled indexeslower as heavyweights such as Apple and Google tumbled.Apple dropped 1.7% to $430.57 and Google fell 1.2% to$824.87, while the S&P tech sector lost 0.8%.

Offsetting the decline, the healthcare sector rose 0.3%.Traditionally considered a defensive bet, the sector has beenone of the leaders of the rally so far this year, accelerating bynearly 12%.

In the short-term, however, healthcare appears to beoverbought, suggesting investors may start to put their moneyelsewhere. Based on the relative strength index, healthcare hasbeen overbought since the beginning of the month.

The Dow Jones industrial average slipped 14.16 points, or0.10%, to 14,433.13. The Standard & Poor’s 500 Index fell 5.53points, or 0.36%, to 1,550.69. The Nasdaq Composite Index lost18.66 points, or 0.57%, to 3,234.22. Merck shares gained 2.8%to $44.89 to help curb declines on both the Dow and S&P afterthe pharmaceutical company said an outside board had allowedit to continue a trial assessing its Vytorin cholesterol treatment.

Yum Brands Inc rose 2.1% to $69.25 after the parentcompany of the KFC restaurant chain reported an unexpectedrise in February sales in China.

Date Country Detail Forecast PreviousMAR 13 EUR Industrial Production M/M due 1pm -0.10% 0.70%MAR 13 US Retail sales M/M due 3.30pm 0.50% 0.10%MAR 13 US Core Retail Sales M/M due 3.30pm 0.20% 0.20%MAR 13 US Business Inventories M/M due 5.00pm 0.30% 0.10%MAR 13 NZD RBNZ Rate statement and press conference 2.50% 2.50%

MAR 14 AUD Australia Unemployment Rate due 3.30am 5.50% 5.40%MAR 14 CHF Swiss National Bank rate decision, policy decision due 11.30am <0.25% <0.25%MAR 14 EUR EU Economic Summit - Day 1 MAR 14 US Core PPI M/M due 3.30pm 0.20% 0.20%MAR 14 US Weekly Unemployment Claims due 3.30pm 355k 340kMAR 14 US Current Account due 3.30pm -$111B -$108B

MAR 15 EUR EU Economic Summit - Day 2 MAR 15 EUR Consumer Price Index Y/Y due 1.00pm 1.80% 1.80%MAR 15 US Consumer Price Index M/M due 3.30pm 0.40% 0.00%MAR 15 US Core CPI M/M due 3.30pm 0.20% 0.30%MAR 15 US TIC Long Term Purchases due 4.00pm $55.3B $64.2BMAR 15 US Capacity Utilisation due 4.15pm 79.40% 79.10%MAR 15 US Industrial Production M/M due 4.15pm 0.30% -0.10%

MAR 15 US Prelim UoM Consumer Sentiment due 4.55pm 78.2 77.6Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

Sterling falters on slow UK data

Sterling struggled near a 2-1/2 year low against thedollar on Tuesday after weak data tipped the Britisheconomy ever closer to recession and increased bets onmore bond purchases by the Bank of England.

Sterling was down 0.3% on the day at $1.4874. It hadfallen to $1.4832, its lowest since June 2010 after UKmanufacturing output slumped in January at its fastestpace since last June.

The euro was 0.1% up at 87.60 pence, not far from amore than two-week high of 87.84 pence, hit after thedata. Strategists said from here the next target for theeuro could be 88.15 pence, the more than 16-month highhit on February 25. Losses against the euro and the dollarpushed sterling’s trade-weighted index to a 20-month lowof 77.7, BoE data showed.

The National Institute of Economic and SocialResearch said British economic output had contractedbetween December and February, another indication theeconomy would struggle to avoid recession.

The pound has been one of the worst-performingmajor currencies in 2013, falling 8.5% against the dollarand around 7% against the euro.

Markets will remain wary of sterling ahead of the UKbudget next week. Speculation is mounting thatChancellor George Osborne may announce a review of theBank of England’s remit and give it more leeway oninflation targeting.

Disclaimer: This information may not be construed as advice and in partic-ular not as investment, legal or tax advice. Depending on your particularcircumstances you must obtain advice from your respective professionaladvisors. Investment involves risk. The value of investments may go downas well as up. Past performance is no guarantee for future performance.Investments in foreign currencies are subject to exchange rate fluctuations.Marcuard Cyprus Ltd is regulated by the Cyprus Securities and ExchangeCommission (CySec) under License no. 131/11.

www.marcuardheritage.com

March 13 - 19, 2013

22 | WORLD MARKETS | financialmirror.com

ECB, global recovery behind markets’ mercy on Italyl Markets unmoved by Italy’s political gridlock; Economists puzzled, wonder if it will last

UK gas prices remain high on cold weatherl Summer 2013 gas price close to 18-month high

British wholesale spot gas prices rose above 90 pence atherm on Tuesday morning as extreme cold pushed updemand and further reduced already far depleted gas storagelevels.

Gas prices for delivery within the day were trading at 93pence a therm, up 4 pence since closing on Monday, andprices for delivery the next day were up 3.85 pence to 92.75pence per therm.

Power prices for baseload (24 hours) delivery onWednesday were also bullish, rising 4 pounds ($5.96) permegawatt-hour (MWh) to 66 pounds a MWh.

Traders and analysts said the high prices were a result ofthe extreme cold and the low storage levels.

“This sort of cold and the high demand that comes with itis unusual in mid-March, and the depleted storage levelswon’t be able to cope with it for long,” one gas trader said.

“UK natural gas prices at the National Balancing Point(NBP) have been incredibly strong lately on a combination ofNorth Sea production outages, LNG diversions and coldweather,” Bank of America Merrill Lynch said in a research

note on Tuesday.The tight British gas market also pushed price spreads

with continental Europe to records.“Inventories have seen one of the largest draws ever and

the premium of UK gas prices to other European bench-marks widened sharply in order to attract greater importsfrom neighbouring countries,” Merrill said, and added: “TheUK gas market has yet again been exposed to its deep-rootedsupply problems,” it added.

Gas demand in Britain was expected to be 369.4 mln cubicmetres (mcm) on Tuesday, almost 32% above the seasonalnorm, according to data from National Grid.

With supplies seen at almost 373 mcm, the system wouldjust be able to meet demand, but analysts said that utilitieswere withdrawing storage in order to meet the needs.

Britain’s gas storage sites were filled to an average ofunder 20% on Monday afternoon, down from over 86% at thebeginning of the year, and analysts utilities on Tuesday werefurther withdrawing reserves in order to meet demand.

The tight system is a result of cold weather that moved

into Britain last weekend, with sub-zero temperatures seenacross the country.

Britain’s Met Office said that it would become graduallywarmer later this week, but that maximum daytime temper-atures would likely remain below 10 degrees Celsius.

FORWARD CURVE ALSO HIGH

The high spot prices also fed into the forward curve, wheregas prices for delivery next summer rose to 67 pence a therm,their highest level since September 2011.

Although technical indicators, such as the relativestrength index (RSI) imply a strongly overbought contract,traders said that the tight spot market was the dominant fac-tor that was driving the forward market up.

Bank of America Merrill Lynch said that it saw furtherprice increases in the forward market.

“We see upside to winter 2013 NBP prices given a slow butsteady industrial recovery, lower Norwegian gas output andlow stock levels,” the bank said.

Italy’s election produced the hungparliament investors said was the worstpossible outcome, recession is deepening, debtis rising and its credit rating has just beendowngraded.

So why do markets seem largelyunconcerned?

Italy’s benchmark borrowing costs haveedged up to around 4.6% from 4.5% before theelection and the gap between safer GermanBunds has risen to 3.1 percentage points fromaround 2.9 points.

That is a negligible reaction to economicsickness and political gridlock in the eurozone’s third largest economy. The cripplingbond yields above 7% at the height of the eurozone debt crisis in November 2011 remain adistant memory.

“I’m surprised and it may be complacent,”said Gilles Moec, European economic researchhead at Deutsche Bank.

Other economists were equally puzzled, andwonder whether this is just the calm before amarket storm. The trigger could be anotherratings downgrade, a failed attempt to form agovernment or even bad economic data fromthe United States.

However, there are logical explanations formarkets’ relative indifference.

The first and most important is that theeuro zone debt crisis has subsided and Italy isproving a major beneficiary of last summer’spledge by European Central Bank chief MarioDraghi to do “whatever it takes” to save thecurrency bloc.

Other factors are an improved internationalgrowth outlook that is buoying marketsentiment generally, and the increasedproportion of Italian debt held domestically.

There are doubts about many aspects of theECB’s pledge to buy the bonds of ailing eurozone countries that ask for help — not least ifthere is no durable Italian government, or onethat is prepared to stick to the austerity track.

But until its backstop, known as OutrightMonetary Transactions (OMT), is tested andshown to fail, markets are still viewing it as agame-changer.

“What we are seeing is that the effect of theOMT is truly powerful,” said Marco Valli, chiefeuro zone economist at Unicredit. “A year agoif Italy were in this situation (bond yields)would have been going through the roof.”

Markets are no longer betting against theeuro and so they are not taking aim at thebloc’s weakest members, like Italy.

“This was the only region in the worldwhere countries could default at any timebecause they didn’t have a central bank behindthem,” said Mizuho chief economist RiccardoBarbieri. “With OMT we now have somethingthat approximates to having a central bank.”

GREEK-STYLE DEPRESSION

Another consequence of the euro zone crisisis that more Italian debt is now in domestichands after its banks stepped up to the plate toreplace fleeing foreign investors. That makesthe debt less vulnerable to changes ininternational sentiment towards Italy andsupports bond prices.

Foreign holdings of Italian debt fell last yearto a trough of 35% from 51% in mid-2010.

At the same time, the internationalbackdrop has improved.

With the United States’ economy recoveringand global growth accelerating, what happensin Italy is seen as relatively insignificant. Bullishmarkets are now managing to see silver liningsno matter how dire the country’s situation gets.

That ignores the fact that Italy may not havea fully operative government for months andstructural reform is off the table for theforeseeable future. “The economy will sufferfrom the political gridlock and risks falling intoa Greek-style depression if it is not rapidlyresolved,” said Mizuho’s Barbieri.

The contrast with 2011 could hardly begreater. Then, acutely stressed markets ignoredgood news and jumped on any bad informationto push Italy’s yields ever higher.

Yet by virtually any measure other thanbond yields, Italy’s situation now is far worsethan 18 months ago.

Its economy has contracted for six straightquarters - the longest recession for 20 years -and is smaller now, in inflation adjusted terms,than it was in 2001. That means that onaverage Italy has been in recession for 11 years,a situation that has no parallels in Europe andfew in the world.

The slump shows no sign of easing and willcontinue to take a heavy toll on public finances.Credit for firms is still tightening and bad loansare rising.

When Fitch downgraded Italy on Friday itforecast the economy would shrink by 1.8%this year, following a 2.4% fall in 2012. Its

industrial base has been so eroded in the lastfew years that many business people think itmay never recover, with a huge cost in terms ofjobs.

Analysts say all this has been at least partlydue to the waves of austerity measures takensince early 2011 to calm markets and try to reinin the second largest public debt in the eurozone after Greece.

Yet while markets have calmed, Italy’s debtkeeps rising. It hit an all-time high of 127% ofoutput in 2012 and Fitch forecast it will bealmost 130% at the end of this year.

AUTOMATIC PILOT?

Markets ignored all this while the technocratMario Monti was in office, yet even he admittedhis reforms to deregulate services and the jobsmarket were only a first step towardsimproving Italy’s growth outlook.

And after a weak performance in lastmonth’s election Monti is gone, and no oneknows what is coming next.

The election served up a perfect recipe forinstability, with parliament split three waysbetween Pier Luigi Bersani’s centre-left, SilvioBerlusconi’s centre-right and the populist 5-Star Movement led by comedian Beppe Grillo.

It may be that, with the ECB backstop inplace, markets really don’t care who governsItaly.

Draghi said at his monthly ECB newsconference on Thursday that much of its fiscaladjustment was now on “automatic pilot.”

Moec called Draghi’s assertion an“overstatement”, but said he probably meantthat the 2013 budget has already beenapproved, so unless a new governmentimmediately slashes taxes or hikes spending,this year’s deficit is unlikely to rise much.

However, that can only refer to this year andin any case economists agree that Italy’s debtsustainability is all about growth and has verylittle to do with fiscal adjustment.

Draghi may have meant that internationalconstraints will prevent Rome from pursuingirresponsible fiscal policies, which may also betrue. But it was not pursuing irresponsiblefiscal policies in 2011 and its bond market stillcollapsed.

Even without such policies it would riskremaining in its trap of permanent near-recession and rising debt. What the ECB mayhave removed is the threat of contagion toother countries.

ANALYSIS

March 13 - 19, 2013

financialmirror.com | WORLD MARKETS | 23

Being a successful trader – Technical vs Fundamental analysis

Prices fell below the 50 day average during October. Thissell signal is stronger when the moving average also turnsdown. What’s the difference between a simple moving aver-age, a weighted moving average or the exponentiallysmoothed moving average and which is better to use in orderto derive the correct signals in the market?

Maybe it is better to use the reversal and continuation pat-terns in this case. Bars are really helpful but candlesticksincorporate more information. Oscillators, patterns, trends,cycle theory, Dow Theory, Elliot wave theory are terms thatare abundant in the financial industry and are taught inUniversities and other institutions with the ultimate goal to

create successfultraders. Even peoplethat had no idea aboutwhat those termsmeant are studying inorder to reach thedream: “becomerich”.

But what does it take to become a successful trader? Is itluck, study of the macroeconomics, observation of the chartsor something more than that?

In order to answer these questions and decide what themost effective rationale is, we need to analyse the actual tech-niques and tools used in each approach. In recent years, twodifferent philosophical premises created two schools ofthought: Fundamental Analysts and Technical Analysts.

Fundamental analysts study the factors that affect theprice of a market, so, they are focusing on the forces of sup-ply and demand. Controversially, the technical analysts arguethat anything that can possibly affect the price either funda-mentally or politically/psychologically is reflected in the priceof a market. Thus, the technical analysis itself has the pur-pose of forecasting the future price trends by studying themarket action, primarily through the use of charts.Fundamental analysis, in contrast, uses the intrinsic valueand the current market price, to estimate if a market is over-bought or oversold and give selling or buying signals, respec-tively.

The above chart represents the stock of Apple, on a week-ly basis. A technical analyst could anticipate a reversal in theprevailing uptrend since mid-September 2012. His signal was

a reversal pattern, calledevening doji star, the redbox on the graph.

The name is not of anybig significance but the

way those candlesticks were formulated gave a selling signaland also a signal for the reversal in the existing trend. This sig-

nal was also confirmed by the MACD line (Moving AverageConvergence/Divergence), the blue and orange lines under thechart. This MACD is the difference between two exponentiallysmoothed moving averages of closing prices. This terminolo-gy still is not really significant. What matters is that the blueline (fast MACD line, Base) crossed the orange line (slowerMACD, Signal) from above, and fell below it, which indicated asell signal and a reverse in the existing trend. This downtrendwas tested many times until now but still remains valid.

A fundamental analyst instead would have checked thebalance sheet, the income statement, the cash flow in orderto determine the companyãs health and growth prospects. Ifhe was studying a currency, he would need to take into con-sideration interest rates, GDP growth, trade balance, inflationlevels and other microeconomic factors. A fundamental ana-lyst would also take into consideration that the competitionis on the move, Samsung/Nokia. Apple is to a big extent ahardware company with an outstanding ability to capture the

essence of easy use. But for how long is this enough to sus-tain above normal profits? Finally, after the announcement ofthe yearly results that were not even close to the right levelof revenue in Q1, the prices dropped dramatically.

All in all, technical analysts are indirectly studying thefundamentals, meaning the forces of supply and demand thatcause the markets to fall or rise. They reflect the psychologyof the market but they cannot themselves cause the marketsto move up or down. In contrast, their principles can apply toall the markets so they can follow a variety, in contrast to thefundamentalists who tend to specialize in one only group.

But what does it take to become a successful trader? It isa combination of both approaches. What each investor needsis access to data and professional tools to create his ownstrategies and implement his ideas.

* Saxo Bank is a Danish investment bank specializingin online trading.

By Eleni ApostolidiSenior Financial Consultant, Saxo Bank

The aggregated 2012 net income in the Spanish banks underour coverage fell 82% compared to 2011, recording the lowestresult since the financial crisis began in 2007, the InvestmentBank of Greece, a Laiki Bank Group subsidiary, reported in itsSpanish Banks Sector Update.

Recommendations: We raise B Sabadell (TP: EUR1.88/share)to “Accumulate” from hold, based on the 12.3% upside potentialand also reiterate our “Accumulate” recommendation on BPopular (TP: EUR0.74/share). For BBVA (TP: EUR8.5/sh) wehave upgraded our recommendation to “Accumulate” from“hold” and for B. Santander (TP: EUR6.35/sh) we reiterate“Hold”. For Bankinter (TP: EUR4.30/share) we reiterate ourhold recommendation.

Solvency: B Santander, BBVA and Bankinter have been ableto generate enough resources to overcome: i) the capitalrequirements during 2012 (CET1 of 9.0%, according to EBA)and ii) coverage of the Financial Reform (RDL 2 & 18/2012),without having to appeal to their shareholders as was the case

with B Popular and B Sabadell. Either way, in 2013 we do notanticipate additional capital increases from these banks in orderto strengthen their solvencies. The current level of 10.4% (aver-age CET1) seems appropriate, even under Oliver Wyman’sadverse scenario.

Dividends: BBVA, B Santander and Bankinter have preservedtheir shareholder remuneration policies in 2012 and expect tocontinue doing so in 2013. These banks have fulfilled all theirquarterly commitments. In this regard, we note that Bankinterpaid all its quarterly dividends against 2012 results in cash (noscripts).

Results: In 2012 the banks’ income statements have beensupported by the stability in gross revenues, but we expectsome pressure to emerge in 1H’13. During the period2007/2012 bank results have benefited from positive NII trends(’12: +10% Y/Y) and Gross Revenues (’12: +8% Y/Y).However, facing 2013 and based on a reduced demand forfinancial products, an environment of low interest rates and a

narrowing yield curve, we expect pressure to emerge on theNIMs of Spanish business.

Controlled Operating expenses: Despite the concentrationmergers in the banking industry in Spain during the last twoyears, companies have been able to keep operating expenses andefficiency ratios under control, remaining relatively stable (C/I‘12: 51% vs. 52% in 2011).

Credit quality: By the end of 2012 the Spanish Governmentapproved rules requiring banks to reach a 45% coverage of trou-bled assets in the property sector (vs. 23% at Dec’2011), result-ing in EUR72 bln that will not be repeated in 2013. All banksunder our coverage have met this requirement (Sabadell willprovide EUR300 mln in 1H’13).).

Funding/liquidity: Spanish banks started returning LTROfunding in 2013 (c 24% /total), reinforcing the improved fund-ing trends and better conditions in the capital markets. Globally,the funding position in 2013 looks more comfortable vs. 2012,with debt maturities below the issues carried out last year.

Spanish banks: After a weak 2012, ROE has positive prospect for recovery

If Latvia gets the green light to become the18th country to use the euro, the small Balticstate will be the poorest member of the single-currency area, with the highest inequality anda dismal demographic profile.

But Latvia is also the fastest-growingEuropean Union state and its eagerness to joinwill be welcomed in euro zone capitals as a voteof confidence in a bloc suffering many agonies.

Indeed, Latvia’s resolve to endure a deeprecession rather than devalue its way back toeconomic balance will bolster the argumentmade by Germany and other northern eurocountries that budget and wage discipline paysoff in the end.

“Latvia will side with Germany. There’s nodoubt about that,” said Morten Hansen, aneconomist with the Stockholm School ofEconomics in Riga, the Latvian capital. “This isa hard-currency country that has beenoperating by the book.”

Officials are confident that Latvia meets thecriteria for joining the euro laid out in the 1992Maastricht Treaty. They formally asked theEuropean Commission and European CentralBank last week to run the rule over theeconomy.

The decision in the teeth of the crisis topreserve the lat’s peg to the euro enjoyed broadpolitical backing even though the cost was a21% plunge in output in 2008-2009.

Gross domestic product is still well belowpre-crisis levels, but the government’s debt isbelow 40% of GDP and it is budgeting a deficitthis year of just 1.4% of GDP.

“Latvia did what nobody thought they’d beable to do,” a senior European diplomat in Rigasaid. “I’d very surprised if they didn’t meet thecriteria.”

A decision by EU finance ministers isexpected in July. A thumbs up would see Latviajoining the euro next year.

NAGGING DOUBTSAdopting the euro makes eminent sense for

a small open economy of 2 mln people: Withalmost 90% of loans and half of bank depositsalready in euros, mass bankruptcies anddefaults would ensue if the lat’s peg were everto snap.

However, the EU could argue that more

timeis needed to prepare public opinion, which isagainst giving up the lat, a cherished symbol ofLatvia’s independence from the Soviet Union.

Brussels and Frankfurt are also concernedthat the Latvian banking system’s big pool ofnon-resident deposits is a source of financialvulnerability, as it is in Cyprus.

In an interview with Reuters, PrimeMinister Valdis Dombrovskis brushed aside thecomparison with Cyprus and said Latvia hadshown it meets the euro zone’s economiccriteria.

MACRO OUTLOOK BRIGHT, MICRO CLOUDY

Local economists have few worries aboutLatvia’s capacity to keep living within itsmeans. A new law stipulates that governmentdebt must remain below 60% of GDP and thestructural budget deficit - when the economy isrunning at full potential - may not exceed 0.5%of GDP.

And after the painful bursting of a creditbubble - wages rose some 35% in 2007 - theeconomy has gone back to basics andrefocused on exports.

With firms seeking out new markets and

climbing the value ladder, exports of goods andservices rose 15.2% in the fourth quarter of2012 from a year earlier despite recession inEurope, the destination for 60% of Latvia’sshipments.

“Any illusion that Latvia could be domesticdemand-driven is gone and won’t come backfor a number of years at least,” said MartinsKazaks, Swedbank’s chief economist in Latvia.“Latvia is on a more sustainable footing andthere’s a good chance that we can maintainthat for quite a long time.”

A bigger risk is that politicians will becomecomplacent and go easy on root-and-branchreforms needed to raise productivity andLatvia’s low income level. Elections are due inOctober 2014, increasing the temptation forthe government to avoid confronting vestedinterests after several years of austerity.

HIGH UNEMPLOYMENT, LOW EDUCATION

Every country has a long structural reformagenda, but Latvia’s needs are particularlypressing: the ‘natural’ unemployment rate,below which inflation accelerates as firms bidup wages to find the right workers, at 10-12% -worryingly close to the present rate of 14%.

Unemployment is structurally highbecause of a gross skills mismatch thatis the legacy of half a century of Sovietrule, a sustained brain drain and aneducation system that by commonconsent is not fit for purpose.

Latvia spends less than any of its EUpeers on tertiary education and has nouniversity ranked in the world’s top 500.

It comes bottom of the EU innovationleague table. And no other EU countryproduces proportionately as many socialscience graduates even though it is computerprogrammers who are needed.

It’s a headache made worse by a sharp fall inLatvia’s population from a peak of 2.67 mln in1989 to 2.2 mln in 2000 and 2 mln in 2011,according to census figures.

An ageing population, a low fertility rateand, increasingly, rising emigration are toblame. The result is that Latvia has far moreuniversities and colleges than it needs.

NO EURO MIRACLESIn a January report, the IMF called the

higher education system potentiallyunsustainable.

The IMF, which bailed Latvia out in 2008,also identified a clogged-up legal system andpoor oversight of state-owned enterprises asother pressing structural shortcomings.

“Where we point to an agenda for reform ismore on the micro side,” said David Moore, theIMF’s representative in Riga. “It’s a bit likesaying, ‘You’re out of the hospital, now it’stime to go to the gym’.”

Joining the euro will not make that gymwork any easier.

But potential foreign investors will view it asa valuable ‘stamp of quality’, said AndrejsJakobsons with the Baltic International Centrefor Economic Policy Studies, a research outfit.“It a necessary but not sufficient condition forattracting a lot of foreign investment,” he said.

Toms Silins with the Foreign Investors’Council in Latvia agreed that removingresidual exchange rate risk would appeal tocompanies attracted to Latvia mainly for its lowlabour costs.

But, by itself, it was not a game changer.“Look at what is happening in the south ofEurope, Being part of Europe doesn’t meanyou’re going to live happily ever after,” Silins said.

March 13 - 19, 2013

24 | WORLD MARKETS | financialmirror.com

Resilient Latvia ready for euro, reforms needed

Britain rejects call to stiffen bank leverage rulesl Tougher rules to be reviewed in 2017; Parliament debates Banking Reform bill

Britain will resist calls to impose far stricter rules on howmuch banks can leverage their capital for investments andlending, insisting that there is no need to do so before 2018.

The government is forcing banks to limit leverage to 33times their capital, in line with international regulations, andrejected a call on Monday from a panel of UK lawmakers tostiffen the rules to curb risk-taking even more.

“Our view is that at this time we should follow the interna-tional approach, to press for countries to have a power to seta higher ratio for 2018 following a review in 2017,” said GregClark, Britain’s Financial Secretary to the Treasury.

The head of the Parliamentary Commission on BankingStandards (PCBS), which has been asked to find ways toreform banks, said he was disappointed that the governmentdid not consider a tougher rule and that current proposals tochange the industry fall short of what is required.

“There remains much more work to be done to improvethe bill,” Conservative MP Andrew Tyrie said.

Tyrie had also called on the government to adopt legisla-tion that could force the full break up of banks’ routine retailoperations and riskier investment banking arms if new rulesdesigned to protect taxpayers fail.

But Clark rejected that proposal, too.

The government will instead force banks to “ring-fence”the retail operations. This would keep the two business seg-ments within a bank’s overall control but protect the retailside from risks in other areas.

“If a future government considered that ring-fencing wasno longer the right solution, then it should consider a fullanalysis for further reforms, and in the light of that analysisbring forward new legislation,” Clark said.

ELECTRIFIED RING-FENCINGThe government has said it supports a proposal by Tyrie to

“electrify” the ring-fence, meaning that any individual bankthat tried to find a way around the new rules could be brokenup by the regulator.

Clark was speaking as he delivered the Banking Reform Billto parliament. The bill is aimed at preventing a repeat of theneed for taxpayer-funded bank bailouts after the 65 bln pounddouble rescue of Royal Bank of Scotland and Lloyds BankingGroup in 2008.

He said the challenge was to safeguard the banking indus-try without imposing excessive costs.

“The system of regulation failed, as did the culture of thebanking sector in not preventing or resolving the crisis with-

out recourse to taxpayer money. That is why fundamentalreform is needed,” Clark said.

Recent problems across Britain’s banks - including interestrate rigging at Barclays and RBS, mis-selling scandals andaccusations of an over-aggressive banking culture - haveadded to calls for Britain to take a lead with financial industryreform.

Mervyn King, the outgoing Governor of the Bank ofEngland, and his successor, Mark Carney, have indicated thatthey support a higher leverage ratio to curtail risk-taking.

Tyrie said that a “robust” leverage ratio was essential and3% was “almost certainly too low”. The PCBS did not saywhat the ratio should be, but an independent commission lastyear suggested 4%, which would limit banks’ leverage to 25times capital. Banks have warned that the severity of the pro-posed reforms - more rigorous than those in France andGermany - could put British banks at a disadvantage againstcontinental rivals such as Deutsche Bank and BNP Paribas.

The British Bankers’ Association, which has previouslywarned that UK banks will find it harder to raise capital andfund lending if reform is too onerous, on Monday urged thegovernment to work with other European countries to coor-dinate reforms.

ANALYSIS

Industrial slump deepens, Troika talks postponedGreece’s industrial output posted its steepest decline in

four months, while the international lenders keeping thecountry solvent sought details of a government plan to helpstruggling households.

With the country muddling through its sixth year of reces-sion, the lenders - on a visit to assess whether Athens has car-ried out promised reforms before releasing 2.8 bln euros ofaid this month - postponed a meeting with Prime MinisterAntonis Samaras to Wednesday.

They were seeking more details of a scheme to helpindebted households pay off arrears to tax offices and banks,officials said.

Government officials ruled out a deadlock in the talks withinspectors from the EU and IMF “troika” of lenders as thereason behind the delayed meeting.

“There is no impasse,” Finance Minister YannisStournaras told reporters. “We decided to have an additionalday of discussions with the troika’s team of technicalexperts.”

The inspectors are demanding Greece push through anambitious reform programme - including a deeply unpopularscheme to reduce its bloated public sector - to turn aroundan economy that has shrunk by 20% since 2008.

Industrial output, which accounts for about 15% of GDP,fell 4.8% year-on-year in January after a 0.9% decline in theprevious month, according to data released by statisticsagency ELSTAT.

Data also showed that construction activity, once a keydriver for Greece’s 195 bln euro economy, slumped 28.9% in2012, crippled by austerity measures that Athens imposed to

tackle its debt crisis and shore up public finances.Record unemployment coupled with cuts in pay and pen-

sions have squeezed household incomes, stifling demand fornew homes. Tight bank credit and new property taxes havealso taken a toll on the sector.

ELSTAT said the number of building permits fell 36.7%last year and 40% in December.

Greece’s battered economy shrank 6.4% in 2012 and thedownturn is expected to persist this year, with the govern-ment and the central bank projecting a 4.5% contraction.

Athens still needs to present a detailed staffing plan on amobility scheme into which 25,000 public sector employeesmust be transferred by the end of the year.

Under the scheme, they will earn reduced pay for a yearand may be fired if alternative jobs cannot be found.

March 13 - 19, 2013

financialmirror.com | GREECE | 25

Fitch: NBG-Eurobank merger to give medium-term benefits

Fitch Ratings expects that the latest consolidation move inthe Greek banking sector, involving the two largest banks,National Bank of Greece and Eurobank Ergasias, will provebeneficial to the new group’s credit profile in the mediumterm, assuming achievement of synergies.

However, in the near term, the risks may outweigh benefits,the rating agency said, adding that it expects Eurobank tomerge into NBG following the acquisition of Eurobank byNBG, clearing the way to form Greece’s biggest lender withpro-forma assets of EUR 178 bln.

The creation of the NBG-Eurobank group should facilitate amore efficient structure to cope with Greece’s weak macro-eco-nomic prospects, Fitch said.

“With this transaction, NBG will enlarge its already leadingfranchise in Greece, widening the gap with its direct peerswhich have also been involved in consolidation moves, albeiton a lower scale.”

According to NBG, the new group’s pro-forma marketshares will be about 32% for loans and 36% for deposits. Fitchexpects the group’s strong domestic franchise to eventuallylead to an enhanced deposit base and to enable a lowering ofretail funding cost over time.

The new group will also benefit from a strengthened inter-national footprint, particularly in South-East Europe, where

both NBG and Eurobank have had a presence for some time.However, Fitch notes that challenges related to the NBG-

Eurobank merger are greater than those faced by other Greekbanks that have played a role in the Greek banking sector con-solidation process. This is due to the two banks’ relatively largesize and significant overlap in resources and risks, whichresults in larger integration and execution risks. Added to theseconcerns, both banks’ funding pressures will persist, at least inthe near term, and the merger comes at a time when the twobanks also need to meet restructuring requirements under therecapitalisation processes.

Both NBG and Eurobank have been provided with sizeablecapital support (EUR 9.8 bln and 5.8 bln, respectively) by theHellenic Financial Stability Fund (HFSF) following the capitalneeds assessment conducted by the Bank of Greece in 2012.

The new group expects to realise EUR 570-630 mln of syn-ergies per year, centred on cost and funding synergies, to befully phased-in within the next three years.

Fitch expects the new group’s credit profile to suffer fromincreased concentration levels and continued asset qualitydeterioration. Finally, execution risks could be exacerbated bythe poor operating environment, the banks’ differing corporatecultures, and union resistance that could make it difficult toachieve cost synergies.

PPC/DEH prepares for spin-offThe government’s spin-off plan for the Public Power

Company (PPC/DEH) that is expected to be presented to theTroika of international lenders includes power plants withinstalled capacity of 2,350MW (three existing lignite-fired plantswith total capacity of 930MW, one planned lignite-fired plantwith capacity of 450MW, one CCGT with capacity of 480MWand one hydro plant with capacity of 494 MW), two lignitemines and a retail market share of 20%.

About 2,000 personnel will be transferred to the newcompany, including 20% of administrative staff. This is going tobe a 3-year plan as many issues need to be resolved first (debtallocation, pension status, etc). “The spin-off scenario appearsto be the prevailing scenario for PPC, however, how it willimpact the company it is still difficult to assess as the wholeprocedure is expected to take a long time. We remain positive

for the stock on the prospects of tariff deregulation andcompany restructuring, however we expect a high volatility forthe stock over the next period due to regulatory and macrouncertainties,” said Vassilis Roumantzis, analyst at theInvestment Bank of Greece, a Laiki Bank Group subsidiary.

The board recently approved the 2013 budget projectingrevenues from energy sales of EUR 6.1 bln, total revenues ofEUR 6.4 bln and an EBITDA margin of 16.5-17.0%. Theforecasts are based on assumptions for a Brent oil price of USD110/bbl and EUR/USD exchange rate of 1.25.

“PPC’s announcement does not provide details for theassumptions on key drivers such as tariffs, energy costs, CO2emission costs and provisions, which may be more conservativecompared to our estimates as well as prevailing marketdynamics,” Roumantzis added.

Unemployment rate stable in DecemberGreece’s unemployment rate settled at 26.4% in December

2012 compared to 21.4% in the year-earlier period and 26.6% inNovember 2012, according to data from the Hellenic StatisticalAuthority. The number of employed has decreased by 208,953persons, while unemployed increased by 263,596 persons inDecember 2012. On the whole, the number of employedamounted to 3,679,074 persons, while the number of unem-ployed amounted to 1,321,236 persons.

The regions concentrating the highest unemployment in

November 2012 were Attica with 28.4%, Epirus-WesternMacedonia with 28.1% and Macedonia-Thrace with 26.9%.Unemployment among women rose to 29.3% in December2012 from 25.4% a year ago, significantly higher than therespective 24.3% figure for men (vs. 18.4% last year).

The age group mostly hit by the crisis is that of peoplebetween 15-24 years of age (57.5% vs. 53.1% last year), whilethe unemployment rate for people between 25-34 years of agealso rose to 34% in December 2012 from 28.8% a year ago.

Hellenic Exchangessees better 4Q

Hellenic Exchanges reported better than expected 4Q12results, with net profits shaping at EUR 3 mln, (+78% QoQ),above consensus and estimates calling for net profits of EUR2.4 mln and EUR 2.3 mln, respectively.

Management attributed lower operating revenues to thereduction in trading activities by value in the cash market,lower share prices and reductions in derivative pricing policyfrom January 1, 2012. It does not foresee any further down-ward adjustments to pricing policy in at least the next 6months and that it has no intention of selling the Piraeus Bankbond that matures in July 2016.

Recall that the group implemented a 7% personnel costreduction in July 2012, with 231 personnel (vs. 263 at FY11).

The group reported a net cash position of EUR 114.5 mlnplus EUR 1.7 mln in financial assets (38% of its current mar-ket capitalisation).

The HELEX board proposed a dividend payment at theupcoming AGM of 7c/share and the approval of a share capitalreturn of 5c/share.

“On our current estimates, HELEX trades at a 20% dis-count against its peers when compared to the weighted aver-age P/E ratio for 2013, and also at a 23% discount in terms ofEV/EBITDA ratio, given the Group’s net debt position. We stickto our ‘Buy’ recommendation and retain our target price ofEUR 6.30/share,” said Konstantinos Manolopoulos, analyst atthe Investment Bank of Greece, a Laiki Bank Group subsidiary.

The share is currently trading at 4.70 euros for a market capof 307.2 mln euros.

Meanwhile, according to the Monthly Statistics Bulletin forFebruary, international investors recorded inflows of EUR 42.1mln, with foreign institutional investors recording inflows ofEUR 48.5 mln in February. Greek investors were overall netsellers by EUR 43.55 mln, with retail investors recording out-flows of EUR 31.7 mln.

In the Jan-Feb 2013 period foreign investors were net buy-ers of EUR 69.78 mln and domestic investors net sellers ofEUR 68.7 mln. Average daily value of transactions shaped atEUR 59 mln compared to EUR 71 mln in the previous monthand compared to EUR 84.2 mln in the same month a year ago.Foreign investors made 34.6% of total turnover compared to31.5% in January 2013 and 24.8% in February 2012.

The participation of foreign investors in total market capi-talisation at the end of February increased to 51.5% from50.8% one month earlier.

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2011 2011 2012 2012 2012 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 96.29 114.86 -16.17FTSE/CySE 20 47.75 37.08 38.21 44.40 -13.94FTSE/XA & XAK Banking 188.86 103.28 106.13 168.87 -37.15MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 83.34 86.99 104.69 -16.91BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 351 848 1.24 0.16 -1 371 000 -792 593 -210 956 0 n/a -76.37 0.278 0.185 0.196 0.251 -21.91CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 166 685 0.25 0.16 -3 650 380 -291 493 -1 671 495 0 n/a -89.79 0.047 0.040 0.041 0.044 -6.82HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 99 150 0.78 0.21 -100 658 -73 081 219 -23 440 n/a -3.78 0.177 0.157 0.160 0.175 -8.57LOGICOM LOG ΛΟΤΖ 74 080 0.35 20 742 0.81 0.35 3 585 3 024 3 026 3 173 6.54 4.28 2.50 8.93 0.300 0.265 0.280 0.263 6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 10 833 0.54 0.08 -6 894 -1 527 109 -8 443 n/a -3.43 0.048 0.044 0.044 0.045 -2.22LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 7 829 0.27 0.06 -82 674 -4 830 -8 489 -30 442 n/a -6.61 0.019 0.017 0.017 0.018 -5.56SECTOR TOTAL / OΛIKO 657 088 0.65 0.17 -5 208 021 -1 160 500 -1 887 586 -59 152 0.21PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 569.68 587.45 627.38 -6.36WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.14 6 700 3 780 2 372 6 124 4.68 5.36 2.31 9.20 0.260 0.240 0.251 0.250 0.40VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 31 724 3.04 0.15 -2 312 -2 992 -258 -360 n/a -0.50 1.50 3.40 0.460 0.410 0.441 0.439 0.46A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 784 0.28 0.58 4 059 -575 n/a -0.31 0.195 0.160 0.163 0.183 -10.93ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 19 250 0.48 0.23 197 287 -505 1 324 14.54 0.76 2.10 19.09 0.124 0.108 0.110 0.115 -4.35LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 086 0.26 0.22 -1 734 67 -3 539 -34 500 n/a -12.22 0.061 0.054 0.057 0.058 -1.72K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 8 989 4.69 0.14 3 250 3 181 2.83 23.71 1.050 0.612 0.670 1.050 -36.19G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 647 -50 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 -1 046 -1 753 n/a -21.38 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 608 -1 071 n/a -2.38 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.91 0.06 702 1 012 3.80 2.89 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -3 657 -5 616 n/a -4.57 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.53 0.11 -1 273 -3 338 n/a -6.95 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 244 033 1.38 0.33 1 631 1 142 -1 930 -35 622 2.13ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 657.64 639.78 643.94 636.57 1.16A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 399 -350 -0.96 0.100 0.128 -21.88ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 225 0.49 0.31 1 932 1 842 1.86 0.93 6.04 0.154 0.153 0.65A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -2 776 -637 -0.40 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.49 0.10 -2 123 -1 250 -1.13 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 812 0.73 0.90 2 311 2 048 5.24 7.00 10.61 0.660 0.650 1.54BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.80 0.18 571 432 2.80 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 101 0.49 0.07 -3 532 -7 040 -4.97 0.036 0.041 -12.20CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.42 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 543 0.39 0.11 -3 942 -5 558 -5.14 0.042 0.042 0.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 864 0.07 0.04 -7 733 -7 194 -2.50 0.003 0.004 -25.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 314 0.65 0.46 -104 -52 -0.21 0.300 0.290 3.45C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 7 305 0.09 0.38 -2 998 -1 245 -0.60 0.035 0.037 -5.41CYPRINT 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 20 229 2.20 0.07 -4 639 -9 557 -6.94 0.147 0.153 -3.92CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 6.13 0.22 -4 127 -2 867 -93.72 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 32 320 1.86 0.19 6 152 1 756 482 5 048 5.48 3.20 9.12 0.351 0.346 1.45CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 5 589 0.28 0.24 1 601 676 0.83 0.069 0.073 -5.48DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.29 0.19 -529 -660 -4.89 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 -257 -1 404 -8.78 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -6 807 -8 999 -2.58 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.32 0.43 -15 527 -5 627 -16.55 0.138 0.140 -1.43FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.73 0.18 1 608 673 14.01 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 800 0.97 0.11 5 126 -3 289 -3.29 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.05 -0.32 -2 268 -2 698 -12.08 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -112 -203 -2.55 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 11 772 3.55 0.11 -3 948 -7 470 -24.11 0.380 0.385 -1.30KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 385 0.41 0.19 -800 -527 -2.93 0.077 0.089 -13.48KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.68 0.86 108 -2 852 -13.98 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 263 -2 408 -3.86 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 796 0.80 0.07 -10 490 -6 041 -5.94 0.057 0.053 7.55MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 692 0.64 0.28 1 324 -1 006 -2.33 0.178 0.184 -3.26MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 019 0.10 0.13 -3 328 -1 218 -1.55 0.013 0.013 0.00MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 0.02 0.47 -337 -308 -2.07 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 27 588 0.20 0.33 -20 039 -9 844 -2.32 0.065 0.075 -13.33PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 71 750 1.31 0.62 10 783 5 541 6.33 1.70 2.07 0.820 0.733 11.87PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.40 0.19 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.01 3.25 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 73 -148 -4.12 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 298 0.04 0.03 151 -1 463 -0.49 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.43 480 -1 593 -4.83 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.48 0.15 973 -3 279 -8.98 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.59 0.03 -19 200 -19 800 -29.77 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.36 0.09 1 577 2 218 6.82 2.00 9.52 0.210 0.230 -8.70TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -891 -482 -3.95 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 13 -192 -0.93 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -56 -24 -0.25 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 2 739 1 151 1.53 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 432 696 0.81 0.46 -87 498 1 756 482 -104 816

2012

March 13 - 19, 2013

26 | CSE PRICES | financialmirror.com

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 541 4.80 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 12 585 1.50 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 8 448 0.46 0.59 17/10/12TOTAL 569 192

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 9M '11 9M '12 2012 Cents Cents % 572.39 543.16 547.72 546.03 0.31ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 7 131 0.2802 -54.68 -4 301 139 0.25 0.127 0.115 10.43CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 5 695 0.2682 -52.27 -10 771 -8 799 -3 229 -2 774 -6.23 0.128 0.119 7.56DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 49 400 0.7239 -65.88 -14 853 -2 697 -1.35 0.247 0.250 -1.20DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0070 -57.14 -6 892 -2 559 -0.91 0.003 0.004 -25.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0668 34.73 -255 -22 -0.16 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 3 110 0.1709 -67.82 -9 493 -443 -0.78 0.055 0.048 14.82ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0630 -31.75 -86 -251 -2.28 0.043 0.043 0.00REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0291 -31.27 -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 3 367 0.2300 8.70 -403 -383 -2.84 0.250 0.250 0.00SECTOR TOTAL / OΛIKO 81 032 -47 782 -8 799 -3 229 -10 922 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1745 -98.85 -69 -1 014 -1.25 0.002 0.002 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 13 023 0.06 1.68 -12 265 -12 265 -9.51 0.101 0.101 -ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 496 0.02 2.50 -6 400 -6 400 -6.40 0.055 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -2 974 -217 -4.29 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 2 000 0.12 0.33 -5 512 -11 266 -22.53 0.040 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 160 714 0.35 12 375 -3.03 -0.03 -3 840 -1 569 -0.98 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 9 779 -0.12 -0.20 -23 885 -55 832 -14.27 0.06 0.03 0.025 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 629 -0.20 -0.02 -9 100 -9 100 -5.79 0.004 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.05 -0.07 -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 29 190 0.05 12.20 -4 283 6 553 13.69 0.610 0.600 -EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.20 0.12 -219 -2 111 -6.73 0.024 0.024 -FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 148 0.0100 -70.00 -1 465 -1 465 -2.97 0.003 0.009 -FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -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 -KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 380 0.2229 0.85 -180 -56 -2.80 0.190 0.210 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 87 87 0.40 0.010 0.005 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 1 910 0.45 0.10 621 -3 606 -8.49 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -10 339 -713 -1.15 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 379 -0.38 -0.01 -11 700 -11 700 -6.18 0.002 0.001 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.41 0.56 -438 -438 -5.11 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 14 232 0.50 0.42 2 145 35 0.05 4.00 19.05 0.210 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 417 0.004 2.25 -1 484 494 1.07 0.009 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 376 1.49 0.01 -8 648 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.017 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 879 -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 70 0.000 3.33 -1 953 -450 -0.64 0.001 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 6 298 -0.06 -0.16 -15 879 -15 756 -2.50 0.010 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -3 735 921 2.39 0.002 0.002 -SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -60 -60 -0.05 0.010 0.010 -USB BANK USB ΤΡΑΓ 90 499 0.57 58 824 0.43 1.51 -8 961 -824 -0.91 0.650 0.660 -SECTOR TOTAL / OΛIKO 203 831 -158 310 18 -17 728 -137 492

MARKET TOTAL / OΛIKO AΓOPAΣ 1 618 679 -5 499 980 -1 166 383 -1 909 991 -348 004 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.

March 13 - 19, 2013

financialmirror.com | CSE PRICES | 27

Dow record not necessarily a buy signal

The Dow’s run to record highs in the stock market’s rallythis year may not mean it’s time for investors to go on a buy-ing spree.

Instead, many financial advisers are telling clients to go easy,whether they are just getting back into stocks or seeking to addto equity positions.

Questions over how much higher the market can go havekept caution in play, with some technical indicators suggestingthe market is overbought.

But the case for investing in stocks is strong, they said, par-ticularly given signs of more strength in the economy, especial-ly Friday’s jobs report, which showed a much higher-than-expected 236,000 workers added to the payrolls in February.

“We’re telling clients to take a more defensive approach tothe market right now,” said Frank Fantozzi, chief executive ofPlanned Financial Services, an independent wealth manager inCleveland.

Yet stocks remain a better choice than other asset classes, hesaid.

“If I had to pick a category, I’d still be looking at equities,”Fantozzi said. “We still think the market is going to post posi-tive gains for the year.”

Last week, the Dow Jones industrial average rallied onTuesday to break through levels not seen since 2007 and con-tinued to reach new highs the rest of the week. On Friday, theDow closed at a record 14,397.07, after setting a lifetime intra-day high at 14,413.17. The Dow is now up 9.9% sinceDecember 31.

The broader Standard & Poor’s 500 ended Friday’s sessionless than 1% away from its record close of 1,565.15, which itreached on October 9, 2007. The S&P 500 is up 8.8% since theend of 2012.

Valuations remain relatively attractive. The S&P 500’s for-ward 12-month price-to-earnings ratio, a commonly usedmeasure to value stocks, is at 13.8%, still below its historic aver-age P/E of 14.8%, based on data going back to 1968, ThomsonReuters data showed.

CAUTION VS APPETITEOther experts gave similar advice, saying investors should

proceed, but with caution.“We still have some speed bumps ahead of us,” said Fred

Dickson, chief market strategist at D.A. Davidson & Co. inLake Oswego, Oregon. “We don’t see any urgency to jumpin.”

U.S. spending cuts loom as Washington debates the pathof fiscal policy, while the euro-zone crisis is far from resolved.U.S. economic growth has alsobeen slow.

Another reason for caution:U.S. earnings growth - one of thebiggest drivers of the market - isslowing. Estimates for first-quar-ter S&P 500 earnings are now at1.4%, down from a 4.3% forecastfrom January 1, Thomson Reutersdata showed.

“I try to tell people thatalthough it’s a great run, there willprobably be some pullback, andwe’ll see it start to taper off intothe summer,” said RoddNewhouse, a Dallas-based finan-cial adviser with Wells FargoAdvisors.

Investor interest in the marketis high, analysts have noted.

TD Ameritrade InvestorMovement Index, which isdesigned to measure investor sen-timent based on data on positions and trading activity, roseto 5.14 in February from 4.71 in January, and is high relativeto historic ranges.

Stock funds attracted $7.14 bln in the week that endedMarch 6, data from EPFR Global showed on Friday, wellabove the previous week’s cash gains of $1.2 bln. Appetite for

U.S. stocks largely accounted for theinflows.

“Every call that I took this week was(clients asking) ‘Why?’ They want toknow why this market is trading here ...they want to be involved,” said LeslieFerrone, an Oak Brook, Illinois-based

financial adviser affiliated with Concert Wealth Management.

TIME FOR A BREAK?Some argue it may be time to take a break from buying.Paul Mendelsohn, chief investment strategist at Windham

Financial Services in Charlotte, Vermont, said his computermodels show the market is “extended,” including regression

slopes and other indicators that look athow far the market has come and howfast.

“The key here is just don’t make a bigmistake,” Mendelsohn said.

He said he has been reducing his expo-sure to stocks in recent weeks, reversing amore bullish stance.

“I’m going to err on the caution sidehere.”

Other advice on how to manage thecurrent trend is to shop for bargains whileselling stocks with sharp gains.

“We’re still riding the wave, but takingprofits in some of the higher flyers thathave done really well and buying some ofthe areas that are down for the year andhitting new lows,” said Alan Lancz, presi-dent of Alan B. Lancz & Associates Inc, aninvestment advisory firm in Toledo, Ohio.

“We’re still finding some bargains,”Lancz said.

Fantozzi said he still expects large-capgrowth industries to do well, including manufacturing andtechnology. But he said he would avoid defense companiesbecause of the potential for government spending cuts inthat area.

“If there’s a pullback, we’re not looking at a major pull-back,” Fantozzi said.

March 13 - 19, 2013

28 | BACK PAGE | financialmirror.com

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