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November 14 - 20, 2012

2 | NEWS

EU, IMF clash over Greece revives debt crisis fears l

France sees bailout money flowing by end-Nov.

A public clash between Greece’s international lenders over how Athens can bring its debts down to a sustainable level has reignited fears that Europe’s troubles could flare up anew. Euro zone finance ministers suggested Greece, where the euro zone debt crisis began, should be given until 2022 to lower its debt to GDP ratio to 120% but IMF chief Christine Lagarde insisted the existing target of 2020 should remain, in an unusually public airing of disagreement. Beneath her sharp exchange with Jean-Claude Juncker, who chairs the Eurogroup of finance ministers, lies a rift over whether euro zone governments need to write off some of Greece’s debt to them to make it manageable. IMF officials have pressed for such a “haircut” while Germany, the biggest contributor to euro zone bailout funds, has vehemently rejected it as illegal. German Finance Minister Wolfgang Schaeuble told reporters on Tuesday that the 2020 deadline was “a little too ambitious”. “There’s a debate about a haircut for official creditors. On that I will say, and most countries have said so in the past few weeks, that that’s legally not possible,” he added. Chancellor Angela Merkel has signalled she wants to keep Greece in the euro zone but is determined to avoid losses for German taxpayers before a general election in September 2013. With so much stake, diplomats remain confident that a deal will be done to release a 31.5-bln-euro tranche of bailout money, which Athens urgently requires to avert bankruptcy. But it is a way off yet. Financial markets, which have been calmed by the European Central Bank’s pledge to buy euro zone government bonds to shore up the currency bloc, took a dim view of the failure to agree. The euro dipped to a two-month low against the dollar and safehaven German Bund futures rose to two-month highs.“There seems to be quite a big difference of opinion between the IMF and euro zone finance ministers ... but our view is still that Greece won’t leave the euro zone,” Rabobank rate strategist Lyn Graham-Taylor

said. Juncker said a further meeting of the 17-nation Eurogroup would take place on November 20 and officials said more negotiations could be required the week after that to nail down a new deal. French Finance Minister Pierre Moscovici told reporters that bailout money should flow by the end of the month. “Our objective is to reach an agreement in principle on November 20 so that we can ... proceed to the disbursement of funds by the end of this month,” he said. The euro later gained some poise after a German government source said the euro zone could decide to bundle several tranches together in a single transfer of roughly 44 bln euros for Greece, to avoid stoking uncertainty with further deliberations in the coming weeks and months. But that cannot happen until the lenders reach a broader agreement. The delay left Athens scrambling to meet a 5-bln-euro bond repayment deadline on Friday. With Greece’s overall debt pile set to hit 190% of GDP next year, the IMF has set 120% as the target, saying that anything much above that is not sustainable, given Greece’s low growth prospects and high external borrowing requirements. “All avenues in order to reduce debt on Greece are being explored and will continue to be explored in the coming days,” Lagarde said. NUMBERS GAME If the IMF, which is concerned to avoid damage to its own integrity, were to walk away from the Greek bailout, the euro zone would have to contribute extra funds and its reputation in financial markets could be severely damaged. Equally, if the IMF were to back down, its authority would be diminished. The euro zone ministers did agree on Monday to give Greece two more years to make the spending cuts demanded of it but by doing so they face an extra funding bill of around 33 bln euros. A target was set in March for Greece to achieve a primary surplus of 4.5% of GDP in 2014. That will now be moved to 2016, giving

Athens some breathing space to temper a deep recession that is to all intents and purposes a depression. Despite Greece approving a tough 2013 budget on Sunday, which it hoped would meet conditions for the release of the next tranche of emergency loans under its second bailout programme, Lagarde said more work was needed to cement the budget measures. Loans have been held up since Athens, which has received two bailout packages from the euro zone and IMF, went off-track with promised reforms and budget cuts, partly as a result of holding two elections in the space of three months earlier this year. Until the bailout money flows, Greece is issuing short-term paper to keep itself afloat, although the government owes suppliers increasing amounts. Its debt agency expressed confidence that the 5-bln-euro issue maturing on Friday will be fully funded. Three officials told Reuters that the “troika” of international institutions - the EU, IMF and ECB - had concluded that Greece’s debt burden will fall only to 144% of GDP in 2020 and roughly 10 percentage points lower two years later if current policies do not change. To get the higher figure down to 120% of GDP requires lopping the best part of 50 bln euros of Greece’s debt pile. Among the new instruments under consideration to reduce Greek debt are the removal of the 150-basis-point interest above financing costs on 53 bln euros of bilateral government loans to Greece, and lengthening the maturity of the loans. Greece may also borrow from the euro zone bailout fund to buy back its privately held debt, of which there is 50-60 bln euros, taking advantage of the deep discount it trades at to save money on redemptions and interest payments. “It may be that we take some measures to reduce interest rates that will have an immediate effect on the budget,” Schaeuble said. “Apart from that, we expect that the problems will be solved within the financial framework of the second programme by allowing more time with additional measures.”

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Morale among Germany’s analysts and investors sank in November as the crisis in the euro zone pounded its top economy, which looks increasingly at risk of joining the region’s periphery in recession. Tuesday’s unexpectedly gloomy survey from the ZEW think tank followed a run of domestic data showing the private sector contracting, business sentiment plummeting, jobless rates rising and industrial orders dropping. “For now, the ZEW looks broadly consistent with economic stagnation in Germany,” said Jennifer McKeown, senior European economist at Capital Economics. “But we think that the economy will slide back into recession next year as the peripheral debt crisis intensifies and business and consumer confidence weaken further.” Seeking to calm unease on markets about the spreading crisis on the euro zone’s periphery, ECB President Mario Draghi unveiled a new bond-buying programme in September allowing for potentially unlimited interventions for struggling states. No country has yet chosen to tap the programme, which comes with conditions attached, and with concern growing about the burden of

keeping the region’s debt-scarred periphery afloat, the main reading from the ZEW monthly poll found economic sentiment fell to -15.7 from -11.5 in October. That came well below the consensus forecast in a Reuters poll for -9.8 and sent the euro to a fresh two-month low against the dollar while European stocks extended losses. Germany long appeared relatively immune to the region’s economic troubles as private consumption remained robust at home and its manufacturers benefited from healthy demand in markets beyond Europe. But as the euro zone edges back into recession, Germany’s economy has taken a turn for the worse too. GDP data due on Thursday is expected to show growth in Germany slowed to 0.2% in the third quarter from 0.3% in the second as firms unnerved by the crisis postponed investments and lost business abroad. ZEW suggested weakening economic sentiment could be due to disappointing leading indicators such as industrial orders, which dropped by 3.3% on the month in September - a worrying sign given that manufacturing accounts for a third of German GDP.

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November 14 - 20, 2012



Was gov’t favourable towards Gazprom? l Seeks better terms, revenue from bidders l 2nd licensing round cash falls from €300 mln to 200 mln The government has gotten itself into a muddle, again. Only this time, it seems to have favoured a lower-rated consortium in the second licensing round for exploration in the four offshore gasfields, with one of the partners being a subsidiary of Russia’s state-controlled Gazprom. Three of the four blocks 2, 3, 9 and 11 in the Cyprus Exclusive Economic Zone were awarded on the highest rating based on technical and financial criteria. The government team, comprising top officials close to President Christofias, opened negotiations with the ItalianKorean joint venture ENI-Kogas that won the bids for adjacent Blocks 2 and 3, between the southeastern coast and the Lebanese EEZ. French Total was awarded Block 11, which lies west of Block 12 ‘Aphrodite’, currently operated by Noble Energy, where the first gas finds were reported late last year. However, in the case of Block 9, the bid went to the fifthplaced consortium comprising Total, Russia’s Novatec and GPB, fuelling speculation that Novatec was chosen because of its principal’s ties to Gazprom, which in turn would help secure the 5 bln euro loan the government desperately needs to limit its reliance on a European/IMF bailout in order to pay down its runaway public sector deficit. This cuased an uproar among opposition party politicians, with deputies of the House of Representatives demanding a full parliamentary inquiry into the awarding of th license for Block 9. This follows the resignation last week of Energy Director Solon Kassinis from the post of interim chairman of the stateowned oil and gas company, having disagreed with Trade Minister Neoclis Sylikiotis over the company’s structure and the review of the bidders in the second licensing round.

Media reports suggested that three of the better-rated bidders for Block 9 may fight the government in court in order to overturn the decision, with better-rated ENI-Kogas probably staying out of the battle, satisfied that it has already been awarded two gasfields. The three other bids that were rated higher were Premier-Vitol-Petronas (U.K., Malaysia), Capricorn-Marathon (U.K., U.S., Holland, Lebanon) and Edison-Delek-EnelWoodside (Italy, Israel, Australia). Kassinis said on Monday that negotiations will start with the aim of improving the terms and conditions of the bids, including the deposit and the royalties. The negotiations, headed by Sylikiotis, aim to improve the lump-sum to be paid out with the official award of the license, the royalties the state will earn from future production, an increase in 3-D seismic studies, the quicker arrival and operation of a drilling platform, securing a more sophisticated drilling and exploration platform in order to search for sub-sea crude oil and a shorter timeframe for the start of upstream operations (exploration and production – E&P). On the other hand, the revenues from the initial licensing awards are not expected to exceed 200 mln euros, far less than the 300 mln the government was hoping to secure, which is also the amount the Council of Ministers promised to spend as part of a package to enhance growth and create jobs, especially among the youth and only four months before the next

presidential elections. The Troika investigators from the three institutions negotiating a national bailout for Cyprus (EU, ECB, IMF), have also shown keen interest in the future potential of the island’s natural gas finds, quizzing Kassinis about the potential reserves, estimated at 60 trln cubic feet, that could, according to the Energy Director, generate some 600 bln euros worth of natural gas sales over a 20-25 year period. This is expected to fuel another argument of whether that future income should be mortgaged from now and be used as collateral for any bailout, or whether Cyprus should continue to suffer severe austerity measures and wait for its first downstream sales, but not before 2019.

November 14 - 20, 2012


Is Troika leaving empty-handed? The three teams of Troika technocrats from international lenders wrapped up their meetings on Tuesday with all-day talks at the Ministry of Finance and the Central Bank where they discussed fiscal and macroeconomic issues, as well as the restructuring of semi-governmental organisations. Troika technocrats insist that the island’s Cooperative banks should consolidate to just 30, from the 95 at present, while their supervision should fall under the Central Bank of Cyprus and not the Cooperative Central Bank, similar to the Rabobank model, which the communist-led administration has opposed. On Monday, they discussed the cooperation between the private and public sector, tender procedures, the real estate market and ways to evaluate it, and property tax. At the Central Bank, the third Troika team continued discussions on the creation of an asset management company, the liquidity and transparency of the financial sector, and the

FOREIGN TRADE EUR '000 Total exports Extra EU Intra-EU Total imports Extra-EU Intra-EU Trade balance

Jan-Sep 2011 1 053 253 378 318 674 935 4 771 680 1 535 212 3 236 468 -3 718 427

Jan-Sep % change 2012 1 074 683 434 600 640 083 4 325 850 1 366 112 2 959 738 -3 251 167

2.0 14.9 -5.2 -9.3 -11.0 -8.6 -12.6

Source: Cystat, Sapienta Economics calculations.

Green shoots in Cyprus trade deficit? On the basis of provisional data for September the trade deficit shrank by 10.6% over the year earlier in the first nine months of the year, reaching EUR 3.25 bln in JanuarySeptember, compared with EUR 3.72 bln in JanuarySeptember 2011. A shrinking trade deficit is often a sign of recession as demand for consumer goods, building materials and machinery and cars falls. It is therefore moderately good news that the trade deficit shrank at a slightly slower pace in the third quarter (12.1%) than it did in the second (13.2%) and first (12.5%). This may suggest that the recession has at least not deepened, although one should treat such assumptions with cautions, as these are euro-based figures and could be affected by changing exchange rates against the currencies of trading partners or by a change in oil prices. Another ray of hope is that exports of goods have held up moderately well, rising year on year by 4.5% in the third quarter and by 2.0% in Jan-September. The decline of imports is also moderating. Imports shrank by 8.6% in the third quarter and by 9.3% in the first nine months of the year.

Card spending drops 7% in October Plastic card spending fell by 7% over the year earlier to EUR 173,489,697 (EUR 173.5 mln) in October, according to the card company JCC Payment Systems Ltd. Spending for the first ten months was up, however, by 5% to EUR 1.86 bln, partly owing to an increase in government services available online. The average spend per transaction in October was EUR 72. Card spending by tourists in Cyprus rose by 19% in the same month to EUR 61,081,319, while spending by Cypriots abroad rose by 11% to EUR 125,166,811 . Meanwhile, spending by Greek Cypriots across the Green Line in northern Cyprus rose by 30.9% over the year earlier to EUR 463,002. The main increase seems to have come from entertainment (a category that includes casinos), which rose by 65.4% to EUR 154,327. Spending south of the Green Line by Turkish Cypriots rose by 20.4% over the year earlier to EUR 1,539,606 (EUR 1.54 mln).

internal bank audit. On Wednesday, the Troika teams are expected to assess the meetings they have been having in Cyprus since last Friday, in order to determine if it is necessary to begin a new round of talks on certain issues. Although the inspectors from the European Commission, the European Central bank and the International Monetary Fund have insisted that there is no room for further negotiation, President Christofias said over the weekend that the bailout terms proposed by the Troika were politically driven and would probably reject them, without, however, giving any alternative solution to the island’s huge debt problem. This caused the opposition Democratic Rally (Disy) to criticise the President’s declaration that was emulated by the communist-Akel party leader, while Central Bank Governor Panicos Demetriades seems to have the opposite view, that the talks with the Troika officials were held in a “constructive and

friendly” environment, having achieved progress and expecting further progress by the end of the week. A similar optimism was expressed by Finance Minister Vassos Shiarly, the Disy communiqué said, adding that the inconsistency between the President and his two main associates in the bailout negotiations is extremely dangerous. “This destroys what little credibility Cyprus still has left,” Disy said. The Troika inspectors are also reportedly concerned that Cyprus will not be able to sustain its current debt levels unless it goes ahead with austerity measures that have not yet been implemented, while the bank’s recapitalisation could reach 12 bln euros, double of what the government currently estimates. The issue of the CoCo bonds and their conversion to bank shares would mean that the Cyprus GDP would be burdened with an additional 8%, while the present-day share prices mean the securities would, in effect, undergo a 70% haircut.

Rehn, Lagarde: Situation in Cyprus difficult, bank recap shortly The first signs of the Cyprus administration’s delaying tactics have started to show as Euro zone finance ministers and officials met in Brussels on Monday to discuss the debt-crisis in Greece. While they were not expected to authorise more money for Athens, they were seen likely to discuss giving Greece two more years to meet its goals. However, EU Economic and Monetary Affairs Commissioner Olli Rehn is getting impateient. “It would have been important to achieve an agreement on the memorandum already earlier, because the situation is rather difficult, the economic and financial situation, it’s rather

difficult. But things are now moving forward,” Rehn told officials in Brussles, when asked about a bailout for Cyprus. On the other hand, IMF Managing Director Christine Lagarde left a small window of opportunity regarding aid to the two main Cypriot banks, which may be concluded within a month. “As you know there is an assessment of bank recapitalisation needs that is ongoing at the moment that is due to be concluded later in November, early December probably. That’s an important factor to really assess the size of what is needed to be done as far as the banking system is concerned in Cyprus,” Lagarde said.

CIPA chairman to tell AGM that crisis is manageable The chairman of the Cyprus Investment Promotions Agency (CIPA) is expected to tell the organisation’s AGM today that the urgency lies in the challenges that lie ahead and not the crisis that has broght us to where we are today. Christodoulos Angastiniotis, speaking in front of President Demetris Christofias, and other government and

public officials, is expected to add that “the biggest challenge ahead is to put an end to the uncertainty surrounding the economy and the banking sector in particular.” He is also expected to submit a package of measures to attract more foreign investors and revive Cyprus’ role as a leading finance services and business centre.

CIIM, CFA seminar on ‘The Role of the Director’ The Cyprus International Institute of Management and the Cyprus Fiduciary Association joined forces and presented a specialised seminar on ‘The Role of the Director’ which was attended by more than 100 delegates from companies offering directorship services. The seminar was an essential introduction to the role, duties and legal responsibilities of a nominee director acting for client companies. The guest speaker was Paul Munden, lead tutor at the Institute of Directors responsible for designing the governance and director roles and responsibility elements of the chartered director qualification syllabus. Munden is also teaching at CIIM’s upcoming Certificate in Company Direction course, which will be offered in February/March 2013. During the seminar, he examined the context in which the nominee director works, balancing the interests of shareholders and the duty to act independently within an increasingly regulated environment. It provided participants with an in-depth view of the key duties, roles and legal responsibilities of directors, corporate governance and the role of the board. The cooperation between CIIM and CFA, emerged from CIIM’s role as the official training provider of the Institute of Directors (IoD) programmes in Cyprus offering the

‘Certificate in Company Direction’ and from CFA’s role in regulating the sector of professional activities provided by fiduciary service providers and firms providing advisory services in managing private companies in Cyprus.

Building permits slip by 0.2% in August The number of building permits authorised by the municipal authorities and the district administration offices fell by 0.2% over the year earlier in August 2012 to reach 477. However, the total value of these permits rose over the year earlier by 10.6% to EUR 125.7 mln. Since the area fell by 24.9% to 97,744 square metres, this suggests that high-value villas dominated permits in August. The number of permits for dwellings rose by 4.7% to 422. In January - August 2012, the number of permits issued fell by 6.7% compared with the year earlier to 4,761. The total value of these permits fell by 23.4%, the total area by 31.1% and the number of dwelling units by 35.7%.

November 14 - 20, 2012


New tax regime regarding Intellectual Property l

Helping Cyprus compete with other IP jurisdictions

By EFTHYMIOS KANARIS Director Kanaris, Demetriades & Associates

On May 24, 2012, a package of tax incentives was voted by the House of Parliament aiming at stimulating economic growth. One of the areas for which measures have been taken relates to the intellectual property (IP) regime, in an effort to improve Cyprus’ competitiveness in this area and boost inward investment in research and development. Specifically, Article 9 of the Income Tax legislation has been amended to incorporate the following provisions, effective as from January 1, 2012: 1. Tax deductibility and scope Expenditure incurred for the acquisition or development of intangible assets as set out in the Patent Law as amended, the Intellectual Property Rights Law as amended and the Trademarks Law as amended, by a person carrying on a business is treated as tax deductible. Qualifying IP rights include patents, trademarks, software, trade secrets, designs/models, Internet domain names, secret formulae, know-how, work in process R&D and client lists, among others. 2. Expenditure of capital nature Such expenditure incurred for the acquisition or development of intangible assets may be capitalised and amortised on a straight line basis over five years commencing in the year of acquisition (i.e. 20% exemption p.a.). 3. Exemption of profits from the exploitation of the intangible asset 80% of such profits (including any compensation for infringe-

ment) is treated as an expense and thus disregarded for tax purposes. Taking this one step forward, profits earned by a Cyprus tax resident company (that are effectively generated out of royalty income) can then be distributed through dividends to non-Cyprus tax resident shareholders without any Cyprus tax being imposed. 4. Exemption of profits from the disposal of the intangible asset 80% of such profits is treated as an expense and thus disregarded for tax purposes. Note that full exemption can be achieved by holding the intangible assets in a separate Cyprus tax resident company and disposing of the shares in that company, rather than the assets themselves. This is because gains on disposals of qualifying securities (incl. shares) are exempt from all forms of taxation in Cyprus (except if represented by immovable property situated in Cyprus which is not the case here). 5. Effective tax rate The effective tax rate on the profit from exploitation or disposal of the intangible asset is 2%. Note that profit, as mentioned above, is calculated after deducting the direct expenses incurred towards the production of the income from the exploitation or disposal of the intangible assets (i.e. amortisation of the assets, interest costs of financing the acquisition or development of the assets and any other direct expenses).


The new regime will result in significant tax saving opportunities in that it will allow Cyprus tax resident companies to hold the IP asset and license the right to use to entities located in jurisdictions with which: (i) low WHT can be achieved either through the Cyprus’ double tax treaty network, or (ii) through the application of the EU

Interest and Royalties Directive. The diagram below shows how the new tax provisions can be taken into advantage:


The new IP tax regime is a step towards the right direction in promoting Cyprus as one of the most successful international financial centres. It can act as a catalyst for Cyprus to compete more effectively with other jurisdictions such as Netherlands, Luxembourg, Belgium, etc. that have already implemented similar tax favourable regimes over IP. Clearly, this regime coupled with the other numerous tax incentives offered, provides very attractive opportunities for structuring the ownership/development of IP assets through Cyprus.

Efthymios Kanaris is a Director at Kanaris, Demetriades & Associates, an independent provider of business services in the fields of compliance, audit, tax and advisory. -

November 14 - 20, 2012


2013: crisis or challenge for tourism? EDITORIAL 2013 year will be a difficult year for tourism arrivals from Britain and our own officials seem perplexed over what to do in order to revive our best market of holidaymakers to date. But as the Chinese saying goes, the two characters that make up the word for “crisis” represent “danger” and “opportunity.” If we are facing the danger that our traditional and primary tourist market is falling, then let’s look at the opportunities that lie ahead of us. It is ironic that our tourism officials made the disheartening statements during the ‘World Travel Market’ exhibition in London, where so many other new holiday concepts and travel trends were being promoted. Perhaps, a few notes out of the WTM Global Trends

Report for 2012 ought to do the trick. Americans: countries previously off-limits to tourists from the U.S. have become open, benefiting economically from tourism revenue. What can Cyprus do to attract the Los Americanos? Shopping: big spenders from the BRICS nations (Brazil, Russia, India and China) are flaunting their newlyfound wealth and are embracing shopping tourism in key European destinations. The Russians are coming to Cyprus, while we have not seen any Chinese yet. With so many shops displaying international brands, high quality jewellery and premium cars, surely we can get a package together? Shopping Hotels: if we can’t build the type of dazzling hotels and mega-malls that are all popping up over the Middle East, surely we can promote our other premium facilities, such as the competition-level golf course and our new marinas?

Cyollywood: Nigeria’s massive film industry, dubbed Nollywood, is now the world’s second largest in volume, after India’s Bollywood and ahead of Hollywood, with more than 2,000 films produced annually. How about attracting some major studios to film their disaster movies or reallife “Pirates of the Mediterranean” films in Cyprus? On a more serious note, the abundance of archaeological sites and specialist tours in Byzantine treasures could still be better utilised. Digital Detox: at a time when people are trying to kick their addition to mobiles, tablets and digital mobility, Cyprus should promote its relaxed way of life, with beaches-to-mountains trips, wine tours and trips down the beaten village track. But to do all this, the Cyprus Tourism Organisation has to fight to increase its marketing budget, something it has avoided in recent years, as a result of which we are now suffering the consequences as a second-grade destination.

Banks open dialogue in property misselling At long last there is real hope for thousands of people following a “gesture of goodwill” by Alpha Bank to lighten the burden on borrowers who have fallen into arrears by offering them a repayment moratorium due to the economic downturn, according to an activist for property rights. During a meeting held at the bank’s Head Office in Nicosia last month with George Kounis, Consultant with London solicitors Maxwell Alves, the bank expressed the desire to have a dialogue with all concerned borrowers and confirmed its readiness to resolve matters in an amicable way. Other banks are expected to follow suit. “We have argued all along that there is no point in going head-to-head with the banks,” said Kounis. “Litigation is not the answer. Banks will listen to reason. We are now in the process of submitting settlement proposals to Alpha Bank for each and every borrower we represent. We do believe the banks will settle.” The battle, however, is not over. Even if the banks write-off substantial amounts from these debts, there is a lot that needs to be fixed in order to give these borrowers a fair chance of keeping or selling these properties, said Kounis. Properties have been sold with rent guarantees that were not honoured, amenities such as a golf course or a spa that never materialised and there are numerous other irregularities. Banks can help by funding and putting pressure on developers but they cannot fix everything.

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The government can do a lot by diverting cash buyers, particularly from China, to purchase completed properties instead of pushing them to off-plan sales. “We believe that this is a mistake. They need to clear the existing stock of properties if ghost complexes are to be eliminated and prices start picking up again,” Kounis added. The government must in any event eliminate the misselling environment. “If developers were forced to have separate title numbers for each unit in a development before they were even allowed to commence sales, if they needed the same licence as estate agents to sell property so that they could lose it if they missold, if unlicensed sales agents and financial advisers felt the full force of the Law, if lawyers were properly disciplined and if banks were properly supervised, misselling would disappear overnight,” George Kounis declared. Maxwell Alves have written to various bodies in Cyprus

following up on these issues including the Central Bank of Cyprus, the Cyprus Bar Association, the Attorney General, the Securities and Exchange Commission and the Minister of Interior. In particular, they have formally complained to the Competition and Consumer Protection Service (CCPS) at the Ministry of Trade which ultimately is the authority that needs to co-ordinate and enforce action against rogue traders, but the CCPS will not act despite the fact that it is their duty to do so under the provisions of the EU Directive on Unfair Commercial Practices which Cyprus incorporated into Law (103(1)/2007). “Cyprus must decide whether it wishes to be in the EU in both body and spirit. They cannot use the European logo to attract investors and then treat them as if they are in an eastern bazaar when they try to complain,” concluded George Kounis. “We hope to persuade the authorities otherwise we will report the failure to implement to the EU Commission”.

Five proposals for property taxation l

The state can guarantee its revenue, without “suffocating” the market

We are all anxiously observing the thoughts and proposals immovable property tax, resulting in many companies being that are being submitted by the government’s economic team led to closure and unemployment rising even more. For these reasons, we are suggesting the following: to the Troika (EU, ECB, IMF) in relation to property taxation. We fully comprehend the state’s need to guarantee or even l Reducing the taxable threshold for local property tax from increase its revenue, to correspond to its lenders’ needs and €120,000 to €40,000, but the tax rate does not exceed 8%. demands; however, this should not l The tax should be based on each be done in a way that will work as a By LAKIS N. TOFARIDES property separately and not cumulacounterincentive for growth or tively (meaning that each property has acquiring immovable property. its own tax). President of the International We are convinced that the pro- Real Estate Federation – l A property that has been sold (subposed tax measures will further harm FIABCI-Cyprus Chapter mission of deeds to the Land Registry the economy’s growth and especially Office) should include the buyer’s tax one of its main pillars, the property return. sector, which has already been affected more than any other l A special taxing regime should be created for land developarea of economic activity. Tens of thousands of people are ment and construction companies, for projects that are under employed in the real estate sector, while it is inextricably con- development. nected to many other professions which are also facing signif- l The building factor should increase to cover the property’s icant survival problems due to reduced turnover in the prop- mortgage value. erty market and land development. All these should be accompanied with a permanent reduction Imposing high tax rates on immovable property will be cat- in the tax imposed when property is being acquired. astrophic for the sector. Companies are already faced with a If mistakes, as well as rushed or easy solutions, are avoided, drastic reduction in the value of land they have available for the property sector can regain its position as the Cypriot econodevelopment, while at the same time, they are not able to my’s workhorse, contributing to the state’s revenue and openimplement planned projects, due to difficulties in securing ing new job positions for thousands of workers, but also reinfunding from the banks. With the proposed taxing measures, forcing the country’s effort to attract capitals and investments they will be asked to pay huge amounts, in the form of from abroad.

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will be prosecuted and financial damages will be sought as this implies theft of the intellectual property rights of the publishers, their associates and contributing services or agencies.

November 14 - 20, 2012


Woes of our banking sector: What are the underlying reasons? Our banking sector is facing considerable challenges with our two largest Cypriot banks seeking state aid to achieve the desired Core Tier 1 capital ratio, set by the European Banking Authority (EBA). The main problems started late last year with the infamous Greek PSI (Private Sector Involvement) and the overnight loss of about 4 bln euros from the sector and our economy. Furthermore, the banks’ huge exposure to the Greek economy (estimated at around 25 bln euros) as well as to the real estate sector here in Cyprus, led to a substantial climb in their non-performing loans following the rapid deterioration in the economies of both countries. Someone could also argue that the expansion in foreign markets (mainly the Balkans and Eastern Europe), although profitable in the boom years, proved risky and expensive for them in the late recession years. As a result to all these problems that the banks were facing, the banks have continuously been downgraded by the credit rating agencies, which automatically implies loss of confidence from investors and increase in the cost of borrowing. I need to point out, though, that the reasons for the banks’ or sovereign downgrades (as expressed in the rating agencies’ reports) is not solely a result of the banking crisis, but also due to the fiscal problems faced by our government and the structural problems that our economy is facing and need to be resolved. But why did the banking sector end up in this unfortunate situation? What are the underlying reasons? One factor is certainly a rather “loose” regulatory supervision that allowed individual banks, as well as the overall banking sector, to increase to such a large extent that it dwarfs the GDP of the country (is approximately eight times its size), and take excessive risks without properly diversifying their portfolio. Unfortunately, and as it was pointed out many times in the

recent past, we created institutions that are “too big to fail” but also “too big to save”! It’s ironic that people kept praising the regulatory authorities for protecting the banking sector from toxic products (asset/mortgage-backed securities, collateralised debt obligations (CDO), credit default swaps (CDS) ) at the height of the global banking crisis of 2007-2009, products that led to the collapse of banking and insurance giants all over the world, such as Lehman Brothers, AIG or Bear Sterns. Then, in a few years, we find out that the sim-

By Dr GEORGE THEOCHARIDES Associate Professor of Finance at the Cyprus International Institute of Management

plest of the securities and “supposedly” the least risky (sovereign bonds) were to prove so fatal that brought our banking sector to its knees. Another underlying reason for the crisis is certainly the excessive risks that banks have taken, either in the form of cheap credit given out to real estate developers without properly assessing the risks involved, or the overexposure to the Greek economy and Greek government debt, without properly diversifying their investment portfolio. Buying risky securities (even from the secondary market) is acceptable given that the organisation properly assessed the risk and hedged the exposure (using credit default swaps was certainly one way). Here, of course, is the classic example of moral hazard, i.e. bank executives taking risky investments knowing that in

case of a negative outcome the burden would not fall on their shoulders. Obviously, in case of a positive outcome, they would be the ones to reap the rewards with big bonuses. One could also argue that the lack of proper and effective corporate governance practices was also a prime determinant for the crisis. Good corporate governance practices can create shareholder value through transparent disclosure of the organisation’s activities to its shareholders, holding directors accountable, and creating an effective two-way communication between the board and the shareholders. There are internal and external mechanisms that organisations can utilise to achieve these objectives. Internal mechanisms include the establishment of independent boards of directors with nonexecutive directors and the establishment of specialist committees (audit, risk and compensation). External mechanisms can include legal duties imposed on directors, listing rules of exchanges that have to be adhered to, honest reporting of financial performance, and external audit of financial and other statements. Unfortunately, corporate governance has failed in this situation, and this should prove an important and useful lesson not only for the two main banks, but for a number of other organisations in Cyprus. Finally, the global financial crisis that started from the U.S. in 2007 and eventually spread to Europe in the form of a sovereign debt crisis is certainly a major underlying reason behind our country’s problems. This highlights the impact of globalisation and how contagion effects can propagate financial crises from one region or country to another. Dr George Theocharides is an Associate Professor of Finance at the CIIM Business School and Director of MSc in Finance & Banking Programme .

Beware of the business cycle? We often hear Ministers, especially Finance Ministers, saying we will “… work with the business cycle”: and the media moguls and global warriors all nod their heads sagely. But what do they really understand? Of course, for years we have seen that financial cycles move through boom and bust, through depressions to the better years, and most accept there are long Kondratiev waves of 50 years or more. In fact Joseph Schumpeter, as well as others, noted there were distinct waves of economic activity that now named after their proposers – the Kitchin inventory cycle, the Juglar fixed inventory cycle, the Kusnets infrastructure investment cycle, and as we noted, the Kondratiev cycle. These fluctuations with different cycle times form the foundation of modern economics. So far so good; but let us return to the Ministerial speeches. This year, 2012, has seen important elections across the globe. China is undergoing its 10-year cycle of top changes with its consequential changes rippling through its hierarchies as new leaders emerge. And the US presidency race was determined by mid-November. European nations have passed through their elections and now all is mostly settled. But the global economy is not really growing as well as everyone wishes. As the elected representatives of the people change across the lands, the policies of the leaders seem to change – at least they opine that is so. But behind these new leaders in their Parliaments, Senates or Government Buildings rest their permanent secretaries and civil servants. They cannot alter the global situation in isolation as they are supposed to be politically independent, doing the bidding of their political heads and feeding their leaders with the results of new research and analyses. So it all comes back to the leaders and their understanding of ‘… the business cycle’. At one time we might have accepted that the construction sector represented a ‘leading indicator’. More laying of roads, water and electricity supplies could support more commercial and private buildings which must later create greater

spending on fitments. While that initial construction was taking place, it was not commercially sensible to make too many tables, chairs or televisions as there would be no buildings in which to place them. Yet, prudently, a government ought to think ahead and risk stimulating quiescent sectors – for instance, the electronics industry needs to continually re-invent its products. Apple is a prime example with its


rolling-out of new i-Objects; and the Asian electronics industry always offers new smart-phones with facilities we did not know we needed. It takes a courageous manager or Minister to risk their reputation on a new venture with a potential pay-off some years ahead. Economists looking back to the Rise of Capitalism following the two world wars up to the 1971 Bretton Woods collapse, the Oil Shock of 1973, and the collapse of the global stock markets in the mid-1970s have said it is important to restrain the business cycles from their excessive boom & bust activity. I would agree with that, yet presently we see that there is a far larger income disparity than ever before. What has gone wrong with the suggested restraint? Or are we simply observing the tail-end results of the greed boom that led to the present financial bust? Following the Second World War, the American government offered education packages to their returning soldiers ranging from basic skills right up to degree level and research studies. Slightly lagged in time was a baby boom, and these children grew up into an economically booming nation as

the better educated peoples greatly expanded the US economy. Those children promoted education as well as infrastructure growth – supervising in the 1960s what was the most massive growth in state and inter-state roads ever seen across the world – until the recent Chinese expansion of its rail and road networks. China too has expanded its education programme, but like Japan, concentrated perhaps too much on technological prowess rather than a broad spectrum of technology, science and social studies. Schumpeter was an economist; hence his views were upon economic cycles, but there are other cycles that refer to the human condition which ought not to be ignored. We ought not to concentrate too strongly on the Rise of the Machine and forget the Suppression of the Human. Across the globe we see large disparities of wealth and of the raw ability of the people. It is a sad fact that universal education has suffered in many nations – they have not invested early enough, nor allowed their girls to be educated to high levels. The United Nations’ Millennium Goals stressed education simply as it is a long-term driver of general growth and well-being. However, education is one of the long [business] cycles, and is often forgotten by politicians in their rush to be re-elected in the near-term. It is an error made by democratically elected leaders as well as unelected Presidents; and it is an error that will be played out in the near future simply because ‘… the business cycle’ is unsupportable without a well-educated people. The US and Europe lifted education and expansionist growth after WW2, and China has done so following Deng’s opening up. It is quite clear that the Asian and Western ‘business cycles’, though integrated by globalisation, are still somewhat out of synchronization: time will clear this up. Frank-Jürgen Richter is founder and chairman of Horasis, a global visions community. Horasis hosts the upcoming Global China Business Meeting.

November 14 - 20, 2012


The Other Financial Crisis Two variants of financial crisis continue to wreak havoc on Western economies, fueling joblessness and poverty: the one that we read about regularly in newspapers, involving governments around the world; and a less visible one at the level of small and medium-size businesses and households. Until both are addressed properly, the West will remain burdened by sluggish growth, persistently high unemployment, and excessive income and wealth inequality. The sovereign-debt crisis is well known. In order to avert a likely depression, governments around the world engaged in fiscal and monetary stimulus in the midst of the global financial crisis. They succeeded in offsetting nasty economic dislocations caused by private-sector deleveraging, but at the cost of encumbering their fiscal balances and their central banks’ balance sheets. While sovereign credit quality has deteriorated virtually across the board, and will most probably continue to do so, the implications for individual countries vary. Some Western countries – such as Greece – had fragile government accounts from the outset and tipped quickly into persistent crisis mode. There they remain, still failing to provide citizens with a light at the end of what already has been a long tunnel. Other countries had been fiscally responsible, but were overwhelmed by the liabilities that they had assumed from others (for example, Ireland’s irresponsible banks sank their budget). Still others, including the United States, faced no immediate threat but failed to make progress on longer-term issues. A few, like Germany, had built deep economic and financial resilience through years of fiscal discipline and structural reforms. It is not surprising that policy approaches have also varied. Indeed, they have shared only one, albeit crucial (and disappointing) feature: the inability to rely on rapid growth as the “safest” way to deleverage an over-indebted economy. Greece essentially defaulted on some obligations. Ireland opted for austerity and reforms, as has the United Kingdom. The US is gradually transferring resources from creditors to debtors through financial repression. And Germany is slowly acquiescing to a prudent relative expansion in domestic demand. So much for the sovereign-debt crisis, which, given its national, regional, and global impact, has been particularly

well covered. After all, sovereigns are called that because they have the power to impose taxes, regulations, and, at the extreme, confiscation. But the other credit crisis is equally consequential, and receives much less attention, even as it erodes societies’ integrity, productive capabilities, and ability to maintain living standards (particularly for the least fortunate). I know of very few Western countries where small and medium-size companies, as well as middle-income households and those

By MOHAMED A. EL-ERIAN CEO and co-CIO of PIMCO, and author of When Markets Collide

of more limited means, have not experienced a significant decline in their access to credit – not just new financing, but also the ability to roll over old credit lines and loans. The immediate causes are well known. They range from subdued bank lending to unusually high risk aversion, and from discredited credit vehicles to the withdrawal of some institutions from credit intermediation altogether. Such credit constraints are one reason why unemployment rates continue to rise in so many countries – often from already alarming levels, such as 25% in Greece and Spain (where youth unemployment is above 50%) – and why unemployment remains unusually high in countries like the US (albeit it at a much lower level). This is not just a matter of lost capabilities and rising poverty; persistently high unemployment also leads to social unrest, erosion of trust in political leaders and institutions, and the mounting risk of a lost generation. Indeed, unemployment data in many advanced countries are dominated by long-term joblessness (usually defined as six months or more). Skill erosion becomes a problem for those with prior work experience, while unsuccessful firsttime entrants into the labor force are not just unemployed, but risk becoming unemployable. Governments are doing too little to address the private credit debacle. Arguably, they must first sort out the sover-

eign side of the crisis; but it is not clear that most officials even have a comprehensive plan. Policy asymmetry is greatest for the countries most acutely affected by the sovereign-debt crisis. There, the private sector has essentially been left to fend for itself; and most households and companies are struggling, thus fueling continued economic implosion. Other countries appear to have adopted a “Field of Dreams” – also known as “build it and they will come” – approach to private credit markets, In the US, for example, artificially low interest rates for home mortgages, resulting from the Federal Reserve’s policy activism, are supposed to kick-start prudent financing. The European Central Bank is taking a similarly indirect approach. In both places, other policymaking entities, with much better tools at their disposal, appear either unwilling or unable to play their part. As such, action by central banks will repeatedly fail to gain sufficient traction. In fact, only the UK is visibly opting for a more coordinated and direct way to counter the persistent shortfalls stemming from the private part of the credit crisis. There, the “Funding for Lending Scheme,” jointly designed by the Bank of England and the Treasury, seeks “to boost the incentive for banks and building societies to lend to UK households and non-financial companies,” while holding them accountable for proper behavior. The UK example is important; but, given the scope and scale of the challenges, the proposal is a relatively modest one. The program may stimulate some productive credit intermediation, but it will not make a significant dent in what will remain one of the major obstacles to robust economic recovery. Proper access to credit for productive segments is an integral part of a well-functioning economy. Without it, growth falters, job creation is insufficient, and widening income and wealth inequality undermines the social fabric. That is why any comprehensive approach to restoring the advanced countries’ economic and financial vibrancy must target the proper revival of private credit flows. © Project Syndicate, 2012.

International dimensions of the Syrian crisis It did not take long for the “Arab spring” to reach Syria, after Tunisia, Egypt and Libya. Here, as well, a traditional region of conflicts, two factors played an important role. The religious and tribal differences. Of the population of Syria, 74% are Sunnis, 10% Christians and the rest Druse and other minorities, among which the Alawites are governing Syria through President Bashar al-Assad, an Alawite himself. Since March 2011, the crisis assumed the dimensions of civil war with unforeseeable consequences not only for the region, but for the international community as well. It is of interest to know how the crisis is affecting the stand of the countries which entertain relations with Syria and play a role in the affairs of the Middle East. Turkey readily comes to mind, because of the recent escalation of military activities. The friendly relations with Syria belong to the past. Turkey’s change of stand is due to her wish to secure political influence in the post-Assad era and show solidarity with her co-religious Sunnis. Consequently, Turkey supports openly the Syrian opposition, it offers refuge to the members of the National Syrian Council, accepts on her territory thousands of Syrian refugees and arms the Free Syrian Army. Reacting to this change of stand of Turkey, President Assad allowed the re-establishment of the PKK bases at the frontiers with Turkey, from where they are operating. The Kurdish question is of serious concern to Turkey. Her big fear is the creation of a Kurdistan made of Kurds from Iraq, Syria and Iran. Concerning the possibility of a direct military intervention in Syria, it should be mentioned that Turkey should

secure the support of the Arab states, in particular of Saudi Arabia and Qatar, avoid the opposition of Russia and Iran and keep in mind that Syria might use its chemical weapons. For a better understanding of Turkey’s action in the Middle East, reference should be made to her ambitions to become a regional power. Turkey is encouraged to pursue this goal by


her economic strength (6th economic power in Europe, and 16th in the world), the diminished influence of the USA in the region and the negative stand of the Europeans towards her accession to the EU. These ambitions, however, are limited by Egypt’s dynamic return to the international scene, and its opposition to Turkey’s hegemony in the region. Egypt’s President Mohamed Morsi has already asked President Assad to relinquish power and proposed the creation of a quartet (Egypt-Turkey-Saudi Arabia-Iran) for the solution of the crisis. On the opposite side are the supporters of Syria: Russia and Iran. Russia, the erstwhile ally and supplier of arms to Syria has a naval base in Tartous, which allows it to have an

important role in the affairs of the Middle East. Hence, the support of President Assad. As far as Iran is concerned, it should be mentioned that Syria is the only country among Arab states with which Iran has excellent relations. On the one hand Iran is using Syria in order to strengthen the Shiite community of Lebanon, by sending through it arms and money to Hezbollah, whereas on the other hand Syria is benefiting from the commitment of Iran to destroy Israel. Finally, concerning the intervention of the United Nations, we observe that once again the international organisation proved its weakness to fulfil its mission, when the permanent members of the Security Council disagree on a matter, given, in this particular case, the pro-Syrian stand of Russia and China. The resignation of Kofi Annan and the lukewarm statements of his successor, Lahtar Brahimi, testify to the fact. Concluding, we observe that the repercussions of the Syrian crisis will be felt not only regionally, but also internationally. Already, the spillover of the crisis has affected neighbouring Lebanon, where the antagonism of pro-Syrians and anti-Syrians threatens the delicate balance achieved after a long civil war between Christians, Sunnis and Shiites. Moreover, if the Sunnis prevail in Syria, the Shiite axis running from Iran through Iraq and Syria to Lebanon will lose a link. Finally, success or failure of the political Islam will have repercussions not only in the region, but also in the Muslim countries of the Balkans, the Caucusus and central Asia. It is for these reasons that we follow closely the developments in Syria.

November 14 - 20, 2012

November 14 - 20, 2012

12 | WORLD

Britain faces “brain drain” as jobs dry up Tired of constant rejection emails, an increasing number of graduates are packing their bags and leaving Britain for job opportunities abroad, raising concerns of a “brain drain.” With more than one in three recent university leavers unemployed, many have gone in search for better prospects and pay in the faster-growing economies of Asia and Australasia. Jamie Devonshire, 26, graduated from Manchester University in 2008 and moved to Hong Kong two years ago to work for a small investment fund. “Been here two years now and love it. Weather, lifestyle and job all going well,” he said via email from Hong Kong. Devonshire said he was unlikely to return home soon. “Currently I don’t see any incentive to move back to the UK, job market is weak and property ladder is still next to impossible to get on for first time buyers.” His girlfriend also recently moved to join him and managed to find a much better paid teaching job than she had in Britain. The number of undergraduates from the UK and EU taking jobs overseas after graduating from British universities has increased by 25% since the start of the economic crisis in 2008, according to data requested by Reuters from the Higher Education Statistics Agency (HESA). When adjusted to look only at British students moving overseas there was a rise of 27% between 2008 and 2011. It also showed that more EU students were moving back to continental Europe after their studies, whereas before many would have stayed in Britain.


The number of graduates leaving the UK from Oxford and Cambridge, traditional breeding grounds of Britain’s political and business elite, has risen even faster, jumping by 43% in four years, HESA said. Gordon Chesterman, director of the careers service at Cambridge University, said he had not noticed considerable increase in students looking to move abroad but that students were being encouraged to keep their options open. “We do advocate that students look very carefully at having a plan B and a plan C, and that plan B may well take them into their chosen career in four or five years time”. There has also been a substantial increase in students taking up foreign language courses alongside their degrees, a possible sign of wanting to move abroad, he said. Asia is the fastest growing location for new graduates, jumping by 51% over the period. Australasia, a long-time favourite for Britons because of the ease of getting a workingvisa, was up by 49%. While the global slowdown has driven up youth unemployment in the EU, with rates in Spain and Greece over 40%

according to OECD data, countries such as Australia, India and China have maintained more a resilient job market.


The recent rise of British professionals moving abroad has alarmed the Home Office. It said the exodus “may have implications for the availability of skills in the UK” in a separate research report published last week. The vast majority of people leaving the UK did so to take up a new job or look for one, with 89% of emigrants from 2008 to 2010 being of working age. Last year, 72% of emigrants from the UK, who provided a reason, moved for work-related reasons, the report said. “Looking around at the London pool of young graduates and the labour market around that, I realised that moving abroad was going to be an absolute necessity”, Isabel

Crabtree-Condor said by phone from Uganda, where she is a development consultant. Crabtree-Condor, 26, graduated in 2009 with a masters in political economy from SOAS university in London and was working two jobs before choosing to move abroad. The last job she was shortlisted for in the UK had over 600 applicants, she said. From her class of about 100 students only “five or six” had managed to find work in Britain. “I’ve benefited hugely (from the move),” she said. Projects Abroad, a company that offers placements in a variety of different work overseas, has felt the impact of this increase in graduates moving abroad. Traditionally more oriented towards charity work, the company has seen vocational internships rise to 30% of overall sales, from 7%, in the past five years. China is the most popular destination for these business placements. “Quite often a big part of the trip is to say, when I come back is there going to be an extra bit on my CV, to say well yeah this guy’s worth employing”, said Ian Birbeck who runs the company’s press department. Research by Warwick University into graduates in the UK published last Wednesday, reinforced the sense of gloom, reporting that one in ten recent graduates have experienced significant spells of unemployment. The report said 40% of recent graduates are working in lower-paid jobs that do not require a university degree. Tori Peel-Yates, 26, who graduated from Leeds in 2009 and decided to move to Belgium a few months ago for a traineeship at the European Commission, said the job opportunities there were better than in the UK. “I was fed up with writing job applications and receiving rejection after rejection, or no response at all.”

E&Y focuses on global entrepreneurship, innovation Ernst & Young has launched its Global Center for Entrepreneurship and Innovation, an online platform providing guidance to entrepreneurs and innovators on their growth journey as well as enabling fast growing companies to connect to each other sharing their different perspectives. The new online platform at entrepreneurship showcases relevant entrepreneurial programmes, conferences and forums from around the world and provides access to an extensive global network. The center also aims to help entrepreneurial companies with their future growth plans and how best to access funding.

“As the world leader in advising, guiding and recognizing entrepreneurs and high-growth companies, we aim to bring together entrepreneurs, investors, major corporations and governments from around the world to accelerate companies to market leadership and facilitate the connections that help businesses to grow,” said Maria Pinelli, Global Strategic Growth Markets Leader at Ernst & Young. “Growth is hard to come by as businesses battle increased economic volatility, global power shifts, disruptive technology and new ways of working. Against this backdrop, only the most innovative and entrepreneurial businesses will continue to grow.”

Global consumer spending slowdown eases Growth in global consumer spending has been slowing – but the latest value of PwC’s new Global Consumer Index (GCI) suggests that the slowdown may have eased in October. This may lead to a gradual recovery in 2013. The Index is a leading indicator of trends in the global consumer cycle. It combines dozens of economic series into a single index, which historically has tracked global consumer spending closely. It is unique in that it provides an early warning indicator of trends at a global level, giving businesses and policy makers an indication of future consumer demand for goods and services and an early steer on short-term growth prospects. Growth: this is the current year-on-year growth rate of the index. This declined for five consecutive months over the summer, although the latest value shows it ticking up to 1.7% in October, from 1.5% in September. This is significantly below the long-run average value of 2.8%, and the recent figures are the lowest since the end of the financial crisis. Momentum: this looks at what annual growth would be if the index were to grow at the rate of the last three months for a whole year. Following four consecutive and sharp monthly falls, this briefly turned negative in August. The latest value shows it recovering slightly to 1.0% in October from 0.2% in September. This is a relatively good story, as had the Momentum score stayed negative it may have implied a double dip in the consumer spending cycle. “The global economy has been losing steam over the last year. Much of Europe is either not growing or back in recession, the recovery in the United States has slowed, and concerns over a slowdown in emerging markets is rising. In this context, the consumer cycle will be crucial in

determining growth prospects,” explained Richard Snook, senior economist at PwC and lead author of the report. “The latest Growth and Momentum figures suggest very low growth, but currently no double dip recession in the global consumer cycle. However, we do expect a gradual recovery in global consumer spending during 2013, assuming no major averse shocks from the Eurozone or global commodity prices.” The report finds that there are many indicators in each country that may give insight into the consumer cycle, such as confidence surveys, commodity markets, equity indices and other financial market data.


∆∂∆∞ƒ∆∏, 14 ¡√∂ªµƒπ√À, 2012

™Ù· ‚·ıÈ¿ ÁÈ· ÙÔ º˘ÛÈÎfi ∞¤ÚÈÔ Ξεκίνησαν και επίσηµα οι συζητήσεισ µε τισ κοινοπραξίεσ που επιλέχθηκαν να δοθούν ΟικÞπεδα στην Αποκλειστική Οικονοµική Ζώνη τησ Κύπρου. Πρώτη στο τραπέζι των διαπραγµατεύσεων κλήθηκε η κοινοπραξία ΕΝΙ ιταλικών και κορεατικών συµφερÞντων η οποία διεκδικεί αδειοδÞτηση για τα οικÞπεδα 2 και 3. Η κοινοπραξία κατά τη διαδικασία του διαγωνισµού κατετάγη πρώτη σε Þτι αφορά την τεχνοοικονοµική τησ προσφορά, εντούτοισ ο στÞχοσ του Υπουργείου Εµπορίου, σύµφωνα µε τον ∆ιευθυντή Ενέργειασ ΣÞλωνα Κασίνη, δεν αλλάζει «Θα ξεκινήσουµε τισ διαπραγµατεύσεισ µε σκοπÞ απώτερο να βελτιωθούν Þλεσ οι παράµετροι κατά πολύ. Είναι συνολικά το Þλο συµβÞλαιο να δούµε πωσ µπορεί να βελτιωθεί. Ùχι µÞνο η προκαταβολή αλλά και το µερίδιο του κράτουσ το οποίο θα παίρνει µακροπρÞθεσµα», υπογράµµισε Επικεφαλήσ των διαπραγµατεύσεων είναι ο ΥπουργÞσ Εµπορίου Νεοκλήσ Συλικιώτησ µαζί µε δεκαπενταµελή οµάδα στην οποία µεταξύ άλλων συµµετέχουν ο ΥπουργÞσ Γεωργίασ και ο ΒοηθÞσ ΓενικÞσ Λογιστήσ. Οι διαπραγµατευτικοί στÞχοι τουσ έχουν καθοριστεί σε προπαρασκευαστική συνάντηση και κωδικοποιούνται σε έξι σηµεία: - Βελτίωση του εφάπαξ ποσού για κατοχύρωση τησ αδειοδÞτησησ. - Βελτίωση των µερισµάτων που προτείνουν στο κράτοσ µετά την εκµετάλλευση του φυσικού πλούτου (σε τεχνικÞ επίπεδο). - Αύξηση των τρισδιάστατων ερευνών για σαφέστερη εικÞνα. - Εξασφάλιση ενωρίτερα γεωτρύπανου για συντοµÞτερη έναρξη γεωτρήσεων. - Εξασφάλιση καλύτερου γεωτρύπανου για

µεγαλύτερο βάθοσ ερευνών προσ διερεύνηση ύπαρξησ πετρελαίου. - ΣυντοµÞτερα χρονοδιαγράµµατα για έναρξη εκµετάλλευσησ των κοιτασµάτων. Ήδη ξεκίνησε και η διαπραγµάτευση µε την κοινοπραξία TOTAL – NOVATEG Γαλλορωσικών συµφερÞντων. ∆ιαπραγµάτευση πολύ πιο δύσκολη αφού η προσφορά τησ εν λÞγω κοινοπραξίασ για το οικÞπεδο εννέα ήταν πέµπτη στη σειρά. ΓεγονÞσ που προκάλεσε τισ προηγούµενεσ µέρεσ πολιτικέσ αναταράξεισ ανεβάζοντασ έτσι τον πήχη των προσδοκιών για το αποτέλεσµα τησ τελικήσ διαπραγµάτευσησ. Την ίδια ώρα, απÞ εξονυχιστικÞ έλεγχο γύρω απÞ το καυτÞ κεφάλαιο του φυσικού αερίου, πέρασαν απÞ το κλιµάκιο τησ ΤρÞϊκα, οι επικεφαλείσ Οργανισµών και Υπηρεσιών. Σύµφωνα µε πληροφορίεσ, οι τεχνοκράτεσ τησ ΤρÞϊκα ζήτησαν απίστευτεσ λεπτοµέρειεσ και σε βάθοσ αναλυτική ενηµέρωση µε στοιχεία και αριθµούσ, ακÞµα και σε καθαρά τεχνικήσ φύσεωσ ζητήµατα. Στη δίωρη συνάντηση που είχαν µε τον ∆ιευθυντή τησ Υπηρεσίασ Ενέργειασ ΣÞλωνα Κασίνη, το κλιµάκιο ζήτησε λεπτοµέρειεσ για Þλουσ τουσ σχεδιασµούσ τησ Κύπρου Þχι µÞνο για το τεµάχιο 12 αλλά και για τα υπÞλοιπα οικÞπεδα, αλλά και αναµενÞµενα έσοδα. Αντικείµενο συζητήσεων ήταν και τα έσοδα µε τισ υπογραφέσ των συµβολαίων για τον Β γύρο αδειοδÞτησησ, µε το ποσÞ να υπολογίζεται σύµφωνα µε τον κύριο Κασίνη στα 200 εκ. ευρώ και Þχι Þπωσ υποστήριζε η κυβέρνηση, στα 300 εκ. ευρώ.

∞¡∆π¢ƒ∞™∂π™ °π∞ ∆√ √π∫√¶∂¢√ 9 Τουλάχιστον τρεισ εταιρείεσ οι οποίεσ υπέβαλαν προτάσεισ για έρευνα κοιτασµάτων φυσικού αερίου στο σηµαντικÞ οικÞπεδο 9 τησ κυπριακήσ ΑΟΖ και δεν επελέγησαν έχουν αναθέσει σε νοµικούσ να τουσ συµβουλεύσουν αν έχουν τρÞπουσ αντίδρασησ στην απÞφαση τησ Κυπριακήσ κυβέρνησησ να ξεκινήσει διαπραγµατεύσεισ για παραχώρηση δικαιωµάτων έρευνασ, εξÞρυξησ και εκµετάλλευσησ στη γαλλορωσική κοινοπραξία «TotalNovatec-GPB». Τα οικÞπεδα για τα οποία υπήρξε απÞφαση ανάθεσησ είναι τα 2,3,9 και 11. Στα οικÞπεδα 2,3 και 11 η ανάθεση έγινε

σύµφωνα µε τισ βαθµολογίεσ , ενώ για το 9 επιλέχθηκε η 5η στη βαθµολογία κοινοπραξία«Total-Novatec-GPB». Για το οικÞπεδο 9 στισ βαθµολογίεσ προηγούνται κατά σειρά η ΕΝΙ-Kogas, η Premier-VITAL-Petronas, η Capricon Marathon και η Edison-Delek-EnelWoodside. ∆ιάφορα στοιχεία δείχνουν, µε βάση πληροφορίεσ που είδαν το φώσ τησ δηµοσιÞτητασ Þτι για να φτάσει η «Total-Novatec-GPB» στη πρώτη πρÞταση Þσο αφορά την οικονοµική πτυχή θα πρέπει να αυξήσει κατά 400% το ποσÞ του «µπÞνουσ υπογραφήσ».

∆ÚfiÈη: ∞ÓËÛ˘¯›Â˜ ÁÈ· ‰ËÌfiÛÈÔ ¯Ú¤Ô˜ Το κλιµάκιο τησ ΤρÞικα εξέφρασε εκ νέου την ανησυχία του Þσον αφορά στη βιωσιµÞτητα του κυπριακού χρέουσ τονίζοντασ Þτι σε θέµατα Þπωσ αυτÞ των κατÞχων αξιογράφων θεωρείται µονÞδροµοσ η µετατροπή τουσ σε µετοχέσ αφού θα επιβαρυνθεί κατά 8% το ΑΕΠ τησ Κύπρου. ΑπÞ αυτή την εξέλιξη στην ουσία συνεπάγεται κούρεµα 70% που είναι η απÞκλιση των σηµερινών τιµών των µετοχών έναντι τησ ονοµαστικήσ τουσ αξίασ. Για την ώρα µοιάζει αγεφύρωτη η διαφορά Þσον αφορά την ανακεφαλαιοποίηση των Τραπεζών Κύπρου και Λαϊκή µε την κυβέρνη-

ση να επιµένει Þτι οι τράπεζεσ δεν χρειάζονται περισσÞτερα απÞ 6 δισ ευρώ ενώ η τρÞικα υπολογίζει περίπου τα διπλάσια. Για να µην επιβαρυνθεί το δηµÞσιο χρέοσ η Κεντρική Τράπεζα κατέθεσε στο τραπέζι πρÞταση η οποία µελετάται Þπωσ ληφθεί ένα µέροσ των κεφαλαίων µέσω του κράτουσ και το υπÞλοιπο να εκταµιευθεί Þταν το χρειαστούν οι τράπεζεσ. Την ίδια ώρα σύµφωνα µε υψηλÞβαθµεσ πηγέσ τησ Κεντρικήσ Τράπεζασ, φαίνεται να βρίσκει έδαφοσ η πρÞταση του Πανίκου ∆ηµητριάδη για σταδιακή εφαρµογή αυστηρÞτερων δεικτών κεφαλαίων αρχικά στο 9% το 2013 και στο 10% το 2014 Þπωσ άλλωστε προτείνει και η ΤρÞικα.

ÀÔı‹Î˜ Î·È ÎÔ‡ÚÂÌ· … Σκληρή διαπραγµάτευση φαίνεται να γίνεται και στο θέµα των υποθηκών των δανείων των χρηµατοπιστωτικών ιδρυµάτων. Η Κεντρική Τράπεζα θεωρεί ωσ ισχυρÞ Þπλο

™È·ÚÏ‹: ¶ÚfiÔ‰Ô˜! ΠρÞοδοσ έχει επιτευχθεί στο πλαίσιο των συζητήσεων µε την ΤρÞικα, δήλωσε ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή. Ο κ. Σιαρλή πρÞσθεσε Þτι προσβλέπει σε ένα πολύ καλÞ αποτέλεσµα µε την ΤρÞικα περί τα τέλη τησ εβδοµάδασ. «Προσµένω σε ένα πολύ καλÞ αποτέλεσµα προσ το τέλοσ αυτήσ τησ εβδοµάδασ», είπε ο κ. Σιαρλή.

στισ διαπραγµατεύσεισ Þτι την τελευταία τριετία είχαν δοθεί οδηγίεσ στα χρηµατοπιστωτικά ιδρύµατα να µπαίνει ωσ υποθήκη το ίδιο το ακίνητο για το οποίο δινÞταν χορήγηση µε αποτέλεσµα να υπάρχει καλύτερη εξασφάλιση. Παράλληλα κοντά στο 15% φαίνεται να θέτει τη µείωση στισ τιµέσ των ακινήτων η Pimco στα δεδοµένα που έδωσε στα χρηµατοπιστωτικά ιδρύµατα για να ετοιµάσουν τα

επιχειρηµατικά µοντέλα που προτίθενται να ακολουθήσουν. Με βάση το πλάνο που θα δώσει η κάθε τράπεζα, η Pimco θα εφαρµÞσει το ακραίο σενάριο του οποίου οι βασικοί παράµετροι θα είναι µία περαιτέρω µείωση τιµών στα ακίνητα αλλά και ο υπολογισµÞσ του ρυθµού αύξησησ των µη εξυπηρετούµενων δανείων. Οι συναντήσεισ στην Κεντρική Τράπεζα θα συνεχιστούν τουλάχιστον µέχρι την επÞµενη Παρασκευή.

N· ÎÔÔ‡Ó ÛÙ· 30 Ù· ™˘ÓÂÚÁ·ÙÈο Σκληρέσ διαπραγµατεύσεισ διεξάγονται στην Κεντρική Τράπεζα µε την ΤρÞικα για τα Συνεργατικά Ιδρύµατα. Η ΤρÞικα φαίνεται να ζήτησε Þπωσ µπει λουκέτο σε Þσα Συνεργατικά Ιδρύµατα δεν είναι βιώσιµα και παράλληλα την περαιτέρω συγχώνευση των 95 Συνεργατικών που σήµερα λειτουργούν στην Κύπρο µε στÞχο να µειωθούν στα 30 σε βάθοσ τριετίασ. Για την ώρα φαίνεται να κλειδώνει µÞνο η

πρÞταση του ∆ιοικητή Πανίκου ∆ηµητριάδη για αλλαγή στην εποπτεία των συνεργατικών βάσει του µοντέλου τησ ολλανδικήσ Rabobank η οποία προνοεί τη µεταφορά τησ πρωτοβάθµιασ εποπτείασ των ��υνεργατικών απÞ τον Έφορο Ανάπτυξησ και Εποπτείασ Συνεργατισµού στη Συνεργατική Κεντρική Τράπεζα, και την ανάληψη τησ δευτεροβάθµιασ εποπτείασ απÞ την Κεντρική Τράπεζα. Πάντωσ ο ΠρÞεδροσ τησ Κοινοβουλευ-

τικήσ Επιτροπήσ Εµπορίου και ΑντιπρÞεδροσ του ∆ΗΣΥ Λευτέρησ ΧριστοφÞρου, εξέφρασε την ανησυχία του για τον τρÞπο που αντιµετωπίζει η ΤρÞικα τα ζητήµατα που έχουν να κάνουν µε το ΣυνεργατισµÞ, αναφέροντασ Þτι το συνεργατικÞ κίνηµα στην Κύπρο απέδειξε µέσα απÞ µια εκατονταετή πορεία τη συνολικά θετική προσφορά του στην κοινωνία και στην οικονοµία. ¶∞À§√™ °∂øƒ°π∞¢∏™


14 ΝΟΕΜΒΡΙΟΥ, 2012

2/14 | ΕΙ∆ΗΣΕΙΣ

¶·Ú¿ÓÔ̘ ÌÂÙ·ÙÚÔ¤˜ ·˘ÙÔÎÈÓ‹ÙˆÓ ÁÈ· Ó· ¯ÚËÛÈÌÔÔÈÔ‡Ó Áο˙È Υπάρχουν καταγγελίεσ Þτι πριν ακÞµη δηµιουργηθεί το κατάλληλο νοµικÞ πλαίσιο και εφαρµοστεί η υγραεριοκίνηση, αρκετοί έχουν ξεκινήσει να κάνουν παράνοµη µετατροπή των αυτοκινήτων τουσ και να χρησιµοποιούν παράνοµα το υγραέριο ωσ καύσιµο κίνησησ, γεγονÞσ που, δηµιουργεί σοβαρÞ κίνδυνο για την ασφάλεια των ιδίων αλλά και τη δηµÞσια ασφάλεια. Με βάση τησ καταγγελίεσ γίνεται παράνοµη χρήση υγραερίου στην κίνηση αυτοκινήτων, ενώ αυτÞ απαγορεύεται µε σχετικÞ διάταγµα του 1977. Αρκετοί ιδιοκτήτεσ οχηµάτων έχουν αρχίσει να µετατρέπουν τα αυτοκίνητα τουσ για να κινούνται µε υγραέριο µε αποτέλεσµα να υπάρχουν σοβαροί κίνδυνοι σε Þ,τι αφορά την ασφάλεια.

Η ποινή για Þσουσ χρησιµοποιούν υγραέριο στην κίνηση είναι αναστολή τησ άδειασ κυκλοφορίασ. Την ίδια ώρα κάποια πρατήρια τα οποία λειτουργούν για να εφοδιάζουν µε υγραέριο δεν έχουν τισ απαραίτητεσ άδειεσ, παρανοµία που πρέπει να αντιµετωπιστεί και να κατασταλεί. Εν τω µεταξύ το Υπουργείο Εµπορίου, Βιοµηχανίασ και Τουρισµού διαβεβαίωσε την Κοινοβουλευτική Επιτροπή Εµπορίου, Þτι µέχρι το τέλοσ του 2013 θα είναι έτοιµο το νοµικÞ πλαίσιο που θα διέπει την χρήση υγραερίου στην αυτοκίνηση. ΑπÞ τισ αρχέσ Σεπτεµβρίου έχει αποφασιστεί απÞ το ΥπουργικÞ Συµβούλιο η εφαρµογή του συστήµατοσ στην Κύπρο εφÞσον δηµιουργηθεί το κατάλληλο νοµικÞ πλαίσιο.

™ÙËÓ ∫ÔÌÈÛÈfiÓ Ë Û˘Ìʈӛ· √Ï˘Ìȷ΋˜ Ì ∞egean Την παραποµπή τησ εξαγοράσ τησ Olympic Air απÞ την Aegean Airlines στην Ευρωπαϊκή Επιτροπή, αποδεχÞµενη σχετικÞ αίτηµά τησ, ενέκρινε και η Κυπριακή Επιτροπή Προστασίασ του Ανταγωνισµού. Ùπωσ ανακοίνωσε η ΕΠΑ πληρούνται οι τυπικέσ και ουσιαστικέσ προϋποθέσεισ των σχετικών διατάξεων του Κανονισµού για την παραποµπή τησ υπÞθεσησ, δεδοµένου Þτι η συγκέντρωση δεν έχει κοινοτική διάσταση κατά την έννοια του άρθρου 1 του Κανονισµού, επηρεάζει σηµαντικά το εµπÞριο µεταξύ κρατών µελών και απειλεί να επηρεάσει σηµαντικά τον ανταγωνισµÞ στην Κύπρο. Ωσ εκ τούτου, η Επιτροπή αποφάσισε να υποβάλει αίτηση παραποµπήσ τησ σκοπούµενησ συγκέντρωσησ στην Ευρωπαϊκή Επιτροπή. Στα πλαίσια των προνοιών του Κανονισµού 139/2004 του Συµβουλίου, η Επιτροπή Προστασίασ του Ανταγωνισµού θα συνεργαστεί µε την Ευρωπαϊκή Επιτροπή κατά την εξέταση τησ υπÞθεσησ. Υπενθυµίζεται Þτι το 2010 είχε γίνει µια προσπάθεια συγχώνευσησ των δύο εταιρειών (Οlympic Air- Αegean). Η Ε.Ε.

απάντησε αρνητικά τον Ιανουάριο το υ2011. Έκτοτε βέβαια οι συνθήκεσ στην Ελλάδα άλλαξαν δραµατικά και η σηµερινή οικονοµική συγκυρία δρα µάλλον υποστηρικτικά προσ το νέο εγχείρηµα Þπωσ τουλάχιστον εκτιµούν οι εµπλεκÞµενοι. Επιπλέον η ΚοµισιÞν γνωρίζει την υπÞθεση και οι θέσεισ των δύο εταιρειών προσφέρουν λογικά επιχειρήµατα υπέρ τησ συγχώνευσησ Στο µεταξύ Þµωσ και εν αναµονή τησ απÞφασησ τησ Ε.Ε., η Aegean φέρεται να έχει ήδη έχει προκαταβάλει 20 εκατ. ευρώ για την εξαγορά τησ Olympic Air.

∞ÚfiÛÎÔÙË ·ÚÔ¯‹ Ú‡̷ÙÔ˜ ÛÙȘ ¢·ı›˜ ÔÌ¿‰Â˜ ∆ιιστάµενεσ απÞψεισ απÞ τουσ εµπλεκÞµενουσ φορείσ σε σχέση µε το νοµοσχέδιο που αφορά τη ρύθµιση τησ αγοράσ ηλεκτρισµού καταγράφηκε στην χθεσινή συνεδρία η Κοινοβουλευτική Επιτροπή Εµπορίου, µε αποτέλεσµα να ζητηθεί απÞ το αρµÞδιο Υπουργείο Εµπορίου, Βιοµηχανίασ και Τουρισµού Þπωσ προχωρήσει και σε δεύτερο γύρο διαβούλευσησ µε στÞχο να υπάρξει σύγκλιση απÞψεων σε Þ,τι αφορά το περιεχÞµενο του νοµοσχεδίου. Σε δηλώσεισ του ο ΠρÞεδροσ τησ Επιτροπήσ Λευτέρησ ΧριστοφÞρου, αφού έκανε λÞγο για ένα πολύ σηµαντικÞ νοµοθέτηµα «το οποίο ουσιαστικά θα αλλάξει την εικÞνα των πραγµάτων στον ηλεκτρισµÞ και ιδιαίτερα σε σχέση µε την προστασία των δικαιωµάτων των καταναλωτών», είπε πωσ «φαίνεται Þτι υπάρχουν πάρα πολλέσ διιστάµενεσ απÞψεισ σε βαθµÞ µάλιστα που οι εµπλεκÞµενοι φορείσ ∆ΕΦΑ, ΡΑΕΚ, ΑΗΚ και άλλοι να µην έχουν κοινή συνισταµένη για την αντιµετώπιση αυτού του ολοκληρωµένου νοµοσχεδίου». Ο κ. ΧριστοφÞρου ανέφερε πωσ για την Επιτροπή είναι εκ των ων ουκ άνευ να συµπεριληφθεί στο νοµοσχέδιο Þτι οι

ευάλωτεσ οµάδεσ πληθυσµού θα έχουν απρÞσκοπτη παροχή ηλεκτρικήσ ενέργειασ γιατί, Þπωσ υπέδειξε, είναι αδιανÞητο στην Κύπρο του 2012 να αποκÞπτεται η παροχή ηλεκτρικού ρεύµατοσ σε ανθρώπουσ άνεργουσ για ευπαθείσ οµάδεσ του πληθυσµού που δεν έχουν τη δυνατÞτητα να καταβάλουν τουσ λογαριασµούσ τησ ΑΗΚ. Είπε πωσ στο νοµοσχέδιο καθορίζεται η έννοια τησ ενεργειακήσ φτώχειασ, «η οποία στην Κύπρο καθηµερινά αυξάνεται, σε βαθµÞ µάλιστα που οι πολίτεσ δεν έχουν πρÞσβαση σε αυτÞ το απαραίτητο και βασικÞ κοινωνικÞ αγαθÞ». ΠρÞσθεσε Þτι η Επιτροπή θα στηρίξει, θα θωρακίσει και θα τροποποιήσει το νοµοσχέδιο µε τέτοιο τρÞπο έτσι ώστε να διαφυλάξει το δικαίωµα στην πρÞσβαση στον ηλεκτρισµÞ. Ανέφερε ακÞµη πωσ στο πλαίσιο συζήτησησ τονίστηκε ιδιαίτερα το Þτι «οι βαριοί λογαριασµοί τησ ΑΗΚ συνεχίζουν να λυγίζουν τισ πλάτεσ των νοικοκυριών και των µικροµεσαίων επιχειρήσεων». «Αναµένουµε σε 15 µέρεσ απÞ την ΑΗΚ αυτÞ για το οποίο δεσµεύτηκε, δηλαδή ένα πλάνο και ένα πρÞγραµµα µείωσησ των λογαριασµών» συµπλήρωσε.

√Ãπ Û ÊÔÚÔÏÔÁ›Â˜ ÛÙÔÓ ÙÔ˘ÚÈÛÌfi Ο µÞνοσ τοµέασ στην Κύπρο αυτή τη στιγµή που µπορεί να δώσει ανάπτυξη στην οικονοµία του τÞπου και στον οποίο δεν πρέπει να µπουν νέεσ φορολογίεσ είναι η τουριστική βιοµηχανία, διαπιστώνει το κλιµάκιο τησ τρÞικασ, σύµφωνα µε δηλώσεισ του γενικού διευθυντή του Κυπριακού ΟργανισµούΤοπυρισµού, Μάριου Χαννίδη. Σηµείωσε επίσησ Þτι, «οι άνθρωποι τησ τρÞικασ έχουν συνειδητοποιήσει πωσ ο τουρισµÞσ είναι εκείνη η βιοµηχανία που µπορεί να δώσει ανάπτυξη. Να δηµιουργήσει νέεσ θέσεισ εργασίασ στην Κύπρο». Η τρÞικα φαίνεται να έχει ζητήσει επέκταση τησ τουριστικήσ περιÞδου στουσ 12 µήνεσ.

¢È·Ê¿ÓÂÈ· ÛÙ· ÌËÙÚÒ· ÂÙ·ÈÚÂÈÒÓ Παράλληλα η ΤρÞικα αξιώνει διαφάνεια στα µητρώα των εταιρειών προτείνοντασ µάλιστα την προώθηση νοµοθετικών ρυθµίσεων που να την διασφαλίζουν. Ο Έφοροσ Εταιρειών Σπύροσ ΚÞκκινοσ εξήγησε Þτι «η τρÞικα αξιώνει να γνωρίζει ποιοι είναι οι τελικοί µέτοχοι σε µία εταιρεία. Εξηγήσαµε Þτι ο περί εταιρειών νÞµοσ προβλέπει τουσ µετÞχουσ και κατά πÞσο ενεργούν ωσ εµπιστευµατοδÞχοι. Επισηµάναµε Þτι υπάρχουν ασφαλιστικέ δικλείδεσ τέτοιεσ που να διασφαλίζουν και να εξασφαλίζουν Þτι ο τελικÞσ µέτοχοσ µπορεί να δοθεί, Þχι Þµωσ απÞ τον έφορο.

§·˚΋: √ÌÔÏÔÁÈ·Îfi ‰¿ÓÂÈÔ €500 ÂÎ. Στην έκδοση οµολογιακού δανείου ύψουσ 500 εκ. ευρώ που θα φέρει κυβερνητική εγγύηση προχωρεί η Λαϊκή Τράπεζα. Tο οµολογιακÞ δάνειο σύµφωνα µε το ∆ιοικητικÞ Συµβούλιο τησ Τράπεζασ, θα φέρει κυβερνητική εγγύηση, µε βάση τον περί τησ Παραχώρησησ Κυβερνητικών Εγγυήσεων για τη Σύναψη ∆ανείων ή/και την Έκδοση ΟµολÞγων απÞ Πιστωτικά Ιδρύµατα ΝÞµο του 2012 και τον περί τησ Παραχώρησησ Κυβερνητικών Εγγυήσεων για τη Σύναψη ∆ανείων ή/και την Έκδοση ΟµολÞγων απÞ Πιστωτικά Ιδρύµατα ∆ιάταγµα του 2012. Το ΟµολογιακÞ ∆άνειο θα εισαχθεί στο Χρηµατιστήριο Αξιών Κύπρου.

EıÈṲ̂ӷ ÛÙÔ ›ÓÙÂÚÓÂÙ Ù· ΢ÚÈfiÔ˘Ï· ΜÞλισ το 1% των παιδιών στην Ευρώπη εµφανίζει επίπεδα υπερβολικήσ διαδικτυακήσ χρήσησ σύµφωνα µε έρευνα του ευρωπαϊκού Κέντρου EU Kids Online. Στην Κύπρο το 5% των παιδιών εµφανίζει σηµάδια εθισµού στο διαδίκτυο, ενώ η Ελλάδα βρίσκεται ακριβώσ στον ευρωπαϊκÞ µέσο Þρο µε 1% των παιδιών να παραδέχονται 5 παράγοντεσ: ∆εν τρώνε εξαιτίασ του ίντερνετ, «σερφάρουν» ακÞµη κι αν δεν έχουν Þρεξη, ενοχλούνται αν δε µπορούν να µπουν, παραµελούν σχολικέσ εργασίεσ και κοινωνικοποίηση, έχουν προσπαθήσει ανεπιτυχώσ να περνούν λιγÞτερο χρÞνο στο ίντερνετ. ΑπÞ 1 έωσ 4 παράγοντεσ συγκεντρώνει το 32% των παιδιών, ενώ 67% δηλώνει Þτι δεν έχει κανένα απÞ τα 5 χαρακτηριστικά.

€1,5 ÙÚȘ Ô ÚÔ¸ÔÏÔÁÈÛÌfi˜ ÙÔ˘ „¢‰ÔÎÚ¿ÙÔ˘˜ Την εξέταση του προϋπολογισµού του ψευδοκράτουσ για το 2013, ξεκίνησε η επιτροπή δηµοσιονοµικών, προϋπολογισµού και προγραµµατισµού τησ ψευδοβουλήσ. Ο ΥπουργÞσ ∆ηµοσιονοµικών, Ερσίν Τατάρ µίλησε για προϋπολογισµÞ σταθερÞτητασ και ανάπτυξησ. Το ύψοσ του προϋπολογισµού φθάνει τα 3.4 δισ τουρκικέσ λίρεσ (περίπου 1,47 δισ ευρώ).

PrimeTel: ºÚ·Á‹ Î·È ·Ó·ÌÔÓ‹ ÎÏ‹ÛÂˆÓ ÁÈ· ÔÈÎÈ·ÎÔ‡˜ ¯Ú‹ÛÙ˜ Σε συνεργασία µε τον Αµερικάνικο ΚολοσσÞ Sonus Networks προχώρησε η εταιρεία PrimeTel, και ήδη πολλέσ επιχειρήσεισ και εταιρικοί πελάτεσ τησ έχουν µεταφερθεί, στην καινούρια πλατφÞρµα φωνήσ «Sonus». Η PrimeTel, προχώρησε σε αυτή την συνεργασία στοχεύοντασ στην παροχή νέων, υπηρεσιών τηλεφωνίασ. Επιπλέον, αναµένεται Þτι κατά το 2ο στάδιο του έργου, θα επωφελούνται απÞ τισ αναβαθµισµένεσ υπηρεσίεσ φωνήσ και οι οικιακοί πελάτεσ. Συγκεκριµένα, οι πρώτοι οικιακοί πελάτεσ θα είναι σε θέση να χρησιµοποιήσουν για πρώτη φορά λειτουργίεσ Þπωσ προώθηση κ��ήσεων, αναµονή κλήσεων, κοινέσ κλήσεισ µε πολλούσ συνοµιλητέσ (conference calls), φραγή κλήσεων, υπηρεσία «find-me» καθώσ και µεταφορά κλήσεων. Για περισσÞτερεσ πληροφορίεσ στην ιστοσελίδα ή καλέστε 133.

14 ΝΟΕΜΒΡΙΟΥ, 2012


ΕΙ∆ΗΣΕΙΣ | 3/15

ºfiÚÔÈ Î·È ¿ÏÏ· Û ٤ÙÔÈ· ÂÔ¯‹; ∞¡∆ø¡∏™ §√π∑√À ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Είναι γνωστή η οικονοµική κατάσταση τησ Κύπρου και των πολιτών τησ. Είναι γνωστή επίσησ η αυξανÞµενη ανεργία, η µείωση µισθών στον ιδιωτικÞ τοµέα (γύρω στο 20%) και η κατάσταση στην αγορά ακινήτων. Είναι επίσησ γνωστή η κατάσταση (τραγική) του 90% των developers, ακÞµη και εκείνων που είχαν συµπεριφερθεί ορθά κατά τησ καλέσ εποχέσ. Είναι επίσησ γνωστÞ Þτι η παρούσα Κυβέρνηση Þντασ «σοσιαλιστική» (να µασ συγχωρέσει η Ε∆ΕΚ), δεν επιθυµεί µÞνο να περιορίσει έξοδα, αλλά και να φορολογήσει τουσ «έχοντεσ και κατέχοντεσ, ωσ εάν αυτή η τάξη δεν πλήρωσε τουσ φÞρουσ τησ και δεν ρίσκαρε (µε αρκετέσ αποτυχίεσ εκ µέρουσ τησ) για να κατέχει εκείνα που κατέχει. Η τάξη αυτή των «κατέχοντων» είναι εκείνη που κατά κύριο λÞγο εργοδοτούν τουσ εναποµείναντεσ εργαζÞµενουσ στον ιδιωτικÞ τοµέα. Η αυξηµένη φορολογία επί των ακινήτων µε τιµέσ 1.1.80 δεν είναι µεγάλη σε αύξηση Þσον αφορά τισ χαµηλήσ αξίασ περιουσίεσ. Αυξάνονται Þµωσ κατά 70%(+) στισ µεγάλεσ περιουσίεσ που φθάνουν και το 12δ. Στισ καλέσ εποχέσ αυτÞ δεν θα ήταν ιδιαίτερο πρÞβληµα, αλλά τώρα; ΑυτÞ θα επηρεάσει ιδιαίτερα τουσ ιδιοκτήτεσ µεγάλων περιουσιών και ιδιαίτερα τουσ επιχειρηµατίεσ ανάπτυξησ ακινήτων. Σε µια εποχή Þπου δεν υπάρχουν πωλήσεισ, ούτε ζήτηση και ούτε χρηµατοδÞτηση, πωσ θα πληρωθούν οι υφιστάµενοι φÞροι, άσε τουσ αυξηµένουσ; Εκείνοι οι «ανÞητοι» που πίστεψαν στα νέα έργα υποδοµήσ, Þπωσ γήπεδα γκολφ, µαρίνεσ, έργα κλίµακασ (ψηλού κÞστουσ ιδιοκτησίεσ), πωσ θα ανταποκριθούν; Ωσ εκ τούτου

καλÞ θα ήταν το Υπουργείο Οικονοµικών να λάβει υπÞψη του να µην υπολογίσει αύξηση εσÞδων κατ’ αναλογία τησ αύξησησ του φÞρου, διÞτι τι θα εισπράξει απÞ τουσ σηµερινούσ δυσπραγούντεσ; Αυξάνοντασ τουσ φÞρουσ χωρίσ πωλήσεισ και µε τισ µη πληρωµέσ, αυξάνεται το ρίσκο τησ µη έκδοσησ/ µεταβίβασησ τίτλων (για να επιτευχθεί η µεταβίβαση θα πρέπει Þλοι οι κτηµατικοί φÞροι να είναι πληρωµένοι). Άρα αυξάνεται το ρίσκο και για τουσ αγοραστέσ υφιστάµενουσ και µη, µε ιδιαίτερη µνεία για τουσ ξένουσ, οι οποίοι ήδη έχουν την Κύπρο στο στÞχαστρο. Άρα χειροτέρευση τησ Þλησ κατάστασησ τησ αγοράσ. Ωσ τα πιο πάνω να µην είναι αρκετά, έχουµε και ορισµένεσ τράπεζεσ και ∆ηµοτικέσ Αρχέσ να υποβάλλουν χρεώσεισ «του νου τουσ». Χρεώσεισ τραπεζών αυξάνονται τελείωσ αυθαίρετα, Þχι µÞνο στουσ τÞκουσ αλλά για οτιδήποτε άλλο. Ζητήσαµε λοιπÞν απÞ µια τράπεζα να εκδώσει για πελάτη µασ πιστοποιητικÞ ελευθέρωσησ υποθήκησ (ο πελάτησ δεν χρωστά στην τράπεζα ούτε ένα σεντ, αλλά έβαλε υποθήκη εκ µέρουσ των αγοραστών του για να µπορούν να δανειστούν) και απαίτησε για το πιο πάνω πιστοποιητικÞ χρέωση 300 ευρώ!! ∆ιάφορεσ αρχέσ ζητούν Þπωσ πληρωθούν Þλεσ οι φορολογίεσ ακινήτων για Þλεσ τισ µονάδεσ που απαρτίζουν ένα έργο, για να επιτρέψουν την µεταβίβαση, έστω ενÞσ διαµερίσµατοσ. Ο µεν επιχειρηµατίασ ανάπτυξησ έκδωσε τουσ τίτλουσ, αλλά ορισµένοι εκ των αγοραστών δεν πλήρωσαν τουσ φÞρουσ ακίνητησ ιδιοκτησίασ. Έτσι απÞ ένα έργο υπÞ δική µασ διαχείριση 30 µονάδων και επειδή 3-4 αγοραστέσ δεν πληρώνουν τουσ κτηµατικούσ φÞρουσ, καµία µεταβίβαση δεν επιτρέπεται. ∆εν είναι αυτÞ «σκέτη τρέλα»; ∆ηλαδή υπάρχουν έστω 25 άτοµα που ζητούν µεταβίβαση Þπου θα εισπράξει ο ∆ήµοσ την αναλογία των φÞρων, αλλά πιο σηµαντικÞ τα µεταβιβαστικά το Κράτοσ (γύρω στο µισÞ εκ. ευρώ), ο ∆ήµοσ Πάφου για να εισπράξει γύρω στα 500 ευρώ καθυστερεί την είσπραξη των χιλιάδων ευρώ φÞρων, τÞσο για

τον εαυτÞ του Þσο και για την Κυβέρνηση. ΑυτÞ γίνεται εισ µια προσπάθεια να πιεστεί ο επιχειρηµατίασ ανάπτυξησ να πληρώσει αυτÞ το ποσÞ και να το εισπράξει µετά απÞ τουσ αγοραστέσ. ΑυτÞσ αρνείται και άρα ο ∆ήµοσ Πάφου εγκληµατεί (αρνείται την είσπραξη χιλιάδων ευρώ και Þπωσ προαναφέραµε στερεί το Κράτοσ τα µεταβιβαστικά. Βρέθηκαν λοιπÞν οι ξένοι κυρίωσ αγοραστέσ σε µια κατάσταση µεταξύ του παραλÞγου και µιασ αρχήσ που η ίδια έχει ανάγκη απÞ εισοδήµατα. Εδώ απουσιάζει η ηγεσία που να δίδει κατευθυντήριεσ γραµµέσ και βρισκÞµαστε αγαπητοί µασ αναγνώστεσ σε µια κατάσταση σύγχυσησ, ένα αλαλούµ που αντί να βοηθήσει το Κράτοσ σε εισπράξεισ, το εµποδίζει. Επειδή έχουµε ιστοσελίδα µε ερωτήσεισ και απαντήσεισ κυρίωσ απÞ ξένουσ αγοραστέσ, διερωτώνται και οι ίδιοι τι συµβαίνει. Έχουµε επίσησ διάφορεσ ερωτήσεισ και απÞ πρεσβείεσ επί του θέµατοσ. Να µην µασ εκπλήξει λοιπÞν Þτι ίσωσ να χρειαστεί να περιληφθούν αυτά και άλλα στα µέτρα τησ ΤρÞικασ, Þταν αυτά τα θέµατα θα εγερθούν. Ùλα αυτά προσθέτουν στην δυσκολία µασ απÞ λÞγουσ που προκαλούµε εµείσ οι ίδιοι ωσ Κύπροσ. Ασφαλώσ είµεθα υπέρ να αυξηθούν τα εισοδήµατα του Κράτουσ, αλλά µε τρÞπο που πραγµατικά να αυξηθούν και Þχι να µειωθούν. Το Κράτοσ βάσει τησ πολεοδοµικήσ αµνηστίασ αναµένει εισπράξεισ σε µεταβιβαστικά 70 εκ. ευρώ. ∆εν περιµένουµε Þµωσ Þτι αυτÞ θα επιτευχθεί λÞγω αυτήσ τησ νοοτροπίασ και τησ έλλειψησ καθοδήγησησ. Προσ τούτο εισηγούµεθα Þπωσ η Κυβέρνηση µαζί µε τον ΦÞρο Εισοδήµατοσ να εκδώσει κάποιου είδουσ διορθωτική οδηγία προσ επίτευξη του στÞχου αύξησησ των εισπράξεων. ∆υστυχώσ Þµωσ τα πολιτικά κÞµµατα τησ αντιπολίτευσησ δεν έχουν τισ γνώσεισ, ούτε και την θέληση για διορθωτικέσ αλλαγέσ µε αποτέλεσµα τα µικροπολιτικά θέµατα να βοηθούν στην καταπÞντιση τησ οικοδοµικήσ βιοµηχανίασ. Έχουµε λοιπÞν ελπίδα ή θα ακολουθήσουµε το «λυπηρÞ» παράδειγµα τησ Ελλάδασ; Θα δούµε.

™˘Ó¯›˙ÔÓÙ·È ÔÈ ªÈÎÚ¤˜ ∞Ô‰Ú¿ÛÂȘ ¡¤· ˘ÂÚ·ÁÔÚ¿ ∞ıË·ÈÓ›Ù˘ ΕντÞσ του 2014 σε µεγάλη έκταση γησ που κατέχουν στην Ανθούπολη αναµένεται να ανεγερθεί η δεύτερη και µεγαλύτερη σε σύγκριση µε την υφιστάµενη Υπεραγορά στην Παλουριώτισσα Αθηαινίτη. Οι ιδιοκτήτεσ σκÞπευαν να ξεκινήσει τη λειτουργία τησ η Υπεραγορά εντÞσ του 2013 Þµωσ ανέστειλαν την απÞφαση τουσ για ένα ακÞµη χρÞνο λÞγω τησ δύσκολησ οικονοµικήσ κατάστασησ και τησ αβεβαιÞτητασ που υπάρχει στο λιανικÞ εµπÞριο τησ Κύπρου. Υπενθυµίζουµε Þτι οι Υπεραγορέσ Ορφανίδησ σκοπεύουν να προχωρήσουν στο κλείσιµο 8 Υπεραγορών µέχρι το πρώτο εξάµηνο του 2013.

¢‡Ô ηٷÛÙ‹Ì·Ù· Presse Café ∆υναµική επέκταση ετοιµάζει η αλυσίδα Presse Café τÞσο στη Λευκωσία, Þσο και στη ΛεµεσÞ. ΕντÞσ ∆εκεµβρίου αναµένεται Þτι θα ανοίξουν ακÞµα δύο καταστήµατα στην πρωτεύουσα. Το ένα πλησίον του πάρκου Αγίου ∆οµετίου και το άλλο κοντά στην υπεραγορά ΜετρÞ στην περιοχή Λακατάµιασ. Η επέκταση στη ΛεµεσÞ εκτιµάται Þτι θα πάρει σάρκα και οστά εντÞσ του 2013. Οι νέεσ καφετέριεσ θα συνεχίσουν στο πρÞτυπο των πρώτων καταστηµάτων ακολουθώντασ τη φιλοσοφία «Breath, Eat, Drink», µε καφέ υψηλήσ ποιÞτητασ, ροφήµατα σοκολάτασ, muffins, φρουτοσαλάτεσ, γιαούρτι µε φρέσκα φρούτα, φρέσκα σάντουιτσ και σαλάτεσ.

∆·Íȉ¤„Ù ÁÈ· ª¿ÓÙÛÂÛÙÂÚ Ì¤Ûˆ §ÔÓ‰›ÓÔ˘ Ταξιδέψτε απÞ 31 Μαρτίου 2013 για Μάντσεστερ µέσω Λονδίνου, σε συνεργασία µε Virgin Atlantic και κερδίστε βαθµούσ Sunmiles! Η συνεργασία του Προγράµµατοσ Τακτικών Επιβατών Sunmiles µε Virgin Atlantic επεκτείνεται και στο νέο δροµολÞγιο τουσ, Λονδίνο – Μάντσεστερ, που θα ξεκινήσει στισ 31 Μαρτίου 2013 µε τρεισ καθηµερινέσ πτήσεισ. Για περισσÞτερεσ πληροφορίεσ επικοινωνήστε µε το Κέντρο Τηλεξυπηρέτησησ των Κυπριακών Αερογραµµών στο 8000 0008 (απÞ Κύπρο) ή στο +357 22365700 (απÞ εξωτερικÞ).

Αύξηση τησ τάξησ του 31% σηµείωσαν οι συµµετοχέσ στο πρÞγραµµα του ΚΟΤ «Κύπροσ, Μικρέσ Αποδράσεισ, Μεγάλεσ Εµπειρίεσ», το οποίο στοχεύει στην ανάπτυξη του εσωτερικού τουρισµού καθώσ και στην τÞνωση τησ εποχικÞτητασ. Το τελευταίο πρÞγραµµα των Μικρών Αποδράσεων έχει τελειώσει τέλοσ Ιουνίου 2012 µε µια αύξηση στουσ συµµετέχοντεσ τησ τάξησ του 31% συγκριτικά µε πέρσι. Συγκεκριµένα την περίοδο 2011/2012 είχαµε 3.348 επισκέπτεσ (εκ των οποίων οι 2.479 εκµεταλλεύτηκαν την εκδροµή που προσφέρει ο ΚΟΤ) ενώ το 2010/2011 είχαµε 2.557 επισκέπτεσ( εκ των οποίων οι 1.592 αξιοποίησαν την προσφορά εκδροµήσ) . Το νέο πρÞγραµµα έχει εµπλουτιστεί µε νέεσ εκδροµέσ και έγινε προσπάθεια να κρατηθούν οι τιµέσ στα ίδια επίπεδα µε πέρσι. Οι τιµέσ των πακέτων παραµένουν σταθερέσ δηλαδή 50 ευρώ το άτοµο για ξενοδοχεία 3ων αστέρων, 60 ευρώ το άτοµο για ξενοδοχεία 4ων αστέρων και 75 ευρώ για ξενοδοχεία 5 αστέρων. Ανάλογεσ τιµέσ ισχύουν και για τα οργανωµένα διαµερίσµατα hotel apartments σύµφωνα µε την κατηγορία τουσ. Περιλαµβάνονται ξενοδοχεία δύο, τριών, τεσσάρων και πέντε αστέρων καθώσ επίσησ οργανωµένα διαµερίσµατα για να διαµορφώσει ο καθένασ το δικÞ του ατοµικÞ πακέτο. Σε Þλεσ τισ περιπτώσεισ η διαµονή είναι σε δίκλινο δωµάτιο και διαρκεί απÞ το µεσηµέρι του Σαββάτου µέχρι αργά το απÞγευµα τησ Κυριακήσ. Στα ξενοδοχεία προσφέρεται δείπνο και πρÞγευµα. Παρέχεται επίσησ γεύµα την Κυριακή σε ένα απο τα εστιατÞρια τησ περιοχήσ. Την ίδια µέρα µπορείτε να

συµµετάσχετε σε µια απÞ τισ θεµατικέσ εκδροµέσ - προσφορά του KOT - και να επισκεφτείτε µε τη συνοδεία ξεναγού εκκλησίεσ, µουσεία και άλλουσ χώρουσ ενδιαφέροντοσ αλλά και να απολαύσετε την Þµορφη φύση µε σύντοµουσ περιπάτουσ σε πανέµορφα µονοπάτια. Σε περίπτωση οργανωµένησ παρέασ άνω των 40 ατÞµων ο ΚΟΤ προσφέρει και δωρεάν µεταφορά µε λεωφορείο. Στο πρÞγραµµα έχει ενταχθεί και η νέα κατηγορία “∆ιακοπέσ Ευεξίασ” στην οποία προσφέρονται διαµονή, διατροφή (Full-Board), και µία θεραπεία (Treatment). Παράλληλα µέσω τηλεφώνου στο 22713760, µπορείτε να αγοράσετε δωροκουπÞνια αξίασ 50 και 100 ευρώ τα οποία µπορείτε να χαρίσετε σε γνωστούσ και φίλουσ. ΠερισσÞτερεσ πληροφορίεσ µπορείτε να βρείτε στην ιστοσελίδα

∞fi 24 ª·˝Ô˘ ̤¯ÚÈ 2 πÔ˘Ó›Ô˘ Ë ¢ÈÂıÓ‹˜ ŒÎıÂÛË ∫‡ÚÔ˘ ÷ÌËÏfiÙÂÚ˜ ÙÈ̤˜ ÁÈ· ÙÔ˘˜ ÂÎı¤Ù˜ ΑπÞ τισ 24 Μαΐου µέχρι τισ 2 Ιουνίου 2013 προγραµµατίζεται να πραγµατοποιηθεί η 38η ∆ιεθνήσ Έκθεση Κύπρου. Σύµφωνα µε τα σχέδια τησ Αρχήσ Κρατικών Εκθέσεων, η νέα ∆ιεθνήσ Έκθεση Κύπρου θα είναι πολύ πιο πλούσια απÞ πλευράσ θεµατικήσ και πολύ πιο ελκυστική τÞσο για τουσ εκθέτεσ Þσο και για τουσ επισκέπτεσ. ΣτÞχοσ τησ Αρχήσ είναι η διοργάνωση µιασ ανανεωµένησ και δυναµικήσ έκθεσησ, εµπλουτισµένη µε επιµέρουσ µικρέσ εκθέσεισ για εξειδικευµένα ενδιαφέροντα., πλούσιεσ καλλιτεχνικέσ εκδηλώσεισ, µε αποκορύφωµα την καθιερωµένη µεγάλη συναυλία, εκθεση για τον εσωτερικÞ τουρισµÞ. το καθιερωµένο φεστιβάλ µπύρασ πλαισιωµένο µε πλούσιο µουσικÞ πρÞγραµµα, νέεσ εµπορικέσ ενÞτητεσ και άλλεσ καλλιτεχνικέσ

δραστηριÞτητεσ. Η ΑΚΕ αποφάσισε να προβεί και σε νέα ελκυστικά πακέτα που συµπεριλαµβάνουν και την κατασκευή του εξιτηρίου, προσ τουσ ενδιαφερÞµενουσ εκθέτεσ, µε σκοπÞ να τουσ βοηθήσει λÞγω τησ οικονοµικήσ κρίσησ. Προβλέπονται επίσησ σηµαντικέσ εκπτώσεισ για Þσουσ εκθέτεσ προκρατήσουν χώρουσ περιπτέρων και για Þσουσ έλαβαν µέροσ σε οποιαδήποτε έκθεση τησ ΑΚΕ µέσα στο 2011 και στο 2012. Στα ίδια πλαίσια η ΑΚΕ, προσανατολίζεται να προσθέσει και νέεσ θεµατικέσ ενÞτητεσ για να εµπλουτίσει το περιεχÞµενο τησ έκθεσησ και να δώσει την ευκαιρία σε περισσÞτερουσ εκθέτεσ να συµµετάσχουν στη νέα έκθεση.

14 ΝΟΕΜΒΡΙΟΥ, 2012


4/16 | ΕΙ∆ΗΣΕΙΣ

•∂¶§Àª∞ Ã∏ª∞∆√™

°È· ÙËÓ ∫‡ÚÔ ÌÈÏÔ‡Ó ÔÈ ‰ÈÂıÓ›˜ ÔÚÁ·ÓÈÛÌÔ› TΗΣ EΛΕΝΑΣ ΦΡIΞΟΥ Ανώτεροσ ΛειτουργÞσ Σύνδεσµοσ Τραπεζών Κύπρου

Το ολοκληρωµένο ρυθµιστικÞ και διοικητικÞ πλαίσιο που εφαρµÞζεται στην Κύπρο αλλά και οι απαιτούµενοι απÞ τουσ αρµÞδιουσ διεθνείσ οργανισµούσ µηχανισµοί για την καταπολέµηση του ξεπλύµατοσ χρήµατοσ και τησ χρηµατοδÞτησησ τησ τροµοκρατίασ, είναι η απάντηση στουσ Þποιουσ ισχυρισµούσ διατυπώθηκαν τισ τελευταίεσ ηµέρεσ εναντίον τησ χώρασ. Συγκεκριµένα, το κυπριακÞ ρυθµιστικÞ πλαίσιο είναι πλήρωσ εναρµονισµένο µε την Τρίτη Οδηγία τησ Ευρωπαϊκήσ Ένωσησ για την πρÞληψη χρησιµοποίησησ του χρηµατοοικονοµικού συστήµατοσ για την καταπολέµηση του ξεπλύµατοσ παράνοµου χρήµατοσ και τησ χρηµατοδÞτησησ τησ τροµοκρατίασ, καθώσ και µε τα σχετικά διεθνή πρÞτυπα. Μέσω αυτού του συστήµατοσ παρέχονται Þλα τα νοµικά εργαλεία τÞσο για την πρÞληψη και την καταπολέµηση, Þσο και για τον εντοπισµÞ, το πάγωµα και τη δήµευση περιουσιακών στοιχείων. Το Þλο σύστηµα καταπολέµησησ χρήµατοσ απÞ παράνοµεσ δραστηριÞτητεσ το οποίο εφαρµÞζεται στην Κύπρο, έχει επανειληµµένα αξιολογηθεί απÞ τουσ πλέον αρµÞδιουσ διεθνείσ οργανισµούσ. ΠρÞκειται για την Επιτροπή ΕµπειρογνωµÞνων για την ΑξιολÞγηση των Μέτρων Καταπολέµησησ τησ Νοµιµοποίησησ ΕσÞδων απÞ Παράνοµεσ ∆ραστηριÞτητεσ και τη ΧρηµατοδÞτηση τησ Τροµοκρατίασ

του Συµβουλίου τησ Ευρώπησ, (Anti-Money Laundering Measures and the Financing of Terrorism - Moneyval) στη βάση αναλυτικήσ µεθοδολογίασ και την Οµάδα Χρηµατοοικονοµικήσ ∆ράσησ (Financial Transaction Task Force - FATF). Η πιο πρÞσφατη αξιολÞγηση τησ Κύπρου ολοκληρώθηκε το 2011 και κατέληξε στο συµπέρασµα Þτι το νησί έχει υιοθετήσει µέτρα τα οποία συνάδουν µε τα διεθνή πρÞτυπα. Στη σχετική έκθεση σηµειώνεται Þτι η Κύπροσ θα πρέπει να επαινεθεί για το πολύ περιεκτικÞ νοµικÞ πλαίσιο που έθεσε σε ισχύ. Τα θετικά σχÞλια τησ Έκθεσησ Moneyval αποτελούν εµπεριστατωµένεσ απαντήσεισ στουσ κατά καιρούσ ‘καλÞπιστουσ’ επικριτέσ του χρηµατοπιστωτικού συστήµατοσ τησ Κύπρου. Άλλωστε, η βαθµολογία τησ Κύπρου µπορεί να συγκριθεί ευνοϊκά µε τισ αντίστοιχεσ αξιολογήσεισ άλλων κρατών µελών τησ ΕΕ. Συγκεκριµένα, η έκθεση Moneyval καταλήγει στα εξήσ συµπεράσµατα: - Η Κύπροσ έχει αντιµετωπίσει αποτελεσµατικά τα περισσÞτερα απÞ τα ζητήµατα που τέθηκαν στην προηγούµενη αξιολÞγηση. - Το κυπριακÞ καθεστώσ για την καταπολέµηση του ξεπλύµατοσ χρήµατοσ και τησ χρηµατοδÞτησησ τησ τροµοκρατίασ είναι συµβατÞ µε τα πρÞτυπα του FATF. - Ο αριθµÞσ των καταδικαστικών αποφάσεων για ξέπλυµα χρήµατοσ έχει αυξηθεί µε αποτέλεσµα να έχει καθιερωθεί χρήσιµη νοµολογία σχετικά µε την κατάσχεση και τη δήµευση περιουσιακών στοιχείων. - Συνολικά, ο χρηµατοπιστωτικÞσ τοµέασ φαίνεται να ελέγχεται επαρκώσ. Οι αρχέσ χρειάζονται πρÞσθετουσ πÞρουσ για την παρακολούθηση των µη χρηµατοπιστωτικών

επιχειρήσεων και επαγγελµάτων. Υπάρχουν ανησυχίεσ Þτι κτηµατοµεσίτεσ και έµποροι πολύτιµων λίθων και µετάλλων ενδέχεται να µην εφαρµÞζουν πλήρωσ τισ απαιτήσεισ του πλαισίου για καταπολέµηση τησ νοµιµοποίησησ εσÞδων απÞ παράνοµεσ δραστηριÞτητεσ. - Το νοµικÞ πλαίσιο για την αµοιβαία δικαστική συνδροµή είναι υγιέσ και η Κύπροσ ανταποκρίνεται στα αιτήµατα άλλων χωρών κατά τρÞπο αποτελεσµατικÞ και αποδοτικÞ. ΕπιπρÞσθετα, στισ εκθέσεισ τησ Ειδικήσ Οµάδασ Χρηµατοοικονοµικήσ ∆ράσησ για το Ξέπλυµα Χρήµατοσ (FATF), επιβεβαιώνεται Þτι η Κύπροσ είναι χώρα συνεργάσιµη σε Þτι αφορά το ξέπλυµα βρώµικου χρήµατοσ ενώ, το σύστηµά τησ για την καταπολέµηση τησ νοµιµοποίησησ εσÞδων απÞ παράνοµεσ δραστηριÞτητεσ είναι περιεκτικÞ. Η Κύπροσ παρακολουθεί στενά τισ εξελίξεισ των συστάσεων του FATF, οι οποίεσ έχουν τροποποιηθεί το 2012 καθώσ και τισ εργασίεσ τησ Ευρωπαϊκήσ Ένωσησ για την ενσωµάτωση των τελευταίων στην Τέταρτη Οδηγία τησ Ευρωπαϊκήσ Ένωσησ για την πρÞληψη χρησιµοποίησησ του χρηµατοοικονοµικού συστήµατοσ για την καταπολέµηση του ξεπλύµατοσ παράνοµου χρήµατοσ και τησ χρηµατοδÞτησησ τησ τροµοκρατίασ, η οποία βρίσκεται ακÞµη υπÞ συζήτηση. Τέλοσ η Κύπροσ ωσ περιφερειακÞ και διεθνέσ επιχειρηµατικÞ κέντρο, τοποθετεί την καταπολέµηση τησ νοµιµοποίησησ εσÞδων απÞ παράνοµεσ δραστηριÞτητεσ µεταξύ των κορυφαίων προτεραιοτήτων τησ τÞσο σε εγχώριο επίπεδο Þσο και στο επίπεδο τησ εξωτερικήσ τησ πολιτικήσ. ∆ιατηρεί και αναβαθµίζει µε τον τρÞπο αυτÞ την αξιοπιστία, την ακεραιÞτητα και την ποιÞτητά των χρηµατοπιστωτικών τησ υπηρεσιών. * Οι απÞψεισ που εκφράζονται είναι προσωπικέσ

¶ÚÔÙÈÌ‹ÛÙ ٷ ΢Úȷο ÚÔ˚fiÓÙ· Εκστρατεία προώθησησ κυπριακών προϊÞντων µε σύνθηµα “Αγοράζω κυπριακά” εγκαινίασε το Πανεπιστήµιο Κύπρου. Σύµφωνα µε ανακοίνωση του Πανεπιστηµίου, η εκστρατεία ξεκίνησε µε τη δηµιουργία τησ ιστοσελίδασ και στÞχο την ενηµέρωση των πέραν των οχτώ χιλιάδων µελών τησ πανεπιστηµιακήσ κοινÞτητασ και των δώδεκα χιλιάδων αποφοίτων, για τα κυπριακά προϊÞντα. Σε µια περίοδο οικονοµικήσ κρίσησ, σε µέρεσ Þπου το ποσοστÞ τησ ανεργίασ αυξάνεται επικίνδυνα, µε πρώτα θύµατα τουσ νέουσ ανθρώπουσ - αναπÞφευκτα ανάµεσά τουσ και απÞφοιτουσ του Πανεπιστηµίου Κύπρου - θα πρέπει ο καθένασ απÞ εµάσ, αναφέρει ο Πρύτανησ του Πανεπιστηµίου Κύπρου Καθηγητήσ Κωνσταντίνοσ

ÃÂÈÌÂÚÈÓ¤˜ ÚÔÛÊÔÚ¤˜ ÛÙ· ÍÂÓԉԯ›· ÙÔ˘ ™∆∂∫ Οι διήµερεσ και τριήµερεσ αποδράσεισ στο εσωτερικÞ τησ Κύπρου είναι πλέον µια προσιτή πολυτέλεια, την οποία προσφέρουν τα ξενοδοχεία του ΣΤΕΚ µε την παροχή ειδικών τιµών προσ την εγχώρια αγορά για τη χειµερινή περίοδο 2012-13. ΑναλυτικÞσ κατάλογοσ τιµών υπάρχει στην ιστοσελίδα του ΣΤΕΚ Τα ξενοδοχεία που είναι ενταγµένα στον ΣΤΕΚ, αποτελούνται µÞνο απÞ µονάδεσ πέντε, τεσσάρων και τριών αστέρων, καθώσ και τουριστικά χωριά Α’ κατηγορίασ.Τα εν λÞγω ξενοδοχεία έχουν λάβει βραβεία, διακρίσεισ και πιστοποιήσεισ απÞ οργανισµούσ ή φορείσ τησ Κύπρου και του εξωτερικού. Οι φιλοξενούµενοι µπορούν κατά τη διαµονή τουσ ν’ απολαύσουν ψηλού επιπέδου υπηρεσίεσ και διευκολύνσεισ που προσφέρουν τα ξενοδοχεία Þπωσ spa, µασάζ, τζακούζι, θερµαινÞµενεσ πισίνεσ, σύγχρονα γυµναστήρια, γήπεδα αθλοπαιδιών, ψυχαγωγικά προγράµµατα και άριστη κουζίνα.

Χριστοφίδησ, να κάνει τη δική του προσπάθεια, ώστε να διασωθούν Þσο το δυνατÞν περισσÞτερεσ θέσεισ εργασίασ. “Η περίοδοσ που διανύουµε σηµειώνει πρέπει να χαρακτηρίζεται απÞ κοινωνική αλληλεγγύη και απÞ δράσεισ που θα αποσκοπούν στην κοινωνική συνοχή. Για παράδειγµα, αν ο καθένασ µασ αγÞραζε κυπριακά προϊÞντα, στην ουσία, θα δηµιουργούσε ένα τροχοπέδη στην αύξηση τησ ανεργίασ. Εάν ο καθένασ µασ αγοράζει κυπριακά προϊÞντα τÞτε θα µπορούµε να ευελπιστούµε Þτι δε θα φτάσουµε στα επίπεδα του άλλου ευρωπαϊκού νÞτου. Και Þταν η αγορά κυπριακών προϊÞντων είναι αδύνατη, για διάφορουσ και ποικίλουσ λÞγουσ, τÞτε ασ βάλουµε ωσ προτεραιÞτητα να αγοράζουµε ελληνικά προϊÞντα” προστίθεται.

Η εκστρατεία προώθησησ των κυπριακών προϊÞντων θα ενισχυθεί και απÞ δράσεισ, Þπωσ είναι η πραγµατοποίηση εκθέσεων προϊÞντων, καθώσ και άλλεσ προωθητικέσ ενέργειεσ. Το κοινÞ είναι ευπρÞσδεκτο να θέσει υπÞψη του Γραφείου Επικοινωνίασ του Πανεπιστηµίου Κύπρου οποιοδήποτε κυπριακÞ προϊÞν µε στÞχο την προώθησή του στο τηλέφωνο 22894367 ή στην ηλεκτρονική διεύθυνση

√ ª. ÷ÓÓ›‰Ë˜ ·ÓÙÈÚfi‰ÚÔ˜ Ù˘ ∂˘Úˆ·˚΋˜ ∂ÈÙÚÔ‹˜ ∆Ô˘ÚÈÛÌÔ‡ ΑντιπρÞεδροσ τησ Ευρωπαϊκήσ Επιτροπ��σ Τουρισµού εξελέγη ο ΓενικÞσ ∆ιευθυντήσ του Κυπριακού Οργανισµού Τουρισµού Μάριοσ Χαννίδησ. Στο πλαίσιο τησ συµµετοχήσ τησ Κύπρου στο ∆ιοικητικÞ Συµβούλιο τησ Ευρωπαϊκήσ Επιτροπήσ Τουρισµού (European Travel Commission - ETC) για την περίοδο 2012-2013, ο εκπρÞσωποσ τησ Κύπρου και ΓενικÞσ ∆ιευθυντήσ του Κυπριακού Οργανισµού Τουρισµού Μάριοσ Χαννίδησ εξελέγη, ΑντιπρÞεδροσ τησ Ευρωπαϊκήσ Επιτροπήσ Τουρισµού. Η συνεδρία πραγµατοποιήθηκε στα πλαίσια τησ διεθνούσ έκθεσησ World Travel Market. Την εκλογή του κ. Χαννίδη χαιρέτισε, σύµφωνα µε την ανακοίνωση του ΚΟΤ, ο ΕκτελεστικÞσ ∆ιευθυντήσ τησ Ευρωπαϊκήσ Επιτροπήσ Τουρισµού κ. Eduardo Santander, ο οποίοσ ευχαρίστησε τον κ. Χαννίδη για τη δέσµευση, καθώσ και την ευθύνη που αναλαµβάνει απÞ τη θέση του Αντιπροέδρου σε µια περίοδο πολύ σηµαντική για τισ δραστηριÞτητεσ τησ Επιτροπήσ. Η εκλογή του κ. Χαννίδη στη θέση του Αντιπροέδρου αποτελεί µεγάλη τιµή για την Κύπρο, επισηµαίνει ο ΚΟΤ. Σε δηλώσεισ του ο κ. Χαννίδησ ανέφερε, σύµφωνα µε την ανακοίνωση, Þτι «απÞ τη θέση του Αντιπροέδρου αυτού του σηµαντικού Ευρωπαϊκού Οργανισµού που είχα την τιµή να εκλεγώ, θα εργαστώ σκληρά, µε επαγγελµατισµÞ και αφοσίωση, για την υλοποίηση των στÞχων τησ Ευρωπαϊκήσ Επιτροπήσ Τουρισµού». Ο κ. Χαννίδησ εξέφρασε την πεποίθηση Þτι «η προσπάθεια προώθησησ τησ Ευρώπησ σε τρίτεσ χώρεσ θα συνεχιστεί και θα

εντατικοποιηθεί, κάτι πολύ σηµαντικÞ και για την Κύπρο, ιδιαίτερα τώρα που ο ΚΟΤ καταβάλλει προσπάθειεσ ανάπτυξησ νέων αγορών απÞ τρίτεσ χώρεσ». Η Ευρωπαϊκή Επιτροπή Τουρισµού ιδρύθηκε το 1948 και απαριθµεί 35 χώρεσ-µέλη µεταξύ των οποίων και η Κύπροσ (26 χώρεσ µέλη ΕΕ και εννέα άλλεσ ευρωπαϊκέσ. χώρεσ). Τα µέλη εκπροσωπούνται στην Επιτροπή απÞ τουσ αντίστοιχουσ Εθνικούσ Οργανισµούσ Τουρισµού. ΣκοπÞσ τησ είναι η προβολή και προώθηση τησ Ευρώπησ ωσ τουριστικÞ προορισµÞ σε τρίτεσ χώρεσ. Η Ευρωπαϊκή Επιτροπή Τουρισµού παρέχει επίσησ υπηρεσίεσ ερευνών αγοράσ και ηλεκτρονικού µάρκετινγκ στα µέλη τησ.

14 ΝΟΕΜΒΡΙΟΥ, 2012



ª O ¡ √ ª ∂ ∆ ∏ ¡ E ƒ ∂ À ¡ ∞ £ ∞ E ƒ £ ∂ π ∏ ∞ ¡ A ¶ ∆ À•∏ ™ÙÔÓ ÙÔ›¯Ô ¤ÛÙËÛ·Ó ÙËÓ ∫‡ÚÔ Ì¤ÏË ÙÔ˘ ∂˘Úˆ·˚ÎÔ‡ ∫ÔÈÓÔ‚Ô˘Ï›Ô˘ Στον τοίχο έστησαν την Κύπρο µερικά µέλη του Ευρωπαϊκού Κοινοβουλίου κατά τη διάρκεια σεµιναρίου για το µέλλον του ευρωπαϊκού προϋπολογισµού (Πολυετέσ ∆ηµοσιονοµικÞ Πλαίσιο τησ Ευρωπαϊκήσ Ένωσησ) 2014 2020. Με βάση τα Þσα λέχθηκαν η συµβιβαστική πρÞταση τησ Λευκωσίασ που αναφερÞταν σε µείωση του προϋπολογισµού και εξοικονÞµηση δαπανών ύψουσ 50 δισ ευρώ, θεωρείται Þτι θα βάλει φρένο στην ανάπτυξη. Πολλοί είναι αυτοί που υποστηρίζουν πωσ η λύση για την ανάπτυξη δεν είναι οι περικοπέσ στον τοµέα τησ έρευνασ, αλλά η ενίσχυσή τησ. Τα µέλη του Κοινοβουλίου εµφανίζονται αρνητικά στισ περικοπέσ σε τοµείσ που θεωρούνται ζωτικοί για την ανάπτυξη, την αύξηση τησ ανταγωνιστικÞτητασ και την µείωση τησ ανεργίασ. Την ίδια ώρα τα µέλη του ευρωπαϊκού κοινοβουλίου, σηµειώνουν πωσ τέτοιεσ περικοπέσ µασ αφήνουν επίσησ απροστάτευτουσ σε περιπτώσεισ έκτακτων περιστατικών και θεοµηνιών µιασ και θα είναι λιγοστά τα αποθέµατα που θα έχει η Ε.Ε. στη διάθεσή τησ.

µÚ·‚Â›Ô ∂˘Úˆ·›Ô˘ ¶ÔÏ›ÙË Με τον ΠρÞεδρο του Ευρωπαϊκού Κοινοβουλίου, Martin Schulz συναντήθηκαν, στισ Βρυξέλλεσ, οι 37 νικητέσ του “Βραβείου του Ευρωπαίου Πολίτη” του Ευρωπαϊκού Κοινοβουλίου. Φέτοσ το “Βραβείο του Ευρωπαίου Πολίτη” απονεµήθηκε στουσ Κύπριουσ Πέτρο Σουππουρή και Huseyin Akansoy, και οι δύο ενεργά µέλη τησ ∆ικοινοτικήσ Πρωτοβουλίασ Συγγενών Αγνοουµένων, ∆ολοφονηθέντων και άλλων Θυµάτων των γεγονÞτων 1963 - 1974. Ο Πέτροσ Σουππουρήσ σε ηλικία πέντε χρÞνων έχασε 5 απÞ τα 6 µέλη τησ οικογένειάσ του και ο Huseyin Akansoy έχασε συνολικά 30 µέλη τησ οικογένειασ του. Το βραβείο απονέµεται απÞ το 2008, σε πολίτεσ ή οργανώσεισ ωσ επιβράβευση.

√ÈÎÔ‰ÔÌÒÓÙ·˜ ÙÔ Ì¤ÏÏÔÓ Nα σηµειωθεί Þτι η έρευνα και η καινοτοµία αποτελούν πρώτη προτεραιÞτητα τησ ΕΕ για την προώθηση τησ ανάπτυξησ και τησ απασχÞλησησ. Τα κράτη µέλη ενθαρρύνονται να επενδύουν το 3% του ΑΕΠ τουσ στην Ε&Α έωσ το 2020 (1% δηµÞσια χρηµατοδÞτηση, 2% επένδυση του ιδιωτικού τοµέα). Με αυτÞν τον τρÞπο, εκτιµάται Þτι θα δηµιουργηθούν 3,7 εκατοµµύρια θέσεισ εργασίασ και θα αυξηθεί το ετήσιο ΑΕΠ περίπου κατά 800 δισ ευρώ. Η έρευνα και η καινοτοµία συµβάλλουν στη δηµιουργία θέσεων απασχÞλησησ, την ευηµερία και την καλύτερη ποιÞτητα ζωήσ. ΠαρÞλο που η ΕΕ έχει το προβάδισµα παγκοσµίωσ σε πολλέσ τεχνολογίεσ, αντιµετωπίζει ολοένα µεγαλύτερο ανταγωνισµÞ τÞσο απÞ τουσ παραδοσιακούσ ανταγωνιστέσ τησ Þσο και απÞ τισ αναδυÞµενεσ οικονοµίεσ.

∫·ÈÓÔÙƠ̂˜ Μιλώντασ στο συνέδριο η Marta Andreasen, µέλοσ τησ επιτροπήσ για τον προϋπολογισµÞ τησ Ε.Ε τÞνισε πωσ η βιώσιµη ανάπτυξη µπορεί να επιτευχθεί µÞνο µέσα απÞ την επένδυση σε έρευνεσ και καινοτοµίεσ, υπογραµµίζοντασ πωσ οι επενδύσεισ σε αυτούσ τουσ τοµείσ πρέπει να φτάνουν το 3% του ΑΕΠ. «Κάτι τέτοιο θα αύξανε τισ θέσεισ εργασίασ κατά 1,5%, ενώ µÞνο µια αύξηση 1% οδηγεί σε ενίσχυση τησ παραγωγικÞτητασ κατά 0,2%», είπε, προσθέτοντασ Þτι για κάθε ένα ευρώ που επενδύεται σε αυτούσ τουσ τοµείσ η επιστροφή τησ επένδυσησ κυµαίνεται απÞ τέσσερα έωσ εφτά ευρώ. «Αν επενδύσουµε σωστά οι θέσεισ εργασίασ ωσ το 2015 µπορεί να αυξηθούν κατά 57.000», τÞνισε η Βρετανίδα βουλευτήσ. Εξάλλου, αναφερÞµενη στην εισήγηση για αύξηση του φÞρου στισ συναλλαγέσ, τη χαρακτήρισε λανθασµένη υπενθυµίζοντασ Þτι το βάροσ θα µετακυλήσει και πάλι στουσ πολίτεσ, ενώ ταυτÞχρονα θα διώξει και επενδύσεισ προσ άλλα σηµεία του πλανήτη µε χαµηλÞτερη φορολογία. Προχωρώντασ πάρα πέρα η Εισηγήτρια Ερευνητικού Προγράµµατοσ Teresa Riera Madurell, ανέφερε πωσ το κλειδί βρίσκεται στον έλεγχο και στην κατανοµή των κονδυλίων στα σωστά µέρη µε τον κατάλληλο τρÞπο, για να ξεκαθαρίσει επίσησ πωσ ο προϋπολογισµÞσ αυτÞσ αποτελεί και το µέλλον τησ Ε.Ε., στο οποίο οφείλουµε να επενδύσουµε για να µην µείνουµε πίσω.

∞ÈÛÈÔ‰ÔÍ›· A. ª·˘ÚÔÁÈ¿ÓÓË ΑπÞ την πλευρά του ο ΥφυπουργÞσ Ευρωπαϊκών Θεµάτων τησ Κυπριακήσ Προεδρίασ, Ανδρέασ

Μαυρογιάννησ, εξέφρασε αισιοδοξία σε σχέση µε την επίτευξη συµφωνίασ στον επÞµενο προϋπολογισµÞ τησ Ευρωπαϊκήσ Ένωσησ µέσα στο Νοέµβριο. «Είναι εφικτή η επίτευξη συµφωνίασ πάνω στο Πολυετέσ ∆ηµοσιονοµικÞ Πλαίσιο (Π∆Π) τησ ΕΕ για την περίοδο 2014 – 2020 εντÞσ του Νοεµβρίου», δήλωσε. Ο κ. Μαυρογιάννησ υπογράµµισε ακÞµη Þτι η επίτευξη συµφωνίασ πάνω στο Π∆Π θα έχει «µεγάλη συµβολική αξία» για την ΕΕ.

ŒÎÙ·ÎÙÔ ∂˘Úˆ·˚Îfi ™˘Ì‚Ô‡ÏÈÔ Ο πρÞεδροσ του Ευρωπαϊκού Συµβουλίου, Χέρµαν βαν Ροµπέι, συγκάλεσε έκτακτο ΕυρωπαϊκÞ Συµβούλιο για τισ 22 και 23 Νοεµβρίου µε αποκλειστικÞ θέµα το Π∆Π και µε στÞχο την επίτευξη πολιτικήσ συµφωνίασ ανάµεσα στουσ αρχηγούσ κρατών και κυβερνήσεων πάνω στον επÞµενο προϋπολογισµÞ τησ Ευρωπαϊκήσ Ένωσησ. Η πρÞταση τησ ΚοµισιÞν για το νέο Πολυετέσ ∆ηµοσιονοµικÞ Πλαίσιο καθορίζει τισ κοινοτικέσ πληρωµέσ στα 987 εκ. ευρώ για την περίοδο 2014-2020. Το προτεινÞµενο ποσÞ που ισοδυναµεί µε το 1,08% του ΑΕΠ είναι αυξηµένο κατά 5% σε σχέση µε τον προϋπολογισµÞ τησ περιÞδου 2007-2013. Η πρÞταση αυτή απορρίφθηκε τισ τελευταίεσ βδοµάδεσ απÞ έξι χώρεσ, τη Γερµανία, τη Γαλλία, το Ηνωµένο Βασίλειο, τη Φινλανδία, τη Σουηδία και την Αυστρία. Η Κυπριακή Προεδρία παρουσίασε το νέο αναθεωρηµένο Π∆Μ, το οποίο προβλέπει εξοικονοµήσεισ ύψουσ τουλάχιστον 50 δισ ευρώ. Η Κυπριακή Προεδρία προτείνει προσαρµογή προσ τα κάτω του συνολικού ύψουσ των δαπανών που προτάθηκε απÞ την Επιτροπή, συµπεριλαµβανοµένων Þλων των στοιχείων εντÞσ και εκτÞσ του Πολυετούσ ∆ηµοσιονοµικού Πλαισίου. ∞°°∂§∞ ∫øª√¢ƒ√ª√À

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6/18 | ∆ΙΕΘΝΗ

∆Ô «Fiscal cliff» ÙÚÔÌ¿˙ÂÈ Â˘ÚÒ Î·È ¯ÚËÌ·Ù·ÁÔÚ¤˜ ∆ËÓ Î·ÙÈÔ‡Û· ‹Ú·Ó ÔÈ ‰ÈÂıÓ‹˜ ¯ÚËÌ·Ù·ÁÔÚ¤˜ Î·È ÙÔ Â˘ÚÒ ·ÊÔ‡ Ô ·Ú¯ÈÎfi˜ ÂÓıÔ˘ÛÈ·ÛÌfi˜ ·fi ÙËÓ Ó›ÎË √Ì¿Ì· ÂÈÛÎÈ¿ÛÙËΠ·fi ÙÔÓ Û‡Ó‰ÚÔÌÔ ÙÔ˘ «‰ËÌÔÛÈÔÓÔÌÈÎÔ‡ ÁÎÚÂÌÔ‡» ¡π∫√™ ªπÃ∞∏§π¢∏™ Foreign Exchange Analyst Email:

Πτωτικά κινήθηκε την εβδοµάδα που µασ πέρασε η ισοτιµία Ευρώ – ∆ολαρίου η οποία αφού διάσπασε τα πολύ κρίσιµα σηµεία του 1.28 υποχώρησε στα χαµηλÞτερα επίπεδα των τελευταίων δύο µηνών. Συγκεκριµένα η ισοτιµία απÞ τα 1.2830 τησ περασµένησ εβδοµάδοσ διολίσθησε µέχρι και τα 1.2680 για να διορθώσει στην συνέχεια πάνω απÞ τα 1.2700 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Καταλυτικά για την νέα πτώση του Ευρώ ενήργησαν αρχικά οι Αµερικάνικεσ εκλογέσ αφού ναι µεν επανεκλέγηκε ο Μπαράκ Οµπάµα αλλά η αρχική ανοδική αντίδραση χρηµαταγορών και Ευρώ ακολούθησε κρύο ντουσ. Στισ πρώτεσ του δηλώσεισ µετά την επανεκλογή του, ο Οµπάµα κάλεσε τουσ βουλευτέσ να ψηφίσουν αµέσωσ νοµοσχέδιο που θα διατηρεί ωσ έχει τη φορολÞγηση των Αµερικανών τησ µεσαίασ τάξησ, αλλά θα αυξάνει τουσ φÞρουσ των πιο εύπορων. Επιπλέον, επανέλαβε µε σθένοσ πωσ οι Ρεπουµπλικάνοι που αντιτίθενται προσ οποιαδήποτε αύξηση τησ φορολογίασ θα πρέπει πλέον να υποκύψουν στην επιθυµία του Λευκού Οίκου, τησ Γερουσίασ (έχει ήδη ψηφίσει το σχετικÞ νοµοσχέδιο, καθÞτι ανήκει στουσ ∆ηµοκρατικούσ) και πλέον και του αµερικάνικου λαού και να επιτρέψουν την αύξηση τησ φορολογίασ για εισοδήµατα άνω των 250.000 δολαρίων. Πλέον Þµωσ ο χρÞνοσ πιέζει ασφυκτικά αφού µέχρι την 31ην ∆εκεµβρίου αν δεν υπάρξει συµφωνία στη Βουλή των Αντιπροσώπων ανάµεσα στουσ Ρεπουµπλικάνουσ, που ελέγχουν το σώµα, και στουσ ∆ηµοκρατικούσ, ο «δηµοσιονοµικÞσ γκρεµÞσ» (Fiscal cliff) θα οδηγήσει στην µεγαλύτερη ετήσια αύξηση του ελλείµµατοσ (ωσ ποσοστού του ΑΕΠ) απÞ το 1969.

∫∞º∂™ - ∆Ô ‰Â‡ÙÂÚÔ ÈÔ ÂÌÔÚ‡ÛÈÌÔ ÚÔ˚fiÓ Το φυτÞ του καφέ και ιδιαίτερα η δηµοφιλήσ αραβική ποικιλία του απειλείται σοβαρά απÞ την κλιµατική αλλαγή, σε τέτοιο βαθµÞ που κινδυνεύει ακÞµα και µε εξαφάνιση έωσ το 2080, σύµφωνα µε µια βρετανική έρευνα. Η άνοδοσ τησ θερµοκρασίασ και οι συνακÞλουθεσ εποχικέσ αλλαγέσ είναι πιθανÞ Þτι θα καταστήσουν µέσα τισ επÞµενεσ δεκαετίεσ ακατάλληλεσ σχεδÞν Þλεσ (το 99,7%) τισ περιοχέσ του πλανήτη Þπου σήµερα αναπτύσσεται το -ιδιαίτερα ευάλωτο στισ µεταβολέσ του κλίµατοσ- φυτÞ. Ο καφέσ είναι το δεύτερο πιο εµπορεύσιµο προϊÞν στον κÞσµο µετά το πετρέλαιο, στηρίζοντασ την οικονοµία πολλών παραγωγών χωρών. Παράγεται κυρίωσ σε τροπικέσ περιοχέσ, σε περίπου 70 χώρεσ, µε συνολικέσ ετήσιεσ εξαγωγέσ πάνω απÞ 15,5 δισεκατοµµύρια δολάρια, ενώ στον τοµέα του καφέ απασχολούνται πάνω απÞ 26 εκατ. άνθρωποι διεθνώσ.

Και επειδή η αύξηση θα είναι τÞσο απÞτοµη και αυθαίρετη, θα βυθίσει τισ ΗΠΑ σε νέα λιτÞτητα καθώσ περισσÞτερα απÞ 500 δισ. θα αφαιρεθούν απÞ την αµερικανική οικονοµία. Παράλληλα, αυτÞ θα επηρεάσει αρνητικά και την παγκÞσµια οικονοµία. Μερικοί αναλυτέσ προειδοποιούν Þτι η οικονοµική κρίση που θα πλήξει τισ ΗΠΑ λÞγω του δηµοσιονοµικού γκρεµού θα είναι τέτοια που θα επισκιάσει ακÞµη και την κρίση τησ ευρωζώνησ. Σε µια άλλη εξέλιξη είχαµε την ψήφιση των νέων µέτρων λιτÞτητασ απÞ την βουλή των ελλήνων, εξέλιξη Þµωσ που είναι οτιδήποτε άλλο απÞ θετική. Η απάντηση των Ευρωπαίων και δει των Γερµανών σε µια υπερχρεωµένη χώρα, βυθισµένη σε πλήρη ύφεση κατάθλιψη και εξαθλίωση είναι περισσÞτερο χρέοσ, περισσÞτερη ύφεση και περισσÞτερη εξαθλίωση. ΑκÞµα και ο ίδιοσ ο Ολι Ρεν το είπε ξεκάθαρα: «Το ελληνικÞ δηµÞσιο χρέοσ σαφώσ δεν είναι βιώσιµο»! Φράση αιχµηρή σαν µαχαιριά. Φράση µε ολέθριεσ συνέπειεσ για Þσουσ καταλαβαίνουν τη σηµασία των λέξεων και δεν αυταπατώνται ή δεν ζουν σε έναν κÞσµο εξωπραγµατικÞ. Αν δεν βρεθεί τρÞποσ και µάλιστα σύντοµα για να καταστεί το ελληνικÞ δηµÞσιο χρέοσ βιώσιµο, τÞτε η χρεοκοπία τησ Ελλάδασ είναι αναπÞτρεπτη! Προηγήθηκε ο ΓερµανÞσ υπουργÞσ Οικονοµικών ΒÞλφγκανγκ ΣÞιµπλε, ο οποίοσ είχε δηλώσει Þτι δεν έχει βρεθεί ακÞµη βιώσιµη λύση για την Ελλάδα. Το βέβαιο είναι Þτι τη «βιώσιµη λύση» δεν τη δίνει σε καµία περίπτωση το ΜνηµÞνιο σκληρήσ λιτÞτητασ και η πολιτική υλοποίησήσ του. Τα αποτελέσµατά του τα έχουν ήδη δει οι πάντεσ. Το χρέοσ τησ Ελλάδασ ήταν 129% του ΑΕΠ το 2009. Μετά την πρωτοφανή λεηλασία των εισοδηµάτων Þλων των Ελλήνων και το «κούρεµα» κατά 53% περίπου 200 δισεκατοµµυρίων ευρώ χρέουσ, το χρέοσ αντί να µειωθεί εκτινάχθηκε φέτοσ στο 175% του ΑΕΠ που καταρρέει εξαιτίασ αυτήσ τησ πολιτικήσ µε ιλιγγιώδεισ ρυθµούσ και του χρÞνου θα πάει στο 190% του ΑΕΠ, Þπου θα παραµείνει για τουλάχιστον τέσσερα χρÞνια! ΑυτÞ είναι το «µη βιώσιµο» χρέοσ που λέει ο Ολι Ρεν.

Η Ευρωζώνη δανείζει για να κερδίσει χρÞνο µπασ και σώσει τισ δικέσ τησ τράπεζεσ, κυρίωσ γαλλικέσ και γερµανικέσ απÞ ενδεχÞµενη ελληνική αδυναµία ή απροθυµία πληρωµών. Αυτή την εβδοµάδα ξεκίνησε και το Eurogroup µε το ∆ΝΤ και τουσ Αµερικάνουσ να πιέζουν για τελεσίδικη λύση στο ελληνικÞ ζήτηµα και τουσ Γερµανούσ απÞ την άλλη να παραπέµπουν το Þλο ζήτηµα στο µέλλον ελπίζοντασ πωσ θα κατορθώσουν να το παρατείνουν µέχρι τισ δικέσ τουσ εκλογέσ τον ερχÞµενο Σεπτέµβριο. Βεβαίωσ είναι αδύνατο να πείσει κανείσ τισ αγορέσ να αναµένουν για ένα τÞσο µεγάλο χρονικÞ διάστηµα. Αλλά ούτε και το σύνολο τησ ευρωζώνησ έχει τη δυνατÞτητα να περιµένει την εξέλιξη τησ γερµανικήσ προεκλογικήσ καµπάνιασ για να ληφθούν αποφάσεισ και να υπάρξουν λύσεισ για την κρίση χρέουσ στη ζώνη του ευρώ. Τεχνικά το εβδοµαδιαίο σπάσιµο του 1.28 σήµανε και το τέλοσ τησ βραχυπρÞθεσµησ ανοδικήσ τάσησ τησ ισοτιµίασ που κρατούσε εδώ και δύο µήνεσ περίπου. Σαφέστατα το ανοδικÞ momentum τησ ισοτιµίασ έχει χαθεί και ο χρÞνοσ πλέον δουλεύει υπέρ του δολαρίου µε τα 1,25 – 1,26 να είναι τα επÞµενα σηµαντικά σηµεία στήριξησ τησ ισοτιµίασ. Βεβαίωσ οι πολιτικοοικονοµικέσ εξελίξεισ τρέχουν και η µεταβλητÞτητα στην ισοτιµία Þσο πλησιάζουµε το τέλοσ του έτουσ θα αυξάνεται και οι ακραίεσ διακυµάνσεισ στην ισοτιµία δεν µπορούν να αποκλειστούν.

√È ∏¶∞ ÚÒÙË ÛÙËÓ ·Ú·ÁˆÁ‹ ÂÙÚÂÏ·›Ô˘ Οι ΗΠΑ θα γίνουν η πρώτη παγκοσµίωσ χώρα παραγωγήσ πετρελαίου γύρω στο 2017, ξεπερνώντασ τη Σαουδική Αραβία, και καθαρά µια χώρα εξαγωγήσ αργού πετρελαίου γύρω στο 2030, ενώ θα ξεπεράσουν επίσησ τη Ρωσία και θα γίνουν η πρώτη παγκοσµίωσ χώρα παραγωγήσ φυσικού αερίου γύρω στο 2015, σύµφωνα µε τη ∆ιεθνή Υπηρεσία Ενέργειασ (ΙΕΑ). “Οι εξελίξεισ Þσον αφορά την ενέργεια στισ ΗΠΑ είναι σηµαντικέσ και η απήχησή τουσ θα γίνει αισθητή πολύ πέραν των ΗΠΑ και του ενεργειακού τοµέα”, προβλέπει η ΙΕΑ στην έκθεσή τησ “ΠαγκÞσµια Ενεργειακή Προοπτική”. “Γύρω στο 2017, οι ΗΠΑ θα γίνουν ο µεγαλύτεροσ παραγωγÞσ πετρελαίου, ξεπερνώντασ τη Σαουδική Αραβία”, σηµείωσε ο Φατίχ ΜπιρÞλ, ο επικεφαλήσ οικονοµολÞγοσ τησ υπηρεσίασ. Η προγραµµατισµένη αυτή επανάσταση στον τοµέα του πετρελαίου θα ξαναφέρει τον κÞσµο στην απαρχή τησ πετρελαϊκήσ βιοµηχανίασ. ΑπÞ το δεύτερο µισÞ του 19ου αιώνα ωσ τα µέσα του 20ου, οι ΗΠΑ ήταν η κύρια παραγωγÞσ “µαύρου χρυσού” στον κÞσµο, το οποίο βοήθησε τη βιοµηχανική, την οικονοµική και τη στρατηγική τουσ ανάπτυξη. Οι ΗΠΑ έγιναν ταυτοχρÞνωσ η πρώτη παγκÞσµια δύναµη.

Η ΙΕΑ στηρίζει τισ προβλέψεισ τησ αυτέσ στην αλµατώδη ανάπτυξη τησ παραγωγήσ µη συµβατικών υδρογονανθράκων, δηλαδή σχιστολιθικού φυσικού αερίου και πετρελαίου, Þπωσ και των αποθεµάτων ελαφρού πετρελαίου (ή “light tight oil”), που θεωρούνταν για καιρÞ πολύ δαπανηρά και πολύ δύσκολα να εξορυχτούν. Η ΙΕΑ σηµειώνει Þτι διαβλέπει µια συνέχιση τησ πτώσησ των εισαγωγών πετρελαίου στισ ΗΠΑ και αυτέσ να γίνονται µια σαφώσ εξαγωγική χώρα πετρελαίου γύρω στο 2030 και σχεδÞν αυτάρκεισ στον τοµέα τησ ενέργειασ ωσ το 2035. Τα στοιχεία αυτά δείχνουν να ενδυναµώνουν την πρÞβλεψη τησ ΙΕΑ, µολονÞτι η συζήτηση αυτή συνεχίζει πάντα να εξάπτει τα πνεύµατα µεταξύ των ειδικών, για προσεχή άφιξη του “ζενίθ του πετρελαίου”, τησ αναπÞφευκτησ δηλαδή στιγµήσ που η παγκÞσµια παραγωγή “µαύρου χρυσού” θα αρχίσει να βαίνει προσ την δύση τησ. Στο µεταξύ η Ασία θα συνεχίσει να κυριαρχεί στην ξαφνική άνοδο τησ παγκÞσµιασ ζήτησησ ενέργειασ, η οποία αναµένεται να αυξηθεί κατά περισσÞτερο απÞ ένα τρίτο ωσ το 2035, απÞ τα 87,4 εκατοµµύρια βαρέλια ηµερησίωσ το 2011 στα 99,7 εκατοµµύρια.

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Πτώση παρουσιάζει το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου ΗΠΑ καθώσ το µεσηµέρι τησ Τρίτησ τυγχάνει διαπραγµάτευσησ περί τα 1,2670, το χαµηλÞτερο επίπεδο των τελευταίων δυο µηνών. Το ευρώ δέχεται πιέσεισ επηρεαζÞµενο απÞ το αρνητικÞ επενδυτικÞ κλίµα και τη διατήρηση τησ αβεβαιÞτητασ σχετικά µε τη δηµοσιονοµική κατάσταση χωρών τησ ευρωζώνησ Στα πλαίσια τησ σύσκεψησ του Eurogroup, την περασµένη ∆ευτέρα, οι Υπουργοί Οικονοµικών τησ Ευρωζώνησ ανέφεραν Þτι έχει σηµειωθεί σηµαντική πρÞοδοσ στην προσπάθεια ολοκλήρωσησ τησ συµφωνίασ µεταξύ τησ Ελλάδασ και

τησ τρÞικα σχετικά µε την αναθεώρηση του προγράµµατοσ οικονοµικήσ προσαρµογήσ. Το Eurogroup αναγνωρίζει τη σηµαντική προσπάθεια που καταβάλλεται και εκτιµά Þτι, µέσω τησ εφαρµογήσ δηµοσιονοµικών και διαρθρωτικών µεταρρυθµίσεων, η ελληνική οικονοµία θα σταθεροποιηθεί και θα επιστρέψει σε πορεία βιώσιµησ ανάπτυξησ και ενίσχυσησ τησ απασχÞλησησ. Σε µια άλλη εξέλιξη η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) στη σύσκεψη που πραγµατοποιήθηκε την περασµένη Πέµπτη διατήρησε αµετάβλητο το επιτÞκιο αναφοράσ στο 0,75%. Ùσον αφορά τον πληθωρισµÞ τησ Ευρωζώνησ εκτιµάται Þτι υποχώρησε τον Οκτώβριο στο 2,5% (Σεπτέµβριοσ: 2,6%), παραµένοντασ ψηλÞτερα του στÞχου τησ ΕΚΤ (≤2%) για 23ο συνεχή µήνα. H EKT προβλέπει Þτι ο συνολικÞσ πληθωρισµÞσ θα διατηρηθεί υψηλÞτερα του 2% για το 2012, ωστÞσο θα υποχωρήσει χαµηλÞτερα του 2% το 2013. ΠρÞσθετα, ο ΠρÞεδροσ τησ ΕΚΤ ανάφερε Þτι οι χρηµα-

τοπιστωτικέσ συνθήκεσ στην Ευρωζώνη έχουν βελτιωθεί τουσ τελευταίουσ δύο µήνεσ ωστÞσο η οικονοµική δραστηριÞτητα στην Ευρωζώνη θα παραµείνει υποτονική το 2013. Ο ΚεντρικÞσ Τραπεζίτησ επανέλαβε Þτι η ΕΚΤ δεσµεύεται για τη διασφάλιση τησ απρÞσκοπτησ µετάδοσησ τησ νοµισµατικήσ πολιτικήσ στην πραγµατική οικονοµία για ολÞκληρη την Ευρωζώνη. Η ΕΚΤ ανέφερε Þτι διαθέτει τη δυνατÞτητα ενεργοποίησησ του προγράµµατοσ νοµισµατικών πράξεων (OMT: Outright Monetary Transactions), το οποίο προβλέπει αγορέσ κρατικών οµολÞγων στη δευτερογενή αγορά υπÞ προϋποθέσεισ. Στισ ΗΠΑ το έλλειµµα του εµπορικού ισοζυγίου περιορίστηκε το Σεπτέµβριο στο χαµηλÞτερο επίπεδο ($41,5 δισ) απÞ το ∆εκέµβριο του 2010. Οι αιτήσεισ για επιδÞµατα ανεργίασ διαµορφώθηκαν την περασµένη εβδοµάδα στισ 355.000, απÞ 363.000, επιβεβαιώνοντασ τισ ενδείξεισ βελτίωσησ των συνθηκών στην αγορά εργασίασ.

14 ΝΟΕΜΒΡΙΟΥ, 2012


ΕΛΛΑ∆Α | 7/19

™ÙÔ˘ÚÓ¿Ú·˜: £· ¿ÚÔ˘Ì ٷ €31,3 ‰È˜ Ο υπουργÞσ Οικονοµικών τησ Ελλάδασ, Γιάννησ Στουρνάρασ εξέφρασε την ικανοποίησή του για τισ αποφάσεισ του Eurogroup και επισήµανε Þτι µε αυτέσ κατοχυρώθηκε πλέον η επιµήκυνση των χρονικών ορίων για την εξυγίανση τησ Ελλάδασ, κατά δύο χρÞνια. Ο υπουργÞσ οικονοµικών ανέφερε Þτι αναµένει την πλήρη έκθεση τησ ΤρÞικασ ωσ τισ 17 Νοεµβρίου, ούτωσ ώστε αυτή να επικυρωθεί στο σύνολÞ τησ απÞ το Eurogroup που θα συνέλθει την Τρίτη 20 Νοεµβρίου. Στη συνέχεια, ανέφερε ο υπουργÞσ, οι χώρεσ τησ ευρωζώνησ που πρέπει να θέσουν την έκθεση τησ ΤρÞικασ υπÞ την κρίση των κοινοβουλίων τουσ θα έχουν έξι ηµέρεσ καιρÞ για να το πράξουν, ούτωσ ώστε στισ 26 Νοεµβρίου

µε βάση τον υπάρχοντα προγραµµατισµÞ, να ληφθεί η απÞφαση για την εκταµίευση τησ επÞµενησ δÞσησ. Ο Γ. Στουρνάρασ δήλωσε βέβαιοσ Þτι η δÞση των 31,3 δισ ευρώ θα εκταµιευθεί στο σύνολÞ τησ. Ερωτηθείσ αν τα χρήµατα των δανειστών θα κατατίθενται στην τράπεζα τησ Ελλάδοσ ή στην ΕΚΤ, ο Γ. Στουρνάρασ απάντησε Þτι θα κατατίθενται στην Τράπεζα τησ Ελλάδασ. Σηµείωσε, πάντωσ, Þτι εφεξήσ η παρακολούθηση των δαπανών και των εσÞδων του ελληνικού κράτουσ θα γίνεται ανά µήνα και Þτι αν υπάρχουν αποκλίσεισ απÞ τισ αρχικέσ εκτιµήσεισ θα λαµβάνονται τα αναγκαία διορθωτικά µέτρα. Σηµείωσε Þτι αυτÞ αφορά τÞσο την

πορεία των δηµοσίων δαπανώ και των εσÞδων, Þσο και τα έσοδα απÞ τισ κρατικοποιήσεισ. Σε Þ,τι αφορά τισ προαπαιτούµενεσ δράσεισ τισ οποίεσ πρέπει να αναλάβει η ελληνική κυβέρνηση τισ επÞµενεσ ηµέρεσ, ο Γ. Στουρνάρασ σηµείωσε Þτι κατά βάση πρÞκειται για ολιγάριθµεσ διοικητικέσ αποφάσεισ και Þτι δε χρειάζεται κοινοβουλευτική διαδικασία. Τέλοσ ο Γ. Στουρνάρασ εµφανίστηκε αισιÞδοξοσ Þτι θα επέλθει συµφωνία ανάµεσα στο ∆ΝΤ και την ΕΕ για το ζήτηµα τησ βιωσιµÞτητασ του ελληνικού δηµÞσιου χρέουσ, χωρίσ ωστÞσο να υπεισέλθει σε λεπτοµέρειεσ για το περιεχÞµενο αυτήσ τησ συµφωνίασ.

«¢fiÛË - Ì·ÌÔ‡ı» €44 ‰È˜ ÁÈ· ÙËÓ ∂ÏÏ¿‰· ∆εν αποκλείει τη συγχώνευση τριών δÞσεων του δανείου, ώστε να δοθεί προσ την Ελλάδα µία «σούπερ δÞση» 44 δισ. ευρώ, ο γερµανÞσ υπουργÞσ Οικονοµικών ΒÞλφγκανγκ ΣÞιµπλε µολονÞτι υπογραµµίζει Þτι κάτι τέτοιο δεν αποτελεί πρωτοβουλία τησ γερµανικήσ κυβέρνησησ. Συζητήθηκε ωστÞσο, αποκάλυψε ο ΣÞιµπλε µε τον γάλλο οµÞλογÞ του Πιέρ Μοσκοβισί. «Αποτελεί

µέροσ µιασ γενικÞτερησ συζήτησησ και βεβαίωσ συζητήθηκε στη συνάντησή µου µε τον συνάδελφο µου Μοσκοβισί». Xθεσ, η γερµανική εφηµερίδα Bild επικαλούµενη κυβερνητικέσ πηγέσ δηµοσίευσε σενάρια για συγχώνευση τριών δÞσεων προσ την Ελλάδα, ύψουσ άνω των 44 δισ ευρώ, και καταβολή τουσ σε µία. Αναφορικά µε αυτά τα σενάρια ο ΣÞιµπλε δήλωσε: «∆εν είναι κάτι για το οποίο

η κυβέρνηση αγωνίζεται. ΩστÞσο είναι πραγµατικÞτητα. Υπάρχουν δύο δÞσεισ οι οποίεσ έπρεπε να είχαν δοθεί (στο τέλοσ Ιουνίου, στο τέλοσ Σεπτεµβρίου) και µια για το τέλοσ ∆εκεµβρίου». Ο γερµανÞσ υπουργÞσ Οικονοµικών συµπλήρωσε Þτι «η συζήτηση περί συγχώνευσησ των δÞσεων κάνει τον µηχανισµÞ ελέγχου πολύ σηµαντικÞ».

Σύµφωνα µε την Bild, η δÞση θα περιλαµβάνει τα 31,3 δισ. ευρώ του β’ τριµήνου, καθώσ και τισ δÞσεισ ύψουσ 5 δισ. ευρώ και 8,3 δισ. ευρώ για το γ’ και το δ’ τρίµηνο. Ο εκπρÞσωποσ του γερµανικού υπουργείου Οικονοµικών αρνήθηκε, αρχικά, να επιβεβαιώσει το δηµοσίευµα απαντώντασ Þτι «τελική απÞφαση για τισ επÞµενεσ δÞσεισ στην Ελλάδα δεν έχει ακÞµη ληφθεί».

¶ÚfiÛÙÈÌ· €6,5 ÂÎ. Û Cosmote, Vodafone Î·È Wind ΠρÞστιµα που ξεπερνούν τα 6,5 εκατοµµύρια ευρώ επέβαλε στισ τρεισ εταιρίεσ κινητήσ τηλεφωνίασ στην Ελλάδα, η Εθνική Επιτροπή Τηλεπικοινωνιών και Ταχυδροµείων, ΕΕΤΤ, κατηγορώντασ τισ για αυθαίρετεσ και υπέρογκεσ χρεώσεισ σε βάροσ συνδροµητών, που εντοπίζονται σε

µεγάλο βαθµÞ σε υπηρεσίεσ πρÞσβασησ στο διαδίκτυο µέσω κινητών συσκευών. Σύµφωνα µε την απÞφαση, επιβλήθηκαν 3,5 εκ. ευρώ πρÞστιµο στην Cosmote, 2,5 εκ. ευρώ στη Vodafone και 650.000 ευρώ στη Wind. Ùσον αφορά τισ υπηρεσίεσ διαδικτύου,

Fund Ô˘ ı· ÂÂÓ‰‡ÂÈ ·ÔÎÏÂÈÛÙÈο Û ∂ÏÏ¿‰· Στην ίδρυση ενÞσ νέου hedge fund µε σκοπÞ την αξιοποίηση των επενδυτικών ευκαιριών που αναδύονται απÞ την τρέχουσα κρίση χρέουσ στην Ελλάδα, προχωρά η Dromeus Capital. ΠρÞκειται για το πρώτο fund το οποίο θα ασχολείται αποκλειστικά µε τοποθετήσεισ σε ελληνικούσ τίτλουσ εκµεταλλευÞµενο τισ µαζικέσ πωλήσεισ ελληνικών οµολÞγων που έχουν γυρίσει το ελληνικÞ χρηµατιστήριο στα επίπεδα του 1993. Το νέο fund που θα επενδύει σε ελληνικέσ µετοχέσ και οµÞλογα θα διοικείται απÞ την Αθήνα και τη Γενεύη, Þπου και εδρεύει η

Dromeus, άρχισε να συγκεντρώνει κεφάλαια αυτή την εβδοµάδα. Το ποσÞ που αναµένεται να συγκεντρώσει το hedge fund τοποθετείται στα 200 εκ. ευρώ. «Σε έναν αβέβαιο κÞσµο, τα πράγµατα µπορεί να είναι πιο ασφαλή απÞ Þτι φαίνονται», υποστηρίζει ο Αχιλλέασ Ρισβάσ, επικεφαλήσ τησ Dromeus, ενώ προσθέτει «Αν οι άνθρωποι πουλάνε τίτλουσ σε εξαιρετικά χαµηλέσ τιµέσ, αυτÞ µπορεί να αποδειχθεί ιδιαίτερα επικερδέσ για εµάσ. Η Ελλάδα έχει γίνει συνώνυµο τησ χρεοκοπίασ και ωσ εκ τούτου οι επενδυτέσ δεν θέλουν καν να την αγγίζουν».

πρÞστιµα για παράβαση τησ νοµοθεσίασ περί ενεργοποίησησ τησ υπηρεσίασ µεταφοράσ δεδοµένων, χωρίσ προηγούµενη ενηµέρωση των συνδροµητών, µε συνέπεια τισ υψηλέσ χρεώσεισ, στην Cosmote, επιβλήθηκε 1,5 εκ. ευρώ πρÞστιµο, 1 εκ. ευρώ στη Vodafone και 500.000 ευρώ στη Wind.

Επίσησ πρÞστιµα επιβλήθηκαν και για την παράβαση τησ αυτÞµατησ ενεργοποίησησ προγράµµατοσ ηµερήσιασ χρέωσησ σε συνδροµητέσ, που δεν το είχαν επιλέξει, µε πρÞστιµο 2 εκ. ευρώ για την Cosmote, 1,5 εκ. ευρώ για τη Vodafone και 150.000 ευρώ για τη Wind.

§·ÁοÚÓÙ: ∏ ∂ÏÏ¿‰· ¤Î·Ó ÙÔ ¯Ú¤Ô˜ Ù˘ Η Ελλάδα έκανε το καθήκον τησ και τώρα είναι η ώρα των πιστωτών να κάνουν το ίδιο και βεβαίωσ τo ∆ΝΤ Þπωσ πάντα θα διαδραµατίσει τον ρÞλο του, ζητούµε µία πραγµατική και Þχι µία βιαστική λύση, δήλωσε η Κρ. Λαγκάρντ. Πληροφορίεσ απÞ τη Ουάσιγκτον αναφέρουν πωσ η κ. Λαγκάρντ θεωρεί Þτι η Ελλάδα έκανε σηµαντικÞτατα βήµατα το τελευταίο διάστηµα και πιέζει τουσ Ευρωπαίουσ για άµεσεσ και τελικέσ λύσεισ. Τα στελέχη του Ταµείου εκφράζουν ικανοποίηση και για τουσ νÞµουσ που ψηφίστηκαν στη Βουλή και για την υλοποίηση των «προαπαιτούµενων». Η έκθεση του ∆ΝΤ αναφέρεται µε θετικÞ τρÞπο στισ προσπάθειεσ του πρωθυπουργού και του υπουργού των Οικονοµικών. Το τελικÞ κείµενο δεν είναι έτοιµο, διÞτι Þσεσ προσπάθειεσ και αν έγιναν η έκθεση βιωσιµÞτητασ είναι αρνητική. Ùπωσ τονίστηκε, βασικά προβλήµατα είναι η απουσία αποφάσεων για το χρέοσ και την επιπλέον χρηµατοδÞτηση.


¡¤Ô «ÎÔ‡ÚÂÌ·» ÁÈ· ∂ÏÏ¿‰· ˙ËÙ¿ Î·È Ô ¡Ù·Ï¿Ú·

Σε φοιτητική εστία θα µετατραπεί ένα απÞ τα γνωστά ξενοδοχεία τησ Αθήνασ, το La Mirage που βρίσκεται στην Πλατεία Οµονοίασ. Η αξιοποίηση του ξενοδοχείου La Mirage και η µετατροπή του σε φοιτητική εστία, δυναµικÞτητασ 500 κλινών, αποφασίστηκε στα πλαίσια ενίσχυσησ τησ φοιτητικήσ µέριµνασ (σίτισησ-στέγασησ). Το ξενοδοχείο που είναι ιδιοκτησία του Μετοχικού Ταµείου Αεροπορίασ και παραµένει κλειστÞ απÞ το 2008, αναµένεται να καλύψει ένα σηµαντικÞ µέροσ των αναγκών τησ φοιτητικήσ κοινÞτητασ και να δώσει ζωή στο κέντρο τησ Αθήνασ.

Να εξετάσουν το ενδεχÞµενο ενÞσ νέου κουρέµατοσ του ελληνικού χρέουσ, αυτή τη φορά για τον επίσηµο τοµέα, καλεί τισ χώρεσ τησ ευρωζώνησ, την ΕΚΤ και το ∆ΝΤ ο επικεφαλήσ του ∆ιεθνούσ Χρηµατοοικονοµικού Ινστιτούτου (IIF). «Υπάρχουν ισχυρά επιχειρήµατα για τη µείωση των επιτοκίων στα υφιστάµενα δάνεια προσ την Ελλάδα, τÞσο σε διµερέσ επίπεδο Þσο και απÞ το EFSF» τÞνισε ο Νταλάρα, προσθέτοντασ Þτι ο και χρονικÞσ ορίζοντασ των δανείων προσ την Ελλάδα θα µπορούσε να επεκταθεί. Η ιδέα για τισ επαναγορέσ οµολÞγων η

οποία έχει συγκεντρώσει µεγάλη προσοχή στο πλαίσιο ενÞσ ευρύτερου σχεδίου για να διαµορφωθεί το χρέοσ τησ χώρασ σε βιώσιµα επίπεδα «θα είναι ένα απÞ τα θέµατα τησ συζήτησησ», δήλωσε ο Νταλάρα αν και εξέφρασε απορίεσ για την εφαρµογή του Þπωσ «πρώτα απ’ Þλα, απÞ πού θα βρεθούν τα χρήµατα;». Υπενθυµίζεται Þτι ο επικεφαλήσ του IIF βρίσκεται απÞ χθέσ στην Αθήνα, Þπου θα έχει σειρά συναντήσεων µε στελέχη τησ κυβέρνησησ, πολιτικούσ αρχηγούσ και υψηλÞβαθµα τραπεζικά στελέχη.

14 ΝΟΕΜΒΡΙΟΥ, 2012


8/20 | ΑΓΟΡΑ

¶¿ıÔ˜ ÁÈ· ÛÔÎÔÏ¿Ù· ÛÙÔ Four Seasons Απολαυστική, βελούδινη, µεθυστική, µε τη γοητεία του αµαρτωλού και απαγορευµένου να τη συνοδεύει, η σοκολάτα δελεάζει Þσο καµία άλλη τροφή γιατί εµπλέκει και ικανοποιεί Þλεσ τισ αισθήσεισ. Το Colors Café του ξενοδοχείου Four Seasons, πιστÞ για Þγδοη συνεχή χρονιά στο πιο γλυκÞ ραντεβού του, διοργανώνει και φέτοσ την «Εβδοµάδα Σοκολάτασ», απÞ τισ 16 µέχρι τισ 25 Νοεµβρίου. Αξιοποιώντασ πάντοτε τισ καλύτερεσ πρώτεσ ύλεσ, ξεχωριστέσ εξωτικέσ σοκολάτεσ απÞ Βενεζουέλα και Καραϊβική δίνουν πλούσια αρώµατα και γεύσεισ στισ σοκολατοδηµιουργίεσ. Το µενού τησ «Εβδοµάδασ Σοκολάτασ» εµπλουτίζεται µε τισ σοκολατοπαγωτοδηµιουργίεσ, οι οποίεσ ενώνουν τουσ δυο γλυκούσ πειρασµούσ σε µια µοναδική απÞλαυση. Ιδιαίτερεσ γεύσεισ Þπωσ λευκή σοκολάτα αρωµατισµένη µε απÞσταγµα απÞ ροδοπέταλα και πικρή σοκολάτα µε καραµέλα και δηµητριακά οδηγούν σε ένα µοναδικÞ γαστρονοµικÞ ταξίδι. Για περισσÞτερεσ πληροφορίεσ και κρατήσεισ επικοινωνήστε στο τηλέφωνο 25858000.

¶ÚÔ˜ ÒÏËÛË ÈÏÔÙÈÎfi ‰È·Ì¤ÚÈÛÌ· Ù˘ Leptos Η εταιρεία Leptos Estates ανακοίνωσε την δηµιουργία του νέου τησ πιλοτικού διαµερίσµατοσ (Show flat) στο Þµορφο και εντυπωσιακÞ αναπτυξιακÞ συγκρÞτηµα Aphrodite Gardens στην Κάτω Πάφο. Το πρωτοποριακÞ αυτÞ και συνάµα πολυτελέσ συγκρÞτηµα βρίσκεται στη περιοχή «Universal» σε απÞσταση άνετου περιπάτου απÞ τισ αµµώδεισ παραλίεσ και τα πολυτελή παραθαλάσσια ξενοδοχεία τησ περιοχήσ. Συνορεύει επίσησ µε την µεγάλη έκταση γησ 1,2 εκ τ.µ του Οµίλου ΛεπτÞσ Þπου θα αναπτυχθεί σύντοµα το µεγαλεπήβολο έργο «Neapolis Smart Eco City» µε το οµώνυµο Πανεπιστήµιο, το ΙατρικÞ Κέντρο, το Κέντρο Έρευνασ και Ανάπτυξησ , καθώσ επίσησ εµπορικά καταστήµατα, γραφεία και ένα εκλεκτικÞ χαρτοφυλάκιο κατοικιών. Για περισσÞτερεσ πληροφορίεσ επισκεφτείτε την ιστοσελίδα

∆ËÏÂοÚÙ˜ Ù˘ Cyta Ì ı¤Ì· ÙËÓ ∫˘Úȷ΋ ¶ÚÔ‰ڛ· ΚυκλοφÞρησαν πρÞσφατα απÞ τη Cyta δύο νέεσ συλλεκτικέσ τηλεκάρτεσ µε θέµα “Κυπριακή Προεδρία του Συµβουλίου τησ ΕΕ για το 2012”. Οι τηλεκάρτεσ έχουν ονοµαστική αξία 5 και 10 ευρώ και εκδÞθηκαν σε 500 αντίτυπα η κάθε µια. Ο σχεδιασµÞσ των δύο νέων συλλεκτικών τηλεκαρτών επιδιώκει να αναδείξει την Κύπρο και την ΕΕ σε ένα φιλÞξενο τÞπο για Þλουσ τουσ πολίτεσ. ΣτÞχοσ τησ Κυπριακήσ Προεδρίασ, είναι να δηµιουργήσει ελπίδα και προοπτική ανάµεσα στουσ πολίτεσ τησ Κυπριακήσ ∆ηµοκρατίασ, να βελτιώσει την ποιÞτητα ζωήσ και να ενισχύσει την κοινωνική συνοχή, ανταποκρινÞµενη στισ επιδιώξεισ και προσδοκίεσ του συνÞλου των Ευρωπαίων πολιτών. Στοιχεία για Þλεσ τισ σειρέσ τηλεκαρτών, καθώσ και άλλεσ σχετικέσ πληροφορίεσ βρίσκονται στην ιστοσελίδα

Etihad: 30 kg ÙÔ fiÚÈÔ ·ÔÛ΢ÒÓ ÁÈ· ÔÈÎÔÓÔÌÈ΋ ı¤ÛË Η Etihad Airways, ο εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων, προχώρησε στην αύξηση του δωρεάν επιτρεπÞµενου ορίου αποσκευών σε 30 κιλά για τουσ επιβάτεσ τησ Coral Economy θέσησ (δεν περιλαµβάνονται οι πτήσεισ απÞ και προσ τισ ΗΠΑ και τον Καναδά, Þπου το Þριο µεταφοράσ αποσκευών υπολογίζεται ανά αποσκευή). ΕπιπρÞσθετα, τα µέλη του προγράµµατοσ προνοµίων τακτικών επιβατών Etihad Guest θα απολαµβάνουν ακÞµη µεγαλύτερο Þριο αποσκευών. Σύµφωνα µε τισ νέεσ οδηγίεσ θα επιτρέπεται και η δωρεάν µεταφορά συγκεκριµένου αθλητικού εξοπλισµού. ΕπιπρÞσθετα µε το νέο Þριο αποσκευών, οι επιβάτεσ κάθε θέσησ θα µπορούν να µεταφέρουν δωρεάν µέχρι 15 κιλά εξοπλισµÞ καταδύσεων ή/και εξοπλισµÞ γκολφ. Οι πτήσεισ τησ Etihad Airways απÞ και προσ την Κύπρο, πραγµατοποιούνται κάθε ∆ευτέρα, Τετάρτη και Παρασκευή. Για δροµολÞγια και κρατήσεισ στην ιστοσελίδα ή οποιοδήποτε ταξιδιωτικÞ πράκτορα.

√ ª∞ÃCAFÉ ¤ÊÙ·ÛÂ Η εταιρεία ΚΕΟ παρουσιάζει τον ΜΑΧCAFÉ. Τον νέο έτοιµο, παγωµένο καφέ σε 3 απολαυστικέσ γεύσεισ: Latte Freddo, Milk Coffee και Black Coffee. Ο ΜΑΧCAFÉ διατίθεται σε εργονοµική κι ελκυστική συσκευασία κουτιού 240ml. Αρχίστε την µέρα σασ απολαµβάνοντασ τον νέο παγωµένο καφέ. Ο ΜΑΧCAFÉ έφτασε!

ºıÈÓÔˆÚÈÓ¤˜ ÚÔÛÊÔÚ¤˜ ·fi Ù· Presse Café Τα Presse Café κάνουν πιο µυρωδάτεσ τισ τελευταίεσ φθινοπωρινέσ µέρεσ µε δύο εκπληκτικέσ προσφορέσ! Επισκεφτείτε µε την παρέα σασ Presse Café τα Σταυρού, Αγίου Αντωνίου και Λήδρασ και µε κάθε δύο καφέδεσ που θα αγοράσετε, τα Presse Café σασ προσφέρουν τον τρίτο εντελώσ ∆ΩΡΕΑΝ. Πέραν απÞ αυτή την προσφορά, µε κάθε αγορά οποιουδήποτε καφέ µετρίου ή µεγάλου µεγέθουσ, απÞ τισ 7:00 µέχρι τισ 11:00 το πρωί, τα Presse Café σασ κερνούν ένα γευστικÞτατο muffin για να απολαύσετε µαζί µε τον καφέ σασ. Οι προσφορέσ ισχύουν απÞ ∆ευτέρα µέχρι Παρασκευή σε Þλα τα Presse Café µέχρι 15 ∆εκεµβρίου και δεν µπορούν να συνδυαστούν.

KTHMA ∫∂√ Shiraz-Merlot Η οικογένεια κρασιών που φέρουν την υπογραφή του οινοποιείου τησ ΚΕΟ στην Μαλλιά µεγαλώνει. Με αφορµή την δηµιουργία του τέταρτου κρασιού τησ σειράσ ΚΤΗΜΑ ΚΕΟ, η εταιρεία φιλοξένησε στο οινοποιείο τησ στην Μαλλιά, µέλη των συνδέσµων οινοφίλων, οινοχÞων και µπάρµεν, δηµοσιογράφουσ οίνων και εκπροσώπουσ των µέσων µαζικήσ ενηµέρωσησ. Στην εκδήλωση παρουσιάστηκε το νέο κρασί, αποτέλεσµα τησ αρµονικήσ ένωσησ των ποικιλιών Shiraz και Merlot οι οποίεσ καλλιεργούνται µε φροντίδα και µεράκι στουσ ιδιÞκτητουσ αµπελώνεσ του οινοποιείου. Το KTHMA ΚΕΟ Shiraz-Merlot ωρίµασε για 12 µήνεσ σε δρύινα βαρέλια και στην φιάλη στο κελάρι για ακÞµα 6 µήνεσ. ΠρÞκειται για ένα πλούσιο κρασί, που χαρακτηρίζεται απÞ το πορφυρÞ του χρώµα, το σώµα του καθώσ και απÞ αρώµατα µπαχαρικών και φρούτων του δάσουσ. Μετά απÞ ξενάγηση στισ εγκαταστάσεισ του οινοποιείου, ακολούθησε γευσιγνωσία κρασιών απÞ Κυπριακέσ γηγενήσ ποικιλίεσ που βρίσκονται σε πειραµατικÞ στάδιο. Η εκδήλωση ολοκληρώθηκε µε γεύµα σε εστιατÞριο τησ περιοχήσ.

µÚ·‰È¤˜ «Hard Rock» Οι ροκ βραδιέσ στο Hard Rock Cafe Nicosia συνεχίζονται και το Νοέµβριο µε πρωταγωνιστέσ κυπριακά συγκροτήµατα που θα δώσουν µοναδικέσ live ροκ εµφανίσεισ στη σκηνή του νέου hot-spot τησ πρωτεύουσασ. Neon Knights, Minus One και The Downtown Grooves είναι µÞνο µερικά απÞ τα συγκροτήµατα που µαζί µε γνωστούσ DJ θα αναλάβουν τη µουσική επένδυση των βραδιών «Hard Rock afterdark», κάθε Πέµπτη, Παρασκευή και Σάββατο στο Hard Rock Cafe Nicosia. Συγκεκριµένα, το πρÞγραµµα live ροκ εµφανίσεων Νοεµβρίου έχει ωσ ακολούθωσ: - Neon Knights: Πέµπτη 15 Νοεµβρίου και ώρα 22:30 (είσοδοσ ελεύθερη) - Minus One: Πέµπτη 22 Νοεµβρίου και ώρα 22:30 (είσοδοσ ελεύθερη) - The Downtown Grooves: Πέµπτη 29 Νοεµβρίου και ώρα 22:30 (είσοδοσ ελεύθερη)

November 14 - 20, 2012


Doubts in many corners cloud growth outlook l

After U.S. election, risk swiftly shifts to ‘fiscal cliff’, as Euro zone still struggling to see light at tunnel’s end

The global economy faces an uneasy end to a difficult year as widespread policy uncertainty that is blunting the benefit of an ultra-loose monetary stance shows no sign of lifting. To be sure, the re-election of U.S. President Barack Obama has answered one critical question. And consumer sentiment in America is at the highest level since the onset of the great financial crisis. But weeks of bickering lie ahead in Washington to avert the “fiscal cliff” - an automatic package of tax rises and spending cuts in January that would almost surely plunge the American economy back into recession. “The risk of going over the cliff is higher than markets expect and the battle for the White House will pale in comparison to the all-out war that is likely coming in Congress,” economists at Nomura said in a note. As a result, companies have no clarity as to the tax rates they will be paying in future, let alone how they might be affected by regulatory and budget changes. So why should they invest the mountain of cash they are sitting on? Businessmen in China also have good reason to wait and see which way the wind blows, even if a flurry of October data in recent days showed the economy staging a moderate rebound. This week’s scheduled handover of power from Communist party chief Hu Jintao to Xi Jinping is unlikely to fire the starting gun for the shift from investment to consumption that even Chinese officials say is necessary to sustain strong growth. Louis Kuijs, an economist who watches China for Royal Bank of Scotland in Hong Kong, is heartened by what he sees as joined-up thinking in the writings of Li Keqiang, the presumptive successor to Premier Wen Jiabao who will be in charge of economic policy.

But he said the new leadership was likely to bide its time, partly because China values continuity and partly out of respect for the still-influential men they are replacing. “Hopefully we’ll see a more comprehensive and ambitious reform strategy than has been the case so far. But it will be some time next year before the new leaders are able to start to put their stamp on policy-making,” Kuijs said.

By ALAN WHEATLEY Global Economics Correspondent


As for the euro zone, the seemingly interminable wait goes on for Greece to agree terms with its international creditors on a new dollop of aid so it can roll over foreign debts and recapitalise its enfeebled banks. Euro zone finance ministers meet on Monday to take stock. Throw in doubts about whether Spain will seek fresh aid, elections in Italy next spring and France’s appetite for reform and it is little wonder that ECB President Mario Draghi said on Thursday that he expected the euro zone economy to remain weak. Economists polled by Reuters expect a 0.2% contraction in third-quarter euro zone GDP on Thursday, a repeat of the second quarter. And the outlook is poor. Germany said on Friday it expected “a noticeably weaker economic dynamic” over the winter. For some countries, that is an understatement.

Take Portugal, which German Chancellor Angela Merkel visits on Monday to show of support for a government that is forcing through the biggest tax increases in living memory to try to meet its budget-deficit targets. Joao Leite, an economist with Banco Carregosa in Lisbon, said he expected Portuguese output to shrink by at least 2% in 2013, twice as much as the government is forecasting. Tax increases are “killing the economy” and, by driving more activity underground, are likely to increase - not decrease - government debt as a percentage of GDP, Leite said. Portugal would very likely need a second international bailout followed by a debt restructuring. “You can’t ask people to work twice as hard as they used to, earn half as much and not complain. Socially, this is not going to be sustainable. That is why we will have to talk about debt restructuring in a couple of years’ time,” he said.


In the United States, retail sales on Wednesday and industrial production on Friday are both likely to have edged up 0.2% in October, according to economists polled by Reuters - hardly the stuff of a strong recovery. After the Bank of England hit the pause button on monetary policy last week, the central bank’s latest inflation report on Wednesday should yield clues to how it sees the balance of risks in coming months. British job figures the same day are expected to be flat. And in Japan, the government is expected to report on Monday that the world’s No. 3 economy shrank 0.9% in the third quarter, or a whopping 3.4% at an annualised rate another reason to ask what it will take to break the vicious circle of sagging growth and sagging confidence.

French firms tap private US lenders as banks run dry Listed on the French stock market based in a suburb of Paris, mailroom equipment maker Neopost is an unlikely trailblazer in international debt markets. But by tapping the U.S. private debt market, it has shown the way for a growing band of small and mediumsized French companies that need dollars to do business in the United States. France’s own banks are increasingly unwilling or unable to provide such funding and are cutting back lending across the board in austere times. “It’s become more and more difficult to obtain dollars through the traditional banks,” Neopost Chief Financial Officer Jean-Francois Labadie said in an interview. “As a consequence, many French companies are starting to discover the American private placement, which remains a very compelling source of dollar financing.” Such placements by French companies hit a record $3.1 bln in the first half of the year, up from $825 mln for all of 2011, according to Thomson Reuters data. That is the highest of any European country aside from the UK. Companies with global operations, like Neopost, are looking for places to borrow dollars to fund activities such as leasing. Borrowers ranging from supermarket chain Auchan to industrial gases group Air Liquide also seized the opportunity to borrow hundreds of millions of dollars at low rates from long-term investors: mostly insurers struggling to sqeeze adequate returns from traditional bonds. “You can spread out the maturities much more significantly than with a classic revolving credit line, which typically has a five-year term,” Labadie said, adding that 7-to-10 year terms were typical. The private placement rush is in part a reflection of French banks’ own difficulties in securing dollar funding since late last year and is part of a wider trend of European

borrowers cutting their dependence on lending from banks trying to shrink their balance sheets.


French demand has been a big chunk of a wider spike in European corporate use of U.S. private placements, which stands at 36% of a market valued at $48.2 bln so far this year. “The diversification away from relying too heavily on bank lending has been a driver of issuance in this market,” said Angus Whelchel, managing director in private capital markets at Barclays Capital, adding that some of the deals stem from last autumn, when a crisis of confidence at French banks convinced some borrowers they should look for funding elsewhere. “After the crisis, issuers were much more conscious of how they reviewed financing plans,” he said. “At that point a lot of issuers realised they can’t be so reliant on their banking group for all debt-related financing needs.” Private placements are also a godsend for companies that lack the credit ratings generally required to sell bonds, though that formerly stringent requirement has been loosened in some cases as the bond market has heated up in recent months. French companies borrowing in the first half paid interest rates from 2.65% to 5.5%. Their thrust into the U.S. private placement market is also a product of the lack of a strong French version of the U.S. 144a market and German Schuldschein equivalent, which allow unregistered securities to be sold to institutional investors. Domestic banks and insurers have made moves to create such a market in recent months - insurer AXA, for example, struck lending joint ventures with banks Societe Generale and Credit Agricole. BNP Paribas also recently announced that it was raising

a fund to provide loans to small and medium-sized enterprises (SMEs), but in France such efforts remain embryonic.


Most of all, the U.S. private placement boom is emblematic of a seismic shift in Europe, where SMEs have always been able to rely on their banks for credit, but fear they will not be able to for much longer. “The banks in Europe are going to shrink,” said one U.S. private placement market source, speaking on condition of anonymity. “It’s going to happen because there’s not enough equity for all of them to become adquately capitalised enough and compliant with Basel III (bank capital rules).” While the vast majority of French businesses still finance themselves through bank loans, in stark contrast to the United States, where most financing happens through bonds and other market sources, the landscape is shifting. By this past summer 36% of French corporates were getting their funding from market sources, up from 32% the summer before and 27% in 2008, according to a recent Deutsche Bank research report. Market funding for French companies soared 15.5% in August, while bank debt edged up 0.9%. U.S. private placements by French companies such as Faiveley Transport and Essilor International in the first half also reflected how market turmoil made it hard to access the conventional bond market. Since the bond market has moved into overdrive this autumn, the pace of private placements could ease in the second half, but it’s likely to remain strong in the years go come. “It’s becoming a mainstream alternative as opposed to a little niche product,” Whelchel said. “The liquidity in the market is tremendous right now.”

November 14 - 20, 2012


Gold drops on firmer dollar Gold slipped in thin trade on Tuesday after the euro dropped to a two-month low against the U.S. dollar and uncertainty about another tranche of financial aid for Greece to help pay off its debt kept investors cautious. Although the threat of looming U.S. tax increases and spending cuts could still attract interest in gold, gains would be capped by a firmer dollar and weakening share prices, which often prompt investors to sell bullion to cover losses. Spot gold fell $4.25 an ounce to $1,723.49, down from a 3-week high around $1,738 struck on Friday. Despite the recent fall, gold is still up around 10% so far this year. Cash gold powered to a record about $1,920 in 2011, when investors turned to the metal as a safe haven during Europe’s debt crisis. Volatile trading this year saw a surge to an 11-month high in the third quarter peter out below $1,800. But Jamie Sokalsky, chief executive of the world’s biggest producer, Barrick Gold, said prices may hit $2,000 in 2013 as costs and barriers to production restrict supply, while demand from central banks and Chinese consumers keeps climbing. At the same time, economic uncertainties and new investment tools in Asia have driven more investors into gold, boding well for prices, he told Reuters on the sidelines of a London Bullion Market Association (LBMA) conference in Hong Kong. Other precious metals, silver, platinum and palladium tracked gold lower. Dealers will watch an industry report this week by platinum refiner Johnson Matthey for clues to whether reduced supply due to mine labor violence in top producer South Africa might turn the market into a deficit this year. Holdings of the largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, dropped 0.07% on Friday from Thursday, while those of the largest silver-backed ETF, New York’s iShares Silver Trust rose 0.45% over the same period.

Brent slips on demand worries Brent crude slipped below $109 on Tuesday, declining for a second day on worries about demand growth in a well supplied market, as the U.S. and the EU grapple with their financial woes. Yet further losses in oil were capped by geopolitical worries in the Middle East with Iran launching a massive military drill across half the country. Front-month Brent slipped 47 cents to $108.60 a barrel, after settling below its 100-day moving average of $109.19. U.S. crude declined 40 cents to $85.17, after ending 50 cents lower. The lack of any major news event for the day, concerns over demand and Middle East supply worries will keep oil trading in a tight range of $3 a barrel for the next 24 hours, with Brent seen swinging between $110.50 and $107.50, traders said. The U.S. benchmark will trade around $86.50 and $84 a barrel, they said. Brent has stayed over $100 through most of this year despite a weakening demand outlook, and touched a high of $128 in March, on worries of a supply disruption from the Middle East as tensions escalated over Iran’s disputed nuclear program.

U.S., Greek worries weigh on shares Asian shares and commodities pulled back on Tuesday on uncertainty over the U.S. fiscal row and the euro zone debt crisis, where global lenders stopped short of giving further aid to debt-stricken Greece. U.S. lawmakers return to the capital this week and analysts say a failure to act on a scheduled $600 bln in tax increases and government spending cuts due early next year could tip the country back into a recession. Both Democrats and Republicans generally agree on the need to avoid the jolt of $600 bln in deficit-reduction measures they all agreed to in August 2011. But the main disagreement is focusing on whether to extend tax cuts for everyone, as Republicans want, or just for those earning below $250,000 annually, as the president wants. Safe-haven U.S. Treasuries rose in Asia on Tuesday, with 10-year yields falling to 1.589% from 1.613% in late U.S. trade on Friday. Analysts have said commodities are under pressure from hedge fund selling as they close their books for the year.

FOREX COMMENTARY TECHNICAL ANALYSIS The euro dipped to a two-month low against the dollar on Tuesday after the euro zone and the International Monetary Fund failed to agree on a long-term plan to reduce Greece’s debt, preventing disbursement of immediate aid to Athens. The currency was also bruised by the broader risk averse mood as Chinese shares tumbled following state media reports that government housing market curbs will remain in place, sapping optimism that the world’s secondlargest economy was regaining traction. While market players expect Greece to manage to get by this week without the aid money it was counting on, uncertainty over its short-term financing and long-term debt reduction plan was enough to put off investors. The euro fell to as low as $1.2673, having erased about four-fifths of its gains made after the European Central Bank unveiled a program to buy government bonds with aim to buy Spanish debt on September 6. It last stood at $1.2684, down 0.2 percent on the day, having constantly declining since it peaked at $1.3140 mid-October as the euphoria over the ECB’s scheme faded. Euro zone finance ministers agreed to grant Athens two more years to reach its budget goal but the IMF and the euro zone are at loggerheads over who should shoulder the cost — around 33 billion euro — as well as on a longer-term target date to shrink the country’s debt pile. Eurogroup Chairman Jean-Claude Juncker said on Monday another Eurogroup meeting would take place on November 20, before the EU summit from Nov 22, though officials said more negotiations could be required the week after that to nail down a new deal. On top of concerns about the euro zone, fears of a recession in the United States if policymakers in Washington fail to repeal the fiscal cliff of automatic spending cuts and higher tax rates due to kick in early next year undermined risk sentiment, helping the dollar. Also prompting unwinding in bets on risk currencies, Chinese shares fell on Tuesday after the news of housing curbs sparked fears that a planned change in Chinese new leadership, expected to be announced on Thursday, may not herald a loosening in economic policies. The dollar index, a measure of the dollar against a basket of six major currencies, rose to 81.20, its highest level since early September. On the daily Ichimoku chart, the index rose above the top of the cloud, which stood at 81.054, in a major bull signal for the index. But market players also said the fiscal cliff could haunt the dollar, if investors start betting the Federal Reserve will take easing steps to counter the effect of the fiscal cliff. In such case, the dollar’s weakness may become notable particularly against the yen, which often tends to outperform when risk appetite wanes because of Japan’s net creditor status. The U.S. currency briefly rose to 79.64 yen on speculation Japanese Prime Minister Yoshihiko Noda may soon dissolve the parliament and hold a snap election by the end of year. 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.

November 14 - 20, 2012


Mixed signals from the U.S. tightened aggressively over the past couple of months and our indicators are all showing a very strong appetite for risk. For instance, our main velocity indicator has now been in expansionary territory since mid-August. * Inflation expectations are muted. Following all the expansionary central bank action, our inflation indicators have definitely ticked up somewhat, but we are nowhere near worrying levels. * Valuations favor equities over bonds. Unsurprisingly, all our asset allocation indicators continue to argue for more equity exposure over government bonds. Summing it up, our indicators seem to argue for more risk exposure. But at the same time the message on growth is not clear and, as we see it, this dichotomy helps to explain the recent weakness on equities. Some will argue that investors have been shedding stocks over the last couple of days because President Obama’s second term is likely to bring higher capital gains taxes. That is certainly part of the story—after all, its better to take whatever gains one has now than pay a higher tax in a few months. But beyond the immediate tax fears and fiscal cliff vertigo, the real issue is growth. This might come off a tad simplistic, but unless we get a more clear message of recovering growth in the US and China, we fear that the current sell-off may yet persist, even if the precipice of the “fiscal cliff” is avoided.

Marcuard’s Market update by GaveKal Research Many hoped the US election was going to be that great cathartic event which would ring the bell on political uncertainty. Yet nearly a week later, it does not feel like we have gotten much relief. Since President Obama’s re-election, the S&P 500 has shed –2.6% and US ten-year benchmark government bond yields have fallen to a three-month low of 1.6%. Clearly, the fog still lies thick over the investment landscape and policy visibility is quite poor. Moreover, this fog is likely to remain until we have a better idea of what President Obama’s second term may bring and how Congress will elect to deal with the looming fiscal cliff. As we have said before—when visibility is poor, it makes sense to rely on your instruments. It is with this mindset that we propose to take a closer look at the message coming from our main indicators. As our regular readers will know, we publish a compendium of these indicators every month and our most recent exercise yielded the following: * Growth is stuck at neutral. Our main growth indicators have improved from their summer soft patch, but they have yet to break out on the upside. In short, we are stuck in neutral with no discernible direction. * Risk indicators remain quite bullish. Spreads have

Given tight spreads, the high level of our V indicator and the high gross and net exposure amongst hedge funds, it could very well be that a “good” Washington outcome is already baked into the market. At this point, we probably need good, strong data much more than a deal between the politicos in DC. A deal that, in any event, will probably be nothing more than “reculer pour mieux sauter” Fortunately, recent data has moved in the right direction. Last Friday the US Michigan consumer confidence index rose to a five-year high and wholesale inventory data points to US businesses that are restocking in anticipation of stronger future demand. Meanwhile, the recent batch of Chinese data also came in better than expected, spearheaded by a solid +11.6% YoY growth in exports. However, we should also remember that the effects of Hurricane Sandy will make the reading of economic tea leaves more difficult in the weeks ahead. For this reason, we prefer to navigate the fog using our favoured instruments, and will wait for the landscape ahead to become a little clearer before increasing our risk exposure.

The Other Election To Watch the two big parties is spurring a radicalization of the parties’ bases and wider electorate. Opportunist politicians (usually populists) have responded by launching new parties; witness those led by Osaka Mayor Hashimoto and Tokyo Governor Ishihara. With no single party likely to garner more than 50% of the votes at the next election, it is possible that king-maker power may be wielded by populist mavericks. And a common thread with newly formed parties is an increase in nationalism (helping to explain why new LDP leader Abe went to visit the Yasukuni shrine while he always refused to do so in his previous short stint as PM). This is bad news because free trade agreements could have been a spur to Japan’s sharply weakening exports. Unfortunately, talks with China and Korea have stymied over old tensions which have reflated due to the stand-off over the disputed island. Unlike the DPJ, the LDP has staunchly opposed Japan joining a Pacific Rim free trading club (TransPacific Partnership) because it threatens producer interests such as farmers and car makers. To add fuel to the fire, the LDP and the Hashimoto and Ishihara-run parties have all promised to revise Japan’s post-World War II “peace clause” which limits military expansion. Part of the discussion surrounding this topic is the access to nuclear weapons. In the domestic arena the LDP and DPJ are similarly setting out a sharply different vision of the country. The LDP advocates continued use of nuclear power and a possible delay of the planned consumption tax hike, due to take effect in 2014. The result is that outsiders will need to pay close attention to Japan’s next election (which will take place next summer at the latest; but earlier if the opposition’s demands for new polls are met). It might just be that very significant decisions for Japan and the wider region actually get decided at the ballot box.

Marcuard’s Market update by GaveKal Research For 55 years the hegemony of the Liberal Democratic Party meant that Japan was effectively a one-party state with awfully predictable politics. Parliament was occasionally rocked by scandal or factional disputes, but the core business of government was stitched up over a cognac by like-minded officials, business leaders and party bosses. While it is easy to dismiss the Democratic Party of Japan as old wine in a new bottle, it is clear that the post-2009 power shift has substantially changed economic decision making. The new politics of Japan is more transparent and yet divisive; it also comes with brinkmanship tactics that some believe could yet force a technical default in the world’s biggest sovereign debt market. Sound familiar? A political culture, of course, does not change overnight and the current stalemate over extending the government debt ceiling is less about ideological differences than tactical warfare between the governing DPJ and opposition LDP. The opposition claims Prime Minister Yoshihiko Noda reneged on a promise to dissolve parliament and call an election if the LDP supported Noda’s consumption tax hike. In retaliation, the LDP has threatened to block the issuance of bonds needed to cover this year’s ?38trn ($473bn) budget deficit. The LDP has experience in this area as they forced former PM Kan to resign over the same issue in 2011. While we expect the bill to ultimately pass before the next bond issuance in December (Japan’s political wreckers have not yet reached tea party levels of brinkmanship) the risk of a political accident means the game in Tokyo has changed. In fact, the splintering of control within Japan’s political system seems likely to escalate. Each new stand-off between

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0.86 1.06 0.52 0.52 0.32


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0.75 0.96 0.83 0.31 0.25

1.14 1.32 1.21 0.45 0.50

1.62 1.84 1.66 0.73 0.85

Exchange Rates Major Cross Rates CCY1\CCY2 USD EUR GBP CHF JPY

Opening Rates

100 1 USD 1 EUR 1 GBP 1 CHF JPY 1.2686 0.7883

















1.1976 83.50




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8530 1.5865 1.5417 20.0313 5.8791 12.3299 1.2684 1.658 224.91 0.54785 2.7219 0.3384 12.27 5.7543 3.2943 3.5693 31.7165 6.7727 0.9498 8.1625


1.041 1.0008 7.7504 54.87 79.27 1089.7 1.2233 1.2234


0.3758 6.0973 12065.90 3.9370 0.7075 0.2823 1501.00 0.3839 3.6407 3.7500 8.7858 3.6730


0.7826 150.73 1.8052

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

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1.5869 1.2686 79.29 0.9496


Last Week %Change 1.5979 1.2776 80.16 0.9450

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November 14 - 20, 2012


Vodafone pushes down Britain’s FTSE to 2-month low Britain’s blue chip share index fell to a two-month low on Tuesday, breaking below a key technical support level after heavyweight Vodafone became the latest UK company to be hit by the euro zone crisis. An unexpected fall in the closely watched German ZEW index of analyst and investor confidence in November added to a more cautious investor mood across Europe. The FTSE 100 was 52.39 points, or 0.9%, lower at 5,714.81, breaking below the 200-day moving average around 5,729.12 points and hitting its weakest intra-day levels since early September. “If you are looking at the macro news coming out, it’s not

particularly positive,” said Jordan Hiscott, trader at Gekko Capital Markets. “Vodafone have reported this morning with concerns over southern Europe ... We’ve seen customers exiting long positions in Vodafone in quite large size. They are now waiting on the sidelines and I can’t blame them.” Mobile phone operator Vodafone, the third-biggest company in the FTSE 100, unveiled a 5.9 bln pound writedown on its business in Spain and Italy and lowered its full-year outlook. Its shares tumbled 4.5%, alone taking some 14.5 points off the benchmark UK index. The update contained “lots of disappointment”, analysts at

Liberum Capital said in a note, adding that the EBITDA forecasts could be cut by around 2%. “We recommend switching into BT. Shares are likely to miss out if the market starts to recover from the recent sell-off,” they said. In the current reporting season so far, 41% of UK FTSE 350 companies have missed earnings forecasts, compared to 31% of U.S. S&P 500 companies, according to Thomson Reuters Starmine data. One bright spot on Tuesday was ITV, whose shares surged nearly 9% after the broadcaster said its net advertising revenue for the year will outperform the wider television market.

Cineworld banks on Bond to meet full-year target UK-based cinema chain Cineworld Group Plc is banking on the latest James Bond film, “Skyfall”, to put behind a lacklustre third quarter, which saw admissions dip due to the London Olympics and the lack of major releases. The company, which operates about 80 cinemas in the United Kingdom, has films such as “Twilight Saga: Breaking Dawn 2” and “The Hobbit” lined up for the current quarter and said it expects full-year results to meet market expectations. “Skyfall”, which has enjoyed the best opening in half a century of Bond films, gave a strong start to the current quarter, Cineworld said. Total revenue during the 19 weeks to November 8 fell 1.4%. Average ticket price rose 4%, but admissions fell 4.1%. The company was also hurt by a removal of booking fees and comparatively lower sales of 3D glasses. Cineworld’s shares were up 2% at 243.75 pence on the London Stock Exchange on Tuesday.

China shares sink to 7-week low, Hong Kong down too Onshore Chinese shares slid to a seven-week low and weighed on Hong Kong stocks on Tuesday after state media reported that housing market curbs will remain, raising fears that the ongoing party congress will spawn little change in economic policies. Several news outlets reported that China’s housing minister told reporters on Monday on the sidelines of the 18th Communist Party congress meeting, which ends on Wednesday, that he does not expect any loosening of the sector’s restrictions. Turnover in Hong Kong rose more than 13% from Monday, but was still some 8% below the 30-day average. Traders said festering uncertainty over the U.S. fiscal situation and further aid to debt-stricken Greece kept many investors on the sidelines. The Hang Seng Index ended down 1.1% at 21,188.7. The China Enterprises Index of the top Chinese listings in Hong Kong dived 2%, both indices at their lowest close since mid-October. In the mainland, the CSI300 Index of the largest Shanghai and Shenzhen listings sank 1.8%. The Shanghai Composite Index fell 1.5%. Both indices ended at their lowest since late

September. The China Enterprises Index, or the H-share index, has shed 5.6% from a November 2 high. It had surged 14% in September and October, ranking among the top performing indices in those two months. Since November 2, there’s been a 4.1% loss on the CSI300 Index and a 3.3% slide on the Shanghai Composite. The H-share underperformance has moved the Hang Seng Index A/H premium index back to near parity. It is now at 99.9, the highest since October 17 after having traded below 100 for more than three weeks. This suggests the premium that onshore markets typically trade over offshore peers could return if H-shares continue to underperform Ashares. Shares of Chinese oil giants were put on the defensive due to falling oil prices. Chinese media reported on Tuesday that Beijing could cut gasoline and diesel prices in the mainland for a fourth time this year, perhaps as soon as Wednesday. In Hong Kong, China Petroleum and Chemical (Sinopec)

Corp lost 3%, while CNOOC shed 0.9% and Petrochina fell 1.9%. Chinese railway and infrastructure-related counters, which led a rally in September and October, trimmed 2012 gains. China Railway Group dived 6.2% from Monday’s near 19-month high in Hong Kong. It is still up 69% this year. Zoomlion Heavy Industry shed 3.4% in Hong Kong and 1.3% in Shenzhen. Zoomlion was among the top performers among Chinese growth-sensitive names in Hong Kong, and surged more than 25% in September and October. The Shanghai property sub-index was down 2.1% on Tuesday, with Poly Real Estate off 1.4%. Shenzhen-listed China Vanke shed 2.2%. In Hong Kong, China Resources Land lost 1.5%, trimming its 2012 gains to 45%. Official data for October housing prices is expected on Sunday. But in a sign of things to come, the state-run China Securities Journal, citing data from the Beijing Municipal Bureau of Statistics, reported that the capital’s property sales in the first ten months of 2012 surpassed full-year sales in 2011.

Royal Mail profit jump lands it closer to IPO Britain’s state-owned Royal Mail Group posted a large rise in first half operating profit, paving the way for one of the country’s most high profile privatisations in decades. An increase in profits was seen as a key target in plans for a flotation now expected as early as the third quarter of next year, as Royal Mail shows potential investors the impact of its move from a letters-based to parcels-based business. The group, which delivers around 58 mln items a day in the UK, said operating profit in the six months to September 23, after stripping out the cost of its modernisation programme, had risen to 144 mln pounds from 12 mln pounds a year ago. Its core letters and parcels business swung to a 99 mln pounds profit from a 41 mln pounds loss a year ago, as higher prices, staff cuts, better sorting and greater parcel volumes helped offset a 9% fall in traditional letter traffic caused by the

rising use of email. “Preparations are now underway for the sale of Royal Mail Group. Obtaining external capital is a key part of the transformation process as we become a more parcels-focused business and make the investment in technology to do so,” the group said in a statement. Its parcels businesses account for 47% of sales, with the proportion set to grow as more people shop online. Group parcel volumes grew by 4.2% in the first half to 673 mln items. The group has said that the UK express parcels market alone is worth 5.8 bln pounds and last month announced it would add 1,000 new jobs to its Parcelforce business, whose customers include BT, Amazon and John Lewis. Operating profit at its European parcels business GLS fell 22% to 45 mln pounds, reflecting tough markets and a weaker

Euro. Momentum behind Royal Mail’s privatisation has gathered pace this year with the European Commission clearing government to take on its hefty pension deficit. It also received approval to rise stamp prices to help stem losses from declining letter volumes. A float for the firm, which has almost 160,000 staff and sales of 9.5 bln pounds, is both Royal Mail and the government’s preference as opposed to a sale. UBS and Barclays are advising the government and Royal Mail, respectively. It would represent one of the most significant privatisations of a British asset since John Major’s Conservative government sold the railways in the 1990s. The results did not include the Post Office, which operates a branch network that sells stamps and insurance and provides other services, and became independent of Royal Mail in April.

November 14 - 20, 2012


November 14 - 20, 2012


US to overtake Saudi as top oil producer l To

topple Russia as leading gas producer by 2015, as Washington moves to become self-sufficient in energy

The United States will overtake Saudi Arabia and Russia as the world’s top oil producer by 2017, the West’s energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy selfsufficiency. The forecasts by the International Energy Agency (IEA), which advises large industrialised nations on energy policy, were in sharp contrast to previous IEA reports, which saw Saudi Arabia remaining the top producer until 2035. “Energy developments in the United States are profound and their effect will be felt well beyond North America - and the energy sector,” the IEA said in its annual long-term report, giving one of the most optimistic forecasts for U.S. energy production growth to date. “The recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity - with less expensive gas and electricity prices giving industry a competitive edge,” it added. The IEA said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035. IEA Chief Economist Fatih Birol told a news conference in London he believed the United States would overtake Russia as

the biggest gas producer by a significant margin by 2015. By 2017, it would become the world’s largest oil producer, he said. The United States will rely more on natural gas than either oil or coal by 2035 as cheap domestic supply boosts demand among industry and power generators, the IEA said.


Birol said he realised how optimistic the IEA forecasts were given that the shale oil boom was a relatively new phenomenon. “Light, tight oil resources are poorly known ... If no new resources are discovered (after 2020) and plus, if the prices are not as high as today, then we may see Saudi Arabia coming back and being the first producer again,” he said. The IEA said it saw U.S. oil production rising to 10 mln bpd by 2015 and 11.1 mln bpd in 2020 before slipping to 9.2 mln bpd by 2035. Saudi Arabian oil output would be 10.9 mln bpd by 2015, the IEA said, 10.6 mln bpd in 2020 but would rise to 12.3 mln bpd by 2035. That would see the world relying increasingly on OPEC after 2020 as, in addition to increases from Saudi Arabia, Iraq will account for 45% of the growth in global oil production to 2035 and become the second-largest exporter, overtaking Russia. OPEC’s share of world oil production will rise to 48% from 42% now.

Russian oil output, which over the past decade has been steadily above Saudi Arabia, is predicted to stay flat at over 10 mln bpd until 2020, when it will start to decline to reach just above 9 mln bpd by 2035. “Russia, which remains the largest individual energy exporter throughout the period, sees its revenues from oil, natural gas and coal exports rise from $380 bln in 2011 to $410 bln in 2035,” the IEA said. The U.S. oil boom would accelerate a switch in the direction of international oil trade, the IEA said, predicting that by 2035 almost 90% of oil from the Middle East would be drawn to Asia.


The report assumes a huge expansion in the Chinese economy, which it saw overtaking the United States in purchasing power parity soon after 2015 and by 2020 using market exchange rates. Chinese real GDP is expected to increase by 5.7% annually between 2011 and 2035. A rise of 1.8 bln in the world’s population to 8.6 bln would lead to a spike in global oil demand by more than a tenth to over 99 mln bpd by 2035, keeping pressure on oil prices, the IEA said. The agency’s central “New Policies” scenario, which assumes a range of measures are taken to curb oil consumption in Europe, the United States, China and elsewhere, sees the average import cost of oil rise to just over $215 per barrel by 2035 in nominal terms, or $125 in 2011 terms. The share of coal in primary energy demand will fall only slightly by 2035.

European financial services M&As up in Q2 2012 Research from PwC has found an increase in European financial services M&A activity during the second quarter of 2012. PwC’s latest edition of Sharing Deal Insight showed that mergers and acquisitions increased by 31% to 12.7 bln euros in Q2 2012 from 9.7 bln in Q1 2012. This represents a near doubling of the comparable figure of 6.7 bln euros recorded in the second quarter of 2011. The number of transactions also rose for the first time in two years and includes a number of cross border strategic acquisitions. The total value of deals for the first half of 2012 was 22.4 bln euros, a 36% improvement on the equivalent figure of 16.5 bln from 2011. A recovery in banking M&As saw the overall value and volume of European financial services deals improve during the second quarter of 2012. Although one major banking rescue (a 4.5 bln transaction which saw the Spanish government acquire a 45% stake in Bankia) played a significant role, the quarter also saw some more encouraging signs of a recovery in deal activity. “The first increase in two years in the total number of deals is a more significant indicator of a recovery in financial services M&A than total deal value,” said Liakos Theodorou, Head of

Assurance & Advisory at PwC Cyprus. “The growing stream of domestic consolidation and bolt-on deals within the mid and lower end of the banking market, which has helped to spur the increase in volumes, looks set to continue. Further drivers for a continued pickup in activity include the gathering pressure for consolidation within many of Europe’s insurance and asset management sectors.” “Barring any significant financial market shocks, we expect the number and value of deals to improve during the second half of 2012, building on the second quarter’s growth. However, if the last two years have taught us anything, it is that deal confidence is easily damaged by economic, political and regulatory surprises. These are the factors that will determine how M&As develop during the second half of 2012 and beyond.” The quarter also saw the announcement of two large strategic deals valued at more than 1 bln euros. Both involve crossborder acquisitions with a focus on expansion: the 2.8 bln acquisition of Denizbank of Turkey by Russia’s largest bank, Sberbank, and the announcement that the member-owned London Metal Exchange is to be sold to Hong Kong Exchanges & Clearing for 1.7 bln. The insurance sector also generated some significant trans-

actions during the quarter with deals up 22% to 1.1 bln euros from 900 mln in the previous quarter. However, this value is less than half the value of insurance deals done in the same period of 2011 (2.5 bln). The UK was the most active market, generating 48 deals compared with 33 in the first quarter of 2012. The UK was followed by Russia with 21 transactions (compared with 16 in the first quarter) of which 12 were banking related, Spain with 13 transactions (12 in the first quarter) and Italy with 12 (3 in the first quarter). “Western European banks may find it increasingly difficult to identify bidders for large non-core banking disposals in Europe – as illustrated by Lloyds Banking Group’s protracted sale of 630 UK branches,” Liakos Theodorou added. “Small and medium-sized domestic consolidation is likely to continue in Western Europe’s more fragmented markets, especially in Spain, Italy and Greece. Businesses coming up for sale in the better performing markets of Central, Eastern and South Eastern Europe will also continue to attract bidders from inside and outside Europe. Outside the largest deals, private equity firms will remain interested in acquiring distressed targets, businesses with low capital requirements and asset portfolios.”

London finance firms to axe 13,000 jobs in 2013 l

Sector payroll to hit 20-year low

London’s financial sector will lay off 13,000 staff in 2013, cutting employment in a key UK economic sector to a 20-year low, as job vacancies also drop in Europe and even Asia, studies showed. Financial firms in Europe’s biggest financial centre have laid off more than 100,000 employees since a market peak in 2007, driven by four years of crisis that have brought a wholesale reassessment of banks’ role and business models. Weak dealmaking will drag London job levels in 2014 to their lowest since the early 1990s, the Centre for Economics and Business Research (CEBR) predicted. The Centre previously saw banks and other financial firms adding around 6,000 jobs next year but now expected a collapse in many business areas and little chance of a big rise in

activity next year. “The models indicate at best stabilisation during 2013/14 and a gentle rise thereafter,” CEBR said in its statement. The financial sector accounts for just over 10% of the UK economy, more than construction or manufacturing, and is seen by most analysts as a key driver of the long-running economic boom that ended with the 2008 crisis. Worries about the health of the euro zone kept equities trading volumes weak in 2012, hurting many London stockbrokers, while mergers and acquisitions in the UK have also slowed. This has hit smaller firms as well as international banks with big bases in London, with Germany’s Deutsche Bank among those cutting jobs in 2012. Switzerland’s UBS is set to shed a further 10,000 staff in

the next few years, with London to be hit hard. Tougher regulations on capital are also forcing more investment banks to shrink and focus on different businesses. UBS is exiting large parts of its fixed income unit, which uses up more capital than areas such as equities. In the UK, job opportunities in finance were down 24% in the third quarter of 2012 compared with a year ago, a report from recruitment website eFinancialCareers said, while in the rest of Europe they fell 28%. Australia posted the steepest decline in that period, with vacancies falling 34%. In the UK, the only bright spot in finance sector employment was in IT, where vacancies rose slightly even as banks cut back on some areas if technology, eFinancialCareers said.

November 14 - 20, 2012


T-bill sale to roll over €5 bln debt this week l Three-month yield drops to 4.2%; bid-cover ratio 1.66 Greece has raised most of the funds it needs to refinance 5 bln euros of T-bills this week and avoid a default, and it expects to bring in the rest by Thursday. The debt agency, PDMA, sold 4.062 bln euros of 1- and 3month treasury bills, including 937 mln euros in non-competitive bids. Athens has won approval from the European Central Bank to increase its stock of T-bills so it can continue rolling over short-term debt, as its international lenders have delayed the next aid tranche due under its bailout programme. The government plans to pay down the 1-month T-bills once it gets that money. Global markets had shown signs of nervousness ahead of the T-bill sale, but primary dealers in Greece, who take up the majority of the paper, said Athens would have no problem rolling over the debt. “There was no anxiety at any treasury here that the auction would be filled. By Thursday the full 5 bln euros will be raised through supplementary bids,” said a treasurer at an Athensbased bank. PDMA traditionally accepts non-competitive bids worth up to 30% more than the amount it auctions on the same day and another 30% two days later. Primary dealers can submit such bids until November 15. They traditionally take up all the debt allowed. This has been the debt agency’s standard practice for years, to fine-tune the proceeds from its debt auctions with the government’s cash-flow needs.


Greek banks traditionally buy the bulk of T-bill issues, meaning funding costs do not fully reflect the strains from the country’s debt crisis. Banks can deposit the bills as collateral with

Greece’s central bank to receive funding. PDMA sold one-month T-bills at a yield of 3.95%. Threemonth T-bills were priced to yield 4.2%, compared to 4.24% in a previous sale in October. The bid-cover ratio in the auction of 3-month paper was 1.66 versus 1.9 in the October 16 sale. “It’s very short-term paper and it’s a rollover, so it went OK. The important part was less the bid/cover but that there wasn’t a big rise in three-month yields relative to October,” said Marc Oswald, a rate strategist at Monument Securities in London. “But there are still a lot of important issues to be resolved for Greece. The crisis is far from over,” he said. Athens stepped up its T-bill issuance in August this year to repay a 3.2 bln euro bond that was held by the ECB, raising the funds in a 3-month T-bill sale. “Everything is in place to cover the next redemptions. I think European politicians and Greek politicians knew that

already. The main thing now is to find an agreement for the next tranche to pay back the bills next month, and this discussion hasn’t finished yet,” said ING rate strategist Alessandro Giansanti. The aid tranche has been delayed after the country’s economic adjustment programme got off track, but Athens has since passed a tight 2103 budget and a 13.5 bln euro package of wage and pension cuts and tax hikes. The government has said its cash reserves are nearly depleted. “We expect that the next aid instalment may be released before the 1-month T-bills expire,” a finance ministry official told Reuters, explaining why Athens also opted for a 1-month issue in Tuesday’s auction. France’s finance minister said on Tuesday that lenders aimed to disburse more funds to Greece by the end of November.

Germany eyes ‘bundled’ loan payment European countries deliberating on the payment of delayed loans to Greece could decide to bundle several tranches together in a single transfer of roughly 44 bln euros, a German government source said. Under the terms of its second bailout programme, Greece was due to receive 31.2 bln euros by the end of June, plus an additional 5 bln by the end of September and 7.2 bln euros by the end of December. The sources said these three payments could be combined to avoid stoking uncertainty with further deliberations on tranches in the coming weeks

and months. A German finance ministry spokeswoman said no final decision had yet been made on further loan payments to Greece under its second international bailout programme. Earlier, the euro rose to a session high and German Bund futures fell on a report in the Bild newspaper that the tranches could be bundled. Loans have been held up since Athens went off track with promised reforms and budget cuts, partly as a result of holding two elections in the space of three months earlier this year.

Construction slump, youth jobless at 60% Greece’s construction sector contracted by more than a quarter in August compared with a year earlier, data showed on Thursday, continuing a slump that is deepening the country’s worst peacetime downturn after five years of recession. Once a key growth driver for the 215-bln-euro economy, construction activity has been the sector hardest hit by the austerity measures Greece has implemented in return for the international aid that keeps it afloat. Having fallen behind its deficit targets, the twice bailed-out country has agreed to pile on additional taxes as well as wage and pension cuts that stifle demand for new homes. Building volume was down 27.5% year-on-year in August, the statistics service ELSTAT said. It said 1,210 building permits were issued in August alone, 48.2% fewer than in the same month last year. The sector declined a cumulative 27.3% in the first nine months of the year, based on the number of building permits. Almost half of Greece’s construction workers have lost their jobs since 2007, according to ELSTAT. The spending cuts, together with tighter bank credit, have squeezed household disposable incomes, while a property levy to fill state coffers has also taken its toll. Construction activity shrank by an annual 12% in the first half of the year, leaving the industry on course for a seventh consecutive year of contraction.


Meanwhile, the jobless rate rose for a 39th consecutive month to a new record of 25.4% in August, more than double the euro zone average, ELSTAT said. A crippling, austerity-fuelled recession continued to take its toll on the labour market, putting Greek unemployment at more than double the euro zone average of 11.5%. The jobless rate has more than tripled since the country’s five-year economic slump began in 2008. It now stands at 58% for those aged between 15 and 24 years, compared with 20% in August 2008. Greece’s economy is estimated to have shrunk by about a fifth since then. The slump is expected to continue in 2013 when the government is set to take budget cuts and tax increases worth 9.4 bln euros as a pre-condition to receive more funds under its international bailout. A record 1.27 mln Greeks were without work in August, up 38% from the same month last year. The August jobless rate was the EU’s second highest, behind fellow euro zone sufferer Spain, whose unemployment rate stood at 25.5%, according to Eurostat. The European Commission forecast this week that the Greek labour market would bottom out in 2013, with unemployment slipping to around 22% in 2014, the economy’s first year of modest recovery after six consecutive years of recession.

Bank shares fall on recap terms Greek bank shares fell after Athens unveiled the terms of a recapitalisation under which lenders will issue convertible bonds and shares to meet a core Tier 1 capital adequacy ratio of at least 6%. Athens released the long-awaited terms of the recapitalisation framework for its banking sector, whose capital base was nearly wiped out after huge losses from a debt restructuring and loan impairments because of a deep recession. The ASE banking index lost 13% in what brokers said was a delayed reaction to the dilutive nature of the recapitalisation scheme. “The proposed recapitalisation of banks appears to fall well

short of a comprehensive, long-term solution,” said Peter Doherty, partner at London-based bond fund manager Tideway Investment Partners. “The improvements in capital ratios are welcome but do not come close to the levels required to manage through the serious economic challenges facing the country.” Greece and its international lenders have earmarked money from the country’s 130 bln euro bailout to shore up its viable banks. Authorities have set up a capital backstop, the Hellenic Financial Stability Fund (HFSF) which will provide most of the new capital, buying the new shares and convertible bonds banks will be issuing.

Hard to make ends meet l Can’t keep homes warm, while a third are late in paying rent, bills More than half of all Greeks have trouble paying their bills, the country’s statistics agency said on Friday, as efforts to meet the country’s bailout terms drive up poverty and income inequality. Almost two thirds – 63% - of Greeks make ends meet “with difficulty” or “with great difficulty”, according to the ELSTAT agency’s survey on income and living conditions in 2011. Greek incomes have fallen sharply since 2010, mainly because of repeated rounds of spending cuts and tax hikes to meet the terms of a bailout. Unemployment has hit 25% and public sector wages have been cut by about a third. Athens plans to cut them further still next week, in what the government has said will be a “last austerity package”. The 2011 survey said almost a fifth of respondents couldn’t keep their home adequately warm. About a third are late in paying rent, mortgages and credit card payments. Just over half said they couldn’t afford a oneweek holiday away from home. The ratio of Greek households at risk of poverty increased to 21.4% last year, from 20.1% in 2010, ELSTAT said. This is fourth-worst in the EU, after Bulgaria, Romania and Spain.

November 14 - 20, 2012




Number Nominal


Shares ('000) Aριθµός µετοχών

Cap. ('000) Kεφαλ. EUR

Value euro Aξία EUR

Book Value Price to Per Share euro Λογιστική αξία


Book Value 2010 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.



1 795 141 3 411 086 595 436 74 080 246 214 460 547 80 966

1.00 0.10 0.43 0.35 0.35 0.17 0.35

468 532 160 321 102 415 20 520 14 773 8 750 3 805 779 117

1.25 0.00035 0.78 0.76 0.52 0.24 1.68 0.75

0.21 134.29 0.22 0.36 0.12 0.08 0.03 19.33



114 252 71 936 182 725 175 000 282 213 13 416 38 750 8 200 45 000 35 000 122 804 48 006

0.34 0.43 0.17 0.34 0.27 0.35 0.17 1.03 0.17 0.35 0.10 0.35

114 320 30 213 29 967 20 475 14 675 14 087 5 038 4 100 4 275 3 710 4 175 2 352 247 387

1.76 3.07 0.28 0.45 0.26 4.69 0.30 3.16 0.09 1.91 0.05 0.53 1.38

0.14 0.14 0.58 0.26 0.20 0.22 0.43 0.16 1.06 0.06 0.72 0.09 0.34



36 572 98 861 158 660 110 358 39 109 15 438 141 692 10 070 108 163 288 141 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 31 344 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 101 683 43 211 78 415 14 900 424 435 9 660 87 500 22 100 382 440 3 590 297 915 33 000 36 529 66 520 32 500 12 212 20 700 9 788 75 000

0.35 0.26 0.09 0.35 0.35 0.17 0.43 0.35 0.35 0.08 0.17 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.09 0.09 0.29 0.87 0.17 0.34 0.35 0.43 0.31 0.43 0.20 0.35 0.35 0.17 0.14 0.17 0.35 0.35 0.34 0.17 1.73 0.03 0.17 0.43 1.00 0.69 0.34 0.03 0.05 $ 0.10

5 852 15 818 1 587 5 518 25 421 2 779 5 668 201 5 408 2 881 7 314 6 261 1 388 23 394 4 160 29 465 2 096 5 670 810 6 240 3 483 627 4 760 2 306 10 000 447 956 11 462 1 619 12 036 4 371 5 084 7 346 1 568 149 25 466 773 63 000 1 768 19 122 5 421 2 979 1 650 2 192 3 991 7 475 3 175 414 196 75 000 436 767

0.88 0.49 0.02 0.49 0.73 0.80 0.49 0.42 0.39 0.07 0.65 0.09 0.27 2.20 6.13 1.84 0.47 0.28 0.29 0.67 0.04 0.20 0.32 2.55 0.97 -0.05 0.09 3.55 0.41 0.68 0.36 0.80 0.64 0.10 0.02 0.20 0.18 1.31 0.40 0.01 3.35 0.04 0.12 0.48 1.59 2.36 0.41 0.04 0.11 0.20 0.78

0.18 0.32 0.56 0.10 0.89 0.23 0.08 0.05 0.13 0.14 0.46 0.33 1.00 0.08 0.22 0.17 0.30 0.25 0.20 0.58 0.26 0.10 0.43 0.19 0.10 -0.43 1.28 0.10 0.22 0.87 0.20 0.06 0.27 0.20 0.43 0.30 0.44 0.55 0.20 4.07 0.45 0.25 0.42 0.13 0.04 0.10 0.64 0.50 0.18 5.08 0.48

306 000 87 100 8 889 3 274 -17 397 -10 243 3 328 380 951

2010 8 848 1 310 4 108 6 309 -47 25 987 -1 903 2 574 -1 453 456 -8 419 71 37 841



1 767 4 363 -5 724 -1 339 4 108 257 -6 512 -622 -3 641 -7 007 -157 1 211 -1 031 -6 432 568 13 270 1 157 2 183 -380 575 -5 602 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -3 469 -1 746 -4 952 -594 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -181 -25 -43 -330 -41 634

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

6M '11 161 000 -202 400 -36 618 2 904 -4 278 -28 751 1 062 -107 081

6M '12 -214 000 -1 308 800 14 898 2 697 -5 955 -26 641 -5 040 -1 542 841

6M '11 3 010 1 038 448

6M '12 1 535 1 906 386

-27 2 069 -1 021 258 -727 -414 -398 -383 3 853

-2 638 3 665 -570 -919 -448 -691 -1 747 -981 -502

6M '11 840 1 121 -332 -2 979 2 240 417 -3 664 -189 -2 493 -2 739 -6 805 -234 -3 125 -463 1 448 1 239 940 -210 215 -2 944 -111 -161 1 028 3 742 -940 -89 -6 279 323 276 -1 396 -4 233 36 -761 -191 -8 696 -426 4 281 -631 -2 464 -191 -347 234 1 094 -3 875 -787 -151 -16 -22 2 280 -28 586

6M '12 111 887 -325 -3 979 1 457 455 -2 768 -184 -3 871 -2 043 -6 -186 -282 -2 970 -1 653 -1 778 43 597 -208 -684 -3 487 -75 -1 223 -210 -1 012 -1 393 -160 -2 674 -233 -1 095 -840 -4 478 -964 -302 -140 -8 419 -311 2 536 -171 -2 165 -396 -372 -1 427 -1 506 -4 416 -1 074 -132 -133 -13 1 661 -52 011


2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

Earnings Per

Dividend Per

Dividend Yield

Share 2011 Cents



Share 2011 Cents

2011 -1 371 000 -3 650 380 -100 658 3 585 -6 894 -82 674 -8 648 -5 216 669

n/a n/a n/a 5.72 n/a n/a n/a 0.15

2011 6 674 -1 174 4 122 245 -1 734 2 133 -1 600 -947 -1 333 759 -2 667 -1 302 3 176

2011 373 2 334 -2 594 -2 121 2 306 570 -3 519 -375 -3 942 -7 654 -65 -3 921 -513 -4 630 -4 127 5 693 1 104 1 604 -526 -257 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -6 299 1 345 -3 185 -281 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -689 11 -37 2 753 -74 480

4.28 n/a 7.27 83.57 n/a 6.60 n/a n/a n/a 4.89 n/a n/a 8.87

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

% Change


385.85 134.85 365.45

84.53 34.56 116.68

118.77 45.71 182.78

295.94 104.60 196.84

-59.87 -56.30 -7.14

377.70 0.755 0.390 0.356 0.340 0.080 0.037 0.120

75.13 0.160 0.030 0.165 0.240 0.046 0.019 0.047

108.90 0.261 0.047 0.172 0.277 0.060 0.019 0.047

286.83 0.61 0.30 0.36 0.27 0.05 0.04 0.12

-62.03 -57.21 -84.18 -52.35 2.97 17.65 -48.65 -61.16

Cents -76.37 -107.02 -16.90 4.84 -2.80 -17.95 -10.68





Cents 5.84 -1.63 2.26 0.14 -0.61 15.90 -4.13 -11.55 -2.96 2.17 -2.17 -2.71

Cents 5.80

% 23.20

704.24 0.340 0.570 0.200 0.167 0.070 1.100 0.180 0.650 0.099 0.120 0.047 0.070

573.37 0.230 0.350 0.150 0.120 0.047 0.280 0.130 0.540 0.090 0.080 0.020 0.050

600.00 0.250 0.420 0.164 0.117 0.052 1.050 0.130 0.500 0.095 0.106 0.034 0.049

656.6 0.32 0.35 0.18 0.167 0.06 1.00 0.18 0.63 0.10 0.08 0.05 0.06

-8.62 -21.63 21.74 -8.38 -29.94 -17.46 5.00 -27.78 -20.63 -3.06 27.71 -27.66 -18.33

Cents 1.02 2.36 -1.63 -1.92 5.90 3.69 -2.48 -3.72 -3.64 -2.66 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -0.68 -45.77 33.47 5.13 -9.84 -1.38 -12.74 -4.47 0.49 -2.23 -6.19 3.11 -4.06 -1.89 -3.98 -13.60 12.29 -3.93 -1.66 2.03 0.05 1.65 2.64 -28.71 4.85 -5.64 0.05 -0.38 3.67







7.00 1.20

10.77 6.67





635.55 0.16 0.16 0.01 0.05 0.65 0.18 0.04 0.02 0.05 0.01 0.30 0.03 0.27 0.17 1.36 0.32 0.14 0.07 0.06 0.39 0.01 0.02 0.14 0.48 0.10 0.02 0.12 0.37 0.09 0.59 0.07 0.05 0.17 0.02 0.01 0.06 0.08 0.72 0.08 0.05 1.51 0.01 0.05 0.06 0.06 0.23 0.26 0.02 0.02 1.00

738.87 0.17 0.16 0.02 0.10 0.83 0.21 0.07 0.02 0.05 0.01 0.31 0.05 0.32 0.18 3.20 0.32 0.17 0.09 0.06 0.38 0.02 0.03 0.15 0.48 0.12 0.03 0.14 0.70 0.09 0.65 0.09 0.08 0.19 0.04 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.26 0.02 0.02 1.00

-13.98 -5.88 0.00 -50.00 -50.00 -21.69 -14.29 -42.86 0.00 0.00 0.00 -3.23 -40.00 -15.63 -5.56 -57.50 0.00 -17.65 -22.22 0.00 2.63 -50.00 -33.33 -6.67 0.00 -16.67 -33.33 -14.29 -47.14 0.00 -9.23 -22.22 -37.50 -10.53 -50.00 0.00 -45.45 0.00 38.46 33.33 -16.67 -6.79 0.00 -37.50 -33.33 -40.00 0.00 0.00 0.00 0.00 0.00

November 14 - 20, 2012







Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

Per Share euro Λογιστική αξία


58 430 56 147 49 385 44 494 200 000 282 483 14 000 56 545 11 000 20 247 2 729 2 729 1 364 13 468


81 202 128 936 99 925 5 055 50 000 1 950 391 155 157 138 7 700 25 000 11 385 47 853 72 562 60 250 2 000 21 827 42 450 61 739 189 377 8 571 67 770 296 665 46 355 54 166 70 220 629 785 38 581 124 009 60 674

Price to


2010 Book Value Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.



1 052 6 457 494 5 473 50 600 1 412 1 246 2 827 473 405 2 183 5 458 709 3 367 82 156

0.0379 0.2771 0.0100 0.2665 0.7501 0.0072 0.0667 0.1633 0.0682 0.0308 1.0430 2.1427 0.6125 0.2300

-52.51 -58.50 0.00 -53.85 -66.27 -30.56 33.43 -69.38 -36.95 -35.06 -23.30 -6.66 -15.10 8.70

812 12 894 4 996 202 3 000 137 7 823 1 571 385 16 250 228 39 239 7 256 7 833 440 218 5 519 9 261 1 894 1 971 14 232 2 967 464 4 875 702 6 298 386 1 240 36 404 189 496

0.1763 0.06 0.02 -1.21 0.12 -3.03 -0.12 -0.20 -0.05 1.30 0.086 0.05 0.29 0.67 0.2208 0.11 0.45 0.06 -0.38 0.41 0.50 -0.27 0.004 0.28 0.000 -0.06 0.05 -0.12 0.43

2010 0.17 0.27 0.10 0.30 0.87 0.02 0.17 0.51 0.51 0.09 0.85 0.85 0.85 0.17

-760 -3 213 -2 533 -10 875 -15 581 -5 227 -6 -12 850 -112 -195 389 -446 -7 -127 -51 543

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

6M '11 -59 -1 207 -284 -3 086 -826 -2 488 -12 -3 619 -72 -75

6M '12 -43 -316 -705 -2 885 2 100 -1 489 -12 -873 -136 -82


0.21 0.17 0.35 0.03 0.35 0.35 0.086 0.17 0.12 0.43 0.43 0.87 0.34 0.35 0.43 0.17 0.17 0.06 0.01 0.35 0.17 $0.20 0.17 0.17 0.17 0.04 0.17 0.09 0.57


-94.33 1.67 2.27 -0.03 0.50 -0.02 -0.16 -0.05 -1.09 0.50 0.23 16.40 0.34 0.19 1.00 0.09 0.29 2.65 -0.03 0.56 0.42 -0.04 2.50 0.33 33.33 -0.16 -0.08 1.40

1 734 923

P/E ratio 2011

-241 -4 682

6M '11

6M '12



-5 391 -70 -493 -522 -29 288 -4 033 -79 -449

-16 719 -106 -1 487 -665 -32 125 -4 345 -132 -588

-977 -75

-1 226 -57



-2 708 -173 1 121

-2 452 -196 888

-419 64

6 -111

-12 257

-12 535

-137 -3 801 -59 290

-322 616 -72 939

-27 -12 265 -6 400 -1 856 -7 900 -4 006 -23 885 -9 100 -245 -701 35 -551 -2 754 -77 -180 87 612 -2 656 -11 700 -438 2 076 -32 272 -2 192 -328 -320 -16 501 -1 737 -60 -6 248 -141 589

-202 875

-1 672 975

-5 478 087

Dividend Per

Dividend Yield


Share 2011 Cents






Results Cents

2011 -737 -4 301 -1 465 -10 771 -14 687 -6 357 -255 -9 493 -165 -150 331 -136 -36 -303 -48 525

Earnings Per

Cents -1.26 -7.66 -2.97 -24.21 -7.34 -2.25 -1.82 -16.79 -1.50 -0.74 12.13 -4.98 -2.64 -2.25

2012 High Low EUR EUR Aνώτατο Kατώτατο



Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

553.65 0.018 0.115 0.010 0.123 0.253 0.005 0.089 0.050 0.043 0.020 0.800 2.000 0.520 0.250

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10 0.10 0.04 0.02 0.80 2.00 0.60 0.25

21.81 -10.00 27.78 -66.67 -12.14 33.16 -50.00 -11.00 -50.00 7.50 0.00 0.00 0.00 -13.33 0.00

0.01 0.10 0.05 0.04 0.06 0.07 0.02 0.01 0.05 0.65 0.02 0.82 0.10 0.13 0.22 0.01 0.13 0.15 0.01 0.23 0.21 0.01 0.01 0.09 0.01 0.01 0.01 0.01 0.60

0.01 0.11 0.05 0.04 0.06 0.09 0.06 0.01 0.05 0.65 0.02 0.62 0.16 0.11 0.27 0.01 0.13 0.14 0.01 0.23 0.21 0.02 0.01 0.10 0.01 0.01 0.01 0.01 0.60

-9.09 0.00 0.00 -22.22 -66.67 32.26 -37.50 18.18 0.00 0.00 0.00 0.00 -

% Change




-214 -3 960 -11 422 -1 353 1 542 440 232 -31 800 -335 -1 938 221 -504 -2 203 -703 -180 774 999 -2 378 -7 100 -501 5 981 -50 257 -9 573 93 -173 -50 598 -1 062 -764 -6 534 -173 270 152 345

2011 EUR ('000) Κέρδη µετά φορολ.

-43 -11 771




-0.03 -9.51 -6.40 -36.72 -15.80 -205.44 -6.11 -5.79 -3.18 -2.80 0.31 -1.15 -3.80 -0.13 -9.00 0.40 1.44 -4.30 -6.18 -5.11 3.06 -10.88 -4.73 -0.61 -0.46 -2.62 -4.50 -0.05 -10.30









source: Eurivex Ltd. NAV: Net Asset Value

PAT:Profit After Tax

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, Book 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.



No. of Shares (000) 1 690 1 950 300 000 1 575 100 000 8 057 1 200 35 052 3 400 321 10 906 1 810 8 390 6 500 18 568

Market Cap EUR (000) 11 830 36 855 300 000 5 513 75 000 21 834 14 280 42 062 3 400 1 611 43 624 2 552 14 263 10 010 76 129 647 134

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 5.02 4.00 1.41 1.70 1.54 4.10

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 1.00 0.32 1.00 0.01 0.20 0.59

Listing Date 29/3/10 29/3/10 29/3/10 29/3/10 06/8/10 21/7/11 10/9/10 10/10/11 2/11/11 10/04/12 28/06/12 29/06/12 17/07/12 11/09/12 17/10/12



Ignores weighted number of shares in circulation Forecasted profits are liable to change without notice and responsibility

No. of warrants (000) 24831 17606

Mkt Cap (00) 25 176 224

CSE Code No. of Bonds

Exercise Period

Exercise Price euro cents

Expiry Date

20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-13

173 20c or EUR 35c

30-06-2005 15-11-2013

Latest Close 0.001 0.010


1 040

Market Cap EUR 104 000 000

Latest price EUR 100 000

Listing Date 8 Nov 2011

Latest NAV N/A

Kappasquare Ltd Nugreat Ltd Zetadynamic Ltd


17 000 23 000 9 000

1 700 000 2 300 000 900 000

100 100 100

30 Mar 2012 30 Mar 2012 30 Mar 2012


Akcern Ltd


2 001

200 100


9 May 2012


DISCLAIMER: The information, comments, analyses and financial data published in this newspaper were obtained from sources believed to be reliable, but their accuracy or completeness cannot be guaranteed and may change without notice. Any of the information or opinions published herein should not be construed as an offer or solicitation to buy or sell investments. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this publication.

November 14 - 20, 2012


‘Fiscal cliff’ blues may spur correction WALL ST WEEKAHEAD Wall Street’s post-election sell-off may pick up speed in the coming weeks as worries mount about the looming “fiscal cliff” and technical weakness suggests a possible correction ahead. The benchmark Standard & Poor’s 500 closed below its 200-day moving average - a measure of the market’s long-term trend - on Thursday for the first time in five months, and ended below it again on Friday. More than half of the Dow components are trading below key technical levels. “I don’t think you have to panic here, but I think you really want to be looking for the market to move lower for the next couple of months,” said Frank Gretz, a market analyst and technician for Wellington Shields & Co, a brokerage in New York. “I think the next rally is the rally you want to sell.” At the heart of the market’s worry is whether U.S. leaders can come to agreement on some $600 bln in spending cuts and tax increases that are due to kick in early next year. Some fear dramatic cutbacks could send the U.S. economy into another recession. The prospect of higher tax rates in 2013 is driving investors to sell shares as they seek to decrease the tax impact from their positions this year and next. “You would have thought the fiscal cliff scenarios would have been already mulled over and priced in, but they weren’t. It’s almost like the market has ADD [attention deficit disorder] and can only focus on one thing at a time,” said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Maryland, whose firm manages about $13 bln in assets. The S&P 500 fell 2.4% for the week, its worst weekly percentage drop since June. The index is now down 6.4% from its intraday high for the year of 1,474.51 reached on September 14. That drop puts the benchmark index below its 50-day moving average, but not yet into correction territory, defined as a 10% drop from a peak. READING THE TECHNICAL SIGNS The S&P 500 has been trading in a range between the 50-day

September 21 all-time intraday high of $705.07.

moving average of 1,433.50 and the 200-day moving average of 1,380.98 for about two weeks. A significant break below that lower level could be a precursor to further weakness, analysts said. “There’s a technical breakdown in the market that indicates further losses,” said Adam Sarhan, chief executive of Sarhan Capital in New York. “A 10% drop is the next big line in the sand.” The primary driver of stock prices in coming weeks looks likely to be investor concern about the U.S. fiscal situation. In a sign of the risks involved, comments by President Barack Obama on Friday about the upcoming negotiations caused stocks to sharply cut their gains. The president, who defeated Republican candidate Mitt Romney in Tuesday’s U.S. election, outlined a position for the fiscal issues on Friday that is far apart from that of his political opponents, suggesting a long battle is to come. “If the market anticipates a resolution to the fiscal cliff or Europe or any of the other bricks in the wall of worry, we could easily take off,” Sarhan said. Seventeen of the Dow’s 30 components are trading below both their 50-day and 200-day moving averages, while another eight are under their 50-day levels, but not their 200. Only five Dow components - Bank of America, JPMorgan Chase & Co , Home Depot Inc, Johnson & Johnson and Travelers Cos - are above both support levels. Another big negative for the market has been heavy selling of Apple shares. The stock of the world’s biggest company, ranked by market capitalization, lost 5.2% last week, weighing heavily on both the S&P 500 and the Nasdaq . The stock is down 22.4% from its

BIG RETAILERS’ REPORT CARDS The election and fiscal cliff concerns, which came on the heels of superstorm Sandy and its devastating effects on many parts of the U.S. Northeast, have captured so much attention that they have overshadowed weakness coming from third-quarter earnings. With results in from 449 of the S&P 500 companies, third-quarter earnings are now estimated to have declined 0.3% from a year ago, which is slightly better than the forecast at the start of the reporting period. Results have been especially weak on the revenue side, however, with just 38% of companies beating on sales, Thomson Reuters data showed. But recent stronger economic data, including a report on Friday showing consumer sentiment at more than a five-year high in early November, suggests that retailers, many of which have yet to report, could be among the stronger performers this earnings period. This week, results are expected from such big names as Target, Wal-Mart and Home Depot. Consumer discretionary companies have outperformed the broader S&P 500 in earnings, with 72% of the companies in that sector beating analysts’ expectations, compared with 63% for the S&P 500 as a whole. Investors will be paying close attention to those results with the holiday shopping period around the corner, said Rick Meckler, president of LibertyView Capital Management in New Jersey, which oversees about $1 bln in assets. “It’s really the beginning of the Christmas sell season, and I think there’s going to be a lot of interest with the outlook for that season and how promotional companies are going to be,” Meckler said.

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