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â‚Ź1.00 Issue No. 980 May 16 - 22, 2012


FINANCIAL MIRROR, May 16 - 22, 2012

Greece calls new elections after talks collapse l

Anti-bailout leftists seen winning new vote

Greece abandoned a nine-day hunt for a government on Tuesday and called a new election that may hand victory to leftists who might cut the nation’s financial lifeline, pushing it closer to bankruptcy and out of the euro zone. After six rounds of fruitless wrangling, party leaders emerged from a final session at the presidential mansion to gloomily declare that deep divisions over a 130-bln-euro foreign bailout package had killed any hope of a coalition deal. “We shouldn’t have reached this point,” said Socialist leader Evangelos Venizelos, who personally negotiated the rescue package from the European Union and IMF which the hard left says has imposed too harsh an austerity regime. “For God’s sake, let’s move towards something better and not something worse.” Reviled for imposing deep wage and spending cuts but vital to keep the country running, the bailout worth $166 bln prompted Greeks to elect the most fragmented parliament in decades on May 6, giving no party or bloc a clear mandate. A second election is expected to produce a similarly divided legislature, but the balance of power is seen tipping towards opponents of the EU/IMF rescue and raising the likelihood of a coalition that reneges on the deal keeping Greece afloat. That would almost certainly mean the end to aid from foreign lenders, leaving Greece without cash as early as next month and paving the way for its eventual exit from the euro zone. Greeks who showed their fury against spending cuts by humiliating the long-dominant Socialist and conservative parties earlier this month must now choose between the pain of austerity and an even more painful return to the drachma currency. “Much depends on whether the Greek people in this repeat election are going to vote with anger and passion or if they will cool off, reflect and see in effect what the real choices are,” said Theodore Couloumbis, analyst at the ELIAMEP think-tank. “The choice is between bad and worse.” Financial markets, worried that a Greek euro exit could spread turmoil to bigger euro zone economies such as Spain and Italy, tumbled on the news. The euro fell to a four-month low against the dollar, while Italian and Spanish bond yields rose. Greek stocks fell 5% to a 20-year low before paring losses. They closed down 3.6%.

YES TO EURO, NO TO DEVASTATION A compromise to produce a government that might save the country


Analysts fear Greek bankruptcy, euro zone exit from further financial calamity proved elusive; the three biggest parties in the newly elected parliament each failed to form a coalition last week and three additional rounds of talks mediated by the president ended without result. Dejection was visible on the faces of the five party leaders who sat down to talks on Tuesday. The far-right Golden Dawn was not invited, while the anti-euro Communists did not show up. A tense meeting ensued, sources from two parties said. After barely two hours, the politicians threw in the towel. A spokesman for President Karolos Papoulias summoned reporters to announce a new election and plans to form a caretaker government on Wednesday. The vote is expected in mid-June. Almost immediately, Greek party leaders were in front of cameras and supporters in spirited pre-election campaign mode. Conservative leader Antonis Samaras, whose push for early elections backfired and left him without enough support to renew his pro-bailout coalition with the Socialists, appeared distraught as he made his appeal to voters to back him. “The message you sent is clear: ‘Yes’ to the euro, ‘No’ to those policies which devastate the Greek people,” said Samaras. Polls show the leftist SYRIZA party, which rejects the bailout and came second behind Samaras’s New Democracy, is now on course to win a new election, a result that would give it an automatic bonus of 50 seats in the 300-seat parliament. The party’s charismatic 37-year-old leader, Alexis Tsipras, has soared in popularity by promising Greeks a future in the euro zone without the yoke of austerity - horrifying European leaders who say the country cannot have its cake and eat it too. “If we have any hope today it is because all together we took a big step on May 6. Now it’s time to conclude it,” said Tsipras, a handsome, exCommunist student leader who burst into the political mainstream after this month’s shock vote. “The time has come to form a government of the Left, with wide support, and put an end to the these policies that destroy this country.”

“NO ALTERNATIVE” The prospect of new elections has left European lenders which have bailed Greece out twice close to despair. Senior European Commission officials held urgent talks on Tuesday to work through the fallout from a second Greek election.

“We are really at a critical juncture,” one official taking part in the discussions said. “The decisions are really in Athens’ hands. But it doesn’t look good.” As French President Francois Hollande flew to Berlin to meet German Chancellor Angela Merkel for crisis talks on the very day he was sworn in, Merkel’s foreign minister, Guido Westerwelle, called the failure in Athens a “bitter blow” to trust in Greece. “What Greece needs now is dependability and the will to reform to help it get over the mountain, in close collaboration with its European partners,” he said. “The reforms to achieve this are hard and painful but they are the only way back to growth and competitiveness. There is no alternative.” Even if European lenders were to cut Greece some slack on its austerity commitments, there is no government in place to negotiate a next tranche of aid - and no guarantee there will be one before Greek cash coffers run empty. Greece’s predicament is hardly new. The country has lurched from one crisis to the next over the past two years and is now enduring its fifth year of recession. Nearly one Greek worker in five has no job. Protests, riots and highly public suicides have become commonplace in a sharply volatile social climate. Initially exultant at having humbled their political class in this month’s vote, Greeks are now increasingly worried the country is on a path of no return. “The country is finished,” said Panos Leonidas, 57, a travel agent. “From now on, you can only live here if you’re an animal.”

In about-face, Greece pays bond swap holdouts Greece made a last-minute about-face on Tuesday and paid bondholders who rejected an earlier debt exchange, a move likely to upset creditors who accepted just cents on the euro in a historic bond swap. Greece opted to pay 435 mln euros of a May 15 bond to holders who had refused to exchange their debt, despite insisting at the time of the offer in March that anyone who rejected it would get nothing. The decision averts litigation by the holdout bondholders at a time when Greece is in deep political disarray after an inconclusive election. But it will infuriate the 96.9% of creditors, mainly European banks, who agreed to take the deal. It also means hefty profits for hedge funds, who snapped up distressed Greek debt at steep discounts and will now be paid in full. Some Greeks may be angry at such a use for precious cash at a time of severe cuts. “It was a sensible thing to do, why let the country be dragged to courts for just 430 mln?” said a senior Greek banker who did not want to be named. A central bank official told Reuters the money was paid to bondholders on Tuesday. Not paying the May 15 bond could have triggered so-called crossdefault clauses, m eaning that holders of other bonds governed by foreign law that were also not swapped could have demanded immediate payment. A government official who declined to be named told Reuters about 4 bln euros out of a 6.4 bln euro pool of remaining holdouts could have been subject to this cross-default trigger. “Greece’s strategy has been to openly say that it won’t pay holdouts, possibly in the hope at least some of them would go away,” said Steven Friel at legal firm Brown Rudnick, who advises creditors holding other Greek bonds that were not exchanged under the swap. “This decision sets a commercial, if not a legal, precedent that they are


Decision bound to irk creditors who took part in swap willing to meet their obligations to pay bondholders in full for the other international law bonds that will mature in coming years,” he said. However, the finance ministry said the decision to pay the bond does not “prejudge future decisions regarding the treatment of remaining bonds that were not offered for a swap”.

“SCANDALOUS” The decision was taken by outgoing Prime Minister Lucas Papademos, still in the job because an election on May 6 failed to produce a government. Coalition talks collapsed on Tuesday and a new election will be held next month. A source in the outgoing ruling coalition said Papademos had made the decision to pay the bond to keep options open, so that a future government would have freedom to decide how to proceed. “The next government can choose not to pay the following bonds. But as we are now in an uncertain situation, he judged that this one must be paid,” the source said. One drawback is that bondholders who agreed to the debt swap and lost more than 70% of their investment could seek legal action if they see

this as misrepresentation. “We can see significant protests from those bondholders who agreed to previous debt restructuring on the basis that Greece said that there was no money available to do anything else,” said James Campbell, a partner at global law firm Pillsbury. A source close to private creditors involved in the swap, who declined to be identified, called the decision to pay the holdouts “scandalous” and wished Greece “good luck for the next restructuring”. Greece completed the huge debt restructuring in early March, swapping a nominal amount of 177 bln euros of government paper held by private creditors for new securities as part of its second rescue package. Nearly all bondholders agreed to accept the loss after being told they had no choice. A few held out, however, demanding to be paid in full. That left about 6 bln worth of bonds that the Greek government must now decide how to handle. Hedge funds and specialist “vulture” funds that buy distressed debt and try to win improved repayment terms have snapped up Greek bonds in secondary markets over the last six months. Many focused on foreign-law bonds where they could build blocking stakes to stop Greece from activating so-called collective action clauses, which impose losses on all holders. For funds that bought the May 15 bond below par value, Athens’s decision to pay them in full at 100 cents looks to be very profitable. The bonds were trading in the mid-60s cents on the euro late last year and may have fallen much further this year, according to a trader who follows the market. Prices closed in the mid-80s on Monday, Thomson Reuters data shows. However, it is difficult to know the exact prices at which bonds would have changed hands because the secondary market was illiquid and trading limited.

Cost to France of Greek euro exit €80bln An exit of Greece from the euro zone could cost the French taxpayer up to 66.4 bln euros and saddle the country’s banking system with 20 bln euros in lost loans, according to a study published on Tuesday. Eric Dor, head of research at the IESEG School of Management in Lille, said in the report that the departure of the debt-striken Mediterranean state would result in at least partial losses on its liabilities to the other member states of the 17-nation bloc.

These include bilateral loans, lending from the euro zone’s EFSF bailout fund, Greek debt held by the European Central Bank, and liabilities under the Target2 system used to settle cross-border payments in the euro system, the study said. France’s share, equivalent to just over one-fifth of the overall sum, would total around 66.4 bln euros, Dor said. “A default rarely results in total losses for creditors. The losses could be a fraction of this upper limit, but they would

likely be several tens of billions of euros in any case,” Dor wrote. He also estimated that French banks, some of which have subsidiaries in Greece, had loan book exposure and holdings of Greek debt totalling 39.7 bln euros. Should Greece leave the euro, its new currency might suffer a fall in value of around 50% against the single currency, that would spell a loss of 19.8 bln euros for French banks, he wrote.

FINANCIAL MIRROR, May 16 - 22, 2012


15 bidders for 9 blocks in offshore natgas l

Did Turkey scare the “big boys” away? A mix of 15 bidders have applied for rights to explore nine blocks in the Cyprus offshore natural gas licensing round that ended on Friday. These include international heavyweights Total, Petronas, Gazprom, Marathon and ENI. However, some of the major players, such as BP, Shell and Chevron were not among those bidding to search for hydrocarbons south of the island and near Israeli gas discoveries, suggesting that Turkish threats may have succeeded to scare them away. Total and Italy’s ENI are already involved in other ventures in Turkey, with the French company invited by TPAO to bid for search licenses in the areas off Mersin and Iskenderun, while ENI is a partner in the South Stream and Samsun-Ceyhan pipeline to bypass the Bosphorus Sea. Trade Industry Neoclis Sylikiotis said on Friday that the bidders were from the U.S., U.K., France, Israel, Netherlands, South Korea, Russia, Italy, Malaysia, Indonesia, Australia, Norway, Canada, Lebanon and Cyprus. They will be reviewed and the winners of the licenses will be announced within the next six months.


Noble says it wants to focus on Block 12

He said that the most popular bids were for the licenses in Blocks 2, 3 and 9 in the

Cyprus Exclusive Economic Zone lying between Israeli and Lebanese waters. They are close to Block 12 that was granted to Texas-based Noble Energy that discovered a sample of an estimated 7 trillion cubic feet last December. Last month, Sylikiotis said that interest came from about 90 companies to buy the tender terms and the seismic surveys, with the documents alone boosting state coffers by some 10 mln euros. As regards cooperation with Israel, either for undersea gas pipelines or for onshore liquefaction plants, Sylikiotis had said he will discuss the matter during an upcoming visit in the next two months. He added that Cyprus can benefit from the import of natural gas from as early as 2016, probably from the adjacent plots within Israel’s EEZ, also developed by Noble Energy. Gazprom is participating in a joint venture consortium that includes France’s Total and Russia’s Novatek, in which it is a stakeholder. The Canadian Triple Five Group, that has made extensive promises to invest in Cyprus, is participating in the CanadianIndonesian-Cypriot venture of PT Energi and Frastico. Cyprus-based energy group Petrolina is participating in the OAK Delta consortium.

NOBLE TO FOCUS ON “12” Meanwhile, Noble Energy did not participate in the second licensing round, despite earlier interest, saying, instead, that it wanted to focus further on developing Block 12 where the initial deepwater gas finds were reported last December. Sylikiotis said that his team is in the “final stages” of talks with Noble to conclude the development and production agreements and that he hoped these would be concluded by the end of the month.

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BOC considers break-up of insurance division With 200 mln euros more needed to be raised by next month in order to meet EU rules on safe liquidity margins, Bank of Cyprus Group is seriously considering whether to dispose of part or all of its insurance operations. The Financial Mirror believes that the Group is exploring the possibility of spinning off its Eurolife life insurance division and the General Insurance division, both of which contributed some 16 mln euros in first quarter profits this year, down 5% from the same quarter last year. Profits from insurance in Cyprus dropped 3% in the first quarter to 14 mln euros, while in Greece the division lost 16%, dropping from 3 mln euros to 2 mln. Though the 2011 total con- l tribution to profits amounted to 61 mln euros, it is the synergies between retail banking and insurance that generates greater revenues for the Group. Insurance resellers have been concerned by the rumours of a possible selloff and that the Group had not been forthcoming on the matter so far. One expert even cited the Group’s extraordinary campaign to promote motor insurance during the past month, saying that the low profit margin motor sector is considered “accommodation business”, to enhance the sale of other insurance or banking products to existing clients. However, stringent liquidity requirements imposed on the insurance sector under Solvency II rules may have been the reason why the Group is now considering breaking up its insurance division from banking. It already announced that it is exploring “prospective strategic cooperation in the insurance sector” similar to successful plans implemented by other international banking groups. “These measures will help strengthen the Group’s capital, considering the regulatory requirements by the European Banking Authority and the Basel III (liquidity requirements),” the bank said in an announcement. Meanwhile, following its sales last year of the Bank of Cyprus Australia subsidiary for 80 mln euros, the Group may also be considering selling off its Romanian subsidiary, possibly to Middle Eastern clients who want to enter the East European banking market. Group profits in the “other” areas outside of Cyprus, Greece and Russia, saw a marginal drop to 4 mln euros in the first quarter of this year, with loans in the U.K. Ukraine and Romania down 2% to 1.89 bln euros and deposits up 2% to 1.44 bln euros.

Romania bank sell-off may follow Australia

Bank of Cyprus announces “optimistic” profits The Bank of Cyprus Group announced “optimistic” results for the first quarter, with profits after tax rising 33% to 99 mln euros from the first quarter of 2011, and after writing off some 231 mln in Greek sovereign debt. This follows a massive 1.68 bln euro haircut in its Greek government bond holdings in 2011. Following the recent capital increase of about 592 mln euros raised from a rights issue and conversion of convertible bonds, the bank said it only needs to secure a further 200 mln euro before the June 30 deadline set by the European Banking Authority for a safety cushion by banks exposed to toxic bonds. The results prompted the bank’s chairman Theodoros Aristodemou and CEO Andreas Eliades to declare in a joint statement that “the first quarter results give a note of optimism.” They said that the bank achieved “significant profit increase” through a sound management of revenues and expenses that helped enhance the bank’s capital and anticipate profits in the second quarter as well. The bank announced a 4.1 percentage increase in its return on equity to 15.1% and a 8.9% reduction in its cost to income ratio. Loans were up 2% from the same quarter last year to 28.8 bln euros, deposits declined by 7% to 29.2 bln, while non-performing loans were up 4.3 percentage points to 11.9% of the loans portfolio. Earnings were up 6% to 378 mln euros, of which 295 mln or a 7% rise was from interest. For the rest of 2012, the bank said it aims to reduce its assets in property, improve profitability and attract more depositors. Profits after tax were up 55% in Cyprus, operational losses in Greece were limited to 3 mln euros after tax, profits in Russia were lower than in the first quarter of 2011, as were profits in other areas. The Group reported total assets of 38.6 bln euros as at March 31, operating 573 branches in Russia, Greece, Cyprus, Ukraine, Romania and the U.K., employing 11,175 people.



Fitch warns Cyprus, euro zone of downgrades if Greeks exit Credit rating agency Fitch put the whole of the euro zone on notice on Friday that were Greece to leave the currency bloc as a result of its current crisis, the remaining countries could find their sovereign ratings at risk. It said it was likely to put all euro area ratings on negative watch if Greece were to leave and that those countries which currently have a negative outlook on their ratings would be at most immediate risk of a downgrade. It said those countries were France, Italy, Spain, Cyprus Ireland, Portugal, Slovenia and Belgium. “In the event of Greece leaving (the euro), either as a result of the current political crisis or at a later date as the economy fails to stabilise, Fitch would likely place the sovereign ratings of all the remaining euro area member states on Rating Watch Negative as it re-assessed the systemic and country-specific implications of a Greek exit,” Fitch said in a statement. The agency, whose decisions along with those of Moody’s and Standard & Poor’s help set the cost of borrowing by governments, said the extent of any downgrades would depend on how the euro zone reacted to Greece leaving. “The probability and magnitude ... would largely depend on the European policy response and its success in limiting contagion, as well as outlining a credible vision of a reformed (euro zone),” it said. “Nonetheless, the sovereign ratings of all euro zone member states would potentially be at risk,” Fitch said. The leaders of Greece’s once-dominant political parties were making a last push on Friday to avert a new election, which a poll showed would give victory to a radical leftist and doom an EU bailout - its second - agreed in March. The majority of Greeks want to stay in the euro zone but voted last Sunday for parties that reject the severe terms of a bailout negotiated with foreign lenders. European leaders say Greece will be ejected from the common currency if it turns its back on the package of tax hikes and wage cuts.

Emirates recruiting again in Larnaca Emirates is holding a Cabin Crew Open Day at 9am on Sunday, May 27, at The Palm Beach Hotel in Larnaca. This is the third recruitment drive that the airline is holding in Cyprus this year. Applicants will learn about living in cosmopolitan Dubai and they will be able to speak to the Emirates’ recruitment team and get an insight into the company, and work on board. Emirates - which recently launched a new global brand platform Hello Tomorrow - currently serves 123 destinations around the globe with a young, technologically advanced fleet of 171 wide-bodied aircraft that are equipped with industryleading comforts. The airline offers diversified job activity on board with a truly international team: over 15,000 flight attendants from more than 150 countries, speaking over 80 languages. In 2012, Emirates launched seven new destinations being Rio, Buenos Aires, Dublin, Lusaka, Harare, Dallas and Seattle. By midSeptember, it will be launching another four: Ho Chi Minh City (Vietnam), Barcelona, Lisbon and Washington In Cyprus, Emirates Airline has developed a niche for anyone travelling to the Far East, Australasia and South Africa. Sixteen years ago, the airline started its first operation from Dubai to Cyprus and has increased its frequency to two flights every day: one from Dubai onwards to Malta around mid-day and the other flight coming from Malta and onwards to Dubai early in the evening. Emirates is seeking dedicated employees, who are open-minded, helpful, friendly and service-oriented. Applicants have to be at least 21 years old and are requested to bring an up-to-date CV in English, a passport photo and full length photograph. Applicants are encouraged to register online in advance for the Open Day at .

FINANCIAL MIRROR, May 16 - 22, 2012

GDP declines for 3rd straight quarter The Cyprus economy contracted for the third straight quarter in the first three months of the year, according to the flash estimate compiled by the Statistical Service on Tuesday. Compared with the previous quarter, GDP declined on a seasonally adjusted basis by 0.3% in the first quarter of 2012, having dropped by 0.3% in the fourth quarter of 2011 and 0.8% in the third. Economic activity in the third quarter was negatively affected by the armaments explosion in July that destroyed the main power station and led to four weeks of regular power cuts. Growth also declined compared with the same period of 2011, by 1.5%, or by 1.4% on a seasonally adjusted basis. In the fourth quarter of 2011, GDP declined over the year earlier by a seasonally adjusted 0.9%. The Statistical Service said that negative growth rates were recorded in construction, manufacturing and electricity, retail and wholesale trade and transport.

GDP growth, seasonally adjusted


Despite the difficulties facing local banks’ exposure to Greece, Cystat reported positive growth for banking, as well as other services (public administration, education, health and other services. Cyprus has only had two recessions since independence in 1960: right after the 1974 Turkish invasion when GDP declined

by 16.9% in 1975 and 19.0% in 1976, and in 2009, when GDP dropped by 1.9%. Last week the European Commission said in its spring forecast that it expected the Cyprus economy to contract by 0.8% in 2012, while the government is expecting a decline of 0.5%.

Trade deficit shrinks in Q1 The trade deficit in Cyprus shrank by 14.8% over the year earlier to EUR 1.05 bln in the first three months of the year according to preliminary figures. Total imports tumbled by 12.9% to EUR 1.37 bln, while exports fell by 6.0% to EUR 320.8 mln.

The biggest drop was in intra-EU trade: arrivals (imports) fell by 18.3% to EUR 922.0 mln, while despatches (exports) fell by 10.2% to EUR 194.9 mln. Meanwhile, according to revised data for February total imports reached EUR 880.5 mln compared with EUR 982.2 mln in January-

February 2011. Total exports amounted to EUR 200.6 mln compared with EUR 207.7 mln in JanuaryFebruary 2011. The trade deficit shrank to EUR 679.9 mln in January-February 2012 compared with EUR 774.5 mln in the corresponding period of 2011.

Laiki in talks on possible state aid The Popular Bank said on Monday it was in talks with the finance ministry and central bank about state guarantees to raise fresh capital after being battered by the Greek debt writedown. The island’s second-largest bank needs a 1.8 bln euro cash injection by a mid-year deadline to increase its regulatory capital to 9% to

meet European Union requirements. The bank has said it would raise the amount via an equity issue, either through a rights issue to existing shareholders or via a private placement. The bank said it was discussing the possibility of the government underwriting the capital issue, offering incentives for existing and new investors to participate.

“It would achieve the maximum possible participation of the private sector and the smallest possible use of state funds,” the bank said in a stock exchange filing. The Popular Bank held some 3.05 bln euros in Greek government bonds. Their nominal value was written down by 76.4% as a result of the Greek bailout.

Cyprus EU presidency for “better Europe” The vision of the six-month Cyprus presidency of the EU Council starting on July 1, is one for “a Better Europe, more hospitable, but also more efficient in facing today’s challenges”, the head of the organising committee said last week. Deputy Minister for European Affairs Ambassador Andreas Mavroyiannis revealed the presidency’s new logo at a ceremony held at the press centre in Nicosia and said that the new emblem expresses “the character of Cyprus using a language that is both familiar and easy to understand by all our European

partners.” It depicts, he said, a ship which sails towards Europe and “while it is sailing becomes a bird, the universal symbol of peace.” The colour of the ship and bird is the dark blue of the EU, while its sails are copper and green, colours inspired by the Cyprus flag’s olive branches and the copper producing history of the land. The light blue is that of the sea and the clear friendly sky. In a speech read by the government spokesman, President Demetris Christofias highlighted the importance of the day, since

“Europe Day, May 9, the anniversary of the Schuman Declaration marks the beginning of a new era, five years after the great anti-fascist victory of the peoples which put an end to the Second World War - the darkest page in the history of our continent. Today’s anniversary also determines the imperative need, which is also a top political priority, for the existence of continuous peace and unceasing cooperation among the nations of Europe.” The new logo was conceived by the “Partners” joint venture, which also has the responsibility to develop the presidency’s visual identity, explained Elias Antoniades, general manager of the advertising agency pr:partners Ltd.

“Creative Cyprus” available as eBook A book that tries to present a hopeful message about Cyprus in the current challenging times, is available as an eBook, prior to its print edition. “Creative Cyprus – Political reforms for Cyprus in the 21st century” by Prof. Stavros Zenios, former rector of the University of Cyprus and president of the Rectors of the Universities of the European Capitals, presents a hopeful message in these challenging times. To recover hope, the country needs to rediscover its capacity to think radically, the energy to renew itself, the determination to create. The author’s aim is to look forward to the future of the country and not dwell on the past. Only then can the country embark on a process of reforms that can capitalise on the opportunities present at the dawn of the 21st

century. The main message of “Creative Cyprus” is the pursuit of synthesis based on values and built by modern institutions. It is a message of national consensus around the challenges facing the country. The proposal for a creative society is based on values and –unusual for a book on politics— the book starts with a discussion on values. It identifies those values that empower the country to look forward and dare to reform itself in order to move past the current crossroads. The book goes on to analyze the required reforms for the modernisation of the state and of stateowned enterprises, for fair and sustainable

economic development and rationalization of the political process. It approaches the pressing Cyprus problem with a perspective of its historic depth and gives an alternative analysis based on the power of European institutions and ideals, thus opening up new opportunities. It also discusses the geopolitics of the natural gas resources of the region The book aspires to enrich the political discourse of the country, so that the society of Cyprus can chart a new and modern course. As the author explains, “the book is a compass to guide is in our way through these troubled waters”.

FINANCIAL MIRROR, May 16 - 22, 2012



Leptos to invest €600 mln in new Greece ventures ANGELA KOMODROMOU


Pumped €100 mln since 1999 in Crete, Paros, Santorini

The Leptos Group, one of the leading Cyprus property developers, plans to invest some 600 mln euros in two new ventures in Crete – the 500 mln euro Costa Nopia resort and the 100 mln euro Canea Corniche residential project in the heart of Chania. Having already pumped about 100 mln euros during the past decade in various projects in Paros and Santorini, as well as the purchase and refurbishment of the Panorama Hotel near Chania, the Leptos Group is taking advantage of recent relaxations in regulations for title deeds, especially for EU citizens, that should encourage more investors from Cyprus, as well as buyers from the colder northern European countries. “The Greek property market is one of the fastest growing in the Mediterranean,” explained Group Marketing Manager Sakis Hadjialexandrou. He said that “the island of Crete with its 3 mln tourist arrivals per year, healthy climate, two internationals airports and prices lower than in any other South European destination, the second home and residential resort

market is poised for growth at a strong pace in the years ahead.” Chania town officials who accompanied a visiting group of Cypriot journalists said that visitors can live unique experiences with archaeological sites, museums, temples and historical areas, as well as local traditions through the unique lifestyle, the music and gastronomic wonders. Chania has also become an economic and transportation centre serviced by an international airport and the largest natural port in the Mediterranean. The Costa Nopia is located along the north-west coast with its breathtaking natural beauty and easy access making it an ideal opportunity to develop an integrated resort capable of leading Crete’s holiday homes industry. It enjoys 1,300 meters of sea front, sea views for all villas and units, a 5-

star luxury hotel and spa that will include 20 treatment rooms, relaxation areas, hydrotherapy baths, saunas, steam rooms, whirlpools and health and fitness areas. The project will also have a sports centre with a tennis academy, a lounge, state of the art fitness facilities, games rooms a children’s activity centre, a pitch and putt golf course, a bowling green and other indoor and outdoor facilities. The resort will have its own themed food and beverage outlets, a private marina, village facilities and resort services for residents. The Canea Corniche is a residential development in the heart of Chania town, overlooking the medieval harbour. It will include 210 sea-view residences and will include recreational and shopping facilities, a private club with leisure activities including spa and swimming pools and ample parking. This is a six-storey multi-facet, mixed use contemporary development offering a unique opportunity to “live, work and play” in the most exclusive sea front location of the city. The project will be developed around the two landmark 19th century factory chimneys of 44 and 29 meters height which Leptos has carefully maintained respecting the history of the area.

Lufthansa marks 30 years l

10 weekly flights to Cyprus

Lufthansa is marking its 30 years of flight operations to Cyprus and celebrated the milestone with a party for 200 associates and customers at the Hilton Park on Friday. Carsten Schaeffer, Vice President for Sales and Services for Southeast Europe, Africa, Middle East and Africa, said that the airline operates ten flights a week and the group, that includes the popular Austrian Airways schedule enjoys a further 11 weekly flights, offering connections through Frankfurt, Munich and Vienna. Schaeffer said that although the group now includes Swiss out of Zurich and Brussels Air, these are not expected to operate direct flights to and from Cyprus until the other two develop the network further. However, he revealed that a third German destination, Berlin, is in the planning stage. Already, Larnaca flights operate Lufthansa mobile services for mobile check-in and other alerts. “We are equally proud of our 50,000 Miles&More frequent flyer programme members of whom about 80% are now redeeming their air miles on further flights or by purchasing goods from our selected local partners, such as such as Lampouri Winery, Parousiasi, Piraeus Bank and,” Schaeffer said. Patrick Borg Hedley, General Manager Cyprus said that last year Lufthansa carried


50,000 Miles&More members

Leptos press trip made simple by Ryan Air The Leptos Group organised a four day press trip to Chania –Crete consisting of 15 reporters who were accommodated in the 5-star Leptos Group hotel, the Panorama. During their stay they were given a tour of the Leptos Group projects and visited museums, monasteries, the old market and the nightlife of Chania. During their stay the reporters visited the town hall of Chania where they were welcomed by mayor Manolis Skoulakis who s about the strong bond that exists between Cypriots and Cretans. This trip was a success thanks to Ryan Air’s direct flight from Paphos to Chania.

nearly 117,000 passengers “and the outlook for 2012 is already positive. For the summer 2012, an increase in the number of passenger bookings has already been registered compared to last year, of incoming as well as of outgoing passengers.” He added that the most business is among corporate and holiday travellers, as well as

seamen and officials heading to the various EU capitals. He said that passengers from Cyprus can travel to Europe from 99 euros, to Asia from 679 euros (Mumbai / India), Japan from 959 euros (Tokyo), South Africa from 999 euros (Johannesburg) and the USA, from 729 euros (New York).

Filoxenia centre inaugurated President Demetris Christofias inaugurated the “Filoxenia” conference centre, recently renovated at a cost of 20.5 mln euros to meet the needs of Cyprus’ EU Council presidency due to begin on July 1. Christofias also announced the opening in a few days of a new hall at the Presidential Palace, in which the Republic will host luncheons and dinners for official guests. With a capacity of 500 people, “Filoxenia” comprises the main conference room “Zenon of

Kitium”, the amphitheatre conference room “Kyrenia”, the ministers luncheon hall “Elia”, the restaurants “Pentadaktylos” and “Halkos”, as well as other smaller conference and meeting rooms. The building is equipped with modern electronic systems such as conference, interpreting, teleconference and audiovisual information facilities. Three works of art with reference to Cypriot life and to common European roots have been

placed in various areas of the premises. A fourth work of art, which before 1974 used to decorate Nicosia Airport and had been in storage since, is also on display at the centre. The premises also include ‘CYPRESS’ press centre, which will accommodate up to 500 people and includes a press conference room, briefing rooms, areas for the use of journalists and press officials, a restaurant and a cafeteria. A special provision has also been made for the official host broadcaster CyBC.




Cyprus banks in Greece – divest, merge or shut down? As unpatriotic as it may sound, the Cypriot banks must decide very fast what they should do with their operations in Greece, where all three are exposed to the tune of 20 bln euros, most of which morphing now into non-performing loans. Whatever the choice, the outcome must be clear – in order for Cypriot banks to survive, they must cut off their Greek divisions and refocus their efforts on Cyprus and Cyprus-based activities into Russia and the CIS. Precious time was wasted last year until we got the finance minister and the central bank governor talking to each other. In the meantime, reckless bankers and major shareholders took advantage of the cost of Greek government bonds and hoped to make a quick buck in order to cover their huge losses. They knew it was a high-risk investment but never believed that things would turn south. How naïve bankers are sometimes. Fortunately, the verbal diarrhea splashed around by some ignorant politicians has died down, now that the ruling party’s aim has been achieved – to get rid of the island’s centralbanker at any cost. No one has yet to come forward to suggest what we should do next, simply because they don’t know. The outgoing governor of the central bank was right to say that his main failure was to convince the president of the vicious cycle the Cyprus economy was entering. His only mistake was that he should have shouted his argument as publicly as possible and disregard the banking confidentiality rules, simply because those who wanted to displace him had no respect for democratic principles and procedures, freedom of speech or any confidentiality rules of their own. To their credit, the new governor, the low-key finance minister and the soft-spoken Laiki chairman are working on the sidelines to come up with a plan that will save the Popular Bank, prevent Cyprus from entering any mandatory stability fund and rescue the island’s reputation that has so badly been tarnished because of greedy politicians and their greedy banker friends. Let’s give these three people a few more days to the June deadline to see if they can come up with a gullible rescue package that will also take into consideration the minority shareholders of the banks. After that, we will have ample time to investigate the responsibility of each party, be they within the central bank, the ministry of finance, parliament or the current administration. Trouble is, appointing an independent inquiry might be disregarded by the highest of politicians, just as they did the Mari report.

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FINANCIAL MIRROR, May 16 - 22, 2012

Easing in global strains still not visible in European real estate Expectations in both the occupier and investment markets in the real estate sector has l improved across much of the world during first quarter of 2012, however more European markets follow the negative trend, according to the latest RICS Global Commercial Property Survey. Following some positive signs in the global economy and an easing of tension in the eurozone during the first months of the year, rent expectations remain particularly positive in Russia, with respondents suggesting occupier demand is significantly outstripping new supply, as well as in Canada, Brazil, and China. But they have also noticeably improved in Hong Kong and Thailand. Alongside this, sentiment has shifted in the US, Malaysia and, more strikingly, India. All three countries previously reported negative readings on the outlook for rents but this has in Q1 been replaced by a more upbeat set of results. By way of contrast, the outlook for the occupier market remains quite downbeat across much of the European Union, with the notable exception of Germany and Poland. In Germany a healthy rebound in economic activity is fuelling an increase in demand for space and exerting further upward pressure on rents. With a positive rental outlook (+13), Poland follows two years of rising demand, steady supply and rising rents. In the rest of the eurozone, weak growth prospects if not fears of outright recession are continuing to weigh heavily on sentiment. Significantly, the soft results extend beyond those economies most exposed to the sovereign debt crisis (Greece, Portugal, Spain and Ireland), with an increasing negative rental outlook in the Netherlands and France. On the investment side, demand in these European markets together with Italy and Hungary is also really weak and respondents in the Czech

Republic and Belgium anticipate the same negative results. In Germany, investment enquiries and capital value expectations are rising and in Poland, after two years of increase the investment market is stabilising. Elsewhere, expectations for capital values are most robust in Brazil, Canada, and China. Projections for investment demand are also particularly upbeat in Brazil and Canada but interestingly they are followed by the US, India and Russia. There is also now some evidence of an improvement in sentiment in the UAE with investment enquiries picking up in Q1 after a long period of decline. Commenting on the Q1 survey results, Simon Rubinsohn, RICS Chief Economist, said: “The better tone to sentiment in the report is encouraging and consistent with the improvement in macro news flow during the first quarter. Indeed, the number of real estate markets around the world showing better results both from an occupier and investment perspective is increasing. Although there are still significant risks to the global economy, the drivers of growth are becoming more broadly based which should help underpin a firmer trend in activity as 2012 wears on. The key area of concern remains Europe with much of the continent either in or flirting with recession. The resilience of Germany should, however, provide a measure of support and gradually help bolster growth elsewhere on the continent‘’. In relation to Cyprus, a member of the RICS Board in Cyprus Pavlos Loizou MRICS said: “Capital values and rents in Cyprus are falling resulting in stable (and low) yields. The result is yields ranging from 5 - 6%. Until rents begin to stabilize and capital values continue to fall so that yields reach a more “attractive level’, probably above 7% to 8%, the market will continue to remain in the doldrums.”

Rents in Cyprus are falling

Cyprus property market needs a Multiple Listing Service PHILISA AUGUSTI Recently, I was asked what I would change about my profession or its procedures if I had the chance. The answer for me as a professional was easy. It would be the implementation of a fully-automated, functional, multiple listing service that would be approved and managed by the Real Estate Board and, offered only to licensed estate agents on the island. When I was working as a real estate agent in the USA and later as a broker, this tool was something I had taken for granted, even though oftentimes I would find myself complaining about the cost, fines and disciplinary action we were often faced with. In retrospect, this tool governed professionalism, customer service, quality of service, co-operation between agencies, time management, and cost effectiveness and it led to a higher regard for agents and the invaluable service they provide to clients. The importance of a national Multi Listing Service (MLS) system in Cyprus might be hard to be understood by consumers and professionals, and rightly so, as they have not experienced it. Below are a few reasons why this complex system would make processes like purchasing, selling, representing or governing appropriate guidelines to the processes easier for all parties concerned. Good for the public: 1. This internet-based tool means that there would only be 1 main source of properties for sale, so prospective purchasers would only need to surf 1 website to find all the houses, apartments, land, plots etc for sale throughout Cyprus. 2. The prices would be correct and up-to-date as the board would oversee discrepancies or outdated listings. 3. There would be security for purchasers because it would be boardapproved and therefore non-compliance by agents would lead to disciplinary action and fines. 4. If a property has been reserved by a buyer, then the agent that took the deposit would be obliged to send all necessary documentation to prove the reservation to the board. The MLS system is updated to show status, e.g. reserved, under offer, sold, etc. Customers would not find themselves in the position of having paid a deposit to an agent and then be told a week later that that property has been sold via another agency. 5. Agents would not be allowed to ‘show’ properties that are not listed on the MLS system. Therefore, properties that are offered are known to all buyers at the same time, allowing purchasers the freedom to access great deals. Full disclosure of a buyer’s details to the board would help trace an agent who is not operating in accordance to the code of ethics, laws and regulations. 6. There is an independent toll free phone 24-hour for consumer

complaints. 7. All complaints brought before the board are investigated. Consumers receive a written response within 40 days. Good for the real estate agent: 1. The financial burden for the management and development of this website would not be each firm’s financial responsibility. Therefore, there would only be 1 website, office expenses would be reduced and search engine results for your properties would be maximised. 2. Competition between agencies would be a thing of the past, agents would co-operate much more as each agent would have the same database of products to work with. 3. Buyers would be inclined to sign exclusive agency agreements with agents they trust to be good negotiators, as they would know that a property is on the database and not unique to any agent. In this way agents will charge retainers and are guaranteed to get paid for the service they provide. 4. Specialisation products or high-end listings that attract fewer purchasers are often not listed by agents as they have limited knowledge of financially capable buyers and therefore if a buyer is found they do not have the product. With an MLS system the property is found at the touch of a button. 5. The public’s regard of the real estate agents’ professionalism will improve. The MLS will eradicate ruthless techniques such as ‘hook and grab’, whereby a product advertised ‘does not exist at a price that does not exist’. Agents that do not comply or are caught using these tricks would lose their license. 6. Product status is always up-to-date, so if a seller is using various listing agents, once that product is sold by another agent it is updated on everybody’s listing as well. 7. Sellers become more inclined to use exclusive agency agreements because they know all agencies use the same marketing tool. Good for the real estate board: 1. Higher fees are charged to all licensed estate agents, in order to cover for the development, management and smooth running of the MLS. 2. Control of products. 3. Control of professionalism. 4. Control of documentation offered to the public. 5. Termination of the plague of unlicensed agents as they would not have access to MLS without being board-approved. 6. Quicker payment of fees. 7. Disciplinary action for non-compliance/misrepresentation. 8. Fees from fines. Philisa Augusti is the manager of the FOX office in Ayia Napa/ Protaras.

FINANCIAL MIRROR, May 16 - 22, 2012


Geopolitical concerns will be biggest driver of market performance in 2012 Markets tend to rise and fall on economic news, but this year institutional investors believe market performance is likely to hinge on how well governments play their geopolitical roles. That is one conclusion from a study of nearly 800 institutional investors conducted by the Economist Intelligence Unit in January 2012. Investors believe the main risk to the global recovery is the threat of an oil price spike, tied in part to tensions over Iran’s nuclear programme. They are also concerned about the effects the events in Spain pose to the future of the European currency union. The search for growth, the second annual survey and report sponsored by BNY Mellon, a global financial services company, explores the global investment environment unfolding in 2012 and asks investors where they see growth opportunities.

Other key findings include: l The US has found favour among investors as a stable middle ground. With GDP forecast to grow modestly, investors now see the US as offering an attractive risk/reward trade-off. In this year’s survey the US moved from fourth to third place for asset price growth, with 40% of respondents placing it among their top three markets as compared to 34% in last year’s survey. l Investors cool on commodities and warm to domestic equities. Investors have moved away from commodities in the face of lower demand for many raw materials. Some large institutions may also be moving away from commodities to concentrate on more liquid assets during a time of uncertainty. l 85% of investors see “significant opportunities” in today’s

markets, although 51% acknowledge that those opportunities come with “major downside risks”. Investors believe that an easing of the European debt crisis, coupled with a somewhat better economic performance in the US, has created a more stable outlook for financial markets. l High levels of debt continue to be a major concern for institutional investors. Investors believe that debt levels are unlikely to change over the next 12 months, but debt will continue to restrict the world economy’s recovery from the 2008 global economic crisis. The Search for Growth: Opportunities and risks for institutional investors in 2012 is available free of charge at:

The U.S. Economy and the Presidency MARTIN FELDSTEIN CAMBRIDGE – America’s presidential election is now just six months away. If history is a reliable guide, the outcome will depend significantly on the economy’s performance between now and November 6, and on Americans’ perception of their economic future under the two candidates. At the moment, America’s economy is limping along with slow growth and high unemployment. Output grew by just 1.5% last year, and real GDP per capita is lower now than before the economic downturn began at the end of 2007. Although annual GDP growth was 3% in the fourth quarter of 2011, more than half of that reflected inventory accumulation. Final sales to households, businesses, and foreign buyers rose at only a 1.1% annual rate, even slower than earlier in the year. And the preliminary estimate for annual GDP growth in the first quarter of 2012 was a disappointing 2.2%, with only a 1.6% rise in final sales. The labor market has been similarly disappointing. The March unemployment rate of 8.2% was nearly three percentage points above what most economists would consider a desirable and sustainable longrun level rate. Although the rate was down from 9% a year ago, about half of the change reflected a rise in the number of people who have stopped looking for work, rather than an increase in job creation and the employment rate. Indeed, the official unemployment rate understates the weakness of the labor market. An estimated 6% of all employees are working fewer hours per week than they would like, and about 2% of potential employees are not counted as unemployed because they have not looked for work in the past few weeks, even though they would like to work. Adding these individuals to those officially classified as unemployed implies that about 15% of potential labor-force participants are working

less than they want. Solid increases in payroll employment at the start of the year contributed to a general sense of confidence. But the rate of increase in payroll employment fell in March to less than half of the rate recorded in previous months, and the number of workers claiming unemployment benefits recently jumped to a four-month high. Even those who are working are seeing their incomes shrink. Real average weekly earnings have fallen in recent months, and are now lower than they were 18 months ago. The broader measure of real per capita after-tax personal income has also been falling, and is back to levels last seen a year ago. Despite their declining incomes, households raised their spending in early 2012 at a rapid pace by cutting their saving rate to just 3.7%. Without further declines in the saving rate from this very low level, consumer spending will not continue to grow as robustly. Recent reports of declining consumer confidence reinforce the likelihood that spending will slow in the months ahead. Moreover, the housing market remains in bad shape. The most reliable index of comparable house prices has continued to decline month after month, and prices are now about 7% lower in real terms than a year ago, implying a $1 trillion loss of household wealth. With roughly 25% of all homeowners with mortgages owing more than their homes are worth, the decline in house prices reflects high rates of default and foreclosure. Falling prices, together with stricter lending standards, has spurred a shift by would-be home buyers to the rental market, causing recent declines in the sales of both new and existing homes. The weakness of America’s economy is not limited to the household sector. Industrial production has been unchanged for the past two months, and utilization of industrial capacity has declined. And the monthly purchasing surveys conducted by the Institute for Supply Management now indicate weaker activity among service firms as well. Looking ahead, strong headwinds imply that it will be difficult to

achieve better economic performance in the rest of the year. Higher energy prices are reducing real household spending on non-energy goods and services; weakness in Europe and Asia will hurt America’s exports; state and local governments are cutting their spending; and concerns about higher taxes in 2013 will dampen both business investment and big-ticket consumer spending. The economy is thus shaping up to be a serious liability for President Barack Obama, who is likely to place the blame on the conditions that he inherited from President George W. Bush, and on the Republican majority in the House of Representatives. But the public is likely to place the blame on the president, and surveys indicate that a growing number of Americans believe that Mitt Romney, the almost certain Republican candidate, would do a better job than Obama at managing the economy. The polls are very close, and voters have not yet locked in their decisions. The economy could rise more sharply than expected in the months ahead. If not, Obama will try to shift attention from the overall economy by emphasizing his plan to raise taxes on high-income individuals. And a variety of other issues, including immigration and the role of women, might influence voters. But the state of the economy is usually the most important determinant of who wins national elections in the United States. And US economic conditions now favor Romney. Martin Feldstein, Professor of Economics at Harvard, was Chairman of President Ronald Reagan’s Council of Economic Advisers and is a former president of the US National Bureau for Economic Research. © Project Syndicate, 2012.

The Corporate-Tax Conundrum LAURA D. TYSON BERKELEY – The United States now has the highest statutory corporate-income tax rate among developed countries. Even after various deductions, credits, and other tax breaks, the effective marginal rate – the rate that corporations pay on new US investments – remains one of the highest in the world. In a world of mobile capital, corporate-tax rates matter, and business decisions about how and where to invest are increasingly sensitive to national differences. America’s relatively high rate encourages US companies to locate their investment, production, and employment in foreign countries, and discourages foreign companies from locating in the US, which means slower growth, fewer jobs, smaller productivity gains, and lower real wages. According to conventional wisdom, the corporate-tax burden is borne principally by the owners of capital in the form of lower returns. But, as capital becomes more mobile, relatively immobile workers are bearing more of the burden in the form of lower wages and fewer job opportunities. That is why countries around the world have been cutting their corporate-tax rates. The resulting “race to the bottom” reflects intensifying global competition for capital and technological knowhow to support local jobs and wages. Moreover, a high corporate-tax rate is an ineffective and costly tool for producing revenues, owing to innovative financial transactions and legal tax-avoidance mechanisms. A company’s legal residence and geographic sources of income can be and are manipulated for such purposes, and the incentives and scope for such manipulation are especially large in sectors where competitive advantage depends on intangible capital and knowledge – sectors that play a major role in the US economy’s competitiveness. In the absence of close and broad international cooperation, the US must join the race and lower its corporate-tax rate. A lower rate would strengthen incentives for investment and job creation in the US, and weaken incentives for tax avoidance. It would also reduce numerous efficiency-reducing distortions in the US tax code, including substantial tax

advantages for debt financing over equity financing and for non-corporate businesses over corporate businesses. But each percentage-point reduction in the corporate-tax rate would reduce federal revenues by about $12 billion per year. These revenue losses could be offset by curtailing so-called “corporate-tax expenditures” – deductions, credits, and other special tax provisions that subsidize some economic activities while penalizing others – and broadening the corporate-tax base. Both President Barack Obama’s plan for business-tax reform and the Simpson-Bowles deficit-reduction plan propose reducing such expenditures to pay for a reduction in the corporate-tax rate. Corporate-tax expenditures narrow the base, raise the cost of tax compliance, and distort decisions about investment projects, how to finance them, what form of business organization to adopt, and where to produce. As Michael Greenstone and Adam Looney show in a justreleased report, the resulting differences in effective tax rates for different kinds of business activity are substantial. That said, if the goal of corporate-tax reform is to boost investment and job creation, broadening the tax base to pay for a lower rate could be counterproductive. Eliminating “special interest” loopholes, like tax breaks for oil and gas, or for corporate jets, would not yield enough revenue to pay for a meaningful rate cut. And curtailing accelerated depreciation, the manufacturing production deduction, and the R&D tax credit – which account for about 80% of corporate-tax expenditures – would involve significant tradeoffs. Indeed, cutting these items to “pay for” a reduction in the corporatetax rate could end up increasing the tax on corporate economic activity in the US. Eliminating accelerated depreciation for equipment would raise the effective tax rate on new investments; repealing the domesticproduction deduction would increase the effective tax rate on US manufacturing; and rescinding the R&D tax credit would reduce investment in innovation. Instead of cutting proven tax incentives for business investment, the US should offset at least some of the revenue losses from a lower corporate-tax rate by raising tax rates on corporate shareholders. Most countries that reduced their corporate-tax rates have followed this path, while the US has done the opposite. At 15%, America’s tax rates on dividends and capital gains are at his-

toric lows, while the profit share of national income is at an all-time high. Defenders of low rates for capital owners argue that it minimizes “double” taxation of corporate income – first of the corporation and then of its shareholders. A lower corporate-tax rate would weaken this justification. Moreover, pension funds, retirement plans, and non-profit organizations, which receive about 50% of all corporate dividends, do not pay tax on these earnings, and would benefit from a lower corporate-tax rate. Although individual taxes on corporate income reduce the after-tax return to savings, they have less distorting effects on investment location than corporate taxes do, and they are more likely to fall on owners of capital than on workers. Moreover, it is far easier to collect taxes from individual citizens and resident shareholders than from multinational corporations. Apple can use sophisticated techniques to manipulate the location of its corporate income, but individual US citizens who own Apple stock have to report the dividends and capital gains that they earn from it in their worldwide income. A recent study found that taxing capital gains and dividends as ordinary income, subject to a maximum 28% rate on long-term capital gains (the pre-1997 rate), could finance a cut in the corporate-tax rate from 35% to 26%. Such a change would reduce corporations’ incentives to move investments abroad or shift profits to low-tax jurisdictions, while increasing the progressivity of tax outcomes by shifting more of the burden of corporate taxation from labor to capital owners. An increase in the corporate-tax rate appeals to many US voters who believe that corporations are not paying their fair share of taxes and are worried about widening income inequality. But, in a world of mobile capital, raising the corporate tax rate – or simply leaving it at its current level – would be a bad way to generate revenue, a bad way to increase the tax system’s progressivity, and a bad way to help American workers. Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley. © Project Syndicate, 2012.


FINANCIAL MIRROR, May 16 - 22, 2012

In muddle of Libya’s finances, billions go missing l


NTC reveals huge sums of cash were unaccounted for

Leadership kept in dark about own assets, spending

Months after rebels brought down the extravagant dictatorship of Muammar Gaddafi, the disarray in Libya’s state finances at the end of last year was so bad the new leadership did not know the size of state assets, how their money was being spent, or what had happened to more than $2 bln transferred from the sovereign wealth fund. An internal National Transitional Council (NTC) document paints a picture of a government bureaucracy so fractured and disorganised that nobody appeared able to keep track of what money was coming in, and how much was going out. Libyan officials say the anomalies in the state’s finances revealed in the document were the result of complex accounting rules, delays in settling bills and poor communication between government departments - not by money being misused or stolen. But campaigners for financial transparency say that the disarray in tracking government finances creates a fertile environment for abuse to occur, particularly when Libya is now earning over $2 bln a month from selling crude oil. “The proper management of public finances, especially oil revenues which make up 90 percent of government revenues, is crucial,” said Giulio Carini, a campaigner with the international anti-corruption group Global Witness. “Any lack of transparency and accountability... fuels mistrust and suspicion that the interim and any future government of Libya is not taking the necessary steps to reverse the past legacy of mismanagement.” Libya has lacked a strong, central government since the rebellion, backed by NATO jets and missiles, ended Gaddafi’s 42-year rule last year. International concern about the new Libya has focused on security issues: out-of-control militias clashing with each other, weapons being smuggled across poorly-secured borders, the threat of Libya splitting into regional fiefdoms. But there is another risk too, that in the muddle of the transition in Libya, millions and possibly billions of dollars in state assets could be misappropriated. The NTC document, which was obtained by Reuters, relates to state finances several months back, under a government that has since been replaced. Nevertheless, high-profile corruption scandals since then indicate that the government’s shortcomings with keeping track of money have still not been resolved.

held in assets abroad. “The question is: what is the size of deposits and investments for the central bank alone?” the report asked. In another section, it took the oil and finance ministries to task over their lack of transparency. “The (oil and finance) department has not provided monthly reports identifying sources of available financial revenues, their use and the way cash balances are being dealt with,” it said. The two ministries had “not provided reports on oil export shipments and the amounts collected in return and how the amounts were spent.” It said also it had received no details on who in the public sector had been paid their wages and how much they were paid. The NTC said in the document it had reports of “ambiguity” surrounding sales of foreign currency and contracts concluded with brokers and currency traders. In a different section, the report’s authors addressed the LIA. The document queried $2.456 bln which the LIA said it had handed over to the treasury, but had, it seemed, not shown up on the government’s books. “When have they (the LIA monies) been transferred to the treasury, how have they paid and to whom have they been paid?” the report asked. The NTC complained that the sovereign fund was keeping it in the dark on other issues as well. It said the fund provided it with no details on assets held in stocks, bonds or investment funds, including those funds which had registered multi-million-dollar losses. In the report, the NTC committee said it had no information on why the LIA’s assets had shrunk. “Total (LIA) resources after 2010 allocations were $65 bln, how did it become $62.956 bln?” the report asked.

ACCOUNTING HOLES In November last year, the NTC’s economy and finance committee, which provides oversight over the work of the interim government, submitted an internal report on the activities of the oil and finance ministries, the central bank and the sovereign wealth fund, the Libyan Investment Authority (LIA). The seven-page report was dated November 27, 2011. It listed a litany of accounting holes, and failures by branches of the government to share information about the cash they were handling. In one passage, the report’s authors said they needed more information to understand how the central bank calculated the $139.9 bln it said Libya

MONEY “NOT MISUSED” Asked to comment on the short-comings raised in the report, NTC spokesman Mohammed al-Harizy acknowledged that “communication is very weak between the NTC and the government.” He said the NTC had set up a special oil committee, which started work in April, to improve oversight over crude exports and the revenues earned. Harizy said there was “no control over the international investments,” and government schemes to provide assistance to people who fought Gaddafi in last year’s revolt have seen cases of corruption at local level. But at the ministry level, he said: “I don’t think the money is being misused ... The oil revenue is turned over to the finance ministry right away so I don’t think there are problems.” Asked about the allegations of “ambiguity” with currency transactions, central bank deputy governor Ali Mohammed Salem said: “We had to sell dollars at a low price in order to bring the cash flow back into the banks.” An LIA official, Mohsen Derregia, told Reuters the authority could not immediately comment on the NTC document. Ibrahim Belkheir, the head of the Libyan government audit bureau, said his office had looked into the issues raised in the report, including the LIA’s financial statements, but he said he could not disclose his findings. He said though that most of the apparent financial discrepancies raised in the report could be explained by routine delays between oil export ship-

ments being delivered and payment being received. Belkheir, an academic before the revolt, has been given a leading role in trying to ensure that the pervasive corruption under Gaddafi does not carry over into the new Libya. Already there are signs of graft. In one case, the government had to halt a scheme to give cash to people who fought in last year’s rebellion because the money was being paid out to people who were dead or who never fought. In another scam, fraudsters enjoyed state-funded vacations abroad by claiming to be wounded veterans of the fighting needing treatment in foreign hospitals. The corner office where Belkheir works is steeped in symbolism. It was previously used by Hannibal Gaddafi, a son of the ex-Libyan leader famous for his extravagant lifestyle and raucous parties in five-star European hotels. Belkheir said his organisation would root out corruption wherever it found it and had not faced any interference from the new authorities. But he acknowledged he faced a huge task. “Corruption is not easy to uproot. It is a cultural issue that is prevailing among certain people,” he said. “As they are so used to it, it does not seem to be corruption to them.”

Portugal rent reform to save builders from collapse Portugal is close to imposing a “do or die” rental reform after a quarter of a century of argument, aiming to give the construction and property industries a last chance to avoid collapse. From the rundown, centuries-old edifices in downtown Lisbon or Porto, with clothes drying outside often masking cracks in the walls, to swanky new condos whose windows are mostly adorned with “for sale” signs, the property market badly needs change. The law reform, demanded by the European Union and IMF as a condition of Portugal’s bailout, will end the anomaly of well-to-do families occupying comfortable apartments on low rents set three decades ago, and effecl tively slash taxes for landlords. But the draft law, expected to win parliamentary approval this month, will also mean big rent increases for hard-up ordinary tenants in western Europe’s poorest country who are already suffering under austerity and recession. “There have been attempts to reform this sector for 25 years and none succeeded. But now you can say it’s do or die,” said lawmaker Antonio Leitao Amaro, the bill’s sponsor from the ruling Social Democratic Party. Portugal missed out on the property boom which its euro zone peers Spain and Ireland experienced in the years until 2008, but is now sharing in the bust that has followed. New construction is unlikely to recover for years. Therefore the reform aims to stimulate the tiny rental market, allowing builders to pick up work renovating properties which landlords have long neglected due to low rents or simply left empty. A study by the Portuguese Industry Confederation showed that rented property accounts for only about 20% of housing in use, while 80% is occupied by the owner. Portugal has about 740,000 empty homes, roughly the same number as those being rented. The reform bill cannot come soon enough for the industry. “In the past couple of months we have entered the collapse phase,” said Manuel Reis Campos, head of the Construction and Real Estate Confederation CPCI. “The rent and urban rehabilitation bills are extremely important to save the sector, but it will be months before

everything is in place.” “Basically there is no rental market. It’s probably the worst market in Europe,” he said, estimating that the market for urban reconstruction would be worth 28 bln euros as 1.8 mln homes need repairs and refurbishing.

DIRE STRAITS With Portuguese unemployment at an all-time high and incomes falling due to the austerity drive imposed under last year’s EU/IMF bailout, construc-

Property bust despite never having boom


“We had the advantage of having no property bubble like in Spain or Ireland. But now we have basically created the effect of a burst bubble by our own fault, with banks’ discount prices contaminating the whole market in a vicious circle,” he said. Portugal’s centre-right government acknowledges “a very serious problem” which it believes the reform will address, saying it will make it easier for workers to move, helping the labour market to become more flexible and competitive. Lawmaker Leitao Amaro said there are currently no incentives for owners to let. “Among other problems, that causes problems with workforce mobility as people who have their own apartment or house are less likely to take a job in another city.”

As many homes lie empty as are rented

SWIFT EVICTIONS, TAX INCENTIVES tion of new housing has all but halted and thousands are losing their homes due to foreclosures. Housing loans and financing for construction have dried up. Banks, under EU pressure to improve their capital reserves due to the euro zone debt crisis, are getting rid of foreclosed properties in fire sales with 40% discounts, leaving builders and real estate firms in dire straits. Renting could be a solution in many cases, but not without a radical overhaul of the market. With 720,000 workers, the sector is the largest employer in Portugal, but it is shedding jobs at a rate of more than 10,000 a month. The number of property and construction firms going bust has soared by 50% so far this year from a year earlier. Reis Campos said Portugal’s unemployment could hit 20% from about 15% now if the situation is not tackled soon. Leitao Amaro expects his reform to be approved by parliament by the end of May and in force in June after long deliberations he says were needed to make sure the bill provides the necessary stimulus without hurting ordinary people too much. But Luis Lima, head of the Real Estate Mediators’ Association, blamed the delays to the reform for helping to bring his industry to its knees.

The reform bill aims to phase out “old rents” kept frozen for decades, which have allowed some well-to-do families to pay 50 euros a month for a five-bedroom flat in some cases. It now takes over 18 months to evict a non-paying tenant, while the bill would shorten this to three months, allowing private bailiffs to act with a simple court order. Rent guarantee insurance, practically non-existent now as insurers don’t have access to tenants’ rent and banking history, should also give owners additional incentives to let properties. Red tape surrounding rehabilitation projects will be cut and they will enjoy tax incentives and EU funding. A special tax rate on rental income will be set by next year. “The tax is planned to be at 25% and it will be a major incentive for owners to rent out as real estate investors are now subject to the maximum tax rate of 42 to 47.5%,” Leitao Amaro said. Real estate experts believe the reform will succeed, but could hurt the poor. “Portugal has long needed a functioning rental market, where it is cheaper to rent than to own. It’s going to get it now, finally. But it’s a pity it has to get there via misery,” said Eric van Leuven, managing partner at global real estate services firm Cushman & Wakefield in Lisbon.

AÚ. 864


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012

∫Ï›ÓÂÈ ıÂÙÈο Ë ÎÈÓÂ˙È΋ Â¤Ó‰˘ÛË Την άλλη ∆ευτέρα 21 Μαϊου αναµένεται να ξεκαθαρίσει οριστικά το τοπίο Þσον αφορά την κινεζική επένδυση µαµούθ στο παλαιÞ αεροδρÞµιο τησ Λάρνακασ µε Þλεσ τισ ενδείξεισ να κάνουν λÞγο για θετική κατάληξη. ΠρÞκειται για την πρÞταση τησ κινεζικήσ εταιρείασ Far Eastern Phoenix. Σύµφωνα µε πληροφορίεσ την ερχÞµενη εβδοµάδα η τεχνική επιτροπή η οποία συστάθηκε για να αξιολογήσει την πρÞταση των ξένων επενδυτών και να διαπραγµατευτεί σχετικά θα υποβάλει στην Υπουργική Επιτροπή την έκθεση τησ για τα οικονοµικά οφέλη και τα πιθανά προβλήµατα που θα προκύψουν. Ακολούθωσ, στισ 23 του µήνα θα συγκληθεί η Υπουργική Επιτροπή για να εξετάσει την έκθεση τησ Τεχνικήσ Επιτροπήσ η οποία θα υποβληθεί στο ΥπουργικÞ Συµβούλιο για επικύρωση του έργου. Ο ΥπουργÞσ Συγκοινωνιών και Έργων, Ευθύµιοσ Φλουρέντζοσ, συναντήθηκε ήδη µε τον επικεφαλή τησ κινεζικήσ αντιπροσωπείασ µε τισ πληροφορίεσ να κάνουν λÞγο για συµφωνία σε αρκετά σηµεία που αφορούν την Þλη επένδυση. Η συνάντηση φαίνεται να επικεντρώθηκε στο πωσ µπορούν να ξεπεραστούν κάποια γραφειοκρατικά εµπÞδια απÞ τη µια και στο κατά πÞσον οι Κινέζοι θα διασφαλίσουν Þτι θα υλοποιήσουν τισ δεσµεύσεισ τουσ. Με βάση την πρÞταση που θα κλειδώσει η συµφωνία, η εταιρεία Far Eastern Phoenix Ltd θα αναλάβει τη διαχείριση του

χώρου του παλαιού αεροδροµίου Λάρνακασ στο πλαίσιο τησ χρονικήσ περιÞδου που καθορίζεται απÞ τη Συµφωνία Παραχώρησησ των αεροδροµίων στην Hermes Airports, δηλαδή 19 χρÞνια µε δυνατÞτητα επέκτασησ τησ συµφωνίασ στα 50 χρÞνια. Ο αναπτυξιακÞσ σχεδιασµÞσ τησ εταιρείασ Far Eastern Phoenix Ltd αφορά στη δηµιουργία ενÞσ µÞνιµου και µεγάλου εκθεσιακού κέντρου, το οποίο δεν θα περιλαµβάνει λιανικÞ εµπÞριο. H βάση του κέντρου θα είναι στο παλαιÞ ΑεροδρÞµιο Λάρνακασ και θα αποτελεί τη γέφυρα, η οποία θα ενώνει την Κίνα µε την Ευρώπη, την Αφρική και τη Μέση Ανατολή. Το ύψοσ τησ επένδυσησ εκτιµάται Þτι θα ανέλθει σε εκατοντάδεσ εκατοµµύρια ευρώ κοντά στα 600 και αναµένεται να δηµιουργήσει χιλιάδεσ νέεσ θέσεισ εργασίασ. Ο χώροσ θα περιλαµβάνει έκθεση προϊÞντων, υπηρεσίεσ επανεξαγωγών, εµπορικέσ υπηρεσίεσ, έρευνα και ανάπτυξη, αποθήκεσ, κινηµατογράφουσ, γραφειακούσ χώρουσ καθώσ και χώρουσ εστίασησ. Εκ µέρουσ τησ Hermes, αναφέρθηκε Þτι το έργο θα συµβάλει στην αύξηση των επιβατών στην Κύπρο, ενώ θα προκύψουν και σηµαντικά εισοδήµατα για το κράτοσ. Παράλληλα ο εκπρÞσωποσ τησ Hermes υπέδειξε Þτι θα είναι πιο συµφέρον για το κράτοσ και για την Κύπρο να υπογραφεί η συµφωνία για πενήντα χρÞνια. Ο ∆ήµαρχοσ Λάρνακασ, Ανδρέασ Λουρουτζιάτησ, κάλεσε την κυβέρνηση να εξετάσει µε σοβαρÞτητα την πρÞταση, η οποία θα

συµβάλει στην οικονοµική εξωστρέφεια και στην προοπτική ανάπτυξησ. Υποστήριξε επίσησ Þτι µε την υλοποίηση του έργου η Λάρνακα και γενικÞτερα η Κύπροσ θα καταστούν γέφυρα µεταξύ ανατολήσ και δύσησ. ¶·‡ÏÔ˜ °ÂˆÚÁÈ¿‰Ë˜

«∫ÔÏÔÛÛÈ·›Ô» ÂӉȷʤÚÔÓ ÁÈ· ∫˘Úȷ΋ ∞√∑ Στισ 29 ανέρχεται ο αριθµÞσ των εταιρειών, οι οποίεσ υπέβαλαν αίτηση είτε µέσα απÞ κοινοπραξίεσ είτε απÞ µÞνεσ τουσ, για τα οικÞπεδα στην Αποκλειστική Οικονοµική Ζώνη τησ Κυπριακήσ ∆ηµοκρατίασ. Το σύνολο των 29 εταιρειών προέρχεται απÞ 15 χώρεσ συµπεριλαµβανοµένησ και τησ Κύπρου. Οι αιτήσεισ που έγιναν σύµφωνα µε διασταυρωµένεσ πληροφορίεσ µασ αφορούν Þλα τα οικÞπεδα µε εξαίρεση το 1 το 4 και το 13. Το µεγαλύτερο ενδιαφέρον σύµφωνα µε κυβερνητικέσ πηγέσ αφορά τα οικÞπεδα 2 και 9 τα οποία βρίσκονται κοντά στο οικÞπεδο 12 στο οποίο εντοπίστηκαν απÞ τη Noble Energy σηµαντικά κοιτάσµατα φυσικού αερίου, ενώ σηµαντικÞ ενδιαφέρον συγκέντρωσε και το οικÞπεδο 3. Ο ΥπουργÞσ Εµπορίου Νεοκλήσ Συλικιώτησ, µιλώντασ κατά την τελετή λήξησ του δευτέρου γύρου αδειοδÞτησησ, είπε Þτι τα αποτελέσµατα ξεπέρασαν κατά πολύ τισ προσδοκίεσ τησ κυβέρνησησ. «Αποτελεί µια νέα πορεία προÞδου και ευηµερίασ του κυπριακού λαού και των λαών τησ γύρω περιοχήσ.Ευχαριστώ τισ εταιρείεσ που επέδειξαν ενδιαφέρον, κάτι που, υποδηλώνει την εµπιστοσύνη και το σεβασµÞ τουσ προσ την Κυπριακή ∆ηµοκρατία και τισ αδιάβλητεσ διαδικασίεσ που ακολουθήθηκαν» Αναλυτικά οι εταιρείεσ και κοινοπραξίεσ που υπέβαλαν ενδιαφέρον είναι οι ακÞλουθεσ: 1. PETRA Petroleum Inc. (Καναδάσ) 2. Κοινοπραξία ATP East Med (ΗΠΑ), Israel Petroleum (Ισραήλ), DOR Chemicals Ltd (Ισραήλ), Modi in ENERGY Ltd Partnership (Ισραήλ) 3. TOTAL (Γαλλία) 4. Κοινοπραξία TOTAL (Γαλλία), Novatek (ΡΩΣΙΑ), Gazprom (Ρωσία)

∫·ÏԂϤÔ˘Ó Ù· ÔÈÎfi‰· 2, 3 Î·È 9 5. Κοινοπραξία Premier Oil (Ην. Βασίλειο), Vitol (Ολλανδία) 6. Κοινοπραξία Premier Oil (Ην. Βασίλειο), Vitol και Petronas (Μαλαισία) 7. Κοινοπραξία Edison, Delek Drilling (Ισραήλ), AVΝER (Ισραήλ), ENEL Trade Partnership (Ιταλία), WOODSIDE Energy Holdings (Αυστραλία) 8. Κοινοπραξία KOGAS (N. Kορέα), ΕΝΙ (Iταλία)

9. Κοινοπραξία C.O. Cyprus Opportunity (Cyprus) Plc, η οποία αποτελείται απÞ την ισραηλινή Ιsrael Opportunity Oil & Gas Exploration και τη νορβηγική AGR Energy AS 10. Κοινοπραξία ΟΑΚ Delta NG Explorartion Joined Venture (αµερικανο-ισραηλινών συµφερÞντων µε συµµετοχή και τησ ΠΕΤΡΟΛΙΝΑ) 11. Κοινοπραξία Capricorn Oil (Ην. Βασίλειο), Marathon Oil (ΗΠΑ), Orange NASSAU Energie (Ολλανδία), CC Energie SAL (Λίβανοσ)

12. Η εταιρεία WINEVIA Holdings Ltd (εγγεγραµµένη στην Κύπρο) 13. RX- Drill Energy Cyprus Ltd (εγγεγραµµένη στην Κύπρο) 14. Κοινοπραξία PT Energi Mega Persada TDK, Frastico Holdings Ltd καναδικών, ινδονησιακών και κυπριακών συµφερÞντων. Σε αυτή την κοινοπραξία και η Triple Five. 15. Emanuelle Geoglobal Rosario (Ισραήλ) µε κυπριακή συµµετοχή. Αξίζει να σηµειωθεί Þτι µία εταιρεία, τησ οποίασ οι αντιπρÞσωποι βρίσκονταν απÞ το πρωί στο Υπουργείο Εµπορίου, αποχώρησε απÞ τη διαδικασία χωρίσ να υποβάλει αίτηση, καθώσ τα απαραίτητα έγγραφα, που έπρεπε να προσκοµίσει ήταν ελλιπή. Οι αιτήσεισ θα αξιολογηθούν απÞ την συµβουλευτική επιτροπή στην οποία συµµετέχουν οι Γενικοί ∆ιευθυντέσ των Υπουργείων Εµπορίου και Βιοµηχανίασ, Οικονοµικών, Εξωτερικών και Γεωργίασ, ο ΓενικÞσ Εισαγγελέασ, ο ∆ιευθυντήσ του Υπηρεσίασ Ενέργειασ και η ∆ιευθύντρια του Τµήµατοσ Γεωλογικήσ ΕπισκÞπησησ. Ακολούθωσ η αξιολÞγηση θα τεθεί ενώπιον του Υπουργικού Συµβουλίου, το οποίο θα προβεί στισ διαπραγµατεύσεισ πριν λάβει τισ οριστικέσ του αποφάσεισ, κάτι που αναµένεται να γίνει εντÞσ του επÞµενου έτουσ. Οι πληροφορίεσ µασ κάνουν λÞγο Þτι το θέµα θα ξεκαθαρίσει οριστικά τον επÞµενο Μάιο κάτι το οποίο σηµαίνει Þτι θα το χειριστεί η επÞµενη κυβέρνηση τησ Κυπριακήσ ∆ηµοκρατίασ. Τέλοσ αξίζει να αναφέρουµε πωσ στην Þλη διαδικασία έλαβαν µέροσ εταιρείεσ απÞ χώρεσ που είναι µÞνιµα µέλη του Συµβουλίου Ασφαλείασ του Οργανισµού Ηνωµένων Εθνών µε εξαίρεση την Κίνα.

¡¤· ∫ÂÓÙÚÈ΋ Ì ÛÊÚ·Á›‰· ¶·Ó›ÎÔ˘ ¢ËÌËÙÚÈ¿‰Ë Λίγεσ µÞλισ µέρεσ µετά την ανάληψη των καθηκÞντων του ο νέοσ ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Πανίκοσ ∆ηµητριάδησ προέβη σε σηµαντικέσ αλλαγέσ στην οργανική δοµή τησ Τράπεζασ επιβεβαιώνοντασ πλήρωσ το αποκλειστικÞ δηµοσίευµα τησ Financial Mirror την προηγούµενη εβδοµάδα. ΑπÞ τισ αλλαγέσ που έγιναν αυξηµένεσ αρµοδιÞτητεσ δÞθηκαν στο ανώτερο διευθυντή τησ Τράπεζασ Σπύρο Σταυρινάκη ο οποίοσ θα έχει πλέον κάτω απÞ τη διεύθυνση του τα τµήµατα αδειοδÞτησησ, τραπεζικήσ εποπτείασ, χρηµατοοικονοµικήσ σταθερÞτητασ και ευρωπαϊκών υποθέσεων. Με αυτή την αλλαγή ο κύριοσ ∆ηµητριάδησ στοχεύει στην πιο σφαιρική ανάλυση των δεδοµένων για κάθε τράπεζα ξεχωριστά. Ο κύριοσ Σταυρινάκησ να σηµειωθεί είχε παραγκωνιστεί τα προηγούµενα χρÞνια αφού του είχε ανατεθεί το τµήµα τεχνικήσ υποστήριξησ. Ο κύριοσ Σταυρινάκησ να υπενθυµίσουµε δεν είχε καθÞλου καλέσ σχέσεισ µε τον τέωσ ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Αθανάσιοσ Ορφανίδη. Να σηµειωθεί Þτι ο

κύριοσ Κώστασ Πουλλήσ που µέχρι την προηγούµενη Πέµπτρη είχε το τµήµα εποπτείασ και αδειοδοτήσεων, παραιτήθηκε απÞ την Κεντρική Τράπεζα µε ισχύ απÞ χθεσ. Το τµήµα τραπεζικών εργασιών εσωτερικού µεταφέρθηκε κάτω απÞ την ανώτερη διεύθυνση του ανώτερου διευθυντή Κυριάκου Ζίγκα ο οποίοσ θα έχει επίσησ υπÞ τη διεύθυνση του την υπηρεσία τεχνικήσ υποστήριξησ. Ο ανώτεροσ διευθυντήσ Κωνσταντίνοσ ΠαπαδÞπουλοσ ανέλαβε απÞ χθεσ το τµήµα χρηµατοοικονοµικών αγορών, τα συστήµατα πληρωµών και τη διαχείριση κινδύνων, ενώ ο ανώτεροσ διευθυντήσ Γιώργοσ Συρίχασ ο οποίοσ ήταν ο πιο στενÞσ συνεργατήσ των προηγούµενων τριών διοικητών τησ Κεντρική θα διευθύνει πλέον µÞνο το τµήµα οικονοµικών ερευνών. Τέλοσ, η ανώτερη διευθύντρια Φωτεινή Φρανκ συνεχίζει να έχει υπÞ την επίβλεψη τησ τα τµήµατα πληροφορικήσ και στατιστικήσ και αναλαµβάνει επίσησ την υπηρεσία λογιστικών υπηρεσιών και προϋπολογισµού.



∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012

∞Ó¿ÛÙ·ÙË Ë ∂˘Úˆ˙ÒÓË… ÙÔ ‚ÈÔÏ› ÙÔ˘˜ ÔÈ °ÂÚÌ·ÓÔ› TÔ˘ ¡›ÎÔ˘ ªÈ¯·ËÏ›‰Ë Σε ελεύθερη πτώση βρέθηκε η ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε η οποία µετά απÞ µια στενή διακύµανση 15 εβδοµάδων διολίσθησε κάτω απÞ το ψυχολογικÞ φράγµα του 1.30, υποχωρώντασ σε νέο χαµηλÞ τεσσάρων µηνών. Συγκεκριµένα η ισοτιµία απÞ τα 1.3100 τησ περασµένησ εβδοµάδοσ ακολουθώντασ έντονη πτωτική πορεία διολίσθησε µέχρι και τα 1.2800, για να διορθώσει στην συνέχεια κοντά στα 1.2850 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Αφορµή βέβαια για την διολίσθηση του Ευρώ έδωσαν οι πολιτικέσ εξελίξεισ απÞ την Ελλάδα. Η αδυναµία τησ Ελλάδοσ να σχηµατίσει κυβέρνηση σπρώχνει την χώρα Þλο και πιο κοντά στην έξοδοσ τησ απÞ το ευρώ. Μια εξέλιξη που αν γίνει πραγµατικÞτητα θα έχει άµεσο και καταστροφικÞ αντίκτυπο Þχι µÞνο στην Ελλάδα αλλά και στην ευρύτερη ζώνη του Ευρώ και ειδικά στην περιφέρεια. Είδη η Fitch στην τελευταία έκθεσή τησ προειδοποιεί πωσ σε ένα τέτοιο σενάριο ενδέχεται να θέσει τα κράτη µέλη τησ ευρωζώνησ σε αρνητικÞ watch list (NWL), ενώ θα πρέπει να επαναξιολογηθεί ο συστηµικÞσ κίνδυνοσ και ο κίνδυνοσ κάθε µέλουσ χωριστά. Ùπωσ επισηµαίνει ο οίκοσ αξιολÞγησησ, οι επιπτώσεισ απÞ µια ενδεχÞµενη αποχώρηση τησ Ελλάδασ απÞ τη ζώνη του ευρώ, είναι εξαιρετικά απροσδιÞριστεσ. Σε µεγάλο βαθµÞ, θα εξαρτηθούν απÞ το πώσ θα ανταποκριθούν οι ευρωπαϊκέσ αρχέσ και εάν θα καταφέρουν να αποτρέψουν τη µετάδοση τησ κρίσησ στα υπÞλοιπα κράτη τησ περιφέρειασ. Σε κάθε περίπτωση, πάντωσ, µια ενδεχÞµενη έξοδοσ τησ Ελλάδασ απÞ το ευρώ θέτει σε άµεσο κίνδυνο την πιστοληπτική ικανÞτητα Þλων των κρατών τησ ευρωζώνησ, σηµειώνει η Fitch. Ο οίκοσ αναφέρει Þτι οι χώρεσ των οποίων οι αξιολογήσεισ βρίσκο-

BOC: ªÂÏÂÙ¿ Û˘ÓÂÚÁ·Û›Â˜ Ì ·ÛÊ·ÏÈÛÙÈΤ˜ Στρατηγικέσ συνεργασίεσ στον τοµέα των ασφαλειών εξετάζει η Τρ. Κύπρου για ενίσχυση των κεφαλαίων τησ και κάλυψη των εποπτικών απαιτήσεων τησ Ευρωπαϊκήσ Αρχήσ Τραπεζών. Η Τράπεζα ανακοίνωσε Þτι αποφάσισε να προχωρήσει στην εξέταση πιθανών στρατηγικών συνεργασιών στον τοµέα των ασφαλιστικών εργασιών. Οι ενέργειεσ αυτέσ αποσκοπούν στην περαιτέρω ενίσχυση των κεφαλαίων του Συγκροτήµατοσ, δεδοµένων των αυξηµένων εποπτικών απαιτήσεων απÞ την Ευρωπαϊκή Αρχή Τραπεζών και τη Βασιλεία Η Τράπεζα Κύπρου ανακοίνωσε κέρδη 300 εκ. ευρώ για το πρώτο τρίµηνο εκ των οποίων τα 16 εκ. ευρώ αφορούσαν καθαρά έσοδα απÞ ασφαλιστικέσ εργασίεσ. Παράλληλα η Τράπεζα αναζητεί κεφάλαια 200 εκ. ευρώ για κάλυψη των νέων εποπτικών απαιτήσεων µέχρι το τέλοσ Ιουνίου, και η διοίκηση του εκτιµά Þτι θα τα καλύψει. Η Τράπεζα προσφέρει ασφαλιστικέσ υπηρεσίεσ σε Κύπρο και Ελλάδα µέσω των Γενικών Ασφαλειών Κύπρου και τησ Eurolife.

∑ËÌȤ˜ €114 ÂÎ. ·fi ÙËÓ ÂÈÚ·Ù›· ÏÔÁÈÛÌÈÎÔ‡ Το 58% των χρηστών Ηλεκτρονικών Υπολογιστών στην Κεντρική και Ανατολική Ευρώπη παραδέχονται πωσ έχουν εξασφαλίσει πειρατικÞ λογισµικÞ, σύµφωνα µε τα αποτελέσµατα τησ «ΠαγκÞσµιασ Μελέτησ τησ BSA για την Πειρατεία Λογισµικού 2011», τα οποία έδωσε στη δηµοσιÞτητα σήµερα η Business Software Alliance (BSA). Ùπωσ προκύπτει απÞ τη µελέτη κάποιοι απÞ τουσ χρήστεσ Ηλεκτρονικών Υπολογιστών δηλώνουν πωσ Þλα τα λογισµικά που χρησιµοποιούν είναι πειρατικά ή τουλάχιστον τα πλείστα απÞ αυτά, ενώ άλλοι δηλώνουν πωσ κάνουν µερική ή σπάνια χρήση µη εξουσιοδοτηµένων προϊÞντων. Στην Κύπρο το ποσοστÞ τησ πειρατείασ ανέρχεται στο 48%, κατά το 2011, γεγονÞσ που καταδεικνύει πωσ σχεδÞν ένα στα δύο προγράµµατα που χρησιµοποιούνται, είναι πειρατικά. Η εξέλιξη αυτή αποτελεί οικονοµική ζηµιά ύψουσ 14 εκ. ευρώ.

18 ª·˚Ô˘ ·ÓÔ›ÁÂÈ ÙȘ ‡Ï˜ Ù˘ Ë 37 ¢ÈÂıÓ‹˜ ŒÎıÂÛË Η 37η ∆ιεθνήσ Εκθεση Κύπρου, το µεγαλύτερο εµπορικÞ γεγονÞσ τησ Κύπρου, ανοίγει τισ πύλεσ τησ την Παρασκευή 18 Μαΐου και θα διαρκέσει µέχρι και τισ 27 Μαΐου. Η έκθεση θα λειτουργεί απÞ τισ 18:00 – 23:00 καθηµερινά πλην του Σαββάτου που θα κλείνει τα µεσάνυκτα. Η τιµή εισÞδου παραµένει και φέτοσ στα 5 ευρώ, ενώ για παιδιά µέχρι 12 ετών, καθώσ και για τα µέλη τησ Παγκύπριασ Οργάνωσησ Πολυτέκνων και για τα µέλη τησ Παγκύπριασ Οργάνωσησ Πενταµελούσ Οικογένειασ, η είσοδοσ είναι δωρεάν . Στουσ εκθεσιακούσ χώρουσ θα προβληθούν Þλοι οι τοµείσ του εµπορίου, τησ οικονοµίασ και γενικÞτερα τησ επιχειρηµατικήσ δραστηριÞτητασ, Þπωσ σπίτι, οικιακÞσ εξοπλισµÞσ, µηχανήµατα, εργαλεία, υπηρεσίεσ και τεχνολογία, καθώσ και ειδικέσ θεµατικέσ εκθέσεισ Þπωσ η Παγκύπρια Εκθεση ΝαυτικÞ ΣαλÞνι, η Εκθεση Εσωτερικού Τουρισµού «CYTOUR», η Εκθεση προκατασκευασµένων σπιτιών και την Εκθεση Αυτοκινήτου Αντίκασ.

√È ÔÏÈÙÈΤ˜ ÂÍÂÏ›ÍÂȘ ·fi ∂ÏÏ¿‰· ¤‰ˆÛ·Ó ÙËÓ ·ÊÔÚÌ‹ ÁÈ· Ó¤· ¤ÎÚËÍË ·ÓËÛ˘¯ÈÒÓ ÛÙËÓ ∂˘Úˆ˙ÒÓË ÙËÓ ›‰È· ÒÚ· Ô˘ ÙÔ ∂˘ÚÒ ‰ÈÔÏÈÛı·›ÓÂÈ Î¿Ùˆ ·fi ÙÔ „˘¯ÔÏÔÁÈÎfi ÊÚ¿ÁÌ· ÙÔ˘ 1.30 νται ήδη σε RWN θα κινδυνεύσουν µε άµεση υποβάθµιση. ΠρÞκειται για χώρεσ Þπωσ οι Κύπροσ, Γαλλία, Ιρλανδία, Ιταλία, Πορτογαλία, Ισπανία, Σλοβενία, Βέλγιο. Την ίδια ώρα οι εκτιµήσεισ για το κÞστοσ εξÞδου τησ Ελλάδοσ δίνουν και παίρνουν αφού σύµφωνα µε αναλυτέσ κυµαίνονται απÞ 100δισ µέχρι και 400δισ. Βασικά αν αναλογιστεί κανείσ πωσ οι εκτιµήσεισ απÞ την πτώχευση τησ Lehman µιλούσαν για ένα ποσÞ γύρω στα 200δισ µε το ποσÞ αυτÞ στο τέλοσ να υπερβαίνει το 1τρισ αντιλαµβάνεται κανείσ τον κίνδυνο που ελλοχεύει στην παγκÞσµια οικονοµία µια πτώχευση κράτουσ µέλουσ τησ Ευρωζώνησ. Βεβαίωσ η Þλη συζήτηση περί πτώχευσησ τησ Ελλάδοσ είναι µÞνο η αφορµή του απÞλυτου χάουσ που έχει περιέλθει η Ευρωζώνη. Είναι ξεκάθαρο εδώ και καιρÞ πωσ η εγκληµατική πολιτική λιτÞτητασ που έχουν επιβάλει οι Γερµανοί αργά ή γρήγορα θα έστελλε τα κράτη µέλη στον γκρεµÞ. Η Γερµανία, πρέπει να αναθεωρήσει τουσ Þρουσ του συµφώνου δηµοσιονοµικήσ πειθαρχίασ, να χαλαρώσει την νοµισµατική πολιτική και να αποδεχθεί Þτι οι περικοπέσ απÞ µÞνεσ τουσ δεν µασ οδηγούν προσ την ανάκαµψη. Αν συνεχίσουµε στον ίδιο δρÞµο, ενδέχεται να εξαπλωθεί η πολιτική αστάθεια Þπωσ αυτή που βλέπουµε τώρα στην Ελλάδα, µε ενδεχÞµενη επίπτωση την άνοδο των εξτρεµιστών. Το µήνυµα απÞ τουσ ψηφοφÞρουσ τησ Ευρώπησ είναι

σαφέσ. Ο κÞσµοσ λέει Þτι δεν αντέχει άλλο το πικρÞ φάρµακο τησ λιτÞτητασ που δεν οδηγεί στην ανάκαµψη. Στην Ελλάδα, η απογοήτευση ενθαρρύνει πιο ανησυχητικέσ πολιτικέσ, απÞ τουσ φασίστεσ τησ Χρυσήσ Αυγήσ µέχρι τισ αριστερίστικεσ φαντασιώσεισ του ΣΥΡΙΖΑ. Αν η Ελλάδα πάει πάλι σε εκλογέσ, Þπωσ φαίνεται πιθανÞ µετά την αποτυχία σχηµατισµού κυβέρνησησ, ο ΣΥΡΙΖΑ µε τισ ριζοσπαστικά αριστερέσ, αντιµνηµονιακέσ εξαγγελίεσ ενδέχεται να κερδίσει 27% τησ ψήφου και να γίνει η κύρια πολιτική δύναµη στη χώρα. Οι προοπτικέσ τησ ισπανικήσ οικονοµίασ είναι εξίσου απελπιστικέσ. Στο µεταξύ, το ιρλανδικÞ δηµοψήφισµα τησ 31ησ Μαΐου για το σύµφωνο δηµοσιονοµικήσ πειθαρχίασ τησ ΕΕ θα είναι άλλο ένα τεστ για το αν οι ευρωπαίοι ψηφοφÞροι είναι πρÞθυµοι να υποστούν πιο άγρια λιτÞτητα, µε αντάλλαγµα ασαφείσ υποσχέσεισ για ανάκαµψη στο πολύ µακρινÞ µέλλον. Μέχρι τώρα τα µηνύµατα απÞ το Βερολίνο παραµένουν τα γνωστά: δεν υπάρχει εναλλακτική. Αλλά αυτÞ µπορεί να αλλάξει. Στην Ευρωπαϊκή Επιτροπή ενισχύεται η άποψη Þτι η τρέχουσα πολιτική τησ λιτÞτητασ δεν µπορεί να σταθεί, αν κάθε κυβέρνηση που έχει συµµορφωθεί σε αυτή απορρίπτεται απÞ τον λαÞ στισ κάλπεσ. Τεχνικά το εβδοµαδιαίο σπάσιµο του 1.30 θεωρείται πολύ σηµαντικÞ και καταλυτικÞ για την ισοτιµία και έχει ανοίξει τον δρÞµο πλέον για τα 1.25. βεβαίωσ µένει να δούµε την αντίδραση των Αµερικάνων σε Þλα αυτά αφού σε καµία περίπτωση δεν έχουν κλείσει την πÞρτα σε ένα νέο κύκλο ποσοτικήσ χαλάρωσησ (QE3). Ίσωσ η Þλη κατάσταση στην Ελλάδα τουσ δώσει το τέλειο άλλοθι υλοποίησησ των σχεδίων τουσ για νέο τύπωµα χρήµατοσ. ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜, Foreign Exchange Analyst Email:

¢È¢ÎÚÈÓ›ÛÂȘ ÁÈ· ¿ÚÛË ·Û˘Ï›·˜ ÙÔ˘ ¶ÚÔ¤‰ÚÔ˘ Σήµερα Τετάρτη 16 Μαΐου 2012, στισ 11:30 το πρωί, θα συνέλθει σε πλήρη Ολοµέλεια το Ανώτατο ∆ικαστήριο, προκειµένου να ακούσει και να εξετάσει διευκρινίσεισ επί τριών αιτήσεων, που κατατέθηκαν απÞ τισ οικογένειεσ θυµάτων τησ έκρηξησ στη Ναυτική Βάση ‘’Ευάγγελοσ Φλωράκησ’’ στο Μαρί, για άρση τησ ασυλίασ του Προέδρου ΧριστÞφια και άσκηση εναντίον του ποινικών διώξεων. Οι σχετικέσ αιτήσεισ ήσαν ορισµένεσ για διευκρινίσεισ ενώπιον τησ πλήρουσ Ολοµέλειασ του Ανωτάτου ∆ικαστηρίου στισ 3 Μαΐου 2012 και αναβλήθηκαν λÞγω ασθενείασ ενÞσ ∆ικαστή, µε πιθανή ηµεροµηνία κατάθεσησ των διευκρινίσεων τη σηµερινή, αργÞτερα Þµωσ οριστικοποιήθηκε η σχετική ηµεροµηνία για τισ 16 Μαΐου 2012 και ενηµερώθηκαν σχετι-

κώσ οι διάδικοι. Ο ανακοίνωσε ήδη την οριστική του απÞφαση να µην επαναδιεκδικήσει την Προεδρία τησ ∆ηµοκρατίασ στισ προεδρικέσ εκλογέσ του 2013. Σε διάγγελµά του προσ τον κυπριακÞ λαÞ, ο ΠρÞεδροσ τησ ∆ηµοκρατίασ είπε Þτι µε δεδοµένο Þτι δεν έχει λυθεί το ΚυπριακÞ και επειδή δεν φαίνεται Þτι µπορεί να υπάρξει καθοριστική πρÞοδοσ τουσ επÞµενουσ µερικούσ µήνεσ, ‘’έχω αποφασίσει οριστικά Þτι θα τιµήσω την προεκλογική µου δέσµευση, δεν θα επαναδιεκδικήσω εκλογή στο ανώτατο αξίωµα του Προέδρου τησ Κυπριακήσ ∆ηµοκρατίασ’’. Ο ΠρÞεδροσ ΧριστÞφιασ διαβεβαίωσε Þτι θα παραµείνει αγωνιστήσ για τη λύση, την επανένωση και τη λύτρωση τησ πατρίδασ και του λαού ‘’µέχρι την τελευταία µου πνοή’’.

¢ÂÓ Ê‡ÁÂÈ Ë Noble ·fi ÙÔ «√ÈÎfiÂ‰Ô 12» ∆ηµοσιεύµατα σε εφηµερίδεσ του Ισραήλ υποστήριζαν πωσ η απÞφαση τησ Noble Energy να µην υποβάλει αίτηση στο δεύτερο γύρο αδειοδÞτησησ για τα οικÞπεδα στην Αποκλειστική Οικονοµική Ζώνη τησ Κυπριακήσ ∆ηµοκρατίασ αποτελεί ένδειξη Þτι αποχωρεί και απÞ το οικÞπεδο 12. Μετά απÞ αυτή την εξέλιξη η Noble διέψευσε κάτι τέτοιο αναφέροντασ, µάλιστα, Þτι Þχι µÞνο δεν αποχωρεί αλλά θέλει να επικεντρωθεί στην ανάπτυξη του οικοπέδου12. Στα σχεδια αναπτυξησ τησ Noble αναφερθηκε και ο Υπουργοσ Εµπορίου, Νεοκλήσ Συλικιώτησ, διαψεύδοντασ, µε τη σειρά του τη φηµολογία περί αποχώρησησ. «Είµαστε στο τελευταίο στάδιο των επαφών, έχουν παρουσιάσει το σχέδιο ανάπτυξησ, θα τουσ αποστείλουµε κάποια ερωτήµατα και ελπίζω µέχρι το τέλουσ αυτού του µήνα να έχουµε

τισ εκθέσεισ τησ οµάδασ επαφήσ.» Ùπωσ δήλωσε ο ΥπουργÞσ τισ τελευταίεσ βδοµάδεσ τέθηκε ο διάλογοσ µε τη Noble σε µια δοµηµένη βάση και πωσ την Πέµπτη θα πραγµατοποιήσει συνάντηση µε το ∆ιευθυντή τησ Noble στην Κύπρο Τζον ΤÞµιτσ. Σηµείωσε επίσησ πωσ ο σχεδιασµÞσ τησ Noble προχωρά σύµφωνα µε τα χρονοδιαγράµµατα. Ο ΥπουργÞσ Εµπορίου κλήθηκε να σχολιάσει και την επιστολή που απηύθυνε ο Αναπληρωτήσ ΠρÞεδροσ του ∆ηµοκρατικού Συναγερµού, Αβέρωφ Νεοφύτου, προσ τη Γενική Λογίστρια, εγείροντασ ερωτηµατικά για πιθανέσ σοβαρέσ παρατυπίεσ στη διαδικασία κατασκευήσ του τερµατικού στο ΒασιλικÞ. «Θεωρώ Þτι δεν είναι σωστÞ να υπάρχουν αυτέσ οι παρεµβάσεισ. Ηδη στάληκαν οι Þροι για τισ προσφορέσ

¶·Ú·Ì¤ÓÔ˘Ì Û ‡ÊÂÛË ΑρνητικÞ ρυθµÞ ανάπτυξησ, για τρίτο στη σειρά τρίµηνο, κατέγραψε στο 1ο τρίµηνο του 2012 η κυπριακή οικονοµία, µε το Ακαθάριστο Εγχώριο ΠροϊÞν (ΑΕΠ) να υποχωρεί κατά 1,5%, σε σύγκριση µε το αντίστοιχο τρίµηνο του 2011, λÞγω συρρίκνωσησ των κατασκευών και τησ Βιοµηχανίασ. Σύµφωνα µε την Προκαταρκτική Εκτίµηση (Flash Estimate) που ανακοίνωσε η Στατιστική Υπηρεσία τησ Κύπρου, µετά τη διÞρθωση του ΑΕΠ ωσ προσ τισ εποχικέσ διακυµάνσεισ και τισ εργάσιµεσ µέρεσ, ο ρυθµÞσ ανάπτυξησ υπολογίζεται στο -1,4%, σε ετήσια βάση. Aρνητικούσ ρυθµούσ ανάπτυξησ παρουσίασε το 1ο τρίµηνο του 2012 ο δευτερογενήσ τοµέασ τησ οικονοµίασ (Κατασκευέσ, Βιοµηχανία, ΗλεκτρισµÞσ), Þπωσ επίσησ οι τοµείσ του Εµπορίου και των Μεταφορών. Αντίθετα, θετικούσ ρυθµούσ ανάπτυξησ παρουσίασαν οι τοµείσ των Τραπεζών και των Υπηρεσιών (∆ηµÞσια διοίκηση, Εκπαίδευση, Υγεία, λοιπέσ υπηρεσίεσ). Σύµφωνα µε τα στοιχεία, σε σύγκριση µε το προηγούµενο τρίµηνο (4ο τρίµηνο του 2011), το ΑΕΠ συρρικνώθηκε το α’ τρίµηνο του 2012 κατά 0,3%, µετά τη διÞρθωση του ωσ προσ τισ εποχικέσ διακυµάνσεισ και τισ εργάσιµεσ µέρεσ. Η κυπριακή οικονοµία είχε συρρικνωθεί κατά 0,8% στο 4ο τρίµηνο του 2011, σε σύγκριση µε το 4ο τρίµηνο του 2010, ενώ κατέγραψε συρρίκνωση κατά 0,2% στο 3ο τρίµηνο πέρσι. Στο 2ο τρίµηνο του 2011 η κυπριακή οικονοµία είχε σηµειώσει ανάπτυξη 1,4%, σε σύγκριση µε το 2ο τρίµηνο του 2010.

στισ πέντε εταιρείεσ που έχουν προεπιλεγεί.» Σε δηλώσεισ του ο Αβέρωφ Νεοφύτου επέµεινε στα ερωτηµατικά, και Þσον αφορά τη νοµιµÞτητα τη διαδικασίασ που ακολουθήθηκε στο δεύτερο γύρο αδειοδÞτησησ. "Αν πάµε το 2007 για µία αίτηση απÞ µία εταιρεία χρειαστήκαµε 18 µήνεσ. Τώρα έχουµε 33 αιτήσεισ για 9 οικÞπεδα και στουσ Þρουσ προσφορών η κυβέρνηση πρÞσθεσε Þτι απÞ τισ 11 Μαίου και µέχρι τισ 11 του Νοεµβρίου θα πρέπει να ολοκληρωθούν οι διαπραγµατεύσεισ και η υπογραφή των συµβολαίων. Πωσ µπορεί να ισχύσει µια αξιολÞγηση απÞ 5 άτοµα εάν το Ανώτατο κρίνει Þτι ο νÞµοσ που ψήφισε η Βουλή είναι συνταγµατικά ορθώσ". Καταλήγοντασ ο Αβέρωφ Νεοφύτου σηµείωσε Þτι κακώσ ο ΠρÞεδροσ ΧριστÞφιασ παρέµεµψε το συγκεκριµένο νÞµο στο Ανώτατο.

§·˚΋ ∆Ú¿Â˙·: ∂ӉȷʤÚÔÓ ·fi ¡ÙÔ˘Ì¿È Ενδιαφέρον για συµµετοχή στην προσπάθεια κεφαλαιακήσ ενίσχυσησ του Οµίλου τησ Λαϊκήσ Τράπεζασ, έχει επιδείξει το ΕπενδυτικÞ Ταµείο του Ντουµπάι, σύµφωνα µε πληροφορίεσ που είδαν το φωσ τησ δηµοσιÞτητασ. Ήδη, η Λαϊκή Τράπεζα διατηρεί ανοικτή γραµµή επικοινωνίασ µε το υπουργείο Οικονοµικών και την Κεντρική Τράπεζα, µε στÞχο την επιτυχή ανακεφαλαιοποίηση του Οµίλου. ΡÞλο εγγυητή αναµένεται να διαδραµατίσει το κράτοσ, προκειµένου να ενισχυθεί το επενδυτικÞ ενδιαφέρον και νέων µετÞχων. Την ίδια ώρα η τράπεζα προχωρά στην κατάρτιση σχεδίου κινήτρων προσ τουσ µετÞχουσ, για συµµετοχή στην έκδοση κεφαλαίου που προγραµµατίζεται για τον Ιούνιο. ΣτÞχοσ του σχεδίου είναι η µέγιστη δυνατή συµµετοχή υφιστάµενων και νέων µετÞχων στην έκδοση rights ύψουσ 1,8 δισ ευρώ ώστε να µειωθεί η κρατική στήριξη τησ Τράπεζασ. Η Τράπεζα προσπαθεί το τελευταίο εξάµηνο να εντοπίσει νέουσ ιδιώτεσ επενδυτέσ για συµµετοχή στην έκδοση. Οι προσπάθειεσ προσκρούουν Þµωσ στην αβεβαιÞτητα που υπάρχει στην Ελλάδα. ΤÞσο η πολιτική Þσο και η οικονοµική κατάσταση στην Ελλάδα δηµιουργούν ανησυχία για την ποιÞτητα του χαρτοφυλακίου τησ Λαϊκήσ, αποθαρρύνοντασ νέουσ επενδυτέσ.


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012



¶ÂÏ·ÁÔ‰ÚÔÌԇ̠Î. ™È·ÚÏ‹ ∆Ô˘ ∞ÓÙÒÓË §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘ Ένασ καλοπροαίρετοσ επενδυτήσ θα πίστευε Þτι στα µικρά Κράτη οι αποφάσεισ θα ήταν πιο άµεσεσ και ευέλικτεσ. Γράφουµε και γράφουµε, κάνουµε επαφέσ, σεµινάρια προσ την κατεύθυνση αφύπνισησ του κράτουσ να εφαρµÞσει το µέτρο Permanent Residency + House Purchase και εκείνο του Passports for Cash & Επενδύσεισ και ακÞµη πελαγοδροµούµε. Φίλτατε κ. Σιαρλή, αναζητούµε ωσ Κυπριακή οικονοµία να καλύψουµε το έλλειµµα των 200 εκ. ευρώ, ενώ το ίδιο το Κράτοσ έχει ήδη τισ νοµοθεσίεσ/δυνατÞτητεσ να τισ καλύψει και µε το παραπάνω απÞ επενδύσεισ του εξωτερικού χωρίσ ιδιαίτερα δάνεια απÞ το Κράτοσ. Μετά απÞ επίµονεσ δικέσ µασ προσπάθειεσ για 1,5 έτοσ και µε το σεµινάριο στην Τράπεζα Κύπρου (ηµερ. 30/11/2011) µε δική µασ πρωτοβουλία επί του θέµατοσ και πρÞσθετα στισ προσπάθειεσ του ΚΕΒΕ, ακÞµη δεν ξέρουµε τι γίνεται. - ΑντιλαµβανÞµεθα Þτι η ερµηνεία Permanent Residency (µÞνιµη κατοικία – δηλαδή ο ενδιαφερÞµενοσ να ζει στην Κύπρο 183 µέρεσ τον χρÞνο) ο Þροσ αυτÞσ θα ερµηνεύεται πλέον πιο φιλελεύθερα, µε την παραµονή του ενδια-

φερÞµενου 2-3 µέρεσ τον χρÞνο (να επιβεβαιωθεί). – ∆εν γνωρίζουµε. Ο Þροσ για αγορά κατοικίασ 300.000 ευρώ έχει αυξηθεί σε 400.000 ευρώ (;;). – ∆εν γνωρίζουµε. Ο Þροσ για Passport for Cash µε επένδυση 15 εκ. ευρώ έχει µειωθεί σε 10 εκ. ευρώ– και πάλι µε Þρο για µÞνιµη κατοικία µε την ανάλογη νέα ερµηνεία (να επιβεβαιωθεί). – ∆εν γνωρίζουµε - Οι αιτήσεισ θα εξετάζονται απÞ επιτροπή η οποία τώρα συνέρχεται 2 φορέσ τον χρÞνο σε(;;) θα είναι µια φορά τον µήνα; - Να ελεγχθεί επίσησ εάν οι συνεντεύξεισ θα είναι στην Κυπριακή πρεσβεία τησ χώρασ του αιτητή και/ή στην Κύπρο. ∆εν γνωρίζουµε. - Έχουµε ωσ µεµονωµένο Γραφείο αρκετέσ αιτήσεισ για αγορά στέγησ και επενδύσεισ, µε πρώτιστο ερώτηµα “σε πÞσο χρÞνο θα µασ απαντήσετε” (γιατί να αγοράζει κάποιοσ την κατοικία του Þταν δεν γνωρίζει εάν θα του δοθεί ή Þχι η άδεια;;). Υπάρχει τώρα αίτηση στην CIPA για υπÞθεση επένδυσησ 15 εκ. ευρώ µε µÞνο ένα ερώτηµα “πÞτε θα µου απαντήσετε”. - Η αγορά στέγησ µέσω Κυπριακήσ εταιρείασ ελεγχÞµενη απÞ τον αιτητή δικαιούται την βίζα/διαβατήριο; - ∆εν γνωρίζουµε. - Επαναλαµβάνουµε σχετικÞ δηµοσίευµα για την Ιρλανδία – ίδε και νέεσ διευκολύνσεισ που έχουν σχέση µε αγορά Κυβερνητικών οµολÞγων, δηµιουργία θέσεων εργασίασ, χαµηλÞτερη φορολογία για τα στελέχη κλπ κλπ. Παράδειγµα

∂ÓËÌÂÚÒıËÎÂ Ë ∂¶∞ ÁÈ· ÂÍ·ÁÔÚ¿ Peugeot Την Επιτροπή Ανταγωνισµού, ενηµέρωσε η εταιρεία Demstar για την εξαγορά τησ εταιρείασ Peugeot. Η Υπηρεσία τησ Επιτροπήσ Προστασίασ του Ανταγωνισµού έλαβε απÞ την εταιρεία Demstar Automotive Ltd κοινοποίηση για την εξαγορά απÞ την εταιρεία MPM Eurocars Ltd τησ επιχειρηµατικήσ δραστηριÞτητασ για την αντιπροσώπευση και εµπορία αυτοκινήτων και µοτοσικλετών PEUGEOT και µοτοσικλετών PIAGGIO και GILERA. Η εταιρεία Demstar Automotive Ltd δραστηριοποιείται στην εισαγωγή και εµπορία αυτοκινήτων, µοτοσικλετών, εξωλέµβιων µηχανών και ανταλλακτικών τησ κατασκευάστριασ εταιρείασ Honda, στη λειτουργία σταθµών επιδιÞρθωσησ και συντήρησησ καθώσ και στην εισαγωγή και εµπορία σκαφών αναψυχήσ. Η MPM Eurocars Ltd δραστηριοποιείται στην εισαγωγή και εµπορία αυτοκινήτων και µοτοσικλετών τησ κατασκευάστριασ εταιρείασ Peugeot, στην εισαγωγή και εµπορία µοτοσικλετών των κατασκευαστριών εταιρειών Piaggio και Gilera και ανταλλακτικών των υπÞ αναφορά κατασκευαστών, στη λειτουργία σταθµών επιδιÞρθωσησ και συντήρησησ.

467 ÂÎ. ¿ÓÙÏËÛ €4 ÙÔ ‰ËÌfiÛÈÔ Με σηµαντική υπερκάλυψη έκλεισαν οι εκδÞσεισ βραχυπρÞθεσµου χρέουσ του Υπουργείου Οικονοµικών, µε το κράτοσ να αντλεί σύνολο 467 εκ ευρώ. Αρχικά το Υπουργείο Οικονοµικών προχώρησε στην Έκδοση Γραµµατίων δηµοσίου 13 εβδοµάδων ύψουσ 258 εκατοµµυρίων ευρώ µε µέση απÞδοση 4,38%. Η αρχική δηµοπράτηση ήταν 150 εκ. ευρώ αλλά λήφθηκαν ανταγωνιστικέσ και µη ανταγωνιστικέσ προσφορέσ ύψουσ 258 εκ. ευρώ, που αντιστοιχούν σε υπερκάλυψη κατά 172% και οι οποίεσ έγιναν αποδεκτέσ. Oι ανταγωνιστικέσ προσφορέσ ήταν ύψουσ 200 εκ. ευρώ και οι µη ανταγωνιστικέσ προσφορέσ ανήλθαν σε 58 εκ. ευρώ. H κατώτατη και ανώτατη τιµή των ανταγωνιστικών προσφορών που έγιναν αποδεκτέσ ήταν 988,97 ευρώ και 989,20 ευρώ αντίστοιχα για κάθε 1.000 ευρώ ονοµαστικήσ αξίασ Γραµµατίων του ∆ηµοσίου που αντιπροσωπεύουν ετήσιεσ αποδÞσεισ µέχρι τη λήξη τουσ ύψουσ 4,41% και 4,32%. Tο Υπουργείο Οικονοµικών προχώρησε επίσησ και στην δηµοπράτηση Γραµµατίων ∆ηµοσίου 30 εβδοµάδων ύψουσ 209 εκ. ευρώ µε µέση απÞδοση, σε µια έκδοση που αντιστοιχεί σε υπερκάλυψη κατά 209% του αρχικού ποσού τησ έκδοσησ. Οι ανταγωνιστικέσ προσφορέσ ήταν ύψουσ 150 εκ. ευρώ και οι µη ανταγωνιστικέσ προσφορέσ ύψουσ 59 εκ. ευρώ. Η κατώτατη και ανώτατη τιµή των ανταγωνιστικών προσφορών που έγιναν αποδεκτέσ ήταν 996,55 ευρώ και 996,59 ευρώ αντίστοιχα για κάθε Γραµµάτιο ∆ηµοσίου ονοµαστικήσ αξίασ 1.000 ευρώ, που αντιπροσωπεύουν ετήσιεσ αποδÞσεισ µέχρι τη λήξη ύψουσ 4,15% και 4,11% αντίστοιχα.

προσ µίµηση ιδιαίτερα Þταν κατά τον πρωθυπουργÞ τησ Ιρλανδίασ λέει Þτι µασ αντέγραψαν. - Η τελευταία δήλωση του πρώην Υπουργού Οικονοµικών (κ. Καζαµία) περί ενίσχυσησ και αναβάθµισησ του CIPA θα πρέπει να ενισχυθεί και απÞ το ΚΕΒΕ/ΕΒΕΛ µε δηλώσεισ και πιέσεισ. - Ειδικά και µÞνο το Γραφείο µασ έχει µια οµάδα ενδιαφερÞµενων Αιγυπτίων αγοραστών παραθαλάσσιων κατοικιών στο έργο Possidon για 7 κατοικίεσ µέσου κÞστουσ 1.2 εκ. ευρώ η κάθε µια, ισούται πάνω κάτω µε 8 εκ. ευρώ που περιµένουν απαντήσεισ πριν να αποφασίσουν, ενώ γνωστÞσ επιχειρηµατίασ ανάπτυξησ διάθεσε αυτÞν τον µήνα κατοικία σε Αιγύπτιο 7.5 εκ. ευρώ στην ΛεµεσÞ. - Ο πρÞεδροσ του Λευκορωσικού συνδέσµου ανάπτυξησ µασ ζήτησε να του δώσουµε

λεπτοµέρειεσ για ξένουσ επενδυτέσ στην Κύπρο. Τι θα του απαντήσουµε Þτι ακÞµη το Þλο θέµα είναι οµιχλώδεσ; - ΒρετανικÞ περιοδικÞ το οποίο εκδίδεται στην Κίνα µασ υπέβαλε παρÞµοια ερώτηση. Τι θα του απαντήσουµε; - Οι δικέσ µασ προτάσεισ για µη περιορισµÞ τησ ηλικίασ (ίδε προηγούµενο µασ δηµοσίευµα) είναι ένα βασικÞ στοιχείο. ΠρÞσφατα πουλήσαµε κατοικία 1.5 εκ. ευρώ σε 23χρονο Ρώσο µε στÞχο µÞνιµη παραµονή που του κάνει δώρο ο παππούσ του. Θα του πούµε τώρα Þχι δεν µπορεί να παραµείνει διÞτι δεν είναι άνω απÞ 30 ετών;; Ο παππούσ τώρα, για να είναι κοντά στον εγγονÞ, αγοράζει απÞ εµάσ διπλανή κατοικία 5 εκ. ευρώ!! – Τι θα του απαντήσουµε; Προτείνουµε, αφού ξεκαθαρίσουν τα πιο πάνω και µε πίεση και απÞ τισ Συντεχνίεσ, οι νέεσ αποφάσεισ να γίνουν πράξεισ έστω σε χρονική περίοδο 30 ηµερών. Μετά, οργανωµένοι ωσ ΚΕΒΕ, CIPA και Επιχειρηµατίεσ Ανάπτυξησ/Επένδυσησ (golf-µαρίνεσ κλπ) να γίνει µια επενδυτική επίθεση µε εκθέσεισ σε χώρεσ Þπωσ η Αίγυπτοσ-Συρία-Μπαχρέιν και Λίβανο – Μαζί τράπεζεσ και ίσωσ και η Κεντρική σε εκθέσεισ µε τα εκεί ΚΕΒΕ τουσ. Παρακαλώ για τισ δικέσ σασ σκέψεισ και ενέργειεσ και των συντεχνιών που µαστίζονται απÞ την ανεργία τησ οικοδοµήσ βιοµηχανίασ. Koινοποίηση προσ τον ΠρÞεδρο Επιτροπήσ Οικονοµικών Βουλήσ, ΚΕΒΕ, ΟΕΒ.

™ÙÔ ÌÈÎÚÔÛÎfiÈÔ Ù˘ µÔ˘Ï‹˜ ÙÔ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎfi Û‡ÛÙËÌ· Συζήτηση για τον τρÞπο διεξαγωγήσ έρευνασ, σε κοινοβουλευτικÞ επίπεδο, για την κατάσταση του χρηµατοπιστωτικού συστήµατοσ, ξεκίνησε στην Επιτροπή Οικονοµικών τησ Βουλήσ, σύµφωνα µε τον ΠρÞεδρÞ τησ ΝικÞλα ΠαπαδÞπουλο, µε ενδεχÞµενο κατάληξησ τησ συζήτησησ την ερχÞµενη ∆ευτέρα Þπου θα κατατεθούν οι απÞψεισ Þλων των κοινοβουλευτικών κοµµάτων σε σχέση µε τη µεθοδολογία που θα ακολουθηθεί. ‘’Σίγουρα πρέπει να γίνει έρευνα, σίγουρα πρέπει να ερευνηθούν οι τράπεζεσ, τα ∆Σ των τραπεζών, ο εποπτικÞσ ρÞλοσ τησ ΚΤ, αλλά πρέπει να ερευνηθεί

και ο ρÞλοσ τησ Κυβέρνησησ σε αυτά τα δεδοµένα που έχουµε σήµερα ενώπιον µασ’’, είπε ο κ. ΠαπαδÞπουλοσ, ύστερα απÞ κεκλεισµένων των θυρών συνεδρία τησ Επιτροπήσ Οικονοµικών, στην οποία συζητήθηκε το θέµα τησ διεξαγωγήσ έρευνασ. Παράλληλα, είπε Þτι ενδεχοµένωσ στην επÞµενη συνεδρία τησ Επιτροπήσ Οικονοµικών να γίνει εισήγηση για τη σύσταση µιασ ειδικήσ ad-hoc επιτροπήσ τησ Βουλήσ για να εξετάσει αυτÞ το τεράστιο κεφάλαιο. Ανέφερε επίσησ Þτι στην Επιτροπή Οικονοµικών ‘’θα εξεταστεί το πÞτε θα

γίνει αυτή η έρευνα γιατί εγείρονται πολλά ερωτηµατικά κατά πÞσο µια τέτοια έρευνα θα πρέπει να διεξαχθεί πριν την ολοκλήρωση τησ διαδικασίασ τησ ανακεφαλαιοποίησησ των τραπεζών’’. Ερωτηθείσ κατά πÞσον θα διεξαχθεί µια έρευνα ή δύο έρευνεσ που θα αφορά η µια τεχνικά θέµατα και η άλλη πολιτικά θέµατα, ο κ. ΠαπαδÞπουλοσ είπε Þτι αναφέρεται σε έρευνα για τα τεχνικά θέµατα, καθώσ ‘’για τα πολιτικά θέµατα µπορούν να γίνουν µελέτεσ και εκθέσεισ απÞ πλευράσ των αντίστοιχων επιτροπών µετά που θα έχει ολοκληρωθεί η τεχνική µελέτη’’.

∞Ô˙ËÌ›ˆÛË ÁÈ· ÙȘ ‚Ï¿‚˜ ÛÂ Û˘Û΢¤˜ ÏfiÁˆ ‰È·ÎÔÒÓ Ú‡̷ÙÔ˜ Η Αρχή Ηλεκτρισµού Κύπρου αφού έγινε δέκτησ παραπÞνων απÞ πελάτεσ/καταναλωτέσ για συσκευέσ που πιθανÞ να υπέστησαν βλάβη λÞγω µη προγραµµατισµένησ διακοπήσ στην παροχή ηλεκτρισµού υπογραµµίζει τα εξήσ: Στισ περιπτώσεισ µη προγραµµατισµένων διακοπών στην παροχή ηλεκτρικήσ ενέργειασ λÞγω βλαβών στο σύστηµα Παραγωγήσ ή στο δίκτυο Μεταφοράσ/∆ιανοµήσ τησ ΑΗΚ οι καταναλωτέσ οι οποίοι θεωρούν Þτι κάποιεσ συσκευέσ τουσ έχουν υποστεί βλάβη λÞγω των διακοπών αυτών µπορούν να αποτείνονται γραπτώσ σε Þλα τα Κέντρα Εξυπηρέτησησ Πελατών τησ ΑΗΚ για να αιτηθούν αποζηµίωση. Στην επιστολή/αίτηµα αποζηµίωσησ, οι πελάτεσ συµβουλεύονται να περιλάβουν τα εξήσ: l Ùνοµα και ΑριθµÞ Λογαριασµού πελάτη τησ ΑΗΚ l στοιχεία επικοινωνίασ πελάτη/ αιτητή l ηµεροµηνία και ώρα µη προγραµµατισµένησ διακοπήσ l Περιγραφή συσκευήσ (έτοσ αγοράσ συσκευήσ, αξία πρώτησ αγοράσ, µάρκα) και αν υπάρχει απÞδειξη πρώτησ αγοράσ να προσκοµιστεί. Στην ιστοσελίδα τησ ΑΗΚ, , είναι διαθέσιµα οι διευθύνσεισ, τα τηλέφωνα επικοινωνίασ καθώσ και ο αριθµÞσ φαξ για Þλα τα Κέντρα Εξυπηρέτησησ Πελατών τησ Αρχήσ. Το κοινÞ υπενθυµίζεται Þτι µπορεί να απευθύνεται για οποιαδήποτε παράπονα που αφορούν το δίκτυο Μεταφοράσ/∆ιανοµήσ ή λογαριασµούσ, στουσ ακÞλουθουσ παγκύπριουσ τετραψήφιουσ τηλεφωνικούσ αριθµούσ: - 1800, για πλήρη και ποιοτική τηλεφωνική ανταπÞκριση κατά τη διάρκεια µεγάλων βλαβών που δηµιουργούν εκτετα-

µένεσ διακοπέσ στην ηλεκτροδÞτηση, έτσι ώστε οι πελάτεσ τησ ΑΗΚ να πληροφορούνται επαρκώσ για τισ περιοχέσ που επηρεάζονται απÞ τισ διακοπέσ και το χρÞνο αποκατάστασησ τησ βλάβησ. Επίσησ η υπηρεσία αυτή προσφέρει ποιοτική ανταπÞκριση στισ καθηµερινέσ µεµονωµένεσ βλάβεσ στο ∆ίκτυο τησ ΑΗΚ, σε υποστατικά καταναλωτών και στον ΟδικÞ ΦωτισµÞ. ΕπιπρÞσθετα καταγράφονται οποιαδήποτε παράπονα των πελατών µασ, σχετικά µε το δίκτυο τησ ΑΗΚ Þπωσ κλαδέµατα σε δένδρα που µπλέκονται σε γραµµέσ τησ ΑΗΚ, προβλήµατα στον οδικÞ φωτισµÞ ή γενικά για παράπονα που αφορούν τισ υπηρεσίεσ που προσφέρει η ΑΗΚ. - 1801, Υπηρεσία Λογαριασµών - Þπου οι πελάτεσ µπορούν να τηλεφωνούν για παράπονα και πληροφορίεσ σχετικά µε το λογαριασµÞ τουσ Þπωσ το υπÞλοιπο του λογαριασµού τουσ, πληροφορίεσ και επεξηγήσεισ για λογαριασµούσ, για τρÞπουσ εξÞφλησησ λογαριασµών, για διαδικασία σύνδεσησ, επανασύνδεσησ / αποσύνδεσησ / µεταβίβασησ, καθώσ και επεξηγήσεισ για οικιακέσ διατιµήσεισ κλπ. Οι πληροφορίεσ µπορούν να δοθούν αυτοµατοποιηµένα στουσ πελάτεσ µασ αφού πληκτρολογήσουν τον αριθµÞ λογαριασµού τουσ ή µέσω Λειτουργού του Κέντρου Τηλεξυπηρέτησησ. - και σε Þλα τα Κέντρα Εξυπηρέτησησ Πελατών τησ ΑΗΚ Þπωσ αναφέρεται πιο πάνω. Η ΑΗΚ διαβεβαιώνει τουσ πελάτεσ τησ Þτι Þλα τα παράπονα/αιτήµατα για αποζηµίωση που λαµβάνονται καταγράφονται, διερευνώνται απÞ αρµÞδιο προσωπικÞ και οι παραπονούµενοι καταναλωτέσ τυγχάνουν τησ σχετικήσ απάντησησ.


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012

∫À¶ƒπ∞∫∏ ¶ƒ√∂¢ƒπ∞

∆ÂϤÛÙËÎ·Ó Ù· ÂÁη›ÓÈ· ÙÔ˘ ·Ó·Î·ÈÓÈṲ̂ÓÔ˘ FILOXENIA Η κυπριακή ιστορία και πολιτισµÞσ, το χρώµα και άρωµα του νησιού, είναι τα κυρίαρχα στοιχεία του υπερσύγχρονου Συνεδριακού Κέντρου FILOXENIA, που θα δεχθεί τουσ υψηλούσ καλεσµένουσ ενÞψει τησ Κυπριακήσ Προεδρίασ τησ Ευρωπαϊκήσ Ενωσησ που αρχίζει την 1η Ιουλίου 2012. Τα εγκαίνια του ανακαινισµένου FILOXENIA τελέστηκαν ψεσ απÞ τον ΠρÞεδρο τησ ∆ηµοκρατίασ ∆ηµήτρη ΧριστÞφια. Οι κατασκευέσ στο κτίριο διήρκησαν δύο χρÞνια και η δαπάνη ανήλθε στα 20,5 εκ. ευρώ, προσφέροντασ ένα συνεδριακÞ κέντρο υψηλών προδιαγραφών και επιπέδων. Το λογÞτυπο τησ Κυπριακήσ Προεδρίασ του Συµβουλίου τησ ΕΕ, µε το χρώµα του καραβιού στο µπλε και τα ιστία του µε χάλκινο και πράσινο θα είναι σε διάφορα σηµεία του κτιρίου. Μαζί µε το καράβι/πουλί που απεικονίζεται στο λογÞτυπο τησ Κυπριακήσ Προεδρίασ του Συµβουλίου τησ ΕΕ, και συµβολίζει το Þραµα τησ Κυπριακήσ Προεδρίασ για µια καλύτερη Ευρώπη, πιο κοντά στουσ πολίτεσ τησ, τουσ γείτονέσ τησ και ολÞκληρο τον κÞσµο, αλλά και πιο αποτελεσµατική για να αντιµετωπίσει τισ σύγχρονεσ προκλήσεισ, η διακÞσµηση του FILOXENIA, θα είναι τέτοια ώστε να τιµά την ονοµασία του. Το κτίριο, ανακαινίστηκε µε τέτοιο τρÞπο ύστερα απÞ µελέτη, καταγραφή και κωδικοποίηση εµπειριών απÞ άλλεσ χώρεσ, δήλωσε ο Αναπληρωτήσ ∆ιευθυντήσ ∆ηµοσίων Εργων Νίκοσ Ιακώβου. Στο κτίριο θα υπάρχουν δύο σηµαντικά έργα τέχνησ, που θα καταδεικνύουν την ιστορική πορεία τησ Κύπρου και τον πολιτισµÞ τησ. Σύµφωνα µε τον συντονιστή του Þλου έργου, αρχιτέκτονα Φοίβο Ιακωβίδη, ένα ψηφιδωτÞ που υπήρχε στο ξενοδοχείο FILOXENIA θα είναι τοποθετηµένο στον τοίχο του χώρου γευµάτων εργασίασ Υπουργών. Η ονοµασία του έργου είναι ‘’Οι πέντε βασιλείσ’’ και αναφέ-

™Ù· €20,5 ÂÎ. ÙÔ ÎfiÛÙÔ˜ ρεται σε µια δεξίωση που είχε παραχωρήσει τον 13ο αιώνα, ο ∆ήµαρχοσ Λονδίνου σε πέντε βασιλείσ - τησ Αγγλίασ, Σκωτίασ, Ουαλίασ, Γαλλίασ και Κύπρου - που έµεινε ιστορική. Στην συγκεκριµένη δεξίωση, κεράστηκε στουσ βασιλείσ και κυπριακÞ κονιάκ ύστερα απÞ ειδική παραγγελία απÞ τουσ αµπελώνεσ τησ οροσειράσ του ΤροÞδουσ. Το άλλο έργο τέχνησ στο FILOXENIA είναι µια κεραµική τοιχογραφία µε τίτλο ‘’Γέννηση και αναγέννηση’’. Μιλώντασ µε το δηµιουργÞ του, κεραµίστα και πρώην καθηγητή στο Πανεπιστήµιο τησ Βαγδάτησ Βαλεντίνο Χαραλάµπουσ,

µασ είπε Þτι ‘’πρÞκειται για ένα εικαστικÞ έποσ µε βάση την ιστορία τησ Κύπρου, η οποία καλύπτεται ή αντιπροσωπεύεται απÞ τα σύµβολα ή συµβολικέσ εικÞνεσ τησ εκάστοτε ιστορικήσ περιÞδου τησ Κύπρου’’. Η τοιχογραφία αυτή κατασκευάστηκε ύστερα απÞ παραγγελία του Υπουργείου Συγκοινωνιών τησ Κυπριακήσ ∆ηµοκρατίασ τη δεκαετία του ‘60 για να τοποθετηθεί στο νέο -τÞτεΑεροδρÞµιο Λευκωσίασ. Η τοιχογραφία έχει µήκοσ 7,5 µέτρα επί 2,5 µέτρα ύψοσ. Τα εγκαίνια τοποθέτησησ τησ τοιχογραφίασ έκανε ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, Αρχιεπίσκοποσ Μακάριοσ Γ’ το 1967. Η τοιχογραφία παρέµεινε εκεί µέχρι το 1974, οπÞτε ύστερα απÞ πρωτοβουλίεσ µεταφέρθηκε στισ αποθήκεσ του Υπουργείου Συγκοινωνιών. ‘’Η τοιχογραφία έχει κι αυτή το µερίδιο τησ απÞ την εισβολή του 1974’’, µασ είπε ο δηµιουργÞσ τησ. Στο FILOXENIA Þµωσ, οι ονοµασίεσ απÞ την κατεχÞµενη γη µασ µαρτυρούν τη διαίρεση του νησιού. ∆εν λείπουν και οι ιστορικέσ ονοµασίεσ. Ùπωσ µασ είπε ο κ. Ιακωβίδησ, η µεγάλη κεντρική αίθουσα συνεδρίων ονοµάζεται ‘’Ζήνωνασ Κιτιεύσ’’, το εστιατÞριο των αντιπροσώπων ονοµάζεται ‘’Πενταδάκτυλοσ’’ - γιατί έχει µεγάλα υαλοστάσια που βλέπουν προσ τον Πενταδάκτυλο, το αµφιθέατρο συνεδρίων ονοµάζεται ‘’Κερύνεια’’, το εστιατÞριο ‘’ΧαλκÞσ’’ λÞγω του Þτι η Κύπροσ ήταν γνωστή για την παραγωγή Χαλκού και η αίθουσα για τα γεύµατα Υπουργών, ‘’Γιασεµί’’, δίνοντασ και το ανάλογο άρωµα του τÞπου µασ. Και οι κήποι Þµωσ του FILOXENIA, θα είναι κατάσπαρτοι απÞ ελαιÞδεντρα και κυπριακή χλωρίδα κάτω απÞ τον ξάστερο γαλάζιο ουρανÞ του τÞπου µασ δίνοντασ το χέρι για µια αρµονική συµβίωση µεταξύ των λαών και µιασ καλύτερησ Ευρώπησ, πιο φιλÞξενησ.

¶ÚÔÔÚÈÛÌfi˜ ÁÈ· ÙÔ Î˘ÚÈ·Îfi ηڿ‚È… Ë Î·Ú‰È¿ Ù˘ ∂˘ÚÒ˘ Ένα καράβι άνοιξε πανιά βάζοντασ πλώρη για το ταξίδι µε προορισµÞ την καρδιά τησ Ευρώπησ. ΠρÞκειται για το καράβι/πουλί που απεικονίζεται στο λογÞτυπο τησ Κυπριακήσ Προεδρίασ του Συµβουλίου τησ ΕΕ, συµβολίζοντασ το Þραµα τησ Κυπριακήσ Προεδρίασ για µια καλύτερη Ευρώπη, πιο φιλÞξενη, πιο κοντά στουσ πολίτεσ τησ, τουσ γείτονέσ τησ και ολÞκληρο τον κÞσµο, αλλά και πιο αποτελεσµατική για να αντιµετωπίσει τισ σύγχρονεσ προκλήσεισ. Το λογÞτυπο τησ Κυπριακήσ Προεδρίασ αποτελεί έµπνευση και δηµιουργία τησ κοινοπραξίασ Partners, η οποία έχει αναλάβει την ανάπτυξη τησ οπτικήσ ταυτÞτητασ τησ Προεδρίασ. Η συγκεκριµένη πρÞταση επιλέχθηκε µετά απÞ ανοικτή πρÞσκληση που απηύθυνε στο κοινÞ το Γραφείο Τύπου και Πληροφοριών στισ 30 Σεπτεµβρίου

2011 και για τη δηµιουργία του λογÞτυπου δεν δÞθηκε οποιοδήποτε βραβείο. O ΥφυπουργÞσ Προεδρίασ για Ευρωπαϊκά Θέµατα Ανδρέασ Μαυρογιάννησ είπε πωσ πρÞκειται για ένα ιδιÞµορφο καράβι που κινείται σε µια πορεία προσ την Ευρώπη και «καθώσ σαλπάρει γίνεται πουλί, οικουµενικÞ σύµβουλο ειρήνησ και αγγελιαφÞροσ του µηνύµατοσ που θέλουµε να µοιραστούµε µε τουσ εταίρουσ µασ: του οράµατοσ για µια καλύτερη Ευρώπη, πιο φιλÞξενησ, που να σηµαίνει περισσÞτερα για τουσ πολίτεσ τησ και για τουσ γείτονέσ τησ, προσηλωµένησ στη θεµελιώδη αρχή τησ αλληλεγγύησ και πιο αποτελεσµατική για να αντιµετωπίσεισ τισ σύγχρονεσ προκλήσεισ και να διασφαλίσει τη συνοχή του ευρωπαϊκού οικοδοµήµατοσ». Ανέφερε πωσ το λογÞτυπο τησ Κυπριακήσ

Προεδρίασ εκφράζει «εύγλωττα αλλά και λιτά το χαρακτήρα τησ Κύπρου ωσ προεδρεύουσασ χώρασ, σε µια γλώσσα οικεία και κατανοητή απÞ Þλουσ τουσ Ευρωπαίουσ εταίρουσ µασ».Εξήγησε πωσ το χρώµα του καραβιού/πουλιού είναι το µπλε τησ ΕΕ, ενώ τα χρώµατα στα τρία ιστία του είναι το χάλκινο και το πράσινο, χρώµατα εµπνευσµένα απÞ τη σηµαία µασ και την ηλιÞλουστη, κατάσπαρτη απÞ ελαιÞδεντρα κυπριακή γη που κάποτε ανέβλυζε χαλκÞ και το γαλάζιο τησ θάλασσασ και του καθαρού φιλÞξενου ουρανού που γίνεται σκέπη για µια αρµονική συµβίωση µεταξύ των λαών, αλλά και ανάµεσα στον άνθρωπο και το περιβάλλον του. ΑναφερÞµενοσ στην τελική διαδικασία επιλογήσ του λογÞτυπου, ο κ. Μαυρογιάννησ ανέφερε

πωσ αποτέλεσε µια προσπάθεια εµπλοκήσ του κοινωνικού συνÞλου ωσ στη µοναδική αυτή εµπειρία προετοιµασίασ τησ χώρασ µασ για την Κυπριακή Προεδρία και τÞνισε πωσ το λογÞτυπο τησ Προεδρίασ είναι µια «δήλωση» και µια «παρουσία» τησ προεδρεύουσασ χώρασ που την αντιπροσωπεύει και µεταφέρει τα µηνύµατά τησ σε σχέση µε την εξάµηνη περίοδο τησ προεδρίασ.

K·ıȤڈÛË Ù˘ ∫‡ÚÔ˘ ˆ˜ ¤Ó·˜ ·ÍÈfiÈÛÙÔ˜ ÂÙ·›ÚÔ˜ Στισ Βρυξέλλεσ, η αντίστροφη µέτρηση για την Κυπριακή Προεδρία του Συµβουλίου τησ ΕΕ άρχισε να µετρά εδώ και αρκετούσ µήνεσ. ΒασικÞσ στÞχοσ τησ Προεδρίασ να αναδειχθεί η Κύπροσ Þχι ωσ µία µονοθεµατική χώρα µε προβολή του εθνικού τησ προβλήµατοσ και των σχέσεών τησ µε την Αγκυρα αλλά ωσ ένασ αξιÞπιστοσ εταίροσ που µπορεί να προσφέρει, να προωθήσει τα συµφέροντα των «27» και Þχι τα δικά τησ, να καταλήξει στο κλείσιµο βασικών φακέλων µε συναπÞφαση και πρωτίστωσ να τα πετύχει Þλα αυτά, καταφέρνοντασ να «παίξει και να κερδίσει» στην επικοινωνιακή τησ στρατηγική. ΑυτÞ το τελευταίο τονίστηκε απÞ Þλουσ τουσ συνοµιλητέσ στη διάρκεια διήµερου σεµιναρίου στισ 7-9 Μαϊου για την Κυπριακή Προεδρία στισ Βρυξέλλεσ, που οργάνωσε το γραφείο του Ευρωκοινοβουλίου στην Κύπρο. Βεβαίωσ γίνεται µελέτη Þλων των σεναρίων και ασκήσεισ επί χάρτου για ενδεχÞµενα Þπωσ η Αγκυρα να αποδεχθεί τισ προσκλήσεισ τησ Κυπριακήσ Προεδρίασ, αλλά να επιλέξει να ταξιδέψει στην Κύπρο µέσω του παράνοµου αεροδροµίου τησ Τύµπου ή ακÞµη και να προχωρήσει σε άνοιγµα των Βαρωσίων. Η Τουρκία θα µασ προκαλέσει, θα θέλει να αποδείξει Þτι είµαστε ένα κράτοσ µέλοσ που δηµιουργεί πρÞβληµα, αλλά η µεγάλη πρÞκληση είναι να µην µπούµε σε αυτή την παγίδα να συζητάµε για το ΚυπριακÞ, τονίστηκε. Πάντωσ αξιοσηµείωτο είναι το γεγονÞσ Þτι στισ διάφορεσ επαφέσ που πραγµατοποιούνται στισ Βρυξέλλεσ µε εκπροσώπουσ των ΜΜΕ και άλλουσ, οι περισσÞτεροι φαίνεται να επιµένουν να ρωτούν για το ΚυπριακÞ και την Τουρκία. Η εµµονή των Ευρωπαίων για το ΚυπριακÞ αντανακλά τη δική µασ εµµονή και η προεδρία είναι µια καλή ευκαιρία να αποδείξουµε Þτι µπορούµε να διαχειριστούµε και άλλα θέµατα και έχουµε απÞψεισ και για άλλα ζητήµατα εκτÞσ του εθνικού, αναφέρθηκε στο σεµινάριο.

√ ÛÙfi¯Ô˜ Ù˘ ∫˘Úȷ΋˜ ¶ÚÔ‰ڛ·˜ ΑπÞ τισ βασικÞτερεσ προτεραιÞτητεσ τησ προεδρίασ είναι το δηµοσιονοµικÞ πλαίσιο, το ΕυρωπαϊκÞ Σύστηµα Ασύλου, η οικονοµική διακυβέρνηση, η κοινωνική διάσταση των πολιτικών τησ ΕΕ αλλά και θέµατα διεύρυνσησ. Σε περίοδο οικονοµικήσ κρίσησ Þπου γίνεται πολύσ λÞγοσ για περισσÞτερη ή λιγÞτερη Ευρώπη, η Κύπροσ προτάσσει µια καλύτερη Ευρώπη, ήταν αυτÞ που κυριάρχησε στισ συζητήσεισ στο διήµερο σεµινάριο, καθώσ η ΕΕ βρίσκεται σήµερα στο χειρÞτερο σηµείο απÞ Þτι ήταν ποτέ απÞ ιδρύσεώσ τησ, Þπωσ σηµείωσαν. ∆εν παρέλειψαν οι συνοµιλητέσ να αναφερθούν και στα αναπÞφευκτα γεγονÞτα, στισ λεγÞµενεσ κρίσεισ, που αποτελούν το µεγαλύτερο κίνδυνο για κάθε προεδρία και για τα οποία η Λευκωσία είναι προετοιµασµένη. Για τισ προτεραιÞτητεσ των διαφÞρων επιτροπών στισ οποίεσ συµµετέχουν µίλησαν οι Κύπριοι Ευρωβουλευτέσ.

∆ÔÌ›˜ ‰È‡ڢÓÛ˘ Αναφέρθηκαν οι τοµείσ τησ διεύρυνσησ, τησ πολιτικήσ γειτνία-

σησ και τησ ανθρωπιστικήσ βοήθειασ, µε βασικÞτερα θέµατα το ενδεχÞµενο τησ ολοκλήρωσησ των διαπραγµατεύσεων µε την Ισλανδία, η Αραβική Ανοιξη και οι εξελίξεισ στη Συρία Þπου ναι µεν τη βασική δικαιοδοσία την έχει η Υπατη ΕκπρÞσωποσ για Εξωτερικέσ Σχέσεισ Κάθριν Αστον αλλά η Κύπροσ προετοιµάζεται σε περίπτωση διευρυµένησ διένεξησ να δεχθεί κύµατα προσφύγων. Σηµαντική επίσησ η συζήτηση στην επιτροπή που θα διαπραγµατευτεί µε την προεδρία το πολυετέσ δηµοσιονοµικÞ πλαίσιο. Εξίσου κατατοπιστική και η ενηµέρωση που έγινε για τη διαδικασία συναπÞφασησ και συνδιαλλαγήσ στο ΕΚ και για το ρÞλο και τισ προτεραιÞτητεσ τησ ∆ιεύθυνσησ Εξωτερικήσ Πολιτικήσ του ΕΚ και τισ σχέσεισ ΝΑΤΟ-ΕΕ. Ιδιαίτερα χρήσιµη για τουσ δηµοσιογράφουσ που παρακολούθησαν το σεµινάριο ήταν και η συζήτηση µε τον εκπρÞσωπο τησ δανέζικησ προεδρίασ στισ Βρυξέλλεσ. Αναφέρθηκε στην καθηµερινή ενηµέρωση στουσ 1200 δηµοσιογράφουσ που είναι διαπιστευµένοι στην έδρα τησ ΕΕ αλλά και στο έργο των ίδιων των δηµοσιογράφων. Μίλησε ακÞµη για το ρÞλο των on line media που κερδίζουν Þλο και περισσÞτερο έδαφοσ αλλά και τη µεγάλη σηµασία που δίνει η παρούσα προεδρία στη διοχέτευση πληροφοριών και ειδήσεων µέσω twitter. Στη διάρκεια του σεµιναρίου οι δηµοσιογράφοι που το παρακολούθησαν είχαν επίσησ την ευκαιρία να ενηµερωθούνλεπτοµερώσ για τισ υπηρεσίεσ που προσφέρει στα ΜΜΕ η µονάδα ενηµέρωσησ και παρακολούθησησ, για την τηλεÞραση του ΕΚ (την Europarl TV) και την ιστοσελίδα του ΕΚ. Οι υπηρεσίεσ προσφέρονται σε 22 γλώσσεσ. Τέλοσ το συµπέρασµα απÞ το συνέδριο ήταν Þτι η Κύπροσ µπορεί και πρέπει να φέρει εισ πέρασ µε επιτυχία την Προεδρία του Συµβουλίου τησ ΕΕ, Þτι οι µικρέσ χώρεσ έχουν Þλα τα φÞντα να διεξάγουν πετυχηµένεσ προεδρίεσ σε σύγκριση µε τισ µεγάλεσ χώρεσ που θέλουν να επιβληθούν και δεν παράγουν συνήθωσ έργο αλλά και το Þτι εκτιµάται το γεγονÞσ Þτι η Κύπροσ δεν προβαίνει σε ποµπώδεισ διακηρύξεισ.


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012



T˘¯ÂÚÔ› fiÛÔÈ Ù·ÍÈ‰Â‡Ô˘Ó ·fi 1Ë πÔ˘Ï›Ô˘ Î·È ÌÂÙ¿ Αισθητή µείωση του κÞστουσ χρήσησ των κινητών τηλεφώνων, για Þσουσ ταξιδεύουν στο εσωτερικÞ τησ ΕΕ, θα επιφέρει απÞ την 1η Ιουλίου ο νέοσ κοινοτικÞσ κανονισµÞσ που εγκρίθηκε απÞ την ολοµέλεια τησ Ευρωβουλήσ. Οι νέοι κανÞνεσ θα επιτρέψουν επίσησ στουσ καταναλωτέσ να αγοράζουν υπηρεσίεσ περιαγωγήσ απÞ διαφορετικέσ επιχειρήσεισπαρÞχουσ και θα διευκολύνουν το άνοιγµα τησ αγοράσ σε νεοεισερχÞµενεσ επιχειρήσεισ, ούτωσ ώστε να τονωθεί ο ανταγωνισµÞσ και να µειωθούν οι τιµέσ. Το ανώτατο Þριο για τη χρήση υπηρεσιών δεδοµένων θα ανέρχεται απÞ την 1η Ιουλίου 2012 σε 70 σεντσ του ευρώ ανά megabyte, και στη συνέχεια θα µειωθεί σταδιακά στα 45 σεντσ το 2013 και στα 20 σεντσ απÞ την 1η Ιουλίου 2014. Μέχρι τώρα δεν υπήρχε ανώτατο Þριο στισ τιµέσ των υπηρεσιών αυτών. Επιπλέον, τα νέα ανώτατα Þρια στισ φωνητικέσ κλήσεισ οµιλίασ θα µειώσουν το κÞστοσ ανά

λεπτÞ κλήσησ απÞ 35 σεντσ του ευρώ που ισχύει σήµερα, στα 29 απÞ την 1η Ιουλίου 2012 και στα 19 απÞ τον Ιούλιο του 2014. Το κÞστοσ των µηνυµάτων κειµένου (SMS) θα πέσει απÞ τα 11 λεπτά που είναι η τρέχουσα τιµή τουσ στα 9 σεντσ την 1η Ιουλίου 2012, και στα 6 στο τέλοσ του 2014. Οι ειδοποιήσεισ εντÞσ ΕΕ για την πρÞληψη ‘’φουσκωµένων’’ λογαριασµών θα επεκταθούν ώστε να καλύπτουν και τισ περιπτώσεισ που οι Ευρωπαίοι ταξιδεύουν εκτÞσ τησ Ένωσησ. ΑπÞ την 1η Ιουλίου 2012, οι καταναλωτέσ θα λαµβάνουν ένα προειδοποιητικÞ µήνυµα Þταν ο µηνιαίοσ λογαριασµÞσ τουσ πλησιάζει το ποσÞ των 50 ευρώ (χωρίσ ΦΠΑ), εφÞσον το ξένο δίκτυο είναι συµβατÞ. Ο νέοσ κανονισµÞσ προτείνει, επίσησ, για πρώτη φορά, µέτρα για την τÞνωση του ανταγωνισµού. ΑπÞ την 1η Ιουλίου 2014, οι καταναλωτέσ θα έχουν τη δυνατÞτητα να αγοράζουν, εφÞσον το επιθυµούν, ξεχωριστά και απÞ δια-

¶ÚÔ‚ÔÏ‹ Ù˘ ∫‡ÚÔ˘ ÛÙÔ ¡ÙÔ˘Ì¿È O ΚυπριακÞσ ΟργανισµÞσ Προώθησησ Επενδύσεων (CIPA), στο πλαίσιο των ενεργειών του για προβολή τησ Κύπρου ωσ ελκυστικού επιχειρηµατικού και επενδυτικού προορισµού, συµµετείχε για δεύτερη φορά στο Annual Investment Meeting, που πραγµατοποιήθηκε στο Ντουµπάι. Σύµφωνα µε ανακοίνωση του CIPA ‘’πρÞκειται για µια υψηλού επιπέδου συνεδριακή διοργάνωση µε στρατηγικÞ εταίρο το Υπουργείο Εξωτερικού Εµπορίου των Ηνωµένων Αραβικών Εµιράτων’’. Στο πλαίσιο των εργασιών του Annual Investment Meeting έγινε παρουσίαση τησ Κύπρου ωσ ελκυστικού επενδυτικού προορι-

σµού, απÞ τον Ανώτερο ΛειτουργÞ του CIPA Μάριο Ταννούση. Παράλληλα µε τισ εργασίεσ του Συνεδρίου η αντιπροσωπεία του CIPA, σε συνεργασία µε το ΚυπριακÞ ΕµπορικÞ Κέντρο του Ντουµπάι, πραγµατοποίησε στοχευµένεσ κατ’ ιδίαν συναντήσεισ µε ξένουσ επενδυτέσ, παρουσιάζοντασ το ευνοϊκÞ επενδυτικÞ περιβάλλον τησ Κύπρου αλλά και διαθέσιµεσ επενδυτικέσ ευκαιρίεσ. Η διοργάνωση, η οποία αποτελεί πλατφÞρµα προώθησησ επενδύσεων και επενδυτικών προορισµών, συγκεντρώνει το ενδιαφέρον µεγάλων διεθνών επενδυτών και σηµαντικών οικονοµικών παραγÞντων και προσωπικοτήτων απÞ Þλο τον κÞσµο, καταλήγει η ανακοίνωση.

φορετικέσ επιχειρήσεισ-παρÞχουσ τισ υπηρεσίεσ περιαγωγήσ και τισ εγχώριεσ υπηρεσίεσ κινητήσ τηλεφωνίασ διατηρώντασ τον ίδιο αριθµÞ τηλεφώνου. Η αλλαγή παρÞχου θα γίνεται χωρίσ χρέωση και ο πάροχοσ τησ χώρασ κατοικίασ θα είναι υποχρεωµένοσ να ενηµερώνει τουσ καταναλωτέσ για αυτÞ τουσ το δικαίωµα. Επιπλέον, απÞ την 1η Ιουλίου 2012, οι φορείσ εκµετάλλευσησ εικονικών δικτύων κινητήσ τηλεφωνίασ (MVNO), δηλαδή εκείνοι που δεν έχουν δικά τουσ δίκτυα, θα έχουν το δικαίωµα πρÞσβασησ σε δίκτυα άλλων παρÞχων, σε τιµέσ χονδρικήσ, µε σκοπÞ την παροχή υπηρεσιών περιαγωγήσ. Οι νέοι κανÞνεσ θα εγκριθούν και τυπικά απÞ το Συµβούλιο τον Ιούνιο και θα έχουν άµεση ισχύ σε Þλα τα κράτη µέλη τησ ΕΕ απÞ την 1η Ιουλίου 2012. Η Ευρωπαϊκή Επιτροπή θα πρέπει να επανεξετάσει τη λειτουργία των εν λÞγω κανÞνων µέχρι τισ 30 Ιουνίου 2016.

182 ÂÎ. ªÂȈ̤ÓÔ Î·Ù¿ €1 ÙÔ ÂÌÔÚÈÎfi ¤ÏÏÂÈÌÌ· Μείωση κατά 182,31 εκατοµµύρια ευρώ σηµείωσε το πρώτο τρίµηνο του 2012 το έλλειµµα στο εµπορικÞ ισοζύγιο τησ Κύπρου, λÞγω τησ σηµαντικήσ µείωσησ των εισαγωγών απÞ χώρεσ τησ ΕΕ, υποχωρώντασ στο 1,04 δισ ευρώ, σε σύγκριση µε 1,22 δισ. ευρώ το αντίστοιχο τρίµηνο του 2011. Σύµφωνα µε προκαταρτικά στοιχεία για το Μάρτιο του 2012, που ανακοινώθηκαν απÞ τη Στατιστική Υπηρεσία, οι συνολικέσ εισαγωγέσ µειώθηκαν το πρώτο τρίµηνο του 2012 κατά 202,82 εκ. ευρώ, στο 1,36 δισ. ευρώ, ενώ οι εξαγωγέσ µειώθηκαν κατά 20,5 εκ. ευρώ, στα 320,85 εκ. ευρώ. Οι εισαγωγέσ/αφίξεισ απÞ χώρεσ τησ ΕΕ µειώθηκαν κατά 206,99 εκ. ευρώ, στα 921,95 εκ. ευρώ, τη στιγµή που οι εισαγωγέσ απÞ Τρίτεσ Χώρεσ αυξήθηκαν κατά 4,16 εκ. ευρώ, στα 445,33 εκ. ευρώ, σε σύγκριση µε το πρώτο τρίµηνο του 2011. Μείωση κατά 22,22 εκ. ευρώ σηµείωσαν επίσησ οι εξαγωγέσ/αποστολέσ σε χώρεσ τησ ΕΕ, τη στιγµή που οι εξαγωγέσ σε Τρίτεσ Χώρεσ αυξήθηκαν κατά 1,71 εκ. ευρώ. Σύµφωνα µε τισ εκτιµήσεισ το Μάρτιο του 2012, το έλλειµµα στο εµπορικÞ ισοζύγιο µειώθηκε κατά 87,69 εκ. ευρώ, υποχωρώντασ στα 366,57 εκ. ευρώ, σε σύγκριση µε 454,27 εκ. ευρώ το Μάρτιο του 2011.

∫∞: ∞fi 7 πÔ˘Ó›Ô˘ Ù‹ÛÂȘ ÚÔ˜ ∞ÌÌ¿Ó Εξήντα ναυλωµένεσ πτήσεισ σε µαγευτικούσ προορισµούσ τησ Ελλάδασ και τησ Ευρώπησ θα πραγµατοποιήσουν και φέτοσ το καλοκαίρι οι Κυπριακέσ Αερογραµµέσ στη βάση συµφωνίασ που έχουν συνοµολογήσει µε Κύπριουσ οργανωτέσ ταξιδίων, ενώ παράλληλα θα πραγµατοποιούν και δροµολογηµένεσ πτήσεισ δύο φορέσ εβδοµαδιαίωσ στα δηµοφιλή ελληνικά νησιά Μύκονο, Σαντορίνη και ΡÞδο. Το πτητικÞ πρÞγραµµα τησ Εταιρείασ εµπλουτίζεται επίσησ απÞ τον Ιούνιο µε δύο εβδοµαδιαίεσ δροµολογηµένεσ πτήσεισ προσ το Αµµάν τησ Ιορδανίασ και αρχέσ του ίδιου µήνα ξεκινούν έξι εβδοµαδιαίεσ πτήσεισ προσ τισ Βρυξέλλεσ. Οι εξήντα ναυλωµένεσ πτήσεισ θα πραγµατοποιούνται απÞ τον Ιούλιο µέχρι αρχέσ Σεπτεµβρίου σε προορισµούσ τησ Ελλάδασ Þπωσ Καβάλα, Σκιάθοσ, Κεφαλονιά καθώσ επίσησ προσ Μιλάνο, Βαρκελώνη, Πράγα, Ρώµη και Βενετία. Οι απευθείασ δροµολογηµένεσ πτήσεισ που ξεκινούν επίσησ απÞ τον Ιούλιο

προσ Μύκονο και ΡÞδο θα πραγµατοποιούνται κάθε ∆ευτέρα και Παρασκευή και προσ Σαντορίνη κάθε Τρίτη και Σάββατο. Το Αµµάν είναι επίσησ ο νέοσ προορισµÞσ που επανατοποθετείται στο χάρτη του πτητικού προγράµµατοσ τησ Εταιρείασ. Οι πτήσεισ, δύο εβδοµαδιαίωσ, ξεκινούν απÞ τισ 7 Ιουνίου. Στη βάση συµφωνίασ που υπογράφτηκε µε Ιορδανούσ οργανωτέσ ταξιδιών το νέο αυτÞ δροµολÞγιο αναµένεται να εξυπηρετήσει εισερχÞµενο προσ την Κύπρο τουρισµÞ, αλλά και Κύπριουσ που για διάφορουσ λÞγουσ επιθυµούν να επισκέπτονται την γείτονα χώρα. Εν Þψει τησ ανάληψησ τησ κυπριακήσ προεδρίασ τησ Ευρωπαϊκήσ Ένωσησ οι Κυπριακέσ Αερογραµµέσ επαναρχίζουν απÞ τισ αρχέσ Ιουνίου το δροµολÞγιο των Βρυξελλών µε έξι πτήσεισ εβδοµαδιαίωσ (εκτÞσ Σαββάτου). Οι πτήσεισ αυτέσ αναµένεται να συµβάλουν σηµαντικά στη διακίνηση επιβατών για τισ ανάγκεσ τησ προεδρίασ.


√È ÁÂÚÌ·ÓÔ› ÙÔ˘Ú›ÛÙ˜ ‰ÂÓ ¤Ú¯ÔÓÙ·È ∫‡ÚÔ ÏfiÁˆ ∂ÏÏ¿‰·˜ Μούδιασµα στην τουριστική αγορά τησ Γερµανίασ Þσον αφορά τισ παρακρατήσεισ για την Κύπρο αυτÞ το καλοκαίρι, διαπιστώνει ο ΚυπριακÞσ ΟργανισµÞσ Τουρισµού. «Φαίνεται Þτι υπάρχει µια µικρή µείωση σε αυτέσ τισ κρατήσεισ και απ’ Þ,τι φαίνεται, αυτή η µείωση επηρεάζεται απÞ τισ εξελίξεισ στην Ελλάδα», ανέφερε ο ΠρÞεδροσ του ∆Σ του ΚΟΤ Αλέκοσ Ορουντιώτησ. Η µείωση φαίνεται να οφείλεται στη µείωση του ενδιαφέροντοσ των Γερµανών τουριστών για την Ελλάδα και, Þπωσ εξήγησε ο ΠρÞεδροσ του ΚΟΤ, οι Γερµανοί είχαν στο µυαλÞ τουσ Þλα αυτά τα χρÞνια συνδεδεµένη την Κύπρο µε την Ελλάδα και υπήρχαν κοινοί κατάλογοι απÞ τουσ τουριστικούσ πράκτορεσ τησ Γερµανίασ. ΠρÞσθεσε ωστÞσο Þτι η Κύπροσ σίγουρα δεν βρίσκεται στο σηµείο να πει Þτι υπάρχει σοβαρÞ πρÞβληµα και παράλληλα γίνονται προσπάθειεσ για να επιλυθεί το πρÞβληµα και να υπάρξουν περισσÞτερεσ κρατήσεισ απÞ την Γερµανίασ. «Εχει εντατικοποιηθεί η διαφηµιστική εκστρατεία του ΚΟΤ τουσ τελευταίουσ 1-2 µήνεσ. Πιστεύουµε Þτι θα καταφέρουµε σε µεγάλο βαθµÞ να ανακάµψει η γερµανική αγορά», είπε. ΑπÞ την άλλη, κ. Ουρουντιώτησ πρÞσθεσε Þτι ο ΚΟΤ προσπαθεί να αυξήσει τισ αφήξεισ

λεια στο σύνολο. Αναφορικά µε την κυπριακή προεδρίασ τησ Ε.Ε ο κ. Ορουντιώτησ ανέφερε Þτι έχουν ήδη ξεκινήσει και έχουν γίνει σηµαντικέσ επαφέσ µε Þλεσ τισ τοπικέσ αρχέσ στισ τουριστικέσ περιοχέσ για επίλυση Þποιων επιµέρουσ θεµάτων, σε µια προσπάθεια να ευαισθητοποιηθούν οι πάντεσ για το τί σηµαίνει Κυπριακή Προεδρία το β’ εξάµηνο του 2012. Ο κ. Ορουντιώτησ είπε Þτι η συνεισφορά του ΚΟΤ σε αυτÞ τον τοµέα είναι πολύ µεγάλη, αφού έχει αναλάβει Þλα τα θέµατα που έχουν σχέση µε τη διαµονή, διατροφή και ξεναγήσεισ σε συνεδριακούσ χώρουσ Þλων των επισκεπτών. Παράλληλα, έχει παραχωρήσει άτοµα στη Γραµµατεία τησ Προεδρίασ, τα οποία βοηθούν σε καθηµερινή βάση.

∫Ú·Ù‹ÛÂȘ ·fi ƒˆÛ›· Î·È √˘ÎÚ·Ó›·

απÞ αγορέσ οι οποίεσ είναι πιο έτοιµεσ να στείλουν περισσÞτερο κÞσµο στη Κύπρο, µε τελικÞ αποτέλεσµα το 2012 να µην υπάρξει καµιά απώ-

ΩστÞσο σύµφωνα µε τον ΠρÞεδρο του Συνδέσµου Ταξιδιωτικών ΠρακτÞρων Κύπρου (ACTA) Βικτώρ Μαντοβάνη, παρατηρείται αύξηση στισ κρατήσεισ τουριστών απÞ τη Ρωσία που µπορεί να καλύψει τισ µειώσεισ απÞ τισ άλλεσ ευρωπαϊκέσ χώρεσ. Ανέφερε επίσησ πωσ η

Κυβέρνηση εντατικοποιεί τισ ενέργειεσ για προσέλκυση τουριστών απÞ την Ουκρανία, η οποία αποτελεί µια νέα και πολύ υποσχÞµενη αγορά. Ερωτηθείσ σχετικά µε τισ κρατήσεισ για το καλοκαίρι, ο κ. Μαντοβάνησ εξέφρασε την αισιοδοξία του. «Αυτή τη στιγµή υπάρχει µια µείωση κρατήσεων απÞ τη Μεγάλη Βρετανία, τη Γερµανία, την Ολλανδία και απÞ µερικέσ άλλεσ παραδοσιακέσ ευρωπαϊκέσ αγορέσ. Υπάρχει Þµωσ µια αύξηση κρατήσεων απÞ τη Ρωσία και απÞ νέεσ αγορέσ που ευελπιστούµε πωσ το τέλοσ του χρÞνου θα έχουµε µια µικρή αύξηση», ανέφερε. Ερωτηθείσ σχετικά µε τα προβλήµατα του τουρισµού, ο κ. Μαντοβάνησ είπε πωσ το κυριÞτερο πρÞβληµα είναι αυτÞ τησ εποχικÞτητασ, και πρÞσθεσε πωσ άλλα προβλήµατα είναι τα θέµατα θεωρήσεων διαβατηρίων σχετικά µε νέεσ αγορέσ, τησ προσβασιµÞτητασ µε νέεσ αεροπορικέσ συνδέσεισ και τησ ανταγωνιστικÞτητασ. Κληθείσ να δώσει ποσοστά των µειώσεων και των αυξήσεων, είπε πωσ οι αυξήσεισ απÞ τη Ρωσία κυµαίνονται γύρω στο 20-25%, ενώ απÞ την άλλη οι µειώσεισ απÞ Μεγάλη Βρετανία ανέρχονται στο 10%, απÞ Γερµανία στο 15% και απÞ Ολλανδία λίγο περισσÞτερο απÞ 15%.


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012


JPMÔrgan: ∏ ¯ÚÂÔÎÔ›· ı· «‚Ô˘ÏÈ¿ÍÂÈ» ÙÔ Â˘ÚÒ Σηµαντική υποχώρηση του ευρώ ακÞµη και στα 1,10 δολάρια Þσο και έναντι του ιαπωνικού γεν στα 88 γεν προβλέπουν οι αναλυτέσ τησ JPMοrgan σε περίπτωση εξÞδου τησ Ελλάδασ απÞ την ευρωζώνη. Επισηµαίνεται Þτι το ευρώ διαπραγµατεύεται στα 1,2846 δολ. ενώ άγγιξε χαµηλÞ 4 µηνών, στα 1,2814 δολ. Σε πρÞσφατη έκθεσή τουσ, οι αναλυτέσ τησ JPMοrgan δίνουν πιθανÞτητα 50% στο σενάριο επιστροφήσ τησ Ελλάδασ σε εθνικÞ νÞµισµα µέσα στουσ επÞµενουσ 12 µήνεσ. Τονίζουν Þτι µία τέτοια εξέλιξη θα πυροδοτήσει ανησυχίεσ για το τι µέλλει γενέσθαι σε άλλεσ υπερχρεωµένεσ χώρεσ τησ περιφέρειασ τησ ευρωζώνησ και επεσηµαίνουν Þτι τίθεται κίνδυνοσ µαζικήσ φυγήσ τραπεζικών καταθέσεων απÞ τισ χώρεσ τησ περιφέρειασ, ενώ τονίζουν Þτι Ιταλία και Ισπανία θα δυσκολευθούν να αντλήσουν κεφάλαια απÞ τισ αγορέσ.

¶ÔÏ ∫ÚÔ‡ÁÎÌ·Ó: ∂Ú¯ÂÙ·È ÙÔ Ù¤ÏÔ˜ ÙÔ˘ ¢ÚÒ Το αποκορύφωµα δεκαετιών ευρωπαϊκήσ ολοκλήρωσησ, η έκδοση του ευρώ, πλησιάζει στο τέλοσ του, σύµφωνα µε τον Πολ Κρούγκµαν. Ο νοµπελίστασ οικονοµολÞγοσ παρουσίασε τα τέσσερα βήµατα που εκτιµά Þτι θα οδηγήσουν σε αυτήν την εξέλιξη. Πρώτο θα είναι η έξοδοσ τησ Ελλάδασ απÞ το ευρώ, πιθανÞτατα τον Ιούνιο. Θα ακολουθήσουν µαζικέσ αναλήψεισ καταθέσεων απÞ τράπεζεσ Ισπανίασ και Ιταλίασ. Στη συνέχεια θα προκύψουν ντε φάκτο έλεγχοι στην κίνηση κεφαλαίων, µε επιβολή στισ τράπεζεσ απαγορευτικού µεταφοράσ καταθέσεων έξω απÞ τη χώρα και περιορισµοί στισ αναλήψεισ µετρητών. Εναλλακτικά, οι τράπεζεσ θα προσπαθήσουν να διατηρήσουν τη ρευστÞτητά τουσ, αντλώντασ τεράστια ποσά απÞ την ΕΚΤ. Σε εκείνο το σηµείο, πλέον, η Γερµανία θα έχει να επιλέξει µεταξύ τησ παροχήσ µεγάλησ βοήθειασ προσ Ισπανία και Ιταλία µε ταυτÞχρονη αναθεώρηση Þλησ τησ ακολουθούµενησ πολιτικήσ ή να προχωρήσει σε διάλυση τησ Ευρωζώνησ. «Κι Þλο αυτÞ», καταλήγει το σχÞλιο του Νοµπελίστα, «θα διαδραµατιστεί µέσα σε διάστηµα µηνών κι Þχι ετών».

√È Moody’s ˘Ô‚¿ıÌÈÛ·Ó 26 ÈÙ·ÏÈΤ˜ ÙÚ¿Â˙˜ Την αξιολÞγησή του για τη µακροπρÞθεσµη πιστοληπτική ικανÞτητα συνολικά 26 ιταλικών τραπεζών µετέβαλε προσ τα κάτω ο αµερικανικÞσ οίκοσ Moody’s, αναφερÞµενοσ στο ανακοινωθέν που εξέδωσε στη ‘στενÞτητα’, που αντιµετωπίζουν, για τον δανεισµÞ τουσ, αλλά και στη µείωση τησ κερδοφορίασ τουσ. Οι πολύ µεγάλεσ ιταλικέσ τράπεζεσ ‘Unicredit’, ‘Intesa Sanpaolo’, απ τον ίδιο οίκο βαθµολογούνται πλέον µε ‘Α3’, αρκετέσ Þµωσ τράπεζεσ τησ Ιταλίασ βαθµολογούνται εφεξήσ χαµηλÞτερα, µεταδίδει τα µεσάνυκτα το ΓαλλικÞ πρακτορείο απ την Ρώµη.


∫·Ù·ÎÏ˘ÛÌÈÎfi ÁÂÁÔÓfi˜ Ë ·Ô¯ÒÚËÛË ·fi ÙÔ Â˘ÚÒ Οι φÞβοι Þτι το τείχοσ προστασίασ τησ Ευρωζώνησ δεν είναι αρκετÞ για να προασπίσει την Ισπανία και άλλα κράτη τησ Ευρωζώνησ απÞ τισ επιπτώσεισ µιασ πιθανήσ άτακτησ εξÞδου τησ Ελλάδασ απÞ τη νοµισµατική ένωση κατάφεραν σηµαντικά πλήγµα στισ χρηµατοοικονοµικέσ αγορέσ µέχρι σήµερα. Το κÞστοσ δανεισµού τησ Ισπανίασ και τησ Ιταλίασ, µέσω 10ετών οµολÞγων, εκτοξεύτηκε στο υψηλÞτερο επίπεδÞ του για φέτοσ. Αντιθέτωσ, οι αποδÞσεισ των 10ετών γερµανικών οµολÞγων υποχώρησαν σε ιστορικÞ χαµηλÞ, µε αποτέλεσµα τα ισπανικά spread να εκτοξευτούν σε νέα ιστορικά υψηλά επίπεδα. «Η κατάσταση φαίνεται άκρωσ ανησυχητική αυτή τη στιγµή», δήλωσε ο Λουκ Σπάτζικ, διαχειριστήσ κεφαλαίων στην Pimco. «Η αγορά προσπαθεί ουσιαστικά να προεξοφλήσει µια άτακτη έξοδο τησ Ελλάδασ». Η πιθανÞτητα αποχώρησησ τησ Ελλάδασ απÞ την Ευρωζώνη, που αντιµετωπιζÞταν κάποτε σαν ένα

∂∂: ∞Ô˙ËÌÈÒÛÂȘ ÁÈ· ηı˘ÛÙÂÚ‹ÛÂȘ ¤Ú·Ó ÙˆÓ 3 ˆÚÒÓ Οι επιβάτεσ πτήσεων που έχουν καθυστέρηση τουλάχιστον τριών ωρών δικαιούνται αποζηµίωσησ εκ µέρουσ των αεροπορικών εταιρειών, εκτÞσ αν η καθυστέρηση οφείλεται σε “εξαιρετικέσ συνθήκεσ”, δήλωσε ο γενικÞσ εισαγγελέασ του Ευρωπαϊκού ∆ικαστηρίου. Ο γενικÞσ εισαγγελέασ του ∆ικαστηρίου του Λουξεµβούργου Ιβ Μποτ είχε κληθεί να αποφανθεί σχετικά µε µια προηγούµενη απÞφαση του ∆ικαστηρίου που εξοµοίωνε τουσ επιβάτεσ πτήσεων που έχουν καθυστέρηση µε τουσ επιβάτεσ πτήσεων που µαταιώνονται.

∏ ÔÏÈÙÈ΋ ·‚‚·ÈfiÙËÙ· ·ÛΛ ȤÛÂȘ ÛÙÔ Â˘ÚÒ Υποχώρηση παρουσίασε το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου την Τρίτη 15 Μαΐου το πρωί φτάνοντασ κοντά στα χαµηλά επίπεδα 4 µηνών (1,2830) απÞ 1,3000 που βρισκÞταν την περασµένη εβδοµάδα. Η διατήρηση τησ πολιτικήσ αστάθειασ στην Ελλάδα και η ενίσχυση τουσ κÞστουσ δανεισµού τησ Ισπανίασ και τησ Ιταλίασ σε υψηλÞ 5 ? µηνών (απÞδοση 10ετούσ κρατικού οµολÞγου: 6,35%) και 3 ? µηνών (απÞδοση 10ετούσ κρατικού οµολÞγου: 5,95%) αντίστοιχα επηρέασαν αρνητικά το ευρώ. Ο ΠρÞεδροσ του Eurogroup δήλωσε Þτι δεν µπορεί να αποκλεισθεί η χρονική επέκταση τησ δηµοσιονοµικήσ προσαρµογήσ τησ Ελλάδοσ, εφÞσον κριθεί αναγκαία λÞγω εξαιρετικών οικονοµικών καταστάσεων. ∆ήλωσε επίσησ Þτι είναι κατηγορηµατικά εναντίον τησ εξÞδου τησ Ελλάδοσ απÞ την Ευρωζώνη. Ανέφερε Þτι είναι αναγκαίο να σχηµατισθεί πλήρωσ λειτουργική ελληνική κυβέρνηση, η οποία θα υποστηρίζει το πρÞγραµµα δηµοσιονοµικήσ προσαρµο-

Συνεπώσ “οι επιβάτεσ πτήσεων που έχουν καθυστέρηση µπορούν να επικαλούνται το δικαίωµά τουσ σε αποζηµίωση Þταν υφίστανται, εξαιτίασ τησ καθυστέρησησ µιασ πτήσησ, απώλεια χρÞνου ίση ή µεγαλύτερη των τριών ωρών, δηλαδή Þταν φτάνουν στον τελικÞ προορισµÞ τουσ τρεισ ώρεσ ή περισσÞτερο µετά την ώρα άφιξησ που προβλεπÞταν αρχικά απÞ τον αεροµεταφορέα”, υπογράµµισε ο Μποτ. Η άποψη του γενικού εισαγγελέα δεν είναι δεσµευτική, Þµωσ στο 80% των υποθέσεων, οι δικαστέσ του Λουξεµβούργου την ακολουθούν.

√ √Ï¿ÓÙ Î·È Â›ÛËÌ· Úfi‰ÚÔ˜

Μείωση, για έκτο συνεχÞµενο µήνα, σηµείωσαν τον Απρίλιο οι άµεσεσ ξένεσ επενδύσεισ στην Κίνα, Þπωσ κατέδειξαν τα επίσηµα στοιχεία που ανακοινώθηκαν, λÞγω τησ µειωµένησ ροήσ κεφαλαίων απÞ τη πληγείσα απÞ την κρίση Ευρώπη. Οι επενδύσεισ απÞ το εξωτερικÞ µειώθηκαν τον Απρίλιο κατά 0,7%, σε σύγκριση µε τον Απρίλιο του προηγούµενου έτουσ, σε 8,4 δισ. ευρώ, ανακοίνωσε το Υπουργείο Εµπορίου τησ Κίνασ. Στουσ πρώτουσ τέσσερισ µήνεσ του έτουσ, οι άµεσεσ ξένεσ επενδύσεισ στην Κίνα ανήλθαν σε 37,9 δισεκατοµµύρια δολάρια, παρουσιάζοντασ µείωση 2,4% απÞ την ίδια περίοδο του 2011. Οι επενδύσεισ απÞ την Ευρωπαϊκή Ενωση, εν µέσω τησ κρίσησ χρέουσ, υποχώρησαν κατά 27,9%, στο 1,9 δισεκατοµµύριο δολάρια απÞ τον Ιανουάριο µέχρι τον Απρίλιο. Η Ευρώπη είναι ο βασικÞσ εµπορικÞσ εταίροσ τησ Κίνασ και τα συνεχή οικονοµικά προβλήµατα τησ έχουν πλήξει τη µεγαλύτερη οικονοµία τησ Ασίασ. ΩστÞσο, τα στοιχεία τησ Τρίτησ έδειξαν Þτι οι επενδύσεισ απÞ τισ Ηνωµένεσ Πολιτείεσ αυξήθηκαν κατά 1,9% κατά τουσ πρώτουσ τέσσερισ µήνεσ για να φθάσουν στο 1,05 δισ ευρώ.

∫˘ÚÈ¿ÎÔ˜ √ÚÂÈÓfi˜ Alpha Bank Cyprus Ltd, Treasury Division

κατακλυσµικÞ γεγονÞσ που πολλοί Ευρωπαίοι πολιτικοί δεν ήθελαν καν να συζητήσουν, συζητείται πλέον έντονα µετά τισ τελευταίεσ εκλογέσ στην Ελλάδα και την ενίσχυση κοµµάτων που αντιτάσσονται στισ δηµοσιονοµικέσ περικοπέσ που επιβλήθηκαν ωσ προϋπÞθεση για τη διάσωση τησ χώρασ. Οι ηγέτεσ τησ Ευρωζώνησ έχουν δηµιουργήσει, απÞ την πλευρά τουσ, σαν τείχοσ προστασίασ, έναν µηχανισµÞ διάσωσησ ύψουσ 500 δισ. ευρώ, τον ΕυρωπαϊκÞ ΜηχανισµÞ ΣταθερÞτητασ, αλλά πολλοί αναλυτέσ

και επενδυτέσ αµφιβάλλουν σήµερα εάν το τείχοσ αυτÞ είναι αρκετά µεγάλο για να σώσει µεγαλύτερεσ οικονοµίεσ, Þπωσ η Ισπανία και η Ιταλία. Παρά το γεγονÞσ Þτι η Ισπανία έχει ανακοινώσει µεγάλεσ περικοπέσ και παρουσίασε νέα σχέδια για την ενίσχυση των τραπεζών τησ, η ανησυχία για την πορεία τησ οικονοµίασ και τα ληξιπρÞθεσµα στεγαστικά δάνεια έχει αυξηθεί. Επιπλέον, το κÞστοσ ασφάλισησ έναντι του κινδύνου χρεοκοπίασ τησ χώρασ αυξήθηκε σε νέα επίπεδα ρεκÞρ. ΑυτÞ που ανησυχεί τουσ πάντεσ αυτή τη στιγµή, Þπωσ προειδοποίησε και ο Ζαν-Πιερ Ζουγέ, σύµβουλοσ του νέου προέδρου Φρανσουά Ολάντ, είναι Þτι «υπάρχει κίνδυνοσ µÞλυνσησ». «Εάν η Ελλάδα εγκαταλείψει το ευρώ, µια υπÞθεση που σήµερα δεν µπορούµε να αποφύγουµε, πρέπει να εξετάσουµε τισ αλυσιδωτέσ συνέπειεσ» που θα έχει για τισ τράπεζεσ, ανέφερε.

γήσ. ΩστÞσο, ο πρÞεδροσ τησ Κεντρικήσ Τραπέζησ τησ Γερµανίασ δήλωσε Þτι δεν θα συνεχισθεί η χρηµατοδÞτηση προσ την Ελλάδα, εάν η χώρα αποσύρει τισ δεσµεύσεισ τησ για υλοποίηση του συµφωνηθέντοσ προγράµµατοσ οικονοµικήσ προσαρµογήσ. Σχετικά µε την Ισπανία ανέφερε Þτι το Eurogroup αξιολογεί θετικά τισ µεταρρυθµίσεισ στο ισπανικÞ τραπεζικÞ σύστηµα. Τα ευνοϊκÞτερα των εκτιµήσεων στοιχεία για το ΑΕΠ α’ τριµήνου στη Γερµανία παρέχουν στήριξη στο ευρώ. Συγκεκριµένα, το ΑΕΠ ενισχύθηκε σε τριµηνιαία βάση στο α’ τρίµηνο του 2012 κατά 0,5% (εκτίµηση: 0,1%). Σε µια άλλη εξέλιξη, τα καλύτερα του αναµενοµένου µακροοικονοµικά στοιχεία στισ ΗΠΑ παρέχουν στήριξη στο αµερικανικÞ νÞµισµα. Συγκεκριµένα, ο δείκτησ καταναλωτικήσ εµπιστοσύνησ του Παν/µίου του Michigan ανήλθε τον Μάιο σε υψηλÞ απÞ τον Ιανουάριο του 2008. Ο δείκτησ πληθωριστικών προσδοκιών ενÞσ έτουσ του Παν/µίου του Michigan υποχώρησε τον Μάιο σε χαµηλÞ απÞ το ∆εκέµβριο του 2011.

Ο Φρανσουά Ολάντ ανέλαβε χθεσ την προεδρία τησ Γαλλίασ απÞ τον Νικολά Σαρκοζί και σήµερα θα βρεθεί στο Βερολίνο για την πρώτη του συνάντηση µε την Καγκελάριο Αγκελα Μέρκελ. Ο Φρανσουά Ολάντ, που εξελέγη στισ 6 Μαίου µε το 51,6% των ψήφων, θα είναι ο έβδοµοσ πρÞεδροσ τησ V Γαλλικήσ ∆ηµοκρατίασ για πενταετή θητεία στα ηνία µίασ χώρασ που είναι µÞνιµο µέλοσ του Συµβουλίου Ασφαλείασ του ΟΗΕ. Είναι ο πρώτοσ σοσιαλιστήσ πρÞεδροσ που περνά το κατώφλι του Μεγάρου των Ηλυσίων σε διάστηµα 17 ετών. Κατά τη διάρκεια τησ προεκλογικήσ εκστρατείασ η Αγκελα Μέρκελ αρνήθηκε να συναντηθεί µε τον Φρανσουά Ολάντ και υποστήριξε µε επιµονή τον Νικολά Σαρκοζί. Μετά την εκλογή του , η κ. Μέρκελ δήλωσε Þτι θα τον υποδεχθεί ‘’µε ανοικτέσ αγκάλεσ’’. Η σηµερινή γαλλο-γερµανική συνάντηση κορυφήσ θα αρχίσει το απÞγευµα στην καγκελαρία και θα ολοκληρωθεί µε δείπνο.

∏ °ÂÚÌ·Ó›· ·¤Ê˘Á ÙËÓ ‡ÊÂÛË ÙÔ ·’ ÙÚ›ÌËÓÔ Η Γερµανία απέφυγε την ύφεση, παρά την αναζωπύρωση τησ κρίσησ χρέουσ τησ Ευρωζώνησ, σύµφωνα µε τα επίσηµα στοιχεία που ανακοινώθηκαν, επιβεβαιώνοντασ την ανθεκτικÞτητα τησ µεγαλύτερησ οικονοµίασ τησ Ευρώπησ στην Þλη οικονοµική αναταραχή που επικρατεί. Η γερµανική οικονοµία αναπτύχθηκε µε ρυθµÞ 0,5% το πρώτο τρίµηνο του έτουσ, ανακοίνωσε η Οµοσπονδιακή Στατιστική Υπηρεσία Destatis, µετά τη συρρίκνωση που σηµείωσε στο τέλοσ του 2011, αποφεύγοντασ την ύφεση η οποία ορίζεται µε δύο συνεχÞµενα τρίµηνα αρνητικήσ ανάπτυξησ. Τα στοιχεία ήταν καλύτερα απÞ την ανάπτυξη 0,1% που ανέµενε η αγορά. Σε σύγκριση µε την αντίστοιχη περίοδο πέρσι, η γερµανική οικονοµία αναπτύχθηκε κατά 1,7%, σηµειώνει η Destatis. Η ανάπτυξη προήλθε τÞσο απÞ το εµπÞριο Þσο και απÞ την εγχώρια ζήτηση, αναφέρουν οι στατιστικολÞγοι. Η Γερµανία έχει δείξει αξιοσηµείωτη αντοχή στην κρίση τησ Ευρωζώνησ, παρά το γεγονÞσ Þτι γειτονικέσ τησ χώρεσ και εµπορικοί εταίροι πλήττονται απÞ την ύφεση. Εξάλλου, η ανεργία βρίσκεται στο χαµηλÞτερο επίπεδο απÞ την επανένωση τησ Γερµανίασ το 1990. Μετά την ανάπτυξη 3,7% το 2010 και 3% πέρυσι, το Βερολίνο έχει προβλέψει πολύ µικρÞτερη ανάπτυξη τησ τάξεωσ του 0,7% για το 2012, η οποία ωστÞσο, εξακολουθεί να είναι αξιοσέβαστη σε σύγκριση µε αυτή τησ Ευρωζώνησ στο σύνολÞ τησ. Το επÞµενο έτοσ αναµένεται ο ρυθµÞσ ανάπτυξησ να υπερδιπλασιαστεί στο 1,6%, σύµφωνα µε τισ προβλέψεισ του Υπουργείου Οικονοµίασ.

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∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012


¡¤Â˜ ÂÎÏÔÁ¤˜ ÛÙËÓ ∂ÏÏ¿‰· ÌÂÙ¿ ÙÔ ÔÏÈÙÈÎfi ·‰È¤ÍÔ‰Ô Άκαρπεσ απέβησαν και χθεσ οι προσπάθειεσ σχηµατισµού ελληνικήσ κυβέρνησησ κατά τη σύσκεψη των πολιτικών αρχηγών υπÞ τον πρÞεδρο τησ ∆ηµοκρατίασ, Κάρολο Παπούλια, και η χώρα οδεύει προσ νέα εκλογική αναµέτρηση. Σήµερα στη 13:00 συγκαλείται σύσκεψη των πολιτικών αρχηγών υπÞ τον Κ. Παπούλια για τον καθορισµÞ τησ ηµεροµηνίασ διεξαγωγήσ των εκλογών. Ακολούθωσ στη 1.00 το µεσηµέρι και κατά τα προβλεπÞµενα απÞ το Σύνταγµα συνεδριάζει εκ νέου το συµβούλιο των πολιτικών αρχηγών, µε τη συµµετοχή Þλων, προκειµένου να σχηµατισθεί υπηρεσιακή εκλογική κυβέρνηση. Στισ πρώτεσ του δηλώσεισ για την έκβαση τησ σύσκεψησ ο Ευάγγελοσ Βενιζέλοσ περιέγραψε τη διαβούλευση στο ΠροεδρικÞ Μέγαρο ωσ διεξαχθείσα σε «πολύ άσχηµο κλίµα» και εξαπέλυσε πυρά κυρίωσ κατά του ΣΥΡΙΖΑ, χωρίσ να τον κατονοµάσει, λέγοντασ: «∆υστυχώσ, επικράτησε αλαζονεία, µικροκοµµατισµÞσ και τυχοδιωκτισµÞσ. Κάποιοι έθεσαν το στιγµιαίο κοµµατικÞ τουσ συµφέρον υπεράνω του εθνικού (...) Η πατρίδα θα βρει το δρÞµο τησ. Η πατρίδα µπορεί να σωθεί. ∆εν έπρεπε να πάµε εδώ. Ασ πάµε τουλάχιστον ενωµένοι µε τον καλύτερο

τρÞπο» σηµείωσε ο πρÞεδροσ του ΠΑΣΟΚ και κάλεσε κάθε Ελληνα πολίτη να διαβάσει τα πρακτικά απÞ τη σηµερινή σύσκεψη, στα οποία, Þπωσ είπε, αποτυπώνονται ανάγλυφα οι στρατηγικέσ των κοµµάτων. ΑπÞ την πλευρά του ο Φώτησ Κουβέλησ στισ πρώτεσ του δηλώσεισ απÞ τα γραφεία τησ ∆ηµοκρατικήσ Αριστεράσ επεσήµανε Þτι κατέθεσε εκ νέου την πρÞτασή του για συγκρÞτηση οικουµενικήσ κυβέρνησησ µε τη συµµετοχή «εκείνων των πολιτικών δυνάµεων που εξυπηρετούν την προοπτική παραµονήσ τησ χώρασ στο ευρώ και µε φερέγγυα πολιτικά πρÞσωπα. ΠρÞτεινα Þτι στο πλαίσιο τησ συµφωνίασ θα έπρεπε να υπάρξει ρητή δέσµευση για άµεση διαπραγµάτευση µε σκοπÞ την αποδέσµευση απÞ το ΜνηµÞνιο. «∆υστυχώσ δεν επήλθε συµφωνία και έτσι η πρÞτασή µασ για οικουµενική κυβέρνηση δεν έγινε δεκτή. Υποστήριξα Þτι σε µια τέτοια οικουµενική κυβέρνηση αναγκαίο ήταν να υπάρχει και η Νέα δηµοκρατία και ο ΣΥΡΙΖΑ, και η ∆ηµοκρατική Αριστερά και το ΠΑΣΟΚ. ∆υστυχώσ η πρÞταση δεν έγινε δεκτή. ∆εν ετέθη στο τραπέζι πρÞταση για προσωπικÞτητεσ». (...) Επραξα Þ,τι ήταν δυνατÞ. Ξεπεράσαµε κάθε δυνατÞτητα. ∆υστυχώσ η πρÞτασή

µασ απερρίφθη. ∆υστυχώσ κάποιεσ πολιτικέσ δυνάµεισ είχαν κάνει την πολιτική τουσ επιλογή να οδηγηθούµε σε εκλογέσ, να εξυπηρετηθεί το κοµµατικÞ συµφέρον».

€6 ‰È˜ ı· ÎÔÛÙ›ÛÂÈ ÛÙÔ µ¤ÏÁÈÔ Ë ÂÈÛÙÚÔÊ‹ Ù˘ ∂ÏÏ¿‰·˜ ÛÙËÓ ‰Ú·¯Ì‹ Τισ συνέπειεσ µιασ ενδεχÞµενησ εξÞδου τησ Ελλάδασ απÞ το ευρώ, τÞσο για την Ελλάδα Þσο και για το Βέλγιο, σχολιάζει σε άρθρο τησ η εφηµερίδα Le Soir, υπÞ τον τίτλο: «Ο λογαριασµÞσ µασ για την Ελλάδα 6 δισ. ευρώ» και υπέρτιτλο «Η έξοδοσ τησ Ελλάδασ απÞ το ευρώ θα κοστίσει ακριβά, και Þχι µÞνο στο (βελγικÞ) Κράτοσ». Ο συντάκτησ του άρθρου Pierre-Henri Thomas, σχολιάζει πωσ η έξοδοσ τησ Ελλάδασ απÞ το ευρώ παραµένει σενάριο επιστηµονικήσ φαντασίασ, αλλά δεν θεωρείται πλέον ταµπού. Σε περίπτωση που συµβεί κάτι τέτοιο, οι µετοχέσ του Βελγίου στην ΕΚΤ, στο EFSF και στο ∆ΝΤ και τα δάνεια που το Βέλγιο έχει δώσει στην Ελλάδα κινδυνεύουν να χαθούν και ο λογαριασµÞσ για το Βέλγιο θα ανέλθει στα 6 δισ. ευρώ. Τα σχÞλια του συντάκτη βασίζονται στα λεγÞµενα του Βέλγου υπουργού Εξωτερικών

και επί δωδεκαετία υπουργού Οικονοµικών Ντιντιέ Ρέιντερσ, σύµφωνα µε τον οποίο «τεχνικά, Þλα είναι δυνατά». «Μπορούµε να επιλέξουµε την απÞλυτη και παρακινδυνευµένη λύση. Ùπωσ θα µπορούσαµε να επιλέξουµε να εγκαταλείψουµε µια συστηµική τράπεζα µε Þλεσ τισ συνέπειεσ που αυτÞ συνεπάγεται. Σε Þ,τι αφορά την Ελλάδα, υπάρχουν δύο προβλήµατα. Το πρώτο αφορά την ίδια τη χώρα. Πεποίθησή µου είναι Þτι θα ήταν ακÞµα χειρÞτερα. Το δεύτερο αφορά την ευρωζώνη. Θα πρέπει να µπορέσουµε να αποδείξουµε Þτι δεν θα υπάρξει µετάδοση», έχει δηλώσει ο Ντιντιέ Ρέιντερσ. Αν η Ελλάδα εγκατέλειπε το ευρώ, συµπλη-

Fitch: ™Â ÂÚ›ÙˆÛË ¯ÚÂÔÎÔ›·˜ ı· «Âı¿ÓÔ˘Ó» ÔÈ ÂȯÂÈÚ‹ÛÂȘ Σε χρεοκοπία ή πολύ κοντά σε αυτή θα οδηγηθούν πολλέσ ελληνικέσ επιχειρήσεισ σε περίπτωση εξÞδου τησ Ελλάδασ απÞ το ευρώ, κάτι που αναµένεται να πλήξει -ειδικά εάν είναι µία «άτακτη» έξοδοστισ επιχειρήσεισ σε Þλη την Ευρώπη, ιδίωσ τισ ισπανικέσ, τισ ιταλικέσ και τισ πορτογαλικέσ, «φέρνοντασ» κύµα υποβαθµίσεων. ΑυτÞ εκτιµά σε νέα τησ έκθεση η Fitch, αναλύοντασ τισ επιπτώσεισ απÞ µια υποθετική έξοδο τησ Ελλάδασ απÞ την Ευρωζώνη. Σύµφωνα µε τη Fitch: 1. Μία έξοδοσ απÞ το ευρώ, είτε άτακτη είτε ελεγχÞµενη, θα είναι εξαιρετικά δύσκολη για τισ ελληνικέσ επιχειρήσεισ, δηµιουργώντασ προβλήµατα στην ανάπτυξη και τη ροή κεφαλαίων και οδηγώντασ πολλέσ απÞ αυτέσ σε χρεοκοπία ή κοντά στη χρεοκοπία. 2. Οι επιπτώσεισ απÞ µια υποθετική έξοδο τησ Ελλάδασ απÞ την Ευρωζώνη θα µπορούσαν να πλήξουν τισ επιχειρήσεισ σε Þλη την Ευρώπη, κυρίωσ Þµωσ εάν η έξοδοσ είναι «άτακτη». 3. Μία «άτακτη» έξοδοσ θα είχε ευρείεσ επιπτώσεισ και θα προκαλούσε πιθανÞτατα υποβαθµίσεισ εταιρειών σε Þλη την Ευρώπη, µε επίκεντρο κυρίωσ τισ ισπανικέσ, τισ ιταλικέσ και τισ πορτογαλικέσ επιχειρήσεισ. Στην περίπτωση µη ελεγχÞµενησ εξÞδου θα προέκυπταν υποβαθµίσεισ Þχι µÞνο στην Ευρωπεριφέρεια, αλλά αυξάνεται η πιθανÞτητα υποβαθµίσεων και σε άλλεσ χώρεσ τησ Ευρωζώνησ. Εκτιµάται δε πωσ επιχειρήσεισ που δρουν στισ χώρεσ τησ Ευρωπεριφέρειασ θα µπορούσαν να υποβαθµιστούν έωσ και κατά τρεισ βαθµίδεσ, ενώ οι πιο ευάλωτεσ επιχειρήσεισ στισ άλλεσ χώρεσ τησ Ευρωζώνησ θα µπορούσαν να υποβαθµιστούν κατά µία ή και δύο βαθµίδεσ. «Ο πανικÞσ που θα ακολουθήσει θα έχει εκτεταµένεσ επιπτώσεισ στην ανάπτυξη», µε απÞτοµη πτώση του ΑΕΠ για την πρώτη διετία και διαµÞρφωση του ευρωπαϊκού ΑΕΠ σε επίπεδα κάτω απÞ εκείνα που ήταν προ κρίσησ (πριν απÞ το 2011) για µία τριετία. Η χαµηλÞτερη ανάπτυξη και η περιορισµένη πρÞσβαση σε κεφάλαια θα µπορούσαν να πλήξουν τισ αξιολογήσεισ και άλλων ευρωπαϊκών εταιρειών. 4. Μία ελεγχÞµενη έξοδοσ απÞ το ευρώ, εφÞσον ληφθούν τα κατάλληλα µέτρα, θα είχε περιορισµένεσ επιπτώσεισ στην περιφέρεια τησ Ευρωζώνησ. Σε αυτή την περίπτωση οι επιπτώσεισ θα περιοριστούν κυρίωσ σε Πορτογαλία, Ιρλανδία και δευτερευÞντωσ σε Ισπανία και Ιταλία, µε περιορισµένεσ υποβαθµίσεισ.

ρώνει ο Philippe Ledent, οικονοµολÞγοσ τησ ING Βελγίου, θα είχαµε µια υποτίµηση τησ δραχµήσ τησ τάξησ του 60-70% σε σχέση µε την αξία που είχε το νÞµισµα αυτÞ Þταν η χώρα µπήκε στο ευρώ. Οι τιµέσ των εισαγÞµενων προϊÞντων θα είναι απαγορευτικέσ και οι Έλληνεσ που έχουν δάνεια σε ξένο νÞµισµα θα βρεθούν σε αδιέξοδο. Σε Þ,τι αφορά το κÞστοσ εξÞδου τησ Ελλάδασ απÞ το ευρώ, για το Βέλγιο και τισ άλλεσ χώρεσ τησ ευρωζώνησ, δεν θα ήταν αµελητέο, σχολιάζει ο συντάκτησ. Πρώτον, γιατί προτού περάσει η Ελλάδα στη δραχµή, υπάρχουν πολλέσ πιθανÞτητεσ η χώρα να κηρύξει χρεοκοπία, ενώ έχει δάνεια τησ τάξησ των 360 δισ. ευρώ. ∆εύτερον,

γιατί το κύριο µέροσ του ελληνικού χρέουσ διακρατείται απÞ τουσ ευρωπαϊκούσ θεσµούσ (EFSF, ΕΚΤ), το ∆ΝΤ και τα ίδια τα κράτη. Ο λογαριασµÞσ για το βελγικÞ κράτοσ θα πλησιάσει τα 5,8 δισ. ευρώ. Επιπλέον, οι εταιρείεσ (συµπεριλαµβανοµένων και τραπεζών) που έχουν θυγατρικέσ ή περιουσιακά στοιχεία στην Ελλάδα θα υφίσταντο µεγάλεσ απώλειεσ Þσον αφορά την αξία τουσ. Ο τελευταίοσ κίνδυνοσ είναι αυτÞσ τησ µετάδοσησ, καταλήγει το άρθρο. Αν η Ελλάδα βγει απÞ το ευρώ «Þλοσ ο κÞσµοσ θα προσπαθήσει να δει ποιοσ έχει περιουσιακά στοιχεία στην Ελλάδα, γεγονÞσ που θα δηµιουργήσει ακραία αστάθεια. Και η έξοδοσ µιασ χώρασ απÞ το ευρώ θα έχει δηµιουργήσει ένα προηγούµενο, ένα γεγονÞσ που τρία χρÞνια πριν θεωρούσαµε αδύνατο», σχολιάζει ο Βέλγοσ τραπεζικÞσ. Εν τέλει, είναι καλύτερα Þλα αυτά να παραµείνουν σενάριο επιστηµονικήσ φαντασίασ, καταλήγει το άρθρο.

TÂÏÈο Ë ª¤ÚÎÂÏ… ·Á·¿ ÙËÓ ∂ÏÏ¿‰· «Η Ελλάδα θα είναι πάντα µέλοσ τησ Ευρωπαϊκήσ Ένωσησ κι αυτÞ δεν τίθεται καν σε διαπραγµάτευση» διαβεβαίωσε, η καγκελάριοσ Μέρκελ, προσθέτοντασ Þτι «θα ήταν καλύτερα να παραµείνει και στην Ευρωζώνη». Το τελευταίο, Þµωσ, υποστήριξε Þτι «απαιτεί να ακολουθήσουµε µία οδÞ που θα επιτρέψει στην Ελλάδα να σταθεί και πάλι στα πÞδια τησ, βήµα βήµα». H καγκελάριοσ εµφανίστηκε αισιÞδοξη: «Και βέβαια η Ελλάδα µπορεί να τα καταφέρει». Η καγκελάριοσ υποστήριξε Þτι στην Ελλάδα «πάρα πολλοί άνθρωποι επιθυµούν να παραµείνουν στην Ευρωζώνη» και αναγνώρισε Þτι οι Έλληνεσ «κάνουν προσπάθειεσ». Προειδοποίησε, Þµωσ, Þτι «η αλληλεγγύη στα πλαίσια τησ Ευρωζώνησ θα σταµατήσει εφÞσον η Ελλάδα πει πωσ «δεν θα τηρήσουµε τισ δεσµεύσεισ µασ» αλλά δεν νοµίζω Þτι αυτÞ θα συµβεί». Παραδέχθηκε Þτι ανησυχεί για την κατάσταση στην Ελλάδα και προσέθεσε Þτι εκείνο που τη θλίβει περισσÞτερο είναι Þτι «άνθρωποι που δεν έφταιξαν σε τίποτα πρέπει τώρα να πληρώσουν για τα σφάλµατα του παρελθÞντοσ».

Καθησύχασε, Þµωσ, τουσ µαθητέσ Þτι «δεν πρÞκειται να γίνει εµφύλιοσ στην Ελλάδα και επέµεινε Þτι η οικονοµία δεν έχει άλλη διέξοδο απÞ τη δηµοσιονοµική εξυγίανση, ανεξάρτητα απÞ το ποιοσ βρίσκεται στην εξουσία».

°ÈÔ‡ÓÎÂÚ, ƒÂÓ: ∏ ∂ÏÏ¿‰· ı· ·Ú·Ì›ÓÂÈ ÛÙÔ Â˘ÚÒ Την “ακλÞνητη βούληση” του να διασφαλίσει την παραµονή τησ Ελλάδασ στην ευρωζώνη, τÞνισε ο πρÞεδροσ του Eurogroup, επιβεβαιώνοντασ Þτι συζητείται και σε ευρωπαϊκÞ επίπεδο η πιθανÞτητα παράτασησ τησ χρονικήσ διάρκειασ για την δηµοσιονοµική προσαρµογή τησ χώρασ µασ, ώστε να φτάσει το έλλειµµα στο 3% του ΑΕΠ. Ο πρÞεδροσ του Eurogroup, άφησε ανοιχτÞ το ενδεχÞµενο να εξεταστεί το ζήτηµα χρονικήσ παράτασησ για τη µείωση του δηµοσιονοµικού ελλείµµατοσ τησ Ελλάδασ στο Þριο του 3%. Είπε, ωστÞσο, Þτι προϋπÞθεση είναι ο σχηµατισµÞσ ελληνικήσ κυβέρνησησ, η οποία θα εφαρµÞσει το δεύτερο πρÞγραµµα προσαρµογήσ. Ένα πρÞγραµµα που Þπωσ, ωστÞσο δήλωσε ο Ζαν Κλοντ Γιουνκέρ, δεν αναµένεται να τροποποιηθεί στισ βασικέσ του κατευθύνσεισ. ΤÞσο ο Ζαν Κλοντ Γιουνκερ, Þσο και ο Επίτροποσ οικονοµίασ, Ολι Ρεν τÞνισαν Þτι η Ελλάδα θα παραµείνει στο ευρώ.


∆∂∆∞ƒ∆∏, 16 ª∞´√À, 2012


ç ∆π ¶∞π∑∂π... ™∆∏¡ ∞°√ƒ∞ ¶ÚÔÛÊÔÚ¿ ÛÙÔ ∫∂¡£∂∞ ·fi ExxonMobil ∫‡ÚÔ˘ ΦιλανθρωπικÞ δείπνο διοργάνωσε η ExxonMobil Κύπρου για οικονοµική στήριξη του ΚΕΝΘΕΑ στα πλαίσια τησ γενικÞτερησ κοινωνική τησ δράσησ. ΠαρÞντεσ στο δείπνο ήταν αντιπρÞσωποι των Μέσων Μαζικήσ Ενηµέρωσησ και συνεργάτεσ τησ εταιρείασ, για κάθε ένα απÞ τουσ οποίουσ η ExxonMobil Κύπρου προσέφερε το ποσÞ των 50 ευρώ στο ΚΕΝΘΕΑ. Αναγνωρίζοντασ το µέγεθοσ του προβλήµατοσ των ναρκωτικών που αντιµετωπίζει η σύγχρονη Κυπριακή κοινωνία, η ExxonMobil Κύπρου ένταξε φέτοσ στο πρÞγραµµα κοινωνικήσ στήριξήσ τησ το Κέντρο Ενηµέρωσησ για τα ναρκωτικά και Θεραπείασ Εξαρτηµένων

ΑτÞµων, ΚΕΝΘΕΑ. Η προσφορά στην κοινωνία είναι ένασ απÞ τουσ σηµαντικÞτερουσ τοµείσ δραστηριÞτητασ τησ Εταιρείασ εδώ και χρÞνια και το αποδεικνύει έµπρακτα µε τα πρωτοπÞρα προγράµµατα κοινωνικήσ ευθύνησ που σχεδιάζει και πραγµατοποιεί. Ένα απÞ αυτά είναι και το πρÞγραµµα «Υγεία και ΠρÞληψη» κατά το οποίο µια άρτια εξοπλισµένη Κινητή Μονάδα Υγείασ επισκέπτεται τα πρατήρια σε Þλη την Κύπρο προσφέροντασ δωρεάν εξετάσεισ πίεσησ, χοληστερÞλησ και σακχάρου. ΑπÞ το 2008 µέχρι και σήµερα έχουν εξεταστεί περισσÞτερα απÞ 8000 άτοµα ανά την Κύπρο.

∏ ÈÛÙÔÚ›· ÙÔ˘ ΢ÚÈ·ÎÔ‡ ÓÔÌ›ÛÌ·ÙÔ˜ ·fi ÙËÓ cdbbank Μεγάλη επιτυχία σηµείωσε η παρουσίαση του βιβλίου «Η Ιστορία του Κυπριακού Νοµίσµατοσ, ΑπÞ το Τάλαντο στο Ευρώ» που συνέγραψε ο κ. Παναγιώτησ ∆ηµητρίου και χορήγησε η cdbbank (Κυπριακή Τράπεζα Αναπτύξεωσ). Σε εκδήλωση που έγινε στην Αχίλλειο ∆ηµοτική Βιβλιοθήκη, η ΠρÞεδροσ τησ cdbbank κα Ρένα Ρουβιθά Πάνου εξέφρασε την ιδιαίτερη ικανοποίηση τησ Τράπεζασ για την ολοκλήρωση αυτήσ τησ ιστορικήσ έκδοσησ, τησ οποίασ η Τράπεζα είναι αποκλειστικÞσ χορηγÞσ. Ùπωσ είπε η κα Ρουβιθά Πάνου, µε την πρωτοβουλία τησ αυτή, η cdbbank συµβάλλει στην ιστορική γνώση για την εξέλιξη των νοµισµάτων και τησ οικονοµίασ µασ. Σήµερα, η cdbbank, µε ένα νέο σύγχρονο εταιρικÞ πρÞσωπο µετεξελίσσεται σε ένα δυναµικÞ χρηµατοπιστωτικÞ οργανισµÞ που προάγει την επιχειρηµατικÞτητα και την ανταγωνιστικÞτητα τησ Κύπρου. Μέσα απÞ τισ σηµαντικέσ αλλαγέσ που επήλθαν απÞ το 2008, Þταν η Κυπριακή Τράπεζα Αναπτύξεωσ ιδιωτικοποιήθηκε, η cdbbank εξελίσσεται σε µια πρωτοποριακή τράπεζα µε επιχειρηµατικÞ προσανατολισµÞ και εταιρική φιλοσοφία. Αναβαθµίζοντασ

τισ υπηρεσίεσ µασ και διευρύνοντασ τισ εργασίεσ µασ, είµαστε δίπλα στουσ πελάτεσ µασ, δίπλα στην κυπριακή οικονοµία, δίπλα στην κοινωνία.

Aegean TOP10: T· ηχÙÂÚ· ÁÈ· οı ÚÔÔÚÈÛÌfi Η Aegean πρωτοπορεί για άλλη µία φορά, προσφέροντασ στουσ φίλουσ και επιβάτεσ τησ µία µοναδική online εµπειρία: Με µια νέα facebook εφαρµογή, µε το Þνοµα “Aegean TOP10”. ΣτÞχοσ τησ εφαρµογήσ είναι η συλλογή των top προτάσεων για φαγητÞ, ποτÞ, αγορέσ και περιηγήσεισ για Þλουσ τουσ προορισµούσ τησ Aegean, επιλεγµένων απÞ αληθινούσ ταξιδιώτεσ. Η εφαρµογή αξιοποιεί τη βάση δεδοµένων του Foursquare, τησ µεγαλύτερησ geo-location πλατφÞρµασ και είναι διαθέσιµη στην ηλεκτρονική διεύθυνση, αρχικά στα ελληνικά και πολύ σύντοµα και στα αγγλικά ώστε να µπορούν να συµµετάσχουν Þλοι οι fans τησ Aegean, στην Ελλάδα και στο εξωτερικÞ. Οι συµµετέχοντεσ καλούνται να µοιραστούν τισ δικέσ τουσ προτάσεισ και να κερδίσουν δωρεάν εισιτήρια µε την Aegean σε οποίο προορισµÞ του δικτύου τησ εταιρίασ, επιθυµούν να πετάξουν. Αφού κάνουν Like στη σελίδα τησ Aegean στο Facebook και µπουν στην εφαρµογή, προσθέτουν τα δικά τουσ Tips.

∏ellas Energy: ∂ÍÔÈÎÔÓfiÌËÛË ÂÓ¤ÚÁÂÈ·˜ ÛÙÔ ÓÂÚfi ∑·ÁfiÚÈ Μέσα στα πλαίσια χρήσησ εξελιγµένων τεχνολογικά συστηµάτων, διασφάλισησ ποιÞτητασ, αλλά και ενεργειών φιλικÞτερων προσ το περιβάλλον οι εταιρείεσ Ηellas Energy και ΧΗΤΟΣ ΑΒΕΕ ιδιοκτήτρια εταιρεία των εµφιαλωµένων νερών ΖαγÞρι, κατήλθαν σε συµφωνία εγκατάστασησ συστηµάτων εξοικονÞµησησ ενέργειασ στισ τρείσ µονάδεσ παραγωγήσ τησ. ΠρÞκειται για πρωτοποριακά συστήµατα που βασίζονται στην εφαρµογή τησ υπεραγωγιµÞτητασ και επιτυγχάνουν εξοικονÞµηση µε ελάχιστο ποσοστÞ 10 %. Η συµφωνία προνοεί την εγκατάσταση συστηµάτων εξοικονÞµησησ ενέργειασ στισ δύο ιδιÞκτητεσ πηγέσ φυσικού µεταλλικού

νερού στην ευρύτερη διοικητική περιοχή του Ζαγορίου (Περίβλεπτοσ 2.000 Kva και Κρανούλα 3.000 Kva) και στην τρίτη βιοµηχανική µονάδα, στη Βιοµηχανική Περιοχή (ΒΙΠΕ) Ιωαννίνων 2.000 Kva, η οποία παράγει pet performs και πλαστικά πώµατα καθετοποιώντασ και υποστηρίζοντασ τη λειτουργία των δύο εµφιαλωτηρίων. Το ΦυσικÞ ΜεταλλικÞ ΝερÞ ΖαγÞρι έχει ηγετική θέση στην Ελλάδα και παρουσία σε 12 χώρεσ παγκοσµίωσ, ενώ πλέον διατίθεται και στην κυπριακή αγορά. Για περισσÞτερεσ πληροφορίεσ επικοινωνήστε µε τα τηλέφωνα 00 30 210 8822300 για Ελλάδα και 7777 2919 για Κύπρο ή µέσω τησ ιστοσελίδασ

H Cyta ÁÈÔÚÙ¿˙ÂÈ ÙËÓ ∏̤ڷ ∆ËÏÂÈÎÔÈÓˆÓÈÒÓ Με αφορµή την ΠαγκÞσµια Ηµέρα Τηλεπικοινωνιών και Κοινωνίασ τησ Πληροφορίασ, που τιµάται στισ 17 Μαΐου, η Cyta, ωσ ο ηγέτησ στον τοµέα τησ ολοκληρωµένησ ηλεκτρονικήσ επικοινωνίασ στην Κύπρο, διοργανώνει εκδηλώσεισ για να τιµήσει την ηµέρα. Το θέµα που έχει οριστεί απÞ τη ∆ιεθνή Ένωση Τηλεπικοινωνιών για τη φετινή επέτειο αφορά περισσÞτερο την παρουσία των γυναικών στο χώρο τησ τεχνολογίασ και είναι: «Γυναίκεσ και Κορίτσια στισ Τεχνολογίεσ Πληροφορικήσ Επικοινωνιών» και («Women and Girls in ICTs»). Η Cyta συγκεκριµένα, ανακοίνωσε την έναρξη δύο διαγωνισµών που απευθύνονται σε µαθητέσ ∆ηµοτικήσ, Μέσησ και Τεχνικήσ Εκπαίδευσησ, δηµÞσιασ και ιδιωτικήσ, καθώσ και σε φοιτητέσ και εθνοφρουρούσ. Επιπλέον, έγινε αναφορά στη συµµετοχή τησ Cyta σε ειδική εκδήλωση του Β’ ∆ηµοτικού Σχολείου Αγίου Μάµαντοσ µε θέµα την ασφαλή χρήση του διαδικτύου απÞ τουσ µαθητέσ. Παράλληλα, στα πλαίσια τησ ΠαγκÞσµιασ Ηµέρασ Τηλεπικοινωνιών και Κοινωνίασ τησ Πληροφορίασ, η Cyta παρουσιάζει ωσ κύριοσ χορηγÞσ και το 3ο Συνέδριο και Έκθεση Πληροφορικήσ και Τεχνολογίασ, που διοργανώνει η εταιρεία IMH.

Price Guarantee ·fi ÙËÓ Gan Direct Η Gan Direct, συνεχίζει και πρωτοπορεί στην κυπριακή αγορά µε τισ υπηρεσίεσ τησ, λανσάροντασ ένα νέο σχέδιο «Price Guarantee». Στα πλαίσια τησ φιλοσοφίασ τησ «ΠερισσÞτερα για ΛιγÞτερα» µε την οποία προσφέρει περισσÞτερη κάλυψη µε χαµηλÞτερα ασφάλιστρα και αυτÞ το κατορθώνει διÞτι δεν πληρώνει προµήθεια σε µεσάζοντεσ και η εξοικονÞµηση αυτή περνά άµεσα σε εσάσ, έρχεται να προσθέσει το πρωτοποριακÞ σχέδιο Price Guarantee. Με το σχέδιο αυτÞ, εγγυάται Þτι εάν βρείτε καλύτερη τιµή και κάλυψη µε τουσ ίδιουσ Þρουσ οπουδήποτε αλλού, θα σασ προσφέρει ακÞµη καλύτερη προσφορά. Μια απλή αλλά µεγάλησ σηµασίασ υπÞσχεση για τον κύπριο ασφαλιζÞµενο που δείχνει την αφοσίωση τησ εταιρείασ σε προσφορά ποιοτικών προϊÞντων στουσ πιο προνοµιακούσ Þρουσ τησ αγοράσ. Ζητήστε προσφορά άµεσα, µέσω τησ ιστοσελίδασ στο και αν βρείτε καλύτερη τιµή και κάλυψη, παρουσιάστε την γραπτώσ σε ένα απÞ τα καταστήµατά τησ εταιρείασ για να λάβετε ακÞµη καλύτερη προσφορά.

ÕÛÎËÛË Î·È ÛˆÛÙ‹ ‰È·ÙÚÔÊ‹ ÁÈ· ÌÈÎÚÔ‡˜ Î·È ÌÂÁ¿ÏÔ˘˜ Με πεζοπορία και ποδηλατοδροµία κηρύχθηκε η έναρξη των εκδηλώσεων διαφώτισησ του Συνδέσµου ∆ιαιτολÞγων και ∆ιατροφολÞγων Κύπρου και του Υπουργείου Υγείασ, το Σάββατο 12 Μαίου 2012. Στο πλαίσιο των εκδηλώσεων, που στήριξε η Agetis Supplements, το κοινÞ είχε την ευκαιρία να υποβληθεί σε σωµατοµετρικέσ µετρήσεισ και να ενηµερωθεί απÞ ειδικούσ για τισ σωστέσ διατροφικέσ συνήθειεσ και τη σηµασία του σιδήρου στη διατροφή. Η εκστρατεία διαφώτισησ µε µήνυµα «Προγραµµατίστε σωστά το πιάτο σασ: αλάτι, λίποσ, µερίδα, σωστή διατροφή» θα συνεχιστεί στισ 19 Μαίου µε εκδηλώσεισ στο My Mall στη ΛεµεσÞ.

FINANCIAL MIRROR, May 16 - 22, 2012


Club of Rome sees 2C rise in 40 years Rising carbon dioxide emissions will cause a global average temperature rise of 2 degrees Celsius by 2052 and a 2.8 degree rise by 2080, as governments and markets are unlikely to do enough against climate change, the Club of Rome think tank said. Failing to tackle climate change in the first half of this century will put the world on a dangerous track to warming in the second half, even though global population should peak in 2042 at 8.1 bln and economic growth will be much slower than expected in mature economies, the Switzerland-based body said in a report. “It is unlikely that governments will pass necessary regulation to force the markets to l allocate more money into climate-friendly solutions, and (we) must not assume that markets will work for the benefit of humankind,” said Jorgen Randers, author of the report and professor of climate strategy at the Norwegian School of Management. “We are emitting twice as much greenhouse gases every year as are absorbed by the world’s forests and oceans. This overshoot will worsen and will peak in 2030.” The Club of Rome, whose members include political and business figures and scientists, analyses problems such as limits to economic growth, resource pressure and employment. Two climate scientists said on Tuesday the report’s findings seemed “in the right ballpark” and the organisation was respected in particular since a report in the 1970s on limits to growth triggered considerable public attention. Research last month by the University of Oxford and Princeton University said global warming was likely to be between 1.4 and 3 degrees by 2050, but that 3 degrees was at the upper end of what was likely.

CONSUMPTION In 2010, countries agreed that deep emissions cuts had to be made to keep an increase in global average temperature below 2 degrees Celsius above pre-industrial levels this century. Scientists say that crossing the threshold risks an unstable climate in which weather extremes are common but efforts so far to cut greenhouse gas emissions are not seen as sufficient to stop a rise beyond 2 degrees this century. By 2052, China’s per capita consumption will be at least two thirds that of the United States, while the average economic growth of 14 emerging nations including Brazil, India and South Africa, will treble over the next 40 years, Randers said. “This growth will improve living standards for many, but it will come at a cost for the global climate. While growth will not be as explosive as in China, it will still be heavy enough to keep emissions from these nations growing until the 2040s,” he added. By contrast, the mature economies of the United States and Europe will see declining or stable consumption, which should help prevent the depletion of oil, food and water by 2052. Last year, the United Nations’ Environment Programme said the gap between countries’ emissions cut pledges and what was needed to remain under 2 degrees had widened and emissions in 2020 would rise to between 6 bln and 11 bln tonnes over what is needed to limit global warming to safe levels. The International Energy Agency also warned that the world may not be able to limit temperature rise if new international climate action is not taken by 2017 as so many fossil fuel power plants and factories are being built.

A new global climate pact forcing the world’s biggest polluters, including the United States and China, to curb emissions will only be agreed on by 2015 - to enter into force by 2020 - seen by many as too late to limit climate damage. Countries have agreed to raise $10 bln a year in

aid from 2010-12 to help developing nations adapt to climate change, rising to $100 bln a year by 2020. But the economic downturn has constrained government funds, and carbon markets, which should incentivise clean energy investment in the private sector, are failing to deliver.

Rise of 2.8C seen by 2080

Eco-kindergartens meet in Nicosia Pupils and teachers from 31 eco-friendly kindergartens in Nicosia met at the Hellenic Bank head office recently to learn first-hand from the CYMEPA environmental group about the actions undertaken the international FEE programme of the Foundation for Environmental Education for all schools. CYMEPA Director Michalis Ierides explained that the aim is to study and learn more about energy, water, refuse, biodiversity and the sea to help the future citizens gain a more pro-active sense of environmental responsibility. Hellenic Bank has been supporting this programme since 1999.

EU nations get cold feet over climate change fund EU nations have yet to come up with a plan on how to fill a multibillion euro fund to help tackle climate change, even as the region’s executive body hosts talks with countries likely to bear the brunt of extreme weather. The European Union recommitted to providing 7.2 bln euros for the fund over 2010-12, according to draft conclusions seen by Reuters. But after that, how much cash will flow is unclear as the text, drafted against the backdrop of acute economic crisis in the euro zone, states the need to “scale up climate finance from 2013 to 2020”, but does not specify how. The Green Climate Fund aims to channel up to $100 bln globally per year by 2020 to help l developing countries deal with the impact of climate change. Its design was agreed at international climate talks in Durban last year. Europe’s Climate Commissioner Connie Hedegaard is fighting to build on the fragile international agreement in Durban. Together with the Danish EU presidency, she has been holding informal discussions in Brussels with members of what some call the “coalition of ambition”, ahead of U.N. talks in Bonn later this month. The coalition is a union of the EU, the Alliance of Small Island States and the Least Developed Countries. At the U.N. talks in Durban, it played a lead role in forging agreement on keeping alive the Kyoto process, the only global framework on addressing global warming. Hedegaard told reporters the talks in Brussels were “informally testing different ideas”. “We are all in agreement: no back-tracking, no less ambition. What binds us is this idea we will push for ambition.” Representing the low-lying Marshall Islands, Tony deBrum, minister in assistance to the president, said the EU’s leadership had thrown “a life-line” to parts of the world most vulnerable to rising sea levels. “For us, this is a matter of the survival of a people,” he said. “A culture, a language, a way of life.”

arguing against firm commitments to finance after 2012. “At a critical moment in the fight against climate change, Europe looks to be sitting back rather than stepping up,” Lies Craeynest, Oxfam’s EU climate change expert, said. Debate within the EU has also focused on how much of the bloc’s $30 bln share of the $100 bln should come from the private sector, which would reduce the need for public funds. The draft conclusions ahead of this week’s EU finance ministers’ meeting noted “further efforts are required to clarify the concept of private financing and its contribution to the $100 bln”. Representing the Danish EU presidency Martin Lidegaard, minister for climate, energy and building, told reporters there were gaps to fill in terms of pledges to curb greenhouse gas emissions and promises of finance. “There are some areas where only public funds will do,” Lidegaard said, but added public finance could also help to leverage private funds. “Between public and private is definitely an area we have to explore.” Some money could come from levies on shipping and aviation, although these sources are contentious. Since January, all airlines using EU airports have been required to offset their carbon emissions using the EU’s Emissions Trading Scheme (ETS), prompting an outcry from some non-EU nations. The level of protest has intensified effort at the U.N.’s International Civil Aviation Organization (ICAO) to come up with a global plan for tackling airline emissions. If achieved, that would justify modifying the EU scheme, the Commission has said. Experience suggests it would be rash to hope for too much from ICAO. The European Commission said the EU was driven to bringing all airlines into its scheme because more than a decade of talks at ICAO had produced no result. The Commission is also working with the International Maritime Organisation (IMO) to find a solution for shipping emissions. The draft conclusions called on “the EU and its member states to further engage effectively in negotiations in ICAO and IMO to support carbon pricing schemes”.

Green fund aims to channel up to $100 bln/yr by 2020

‘STUBBORN’ Non-governmental organisation Oxfam said “intransigence” from some EU member states was putting the coalition at risk as they are

Limassol town hall saves 14% Limassol town hall has reportedly reduced its energy consumption by installing the PowerStar system by EMSc that achieves energy efficiency for small and large units. Limassol is the first municipal authority to install the system at its head office and after 6 months has achieved a saving of

14.28%, EMSc said in an announcement. Based in England, the company is headed by Cypriot entrepreneur Alecos Mardapitas and operates a Cyprus subsidiary that has installed similar system in large factories, supermarkets and hotels.

Norway facility to test carbon capture Norway launched the world’s largest facility of its kind to develop carbon capture and storage (CCS), the so-far commercially unproven technology that would allow greenhouse gases from power plants to be buried safely underground. A 5.8 mln Norwegian crown ($1 bln) government-funded centre will test two post-combustion carbon capture technologies that could be extended to industrial-scale use if shown to be cost-effective and safe. “Today we are opening the world’s largest and most advanced laboratory to test carbon capture technologies... It is an important project for Norway and for the world,” Prime Minister Jens Stoltenberg told the opening ceremony at the Technology Centre Mongstad (TCM), northwest of Bergen city. The facility will be able unique in that it can test exhaust gases from two nearby sources - a 280-megawatt combined heat and power plant and the 10mln tonnes per year Mongstad refinery. These produce flue gases with different carbon dioxide (CO2) contents - about 3.5% and 13%, respectively. Mongstad’s emissions have a similar carbon dioxide content to those emitted by coal fuelled power plants - which scientist say make a particularly serious contribution to climate change. CCS offers the prospect of possibly continuing to burn fossil fuels while avoiding the worst effects by burying the emissions, for example in depleted natural gas fields under the sea, although it will be costly. Stoltenberg said in a 2007 speech that carbon capture and storage would be Norway’s equivalent of a Moon landing. The centre has two carbon capture plants with a combined capacity to process 100,000 tonnes of carbon dioxide per year, making it the largest, Olav Folk Pedersen, the TCM’s technology manager, told Reuters.

“CATCH AND RELEASE” However, the capacity is only slightly more than a tenth of what Mongstad refinery emits per year. During the testing period all CO2 captured will be released into the atmosphere, thus having no impact on reducing the refinery’s emissions costs. “Speaking in fishing terms, it’s a “catch and release” facility,” Pedersen said earlier at the briefing. So far, few countries have agreed to invest heavily in carbon capture. Those with projects include the United States, Australia, Britain and China. European Union Energy Commissioner Guenther Oettinger applauded Norway’s efforts, which take place at a time when other CCS demonstration projects in Europe have stalled due to lack of investment. “It’s an important milestone in Europe’s undertaking to develop CCS technologies... It will provide a new momentum to the discussion of CCS use in Europe,” he told the ceremony. Oettinger has said that natural gas can have a long-term future in Europe only if CCS can be applied. Norway, with a population of just 4.9 mln, is the world’s eighth-biggest exporter of oil and Western Europe’s biggest exporter of natural gas. Ola Borten Moe, Norway’s petroleum and energy minister, told the ceremony a full-scale CCS facility at Mongstad might be possible later, with an investment decision due in 2016, but emissions permit prices had to rise to justify the spending. Helge Lund, the chief executive of oil firm Statoil , a partner in TCM, added: “We cannot defend it economically, because CO2 prices are so low now. We need to find some sort of the solution in the future.”


FINANCIAL MIRROR, May 16 - 22, 2012

Gold turns negative for 2012 Gold dropped to its lowest since late December as the euro sank against the U.S. dollar on worries that a worsening debt crisis in Greece could spill over into its neighbours and threaten the existence of the single currency and in the process turned negative for 2012. Since bullion closed near a 4-month high of $1,788 back on February 28, it has fallen 13%. But it’s not just gold that has taken a hit. The RJ/CRB Commodity Index is currently trading at its lowest level since October 2010. Spot gold hit an intraday low at $1,552.49 an ounce. “Jewellers have been buying a lot. At the moment supply is a bit tight for immediate delivery, although it’s not that the market is short of physical gold bars right now,” said a physical dealer in Singapore. “Refiners can’t deliver immediate gold because there’s a sudden surge in demand. We’re seeing demand from India, Thailand and Indonesia. I think the gold price could fall further because of the global economic situation, and China is also slowing.” Gold raced to a record of around $1,920 an ounce in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe. But bullion is moving in tandem with riskier assets this

year, as investors turn to the safety of the dollar and the euro hits multi-month lows. Beijing’s move to slash banks’ reserves to boost lending is seen as an affirmation the world’s No. 2 economy is weakening further. A Reuters poll showed China was likely to cut the amount of cash lenders must hold as reserves by another 100 basis points this year. Overnight, the selloff in commodities deepened, with the Thomson Reuters-Jefferies CRB index, a closely followed indicator for commodities, falling 1.2% to settle below 290 points -its lowest since October 2010. “Sentiment is of course a bit bearish,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. Spot silver hardly changed, while platinum and palladium rebounded from lows. Platinum and palladium prices are expected to end the year higher, a Reuters poll conducted for Platinum Week showed, as constraints on supply and improving demand tighten the market. The global palladium market may swing into deficit this year, potentially pushing prices of the auto catalyst metal to nine-month highs, as top producer Russia sells its state stockpile, refiner Johnson Matthey said on Monday.

Brent falls towards $111 on Greece jitters Brent crude fell towards $111 a barrel on Tuesday as Greece’s political and economic turmoil deepened and worries that the debt-laden country could leave the euro zone sparked a sell-off in dollar-denominated commodities. Brent prices slid for a fourth consecutive day, hammered by fears of a slowdown in the global economy with European data expected to show the region slipping back into a second recession in just three years. China’s decision to loosen monetary policy over the weekend also fed fears that the global economy is suffering as the crisis worsens, causing investors to flee from riskier assets and weighing on copper, gold and the euro. Brent crude slipped 49 cents to $111.08 a barrel after sliding to $110.04 on Monday, its lowest intraday price since January 25. U.S. crude dropped 59 cents to $94.19 a barrel, after falling to $93.65 on Monday, the weakest intraday price since December 19. “The risk-off turn in the market over the last week is due to a re-evaluation of global growth, particularly in China and Europe, which has been weighing on the market,” said Natalie Robertson, an analyst at ANZ. “With the U.S. dollar showing strength, it’s weighing on the commodity markets with investors moving into traditional safe-haven assets, so it’s not looking good for oil.” The euro fell to a four-month low against the dollar on Tuesday, adding to the strength of the dollar index. A stronger U.S. currency can pressure dollardenominated commodities by making them more expensive for consumers using other currencies. Strong production in Germany could not make up


The euro slipped to a four-month low against the dollar on Tuesday as political impasse in Greece raised worry the country may renege on bailout pledges and exit the currency bloc. Concerns about slowing Chinese and global growth also drove down higher-yielding currencies and boosted the safe-haven dollar and yen, with the Australian dollar flirting with a five-month low against the U.S. currency. Many market players think a fresh election will make it more likely for Athens to ditch its bailout pledges and hence the euro even though euro zone finance ministers dismissed talk of Greece’s exit zone as “propaganda and nonsense”. For now, the euro gained a foothold around support at $1.2827, the 76.4 percent retracement of its rally earlier this year from $1.2624 to $1.3486. The common currency last stood at $1.2825 after having fallen as low as $1.2814, its lowest in nearly four months. A clear break of that retracement level could open the way for a test of the January low of $1.2624, though some analysts said the euro could enjoy some rebound in the short term, having fallen more than three percent so far this month. Its relative strength index has fallen below the 30 percent mark, which is usually considered as a sign of overshooting in the downtrend.

for a slump across the rest of the euro zone in March with output at factories falling and signalling an oncoming recession may not be as mild as policymakers hope. China’s Commerce Ministry said on Tuesday the country’s foreign direct investment inflows dropped 2.4% in the first four months of this year from last year, the longest period of declining inflows since the depths of the global financial crisis. FDI is an important gauge of the health of external economy, to which China’s vast factory sector is oriented.

U.S. CRUDE OIL STOCKS Further weighing on the oil demand outlook, U.S. crude inventories were expected to have risen for an eighth straight time last week, a Reuters analyst survey on Monday showed. Distillate stocks were seen unchanged and gasoline stocks slightly higher. Some support for U.S. oil could be seen in the near future when the summer driving season starts in May, likely pushing up fuel demand, said Robertson. “If Europe gets its act together then crude oil prices might be supported, but there’s still a lot of uncertainty and risk from Europe. Prices will likely fall further before stabilising in the second half.” With Saudi producers pumping enough oil to deal with the impact of the sanctions on the oil market, the Brent market was slightly more bearish, analysts said. Saudi Arabia wants a Brent price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, the kingdom’s Oil Minister Ali al-Naimi said on Sunday.

“The euro is probably oversold in the very near-term below $1.28,” Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ told Reuters. “Oscillator charts are screaming it’s time for a rebound,” he added. The euro’s fall saw the dollar index rising to a four-month high of 80.739 as the index climbs above its peak in March. While the dollar has benefited from the euro zone’s woes, its gains have been curbed by speculation that the U.S. Federal Reserve is willing to take additional easing steps should the U.S. economy deteriorate. Even though not many market participants expect the Fed to announce fresh easing steps next month, U.S. retail sales and consumer inflation numbers due later in the day are in focus because they could change that expectation.

Weekly Economic Calendar Date Country Detail MAY 16 GBP Unemployment Rate and Change due 11.30am MAY 16 EUR Trade Balance due 12.00noon in EUR MAY 16 US Building Permits due 3.30pm MAY 16 US Housing Starts due 3.30pm MAY 16 US Capacity Utilisation due 4.15pm MAY 16 US Industrial Production M/M due 4.15pm MAY 16 EUR ECB President Mario Draghi speaks from 5.00pm MAY 16 US FOMC Meeting Minutes due 9.00pm MAY 17 JPN Japan Prelim GDP growth Q/Q due 2.50am MAY 17 EUR Bank holiday in Germany, France & Switzerland MAY 17 EUR Spanish 10-year Bond auction MAY 17 CAD Canada Foreign Securities Purchases due 3.30pm MAY 17 US Weekly Unemployment Claims due 3.30pm MAY 17 US Phily Fed Manufacturing Index due 5.00pm MAY 18 EUR German PPI M/M due 9.00am MAY 18 GBP 10-year bond auction MAY 18 CAD Consumer Price Index due 3.30pm MAY 18 ALL G8 Meetings start in Camp David Indicated times are Cyprus time

Forecast Previous 4.9k 3.6k 4.3B 3.7B 0.73M 0.75M 0.69M 0.65M 78.90% 78.60% 0.60% 0.00% 0.90% -0.20% 9.34B 12.50B 370k 367k 10.6 8.5 0.40% 0.60% 0.30% 0.40% Source: Eurivex

Against the yen, the dollar moved little at 79.86 yen, above a 2-1/2-month low of 79.428 yen hit last week, with major support seen at 79.14, a 61.8 percent retracement of its rally from February to March. The Australian dollar briefly fell to a five-month low of $0.9945, after the Reserve Bank of Australia’s minutes of its May policy meeting showed concerns about a cooling in growth and inflation were behind its unexpected 50 basis point rate cut earlier this month Apart from political turmoil in Europe, the Aussie has been pressured by concerns over slowing growth in China and other emerging economies, which have been the main driver of global growth. The currency, however, has managed to float above a major support at $0.9945-50, the 61.8 pct retracement of its climb from October to February. 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.

Bankers call Moody’s mass downgrade attack on Italy Italy’s banking and business community responded angrily on Tuesday to Moody’s mass downgrade of Italian banks, calling the move irresponsible and an assault on the austerity-hit country as it struggles with an economic crisis. Italian banks, already battling with shrinking demand and soaring bad loans, suffered a further blow as the U.S. agency slashed the credit ratings on 26 local lenders, adding to their difficulties in raising funds. The downgrade, which Moody’s pinned on a weakening operating environment made worse by Prime Minister Mario Monti’s tough austerity cure, came amid growing calls within the euro zone for a shift towards growth after months of strict fiscal discipline. “Moody’s decision is an assault against Italy, its companies, its families,” said Italian banking lobby ABI. “Once more rating agencies turn out to be a destabilising factor for financial markets with their partial and contradictory statements.” Big business lobby chief Emma Marcegalia said she was concerned by such an “attack against Italy.”

Moody’s downgrade came on the back of its February cut of Italy’s sovereign rating to A3 from A2 and makes the ratings of Italian banks among the weakest in western Europe. While large groups such as Intesa Sanpaolo and UniCredit have enough international reach and capital to absorb the hit, this is more problematic for smaller lenders such as Banca Monte dei Paschi di Siena, which now stands just above “junk” or non-investment grade status Repeated rounds of credit rating downgrades have added to funding difficulties for banks in the weakest euro-zone members, increasing their reliance on ECB funds. Low ratings are also scaring off large investors such as money-market managers and pension funds, which often rely on rating agencies’ marks to guide their investment strategy. Ratings agencies were heavily criticised after the 2008 financial crisis and have been under fire again in Europe. Italy’s business community and some regulators

have been at the forefront of criticism of the three top agencies: Standard & Poor’s and Fitch as well as Moody’s. Italian prosecutors have also opened a probe into the three for possible market rigging. “It is very urgent to review the role of rating agencies and the way they operate. They often come too late. In such volatile market conditions their action is useless if not outrightly damaging,” Banca Ifis head Giovanni Bossi told Reuters. With a focus on retail services and despite having steered away from subprime bonds, Italian banks are considered risky as they suffer from the double-edged sword of growing Italian bond holdings and contracting internal demand. Italian banks have been big buyers of domestic bonds and their role is vital for the refinancing of Italy’s 1.9 trln euro public debt. They upped their holdings of Italian bonds by 9% to 290.54 bln euros in March. But their exposure to sovereign risk makes them vulnerable while concerns persist about euro zone integrity.

The Financial Markets Interest Rates ALPHA BANK Base Rates

LIBOR rates


0-0,25% 0.50% 1.00% 0-0,1% 0-0,25%

Swap Rates















0.24 0.68 0.34 0.14 0.08

0.34 0.80 0.43 0.16 0.09

0.47 1.01 0.62 0.20 0.11

0.73 1.33 0.93 0.34 0.19

1.06 1.86 1.26 0.55 0.39


0.64 1.37 0.97 0.36 0.14

0.73 1.41 1.06 0.37 0.19

0.90 1.44 1.19 0.37 0.27

1.10 1.56 1.35 0.41 0.37

1.50 1.83 1.65 0.58 0.61

1.94 2.25 1.97 0.86 0.90

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.2850 0.7782

100 JPY
















































1.6105 1.2850 79.88 0.9348

Last Week %Change 1.6137 1.3021 79.78 0.9224

Why do investment banks make money? Not how—but why? After all, virtually every industry, every business, everything that makes money, does so because it makes our lives better. Absent a societal function, it is hard to understand why an industry should make large amounts of money for a long period of time. Now it is obvious that we all need food, shelter, clothing, transportation, etc., and that we will pay the entities that provide these things to us. Determining what function investment banks serve is, however, not as easy. Are investment banks there to provide investment capital? Not exactly. In today’s world, this is increasingly the domain of long-only investors, private-equity and VC funds, etc. How, then, are banks making our lives better? Let us suggest this: they make the capital markets work better. They make them more liquid. As speculators, they take the other side of derivative contracts from hedgers who need to transfer risk to someone willing to take it on for a price. In short, they make markets more efficient. The business of market efficiency has a history that is as long and lucrative as the markets themselves, and liquidity providers have always been paid, and paid well, for their services. The business of liquidity is what put the “gold” in Goldman Sachs and the “more” in Morgan Stanley. Investment banks and the other great trading partnerships of their day attained their wealth not by providing investment capital, but by facilitating its provision and distribution. It is what we have over the years called “efficiency capital”. Now twenty years ago, the world, financially speaking, was a much simpler place. You had investment capital, and you had those who earned their return by facilitating its provision (efficiency capital). And that world of efficiency capital was a “members only” club and the memberships—seats on exchanges and partnerships at investment banks—cost millions and was typically only available through

time to expand the balance sheet? And which psychologically fragile investors, exhausted by all the back and forth on Europe and disappointing data on China, will now not cut risk instead of expanding it? This is doubly true if the perception is that JPM will have to unwind a large book, for who will want to be on the other side? Still, we would view a likely sell-off as a buying opportunity. Indeed, while the JP Morgan conference call brought us all back to the scary days of 2008, the reality is far different, with the private sector having deleveraged aggressively in the past four years. And it must also be highlighted that the JP Morgan losses, though large in



absolute terms, only account for a rough 0.1% of its assets and can easily be absorbed within an otherwise strong 1Q12. So there are really two ways to look at this latest piece of news: the first is to say that we are going to hell in a hand-basket because of evil bankers. Unsurprisingly, the weekend press was all over that argument. But the other way to look at this news is to conclude that the business of efficiency capital will continue to transition out of concentrated banks and into thousands of smaller entities. We tend to think that, for our overall system, this is a long-term bullish development. 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.


EUROPEAN Belarussian Ruble British Pound * Bulgarian Lev Czech Koruna Danish Krone Estonian Kroon Euro * Georgian Lari Hungarian Forint Latvian Lats Lithuanian Litas Maltese Pound * Moldavan Leu Norwegian Krone Polish Zloty Romanian Leu Russian Rouble Swedish Krona Swiss Franc Ukrainian Hryvnia


8100 1.6107 1.5216 19.791 5.7841 12.1792 1.2851 1.615 227.72 0.5422 2.6866 0.3341 11.7800 5.9180 3.3548 3.4556 30.3108 7.0289 0.9348 8.0315


1 1.0011 7.7651 53.8250 79.87 1153.90 1.2831 1.2556


0.3770 6.0301 12244.9023 3.8235 0.7080 0.2778 1501 0.3850 3.6404 3.75 8.1516 3.6728


0.7848 147.94 1805500

AMERICAS & PACIFIC Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar MIDDLE EAST & AFRICA Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham

+0.20 +1.31 +0.13 +1.34

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira


Marcuard’s Market update by GaveKal Research In the midst of increasingly weak numbers out of southern Europe, a strong German economy is very important. Indeed, the nation once known as the sick man of Europe has now become the economic anchor of the region. This is why April’s weak German PMI reading (a drop to 46.2, the weakest since the summer of 2009) and the surprising rise in unemployment was so concerning to many investors. So, is Germany being infected by the ailments in southern Europe? We are not convinced. Earlier this week we saw a stronger than



* USD per National Currency

Relucant Reflation In Germany

Even Monkeys Fall From Trees birthrights or marriage. But then, a significant development changed the prevailing order: the arrival of the garden variety hedge fund. Though few could foresee it at the time, the creation of the hedge fund allowed investors to outbid the club members for their top trading talent. Suddenly, the head of the arbitrage desk at Goldman was no longer alone at the top of the food chain. No matter how many millions the payout was in a good year at Morgan Stanley, 20% of the gain on $500mn (then $1bn, then $2bn, then $15bn …) was better. And you did not have to wear a tie, and could bring your dog to the office! Which brings us to the quandary that investment banks have gotten themselves in: when banks make money, they are lambasted as parasites. When banks lose money, as JP Morgan did recently, it is a scandal which graces the front page of every newspaper in the world and invites yet another regulatory crackdown. The reality, of course, is that banks are now stuck in a Catch-22 situation: they are under pressure to leverage up massively in order to compete with the remuneration structure of hedge funds and their lighter regulations; but excessive leverage invariably brings disaster, which in turn brings more regulation, which condemns banks to either take on more (but different) risk or phase themselves out of business. Undeniably, there is nothing encouraging about the recent JP Morgan news. Indeed, not only will the losses invite more government meddling under the premise that even the best run ships sometimes take water (or, as Koreans put it, even monkeys sometimes fall from trees) but in the near term, it will invite every bank to derisk their portfolios. A US$2bn trading loss will also invite scrutiny, for it occurred at a time when markets were remarkably quiet (i.e., it is hard for JPM to use the standard argument that the losses were the result of unpredictable 9-sigma events, etc). As a result, and following this surprising news, which bank CEO did not spend all weekend with his entire risk team going through the bank’s positions? And which head of risk will think now is an opportune

World Currencies Per Us Dollar


Weekly movement of USD


Marcuard’s Market update by GaveKal Research



FINANCIAL MIRROR, May 16 - 22, 2012



expected +2.2% MoM jump in German factory orders, yesterday’s IP data showed a much better than expected +2.8% MoM gain. Moreover, the main future looking indicators, the IFO & ZEW surveys, are still very healthy. But perhaps more telling than the data is the feeling one gets when visiting the hotter spots in Germany today. Indeed, walking thought the streets of Munich or Frankfurt recently, we were struck by a very unfamiliar sight: cranes everywhere. Hotel reservations are very difficult to find and forget about trying to book any remotely popular restaurant. Very tangibly, Germany feels like it is booming. There is of course a structural component of the German recovery, but from a more cyclical point of view, the German story is actually quite simple. The economy is likely to experience nominal GDP growth in excess of 5% for the coming years and with record-low unemployment, while the cost of capital will remain close to zero because of the mess elsewhere in Europe. It does not take a rocket scientist to understand that this is a recipe for a boom. The type of economic activity promoted by a prolonged period of negative real rates includes wage inflation, falling savings rates and rising house prices: trends not exactly associated with classic German virtues. Indeed, when presenting the above scenario during our recent client meetings in Germany, we always got two

very distinct reactions: 1) general agreement on the ongoing domestic boom, and 2) profound discomfort when it comes to playing said boom—with money so cheap it seems “unearned”. Clearly, most Germans are not ready to transform themselves into Spaniards just yet. German rectitude notwithstanding, we still firmly believe the German reflation story will continue to develop. And one of the best ways to participate is through residential real estate. Housing markets across the globe boomed over the past decade as interest rates fell to historically low levels. Some of the biggest booms were in Europe, and especially in Spain and Ireland as the new euro entrants enjoyed lower interest rates on the back of Germany’s credit rating. But Germany missed out. Until recently German residential real estate prices had been flat since the mid-1990s. But this is changing. The stage is set for German house prices to catch up some of the lost ground. House prices typically boom when the costs of financing fall, and especially when the costs of financing fall below the rate of income growth. This is because income growth (and house price growth, if we assume a constant house price/income affordability ratio) will cover the financing costs of the mortgage, and leave the owner with “free” housing (or a free stream of rental payments). This phenomena has led to housing booms in Spain, Ireland, the U.K., Australia… and now Germany. This trend will continue until either interest rates rise relative to income growth, or house prices become extremely unaffordable. Given that the economic outlook for Germany is much brighter than that for the rest of Europe, and that German house prices are generally cheap by global standards, this boom has a long way to run yet. 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.



Cyprus needs EU support mechanism to trim excess fat SHAVASB BOHDJALIAN In view of the steady deterioration in state finances and with banks struggling to raise the required capital buffers until end of June, it seems more and more likely that Cyprus will have no other choice but to enter the EU support mechanism. Politicians dread the prospect of entry into the support mechanism claiming that by allowing representatives of the so-called Troika, the European Central Bank, the European Commission and the IMF to approve every budgetary decision, effectively the country will lose its sovereignty. It is true that the main pre-condition for aid is for the Troika to approve every inclusion in the Budget, but in actual reality for the average person on the street, this is better since it limits the ability of politicians and political parties to pass supplementary budgets without much scrutiny which allows them to reward special groups in exchange for votes or other favours. Successive finance ministers of the Christofias government have been telling the public they wish to limit allowances that already over-paid state employees earn on the side for a variety of stupid reasons, yet, those allowances are still being paid and nobody seems to have the will or power to stop this. Rest assured, when the Troika representatives come to Cyprus, one of their first acts will be to scrap all allowances. The Troika reps will also probably scrap the 13th salary for civil servants and order across-the-board pay cuts in salaries and impose new conditions on how productivity is measured as the race begins to find cost savings of EUR 200 mln this year to keep the budget deficit at the promised 2.5% of GDP level. And with the Troika in charge, I’m sure they will succeed in imposing a total hiring freeze that this government has been talking about, but not delivering as it keeps adding to civil service, semi-governmental and municipal staff. Since the banks have screwed up their finances, it’s only fair for somebody to tell the banks that they need to cut expenses and one of the first things that needs to be done is order salary cuts for all top management, middlemanagement and lower earning salaried staff. I was surprised when the newly appointed Central Bank Governor did not make such a suggestion at the Bank Staff Union (Etyk) event last week. Banks are paying their staff excessive salaries and working limited hours which limits their productivity and ability to services their clients and stay competitive. By reducing expenses, banks would save up capital and be in a position to lower the bank charges and excessive interest rates they charge their clients. The re-balancing of salary scales between the civil service and the banks on the one hand with the private sector is long over-due and this can only be done with the help of the Troika. The only argument against the EU support mechanism is that Germany and other core EU states would immediately dictate Cyprus to increase its corporate tax rate from the current 10% to at least 15%, which is the lower range of the EU average. For Cyprus residents this would not matter, since the effective corporate tax rate for residents is currently 17%-22% if you count the tax on dividends. As for non-residents who repatriate dividends by paying no additional tax, Cyprus could always copy Malta and other countries which advertise a high tax rate, but then lower the effective tax rate by giving allowances and rebates. You would be surprised to know that some EU countries advertise 15% corporate tax for non-residents but after giving allowances and breaks, the effective rate is lowered to 5%. Cyprus could do the same and thus allow the professional sectors (such as lawyers and audit/tax consultancy) to flourish and maintain their edge. Cyprus has reached a critical stage. The government is to blame for not taking early measures to balance state finances. The banks are responsible for their gross mistakes and they also need to trim their costs. The last time this country went through a fat-trimming exercise and a genuine determination to prosper through hard work was the period immediately after the 1974 Turkish invasion. Ever since then Cyprus has been adding to its fat and living off the misery of others. The time has come for us to follow a strict diet to become healthy again and this can only be done with the help of the EU. (Shavasb Bohdjalian is a certified Investment Advisor and CEO of Eurivex Ltd. (, a Cyprus Investment Firm, regulated by CySEC, license #114/10 offering forex solutions and portfolio management services. Eurivex is also approved by the Cyprus Stock Exchange to act as Nominated Advisor (Nomad) for listings on the Emerging Companies Market. The views expressed above are personal and do not bind the company and are subject to change without notice. For further information, please contact

FINANCIAL MIRROR, May 16 - 22, 2012

Back into the euro storm Greece ditching the euro, huge tax hikes and spending cuts in the United States in 2013, plus a showdown over Iran’s nuclear ambitions are three big political risks looming over a global economic recovery that looks more uncertain by the day. The global outlook clouded late last week. The European Commission downgraded growth forecasts for Spain and Greece; China reported weak retail sales, bank lending and industrial output; and India’s industrial output slumped for the first time in five months. The U.S. economy already has hit a soft patch. Its giant service sector is slowing and employment growth has cooled. While U.S. manufacturing is holding firm, weakness in Asia and Europe makes it vulnerable to loss of export markets. One bright spot for the global economy is oil. If high-level meetings this week with Iran succeed in defusing nuclear tensions, growth could get a major fillip from lower oil prices. Brent crude prices already have fallen by 9% since early March, and the Institute of International Finance estimates they could retreat a further 1418% if the political risk premium from Iran was squeezed out. Relief from political risks stemming from the U.S., however, will take much longer. Resolving U.S. budget battles, which threaten to thrust the nation back into recession next year if planned tax increases and budget cuts go through, must await the November presidential and congressional elections. That leaves Europe as the immediate wild card in the deck. “The question for 2012 is whether the euro zone will limp through without anything worse than the kind of slow-motion recession underway now,” said David Levy, chairman of the Jerome Levy Forecasting Center. A week after 70% of Greece’s electorate rejected the harsh budget cutbacks required under a joint EU/IMF bailout, leaders in Athens have failed to form a government. This has revived market talk that Greek could default, and perhaps even exit the euro zone, spooking investors still raw from the Lehman Brothers collapse and leaving them uncertain whether they would escape damage.

At best, Levy said, Europe cannot escape a severe retrenchment over the next few years, which will drag on global growth. The euro zone shrank 0.3% in the fourth quarter and analysts forecast that GDP data will show a further 0.2% decline in the first quarter. If the numbers come in even worse, they will add momentum to socialist French President-elect Francois Hollande’s call for Europe to embrace a new growth strategy. More critical will be the relationship forged between France’s new leader and German Chancellor Angela Merkel. Hollande heads to Berlin after he is sworn into office on Tuesday and then to Washington to meet Obama.

POWER COUPLE Europe’s new power couple appears ready to embrace a growth pact. But analysts warn that warm words from Berlin and Paris next week about infrastructure investment and allowing a flexible timetable for reaching budget deficit targets for countries like Greece, Spain and Portugal will not be enough. Investors are exhausted with half measures to fix the euro-zone sovereign debt crisis and want more lasting solutions. Huw Pill, an economist at Goldman Sachs, said a bold program of EUwide deep economic reforms is what’s needed. “What is at stake is the pace of fiscal adjustment and design of supporting policies along other dimensions - monetary, structural and institutional,” he told clients. Bolting a growth plank onto Europe’s economic house might be a shortterm necessity while in recession. But if EU leaders want a lasting answer to a 10.9% jobless rate and 50% youth unemployment in Greece and Spain, they must overhaul an array of work and business rules more worthy of medieval guilds than of a modern, internationally competitive economy. That is no easy task. The EU adopted the Lisbon Strategy in 2000 to tackle low productivity and high costs. But its attempts to make Europe the most competitive region in the world by 2010 had failed miserably long before the financial crisis hit.

Rangers set to go Green after accepting bid Administrators for stricken Scottish soccer club Rangers accepted a takeover bid on Sunday from a group led by former Sheffield United chief executive Charles Green, who must now try to rescue the 140-year-old Glasgow team. Rangers, one of the biggest names in British soccer, went into administration in February over unpaid taxes and there have been several false dawns since then in efforts to save the club. The deal with Green was announced by Duff and Phelps on the last day of a Scottish Premier League season which has seen Rangers surrender their title to bitter rivals Celtic. “Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the Club and this is expected to be finalised at a creditors’ meeting on June 6,” said David Whitehouse, joint administrator from Duff and Phelps. Green’s group proposes to try to reach an agreement with creditors so that debts can be cleared and the club start next season with a clean bill of financial health. Green said he had received a written commitment for the transfer of the 85 percent shareholding owned by Scottish businessman Craig Whyte, who bought the club last year only for it to run into a debt crisis. “This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future,” Green said. Rangers went into administration over 9 mln pounds in unpaid taxes. They face a much larger potential liability in a separate tax dispute over how they paid their players over the past decade.

Winning over Rangers’ passionate fans may be a challenge for Green, however. U.S. tow-truck tycoon Bill Miller, named preferred bidder earlier this month, withdrew his offer after protests by fans. The 59-year-old Green has a background in the soccer world but has no public profile in Scotland. He was chief executive of Sheffield United when the English club floated on the stock market in 1997. He is chairman of Nova Resources, a company that is listed on London’s AIM stock market and invests in mining businesses. It is active mainly in Singapore and Mongolia.

Greek Coke bottler Q1 net loss widens, to lower capital Coca-Cola Hellenic (CCH), the world’s second-largest bottler of CocaCola soft drinks, posted a wider than expected loss in the first quarter, hurt by cold weather in central and eastern Europe, austerity in debt-laden Greece and higher commodity costs. The Athens-based company, with operations in 27 countries in Europe and in Nigeria, said comparable net loss came in at 19 mln euros, higher than analysts’ average 14.2 mln euros forecast in a Reuters poll. The bottler said the volume of unit cases sold dropped by 2% year-onyear to 425 mln. “We continue to witness macroeconomic uncertainty in all of our EU markets,” the company’s chief executive Dimitris Lois said in a statement. “We are also facing persistent input cost pressures, whose year-on-year growth peaked in the first quarter,” he added. On the other hand, the company said it maintained or increased its market volume share in sparkling beverages in most of its markets, including Italy, Switzerland, Russia and Ukraine. The company reiterated its intention to invest 1.45 bln euros in 20122014. It expects to generate the same amount in free cash flow and said it will propose a capital return to its shareholders of 34 cents a share, reducing the par value by 125 mln euros. “As a separate item, Coca-Cola Hellenic also announces a proposal for a further decrease in the par value of the company’s shares by approximately 55 mln euros, or 0.15 euros per share, in order to extinguish accumulated losses in an equal amount,” CCH said in a statement. “The proposed transaction will be financed from the cash position of the company,” it said.

Standard & Poor’s recently cut its outlook for CCH to negative from stable, citing low consumer sentiment in many of its markets and persistenlty high raw material prices. The stock trades at 15.4 times estimated 2012 earnings per share, compared with 16.3 for rival Pepsico.

ATHEX trades fall 44% in April Hellenic Exchanges, operator of the Athens Stock Exchange (ATHEX) published its monthly statistics bulletin for April showing that international investors as a whole accounted for inflows of EUR 6.3 mln, though foreign institutional investors recorded outflows of EUR 3.7 mln. Greek investors were overall net sellers with outflows of EUR 5.5 mln. Average daily value of transactions shaped at EUR 28.6 mln compared to 50.6 mln in the previous month and compared to 86.3 mln in the same month of the previous year. Foreign investors made 33.6% of total turnover compared to 37.4% in the previous month and 51% in April 2011. Participation of foreign investors in total market capitalisation reached 52% from 50.8% the previous month.

FINANCIAL MIRROR, May 16 - 22, 2012



FINANCIAL MIRROR, May 16 - 22, 2012

India’s “Queen of Democrazy” at the crossroads of change

l Will “never” lower opposition

l Subsidies protect poor, government

to foreign supermarkets

should find revenue elsewhere

Kolkata’s red-brick secretariat was built more than 200 years ago for Britain’s East India Company, which used trade in opium, cloth and tea to colonise the subcontinent. Distrust of foreign merchants lingers still. For the past year, the sprawling building has been occupied by Mamata Banerjee, the diminutive chief minister of West Bengal state who is perhaps the largest obstacle to economic reforms that would allow 21st-century traders free access to India’s consumer markets. To supporters who affectionately call her “Didi”, or “Big Sister”, Banerjee is a hero who ended more than three decades of communist rule in West Bengal. They say she shelters farmers and shopkeepers from the harsh winds of globalisation, while guiding West Bengal towards its rightful place as an economic and cultural powerhouse and India’s gateway to Southeast Asia. But after a series of erratic moves, including the arrest of an academic who forwarded a joke email about her to his friends, critics see her as an autocrat in the making. The weekly magazine India Today branded her the “Queen of Democrazy”. Banerjee’s widely ridiculed antics and disappointment with her administration in West Bengal could hasten the end of her honeymoon with the voters. She is also dependent on the central government to bail West Bengal out of a debt crisis. Together, those factors offer Prime Minister Manmohan Singh a chance to out-manoeuvre someone who, despite being a coalition ally, has stood doggedly in the way of much-needed economic reform. In the past year, India’s stellar economic growth has slowed and its current account and budget deficits have ballooned. But the central government’s attempts to introduce policies it says would remedy the crisis have been blocked by the very coalition allies it relies on for survival, chief among them Banerjee’s Trinamool Congress party. “She’s very much on the back foot because of her behaviour,” said Bengali political analyst Amulya Ganguli, adding a change may now be “in the offing”. “There are signs of mellowing. Perhaps she realizes she has to act responsibly and not say no to everything.” A weakened Banerjee could make it easier for Singh’s government, whose popularity has sagged amid corruption scandals and high inflation, to push through reform.

SLUMS AND iPADS Despite modest beginnings as a poor teacher’s daughter, Banerjee was named in April one of Time Magazine’s 100 most influential people in the world. Last week she was visited by Hillary Clinton, who praised her political achievements after discussing potential U.S. investment in Indian ports. Talking to Reuters in the same sparse room where she received Clinton, Banerjee however gave cold comfort to U.S. merchants who may have thought a visit from the secretary of state would soften her opposition to foreign supermarkets such as Wal-Mart Stores Inc. operating in India. “Never,” Banerjee said emphatically. She said she welcomed private investment to create jobs in areas such as tourism and industrial projects, even for hospitals, but would always oppose policies that destroy jobs for farmers and small retailers. “There are some areas I cannot go,” she said, clad in a white saree. “I cannot tell the people you just go from your work, you must be jobless because of this.” She said she would remain opposed to raising the price of heavily subsidised fuel and rail fares. That is bad news for prime minister Singh, whose

failure to rein in the deficits and reverse the slowdown has tarnished his reputation as the architect of reforms that transformed India’s slow-coach economy 20 years ago. “They talk about price rises only for the common people, you have to nurture other options also, you need to look at other ways out, how you can develop business, how you can find more funds,” said Banerjee, whose 19 lawmakers give Singh’s Congress party a majority in parliament. Unmarried and still living in her tin-roofed family house in a Kolkata slum, Banerjee is facing her own financial crisis in West Bengal’s state government, which could give Singh more leverage on his stalled reform agenda.

“We want to restore the past glory of this state,” said Banerjee, who has promised to make the city as modern as London and has invited companies to help, including to build a ‘Kolkata Eye’ to rival the British capital’s giant ferris wheel. Projects to paint city bridges and buildings blue and install thousands of ornamental street lights Banerjee designed herself to boost civic pride have been pilloried in the media but officials say they are cost effective. New flyovers to ease congested streets, an airport terminal and the mushrooming of middle-class apartments and office buildings are signs that change is on the way. Overtures to private investment began before Banerjee took office, and many have been disappointed that she has not done more to improve the investment climate in West Bengal.


Saddled with India’s highest state debt of nearly $40 bln - mostly inherited from her communist predecessors who had ruled from 1977 until elections last year - Banerjee is struggling to pay teachers’ salaries and is seeking a three-year moratorium from the central government. Although she proudly brandishes her iPad, Banerjee is drawn to the frugal tradition of Indian independence hero Mahatma Gandhi. She says she takes no government salary, or perks such as a car and residence. Such personal austerity has not stopped her hiring some 90,000 new teachers and police, despite the state’s debts. The cost has raised eyebrows but her finance minister, Amit Mitra, said it was nominal because of low wages. Mitra, a harried-looking former head of India’s premier industry chamber, FICCI, said the state’s tax take was up 20% last year thanks mainly to enforcement.

PAST GLORY Kolkata, formerly known as Calcutta, was Britain’s beachhead in India and flourished as an intellectual and industrial capital long after the colonialists were expelled. One of the world’s richest cities in the 19th century, Kolkata today is more reminiscent of Cuba’s Havana with its faded tropical grandeur and 1950s-style taxis.

Devoted to Bengali polymath Rabindranath Tagore, a Nobel literature prize winner, Banerjee has her own creative leanings as a painter and poet. But critics point to a darker side of someone who does not appear to tolerate dissent. In a sign of her clout, she recently forced the prime minister to fire his railway minister, one of her own party members, after he announced in parliament that rail fares would go up. “When I announced the increase in fares, everyone thumped the desk,” the former minister, Dinesh Trivedi, said from his New Delhi residence. “And suddenly, I was asked to go.” The fare rise was supported by unions and economists as necessary to help pay for the modernisation of a railway network whose overcrowded trains and creaking infrastructure are a major drag on economic growth. Then in April, 52-year-old chemistry professor Ambikesh Mahapatra forwarded an email doing the rounds that ridiculed Banerjee’s treatment of Trivedi. Police detained him for what Banerjee called ‘cyber crimes’, but not before a group of about two dozen people confronted him and beat him up. “I didn’t realise that I was committing some kind of crime,” Mahapatra told Reuters. “There is a sense of fear in my mind. Especially because the government seems so unapologetic.” Mahapatra’s treatment sparked an outcry. Banerjee, once hospitalised for months after Communist thugs punched her to the ground, defeated the leftists partly by railing against the culture of political violence in West Bengal. Her critics now wonder whether life is any different. “White and blue for the bridges, black and blue for the protesters,” said Dwaipayan Bhattacharyya of the Centre for Studies in Social Sciences, Calcutta. “That appears to be her policy at this moment ... She doesn’t have any tolerance for even an iota of dissent.” Such behavior has alienated the educated middle classes who cheered her defeat of the left, Bhattacharyya said. Banerjee was visibly annoyed by the charge she was autocratic, saying the campaign against her was orchestrated by the communists she ousted and maintaining that violence has dropped sharply since she took office. Until now, Anand Sharma, the minister who drove the plan to open up India’s retail sector, has seen his ambition thwarted. But change might be coming. “With this scientist arrest, she is losing sheen as a dragon slayer,” one very senior government adviser said on condition of anonymity. “Perhaps that gives Anand a little more room, we’ll see.”

Market jitters could slow F1 IPO Renewed turbulence in global markets could put the brake on plans to float Bernie Ecclestone’s Formula One motor racing business in Singapore next month, a source close to the deal told Reuters. Formula One will be looking carefully at how markets react to the much larger planned listing of social media company Facebook as it weighs whether to proceed, the source said. Private equity firm CVC Capital Partners has owned 63.4% of the Formula One business since 2006 and wants to cut its stake to under 50%. Investment banks UBS, Goldman Sachs and Morgan Stanley have been hired to work on a flotation that could value the global motor racing tour at some $10 bln. “If the next two weeks are as bad as the last three, it will be unlikely it will go ahead this summer,” said the source, speaking in a hospitality area at the track in Barcelona on the eve of the Spanish Grand Prix. “If markets are on a negative trend every day, it’s hard to sell an IPO,” he added. Renewed political uncertainty in the euro zone and a big trading loss suffered by JPMorgan Chase have unsettled stock markets in recent days. The MSCI’s index of global share market performance has given up much of the gains made earlier in the year. Falls of over two percent in

the past week have pushed it back down to levels seen in January.

LOOKING AT FACEBOOK The new issues market will be dominated in the coming days by Facebook, which aims to raise about $10.6 bln in Silicon Valley’s largest IPO. The source said it would not help Formula One’s plans if the Facebook listing flopped but a successful market debut would provide a fillip. English soccer club Manchester United put plans to float in Singapore on hold last September because of market jitters. A Formula One flotation could also include a 15% stake in the business held by U.S. investment bank Lehman Brothers when it collapsed in 2008. Formula One has prepared accounts up until the end of December, meaning that failure to get the deal away in June would cause a delay while an updated set of half year figures were produced. The IPO market also tends to go dormant over the northern hemisphere summer. Formula One’s complex internal politics could throw up another hurdle. The German Mercedes team said this week it needed to reach an

agreement on its long-term future in the sport before any flotation could proceed. Mercedes, majority owned by Daimler, is the only major team yet to sign up to a new version of the secret “Concorde Agreement” that governs the commercial side of the sport.

FINANCIAL MIRROR, May 16 - 22, 2012



When the Exxon way stops working When Exxon boss Rex Tillerson walked into a meeting with the President of Ghana on the sidelines of the United Nations General Assembly, he thought he was set to strike a deal with an important new oil producing nation. Instead Tillerson - who had flown into town aboard an executive jet bigger than those used by many heads of state - was rebuffed by an irritated John Atta Mills, who had expected to be wooed rather than given a tough contract to rubber-stamp. That scene in a New York hotel room in 2009 sums up a corporate attitude which dozens of industry executives, bankers, analysts and government officials say is damaging Exxon’s balance sheet. In a world where oil rich nations now call the shots the U.S. giant’s imperious approach is increasingly a liability, they say. Exxon has struggled to access new oil and gas reserves in recent years. In March t he company slashed growth plans and by some calculations slipped behind PetroChina as the world’s biggest listed producer of oil. Last week it revealed a fall in output and profits that knocked its share price. A bossy approach worked well as long as oil-rich nations signed purely financial deals, and stuck to them. But when oil prices began to ramp up around a decade ago, a wave of resource nationalism blew through countries like Russia, Venezuela and Libya and changed the game. These countries set new rules, claiming the right to redraft contracts in the event of changing circumstances - such as huge leaps in the price of crude oil between the date of a contract being signed and the start of production. Many oil nations also expected help with development, an area where Western companies were initially outmanoeuvred by Chinese state oil groups. That’s hit the biggest hardest. “The game has changed. You can’t act like you have all the power any more,” said the chief executive officer of a close competitor. Or as Joe Tatusko, fund manager with Westport Resources management in Connecticut, who holds Exxon stock, put it: “You have to share”. Exxon agreed to comment on specific production issues for this story but declined to comment on the company’s business approach.

THE RELIGION OF COMPLIANCE Exxon was born in the early 20th century out of the breakup of John D Rockefeller’s Standard Oil following an anti-trust probe initiated by President Teddy Roosevelt. Industry lore traces its straight-laced culture back to Rockefeller, a devout Baptist - but if the company has a true religion today, it is compliance to company procedures. That buttoned-down culture, underpinned by a disciplined, topdown management system, has long been credited with making the company the most efficient operator in the business: strict standardisation means it can employ the same business approach around the world and save money. Its uniformity of thinking extends even to dress sense - the CEO of one rival oil firm joked that male Exxon staff invariably turn up for meetings in blue suits, white shirts and red ties. That intense focus extends to the way in which Exxon perceives the role of business, a free market world view which is reflected in boss Tillerson’s taste in literature. In a 2008 interview with Scouting Magazine, he named Ayn Rand’s ‘Atlas Shrugged’ - a totemic novel that lionizes a harsh breed of capitalism and rejects government intervention - as his favorite book.

SLAP IN THE FACE When Tillerson walked into the room in New York, President Mills knew what the CEO wanted to discuss. Kosmos, a Houston-based oil explorer backed by private equity firms

Blackstone Group and Warburg Pincus, had recently put its stake in Ghana’s Jubilee field up for sale. The billion-barrel field was one of the industry’s largest finds in a decade and explorers believed it could be one of a series of major fields that existed along the West African coast — offering bidders the prospect of a major new oil and gas province. Rather than ask Mills for his blessing for a bid, though, Tillerson simply informed him that he had already agreed a deal with Kosmos’s American managers to buy the Jubilee stake. For Mills, the deal was unacceptable. “The Chairman of Exxon presented it as a fait accompli and Ghana wouldn’t take that,” said Kwabena Donkor, head of Ghana’s Petroleum Commission, which is responsible for regulating and developing strategy for the country’s oil industry. Exxon’s apparent indifference to the Ghanaian government’s ambitions was supported by a strict reading of Ghanaian law, which said a buyer didn’t actually need the government’s blessing to buy Kosmos’s stake. But Ghana pushed back, accusing Kosmos of irregularities in the sale process. The government refused to sanction the Exxon deal and hired Goldman Sachs to seek partners for a rival bid to Exxon’s. Even as the rhetoric escalated, industry executives predicted a deal would be done; Exxon and Kosmos would make some concessions to the Ghanaians, to allow the government to save face and advance Mills’s desire to develop Ghana’s own state oil company Ghana National Petroleum Corporation (GNPC). Instead, Exxon stuck to its guns, sources close to the process said. The oil giant even threatened to sue Goldman Sachs in the United States, alleging wrongful obstruction of Exxon’s business dealings, according to a senior Goldman banker. No agreement was forthcoming and after almost a year, Exxon announced it was pulling out of the planned deal.

GLOBAL DISPUTES It is not the only occasion on which Exxon has found itself at loggerheads with oil powers. Since around 2006, Exxon has been locked in a row with the Kremlin over the right to export gas from its Sakhalin-1 project off Russia’s eastern coast. Exxon argues its production sharing agreement — signed under the chaotic premiership of Boris Yeltsin and seen by many Russians as unfair — gives it the right to export gas to Asian buyers. Most analysts agree the letter of the contract supports Exxon’s position. But state-controlled gas export monopoly Gazprom has so far blocked exports, insisting that Exxon sell it the gas from Sakhalin-1, like-

ly at prices below international market levels, so it can export the gas instead. Exxon has refused. So vast quantities of gas that Exxon might be able to book as reserves and sell remain undeveloped, though the company says its oil production there is a success. In contrast, at the neighbouring Sahkalin-2 field, project-leader Royal Dutch Shell Plc took a more flexible approach to the Kremlin’s demands and agreed to sell a majority stake in its project to Gazprom. Shell executives privately accepted that the company’s original contract had been too advantageous and now brag that they are making strong returns on their investment. Halfway around the world in Venezuela, Hugo Chavez in 2007 insisted state oil group PDVSA should have a majority stake in oil and gas licenses. Exxon and U.S. peer ConocoPhillips disagreed, and left the country rather than concede, while Shell, BP, Chevron, Norway’s Statoil and others accepted a reduction in their stakes. “We made a difficult decision at that time, we evaluated the upside and downside for us and .. this was, on that occasion, the best judgment on how to preserve value,” Statoil CEO Helge Lund told Reuters in an interview, defending his decision. “The Venezuela authorities paid market value for the resources and subsequently we are making money,” he added. Exxon sued Venezuela for up to $10 bln for the loss of its fields. An International Chamber of Commerce arbitration panel awarded the company $908 mln in December, though Venezuela has not yet handed over any money. Last year, Exxon jeopardized its interests in a massive oil field in Iraq by negotiating a production sharing agreement with the semiautonomous northern Iraqi region of Kurdistan, in defiance of a de facto ban Baghdad imposes on companies that invest in Kurdistan. While analysts question the legality of Baghdad’s ban, the big foreign oil companies had all heeded it. Exxon’s move prompted a threat against its existing Iraqi asset and led to it being excluded from the bidding in Baghdad’s latest licensing round. Two months ago, Baghdad said Exxon had backed down and suspended its operations in Kurdistan. The company declined to comment on the status of the Kurdish operations.

LOWER RETURNS There is little doubt that Exxon’s disputes have contributed to an increasing reliance on domestic fields. In 2011, 27% of Exxon’s reserves were in the United States, up from 19% in 2006. By comparison, only 17% of Chevron’s reserves are in the United States and 21% of Shell’s. The problem for Exxon is that, while places like Ghana, Russia and Venezuela offer less legal certainty than developed markets, they have more oil and offer better returns. In 2011, Exxon reported a 9.3% return on capital employed at its U.S. oil and gas fields, and a 39.2% return for its non-U.S. upstream assets. The difference was due to low U.S. gas prices and the fact that the U.S. oil fields are often smaller and cost more to operate. “Companies like Exxon don’t have a choice focusing on the U.S., they need to get out and be all over the world,” said Mark Coffelt, portfolio manager at Empiric Advisors in Austin, Texas. Exxon may finally be learning that lesson. In 2007, as Tillerson sparred with Russia about Sakhalin-1, he declared Exxon would not consider new projects there until the country’s opaque legal transactions were clarified. Analysts don’t think the climate for foreign investors has improved much since then. But earlier this month, Exxon sealed a deal with statecontrolled Rosneft that could see them invest up to $500 bln to unlock tens of billions of barrels of oil underneath the Arctic and Black Sea. The company has even offered Rosneft the opportunity to work with it on projects in the United States. For investor Joe Tatsuko it’s a sign that Exxon is learning. “Exxon is as smart as the others — they can adapt,” he said.

Qatar buys ‘major’ stake in Shell l

5% would make it biggest shareholder

Gas-rich Qatar is ploughing more of its commodity wealth back into the sector with the purchase of a major stake in Royal Dutch Shell, while also reportedly eyeing a chunk of Italian oil major ENI. A Shell spokeswoman confirmed the purchase while declining to detail its size but the Cyprus-based Middle East Economic Survey (MEES) reported earlier that Qatar’s sovereign wealth fund (QIA) was looking at a 3-5% stake. If Qatar did buy 5%, it would be just ahead of Blackrock, which is currently Shell’s biggest investor with 4.97%, according to Reuters data. But British stock market rules require any party to disclose a holding of over 3 percent in a listed company so the absence of a statement from Qatar suggests its interest is below this level. The Gulf nation’s massive gas supplies have made it rich, allowing it to create a sovereign wealth fund that has been buying up assets, including stakes in listed companies, around the world. “We are delighted to welcome the Qatar Investment Authority as a long term and major shareholder in Shell, and particularly given our excellent strategic relationship with the Qatari state,” the spokeswoman said in an emailed statement. Shell operates multi-billion dollar natural gas projects in Qatar. Shell’s London-listed “A” shares rose 1.1% to trade at 20.74 euros, against a 0.4% rise in the STOXX Europe 600 Oil and Gas index. Eni, whose shares traded up 1.9% at 16.89 euros, had no comment on the MEES report that Qatar was negotiating a stake in it. Two analysts said the Qatar fund might be interested in buying the ENI stake of around 3.4% that state-controlled finance company CDP could sell to help fund its acquisition of a stake in transmission operator

Snam from Eni. The CDP and the Italian treasury own just over 30% of Eni and annulment of the group’s treasury shares would increase their stakes. A source close to the matter said a series of sovereign funds had met with CDP to discuss a possible stake in Eni. “The plan to separate Eni from Snam involving Eni’s annulling treasury shares and the CDP selling the excess stake it would get is in pole position among the options on the government’s agenda,” the source said. Prime Minister Mario Monti had a meeting with the Emir of Qatar in Rome in April. Monti told reporters at the end of that meeting that Qatari institutions had shown interest in long-term investments in Italy. In Italy, investors must inform the market regulator Consob when they buy stakes of more than 2% in a listed company.

ATTRACTIVE COMMODITIES A senior executive of the Qatari fund said in April that the financial crisis had restricted investment in commodities and that he expected a supply-demand gap to emerge by 2016 or 2017. “We like commodities, we like to invest in commodities. Since 2002, the commodity price trend keeps going up,” Qatar Investment Authority Executive Board Member Hussain al-Abdulla told reporters. Qatar Holding, a unit of QIA, said last month that it had increased its stake in French oil group Total to 3% and is undecided on buying more shares. Qatar signed a deal in April to co-invest $250 mln with Barclays’ natural resources private equity investment unit.

QIA has been the most active of the region’s sovereign wealth funds in recent years, deploying profit from its natural gas riches into assets ranging from German sports car maker Porsche to British bank Barclays. The fund has also been slowly buying into London-listed miner Xstrata recently. Its current holding in Xstrata, which is planning to merge with commodities trader Glencore , is about 7.2%. On Friday, the Financial Times reported Qatar’s sovereign wealth fund planned to increase its Xstrata stake to at least 10% as part of a long-held strategy to invest in Glencore, suggesting the Gulf state could provide crucial support to the pair’s $90 bln merger deal. Qatar surprised many observers by passing on the Glencore initial public offering last year as rival Abu Dhabi fund Aabar bought into the flotation.










Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

1 795 141 1 611 111 308 004 74 080 460 547 246 214 80 966

114 252 71 936 175 000 182 725 285 713 15 296 13 416 38 750 60 250 8 200 90 804 45 000 35 000 48 006

36 572 128 936 98 861 158 660 107 226 99 925 39 109 72 562 15 438 44 000 141 692 50 000 10 070 108 163 288 141 160 714 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 47 853 31 344 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 8 571 101 683 43 211 78 415 14 900 61 056 46 355 424 435 9 660 87 500 22 100 300 194 3 590 272 915 33 000 36 529 66 520 32 500 38 581 12 212 20 700 9 988 75 000

58 430 56 582 49 385 44 494 200 000 282 483 14 000

1.00 0.10 0.43 0.35 0.17 0.35 0.35

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

0.35 0.17 0.26 0.09 0.35 0.35 0.35 0.34 0.17 0.43 0.43 0.35 0.35 0.35 0.15 0.35 0.17 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.09 0.87 0.09 0.29 0.87 0.17 0.34 0.35 0.43 0.31 0.43 0.20 0.35 0.35 0.35 0.17 0.14 0.17 0.17 0.17 0.35 0.35 0.34 0.17 1.73 0.03 0.17 0.43 1.00 0.69 0.17 0.34 0.03 0.05 $ 0.10

0.17 0.34 0.10 0.30 0.87 0.02 0.17

Book Value Price to Per Share euro Λογιστική αξία


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

603 167 217 500 63 141 21 483 11 974 13 788 7 287 938 341

1.54 0.31 1.40 0.75 0.30 0.54 1.74 0.94

0.22 0.44 0.15 0.39 0.09 0.10 0.05 0.21

114 320 39 565 27 125 34 718 16 857 12 237 10 196 5 425 8 375 5 125 3 723 4 320 3 150 3 264 288 400

1.78 3.01 0.49 0.26 0.27 2.40 4.39 0.33 0.68 3.50 0.09 0.12 1.69 0.56 1.40

0.18 0.18 0.32 0.74 0.22 0.33 0.17 0.43 0.21 0.18 0.46 0.79 0.05 0.12 0.31

6 217 11 604 14 829 3 173 8 578 4 996 30 114 9 433 2 779 11 880 8 502 3 000 201 5 408 2 881 14 464 7 314 8 348 1 234 19 266 5 751 39 594 2 096 7 290 810 5 760 6 967 39 239 627 4 760 2 066 11 000 447 956 17 348 2 158 12 036 4 371 1 971 7 118 8 210 2 352 149 15 875 464 42 444 773 65 625 1 547 18 012 5 816 2 729 1 980 3 288 5 987 6 825 386 3 175 414 200 75 000 607 836

0.90 0.06 0.51 0.04 0.52 0.26 0.73 0.29 0.77 2.25 0.51 0.25 0.46 0.44 0.09 0.75 0.65 0.12 0.36 1.66 7.84 1.81 0.49 0.23 0.35 0.76 0.06 0.05 0.20 0.79 2.47 0.62 0.07 0.12 3.71 0.48 0.74 0.3920 0.41 0.94 0.62 0.14 0.02 0.57 0.22 0.24 0.36 1.29 0.42 0.04 3.43 0.04 0.16 0.52 1.89 2.34 0.05 0.41 0.05 0.12 0.15 0.77 NAV

0.19 1.50 0.29 0.57 0.15 0.19 1.05 0.44 0.23 0.12 0.12 0.24 0.04 0.11 0.11 0.12 0.46 0.35 0.68 0.08 0.24 0.24 0.29 0.39 0.17 0.47 0.33 16.40 0.10 0.18 0.17 0.18 0.27 1.04 0.15 0.25 0.80 0.56 0.07 0.30 0.22 0.43 0.45 0.04 0.41 0.22 0.58 0.17 1.67 0.47 0.25 0.38 0.17 0.05 0.09 0.64 0.43 0.17 6.61 0.71 Disc/Prem

1 169 6 224 988 5 784 46 000 2 825 1 260

0.0434 0.2826 0.0157 0.3314 0.7474 0.0174 0.0634

-53.92 -61.08 27.39 -60.77 -69.23 -42.53 41.96

3M 2011 EUR ('000) Kέρδη 2011

3M 2012 EUR ('000) Kέρδη 2012


2011 EUR ('000) Κέρδη µετά φορολ.


3M '11

3M '12


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

74 000

295 000

74 000

295 000

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


3M '11

3M '12


8 848 1 310 6 309 4 108 -47 1 846 25 987 -1 903 -703 2 574 -8 419 -1 453 456 71 38 984



6 674 -1 174 245 4 122 -1 734 989 2 133 -1 600 -77 -947 -2 667 -1 333 759 -1 302 4 088


3M '11

3M '12


1 767 -3 960 4 363 -5 724 -1 339 -11 422 4 108 -2 203 257 -3 542 -6 512 1 542 -622 -3 641 -7 007 440 -157 1 211 -1 031 -6 432 568 13 270 1 157 2 183 -380 575 -5 602 -504 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -501 -3 469 -1 746 -4 952 -594 5 981 -9 573 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -1 062 -181 -25 -43 -330 -66 438



-551 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -438 -6 299 1 345 -3 185 -281 2 076 -2 192 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -1 737 -689 11 -37 2 753 -108 231


3M '11

3M '12


-760 -3 213 -2 533 -10 875 -15 581 -5 227 -6

373 -12 265 2 334 -2 594 -2 121 -6 400 2 306 -2 754 570 2 416 -3 519 -7 900 -375 -3 942 -7 654 -4 006 -65 -3 921 -513 -4 630 -4 127 5 693 1 104 1 604 -526 -257

-737 -4 301 -1 465 -10 771 -14 687 -6 357 -255

P/E ratio 2011

Earnings Per

Dividend Per

Dividend Yield


Share 2011 Cents


Results Cents

n/a n/a n/a 5.99 n/a n/a n/a 0.14

5.51 n/a 110.71 8.42 n/a 12.37 4.78 n/a n/a n/a n/a n/a 4.15 n/a 12.47

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

174.19 64.65 162.92

174.19 64.65 162.92

295.94 104.60 196.84

-41.14 -38.19 -17.23

377.70 0.76 0.39 0.36 0.34 0.04 0.05 0.12

163.25 0.34 0.14 0.20 0.26 0.03 0.05 0.08

163.25 0.34 0.14 0.21 0.29 0.03 0.06 0.09

286.83 0.61 0.30 0.36 0.27 0.04 0.05 0.12

-43.08 -44.92 -54.55 -43.21 7.81 -29.73 9.80 -25.62

Cents -76.37 -226.58 -32.68 4.84 -17.95 -2.80 -10.68





Cents 5.84 -1.63 0.14 2.26 -0.61 6.47 15.90 -4.13 -0.13 -11.55 -2.94 -2.96 2.17 -2.71

Cents 5.80

% 18.01

704.24 0.34 0.57 0.17 0.20 0.07 0.80 1.10 0.18 0.12 0.65 0.05 0.10 0.12 0.07

647.60 0.30 0.35 0.15 0.16 0.05 0.46 0.66 0.14 0.10 0.62 0.03 0.10 0.08 0.06

691.58 0.32 0.55 0.16 0.19 0.06 0.80 0.76 0.14 0.14 0.63 0.04 0.10 0.09 0.07

656.6 0.32 0.35 0.167 0.18 0.06 0.65 1.00 0.18 0.11 0.63 0.05 0.10 0.08 0.06

5.33 0.94 59.42 -7.19 6.15 -6.35 23.46 -24.00 -22.22 26.36 -0.79 -12.77 -2.04 8.43 13.33

Cents 1.02 -9.51 2.36 -1.63 -1.98 -6.40 5.90 -3.80 3.69 5.49 -2.48 -15.80 -3.72 -3.64 -2.66 -2.49 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -1.15 -0.68 -45.77 33.47 5.13 -9.84 -1.38 -12.74 -4.47 0.49 -2.23 -5.11 -6.19 3.11 -4.06 -1.89 3.40 -4.73 -3.98 -13.60 12.29 -3.93 -2.12 2.03 0.06 1.65 2.64 -28.71 4.85 -4.50 -5.64 0.05 -0.37 3.67















733.14 0.17 0.09 0.15 0.02 0.08 0.05 0.77 0.13 0.18 0.27 0.06 0.06 0.02 0.05 0.01 0.09 0.30 0.04 0.24 0.14 1.88 0.43 0.14 0.09 0.06 0.36 0.02 0.82 0.02 0.14 0.43 0.11 0.02 0.12 0.56 0.12 0.59 0.07 0.23 0.07 0.19 0.03 0.01 0.26 0.01 0.10 0.08 0.75 0.07 0.06 1.62 0.01 0.06 0.09 0.09 0.21 0.01 0.26 0.02 0.02 1.00

738.87 0.17 0.11 0.16 0.02 0.10 0.05 0.83 0.16 0.21 0.26 0.07 0.06 0.02 0.05 0.01 0.09 0.31 0.05 0.32 0.18 3.20 0.32 0.17 0.09 0.06 0.38 0.02 0.62 0.03 0.15 0.48 0.12 0.03 0.14 0.70 0.09 0.65 0.09 0.23 0.08 0.19 0.04 0.01 0.21 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.01 0.26 0.02 0.02 1.00

-0.78 0.00 -18.18 -6.25 0.00 -20.00 0.00 -7.23 -18.75 -14.29 3.85 -14.29 0.00 0.00 0.00 0.00 0.00 -3.23 -20.00 -25.00 -22.22 -41.25 34.38 -17.65 0.00 0.00 -5.26 0.00 32.26 -33.33 -6.67 -10.42 -8.33 -33.33 -14.29 -20.00 33.33 -9.23 -22.22 0.00 -12.50 0.00 -25.00 0.00 23.81 0.00 -9.09 0.00 44.23 16.67 0.00 0.00 0.00 -25.00 0.00 -10.00 -8.70 0.00 0.00 0.00 0.00 0.00

Cents -1.26 -7.60 -2.97 -24.21 -7.34 -2.25 -1.82





507.27 0.02 0.11 0.02 0.13 0.23 0.01 0.09

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10

11.61 0.00 22.22 -33.33 -7.14 21.05 0.00 -10.00










Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

Per Share euro Λογιστική αξία

56 545 11 000 20 247 2 729 2 729 1 364 13 468

0.51 0.51 0.09 0.85 0.85 0.85 0.17

2 827 440 405 2 183 5 458 818 3 367 79 748

NAV 0.1819 0.0673 0.0344 1.0430 2.1427 0.6125 0.2719

Price to


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

Disc/Prem -72.51 -40.56 -41.86 -23.30 -6.66 -2.04 -8.05

3M 2011 EUR ('000) Kέρδη 2011

-12 850 -112 -195 389 -446 -7 -127 -51 543


3M 2012 EUR ('000) Kέρδη 2012

2011 EUR ('000) Κέρδη µετά φορολ.


-9 493 -165 -150 331 -136 -36 -303 -48 525




81 202 5 055 391 155 157 138 7 700 25 000 11 385 6 698 2 000 21 827 42 450 61 739 189 377 296 665 54 166 70 220 629 785 124 009 60 674 13 000

0.21 0.03 0.086 0.17 0.12 0.43 0.43 0.68 0.43 0.17 0.17 0.06 0.01 $0.20 0.17 0.17 0.04 0.09 0.57 0.17


812 202 23 469 1 571 385 16 250 228 469 540 218 5 519 8 643 1 894 5 933 5 417 702 6 298 1 240 36 404 83 330 199 525

0.1767 -0.61 -0.06 -0.11 -0.01 1.35 0.086 0.33 0.2491 0.11 0.45 0.06 -0.34 -0.27 0.29 0.000 -0.04 -0.1180 0.53 0.13

-94.34 -0.07 -1.05 -0.09 -5.00 0.48 0.23 0.21 1.08 0.09 0.29 2.47 -0.03 -0.07 0.35 33.33 -0.26 -0.08 1.14 50.55

2 113 849

P/E ratio 2011


Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

-16.79 -1.50 -0.74 12.13 -4.98 -2.64 -2.25

0.05 0.04 0.02 0.80 2.00 0.60 0.25

0.10 0.04 0.02 0.80 2.00 0.60 0.25

-50.00 0.00 0.00 0.00 0.00 0.00 0.00

-0.03 -36.72 -4.85 -5.79 -3.18 -2.80 0.31 -3.88 -9.00 0.40 1.44 -4.30 -6.18 -10.88 -0.61 -0.46 -2.62 -0.05 -10.30 -31.25

0.01 0.04 0.06 0.01 0.05 0.65 0.02 0.07 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60 6.41

0.01 0.04 0.06 0.01 0.05 0.65 0.02 0.07 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60 6.41

0.00 -

Earnings Per

Dividend Per

Dividend Yield


Share 2011 Cents


Results Cents

2012 High Low EUR EUR Aνώτατο Kατώτατο

% Change




-214 -1 353 232 -31 800 -335 -1 938 221 -3 507 -180 774 999 -2 378 -7 100 -50 257 93 -173 -50 598 -764 -6 534 -916 -155 728




-27 -1 856 -18 954 -9 100 -245 -701 35 -260 -180 87 612 -2 656 -11 700 -32 272 -328 -320 -16 501 -60 -6 248 -4 062 -104 736

146 226

74 000

295 000

-5 474 073



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) 1690.00 1950.00 300000.00 1575.00 100000.00 8057.00 1200.00 35052.00 3400.00 297.00

Market Cap EUR (000) 11830.00 36855.00 300000.00 5512.50 75000.00 21834.47 14280.00 42062.40 3400.00 1401.84 512176.21

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 4.72

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 1.00

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


Ignores weighted number of shares in circulation Forecasted profits are liable to change without notice and responsibility No. of warrants (000) 893 24831 17606 2218

Mkt Cap (000) 9 497 176 319 1 000

Exercise Price euro cents

Expiry Date

41212 20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-13 1-15 Nov 2010 and 2012

8.67 173 20c or EUR 35c 29

30-10-2012 30-06-15 15-11-2013 15/11/2012

Latest Close 0.01 0.02 0.01 0.01


1 040

Market Cap EUR 104 000 000

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

97.440 52.610 91.560

Akcern Ltd


2 001

200 100


9 May 2012


(N.E.A.) GreenTea SA

CSE Code No. of Bonds

Exercise Period

Latest price EUR 100 000

Listing Date 8 Nov 2011

Latest NAV N/A

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.



FINANCIAL MIRROR, May 16 - 22, 2012

Stocks face choppy seas of bank woes, uncertainty WALL ST WEEK AHEAD More volatility could be in store for U.S. stocks this week as investors grapple with less certainty about the U.S. economic outlook and a new blow to the financial sector after JPMorgan Chase’s trading loss. Europe is expected to keep investors jumpy as well, with inconclusive results from the recent Greek election and the country’s future appearing more worrisome. The U.S. economic picture appears cloudy these days, with some data showing a more positive trend and other reports showing the opposite. An index of consumer sentiment rose to its highest in a more than four years, but April’s U.S. jobs report showed another monthly decline in hiring. This week brings minutes from the last Federal Reserve meeting, which investors will look to for more guidance on whether the central bank plans to give additional help to the U.S. economy. Stocks closed lower for a second straight week on Friday after a week of choppy trading. Strategists say that is likely to be the case again in days to come. “Expect more volatility. We’re still seeing this natural risk aversion. We expect any source of bad news to trigger a sell-off, but we’re still not in a redalert area,” said Omar Aguilar, chief investment officer of equities for Charles Schwab in San Francisco. “The good economy in the U.S. is leading the way, with the Federal Reserve being very accommodating.” Citigroup’s chief U.S. equity strategist, Tobias Levkovich, said the stock market has likely begun a pullback, and that the Standard & Poor’s 500 index could fall 5% to 7% from its April 2 intraday high of 1,422. “We’re going to probably spend several months in kind of choppy trading,” he said. News that JPMorgan Chase & Co, the largest U.S. bank by assets, lost billions of dollar on bad trades raised new worries that the financial sector was not on the mend. The KBW bank index fell 1.2% on Friday. There’s likely to be more focus on the company this week. After the close of trading, Fitch Ratings cut JPMorgan’s credit rating one notch and cited the bank’s $2 bln trading loss, and Standard & Poor’s revised its outlook of JPMorgan to “negative.” The S&P financial index has lost ground since rallying 21.5% in the first quarter. The index is still up 13.6% since the start of the year.

MESSAGE FROM THE FED Wall Street will scrutinize the minutes from the

FOMC’s late April meeting, which the Fed will release on Wednesday at around 2 p.m. EDT (1800 GMT). At that April 24-25 meeting, the FOMC repeated its expectation that interest rates would not rise until late 2014 at the earliest, and it took no action on monetary policy. But Federal Reserve Chairman Ben Bernanke spurred stock market gains when he told reporters on April 25 that “we remain entirely prepared to take additional balance-sheet actions as necessary to achieve our objectives. Those tools remained very much on the table and we would not hesitate to use them, should the economy require that additional support.” More focus may be on the Fed and economic data this week, with the first-quarter U.S. earnings period nearly done. Ninety percent of S&P 500 companies have already reported results. Major retailers set to report earnings this week include Home Depot, a Dow component, and JC Penney Co., Limited Brands, parent of Victoria’s Secret, and discount chain Target Corp on Wednesday; Wal-Mart Stores Inc, the world’s largest retailer and a Dow component, is set to report earnings on Thursday before the opening bell. The week’s mostly closely watched economic indicators will include the U.S. Consumer Price Index and retail sales, both for April, followed by April housing starts and industrial output and capacity utilization, all on Wednesday. In Europe, problems with the Greek elections have raised the risk of it exiting the euro zone. “I think earnings and valuations are still very compelling. Unfortunately, what we’re looking at on earnings and valuations is going to be overshadowed by the fact that we’ve got these global issues we’re dealing with: Greece and France and their elections, and debt issues and the possible breakup of the euro,” said Evan Nowack, managing director at HighTower’s Leventhal Group in Bethesda, Maryland.

BEARISH PATTERN Technical charts indicate bearishness ahead. “My ‘bigger picture’ view is that in the near or intermediate term, further downside is favored,” said Chris Burba, a short-term market technician at Standard & Poor’s in New York. S&P 500 charts are showing a “head-and-shoulders top,” he said, noting that demand earlier this month was not strong enough to push the benchmark index above its April high. He sees support just below 1,300, while resistance could come at 1,415 for the S&P 500. “The outlook stays bearish unless you get above 1,415,” Burba said.

Plus Markets pulls sale, eyes closure Plus Markets, the British stock exchange for small companies, said it planned to shut itself down after failing to attract an acceptable takeover offer. The lossmaking group, which put itself up for sale in February, has informed Britain’s financial regulator that it plans an “orderly closure” after suffering a drop in its cash reserves, it said on Monday. “The regulated actives of the group will be wound down over a period of up to six months in order to minimise market disruption,” the company said in a statement. Plus Markets said it would help the companies whose shares are traded on its exchange,

including football club Arsenal and brewer Shepherd Neame, find “suitable alternative arrangements.”

Plus Markets, which also operates the Plus DX derivatives exchange, ended efforts to sell itself because talks with potential suitors did not result in a deliverable offer, it added. Plus Markets grew out of Ofex, an exchange for British small cap stocks that required less regulation than the London Stock Exchange or AIM. The company made a loss of 5.8 mln pounds on revenue of 3 mln pounds in 2010, its sixth consecutive loss-making year.

Financial Mirror 16 05 2012  

Financial Mirror digital edition

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