May 1 - 7, 2013

2 | NEWS | financialmirror.com

Moody’s cuts Slovenia to “junk”Slovenia abandoned an attempt to issue bonds and

Moody’s cut its debt rating to “junk” on Tuesday, dealing ablow to the country’s goal of healing its ailing state-ownedbanks and avoid following Cyprus into the euro zone’semergency room.

The move raises the prospect the tiny Alpine state of 2mln will have to ask its euro zone partners for a bailout as itsmostly state-controlled banks struggle under the weight ofbad loans worth around a fifth of the economy.

The downgrade followed weeks of criticism frominvestors, EU officials and analysts that Prime MinisterAlenka Bratusek’s government has been too slow revealingdetails of a bank clean up and austerity measures they say arerequired to shrink a budget deficit swollen by a double-diprecession.

Earlier in the day, Ljubljana went to market and received

$6 bln in bids for 5- and 10-year dollar denominated bondswith yield guidance of around 5 and 6.125%.

But the Finance Ministry scuppered the deal, citing alooming ratings decision. Moody’s then downgradedSlovenia’s rating two notches to Ba1, from Baa2, taking itinto non-investment grade territory.

“The Moody’s downgrade is not a surprise and moredowngrades can be expected until reforms are enforced,” saidSaso Stanovnik of investment firm Alta Invest.

Moody’s left the rating with a negative outlook, citing itstroubled banking sector, deterioration in the government’sbalance sheet and uncertain funding prospects.

The yield guidance of the abandoned bond offer was abovethe 5.7% Slovenia paid to sell similar paper last year, a resultof increasing market pressure since the chaotic Cyprusbailout.

The yield on Slovenia’s benchmark 10-year bond rose to5.948% after the announcement, up by 0.078 percentagepoints since Tuesday morning and well above 4.77% onMarch 15, the day before the Cyprus bailout deal.

EU to protect savers from bank collapsesDepositors should be the very last to suffer losses when a

bank collapses, according to a proposal being discussed byEuropean Union countries, which would shield savers fromthe kind of losses they face in Cyprus.

The idea comes as member countries finalise a new draftlaw for the EU that could make losses for larger savers a per-manent feature of future banking crises. EU officials, howev-er, are nervous that such a regime will panic savers, prompt-ing them to withdraw money.

In the paper, outlining the process of ‘bailing in’ saversand other steps to deal with troubled banks, officials inBrussels said that it might be wise to put depositors behindall bondholders when dividing losses from a bank collapse.

Small savers, with less than 100,000 euros, will, in anyevent, be protected. But officials also raise the possibility ofallowing national exemptions from losses for big depositorsin their country if a bank fails.

By striking such a compromise, officials hope to rebuildconfidence after a botched attempt by the Eurogroup toimpose losses on depositors in Cyprus - initially also aimedat small savers although this was later changed.

A more favourable treatment of big depositors in the newEU law, charting how to deal with failing banks in a regimethat could start in 2015, is backed by the ECB and the IMF.

Ireland, which currently holds the rotating EU presidency,is also pushing for such concessions ahead of a meeting of

EU finance ministers this month.“This would mean that they are not excluded from bail-in,

but other creditors would first absorb losses to their capacitybefore eligible depositors are bailed-in,” officials said in thepaper, dated April 29.

Before any such softening of provisions, however, EUdiplomats will need to convince Germany, which remainssceptical about making such concessions.

Policymakers have sought to portray the losses suffered bydepositors at two of Cyprus’s banks as a one-off, but expertsbelieve it marks a change in approach in how Europe dealswith troubled banks, sparing taxpayers who have been on thehook for previous bailouts.

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A new report has called into question the effectiveness ofthe British government’s drive to end a lending drought tosmall businesses and unlock the economic growth that haseluded the country since the financial crisis.

Nearly half of Britain’s SMEs are concerned aboutmanaging their cash flow over the next year, a survey of 451companies with a turnover of over 50,000 pounds showed.

In addition, 46% of those companies said they hadrecently suffered at least one disruption to their cash flow,mainly due to customers being late or unable to pay theirbills.

New regulations brought in after the financial crisis haveforced traditional lenders to cut risky financing and leftmany small businesses short of funds.

The government, which sees a lack of credit to smallbusinesses as a major factor behind the country’s slowrecovery from the financial crisis, has tried to reverse thatsituation with various schemes aimed at boosting lending.

Last week it extended and expanded its flagship Fundingfor Lending Scheme (FLS), which offers banks cheap creditif they increase lending to households and businesses.

While the Santander survey showed an increasingnumber of businesses are turning to alternative financing tohelp deal with cash flow fluctuations, Marcelino Castrillo,head of SME at Santander Corporate & Commercial, which

commissioned the study said more should consider goingdown this route.

The survey found a quarter of larger businesses, thosewith annual revenues between 5 mln and 20 mln pounds,said they had used or intended to use invoice finance in thenext 12 months, compared with just 2% of firms withrevenues of 250,000-500,000 pounds.

Cash flow a “huge challenge” for UK small businesses

Spain urges ECB to help small firms

Spain’s Prime Minister Mariano Rajoy has urged theEuropean Central Bank to take steps, including changingits collateral rules, to improve funding conditions for smallfirms.

Spain has tried to pressure the ECB recently to step inand reduce the gap between the funding costs paid bycompanies from the euro zone periphery and theircounterparts in Germany.

But while a growing number of investors bet the ECBwill cut rates at its policy meeting ending on Thursday, it isunclear if it is studying any measure to address the fundingsituation.

Spain and Germany said on Monday they would act ontheir own, with finance ministers from both countriesannouncing a joint programme to spur investment inSpanish firms, although they gave no details.

Rajoy said the sovereign bond purchase programme theECB announced last yearhad helped big firmsregain access to financialmarkets but more shouldbe done for smaller firms.“For SMEs, by changingthe collateral (rules) or bypromoting other kinds ofaid and operationsthrough the banks, suchas what has already beendone in some countrieswith their central banksand on which we can stillmove forward,” he said.

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May 1 - 7, 2013

financialmirror.com | CYPRUS | 3

A new era or fatal MoU?l Bailout vote as divisive as ever

The 10 bln euro bailout agreement scraped through parlia-ment in a razor-thin vote Tuesday, with Cyprus narrowly escap-ing default in the most trying 40 days of its recent history.

MPs from the ruling coalition of the Democratic Rally (DISY)and the Democratic Party (DIKO) pipped the populist anti-bailout alliance of the communist Akel, socialist Edek and Greenparties, with 29 votes to 27, ensuring that the first two instal-ments from the EU-IMF bailout will be paid in May and June,respectively, securing the smooth rollover of sovereign debtmaturing next month.

This means that the civil service wages and pensions, thataccount for more than 60% of the state budget, will be paid,albeit with some delay and after a dose of austerity. On theother hand, President Nicos Anastasiades has announced aseries of measures that will attempt to combat record unem-ployment hovering at 25%, while extensive reforms in gov-ernment should revive confidence in the economy that hassuffered due to the banking crisis and the acute shortage of

money supply in the private sector.The bailout Memorandum of Understanding, already

approved by the paymaster German Bundestag, will probably seesome government services privatised, while reforms and cut-backs will continue to be implemented, bringing wages in thepublic sector down to the levels of the private sector. The dealalso saw the resolution of once mighty Popular Laiki Bank thathas been absorbed by leading lender Bank of Cyprus, burdenedwith a 9 bln euro bill inherited from the European LiquidityAssistance mechanism.

In a small measure of comfort to the thousands of bond hold-ers and depositors who will see at least 37.5% of their unsecuredsavings wiped out in order to recapitalise Bank of Cyprus, theinquiry into the banking crisis is well underway, with some tes-timony pointing to the purchase of Greek government bonds asthe core of the problem. An investigation by Reuters also sug-gested that more than 28,000 files relating to these transactionsbetween 2009 and 2011 have been wiped out of Bank of Cyprus

computers leaving little evidence of fraud or mismanagement.“Unfortunately the (bailout) is a one-way street for us. It will

avert disorderly default and gives, albeit with many hurdles,some prospect of getting us out of the storm,” said AverofNeophytou, the newly-elected head of DISY.

Opposition parties argued that the bailout would keep Cyprusin perpetual bondage to foreign lenders.

Communist AKEL, in government until it lost presidentialelections in February, said Cyprus should seek alternative formsof funding, including possibly an exit from the euro currency.However, it had no alternative to suggest, while former ForeignMinister and staunch anti-bailout supporter Yiorgos Lillikas reit-erated his call for Cyprus to sell future contracts of natural gasfinds.

US-based Noble Energy is expected to conduct a secondexploratory drill in its offshore gasfield next month, after whichit could take up to 6 months to determine the size of provendeposits and what value they could have.

Euro exit a deadly risk, say economistsA Euro exit would pose deadly risks for Cyprus both finan-

cially and politically, a group of 23 economists and academicssaid Tuesday, in a document outlining six reasons to avoid areturn to the Cyprus pound.

“An exit from the euro entails a deadly risk both financiallyand economically,” the document said, as the governmentagreed on an adjustment programme with its internationalcreditors containing austerity measures amounting to 7.1% ofits GDP and a haircut on uninsured deposits of over 100,000. Anexit from the euro area and the introduction of a national cur-

rency and a consequent devaluation would favour export-orient-ed economies and countries with industrial output, which is notthe case for Cyprus, a primarily import-oriented economy,which imports practically all raw materials and especially energy.

“Any devaluation would increase the cost of production, dis-proportionately resulting in the need for bigger reduction ofwages so that the economy would be more competitive,” saidMarios Zahariades, deputy professor at the University of Cyprus.

The return to the Cyprus pound would entail a “horrifyingreduction” of household and small business savings.

Yiannis Tirkides warned that following the exit from theEuro, Cyprus should link its currency with a stronger one,which would necessitate stricter monetary policy, higher inter-est rates and austerity measures more strict than those stipu-lated in the bailout plan agreed with the Troika.

Tirkides said if Cyprus decided to part ways with the Euroarea and decided not to repay the ECB’s Emergency LiquidityAssistance of 9.2 bln euros to Popular Laiki Bank would createproblems in the relations of Cyprus with the European CentralBank and the other Euro area member-states.

May 1 - 7, 2013

4 | CYPRUS | financialmirror.com

MTN chief gets aggressive with Cytal Aims for 50% market share “in a year”

MTN Cyprus chief executive Philip van Dalsen believes thatthe island’s alternative telco, until recently co-owned by theNK Shacolas Group, will be able to raise its market share from34% to 50%.

And he hopes to achieve that target by hiring more people,a welcome statement from any employer in times of crisis.

“From a 34% market share, I really want to reach 50%, andI know we can do this, just give me a year,” he said.

“We are a lean, mean company, with very young andenergetic staff, and a very aggressive sales team,” he said,adding that companies nowadays need to be transparent, tointeract with their customers.

“There are risks, challenges and opportunities. There arealso concerns – mainly about job security. Our policy is one ofno pay cuts, no dismissals. We would like to hire more.”

Van Dalsen said that MTN Cyprus, now a wholly-ownedsubsidiary of South Africa’s MTN Group, is in a better positionspending-wise because their products are 30% cheaper thantheir rivals and are rolling out 3G high speed mobile telephony“everywhere. We have invested millions in our networkupgrade,” he told a briefing of journalists.

Van Dalsen, trying to emulate the aggressive, anti-

establishment marketing tactics of Virgin’s Richard Bransonand low-cost Easy Group’s Stelios HajiIoannou, said that MTNwas introducing a recession-beating 50% discount on monthlyrental rates for 18 months.

“Cyprus is the most modern and innovative market for uswithin the MTN Group and we are looking to introduce newservices such as LTE, for which we are still in discussion withgovernment.

“But that is also one of my frustrations. We are accused ofunfair competition in telesales. Cyta doesn’t like it, eventhough CytaHellas does the same from Greece. This ischildish, they cannot accept that they are not a monopoly anymore.”

Van Dalsen said that number portability is still a problem.“From us to transfer to Cyta takes two days, they need tendays. The regulator needs to step in as our complaint has beenon their desk for more than a year. It also takes Cyta 12 weeksto connect our fibre clients, while they need just four days fortheir clients.”

MTN’s Dutch CEO added that the government and stateagencies must also change their policies towards providers.“We cannot offer our services, only Cyta can. If this continues,

we will take measures, Brussels should look into it.”“We are preparing for the bigger battle and very soon we

will come back with very good promotions,” he said.

DEFA, KRETYK future underreview

All possibilities regarding the future of NaturalGas Public Company (DEFA) and the StateHydrocarbons Company (KRETYK) will beexamined within the framework of the overalleffort to modernize the state, said Energy,Commerce and Industry Minister GiorgosLakotripis.

Answering questions on the future of the twocompanies, Lakotripis, said “together withPresident Anastasiades, we discussed variousissues. We agreed that this issue will be discussedin the context of the overall effort to modernisethe government, which the President announcedearlier”.

Earlier Monday, the president presented apackage of measures for the modernisation of theinstitutions and state, assuring the citizens of hisdetermination and that his government will meetthe expectations of the society for a new boldstart.

The measures include the introduction of rulesof good governance, combating corruption,collusion and established bad practices bypromoting meritocracy, and reforming publicadministration, with the active involvement of thecitizens and a a December 2013 deadline toimplement the action plan.

Regarding the merging of DEFA-KRETYK,Lakotrypis said the Law Office of the Republic ispreparing a study, together with Norwegianadvisors on the overall institutional framework,the responsibilities of both organizations” and seehow these are similar with those of the ministryso that they can fall into an “ecosystem”.

Regarding his imminent visit to Israel,accompanying President Anastasiades, Lakotripissaid that he is in continued negotiations on thestrategy they will follow and this should befinalised in the next couple of days.

Regarding plans for the construction of theland-based natural gas liquefaction plantterminal, the Energy Minister said the terminal isthe “main centre of our energy strategy and weare continuing towards that direction”.

Global Digital Services lists shares on CSEThe Cyprus Stock Exchange (CSE) Council announced

that it has accepted the listing in the Emerging CompaniesMarket of 25 mln shares of “Global Digital Services Plc” at aprice of EUR0.01.

Eurivex Ltd, an EU investment firm regulated by CyprusSecurities and Exchange Commission (CySEC) is acting asthe Nominated Advisor for the company and was responsiblefor the smooth listing of the shares and the electronic deliveryof the share registry.

Global Digital Services Plc chose to list on the ECM/CSE inorder to enhance its value through acquisitions of alreadyexisting e-commerce companies through mergers /acquisitions and ownership of stake in companies related to e-commerce and the Internet.

The trading of the aforementioned securities commencedon April 30 and the Cyprus Stock Exchange will undertake themaintenance of the above Registry in the CentralDepository/Registry of the CSE.

Gov’t aims to make Cyprus Airways viableThe government aims to make troubled national carrier

Cyprus Airways a viable company, which can survive thecompetition in the air transport sector, Communications andWorks Minister Tasos Mitsopoulos said in Larnaca.

He noted that measures to restructure the company werealready in the pipeline, such as the reduction of the fleet andstaff.

Mitsopoulos said the government has decided, throughchanges, to support the company, adding that “what we allhave to do - employees, management and the state - is tomake the changes that will address the longstandingproblems, which did not allow the company to becomecompetitive.”

Asked about the companies that have shown an interest tobuy Cyprus Airways, Mitsopoulos said there were negotiationswith prospective investors, adding that there was also an effortunderway to find a strategic investor.

The Minister referred to talks with Middle East Airlines

(MEA) and other companies, including a group of investorsfrom China, and noted that some of the interested parties hadcontacted Cyprus Airways directly.

BOCY haircut at 37.5% Bank of Cyprus enforced a conversion of 37.5% of unin-

sured deposits (over 100,000 euros) to shares as part of anagreement between Cyprus with the Euro area and the IMFover a 10 bln euro financial bailout.

Under the Central Bank of Cyprus decree, the 37.5% ofuninsured deposits will be converted into class A shares worth1 euro each with full voting and dividend rights. The contri-bution of the depositors is described as “Initial deposits con-tributing sum” as a further 22.5% of uninsured deposits willremain frozen until the finalisation of a more detailed andupdated independent valuation by the end of June.

Furthermore, 30% of uninsured deposits is also frozentemporarily and is subject to a whole or partial conversion, atthe notification of the central bank.

The uninsured deposits in Bank of Cyprus were estimatedat 8.1 bln euros, excluding client/nominee and or trusteeaccounts amounting to 0.7 bln, which will generate capitalworth of 3.1 bln euros. For the purposes of calculating therecapitalisation of Bank of Cyprus, the central bank took intoaccount losses of 1.5 bln euros in its loan portfolio, under theadverse scenario of a due diligence review carried out by USinvestment consultancy firm, Pimco.

May 1 - 7, 2013

financialmirror.com | CYPRUS | 5

Banks continue tocut rates, ease terms

Bank of Cyprus announced it was cutting deposit and lending rates from May 1, whileit also said that it would extend the grace period for bank charges to 75 days to June 30.Greek-owned Alpha Bank Cyprus also announced it was extending the period for rate-freecharges and possessions by 60 days to June 29.

Bank of Cyprus said that the Basic Interest Rates are reduced by 0,5% to 5.25,effective from 1/5/2013. The rates for mortgage loans is reduced to 3,50% and forbusiness loans to 4,25%

The reductions affect all loans and current accounts linked to the basic interest ratesof the Bank of Cyprus and the former Popular Bank.

The bank also said it had initiated a temporary suspension of charges for 75 days,from April 16 to June 30 for loan arrears, current account unauthorised excesses,returned cheques and authorised temporary current account limit.

The announcement followed an agreement reached last week between the CentralBank of Cyprus and all commercial banks on the gradual reduction of interest rates ondeposits from May 1. The move is also expected to lead to a gradual reduction of lendingrates.

The proposal provides that if the deposit rate offered by financial institutions exceedseuribor plus 300 basis points, then the financial institution must maintain additionalspecific equity.

Last week, Hellenic Bank said it was cutting the basic interest rate from 5,75% to5,50%, business loans and business overdraft from 4,75% to 4,50%, housing loans from4,40% to 4,15% and from 5,25% to 5,00% in the case of previous fixed loan rates.

The Cooperative banks also said they will reduce basic deposit and lending rates, whileEurobank Cyprus said it was reducing its basic rates from 4,90% to 4,65%.

Bank of Cyprus finally getsnew board and chairman

Bank of Cyprus finally has a chairman andboard of directors ending more than a monthof uncertainty after the bank’s previousadministration was sacked over an excessiveexposure to the Greek market and an admin-istrator was appointed to undertake a recapi-talisation plan.

Former central bank executive SophoclisMichaelides has been appointed at BOCY’snew chairman.

None of the past board members have beenrecalled and many directors have no previousbanking experience.

The bank needs about 10 bln euros after itwas forced to absorb Popular Laiki Bank aspart of a Eurogroup experiment that wentwrong and stopped liquidity from the

European Central Bank.The process to select a new board followed

two weeks of hard bargaining and vettingbetween the new government that inherited abankrupt state and sought a bailout thatincluded closing down the island’s secondlargest bank and grabbing just over a third oflarge deposits.

The remaining members of the board are:Constantinos Damtsas, Lenia Georgiadou,Costas Hadjipapas from the trade union Etyk,Philippos Mannaris, Lambros Papadopoulos,Andreas Persianis, Andreas Poetis, formerFinance Ministry Director General PanicosPouros, Erol Riza, Savvas Savvides, bankerTakis Taoushanis, academic GeorgeTheocharides and Michalis Zannetides.

Marfin Romania takes overBank of Cyprus subsidiary

Bank of Cyprus Public Co. Ltd. SucursalaRomania, a subsidiary of the island’s biggestlender, will be taken over by Marfin Bank(Romania) SA, whose parent company,Cyprus Popular Bank, is being wound downand its assets and operations transferred toBank of Cyprus.

Under the agreement, gross assets of 82mln euros, deposits of 77 mln euros, as wellas all staff were transferred to Marfin BankRomania which resumed operations onFriday after nearly a month.

The bank said the agencies and workingpoints of the Romanian subsidiary in a

number of locations are closed. All retailcustomers and certain legal entities of theseagencies and working points will be servedby Marfin Bank Romania SA.

Marfin and the Bank of Cyprus branchcontrol less than 1.3% of assets in Romania’sbanking system.

“Thanks to a good cooperation weeventually found a solution. Deposits areprotected and will be under Romanianauthority,” Adrian Vasilescu, an adviser toGovernor Mugur Isarescu, said earlier in theweek, as efforts were underway to find abuyer.

The financial community is facing tough economic timesas a result of the crisis which has particularly affected thebanking sector, imposing the need for specific measures inorder to adjust to the new environment.

The Cyprus Stock Exchange (CSE) main strategy is toconstantly promote initiatives in order to upgrade its prod-ucts and services that are offered to investors, companies andmarket participants. It has therefore proceeded to offer aseries of new services and products in an even more effective,competitive and productive way. The ultimate aim is toimplement the most significant new developments of themore advanced markets, thus contributing to develop Cyprusas a regional financial centre.

The CSE has a legal framework that is fully harmonisedwith the relevant EU Directives and international practices,offering all basic functions of securities trading (i.e. listing,trading, clearing, settlement and registration – central reg-istry / depository operations). It has simple listing proce-dures, competitive pricing policy and is characterised by flex-ibility, quick response and effectiveness.

One of the most important projects that have been intro-duced in recent years is the ECM Market (EmergingCompanies Market), as a Multilateral Trading Facility (MTF).This proved to be a success with 15 equity companies alreadylisted and a further two issuers listing their bonds. Also, 33companies and organisations have been approved asNominated Advisors. The role of the NomAd is dedicated tothe listing process and is extended to the supervision of thecontinuous obligations of the issuers.

ECM, with a market capitalisation of ?691.7 mln, is basedon a simplified listing requirement and continuous obliga-tions regime, providing a number of additional importantbenefits to companies such as:

- Easy access to a secondary market;- Alternative method for securing financing, at competi-

tive cost;- Listing of newly established companies without prior

history with the submission of an adequate business plan;

- Providing new opportunities to innovative companiesdealing with renewable sources of energy, i.e. solar panelmanufacturers and operators, wind farms, hydrocarbonexploration and upstream companies, e-commerce, Internet-based technologies, etc.

GDR, UCITS, ISISLast year, the CSE also introduced the regulatory frame-

work concerning Depositary Receipts (GDRs). This develop-ment provides new opportunities for companies interested toissue and list GDRs abroad, such as the low cost of listing,trading and clearing, the dispersion of investment risk, theincrease in their liquidity, as well as an alternative means ofraising funds.

The CSE is at present focused on promoting the listingand registration of all types of funds (UCITS, ISIS and allother form of alternative investment funds). Recently (end of2012), a modification in its legislation has been put intoeffect, providing for the listing on the CSE of such funds.

The provision of the new instrument of Exchange TradedFunds (ETFs) are also included in this amendment and as aresult, a relevant regulatory framework for the listing of ETFsis at present under preparation and will be completed during2013. Cyprus offers a favourable and competitive environ-ment for attracting collective investment for schemes and anattractive tax regime, thus it can become an importantregional funds jurisdiction.

The CSE has also been designated as the OfficialAppointed Mechanism for the Storage of RegulatedInformation in Cyprus, known as OAM. This new project waslaunched in the last quarter of 2012. It operates with the useof electronic / digital signatures. The CSE has also assumedthe role of a Local Registration Authority (LRA) of an autho-rised certification service provider (CSP). The CSE facilitatesthe issue of qualified digital certificates and the delivery ofsecure signature creation devices to any interested person.This combination allows any holder to create advanced elec-tronic signatures which is regarded a legal equivalent tohandwritten signatures.

NON-LISTED COMPANIESMoreover, the CSE undertook the initiative to proceed to

a relevant modification to its legislation which allows it toundertake and maintain the registries of non–listed compa-nies in its Central Registry / Depository. This new serviceoffers significant advantages to interested organisations/pro-fessionals, since the CSE, apart from being the electronickeeper of their registries, offers a remarkable range of otherrelevant services. In addition, the CSE has introduced theservice of undertaking electronic registries and of keeping theregistries of unit holders of funds. It also provides ISIN andCFI codes to interested organisations.

The CSE has also been appointed as the Auctioneer ofEmission Allowances on behalf of the government (includingboth industry and airlines allowances), and Auctioneer on theEuropean Energy Exchange (EEX), the platform that hadbeen appointed by the EU on a pan–European basis, for han-dling the auctions of Emission Allowances in the primarymarket. These auctions started successfully in the last quar-ter of 2012 and shortly new auctions will take place in rela-tion to allowances for 2013.

The CSE will intensify its efforts to better serve theinvestors and the market participants in an even more effec-tive and productive way, in order for its securities market tobecome even more dynamic and competitive, serving newmarket needs more adequately.

The CSE, having received the messages of the times, is onits way to assisting the economy by providing new opportu-nities to raise capital through the listing of companies fromthe energy sector and from public services and companiesthat will be privatised, as well as large project companies thatwant to be listed, such as marinas and casinos.

President Nicos Anastasiades’ visit to Israel justdays after his own Defence Minister will be there to dis-cuss regional energy security, could turn out to be alandmark occasion, where traditional and regionalstrategies could take a new turn for the better if hostBenyamin Netanyahu plays his cards right.

After the humiliating obligation to apologise toTurkey over the Mavi Marmara incident, Israel shouldrethink its former relationship with Ankara andwhether it needs to revisit the old days of military andeconomic alliances. No matter what Turkish officialssay, they have revealed their true faces and the feelingsare no longer warm, as suggested by PremierErdogan’s rhetoric of support to the Palestinians andSyrian rebels and stoking Lebanon’s sore note over its

southern maritime borders.Turkey thrives on regional conflict and its expan-

sionist ambitions as the only way to remain an asset toits primary sponsors either side of the Atlantic. It hasalso duped leaders in Washington, Moscow and Londoninto investing in expensive pipelines, supposedly tocarry cheap gas fuel from Baku, that are underutilisedand prone to terrorist attacks. Which is why some formof détente with the Kurds comes in handy.

But Israel now has an opportunity, thanks to itsrecent natural gas finds, to become an ally of choiceand irreplaceable energy supplier to most westernEuropean states, fed up with Russia’s antics to switchthe tap on and off based on the whims of leaders in theKremlin.

The Jewish state must overcome its fears of econom-ic and energy isolation as in Cyprus it has a genuinefriend with honest neighbourly intentions. The peopleand the government of Cyprus have no qualms with

Israel, just a sense of mistrust over the latter’s open-arms relations of the past with Ankara. For Israel, thenatgas liquefaction plant at Vassiliko is a way out of itsdilemma over surplus gas exports, while the subseaelectricity cable project will ensure ample power supply,regardless of the explosive situation in some neighbour-ing states. Patrolling “friendly” waters in the easternMediterranean by the Israeli Navy also provides a senseof safety to foreign investors in both EEZs, while strate-gic cooperation for the IAF to use the Paphos airfieldwill allow Israel to extend its own security blanket tobeyond the confines of its own boundaries.

In the absence of all-out support from Israel,Turkey’s regional role will gradually diminish, givingthe Jewish state the chance to sit down and talk to allits neighbours, possibly resolving some of the biggestissues that have hindered its thirst for peace for thepast six decades. And Cyprus can help in that direction,if it is asked to do so.

EDITORIAL

Time for Israel to regain its strategic role

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By Nondas Cl. MetaxasCEO, Cyprus Stock Exchange

May 1 - 7, 2013

6 | OPINION | financialmirror.com

Emerging Companies Market (ECM) and other CSE initiatives

The recent adverse developments in theCypriot economy render foreign investmentsand efforts to attract them an even more sig-nificant factor for the business environment,economic growth and employment in Cyprus.

Within a difficult economic environment,the Cypriot economy is being called to standup and showcase its advantages. Today, morethan ever, every possible effort needs to bemade to turn Cyprus into a strong business

centre, more effective, more competitive witheven more transparent procedures in regardsto investments and business activity.

The Cyprus Investment Promotion Agency(CIPA) can play a leading role in this effort.CIPA’s goal is to contribute to the economy’sswiftest possible return to positive growthrates, within the framework of a long-termeffort. Specifically, CIPA has set four basicstrategic pillars: the reversal of Cyprus’ nega-tive image abroad; the support and service ofcurrent foreign investors; the preparation of acomprehensive plan with specific proposals onvarious levels; and, the implementation of rel-evant schemes, with the aim of avoiding tem-poral weaknesses such as bureaucratic dys-functions.

Among the many encouraging messagesto come out of the “Global Russia BusinessMeeting 2013” conference which was recent-ly hosted by CIPA, was that Cyprus has safe-guards in place to recover. The convictionthat restarting the economy could be

achieved through attracting foreign invest-ment was widespread and it is in this direc-tion the state, the business world but alsoeach of us should contribute in a positive spir-it.

The delegates expressed the view that,despite the serious blow to our economy,Cyprus’ comparative advantages remain andthe international investment world is observ-ing the significant opportunities that have

emerged as a result; espe-cially in view of the struc-tural measures that arebeing taken, which couldmake our country morecompetitive, less bureau-cratic and more hospitableto foreign investments.

There is optimism that with precise andcalculated steps, Cyprus can enter a new eraof stability and growth. There are manyopportunities for investment in various fields,such as shipping, tourism, large infrastruc-ture projects, research and innovation, and ofcourse the energy sector, which can acceler-ate economic growth.

The certainty is that we must move aheadwith the necessary infrastructural changes inour public finances straight away, so we cancreate a more flexible and friendly state. TheCypriot economy today needs serious foreigninvestments more than ever and any futureactions must be centred on improving thebusiness environment and attracting foreigninvestments.

CIPA, as a modern, flexible and well-net-worked organisation, can contribute toCyprus’ effort to create a favourable environ-ment for foreign investments and has repeat-edly stated its intention and will to work inthis direction.

Restarting the economy by attracting investmentsl Cyprus maintains its comparative advantages

May 1 - 7, 2013

financialmirror.com | COMMENT | 7

By Christodoulos AngastiniotisChairman, Cyprus Investment Promotion Agency (CIPA)

Leaders CEOs admire mostWhat makes a leader? What does it take to

lead a business in the context of a changingeconomic landscape? What should businessesexpect of those leading them into the uncer-tainties of tomorrow?

As part of its 16th Annual Global CEOSurvey, PwC recently asked 1,400 CEOs fromaround the world which leaders they mostadmired, and what they most admired abouttheir actions.

Some clear types emerged: warriors,(Napoleon; Alexander the Great) reformers(Jack Welch), leaders though adversity(Winston Churchill; Abraham Lincoln), lead-ers who caught the imagination of the masses(Mahatma Gandhi; Nelson Mandela) and con-sensus builders like Bill Clinton.

Winston Churchill was the most popularchoice of all CEOs with Steve Jobs (an innova-tor) admired in the most number of countries(37).

Twice-serving as British prime minister(1940-45; 1951-55), Churchill has wide appealand popularity across Western Europe, com-ing top in France ahead of Charles de Gaulleand beating Niccolo Machiavelli to the top spotin Italy.

CEOs’ top ten leaders: 1. Winston Churchill2. Steve Jobs3. Mahatma Gandhi4. Nelson Mandela5. Jack Welch

6. Abraham Lincoln7. Margaret Thatcher8. Ronald Reagan9. John F Kennedy10. Bill Clinton/Napoleon BonaparteSome 60% of CEOs chose a post-war

politician or military leader. The other mostpopular categories were business leaders,historical leaders and contemporary leaders,in that order. Smaller categories includewriters, artists, philosophers, sports people,religious leaders and fictional characters. 1%chose a colleague.

Fifteen women were named, of whomMargaret Thatcher was the only one to makethe top ten. The next most-named womenwere Angela Merkel, Ayn Rand, MotherTeresa and Queen Elizabeth I. Women werefour times more likely to choose a femaleleader than men.

“It’s clear that the role and expectations ofleaders are changing, not withstanding that,CEOs continue to look back over history toidentity role models. The dynamic betweenshort-term targets, longer-term goals andincreased transparency ushered in by thedigital revolution is breeding a new genera-tion of agile leaders,” said Michael Rendell,Global Head of PwC’s Human ResourceServices.

To see the full results of the survey intoCEOs most admired leaders, go towww.pwc.com/ceosurvey/leaders.

Can hydrocarbon reserves save the Cyprus economy?l Using gas reserves to raise money is a rather foolish option

Following the Eurogroup conspiracy of March 15, the sub-sequent Troika-inspired “bail out” and the consequential col-lapse of Cyprus’s banking system, the question arises as to whatmodel, if any, could be applied to help restart the island’s econ-omy. With the huge loss of the country’s credibility in the inter-national markets, the options are not that many. Tourism iscertainly one area of the economy which can be further devel-oped but it is held back by higher costs associated with theeuro. Another sector is logistics and support services to compa-nies engaged in Middle East related work. A third option ishydrocarbons which is just emerging following the discovery ofsignificant gas deposits in an offshore section within Cyprus’sEconomic Exclusion Zone (EEZ).

The US oil company Noble Energy announced in late 2011that it had found an estimated seven (7) trillion cubic feet ofgas or 200 bln cubic meters (BCM). That, of course, palesagainst the reserves held by major producers but it is signif-icant for a country like Cyprus which is currently totallydependent on oil imports and whose total energy needs donot exceed 70 bln cubic feet a year or 1.96 bcma of consump-tion. That leaves considerable margin for exports to Europeand to the global markets.

A second exploratory drilling by Noble has been planned forJune this year in order to ascertain in greater detail the size andcharacteristics of the deposit already discovered. The size of theAphrodite gas field is not insignificant and according to someestimates it could meet German gas demand for three years.And Cyprus certainly hopes that a lot more gas will be found.Earlier this year it sold further exploration licenses to ENI, Totaland Kogas, all well known and well funded international com-panies, netting some 250 mln Euros from signature fees.According to oil geologists, Cyprus offshore deposits may holdas much as 60 trln cubic feet of gas or approx 1.7 trln cubicmeters, which is of the same order of magnitude as that ofAzerbaijan, which is favoured by EC energy planners inBrussels as capable of providing an alternative supply source toRussian dominated European gas supply.

With only Noble’s discovery confirmed so far, it is too earlyto substantiate the 60 trln cubic feet reserve estimate, accord-ing to energy consultants Wood Mackenzie. The present uncer-tainties are also reflected in the range of valuations forAphrodite. Cyprus’s state-owned oil-and-gas company, Kretyk,reckons it could earn around $50 bln from its gas fields over the

next 25 years, assuming European gas prices remain at aroundtheir current level. Others are more circumspect predictingthat earnings could range from €5 bln to €32 bln ($6.5 bln to$41.4 bln) over 20 years, based on a range of prices and explo-ration success rates, as estimated by Morgan Stanley. Suchvalue uncertainties cast doubt on the gas reserves’ worth as,say, collateral for any loan to Cyprus.

On the other hand, using the island’s gas reserves to raisemoney in the international markets is a rather foolish option

given the country’s perilous financial condition and the totalcontrol of its economic and monetary policies by the German-led Eurogroup. “A gas linked international bond would onlystrengthen the Troika’s position and could sooner or later haveCyprus’s gas reserves offered on a plate to the country’s credi-tors,” said a banker who participated in the recent negotiationsfor the IMF-EU €10 bln bailout.

COSTLY DRILLINGLooking at gas as a potential new resource capable of revi-

talising the economy, one has to realise that Cypriot gas pro-duction may not materialise until 2019, even on an optimistictimetable. With most of the gas more than 1,500 meters, or4,921 feet, below sea level, production could prove costly.Building a gas pipeline to Greece is likely to be expensive andlogistically complex, so the Cyprus government is having aspriority the building of a liquefaction plant in order to produceand export gas in LNG form, an investment estimated to reachsome $10.0 bln. Nor has Cyprus yet finalised a fiscal or regula-tory regime for gas production.

But with global gas supplies becoming more ample,Cyprus’s resource may have only marginal strategic benefit.However, Cyprus is not alone in the gas game. According tomany analysts, Israel stands to be the main beneficiary of theEastern Mediterranean’s newly found riches, mainly due to thegeographic distribution of recent discoveries which are border-

ing, through its own EEZ, with Cyprus. In2009 and 2010, a pair of U.S.-Israeli consor-tia exploring the seabed near Haifa discov-ered the Tamar and Leviathan fields, whichcollectively hold an estimated 26 trln cubicfeet (tcf) of natural gas. The timing of thesediscoveries was opportune. Since the begin-ning of the Arab Spring, Israel has sufferedfrequent supply interruptions and the even-tual termination of its contract with Egypt,which had previously provided 40% of thegas Israel consumed, at below-market rates.The Tamar and Leviathan fields, once fullydeveloped, could satisfy Israel’s electricityneeds for the next 30 years and even allow itto become a net energy exporter. It is signif-icant to note that since early April, gas fromthe Tamar field has started flowing onshoreand is already providing for Israel’s power

supply needs. Israel’s gas export options remain strong but priority is cur-

rently given by the government to covering domestic needs.However, industry sources observe that some of Israel’s gasexports could only be realised in partnership with Cyprus onthe grounds of geography and security. Indeed, a 5.0 mln tonper year liquefaction plant to be built in the Vasilikos area couldserve a large part of Israel’s gas exports.

TURKEY’S ROLE CHALLENGEDMeanwhile, Turkey has viewed the Israeli-Cypriot gas

bonanza with apprehension. Turkey, which invaded the north-ern part of Cyprus in 1974 to prevent a coup aimed at unitingthe island with Greece, doesn’t recognise the Greek-Cypriotgovernment in Nicosia. Ankara maintains that unilateralexploitation of natural resources is against Turkish–Cypriotinterests and continued United Nations efforts to reunify theisland. Ankara does not recognise either Cyprus’ border agree-ments with its neighbours and fears that Turkish Cypriots willbe excluded from Nicosia’s future gas profits in spite of assur-ances by the government of Cyprus that special provision hasbeen made for part of the proceeds to go to Turkish Cypriots.Turkey also sees a possible gas export route through Cyprusand Greece as a threat to its own ambitions as a transit coun-try feeding Caspian and Central Asian gas to the European mar-ket. Ankara has thus protested the cooperation between Israeland Cyprus and supported Lebanon’s position in boundary dis-putes with Israel.

Upping the ante, Turkey in September 2011 scheduledmajor naval exercises to coincide with drilling by Greek Cypriotcontractors the USA company Noble Energy and sent its ownexploration vessels to disputed waters, threatening to drill onbehalf of Turkish Cypriots in the Aphrodite field - which liespartly within Israel’s economic zone. At the time the US gov-ernment send a stern warning to Turkey to keep away fromCyprus EEZ and Noble Energy’s drilling activity, while bothRussia and the EU issued clearly worded statements supportingCyprus’s right to prospect and drill within its internationallyrecognised sea boundaries. As a result of international pressure,Turkey backed off but has since kept expressing its disagree-ment on every possible occasion.

In spite of Turkey’s deep routed apprehension – since beingthe major energy player in the region does not obviously wantto see a competitive energy hub emerging in its southern flank– Cyprus is pressing ahead with its plans for the full develop-ment of its hydrocarbon resources protected by InternationalLaw of the Sea provisions, which form part of EU legislation.The Cypriot government’s position is further strengthened bythe fact that already four major international companies –Noble, Total, ENI and Kogas – have signed long term conces-sion agreements and are actively engaged with exploration pro-grammes which are likely to lead to substantial new oil and gasdiscoveries. Finding and exploiting oil and gas in offshoreCyprus is not just the concern of the government of Cyprus butis now also a top priority and a major commitment for all theabove companies. In that sense, the utilisation of Cyprushydrocarbon deposits is expected to proceed at full speed andwill play a key role in restarting the island’s economy and pro-viding a solid base for economic growth and employment forthe years to come.

Costis Stambolis is a regular contributorto the Financial Mirror, based in Athens

Polish gas sacks CEO over Gazprom deall Pipeline issue already led to dismissal of treasury minister;

Fears Ukraine being sidelined by Russia’s plans

Polish gas monopoly PGNiG fired its chief executive aftershe failed to stop a joint venture with Russia’s Gazprom fromopening the way for a new Russian pipeline cutting outPoland’s ally Ukraine.

Prime Minister Donald Tusk had already dismissed histreasury minister less than two weeks ago after learning frommedia reports that the venture had signed a memorandum tobuild a segment of the Yamal-Europe gas pipeline via Belarusand then Poland.

PGNiG, in which Poland holds a 72% stake, said in a state-ment its supervisory board had lost confidence in the CEO,

Grazyna Piotrowska-Oliwa, one of only a handful of top femaleexecutives at the biggest state companies.

Piotrowska-Oliwa said all her actions related to the memo-randum on the new Russian pipeline were lawful and accor-dance with her responsibilities to shareholders. The board alsodismissed her deputy, Radoslaw Dudzinski.

After disputes with Kiev over gas prices that have led torepeated winter-time disruptions of Russian pipeline gasexports across Ukraine in recent years, Moscow has set out tobypass the country with pipelines taking other routes toEuropean markets.

Poland sees itself as Ukraine’s strategic partner and is aleading advocate of bringing it closer to Europe. It fears Russiawould be able to cut off gas supplies to Ukraine much quickerwith the alternative export routes.

Piotrowska-Oliwa was at the helm when Gazprom, Russia’spipeline gas export monopoly, agreed in November to reduceprices on oil sold to PGNiG, which had been losing money onevery barrel it was importing from the east.

Mainly as a result of the deal, PGNiG shares surged 46%during her tenure. The company’s shares closed 1.9% lower onMonday compared with a 0.4% rise of Warsaw’s main index.

May 1 - 7, 2013

8 | COMMENT | financialmirror.com

By Costis Stambolis

May 1 - 7, 2013

The opaque nature of China’s government makes it difficultto see where Chinese economic policy is heading, and thus howthe Chinese economy will develop in the years ahead. But thescale of China’s economy and its role in global trade and finan-cial markets compel us to try to understand the intentions ofChina’s new leadership.

A useful starting point is to examine the key appointmentsthat have been made since President Xi Jinping assumed office.One surprise was the decision to retain Zhou Xiaochuan asGovernor of the People’s Bank of China (PBOC). Zhou hadcome to the end of his term – and had reached an age at whichofficials are supposed to retire. So the decision to keep him onfor at least the next two years represents a significant endorse-ment by the new Chinese leadership.

Zhou is an intelligent and internationally respected experton monetary policy and finance. As the head of the PBOC, hehas favored more market-based monetary policies andincreased internationalization of China’s currency, the renmin-bi. He has also worked successfully to contain inflationary pres-sures. We can expect more of the same in the coming years.

The new finance minister, Lou Jiwei, comes to the ministryfrom the China Investment Corporation, China’s sovereignwealth fund, where he dealt with global capital markets on adaily basis. Lou, a trained economist who previously served inthe Ministry of Finance as a deputy minister, where he was avoice for pro-market reforms, indicated his current approach totax and budget policy at a recent meeting in Beijing. He reject-ed what he described as the European style of very large gov-ernment and high tax rates and the American style of lower taxrates but large fiscal deficits, in favor of low budget deficits anda tax system that would promote “opportunities” for individu-als and private enterprises.

Xi and Premier Li Keqiang obviously knew what they were

getting when they appointed Lou. And, despite his age, theypromised that he would have a full five years as FinanceMinister, which would push his tenure past the normal retire-ment age.

Liu He is perhaps the least visible of the key economicthinkers. Liu played an important role in shaping the recentlyadopted 12th Five-Year Plan, with its emphasis on urbanizationand service-sector development as a means to increase person-al incomes and the share of consumer spending in GDP. He hasrecently been promoted to the post of Deputy Director of the

National Development and Reform Commission, the principalbody that advises the State Council on economic-developmentstrategy and macroeconomic policy.

Taken together, these appointments demonstrate the newChinese leadership’s emphasis on pro-market reforms and ashift from heavy industry to greater reliance on consumptionand services. That shift is likely to mean a slower rate of GDPgrowth than the annual rate of nearly 10% that China achievedduring the last three decades. But a slowdown to 7% annualgrowth would still double China’s GDP over the next decade.

More consumption and less heavy industry will also reduceChina’s demand for raw materials, dampening global commod-ity prices. Even more significant, shifting income from state-owned enterprises to middle-class workers and increasing con-sumer spending will reduce China’s enormous saving rate.

Since a country’s current-account surplus is the differencebetween its national saving and its national investment,China’s current-account surplus is likely to continue to shrinkin the coming years. That is consistent with the Five-YearPlan’s goal of basing GDP growth more on domestic demandand less on exports.

Since China’s external surplus is already down to less than2% of GDP, a decline in domestic saving could result in Chinabeginning to run a current-account deficit. In that case, Chinawould no longer be a net buyer of foreign bonds and otherassets. If China wanted to continue to invest in foreign busi-nesses and natural resources, it would have to become a netseller of bonds from its portfolio.

The new leadership will, of course, face serious obstacles asit tries to shift policy in these market-friendly directions.China’s state-owned enterprises are powerful forces in theeconomy, with substantial political influence; they will resistthe shift from heavy industry to services.

Likewise, the widespread and official recognition of corrup-tion introduces a new source of uncertainty into national andlocal politics. But China’s new leaders have signaled where theywant the economy to go and have emphasized their determina-tion to reduce corruption. Most important, they have put tal-ented people in charge of the process. The rest of the worldshould hope that they succeed.

Martin Feldstein, Professor of Economics at HarvardUniversity and President Emeritus of the National Bureau of Economic Research, chaired President Ronald Reagan’sCouncil of Economic Advisers from 1982 to 1984.

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

One thing that experts know, and that non-experts do not,is that they know less than non-experts think they do. Thismuch was evident at the just-completed Spring Meetings ofthe IMF and the World Bank Group – three intense days oftalks that brought together finance ministers, centralbankers, and other policymakers.

Our economic expertise is limited in fundamental ways.Consider monetary and fiscal policies. Despite decades ofcareful data collection and mathematical and statisticalresearch, on many large questions we have little more thanrules of thumb. For example, we know that we should lowerinterest rates and inject liquidity to fight stagnation, and thatwe should raise policy rates and banks’ cash-reserve ratios tostifle inflation. Sometimes we rely on our judgment in com-bining interest-rate action with open-market operations. Butthe fact remains that our understanding of these policies’mechanics is rudimentary.

These rules of thumb work (at least tolerably so) as aresult of evolution. Over time, the wrong moves are penal-ized, and their users either learn by watching others or dis-appear. We get our monetary and fiscal policies right thesame way that birds build their nests right.

As with all behaviors shaped by evolution, when the envi-ronment changes, there is a risk that existing adaptationsbecome dysfunctional. This has been the fate of some of ourstandard macroeconomic policies. The formation of theeurozone and a half-century of relentless globalization havealtered the global economic landscape, rendering once-proven policies ineffective.

When Sweden’s Riksbank was founded in 1668, followedby the Bank of England in 1694, the motivation was that asingle economy should have a single central bank. Over thenext three centuries, as the benefits of instituting a monop-oly over money creation became more widely recognized, aslew of central banks were established, one for each political-ly bounded economy.

What was not anticipated was that globalization woulderode these boundaries. As a result, we have returned to apast from which we tried to escape – a single economy, inthis case the world, with multiple money-creating authori-ties.

This is clearly maladaptive, and it explains why the mas-sive injections of liquidity by advanced-country central banksare failing to jump-start economies and create more jobs.After all, in a globalized economy, much of this liquidity spills

across political boundaries, giving rise to inflationary pres-sures in distant lands and precipitating the risk of currencywars, while unemployment at home remains dangerouslyhigh, threatening to erode workers’ skills. The long-run dam-age could be devastating.

What was evident at the World Bank/IMF Spring Meetingswas that virtually all policymakers are distressed and no onehas a complete answer. Neither do I. But here are two simpleideas that could help to mitigate the crisis.

First, in the absence of a single global central-bankingauthority, a modicum of monetary-policy coordination

among major economies is required. We need a group of themajor economies – call it “G Major” – that announces mon-etary policies in a coordinated fashion.

To see why, consider the case of Japan. Japanese policy-makers have good reason to try to promote some inflationand even correct some of the yen’s secular appreciation overthe last six or seven years. But, in today’s unilateral world,other central banks would soon respond by injecting liquidi-ty, prompting the Bank of Japan to act again. These actionsare usually justified as policies for boosting domesticdemand, but they end up fueling a surrogate, low-grade cur-rency war.

If, however, the G Major economies issued quarterlyannouncements of significant upcoming policy changes – forexample, a small round of quantitative easing by country X,a larger liquidity injection by countries Y and Z, and so on –markets would be reassured that a currency war was notbeing fought. Exchange-rate movements would be minimaland only as intended, and volatility would be contained,because tit-for-tat injections would no longer occur andspeculation would wane. Moreover, liquidity injections wouldbe likely to have a greater impact on demand, because syn-chronization would reduce leakage across national bound-aries.

The second recommendation pertains to the mechanics ofliquidity injection, much of which takes place nowadays – in

Europe, Japan, and elsewhere – through asset purchases. TheUS Federal Reserve, for example, is currently purchasingassets (many of them mortgage-backed) worth $85 billioneach month.

Liquidity injections and low interest rates have a micro-economic effect that has received little attention: they lowerthe cost of capital vis-à-vis the cost of labor, which causes arelative decline in demand for labor. This is very likely exac-erbating the unemployment problem; it certainly is not mit-igating it.

One solution is to channel part of the liquidity injectionstoward countering this factor-cost asymmetry. Thus, forevery $100 of new liquidity, we could use $60 to purchaseassets and the remainder to give firms a marginal job-cre-ation subsidy, which could be especially effective ineconomies with flexible labor markets that enable short-termhiring.

Even if the employment subsidy were offered only for, say,one year, firms would be tempted to use more labor duringthis time. And, because the current bout of high unemploy-ment is self-reinforcing, once the equilibrium is broken for awhile, the economy could move to a higher-employmentequilibrium permanently, without the need for any furthergovernment support.

This prescription has one problem. Asset purchases haveno balance-sheet effect, because assets replace money.Subsidizing labor, by contrast, is a pure injection of liquidity.However, for precisely that reason, an employment subsidy islikely to be more effective in boosting demand, which impliesthat a smaller injection of this kind is likely to boost demandas much as a larger asset purchase would.

Among the few certainties in crafting economic policy isthe need to adapt to external change. Our challenge is likethat of Industrial Revolution-era moths, which adapted totheir new soot-laden environment by becoming darker (andthus better able to hide from predators). In a globalized econ-omy, national policymakers should not be left circling lightbulbs.

Kaushik Basu is Senior Vice President and Chief Economist of the World Bank and Professor of Economics at Cornell University.

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

May 1 - 7, 2013

10 | COMMENT | financialmirror.com

Two policy prescriptions for the global crisis

By Kaushik Basu

By Martin Feldstein

China’s New Path

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

www.financialmirror.comAÚ. 913 ∆∂∆∞ƒ∆∏, 1 ª∞´√À, 2013

Τα øρÞνια των παθών æαίνεται Þτι êεκι-νïύν και επίσηµα για τïν κυπριακÞ λαÞ µε τηναπïδïøή τïυ µνηµïνίïυ αλλά και την υιïθέ-τηση των µέτρων πïυ εêυπακïύει. ÌθεςΜεγάλη Τρίτη και µε ïριακή πλειïψηæία ηΚυπριακή Βïυλή είπε τï ναι στï κυπριακÞΜνηµÞνιï και την ∆ανειακή Σύµâαση µε τηνΤρÞικα.Υπέρ ψήæισαν ïι âïυλευτές τïυ ∆ΗΣΥ(20), τïυ ∆ΗΚà (8), και τïυ ΕΥΡΩΚÃ∆ηµήτρης Συλλïύρης.

Τï ΜνηµÞνιï και η ∆ανειακή Σύµâασηκαταψηæίστηκαν απÞ τïυς âïυλευτές τïυΑΚΕΛ (19), της Ε∆ΕΚ (5), τï âïυλευτή τïυΕΥΡΩΚà Νίκï Κïυτσïύ, τï âïυλευτή τωνÃικïλÞγων Γιώργï Περδίκη και τïν ανεêάρτη-τï âïυλευτή ·αøαρία Κïυλία.

¢ËÌÔÛÈÔÓÔÌÈÎÔ› ÛÙfi¯ÔÈ Τï µνηµÞνιï πρïνïεί συνïλικά µέτρα

δηµïσιïνïµικής πρïσαρµïγής 7,1% τïυ ΑΕΠκατά τη διάρκεια τïυ πρïγράµµατïς 2012-2016. Παράλληλα, πρïνïεί Þτι τï δεύτερï τρί-µηνï τïυ 2016 ïι κυπριακές Αρøές θα παρïυ-σιάσïυν στην ΤρÞικα πρïκαταρτικά µέτραπρïκειµένïυ να επιτευøθεί πρωτïγενές πλε-Þνασµα 3% τïυ ΑΕΠ τï 2017 και πλεÞνασµα4% τïυ ΑΕΠ τï 2018. ΩστÞσï, η επίτευêη τωνστÞøων για τï δηµïσιïνïµικÞ έλλειµµα θαεêαρτηθεί απÞ τï µέγεθïς της συρρίκνωσηςτης ïικïνïµίας, πïυ επηρεάúει µε τη σειράτïυ τη διαµÞρæωση τïυ ΑΕΠ της øώρας.Σύµæωνα τις πρïâλέψεις της ΚïµισιÞν, τïκυπριακÞ ΑΕΠ θα συρρικνωθεί κατά 8,7% τï2013 και κατά 3,9% τï 2014. Τï 2015 θα αυêη-

θεί κατά 1,1% και τï 2016 κατά 1,9%.Συναæώς τï µνηµÞνιï αναæέρει Þτι στην

περίπτωση πïυ δεν απïδώσïυν ïι στÞøïι γιατα δηµÞσια έσïδα ή πρïκύψïυν υψηλÞτερεςανάγκες για κïινωνικές παρïøές, ηΚυâέρνηση θα είναι έτïιµη να λάâει επιπρÞ-σθετα µέτρα για να διατηρήσει τïυς στÞøïυςτïυ πρïγράµµατïς, περιλαµâανïµένης τηςµείωσης των εêÞδων, λαµâάνïντας υπÞψη τιςδυσµενείς µακρïïικïνïµικές συνέπειες.

ª¤Û· ª·˝Ô˘ Ë ÚÒÙË ‰fiÛËΗ πρώτη δÞση ύψïυς 2 δις υρώ θα εκτα-

µιευθεί στα µέσα Μαΐïυ, ενώ η εκταµίευσητης δεύτερης δÞσης ύψïυς 1 δις ευρώ ανα-µένεται να γίνει περί τα τέλη Ιïυνίïυ.Σύµæωνα µε έγγραæï της ΚïµισιÞν, ïι ανά-γκες των 10 δις ευρώ κατανέµïνται ως εêής:2,5 δις ευρώ για κάλυψη κεæαλαιακών ανα-γκών τïυ τραπεúικïύ τïµέα (πλην ΤράπεúαςΚύπρïυ και Λαϊκής), 4,1 δις ευρώ για απïπλη-ρωµή ληêιπρÞθεσµïυ øρέïυς 3,4 δις ευρώ για

κάλυψη δηµïσιïνïµικών αναγκών για τηνπερίïδï τïυ πρïγράµµατïς.

Η απïπληρωµή τïυ δανείïυ θα êεκινήσειµετά απÞ 10 øρÞνια, ενώ τï επιτÞκιï µε âάσητï σηµερινÞ υπïλïγισµÞ θα κυµαίνεται πλη-σίïν τïυ 2%, υπïγράµµιúαν ïι ευρωπαϊκέςπηγές.

∞‚¤ÚˆÊ: ¡¤Ô˜ °ÔÏÁÔı¿˜ H απïδïøή τïυ µνηµïνίïυ και της δανεια-

κής σύµâασης δεν θα είναι τï τέλïς ενÞςδύσκïλïυ δρÞµïυ, αλλά η αρøή ενÞς νέïυΓïλγïθά, επεσήµανε ï ΠρÞεδρïς τïυ ∆ΗΣΥΑâέρωæ Νεïæύτïυ, ï ïπïίïς øαρακτήρισετην συνεδρίαση της Ãλïµέλειας της Βïυλήςτην πλέïν ιστïρική για τï µέλλïν τηςΚύπρïυ.

Μιλώντας ενώπιïν της Ãλïµέλειας τηςνïµïθετικής εêïυσίας και κλείνïντας τïνκύκλï των ïµιλιών των αρøηγών ή εκπρïσώ-πων των κïινïâïυλευτικών κïµµάτων ï κ.Νεïæύτïυ σηµείωσε Þτι «η ψήæιση τïυ µνη-

µïνίïυ και της δανειακής σύµâασης θα καθï-ρίσïυν εάν η ïικïνïµία µας θα εêασæαλίσειτην αναγκαία και απαραίτητη øρηµατïδÞτησητης για τα επÞµενα τέσσερα øρÞνια αλλά καιτα αναγκαία πïσά για την ανακεæαλαιïπïίη-ση τïυ υπÞλïιπïυ øρηµατïπιστωτικïύ µαςτïµέα, και κυρίως τïυ συνεργατισµïύ».

Σηµείωσε Þτι «θα πρέπει και επιâάλλεταινα συνεøίσïυµε την σκληρή πρïσπάθεια τηςεêυγίανσης και µεταρρύθµισης».

∞∫∂§: §‡ÛË ÂÎÙfi˜ ¢ÚÒ Λύση εκτÞς µνηµïνίïυ, µε παράλληλη

µελέτη για συντεταγµένη έêïδï απÞ τï ευρώøωρίς να σηµαίνει και απïøώρηση απÞ τηνΕυρωπαϊκή Ένωση, πρÞτεινε εκ νέïυ τïΑΚΕΛ.

à ΓΓ τïυ ΑΚΕΛ Άντρïς Κυπριανïύ, παρα-τήρησε Þτι ï δρÞµïς τïυ µνηµïνίïυ θα ïδη-γήσει σε æαύλï κύκλï ï ïπïίïς θα γεννά καιαναγεννά νέες απαιτήσεις, εκâιασµïύς καινέα µέτρα. «Γνωρίúïυµε» είπε Þτι «εδώ πïυέøει æτάσει η ïικïνïµία µας δεν υπάρøïυνεύκïλες λύσεις.» επισηµαίνïντας Þτι «ηÞπïια εναλλακτική επιλïγή θα είναι επίσηςïδυνηρή, τï úητïύµενï είναι αυτή να δίνειελπίδα και πρïïπτική για ταøύτερη έêïδï απÞτην κρίση».

Εν τω µεταêύ, øθες έêω απÞ τï κτίριï τηςΒïυλής πραγµατïπïιήθηκε παγκύπρια κινη-τïπïίηση ενάντια στις ιδιωτικïπïιήσεις καιτις πïλιτικές λιτÞτητας, η ïπïία διïργανώθη-κε απÞ την Κίνηση Πïλιτών, Ε∆ÃΝ, ΠΕà καιΠÃΓÃ.

∂›·Ó ÙÔ ª∂°∞§√ ¡∞π ÛÙÔ ªÓËÌfiÓÈÔ

Η έêïδïς της Κύπρïυ απÞ τï ευρώ απï-τελεί θανάσιµï κίνδυνï ïικïνïµικά και γεω-πïλιτικά αναæέρïυν σε έρευνα πïυ υπïγρά-æïυν 23 ανεêάρτητïι ακαδηµαϊκïί, ïικïνïµï-λÞγïι και πρώην υπïυργïί της Κυπριακής∆ηµïκρατίας. Ùπως αναæέρïυν η υπïτίµησητïυ εθνικïύ νïµίσµατïς πρïκρίνεται συøνάως ένας γρήγïρïς και απïτελεσµατικÞς τρÞ-πïς για να επανα-κτήσει µια ïικïνï-µία την ανταγωνι-στικÞτητά της.ΑυτÞ Þµως ισøύεικυρίως για âιïµη-øανικές ïικïνï-µίες πïυ ήδηέøïυν σηµαντικήεêαγωγική âάσηκαι µπïρïύν µεµια υπïτίµηση νααυêήσïυν γρήγï-ρα τις εêαγωγέςτïυς. Η Κύπρïς είναι µια øώρα πïυ εισάγει ταπερισσÞτερα αγαθά, και κυρίως τις πρώτεςύλες Þπως πετρέλαια και æάρµακα, κλπ.,ακÞµα και στïιøειώδη καταναλωτικά αγαθάÞπως ρïυøισµÞ και τρÞæιµα) πïυ øρησιµïπïι-εί σε τïµείς Þπως π.ø. ï ΤïυριστικÞς, ïΚατασκευαστικÞς και η Μεταπïίηση. Σε µιαµικρή ïικïνïµία Þπως η Κύπρïς της ïπïίας ηπαραγωγή âασίúεται στις εισαγωγές, µιαµεγάλη υπïτίµηση απλά θα αύêανε τïκÞστïς παραγωγής και θα µείωνε την αντα-γωνιστικÞτητα εκτÞς και αν ïι µισθïί µειώνï-νταν δυσανάλïγα υπέρµετρα για να καλύ-ψïυν τις αυêήσεις στï κÞστïς εισαγωγής.

Πρïειδïπïιïύν επίσης Þτι έλλειµµα τïυισïúυγίïυ τρεøïυσών συναλλαγών, δεδïµέ-

νων των περιïρισµένων απïθεµάτων êένïυσυναλλάγµατïς, θα πρέπει να εêισïρρïπηθείαµέσως. Ãι εισαγωγές θα περιïρισθïύν αντί-στïιøα, µε συνακÞλïυθες ελλείψεις âασικώνειδών (τÞσï πρώτων υλών παραγωγής, καυ-σίµων, æαρµάκων, κλπ.).

Η εγøώρια παραγωγή θα καταρρεύσει. Ηεπιστρïæή στην λίρα θα σήµαινε επίσης

άµεση τρïµακτι-κή µείωση τηςαêίας των απïτα-µιεύσεων τωννïικïκυριών καιµικρών επιøειρή-σεων πïυ δενέøïυν υπïστείκïύρεµα καταθέ-σεων, λÞγω τηςσυνεπαγÞµενηςµεγάλης αύêησηςτης τιµής τωνεισαγÞµενων πρïϊ-

Þντων και των έντïνων πληθωριστικών τάσε-ων πïυ θα εêελιøθïύν.

Η øώρα, ταυτÞøρïνα, στην περίπτωσηεêÞδïυ απÞ τï ευρώ, θα πρέπει να απïæασί-σει τη νïµισµατική της πïλιτική. Για τïνπεριïρισµÞ τïυ πληθωρισµïύ θα απαιτηθεί ηδιασύνδεση τïυ εθνικïύ νïµίσµατïς µε άλλïνÞµισµα γεγïνÞς πïυ θα σηµαίνει αυστηρÞ-τερη πïλιτική και ψηλά επιτÞκια καθώς επί-σης και αυστηρÞτατα µέτρα λιτÞτητας γιατην εêάλειψη τïυ δηµïσιïνïµικïύ ελλείµµα-τïς. ΕπιπρÞσθετα η υπïτιµηµένη λίρα θακαθιστïύσε τï ΚυπριακÞ øρέïς σε ευρώάµεσα µη âιώσιµï και θα µας ανάγκαúε σεάµεση στάση πληρωµών και σε µη ελεγøÞµε-νη øρεoκïπία.

Καταλήγïντας αναæέρïυν Þτι πρïτάσειςεêÞδïυ απÞ τï ευρώ τώρα, πïυ κατατέθηκανµέøρι σήµερα στερïύνται σïâαρÞτητας καιαπïτελïύν θανάσιµï κίνδυνï για την επιâίω-ση της øώρας µας. Είναι τεράστιï λάθïς νασπρώêïυµε τη øώρα στη πτώøευση για νααπïæύγïυµε τï ïικïνïµικÞ πρÞγραµµα τηςΤρÞϊκα καταλήγïυν στην έρευνα.

Την ïµάδα απαρτίúïυν ïι:- Έλενα Ανδρέïυ, Αναπληρώτρια Καθη-γήτρια Ãικïνïµικών, Παν. Κύπρïυ.- Ηρακλής Βλαδιµήρïυ, Καθηγητής ∆ιïικη-τικής Επιστήµης, Παν. Κύπρïυ.- Μάριïς ·αøαριάδης, Αναπληρωτής Καθη-γητής Ãικïνïµικών, Παν. Κύπρïυ.- Σταύρïς ·ένιïς, Καθηγητής Ìρηµατïïικï-νïµικής, Παν. Κύπρïυ.- Μάριïς Ηλιάδης, Πρώην ΥπïυργÞς Συ-γκïινωνιών και Έργων.- Βάσω Ιωαννίδïυ, Καθηγήτρια Ìρηµατïïι-κïνïµικών, Tilburg University.- Μιøάλης Καµµάς, ÃικïνïµïλÞγïς.- Ιωάννης Κασπαρής, Επίκïυρïς ΚαθηγητήςÃικïνïµικών, Παν. Κύπρïυ.- Μάριïς Κληρίδης, Ελληνική Τράπεúα.- Σïæρώνης Κληρίδης, Αναπληρωτής Καθη-γητής Ãικïνïµικών, Παν. Κύπρïυ.- Άντρïς Κïύρτελλïς, Αναπληρωτής Καθη-γητής Ãικïνïµικών, Παν. Κύπρïυ.- Φίλιππïς Μαννάρης, Αναλïγιστής, ∆ιευ-θυντής Aon Hewitt Κύπρïυ.- Αλέêανδρïς Μιøαηλίδης, Καθηγητής Ìρη-µατïïικïνïµικής, Παν. Κύπρïυ.- Ανδρέας Μιλιδώνης, ΕπίκïυρïςΚαθηγητής Ìρηµατïïικïνïµικής, Παν.Κύπρïυ.- Μιøάλης Μιøαήλ, Καθηγητής ÃικïνïµικώνΠαν. Κύπρïυ.

- Γιώργïς Νησιώτης, Αναπληρωτής Καθη-γητής Ìρηµατïïικïνïµικών, Παν. Κύπρïυ.- Αλεêία Παναγιώτïυ, Επίκïυρη Καθηγήτρια∆ιïίκησης, Παν. Κύπρïυ.- Μαριάννα Παντελίδïυ, Σύµâïυλïς σε Ìρη-µατïïικïνïµικά, Teamvision Consulting- Πάνïς Πασιαρδής, Καθηγητής Ãικïνï-µικών, ∆ιευθυντής Κέντρïυ ÃικïνïµικώνΕρευνών, Παν. Κύπρïυ.- Θανάσης Στέγγïς, Καθηγητής Ãικïνï-µικών, University of Guelph, Καναδάς.- Γιάννης Τιρκίδης, Τρ. Κύπρïυ- Κωνσταντίνïς Ìριστïæίδης, Πρύτανης Πα-νεπιστηµίïυ Κύπρïυ.- Λïύης Ìριστïæίδης, Καθηγητής Ãικïνïµι-κών Παν. Κύπρïυ.

à Γιάννης Τιρκίδης ανέæερε εκ µέρïυςτης ïµάδας, Þτι η υπïτίµηση τïυ εθνικïύνïµίσµατïς ναι µεν επιτρέπει σε µια øώρανα âελτιώσει την ανταγωνιστικÞτητά της,για να τïνίσει, ωστÞσï, Þτι αυτÞ ισøύεικυρίως για âιïµηøανικές øώρες, και Þøι γιαεισαγωγικές øώρες Þπως η Κύπρïς, πïυεισάγει ενέργεια και πρώτη ύλη για τηνπαραγωγή της.

ΑπÞ την πλευρά τïυ ï ΣïæρώνηςΚληρίδης, Αναπληρωτής καθηγητής στïΠανεπιστήµιï Κύπρïυ, είπε Þτι ναι µεν τïµνηµÞνιï είναι επώδυνï, αλλά καταγράæειέναν ïδικÞ øάρτη µε γνωστές τις κινήσειςπïυ πρέπει να γίνïυν, ενώ η άλλη επιλïγήεµπεριέøει µεγάλη αâεâαιÞτητα και κινείταιστη σæαίρα τïυ ευσεâïπïθισµïύ.Επεσήµανε δε Þτι η συúήτηση για τï κατάπÞσïν θα µείνïυµε ή θα æύγïυµε απÞ τïευρώ δηµιïυργεί µεγαλύτερη αâεâαιÞτητα.“∆εν θα µείνει ïύτε ένα ευρώ στην Κύπρïκαι ïύτε θα έρθει ευρώ στην Κύπρï”.

£·Ó¿ÛÈÌÔ˜ ΛӉ˘ÓÔ˜ Ë ¤ÍÔ‰Ô˜ ·fi ÙÔ Â˘ÚÒ

2013 Πρωτογενές έλλειµµα 2,40% του ΑΕΠ ή 395 εκ.

2014 Πρωτογενές έλλειµµα 4,25% του ΑΕΠ ή 678 εκ.

2015 Πρωτογενές έλλειµµα 2,10% του ΑΕΠ ή 344 εκ.2016 Πρωτογενές πλεόνασµα 1,2% του ΑΕΠ ή 204 εκ.

Οι δηµοσιονοµικοί στόχοι του µνηµονίου

1 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Συνήλθε øθες στην πρώτη τïυ συνεδρίατï µεταâατικÞ ∆ιïικητικÞ Συµâïύλιï τηςΤράπεúας Κύπρïυ. Τï 14µελές Συµâïύλιïκαταρτίστηκε σε σώµα και εêέλεêε στην θέσητïυ πρïέδρïυ στï µεταâατικÞ συµâïύλιïτïν Σïæïκλή Μιøαηλίδη. ΑντιπρÞεδρïς τïυσυµâïυλίïυ διïρίστηκε ï ΕρÞλ Ριúά.

Τα µέλη πïυ απαρτίúïυν τï µεταâατικÞσυµâïύλιï Þπως ανακïινώθηκαν απÞ τηνΚεντρική Τράπεúα της Κύπρïυ, υπÞ την ιδιÞ-τητά της ως Αρøή Εêυγίανσης είναι:

1. Λάµπρïς ΠαπαδÞπïυλïς 2. ΣïæïκλήςΜιøαηλίδης 3. Μιøάλης ·αννετίδης 4.

Πανίκïς Πïύρïς 5. Σάââας Σαââίδης 6. ErolRiza 7. Λένια Γεωργιάδïυ 8. ΓιώργïςΘεïøαρίδης 9. Φίλιππïς Μαννάρης 10. ΤάκηςΤαïυσιάνης 11. Κώστας Ìατúήπαπας 12.Ανδρέας Περσιάνης 13. Ανδρέας Πïιητής 14.Κωνσταντίνïς ∆άµτσας.

Μεταêύ άλλων, τï πρïσωρινÞ ∆Σ τηςΤράπεúας θα επιæïρτιστεί µε την απïτελε-σµατική ενσωµάτωση των εργασιών τηςΛαϊκής Τράπεúας, πïυ âρίσκεται σε διαδικα-σία εκκαθάρισης, ενώ έøει επιæïρτιστεί µετην ετïιµασία νέïυ σøεδίïυ αναδιάρθρωσης,πïυ θα καθïρίúει τïυς επιøειρηµατικïύς στÞ-

øïυς της τράπεúας µέøρι τα µέσαΣεπτεµâρίïυ.

Υπενθυµίúεται Þτι την Κυριακή εκτελέ-στηκε τï “κïύρεµα” τïυ 37,5% των ανασæά-λιστων καταθέσεων στην Τράπεúα Κύπρïυ,ενώ απïµένει να καθïριστεί τï τελικÞ ύψïςτïυ κïυρέµατïς, αæïύ αναµένεται να ïλï-κληρωθεί η ανεêάρτητη εκτίµηση των στïι-øείων ενεργητικïύ τÞσï της ΤράπεúαςΚύπρïυ Þσï και της Λαϊκής Τράπεúας. Ηέκθεση τïυ εκτιµητή υπÞ τï æως της ïπïίαςθα ïριστικïπïιηθεί τï ύψïς της απαιτïύµε-νης ανακεæαλαιïπïίησης της Τράπεúας

Κύπρïυ θα υπïâληθεί µετά απÞ συµæωνία µετην ΤρÞικα µέøρι τï τέλïς τïυ ερøÞµενïυΙïυνίïυ.

Σύµæωνα µε τα πρïκαταρτικά στïιøείατης ΚΤΚ, η αêία των στïιøείων ενεργητικïύπïυ απïκτά η Τράπεúα Κύπρïυ απÞ την“καλή” Λαϊκή ανέρøεται στα 13,8 δις ευρώ,στα ïπïία λαµâάνïνται υπÞψη úηµιές ύψïυς384 εκ. ευρώ στï δανειακÞ øαρτïæυλάκιï(µετά απÞ τα υπïλïγιúÞµενα µελλïντικάκέρδη πρï πρïâλέψεων) µε âάση της απïτε-λέσµατα τïυ διαγνωστικïύ ελέγøïυ τηςPimco κάτω απÞ τï ακραίï συνέριï.

√ ™. ªÈ¯·ËÏ›‰Ë˜ Ó¤Ô˜ ¶Úfi‰ÚÔ˜ Ù˘ ∆Ú. ∫‡ÚÔ˘

∆Ú›· Û¯¤‰È· ηٿ Ù˘ ·ÓÂÚÁ›·˜

Τï πρÞâληµα της ανεργίας, πïυπαραµένει σε υψηλά επίπεδα, καθώς ïιάνεργïι êεπερνïύν τις σαράντα øιλιά-δες, απασøïλεί έντïνα την κυâέρνηση.

Η ΥπïυργÞς Εργασίας, ·έταΑιµιλιανίδïυ, δήλωσε Þτι εντÞς τηςεâδïµάδας θα ανακïινωθïύν τρία σøέ-δια, τα ïπïία στïøεύïυν στη δηµιïυργίαïκτώ øιλιάδων νέων θέσεων εργασίας,µε πρïϋπïλïγισµÞ περίπïυ τριάνταεκατïµµυρίων ευρώ. Τï πρώτï σøέδιïαæïρά την τïυριστική âιïµηøανία, στηνïπïία αναµένεται να ανïίêïυν έêι øιλιά-δες θέσεις εργασίας. Τï δεύτερï σøέ-διï αæïρά øίλιες θέσεις απασøÞλησηςγια νέïυς επιστήµïνες, ïι ïπïίïι θαέøïυν την ευκαιρία εêάµηνης πρακτικήςεêάσκησης µε επίδïµα πεντακïσίωνευρώ τï µήνα. Μετά την εκπαίδευση, θαδίδεται πιστïπïιητικÞ τï ïπïίï ïι νέïιεπιστήµïνες θα µπïρïύν να øρησιµï-πïιïύν στην αναúήτηση εργασίας. Τïτρίτï σøέδιï αæïρά øίλιες θέσεις εργα-σίας µε ρυθµίσεις για ευέλικτï ωράριï ήκαι απασøÞληση απÞ τï σπίτι.

∞ÓÔÈÎÙ¿ Ù· ∫∂¶Τï Τµήµα ∆ηµÞσιας ∆ιïίκησης και

Πρïσωπικïύ τïυ Υπïυργείïυ Ãικï-νïµικών ανακïίνωσε πρïς ενηµέρωσητων πïλιτών Þτι, τη Μεγάλη Πέµπτη, 2Μαΐïυ 2013, Þλα τα Κέντρα Εêυπη-ρέτησης τïυ Πïλίτη, σε Λευκωσία,ΛεµεσÞ, Λάρνακα, ΑµµÞøωστï, Πάæï,Πελένδρι και ΠÞλη Ìρυσïøïύς, θα λει-τïυργήσïυν για εêυπηρέτηση τïυ κïι-νïύ απÞ τις 8:00 τï πρωί µέøρι τις 3:00τï απÞγευµα.

¶ÚfiˆÚË ·Ê˘ËÚ¤ÙËÛË 1000 ÙÚ·Â˙ÈÎÒÓΤη δυνατÞτητα παρïøής σøεδίïυ εθελï-

ντικής αæυπηρέτησης για 1000 υπαλλήλïυςτης Τρ. Κύπρïυ æαίνεται Þτι συúήτησαν ηηγεσία της ΕΤΥΚ µε τïν ΥπïυργÞÃικïνïµικών, Ì. Γεωργιάδη.

Σύµæωνα µε εγκύκλιï της ΕΤΥΚ, ïι δύïπλευρές συúήτησαν τï θέΒα της παρïøής

Σøεδίïυ ΠρÞωρης Εθελïντικής Αæυπη-ρέτησης για τïυς συναδέλæïυς τηςΤράπεúας Κύπρïυ (περιλαΒâάνει και τηΛαϊκή Τράπεúα). Επιδίωêη τïυ Σøεδίïυ είναινα δïθεί η ευκαιρία να απïøωρήσïυν Βέøρι1000 συνάδελæïι øωρίς να υπïστïύνΒειώσεις τα Συνταêιïδïτικά ωæελήΒατα

τïυς (ΤαΒεία Πρïνïίας).«Τï Σøέδιï πρέπει να περιλαΒâάνει πρÞ-

νïια Þτι σε περίπτωση κïυρέΒατïς, τÞτε ηίδια η Τράπεúα θα καταâάλει Βέσω Σøεδίïυτέτïια απïúηΒίωση πïυ να υπερκαλύπτει τïκïύρεΒα ïύτως ώστε ï συνάδελæïς να Βηνυπïστεί úηΒιά».

«Ã ΥπïυργÞς ÃικïνïΒικών αντι-Βετώπισε την εισήγηση της ΕΤΥΚ Βε κατα-νÞηση και υπïσøέθηκε να τη στηρίêει καιπρïς τï ∆ιïικητικÞ ΣυΒâïύλιï τηςΤράπεúας Κύπρïυ αλλά και σε κάθεαρΒÞδιï πïυ θα εΒπλακεί στï θέΒα», ανα-æέρει η εγκύκλιïς.

ªÂÈÒÛÂȘ Û ÌÈÛıÔ‡˜ Î·È Û˘ÓÙ¿ÍÂȘ Μετά απÞ συúήτηση και τη διατύπωση δια-

æωνιών, η Ãλïµέλεια της Βïυλής τωνΑντιπρïσώπων ψήæισε øθες ïµÞæωνα σε νÞµïτï νïµïσøέδιï πïυ πρïâλέπει µειώσεις στïυςµισθïύς και τις συντάêεις στï δηµÞσιï καιευρύτερï δηµÞσιï τïµέα απÞ 0,8% µέøρι 2%.

à ΠρÞεδρïς τïυ ∆ΗΣΥ ΑâέρωæΝεïæύτïυ πριν τï νïµïσøέδιï τεθεί σεψηæïæïρία ανέæερε Þτι ï ∆ΗΣΥ κατέθεσεπρÞταση νÞµïυ η ïπïία θα εêετασθεί µετά τïΠάσøα απÞ τη Βïυλή των Αντιπρïσώπων για

περαιτέρω µειώσεις στï κρατικÞ µισθïλÞγιïώστε να εêïικïνïµηθεί τï πïσÞ των 6 εκ.ευρώ πïυ στÞøευε να συγκεντρώσει ηΚυâέρνηση απÞ τη æïρïλÞγηση των ακινή-των ώστε να επαναπρïσληæθïύν ïι 992 ωρï-µίσθιïι υπάλληλïι.

à κ. Νεïæύτïυ παρατήρησε Þτι εάν ηπïλιτεία απïæασίσει να αυêήσει τïυς εργï-δïτïύµενïυς δεν µπïρεί να αυêήσει τïυςæÞρïυς για να τïυς πληρώνει.

ΠρÞσθεσε Þτι η Κυâέρνηση µε την πρÞτα-

ση νÞµïυ τïυ ∆ΗΣΥ, θα έøει ένα πρÞσθετïÞπλï στη διαâïύλευση µε την ΤρÞικα.

à ΚïινïâïυλευτικÞς ΕκπρÞσωπïς τïυΑΚΕΛ Νίκïς Κατσïυρίδης έκανε λÞγï γιαπρïσκÞλληση τïυ ∆ΗΣΥ σε εργαλειακή κατα-νïµή των εêïικïνïµήσεων και διατύπωσε τηθέση Þτι σωστά η Κυâέρνηση επέλεêε νασυγκεντρώσει τï πïσÞ απÞ την ακίνητη περι-ïυσία πρïσθέτïντας Þτι θα πρέπει να γίνει µετη æïρïλÞγηση των µεγάλων ακίνητων περι-ïυσιών.

M ÙÚ·Â˙ÈÎfi ¤Ì‚·ÛÌ· ÙÔ Ù·ÌÂ›Ô ·‰ÂÈÒÓÃι πληρωµές των απïλαâών αδείας

στïυς δικαιïύøïυς τïυ Κεντρικïύ ΤαµείïυΑδειών πïυ κατά τï 2010, 2011 και 2012έøïυν δηλώσει στην «Αίτηση για ΠληρωµήΑπïλαâών Αδείας» τï διεθνή αριθµÞ τραπε-úικïύ λïγαριασµïύ τïυς (ΙΒΑΝ), θα γίνïυνµέσω τραπεúικών εµâασµάτων øωρίς νααπαιτείται εκ νέïυ η υπïâïλή αίτησης, ανα-κïίνωσαν ïι Υπηρεσίες Κïινωνικών

Ασæαλίσεων.Τα µέλη τïυ Κεντρικïύ Ταµείïυ Αδειών

είναι υπεύθυνα για ενηµέρωση τωνΥπηρεσιών Κïινωνικών Ασæαλίσεων σεπερίπτωση αλλαγής τïυ αριθµïύ τραπεúι-κïύ λïγαριασµïύ πïυ αρøικά δήλωσαν πρï-σκïµίúïντας πρωτÞτυπη âεâαίωση απÞ τïπιστωτικÞ ίδρυµα µε τï ïπïίï συνεργάúï-νται µε τα στïιøεία τïυ νέïυ τραπεúικïύ

λïγαριασµïύ στïν ïπïίï επιθυµïύν να γίνï-νται ïι πληρωµές.

Σøετική αίτηση για πληρωµή απïλαâώναδείας πρέπει να υπïâάλïυν τα µέλη πïυκαθίστανται δικαιïύøïι πληρωµής απïλα-âών αδείας απÞ τï ΚεντρικÞ Ταµείï Αδειώνγια πρώτη æïρά και τα µέλη πïυ κατά τηνπερίïδï τïυ 2012 έøïυν πληρωθεί τις απï-λαâές αδείας τïυς µε επιταγή.

∂Ï¿¯ÈÛÙÔ Ù¤ÏÔ˜ €75 ÁÈ· ·Î›ÓËÙ·Ψηæίστηκε øθες κατά πλειïψηæία τï

νïµïσøέδιï για æïρïλÞγηση της ακίνητηςπεριïυσίας, τï ïπïίï πρïâλέπει ελάøιστïτέλïς 75 ευρώ για κάθε ιδιïκτήτη και αναλÞ-γως της αêίας τïυ ακινήτïυ αυêάνεται ïσυντελεστής æïρïλÞγησης.

Υπέρ τïυ νïµïσøεδίïυ ψήæισαν 29 âïυ-λευτές τïυ ∆ΗΣΥ, τïυ ∆ΗΚà και ï πρÞεδρïςτïυ ΕΥΡΩΚà ∆ηµήτρης Συλλïύρης ενώ 26âïυλευτές απÞ τï ΑΚΕΛ, την Ε∆ΕΚ, των

ÃικïλÞγων, ï âïυλευτής τïυ ΕΥΡΩΚà ΝίκïςΚïυτσïύ και ï ·αøαρίας Κïυλίας τïπïθετή-θηκαν αρνητικά επί τïυ νïµïσøεδίïυ.

õÞæωνα ψηæίστηκαν τρïπïλïγίες σύµ-æωνα µε τις ïπïίες η επιπρÞσθετη επιâάρυν-ση σε περίπτωση µη καταâïλής της æïρïλï-γίας µειώνεται απÞ 20% στï 10%.

Επίσης παραøωρείται και έκπτωση 10%σε Þσα πρÞσωπα πληρώσïυν τï æÞρï 30ηµέρες πριν απÞ τη λήêη της πρïθεσµίας για

καταâïλή τïυ æÞρïυ.õÞæωνα εγκρίθηκε και συµπληρωµατι-

κÞς πρïϋπïλïγισµÞς ύψïυς 9,6 εκ. ευρώ,πïσÞ πïυ θα διατεθεί για την πρÞσληψηπέραν των 900 ωρïµίσθιων εργαúÞµενων στïδηµÞσιï. Ψηæίστηκαν επίσης η αναθεώρησητων τελών πïυ αæïρïύν στï κτηµατïλÞγιï,τï αρøείï πληθυσµïύ και τις άδειες πïυπαραøωρεί τï τµήµα αλλïδαπών και µετανά-στευσης.

ƒÒÛÔ˜ ÎÚÔ›ÛÔ˜ «Ì·˙‡ÂÈ» ÌÂÙÔ¯¤˜ Ù˘ ∂ÏÏËÓÈ΋˜Την ώρα πïυ επικρατεί ακÞµη αâεâαιÞτη-

τα για τï µέλλïν τïυ øρηµατïπιστωτικïύτïµέα στην Κύπρïυ Ρώσïς επενδυτής πρï-âαίνει συνεøώς σε αγïρές µετïøών τηςΕλληνικής Τράπεúας µε απïτέλεσµα να κατα-στεί ï δεύτερïς µεγαλύτερïς µέτïøïς τïυõίλïυ. à λÞγïς για τïν ιδιïκτήτη της εται-ρείας Metaquotes Software πïυ έøει έδρα τηΛεµεσÞ και ασøïλείται µε την κατασκευήπλατæÞρµων για αγïρά συναλλάγµατïςFatkhullin Renat. à κύριïς Renat πïυ γεννή-

θηκε πριν απÞ 37 øρÞνια στην πïλή Καúάν τηςΡωσίας συνεργάúεται απÞ τï 2000 µε 450 øρη-

µατιστηριακά γραæεία και τράπεúες σε Þλïτïν κÞσµï και διαµένει τα τελευταία øρÞνιαµÞνιµα σε έπαυλη στη ΛεµεσÞ Þπïυ είναι καιεγγεγραµµένη η εταιρεία τïυ.

Ùπως ανακïινώθηκε στï ÌΑΚ ï κύριïςRenat πρïέâη σε αγïρά 538.090 µετïøών τηςΕλληνικής Τράπεúας, συνïλικής αêίας 61.466ευρώ αυêάνïντας τï πïσïστÞ πïυ κατέøειστï µετïøικÞ κεæάλαιï τïυ õίλïυ στï 6,6%.Παρά την αγïρά τïυ πακέτïυ µεγαλύτερïςµέτïøïς της Ελληνικής τράπεúας παραµένει

η εκκλησία µε πïσïστÞ 27%, ενώ πïσïστÞάνω τïυ 5% έøει η Credit Suisse µε 5,9% καιη Τράπεúα Κύπρïυ µε 5,2%.

Σύµæωνα µε την υæιστάµενη νïµïθεσίαÞπïιïς µέτïøïς επιθυµεί να απïκτήσει µερί-διï πέραν τïυ 10% θα πρέπει πρώτα να εêα-σæαλίσει την άδεια της Κεντρικής Τράπεúας,ενώ στην περίπτωση πïυ θέλει να απïκτήσειπέραν τïυ 30% µε âάση τïυς κανïνισµïύς θαπρέπει να υπïâάλει δηµÞσια πρÞταση πρïςτïυς µετÞøïυς της Τράπεúας.

Ãυδέπïτε στην ιστïρία αυτïύ τïυ Γραæείïυ των 33 ετών,πέρασε απÞ την σκέψη µας Þτι στην Κύπρï θα επαναλαµâα-νÞταν η ταινία τïυ Charles Bronson (Vigilante) στην πράêη. Ηταινία αναæερÞταν σε ένα εêïργισµένï πïλίτη πïυ λÞγω ανε-παρκïύς πρïστασίας απÞ την αστυνïµία, πήρε τï νÞµï σταøέρια τïυ.

Η πρώτη κίνηση για δηµιïυργία τïπικής ïµάδας περι-æρïύρησης της ακίνητης περιïυσίας êεκίνησε απÞ τï ∆άλι,τώρα επεκτείνεται στï Γέρι και γίνïνται σκέψεις για αλλïύ. Ηïικïνïµική κατάσταση έøει πρïκαλέσει την εêαθλίωση αρκε-τών συνανθρώπων µας, κυρίως êένων εργατών, νÞµιµων καιµη, ενώ η ανάγκη εêασæάλισης της δÞσης ναρκωτικών, έøεικαι αυτή τï ρÞλï της.

Βέâαια συνηθίσαµε την συνήθη ληστεία στα ïλïνύκτιαψωµάδικα και περίπτερα µε απïκïρύæωµα τï περιστατικÞ τηςΓερµανίδας πïυ λήστεψε τράπεúα, λέγïντας Þτι έøει πιστÞλιστην τσάντα της!! Η κατάσταση Þµως έøει και τις επεκτάσειςτης σε ïλίγïν παράêενες κλïπές για αντικείµενα τα ïπïία δενπερνά κάπïιïυ απÞ τï µυαλÞ Þτι θα µπïρïύσαν να είναι τïαντικείµενï κλεψιάς.

Στην ΛεµεσÞ στην περιïøή Κïλïύµπια Þλες ïι αλïυµινέ-νιες πÞρτες των δωµατίων σκïυπιδιών εêαæανίστηκαν σε µιανύκτα σε ένα συγκεκριµένï δρÞµï. Μεταλλικïί κάλαθïι αøρή-στων απïτέλεσαν την επίµïνη επίσκεψη λωπïδυτών στηνΠάæï, ενώ στï Παραλίµνι τα εγκαταλειµµένα εêïøικά σπίτιατÞσï των ντÞπιων Λευκωσιατών Þσï και êένων, ïι κλïπέςείναι σøεδÞν καθηµερινÞ æαινÞµενï. Μηøανήµατα πισίναςεêαæανίúïνται, τηλεïράσεις και DVD είναι πρÞσθετη συνήθηςλεία, ενώ σε ένα έργï υπÞ την διαøείριση µας, êεâίδωσαν τηνπÞρτα της ΑΗΚ (δωµατίïυ πïυ περιλαµâάνει τα ρïλÞγια) καισε άλλï αæαίρεσαν τï σιδερένιï κάγκελï της κïινής εισÞδïυτïυ συγκρïτήµατïς για πώληση ως σιδερικÞ!! ∆εν θα µαςεκπλήêει σε µεταγενέστερï στάδιï η αæαίρεση αλïυµινένιωνπÞρτων και παραθύρων, ενώ, ακïύστε και αυτÞ, έγινε πρïσπά-θεια αæαίρεσης στύλων æωτισµïύ ιδιωτικïύ δρÞµïυ, διÞτι ωςαλïυµινένιïι έøïυν «µεγάλη» αêία.

Επιøειρηµατίας ανάπτυêης, æίλïς τïυ Γραæείïυ, ï ïπïίïςαγÞρασε ένα µεγάλï ïικÞπεδï επί της Γρ. ∆ιγενή στηνΛευκωσία και τï ïπïίï περιείøε µια παλιά κατïικία, µας πλη-

ρïæÞρησε Þτι σε 10 ηµέρες αæαιρέθηκαν σøεδÞν τα πάντααπÞ την κατïικία, περιλαµâανïµένων και των παραστατών,ακÞµη και τα σύρµατα ηλεκτρïδÞτησης.

Ασæαλώς και δεν µεµæÞµεθα την αστυνïµική δύναµη,διÞτι υπÞ τις επικρατïύσες συνθήκες θα πρέπει η δύναµη ναδιπλασιαστεί σε αριθµÞ. Άρα τι απïµένει; ΕκτÞς απÞ τï πλέïνεπάναγκες τώρα της εγκατάστασης συστήµατïς συναγερµïύ,ήλθε µήπως ï καιρÞς η κάθε γειτïνιά να ïργανωθεί σε ïµά-δες πρïστασίας (vigilante groups) πïυ µε συνεøή περιπïλία ναπρïσæέρει µια âïήθεια στην αστυνïµία; Εάν Þµως η κατάστα-ση αυτή εêελιøθεί µε αυτÞν τïν τρÞπï της πρïστασίας, ïι κίν-δυνïι είναι µεγάλïι απÞ θερµÞαιµïυς «πρïστάτες» και«λωπïδύτες» απÞ την άλλη, µε τις ανάλïγες επιπτώσεις. Εκείπïυ υπάρøει η ïικïνïµική ευøέρεια η εργïδÞτηση «ïµάδωνπρïστασίας» µε νυκτερινή περιπïλία είναι ίσως πρïτιµÞτερη.Σε ένα έργï µας Þπïυ ïι ένïικïι «έæθασαν στï αµήν», úητή-σαµε πρïσæïρές και τï κÞστïς ανήλθε σε 30 ευρώ µηνιαίωςανά κατïικία µε 3 æïρές την νύκτα περιπïλία.. Έøïυµε Þµωςτις επιæυλάêεις µας âάσει των πιï πάνω και ίσως να øρειάúε-ται µια πιστïπïίηση πïιÞτητας/øαρακτήρα κλπ αυτών τωνïµάδων απÞ την αστυνïµία.. Ùλï αυτÞ είναι µια θλιâερή εêέ-λιêη µε ιδιαίτερη έγνïια για την ασæάλεια πïυ έøïυν ïι êένïιαγïραστές ακίνητης ιδιïκτησίας, διÞτι διαæηµίúïυµε ωςΚύπρïς Þτι έøïυµε την πιï ψηλή ασæάλεια στην Ευρώπη, µετην εγκληµατικÞτητα να æθάνει στï 20% της Βρετανίας καιστï 14% της Ισπανίας (στατιστικές Interpol).Τï θέµα ασæάλει-ας ιδιαίτερα για êένïυς αγïραστές των εêïøικών πïυ δεν δια-µένïυν στις κατïικίες τïυς, παρά µÞνï ïρισµένες ηµέρες τïνøρÞνï, αλλά ιδιαίτερα έøïντας υπÞψη την ηλικία τïυς (πέραντων 60 ετών κατά µέσï Þρï) τï θέµα ασæαλώς απïτελεί ιδιαί-τερη έγνïια. Η ύπαρêη ασæαλιστικής κάλυψης δεν είναι τÞσïτï θέµα, Þσï η αναστάτωση πïυ πρïκαλείται στην ïικïγένειακαι ιδιαίτερα στην απώλεια πρïσωπικών αντικειµένων.Βιώνïυµε αγαπητïί µας αναγνώστες µια νέα εêέλιêη στηνασæάλεια της ακίνητης µας ιδιïκτησίας. Ως τώρα ïι κλïπέςαναæέρïνταν σε κενά κτίρια και σε καταστήµατα. Ùµως εάνσυνεøισθεί η πτωτική τάση της ïικïνïµίας και η αύêηση τηςανεργίας, ίσως ïι ληστείες να γίνïυν και πιï τïλµηρές και ïιτïλµηρïί ληστές να εισâάλλïυν σε κατïικίες/ιδιïκτησίες ενώïι ένïικïι âρίσκïνται ακÞµη µέσα!!

Για να µην νïµίσετε Þτι η æαντασία µας έøει περάσει σεεπιστηµïνικÞ επίπεδï, πρï 14 µηνών λάâαµε επιστïλή απÞκατασκευαστή θωρακισµένων θυρών απÞ την ΝÞτια Αæρική,πïυ µας úήτησε να γίνïυµε αντιπρÞσωπïι τïυ στην Κύπρï (ηΝ. Αæρική έøει ένα απÞ τα πιï ψηλά επίπεδα εγκληµατικÞτη-τας στïν κÞσµï). Μας εêήγησε Þτι υπάρøïυν δύï ειδώνθύρες. Η µια τύπïυ æυλακής (µπάρες) πïυ τïπïθετïύνταιµετά απÞ την εêώθυρα µε smart-railings (µπάρες πïυ µε την

µετακίνηση τïυς ενεργïπïιïύν τï σύστηµα συναγερµïύ) καιïι θωρακισµένες θύρες των υπνïδωµατίων πïυ έøïυν «µάτι»εισÞδïυ και κωδικÞ. Ασæαλώς τïυ απαντήσαµε Þτι Þøι µÞνïδεν µας ενδιαæέρει, αλλά Þτι για τέτïιï πρïϊÞν δεν υπάρøειúήτηση (τÞτε) στην Κύπρï.Τώρα Þµως κάνïυµε δεύτερες σκέ-ψεις διÞτι εάν αυτή η κατάσταση συνεøιστεί (πïυ την αναµέ-νïυµε), ίσως να είναι µια συµπληρωµατική επιøείρηση στïντïµέα των ακινήτων πïυ τώρα παραπαίει!! Πïλύ æïâïύµεθαÞτι µε τα 80.000 κυνηγετικά Þπλα και άλλα τÞσα G3 στις κατïι-κίες των εæέδρων, δεν θα µας παραêενέψει και η εêέλιêηαιµατηρών επεισïδίων!!

Στï διαæηµιστικÞ æυλλάδιï τïυ επίδïêïυ µαςΝïτιïαæρικανïύ «συνέταιρïυ» αναæέρïνται διάæïρα στïι-øεία κλïπών, περιλαµâανïµένïυ και πïυ θα τïπïθετήσει ταπυρïâÞλα Þπλα ï ιδιïκτήτης (η άδεια ïπλïæïρίας είναι ρïυ-τίνα µάλλïν στην Ν. Αæρική)!!

Ιστïρίες µε æαντασία θα µας πείτε και απαντïύµε ναι,έøετε δίκαιï, αλλά πïιïς περίµενε τέτïιες εêελίêεις στηνεγκληµατικÞτητα στην κατά τα άλλα ασæαλή Κύπρï πρïδιετίας;

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

∂ÍÂÏ›ÍÂȘ ÛÙËÓ ·ÛÊ¿ÏÂÈ· ·ÎÈÓ‹ÙˆÓ

1 ΜΑΪÃΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ÌΡΗΜΑ&ΑΓÃΡΑ

™Â ÙÚԯȿ ÎÔ˘Ú¤Ì·ÙÔ˜ Î·È Ù· ÂÈÙfiÎÈ·Σε τρïøιά µείωσης των καταθετικών και των δανει-

στικών επιτïκίων θα âρεθïύν απÞ σήµερα 1η ΜαΐïυΤράπεúες και ΣυνεργατισµÞς. Μετά την ΕλληνικήΤράπεúα και τη Eurobank πïυ µείωσαν τï δανειστικÞτïυς επιτÞκιï κατά 0,25% στï øïρÞ µπήκε και η ΤράπεúαΚύπρïυ η ïπïία στï πλαίσιï υλïπïίησης µέτρων µεστÞøï την στήριêη των πελατών της ανακïίνωσε τη µεί-ωση τïυ âασικïύ της επιτïκίïυ κατά 0,5% µε ισøύ απÞτην 1η Μαΐïυ τïυ 2013.

ΑπÞ τη µείωση αυτή τα âασικά επιτÞκια διαµïρæώ-νïνται ως εêής:- ΒασικÞ επιτÞκιï Τράπεúας Κύπρïυ & πρώην ΛαϊκήςΤράπεúας 5,25% - ΒασικÞ επιτÞκιï Στεγαστικών Τράπεúας Κύπρïυ 3,50% - ΒασικÞ επιτÞκιï Επιøειρήσεων Τράπεúας Κύπρïυ4,25%

Η µείωση επηρεάúει Þλα τα δάνεια/τρεøïύµενïυςλïγαριασµïύς πïυ είναι συνδεδεµένα µε τï âασικÞ επι-τÞκιï.

AÓ·ÛÙÔÏ‹ ¯ÚÂÒÛÂˆÓ 75 ËÌÂÚÒÓ Η Τράπεúα Κύπρïυ πρïøώρησε επίσης και στην εæαρµï-

γή αναστïλής øρεώσεων, απÞ τις 16 Απριλίïυ µέøρι και τις30 Ιïυνίïυ για περίïδï δηλαδή 75 ηµερών.

Συγκεκριµένα, µηδενικές είναι ïι øρεώσεις για:- Καθυστέρηση στην απïπληρωµή δανείων, (εêαιρïυµένωνïπïιïνδήπïτε λïγαριασµών είναι ήδη τερµατισµένïι).- Υπέρâαση τρεøïύµενïυ λïγαριασµïύ πέραν τïυ εγκριµέ-νïυ ïρίïυ - Επιστρïæή επιταγής - Εγκριµένï πρïσωρινÞ Þριï σε τρεøïύµενï λïγαριασµÞ

Τα πιï πάνω µέτρα ισøύïυν για τï σύνïλï των πελατών

της Τράπεúας Κύπρïυ, συµπεριλαµâανïµένων και των πελα-τών της πρώην Λαϊκής Τράπεúας.

ΕπιπρÞσθετα, Þλïι ïι πελάτες της τράπεúας µπïρïύν, ανκρίνïυν αναγκαίï, να επικïινωνήσïυν µε τïν πρïσωπικÞ τρα-πεúίτη τïυς για τυøών επανεêέταση και αναδιαµÞρæωση τωνδÞσεων τïυς, âάσει των νέων ïικïνïµικών τïυς δεδïµένων.

Η Ελληνική Τράπεúα έøει ήδη ανακïινώσει Þτι τï âασικÞεπιτÞκιï της Τράπεúας απÞ 5,75% µειώνεται στï 5,50%, τïâασικÞ επιτÞκιï δανείων επιøειρήσεων απÞ 4,75% σε 4,50%,τï âασικÞ επιτÞκιï υπερανάληψης επιøειρήσεων απÞ 4,75%σε 4,50%, τï âασικÞ επιτÞκιï στεγαστικών δανείων απÞ 4,40%σε 4,15% και τï âασικÞ επιτÞκιï στεγαστικών δανείων (συνδε-δεµένων µε παλαιÞτερï âασικÞ επιτÞκιï της Ελληνικής

Τράπεúας) απÞ 5,25% σε 5,00%.Η Eurobank Cyprus Þπως ενηµέρωσε τïυς πελάτες

της, τï ΒασικÞ ΕπιτÞκιï Ìïρηγήσεων, της µειώνεται, µεισøύ απÞ 1η Μαΐïυ 2013, απÞ 4,90% σε 4,65% ετησίως.

¡¤Â˜ ÌÂÈÒÛÂȘ Û ‚¿ıÔ˜ ¯ÚfiÓÔ˘Ùπως µας ανέæεραν αρµÞδιες τραπεúικές πηγές η

ïυσιαστική µείωση των επιτïκίων θα øρειαστεί περίπïυένα øρÞνï να ïλïκληρωθεί αæïύ θα πρέπει να λήêει τïυæιστάµενï καθεστώς των τρεøÞντων γραµµατίων. ΗπρÞταση, της Κεντρικής Τράπεúας πρïâλέπει Þτι αν τïπρïσæερÞµενï απÞ τα øρηµατïπιστωτικά ιδρύµατα επι-τÞκιï για κατάθεση υπερâαίνει τï euribor συν 300 µïνά-δες âάσης, τÞτε τï øρηµατïπιστωτικÞ ίδρυµα θα πρέπεινα διατηρεί επιπρÞσθετα ειδικά ίδια κεæάλαια. Συνεπώς,πρïς εêέταση της συµµÞρæωσης των τραπεúών µε τηνυπÞ αναæïρά απαίτηση ειδικών ιδίων κεæαλαίων, ïι τρά-πεúες καλïύνται Þπως υπïâάλïυν στην Κεντρική Τράπεúατï εν λÞγω υπïλïγισµÞ σε µηνιαία âάση αρøής γενïµένης

την 31η Μαΐïυ τïυ 2013.Με τα νέα δεδïµένα τï ύψïς των καταθετικών επιτïκίων

θα κυµαίνεται σε âάθïς ενÞς øρÞνïυ µεταêύ 3 και 3,5% ενώτων δανειστικών επιτïκίων Þσïν αæïρά στεγαστικά δάνειαµεταêύ 4,5 και 5% και Þσïν αæïρά καταναλωτικά και επιøειρη-µατικά δάνεια µεταêύ 5,5 και 6%. Νïείται Þτι τï Þριï µπïρείνα διαæïρïπïιηθεί ανάλïγα µε τη øρïνική διάρκεια της κατά-θεσης

Σε Þτι αæïρά τα δανειστικά επιτÞκια η πïρτïγαλικήσυνταγή περιλαµâάνει τïν ïρισµÞ της δεινής ïικïνïµικήςθέσης, ηµερïµηνία λήêης για την ένταêη στï καθεστώς τωνευνïϊκών ρυθµίσεων για τα στεγαστικά δάνεια, εισïδηµατικÞπλαæÞν, αλλά και ανώτατï Þριï αêίας τïυ ακινήτïυ.

T¤ÏÔ˜ ÛÙ· «‰È· ‚›Ô˘» ∂ÎÛ˘Á¯ÚÔÓÈÛÌfi˜ ÙÔ˘ ÎÚ¿ÙÔ˘˜ ÙÔ ·ÚÁfiÙÂÚÔ Ì¤¯ÚÈ

Νέï πακέτï µέτρων για εκσυγøρïνισµÞ των θεσµών τïυκράτïυς παρïυσίασε ï ΠρÞεδρïς της ∆ηµïκρατίας ΝίκïςΑναστασιάδης.

Επιâάλλεται ανασυγκρÞτηση και εκσυγøρïνισµÞς τïυκράτïυς, απïκατάσταση της εµπιστïσύνης στïυς θεσµïύςκαι απïκατάσταση της εµπιστïσύνης των πïλιτών στïυςπïλιτικïύς ανέæερε.

Στα µέτρα περιλαµâάνïνται µεταêύ άλλων η άρση τηςâïυλευτικής ασυλίας για Þλες τις µïρæές αδικηµάτων, ηυπïøρέωση κατάθεση πÞθεν έσøες για πïλιτειακïύς αêιω-µατïύøïυς ενώ µε πρÞταση τρïπïπïίησης τïυΣυντάγµατïς, καθïρίúïνται επακριâώς και διευρύνïνται τααδικήµατα για τα ïπïία ï ΠρÞεδρïς της ∆ηµïκρατίας µπï-ρεί να διωøθεί πïινικώς.

à ΠρÞεδρïς Αναστασιάδης ανακïίνωσε επίσης Þτι διευ-ρύνεται ï κατάλïγïς των ελεγøïµένων αêιωµατïύøων(περιλαµâάνïνται και ï ∆ιευθυντής τïυ Γραæείïυ τïυΠρïέδρïυ, Πρïεδρικïί Επίτρïπïι, ∆ικαστές, Αρøηγïί µη κïι-νïâïυλευτικών κïµµάτων, κ.ά.) και µε συνταγµατική τρïπï-πïίηση, υπïøρεïύνται Þπως δηµïσιïπïιïύν τα περιïυσιακάτïυς στïιøεία (πÞθεν έσøες) σε καθïρισµένα øρïνικά δια-στήµατα.

Με τα µέτρα πïυ εêήγγειλε ï ΠρÞεδρïς Αναστασιάδηςεισάγïνται κανÞνες øρηστής διïίκησης και πάταêη της δια-æθïράς, πάταêη της διαπλïκής και των κατεστηµένων,εισαγωγή της αêιïκρατίας και της ισïπïλιτείας και µεταρ-ρύθµιση της δηµÞσιας διïίκησης.

¶¿Ù·ÍË Ù˘ ‰È·ÏÔ΋˜Παράλληλα πρïκειµένïυ να ανανεωθεί η πïλίτικη úωή

τïυ τÞπïυ και να παραøθεί τï æαινÞµενï διαπλïκής απïæα-σίστηκε Þπως µε τρïπïπïίηση των πρïνïιών της συντάγµα-τïς και της σøετικής νïµïθεσίας: Απïτελεί κώλυµα για τηνεπαναδιεκδίκηση εκλïγής στï αêίωµα τïυ Πρïέδρïυ της∆ηµïκρατίας η παραµïνή τïυ στï αêίωµα για πέραν τωνδύï συνεøÞµενων θητειών. Τï ίδιï κώλυµα ισøύει για Þσïυςεκλελεγµένïυς ασκïύν εκτελεστική εêïυσία Þπως

∆ηµάρøïυς και Κïινïτάρøες.Επίσης µε τις ίδιες πιï πάνω νïµïθετικές ρυθµίσεις

περιïρίúεται η θητεία των âïυλευτών, δηµïτικών και κïινï-τικών συµâïύλων σε τρεις συνεøÞµενες θητείες.

Παράλληλα για την πλήρωση της Þπïιας µÞνιµης θέσηςστï δηµÞσιï ή τïν ηµιδηµÞσιï τïµέα, θα λαµâάνεται υπÞψηï âαθµÞς επιτυøίας στις γραπτές εêετάσεις, ïι ïπïίες θαπρέπει να διασæαλίúïυν την ανωνυµία τïυ εêεταúïµένïυ, ταακαδηµαϊκά πρïσÞντα και ïι σøετικïί τίτλïι σπïυδών, ηπείρα και τα επαγγελµατικά πρïσÞντα, ενώ µειώνεται κάθε-τα η âαρύτητα πïυ πρïσδίδεται στην πρïæïρική εêέταση.

Την ίδια ώρα θα δηµιïυργηθεί ανεêάρτητη επιτρïπήπρïσλήψεων και πρïαγωγών για τï σύνïλï των ηµικρατι-κών ïργανισµών, απÞ άτïµα εγνωσµένïυ κύρïυς, κατ’ ανα-λïγία των Þσων ισøύïυν γα την Επιτρïπή ∆ηµÞσιαςΥπηρεσίας και την Εκπαιδευτική Υπηρεσία.

Πρïøωρώντας πάρα πέρα η κυâέρνηση µέσα στα πλαί-σια εκσυγøρïνισµïύ της ∆ηµÞσιας Υπηρεσίας µε νïµïσøέ-διï πïυ θα παραπεµæθεί στη Βïυλή των Αντιπρïσώπων θα:- Ρυθµίúεται ανά υπïυργείï ï καθïρισµÞς στÞøων και ηπαρακïλïύθηση της υλïπïίησης τïυς- Καθïρίúïνται ïι δείκτες µέτρησης της πïιÞτητας και τηςαπïτελεσµατικÞτητας των υπηρεσιών- Καθïρίúïνται µέθïδïι âελτίωσης των διïικητικών διαδι-κασιών και απλïύστευσης τïυ τρÞπïυ έκδïσης απïæάσεων.

1 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∫·È ‡ÛÙÂÚ· ÊÙ·›Ó ÔÈ °ÂÚÌ·ÓÔ›…°È·Ù› ÂÌ›˜ ÁÈ· 30 ¯ÚfiÓÈ· Íԉ‡·Ì ·fi ‰·ÓÂÈο ÏÂÊÙ¿ ·ÏfiÁÈÛÙ· Î·È ˙Ô‡Û·Ì ¤Ú·Ó ÙˆÓ ‰˘Ó·ÙÔÙ‹ÙˆÓ Ì·˜;

Είναι µε πïλύ απïρία ακÞµη και µε θαυµασµÞ πïυ παρα-κïλïυθώ τα τεκταινÞµενα τïυς τελευταίïυς µήνες Þσïαæïρά την Ãικïνïµία. Η Κύπρïς âιώνει Þπως λέγεται µια δεύ-τερη «εισâïλή» και σίγïυρα τις øειρÞτερες ïικïνïµικές συν-θήκες στην σύγøρïνη ιστïρία της. ∆εν θα διαæωνήσω µε τïνπαραλληλισµÞ πïυ γίνεται µεταêύ της σηµερινής κατάστασηςκαι της Τïυρκικής εισâïλής απλά θα πρïσπαθήσω να δώσωµια άλλη ïπτική γωνία στα διαδραµατιúÞµενα γεγïνÞτα.

Ùπως και στην περίπτωση της Τïυρκικής εισâïλής, έτσικαι τώρα κάπïιïι (και είναι πïλλïί) άνïιêαν τις ΚερκÞπïρτεςκαι κάλεσαν τïυς «æίλïυς» µας τïυς Γερµανïύς και σια ναµας λύσïυν τα ïικïνïµικά µας πρïâλήµατα. Απλά Þπως καιστην περίπτωση της Τïυρκικής εισâïλής διερωτώµαι αν ήτανενα µïιράσïυµε τï æταίêιµï, πïίïς θα έæταιγε περισσÞτερï, ïιντÞπιïι πïυ έκαναν τα πάντα για την διευκÞλυνση των στρα-τηγικών και στρατιωτικών σøεδιασµών των Τïύρκων ή ïιΤïύρκïι πïυ πιστïί στις επιδιώêεις τïυς άρπαêαν την ευκαιρίανα τις εæαρµÞσïυν;

Έτσι και στην σηµερινή κατάσταση, πιστεύω ακράδανταÞτι πρώτα πρέπει να κïιτάêïυµε τα τïυ ïίκïυ µας και µετά ναρίøνïυµε τις ευθύνες στïυς Γερµανïύς και τïυς υπÞλïιπïυςΕυρωπαίïυς πïυ στï κάτω κάτω, πρïσπαθïύν να διαæυλά-êïυν τα συµæέρïντα των δικών τïυς πïλιτών. Φταίνε ïιΓερµανïί δηλαδή πïυ εµείς για 30 øρÞνια êïδεύαµε απÞδανεικά λεæτά αλÞγιστα και úïύσαµε πέραν των δυνατïτήτωνµας; Ακïύω κάπïιïυς να λένε Þτι µας πρÞδωσαν ïι Ευρωπαίïιεταίρïι και δεν σεâάστηκαν την αρøή της ΕυρωπαϊκήςΈνωσης για αλληλεγγύη ως σαν να πρïκλήθηκε η ïικïνïµικήκρίση στην Κύπρï απÞ θεϊκά æαινÞµενα και Þøι απÞ την κακήδιαøείριση των τραπεúών και τï æαγïπÞτι στïν δηµÞσιï

τïµέα.Παραθέτω απλά πιï κάτω, µερικά απÞ τα γεγïνÞτα πïυ

ïδήγησαν στην σηµερινή ïικïνïµική κρίση και ας âγάλει ïκαθένας τα δικά τïυ συµπεράσµατα:

- Εδώ και 30 øρÞνια έøïυµε ελλειµµατικïύς πρïϋπïλïγι-σµïύς και Þταν σταµάτησαν να µας δανείúïυν αæïρίúαµε τιςαγïρές.

- Τï πïλιτικÞ µας σύστηµα âασίúεται στην διαæθïρά καιστην διαπλïκή. Τï µεγαλύτερï µέρïς των δηµïσιών υπαλλή-λων κατέøïυν τις θέσεις πïυ κατέøïυν λÞγω πïλιτικών πεπïι-θήσεων και πιστής υπακïής στï κÞµµα τïυς.

- Η ïικïνïµία της Αµερικής κατάρρεε τï 2009, ïι δικïί µαςΥπïυργïί µας έλεγαν Þτι δεν øρειάúïνται µέτρα και Þτι ηΚύπρïς θα περνïύσε αλώâητη απÞ την κρίση. ∆ηλαδή σκέ-æτïµαι Þταν έøεις τέτïιïυς ‘ειδήµïνες’ τÞτε τι να περιµένεις;

- Έøïυµε τïυς πιï ακριâïπληρωµένïυς εκπαιδευτικïύς,πιλÞτïυς, αερïσυνïδïύς στην Ευρώπη. Πïια είναι η Κύπρïςκαι τι ιδίïυς πÞρïυς έøει για να δίνει τέτïιïυς µισθïύς;

- Ãι τραπεúίτες µας νÞµιúαν Þτι η Κύπρïς είναι τï κέντρïτïυ κÞσµïυ êαæνικά âρέθηκαν να έøïυν παραρτήµατα σεΡωσία, Ãυκρανία, Ρïυµανία, Σερâία κτλ, απλά για να µπïρïύννα πηγαίνïυν σε ταêίδια αναψυøής. Επίσης νÞµιúαν Þτι είναιπιï έêυπνïι απÞ τïυς άλλïυς και αγÞραúαν Ελληνικά ïµÞλïγαÞταν ïι άλλïι πïυλïύσαν.

- Ãι δηµÞσιïι υπάλληλïι ακïλïυθïύν πιστά τις ïδηγίεςτων Συντεøνιών τïυς πïυ µπïρïύν να ‘ρίêïυν κυâέρνηση’ καιγια αυτÞ καµία κυâέρνηση δεν τïλµά να τïυς αντιµετωπίσεικαι να τïυς æέρει πρï των ευθυνών τïυς.Αντί απÞ µÞνες τïυςïι Συντεøνίες να αντιληæθïύν Þτι ïι παράλïγα υψηλïί µισθïί,επιδÞµατα και διευκïλύνσεις των δηµïσίων υπαλλήλων, θα

ïδηγïύσαν στην καταστρïæή τïυ κράτïυς και να úητήσïυνεθελïντικά µειώσεις Þταν υπήρøε ακÞµα øρÞνïς, αυτïί σæύ-ριúαν αδιάæïρα.

- Η Ãικïνïµία κατάρρεε και η έννïια της µίας Κυâέρνησηςήταν η στήριêη αθλητικών σωµατείων και της άλλης η πρÞ-σληψη Þσων πιï πïλλών συµâïύλων τύπïυ γίνεται στïΠρïεδρικÞ.

- Ìιλιάδες εργαúÞµενïι τïυ ιδιωτικïύ τïµέα στέκïνταιστην Þυρά της ανεργίας ή æεύγïυν για τï εêωτερικÞ ενώ ïιΕκπαιδευτικïί µας αρνïύνται να δïυλέψïυν επιπλέïν µια ώρατην εâδïµάδα

- Ãι âïυλευτές µας αµείâïνται σαν Πρίγκιπες ενώ την ίδιαώρα πïλλαπλασιάúïυν τα εισïδήµατα τïυς απÞ της ιδιωτικέςτïυς δïυλειές λÞγω της θέσης τïυς σαν âïυλευτές

- Κανένας επιøειρηµατίας πïυ δεν ‘λαδώνει’ τïυς δηµïσί-ïυς υπάλληλïυς δεν µπïρεί να τα âγάλει πέρα µε την γραæει-ïκρατία και την øαµηλή έως ανύπαρκτη παραγωγικÞτητα τïυδηµÞσιïυ τïµέα

- Και για να µην πïύνε Þτι απλά παραθέτω γεγïνÞτα πïυαæήνïυν στï απυρÞâλητï τïν ιδιωτικÞ τïµέα, ïι επιøειρηµα-τίες µας µε τις λιµïυúίνες, τα σκάæη αλλά και τα παλάτια τïυςνÞµιúαν Þτι η ‘æïύσκα’ θα συνεøιúÞταν για πïλλά øρÞνιαακÞµη και êÞδευαν αλÞγιστα øωρίς να µετρïύν τα κïυκιά τïυς

Μπïρώ να παραθέσω πïλλά γεγïνÞτα ακÞµη απλά Þλα µεκάνïυν να διερωτώµαι τï ίδιï πράγµα: Γιατί τώρα πïυ έøειτελειώσει τï τρελÞ æαγïπÞτι και µας έøïυν æέρει τïν λïγα-ριασµÞ, µας æταίνε ïι Γερµανïί;

°È¿ÁÎÔ˜ ÷Ù˙ËÁÈ¿ÓÓ˘LL.B(Nott), LL.M, PGDMS(Cantab), ¡ÔÌÈÎfi˜

«Summer is Cyprus 2013»Ë Ó¤· η̿ÓÈ· ÙÔ˘ ¶∞™À•∂

Με στÞøï να γίνει η Κύπρïς ισøυρή τïυριστική δύναµη,ï ΠΑΣΥ¥Ε εγκαινιάúει νέα καµπάνια µε τίτλï «Summer isCyprus 2013». H εκστρατεία στïøεύει στην επένδυση στïντïυρισµÞ, πρïσæέρïντας ελκυστικές τιµές, εκσυγøρïνι-σµένες υπηρεσίες, απïτελεσµατικές συνεργασίες µε τïεêωτερικÞ και ενίσøυση τïυ εσωτερικïύ τïυρισµïύ.

Τï στρατηγικÞ πλάνï της καµπάνιας «Summer is Cyprus2013» θα διεκπεραιωθεί µε δράσεις πïυ ανταπïκρίνïνταιστις σύγøρïνες ανάγκες Þπως: ελκυστικά πακέτα σε êένïυςκαι εγøώριïυς τïυρίστες µε τις øαµηλÞτερες τιµές, διασæά-λιση της πïιÞτητας των υπηρεσιών τïυ τïυρισµïύ, ανάπτυ-êη δεêιïτήτων τïυ ανθρωπίνïυ δυναµικïύ πïυ απασøïλεί-ται στïν κλάδï, æιλïêενία êένων δηµïσιïγράæων διεθνïύςεµâέλειας για επίτευêη θετικής και άρτιας δηµïσιÞτητας

στα ΜΜΕ εêωτερικïύ, συνεργασίες για âελτιστïπïίησηταøύτητας σε θέµατα visas, συντïνισµÞ µε ταêιδιωτικά γρα-æεία, αερïπïρικές εταιρείες και εταιρείες κρïυαúιέρας,Þπως και µεταæïρικές εταιρείες για την απïκατάσταση τηςεικÞνας της Κύπρïυ και της ανάδειêης των ανταγωνιστικώντης πλεïνεκτηµάτων (παραλίες, αρøαιïλïγικïί øώρïι, µαρί-νες). Επίσης, θα γίνει πρïσπάθεια για επιµήκυνση της τïυ-ριστικής περιÞδïυ και συνεργασία µε τï YπïυργείïEêωτερικών.

Βασικά εργαλεία στην υπïστήριêη της καµπάνιας θαείναι τα νέα κïινωνικά δίκτυα Þπως Facebook, Twitter,Instagram, Pinterest κ.λπ., µέσω των ïπïίων θα αναρτάταισøετικÞ υλικÞ µε στÞøï τïυς δυνητικïύς επισκέπτες τηςΚύπρïυ.

ªª∆∆¡¡:: NN¤¤Â˜ ıı¤¤ÛÛÂÂÈȘ ÂÂÚÚÁÁ··ÛÛ››··˜Τα σøέδια της ΜΤΝ για τï επÞµενï διάστηµα περιλαµâά-

νïυν, νέï πρÞγραµµα µε 50% έκπτωση στï µηνιαίï πάγιï, τηλε-πωλήσεις, µια ευρέως øρησιµïπïιïύµενη τακτική πïυ αυêάνειτις επιλïγές των καταναλωτών αλλά και την πρÞθεση της ΜΤΝγια νέες πρïσλήψεις.

à νέïς ∆ιευθύνων Σύµâïυλïς της εταιρείας στην Κύπρï,Philip van Dalsen παρïυσιάúïντας τις τηλεπωλήσεις, τις øαρα-κτήρισε ως ένα ευρέως διαδεδïµένï κανάλι πωλήσεων τηλεπι-κïινωνιών υπηρεσιών στην Ευρώπη, αλλά µια νέα µέθïδï γιατην Κύπρï. Σøïλίασε Þτι ïι τηλεπωλήσεις είναι τυøαίες τηλεæω-νικές κλήσεις πρïς καταναλωτές, τÞσï MTN Þσï και µη, στïυςïπïίïυς η εταιρεία πρïσæέρει νέες ή πρÞσθετες ανταγωνιστι-κές λύσεις. Με τις τηλεπωλήσεις η ΜΤΝ πρïσæέρει εναλλακτι-κές επιλïγές για εêïικïνÞµηση δαπανών µε âάση τις εêατïµι-κευµένες ανάγκες κάθε καταναλωτή. Η ΜΤΝ Κύπρïυ είναιµέλïς τïυ πïλυεθνικïύ τηλεπικïινωνιακïύ ïµίλïυ εταιριώνMTN Group, πïυ λειτïυργεί σε 22 øώρες σε Ευρώπη, Ασία, καιΑæρική και εêυπηρετεί 189 εκατïµµύρια καταναλωτές.

1 ΜΑΪÃΥ, 2013

financialmirror.com | 5

ÌΡΗΜΑ&ΑΓÃΡΑ

·ÍÈÒÌ·Ù·ÙȘ 15 πÔ˘Ó›Ô˘

Τέλïς σύµæωνα µε τïν ΠρÞεδρï Αναστασιάδη η ανασυγκρÞ-τηση και ï εκσυγøρïνισµÞς ενÞς κράτïυς πρïϋπïθέτïυν, πέραντων άλλων, και την ενεργÞ συµµετïøή των πïλιτών στη διαµÞρ-æωση πïλιτικής. «Για τïν πιï πάνω σκïπÞ έøïυµε απïæασίσειτην εισαγωγή ενÞς θεσµικïύ µέτρïυ πïυ ενισøύει την άµεσηδηµïκρατία και τïυς δηµïκρατικïύς θεσµïύς» είπε.

Με τη νïµïθετική ρύθµιση πïυ πρïωθείται θα δίνεται ηδυνατÞτητα στïυς ίδιïυς τïυς πïλίτες είτε σε ïµάδες πïλιτών,να úητïύν τη θεσµïθέτηση πρïτάσεων για θέµατα ειδικÞτερïυή ευρύτερïυ ενδιαæέρïντïς. Απαραίτητη πρïϋπÞθεση ÞπωςεντÞς τακτής πρïθεσµίας συλλέγïυν τïυλάøιστïν 10.000 δηλώ-σεις υπïστήριêης πρïς τη συγκεκριµένη πρÞταση.

Αæïύ ελεγøθïύν και επαληθευτïύν ïι υπïγραæές, η πρÞτα-ση παραπέµπεται στη Βïυλή των Αντιπρïσώπων, η ïπïία εντÞςκαι πάλι τακτής πρïθεσµίας, απïæασίúει για την απïδïøή ήαπÞρριψη της. Σε περίπτωση πïυ η πρÞταση ενέøει τï στïιøείïτης αντισυνταγµατικÞτητας, λÞγω επιâάρυνσης τïυ κρατικïύπρïϋπïλïγισµïύ, η Βïυλή παραπέµπει την πρÞταση στηνΚυâέρνηση η ïπïία σε καθïρισµένï øρÞνï είτε την απïδέøεταιείτε αιτιïλïγηµένα την απïρρίπτει.

Για την υλïπïίηση των πιï πάνω έøει καθïριστεί ως øρÞνïςετïιµασίας Þλων των πρïτάσεων, ïι ïπïίες δεν έøïυν µïρæï-πïιηθεί σε νïµïσøέδια. Με την ïλïκλήρωση τïυς γίνεται παρα-πïµπή τïυ συνÞλïυ των νïµïθετικών πρïτάσεων στη Βïυλήτων ΑντιπρÞσωπων τï αργÞτερï µέøρι τις 15 Ιïυνίïυ.

GGuullff AAiirr:: ¡¡¤¤·· ÁÁÚÚ··ÊÊ››·· Νέï êεκίνηµα στην κυπριακή αγïρά πέτυøε η Gulf Air, µέσα

απÞ τη νέα συνεργασία της µε την Orthodoxou Aviation Ltd.Σύµæωνα µε τïν ∆ιευθυντή Πωλήσεων της Gulf Air, Yousif

Saeed, τï νέï êεκίνηµα της Gulf Air στην Κυπριακή αγïρά, θαδώσει στï επιâατικÞ κïινÞ µια επιπλέïν πïιïτική επιλïγή γιαταêίδια σε øώρες των Ηνωµένων Αραâικών Εµιράτων, της Ασίας

,της Αæρικής και τηνΙνδίας.

H Gulf Air Ιδρύθηκετï 1950. Τï υæιστάµενïδίκτυï της αερïπïρι-κής εταιρείας εκτείνε-ται απÞ την Ευρώπη

µέøρι την Ασία και συνδέει 48 πÞλεις σε 30 øώρες µε έναν στÞλïαπÞ 38 αερïσκάæη. Η Gulf Air λειτïυργεί στην Κύπρï απÞ τï1976 συνδέïντας µε εâδïµαδιαίες πτήσεις τη Λάρνακα µε τïΜπαøρέιν. Για τï έτïς 2013 τï πτητικÞ πρÞγραµµα της εταιρεί-ας, πρïσæέρει 5 απευθείας εâδïµαδιαίες πτήσεις για τïΕµιράτï τïυ Μπαøρέιν µε αερïσκάæη τύπïυ Airbus A-320,παρέøïντας υψηλïύ επιπέδïυ υπηρεσίες στïν Κύπριï ταêιδιώ-τη. Για περισσÞτερες πληρïæïρίες στην ιστïσελίδαwww.orthodoxouaviation.com ή στï 22 755 600.

HH eeaassyy ffoorreexx ÛÛÙÙÔÔ Â››ÎÎÂÂÓÓÙÙÚÚÔÔÛÛ˘ÓÓ‰‰ÚÚ››ÔÔ˘ ÙÙÔÔ˘ CCIIMM

Η easy-forex, µια απÞ τις πρωτïπÞρες εταιρείες Forexστην Κύπρï âρέθηκε στï επίκεντρï συνεδρίïυ τïυ CIM (CyprusMarketing of Institute). Ã πρÞσæατα διïρισµένïς ChiefMarketing Officer, Hillik Nissani, έδωσε µια πραγµατικά εµπνευ-στική ïµιλία και παρïυσίασε επίσης τïν διαγωνισµÞ έκπληêηπïυ είøε ïργανωθεί για τïυς παρευρισκïµένïυς, µε δώρα απÞτην εταιρεία Harley Davidson. Ã Hillik Nissani σε ïµιλία τïυ στïσεµινάριï, πïυ απαρτιúÞταν απÞ επαγγελµατίες στï øώρï τïυµάρκετινγκ και στρατηγικής, τÞνισε Þτι ïι Κυπριακές εταιρείεςµπïρïύν να αêιïπïιήσïυν τις νέες τεøνïλïγίες των µέσων ενη-µέρωσης για να πρïωθήσïυν τα πρïϊÞντα και τις υπηρεσίεςτïυς παγκïσµίως.

«Η easy-forex είναι µια παγκÞσµια εταιρεία πïυ µε υπερη-æάνεια εδρεύει στην Κύπρï. ΑπÞ την Κύπρï συντïνίúïυµε τηνπρïώθηση των πρïϊÞντων και υπηρεσιών Forex σε πάνω απÞ160 αγïρές σε Þλï τïν κÞσµï», εêήγησε ï κ. Nissani.

Η easy-forex έøει µÞλις êεκινήσει ένα συναρπαστικÞ νέïπαγκÞσµιï διαγωνι-σµÞ για συναλλαγές’Forex‘ µε τï κïρυ-æαίï âραâείï τïυ 1εκατ. δïλαρίων σεµετρητά και ένα ταêίδιúωής στï Σίδνεϊ τηςΑυστραλίας. Επισκε-æθείτε την ιστïσελίδαwww.easy-forex.comγια περισσÞτερες λε-πτïµέρειες.

Η Ρïυµανία µεταθέτει για τï 2020 την ένταêη στηνΕυρωúώνη, ακïλïυθώντας τï παράδειγµα της Βïυλγαρίας,της Ãυγγαρίας, της Τσεøίας και της Λιθïυανίας, η Πïλωνίαέøει υιïθετήσει πρïσεκτική στάση αναµïνής, µε µÞνï πρÞθυ-µï γιï ένταêη εδώ και τώρα τη Λετïνία.

Πριν απÞ µια δεκαετία τï ευρώ ήταν συνώνυµï τïυ εύκï-λïυ και æθηνïύ δανεισµïύ, αλλά και ταυτÞøρïνα εισιτήριï γιατην συµµετïøή στïν σκληρÞ πυρήνα της ευρωπαϊκής ïλïκλή-ρωσης. Σήµερα απÞ θέλγητρï έøει µεταâληθεί σε æÞâητρïÞøι µÞνï για τï υψηλÞ έως απαγïρευτικÞ πïλιτικÞ κÞστïςκυâερνητικής διαøείρισης, αλλά κυρίως για την αâεâαιÞτηταως πρïς τï µέλλïν τïυ κïινïύ νïµίσµατïς.

Η πρïθυµία της Λετïνίας εêηγείται απÞ τï µικρÞ τηςµέγεθïς και την παρïύσα και στις τρεις Βαλτικές Ìώρες ανα-σæάλεια πïυ πρïκαλεί η γειτνίαση µε τη Ρωσία. Επιπλέïν ηΡίγα έøει υπïστεί την πιï σκληρή συνταγή δηµïσιïνïµικήςεêυγίανσης τïυ ∆ΝΤ συγκριτικά µε την Ãυγγαρία και τηνΡïυµανία και δεν έøει να æïâάται κάτι øειρÞτερï.

Τï πραγµατικÞ âαρÞµετρï για τï µέλλïν της Ευρωúώνης,αλλά και για την τύøη της ευρωπαϊκής ïλïκλήρωσης συνïλι-κά θα είναι η στάση της Πïλωνίας πïυ ήδη Þøι µÞνïν θεωρεί-ται ως ï πιï σηµαντικÞς εταίρïς τïυ Βερïλίνïυ, αλλά κατα-γράæεται στη Γαλλία ως η ανερøÞµενη δύναµη πïυ επιτρέπειστη γερµανική πλευρά να παραµερίúει τïν επί δεκαετίεςσυνεταίρï στην ευρωπαϊκή ïικïδÞµηση.

Η Βαρσïâία πïυ πριν απÞ λίγα øρÞνια ήταν τï πιï σηµα-

ντικÞ έρεισµα της Ãυάσιγκτïν στη Γηραιά Ηπειρï, πïυ υπήρ-êε ï εταίρïς πïυ παρ’ ïλίγïν να âραøυκυκλώσει την υπïγρα-æής της Συνθήκης της ΛισαâÞνας, πïυ είøε καταγγείλει τησυµæωνία για τïν ΑγωγÞ Φυσικïύ Αερίïυ Northstream πïυ τηνπαρέκαµπτε ως νέï σύµæωνï Ριµπεντρïπ - ΜïλÞτïæ θα έøειστï µέλλïν πïλιτικά κυρίως κίνητρα για να πρïσøωρήσει στηνΕυρωúώνη, την κατïøύρωση της θέσης της ως Μεγάλης∆ύναµης ισÞτιµης της Γαλλίας και πάντως ισøυρÞτερης απÞτις στραπατσαρισµένες απÞ τη γερµανική λιτÞτητα Ισπανίακαι Ιταλία.

Πρïσøώρηση της Πïλωνίας στην Ευρωúώνη θα σηµαίνειταυτÞøρïνα και πιστïπïίηση συνέøισης της ïλïκλήρωσηςέστω και µε αυστηρές γερµανικές πρïδιαγραæές, κάτι πïυκάθε άλλï παρά δεδïµένï µπïρεί να θεωρείται σήµερα.

Η ειρωνεία της Ιστïρίας είναι µεγάλη: Στη ΣύνïδïΚïρυæής της Νίκαιας τïν ∆εκέµâριï τïυ 2000 ïι Σιράκ-·ïσπέν είøαν συγκρïυσθεί µετωπικά µε τïν Κïλ για να επιâά-λïυν την ισïτιµία ψήæων της Πïλωνίας και της Ισπανίας µε τηΓερµανία, Γαλλία, Ιταλία, σε µια πρïσπάθεια να ελέγêïυν τηνεπιρρïή τïυ Βερïλίνïυ, µια γαλλική εύνïια πïυ απïσύρθηκελίγα øρÞνια αργÞτερα, Þταν υπεγράæη στην πρωτεύïυσα τηςΠïρτïγαλίας η ïµώνυµη Συνθήκη. Είøε άλλωστε πρïηγηθείκαι τï τριµερές σøήµα διαâïυλεύσεων της Βαϊµάρης -Βερïλίνï, Βαρσïâία, Παρίσι- µέσω τïυ ïπïίïυ η Γαλλία ήλπι-úε να εêισïρρïπήσει τη Γερµανία σε επίπεδï περιæερειακήςσυνεργασίας.

Σήµερα η Βαρσïâία πρïâάλλει σε αντίστιêη µε τïνδυστρïπïύντα και δυσπρïσάρµïστï ΝÞτï της Ευρωúώνης ÞøιµÞνïν ως υπÞδειγµα πρïσαρµïγής στην ευρωπαϊκή ïλïκλή-ρωση, αλλά και σε περίπτωση πρïσøώρησης στην Ευρωúώνηως παράγïντα πïυ διευκïλύνει την απεµπλïκή απÞ τïν ΝÞτï,µε την Κεντρική Ευρώπη να απïκτά λÞγω τïυ Þγκïυ και τïυµεγέθïυς της Πïλωνίας την κρίσιµη µάúα της εναλλακτικήςεπιλïγής.

Η Πïλωνία αν πρïσøωρήσει στην Ευρωúώνη θα συµπαρα-σύρει Þλες τις øώρες της περιïøής, µπïρεί δηλαδή να επηρε-άσει απïæασιστικά τη συγκρÞτηση µιας ΓερµανικήςΜεσευρώπης. Μπïρεί να διαπραγµατευθεί µε τη ΓερµανίααπÞ πïλύ καλύτερη θέση απÞ Þ,τι η σηµερινή Γαλλία.

¢¤Î· ¯ÚfiÓÈ· ÌÂÙ¿Πριν απÞ µια δεκαετία τï ευρώ ήταν συνώνυµï τïυ εύκï-

λïυ και æθηνïύ δανεισµïύ αλλά και ταυτÞøρïνα εισιτήριï γιατη συµµετïøή στïν σκληρÞ πυρήνα της ευρωπαϊκής ïλïκλή-ρωσης. Σήµερα απÞ θέλγητρï έøει µεταâληθεί σε æÞâητρïÞøι µÞνï για τï υψηλÞ έως απαγïρευτικÞ πïλιτικÞ κÞστïςκυâερνητικής διαøείρισης, αλλά κυρίως για την αâεâαιÞτηταως πρïς τï µέλλïν τïυ κïινïύ νïµίσµατïς.

°ÈÒÚÁÔ˜ ∫·fiÔ˘ÏÔ˜¶ËÁ‹: ∏ÌÂÚÈÛ›·

∂˘ÚÒ: ∞fi ı¤ÏÁËÙÚÔ, Êfi‚ËÙÚÔ

1 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6 | EI∆ΗΣΕΙΣ | financialmirror.com

ÕÌÂÛË Ï‡ÛË ÛÙÔ Î˘ÚÈ·Îfi ÙÚ·Â˙ÈÎfi Û‡ÛÙËÌ· ‹ «deeper bail-in»∆Ô ‰›ÏËÌÌ· ÁÈ· ÙÔ ÂÁÁ‡˜ ̤ÏÏÔÓ

Σε συνέøεια τïυ τελευταίïυ µας άρθρïυ και µετά τï νέïδιάταγµα περί τραπεúικών συναλλαγών είναι ïλïæάνερï πωςέêι εâδïµάδες µετά τï άνïιγµα των τραπεúών στην Κύπρï τïµέλλïν τïυ τραπεúικïύ µας συστήµατïς παραµένει Þσï πιïαâέâαιï απÞ πïτέ.

Τï τελευταίï διάταγµα της κεντρικής δεν είναι τίπïταπερισσÞτερï απÞ τï να δίνεις ασπιρίνη στïν ασθενή πïυπάσøει απÞ γάγγραινα. Και επειδή η γάγγραινα θεραπεύεταιµÞνï µε τïµές είναι απαραίτητï τï κυπριακÞ τραπεúικÞσύστηµα µας να κÞψει την σøέση τïυ µε τï πïλιτικïïικïνïµι-κÞ κατεστηµένï της øώρας και να περάσει υπÞ τïν έλεγøïêένων επενδυτών.

Μετά τις τραγικές εêελίêεις της 15ης Μαρτίïυ και Þσαακïλïύθησαν και συνεøίúïυν να συµâαίνïυν, κανείς σώæρωνµεγάλï-καταθέτης δεν θα κρατήσει σηµαντικές καταθέσειςσε κυπριακή τράπεúα. Ãύτε âέâαια θα αγïράσει µετïøές ήïµÞλïγα των κυπριακών τραπεúών Þταν µÞλις διαπίστωσε Þτιïι µέτïøïι και ïι ïµïλïγιïύøïι των κυπριακών τραπεúών έøα-σαν τα πάντα – την ώρα πïυ ïι µεγαλïκαταθέτες απώλεσανακÞµα και τï 100% των καταθέσεών τïυς άνω των 100 øιλιά-δων ευρώ.

Και δεν υπάρøει πρïηγïύµενï στï παγκÞσµιï τραπεúικÞøάρτη τραπεúικÞς ïργανισµÞς να πετύøει την επιâίωση τïυ

øωρίς να έøει την άµεση στήριêη των µετÞøων, των ïµïλïγι-ïύøων τïυ και ειδικά των καταθετών τïυ.

Η αêιïπιστία τïυ τραπεúικïύ µας συστήµατïς έøει πληγείανεπανÞρθωτα. Για να κερδίσει πίσω έστω ένα µικρÞ µέρïςαυτής της αêιïπιστίας θα πρέπει απαραιτήτως να κÞψει Þλα ταδεσµά µε τις πρïηγïύµενες διïικήσεις και τα πρïηγïύµεναδιαπλεκÞµενα πïλιτικïïικïνïµικά συµæέρïντα.

Και για να γίνει αυτÞ απαιτείται η διïίκηση και ï έλεγøïςτων µετÞøων να περάσει σε êένα øέρια.

Τï ιδανικÞ âέâαια, Þπως αναæέραµε και στï τελευταίï µαςάρθρï, θα ήταν ïι τράπεúες να περνïύσαν απ’ ευθείας στïESM, Þπως και η διïίκησή τïυς, µε τï ESΜ να τις ανακεæαλαι-ïπïιεί άµεσα και, κατÞπιν, να τις πωλεί σε Þπïιïν ιδιώτη, êένïή κύπριï µπïρεί και θέλει να τις αγïράσει. ΑκÞµα και αν δενµπïρεί να γίνει αυτÞ, θα ήταν καλύτερα να περάσïυν σε ένανêένï Þµιλï παρά να συνεøίúïυν να είναι στην κατïøή τραπεúι-τών κυπρίων ïι ïπïίïι εγγυώνται Þτι ïι τράπεúες πïυ λειτïυρ-γïύν στην Κύπρï θα είναι τράπεúες-úÞµπι. Έτσι κι αλλιώς πωςείναι δυνατÞν σε µια νïµισµατική ένωση να υæίστανται εθνικάτραπεúικά συστήµατα;

Επειδή Þµως ïι ευρωπαίïι «επιστήµïνες» δεν θα απïδε-øτïύν να αναλάâει ï ESΜ τï ρÞλï αυτÞ, απÞ µÞνïι µας θαπρέπει άµεσα να αναúητήσïυµε êένïυς επενδυτές.

à øρÞνïς πλέïν τελειώνει και αν δεν εêευρεθïύν άµεσαεπενδυτές, και µετά τις τελευταίες δηλώσεις ευρωπαίωναêιωµατïύøων πως τα 10δις είναι τï maximum πïυ θα µαςδώσïυν, ένα “deeper bail-in” στï εγγύς µέλλïν µïιάúει πιïπιθανÞ απÞ πïτέ.

Σύµæωνα µε δηµïσιεύµατα τα êένïυ τύπïυ πïυ επικαλïύ-νται κïινïτική πηγή, ïι Βρυêέλλες øαρακτηρίúïυν «σκληρή

ïρïæή» (hard limit) τα 10 δισ. ευρώ. ΕνδεøÞµενες επιπρÞσθε-τες ανάγκες της Κυπριακής ∆ηµïκρατίας για ανακεæαλαιï-πïίηση øρηµατïπιστωτικών ιδρυµάτων (και δη της ΤράπεúαςΚύπρïυ) θα πρέπει να καλυæθïύν απÞ την ίδια, µε τη συµµε-τïøή των µετÞøων-επενδυτών, κατÞøων αêιïγράæων καικαταθετών µε πïσά άνω των 100.000 ευρώ, σε ένα âαθύτερïκïύρεµα (deeper bail-in) κατά τη διατύπωση τïυ αêιωµατïύ-øïυ. Καλά κάνïυµε να συνειδητïπïιήσïυµε Þλïι µας πλέïνπως ïι Ευρωπαίïι Þτι ήταν να πράêïυν τï έπραêαν, µας έøïυνρίêει τï µπαλάκι στα øέρια µας, και δεν υπάρøει πιθανÞτητανέας âïήθειας ïπïιεσδήπïτε και να είναι ïι εêελίêεις στïντραπεúικÞ µας τïµέα.

à πρÞεδρïς τïυ Eurogroup Νταισελµπλïύµ, καθώς και ïι«κηδεµÞνες» τïυ ΣÞιµπλε και Μέρκελ, έøïυν ευθαρσώςδηλώσει «διασώσεις» δύï ταøυτήτων: Ãι øώρες πïυ έøïυντην δανειïληπτική ικανÞτητα να διασώσïυν τïυς µη εγγυηµέ-νïυς καταθέτες θα τï κάνïυν (Þπως έκανε πρÞτινïς µε τηντράπεúα SNS Reaal ï κύριïς Ντάισελµλπïυµ). Ãι υπÞλïιπεςθα πρïâαίνïυν σε κïυρέµατα καταθέσεων! Βέâαια πρÞκειταιγια µια συνταγή επίσπευσης της τραπεúικής κρίσης, κατάργη-σης επί της ïυσίας των σøεδίων για πραγµατική τραπεúικήενïπïίηση και, εν τέλει, πλήρïυς απïσάθρωσης τηςΕυρωúώνης καθώς τα κεæάλαια θα εγκαταλείψïυν, αργά ήγρήγïρα, Þλï τïν τραπεúικÞ νÞτï µε καταστρïæικά απïτελέ-σµατα εν τέλει ακÞµα και στην Γαλλία.

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

Νέï øαρτïνÞµισµα των 5 ευρώ αναµένεται να κυκλïæïρή-σει στις 2 Μαΐïυ, µε τα κύρια øρώµατα να παραµένïυν Þπωςστï παλιÞ, αλλά µε επιπρÞσθετες πρÞνïιες πάνω τïυ, ώστε ναείναι πιï δύσκïλη η παραøάραêη.

Στην επιæάνειά τïυ θα υπάρøει τï Þνïµα τïυ νïµίσµατïςστα ελληνικά και στα λατινικά, αλλά πλέïν και µε κυριλλικïύςøαρακτήρες, λÞγω της ένταêης της Βïυλγαρίας στη úώνη τïυευρώ. à øάρτης πïυ θα εικïνίúεται στï νέï øαρτïνÞµισµα θαπεριλαµâάνει Κύπρï και Μάλτα. Θα υπάρøïυν επίσης τα αρøι-κά της Ευρωπαϊκής Κεντρικής Τράπεúας σε εννέα παραλλαγές,ανάλïγα µε τη γλώσσα, π.ø. Ε·Β και για τα γερµανικά, BCE γιατα µαλτέúικα κτλ.

Σταδιακά θα αλλάêïυν Þλα τα øαρτïνïµίσµατα τïυ ευρώ,κυρίως για λÞγïυς ασæαλείας, έøïντας øρώµα ελληνικήςµυθïλïγίας. Η νέα σειρά των øαρτïνïµισµάτων έøει τίτλï“Ευρώπη”. Τα νέα øαρτïνïµίσµατα θα τεθïύν σε κυκλïæïρίαµε αύêïυσα σειρά. Επïµένως, µετά τï τραπεúïγραµµάτιï των

5 ευρώ θα ακïλïυθήσει τï νέï τραπεúïγραµµάτιï των 10ευρώ. Ùταν Þλα τα νέα øαρτïνïµίσµατα θα έøïυν κυκλïæïρή-σει, θα συνυπάρêïυν για κάπïιï καιρÞ µε τα τωρινά, τα ïπïίακυκλïæÞρησαν για πρώτη æïρά τïν Ιανïυάριï τïυ 2002. Ταπαλιά øαρτïνïµίσµατα θα απïσυρθïύν σταδιακά.

∆¤ÏÔ˜ ÂÔ¯‹˜ ÁÈ· Ù· 500 ¢ÚÒ;Πάντως σε πρÞωρï θάνατï æαίνεται να ïδηγείται τï øαρτï-

νÞµισµα των 500 ευρώ µιας και ï αντιπρÞεδρïς της ΕυρωπαϊκήςΚεντρικής Τράπεúας, Βίτïρ Κïνστάντσιï, άæησε ανïιøτÞ τïενδεøÞµενï κατάργησής τïυ πρïâάλλïντας ως δικαιïλïγία τïγεγïνÞς Þτι τα περισσÞτερα øαρτïνïµίσµατα των 500 ευρώøρησιµïπïιïύνται για παράνïµες δραστηριÞτητες.

Ενώπιïν των Ευρωâïυλευτών, ï αντιπρÞεδρïς της ΕΚΤεπιøείρησε να τïυς πείσει για την ïρθÞτητα των ισøυρισµώντïυ, επισηµαίνïντας πως τï “εν λÞγω øαρτïνÞµισµα δεν øρη-

σιµïπïιείται ευρέως” και ως εκ τïύτïυ “δεν είναι απαραίτητïγια την λειτïυργία τïυ συστήµατïς πληρωµών”.

Ãι υπέρµαøïι την εν λÞγω πρÞτασης πïυ τάσσïνται στïπλευρÞ τïυ κ. Κïνστάντσιï διαµηνύïυν Þτι τα øαρτïνïµίσµα-τα των 500 ευρώ øρησιµïπïιïύνται σε παράνïµες επιøειρηµα-τικές δραστηριÞτητας, επιøειρώντας να απïæύγïυν τï ηλε-κτρïνικÞ σύστηµα πληρωµών.

Τα øαρτïνïµίσµατα τïυ ευρώ δεν έøïυν αλλάêει απÞ τÞτεπïυ µας «συστήθηκε» τï νέï νÞµισµα τï 2002, ενώ τï øαρτï-νÞµισµα των 500 ευρώ την επïøή εκείνη αντικατέστησε τïαντίστïιøï των 1.000 γερµανικών µάρκων.

N¤Ô ¯·ÚÙÔÓfiÌÈÛÌ· €5 ·fi ·‡ÚÈÔ

1 ΜΑΪÃΥ, 2013

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ÌΡΗΜΑ&ΑΓÃΡΑ

EÁÁÚ¿ÊÂÙ·È ˆ˜ ΢Úȷ΋ Ë AEGEANΠρÞθεση να εγγράψει θυγατρική αερïπï-

ρική εταιρεία στην Κύπρï æαίνεται Þτι έøει ηΑEGEAN και για τïν σκïπÞ αυτÞ έøει καθïρι-στεί συνάντηση για την ερøÞµενη εâδïµάδαανάµεσα στïυς αντιπρïσώπïυς της ελληνι-κής εταιρείας και την Πïλιτική Αερïπïρία τηςΚύπρïυ και άλλων αρµÞδιων æïρέων.

Η AEGEAN θέλει να πρïøωρήσει στηνεγγραæή θυγατρικής εταιρείας ως εêέλιêητης âάσης της στην Κύπρï πïυ λειτïυργεί τατελευταία δύï øρÞνια στï αερïδρÞµιïΛάρνακας µε δύï τïυλάøιστïν αερïπλάνατης να σταθµεύïυν εδώ και τα ïπïία θα επι-øειρïύν µε κυρίως κυπριακÞ πρïσωπικÞ.

Η AEGEAN τï τελευταίï δίµηνï είøεπραγµατïπïιήσει στην Λάρνακα σειρά συνε-ντεύêεων για πρÞσληψη ιπτάµενïυ πρïσωπι-κïύ (αερïσυνïδών και πιλÞτων) µε âάση τηνΚύπρï.

Η εταιρεία æαίνεται Þτι είναι διατεθειµένηνα κάνει Þτι øρειαστεί πρïκειµένïυ να απï-κτήσει τï ΚυπριακÞ ΠιστïπïιητικÞ Αερï-µεταæïρέα, κάτι πïυ αν επιτευøθεί τελικά θαπρέπει η εταιρεία να πρïøωρήσει άµεσα στïδιïρισµÞ ανώτατων διïικητικών στελεøώνειδικά για την Κύπρï, αλλά και να εγγράψειστï κυπριακÞ νηïλÞγιï πέραν τïυ ενÞς αερï-σκάæïυς. Για να της δïθεί η άδεια εκπÞνησηςπτητικïύ πρïγράµµατïς απαιτείται ΆδειαΑερïµεταæïρών, πïυ εκδίδεται απÞ την ΑρøήΑερïµεταæïρών, στην ïπïία συµµετέøïυν τïΥπ. Συγκïινωνιών, η Πïλιτική Αερïπïρία, η

Νïµική Υπηρεσία, τï Υπ. Ãικïνïµικών, τï Υπ.Εµπïρίïυ και ï ΚυπριακÞς ÃργανισµÞςΤïυρισµïύ.

Η AEGEAN στïøεύει στï να µετεêελίêη τηâάση της στην Κύπρï σε έδρα της θυγατρι-κής της εταιρείας πïυ θα εγγραæεί ώστε ναµπïρεί να αυêήσει τα δρïµïλÞγια της και τïδίκτυï της, αλλά και να διεκδικήσει άδειες γιαδρïµïλÞγια απÞ και πρïς τρίτες øώρες εκτÞςΕ.Ε πρïς τις ïπïίες, µε διµερής συµæωνίες ηΚύπρïς µπïρεί να αδειïδïτήσει και δεύτερïαερïµεταæïρέα εκτÞς των ΚυπριακώνΑερïγραµµών ή να εγκρίνει πτήσεις πïυ δενεπιθυµïύν να εκτελïύν ïι ΚυπριακέςΑερïγραµµές.

¡¤· ‰ÚÔÌÔÏfiÁÈ· ·fi ƒfi‰Ô Î·È ∫ˆ

Τη âασική της επιλïγή της να συνεøίσεικαι τï 2013 να στηρίúει έµπρακτα την ανάπτυ-êη της ελληνικής περιæέρειας και τïυ ελληνι-κïύ τïυρισµïύ, επιâεâαίωσε η

Την περασµένη εâδïµάδα η AEGEANανακïίνωσε Þτι θα αυêήσει τïν αριθµÞ τωναερïσκαæών σε 4 µε âάση την ΡÞδï, µε 27πλέïν απευθείας δρïµïλÞγια εêωτερικïύ µεστÞøï την αύêηση της κίνησης κατά 40% επι-πλέïν.

Επίσης απÞ τη νέα âάση της Κω, αντίστïι-øα, θα πραγµατïπïιïύνται 10 απευθείας δρï-

µïλÞγια εêωτερικïύ πρïς 5 øώρες και µε πλη-ρώµατα âασισµένα στην Κω.

ΣυνïλικÞτερα, στï δίκτυï πτήσεων τηςAEGEAN για τï 2013, πïυ περιλαµâάνει πλέïν158 συνïλικά δρïµïλÞγια τακτικών και ναυ-λωµένων πτήσεων εêωτερικïύ, πρïστίθενται5 νέες øώρες (Ãυκρανία, Ελâετία, Πïλωνία,Σïυηδία, Αúερµπαϊτúάν) και 10 διεθνείς πρïï-ρισµïί (Γενεύη, Μάντσεστερ, Λυών,ΣτïκøÞλµη, Κίεâï, Μπακïύ, Βερïλίνï,Νυρεµâέργη,ΑνÞâερï, Βαρσïâία).ΑπÞ τα 158δρïµïλÞγια εêωτερικïύ, τα 130 εκτελïύνταιαπÞ περιæερειακά αερïδρÞµια της øώρας,ενισøύïντας µε τïν τρÞπï αυτÞ σηµαντικά τιςτïυριστικές περιïøές.

Παράλληλα, µε την πρïσθήκη των νέωνâάσεων της εταιρείας στα αερïδρÞµια τηςΚω και της Καλαµάτας τï 2013, πλέïν τααπευθείας διεθνή δρïµïλÞγια της εταιρείαςπραγµατïπïιïύνται απÞ 8 âάσεις (Αθήνα,Θεσσαλïνίκη, Ηράκλειï, ΡÞδïς, Κέρκυρα,Κως, Καλαµάτα, Λάρνακα).

∆Ô ÛΤÊÙÂÙ·È Ë ∂.∂ ÁÈ· √lympic

Τέλïς αêίúει να σηµειωθεί Þτι ηΕυρωπαϊκή Επιτρïπή κίνησε εις âάθïςέρευνα âάσει τïυ κανïνισµïύ της ΕΕ περίσυγκεντρώσεων σøετικά µε την πρïτεινÞ-µενη εêαγïρά της Olympic Air απÞ τηνAegean Airlines. ΠρÞκειται για τις δύïκύριες ελληνικές αερïπïρικές εταιρείεςπïυ παρέøïυν υπηρεσίες αερïπïρικήςµεταæïράς επιâατών σε ελληνικά δρïµïλÞ-για εσωτερικïύ και σε διεθνή δρïµïλÞγια.ΑµæÞτερες ïι εταιρείες øρησιµïπïιïύν ωςâάση επιøειρήσεων τï ∆ιεθνή ΑερïλιµέναΑθηνών.

Η Επιτρïπή εκæράúει την ανησυøία τηςκαθώς εκτιµά πως η συναλλαγή µπïρεί ναέøει ως απïτέλεσµα αυêήσεις τιµών και µει-ωµένη πïιÞτητα υπηρεσιών σε αρκετά ελλη-νικά δρïµïλÞγια εσωτερικïύ µε αναøώρησηαπÞ την Αθήνα.

Η Επιτρïπή έøει λάâει πρïθεσµία 90εργάσιµων ηµερών, δηλαδή έως τις 3Σεπτεµâρίïυ, πρïκειµένïυ να λάâει ïριστι-κή απÞæαση, για τï εάν και κατά πÞσï ηπρïτεινÞµενη συναλλαγή θα παρακωλύσεισε σηµαντικÞ âαθµÞ την άσκηση απïτελε-σµατικïύ ανταγωνισµïύ στïν ΕυρωπαϊκÞÃικïνïµικÞ Ìώρï (ΕÃÌ).

Τïν «ασκÞ τïυ ΑιÞλïυ» στην αερïπïρικήαγïρά άνïιêε η Ryanair, ευρωπαϊκή εταιρείαøαµηλïύ κÞστïυς, παρïυσιάúïντας πλάνï«διάσωσης τïυ ελληνικïύ τïυρισµïύ», σύµ-æωνα µε τï ïπïίï µπïρεί να αυêήσει τηνεπιâατική κίνηση στην Ελλάδα κατά 10 εκατ.επιâάτες τïν øρÞνï έως τï 2016 µε την πρï-ϋπÞθεση Þτι θα πληρώνει µηδενικά τέληαερïδρïµίων.

Μάλιστα, κατηγÞρησε ως υπεύθυνï γιατη µείωση της επιâατικής κίνησης στηνΑθήνα τïν ∆ιεθνή Αερïλιµένα Αθηνών(∆ΑΑ) λÞγω τïυ υψηλïύ κÞστïυς των øρεώ-σεων, ενώ ανέæερε Þτι η Αθήνα συνεøίúει ναµην επωæελείται απÞ την ανάπτυêη τηςRyanair, επειδή η διïίκηση τïυ αερïδρïµίïυαρνείται να συνεργαστεί µε την εταιρείαøαµηλïύ κÞστïυς. Σύµæωνα µε την εæηµε-ρίδα Ηµερισία, άµεση ήταν η απάντηση τïυ∆ιεθνïύς Αερïλιµένα Αθηνών, η διïίκησητïυ ïπïίïυ κάνει λÞγï για «κανιâαλισµÞ»της υπάρøïυσας κίνησης απÞ την εταιρείακαθώς επιλέγει περιæερειακά αερïδρÞµια

στα ïπïία δεν επενδύει µακρïøρÞνια.Ãπως επισήµανε κατά τη διάρκεια συνέ-

ντευêης Τύπïυ πïυ παραøώρησε ï αναπλη-ρωτής διευθύνων σύµâïυλïς της Ryanair,Μάικλ ΚÞλεϊ, για να αυêηθεί η τïυριστικήκίνηση θα πρέπει:

- Να καταργηθïύν τα δικαιώµατα πρïςτï αερïδρÞµιï της Αθήνας για τα νέα δρï-µïλÞγια πïυ θα êεκινήσïυν.

- Να µειωθεί κατά 5 ευρώ τï «δικαίωµα»,τï ïπïίï είναι σήµερα 12 ευρώ για τις øώρεςεντÞς Ε.Ε. και 22 ευρώ για τις øώρες εκτÞςΕ.Ε.

à κ. ΚÞλεϊ, ωστÞσï, δεσµεύτηκε Þτι σετρία øρÞνια η Ryanair µπïρεί να æέρει τέσ-σερα εκατïµµύρια νέïυς επιâάτες στηνΑθήνα, δύï εκατïµµύρια στη Θεσσαλïνίκηκαι τέσσερα εκατïµµύρια στα υπÞλïιπααερïδρÞµια. Παράλληλα θα δηµιïυργïύσε10.000 νέες θέσεις εργασίας æέρνïνταςέως και 4,5 εκατ. επιâάτες ετησίως και απï-æέρïντας 4,5 δισ. ευρώ έσïδα, καθώς ηεταιρεία εκτιµά Þτι καθένας απÞ τïυς ταêι-

διώτες θα δαπανïύσε στη øώρα µας περί τα1.000 ευρώ.

Σøετικά µε την απïøώρηση της RyanairαπÞ την Κω, τη ΡÞδï και πρÞσæατα απÞ τηνΑγøίαλï, ï κ. ΚÞλεϊ είπε Þτι στις πρώτες δύïπεριπτώσεις τï συµâÞλαιï δεν ήταν για Þλητη øρïνιά, ενώ απέδωσε την τρίτη σε «αθέ-τηση συµæωνίας» απÞ την ΠεριæέρειαΘεσσαλίας. «Πρέπει να παράγïυµε κέρδïς.Ãøι να κάνïυµε αγαθïεργία», τÞνισε. ΑπÞτην πλευρά τïυ, τï ΑερïδρÞµιï της Αθήναςσε ανακïίνωσή τïυ τïνίúει Þτι έøει øρέïς να«περιâάλλει µε ίσες απïστάσεις τïυς αερï-πïρικïύς συνεργάτες τïυ», πρïσθέτïνταςÞτι συνεøίúει την πïλιτική κινήτρων παρέøï-ντας εκπτώσεις 20%-30% επί των øρεώσε-ων. Κάλεσε µάλιστα τη Ryanair να εκµεταλ-λευτεί αυτά τα κίνητρα.

ŒŒÓÓÂÂÛÛËË €555500 ÂÂÎÎ.. ÛÛÙÙÈȘÌÌÈÈÎÎÚÚÔÔÌÌÂÂÛÛ··››Â˜ ÂÂÈȯÂÂÈÈÚÚ‹‹ÛÛÂÂÈȘ

Την έναρêη τïυ πρïγράµµατïς«Επιøειρηµατικής Επανεκκίνησης» ύψïυς550 εκ.ευρώ, ανακïίνωσαν ï ΈλληναςΥπïυργÞς Ανάπτυêης Κωστής Ìατúηδάκηςκαι ï πρÞεδρïς τïυ Εθνικïύ ΤαµείïυΕπιøειρηµατικÞτητας και Ανάπτυêης,Γιώργïς Γερïντïύκïς.

Μέσω τïυ πρïγράµµατïς ïι µικρïµε-σαίες επιøειρήσεις θα µπïρïύν να λάâïυνδάνειï για κεæάλαιï κίνησης 4ετïύς διάρ-κειας έως 300.000 ευρώ και δάνειï γιαεπενδύσεις 5ετïύς - 10ετïύς διάρκειαςέως 800.000 ευρώ µε επιτÞκιï 4,5%.

Τα κεæάλαια πρïέρøïνται κατά 50%απÞ άτïκα δάνεια πïυ θα øïρηγήσει τïΕΤΕΑΝ και κατά 50% απÞ δάνεια πïυ θαøïρηγήσïυν 14 ελληνικές τράπεúες.

Ùπως ανέæερε, ï υπïυργÞςΑνάπτυêης, Κωστής Ìατúηδάκης «ïι µικρï-µεσαίες επιøειρήσεις, είτε υπάρøïυσεςείτε νέες επιøειρήσεις, µπïρïύν να απευ-θυνθïύν σε 14 τράπεúες, πρïκειµένïυ νααêιïπïιήσïυν αυτÞ τï πρÞγραµµα πïυείναι τï πιï æιλικÞ πρÞγραµµα πïυ υπάρøειγια τις µικρïµεσαίες».

Ryanair: X·Ú›ÛÙ ̷˜ Ù· Ù¤ÏË, Ó· ʤÚÓÔ˘Ì ÙÔ˘Ú›ÛÙ˜°È· «Î·ÓÈ‚·ÏÈÛÌfi» ·¿ÓÙËÛ ÙÔ ·ÂÚÔ‰ÚfiÌÈÔ ∞ıËÓÒÓ

£ÏÈ‚ÂÚ‹ ÚˆÙÈ¿ Ù˘ ∂ÏÏ¿‰·˜ Ì 27,2% ·ÓÂÚÁ›·Τη θλιâερή πρωτιά στην ανεργία εêακï-

λïυθεί να κατέøει η Ελλάδα στην ΕΕ, µεσυνïλικÞ πïσïστÞ 27,2% και 59,1% για τïυςνέïυς κάτω των 25 ετών τïν Ιανïυάριï τïυ2013, σύµæωνα µε στïιøεία της ΕυρωπαϊκήςΣτατιστικής Υπηρεσίας (Eurostat) πïυ δÞθη-καν στη δηµïσιÞτητα.

Σηµειώνεται Þτι τα στïιøεία της Εurostatγια την ανεργία στην ΕΕ αæïρïύν τïνΜάρτιï τïυ 2013, ενώ για την Ελλάδα αæï-ρïύν τïν Ιανïυάριï τïυ 2013.

Σύµæωνα µε τα στïιøεία της Eurostat,τïν Μάρτιï τïυ 2013, η ανεργία στηνΕυρωúώνη σηµείωσε ïριακή αύêηση, σεσøέση µε τï Φεâρïυάριï, απÞ 12% στï12,1%, ενώ στην «ΕΕ των 27» η ανεργία

παρέµεινε σταθερή στï 10,9% τï Μάρτιï. Ãιάνεργïι µέσα σε ένα µήνα αυêήθηκαν κατά69.000 στην «ΕΕ των 27» και κατά 62.000στην ευρωúώνη. Συνïλικά, καταγράæïνται26,521 εκατïµµύρια άνεργïι στην ΕΕ και19,211 εκατïµµύρια άνεργïι στην ευρωúώ-νη.

Τα υψηλÞτερα επίπεδα ανεργίας στηνΕΕ καταγράæïνται στην Ελλάδα (27,2% τïνΙανïυάριï τïυ 2012), στην Ισπανία (26,7%)και στην Πïρτïγαλία (17,5%). Τα øαµηλÞτε-ρα πïσïστά ανεργίας σηµειώθηκαν στηνΑυστρία (4,7%), στη Γερµανία (5,4%), στïΛïυêεµâïύργï (5,7%) και στην Ãλλανδία(6,4%).

Επιπλέïν, στην Ελλάδα καταγράæεται η

µεγαλύτερη αύêηση της ανεργίας µέσα σεένα øρÞνï (21,5% τïν Ιανïυάριï τïυ 2012σε 27,2% τïν Ιανïυάριï τïυ 2013). Μετά τηνΕλλάδα η µεγαλύτερη αύêηση της ανεργίαςκαταγράæεται στην Κύπρï (απÞ 10,75 ΣΕ14,2%), στην Ισπανία (απÞ 24,1% σε 26,7%)και στην Πïρτïγαλία (απÞ 15,1% σε 17,5%).

Εêάλλïυ, σε επίπεδα ρεκÞρ παραµένειστην ΕΕ η ανεργία των νέων κάτω των 25ετών. Σύµæωνα µε τα στïιøεία της Εurostat,τï Μάρτιï τïυ 2013 η ανεργία των νέωνπαρέµεινε σταθερή (σε σøέση µε τïΦεâρïυάριï) στï 23,5% στην ΕΕ και στï24% στην ευρωúώνη.

Συνïλικά, καταγράæïνται 5,690 εκατïµ-µύρια άνεργïι νέïι στην ΕΕ και 3,599 εκα-

τïµµύρια στην ευρωúώνη.Τα υψηλÞτερα επίπεδα ανεργίας για

τïυς νέïυς στην ΕΕ, καταγράæïνται στηνΕλλάδα (59,1% τïν Ιανïυάριï τïυ 2013),στην Ισπανία (55,9%), στην Ιταλία (38,4%)καιστην Πïρτïγαλία(38,3%). Τα øαµηλÞτεραπïσïστά καταγράæïνται στη Γερµανία καιστην Αυστρία (7,6%) και στην Ãλλανδία(10,5%).

Τέλïς, αêίúει να σηµειωθεί Þτι τï πïσï-στÞ ανεργίας στην Ελλάδα αυêήθηκε απÞ25,7% τï ∆εκέµâριï τïυ 2012 σε 27,2% τïνΙανïυάριï τïυ 2013. Τï πïσïστÞ ανεργίαςστïυς άνδρες διαµïρæώθηκε στï 23,9% καιστις γυναίκες στï 31,4%, τïν Ιανïυάριï τïυ2012.

Στη σύναψη συνεργασίας µε τï γνωστÞ τερµατïæύλακατης πïδïσæαιρικής ïµάδας ΑΠÃΕΛ, ∆ιïνύση Ìιώτη, έøειπρïâεί ï ïργανισµÞς “Hope For Children” UNCRC PolicyCentre (HFC), στα πλαίσια της εκστρατείας Beat Bullying.

à κ. Ìιώτης έøει απïδεøθεί την πρÞσκληση τïυ HFC ναανακηρυøτεί επίσηµïς υπïστηρικτής της εκστρατείας ενά-ντια στï σøïλικÞ εκæïâισµÞ, αæïύ είναι æανερά ευαισθητï-πïιηµένïς για τï εν λÞγω θέµα. O κ. Ìιώτης έøει δηλώσεισøετικά: «Ελπίúω να âïηθήσω να âρεθïύν και άλλïι υπï-στηρικτές, αλλά και για την ευαισθητïπïίηση της κïινήςγνώµης».

Τα δύï µέρη έøïυν πρïøωρήσει στην υπïγραæή µνηµï-νίïυ τï ïπïίï καθïρίúει την µεταêύ τïυς σøέση και υπïøρε-ώσεις. à κ. Ìιώτης επιθυµεί να πρïσæέρει µε αυτÞ τïντρÞπï την εµπειρία τïυ και την αæïσίωση τïυ ως πρïς τηναντιµετώπιση των æαινïµένων âίας στα σøïλεία.

∞∞ÓÓ··‚‚··ııÌÌÈÈÛÛÌ̤¤ÓÓ·· ÙÙ·· ··Èȉ‰ÈÈÎο¿‰‰ËËÌÌËËÙÙÚÚÈÈ··Îο¿ ÙÙˢ NNeessttlléé

Τα παιδικά δηµητριακά της Nestlé, στην πρï-σπάθειά τïυς για ένα ισïρρïπηµένï παιδικÞ πρω-ινÞ γεύµα, πρïøωρïύν στη âελτίωση της διατρï-æικής τïυς αêίας. Τα αγαπηµένα σε Þλïυς δηµη-τριακά Nesquik, Honey Cheerios, Cookie Crisp,Nesquik Duo καιChocapic, ανανε-ώνïυν τις συντα-γές τïυς, µεσκïπÞ να πρï-σæέρïυν έναγευστικÞ και θρε-πτικÞ πρωινÞ γιαένα δυνατÞ êεκί-νηµα στη µέρατων παιδιών!Συγκεκριµένα: Έøïυν λιγÞτερα απÞ 9 γρ σάκøαραανά µερίδα, Είναι πλïύσια σε ασâέστιï και γιαπρώτη æïρά εµπλïυτίúïνται και µε âιταµίνη D!

Τï ασâέστιï και η âιταµίνη D συµâάλλïυν στηæυσιïλïγική ανάπτυêη των ïστών των παιδιών.

Με τα παιδικά δηµητριακά ïλικής αλέσεωςτης Nestle, η γεύση συναντά την καλή διατρïæήσε κάθε πρωινÞ γεύµα των παιδιών!

ŒŒÚÚˆÙÙ··˜ Îη·ÈÈ ¿¿ııÔÔ˜ ··fifi ÙÙÈȘ ÛÛÔÔÎÎÔÔÏÏ¿¿ÙÙ˜ GGaallaaxxyy

à έρωτας είναι ένα µεγάλï κεæάλαιï στη úωήµας. Μας γεµίúει µε øαρά, µε ευτυøία, µε øτυπï-κάρδια, µε έντïνα συναισθήµατα και κυρίως µεπάθïς. Με αæïρµή την ηµέρα τïυ ΑγίïυΒαλεντίνïυ και τωνερωτευµένων, η σïκï-λάτα GALAXY® διïργά-νωσε τï διαγωνισµÞPassion for Love¥ έναδιαγωνισµÞ γεµάτïπάθïς και έρωτα. à δια-γωνισµÞς είøε διάρκειααπÞ τις 4 Φεâρïυαρίïυµέøρι και τις 3 Μαρτίïυκαι µïίραúε, εκτÞς απ’τα âελάκια τïυ έρωτα,πïλλά και πλïύσιαδώρα.

Συγκεκριµένα, ένα νικητής κάθε µέρα κέρδι-úε ένα κÞσµηµα αêίας 50 ευρώ ενώ η µεγάληνικήτρια τïυ διαγωνισµïύ, η Μαρία ΣïæïκλέïυςαπÞ Λευκωσία κέρδισε ένα ρïµαντικÞ ταêίδι γιαδύï στην πÞλη τïυ έρωτα και τïυ æωτÞς, τïΠαρίσι. Ùσïι ήθελαν να λάâïυν µέρïς στï διαγω-νισµÞ έπρεπε απλώς να αγïράσïυν µια ïπïιαδή-πïτε σïκïλάτα GALAXY® (Galaxy Milk, GalaxyRoasted & Caramelised Hazelnut ή GalaxyMinstrels) και να στείλïυν sms στï 1212.

¡¡¤¤ÔÔ ¿¿ÚÚˆÌÌ·· ··fifi ÙÙÔÔÓÓ IIsssseeyy MMiiyyaakkee

à designer Issey Miyake είναι γνωστÞς για τηδηµιïυργική τïυ αγνÞτητα και λιτή τïυ κïµψÞτη-τα. Τï απïτέλεσµα της δïυλειάς τïυ øαρα-κτηρίúεται απÞ úωντάνια, δυναµι-σµÞ, κίνηση και øρώµα.Είναι πάντïτε σύγ-øρïνï, αλλά διαρκείστï øρÞνï. Σήµερα,µια νέα περιπέτειααρøίúει στα øρïνικάτïυ αρώµατïς τïυIssey Miyake, ενι-σøύïντας τη σøέσητïυ µε τη µÞδα! ÃIssey Miyake είναιπαγκÞσµια γνωστÞςγια τις øαρακτηριστι-κές τïυ πιέτες ένα look πïυ έκανε τï γύρï τïυκÞσµïυ σε 80 øρώµατα. Σήµερα, η γραµµή PleatsPlease Issey Miyake, απïκτά και τï άρωµά της.Ένα άρωµα πïυ δηλώνει σεâασµÞ σε µια πρωτï-γενή δηµιïυργία µÞδας - µια ένεση συναισθήµα-τïς και αρωµατικής ωδής στην απÞλαυση.

Σηµαντική πρωτïâïυλία πïυ στïøεύει στην τÞνωση τηςεµπïρικής κίνησης στï κέντρï των ∆ήµων Λευκωσίας καιΛεµεσïύ, ανακïίνωσε η Τράπεúα Πειραιώς (Κύπρïυ) Λτδ.

Συγκεκριµένα, η Τράπεúα Πειραιώς στα πλαίσια τηςΕταιρικής Κïινωνικής Ευθύνης της, αλλά και της δύσκïληςσυγκυρίας πïυ âιώνει ï τÞπïς, απïæάσισε να καλύψει τïκÞστïς στάθµευσης σε δηµïτικïύς øώρïυς εντÞς τωνïρίων των δύï ∆ήµων κατά τη διάρκεια της ΜεγάληςΕâδïµάδας.

ΣκïπÞς τïυ µέτρïυ αυτïύ, είναι η στήριêη των καταστη-µάτων τïυ Κέντρïυ, η πρïσέλκυση των πïλιτών στï κέντρïτων πÞλεων για τις δραστηριÞτητες τïυς πïυ είναι άµεσασυνυæασµένες µε τïυς εïρτασµïύς τïυ Πάσøα (ψώνια,θρησκευτικές και ïικïγενειακές δραστηριÞτητες, κλπ)καθώς και η τÞνωση τïυ Αστικïύ Εµπïρικïύ Κέντρï.

Με âάση αυτή την πρωτïâïυλία Þλα τα παρκÞµετρακαθώς και ïι πιï κάτω δηµïτικïί øώρïι στάθµευσης των∆ήµων θα είναι στη διάθεση τïυ κïινïύ για δωρεάν øρήσηαπÞ τη Μεγάλη ∆ευτέρα µέøρι την Κυριακή τïυ Πάσøα.

Τï Πάσøα πλησιάúει και τï êενïδïøείï Four Seasons έøειαρøίσει απÞ νωρίς τις πυρετώδεις πρïετïιµασίες, ώστε ναυπïδεøθεί τïυς æιλïêενïύµενïύς τïυ σε µια άκρως εïρτα-στική ατµÞσæαιρα τηρώντας Þλα τα έθιµα και παραδÞσεις.

Τï τριήµερï των εïρτασµών θα êεκινήσει απÞ τï ΜεγάλïΣάââατï τï πρωί, Þπïυ ïι σεæ τïυ êενïδïøείïυ, θα âάψïυντα κÞκκινα αυγά και θα ετïιµάσïυν τις παραδïσιακές æλαïύ-νες και τσïυρέκια, σκïρπώντας παντïύ τις πασøαλινές ευω-διές. Ãι ένïικïι τïυ êενïδïøείïυ µπïρïύν να παρακïλïυθή-σïυν την πρïετïιµασία και να γευτïύν τις πασøαλιάτικεςλιøïυδιές συντρïæεύïντάς τις µε ένα πïτήρι øωριάτικïκρασί. Τï âράδυ της Ανάστασης θα σερâίρïνται µαγειρίτσα,æλαïύνες και κÞκκινα αυγά στα δωµάτια τïυ êενïδïøείïυ.

Ãι πασøαλινïί εïρτασµïί θα ïλïκληρωθïύν τη ∆ευτέρατïυ Πάσøα µε πλïύσιï µεσηµεριανÞ µπïυæέ στïυς øώρïυςτïυ Café Tropical. Ãι τιµές για τï µεσηµεριανÞ µπïυæέ τη∆ευτέρα τïυ Πάσøα είναι 45 ευρώ τï άτïµï και 25 ευρώ γιαπαιδιά κάτω των 12 ετών. Για περισσÞτερες πληρïæïρίες καικρατήσεις επικïινωνήστε στï 25858000.

∆∆ÚÚ.. ¶¶ÂÂÈÈÚÚ··ÈÈÒÒ˜:: ¢¢ˆÚÚ¿¿ÓÓ ¿¿ÚÚÎÎÈÈÓÓÁÁÎÎ ÙÙËËÓÓ ªªÂÂÁÁ¿¿ÏÏËË ∂∂‚‚‰‰ÔÔÌÌ¿¿‰‰··

¶¶··ÚÚ··‰‰ÔÔÛÛÈÈ··ÎÎfifi ¶¶¿¿ÛÛ¯·· ÛÛÙÙÔÔ FFoouurr SSeeaassoonnss

Τα êενïδïøεία Sunrise Beach Hotel και Brilliant HotelApartments, τïυ õίλïυ ¥ενïδïøείων Sunrise, âραâεύθη-καν πρÞσæατα απÞ την παγκÞσµια διαδικτυακή πλατæÞρµααêιïλÞγησης ταêιδιών Τrip Advisor Travellers, για τï ψηλÞεπίπεδï, την πïιÞτητα και την καινïτïµία στις υπηρεσίεςπïυ πρïσæέρïυν.

Συγκεκριµένα, τα êενïδïøεία Sunrise Beach Hotel καιBrilliant Hotel Apartments âραâεύθηκαν στην κατηγïρία «Top25 Hotels in Cyprus».Τï âραâείï απïνέµεται µÞνï σε êενïδï-øεία πïυ λαµâάνïυν συøνά θετικά σøÞλια απÞ τïυς πελάτεςτïυς, µέλη τïυ Trip Advisor, για τη διαµïνή και τις εµπειρίεςπïυ απÞλαυσαν.

Τα êενïδïøεία τïυ õίλïυ ¥ενïδïøείων Sunrise, έøïυναπïσπάσει και στï παρελθÞν πïλλά âραâεία. à ٵιλïςSunrise συνεøίúει να επενδύει στïν τïυριστικÞ τïµέα. Στιςêενïδïøειακές τïυ µïνάδες πρïστέθηκε τïν περασµένïΙïύλιï τï υπερπïλυτελές Sunrise Pearl, τï ïπïίï âρίσκεταιστην παραλία τïυ Πρωταρά, ακριâώς δίπλα απÞ τï SunriseHotel.

1 ΜΑΪÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

8 | ΑΓΟΡΑ | financialmirror.com

√√ ¢¢.. ÃÃÈÈÒÒÙÙˢ ˘ÔÔÛÛÙÙËËÚÚÈÈÎÎÙÙ‹‹˜ ÙÙÔÔ˘ ““BBeeaatt BBuullllyyiinngg””

¡¡¤¤Â˜ ‰‰ÈÈ··ÎÎÚÚ››ÛÛÂÂÈȘ ÁÁÈÈ·· ÙÙÔÔÓÓ fifiÌÌÈÈÏÏÔÔ ÍÍÂÂÓÓÔÔ‰‰Ôԯ››ˆÓÓ SSuunnrriissee

May 1 - 7, 2013

financialmirror.com | INVESTMENT NEWS | 19

FXTM launches new ccy pairs and CFDsForexTime Ltd (FXTM), the new forex broker founded by

Andrey Dashin, has launched seven new currency pairs and13 new CFD instruments for trading, giving traders, adding tothe list of forex, precious metals, commodities, shares andindices. The new currency pairs include exotic pairs, crosseswith the Swiss Franc and crosses with the Australian Dollar, amajor commodity currency.

“The new currency pairs include exotic currencies such asthe Turkish Lira, the Danish Krone, Norwegian Krone andSwedish Krone. These currencies tend to make quicker and

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Barclays Libor court case delayed to 2014The first UK court case linked to a complaint over the alleged rigging

of Libor interest rates has been delayed until next year to allow Barclaysthe chance to hear if an appeals court dismisses part of the case.

Guardian Care Homes, a residential carehome operator based inWolverhampton, England, is suing Barclays for up to 70 mln pounds ina claim that it was mis-sold interest rate hedging products that werebased on Libor.

The trial is seen as a test case for small British firms who believe theywere mis-sold such swaps and raises the prospect of other companieslinking future claims to interest rate rigging by banks.

Barclays has appealed a decision by Julian Flaux, the judge in the caseat London’s High Court, which allowed Guardian Care Homes to includeclaims relating to Libor manipulation in its case against the bank.

Flaux said the start of the trial should be delayed until April 2014 sothat Barclays’ appeal can be heard.

The Guardian Care Homes case is the first to link a complaint over thealleged mis-selling of products to the investigation into attempts tomanipulate Libor and other benchmark interest rates.

Barclays was the first bank to be fined for trying to game Libor, andthe court case is shining a light on those involved in its interest rate-set-ting process.

RBS wants to issue CoCos to boost capitalState-backed Royal Bank of Scotland said it would ask

shareholders for approval to issue debt that converts intoequity if the bank hits trouble.

The bank said that in response to UK regulatoryrequirements for banks to hold more capital and to allowit “to manage its capital in the optimal way” it would seekapproval to issue loss-absorbing capital instruments in theform of equity convertible notes (ECNs), also known as

“CoCos”.CoCos are bonds that convert into new shares if an

event occurs, such as if a bank’s capital ratio fell below 7%.RBS needs shareholder approval as issuing new sharescould dilute existing shareholders.

Other UK banks are also considering issuing CoCos andBarclays’ shareholders gave approval for it to issue ECNslast week.

UK charges two men with illegal forexBritain’s Financial Conduct Authority (FCA) has

charged two men with taking on more than 5 mln poundsfrom investors for unauthorised foreign exchange trading.

The FCA named the men as Alex Hope of Docklands,London, and Raj Von Badlo of Bourne End,Buckinghamshire.

The charges relate to ten offences and follow searches

at their homes in April and May last year. Both have beenbailed to attend City of London Magistrates Court, the FCAsaid.

Hope hit the headlines in March last year for racking upa drinks bill of more than 200,000 pounds at a Liverpoolnightclub, with one bottle of champagne costing 125,000pounds.

In the wake of the 500th anniversary of the work ofMachiavelli, you could be forgiven for wondering if anything inItalian politics has changed. Machiavelli, for all his faults andbrutality, was rightly cynical about politicians’ tendencies todelay tough decisions, and would likely have been unimpressedby the political deadlock that has long held Italy back. Thecountry is yet another victim of the Eurozone recession andhas struggled to effectively manage its fiscal affairs. That is,until now at least. Just this week, Prime Minister Enrico Lettaswore in a new coalition government, a line-up of politicalpersonalities from left to right who have pledged to tackle thecountry’s social economic problems head on. Can we finallyexpect a change?

The new economy minister, Fabrizio Saccomanni, hasannounced his plans to cut taxes and public spending, and tolower borrowing costs. Speaking to the La Republicanewspaper, he explained that he wants to “restructure the statebudget” to support companies and low earners. He also intendsto cut unproductive public spending in order to createresources needed to lower taxes, and would propose a “pact”between banks, businesses and consumers in order to boostlending and investments. His end goal is to restore investorconfidence and facilitate the reduction in Italy’s borrowingcosts.

His talk is ambitious. Yet we could hardly expect anythingdifferent from a politician faced with a mountain of financialchallenges. Saccomanni was himself part of the negotiationsfor the creation of the single European currency and helpedItaly to originally make the transition from the lira to the Euro.

He dismissed the recent talk that Italy would contribute to aEurozone break-up as merely exaggerated fears. He is obligedto show confidence and present a strong front.

If he can pull this off, it will certainly be impressive.Saccomanni is tasked with reviving the economy withoutallowing public finances to take a turn for the worse, and withbuilding investor confidence from worryingly low levels.Furthermore, his appointment comes within days of Moody’skeeping the country’s sovereign debt rating at Baa2. Thisaccounts for the country’s relatively low current cost of fundingbut still indicates an overall negative outlook. Plus, recent datafrom Italy’s national statistics institute reveals that during thefourth quarter of 2012, the economy shrank 0.9 pc, and thatgross domestic product was down 2.8 pc over the year.

Let us hope that Saccomanni and Letta are prepared for

the battle they face. Italy should feel new hope from thechange of government, but as always after a tense election, itremains to be seen whether words are more than simplyrhetoric. I think if anyone can revive Italy’s flailing economy,the former deputy governor of Italy’s central bank may just bethe man for the job. But it won’t be easy. Good luck to him.

The dollar hovered near its lowest levelin roughly two weeks against a basket ofcurrencies on Tuesday as declining bondyields and slowing inflation put pressureon the Federal Reserve for more action.

Undermining the dollar was a slide inthe two-year Treasury yield to a nine-month trough of 0.21% as low readings oninflation led some market players to bet onmore stimulus from major central banks.

The dollar index last traded at 82.189,not far from a low of 82.035 touched onMonday, its lowest level since April 17.

The Fed kicks off its two-day meetinglater in the day and markets are watchingto see if a sluggish economic recovery anda slowdown in inflation could not only endtalk of tapering bond buying but actually

push the central bank into buying more.“Given the underlying inflation trends,

we believe attention should shift to thepotential for further accommodation,which may involve increasing the monthlypace of purchases, holding securities for

longer or modifying the forward guid-ance,” analysts at Barclays Capital wrote ina note.

The Fed is currently buying $85 bln ofdebt a month and the talk had been ofwhen it might start to scale back. However,

a string of soft data has changed the con-versation.

“Talk that (the Fed’s) QE might end thisyear seems to be receding somewhat, dueto the recent weakness of economic data,”a trader for a Japanese bank told Reuters,

referring to the Fed’s bond-buying pro-gram.

The dollar edged up 0.2% to 97.94 yen.The greenback had slipped to as low as97.35 yen on Monday, its lowest level in

almost two weeks.The euro slipped 0.1% to $1.3088, giv-

ing back a bit of the gains it made onMonday, when the single currency rose

0.5% after Italy formed a governmentand ended two months of politicaluncertainty.

The euro, however still remains someway off this month’s high near $1.3200,and further gains may be limited aheadof the ECB policy meeting on Thursday.

A majority of economists polled byReuters expect the ECB to cut interest

rates by 25 basis points to 0.5%. A separateReuters poll of money market dealersshowed that they were evenly split onwhether the ECB will cut rates onThursday.

Dollar subdued as low inflation alters Fed calculus

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.

Can Italy exit its Machiavellian legacy?

May 1 - 7, 2013

20 | WORLD MARKETS | financialmirror.com

FFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISSFFOORREEXX CCOOMMMMEENNTTAARRYY && TTEECCHHNNIICCAALL AANNAALLYYSSIISS

By Oren LaurentPresident, Banc De Binary

www.bbinary.com

ECB may surprise… by not easing

LIBOR rates

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

USD USD 0.20 0.24 0.27 0.43 0.71 0.35 0.45 0.62 0.83 1.29 1.83GBP GBP 0.49 0.50 0.50 0.59 0.89 0.56 0.63 0.74 0.89 1.25 1.78EUR EUR 0.06 0.10 0.12 0.21 0.40 0.38 0.45 0.58 0.73 1.04 1.46JPY JPY 0.12 0.14 0.16 0.25 0.44 0.26 0.25 0.35 0.39 0.53 0.75CHF CHF 0.00 0.01 0.02 0.08 0.25 0.07 0.13 0.24 0.35 0.64 0.99

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 28.03 09.04 16.04 23.04 30.04 Today Last Week %Change

USD 1.3101 1.5496 1.0680 1.0233 USD 1.2740 1.2996 1.3024 1.2994 1.3043 1.5496 1.5219EUR 0.7633 1.1828 0.8152 0.7811 GBP 0.8416 0.8509 0.8510 0.8512 0.8420 1.3101 1.2985GBP 0.6453 0.8454 0.6892 0.6604 JPY 119.68 128.71 126.83 128.11 127.48 97.72 98.64CHF 0.9363 1.2266 1.4509 0.9581 CHF 1.2116 1.2106 1.2079 1.2129 1.2201 0.9363 0.9395JPY 97.72 128.02 151.43 104.37

JPY -0.93CHF -0.34

CCY

GBP -1.82EUR -0.89

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousMAY 1 EUR Most EU markets closed for May Day MAY 1 US ADP Non-Farm Employment Change due 3.30pm 153k 158kMAY 1 US Final Manufacturing PMI due 4.00pm 52.1 52.0MAY 1 US Construction Spending M/M due 5.00pm 0.70% 1.20%

MAY 1 US FOMC Statement - Fed Funds Rate due 9.00pm <0.25% <0.25%MAY 2 EUR Final Manufacturing PMI due 11.00am 46.5 46.5MAY 2 EUR ECB Rate Decision due 2.45pm - Mkts await Rate cut <0.5% 0.50%MAY 2 EUR ECB President Mario Draghi press conf starts 3.30pmMAY 2 US Prelim Nonfarm Productivity Q/Q due 3.30pm 1.80% -1.90%MAY 2 US Prelim Unit Labour Costs Q/Q due 3.30pm 0.20% 4.60%

MAY 2 US Weekly Unemployment Claims due 3.30pm 345k 339kMAY 3 GBP Services PMI due 11.30am 52.5 52.4MAY 3 EUR EU Economic Forecasts due 12.00noon MAY 3 EUR PPI M/M due 12.00noon -0.10% 0.20%MAY 3 US Non-Farm Employment Change due 3.30pm 155k 88kMAY 3 US Unemployment Rate M/M due 3.30pm 7.60% 7.60%

MAY 3 US Factory Orders due 5.00pm -2.00% 3.00%Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

What are European investors hoping for? Or, to put the questionmore forcefully (and give away our conclusion) what have they beensmoking? The European economy is going from bad to worse. Whileeconomic and financial indicators from around the world have recentlybeen disappointing, the US news has suggested nothing worse than therisk of another modest summer “soft patch,” whileChina has been settling into structurally slower, butstill very impressive growth. By contrast, the newsfrom Europe, including Germany, has recently beendire.

Yet European bond spreads are back to their levelsbefore the 2010 Greek crisis and European equitieshave recently started to outperform, with the DAXrebounding to its pre-Lehman highs and even Italy,Spain and France now joining the party. The mainexplanations for this surprising strength appear to bethe deal to form a new government in Italy, the pan-European resistance to German-inspired fiscal auster-ity and the hope of an ECB easing, maybe as soon asThursday.

Our scepticism about Italian politics was explainedin a comment last week. While we did not guess thename of the new Italian prime minister, events havebroadly confirmed our view that Italy is back underSilvio Berlusconi’s effective control. The new PM,Enrico Letta, is an even weaker figure than the othercandidates and more clearly under Berlusconi’s thumb (his uncle isBerlusconi’s chief political fixer). That makes a new politico-financialconfrontation with Germany and the ECB likely by the end of the year.Or maybe much sooner, since Berlusconi’s vow to reverse a hated troi-ka-imposed property tax hike is gaining traction among the ragged rem-nant of the center-left party Letta nominally leads.

Some investors, however, now seem to treat tensions betweenGermany on one side and Italy, Spain and France on the other as poten-tially good news, supporting the second reason for euro-optimism:imminent reversal of fiscal austerity. While the political and intellectualpendulum may indeed be swinging from austerity towards moreKeynesian “deficit denial,” we would urge extreme caution on thisscore. New budget consolidation measures are indeed off the agenda,apart from Cyprus, but tax hikes and spending cuts already legislatedwill continue throughout this year in almost every country, with thepossible exception of Italy. Any overt easing of fiscal policy is inconceiv-able until well after the German election on September 22. So it is purewishful thinking to hope that economic activity or profits might enjoysome kind of fiscal boost this year.

Which leaves the third possible cause of euro-optimism: expecta-tions of a monetary easing by the ECB. This is the strongest reasonfor hope, since it allows investors to treat bad economic news as goodnews that will bring forward the inevitable ECB easing. But it is also themost dangerous, since it could be dashed as soon as this week. Judgingby recent comments from key ECB policymakers, the markets are over-estimating the chances of an early monetary easing. And even if theECB does announce a quarter-point rate cut on Thursday, this couldwell be a case of “buy on the rumour, sell on the news” since the ECBis very unlikely to hint at any plans for further “unconventional” easingand seems to have no intention of following the aggressive monetary

expansionism of the Fed or the BoJ. ECB hawks cite at least four specific reasons for resisting any signifi-

cant easing. First and foremost, they believe that further rate cuts woulddo nothing to stimulate activity in southern Europe because the “mon-etary transmission mechanism” in Spain and Italy is largely broken. Butsecondly, they argue that the central bank has already done about asmuch to repair this transmission mechanism as it can. The creditcrunch in Italy and Spain, they insist, is not due to lack of bank liquidi-ty, which the ECB is able and willing to provide without limit. The prob-lem is inadequate bank capital and the ECB cannot help with that.

Thirdly, these officials maintain that where monetary transmis-sion mechanisms are not broken, further rates cuts or ECB balancesheet expansion would produce perverse results. In France, where theECB sees no credit crunch at present, they worry that looseningmonetary policy further will simply ease pressure on the governmentto undertake structural reforms, repeating the mistake made in Italylast year.

Meanwhile in Germany, interest rates are already negative and fur-ther cuts would cause more capital misallocation by inflating assetprices. Ominously for European equity investors, the asset inflationthat really worries the ECB’s hawkish faction is not in German hous-ing, which they see as merely recovering after a decade of stagnation,but in the German stock market, where price-earnings ratios are seenas becoming overstretched, as in the Fed bubble on Wall Street.

Finally, the ECB hawks see no reason to ease monetary policy toweaken the exchange rate. The main central banks of the world aredivided into two groups, they argue. On one side is the Fed, whichmanages a continental economy with relatively little trade depend-ence and treats the dollar exchange-rate structure as a residual of itsdomestic monetary policy. On the other side is the Bank of Japan,which may not explicitly target the exchange rate, but certainlyregards it as a very important monetary indicator and a key input intoits economic forecasts. While the Swiss National Bank and the Bankof England are clearly in the BoJ category, the ECB is in the samecategory as the Fed. It manages a continental economy which islargely self-sufficient and therefore treats the euro exchange-rate asan output of monetary policy, not an input in policy deliberations.

Many politicians and economists disagree with these ECB argu-ments for doing nothing—but bullish investors in Europe would berash to ignore them or simply wish them away.

Marcuard’s Market update by GaveKal Research

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8620British Pound * GBP 1.5496Bulgarian Lev BGN 1.4926Czech Koruna CZK 19.591Danish Krone DKK 5.6912Estonian Kroon EEK 11.942Euro * EUR 1.3101Georgian Lari GEL 1.646Hungarian Forint HUF 228.45Latvian Lats LVL 0.53375Lithuanian Litas LTL 2.6352Maltese Pound * MTL 0.3277Moldavan Leu MDL 12.24Norwegian Krone NOK 5.8137Polish Zloty PLN 3.1601Romanian Leu RON 3.2947Russian Rouble RUB 31.0114Swedish Krona SEK 6.5492Swiss Franc CHF 0.9363Ukrainian Hryvnia UAH 8.135

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0365Canadian Dollar CAD 1.0112Hong Kong Dollar HKD 7.7607Indian Rupee INR 54.2025Japanese Yen JPY 97.72Korean Won KRW 1101New Zeland Dollar * NZD 1.1673Singapore Dollar SGD 1.2331

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.9316Iranian Rial IRR 12073.90Israeli Shekel ILS 3.5836Jordanian Dinar JOD 0.7057Kuwait Dinar KWD 0.2841Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6402Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 8.9883U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7835Kazakhstan Tenge KZT 151.18Turkish Lira TRY 1.7942

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

May 1 - 7, 2013

financialmirror.com | MARKETS | 21

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

Vodafone investorswant bigger bid or merger

Six major Vodafone investors said $100bln was not enough for the British company’s45% stake in its U.S. joint venture withVerizon and urged the latter to come up withan offer of at least $120 bln, close toVodafone’s market cap of $146 bln. Shouldthe offer stand, the shareholders, with around1.3 bln Vodafone shares between them, saidthey would prefer the British group to pushfor a full merger with Verizon instead.

The main concern among investors wasthe fact that a sale of Verizon Wireless - thebest performing asset by far in the Vodafoneportfolio - would highlight the operator’sexposure to its troubled European markets.

Vodafone’s share of Verizon Wireless rep-resented around half of the British group’sadjusted operating profit in the six months tothe end of September 2012.

It also received a 2.4 bln pound dividendfrom its Verizon Wireless stake, and said itwould pass on 1.5 bln pounds to its share-holders via a buyback. Among its coreEuropean operations Vodafone operates incrisis-hit and heavily regulated markets suchas Italy, Spain and Portugal, where revenueshave come under pressure because of eco-nomic turmoil and intense competition.

May 1 - 7, 2013

22 | WORLD MARKETS | financialmirror.com

Private equity tests mining sectorWith the world’s largest miners flocking to sell assets, cut

costs across the industry and a virtual drought in buyers, pri-vate equity funds may finally be tempted into a sector longseen as potentially lucrative but risky.

Industry veterans say the coming months will be a test ofwhether private equity funds can turn intentions into invest-ments and become more than niche players in an industrythat has traditionally relied on public markets for cash.

“Interest from private equity in the sector is the highest Ihave ever seen,” one veteran industry banker said.

Another senior industry adviser described a “now ornever” moment despite volatility in commodity prices, citingwhat could be a drawn out period of low valuations in whichtraditional buyers - largely, other miners - are kept out bydemands they refocus and cut back rather than grow.

Volumes certainly point to increased interest.According to research and data group Preqin which stud-

ies private equity, eight natural resources funds focused sole-ly on mining raised an aggregate $8.5 bln in 2012, more thanthe years 2006-2010 combined, though data did not showhow much was spent on acquisitions.

Analysis by consultancy Ernst & Young suggests that pri-vate capital investors accounted for 21% of mining deal activ-ity globally in the nine months to September 30 last year,against just 12% for the same period in 2011.

Smaller miners and developers are also eager to tap alter-native sources for funding. In a sign of how tough the mar-kets now are, the Toronto stock exchange - the prime desti-nation for emerging producers - has not had one mining IPOin the first quarter, for the first time in a decade.

“There are a lot of buying opportunities, and for thosewho have the funds, you might find there is less competition,and that is what private equity looks for - a good deal,” saidJason Burkitt, UK Mining Leader at PricewaterhouseCoopers.

GOLD RUSH?Private equity firms have so far steered clear of mining

because of the scale and political risk involved in many oper-ations. Volatile commodity prices and long time horizons arealso off-putting, not to mention that the investment firmsoften lack the manpower or expertise to cover global projects.

Typically, funds havestuck to niche assets,like high-end alumini-um products for theaerospace and autoindustry, in the case ofAlcan Engineered Pro-ducts, later Constellium,bought from Rio Tintoby funds led by Apollo in2011.

Now, however, hea-vyweights like Apollobut also KKR andCarlyle are joining spe-cialised energy-focusedFirst Reserve, DenhamCapital and ResourceCapital in betting moreheavily on the sector,drawn in by the pros-pect of an extendedperiod of cheap pricesand an unprecedented funding drought.

Apollo, which aims to invest $100-500 mln per transac-tion, closed a $1.3 bln natural resources fund in 2012 whichwill invest in areas including oil, gas and mining.

The fund was one of several to look at BHP Billiton’smajority stake in Canadian diamond mine EKATI, which also

elicited interest from rival KKR before being sold tominer Dominion Diamond Corp.

KKR has also been named as apotential suitor for Rio’s majoritystake in the Northparkes copper-gold mine.

SMALLER FIRMS IN POLE POSITION

However industry bankers andspecialist funds both questionedwhether big name private equityfirms would be able to successfullycompete in the mining sector.

“Size sometimes can be a disadvan-

tage in our environment. You need to make decisions quick-ly - you need to have the coal face not too far removed fromdecision making process, so you can react quickly,” SierraRutile’s chief executive, John Sisay, said. The Sierra Leone-focused mineral sands producer’s largest shareholder is spe-cialist fund Pala.

“Smaller firms are able to do that better.”Traditional funds may also lack the extensive specialist

teams needed to evaluate projects across commodities andacross the world, and may be unable to invest for the longerterm.

One of the top shareholders in EMED Mining, a London-listed company redeveloping the former Rio Tinto coppermine near Seville, is specialist Resource Capital.

“If you are playing the development game you are playingthe development timeline,” EMED’s chief executive, HarryAnagnostaras-Adams, said.

Bert Koth, a Perth, Australia-based director at DenhamCapital, also questioned the idea that traditional firms wouldstep in. Although mining firms are shedding assets at a pacenot seen for decades, many are doing so at auctions whichcan drive up prices - something private equity is likely towant to avoid.

“Generalist PE firms have a pretty poor track record asthey don’t fully understand the risks involved. I querywhether they really appreciate what they are getting into,”Koth said.

F1 flotation by year endThe company behind Formula One

motor racing could be floated in Singaporeat the end of this year if markets remainbenign, the sport’s chief executive BernieEcclestone said on Monday.

Plans to raise up to $3 bln were pulledlast June amid market turmoil followingthe flotation of social network groupFacebook, which saw its shares plungeafter their debut.

Ecclestone confirmed a report in theDaily Telegraph that the Formula OneCompany structure had been reorganised inpreparation for a fresh attempt at a listingin Singapore by the end of 2013.

Global equity fundraising rose 24% inthe first three months of 2013 on the backof stronger markets and easing concernsabout the state of the global economy.

Private equity firm CVC Capital Partnersis the largest shareholder in Formula One,with a stake of 35.5% and has been themain owner of the business since 2006.

CVC last year raised $2.1 bln throughthe sales of stakes in the business to U.S.investment groups BlackRock and Waddell& Reed and Norway’s Norges BankInvestment Management. Those deals cut

its ownership from 63%.Ecclestone said he believed CVC would

want to maintain a stake in the business.The billionaire retains a 5% stake in thebusiness which has commercial rights toFormula One for the next 97 years.

Now 82, Ecclestone has transformed thesport from apastime for wealthyenthusiasts into amoney-spinner thatstages around theglobe watched bymillions. He said hehad no plans to sellany of his stake andhas alwaysdismissed talk ofretirement.

Flotation in Singapore, which stages arace in September, would allow FormulaOne to tap into Asia’s appetite for luxurybrands and its interest in sport.

Formula One had revenues of $1.5 blnin 2011. It earns money from fees paid bycircuits to host races, the sale of televisionrights, sponsorship and corporatehospitality.

F1 prize money for top 10 onlyBernie Ecclestone has made clear that

Formula One will pay prize money to onlythe top ten teams from the end of thisseason.

Since 2010, payments have been madeto the 11th and 12th-placed teams to helpthree newcomers on reduced budgets who

came in after theabrupt departure ofmajormanufacturersHonda, Toyota andBMW.

There are now 11teams remainingafter the demise lastyear of Spanish-based HRT.Ecclestone, the

sport’s commercial chief, said the plan wasto return to rewarding the top ten only,injecting more drama into the battle toavoid last place.

“It’s a bit more incentive to get goingand get into the top ten. It’s a bit like thefootball where you can go up and down,”he told Reuters in a telephone interview.

The confidential Concorde Agreement

that governs the sport expired at the end oflast year and a new one, to run to the endof 2020, has yet to be signed by all parties.

In its absence, Ecclestone has agreedindividual commercial agreements with allof the teams except Russian-licensedMarussia, who have finished 11th in thelast three years and behind Caterham.

Marussia chief executive GraemeLowdon said that his team had not beenoffered a bilateral agreement by rightsholders CVC but was reluctant to discussthe matter.

Ecclestone said after HRT folded that hewould rather have ten teams, providing oneof them was Ferrari.

The new Concorde Agreement, whichmust be signed by all teams as well as thegoverning FIA, should replace the variousbilateral agreements once it comes intooperation.

Ecclestone told reporters at the BahrainGrand Prix last month that the detaileddocument was “in the hands of thelawyers”.

The FIA said on March 8 thatnegotiations were “proceeding positively inorder to be concluded in the near future”.

May 1 - 7, 2013

financialmirror.com | WORLD MARKETS | 23

Iceland on lonely path to recoveryl Without EU and ECB backing, capital controls to stay; Economy could become increasingly uncompetitive

The victory in Iceland’s election of partieswho would spurn the European Union maykeep the country isolated by cementing damag-ing currency controls in place.

Once a symbol of globalisation with itsbanking boom-turned-bubble, Iceland rejectedthe one power that could have helped bring itback onto the international stage five yearsafter its economy imploded.

At the heart of its malaise is a straightjacketof capital controls. Put in place since the 2008crisis - with IMF support - to save the local cur-rency from collapse, they are now seen as hurt-ing a nascent recovery.

The centre-right victors of the election wonover the austerity-weary public with a plan toboost economic growth, cut taxes and writedown debt on foreign-owned debt crownassets.

They hope to create conditions where agradual end to the controls would not lead to acollapse of the crown through capital flight.

However, critics say a debt writedown couldfurther erode investor confidence in Iceland aswell as being a lengthy and legally difficultprocess - any confiscation could lead to evenmore capital flight.

“Oh, capital controls? They won’t be lifted.Not in 5 years, not even 10. It could be 20 ormaybe even 30 years,” said Gudmundur IngiHauksson, who gave up running the biggestbranch of Landsbanki to manage a small carwash chain in Reykjavik.

The election saw a backlash against a cen-tre-left government widely seen as having failedto deliver a fully-fledged recovery and been toomuch in the thrall of the economic dictates ofdonors like the IMF.

This came even though the parties whichwon the vote were the ones widely blamed forthe crisis, when banks whose assets were tentimes the size of the economy collapsed after adecade of debt-fuelled growth.

The winning Independence Party and theProgressive Party see themselves as closer tothe go-it-alone spirit of the original Vikingsettlers and have vowed to scrap the EUaccession process.

INVESTMENT PROBLEMSIceland lacks a powerful backer with finan-

cial firepower, as euro zone member Cyprushad in the European Central Bank, so itssmall central bank and the new governmentwill have to talk with investors on its own.Some of those are hedge funds, which boughtup the dirt cheap assets of the collapsed banks- Landsbanki, Kaupthing and Glitnir - hopingto make a profit when bankruptcy claims aresettled.

The amount of the claims, and other for-eign-owned assets locked in due to the con-trols, is about 1,200 bln crowns ($10.2 bln)against $3.9 bln in central bank reserves.

Bjarni Benediktsson, the head of theIndependence Party and vying to becomeprime minister after taking the biggest share ofthe vote, hopes capital controls can end in 12-18 months.

He wants to write off as much as 75% of thedebt in the estate of failed banks but, despiteelection promises, talks with investors will betough. “A substantial discount will be neces-sary but it has to be negotiated because youdon’t want to create the perception of expropri-ation,” said Hafsteinn Hauksson, an analyst atArion Bank. Even if Iceland wants a quick deal,the funds themselves will be in no hurry andcould gain more by slowing the process.

Apart from sorting out the debt and banks,capital controls have also kept out much need-ed foreign funds. Investment has fallen so lowit actually detracted from GDP growth last year,which fell to 1.8% in 2012 from 2.6% a year ear-lier. Some forecast a further slowdown in 2013.

Aluminium giant Alcoa, one of the biggestforeign investors in the country, cancelledplans in 2011 to build a new smelter while along list of potential energy projects, relying on

the country’s vast renewable potential, lie dor-mant.

Prosthetics maker Ossur , made famous forsupplying South African Olympian OscarPistorius with his artificial legs, is one of thecountry’s big firms and is struggling under theweight of restrictions.

Although it is mostly exempt from currencycontrols, it has to list on two exchanges, bor-row money through overseas subsidiaries andcannot use a rights issue to raise funds as itwould be stuck with useless crowns.

“This is a huge cost for a rel-atively small company,” ChiefExecutive Jon Sigurdsson says.“And the real problem is that Ijust don’t see the way out.”

“Closing an economy is verysimple, but opening is very diffi-cult and there is just no credibleplan out there.”

Holding Ossur shares is theclosest Icelandic investors get toforeign currency and the stocktrades 19% higher in Reykjavikthan in Copenhagen.

“Iceland has been cut offfrom the international financial

system for 5 years and country is becomingisolated,” added Asgeir Jonsson, an advisor toinvestment firm Gamma.

Others agreed that the government faced along haul. “I have a hard time seeing a solutionother than changing our currency,” ThorolfurMatthiasson, a Professor of Economics at theUniversity of Iceland said. “For now, Icelandwill be like Greece, Ireland, Italy or Spain, withlots of political turmoil, populist politics, unsta-ble governments.”

ANALYSIS

Egypt says Qatar asking 5% interest on $3 bln bonds

Qatar wants 5% interest on $3 bln in bondsit has offered to buy from Egypt, a price high-er than expected yet one that Cairo may haveto accept.

Egypt has been asking Arab and Muslimfriends for cheap funds to help it stave offfinancial collapse following the popular upris-ing that ousted Hosni Mubarak in early 2011.

It is negotiating a $4.8 bln dollar loan fromthe IMF that would carry an interest rate ofjust 1.1% but has balked at the economic poli-cy terms.

Qatari Prime Minister Sheikh Hamad binJassim al-Thani promised the money whenEgyptian Prime Minister Hisham Kandil visit-ed Qatar on April 10. The Gulf state has alreadylent Egypt $5 bln since President MohamedMursi took office last July.

An Egyptian official said Qatar had asked foran annual 5% interest on the bonds and amaturity of no more than 18 months. Noagreement had yet been reached.

The Finance Ministry later issued a state-ment denying that Egypt had reached any dealat that interest rate.

Analysts said say the interest rate puts thebonds close to international levels but that the

parlous state of Egypt’s finances may nonethe-less force it to accept the Qatari terms.

Since the uprising, Egypt has been drawingdown its foreign reserves, borrowing fromfriends and delaying payments to oil compa-nies to support the price of its currency and toplug a budget deficit.

Reserves have tumbled to $13.4 bln inMarch from $36 bln just before the uprising.

“I still expect a deal to be done and thefunds to flow,” said Simon Williams, an econ-omist with HSBC. “The market has alreadypriced the funds in ... if it were to fail, senti-ment would turn bearish once again.”

Earlier last month, Libya deposited $2 blnat the Egyptian central bank and said it wouldsupply Egypt with $1.2 bln worth of crude oninterest free credit for a year.

Cairo has been counting on soft loans andeasy credit terms on fuel and food purchases tohelp get through what threatens to be a toughsummer of power outages, fuel shortages andpossible unrest before parliamentary electionsexpected later this year.

If Egypt cannot accept the Qatari terms, itmay face added heat to take an IMF loan andapply tax rises and subsidy cuts.

May 1 - 7, 2013

24 | WORLD MARKETS | financialmirror.com

Kodak nears bankruptcy endPhotography pioneer Eastman Kodak has

cleared the last two hurdles to ending itsbankruptcy in one leap, with an agreementto sell its remaining non-core businesses toits British pension fund for $650 mln.

The pension plan also agreed to give upa $2.8 bln claim against Kodak, resolvingthe largest unsecured claim against thecompany.

The agreement is subject to approval by

the U.S. Bankruptcy Court in Manhattan.“It is a huge step in Kodak exiting from

bankruptcy. In effect, it combines the finaltwo steps that were needed for the companyto emerge,” said George Conboy, presidentof Brighton Securities Corp., a Rochester-based brokerage.

The deal allows Kodak to meet a require-ment for securing financing for exiting itsbankruptcy. Lenders required the companyto sell its consumer and document imagingbusinesses for at least $600 mln.

The two businesses being sold are person-alised imaging, which includes most con-sumer products and retail printing kiosks,and its document imaging unit that makesscanners for enterprise customers.

Kodak said it will present a plan for itspost-bankruptcy business that will focus oncommercial imaging, which includes itsgraphic communication, film and specialtychemical products. The plan will also outlinehow much creditors can expect to be repaid.

Meanwhile, Kodak reported a $283 mlnnet profit for the January-March quarter,compared to a $366 mln loss for the sameperiod a year ago.

The company said the profitable quarterreflected improvements in its commercialimaging businesses as well as a $535 mlngain from the sale of its digital imagingpatents.

“These results demonstrate that we are ontrack with our strategy to focus on commer-cial imaging,” said Antonio M. Perez,Kodak’s chairman and CEO.

The company’s cash balance ticked up to$1.17 bln from $1.14 bln at the end of 2012.

Kodak launched its first camera in 1888,and grew to dominate the market for photo-graphic film. Although Kodak invented thedigital camera, it put the project on the backburner and spent years watching rivals stakeclaim to the market while roll-up film salesplummeted. The company filed for bank-ruptcy protection last year.

Lloyds near state break-evenl Q1 profits jump to £1.48 bln;

No timetable for gov’t share sale

Lloyds Banking Group’s first-quarter profitjumped and the bank upped its cost savingstarget, sending shares to a near two-year highand close to the price at which the state couldbreak even if it sold its stake.

Shares in Lloyds, 39%-owned by the Britishtaxpayer, gained as much as 6.9% and hit ahigh of 57.2 pence, after it said underlyingprofit trebled to 1.48 bln pounds, on improvedmargins, lower costs, and falling losses on badloans.

Chief Executive Antonio Horta-Osorio saidLloyds had made substantial progress duringthe quarter but he was focused on improvingits performance and had not held talks withthe government or UK Financial Investments(UKFI), which manages Britain’s stake, abouta share sale.

“It’s management’s job to operationallyprepare the bank as well as possible in order forshareholders to decide about privatization. It isultimately up to UKFI and the Treasury todecide on that and we have not been holdingdiscussions with them in that regard,” he toldreporters.

A spokesman for the Treasury said that nodate had been set for the sale of shares.

The government considers a sale at 61pence would enable it to break even after itpumped 20.5 bln pounds into the bank to keepit afloat during the 2008 financial crisis.

The government seems keen to start sellingoff shares in the bank ahead of the 2015general election, a move seen as more realisticfor the government than selling down its 81%shareholding inRoyal Bank ofScotland. An im-portant step tow-ards an eventualshare sale couldbe a resumptionof dividend pay-ments.

However, fi-nance directorGeorge Culmersaid Lloyds stillhad “hurdles” toovercome beforethat would bepossible.

Lloyds’ capital strength has come underscrutiny after the Bank of England’s FinancialPolicy Committee said last month that UKbanks needed about 25 bln pounds of extracapital. Analysts had said that meant Lloydsmight need to raise cash. Its core capital was12.5% at the end of March and should be 9% atthe end of this year, based on the full impact ofnew Basel III capital rules. That should riseabove 10% by the end of 2014, it said.

Britain’s biggest retail bank said its core loanbook had returned to growth earlier thanexpected. Core loans increased by 600 mlnpounds in the quarter, ahead of guidance. Thatincluded a 4% rise in lending to smallbusinesses.

Lloyds is pushing on with plans to float 630branches making up the Verde business thatEuropean authorities have ordered it to sell asa price of the state bailout.

A planned sale of the network to the Co-operative collapsed last week and the bank isnow pursuing an IPO, which will probably takeplace in 2014, Culmer said. Culmer said thecost of selling the branches would increase bybetween 200 mln and 300 mln pounds as aresult of switching to an IPO. The total cost willrise to as much as 1.6 bln, he said.

Lloyds said complaints about the mis-selling of insurance on loans and mortgageswere falling in line with its expectations. It hasalready set aside 6.8 bln pounds to compensatecustomers mis-sold payment protectioninsurance having sold more of the flawedpolicies than its rivals.

Reform laws to unlock more rescue loansGreek MPs approved a reform law on Sunday to unlock

about 8.8 bln euros of rescue loans from the EU and the IMF.The law, which was a condition for further aid instal-

ments, passed easily with the solid backing of the three par-ties comprising the ruling coalition, by 168 to 123 votes.

Following parliament’s approval, senior euro zone officialsare expected to approve overdue payment of 2.8 bln euros inrescue loans, finance minister Yannis Stournaras said.

Euro zone finance ministers will then meet on May 13 to

release a further 6 bln euro instalment, he added.Greece needs that money to pay wages, pensions and

bonds held by the ECB that mature on May 20.The law implements an agreement Athens struck with

EU/IMF inspectors earlier last month which allowed them tostate that the country was on track to meet its bailout tar-gets.

The legislation makes it easier to fire government employ-ees for disciplinary reasons, extends an unpopular property

tax and opens up professions such as accountants and bakers.Measures to cut Greece’s budget deficit and make its econ-

omy competitive are a condition of its 240 bln euro bailout.Athens has already obtained about 200 bln euros of EU/IMFrescue loans since mid-2010.

The economy is expected to have shrunk by almost a quar-ter in 2008-2013. Unemployment has soared to a record ofabout 27%. Greeks’ disposable income has fallen by about athird over the last four years.

May 1 - 7, 2013

financialmirror.com | GREECE | 25

Greece to push claim for German war reparationsGreece is planning to pursue a long-dormant claim for repa-

rations from Germany over World War Two, a further strain onrelations with Berlin, which foots most of the bill for its 240-blneuro rescue.

The Finance Ministry has compiled a report that takes stockof all relating available documents spanning more than sixdecades, Foreign Minister Dimitris Avramopoulos told parlia-ment.

It will be submitted to Greece’s legal advisers and thenAthens will decide how to officially press its claim, he said.

Avramopoulos did not not say how much would besought.

“We will exhaust every means available to arrive to aresult,” he told MPs. “One can’t compare the times, but alsonot erase the memories.”

Germany, whose forces occupied Greece in World WarTwo, says it has already paid all reparations owed.

The issue has resurfaced since last year as Greece suffersunder austerity measures imposed on it by its creditors, main-ly Germany, as a condition for its international EU/IMF bailout.

Avramopoulos said it was wrong to link the issue to thedebt crisis.

“This has been an open issue for 60 years, it is too largean issue to fit into the confines of the fiscal crisis,” he said.

Greece’s fragile coalition government has so far earnedpraise from Chancellor Angela Merkel for starting to fixGreece’s finances.

But conservative Prime Minister Antonis Samaras waspushed to raise the reparation issue by the main opposition,anti-bailout Syriza party.

OPAP suitor given more timeto raise offerl Greek-Czech fund offered €622 mln for 33% stake;

Gov’t wants at least €650 mln

The Greek government gave the sole bidder for gamblingmonopoly OPAP a week extra to raise its terms in a last-ditchattempt to save its first big privatisation from an embarrass-ing failure that could derail its bailout.

Debt-laden Athens needs to conclude the sale to aninvestment fund called Emma Delta to kickstart its long-delayed privatisation programme, imposed by its EU and IMFcreditors.

If Greece fails to sell OPAP, it will not meet its asset saletarget of 2.6 bln euros this year - a shortfall that would haveto meet with additional austeritymeasures or by its internationalcreditors having to stump upmore money to bankroll thecountry.

The OPAP sale drew no inter-est from big international gam-ing companies, with analysts cit-ing Greece’s economic problemsas well as OPAP’s uncertaingrowth prospects as the reason.

Emma Delta, controlled byCzech investor Jiri Smejc andGreek ship owner GeorgeMelisanidis, submitted the onlyvalid bid for the 33% stake andmanagement rights in OPAP last week, offering 622 mlneuros.

Privatisation agency HRADF initially gave the fund 48hours to raise its bid to at least 650 mln euros, but theagency extended the deadline to May 1, on the fund’srequest.

HRADF’s valuation is based on a minimum as estimatedby an external assessor and is a discount to its stock marketvalue, though Deutsche Bank and National Bank, Greece’smain sale advisors, have put the stake’s value at just 610mln.

VALUATION GAP“It wasn’t possible to wrap up the ... evaluation and

response within a pressing 48-hour timeframe,” an officialclose to Emma Delta said. “This is a multinational investorgroup with the respective businessmen dispersed in different

parts of the world.”Some analysts saw the delay as a sign that a deal would

likely be reached. “The extension shows that both partiesremain engaged in the process,” said analyst ParisMantzavras at brokerage Pantelakis Securities.

“Given the small valuation gap, it is very likely that theywill reach a deal this week,” said Mantzavras.

Other investors in the group are Greek entrepreneurChristos Copelouzos, Russian investment firm ICT Group,Czech Republic-based investment fund KKCG and Slovak

investment fund J&T Finance.Out of eight investors which

had expressed initial interestfor OPAP, only Emma Deltaand U.S. hedge fund ThirdPoint submitted binding bids.Third Point was disqualifiedbecause it insisted on the rightto resell OPAP shares at anytime.

Emma Delta had said in astatement its bid was fair andopen. It added that OPAP had“internal structural problems,with profitability hampered bya cumbersome corporate struc-

ture and tight cashflow, which is forecast to continue for thenext two years”.

OPAP was Greece’s most profitable company last year,with net income of 505.5 mln euros and a return on equityof 49.2%, but this is set to change as the company faces anumber of issues.

Greece slapped a 30% tax on gross gaming revenue fromthis year, OPAP’s monopoly is subject to a legal challengefrom rivals such as William Hill, and OPAP’s planned video-lottery and online betting businesses are subject to regulato-ry uncertainty.

In addition, the company controversially decided earlierlast month to renew an IT deal with its long-standing tech-nology provider Intralot just weeks before its privatisation.

Emma Delta and Gauselmann/Playtech, a German-Israeligroup which withdrew from the race, had loudly protested atthe Intralot contract renewal.

NBG chief: will meet 10%funding target

National Bank of Greece CEO Alexandros Tourkoliassaid he was confident that the bank will cover the 10%of private investors’ participation in a forthcomingshare capital increase plan.

The NBG board received EGM approval to proceedwith the EUR 9.76 bln share capital increase via thecontribution of EUR 1.17 bln in cash and contributionin kind (HFSF), approval to proceed with a reversesplit, reduction in the share nominal value, while alsoreceiving approval for the issue of EUR 1.9 bln inconvertible contingency bonds, CoCos.

NBG’s CEO stated that “with the reassurances wehave so far we believe that we will achieve this goal,”adding that hundreds of thousands of traditional andnew shareholders were joining the effort. He also saidbank clients, individual depositors, large investorsalong with the bank’s workers and pensioners werealso participating in this effort.

Tourkolias said that NBG shareholders will be askedto decide “over a National Bank we all want:independent, in private hands, healthy, fortified againstany risk, dynamic, innovative and the main growth toolfor the economy and prosperity of the nation”. Headded that there were encouraging signs ofstabilisation in the growth rate of bad loans in the firstmonths of 2013, compared with the correspondingperiod last year.

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

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

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 92.66 97.55 114.86 -15.07FTSE/CySE 20 47.75 37.08 38.24 44.40 -13.87FTSE/XA & XAK Banking 188.86 81.63 105.79 168.87 -37.35MAIN MARKETMAIN MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 113.87 83.34 88.53 104.69 -15.44BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 - 1.24 - -1 371 000 -792 593 -210 956 0 n/a -76.37 0.278 0.185 0.251 -CYPRUS POPULAR BANK CPB ΛΑΙΚ 4 065 482 0.10 - 0.25 - -3 650 380 -291 493 -1 671 495 0 n/a -89.79 0.047 0.040 0.044 -HELLENIC BANK HB ΕΛΗΤ 619 689 0.43 70 645 0.78 0.15 -100 658 -73 081 219 -23 440 n/a -3.78 0.177 0.107 0.114 0.175 -34.86LOGICOM LOG ΛΟΤΖ 74 080 0.35 18 224 0.75 0.33 3 585 3 024 3 026 2 040 8.93 2.75 1.50 6.10 0.300 0.226 0.246 0.263 -6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 10 341 0.49 0.09 -6 894 -1 527 109 -13 281 n/a -5.39 0.048 0.042 0.042 0.045 -6.67LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 5 066 0.27 0.04 -82 674 -4 830 -8 489 -30 442 n/a -6.61 0.019 0.011 0.011 0.018 -38.89SECTOR TOTAL / OΛIKO 104 275 0.63 0.10 -5 208 021 -1 160 500 -1 887 586 -65 123 1.56PARALLEL MARKET

PARALLEL MARKET INDEX 2011 9M '11 9M '12 2012 Cents Cents % 637.17 563.93 563.93 627.38 -10.11WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.78 0.13 6 700 3 780 2 372 6 005 4.57 5.26 2.31 9.63 0.260 0.220 0.240 0.250 -4.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 932 3.20 0.13 -2 312 -2 992 -258 -1 354 n/a -1.88 1.50 3.49 0.460 0.410 0.430 0.439 -2.05A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 29 236 0.25 0.65 4 059 -1 880 n/a -1.03 0.195 0.160 0.160 0.183 -12.57ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 16 100 0.45 0.20 197 287 -505 -492 n/a -0.28 2.10 22.83 0.124 0.092 0.092 0.115 -20.00LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.26 0.22 -1 734 67 -3 539 -34 500 n/a -12.22 0.061 0.054 0.058 0.058 0.00K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 8 184 4.69 0.13 3 250 3 181 2.57 23.71 1.050 0.610 0.610 1.050 -41.90G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.31 0.42 -1 647 -49 n/a -0.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 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 1.96 0.06 702 1 006 3.83 2.87 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -3 657 -5 616 n/a -4.57 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 688 0.48 0.12 -1 273 -3 284 n/a -6.84 0.059 0.056 0.056 0.058 -3.45SECTOR TOTAL / OΛIKO 239 021 1.39 0.33 1 631 1 142 -1 930 -39 807 5.16ALTERNATIVE MARKETALTERNATIVE INDEX 2011 9M '11 9M '12 2012 Cents Cents % 657.64 624.36 625.16 636.57 -1.79ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 14 631 0.49 0.30 1 932 1 842 1.86 0.93 6.28 0.148 0.153 -3.27A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -2 776 -637 -0.40 0.010 0.012 -16.67AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 408 0.45 0.11 -2 123 -1 284 -1.16 0.049 0.045 8.89ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.76 0.85 2 311 1 532 3.92 7.00 10.77 0.650 0.650 0.00BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 239 0.79 0.18 571 403 2.61 1.20 8.28 0.145 0.180 -19.44CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 101 0.33 0.11 -3 532 -7 040 -4.97 0.036 0.041 -12.20CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.40 0.06 -375 -376 -3.73 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 867 0.27 0.16 -3 913 -16 998 -15.72 0.045 0.042 7.14CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 576 0.03 0.08 -7 733 -14 283 -4.96 0.002 0.004 -50.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 289 0.65 0.46 -104 -52 -0.21 0.299 0.290 3.10C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 887 0.09 0.38 -2 998 -1 275 -0.61 0.033 0.037 -10.81CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 249 0.27 0.90 -652 -366 -7.12 0.243 0.270 -10.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 21 054 2.08 0.07 -4 639 -9 917 -7.21 0.153 0.153 0.00CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 130 5.70 0.24 -4 127 -2 868 -93.76 1.350 1.490 -9.40CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 27 716 1.86 0.16 6 152 1 756 482 4 381 4.76 3.20 10.63 0.301 0.346 -13.01CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.43 0.33 658 -226 -1.51 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 4 617 0.29 0.20 1 600 664 0.82 0.057 0.073 -21.92DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.30 0.19 -529 -666 -4.93 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 -257 -1 404 -8.78 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -6 807 -8 999 -2.58 0.009 0.009 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 692 0.15 0.89 -15 527 -6 859 -20.17 0.138 0.140 -1.43FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.73 0.18 1 608 673 14.01 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 800 0.92 0.12 5 226 -3 246 -3.25 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.10 -0.15 -2 268 -2 602 -11.65 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -112 -203 -2.55 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 10 842 3.40 0.10 -3 948 -8 013 -25.87 0.350 0.385 -9.09KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 709 0.38 0.25 -802 -670 -3.73 0.095 0.089 6.74KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.59 0.99 108 -2 852 -13.98 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 559 0.36 0.20 -1 263 -2 408 -3.86 0.073 0.069 5.80LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 694 0.75 0.07 -10 021 -9 471 -9.31 0.056 0.053 5.66MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 735 0.63 0.28 1 324 -1 006 -2.33 0.179 0.184 -2.72MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 941 0.09 0.14 -3 328 -1 399 -1.78 0.012 0.013 -7.69MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 -0.0075 -1.47 -337 -318 -2.13 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 31 408 0.18 0.40 -20 039 -14 396 -3.39 0.074 0.075 -1.33PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 62 038 1.31 0.54 10 783 5 428 6.20 1.70 2.40 0.709 0.733 -3.27PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.38 0.20 -868 -719 -3.25 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 15 298 0.004 10.26 -6 356 -5 473 -1.43 0.040 0.052 -23.08PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.40 0.44 75 -148 -4.12 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 298 0.04 0.03 151 -1 463 -0.49 0.001 0.001 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.43 480 -1 593 -4.83 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 557 0.43 0.16 973 -3 323 -9.10 0.070 0.066 6.06SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 2 727 1.33 0.03 -19 200 -21 450 -32.25 0.041 0.046 -10.87STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 6 825 2.44 0.09 1 577 2 218 6.82 2.00 9.52 0.210 0.230 -8.70TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.34 0.76 -891 -852 -6.98 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 13 -192 -0.93 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -56 -74 -0.76 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.19 5.38 2 739 1 153 1.54 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 416 263 0.77 0.60 -87 300 1 756 482 -136 827

2012

May 1 - 7, 2013

26 | CSE PRICES | financialmirror.com

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

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

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2012 2011/12 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 541 4.80 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 13 844 1.65 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 7 799 0.42 0.59 17/10/12GLOBAL DIGITAL SERVICES STC/ΣΤΣΙ 25 000 250 0.01 0.01 30/04/13TOTAL 570 051

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Protean Global Futures (Perpetual Notes) PGFL 650 65 000 000 100 000 1 Dec 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2011 9M '11 9M '12 2012 Cents Cents % 572.39 450.90 481.98 546.03 -11.73ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0369 -53.93 -737 4 0.01 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 5 222 0.1914 -51.41 -4 301 139 0.25 0.093 0.115 -19.13CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 4 316 0.2682 -63.83 -10 771 -8 799 -3 229 -2 774 -6.23 0.097 0.119 -18.49DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 44 200 0.7174 -69.19 -14 853 -3 423 -1.71 0.221 0.250 -11.60DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 565 0.0012 66.67 -6 892 -2 559 -0.91 0.002 0.004 -50.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 260 0.0660 36.36 -255 -22 -0.16 0.090 0.078 15.38INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 771 0.1709 -71.33 -9 493 -443 -0.78 0.049 0.048 2.30ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0589 -26.99 -86 -251 -2.28 0.043 0.043 0.00KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 418 0.2229 0.94 -180 -57 -2.85 0.209 0.210 -0.48REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0265 -24.53 -150 -182 -0.90 0.020 0.020 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 331 155 5.68 11.00 13.75 0.800 0.800 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -136 -1 921 -70.39 2.000 2.000 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -36 12 0.88 0.520 0.520 0.00UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 704 0.2000 37.50 -403 -383 -2.84 0.275 0.250 10.00SECTOR TOTAL / OΛIKO 72 677 -47 962 -8 799 -3 229 -11 705 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12

SPECIAL CATEGORY / 2011 2012 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 162 0.1728 -98.84 -69 -1 011 -1.25 0.002 0.002 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 13 023 0.06 1.68 -12 265 -12 265 -9.51 0.101 0.101 -A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 3 657 0.88 0.11 399 -350 -0.96 0.100 0.128 -21.88ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 5 296 0.02 2.41 -6 400 -6 400 -6.40 0.053 0.055 -CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 207 -1.21 -0.03 -2 974 -217 -4.29 0.041 0.041 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 1 600 0.12 0.27 -5 512 -11 266 -22.53 0.032 0.060 -CONSTANTINOU BROS. CBH ΚΩΝΣ 160 714 0.35 12 375 0.57 0.13 -3 755 -10 859 -6.76 0.077 0.070 -CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 9 388 -0.12 -0.19 -23 885 -55 832 -14.27 0.06 0.03 0.024 0.020 -D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 157 -0.20 -0.01 -9 100 -9 100 -5.79 0.001 0.002 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 23 -0.08 -0.04 -243 -391 -5.08 0.003 0.003 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 15 000 1.30 0.46 -701 -70 -0.28 1.12 1.87 0.600 0.650 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 285 0.086 0.29 35 35 0.31 0.025 0.020 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 35 890 0.05 15.00 -4 283 6 553 13.69 0.750 0.600 -EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.13 0.19 -219 -2 111 -6.73 0.024 0.024 -FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 148 0.0100 -70.00 -1 465 -1 465 -2.97 0.003 0.009 -FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -24 581 -220 -0.30 0.100 0.100 -KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -77 -77 n/a -0.13 0.14 0.10 0.130 0.130 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 87 87 0.40 0.010 0.005 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 1 910 0.38 0.12 621 -3 654 -8.61 0.045 0.045 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 8 582 0.06 2.46 -10 339 -713 -1.15 0.139 0.139 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 189 -0.38 0.00 -11 700 -11 700 -6.18 0.001 0.001 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.30 0.78 -545 -605 -7.06 0.230 0.230 -NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 10 843 0.50 0.32 2 145 35 0.05 4.00 25.00 0.160 0.210 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 510 0.004 2.75 -1 484 494 1.07 0.011 0.009 -ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 1 619 1.49 0.01 -8 648 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.020 0.017 -PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 -1 879 -959 -9.93 0.080 0.080 -ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 2 925 0.28 0.20 -328 -410 -0.76 0.054 0.054 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 140 0.000 6.67 -1 953 -450 -0.64 0.002 0.001 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 1 889 -0.08 -0.04 -15 879 -24 032 -3.82 0.003 0.014 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 77 0.05 - -3 735 921 2.39 0.002 0.002 -SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -60 -60 -0.05 0.010 0.010 -USB BANK USB ΤΡΑΓ 90 499 0.57 58 824 0.52 1.25 -8 961 -825 -0.91 0.650 0.660 -SECTOR TOTAL / OΛIKO 204 764 -157 753 18 -17 728 -155 565

MARKET TOTAL / OΛIKO AΓOPAΣ 1 037 001 -5 499 405 -1 166 383 -1 909 991 -409 027 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

May 1 - 7, 2013

financialmirror.com | CSE PRICES | 27

Central banks, data to steer investors

With signs of a slower economy mounting, the near-termoutlook for U.S. stocks isn’t rosy, but investors may find com-fort this week from the world’s major central banks.

The Federal Reserve is meeting on Tuesday and Wednesday,and the report of weaker-than-expected, first-quarter growthcould reinforce expectations the Fed will keep purchasing bondsat a pace of $85 bln a month.

Low interest rates and ample liquidity provided by the Fedand other central banks have buoyed global equity marketsbecause low borrowing costs for businesses and consumers leadto richer corporate profits. Major U.S. stock indexes hit recordhighs earlier this month.

“As long as it looks like central banks are on your side and oninvestors’ side as far as providing more liquidity, that’s going tohelp improve sentiment,” said Brian Jacobsen, chief portfoliostrategist at Wells Fargo Funds Management in MenomoneeFalls, Wisconsin.

“I don’t think (Fed officials) have got enough data since thelast meeting to really justify changing policy. I really don’t thinkthey’re going to look at slowing the pace of purchases untilprobably September.”

A strong commitment from the Fed to continue its stimula-tive policy, coupled with corporate earnings that have mostlyexceeded lowered forecasts, could help Wall Street extend a rallydespite signs that the U.S. economic recovery is losing momen-tum.

Even though the market ended flat on Friday, its perform-ance last week was positive. The Standard & Poor’s 500 rose1.7%, the Dow Jones Industrial Average was up 1.1% and NasdaqComposite Index gained 2.3%.

The economy expanded at a 2.5% annual rate in the firstquarter, the Commerce Department said on Friday, short ofexpectations of 3.0% and setting a cautious tone.

A full slate of key economic indicators will be released thisweek, including personal income and spending, the Institute forSupply Management’s manufacturing and services activity

indexes, pending home sales, the Chicagopurchasing managers’ index and consumerconfidence from the Conference Board.

The highlight of the week will come onFriday when the Labor Department releasesits employment report for April.

Economists polled by Reuters are lookingfor job growth of 150,000, up from 88,000 inMarch. The unemployment rate is likely toremain unchanged at 7.6%.

The GDP data “suggests maybe themomentum is much weaker that what waspriced in,” said John Praveen, chief investmentstrategist at Prudential InternationalInvestments Advisers in Newark, New Jersey.

“We have had a very strong rally, so peopleare looking for any trigger for profit-taking,” hesaid. Praveen said the market could see a 5%pullback in the months ahead should upcom-ing data prove to be weaker than expected.

Stocks had a wild run last week after hackersattacked the website of stock broker CharlesSchwab Corp and a false report on the Associated Press’ Twitteraccount about explosions at the White House sent the marketinto a brief tailspin.

On Thursday, a software glitch shut down the Chicago BoardOptions Exchange for half the day, preventing trading in optionson two of the stock market’s most closely watched indexes anddelivering the latest blow to confidence in the way U.S. financialmarkets operate.

EUROPE, EARNINGSThe European Central Bank will meet on Thursday and

investors will watch to see if it delivers an interest-rate cut as theeuro zone economy deteriorates further. Further monetary eas-ing would encourage investors to buy riskier assets and booststocks. “The market has been rallying on the fact the ECB mightactually start to do something; if the U.S. market reacts in thesame way, that might get the market rallying,” said JohnCanally, an investment strategist and economist for LPLFinancial in Boston.

With earnings reporting now half over, investors will look tosee if companies can continue to exceed profit estimates despite

lackluster revenue.According to Thomson Reuters data, of the 271 companies

in the S&P 500 that have reported earnings for the first quarter,69% have beaten analysts’ expectations, above the 63% averagesince 1994.

However, only 43.9% have topped analysts’ revenue fore-casts, well below the 62% average since 2002 and the 52% ratefor the last four quarters.

Analysts now see earnings growth of 3.8% this quarter, upfrom expectations of 1.5% on April 1.

This week Dow components reporting results will be Pfizerand Merck. Other companies scheduled to report include LoewsCorp, Aetna, Chesapeake Energy, Visa, Viacom and Kraft Foods.

David Joy, chief market strategist at Ameriprise Financialbased in Boston where he helps oversee about $700 bln inassets, said the lackluster figures suggest the second quartermay not be as robust as hoped.

“Right now, markets are going through an adjustmentprocess, trying to figure out just how robust the economy ishere and overseas as well,” Joy said. “You have investors sort ofbiding their time. They are invested, but not with complete con-viction.”

May 1 - 7, 2013

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