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October 10 - 16, 2012

2 | NEWS

Single euro zone budget gains momentum Debate about the idea of creating a separate budget for euro zone countries is intensifying in the run-up to an EU summit next week, with less opposition to the proposal than many officials first expected. At a private dinner held last week among the EU ambassadors of several northern European countries, including Britain, Denmark, the Netherlands and Finland, those present were surprised to find a fair degree of consensus on the proposal. “I wouldn’t say that there was strong support for it, but there was certainly a feeling that this is an idea that should be explored in more detail,” said one diplomat briefed on the discussion that took place at the gathering. The single budget proposal was first sketched out by Herman Van Rompuy, the president of the European Council, in a paper circulated in September as part of an effort to stimulate debate about how Europe’s monetary union should be improved. In the paper, Van Rompuy said a “fully fledged fiscal union” among the 17 countries that share the euro could involve the creation of a single treasury office and “a central budget whose role

and functions would need to be defined”. Those suggestions have since been refined into guidelines that will form the basis of discussion among EU leaders at the summit on October 18-19. The idea will also be explored among euro zone finance ministers at a meeting in Luxembourg on Monday. There is still no clear definition of what a single, central budget would entail, but Germany strongly supports the idea and France is on board too, which in terms of euro zone decision-making means it has substantial momentum. Britain’s support, underlined by Prime Minister David Cameron on Sunday, is also significant, even if it stems more from a desire to distance Britain from the problems of the euro zone than from any solidarity with the single currency club. “There will come a time when you need to have two European budgets, one for the single currency, because they are going to have to support each other more, and perhaps a wider budget for everybody else,” Cameron told the BBC on Sunday, the first day of his Conservative Party’s annual conference.

SINGLE EURO ZONE BUDGET While conceptually it may make sense for the countries that share one currency to also create a single budget, it immediately raises thorny questions about sovereignty, budget discipline and long-term ambitions. Germany’s precise ideas about how a single budget would be financed, managed and employed are likely to be vastly different from Portugal’s, Estonia’s, Italy’s or France’s once leaders and finance ministers get into the nitty-gritty of the concept. Yet there are already some broad proposals doing the rounds, including the idea — backed by France — that the budget could be financed by revenue from a financial transactions tax (FTT). Germany and France are already driving an initiative to establish an FTT among nine euro zone, the minimum number permitted to do it alone. There is already support from eight countries and a ninth could come on board as soon as next week, giving added impetus to the plan. But other euro zone countries that might like a single budget, such as Finland, are lukewarm on the idea of an FTT, underscoring just how complex negotiations could become.

Andrei Borodin claims new witch hunt by state-owned NTV l

Allegations of support of political opposition are “absurd”

Andrei Borodin, until recently a major shareholder and president of the Bank of Moscow, one of Russia’s most successful banks, has lashed out at the state-run NTV station alleging that he is being persecuted. Last Friday a program called “Anatomy of protest – 2” was aired on the Russian government TV channel, NTV. The program suggests that he offered financial support for a Russian political opposition movement to seek a change of government using unlawful and undemocratic means. “The allegation is untrue,” said Borodin, adding that “I have never advocated or believed in the use of unlawful or undemocratic methods for pursuing political change. The absurd suggestion that the opposition and its sponsors intend to seize power by force in Russia serves the interests of the government that owns NTV and pays its employees.” In a statement issued on Monday, he added that immediately after the story went on air, the Prosecutor General’s Office and the Investigative Committee of Russia took their cue and started to check the claimed facts. “There is a long and well-documented record of Russian law enforcement agencies launching intensive campaigns to discredit the active opposition. These manipulate public opinion and are ideal contexts in which to create criminal accusations against

Russian citizens who are out of favour with the authorities. “The real exposé made by this NTV program is that it reveals the government’s persecution of me and my Bank of Moscow colleagues. The Bank of Moscow was seized in 2011 for improper reasons, two obvious ones being: to remove a large independent financial institution able to provide support to potential political opponents, and to engineer fabulous state aid for VTB. The destruction of the Bank of Moscow was nothing more than the annihilation of a political and economic competitor.” Borodin said that “the persecution method, as is usual, was a criminal case: the so-called “Premier Estate” case. It was the cover for lawless chaos around me and my colleagues, and resulted in the expropriation of the Bank of Moscow and a number of quality assets. It has virtually fallen apart, neither investigators nor the court being able to advance any sensible arguments for its continuation. So, according to my information, new criminal cases are being prepared against the same defendants in Russia, and state agencies are working on the search and seizure of my assets around the world.” “This is the reality in which the government’s NTV channel now increases my ‘public enemy’ status by sending a message to the people of Russia that I finance terrorism.

“NTV’s allegation against me is baseless in truth, yet strongly advances the government’s interests and does so at a critical time in the government’s campaign against me. It therefore reveals my persecution and that a real reason for the unending judicial pressure on me, including the involvement of the authorities in other jurisdictions, is the Russian authorities’ resolve to deny me any kind of participation in the political life of Russia.”

Moody’s downgrades Cyprus’s rating further l

Debt rollover linked to Troika bailout

Moody’s Investor Service downgraded Cyprus’s government bond rating to B3 from Ba3 on Monday and assigned a negative outlook citing “the profound difficulties in the Cypriot banking sector, which are the result of deteriorating conditions in Greece and Cyprus.” In summarising its decision, Moody’s said that “in order to maintain appropriate domestic bank capital levels, the Cypriot government will likely need to provide financial support to the country’s banks that could threaten the sustainability of the government’s debt burden.” The rating agency said the three main banks will need a bailout of 8 bln euros. “The banking sector’s difficulties will reduce domestic credit growth and severely constrain the country’s growth potential,

which will exacerbate existing economic and institutional weaknesses,” Moody’s added. “Our decision to assign a negative outlook to the rating reflects the adverse macroeconomic environment and policy uncertainty that pose further risks to the Cypriot government’s credit strength. In particular, the Cypriot government has not yet reached an agreement on conditionality with the IMF, the European Union and the ECB, collectively known as the Troika, which is a precondition to receiving the financial support it will need to continue servicing its debt obligations beyond the end of 2012. Cyprus has lacked international market access for over one year, which is preventing the government from financing its own deficit or the banks’ capital needs through the markets and there-

fore requires the sovereign to seek external assistance. In addition, the sovereign’s credit strength would be greatly challenged if Greece were to exit the euro area, because of the severe impact it would have on Cypriot banks and more generally on the national economy.” The rating agency added that “in the absence of external liquidity support, the Cypriot government will run out of funds by the end of 2012. The country faces 785 mln euros in debt repayments in the remainder of 2012, and a further 2.3 bln in repayments in 2013. We expect Cyprus’s 2012 obligations to be met as long as the country can continue to issue short-term paper in its domestic market, but repayment of 2013 maturities will require external liquidity support.”

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October 10 - 16, 2012


Grim outlook with high risks – Economist The outlook for Europe next year is a bleak, delegates heard at the Economist Conference in Nicosia on Monday, a range of risks could undermine the downbeat forecast and the risk of a eurozone exit is not yet completely off the table. Describing the eurozone as the “sick man of the global economy”, Laza Kekic, Europe Regional Director at the Economist’s sister company, the Economist Intelligence Unit (EIU), said that the EU forecast for next year was a “pretty grim story”, with growth estimated at only 0.1% in 2013 after an estimated contraction of 0.4% in 2012. The only reason why the EIU did not forecast a bigger contraction this year, he said, was because of the resilience of the German economy. By contrast, they found that they were revising down the forecast for Spain and France every month. Moreover, the risks to this bleak forecast were “very very high”, said Kekic, a comment echoed by Emmanuel van der Mensbrugghe, Director, Offices in Europe, IMF, who said their outlook for the global economy was similar to that of the EIU. Kekic said that the bad news for the eurozone

was that the rest of the world is also slowing. Although China was still racing ahead, its slowdown from a high base was not good for the global economy.

India, Brazil and Russia are also slowing, so the only major country recovering is the US, where bank recapitalisation is under way and consumers are deleveraging, which will eventually help demand. A greater Deutschmark zone? The EIU’s baseline forecast, with a probability attached of 60%, is that there will be high unemployment in Europe, weak demand less government spending and a slowly recovering US. It puts only a 5% probability on the possibility

of a mini-boom. The EIU assumes that Greece will not exit the euro, although Kekic emphasised that the risks to the forecast are “enormous”. Spain and Italy are on the verge of crisis and there is no quick solution in sight. “The bottom line is that they are political problems,” he said. “They take time. EU is a union of democracies not dictatorships.” It therefore takes time to get voters on board for major changes. Despite the ECB’s pledge to do whatever it takes and the decision by the German constitutional court to allow the European Support Mechanism (ESM), Kekic said that one “can’t totally dismiss the idea that at some point the Greeks might decide the game is up” or that EU policymakers push things too far. The EIU puts the risk of a eurozone break-up at 35%. If one country leaves the euro, it will lead to others, the EIU believes. “If Greece goes it is extremely unlikely that you could hold the line there. A complete eurozone break up would follow, including France, eventually”. Those countries that were left behind would be merely part of “a greater Deutschmark zone”, he said.

France-Germany clash? John Peet, Europe Editor, at the Economist magazine (“newspaper” to insiders), underlined the risks of things unravelling. While noting that the “markets seem slightly more benign today than they did in the summer”, he said “market sentiment can change at any moment”. “The eurozone’s problems are not yet over,” he added. Peet is also worried about the political problems of the eurozone crisis. “Hollande is more pro-European than his predecessor. But right now they are not debating moves towards deeper integration in the eurozone,” he said. The potential for a clash comes because while France wants debt mutualisation but not greater political and economic integration, Germany wants the opposite. Peet said he was also worried about the growth of anti-German feeling in Europe. “Germany needs to do a lot more”, he said “but a mood of hostility to Germany is not a helpful one.”

Seasonal unemployment up in Sep

Jobless benefits at record high

The fall in seasonally adjusted unemployment experienced in August was unfortunately shortlived, and resumed its rise in September as the number of registered unemployed increased to 38,253 from 36,967 in the previous month. In actual terms and compared with September 2011, unemployment rose by 7,383 persons or 27.9% to 33,866. The main increases were in construction (an increase of 1,699), wholesale and retail

With unemployment reaching record levels, benefit payments continue to drain the nearbankrupt Social Insurance Fund at a rate of more than 10 mln euros a month. The Fund paid out a total of 74.76 mln euros in the first half of 2012, up 7.4% from the same period last year. Analysts expect that with the tourist season over during the second half and more people from the leisure industry being laid off, mostly seasonally, the payout for the rest of 2012 could easily pass 100 mln euros, with the

trade (1,526), manufacturing (887), public administration (770), and accommodation and food service activities (524). There was also an addition of 374 newcomers to the labour market. The Statistical Service does not publish a registered unemployment rate but according to the latest figures from Eurostat, based on a methodology that combines registered unemployment and the quarterly labour force survey, the unemployment rate rose to 11.7%.

2H 2011 figure at 98.4 mln and the 2H 2010 amount at 85.8 mln. Benefits paid out of the Staff Redundancy Fund topped 18.38 mln euros in the first half of 2012, with payouts to 2,276 people. At the end of June, there were more than 10,000 cases for review of which 4,470 were outstanding from last year. During the first half of 2012, 5,179 cases were filed with the Ministry of Labour and Social Insurance announcing last month that it was still reviewing redundancies dating to May 2011.

October 10 - 16, 2012


Cyprus to have LNG plant by 2019 - minister l

Talks of monetisation “premature”

Cyprus will have a liquefied natural gas (LNG) plant by 2019, according to the Minister of Commerce, Nicos Sylikiotis, speaking at the Economist Conference in Nicosia on Tuesday, and the state will have a strategic role in its operation. The ambitious timeline for the LNG plant has been spurred by estimated large finds in Cyprus’ Exclusive Economic Zone (EEZ) after the first drilling in September 2011. US-based Noble Energy estimated in December that it had found an estimated 5 to 8 trillion cubic feet (198 billion cubic metres) “with a gross mean of 7 tcf” of natural gas in Cyprus’ Block 12 after the first drilling last September. This is enough to supply domestic consumption for around 200 years. More gas may come on stream in the second licensing round, which is currently under way for the remaining 12 blocks in the EEZ. In May 2012 15 consortia, including big names such as Total, Eni, Kogas and Petronas, expressed interest in the second round. Sylikiotis said that they will start negotiations with one or two bidders for one or two blocks by the end of October.

Consumer prices ease in September Consumer price inflation measured on a national basis eased slightly in September to 2.5%, from 2.7% in August, thanks to year on year falls in retail prices such as clothing and furniture, as well as a slower increase in prices of the heavily weighted categories of food, and housing water, electricity and gas. Compared with the previous month, consumer prices rose by 0.63% in August. The Statistical Service said that this was mainly due to increases in the prices of certain clothing items, petroleum products, gas, certain fresh fruit, potatoes and pork. There were decreases in the prices of air fares and certain fresh vegetables. During the first nine months of the year, the national consumer price index rose by 2.7% compared to the corresponding period of 2011.

Wage indexation pushes earnings up 2.1% Wage indexation (COLA) pushed up earnings in the second quarter despite soaring unemployment and contracting demand. According to the preliminary estimates of the Statistical Service, the average monthly earnings of employees during the second quarter of 2012 rose by 2.1% compared with the year earlier to EUR 1,951, with males earning EUR 2,147 and females EUR 1,728. The Statistical Service said that the increase reflects to a large extent the cost of living adjustment on gross earnings, which was 1.39% in July. The increase in earnings was lower than in the second quarter of 2011, when it rose by 3.1%. On a seasonally adjusted basis earnings rose by 0.8%. The government has rejected demands by the troika (European Central Bank, European Commission and IMF) that is abolish indexing wages to inflation in order to cut the public-sector wage bill and improve competitiveness.

Retail decline deepens in July After a little improvement in June, the decline in retail sales accelerated in July, falling over the year earlier by 5.6% according to provisional figures, from a fall of 2.2% in June. The biggest decline was in electrical goods and furniture, down 17.4%, followed by computer equipment and books, down 10.1%. In the first seven months of 2012, retail sales volumes are provisionally estimated to have fallen by 3.2% compared with the corresponding period of 2011. Retail sales values, meanwhile, are provisionally estimated to have fallen by 2.9% over the same period of 2011.

In the first licensing only one block, Block 12, was licensed. Reluctant to mortgage the future In early October the government established a state hydrocarbons company, with 100% state ownership. Sylikiotis said that the establishment of a national hydrocarbons fund was also under way. The revenues from hydrocarbons would be spent on 1) resupply of the hydrocarbons market with infrastructure investments 2) the government budget and 3) saving and investment of a percentage for future generations of Cypriot citizens. He did not elaborate on what percentage would be assigned to each category. Asked whether the government had plans to “monetise” the gas, namely to sell it before it has come out of the ground, and whether or not these funds could be used to get Cyprus out of its current economic hole, Sylikiotis said that it was a “premature discussion”. Referring to the recently established state hydrocarbons company, he said that the government’s first priority should be to be decisive about how to set up the processes and procedures.

While he noted that they might gain some income from signature rights, he said it “would be criminal to mortgage the future of the country”. “Why do we have to mortgage this wealth today in order to cover holes in public finances?” he asked. Fiona Mullen Director, Sapienta Economics Ltd

Cystat wins innovation award for census The Statistical Service of Cyprus (CYSTAT) received the “Innovation award 2011 for the public sector” on October 3 for the innovative Cyprus Blaise Integrated Census System (CYBICS) which was developed for the population census that took place in the Republic of Cyprus in October 2011. The Cyprus Innovation Awards were established by the Employers’ and Industrialists Federation (OEB) with the support of the Ministry of Commerce, Industry and Tourism and the Research Promotion Foundation. The census in 2011 was conducted on a high-tech basis, with interviewers keying questions directly into small computers. CYSTAT developed CY-BICS in collaboration with Statistics Netherlands in order to capture the census data by applying the Computer Assisted Personal Interviewing (CAPI) method and to incorporate innovative and highly automated technologies for

the production of accurate data quickly and efficiently at a low cost. CY-BICS consists of four applications: Electronic Questionnaire, Supervisors’ Application, District Officers’ Application and the Central Application. CY-BICS, which involved direct data entry, editing and coding in netbooks, removed the need for printing questionnaires and manual work after data collection. It therefore resulted in significant cost savings of an estimated 25%. In addition, the data editing during the interviews but also the editing in near real time by the supervisors and the assistant district officers contributed to the collection of high quality data and improved coverage. This meant that the first preliminary results were published immediately after the end of the census. With CY-BICS the public was also informed about the progress in data collection throughout the census period.

Limassol Marina releases berth launch rates Ready to welcome the first yachts and residents by the end of 2012, Limassol Marina has released its berthing tariffs and details of its launch packages. The Marina is an official Port-of-Entry and will accommodate up to 650 yachts from 8m to 115m, providing facilities and services of the highest standard. Every berth will have access to fresh water, electricity and to a fibre optic network providing high speed broadband, high-speed wireless internet and telephone. There will also be a fuel station, waste removal, haul out and shore-side technical facilities, a dry dock and workshop for light repairs and maintenance. All of this will be combined year-round, with 24-hour security, a concierge service and a team of experienced marina professionals to ensure the smooth running of all facilities. It is operated and managed by Camper & Nicholsons in partnership with Francoudi & Stephanou Marinas. Marina Manager, Paul Sorrell, is confident that the newly

released tariffs and launch packages will entice yachts on an international scale: “Limassol Marina is set to be one of the world’s finest full service marinas located on a beautiful island with a strong nautical history; we are very proud to be bringing the plans successfully to reality”. A new scheme launched by the Cyprus VAT Service, covering the lease of pleasure boats in Cyprus, now makes the island one of the most tax-efficient places in Europe for Superyacht owners. As a result of this scheme, VAT rates are reduced to as little as 3.4% of the initial value of the yacht- the lowest compared to other favoured destinations. Limassol Marina is firmly placing Cyprus on the nautical yachting map. The 350 mln euro waterfront development also includes luxury apartments and villas, with their own private berths or direct access to the beach, and boasts its very own shopping and dining area, cultural centre, Spa and Yacht Club.

Construction records steepest decline yet The construction sector recorded its steepest fall on record in the second quarter, with the production index dropping by 25.9% over the same period of 2011, having declined by 17.9% in the first quarter. Construction production has fallen in double digits now for four straight quarters and has not grown since the third quarter of 2008. Building construction dropped in the second quarter by 20.3%, while civil engineering construction fell by a steeper 38.9%. Civil engineering works fell faster than building construction because it compares to a period in which there were a number

of roadbuilding works. Meanwhile, output prices in construction dropped in the second quarter by 1% over the same period of 2011 but rose by 0.7% over the first quarter of 2012. Building construction prices fell by 1.7% compared with the year earlier while civil engineering rose by 13.1%. If the civil engineering programmes are dominated by public works, it raises some questions about whether the government is getting value for money in its infrastructure projects.

October 10 - 16, 2012


Open Letter to the Troika Dear Troika, Thank you for your concern about our economy and any financial assistance you may decide to provide us. This island has not always been in financial difficulties. Despite the trauma of invasion and occupation, the economy of this island had performed surprisingly well in the decades prior to joining the euro zone. It’s true that more recently things have deteriorated. Our government spending and the nation’s debt have grown alarmingly. Now that you have talked to some of our economic decision makers you will understand why this is so. A good number of those behind our economic “strategy” live in their own fantasy world of outmoded ideological beliefs that they themselves do not fully understand. You must realise by now that politics and the next election, not the welfare of the economy, is the dominant consideration of our rulers. You will hear talk of red lines (meaning “vested interests”) and social cohesion (meaning “votes”) to decide economic matters. Most of the population here will be eternally grateful if you can do something about the many powerful interest groups on the island promoting their own benefits, especially our privileged and ever growing public

sector. Thank you for your support of initiatives to curtail such abuse. But there is also a major problem.

negative (-1.1%). Capital investment during this period has declined 29%. The main increase has been in unemployment. The number of person unemployed in Ireland has risen steadily every year since 2009, the perThe Troika Record cent of unemployed is now over 14%. This should surprise no-one. You arrive in Your economic model which prescribes austerity as a path toward economic stability countries characterised by falling demand, on the brink of and development recession and in does not seem to By Dr JIM LEONTIADES financial distress. be working. The loans you proThe bailout vide come with concountries (Greece, The Cyprus International Institute ditions attached. Portugal, Ireland) of Management Your first priority is which have folan increase in taxes lowed your advice have experienced years of privation, unem- and a reduction of financial benefits. In banking, your initiatives have led to a ployment, and falling GDP. Capital has fled. Their banks are on the brink of bankruptcy major decline in liquidity, an increase in and unable to lend. Businesses have closed. non-performing loans, capital flight and a An entire generation of young people has restriction in the amount of credit banks can been lost to the work force, many of them make available to new businesses. Do you really think that all this will lead to growth? leaving their homes to find work abroad. The facts indicate otherwise. In Greece Ireland is often cited as your one success story – but let’s look at it a bit more closely. and other bailout countries your economic The estimated (projected) GDP increase for requirements have quickly led to social privayear 2012 has recently been downgraded by tion, civic upheaval and a destruction of the the IMF to less than one half of one percent spirit that gave rise to the European movement. (.4%). Even that is questionable. After years of effort and innumerable criIf we look at the official figures from the Irish statistical office, GDP growth for the lat- sis meetings “to put things right”, one might est quarter compared to the previous year is expect that the euro zone countries might be

doing better than other EU countries that are not members of the single currency. This is not the case. Growth for the EU as a whole this year is zero, nothing to brag about. However, the euro zone countries as a group are doing even worse ( -.2%). Unemployment in the euro zone has just set a new record of high 11.4%, compared to 10.5% for the EU as a whole. Collateral damage in Cyprus The economic disasters brought about in the countries which have followed your economic prescriptions have demonstrated an alarming ability to jump across borders. For example, your insistence that Greece (and only Greece) default on its sovereign debt has devastated the market for the sovereign debt of many other countries, such as Spain and Italy. The Greek default on that nation’s sovereign debt is the main reason you are in Cyprus (although we have many other problems as well). Your suggestions for this economy will doubtless bring about the same result as elsewhere, a steeper recession along with higher unemployment. I’m sure you agree that austerity is not an end in itself. There should eventually be some success to show for it. Millions of people are waiting.

Cyprus needs labour reform, not higher taxes President Demetris Christofias wants to and 45 rate for Belgium, the highest tax colproceed with another round of tax increases as lecting country according to Eurostat. But he struggles to close the budget gap and nego- since 2010, Cyprus has endured two rounds of tiate a massive loan package from the so-called tax increases and if the new tax proposals are implemented and Troika, the European combined with deCentral Bank, the By SHAVASB BOHDJALIAN clining GDP, Cyprus European Commisshould have reached sion and the IMF, but Certified Investment Advisor the EU average by yet again, no attempt and CEO of Eurivex Ltd. the end of 2012. is being made to This means we are reform the labour dangerously close to market, which over the past decades has become unproductive, the point of forcing the population to resort to tax evading methods rather than investing uncompetitive and very expensive. The Cyprus government plans to cut pub- resources to become productive. The alternative is to proceed with salary lic payroll by around EUR 250 mln through the end of 2016 mostly through voluntary cuts combined with painful labour market redundancies, hike pension contributions for reform incentives, which will open the closed civil servants and decrease pension payouts professions and allow for healthy competition as well as impose hefty tax hikes to achieve in the labour market resulting in more producEUR 1 bln in savings/new revenue to close tive labour. Under the Christofias government, Cyprus has priced itself into a very expensive the budget gap. Press reports suggest that the Cyprus gov- labour destination as evidenced by the miniernment will seek between EUR 12 bln to EUR mum wage, which is now more than 25% 13 bln bailout from the Troika, of which EUR higher than the minimum in Greece and close 4 bln will be used to cover the financing needs to 40% higher than those of Spain and of the state until 2016 and the rest to recapi- Portugal. Since no Cypriot politician (includes all 3 talise the island’s two largest banks. If the loan request turns out to be EUR 12- main Presidential hopefuls) has the stomach 13 bln, that would represent more than 60% of to implement urgently needed labour market Cyprus’ annual GDP output of around EUR 18 reform incentives, our only hope rests with the bln and increase the overall borrowing of the Troika to make Cyprus competitive and prostate to EUR 25 bln, placing Cyprus in the top ductive again. The Troika has become an easy scapegoat league of borrowers. President Christofias insists that the 13th in all the countries receiving aid or close to salary should be paid for 2012 and says the negotiating a bailout, but the Troika is painfulautomatic indexing of wage increases to the ly and slowly making all the peripheral EU rate of inflation (CLOA) should also be kept. He members competitive again. Just take a look at believes that there is room for higher taxes, Greece which after pricing itself out of world including the proposed increase in the VAT markets through stupid pay increases is now becoming competitive again. from 17% to 18%. Over the past decades, successive Cypriot It is true that at least until 2010, Cyprus had a 35.7% ratio of tax revenue as a share of GDP, governments have secured votes by dishing which compared well with the 40.2 EU average out jobs in the civil service, the semi-govern-

mental organizations and municipalities as well as the banks and awarding them with lavish pay increases, allowances and more perks. Now, it’s payback time. Cyprus labour costs need to drop by a minimum 30% to bring our costs close to those of Greece and perhaps as much as 40% to get closer to wage levels in Spain, Portugal, Bulgaria, Slovakia and some of the Baltic States. In addition to wage cuts, Cyprus also needs to open up the closed professions and allow for Cypriots and other EU citizens to compete without restrictions and in the process make this country competitive again.

Fortunately, the Troika is coming and soon Cyprus will be governed by the Troika! (Eurivex Ltd. is a Cyprus Investment Firm, authorised and regulated by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nomad and by the Vienna Stock Exchange to act as Listing Agent for listings of shares, bonds and funds. The views expressed above are personal and do not bind the company and are subject to change without notice)

October 10 - 16, 2012


It’s been a long walk… EDITORIAL The Financial Mirror has reached yet another milestone, publishing our 1000th issue that you hold in your hands today. From our humble beginnings on March 17, 1993, this newspaper has evolved with the times, trying to keep up with technological trends and reporting on continuous and rapid developments in the economy. We printed our first edition when Cyprus was transforming itself from an agriculture-based economy to one that provided services, initially to “offshore” companies, international banking units (IBUs) and the shipping sector. Legislation that protected foreign investors and a competitive taxation system attracted thousands of companies, from brass-plate rep offices to fully-fledged

multinationals, with this regime providing an advantage to registering in Cyprus. However, this could now be blown to smithereens if the naïve administration is allowed to impose higher taxes on companies and wealthy resident individuals, which could push many people away from our nearbankrupt island. Just over 52% of personal insolvencies in the past 16 years and 32% of liquidations of companies were recorded during the four years of the current anti-business presidency and the pro-union communist leadership. Talk of a one-stop-shop by all Ministers of Commerce, Industry and Tourism have not yet materialised to the expected level that would encourage more foreign investments. The promotion of Cyprus as a business hub and financial services centre, as well as a quality tourism destination has been downgraded due to budget cuts, a ridiculous knee-jerk reaction to contain public spending. In the past 1,000 issues we have reported about the

resilience of the Cypriot economy to recover from all sorts of disasters – the 1974 Turkish invasion and destruction and the ‘economic miracle’ that followed; the 1970s oil crisis and new shipping opportunities; the runaway real estate balloon that burst and the niche property projects underway; the collapse of the Soviet empire and the ensuing influx of Russians; the stock market boom and bust and the evolution of online and forex trading. All these are success stories that cannot be wiped out simply to satisfy a number of over-paid civil servants, while the incomprehensible delay in investigating the banking crisis, apportioning blame, picking up the piece and moving on has caused more harm to the “Cyprus” brand than any other natural disaster or military conflict. The Financial Mirror will be around for many more issues and we will remain vigilant in our editorial and analytical policies, simply because there are too many idiots in public office nowadays.

The Case for an Eastern Mediterranean Energy Corridor Recent developments in our region have placed emphasis on the energy sector. Rightly so, because several states in the Eastern Mediterranean, including Israel and Cyprus are currently developing their offshore hydrocarbon resources. The recoverable energy resources of our region, the Levant Basin and the Nile Delta Basin Province are so large that the prospects of important economic changes are really promising. Indeed, the recent discoveries of natural gas in the Eastern Mediterranean are already altering the geopolitical map of the region, and its importance. Existing pipelines from Russia, South Africa and Norway, together with the proposed pipeline projects from the Caspian Sea Basin through Turkey, constitute the main natural gas corridors to Europe. All of these transit routes, however, are sourced from, and/or controlled by non-EU member states, some of which are not natural allies of the EU. A new East-West additional energy corridor could establish a route by which the EU would be able to diversify its

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natural gas supply, without being dependent on non-EU sources, and transit routes. We, therefore, propose that the concept of an Eastern Mediterranean Energy Corridor (EMEC) should be given serious consideration, as it could be of considerable strategic and economic importance, not only for our region, but to the EU as a whole. Of paramount importance for the achievement of this goal are a strong bilateral relationship, and a close co-operation in the field of energy between the state of Israel, and the Republic of Cyprus. In this respect, the omens are good. If the visit of President Simon Peres to Cyprus, in November 2011, showed how good Cyprus - Israeli relations are, Benjamin Netanyahu’s visit, in March this year, gave concrete substance to Cyprus Israeli co-operation, by encouraging the two-sides to plan their national energy policy, which covers, inter alia, joint exploitation of gas, export destinations, location of terminals, etc. Already the Delek Energy Group, and Nobel Energy Inc., licensees of Cyprus’ Block 12, called for the construction of a liquefaction facility on Cyprus that, in its initial stages, would process and export natural gas received from the Israeli Leviathan field, and the Cyprus Aphrodite field. Consequently, a regional liquefaction facility in Cyprus would help provide other regional gas producers ready access to the European energy market, thus encouraging the further exploitation, and production of the Eastern Mediterranean gas fields. However, regional co-operation in the Eastern Mediterranean has to take into account, and overcome serious difficulties due to maritime disputes between Israel and Lebanon, Cyprus and Turkey, as well as Greece and Turkey. Within this framework, Cyprus, in order to develop into a reliable LNG producer and supplier, must be able to ensure security of the huge investments that will be required. Security is a key factor for the development of the natural gas resources of

the Eastern Mediterranean. Being a small and militarily weak country, Cyprus needs not only Israeli co-operation and assistance, but also European involvement. A good step in this direction could be considered the fact that several major EU energy companies have participated in Cyprus’ second licensing round, therefore, creating the possibility of becoming stakeholders in Eastern Mediterranean gas. The EU repeatedly asked Turkey to refrain from any kind of threats, and stressed the sovereign right of Cyprus to exploit its natural resources, along with other international players, like the USA, Russia, the UK and others. The influence, therefore, of these EU energy companies over EU policy makers could prove important. Given the obvious advantages of having a secure source of energy, it would be in Europe’s interest to be fully involved in the development of natural gas resources of the Eastern Mediterranean. In this respect, Cyprus should seek EU Commission support. Greece and Italy, as well as other Southern EU countries could be of help in securing EU involvement. It should be stressed that such an energy corridor should not be seen as a competitor of existing energy supply routes to Europe, but as complimentary to Europe’s overall efforts to diversify, and secure its energy supplies. The economic, and political advantages of an Eastern Mediterranean Energy Corridor are very much in Europe’s best interests. As far as Cyprus is concerned, we observe that the heavensent present of natural gas and hydrocarbons in our region, boosted its strategic importance as a means of transporting natural gas from the Eastern Mediterranean to Europe. This has been recognised, as already mentioned, by the interest shown in the second licensing round by international heavyweights from European countries, such as France, Italy, the Netherlands and the UK. Therefore, any action of Cyprus in the energy field should not be undertaken pro domo sua, but in the interest of Europe, which has already recognised the need for active engagement in promoting the energy infrastructure of the Mediterranean. Given the Turkish threats for reprisals, and undesirable tensions, Cyprus should follow a wise and firm energy policy, within the framework of international law, so as to serve the interest of its citizens. It augers well that at this juncture the interests of foreign countries coincide with those of Cyprus.

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October 10 - 16, 2012


Monetary Mystification Central banks on both sides of the Atlantic took extraordinary monetary-policy measures in September: the long awaited “QE3” (the third dose of quantitative easing by the United States Federal Reserve), and the European Central Bank’s announcement that it will purchase unlimited volumes of troubled eurozone members’ government bonds. Markets responded euphorically, with stock prices in the US, for example, reaching post-recession highs. Others, especially on the political right, worried that the latest monetary measures would fuel future inflation and encourage unbridled government spending. In fact, both the critics’ fears and the optimists’ euphoria are unwarranted. With so much underutilized productive capacity today, and with immediate economic prospects so dismal, the risk of serious inflation is minimal. Nonetheless, the Fed and ECB actions sent three messages that should have given the markets pause. First, they were saying that previous actions have not worked; indeed, the major central banks deserve much of the blame for the crisis. But their ability to undo their mistakes is limited. Second, the Fed’s announcement that it will keep interest rates at extraordinarily low levels through mid-2015 implied that it does not expect recovery anytime soon. That should be a warning for Europe, whose economy is now far weaker than America’s. Finally, the Fed and the ECB were saying that markets will not quickly restore full employment on their own. A stimulus is needed. That should serve as a rejoinder to those in Europe and America who are calling for just the opposite – further austerity. But the stimulus that is needed – on both sides of the Atlantic – is a fiscal stimulus. Monetary policy has proven ineffective, and more of it is unlikely to return the economy to sustainable growth. In traditional economic models, increased liquidity results in more lending, mostly to investors and sometimes to consumers, thereby increasing demand and employment. But consider a case like Spain, where so much money has fled the banking system – and continues to flee as Europe fiddles over the implementation of a common banking system. Just adding liquidity, while continuing current austerity policies, will not reignite the Spanish economy.

So, too, in the US, the smaller banks that largely finance small and medium-size enterprises have been all but neglected. The federal government – under both President George W. Bush and Barack Obama – allocated hundreds of billions of dollars to prop up the mega-banks, while allowing hundreds of these crucially important smaller lenders to fail. But lending would be inhibited even if the banks were healthier. After all, small enterprises rely on collateral-based lending, and the value of real estate – the main form of collateral – is still down one-third from its pre-crisis level. Moreover, given the magnitude of excess capacity in real estate, lower interest rates will do little to revive real-estate prices, much less inflate another consumption bubble.


Of course, marginal effects cannot be ruled out: small changes in long-term interest rates from QE3 may lead to a little more investment; some of the rich will take advantage of temporarily higher stock prices to consume more; and a few homeowners will be able to refinance their mortgages, with lower payments allowing them to boost consumption as well. But most of the wealthy know that temporary measures result only in a fleeting blip in stock prices – hardly enough to support a consumption splurge. Moreover, reports suggest that few of the benefits of lower long-term interest rates are filtering through to homeowners; the major beneficiaries, it seems, are the banks. Many who want to refinance their mortgages still cannot, because they are “underwater” (owing more on their mortgages than the underlying property is worth). In other circumstances, the US would benefit from the exchange-rate weakening that follows from lower interest rates – a kind of beggar-thy-neighbor competitive devaluation that would come at the expense of America’s trading partners. But, given lower interest rates in Europe and the global slowdown, the gains are likely to be small even here.

Some worry that the fresh liquidity will lead to worse outcomes – for example, a commodity boom, which would act much like a tax on American and European consumers. Older people, who were prudent and held their money in government bonds, will see lower returns – further curtailing their consumption. And low interest rates will encourage firms that do invest to spend on fixed capital like highly automated machines, thereby ensuring that, when recovery comes, it will be relatively jobless. In short, the benefits are at best small. In Europe, monetary intervention has greater potential to help – but with a similar risk of making matters worse. To allay anxiety about government profligacy, the ECB built conditionality into its bond-purchase program. But if the conditions operate like austerity measures – imposed without significant accompanying growth measures – they will be more akin to bloodletting: the patient must risk death before receiving genuine medicine. Fear of losing economic sovereignty will make governments reluctant to ask for ECB help, and only if they ask will there be any real effect. There is a further risk for Europe: If the ECB focuses too much on inflation, while the Fed tries to stimulate the US economy, interest-rate differentials will lead to a stronger euro (at least relative to what it otherwise would be), undermining Europe’s competitiveness and growth prospects. For both Europe and America, the danger now is that politicians and markets believe that monetary policy can revive the economy. Unfortunately, its main impact at this point is to distract attention from measures that would truly stimulate growth, including an expansionary fiscal policy and financial-sector reforms that boost lending. The current downturn, already a half-decade long, will not end any time soon. That, in a nutshell, is what the Fed and the ECB are saying. The sooner our leaders acknowledge it, the better. Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. His latest book is The Price of Inequality: How Today’s Divided Society Endangers our Future. © Project Syndicate, 2012.

Clicks over Bricks in India After years of debate, India’s government recently announced that will open the country’s retail sector to foreign investment. The move was met with howls of protest from those who argue that the entry of large hypermarket chains like Carrefour and Walmart will devastate the small shops that currently dominate India’s retail sector. A country-wide strike called by opposition parties on September 20 brought many cities and towns to a halt. So far, Prime Minister Manmohan Singh’s government has not relented, despite the loss of support from a key coalition ally. The debate around opening the retail sector to foreign investment is currently being framed, on the one hand, by the need to modernize supply chains and, on the other hand, by the desire to protect small shopkeepers’ livelihoods. Those who support the decision argue that India’s supply chains are simply too wasteful, and that only the finance and knowhow of big, international retail chains can upgrade them. Opponents point to how big retailers decimated the traditional retail segment in the West. But this debate misses a crucial point: the hypermarket model is itself under serious threat everywhere from online shopping. Consumers worldwide are finding that they can access virtually unlimited choice on the Internet – including customized goods and services that big retailers simply cannot deliver. As a result, large hypermarkets are suddenly finding that their business model is unraveling. They watched in horror as Amazon, en route to becoming the world’s largest online retailer, pushed the bookstore chain Borders into bankruptcy, and have wondered if they will be next. The American discount retailer Walmart, reportedly concerned

that it is cannibalizing its own sales, has gone so far as to stop selling Amazon’s Kindle tablets. Indeed, the Indian government’s decision to welcome foreign retailers coincided with French retailer Carrefour’s announcement that it will shut down its substantial operations in Singapore by the end of this year. Meanwhile, its British counterpart, Tesco, is shifting away from the large hypermarket format and investing heavily in online systems. Quite clearly, the established framework of retailing is being fundamentally overhauled.


Given these developments, India may simply skip the hypermarket stage and go online, just as it skipped fixed-line telephony and went mobile. Of course, hypermarkets will do well in a few locations, but they are unlikely ever to dominate India’s retail sector. For small shopkeepers, this poses both a challenge and an opportunity. The challenge is that the rise of online shopping will increase competitive pressure, regardless of whether big foreign retailers enter the market. While Indians have traditionally been wary of buying online, owing to their distrust of digital security, in recent years the urban middle class has become increasingly accustomed to using the Internet to purchase airline tickets, reserve hotel rooms, and

order books. As rising affluence and falling technology prices make online shopping accessible to a growing pool of customers, more products will follow. Change is inevitable. But this shift may also open an opportunity for small shops. We know from international experience that online shopping undermines hypermarkets more than neighborhood stores, which often offer home delivery, credit, and the reassuring familiarity of personal relationships. A local shop may be able to use the Internet to tailor more precisely its selection of goods to its customers’ tastes. In other words, small shops may be more than capable of holding their own against big retailers if they adapt to the new environment. Indeed, small shops’ advantages are so compelling that Tesco is investing heavily in expanding its network of convenience stores, Tesco Express, thereby effectively mimicking the traditional model of local grocery stores. So India’s political debate over the entry of foreign retailers into the market, while heated, is probably already outdated. The real question is how India’s creaking supply chains will respond when consumers leapfrog hypermarkets and go online. No other country has created a logistical network directly for online retailing. For investors and businesses – perhaps including India’s small shopkeepers – this is where the really interesting opportunities will emerge. Sanjeev Sanyal is Global Strategist at Deutsche Bank. © Project Syndicate, 2012.

October 10 - 16, 2012


King Ludd is still dead Since the dawn of the industrial age, a recurrent fear has been that technological change will spawn mass unemployment. Neoclassical economists predicted that this would not happen, because people would find other jobs, albeit possibly after a long period of painful adjustment. By and large, that prediction has proven to be correct. Two hundred years of breathtaking innovation since the dawn of the industrial age have produced rising living standards for ordinary people in much of the world, with no sharply rising trend for unemployment. Yes, there have been many problems, notably bouts of staggering inequality and increasingly horrific wars. On balance, however, throughout much of the world, people live longer, work much fewer hours, and lead generally healthier lives. But there is no denying that technological change nowadays has accelerated, potentially leading to deeper and more profound dislocations. In a much-cited 1983 article, the great economist Wassily Leontief worried that the pace of modern technological change is so rapid that many workers, unable to adjust, will simply become obsolete, like horses after the rise of the automobile. Are millions of workers headed for the glue factory? As Asian wages rise, factory managers are already looking for opportunities to replace employees with robots, even in China. As the advent of cheap smartphones fuels a boom in Internet access, online purchases will eliminate a vast number of retail jobs. Back-ofthe-envelope calculations suggest that, worldwide, technological change could easily lead to the loss of 5-10 million jobs each year. Fortunately, until now, market economies have proved stunningly flexible in absorbing the impact of these changes. A peculiar but perhaps instructive example comes from the world of professional chess. Back in the 1970’s and 1980’s, many feared that players would become obsolete if and when computers could play chess better than humans. Finally, in 1997, the IBM computer

Deep Blue defeated world chess champion Gary Kasparov in a short match. Soon, potential chess sponsors began to balk at paying millions of dollars to host championship matches between humans. Isn’t the computer world champion, they asked? Today, the top few players still earn a very good living, but less than at the peak. Meanwhile, in real (inflation-adjusted) terms, second-tier players earn much less money from tournaments and exhibitions than they did in the 1970’s.

KENNETH ROGOFF A former chief economist of the IMF, Professor of Economics and Public Policy at Harvard University

Nevertheless, a curious thing has happened: far more people make a living as professional chess players today than ever before. Thanks partly to the availability of computer programs and online matches, there has been a mini-boom in chess interest among young people in many countries. Many parents see chess as an attractive alternative to mindless video games. A few countries, such as Armenia and Moldova, have actually legislated the teaching of chess in schools. As a result, thousands of players nowadays earn surprisingly good incomes teaching chess to children, whereas in the days before Deep Blue, only a few hundred players could truly make a living as professionals. In many US cities, for example, good chess teachers earn upwards of $100-$150 per hour. Yesterday’s unemployed chess bum can bring in a six-figure income if he or she is willing to take on enough work. In fact, this is one example where technology might actually have contributed to equalizing incomes. Second-tier chess

players who are good teachers often earn as much as top tournament players – or more. Of course, the factors governing the market for chess incomes are complex, and I have vastly over-simplified the situation. But the basic point is that the market has a way of transforming jobs and opportunities in ways that no one can predict. Technological change is not all upside, and transitions can be painful. An unemployed autoworker in Detroit may be fully capable of retraining to become a hospital technician. Yet, after years of taking pride in his work, he could be very reluctant to make the switch. I know a chess grandmaster who, 20 years ago, prided himself on his success at winning money in tournaments. He vowed that he would never end up teaching children “how horsey moves” (the reference is to the knight, also called the horse). But now he does exactly that, earning more from teaching “how horsey moves” than he ever did as a competitive chess player. Still, it beats being sent to the knacker. Of course, this time technological change could be different, and one should be careful in extrapolating the experience of the last two centuries to the next two. For one thing, mankind will be confronted with more complex economic and moral questions as technology accelerates. Still, even as technological change accelerates, nothing suggests a massive upward shift in unemployment over the next few decades. Of course, some increase in unemployment as a result of more rapid technological change is certainly likely, especially in places like Europe, where a plethora of rigidities inhibit smooth adjustment. For now, however, the high unemployment of the past several years should be mainly attributed to the financial crisis, and should ultimately retreat toward historical benchmark levels. Humans are not horsies. © Project Syndicate, 2012.

October 10 - 16, 2012


MTN looks to business market l

Total market share at 32%, 4G is “imminent”

MTN, the alternative telco in Cyprus, hopes to build up its business telecommunications services, having already reached out to one in every three consumers. Employing some 400 people, the company opened two new “experiential” MTN Stores in Nicosia and Larnaca where even the most demanding customer can enjoy the full telecom experience, having the opportunity to browse, test and play with live devices, while “Data Gurus” are on standby to give the necessary advice. In an interview with the Financial Mirror, MTN Cyprus CEO Pieter Verkade also said that superfast 4G mobile telephony is imminent, but this will happen only after the telecoms regulator releases

the necessary frequencies as part of the Digital Cyprus agenda. “We have been steadily increasing our market share to 32% while constantly investing in technologies and services. Our strategy is to assist the Republic to achieve its digital agenda goals in terms of increasing mobile broadband usage and penetration in the best possible way,” Verkade said. As regards the split between pre-paid and post-paid telephony, he said that MTN’s proportion is about 60/40, “a reasonable split considering the level of maturity of the Cypriot market. We expect the post - paid to increase alongside the increasing data demand.” One of MTN’s new schemes is the “Up2U 10+”

Tennis can give you an advantage for college and in life Ever since Marcos Baghdatis played centre stage on the world’s tennis scene with his extraordinary run to the Australian Tennis Open final in 2006, thousands of young Cypriots have been inspired to follow suit. But what few of these tennis hopefuls know, is how difficult it is to become a successful tennis professional. Success in tennis, that is, reaching a point whereby you can earn a living through the game, means reaching the top 100 in the world. A good indicator of whether or not you will be successful is if you manage to reach the top 30 of the ITF Junior World rankings. Even then the figures aren’t encouraging. According to the ITF, only five of the top ten juniors in the world eventually reach the top 100 in the men’s and women’s game. In other words, becoming a tennis professional is not easy, not cheap and with very low probabilities of success. It is much more feasible to use tennis to get a scholarship for universities in the US or Europe and thereby get a great start on one’s career path and a new tennis training centre in Nicosia will help tennis players do just that. Tennis Zone is beginning operations in the grounds of the Junior School, Nicosia and is welcoming applications both from beginners from the age of 4 upwards to more advanced players in their teens. The Tennis Zone is the brainchild of Stelios Christofides and Simon Aynedjian, both parents of tennis kids. Simon is a top-ranked veteran tennis champ with over 200 local and international championships under his belt and a long-standing involvement in the game. His teenage son is already showing promise and is in the process of developing his game in order to benefit from a tennis scholarship in the future. Stelios’ son is already in his third year of a tennis scholarship at an American university, playing number one in his university team. With arguably one of the best coaches in Cyprus, Akis Asproftas, as head coach, the new tennis centre has already attracted a high caliber of tennis hopefuls who want to benefit from his

expertise. Having trained a large number of top local players, he knows what it takes to achieve high performance, as regards technique, strategy and psychology. He has a professional coaching diploma from the Osterreichische Tennisakademie (the Austrian Tennis Academy), and a first class coaching certificate from the International Tennis Federation (ITF). While not just a training centre for high flyers, the Zone will also help develop players from beginners onwards, providing sound basic training in technique and fitness, to an extent that parents and children will see noticeable progress, month to month. Getting to a high enough standard in any endeavour requires putting in the hours of practice. In tennis this means spending hours on court, which necessarily requires a fine balancing act so that schooling does not suffer. The academy will offer practical advice to parents on how best to achieve this balance, so that their children reach their goals both academically and in their sport. “More than just a training centre that teaches the basics of the game and provides an hour or so of entertainment a week, our tennis programme will also help kids find scholarships to top US and European colleges and universities”, said Simon. “We wish there had been a centre in Cyprus when our son was growing up to have given us the guidance we needed in order to combine education and tennis and succeed in both”, Stelios added. “Through the experience we have gained over the years in following this very path for our own children, we will strive to make the Tennis Zone just such a place. We have a holistic approach to tennis and aim to help children to be the best that they can on court and in life”. When it comes to finding work after college, having played competitive tennis is a major attribute on any CV, because employers know that playing tennis at a high enough standard moulds a person and prepares one to handle the inevitable challenges of life. Classes have already begun at the Tennis Zone. For information, call Simon on 96-441027.

hybrid programme, aimed at all age users. “The first week of the new plan was really promising. We call it hybrid because it combines absolute control over your telecoms spending with the lower rates of a contract. You can set your preferred credit limit simply by an sms. If you change your mind (and you can change your mind as many times as you want) you just send another sms and we adjust it.” On the other hand, Meemob is aimed at the younger consumers. “Big Cypriot brands are connected to Meemob, offering exclusive discounts in coffee shops and fashion outlets as well as special privileges and content. On top of that you can already have unlimited sms once you spend over 15 euros a month.” HIGHER SPEED Verkade said that in March, MTN launched HSPA+, the high-speed mobile broadband technology that multiplies the speed of mobile internet data and paves the way for otherwise unimaginable possibilities and applications. “HSPA+ is often referred to as 3.5G. More importantly, it is about three times faster than the basic HSPA service we had before and gives a noticeably different experience,” he added. Looking ahead, MTN hopes to emulate some of the MTN Group products, especially as regards electronic payments, but these are services unique

to each market. “MTN as a group is very involved on the Mobile Money technologies and has contacts with both Visa and Mastercard, through that we stay in touch with developments in this area. As for our plans for 2012 and 2013 I would like to keep some of the surprise! I promise you that we will have some exciting announcement in store as we keep on innovating.” As regards corporate services, Verkade said that big and small business are choosing MTN and this is our best advertisement. Our customer base grows day by day because we offer a complete business solution portfolio that meets all business needs in Cyprus. “Our clients enjoy high quality communication everywhere with a modern, fast performing network, excellent coverage wherever they are, cost-effective solutions on mobile and fixed services and a personalised service. They can be assured that whatever happens we will be there with a dedicated expert who knows them and works with them as a team.”

INVITATION The Embassy of the Kingdom of the Netherlands has the pleasure to invite you to the 4th annual

‘Holland Trader Evening’ Theme: Corporate Social Responsibility Two speakers have been invited: - Mrs. Irma Keijzer (Dutch Ministry of Economic Affairs, Agriculture & Innovation) - Mrs. Georgia Lefkariti-Ioannou (PR Manager at Petrolina Holdings Ltd., winner of CSR Award 2011) Reception will follow at the roof garden Date: Venue:

Thursday 18th of October 2012 The Royal Hall (former Theatre Royal)


19:30 – 21:30

(next to Ochi roundabout Nicosia)

Parking areas in front of the venue Please confirm your attendance before Monday 15th October by e-mail, tel. 22 873 663 or fax 22 872 399

October 10 - 16, 2012

16 | WORLD

Cameron under pressure to launch a comeback l

Conservatives trail Labour in polls with economic woes, resurgent opposition as main challenges

Presiding over a fractious coalition amid a recession and derided by critics as an “out of touch” snob, British Prime Minister David Cameron is under pressure to take on a resurgent opposition at his party’s annual conference this week. In a coalition with the smaller Liberal Democrats, Cameron’s Conservatives languish behind a revived Labour opposition party in opinion polls and he faces a tough task to win an outright majority in 2015, something he failed to do in 2010. A dazzling performance at the party conference in Birmingham on Wednesday could set the stage for a comeback. “We know we have got to turn it around,” one Conservative Party official said. “We’re running out of road.” Cameron is gambling that by 2015 he will be able to heal a sickly economy and to slash government spending - a key driver of demand - to erase a record budget deficit. But a bleak global economic situation coupled with debt-related turmoil in the nearby euro zone and what his critics regard as serious policy missteps mean his plan is off-course. Britain has fallen back into recession and the government looks like it will miss its own flagship austerity targets - to get rid of most of the deficit by 2015 - by such a margin that spending cuts could drag on through much of the next parliament. “Cameron bet the farm on deficit reduction and an almost inevitable improvement in the economy in sufficient time for the 2015 election - clearly neither of those things have happened,” said Tim Bale, a politics professor at London’s Queen Mary University and an expert on the Conservatives. If he is to have a chance, Cameron, who used a cabinet reshuffle last month to try to pacify his party’s restive right flank, must try to woo middle class families who are likely to decide the election. But the expensively-educated son of a stockbroker has struggled to shake off accusations that he is out of touch

with ordinary voters, many of whom face shrinking household budgets. One rebellious Conservative lawmaker dubbed Cameron and Osborne, the finance minister, “posh boys”, while another powerful Conservative caused a storm last month by labelling police officers “plebs” - a derogatory reference seized upon by critics who said it proved the Conservatives were snobs.

PROMISING ECONOMIC DATA ON WAY? An unpopular budget which cut taxes for high earners, a scandal over cosy ties with Rupert Murdoch’s media empire, party infighting over Europe, and talk of a leadership coup have made this year a difficult one for Cameron. In contrast, Labour leader Ed Miliband - dismissed earlier this year as an awkward liability - is showing signs of transforming himself into a credible alternative. Cameron’s speech to the party faithful in Birmingham will

give him a chance to claw back lost ground. He is likely to try to strike a confident tone and to cover issues ranging from the economy to foreign affairs. But there is no guarantee that the gathering will revive Cameron’s battered election hopes. The ambitious and popular London Mayor Boris Johnson, whose high profile during the Olympics sparked rumours he was after the premier’s job, could upstage Cameron again. George Osborne, the unpopular finance minister once lauded as a top tactician but now criticised for his failure to kicks tart the economy, may also want to score some points ahead of what are expected to be dismal official growth and borrowing forecasts in December. He too is reported to have leadership ambitions. “Cameron has to prove he’s got that very elusive thing, which is grip - there is a sense in which things appear not only to be not working, but drifting,” Queen Mary’s Bale said. Despite his current problems, things could still go Cameron’s way. Although December’s economic forecasts are likely to make for depressing reading, there are signs the worst could be over. Third quarter figures, due out later this month, are expected to show that the economy grew for the first time since the end of last year. While few expect a sudden surge of sustained growth, the data could improve confidence and help drag Britain out of recession. Last week, Johnson showered Cameron with effusive praise. “David Cameron is going to win the next election, win it well. The government is doing the right thing by the economy. It’s necessary to stabilise and cut the deficit and they’ve done exactly what the country needed them to do,” he told reporters. “You can’t always be popular.”

Lithuania to reject austerity, quick euro entry in vote l

Wages, living standards and output have fallen, as opposition says risk of social clashes looms

Austerity-weary Lithuanians are set to eject the country’s ruling centre-right coalition in an election this month, a move likely to delay the moment the small European Union member state joins the euro and to ease ties with Russia. However, the new government, which opinion polls show is likely to be a broad coalition led by the centre-left Social Democrats, is expected to largely stick to austerity as the Baltic state cannot afford to be frozen out of debt markets. “The situation is unbearable, half of Lithuania has emigrated,” said Svetlana Orlovskaya, 65, as she headed to work as a factory cleaner in a suburb of the capital city Vilnius. She said Prime Minister Andrius Kubilius, head of a fourparty coalition since 2008, had not done “anything good”. The election is likely to influence when Lithuania seeks to join the single currency. Kubilius has said 2014 would be a realistic date, but Social Democratic leader Algirdas Butkevicius told Reuters he is aiming for 2015. Along with Latvia and Estonia, Lithuania has been held up to euro zone states as an example of how to successfully implement tough austerity measures. It cut spending and raised taxes following the 2008 global crisis. The flip side, however, was falling wages and living standards and a 15% drop in output in 2009. Some growth has returned, but thousands have emigrated, the jobless rate is 13% and the country remains one of the poorest in the EU. Kubilius, 56, a veteran politician, has defended his record, which included keeping the litas currency pegged to the euro. “Back in 2009 the budget deficit would have been 15% (of GDP), but it ended at 9%. This year it will be about 3%,” he

said in his office. But political scientist Kestutis Girnius of the Institute of International Relations and Political Science said people were fed up with austerity, and with Kubilius, who has a dour image. “As one of his advisers has said, he seems like a surgeon who would say ‘Let me cut off the leg, but you won’t get any anaesthesia’,” said Girnius. Lithuania has two voting rounds: on October 14 half the seats will be decided on a proportional representation basis, with the rest decided two weeks later in runoffs in districts. Lithuanians will also vote in a referendum on Sunday on whether to back a new nuclear power plant. Polls show most people will reject it, but political parties might ignore the result as the referendum is advisory rather than binding.

CENTRE-LEFT COALITION Social Democratic leader Algirdas Butkevicius, whose first choice of coalition is with the Labour Party, led by a Russianborn businessman, and with a party led by an impeached former president, Rolandas Paksas, backs rises in the minimum wage and a progressive income tax which would be fairer to lower earners. “It has to be recognised that if the situation in the work market does not change, there could be social clashes this winter as heating prices will rise,” Butkevicis told Reuters. But DNB Nord economist Rokas Bancevicius said he saw little leeway for a new government to go on a spending spree. “Even if budget policy will be slightly looser it might not

actually have a big economic impact,” he said. How the issue is handled may influence when Lithuania seeks to join the euro, something it is determined to do despite the currency bloc’s debt crisis. To adopt the euro, a country has to keep its budget deficit below 3% of output and meet targets on inflation, debt and long-term interest rates. President Dalia Grybauskaite, a forceful former EU Commissioner who oversaw budgets, has the role of choosing the prime minister after elections. She backs fiscal discipline. The Social Democrats back more constructive ties with Russia after Kubilius sought to lower gas prices and restructure the gas industry, against which the Kremlin loudly protested. Ex-Soviet state Lithuania and Russia have often had testy relations since the Baltic state regained independence in 1991. Lithuanian elections often throw up protest parties. This year, that party has been formed around a former judge, whose brother died - though some suspect he was murdered after alleging his daughter was assaulted by a paedophile ring, which was covered up by officials. The brother, in turn, was suspected of killing a judge he accused of being a member of the ring as well as the sister of his ex-girlfriend. He had alleged his former girlfriend was also complicit in their daughter’s abuse. “My brother was killed, the daughter of my brother was abused sexually, that made me go into politics,” said Neringa Venckiene, the key figure in the new Path of Courage party. She said people backed her because “the state is totally ruined, totally degraded”. Polls show her party will just make it into parliament, but she said it could win 20 to 30 seats.


∆∂∆∞ƒ∆∏, 10 √∫∆øµƒπ√À, 2012

∫fiÎÎÈÓË Î¿ÚÙ· ÛÙÔ˘˜ «¿ÚÈÛÙÔ˘˜» ‰ËÌfiÛÈÔ˘˜ ˘·ÏÏ‹ÏÔ˘˜ Ελλιπή εργασία, χαµηλή παραγωγικÞτητα, απουσίεσ για προσωπικέσ υποθέσεισ, κτύπηµα τησ κάρτασ κατά το δοκούν ή και κτύπηµα τησ απÞ άλλουσ, ακÞµη και κατάχρηση τησ κατ εξαίρεση άδειασ για δίωρη απουσία καταγγέλλει σε µια αυστηρÞτατη εγκύκλιο προσ Þλο το δηµÞσιο, το Τµήµα ∆ηµÞσιασ ∆ιοίκησησ και Προσωπικού. Το φαινÞµενο τησ µη τήρησησ του θεσµοθετηµένου ωραρίου εκτÞσ του Þτι αποτελεί πειθαρχικÞ παράπτωµα προκαλεί προβλήµατα στην εύρυθµη λειτουργία και στην κατ’ εξοχήν αποστολή τουσ για εξυπηρέτηση των πολιτών, αναφέρεται χαρακτηριστικά στην επιστολή. Η καθυστέρηση στην άφιξη, η πρÞωρη αναχώρηση, οι απουσίεσ για διεκπεραίωση προσωπικών υποθέσεων αµαυρώνουν την εικÞνα τησ υπηρεσίασ. Υπάρχουν συσκευέσ καρτών σε λειτουργήσιµη κατάσταση που τα ίδια τα τµήµατα έθεσαν εκτÞσ λειτουργίασ. ∆εν πραγµατοποιείται έλεγχοσ για τυχÞν ελλείµµατα χρÞνου και δεν αποκÞπτεται ο οφειλÞµενοσ χρÞνοσ απÞ την άδεια ανάπαυσησ ή το ωροµίσθιο. Επίσησ απαγορεύεται αυστηρά η χρήση

τησ προσωπικήσ κάρτασ απÞ άλλο πρÞσωπο. Την ίδια ώρα που η κοινή γνώµη παρακολουθεί τα Þσα τεκταίνονται σε επίπεδο «µνηµονίου» και τισ σφοδρέσ αντιδράσεισ του συνδικάτου των δηµοσίων υπαλλήλων, το Τµήµα ∆ηµÞσιασ ∆ιοίκησησ στέλνει σαφέστατα µηνύµατα, υπÞ µορφή ύστατησ προειδοποίησησ. Και στο στÞχαστρο µπαίνουν κυρίωσ οι υψηλÞµισθοι ∆ιευθυντέσ και Τµηµατάρχεσ. Ιδιαίτερη επισήµανση γίνεται προσ τουσ Προϊσταµένουσ στην παρατηρούµενη κατάχρηση τησ παραχώρησησ ειδικήσ άδειασ απουσίασ µέχρι δύο ώρεσ που δεν αποτελεί δικαίωµα του υπαλλήλου αλλά παραχωρείται µÞνο σε εξαιρετικέσ περιπτώσεισ. Τουσ θέτει µάλιστα υπÞ το µικροσκÞπιο καθώσ µε την εγκύκλιο τουσ κοινοποιείται ειδικÞ έντυπο καταγραφήσ συγκεντρωτικών στοιχείων το οποίο θα καλούνται να συµπληρώνουν και να αποστέλλουν κάθε Φεβρουάριο.

§¤Ù ӷ ¤¯Ô˘ÌÂ Î·È ÂÙڤϷÈÔ; ™Â ÂȂ‚·ÈˆÙÈ΋ ÁÂÒÙÚËÛË ÚÔ¯ˆÚ› Ë Noble Energy Η Noble Energy δεν αποκλείει το ενδεχÞµενο να υπάρχει πετρέλαιο στο οικÞπεδο 12 τησ Αποκλειστικήσ Οικονοµικήσ Ζώνησ τησ Κύπρου και για αυτÞ σύντοµα θα προχωρήσουν σε επιβεβαιωτική γεώτρηση. ΑυτÞ ανέφερε ο ∆ιευθυντήσ τησ εταιρείασ Τζον ΤÞµιτσ µιλώντασ σε συνέδριο του Εconomist. Την ίδια ώρα η κυβέρνηση προανήγγειλε την έναρξη διαλÞγου για τα υπÞλοιπα οικÞπεδα τησ Κυπριακήσ ΑΟΖ. Σύµφωνα µε τον κ. ΤÞµιτσ η Noble Energy παρέλαβε πρÞσφατα ένα νέο γεωτρύπανο µε δυνατÞτητεσ γεώτρησησ σε µεγάλο βάθοσ, το οποίο θα χρησιµοποιηθεί για εντοπισµÞ πετρελαίου στο ισραηλινÞ οικÞπεδο Λεβιάθαν, Þπου πιστεύεται Þτι υπάρχει πετρέλαιο, ενώ σχεδιάζει, χωρίσ αυτÞ να έχει ακÞµα οριστικοποιηθεί, τη µεταφορά του γεωτρύπανου και στην Κύπρο για τον εντοπισµÞ πετρελαίου, στο οικÞπεδο 12. Για την ανακάλυψη φυσικού αερίου στο οικÞπεδο 12 τησ κυπριακήσ ΑΟΖ, υπενθύµισε Þτι πρÞκειται για 5-8 τρισεκατοµ-

µύρια κυβικά πÞδια φυσικού αερίου, µε µέσο Þρο τα 7 και σηµείωσε Þτι η Noble προγραµµατίζει δεύτερη γεώτρηση εντÞσ του οικοπέδου στισ αρχέσ του 2013. Συνεχίζοντασ ο κ,. ΤÞµιτσ, είπε Þτι Noble Energy αποφάσισε να µη λάβει µέροσ στο δεύτερο γύρο αδειοδÞτησησ στην Κύπρο, σηµειώνοντασ Þτι θεωρεί πολύ θετική την έλευση και άλλων εταιρειών στην Κύπρο, γεγονÞσ που θα δηµιουργήσει οικονοµίεσ κλίµακασ και θα υπάρξει διαµοιρασµÞσ του κÞστουσ ανάµεσα στισ εταιρείεσ. ΑπÞ την πλευρά τησ κυβέρνησησ ο ΥφυπουργÞσ παρά τω Προέδρω Τίτοσ Χριστοφίδησ, ανέφερε Þτι τον Φεβρουάριο του 2013 αναµένεται να ξεκινήσει η επιβεβαιωτική γεώτρηση στο τεµάχιο «Αφροδίτη» τησ κυπριακήσ ΑΟΖ. Ανέφερε επίσησ Þτι έχει ληφθεί η πολιτική απÞφαση για δηµιουργία τερµατικού υγροποιηµένου φυσικού αερίου στην Κύπρο, κάτι που είπε Þτι θα αποτελέσει την µεγαλύτερη επένδυση στην ιστορία τησ Κυπριακήσ ∆ηµοκρατίασ, µε κÞστοσ 7-10 δισ ευρώ.

ΑπÞ την πλευρά του ο Πάνοσ Παπαναστασίου, Μέλοσ τησ Επιτροπήσ ΕµπερογνωµÞνων ζήτησε την ενίσχυση τησ Υπηρεσίασ Ενέργειασ τησ Κύπρου. «Ùταν θα έχουµε έσοδα απÞ υδρογονάθρακεσ τα οποία θα είναι ένα µεγάλο ποσοστÞ ή µερικέσ φορέσ το εισÞδηµα τησ χώρασ πρέπει αυτÞσ ο οργανισµÞσ να ενισχυθεί». Στη δική του παρέµβαση ο ΥπουργÞσ Εµπορίου Νεοκλήσ Συλικιώτησ σηµείωσε Þτι το ΥπουργικÞ Συµβούλιο αναµένεται να πάρει µέχρι το τέλοσ του µήνα απÞφαση για τισ εταιρείεσ µε τισ οποίεσ θα προχωρήσει σε διαπραγµάτευση, στα πλαίσια του δεύτερου γύρου αδειοδÞτησησ στην Κυπριακή Αποκλειστική Οικονοµική Ζώνη. Ο Νεοκλήσ Συλικιώτησ ανέφερε ακÞµη Þτι αρχίζουν οι διεργασίεσ για σύσταση Εθνικού Ταµείου Υδρογονανθράκων, ενώ πρÞσθεσε Þτι µεταξύ των στÞχων του είναι το αποθεµατικÞ του να διατίθεται για ανατροφοδÞτηση τησ βιοµηχανίασ υδρογονανθράκων. Τέλοσ σηµείωσε Þτι απÞ το 2013 θα υπάρξει ώθηση στην οικονοµία τÞσο µε τα έσοδα που θα προκύψουν απÞ την υπογραφή για τα δικαιώµατα µε τισ εταιρείεσ, αλλά και ακολούθωσ µε την τροχοδρÞµηση των απαραίτητων ενεργειακών υποδοµών.

™ÚˆÍÈ¿ ÛÙÔ ÎÂÓfi ·fi Moody’s Oι σοβαρέσ δυσκολίεσ στον τραπεζικÞ τοµέα τησ Κύπρου, που είναι το αποτέλεσµα τησ επιδείνωσησ των οικονοµικών συνθηκών στην χώρα µασ και την Ελλάδα, είναι ο βασικÞτεροσ λÞγοσ που η Moody’s, υποβάθµισε εκ νέου την κυπριακή οικονοµία απÞ Βα3 σε Β3. Η απÞφαση τησ Moody’s αντανακλά το δυσµενέσ µακροοικονοµικÞ περιβάλλον και την πολιτική αβεβαιÞτητα που δηµιουργεί περαιτέρω κινδύνουσ για την πιστωτική δύναµη τησ Κύπρου ενώ ο οίκοσ σηµειώνει ακÞµα Þτι η κυβέρνηση δεν έχει ακÞµη φθάσει σε συµφωνία µε την τρÞικα. Ολοκληρώνοντασ την αξιολÞγηση που ξεκίνησε στισ 13 Ιουνίου ο οίκοσ θέτει τη διαβάθµιση τησ Κύπρου σε αρνητικÞ ορίζοντα εκτιµώντασ Þτι οι ανάγκεσ ανακεφαλαιοποίησησ µπορούν να φθάσουν µέχρι και 12 δισ ευρώ και το κυπριακÞ χρέοσ το 160% του ΑΕΠ. Η στήριξη των τραπεζών, αναφέρει ο οίκοσ, θα θέσει σε κίνδυνο τη βιωσιµÞτητα του κυπριακού χρέουσ την ίδια στιγµή που οι δυσκολίεσ που αντιµετωπίζουν οι τράπεζεσ θα περιορίσουν το δανεισµÞ, µεγεθύνοντασ τα υφιστάµενα προβλήµατα. Οι Moody’s εκτιµούν Þτι οι τρεισ κυπριακέσ τράπεζεσ

(που επίσησ υποβαθµίστηκαν) θα χρειαστούν στήριξη 8 δισ ευρώ ή 47% του ΑΕΠ απÞ την κυβέρνηση για να φθάσουν σε επίπεδα core tier 1 10% που ζητά η τρÞικα. Η πιστοληπτική αξιολÞγηση τησ Τράπεζασ Κύπρου έχει υποβαθµιστεί σε caa3 απÞ b3/E+ και το rating για τισ καταθέσεισ και µη εξασφαλισµένα δάνεια σε Caa1 απÞ Β2, µε αρνη-

τικÞ ορίζοντα. Η Λαϊκή υποβαθµίστηκε σε caa3 απÞ caa1 και το rating για τισ καταθέσεισ και µη εξασφαλισµένα δάνεια σε Caa1 απÞ Β3, µε αρνητικÞ ορίζοντα. Η Ελληνική Τράπεζα υποβαθµίστηκε σε caa2 απÞ b2 και η διαβάθµιση για καταθέσεισ σε Β3 απÞ B1 µε αρνητικÞ ορίζοντα. Οι ανάγκεσ ανακεφαλαιοποίησησ έχουν αυξηθεί σηµαντικά λÞγω τησ κατάστασησ των δανειακών χαρτοφυλακίων σε Κύπρο και Ελλάδα, µια τάση που οι Moody’s εκτιµούν Þτι θα συνεχιστεί. Ο οίκοσ εκτιµά Þτι η κρίση στισ τράπεζεσ θα κρατήσει την οικονοµία σε ύφεση µέχρι το 2015 επιδεινώνοντασ τη δηµοσιονοµική κατάσταση τησ χώρασ. Σε βάθοσ χρÞνου, οι περικοπέσ θα καταστίσουν την οικονοµία πιο ανταγωνιστική, αλλά αυτÞ θα χρειαστεί χρÞνο. Επιπλέον, οι Moody’s εκφράζουν αµφιβολίεσ κατά πÞσο η κυβέρνηση θα είναι σε θέση να εφαρµÞσει γρήγορα και αποτελεσµατικά αυτέσ τισ αλλαγέσ, αφού το ιστορικÞ τησ σε ζητήµατα δηµοσιονοµικήσ εξυγίανσησ ήταν ανάµεικτο και αφού έχουν προκύψει σηµαντικέσ καθυστερήσεισ στην υπογραφή µνηµονίου µε την τρÞικα.


10 OKTΩΒΡΙΟΥ, 2012

2/18 | ΕΙ∆ΗΣΕΙΣ

∂¶∞: ¶ÚfiÛÙÈÌÔ €390.000 ÛÙË Cyta ΣυνολικÞ πρÞστιµο ύψουσ 390.000 ευρώ καλείται να πληρώσει η Cyta έπειτα απÞ σχετική απÞφαση τησ Επιτροπήσ Προστασίασ Ανταγωνισµού (ΕΠΑ), λÞγω καταγγελίασ τησ Golden Telemedia. O λÞγοσ τησ καταγγελίασ που κατέθεσε η Golden Telemedia, ήταν η άρνηση τησ Cyta να δίνει τη δυνατÞτητα στουσ κατÞχουσ καρτών so-easy να εκτελούν κλήσεισ προσ νούµερα που αρχίζουν µε τουσ αριθµούσ «900». Η Cyta δήλωσε στην ΕΠΑ πωσ η απÞφαση του διοικητικού συµβουλίου του οργανισµού προέκυψε µε την σκέψη να προστατεύσει τουσ ανήλικουσ χρήστεσ των καρτών so-easy. ΠαρÞλα αυτά η ΕΠΑ απέρριψε την εν λÞγω αιτιολÞγηση απÞ πλευράσ Cyta.

Αποτέλεσµα τησ εν λÞγω διαδικασίασ είναι η «επιδίκαση» τριών ξεχωριστών χρηµατικών ποινών προσ 130.000 ευρώ έκαστη για παράβαση του άρθρου 6 (1) α, β και γ του περί Προστασίασ του Ανταγωνισµού ΝÞµου Ν. 13(Ι)/2008. Θα πρέπει πάντωσ να δούµε στο εγγύσ µέλλον πωσ θα κινηθούν οι δύο επηρεαζÞµενεσ εταιρείεσ, οι Cyta και η Golden Telemedia και εάν πρÞκειται να µεταφέρουν τη διαφωνία τουσ στισ δικαστικέσ αίθουσεσ. Η Επιτροπή, κατέληξε σε αυτÞ το συµπέρασµα µη αποδεχÞµενη ωσ αντικειµενική δικαιολÞγηση τη θέση τησ ΑΤΗΚ Þτι ο σχεδιασµÞσ τησ υπηρεσίασ προπληρωµένησ κινητήσ τηλεφωνίασ (soeasy) δεν είχε σχέση µε την Golden Telemedia ή

του παρÞχουσ περιεχοµένου αλλά είχε σχέση µε τη ζήτηση και τισ επιδιώξεισ των γονιών που αγÞραζαν την υπηρεσία για τα παιδία τουσ που ήταν ανήλικα. Η Επιτροπή σηµείωσε επί τούτου Þτι οι κάτοχοι προπληρωµένησ κινητήσ τηλεφωνίασ είχαν ήδη πρÞσβαση σε περιεχÞµενο για ενήλικεσ µέσω των υπηρεσιών υπερτιµηµένων γραπτών µηνυµάτων, οπÞταν ο ισχυρισµÞσ περί τησ προστασίασ των ανηλίκων δεν αποτελεί αντικειµενική δικαιολογία για την φραγή προσ υπερτιµηµένεσ κλήσεισ. ΕπιπρÞσθετα, η Επιτροπή στην απÞφαση τησ σηµείωσε Þτι η ΑΤΗΚ, µε βάση τουσ Þρουσ τησ γενικήσ εξουσιοδÞτησησ, οφείλει να διασφαλίζει τη λειτουργικÞτητα των δικτύων και υπηρεσιών σε Þλη την Κύπρο, καθώσ και τησ υποχρέωσησ τησ να µη κάνει διάκριση µεταξύ των πελατών τησ στην κινητή τηλεφωνία.

°ÈÔ‡ÓÎÂÚ: K¿ÓÙ ˆ˜ ‚È¿˙ÂÛÙÂ! ∂ÈÙ¿¯˘ÓÛË Ù˘ ‰È·‰Èηۛ·˜ ÁÈ· ÙË Â›Ù¢ÍË Û˘Ìʈӛ·˜ ÛÙ‹ÚÈ͢ Ù˘ ∫‡ÚÔ˘, ˙ËÙ¿ÂÈ ·fi ÙËÓ §Â˘ÎˆÛ›· ÙÔ ∂urogroup Kάντε πωσ βιάζεστε. ΑυτÞ ήταν το µήνυµα του Προέδρου του Εurogroup Ζαν-Κλοντ Γιούνκερ στισ κυπριακέσ αρχέσ, για να επιταχυνθούν ώστε να ολοκληρωθούν σύντοµα οι διαπραγµατεύσεισ για το πρÞγραµµα στήριξη τησ Κύπρου. «Συζητήσαµε την κατάσταση τησ κυπριακήσ οικονοµίασ και το αίτηµα που υποβλήθηκε απÞ τισ κυπριακέσ αρχέσ στισ 25 Ιουνίου για στήριξη», ανέφερε ο κ. Γιούνκερ προσθέτοντασ Þτι «Þλοι οµÞφωνα έχουµε την αίσθηση Þτι πρέπει να επιταχύνουµε τισ εργασίεσ και για το λÞγο αυτÞ καλέσαµε τισ κυπριακέσ αρχέσ να λάβουν αποφασιστικά µέτρα για να ολοκληρώσουµε τισ διαπραγµατεύσεισ ενÞσ χρηµατοδοτι-

κού προγράµµατοσ». Η συζήτηση πραγµατοποιήθηκε µετά απÞ ενηµέρωση που είχε το Εurogroup απÞ τον ΥπουργÞ Οικονοµικών Βασίλη Σιαρλή, αναφορικά µε τισ σκέψεισ τησ κυπριακήσ κυβέρνησησ σχετικά µε το πρÞγραµµα. Στην Κύπρο αναφέρθηκε και η επικεφαλήσ του ∆ΝΤ Κριστίν Λαγκάρντ. Οπωσ είπε ένα κλιµάκιο θα επισκεφθεί την Κύπρο το δεύτερο 15νθηµερο του Οκτωβρίου προκειµένου να συζητήσει για το πρÞγραµµα. Έχουµε λάβει ορισµένεσ προτάσεισ απÞ την κυπριακή κυβέρνηση και προσ το παρÞν τισ εξετάζουµε και η συζήτηση θα συνεχιστεί επιτÞπου προκειµένου να επιτύχουµε πρÞοδο, κατέληξε.

ŒÙÛÈ ÎÈ ·ÏÏÈÒ˜ ı· ¤¯Ô˘Ì ‡ÊÂÛË Συρρίκνωση τησ κυπριακήσ οικονοµίασ κατά 2,3% το 2012 και κατά 1% το 2013 προβλέπει το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο (∆ΝΤ) στην έκθεση του “World Economic Outlook”. Σύµφωνα µε το ∆ΝΤ, οι εκτιµήσεισ του για την Κύπρο “αντανακλούν ένα παθητικÞ σενάριο που βασίζεται στην εφαρµογή των εγκεκριµένων πολιτικών και µÞνο”, χωρίσ να λαµβάνουν υπÞψη ��έτρα που θα παρθούν στο πλαίσιο τησ συµφωνίασ µε την ΤρÞικα. Επίσησ, το ∆ΝΤ υποθέτει Þτι “η Κυβέρνηση θα είναι σε θέση να µετακυλήσει το χρέοσ τησ και να χρηµατοδοτήσει το έλλειµµά τησ µε ένα λογικÞ κÞστοσ µεσοπρÞθεσµα και Þτι οι τράπεζεσ θα επιτύχουν επαρκή κεφαλαιοποίηση

χωρίσ κυβερνητική βοήθεια”. Το Ταµείο εκτιµά επίσησ Þτι η κυπριακή οικονοµία θα συρρικνωθεί κατά 2,8% το τέταρτο τρίµηνο του 2012 και κατά 0,4% το τέταρτο τρίµηνο του 2013. Για το 2017, προβλέπει Þτι η οικονοµία θα αναπτυχθεί µε ρυθµÞ 2%. Το ∆ΝΤ αναµένει Þτι ο πληθωρισµÞσ θα διαµορφωθεί στο 3,5% το τρέχον έτοσ και στο 2,2% το 2013 (το 2011 ο πληθωρισµÞσ είχε διαµορφωθεί στο 3,5%), ενώ η ανεργία προβλέπει πωσ θα ανέλθει στο 11,7% το 2012 και στο 12,5% το 2013, απÞ 7,8% που είχε κλείσει το 2011. Επίσησ, εκτιµά Þτι το ισοζύγιο τρεχουσών συναλλαγών θα παρουσιάσει έλλειµµα 3,5% το 2012 και έλλειµµα 2% το 2013, απÞ έλλειµµα 10,4% το 2011.

™Ù· Ù¿ÚÙ·Ú· ÙÔ Ã∞∫ Ισχυρέσ πιέσεισ δέχθηκε χθεσ το Χρηµατιστήριο Αξιών Κύπρου (ΧΑΚ), λÞγω τησ τριπλήσ υποβάθµισησ τησ κυπριακήσ οικονοµίασ, αλλά και τησ υποβάθµισησ των τραπεζών Κύπρου, Λαϊκή και Ελληνική απÞ το διεθνή οίκο πιστοληπτικήσ αξιολÞγησησ Moody’s. Αποτέλεσµα των υποβαθµίσεων, ήταν ο τραπεζικÞσ δείκτησ να πραγµατοποιήσει βουτιά σε ποσοστÞ 5,61%, συµπαρασύροντασ το ΓενικÞ ∆είκτη σε µεγάλη πτώση σε ποσοστÞ 4,98%, κλείνοντασ πλησίον τησ χαµηλÞτερησ τιµήσ τησ ηµέρασ, στισ 116,67 µονάδεσ. Ο ∆είκτησ FTSE/CySE 20 παρουσίασε επίσησ µεγάλη πτώση σε ποσοστÞ 4,34% κλείνοντασ στισ 45,45 µονάδεσ. Ο ηµερήσιοσ Þγκοσ των συναλλαγών διαµορφώθηκε στα 827.594 ευρώ.

∂ÈÊ˘Ï·ÎÙÈ΋ ¿ÓÔ‰Ô˜ ÛÙÔ Ã.∞. Ο ΓενικÞσ ∆είκτησ του Χρηµατιστηρίου Αθηνών ολοκλήρωσε τη συνεδρίαση τησ Τρίτησ µε µικρά κέρδη. Οι συναλλαγέσ «κύλησαν» σε ήπιουσ τÞνουσ και στο κλίµα που διαµορφώθηκε απÞ το χθεσινÞ Eurogroup, απÞ το οποίο διαφάνηκε Þτι η οριστικοποίηση του χρονοδιαγράµµατοσ εκταµίευσησ τησ επÞµενησ δÞσησ του δανείου προσ την Ελλάδα δεν θα είναι εύκολη υπÞθεση. Το ερώτηµα για την εκταµίευση έµεινε αναπάντητο και µετά την επίσκεψη τησ Άγκελασ Μέρκελ, απÞ την οποία οι προσδοκίεσ τησ ελληνικήσ αγοράσ ήταν εξαρχήσ, σε µεγάλο βαθµÞ, «συγκρατηµένεσ». Στο ταµπλÞ, ο ΓενικÞσ ∆είκτησ έκλεισε στισ 829,59 µονάδεσ µε άνοδο 0,55%.

ÕÓÔÈÁÌ· Ù˘ Ù·¯˘‰ÚÔÌÈ΋˜ ·ÁÔÚ¿˜ Αναδιάταξη και κινητοποίηση του ανθρώπινου δυναµικού µέσω εκπαίδευσησ και εισαγωγή νέων προϊÞντων και υπηρεσιών είναι η οδÞσ που ακολουθούν τα κυπριακά ταχυδροµεία για να ανταποκριθούν στισ εξελίξεισ των καιρών, συµπεριλαµβανοµένου και του ανοίγµατοσ τησ ταχυδροµικήσ αγοράσ την 1η Ιανουαρίου 2013.

ΕνÞψει και τησ ελευθεροποίησησ τησ ταχυδροµικήσ αγοράσ τα κυπριακά Ταχυδροµεία κινούνται προσ νέεσ καινοτÞµεσ υπηρεσίεσ που διευκολύνουν την ασφαλή διακίνηση των προϊÞντων και αγαθών που αγοράζονται µέσω του διαδικτύου, των οποίων, κατά τισ εκτιµήσεισ των ειδικών, το σύνολο των πωλήσεων για το 2013 θα υπερβεί το 1 τρισ ευρώ.

Αναφορικά µε την Ελλάδα που απασχÞλησε επίσησ τη συνεδρίαση του Εurogroup, ο κ. Γιούνκερ δήλωσε Þτι οι αποφάσεισ για την Ελλάδα θα ληφθούν µέσα στισ επÞµενεσ βδοµάδεσ γιατί δεν υπάρχει άλλοσ χρÞνοσ για χάσιµο.

™˘Ó¿ÓÙËÛË Ù˘ ∫.∆ Ì ÙËÓ ∆ÚfiÈη Έτοιµη να συναντηθεί µε τουσ εκπροσώπουσ τησ ΤρÞικασ, Þταν θα ευρίσκονται στην Κύπρο και να συζητήσουν σε βάθοσ και σε τεχνοκρατική λεπτοµέρεια Þλεσ τισ πτυχέσ των θέσεων που εγείρονται, δηλώνει η Κεντρική Τράπεζα, µε αφορµή διάφορα πρÞσφατα δηµοσιεύµατα, ανακοινώσεισ και δηλώσεισ για τισ θέσεισ και τυχÞν αντιπροτάσεισ που θα θέσει η κυπριακή πλευρά σε σχέση µε τον τραπεζικÞ τοµέα κατά την αναµενÞµενη επίσηµη συνάντηση µε τουσ εκπροσώπουσ τησ ΤρÞικασ. “Η Κεντρική Τράπεζα”, Þπωσ αναφέρεται σε ανακοίνωση, “ωσ η ανεξάρτητη εποπτική Αρχή του τραπεζικού τοµέα, έχει µελετήσει και έχει επεξεργασθεί τισ θέσεισ τησ ΤρÞικασ αναφορικά µε τον τραπεζικÞ τοµέα”. “Ωσ η αρµÞδια κατά το νÞµο Αρχή”, σύµφωνα µε την ανακοίνωση, “η Κεντρική Τράπεζα θα συζητήσει κατευθείαν µε τουσ εκπροσώπουσ τησ ΤρÞικασ Þλα τα πιο πάνω θέµατα, κρατώντασ, παράλληλα, ενήµερη την Κυβέρνηση, ευθύνη τησ οποίασ είναι η υπογραφή του Μνηµονίου.

10 OKTΩΒΡΙΟΥ, 2012


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

Υπάρχει µια ανεξήγητη θέση εκ µέρουσ ορισµένων ∆ήµων και τοπικών αρχών στην έκδοση πιστοποιητικού ελεύθερησ µεταβίβασησ σε µονάδεσ π.χ. διαµερίσµατα. ΕκτÞσ και εάν Þλο το έργο (Þλεσ οι επιµέρουσ µονάδεσ) είναι πληρωµένο απÞ πλευράσ ∆ηµοτικών φÞρων κλπ, τÞτε κανένα διαµέρισµα δεν µπορεί να µεταβιβαστεί. ΑυτÞ ασφαλώσ συµβαίνει σε νέα έργα και µετά απÞ τον πολυετή γολγοθά προσ εξασφάλιση των τίτλων και αφού αυτÞ επιτευχθεί, υπάρχει τώρα το πρÞβληµα αυτÞ. Έτσι εάν υπάρχουν 20 π.χ. διαµερίσµατα και ο developer διαβίβασε τισ χρεώσεισ αυτέσ στουσ αγοραστέσ και έστω 5 αγοραστέσ δεν πληρώνουν για οποιοδήποτε λÞγο (π.χ. δεν έχουν χρήµατα), τÞτε καµία µεταβίβαση επιτρέπεται. Θεωρούµε αυτήν την προσέγγιση ολίγο τρελή διÞτι µε τον τρÞπο αυτÞ και αυτÞσ ο ∆ήµοσ/το Κράτοσ θα µπορούσε να εισπράξει τουσ φÞρουσ απÞ τουσ 15 µονάδεσ (πλέον τα µεταβιβαστικά), τώρα µε την απαγÞρευση του δεν θα λάβει τίποτε.Υπάρχει κάποια λογική σε Þλο αυτÞ το θέµα; Για εκείνουσ που πιστεύουν

Þτι µε τον τρÞπο αυτÞ οι Αρχέσ πιέζουν τον developer είναι λανθασµένοι, διÞτι εφÞσον ο developer είναι κατά τα άλλα εντάξει στισ υποχρεώσεισ του, δεν πιστεύουµε Þτι υπάρχει δική του ευθύνη για πληρωµή µια και που εκδÞθηκαν οι τίτλοι και που ορισµένοι αγοραστέσ είτε δεν έχουν, είτε άλλωσ πωσ δεν πληρώνουν εγκλωβίζοντασ Þλουσ τουσ υπÞλοιπουσ σε µια χρονική καθυστέρηση που ουδείσ γνωρίζει πÞτε θα τελειώσει. O developer τώρα Þπωσ έχει σήµερα η πιο πάνω τακτική, θα πρέπει να πληρώνει στο διηνεκέσ τουσ φÞρουσ Þλων των µη συµµορφούµενων αγοραστών, µε την ελπίδα Þτι θα τα εισπράξει δικαστικώσ είτε άλλωσ πωσ στο µέλλον και αυτÞ χειροτερεύει, διÞτι οι φÞροι είναι χρονιαίοι και έτσι έστω και εάν τα καλύψει τον ένα χρÞνο, θα επακολουθεί η πληρωµή τον επÞµενο. Αρχικά υπήρχε η θέση Þτι για να επιτραπεί µια µεταβίβαση θα έπρεπε Þλοι οι φÞροι των ακινήτων που ανήκουν στον ιδιοκτήτη να πληρωθούν. Τώρα τουλάχιστον έχει περιοριστεί στουσ φÞρουσ ανά τεµάχιο, αλλά και πάλι και το νέο αυτÞ σύστηµα νοσεί (κατ’ εµάσ έπρεπε να γίνεται ανά µονάδα, ανά τεµάχιο). Πιστεύουµε Þτι και λογικÞ είναι και δίκαιο, αλλά και ιδιαίτερα είναι προσ το συµφέρον των Αρχών να επιτρέπουν τισ µεταβιβάσεισ ανά µονάδα εξοφλητέα. Αυτά τα παράλογα είναι ορισµένα που

χρήζουν διÞρθωσησ Þπωσ π.χ. είναι και η κατάταξη µιασ ιδιωτικήσ πισίνασ σε ∆ηµÞσια Þταν αυτή εξυπηρετεί πέραν των 10 µονάδων (και ωσ ∆ηµÞσια να χρειάζεται ναυαγοσώστη). Είµαστε υπέρ τησ δηµιουργίασ Υφυπουργείων που θα µπορούν να ασχολούνται επισταµένα για τέτοια παράλογα θέµατα που οι εκάστοτε νοµοθεσίεσ εισάγουν και µετά στην εφαρµογή τουσ διαφαίνονται τα παράλογα. Οι υπουργοί είναι πράγµατι πολυάσχολοι για να ασχοληθούν µε θέµατα αυτήσ τησ καθηµερινÞτητασ και να τρέχουν απÞ την

ετοιµασία των νοµοσχεδίων απÞ την Γενική Εισαγγελία µέχρι και των επιτροπών τησ Βουλήσ, ενώ η πρÞσφατη έγκριση του νοµοσχεδίου για τα εµπιστεύµατα και για εκείνουσ που παρακολούθησαν το θέατρο του παραλÞγου και τισ διάφορεσ οµάδεσ επιρροήσ στην επιτροπή νοµικών, είναι παράδειγµα προσ αποφυγή. Αυτά και άλλα είναι που δεν µασ κάνουν να νοιώθουµε σίγουροι για την σοβαρÞτητα µασ στο µέλλον, µη προσφέροντασ µασ και κάποια ελπίδα καλυτέρευσησ των σηµερινών δεδοµένων.

π‰Ô‡ ÔÈ Î·Ï‡ÙÂÚÔÈ ÛÙËÓ Î·ÈÓÔÙÔÌ›· “Ο καλύτεροσ τρÞποσ να προβλέψεισ το µέλλον, είναι να το δηµιουργήσεισ” είπε κάποτε ο Peter Drucker. Αυτή είναι η ιδέα που δηµιουργεί την καινοτοµία και φέρνει την αλλαγή και τη διαφορετικÞτητα που συντείνει στην πρÞοδο. Καινοτοµία µε άλλα λÞγια είναι να τολµάσ να κάνεισ κάτι που δεν έχει κάνει κάνεισ µέχρι σήµερα, ανοίγοντασ νέουσ δρÞµουσ για το µέλλον. Φέτοσ για έκτη συνεχή χρονιά, το ΚυπριακÞ Βραβείο Καινοτοµίασ, το οποίο θεσπίστηκε απÞ την Οµοσπονδία Εργοδοτών και Βιοµηχάνων (ΟΕΒ) µε την έµπρακτη υποστήριξη του Υπουργείου Εµπορίου, Βιοµηχανίασ και Τουρισµού και του Ιδρύµατοσ Προώθησησ Έρευνασ, έχει σκοπÞ τη συνεχή βελτίωση τησ ανταγωνιστικÞτητασ των Κυπριακών επιχειρήσεων και οργανισµών του ιδιωτικού και ευρύτερου δηµÞσιου τοµέα µέσω τησ καινοτοµίασ.

¢ËÌfiÛÈÔ˜ ÙÔ̤·˜


¶ÚˆÙÔÁÂÓ‹˜ ∆Ô̤·˜ Βραβείο Καινοτοµίασ στον Πρωτογενή Τοµέα απονεµήθηκε στην Riverland Dairy Biofarm Ltd για τη δραστηριοποίησή τησ στον τοµέα τησ βιολογικήσ Γεωργοκτηνοτροφίασ µε τη δηµιουργία σύγχρονου, ολοκληρωµένου βιολογικού αγροκτήµατοσ ζωικήσ και φυτικήσ παραγωγήσ, καθώσ επίσησ και του πρώτου και µοναδικού στην Κύπρο πλήρωσ βιολογικού θερµοκηπίου.

Το βραβείο καινοτοµίασ στον Τοµέα των Υπηρεσιών, απονεµήθηκε στην G.M Powersoft Computer Solutions Ltd για την ανάπτυξη ενÞσ καινοτÞµου λογισµικού/ψηφιακήσ πλατφÞρµασ Ολικήσ ΠοιÞτητασ και ∆ιαχείρισησ. Η εφαρµογή αναπτύχθηκε απÞ την Powersoft, στα πλαίσια Ευρωπαϊκού προγράµµατοσ τησ δέσµησ προγραµµάτων «Έρευνα,Τεχνολογική Ανάπτυξη, και Καινοτοµία στισ επιχειρήσεισ» µε συγχρηµατοδÞτηση του

Ιδρύµατοσ Προώθησησ Έρευνασ (ΙΠΕ) και τησ Ευρωπαϊκήσ Ένωσησ, για να προσφέρει στην ίδια την εταιρία και στουσ πελάτεσ τησ µια ολοκληρωµένη λύση λογισµικού σ’ ένα πακέτο. Το νέο αυτÞ προϊÞν ενσωµατώνει Þλεσ τισ κύριεσ λειτουργίεσ που συνδέουν τα διάφορα τµήµατα τησ εταιρίασ σ’ ένα κοινÞ σύστηµα, µε κοινή διασύνδεση και κεντρικÞ χώρο συσσώρευσησ πληροφοριών, επιτρέποντασ έτσι την έγκυρη αξιÞπιστη και εύκολα προσβάσιµη αξιοποίηση των δεδοµένων απ’ Þλα τα τµήµατα ανάλογα µε την αποστολή τουσ.

M¤¯ÚÈ 2 π·ÓÔ˘·Ú›Ô˘ Ë ÂÁÁÚ·Ê‹ ÛÙÔ˘˜ ÂÎÏÔÁÈÎÔ‡˜ ηٷÏfiÁÔ˘˜ Στισ 2 Ιανουαρίου του 2013 λήγει η προθεσµία υποβολήσ αιτήσεων για εγγραφή στον εκλογικÞ κατάλογο, ώστε οι δικαιούχοι να µπορούν να ψηφίσουν στισ προσεχείσ προεδρικέσ εκλογέσ τησ 17ησ Φεβρουαρίου, 2013, Þπωσ ανακοίνωσε ηΥπηρεσία Εκλογών. Η Υπηρεσία καλεί τουσ δικαιούχουσ να υποβάλουν έγκαιρα αίτηση, καθώσ µετά τισ 2 Ιανουαρίου 2013, καµία νέα εγγραφή ή και αλλαγή δεν µπορεί να γίνει στον εκλογικÞ κατάλογο.

Στισ προεδρικέσ εκλογέσ δικαίωµα ψήφου έχουν Þλοι οι πολίτεσ τησ ∆ηµοκρατίασ, ηλικίασ 18 χρονών και άνω, που έχουν τη συνήθη διαµονή τουσ στην Κύπρο και είναι εγγεγραµµένοι στον εκλογικÞ κατάλογο. Για σκοπούσ των προεδρικών εκλογών, δικαίωµα εγγραφήσ στον εκλογικÞ κατάλογο έχουν και οι νέοι που θα συµπληρώσουν το 18ο έτοσ τησ ηλικίασ τουσ µέχρι και τισ 17.2.2013, που είναι η ηµεροµηνία διεξαγω-

γήσ των εκλογών. Η αίτηση και στην περίπτωση αυτή, θα πρέπει να υποβληθεί οπωσδήποτε το αργÞτερο µέχρι τισ 2 Ιανουαρίου, συµπληρώνεται. Έντυπα αιτήσεων µπορούν να εξασφαλιστούν απÞ τα κατά τÞπουσ Γραφεία των Επαρχιακών ∆ιοικήσεων και των Κέντρων Εξυπηρέτησησ του Πολίτη, απÞ την Υπηρεσία Εκλογών και την ιστοσελίδα του Υπουργείου Εσωτερικών (

Το βραβείο καινοτοµίασ στον ευρύτερο απονεµήθηκε στη Τοµέα, ∆ηµÞσιο Στατιστική Υπηρεσία Κύπρου για το καινοτÞµο σύστηµα Cyprus Blaise Integrated Census System (CY-BICS), το οποίο αναπτύχθηκε για την Απογραφή Πληθυσµού του 2011. Η CYSTAT σε συνεργασία µε τη Στατιστική Υπηρεσία τησ Ολλανδίασ, ανέπτυξαν το CY-BICS. Με την εφαρµογή του CY-BICS υπολογίζεται Þτι έχει εξοικονοµηθεί γύρω στο 1 εκ. ευρώ λÞγω τησ µη εκτύπωσησ ερωτηµατολογίων και τησ απευθείασ καταχώρησησ, ελέγχου και κωδικοποίησησ των δεδοµένων στουσ φορητούσ υπολογιστέσ. ΣτÞχοσ των διαγωνισµών είναι η συνεχήσ βελτίωση τησ ανταγωνιστικÞτητασ των Κυπριακών επιχειρήσεων και οργανισµών του ιδιωτικού και ευρύτερου δηµÞσιου τοµέα και η προώθηση τησ έρευνασ και τησ τεχνολογίασ. Για περισσÞτερεσ πληροφορίεσ για τον θεσµÞ µπορείτε να επικοινωνήσετε µε την ΟΕΒ, στο τηλέφωνο 22 665102 ή στην ιστοσελίδα και στο Ίδρυµα Προώθησησ Έρευνασ, στο τηλέφωνο: 22 205000 ή στην ιστοσελίδα

∂ÏÏËÓÈ΋: ™ÙȘ 29/11 Ù· ÂÓÓÈ·ÌËÓÈ·›· Η Ελληνική Τράπεζα ∆ηµÞσια Εταιρεία Λτδ ανακοίνωσε Þτι το ∆ιοικητικÞ Συµβούλιο τησ Τράπεζασ θα συνεδριάσει την Πέµπτη 29 Νοεµβρίου 2012 για να εξετάσει, µεταξύ άλλων, τα αποτελέσµατα του Οµίλου τησ Ελληνικήσ Τράπεζασ για τουσ πρώτουσ εννέα µήνεσ του έτουσ 2012. Τα πιο πάνω αποτελέσµατα θα ανακοινωθούν στο Χρηµατιστήριο και στην Επιτροπή Κεφαλαιαγοράσ µετά απÞ την έγκρισή τουσ απÞ το ∆ιοικητικÞ Συµβούλιο τησ Ελληνικήσ Τράπεζασ ∆ηµÞσιασ Εταιρείασ Λτδ.

10 OKTΩΒΡΙΟΥ, 2012


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¢ÂÓ ÏËÚÒÓÔ˘Ó ÔÈ ÂÚÁÔ‰fiÙ˜ A˘Í¿ÓÂÙ·È Û˘Ó¯Ҙ Ô ·ÚÈıÌfi˜ ÙˆÓ ÂÚÁ·˙ÔÌ¤ÓˆÓ Ô˘ ηٷÁÁ¤ÏÏÔ˘Ó ÙËÓ ÌË Ù·ÎÙ‹ ηٷ‚ÔÏ‹ ÙˆÓ ÌÈÛıÒÓ ÙÔ˘˜ Έχει παρατηρηθεί µια µεγάλη αύξηση του αριθµού των εργαζοµένων που καταφεύγουν στο Υπουργείο Εργασίασ και Κοινωνικών Ασφαλίσεων καταγγέλλοντασ µη τακτή καταβολή των µισθών τουσ και γι’ αυτÞ το λÞγο το Υπουργείο εισηγήθηκε την τροποποίηση τησ νοµοθεσίασ που αφορά την προστασία των µισθών, καθώσ και ένα νέο νοµοσχέδιο για αποτελεσµατικÞτερο έλεγχο τησ εφαρµογήσ τησ αρχήσ τησ ελεύθερησ διακίνησησ των εργαζοµένων, δήλωσε η ΥπουργÞσ, Σωτηρούλα Χαραλάµπουσ. H ΥπουργÞσ Εργασίασ είπε Þτι στÞχοσ τησ εισήγησησ του Υπουργείου για τροποποίηση τησ νοµοθεσίασ που αφορά στην προστασία των µισθών είναι να αυξηθούν οι ποινέσ και να δοθεί η δυνατÞτητα στο αρµÞδιο δικαστήριο που εξετάζει τα θέµατα αυτά, να αποφασίζει και για την πληρωµή των καθυστερηµένων οφειλών, είτε αυτέσ αφορούν µισθούσ, είτε αφορούν άλλα ζητή-

BÔ˘Ï‹: EÓËÌÂÚÒÛÙ ̷˜ ÁÈ· ÙȘ ÙÈ̤˜ η˘Û›ÌˆÓ Με επιστολή τησ η Επιτροπή Εµπορίου τησ Βουλήσ ζητά απÞ τον ΥπουργÞ Εµπορίου Þπωσ καταθέσει ενώπιον τησ την µελέτη που έχει διενεργηθεί σε Þ,τι αφορά τισ τιµέσ των καυσίµων στην κυπριακή αγορά. Η έρευνα του Υπουργείου Εµπορίου για τισ τιµέσ των πετρελαιοειδών στην κυπριακή αγορά συζητήθηκε χθεσ στην Επιτροπή Εµπορίου. Ùπωσ δήλωσε ο Προεδρεύων τησ Επιτροπήσ Βουλευτήσ του ∆ΗΣΥ Ζαχαρίασ Ζαχαρίου ανέφερε πωσ µε επιστολή τησ η Επιτροπή Εµπορίου ζητά απÞ τον ΥπουργÞ Εµπορίου να καταθέσει τη συγκεκριµένη έρευνα στη Βουλή, έτσι ώστε να εξεταστεί µε ποιÞ τρÞπο µπορεί η Βουλή να παρέµβει για να διορθωθεί η κατάσταση. «Χαιρετίζουµε τη διεξαγωγή τησ µελέτησ αλλά ταυτÞχρονα ζητούµε να τη δούµε, να τη µελετήσουµε για να εξετάσουµε πωσ µπορούµε να παρέµβουµε ωσ Βουλή στην Þλη προσπάθεια ώστε ο καταναλωτήσ να µην πληρώνει πιο ακριβά καύσιµα» δήλωσε.

√È ÎÈÓ¤˙ÔÈ ÙÔ˘Ú›ÛÙ˜ ÙÔ ÌÂÁ¿ÏÔ ÛÙÔ›¯ËÌ· Την πρÞθεσή του να βοηθήσει την προσπάθεια του ΚΟΤ για άνοιγµα τησ κινέζικησ αγοράσ µε κάθε τρÞπο εξέφρασε ο Πρέσβησ τησ Κίνασ στην Κύπρο Liu Xinsheng, διαβεβαιώνοντασ Þτι θα προβεί σε Þλεσ τισ απαραίτητεσ ενέργειεσ. Ο Κινέζοσ Πρέσβησ έδωσε τη διαβεβαίωσή αυτή σε συνάντηση που είχε στην Κινεζική Πρεσβεία µε τον ΠρÞεδρο του ∆Σ του ΚΟΤ Αλέκο Ορουντιώτη. Ο κ. Ορουντιώτησ ενηµέρωσε τον Πρέσβη τησ Κίνασ για το πρÞσφατο ταξίδι του στην Κίνα καθώσ και για τισ συναντήσεισ που είχε µε τουσ οργανωτέσ ταξιδίων και κινεζικέσ αεροπορικέσ εταιρείεσ σε µια προσπάθεια ανοίγµατοσ τησ κινέζικησ αγοράσ. Οπωσ ανέφερε “ο κ. Liu Xinsheng τo µεγάλο στοίχηµα είναι να επισκεφθούν την Κύπρο Κινέζοι τουρίστεσ τουσ µήνεσ Μάρτιο, Απρίλιο και Μάιο του 2013”.

µατα. Η κ. Χαραλάµπουσ είπε Þτι «ο λÞγοσ που έχουµε προτείνει αυτέσ τισ τροποποιήσεισ είναι διÞτι µε βάση τα στοιχεία έχει παρατηρηθεί µια µεγάλη αύξηση του αριθµού των εργαζοµένων που καταφεύγουν στο Υπουργείο, καταγγέλλοντασ µη τακτή καταβολή των µισθών τουσ και έχει, επίσησ, αυξηθεί και ο αριθµÞσ των ποινικών διώξεων που διενεργούµε αναφορικά µε το θέµα αυτÞ». «Με αυτέσ τισ δύο τροποποιήσεισ στοχεύουµε απÞ τη µία να είναι παραδειγµατικέσ οι τιµωρίεσ Þταν υπάρχει παραβίαση του περί Προστασίασ των Μισθών ΝÞµου και, ταυτÞχρονα, εισάγουµε ένα πιο αποτελεσµατικÞ εργαλείο αναφορικά µε την καταβολή των µισθών», πρÞσθεσε. ∆ιευκρίνισε Þτι παράπονα απÞ εργαζÞµενουσ για τη µη καταβολή στην τακτή προθεσµία του µισθού, αφορούν Þλουσ τουσ κλάδουσ τησ οικονοµίασ.

EÂÓ‰‡ÛÂȘ €50 ‰È˜ ·Ó¿ ¤ÙÔ˜ ÛÙÔÓ ÙÔ̤· ÙˆÓ ∞¶∂ Το 20% των δανειοδοτήσεων τησ Ευρωπαϊκήσ Τράπεζασ Επενδύσεων το 2011 διοχετεύτηκαν σε ενεργειακά έργα. Tο συνολικÞ ύψοσ των δανειοδοτήσεων τησ ΕΤΕπ ανήλθε πέρυσι σε 62 δισ ευρώ, εκ των οποίων τα 12,8 δισ διοχετεύτηκαν σε έργα που σχετίζονται µε την ενέργεια. AυτÞ ανέφερε ο Luca Lazzaroli, ∆ιευθυντήσ ΝΑ Ευρώπησ τησ ΕΤΕπ, που βρέθηκε στην Κύπρο για να µιλήσει στο συνέδριο του Economist, αναφορικά µε τον ενεργειακÞ ανασχεδιασµÞ του πλαισίου τησ ευρωπαϊκήσ αγοράσ ενέργειασ. Παράλληλα, ανέφερε Þτι σύµφωνα µε στοιχεία τησ ΚοµισιÞν, προβλέπεται Þτι το ύψοσ των επενδύσεων για την περίοδο 20102020 θα ανέλθει σε 125 δισ ευρώ ανά έτοσ. Εξήγησε Þτι, σύµφωνα µε την ΚοµισιÞν, προβλέπονται συνολικά επενδύσεισ 50 δισ ευρώ ανά έτοσ για τον τοµέα των ΑΠΕ, 85 δισ για ενεργειακή απÞδοση και 60 δισ για δίκτυα ηλεκτρικήσ ενέργειασ και αερίου, καθώσ και 15 δισ για αντικατάσταση ηλεκτροπαραγωγών σταθµών που έχουν κλείσει τον κύκλο τησ ζωήσ τουσ. Ανέφερε Þτι χρειάζεται να γίνουν επενδύσεισ στον ενεργειακÞ τοµέα, ενώ είπε Þτι ο τοµέασ αυτÞσ θα συνεχίσει να αποτελεί ένα σηµαντικÞ τοµέα των επενδύσεων τησ Τράπεζασ.

αναφέρθηκε στην ανάγκη για δηµιουργία εσωτερικήσ αγοράσ φυσικού αερίου, καθώσ Þπωσ είπε η Κύπροσ διαθέτει ένα αποµονωµένο ενεργειακÞ σύστηµα που εξαρτάται πλήρωσ απÞ το πετρέλαιο, για το οποίο η χώρα διαθέτει περίπου το 7% του ΑΕΠ τησ.

∂ÂÓ‰˘ÙÈΤ˜ ¢ηÈڛ˜ ÛÙËÓ ∫‡ÚÔ Ο κ. Lazzaroliείπε εξάλλου Þτι η ΕΕ έχει µείνει πίσω σε σχέση µε τουσ ενεργειακούσ στÞχουσ που έθεσε για 20% µείωση τησ εκποµπών διοξειδίου του άνθρακα, 20% χρήση των ΑΠΕ στην κατανάλωση ενέργειασ και αύξηση τησ ενεργειακήσ απÞδοσησ κατά 20% έωσ το 2020. Στο συνέδριο µίλησε και ο ΠρÞεδροσ τησ ΡΑΕΚ Γιώγοσ Σιαµµάσ, ο οποίοσ τÞνισε πωσ υπάρχει µεγάλη ανάγκη για επενδύσεισ στον τοµέα τησ ενέργειασ µέχρι το 2020, που αναµένεται να ξεπεράσει το 1 τρισ στουσ τοµείσ του ηλεκτρισµού και του φυσικού αερίου. Εξήγησε Þτι για την ηλεκτροπαραγωγή θα χρειαστούν επενδύσεισ ύψουσ 500 δισ ευρώ, ενώ για τα δίκτυα διανοµήσ θα χρειαστούν άλλα 600 δισ ευρώ. Ο ΠρÞεδροσ τησ ∆ΕΦΑ Κώστασ Ιωάννου

∞˘ÍË̤ӷ ηٿ €16,4 ÂÎ. Ù· ¤ÛÔ‰· ·fi ÙÔ º¶∞ Σηµαντική ενίσχυση των κρατικών ταµείων πέτυχε µετά απÞ στοχευµένεσ ενέργειεσ και εντατικοποίηση τησ προσπάθειασ για πάταξη τησ φοροδιαφυγήσ, η Υπηρεσία ΦΠΑ, κατορθώνοντασ να αυξήσει τα έσοδα απÞ το ΦÞρο Προστιθέµενησ Αξίασ το Σεπτέµβριο 2012 κατά 16,4 εκατοµµύρια ευρώ. ΕιδικÞτερα, σε σχέση µε το µήνα Σεπτέµβριο του 2011, τα έσοδα απÞ τον ΦΠΑ αυξήθηκαν κατά 9,33%, ή κατά 16,4 εκ. ευρώ, αφού απÞ 175,7 εκ. ευρώ που ήταν το 2011 αυξήθηκαν σε 192,1 εκ. ευρώ το 2012. “Λαµβάνοντασ υπÞψη την οικονοµική κρίση και τισ συνθήκεσ ύφεσησ που επικρα-

τούν, η αύξηση των φορολογικών (ΦΠΑ) εσÞδων κατά 9,3% το µήνα Σεπτέµβριο 2012, κρίνεται ιδιαίτερα σηµαντική αφού συνδράµει θετικά στην προσπάθεια του Υπουργείου Οικονοµικών για επίτευξη των δηµοσιονοµικών στÞχων που έχουν τεθεί”, αναφέρεται στην ανακοίνωση. Η Υπηρεσία ΦΠΑ, καταλήγει η ανακοίνωση, θα συνεχίσει να εργάζεται µε ιδιαίτερο ζήλο και αποφασιστικÞτητα, εντείνοντασ ακÞµη περισσÞτερο τα µέτρα για είσπραξη και διαφύλαξη των δηµοσίων εσÞδων, ιδιαίτερα αυτήν τη δύσκολη περίοδο που διανύουµε, εν µέσω µιασ πρωτοφανούσ οικονοµικήσ κρίσησ.

Συµπλήρωσε Þτι ο µακροπρÞθεσµÞσ στρατηγικÞσ σχεδιασµÞσ τησ Κύπρου είναι ευθυγραµµισµένοσ µε τισ οδηγίεσ και την ενεργειακή στρατηγική τησ ΕΕ, λαµβάνοντασ υπÞψη την ενεργειακή ασφάλεια, την ανταγωνιστικÞτητα τησ οικονοµίασ - καθώσ Þπωσ είπε πληρώνουµε τισ υψηλÞτερεσ τιµέσ ενέργειασ στην Ευρώπη - και την προώθηση τησ περιβαλλοντικήσ πολιτικήσ τησ Ένωσησ. Ο κ. Ιωάννου µίλησε τέλοσ και για τισ επενδυτικέσ ευκαιρίεσ στην Κύπρο, λέγοντασ Þτι αυτέσ σχετίζονται µε το β` γύρο αδειοδÞτησησ, τον υποθαλάσσιο αγωγÞ ή αγωγούσ που θα συνδέσουν τα τεµάχια τησ ΑΟΖ µε το ΒασιλικÞ, τισ υποδοµέσ υγροποίησησ φυσικού αερίου, το εσωτερικÞ δίκτυο διανοµήσ φυσικού αερίου και τον τοµέα τησ ηλεκτροπαραγωγήσ και τησ χρήσησ φυσικού αερίου στισ µεταφορέσ.

™ÙÔ 3,6% Ô ÂÓ·ÚÌÔÓÈṲ̂ÓÔ˜ ÏËıˆÚÈÛÌfi˜ Στο 3,6% επιβραδύνθηκε ο εναρµονισµένοσ πληθωρισµÞσ το Σεπτέµβριο του 2012, σε ετήσια βάση, απÞ 4,5% τον Αύγουστο και 3,8% τον Ιούλιο του τρέχοντοσ έτουσ, σύµφωνα µε τα στοιχεία τησ Στατιστικήσ Υπηρεσίασ. Το Σεπτέµβριο του 2011, ο εναρµονισµένοσ πληθωρισµÞσ είχε ανέλθει στο 2,5%, σε σύγκριση µε το Σεπτέµβριο του 2010. Την περίοδο Ιανουαρίου - Σεπτεµβρίου του 2012 ο πληθωρισµÞσ διαµορφώθηκε στο 3,5%, απÞ 3,4% την αντίστοιχη περίοδο του 2011.

10 OKTΩΒΡΙΟΥ, 2012


ΕΙ∆ΗΣΕΙΣ | 5/21

Economist: £· ˘¿Ú¯ÂÈ ∂˘Úˆ˙ÒÓË; Τα ερωτηµατικά ωσ προσ τισ προοπτικέσ τησ Ελλάδασ να ξεπληρώσει πλήρωσ τα χρέη τησ και η πιθανή σύγκρουση µεταξύ Γαλλίασ και Γερµανίασ δηµιουργούν ένα µείγµα υψηλών κινδύνων Þσον αφορά τη βιωσιµÞτητα τησ Ευρωζώνησ παρά το Þτι σταδιακά µπαίνει σε τροχιά ανάπτυξησ υπογράµµισαν οικονοµικοί αναλυτέσ στο διήµερο συνέδριο του Economist Intelligence Unit που πραγµατοποιήθηκε στη Λευκωσία. Για νέα εµπÞδια και αβεβαιÞτητεσ Þσον αφορά την παγκÞσµια οικονοµική προοπτική, έκανε λÞγο στη δική του παρέµβαση ο διευθυντήσ των γραφείων Ευρώπησ του ∆ΝΤ Emmanuel van der Mensbrugghe. Παράλληλα κληθείσ να σχολιάσει το πωσ µια χώρα που αποτείνεται στο ΜηχανισµÞ Στήριξησ για βοήθεια µπορεί να πετύχει ήπια µέτρα τÞνισε Þτι αυτÞ εξαρτάται απÞ το κατά πÞσον τα µέτρα αυτά θα πείσουν τισ αγορέσ.

¢ÂÓ ÚԂϤÂÙ·È ‡ÊÂÛË ÛÙËÓ ∫‡ÚÔ Την ίδια ώρα το Economist Intelligence Unit, δεν προβλέπει ύφεση τησ κυπριακήσ οικονοµίασ σύµφωνα µε τον ΠεριφερειακÞ ∆ιευθυντή Ευρώπησ Λάζα Κέκιτσ, ο οποίοσ σηµείωσε ωστÞσο Þτι οι κίνδυνοι είναι υψηλοί εάν δεν παρθούν άµεσα διορθωτικά µέτρα, ενώ έκανε και ειδική αναφορά στην έκθεση τησ οικονοµίασ τησ Κύπρου σε αυτήν τησ Ελλάδασ. Ο κ. Κέκιτσ απαντώντασ σε σχετική ερώτηση δήλωσε αναφερÞµενοσ στο 2013 Þτι «δεν προβλέπουµε ύφεση». Το 2013 αναµένεται να υπάρξει µια «πολύ µικρή» συρρίκνωση τησ οικονοµίασ, τησ τάξησ µερικών δεκαδικών, είπε, χωρίσ ωστÞσο να προσδιορίσει ακριβέσ ποσοστÞ. ΠρÞσθεσε Þτι το 2012 η οικονοµία τησ Κύπρου προβλέπεται να συρρικνωθεί κατά 2%. Σύµφωνα µε τον κ. Κέκιτσ, η κυπριακή οικονοµία θα αρχίσει να ανακάµπτει απÞ το 2014 ωσ το 2017, ακολουθώντασ την ευρωζώνη.

¢˘Û·Ó¿ÏÔÁÔ˜ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎfi˜ ÙÔ̤·˜ Ο Αναπληρωτήσ ∆ιευθυντήσ Οικονοµικών Θεµάτων ΕΕ Μαάρτεν Βερβέι ο οποίοσ αποτελεί τον επικεφαλήσ τησ ΚοµισιÞν απÞ το κλιµάκιο τησ ΤρÞικα στην Κύπρο αναφέρθηκε σε δηλώσεισ του στην Ευρωπαϊκή

Τραπεζική Ένωση και στο πωσ θα επωφεληθεί η Κύπροσ η οποία Þπωσ τÞνισε είναι µια χώρα µε δυσανάλογο για τα µεγέθη τησ χρηµατοπιστωτικού τοµέα απÞ τη λειτουργία τησ. «Θα διασφαλίσει εποπτεία υψηλήσ ποιÞτητασ για ολÞκληρη την Ευρωπαϊκή Ένωση. Θα διευκολύνει τη διαχείριση κρίσεων εκεί και Þπου προκύπτουν προβλήµατα, θα µειώσει το κÞστοσ για τουσ φορολογούµενουσ µέσω πιο αποτελεσµατικών χρεωστικών σχεδίων και να σταθεροποιήσει τισ τράπεζεσ προσφέροντασ πιο στέρεα συστήµατα ασφαλείασ για τισ καταθέσεισ» Ùπωσ τÞνισε ο κ. Βερβέι, ακÞµη δεν έχουν ειδοποιηθεί απÞ την κυβέρνηση για τη νέα κάθοδο τουσ, ενώ κληθείσ να σχολιάσει τισ αντιπροτάσεισ τησ κυβέρνησησ προσ την ΤρÞικα σηµείωσε Þτι δεν έχει την εξουσία να σχολιάσει.

¡¤· Û˘ÓÙ·Á‹ Το λÞγο που απειλείται σήµερα το ΕυρωπαϊκÞ οικοδÞµηµα ανέλυσε σε οµιλία του ο ΠρÞεδροσ του ∆ηµοκρατικού

Συναγερµού Νίκοσ Αναστασιάδησ. «Η ΕΕ διέρχεται την πιο σοβαρή κρίση στην σύντοµη ιστορία τησ, η οποία παράγει πολιτικέσ, ιδεολογικέσ και οικονοµικέσ διαιρέσεισ που απειλούν την ίδια την ίδια την ύπαρξη του Ευρωπαϊκού οικοδοµήµατοσ». Χρειάζεται γενναία πολιτική ανάπτυξησ που απέχει απÞ την σηµερινή νεοφιλελεύθερη εκδοχή και σπάζει τον κύκλο τησ ύφεσησ υπογράµµισε ο γενικÞσ γραµµατέασ του ΑΚΕΛ Αντροσ Κυπριανού. Εάν συνυπολογίσουµε Þτι δίνονται µÞνο 10 δισ ευρώ στην ανάπτυξη µέσω τησ Ευρωπαϊκήσ Τράπεζασ Επενδύσεων ενώ στην στήριξη του Τραπεζικού τοµέα 4,5 τρισ ευρώ, ένασ αντικειµενικÞσ παρατηρητήσ µπορεί εύκολα να διαπιστώσει Þτι µε αυτέσ τισ συνταγέσ δεν ξεφεύγει κανείσ εύκολα απÞ την βαθειά κρίση και ύφεση», είπε. Ο ΠρÞεδροσ του ∆ηµοκρατικού ΚÞµµατοσ Μάριοσ Καρογιάν προειδοποίησε Þτι αν δεν αλλάξει η βάση των πολιτικών αποφάσεων, η Ευρωζώνη θα βρεθεί ενώπιον του κινδύνου κατάρρευσησ. «Και αυτÞ γιατί η οικονοµική στήριξη προσ τα κράτη µέλη, αντί να µειώνει το υπερβολικÞ χρέοσ, το

αυξάνει, καθιστώντασ το µη βιώσιµο. Η Κύπροσ αποτελεί χαρακτηριστικÞ παράδειγµα αυτού, µε το δηµÞσιο χρέοσ τησ να βρίσκεται τώρα γύρω στα επίπεδα του 80%» Σκιέσ για την αντίδραση τησ Ευρωπαϊκήσ Ένωσησ έναντι των τουρκικών απειλών άφησε ο ΠρÞεδροσ τησ Βουλήσ και τησ Ε∆ΕΚ Γιαννάκησ Οµήρου. «Η αντίδραση τησ Ευρωπαϊκήσ Ένωσησ ανάγεται πλέον σε θέµα τησ αξιοπιστίασ τησ απέναντι στισ συνεχείσ προκλήσεισ τησ Αγκυρασ, η συµπεριφορά τησ οποίασ συστηµατικά βασικέσ αρχέσ τησ Ένωσησ, ενώ είναι υποψήφια χώρα για ένταξη στην Ευρωπαϊκή οικογένεια». Το συνέδριο Economist που πραγµατοποιήθηκε στη Λευκωσία µε θέµα «Στρατηγική ηγεσία για σταθερÞτητα, πρÞοδο και ευηµερία στην Ευρώπη», ήταν υπÞ την αιγίδα τησ Κυπριακήσ Προεδρίασ του Συµβουλίου τησ Ευρωπαϊκήσ Επιτροπήσ, και συνδιοργανώθηκε µε την αντιπροσωπεία τησ Ευρωπαϊκήσ Επιτροπήσ και το γραφείο του Ευρωπαϊκού Κοινοβουλίου στην Κύπρο.

∂ÚÁ·˙fiÌÂÓÔÈ ÚÔ˜ «ÂÓÔÈΛ·ÛË» ªÈ· Ó¤· ÌÔÚÊ‹ ··Û¯fiÏËÛ˘ Ô˘ ·ÎÔ‡ÂÈ ÛÙÔÓ «ÂÓÔÈÎÈ·˙fiÌÂÓÔ ÂÚÁ·˙fiÌÂÓÔ» ÂÈÛ¿ÁÂÙ·È ÛÙËÓ ∫‡ÚÔ ÌÂ Â˘Úˆ·˚΋ ÂÓ·ÚÌÔÓÈÛÙÈ΋ Ô‰ËÁ›· Με βάση συγκεκριµένη ευρωπαϊκή οδηγία που θα καλύπτει Þλουσ τουσ κλάδουσ, θα παρέχεται η δυνατÞτητα σύστασησ και λειτουργίασ επιχειρήσεων προσωρινήσ απασχÞλησησ, που θα έχουν την δυνατÞτητα να εργοδοτούν εργαζÞµενουσ τουσ οποίουσ να υπενοικιάζουν σε έµµεσουσ εργοδÞτεσ µε µάξιµουµ περίοδο δεκαοκτώ µηνών. Ùπωσ δήλωσε ο ΠρÞεδροσ τησ Επιτροπήσ Εργασίασ Αντρέασ Φακοντήσ «υπάρχουν έντονεσ επιφυλάξεισ για τη συγκεκριµένη ευρωπαϊκή οδηγία λÞγω κινδύνου αντικατάστασησ τησ έκτακτησ απασχÞλησησ ή τησ εποχιακήσ µε ενοικιαζÞµενουσ εργατοϋπάλληλουσ. ΑναφερÞµενοσ στουσ κινδύνουσ που υπάρχουν, ο κ. Φακοντήσ εστίασε την προσο-

χή στον τοµέα τησ γεωργίασ σηµειώνοντασ Þτι πολλέσ απÞ τισ εργασίεσ είναι εποχιακέσ. «Σήµερα µε βάση αυτή την οδηγία θα υπάρχει δυνατÞτητα αντί να εργοδοτούν εποχιακούσ εργαζÞµενουσ να ενοικιάζουν εργαζÞµενουσ». Άλλοσ τοµέασ, σηµείωσε, είναι κι αυτÞσ τησ ξενοδοχειακήσ βιοµηχανίασ Þπου υπάρχει ο κίνδυνοσ να αντικατασταθούν εργαζÞµενοι µε ενοικιαζÞµενουσ εργαζÞµενουσ, να αντικατασταθούν Κύπριοι µε κοινοτικούσ.

«Οι συγκεκριµένοι εργαζÞµενοι µε βάση τη νοµοθεσία θα πρέπει να έχουν τουσ ίδιουσ Þρουσ απασχÞλησησ Þπωσ και οι κανονικοί µισθωτοί εργαζÞµενοι», είπε ο κ. Φακοντήσ διερωτώµενοσ ωστÞσο «αν υπάρχει η δυνατÞτητα ελέγχου αυτών των περιπτώσεων;». Ανέφερε Þτι «ο κύριοσ εργοδÞτησ είναι ουσιαστικά η επιχείρηση προσωρινήσ απασχÞλησησ, η οποία αυτή θα µετα-ενοικιάζει στον έµµεσο εργοδÞτη». Ο κ. Φακοντήσ, δήλωσε Þτι η συγκεκριµένη ευρωπαϊκή οδηγία έχει επενδυθεί µε ένα ωραίο µανδύα, ο οποίοσ αναφέρεται στην δια-

σφάλιση και διαφύλαξη των δικαιωµάτων των εργαζοµένων για να µην υπάρχει εκµετάλλευση. Είπε πωσ σε χώρεσ που έχει υιοθετηθεί αυτή η νοµοθεσία και εφαρµÞζεται συνεχίζουν να παρουσιάζονται αρκετά προβλήµατα «γι αυτÞ εµείσ ωσ Επιτροπή θέλουµε να µελετήσουµε εισ βάθοσ την νοµοθεσία και θα προσπαθήσουµε εκεί και Þπου µασ το επιτρέπει το ευρωπαϊκÞ κεκτηµένο να εισαγάγουµε ασφαλιστικέσ δικλείδεσ για προστασία των εργαζοµένων απÞ πιθανή εκµετάλλευση απÞ ασυνείδητουσ εργοδÞτεσ». Επρεπε ήδη, σηµείωσε ο κ. Φακοντήσ, να είχαµε υιοθετήσει την συγκεκριµένη νοµοθεσία και µασ δÞθηκε παράταση µέχρι το τέλοσ Οκτωβρίου.

10 OKTΩΒΡΙΟΥ, 2012


6/22 | ∆ΙΕΘΝΗ

™Â ·ÓÔ‰ÈÎfi Ù¤ÌÔ Â¤ÛÙÚ„ ÙÔ Â˘ÚÒ √È ·˘ÍË̤Ó˜ ÚÔÛ‰Ô˘ ·fi ÙËÓ ∂∫∆ ·fi ÙËÓ ÌÈ· Î·È Ë ËÚÂÌ›· ÛÙȘ ¯ÚËÌ·Ù·ÁÔÚ¤˜ ·fi ÙËÓ ¿ÏÏË ÂÓ›Û¯˘Û·Ó Î·È ¿ÏÈ ÙËÓ ÈÛÔÙ��Ì›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ ¿Óˆ ·fi Ù· 1.30 ¡π∫√™ ªπÃ∞∏§π¢∏™ Foreign Exchange Analyst Email:

Ανοδικά κινήθηκε η ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε παρÞλο που παραµένει εντÞσ πολύ στενού εύρουσ. Συγκεκριµένα η ισοτιµία απÞ τα 1.2950 τησ περασµένησ εβδοµάδοσ αν και αρχικά υποχώρησε κάτω απÞ τα 1.29 στην συνέχεια ενισχύθηκε πάνω απÞ τα 1.30 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Αν και η ισοτιµία συνεχίζει να κινείται σε πολύ στενÞ εύροσ οι αυξηµένεσ προσδοκίεσ απÞ την ΕΚΤ συνεχίζουν να κρατούν την ισοτιµία σε ανοδικÞ τέµπο. Μια ΕΚΤ η οποία στην τακτική τησ συνεδρία τησ περασµένησ εβδοµάδασ επανέλαβε την δέσµευση τησ τράπεζασ πωσ το ΟΜΤ µπορεί να καταλαγιάσει τισ ανησυχίεσ των αγορών ενώ επισήµανε πωσ η ΕΚΤ είναι έτοιµη να ανάψει το πράσινο φωσ για την έναρξη τησ λειτουργίασ του ΟΜΤ, αµέσωσ µÞλισ εκπληρωθούν οι αναγκαίεσ προϋποθέσεισ. Ξεδιπλώνοντασ τουσ Þρουσ του νέου προγράµµατοσ αγοράσ κρατικών οµολÞγων τησ ΕΚΤ, σηµείωσε πωσ το ΟΜΤ θα είναι διαθέσιµο για µια χώρα, µÞνο αν η χώρα είναι σε θέση να τηρήσει τουσ Þρουσ χρήσησ του προγράµµατοσ. Το πρÞγραµµα θα “παγώνει” Þταν η χώρα που το εφαρµÞζει, βρίσκεται υπÞ εξέταση. Μάλιστα σε αυστηρÞ τÞνο ο Draghi έσπευσε να διευκρινίσει το εξήσ: Επειδή πολύσ λÞγοσ έχει γίνει για τουσ Þρουσ

του ΟΜΤ, πρέπει οι κυβερνήσεισ να καταλάβουν Þτι κανένα ΟΜΤ δεν µπορεί να δράσει µÞνο του εάν δεν αλλάξουν τισ πολιτικέσ που προκαλούν ελλείµµατα. “∆εν πιέζει η ΕΚΤ καµία χώρα να κάνει χρήση του προγράµµατοσ ΟΜΤ, συµπλήρωσε. Η ΕΚΤ δεν θα θέσει τιµωρητικούσ Þρουσ για να ξεκινήσει το πρÞγραµµα ΟΜΤ για κάποια χώρα, πρÞσθεσε για να επισηµάνει πωσ το ΟΜΤ δεν θα χρησιµοποιείται απÞ χώρεσ που ήδη βρίσκονται σε πρÞγραµµα προσαρµογήσ µέχρι να ανακτήσουν την πρÞσβαση στισ αγορέσ. Ο διοικητήσ τησ ΕΚΤ δεν παρέλειψε να επαναλάβει πωσ το νέο πρÞγραµµα αγοράσ κρατικών οµολÞγων τησ ΕΚΤ δεν ξεπερνά τα Þρια τησ αποστολήσ τησ κεντρικήσ τράπεζασ. Εστιάζοντασ στην κατάσταση των ευρωπαϊκών τραπεζών ο Draghi έκανε λÞγο για σηµαντική πρÞοδο, Þσον αφορά στο µέτωπο των προσπαθειών για την ανακεφαλαιοποίησή τουσ. Για µια ακÞµη φορά ο Draghi, στρεφÞµενοσ στισ ευρωπαϊκέσ κυβερνήσεισ, απηύθυνε έκκληση να µην σταµατήσουν τισ µεταρρυθµίσεισ και τη δηµοσιονοµική προσαρµογή. “Η ηγεσία τησ ευρωζώνησ πρέπει να προωθήσει άµεσα την εφαρµογή του ∆ηµοσιονοµικού Συµφώνου, µÞνο έτσι µπορεί να αποκατασταθεί η εµπιστοσύνη στο ευρώ. Ο τραπεζίτησ επιχείρησε εκ νέου να δώσει ψήφο εµπιστοσύνησ προσ την Ευρωζώνη, επαναλαµβάνοντασ τη θέση του πωσ “το ευρώ είναι µη αναστρέψιµο”. ΩστÞσο, ο ίδιοσ παραδέχθηκε πωσ η υψηλή αβεβαιÞτητα πλήττει τα επίπεδα εµπιστοσύνησ στην ευρωζώνη, ενώ προειδοποίησε πωσ η ανάπτυξη τησ ευρωπαϊκήσ οικονοµίασ θα παραµείνει αδύναµη. “Έχει αρχίσει και παρατηρείται µικρή ανάκαµψη, αλλά οι κίνδυνοι παραµένουν”, ήταν τα ακριβή

λÞγια του διοικητή τησ ΕΚΤ. Σε µια άλλη εξέλιξη µÞλισ 24 ώρεσ µετά την συνεδρία δÞθηκαν στην δηµοσιÞτητα οι λεπτοµέρειεσ του ΟΜΤ. “Η ΕΚΤ θα προχωρήσει σε µαζικέσ και επιθετικέσ αγορέσ κρατικών οµολÞγων για µια περίοδο που θα διαρκέσει απÞ έναν έωσ δύο µήνεσ”, δηλώνουν αξιωµατούχοι τησ ΕΚΤ. ΩστÞσο, Þπωσ διαµηνύουν, µετά το πέρασ τησ περιÞδου αυτήσ, η ΕΚΤ θα σταµατήσει τισ αγορέσ οµολÞγων, τηρώντασ στάση αναµονήσ, έωσ Þτου αποτιµήσει τον αντίκτυπο τησ δράσησ τησ. “ΜÞλισ παρέλθουν δύο µήνεσ, η ΕΚΤ θα σταµατήσει να αγοράζει οµÞλογα και θα τηρήσει στάση αναµονήσ. Στη διάρκεια τησ παύσησ αγορών οµολÞγων, η ΕΚΤ θα κρίνει τισ εξελίξεισ και θα αποφασίσει αν θα προχωρήσει σε νέεσ αγορέσ οµολÞγων αν καταστεί αναγκαίο ή αν θα σταµατήσει”, επιβεβαιώνουν οι αξιωµατούχοι τησ ΕΚΤ. Θα λέγαµε πωσ πλέον το ΟΜΤ έχει σχεδÞν προεξοφληθεί στισ αγορέσ και αυτÞ που πλέον αναµένουν οι αγορέσ είναι το πώσ και πÞτε θα ξεκαθαρίσει το ΙσπανικÞ ζήτηµα. Ùσο η Ισπανία δεν προσφεύγει στον µηχανισµÞ στήριξησ η αβεβαιÞτητα στισ αγορέσ θα παραµένει και η ισοτιµία θα συνεχίσει να κινείται γύρω απÞ τα 1.30. Τεχνικά Þσο η ισοτιµία κρατάει τα 1,2800 το ανοδικÞ momentum διατηρείται. ΜÞνο το εβδοµαδιαίο σπάσιµο του 1,2800 θα ανατρέψει και πάλι την τάση αυτή και θα ανοίξει τον δρÞµο και πάλι για τα χαµηλά επίπεδα του περασµένου Μάιου. Με πολλά ζητήµατα ανοικτά (Ελλάδα, Ισπανία, Αµερικάνικεσ εκλογέσ) η ισοτιµία θα συνεχίσει να κινείται µε αυξηµένη µεταβλητÞτητα ψάχνοντασ τον καταλύτη που θα τησ δώσει νέα κατεύθυνση.

ªfiÓÔ Ì Ô‰‹Ï·ÙÔ ∏ ∂∫∆ ‰ÂÓ ı· Ù˘ÒÛÂÈ ¯Ú‹Ì· Η ευρωκρίση που δεν αφήνει αλώβητη την Ιταλία, έχει µια ετική για το περιβάλλον παρενέργεια» στη χώρα τησ Fiat και τησ Ferrari: το 2011, οι πωλήσεισ ποδηλάτων ξεπέρασαν αυτέσ των αυτοκινήτων για πρώτη φορά απÞ το Β’ ΠαγκÞσµιο ΠÞλεµο. Σύµφωνα µε τοιχεία που έδωσε στη δηµοσιÞτητα η ένωση των κατασκευαστών αυτοκινήτων Confindustria, πέρυσι οι Ιταλοί αγÞρασαν 1.750.000 ποδήλατα και 1.748.000 αυτοκίνητα. Κατά την ίδια πηγή, οι πωλήσεισ των αυτοκινήτων έπεσαν στα χαµηλÞτερα επίπεδα απÞ το 1964. Ùλα αυτά σε µία χώρα που έχει ένα απÞ τα υψηλÞτερα ποσοστά ιδιοκτησίασ Ι.Χ., καθώσ σε κάθε δέκα ανθρώπουσ αντιστοιχούν έξι αυτοκίνητα. ΑπÞ µεταπολεµικÞ σύµβολο ισχύοσ και βιοµηχανικήσ ανάπτυξησ Þµωσ, το αυτοκίνητο έχει µετατραπεί σήµερα σε πολυτέλεια και οικονοµικÞ «βαρίδι» για πολλέσ οικογένειεσ. Η τιµή τησ βενζίνησ κυµαίνεται σε 1.70 ευρώ το λίτρο και τα έξοδα ενÞσ αυτοκινήτου έχουν υπολογιστεί σε περίπου 7.000 ευρώ το χρÞνο. Τα κίνητρα για τουσ νέουσ ποδηλάτεσ τησ Ιταλίασ δεν είναι µÞνο οικονοµικά. Στο κέντρο τησ Ρώµησ, Þπου κυριαρχούν αυτοκίνητα και δίκυκλα χαµηλού κυβισµού, Þλο και περισσÞτεροι διαπιστώνουν Þτι το ποδήλατο βολεύει, ειδικά για µικρέσ αποστάσεισ.

Η Ευρωπαϊκή Κεντρική Τράπεζα δεν θα τυπώσει χρήµατα για να επιλύσει την κρίση χρέουσ τησ Ευρωζώνησ, δήλωσε ο πρÞεδρÞσ τησ, ο Μάριο Ντράγκι. «Η ΕΚΤ δεν µπορεί να εµπλακεί σε νοµισµατική χρηµατοδÞτηση και δεν µπορεί να υποκαταστήσει τη δράση των κρατών µελών (τησ Ευρωζώνησ). Είναι υπερβολικά εύκολο να σκεφτεί κανείσ Þτι η ΕΚΤ µπορεί να υποκαταστήσει τη δράση των κυβερνήσεων ή την απουσία δράσησ τουσ τυπώνοντασ χρήµα. ΑυτÞ δεν θα συµβεί», δήλωσε ο κ. Ντράγκι στην Επιτροπή Οικονοµικών και Νοµισµατικών Υποθέσεων του Ευρωπαϊκού Κοινοβουλίου. «Η ΕΚΤ έχει ήδη κάνει πολλά», πρÞσθεσε αναφερÞµενοσ στη ρευστÞτητα που έθεσε στη διάθεση των τραπεζών και στα προγράµµατα εξαγοράσ χρέουσ κρατών τησ περιοχήσ

που αντιµετωπίζουν δυσκολίεσ, το τελευταίο απÞ τα οποία, το OMT (οριστικέσ νοµισµατικέσ συναλλαγέσ), συνέβαλε πολύ στο να επικρατήσει ηρεµία στισ αγορέσ µετά την ανακοίνωσή του στισ αρχέσ Σεπτεµβρίου. «Έχουµε τισ δικέσ µασ ευθύνεσ και πρέπει να δράσουµε µέσα στο πλαίσιο τησ εντολήσ µασ», δήλωσε ο Ντράγκι. Η εν λÞγω εντολή του απαγορεύει να χρηµατοδοτεί τα δηµοσιονοµικά ελλείµµατα τυπώνοντασ χρήµα, κυρίωσ για να αποφευχθεί η δηµιουργία πληθωρισµού. Ο Ντράγκι δήλωσε ακÞµη πωσ τα σκληρά µέτρα λιτÞτητασ στην ευρωζώνη είναι απαραίτητα για να περιοριστεί η κρίση του χρέουσ. Ο πρÞεδροσ τησ ΕΚΤ πρÞσθεσε Þτι τα µέλη τησ ευρωζώνησ που πλήττονται απÞ το χρέοσ πρέπει να συνεχίσουν τισ οικονοµικέσ

µεταρρυθµίσεισ. «Η διαδικασία είναι αναπÞφευκτη», τÞνισε. Ο ίδιοσ δήλωσε ακÞµη πωσ οι κυβερνήσεισ που επιβάλλουν οδυνηρέσ περικοπέσ δαπανών θα πρέπει να σκεφτούν επίσησ τισ κοινωνικέσ επιπτώσεισ των σχεδίων τουσ. Οι βαθιέσ περικοπέσ έχουν προκαλέσει βίαιεσ διαµαρτυρίεσ στην Ισπανία, την Ελλάδα και την Πορτογαλία.

Àfi ›ÂÛË ÙÔ Â˘ÚÒ Ãƒπ™∆π∞¡ ™∆À§π∞¡√À ¢È‡ı˘ÓÛË ¢È·¯ÂÈÚ›Ûˆ˜ ¢È·ıÂۛ̈Ó, Alpha Bank Cyprus Ltd Πτώση παρουσιάζει το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου ΗΠΑ καθώσ το µεσηµέρι τησ Τρίτησ τύγχανε διαπραγµάτευσησ περί τα 1,2930 σε σχέση µε 1,3030 την περασµένη Παρασκευή. Αρνητικά επηρεάζει το ευρώ η εκτίµηση Þτι η Ισπανία δεν θα προσφύγει στον ΕυρωπαϊκÞ ΜηχανισµÞ ΣταθερÞτητασ για την κάλυψη των χρηµατοδοτικών τησ αναγκών άµεσα. Στα πλαίσια τησ σύσκεψησ των Υπουργών Οικονοµικών τησ Ευρωζώνησ, την περασµένη ∆ευτέρα, τέθηκε σε λειτουργία ο µÞνιµοσ µηχανισµÞσ χρηµατοοικονοµικήσ στήριξησ τησ Ευρωζώνησ (ΕΜΣ : ΕυρωπαϊκÞσ ΜηχανισµÞσ ΣταθερÞτητασ). Η ενεργοποίηση του θα ενισχύσει σε µεγάλο βαθµÞ την άµυνα τησ Ευρωζώνησ έναντι των αγορών, αφού στα συνολικά διαθέσιµα των 200 δισ. ευρώ του

Ευρωπαϊκού Ταµείου Χρηµατοπιστωτικήσ ΣταθερÞτητασ, έρχονται τώρα να προστεθούν άλλα 500 δισ. ευρώ, εκ των οποίων 80 δισ. ευρώ σε µετρητά. Ο ΕΜΣ θα αναλάβει τη στήριξη των χωρών που αντιµετωπίζουν πρÞβληµα χρηµατοδÞτησησ του δηµÞσιου χρέουσ, ενώ θα επεµβαίνει στισ αγορέσ και θα αγοράζει οµÞλογα, είτε κατά την έκδοση είτε στη δευτερογενή αγορά. Σε µια άλλη εξέλιξη η ΕΚΤ στη σύσκεψη που πραγµατοποιήθηκε την περασµένη Πέµπτη διατήρησε αµετάβλητο το επιτÞκιο αναφοράσ στο 0,75%. Ùσον αφορά τον πληθωρισµÞ τησ Ευρωζώνησ εκτιµάται Þτι αυξήθηκε το Σεπτέµβριο στο 2,7% (Αύγουστοσ: 2,6%), παραµένοντασ ψηλÞτερα του στÞχου τησ ΕΚΤ (≤2%) για 22ο συνεχή µήνα. H EKT προβλέπει Þτι ο συνολικÞσ πληθωρισµÞσ θα διατηρηθεί υψηλÞτερα του 2% για το 2012, ωστÞσο θα υποχωρήσει εντÞσ του 2013 και θα διατηρηθεί σε επίπεδο που θα συµβαδίζει µε το στÞχο διατήρησησ των τιµών σε µεσοπρÞθεσµο ορίζοντα. ΠρÞσθετα, ο ΠρÞεδροσ τησ Ευρωπαϊκήσ

Κεντρικήσ Τράπεζασ (ΕΚΤ) ανάφερε Þτι το νέο πρÞγραµµα αγοράσ κρατικών οµολÞγων (ΟΜΤ: Outright Monetary Transactions) τησ ΕΚΤ είναι έτοιµο. Ο ΚεντρικÞσ Τραπεζίτησ δήλωσε Þτι η ΕΚΤ είναι προετοιµασµένη για ενδεχÞµενη ενεργοποίησή του και επανέλαβε Þτι αφορά χώρεσ οι οποίεσ έχουν πλήρη πρÞσβαση στην πρωτογενή αγορά οµολÞγων, καθώσ και Þτι δεν υφίσταται συγκεκριµένοσ στÞχοσ οµολογιακών αποδÞσεων. Επισήµανε Þτι έχουν βελτιωθεί οι πιστωτικέσ συνθήκεσ στην Ευρωζώνη µετά την ανακοίνωση του νέου προγράµµατοσ αγοράσ οµολÞγων. Παράλληλα, η ΕΚΤ θεωρεί αναγκαία την ίδρυση ενÞσ κοινού µηχανισµού τραπεζικήσ εποπτείασ (SSM: single supervisory mechanism) σύµφωνα µε τη σχετική πρÞταση τησ Ευρωπαϊκήσ Επιτροπήσ. Τέλοσ, στισ ΗΠΑ, το ποσοστÞ ανεργίασ υποχώρησε στο χαµηλÞτερο επίπεδο (7,8%), απÞ τον Ιανουάριο του 2009 και οι νέεσ θέσεισ εργασίασ µη συµπεριλαµβανοµένου του αγροτικού τοµέα διαµορφώθηκαν το Σεπτέµβριο στισ 114.000 ενώ.

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ª¤ÚÎÂÏ: ∞Ó ¤ÛÂÈ Ë ∂ÏÏ¿‰·, ¤ÊÙÂÈ ÙÔ Â˘ÚÒ Η Ελλάδα έχει κάνει σηµαντικά βήµατα προÞδου, Þµωσ πρέπει να παραµείνει στο δύσκολο δρÞµο που βαδίζει ώστε να επιτύχει την έξοδÞ τησ απÞ την κρίση, δήλωσε η γερµανίδα καγκελάριοσ, Άνγκελα Μέρκελ, κατά την κοινή συνέντευξη Τύπου που έδωσε µε τον έλληνα πρωθυπουργÞ, Αντώνη Σαµαρά. Ùπωσ διευκρίνισε η κα. Μέρκελ σκοπÞσ τησ επίσκεψήσ τησ την οποία ο κ. Σαµαράσ έσπευσε να χαρακτηρίσει ωσ σπάσιµο µιασ διεθνούσ αποµÞνωσησ τησ χώρασ για την οποία και η Ελλάδα έχει ευθύνη ήταν να διαπιστώσει δια ζώσησ την κατάσταση στην Ελλάδα και τα προβλήµατα που αντιµετωπίζουν τÞσο οι πολίτεσ τησ Þσο και η κυβέρνησή τησ. ΤÞνισε ωστÞσο, Þτι δεν είναι... δασκάλα που ήρθε να δώσει βαθµούσ στην Ελλάδα. Στην οµιλία τησ η κα. Μέρκελ δεν έκανε την εντυπωσιακή δήλωση στήριξησ που µπορεί να ήθελε ο κ. Σαµαράσ, Þµωσ, εν γένει εµφανίστηκε υποστηρικτική των προσπαθειών τησ ελληνικήσ κυβέρνησησ και συγκρατηµένα επαινετική για τα επιτεύγµατά τησ. Σε αυτÞ το πλαίσιο, η κα. Μέρκελ τÞνισε Þτι η Γερµανία θα στηρίξει κάθε αναπτυξιακή προσπάθεια στην Ελλάδα, επανέλαβε, ωστÞσο, Þτι η Ελλάδα θα πρέπει να τηρήσει τισ υποχρεώσεισ τησ. Το πιο ενδιαφέρον ίσωσ σηµείο απÞ τισ δηλώσεισ τησ γερµανίδασ καγκελαρίου ήταν η έµµεση παραδοχή τησ Þτι αν πέσει η Ελλάδα, πέφτει το ευρώ. «Έχουµε ένα κοινÞ νÞµισµα κι αυτÞ λέγεται ευρώ, είµαστε στενά συνυφασµένοι µε αυτÞ. Με άλλα λÞγια αν ο ένασ δεν είναι καλά, δεν είναι και ο άλλοσ καλά. Έχουµε κάθε λÞγο να θέλουµε να πάνε Þλοι καλά. Είµαι πεπεισµένη Þτι ο δρÞµοσ που ακολουθεί η Ελλάδα θα οδηγήσει σε επιτυχία. ΑυτÞ δεν θα γίνει σε µια νύχτα, ούτε η καταβολή µÞνο µιασ δÞσησ θα έλυνε Þλα τα προβλήµατα. Νοµίζω Þτι διακρίνουµε φωσ στην άκρη του τούνελ».

∂¯ıÚfi˜ Ë ‡ÊÂÛË ΑπÞ πλευράσ του ο έλληνασ πρωθυπουργÞσ δήλωσε Þτι ο πραγµατικÞσ εχθρÞσ τησ Ελλάδασ είναι η ύφεση και η έξοδοσ απÞ αυτήν είναι απαραίτητη προϋπÞθεση για να πετύχει η χώρα τουσ δηµοσιονοµικούσ τησ στÞχουσ, Þπωσ άλλωστε είναι ουσιαστική προτεραιÞτητά τησ κι Þχι απλά τυπική δέσµευσή τησ. Σ’ αυτÞ το πλαίσιο εξέφρασε τη βεβαιÞτητά του Þτι οι εταίροι τησ χώρασ στην ΕΕ θα την βοηθήσουν. «ΕχθρÞσ µασ είναι η ύφεση κι αυτÞ που ζητούµε απÞ την Ευρωπαϊκή Ένωση είναι το δικαίωµα µετά απÞ Þλεσ αυτέσ τισ θυσίεσ να πετύχουµε, να βγούµε απÞ την κρίση. Θεωρώ δεδοµένο Þτι Þλη η ΕΕ και ιδιαίτερα οι χώρεσ τησ Ευρωζώνησ ενωµένεσ κάτω απÞ το κοινÞ νÞµισµα θα θελήσουν να βοηθήσουν και την Ελλάδα αναγνωρίζοντασ αυτέσ τισ θυσίεσ του ελληνικού λαού. Για την ανάκαµψη χρειάζονται πÞροι που αυτήν τη στιγµή δεν έχει η Ελλάδα αλλά τουσ έχει η ΕΕ», δήλωσε ο κ. Σαµαράσ.

√ÏÈ ƒÂÓ: «∆Ô ·ÚÁfiÙÂÚÔ» ÙÔ ¡Ô¤Ì‚ÚÈÔ Ë ÂfiÌÂÓË ‰fiÛË Η Ελλάδα µπορεί να περιµένει να λάβει την επÞµενη δÞση των 31,5 δισ. ευρώ απÞ το διεθνέσ πρÞγραµµα στήριξήσ τησ “το αργÞτερο” τον Νοέµβριο, δήλωσε ο αρµÞδιοσ για την Οικονοµία επίτροποσ τησ ΕΕ Ùλι Ρεν. Η Ελλάδα πρέπει να εφαρµÞσει µια σειρά µέτρων δηµοσιονοµικήσ σταθεροποίησησ και διαρθρωτικέσ µεταρρυθµίσεισ πριν οι διεθνείσ δανειστέσ τησ ολοκληρώσουν την έκθεσή τουσ για τη συµµÞρφωσή τησ και ανοίξουν έτσι τον δρÞµο για την καταβολή τησ επÞµενησ δÞσησ, δήλωσε ο Ο. Ρεν στο περιθώριο µιασ συνάντησησ των υπουργών Οικονοµικών τησ ΕΕ στο Βερολίνο. “Είµαστε µάλλον κοντά στην ολοκλήρωση των διαπραγµατεύσεων και σε µια συµφωνία σε επίπεδο προσωπικού”, δήλωσε ο κ. Ρεν αναφερÞµενοσ στη συνεχιζÞµενη αποστολή ελέγχου που πραγµατοποιούν οι διεθνείσ δανειστέσ τησ Ελλάδασ.

∏ ·ÓÙÔ¯‹ ÙˆÓ ∂ÏÏ‹ÓˆÓ ¤¯ÂÈ ÂÍ·ÓÙÏËı›

°˘ÌÓfi˜ ‰È·‰Ëψً˜ ÛÙÔ ™‡ÓÙ·ÁÌ·

«Ο λαÞσ έχει εξαντλήσει την αντοχή του», δήλωσε απÞ την πλευρά του ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, Κάρολοσ Παπούλιασ, στην Άνγκελα Μέρκελ, κατά την υποδοχή τησ τελευταίασ στο προεδρικÞ µέγαρο. Η Ελλάδα βιώνει δύσκολεσ στιγµέσ επισήµανε στην γερµανίδα καγκελάριο ο κ. Παπούλιασ. Ο ΠρÞεδροσ τησ ∆ηµοκρατίασ τÞνισε Þτι «πρέπει να σκεφτούµε µέτρα που θα δώσουν ελπίδα στο λαÞ», δίνοντασ έµφαση στην ανάγκη καταπολέµησησ τησ ανεργίασ των νέων. ΑπÞ πλευρά τησ, η κα. Μέρκελ αναγνώρισε τη δύσκολη στιγµή που περνά η Ελλάδα και εξέφρασε την πρÞθεσή τησ ωσ καγκελάριοσ µιασ χώρασ-εταίρου και φίλησ τησ Ελλάδασ να τησ παράσχει βοήθεια.

Την ώρα που η κ. Μέρκελ τα έλεγε µε τον Αντώνη Σαµαρά και τον Κάρολο Παπούλια, στο Σύνταγµα γινÞταν πετροπÞλεµοσ, µε την αστυνοµία να αναγκάζεται να κάνει χρήση χηµικών. Περίπου 30,000 διαδηλωτέσ βγήκαν στουσ δρÞµουσ, ανταποκρινÞµενοι στο κάλεσµα τησ ΓΣΕΕ και τησ Α∆Ε∆Υ για διαδήλωση ενάντια «στη συνεχιζÞµενη αντεργατική, αντικοινωνική και υφεσιακή πολιτική τησ κυβέρνησησ και τησ τρÞικασ», παρ’ Þλεσ τισ προτροπέσ των αρχών να αποφευχθούν οι συγκεντρώσεισ. Ένασ διαδηλωτέσ βγήκε στην κυριολεξία απÞ τα ρούχα κατά τη διάρκεια των επεισοδίων. Άρχισε να τρέχει γυµνÞσ για να διαµαρτυρηθεί και στη συνέχεια συνελήφθη απÞ τουσ αστυνοµικούσ.

¢›Î·ÈË Ë ∆ÚfiÈη Ì ÙËÓ ∂ÏÏ¿‰·; Η ΤρÞικα θα πρέπει να ξανακοιτάξει αν αυτÞ που ζητεί απÞ την Ελλάδα είναι δίκαιο και εφικτÞ, µε τη νέα οικονοµική κατάσταση στην Ευρώπη, δήλωσε ο Νοµπελίστασ ΧριστÞφοροσ Πισσαρίδησ. Ο κ. Πισσαρίδησ δήλωσε, µεταξύ άλλων, Þτι “και η Ελλάδα θα πρέπει να ξανακοιτάξει το πρÞγραµµα µεταρρυθµίσεων, να διακηρύξει τι θέλει να τισ κάνει και να ερωτήσει αν προχωρεί σταθερά σε µιαν ευέλικτη οικονοµία, βασισµένη στον ιδιωτικÞ τοµέα, µε ασφαλιστικέσ δικλίδεσ που να προστατεύουν τον εργοδÞτη και τον εργαζÞµενο και να δηµιουργούν ένα περιβάλλον που διευκολύνει και ενθαρρύνει επενδύσεισ”. Ο κ. Πισσαρίδησ είπε Þτι η Ελλάδα µπορεί “να βγει απÞ το φαύλο κύκλο του χρέουσ και τησ υπανάπτυξησ και να επιστρέψει στα επίπεδα ανάπτυξησ των Ευρωπαίων εταίρων τησ”. “Για να το επιτύχει αυτÞ”, πρÞσθεσε, “χρειάζεται συνεργασία µεταξύ των διεθνών οργανισµών, που µπορούν να βοηθήσουν, τησ ΤρÞικασ και τησ ίδιασ τησ Ελλάδασ”.

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¡ÈÎËÙ‹˜ ‰È·ÁˆÓÈÛÌÔ‡ Σε κλήρωση που πραγµατοποιήθηκε στα κεντρικά γραφεία τησ CNP Laiki Cyprialife, η Χριστίνα Ανδρέου απÞ την Πάφο ήταν η µεγάλη τυχερή του διαγωνισµού του νέου διαδικτυακού χώρου υγείασ στο Facebook. Η νικήτρια του διαγωνισµού παράλαβε το δώρο τησ, ένα Ipad 2, 16GB, Wi-Fi την Πέµπτη 30 Αυγούστου σε ειδική τελετή, απÞ τον ΓενικÞ ∆ιευθυντή τησ CNP Laiki Cyprialife κ. ΠÞλυ Μιχαηλίδη και τον ∆ιευθυντή Ανάπτυξησ Οµαδικών Ασφαλίσεων & Ελέγχου ΠοιÞτητασ κ. Μανώλη Ιωαννίδη. Η CNP Laiki Cyprialife ευχαριστεί θερµά Þλουσ Þσουσ έλαβαν µέροσ στο διαγωνισµÞ του κάνοντασ like στην νέα ιστοσελίδα υγείασ η οποία αποσκοπεί στην πλήρη αλλά και άµεση ενηµέρωση για Þλα τα θέµατα υγείασ που απασχολούν τον κύπριο πολίτη.

CYTA: N¤· ˘ËÚÂÛ›· Powersoft365 Η Cyta ανακοίνωσε την εισαγωγή στο χαρτοφυλάκιο των υπηρεσιών του Οργανισµού τη νέα υπηρεσία Powersoft365 Stock Control / Point of Sale. Ενδυναµώνοντασ τη συνεργασία τησ µε την εταιρεία Powersoft Computer Solutions Ltd, πέραν του λογιστικού προγράµµατοσ Powersoft365 Accounting, προσφέρει τώρα και σύστηµα ταµιακήσ µηχανήσ και διαχείρισησ αποθεµάτων. Η υπηρεσία έχει τη δυνατÞτητα να λειτουργεί σε συνδυασµÞ µε την υπηρεσία Powersoft365 Accounting, παρέχοντασ µια ολοκληρωµένη λύση για την εµπορική διαχείριση µιασ επιχείρησησ. Η πρÞσβαση στη νέα υπηρεσία παρέχεται µέσω του διαδικτύου και περιλαµβάνει ολοκληρωµένο λογισµικÞ διαχείρισησ των αποθεµάτων (stock control), σε συνδυασµÞ µε ταµιακή µηχανή (point of sale). Οι υπηρεσίεσ Powersoft365 Stock Control/POS και Powersoft365 Accounting απÞ τη Cyta βοηθούν σηµαντικά τισ επιχειρήσεισ, αφού προσφέρονται χωρίσ µεγάλεσ αρχικέσ επενδύσεισ και δεσµεύσεισ και µε χαµηλή µηνιαία συνδροµή.

µ‹Ì· – µ‹Ì· - ª·˙› ∫ÂÚ‰›˙Ô˘Ì ÙËÓ ∑ˆ‹ Μέσα στα πλαίσια του ΠαγκÞσµιου Μήνα Ευαισθητοποίησησ για τον Καρκίνο του Μαστού, η Europa Donna Κύπρου οργάνωσε την καθιερωµένη πορεία µε τισ ροζ σιλουέτεσ η οποία για φέτοσ έχει ενταθεί µέσα στο πρÞγραµµα τησ Ευρωπαϊκήσ Προεδρίασ. Στη πορεία µε τισ ροζ σιλουέτεσ παραβρεθήκαν πλήθοσ κÞσµου, άτοµα απÞ τον πολιτικÞ και κοινωνικÞ κÞσµο απÞ Þλεσ τισ πÞλησ τησ Κύπρου για να δείξουν τη συµπαράσταση τουσ στη Europa Donna Κύπρου για την απÞλυτη ανάγκη για δηµιουργία Εξειδικευµένου Κέντρου Μαστού στη Κύπρο, προσβάσιµο σε Þλεσ τισ γυναίκεσ µε εµπειρία, που να προσφέρει εξειδικευµένη διάγνωση και θεραπεία, µε βάση τισ Ευρωπαϊκέσ κατευθυντήριέσ γραµµέσ, µια αντιµετώπιση που αποδεδειγµένα µειώνει τον αριθµÞ των θανάτων απÞ τον καρκίνο του µαστού.

Costa: M¿¯Ë Ì ¿ÚˆÌ· ηʤ Μια ευρωπαϊκή µάχη µε πλούσιο άρωµα espresso έγινε πρÞσφατα στην Κύπρο. Οι φιναλί��τ baristas των Costa Coffee απÞ 8 χώρεσ έδωσαν τον καλύτερÞ τουσ εαυτÞ για την ανακήρυξη του καλύτερου barista τησ Ευρώπησ. Η νίκη σήµαινε την πρÞκρισή τουσ στον παγκÞσµιο διαγωνισµÞ για τον τίτλο του πρωταθλητή των πρωταθλητών. Οι διαγωνιζÞµενοι κρίθηκαν πάνω στισ τεχνικέσ ικανÞτητεσ, την παρουσίαση, την προσωπικÞτητα και το πάθοσ τουσ για τον καφέ. Τισ τρεισ πρώτεσ θέσεισ του φετινού ευρωπαϊκού διαγωνισµού Barista of the year 2012 Europe Regional Final ήταν: 1η θέση ? Alina Rozenek (Τσεχία), 2η θέση – Liliana Dias (Πορτογαλία), 3η θέση – ΝικÞλασ Γεωργίου (Κύπροσ). Ο διαγωνισµÞσ Barista of the year είναι µια γιορτή και µια ευκαιρία να φανούν οι ικανÞτητεσ, το ταλέντο και πάνω απ’ Þλα το πάθοσ των baristas για τον τέλειο καφέ.

BÚ¿‚¢ÛË Ù˘ §·˚΋˜ ÛÙÔÓ ÙÔ̤· Ù˘ £ÂÌ·ÙÔÊ˘Ï·Î‹˜ Το διεθνέσ περιοδικÞ «Global Banking and Finance» ανέδειξε τη Λαϊκή Τράπεζα ωσ την «Καλύτερη Τράπεζα Θεµατοφυλακήσ στη ΜεσÞγειο» για το 2012 (Best Custody Bank in the Mediterranean 2012). Η επιλογή των καλύτερων τραπεζών έγινε µετά απÞ έρευνα του περιοδικού στην αγορά, σε συνεργασία µε διάφορουσ αναλυτέσ στον τοµέα τησ Θεµατοφυλακήσ. Η βράβευση αυτή αποτελεί αναγνώριση του ψηλού επιπέδου υπηρεσιών που προσφέρει η Μονάδα Θεµατοφυλακήσ τησ Τράπεζάσ µασ και τησ δέσµευσήσ µασ για συνεχή βελτίωση τησ ποιÞτητασ εξυπηρέτησησ των πελατών και ανάπτυξη των εργασιών µασ. Η Μονάδα Θεµατοφυλακήσ, που υπάγεται στη ∆ιεύθυνση Wealth Management, παρέχει υπηρεσίεσ σε Κύπριουσ και ξένουσ πελάτεσ, τÞσο ιδιώτεσ Þσο και θεσµικούσ επενδυτέσ Þπωσ Ταµεία Προνοίασ, ∆ιεθνή Συλλογικά Επενδυτικά Σχέδια, Ασφαλιστικέσ εταιρείεσ, Επενδυτικέσ εταιρείεσ, κ.α.

H Hyundai ÛÙÔ Motor Show ·fi 16 – 21 √ÎÙˆ‚Ú›Ô˘ Με ενισχυµένη σειρά µοντέλων η Hyundai θα κάνει έντονη την παρουσία τησ στο φετινÞ Motor Show, που θα γίνει στο χώρο τησ ∆ιεθνούσ Κρατικήσ Έκθεσησ, 16 µέχρι 21 Οκτωβρίου. Στο Περίπτερο 6, οι επισκέπτεσ θα έχουν την ευκαιρία να δουν απÞ κοντά το νέο Santa Fe, το νέο i30 και το ανανεωµένο i20. ΑκÞµα, το νεανικÞ Veloster, το πρακτικÞ i10, το MPV ix20 και το εξαιρετικά επιτυχηµένο ix35. Το Motor Show αποτελεί µια καλή ευκαιρία για τουσ λάτρεισ του αυτοκινήτου να δουν απÞ κοντά Þλα τα µοντέλα συγκεντρωµένα, να ανταλλάξουν απÞψεισ και να πάρουν πληροφορίεσ για τα αυτοκίνητα τησ προτίµησήσ τουσ.

π∫∂∞: ÷ÌËÏfiÙÂÚ˜ ÙÈ̤˜ Μερικέσ απÞ τισ µικρέσ καθηµερινέσ χαρέσ τισ ζούµε Þταν µπορούµε να αλλάξουµε κάτι στο σπίτι µασ, Þταν το ανακαινίζουµε ή απλά το ανανεώνουµε. Η ΙΚΕΑ, που φιλοσοφία τησ είναι να προσφέρει σε Þλουσ µασ και τον καθένα ξεχωριστά, µια καλύτερη καθηµερινή ζωή στο σπίτι, είναι δίπλα µασ και σε αυτούσ τουσ καιρούσ, που οι ανάγκεσ διαφοροποιούνται και προσφέρει νέεσ ακÞµη χαµηλÞτερεσ τιµέσ σε πάνω απÞ 1000 βασικά είδη για το σπίτι. Ένασ τριθέσιοσ καναπέσ KIVIK, παραδείγµατοσ χάρη, µε προηγούµενη τιµή 479 ευρώ σήµερα κοστίζει 399 ευρώ, ενώ µια ραφιέρα EXPEDIT απÞ 39 ευρώ σήµερα κάνει 29,99 ευρώ. Η ΙΚΕΑ χαµηλώνει τισ τιµέσ ανταποδίδοντασ έτσι την αγάπη του κÞσµου στην Κύπρο που την στηρίζει στα πέντε χρÞνια παρουσίασ τησ. Εµείσ ασ βάλουµε άνετα παπούτσια κι ασ ξεκινήσουµε τη βÞλτα στο κατάστηµα και χωρίσ παπούτσια Þµωσ µπορούµε να µπούµε στο site τησ ΙΚΕΑ ( και να διαλέξουµε τα είδη που θα οµορφύνουν την καθηµερινÞτητα µασ.

10 OKTΩΒΡΙΟΥ, 2012


ΑΡΘΡΟ| 9/25

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Κατάθλιψη και κρίση είναι ένα εκρηκτικÞ δίδυµο που µπορεί να επιβαρύνει το κοινωνικÞ σύνολο περισσÞτερο κι απÞ τισ σωµατικέσ παθήσεισ σύµφωνα µε ερευνητέσ σε Ιταλία και Ελλάδα. Είχε συµβεί ήδη µε τη αµερικάνικη κρίση τησ δεκαετίασ του ‘30, µετά την κατάρρευση του κοµµουνισµού στη Σοβιετική Ένωση τα πρώτα χρÞνια του ‘90 και κατά τη διάρκεια τησ οικονοµικήσ κρίσησ στην νοτιοδυτική Ασία στα τέλη τησ ίδιασ δεκαετίασ. Τώρα το φαινÞµενο ξαναεµφανίστηκε. Ùταν ο κÞσµοσ χάνει τη δουλειά του, δεν µπορεί να βασιστεί σε ένα προβλέψιµο εισÞδηµα, ζει σε συνθήκεσ φτώχειασ και φοβάται για το αύριο, βιώνει µια κατάσταση τέτοιου στρεσ που υποβαθµίζει ακÞµη και την υγεία του. Και οι στατιστικέσ επιβεβαιώνουν την αύξηση, λίγο πολύ παντού, των ψυχικών διαταραχών, τησ κατάθλιψησ, αλλά και τουσ παθολογικού άγχουσ, τησ αϋπνίασ, των καταχρήσεων αλκοÞλ και ναρκωτικών. Σήµερα, αυτά τα προβλήµατα απασχολούν στην Ευρώπη το 38,2 του πληθυσµού

(προφανώσ δεν οφείλονται Þλα στην κρίση), πολλέσ φορέσ µε δραµατικέσ συνέπειεσ, Þπωσ η αυτοκτονία, ένα αποτέλεσµα που συχνά σχετίζεται µε την απώλεια τησ εργασίασ.

¶∂¡∆∞¶§∞™π∞™ª√™ ∆ø¡ ∞À∆√∫∆√¡πø¡ Είναι δεδοµένο Þτι για κάθε ποσοστιαία µονάδα αύξησησ τησ ανεργίασ, ο ρυθµÞσ αύξησησ των αυτοκτονιών στα άτοµα κάτω των 65 ετών αυξάνεται κατά 0,79%. Και οι άντρεσ είναι οι πιο εκτεθειµένοι. Για παράδειγµα την Ιταλία Þπωσ και σε άλλεσ χώρεσ, το 2008, οι αυτοκτονίεσ και οι απÞπειρεσ αυτοκτονίασ για οικονοµικούσ λÞγουσ που συνδέονται µε την κρίση πενταπλασιάστηκε. Τα χρέη, απÞ την άλλη (περισσÞτερεσ δυσκολίεσ στην πληρωµή των δÞσεων, ή τα γενικÞτερα οικονοµικά προβλήµατα) επιδει-

νώνουν την αίσθηση ενοχήσ στα άτοµα που είναι πιο ευάλωτα ή έχουν κάποια προδιάθεση για κατάθλιψη και γίνονται ένα καθοριστικÞ στοιχείο για τη εµφάνιση ψυχικών διαταραχών. Σ’ Þλο αυτÞ πρέπει να προσµετρήσουµε και την κατάχρηση ουσιών. Μια µελέτη απÞ το Κολέγιο Κινγκ του Κέιµπριτζ, απέδειξε Þτι στην Ελλάδα, ωσ αποτέλεσµα τησ οικονοµικήσ κρίσησ, Þχι µÞνο διπλασιάστηκαν οι φÞνοι και οι κλοπέσ απÞ το 2007 ωσ το 2009, αλλά και η χρήση ηρωίνησ, απÞ το 2009 ωσ το 2010, ενώ στο ίδιο διάστηµα ο ρυθµÞσ των µολύνσεων ανάµεσα στουσ χρήστεσ να έχει δεκαπλασιαστεί.

∂À∞§ø∆∞ ∆∞ Àæ∏§√µ∞£ª∞ ™∆∂§∂Ã∏ «Σήµερα σκάει το µεγάλο κύµα που άρχισε το 2009 και που τÞτε χτύπησε κυρίωσ τα υψηλά ιστάµενα στελέχη των πολυεθνικών σε αναδιάρθρωση» σύµφωνα µε ερευνητέσ του τοµέα Ψυχικήσ Υγείασ. “Τώρα επηρεάζει και τουσ απλούσ ανθρώπουσ. Εκεί Þπου υπάρχει ευαισθησία, ευπάθεια, απώλεια τησ σιγουριάσ και µείωση των αντοχών, δηλαδή η ικανÞτητα του ανθρώπου να αντιµετωπίσει και να επιλύσει τισ δυσκολίεσ τησ ζωήσ και να βγει απ’ αυτέσ πιο δυνατÞσ, τα άτοµα µπορεί να αντιµετωπίσουν µια σειρά απÞ ψυχικέσ διαταραχέσ οι οποίεσ προκαλούν µεγαλύτερα δεινά σε κοινωνικÞ επίπεδο σε σχέση µε εκείνα που προκαλούνται απÞ σωµατικέσ ασθένειεσ”, επισηµαίνουν. Σήµερα, η κατάθλιψη είναι µια ασθένεια που Þλοι γνωρίζουν: σύµφωνα µε έρευνα του Κέντρου Ψυχιατρικών Ερευνών του Τορίνο που έγινε απÞ τη Doxa, το 90% γνωρίζουν περί τίνοσ πρÞκειται και το 40% των περιπτώσεων έχουν προσωπική εµπειρία, άµεση ή έµµεση. ΠαρÞλα αυτά η συγκεκριµένη ασθένεια περιβάλλεται απÞ ένα στίγµα που παρεµποδίζει την παρέµβαση των ειδικών. Σήµερα, µÞνο το 50% των ασθενών απ’ Þσουσ θα µπορούσαν να θεραπευτούν λαµβάνουν κάποια θεραπεία σύµφωνα µε τουσ ερευνητέσ.

October 10 - 16, 2012


Gold inches up after 2-day slide Gold inched up on Tuesday after two days of decline, but persistent worries about the euro zone debt crisis and global growth could weigh on bullion, as these concerns keep the dollar strong. Speculative interest in gold remained strong, as stimulus measures launched by key central banks in September drive investors to gold, a hedge against inflation and currency debasement caused by looser monetary policy. Holdings in the gold-backed exchange-traded funds rose to a historic high of 74.73 million ounces by October 7, up 6% over the past two months during which gold prices climbed nearly 10%. But higher prices have kept a lid on physical demand in the region, especially as a global slowdown has started to impact the economies in the key gold consumers in the region, including China and India. Spot gold edged up 0.2% to $1,778.09 an ounce, rebounding from a oneweek low of $1,766.14 hit on Monday. Gold fell almost 1% over the last two sessions, its sharpest two-day decline since August. Technical analysis suggested that spot gold is biased to retrace to $1,757 an ounce during the day, said Reuters market analyst Wang Tao.

Brent up on Syria-Turkey tensions Brent crude futures rose towards $113 a barrel on Tuesday after two days of losses, with supply fears due to escalating tensions in the Middle East prevailing over a sluggish outlook for global demand. Turkish President Abdullah Gul said on Monday that the worst case scenarios with Syria are now playing out, fuelling concerns that the 18-month old conflict may spread to other countries in the region. Brent futures had risen 69 cents to $112.51 per barrel. U.S. crude gained 79 cents to $90.12, also rebounding after two consecutive sessions of declines. Tensions between Syria and Turkey increased to their worst since March after cross-border firing accidentally killed Turkish civilians last week, causing Istanbul to boost its military presence along the Syrian border. This could threaten oil production in the north of Iraq and its transport to the West, analysts said. Concerns over Turkey-Syria have eclipsed Iran's long-running row with the West over Tehran's disputed nuclear program that has led to sanctions on Iranian oil shipments and dragged its currency to a record low.

China still needs policy support China will keep monetary policy flexible and pre-emptive to support activity in an economy still facing relatively big downward pressure, central bank governor Zhou Xiaochuan said. Sustaining growth and pursuing financial reform was crucial for the country in the face of stiffening headwinds from financial crisis abroad, the People’s Bank of China chief wrote in an article in the latest issue of China Finance magazine, published by the central bank. Given trying circumstances, Zhou said the central bank would seek to make policy more effective while providing stability. China’s economic growth limped to its lowest in more than three years in the second quarter as exports slowed and domestic demand struggled to take up the slack. Analysts polled by Reuters expect full year growth to be the weakest since 1999 at 7.7%. The PBOC has responded by cutting interest rates twice, giving banks more freedom to set borrowing costs by liberalizing rates at the margin and released an estimated 1.2 trln yuan ($190 bln) for lending by lopping 150 basis points from required reserve ratios in three moves since November last year.

FOREX COMMENTARY TECHNICAL ANALYSIS The euro was on the back foot on Tuesday as uncertainty about Spain persisted after euro zone ministers said the country did not need a bailout yet, dashing investors’ hopes they might inch closer to a resolution of the country’s debt problems. The euro bought $1.2987, slightly higher than late U.S. levels but still almost a full cent below a twoweek high of $1.3072 hit on Friday following an unexpected drop in the U.S. jobless rate. Euro zone finance ministers, gathering in Luxembourg, delivered a united defense of Spain on Monday, saying the country was taking steps to overhaul its economy, successfully funding itself in the financial markets and did not need a bailout, at least for now. Still, selling in the euro was curbed due to widespread expectations that Madrid would eventually apply for aid, and Spanish bond yields were now stabilising far below their peaks in July. Uncertainty over Greece was not having a decisive impact on the euro even though there was little sign of progress in negotiations on how to get the country back on track with its bailout programme. Greek Finance Minister Yannis Stournaras said international lenders were considering its request to give Greece two more years to reach its budget deficit reduction targets but he added they had just started discussions. With European policymakers seen putting major decisions on the back burner for now, short-term players may shift their focus to upcoming corporate earnings, market players said. The dollar’s index against a basket of currencies stood at 79.55, steady from Monday but higher than Friday’s two-week low of 79.103. Still it needed to rise convincingly above the Oct. 1 high of 80.147 to start a fresh uptrend. Against the yen, which often tends to buck the dollar’s overall trend and underperform when risk appetite is strong, the dollar was little changed at 78.35 yen, but still below a two-week high of 78.88 set on Friday. The Australian dollar bounced back 0.4 percent from late U.S. levels to $1.0233, helped by a rise in Chinese shares, though its rebound came only after it had hit a fresh three-month low of $1.0149 on Monday. Buying in the Australian unit also kicked in after the currency managed to hold above key support against the yen around 79.50, the currency pair’s strong support level since June. The Australian currency, often used as a proxy for trade on the Chinese economy because of China’s significance to the Australian economy, has been under pressure in recent months on signs of a slowdown in the world’s second-largest economy. The currency could test $1.0103, a 50 percent retracement of the currency’s rally from May to September with the Australian central bank seen cutting rates further down the road. 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.

October 10 - 16, 2012


The Lex Factor roils Dow Jones l Brash ex-Bloomberg exec jolts DJ as new CEO, vows to sharpen focus on newswire, customers;

Profits key as News Corp splits publishing from entertainment He’s tearing down walls. He’s tossing out old business models. And he’s dressing down people, publicly and profanely, in the once-buttoned-down halls of Dow Jones & Co., publisher of the august Wall Street Journal. Lex Fenwick, a long-time Bloomberg LP executive, is making his mark on Dow Jones, the News Corp subsidiary where he became chief executive officer earlier this year. Fenwick quickly dismantled the offices in the executive suite, emulating the open-floor plan of his previous employer. He works from a desk in a corner of the seventh floor of News Corp’s headquarters in midtown Manhattan, and his conversations often expletive-laced - can be widely heard. “This is not what I wanted! Are you a f—-ing idiot?” one employee heard him screaming at a colleague not long ago. Fenwick has been called a master salesman and business builder whose hard-charging style often runs roughshod over colleagues and subordinates. His makeover of Dow Jones comes at a crucial time for Rupert Murdoch’s media empire as News Corp prepares to split off its global publishing assets from its entertainment businesses. Murdoch needs Fenwick’s shock treatment to succeed so that Dow Jones, with about $2 bln in annual revenue, can be the growth engine for the new publishing company, analysts said. Most of News Corp’s newspapers are grappling with industrywide problems of declining readership and print advertising sales, plus the fallout from the hacking scandal at its British publications. One bright spot is Dow Jones’ Wall Street Journal, the top U.S. newspaper by circulation, which also boasts one of publishing’s most successful digital strategies. For Dow Jones, Fenwick’s arrival in February has been more of a jolt than when News Corp bought the company in 2007. The executives Murdoch brought in, including seasoned newspaperman Les Hinton as CEO, were seen as evolutionary and, mostly, respectful of colleagues. Former Bloomberg colleagues say Fenwick, 53, has superb sales skills. During his seven years as chief executive at the financial information and news company, revenue doubled to $6 bln. But the British executive is erratic - charming and smooth one minute but loud and belligerent the next. Fenwick’s aggressive approach helped him rise to the top of Bloomberg, but also led to his downfall just a few years later. In his first eight months at Dow Jones, Fenwick has swept aside several senior managers and replaced them with former Bloomberg colleagues. He plans to raise prices for Dow Jones Newswires and reduce discounts, a strategy that could backfire at a time when banks are under pressure to cut costs. Fenwick also wants to transform the way Dow Jones sells its news and information to financial institutions by introducing a new Web-based platform for all its products before the end of the year, aiming to win market share from Bloomberg, Thomson Reuters Corp and other rivals. As part of a stand-alone publishing company, Dow Jones will be critical. In the 2012 fiscal year ended June 30, Dow Jones contributed $180 mln in earnings before interest, tax, depreciation and amortisation - that is 30% of EBITDA from News Corp’s newspaper properties, estimated Gabelli & Co analyst Brett Harriss. “If anything is going to have lasting power it’s going to be something like Dow Jones where you have a niche audience, specialised reporting and the willingness of consumers to pay for the product,” Harriss said. News Corp has not said who will run the new publishing company. Media watchers view Dow Jones Editor-in-Chief Robert Thomson a long-time Murdoch confidante who currently reports to Fenwick, as one of the front runners. It is unclear what role Fenwick will play in the new structure. In an interview last July, he spoke of some nervousness about joining Dow Jones after 25 years at Bloomberg. “It’s quite strange to only know one thing and to go to a different thing,” he said then. “With trepidation you step into this thing and say you know this could be really scary.”


Fenwick started as one of Bloomberg’s first sales employees in London in 1987, when the company was an upstart in European financial markets against Reuters. He eventually became head of European sales and turned the region into one of Bloomberg’s best, at times even outperforming the United States.

He wears purple (yes, purple) suits from the Savile Row designer Ozwald Boateng. He also favours leather pants, pork pie hats atop his bald pate, a pierced ear and modern art. At Bloomberg, Fenwick was fond of marketing antics and extravagant office parties. One infamous Christmas party in London was based on the Seven Deadly Sins. It featured drag queens, a huge bed covered in purple satin and entertainers waving cash and shouting “Money, ain’t it gorgeous!” “He’s irascible, opinionated and can be incredibly demanding,” said TheStreet Editor-in-Chief William Inman, who worked for 17 years at Bloomberg and used to run its publishing unit. “He trusts his instincts and 90% of the time he is dead-on right.” Still, many colleagues were surprised when Fenwick was promoted to chief executive in 2001 as founder Michael Bloomberg, now mayor of New York City, stepped down to focus on politics. The strength of the European division and Fenwick’s creativity won him the job, say people with knowledge of the matter. As CEO, Fenwick ramped up what had already been put in place: a strong brand and first-rate customer support. His desk sat in the middle of customer service, and he ordered every new member of the sales staff to rotate through that department. But he also ran into legal trouble. In 2007, the Equal Employment Opportunity Commission filed a high-profile class action lawsuit that accused Michael Bloomberg, Fenwick and other top executives of discrimination against pregnant women. One of the complaints alleged that Fenwick had instructed another executive to fire two women who were pregnant and said “I’m not having any pregnant bitches working for me.” Bloomberg LP has denied the allegation. U.S. District Judge Loretta Preska last year threw out the suit, saying there was insufficient evidence presented to show discrimination was the company’s standard operating procedure, even if there were several isolated instances of discrimination. Some of the women are still pursuing individual claims. Bloomberg insiders say Fenwick used fear as a tactic to motivate people. “He would go into the office in his purple suit and stand there like a peacock and scream at people,” said one former Bloomberg veteran. “He felt that he was keeping people off balance constantly... so they would look at things differently.”

For his part, Fenwick has talked about the tough love he experienced from his parents. He once told a colleague that when he turned 21, his father gave him a one-way ticket to Australia to force the party-loving youth to learn to fend for himself. Fenwick wanted to refund the ticket and pocket the cash, but his father followed him to the airport to watch him board the plane. Fenwick’s take-no-prisoners attitude led him to butt heads with other Bloomberg executives and ultimately led to his downfall there. By 2005, he was stripped of some major responsibilities though he held on to the CEO title until 2008, when he was demoted to lead Bloomberg Ventures.


Fenwick began to explore other opportunities. His chance came when Hinton, a long-time Murdoch lieutenant, resigned as Dow Jones CEO in July 2011 at the height of the hacking scandal at the British newspapers, which Hinton had once overseen. In finding a successor, News Corp wanted to address the Newswires business since Murdoch had primarily focused on the Wall Street Journal. A source close to the company said Fenwick is supposed to concentrate on the business and leave Thomson to run an autonomous newsroom. News Corp management knew Fenwick could be combustible, but felt he was worth the risk. Fenwick brings new energy and drive to Dow Jones, his supporters say. They contend that the company had become too cautious. “The history of Dow Jones is a series of opportunities lost,” said Peter Appert, an analyst who covered the company when it was controlled by the Bancroft family and is currently with Piper Jaffray. “The hegemony of Dow Jones is significantly diminished in all parts of the financial information sector.” Fenwick has told employees he has Bloomberg and Thomson Reuters in his sights. He plans to create a Web-based platform to house all Dow Jones content, so he can better control the customer experience and be less dependent on third-party distributors like Bloomberg, Thomson Reuters, FactSet Research Systems and International Data Corp. He has also brought some of Bloomberg’s focus on customer service to Dow Jones and shortened the customer service department’s email response time to four hours from 24 hours.


Fenwick has rattled Dow Jones employees used to a more genteel style. In a meeting with dozens of Dow Jones sales people and senior managers last spring, Fenwick was asked if he would seek customer advice on his changes. “F—- the customer,” Fenwick replied, adding that he only cared about Dow Jones, according to people who heard, or heard about, the outburst. And Fenwick has backpedalled over some decisions. After a presentation about Factiva, a news database that draws upon roughly 35,000 sources, Fenwick was surprised to learn that a default search ranked stories by relevance and did not give prominence to Dow Jones content. He pressed for changes to make Dow Jones articles pop up first, but had to undo them after customers reacted badly. Some Dow Jones employees have reached out to Murdoch and News Corp President Chase Carey to complain about Fenwick. It is not clear how Murdoch and his lieutenants viewed the complaints. At least a dozen high-level executives at Dow Jones have left since Fenwick joined. Many others are discreetly looking for new jobs. Some insiders fear layoffs are in store, partly because Fenwick is expected to consolidate journalists from Dow Jones Newswires into one newsroom under the Wall Street Journal moniker. Several Dow Jones clients said they were impressed with the new CEO. One senior banker said Fenwick was smart and direct, adding, “He is what they need over there.” Other clients said they were concerned about his plans to raise prices, which could affect decisions to renew contracts. Ultimately, Fenwick’s ability to boost Dow Jones’s bottom line will determine his success or failure. “I would love to tell you we are making so much money here that we could lose a few million,” Fenwick said in the July interview with Reuters. “I can’t really say that. We need every dollar.”

October 10 - 16, 2012


US Tech: The Modern Day Safe Haven Marcuard’s Market update by GaveKal Research It is hard to have much conviction on equity markets in the next few months. After all, markets have already rallied as the world’s biggest central banks eased and hopes were raised that growth was finding a footing. But these gains could easily crumble if evidence of growth does not come through. Most investors are sceptical, at best, about the long-term benefits of quantitative easing; and recent US data tells us that the trough in growth was even deeper than first estimated while more timely indicators are still mixed at best (the Kansas Fed manufacturing survey slowed). While we think US policymakers will ultimately delay or soften the Fiscal Cliff, this presents another uncertainty on the horizon. So, what is an investor to do? Buy overvalued bonds or traditionally defensive sectors? We have a better idea: buy more US tech—as a sector with extremely low leverage (negative in fact), attractive valuations, and several growth drivers. Cautious investors can take comfort in the fact that the US information tech sector is not only the lowest leveraged sector out there, but actually net positive in cash. Yet investors have also been wondering when tech companies are going to stop roosting over these nest eggs. The answers

being heard are bullish for the sector. For starters, tech companies are beginning to pay more dividends. In 2006, the info tech sector had a dividend yield of just 0.6%, less than half the index average of 1.8%. By 2010, info tech’s dividend yield rose to 0.9%; this year it is estimated to be 1.2%; and next year it is expected to rise to 1.6%. Microsoft, Apple, Cisco, and Dell have all either introduced or increased dividend payments recently. With a large cash buffer and more dividends, the info tech sector is now much more stable— today it exhibits a beta of 1.1, versus 1.5 a decade ago. All the above explains how tech is a much more defensive sector than it used to be. But unlike other defensives, it is neither overvalued nor unable to participate in a rebound in growth. Should the current cyclical weights lift, US tech has a number of growth drivers. Some are structural—e.g., a huge share of the cost of an automobile is now in electronics, and there is a structural shift from brick-and-mortar to online trade. The sector could very well also get a near-term

What China Needs Is Inflation Marcuard’s Market update by GaveKal Research China has famously managed to keep a remarkably tight lid on inflation during two decades of furious economic growth. But these days policymakers probably see inflation as more of a friend than a foe. Producer prices have dropped hard for many goods, especially in heavy industry, and until this process is halted corporate margins will continue to crumple. China’s producer price index has sharply declined in the last couple of months, with deflation pressure most noticeable in heavy industry. This is a sign of a painful inventory destocking cycle, which in some cases has been worsened by order cancellations as growth has slowed across industries (e.g., car manufacturers defaulting on steel orders). The current correction cycle may also be nastier than usual as it comes in the aftermath of the 2009/10 stimulus, which likely artificially inflated prices and exacerbated overcapacity issues numerous markets. Weakened global demand also, obviously, does not help. The question now is whether policymakers allow this painful process to effect a necessary capacity contraction in heavy industry—or ease the pain by cutting borrowing costs. The medium term real borrowing rate for producers is approaching 10% (we get this by deflating the 1-3 year lending benchmark rate by PPI). Real lending rates also jumped

boost from the release of iPhone5, as well as Windows 8 and the new tablets designed to utilize it. All this may sound great, but is this an old theme that might be getting a little long in the tooth? After all, we ourselves suggested buying tech companies for their robust balance sheets way back in our March 2009 report. Since then, the info tech sector has had quite a run, with total returns of +153% (besting the total index’s +128% performance). And while much of the gains (especially in the last 12 months) are thanks to Apple, that is not the whole story, as the equally weighted IT index is also up +141%. In the process, the IT sector has grown to represent 20% of the S&P 500 market cap, up from 15% in 2005-2007. These kind of numbers raise the question: is the tech sector not approaching bubble territory yet? Far from it. For starters, we are a long way from 2000, when the IT sector ballooned to 35% of the index. Moreover, bubbles teeter on shaky columns of debt, not piles of cash. They exhibit lofty prices, not some of the most attractive valuations in the market. Add in a few decent growth drivers, and we find three good reasons to keep buying into this tech rally.

in 2009, but it was temporary and followed by stronger growth, which rewarded borrowers with stronger volume sales. However, with China’s structural real growth rate now trending closer to 7%, a sticky real borrowing rate at 10% is destructive. We saw a similar episode in late 1990s—and the result was that state corporate profits suffered for a prolonged period of time. This was a bad time for equities, but it set the stage for productivity gains in China’s stateowned corporate sector. Policymakers may be showing discipline and foresight by not resorting to a quick fix by slashing interest rates. And the destocking cycle does seem to be pushing some capacity out of the market. Take the steel industry, which has longstanding over-capacity problem. China’s top 80 medium- and large-sized steel companies reported combined losses of RMB 1.98bn (US$312mn) for July, the fourth loss-making month year to date. Some of the smaller producers have already closed down. Even Baosteel, the biggest steelmaker in China, shut down its mill in Shanghai last month. So investors should not count on a large-scale easing cycle to boost equities in China. Rather, they should keep a close eye on indicators that gauge the inventory destocking cycle. One such indicator is global metal prices, which tend to lead China’s PPI by three months. Metal prices are up 15% since the trough in late July, offering glimmer of hope that the profit cycle for Chinese industrialists may soon normalize.

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


8545 1.6018 1.5122 19.2538 5.7665 12.101 1.2932 1.658 219.72 0.538 2.6697 0.332 12.23 5.7288 3.1518 3.5315 31.117 6.6595 0.9364 7.996


1.0207 0.9764 7.7522 52.67 78.29 1110.6 1.2203 1.2293


0.3747 6.0936 12073.90 3.8651 0.7047 0.2809 1502.00 0.3841 3.6405 3.7502 8.7806 3.6729


0.784 150.45 1.8150

AMERICAS & PACIFIC Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar MIDDLE EAST & AFRICA

The Financial Markets Interest Rates Base Rates

LIBOR rates


0-0,25% 0.50% 0.75% 0-0,1% 0-0,25%

Swap Rates















0.22 0.50 0.06 0.14 0.01

0.29 0.52 0.11 0.15 0.02

0.35 0.56 0.15 0.19 0.04

0.62 0.78 0.34 0.31 0.15

0.95 1.20 0.62 0.53 0.34


0.39 0.63 0.44 0.23 0.04

0.46 0.68 0.55 0.23 0.07

0.59 0.78 0.71 0.25 0.13

0.79 0.94 0.91 0.29 0.24

1.21 1.31 1.30 0.45 0.52

1.76 1.84 1.75 0.75 0.88

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

1.2936 0.7730


















Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 100 JPY

1.1957 83.64

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

Weekly movement of USD































1.6023 1.2936 78.30 0.9362

Last Week %Change 1.6162 1.2919 78.10 0.9365

+0.86 -0.13 +0.26 -0.03

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira


* USD per National Currency

October 10 - 16, 2012


Understanding unemployment it’s the market response to it. 3- Very important: The NFP trading is more than 1 TradeIt can be at least 3 trades. Below I have listed 5 scenarios for the next NFP Trading:

BY OREN LAURENT President, Banc De Binary

Last week’s US payrolls report showed the unemployment rate was significantly better than expected. Investors were briefly inspired by boosting equities and risky currencies, although the effects were short-lived. US non-farm payrolls added 114,000 jobs in September, indicating a surprising growth by an average 146,000 per month in Q3, compared to 67,000 in Q2. Further to this, back revisions added another 86,000 to the July-August payrolls gains. Although the figures were much higher than predicted, gains started decelerating as the latest quarter progressed. Other detail was mostly positive in the September report. The separate household survey found 873,000 new jobs following declines earlier in Q3 for a 186,000 average monthly gain in the quarter. This was enough to push the jobless rate down from 8.1% to 7.8%, its lowest since January 2009. Encouragingly, hourly income rose 0.3% in September and hours worked were up 0.4%, implying decent earnings growth in the month. The industry detail showed factory jobs down two months running, but temps and information were the only other sectors to record (modest) payroll declines.


(SCENARIO 3: TRADING NFP AFTER THE INITIAL BREAKOUT WAVE) Always have an extra trade when the initial response to NFP is over. There is always an end to the initial move. TRADE ACTION: If the USDCHF first breaks above resistance, wait for it to stop moving up , and then when it reverses down, buy PUT on NEXT EXPIRY.

(SCENARIO 1 - USD/CHF BREAKS RESISTANCE) On the release of the news, you will see a break. Remember don’t trade before the news, that is a major risk (uneducated guess). On the break is trading with maximum momentum. In the following example, the scenario is a break upward for the USDCHF TRADE ACTION: BUY CALL ON USD/CHF NEXT EXPIRY


Why we care

The unemployment rate is the single most popularly used figure to give a snapshot of labour market conditions. In the US it is released with the widely followed and market moving US Employment Situation report, which includes changes in non-farm payrolls as well as other key indicators of the US labour market. As central banks act under intense pressure to keep unemployment under control (as well as mind inflationary pressures), high unemployment often puts downward pressure on interest rates affecting the rest of the economy. As a result, the central bank looks to bolster the economy to remedy the employment situation. More generally, unemployment is indicative of the economy’s production, private consumption, workers’ earnings and consumer sentiment. A lower unemployment rate translates into more employed individuals with paychecks, which leads to higher consumer spending, economic growth and potential inflationary pressures. Conversely, high levels of unemployment are connected with lower income, lower spending, and economic stagnation.


SCENARIO 5: GOLDEN OPTION Trading Gold is exactly the same as trading the USDCHF. Gold will be sideways until the NFP results are released.

How to Trade Unemployment

1- Trading NFP means trading the USD/CHF, Gold, or both. These markets move the best in response to the NFP. While it is true that other currency pairs also move (EUR/USD, GBP/USD), experience shows that NFP results move the USD/CHF and Gold the most because they directly impact expectations about US stimulus. Remember- Good data is Dollar Positive because it means stimulus may not be necessary. Remember- Bad data means Gold Positive, because it means more stimulus is expected. 2- Listen to the Market: It’s not the NFP data that is key-

FACT BOX: NON-FARM PAYROLLS FACT BOX: INTERNATIONAL UNEMPLOYMENT RATES WORTH KNOWING Australia 5.1% Canada 7.4% Cyprus 10.9% France 10.3% Germany 5.5% Greece 24.4% Hong Kong 3.2% Israel 7.1% Italy 10.7%

Japan 4.5% Norway 3% Russia 5.4% (was 10.6% in 2000) Portugal 15.7% Spain 25.1% Switzerland 3.1% United Kingdom 8.1% United States 7.8%


Change in the number of employed people during the previous month, excluding the farming industry; Usual Effect Actual > Forecast = Good for currency; Frequency Released monthly, usually on the first Friday after the month ends; Next Release Nov 2, 2012 Notes This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts; Why Traders Job creation is an important leading indicator of Care consumer spending, which accounts for a majority of overall economic activity; Also Called Non-Farm Payrolls, NFP, Employment Change;

October 10 - 16, 2012


INVESTMENT FOCUS What if a post-election Fed were shackled? Investors staring squarely at the U.S. fiscal cliff may well be ignoring a bigger monetary policy pitfall. Many asset managers are puzzled at the how little attention world markets seem to have paid to the U.S. Republican party’s stiff criticism of the hyper-active Federal Reserve and its successive bouts of reflationary money printing since 2008. Given the scale of support the Fed - along with the European Central Bank, Japanese and British central banks - continue to provide global asset prices, then it’s remarkable how little markets have been ruffled by next month’s tight election race. This past week’s first of three U.S. presidential debates was a starting gun for a month of intense electioneering that is at least starting to focus minds on how markets may behave around the November 6 poll. To date, most of the talk has been how quickly the next president and new congressional constellation can dodge the looming “fiscal cliff”, where $600 bln in spending cuts and expiring tax relief - some 4% of U.S. output - kicks in automatically next year without a wider budget agreement. But with such an agreement as dependent on the makeup of the House and Senate as the occupier of the White House, this budgetary uncertainty has been parked in “watch, wait and see” mode” until the election outcome becomes clearer. The running assumption is that one form of ‘gridlock’ prevails and a deal gets thrashed out in time. On balance, the polls point to incumbent Democrat Barack Obama retaking the presidency, Republicans the House, and the Senate up for grabs. But if Republican challenger Mitt Romney’s strong showing in the first debate on Wednesday night translates into opinion poll gains both nationally and in key swing states, then the prospect of a “clean sweep” for Republicans may have to be priced into mar-

kets rather quickly. That could well have profound impact on everything from the ‘fiscal cliff’ resolution and growth outlook to equity sectors like pharmaceuticals, wary of a rollback of Obama’s healthcare reforms. But upshot of sometimes bitter Republican criticism of the Fed is potentially even more disruptive for world markets.


Republicans have long argued that five years extraordinary Fed policies ultimately threaten future inflation and abet profligate spending in Washington. Romney has vowed that if elected he would not renominate Fed chief Ben Bernanke, himself a Republican, to a third term. And Romney’s running mate Paul Ryan is an even harsher critic, backing legislation that would open up the Fed’s monetarypolicy decisions to congressional scrutiny and strip the central bank of its mission to seek full employment. Given that the longevity of the Fed’s third round of asset purchases last month is tied explicitly to cutting the jobless rate, that’s a particularly controversial stance going forward. “If Mitt Romney is elected as the next president there is going to be a phase during which investors are going to be concerned that he might remove Ben Bernanke from the Fed,” said Yves Bonzon, chief investment officer at Swiss asset manager Pictet, which has over $300 bln in assets under management.

“And if that happens, if Romney is elected, you want to hedge all dollar-debasement trades. That includes gold, the S&P 500, carry trade currencies etc,” Bonzon said REINING IN THE FED A removal of long-term inflation-risk may be welcome for some but a likely attendant lurch lower in Wall Street stocks and inflation-linked Treasury securities, spikes in long-term Treasury and mortgage borrowing rates and a potentially export-sapping surge in the dollar may be too hard to swallow for any new government. The impact on international markets could arguably be larger give dollar-printing has been widely cited as buoying everything from global commodity and food prices to emerging market bonds and currencies. Curiously, Reuters latest monthly poll of fund managers worldwide showed opinion split evenly on whether a Romney or Obama win would be good for world markets. About three quarters of U.S. funds said a Romney win would be best, while a similar share of European funds said reckoned Obama’s re-election would buoy markets most. One of the reasons for market nonchalance so far is that many believe pre-election attacks on the Bernanke Fed are just bluff on the hustings. Faced with the market implications of shackling the Fed at such a sensitive time, they would like back down when in office. But unless a new administration’s stance was clarified quickly, there could be considerable speculation and uncertainty. “A clean sweep (for the Republicans) would lead to market turmoil as they quickly tried to work out the implications of a very different policy approach on a whole set of fronts,” said Andrew Milligan, head of global strategy of the multi-asset team at Standard Life Investments in Edinburgh.

Stocks lower ahead of U.S. earnings season l

World shares fall on global growth concerns

Stocks, oil and gold fell on Monday as investors took positions ahead of corporate earnings in the United States that are expected to reflect the impact of slowing global growth. Several big companies, including FedEx and Hewlett-Packard, have issued profit warnings before the earnings season which starts this week. This has unnerved investors and raised concerns as to the extent of the economic gloom. Parts of Europe are in recession, there is a slowdown in China and the U.S. economy is only in a weak recovery, prompting the world’s major central banks to ease policies last month. “I think (analysts) underestimated the extent of the global slowdown, and maybe are still underestimating it,” said Jeff Kleintop, chief market strategist at LPL Financial. The Standard & Poor’s 500 index gained 5.8% over the third quarter due to the aggressive stimulus plans by the central banks, but earnings for the period are forecast to fall 2.4% from the yearago quarter. European shares were down around 1% in morning trade on the concerns over the earnings outlook, while Asian shares outside Japan fell 0.9% although Tokyo markets were closed for a holiday. U.S. stock index futures were also pointing to a lower open on

Wall Street, with the S&P 500 futures down 0.4%. Columbus Day celebrations in United States on Monday were likely to limit trading, although stock markets are open. The weaker tone in the markets also reflected the World Bank’s decision to cuts its estimate for East Asian growth including for China, which undid some of the positive sentiment that followed Friday’s sharp drop in U.S. unemployment for September. “The big bogeyman in the closet is China and everyone is trying to guesstimate if it’s going to have a hard landing or a soft landing,” said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels. The greenback and the safe-haven yen rose after the World Bank report, but the higher-yielding Australian dollar , which is particularly sensitive to concerns about China given the countries’ close trading links, dropped to a three-month low of $1.0149. Brent crude for November delivery fell 54 cents at $111.48 a barrel, and the gold price edged down 0.1% to $1,769 an ounce. “The World Bank’s pessimistic outlook for East Asian economies and warning that China’s economic slump could deteriorate further ... had a hand in pushing prices lower,” said David Wech, head of market analysis at Vienna-based consultancy JBC Energy.

EUROPE UNCERTAINTY WEIGHS In Europe fresh data showed investor sentiment had improved for a second consecutive month in October thanks largely to the monetary easing by the central banks and Germany’s backing for a new permanent bailout fund for the European currency bloc. German export data for August also surprised by jumping 2.4% month-on-month, far outperforming expectations for a drop of 0.5% in a Reuters poll of 17 economists. However, the ongoing uncertainty over the next steps in the region’s debt crisis, coupled with the weak economic outlook weighed on the euro which was 0.5% lower at $1.2966, and down from Friday’s two-week high of $1.3072. European investors were focused on a meeting of euro zone finance ministers who will formally launch the new bailout fund, the European Stability Mechanism. They are also expected to discuss the problems facing Spain and Greece. The market was also bracing for German Chancellor Angela Merkel’s visit to Athens. Finance Minister Wolfgang Schaeuble on Sunday said that Merkel’s trip to Greece did not necessarily mean Athens would receive the next tranche of aid under its bailout.

EADS says continuing BAE merger talks with govt’s EADS is continuing “constructive talks” with governments over its proposed $45 billion merger deal with BAE Systems and remains convinced that it is an excellent deal for Europe. Tensions over the proposed supermerger spilled into the open on Friday, casting doubt on a rapidly approaching deadline as France, Britain and Germany jockeyed over the role of the state in the world’s largest aerospace and arms group. But EADS has been at pains to stress the merger proposal had not collapsed. “We are continuing our constructive talks with the governments,” the EADS spokesman said. “We remain convinced that we have made an excellent offer for Europe.” While both firms want a minimum government presence, mainly to protect BAE’s defence interests in the United States, the deal has sparked a three-way political logjam. France wants to keep a stake but will not rule out adding more, Germany wants to match France’s role to avoid being left aside by

Europe’s other main powers, and Britain wants to cap state involvement, several people familiar with the talks said. Time is running out before a UK stock market deadline of October 10 for a blueprint of the deal, which affects national security interests on both sides of the Atlantic. A French government source has said the deadline could be extended by 28 days, something the companies are so far reluctant to do in the absence of concrete progress. Senior aides to the leaders of all three countries held a video conference on Friday and “put everything on the table to see if we can go forward”, the source added. EADS and BAE denied a German report that this had resulted in deadlock and that the merger proposal had collapsed. A French parliamentary source said last week that Hollande was ready to contact Merkel on the issue but there were no immediate signs of any planned contact.

In a sign of the sensitivities surrounding the deal in Britain, 45 lawmakers from the ruling Conservative Party sent a letter to Prime Minister David Cameron on Friday to say they would only back the merger if France, Spain and Germany got rid of their stakes in the new company. “Such is the importance of the proposed EADS/BAE merger to the UK that it should be a condition of the merger being approved by HM Government that the state owned shareholdings are fully divested,” said the letter, seen by Reuters. The members of parliament said they would also need to see clear safeguards provided to protect British manufacturing and jobs before the government gives the green light to the deal. “Without such changes it seems it is EADS and its government shareholders who have everything to gain while the British armed forces, UK manufacturing and BAE have everything to lose,” the letter said.

October 10 - 16, 2012


October 10 - 16, 2012


AAR to make “competitive” TNK-BP offer to BP The billionaire quartet that owns half of TNK-BP, will make a “competitive” offer for BP’s 50% stake in the Anglo-Russian oil firm, German Khan, one of the tycoons in the group, told the Kommersant daily. An offer would raise the prospect of a bid contest between AAR and Russia’s top crude producer Rosneft, which has also expressed interest in BP’s stake in TNK-BP, Russia’s third-largest oil company. “We have to make an offer to BP before October 17, when a 90-day negotiation term expires. There is no final decision on BP’s stake valuation, but in any case it would be competitive,” Khan told the newspaper. Under a shareholder agreement, AAR has the exclusive right to make an offer by a midOctober deadline that falls 90 days after BP put

the stake up for sale. Other suitors may then seek to strike a deal, creating the prospect of a bidding contest. AAR has hired investment bank Rothschild to explore ways to fund a bid, which Khan said would be largely financed by leveraging up TNK-BP, which has low debts and is highly cash generative. Independent analysts have valued BP’s onehalf stake in TNK-BP at as much as $25 bln. “Having consolidated TNK-BP’s shares, AAR over time may consider different options, including an IPO and attracting a new strategic partner,” added Khan, who is an executive director at TNK-BP. BP, which bought its stake in TNK-BP for $7 bln in 2003, put it up for sale in June after a long-standing feud with the AAR consortium

of Soviet-born billionaires, including Khan. Although sources close to BP say they look forward to a bid contest between AAR and Rosneft, industry and banking sources in Moscow doubt it will come to that. Khan appeared to suggest that AAR would be able to work with Rosneft, headed by powerful former Deputy Prime Minister Igor Sechin, should the state oil major buy out BP. “We don’t see any problems with a partnership with Rosneft - on the contrary, we already have successful experience of working with the state company,” said Khan, who added that any partnership should be an equal one. Rosneft, which has been expanding its upstream asset base aggressively under Sechin, who is a close confidant of President Vladimir Putin, has yet to win government

backing to buy out BP. Industry and banking sources doubt the Kremlin would allow a head-to-head auction that might drive up the TNK-BP stake price, but at this stage no political signal has yet emerged on which suitor would be the preferred buyer.

Facebook IPO lawsuits to be heard in New York Dozens of lawsuits against Facebook Inc, the NASDAQ exchange and various underwriters will be centralized before a federal judge in New York, who must sort through the legal aftermath of Facebook’s botched initial public offering. A panel of federal judges ordered that cases filed around the United States be transferred to U.S. District Judge Robert Sweet in Manhattan. Facebook had requested the transfer, while some investors sought to keep their cases in California. While some of the cases concern different defendants and claims, “they do involve enough common questions of fact, related circumstances and common discovery to warrant

centralization,” the panel said. Facebook said in a statement that it was pleased with the ruling, and that it would “vigorously” defend itself. Investors say they lost money due to technical glitches on the Nasdaq stock market and accuse the company of selectively disclosing unflattering information about its business prospects to Wall Street analysts who then shared it with privileged investors. The lawsuits, which are seeking unspecified damages, could cost Facebook millions of dollars to defend as it strives to put the IPO behind it. Facebook’s stock tumbled as much as 50% after its debut at $38 per share. In at least 33 lawsuits seeking class action status, investors have asked courts to hold the

company and its underwriters responsible for causing their losses. Facebook has said that it did not violate any rules and that NASDAQ was to blame for trading glitches on the day of the offering. Grouping cases together keeps similar lawsuits from proceeding at the same time in different courts. Lawsuits against NASDAQ OMX Group Inc, which accuse the exchange of being negligent in failing to execute trades in the face of recordbreaking volume during the IPO, will also be in front of Sweet. But the exchange has already asked that their cases proceed on a separate track from the Facebook lawsuits.

Direct Line’s IPO order book covered Royal Bank of Scotland has found buyers for the full 33% stake of insurer Direct Line it is selling to stock market investors, half way into a nine-day marketing drive. RBS is selling Direct Line, Britain’s biggest motor insurer, to win EU regulatory approval for a government bailout it received during the 2008 financial crisis that left it 82% stateowned. “The book is now fully covered within the range, and to get that done three days in is pretty encouraging,” a source said, referring to the price range of 160-195 pence set last week. Direct Line would be worth 2.66 bln pounds at the mid-point of the price range, at

the lower end of the 2.5 bln to 3.5 bln pound range of market forecasts. The price range reflects volatile financial markets that have derailed some planned European flotations this year. The initial public offering, London’s biggest in a year, has faced further pressure because of investor worries about weak growth prospects in the British motor insurance industry, which is also facing an antitrust probe. “The headwinds from the current softening pricing environment, macro challenges to the home and commercial market, and margin pressure from regulatory changes ... will be

too much,” Espirito Santo analyst Joy Ferneyhough wrote in a note, valuing the company at 2.4 bln pounds. Another source said banks handling the sale had so far focused on attracting British investors, and would now turn to marketing the shares in North America and continental Europe. RBS said last month it would sell a maximum of 33% in Direct Line in the first of several share offerings aimed at disposing of the business entirely by the end of 2014. If priced at 195 pence, the insurer could raise as much as 975 mln pounds. British spread betting firm ETX Capital was

quoting a spread of 179 pence to 189 pence on Direct Line shares, up from 177 pence to 187 pence days earlier, reflecting investor expectations of a higher offer price. The spread gives investors the opportunity to bet the stock will rise above 189 pence or fall below 179 pence when it starts trading. RBS has been under political pressure to secure a good price for Direct Line to help reduce the British taxpayer’s current loss of 22 bln pounds on the 45 bln pounds the government pumped into the bank to secure its future. The shares are being offered to retail investors as well as institutions.

Lilly drug may slow memory loss in mild Alzheimer’s Eli Lilly and Co said its experimental Alzheimer’s drug led to a 34% reduction in memory decline for patients with mild symptoms over a period of 18 months, giving it potential ammunition to seek approval for the medicine that showed no benefit in more advanced stages of the disease. Shares of Eli Lilly rose as much as 5.6% on Monday, to levels not seen since April of 2008, as some investors were encouraged that the improvement could warrant consideration from the U.S. Food and Drug Administration. Lilly in August said the drug, solanezumab, did not meet the primary goal of halting progression of the memory-robbing disease in patients with mild-to-moderate symptoms in

two late-stage trials. But while many rival compounds have been relegated to the scrap heap after similar failures, Lilly indicated at the time that there were signs that solanezumab prevented cognitive decline for people at an earlier stage of the disease. On Monday, the company presented results on the drug pooled from the two large studies that focused only on those with mild Alzheimer’s. “Today’s data supports the view that solanezumab may be active in early Alzheimer’s patients but that further clinical work will likely be needed prior to FDA approval of the product,” said J.P. Morgan analyst Chris Schott, adding that any drug that slows

Alzheimer’s would have “multibillion-dollar annual sales potential.” Lilly badly needs new drugs to offset sales declines of its treatments facing generic competition. Company executives said the new data could give solanezumab a fighting chance. Dr. Ronald Petersen, director of the Mayo Clinic Alzheimer’s Disease Research Center in Rochester, Minnesota, threw out a note of caution about the drug’s prospects. “What you are seeing in the data is statistically significant,” he said. “But it’s hard to say that this is going to be meaningful clinically.” Dr. David Drachman, professor of neurology at the University of Massachusetts Medical School, questioned the significance of pooled

memory findings culled from failed studies. “The data can not be regarded as significant,” he said. “They did not prove it works.” Initial data unveiled in August created doubts about whether the Lilly drug could be approved by the FDA without large new studies. It followed disappointing results for Pfizer Inc’s and Johnson & Johnson’s bapineuzumab, which also failed in pivotal studies. Both treatments block a protein called beta amyloid that forms plaque deposits on the brain. In one of the two Lilly studies called Expedition1, mild Alzheimer’s patients experienced a 42% reduction in decline in cognitive function after 18 months of treatment, which was deemed to be highly statistically significant.

October 10 - 16, 2012


NBG offers to buy Eurobank in share swap l Proposes share swap of 58 NBG per 100 Eurobank; Could form Greece’s biggest lender National Bank of Greece made a share-swap offer to buy all of rival Eurobank and create the country’s biggest lender, the latest move in efforts to consolidate the country’s banking industry. Greek banks are under pressure to merge after suffering steep losses from the country’s debt restructuring, heavy deposit withdrawals and rising bad loans, but short of cash they have no option but to swap shares in order to merge. “We are convinced that Eurobank’s board will see the value our public offer creates and will propose the transaction to Eurobank’s shareholders,” National Bank’s chief executive, Alexandros Tourkolias, said in a statement. NBG is offering 58 new shares for every 100 shares of Eurobank. Once the share exchange is completed, NBG shareholders will own 75% of the combined entity, with Eurobank shareholders owning the rest. At current prices, NBG’s market capitalisation is 3.2 times that of Eurobank. Eurobank, advised by Barclays, Deutsche Bank and Goldman Sachs International, said in a news release that it would consider the proposed merger “in a constructive spirit.” Eurobank shareholders representing 43.6% of the bank’s stock had accepted the offer, said NBG, which is advised by Credit Suisse. NBG Chairman George Zanias and Tourkolias would keep the same posts in the combined group, NBG said. The bourse suspended trading in the shares of National Bank and Eurobank earlier on Friday following a media report

of the merger talks, which sent Eurobank’s shares up 5.5% to 1.15 euros and National’s 4.5% to 2.1 euros, to value the two at around 2.6 bln euros. “Such a deal would change the Greek banking landscape, forming a European-size player with better prospects to regain access to capital markets and money markets in particular once the crisis stabilises,” said Theodore Krintas, head of wealth management at Attica Bank. Recapitalised with 18 bln euros derived from the country’s international rescue fund, the country’s four biggest banks National, Eurobank, Alpha and Piraeus - have already begun the process of consolidation by buying up smaller rivals. Without access to interbank funding, Greek banks have relied on the European Central Bank and the Bank of Greece to relieve their liquidity squeeze. Their exposure to the Eurosystem of euro zone central banks stood at 131.6 bln euros in August. “The banking system is adjusting faster than people expected to the overall restructuring the Greek economy has to go through. A deal will have a positive market impact, showing that things are moving,” Krintas said.


A merger between NBG and Eurobank would create the biggest single bank in terms of loans, deposits and branch networks, with 109 bln euros in net loans, 89 bln in deposits, 178 bln in assets and a domestic network of 944 branches, said analyst Maria Kanellopoulou at Euroxx Securities. National Bank has already tried to merge with Alpha twice,

but Alpha has now reached a deal to buy French lender Credit Agricole’s ailing Greek unit, Emporiki, beating NBG and Eurobank which were also interested. Piraeus took over the healthy part of troubled state lender ATEbank in July and is expected to close a deal with Societe Generale soon to buy the French bank’s loss-making Greek affiliate, Geniki. A merger would need approval from the Bank of Greece and the Hellenic Financial Stability Fund (HFSF), the bank support fund that has started to recapitalise the country’s viable banks. The HFSF bank support fund is due to be allocated 25 bln euros from the next 31.5 bln euro tranche of Greece’s international bailout to carry out the banking sector’s further recapitalisation. NBG and Eurobank own 6% stakes in small state-controlled lender Hellenic Postbank (TT), which the government decided in August was not viable. TT could end up being absorbed by the combined group. Including TT in the deal could help lower the capital needs of the combined entity, meaning the HFSF would have to dish out smaller amounts, Krintas said. “The new bank that would be formed will have a very strong presence in Greece and synergies in southeastern Europe which will mean savings,” said Natasha Roumantzi, a banking analyst at Piraeus Securities. NBG has a big presence in Turkey through its subsidiary, Finansbank, and both banks also have interests in Bulgaria, Romania, Serbia and Cyprus.

Revised GDP shows recession deeper than thought

36 insurers show profit for 2011

The Greek economy shrank even more over the last five years than previously estimated, according to revised economic growth figures released by the debt-ridden country’s statistics agency. In a statement published late on Friday, the ELSTAT agency said gross domestic product (GDP) contracted by 4.9% in 2010 and 7.1% in 2011, exceeding previous estimates of 3.5% and 6.9%, respectively. The revision took account of “significant reductions ... in the consumption expenditure of households,” ELSTAT said. GDP estimates are a key parameter in assessing the sustainability of Greece’s debt under two multi-billion-euro bailouts from the EU, ECB and IMF since 2010. The economy has shrunk by about a fifth since 2008, partly due to punishing austerity measures demanded in exchange for the bailouts. The Greek government, which is negotiating new savings in order to clinch the next loan tranche, is forecasting a further economic contraction of 6.5% this year and 3.8% next.

Euro zone, IMF mull 2-year extension for bailout International lenders are considering giving Greece two more years to reach its budget deficit reduction targets, and the extra time could be financed without more money from the euro zone, Finance Minster Yannis Stournaras said. “It is now on the table by all members of the troika,” Stournaras told reporters of the 2-year extension. “All the exercises that we are doing now they assume that the programme will last up to 2016, that ... 4.5% of GDP (for the budget deficit) will be achieved in 2016 rather than in 2014,” he said. “The implicit assumption is that the programme will be extended

METKA awarded $143 mln project in Jordan METKA S.A. has been award the contract for the expansion of the SEPCO power station in Amman, Jordan, becoming the eighth country in which METKA executes power plant projects. The project concerns the engineering, procurement, construction and commissioning of a 143MW expansion to an existing power plant, by adding an Alstom combined cycle plant to the existing open cycle gas turbines. The total contract value is US$ 143 mln and 10.95 mln Jordanian Dinars. The project will be carried out within 28 months.

despite the fact that it remains extremely frontloaded,” he said. Asked whether this means that no more additional money from the EU is needed, he said: “Yes, that is my view.” Asked what the other finance ministers said on this: “We have just started discussions, there is no decision yet.” Extending the prgramme by two years would create a funding gap of about 12 bln euros, which could be covered by 8 bln euros the IMF had set aside in case of a deeper than expected recession, Stournaras said. Greece could also benefit from “substantial interest savings” as a result of lower borrowing costs of the EFSF bailout fund, he added.

Greece to pick investor for State Lotteries by end-November The Hellenic Republic Asset Development Fund (HRADF) has started the final stages of the international tender procedure for the Greek State Lotteries concession. This second phase will ask for binding offers for the exclusive right to produce, operate, circulate, promote and manage the Greek State Lotteries for a period of 12 years. HRADF expects to announce the preferred bidder by the end of November. The first phase of the tender procedure was launched on November 1, 2011 and on December 13, 2011, expressions of interest were submitted by Österreichische Lotterien Gesellschaft m.b.H; the consortium of Sisal S.p.A., Damco Energy S.A. and Damlot S.A.; and, the consortium of OPAP Investment, Lottomatica Giochi e Partecipazioni S.r.l., Intralot Lotteries and Scientific Games Global Gaming S.à.r.l.

Despite reporting extensive losses following the haircut on sovereign bonds and holdings of banks, more than half of the 66 Greek insurance companies recorded profits in 2011. In all, 36 showed profits and 30 had losses, but the extensive damage to the sector resulted in accumulative losses of 900 mln euros, according to the Association of Insurance Companies of Greece (EAEE). Leading the table is EFG Eurolife Zimion with profits of 20.08 mln, Atlnatiki Enosi (13.3 mln), Evropaiki Pisti (11.7 mln), Allianz (11.09 mln), the Cooperative Syneteristiki Asfalistiki (9.8 mln), InterLife (9.5 mln) and Interamerican Zymion (8.6 mln). The biggest losses were reported by ING Life (312.2 mln euros), Groupama Phoenix (109.2 mln), AXA (107.7 mln), ATE sfalistiki (98.7 mln) and Credit Agricole Life (80.9 mln). Cypriot-owned companies also reported mixed results. The Bank of Cyprus life insurer, Kyprou Zois had 3.7 mln in profits, Laiki Asfalistiki (944,000) and CNP Marfin Life (353,000), while general insurer Kyprou Asfalistiki recorded losses of -1.8 mln euros.

October 10 - 16, 2012







Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

Book Value Price to Per Share euro Λογιστική αξία


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



1 795 141 3 411 086 579 914 74 080 246 214 460 547 80 966

1.00 0.10 0.43 0.35 0.35 0.17 0.35

463 146 136 443 110 764 21 261 16 004 9 671 6 072 763 362

1.25 0.00035 0.78 0.76 0.52 0.24 1.68 0.75

0.21 114.29 0.24 0.38 0.13 0.09 0.04 16.48



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

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

114 320 31 652 30 150 22 750 13 828 9 794 5 076 4 428 4 275 3 710 2 579 2 400 244 962

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

0.15 0.14 0.59 0.29 0.19 0.16 0.43 0.17 1.06 0.06 0.45 0.10 0.31



36 572 98 861 158 660 110 358 99 925 39 109 15 438 141 692 50 000 10 070 108 163 288 141 1 950 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 31 344 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 8 571 101 683 43 211 78 415 14 900 46 355 424 435 9 660 87 500 22 100 382 440 3 590 297 915 33 000 36 529 66 520 32 500 12 212 20 700 9 788 75 000

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

5 852 17 795 1 587 8 829 4 996 26 594 3 396 5 668 3 000 201 5 408 2 881 137 7 314 6 261 1 388 22 018 3 793 28 544 2 096 7 290 810 6 080 6 967 627 4 760 1 922 11 000 447 956 11 462 1 799 12 036 4 996 1 971 6 101 7 778 784 149 464 29 710 773 57 750 1 768 22 946 5 421 2 979 1 650 2 192 5 322 7 475 3 175 414 196 75 000 462 926

0.88 0.49 0.02 0.49 0.02 0.73 0.80 0.49 0.12 0.42 0.39 0.07 -3.03 0.65 0.09 0.27 2.20 6.13 1.84 0.47 0.28 0.29 0.67 0.04 0.20 0.32 2.55 0.97 -0.05 0.09 3.55 0.41 0.68 0.36 0.41 0.80 0.64 0.10 0.02 0.004 0.20 0.18 1.31 0.40 0.01 3.35 0.04 0.12 0.48 1.59 2.36 0.41 0.04 0.11 0.20 0.67

0.18 0.36 0.56 0.16 2.27 0.93 0.28 0.08 0.50 0.05 0.13 0.14 -0.02 0.46 0.33 1.00 0.07 0.20 0.17 0.30 0.32 0.20 0.56 0.52 0.10 0.43 0.16 0.11 -0.43 1.28 0.10 0.25 0.87 0.22 0.56 0.08 0.28 0.10 0.43 2.50 0.35 0.44 0.50 0.20 4.88 0.45 0.25 0.42 0.13 0.05 0.10 0.64 0.50 0.18 5.08 0.56

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

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



1 767 4 363 -5 724 -1 339 -11 422 4 108 257 -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 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -501 -3 469 -1 746 -4 952 -594 -9 573 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -181 -25 -43 -330 -61 148

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

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

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

6M '11 3 010 1 038 448

6M '12 1 535 1 906 386

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

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

6M '11 840 1 121 -332 -2 979 -5 391 2 240 417 -3 664 -493 -189 -2 493 -2 739 -522 -6 805 -234 -3 125 -463 1 448 1 239 940 -210 215 -2 944 -111 -161 1 028 3 742 -940 -89 -6 279 323 276 -1 396 -173 -4 233 36 -761 -191 -419 -8 696 -426 4 281 -631 -2 464 -191 -347 234 1 094 -3 875 -787 -151 -16 -22 2 280 -35 584

6M '12 111 887 -325 -3 979 -16 719 1 457 455 -2 768 -1 487 -184 -3 871 -2 043 -665 -6 -186 -282 -2 970 -1 653 -1 778 43 597 -208 -684 -3 487 -75 -1 223 -210 -1 012 -1 393 -160 -2 674 -233 -1 095 -840 -196 -4 478 -964 -302 -140 6 -8 419 -311 2 536 -171 -2 165 -396 -372 -1 427 -1 506 -4 416 -1 074 -132 -133 -13 1 661 -71 072


2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

Earnings Per

Dividend Per

Dividend Yield

Share 2011 Cents



Share 2011 Cents

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

n/a n/a n/a 5.93 n/a n/a n/a 0.17

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

2011 373 2 334 -2 594 -2 121 -6 400 2 306 570 -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 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -438 -6 299 1 345 -3 185 -281 -2 192 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -689 11 -37 2 753 -95 416

4.45 n/a 7.31 92.86 n/a 4.59 n/a n/a n/a 4.89 n/a n/a 10.45

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

% Change


385.85 134.85 365.45

84.53 34.56 116.68

116.67 45.45 246.12

295.94 104.60 196.84

-60.58 -56.55 25.04

377.70 0.755 0.390 0.356 0.340 0.080 0.037 0.120

75.13 0.160 0.030 0.165 0.240 0.046 0.020 0.060

106.87 0.258 0.040 0.191 0.287 0.065 0.021 0.075

286.83 0.61 0.30 0.36 0.27 0.05 0.04 0.12

-62.74 -57.70 -86.53 -47.09 6.69 27.45 -43.24 -38.02

Cents -76.37 -107.02 -17.36 4.84 -2.80 -17.95 -10.68





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

Cents 5.80

% 22.31

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

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

598.05 0.260 0.440 0.165 0.130 0.049 0.730 0.131 0.540 0.095 0.106 0.021 0.050

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

-8.92 -18.50 27.54 -7.82 -22.16 -22.22 -27.00 -27.22 -14.29 -3.06 27.71 -55.32 -16.67

Cents 1.02 2.36 -1.63 -1.92 -6.40 5.90 3.69 -2.48 -15.80 -3.72 -3.64 -2.66 -205.44 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -0.68 -45.77 33.47 5.13 -9.84 -1.38 -12.74 -4.47 0.49 -2.23 -5.11 -6.19 3.11 -4.06 -1.89 -4.73 -3.98 -13.60 12.29 -3.93 -1.66 2.03 0.05 1.65 2.64 -28.71 4.85 -5.64 0.05 -0.38 3.67







7.00 1.20

10.29 5.45





653.85 0.16 0.18 0.01 0.08 0.05 0.68 0.22 0.04 0.06 0.02 0.05 0.01 0.07 0.30 0.03 0.27 0.16 1.24 0.31 0.14 0.09 0.06 0.38 0.02 0.02 0.14 0.40 0.11 0.02 0.12 0.37 0.10 0.59 0.08 0.23 0.06 0.18 0.01 0.01 0.01 0.07 0.08 0.66 0.08 0.06 1.51 0.01 0.05 0.06 0.08 0.23 0.26 0.02 0.02 1.00

738.87 0.17 0.16 0.02 0.10 0.05 0.83 0.21 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 0.03 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 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.26 0.02 0.02 1.00

-11.51 -5.88 12.50 -50.00 -20.00 0.00 -18.07 4.76 -42.86 0.00 0.00 0.00 0.00 -22.22 -3.23 -40.00 -15.63 -11.11 -61.25 -3.13 -17.65 0.00 0.00 0.00 0.00 -33.33 -6.67 -16.67 -8.33 -33.33 -14.29 -47.14 11.11 -9.23 -11.11 0.00 -25.00 -5.26 -75.00 0.00 0.00 -36.36 0.00 26.92 33.33 0.00 -6.79 0.00 -37.50 -33.33 -20.00 0.00 0.00 0.00 0.00 0.00

October 10 - 16, 2012








Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

Per Share euro Λογιστική αξία

Price to


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



0.0379 0.2721 0.0048 0.2741 0.7502 0.0174 0.0674 0.1633 0.0734 0.0320 1.0430 2.1427 0.6125 0.2500

-36.68 -57.74 316.67 -60.60 -62.94 -71.26 32.05 -69.38 -38.69 -37.50 -23.30 -6.66 -15.10 0.00

2010 58 430 56 147 49 385 44 494 200 000 282 483 14 000 56 545 11 000 20 247 2 729 2 729 1 364 13 468

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

1 402 6 457 988 4 805 55 600 1 412 1 246 2 827 495 405 2 183 5 458 709 3 367 87 355

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

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

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

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

-43 -11 771

-241 -4 682

6M '11

6M '12




81 202 128 936 15 296 5 055 391 155 157 138 7 700 25 000 11 385 47 853 72 562 60 250 2 000 21 827 42 450 61 739 189 377 67 770 296 665 54 166 70 220 629 785 38 581 124 009 60 674

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

812 12 894 11 472 202 7 823 1 571 385 16 250 228 39 239 9 433 7 833 440 218 5 519 9 261 1 894 17 620 2 967 4 875 702 6 298 386 1 240 32 157 191 718

0.1767 0.06 2.40 -1.21 -0.12 -0.20 -0.05 1.30 0.086 0.05 0.29 0.67 0.2224 0.11 0.45 0.06 -0.38 0.50 -0.27 0.28 0.000 -0.06 0.05 -0.12 0.43

-94.34 1.67 0.31 -0.03 -0.16 -0.05 -1.09 0.50 0.23 16.40 0.44 0.19 0.99 0.09 0.29 2.65 -0.03 0.52 -0.04 0.33 33.33 -0.16 -0.08 1.23

1 750 324


-214 -3 960 1 846 -1 353 232 -31 800 -335 -1 938 221 -504 -2 203 -703 -180 774 999 -2 378 -7 100 5 981 -50 257 93 -173 -50 598 -1 062 -764 -6 534 -151 910



-70 -29 288 -4 033 -79 -449

-106 -32 125 -4 345 -132 -588

-977 -75

-1 226 -57



-2 708 1 121

-2 452 888

154 191

2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

Dividend Per

Dividend Yield


Share 2011 Cents






Results Cents

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

Earnings Per

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

2012 High Low EUR EUR Aνώτατο Kατώτατο



Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

590.41 0.024 0.115 0.020 0.108 0.278 0.005 0.089 0.050 0.045 0.020 0.800 2.000 0.520 0.250

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

29.90 20.00 27.78 -33.33 -22.86 46.32 -50.00 -11.00 -50.00 12.50 0.00 0.00 0.00 -13.33 0.00

0.01 0.10 0.75 0.04 0.02 0.01 0.05 0.65 0.02 0.82 0.13 0.13 0.22 0.01 0.13 0.15 0.01 0.26 0.01 0.09 0.01 0.01 0.01 0.01 0.53

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

-9.09 15.74 -66.67 32.26 -18.75 18.18 23.81 0.00 -

% Change








-12 257

-12 535

-137 -3 801 -51 651

-322 616 -54 010

-27 -12 265 989 -1 856 -23 885 -9 100 -245 -701 35 -551 -2 754 -77 -180 87 612 -2 656 -11 700 2 076 -32 272 -328 -320 -16 501 -1 737 -60 -6 248 -119 664

-202 234

-1 673 107

-5 477 098



-0.03 -9.51 6.47 -36.72 -6.11 -5.79 -3.18 -2.80 0.31 -1.15 -3.80 -0.13 -9.00 0.40 1.44 -4.30 -6.18 3.06 -10.88 -0.61 -0.46 -2.62 -4.50 -0.05 -10.30











source: Eurivex Ltd. NAV: Net Asset Value

PAT:Profit After Tax

Bold: Final results

EPS: Earnings per Share based on existing number of shares. P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Book Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price.



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

Market Cap EUR (000) 11 830 36 855 300 000 5 513 75 000 21 834 14 280 42 062 3 400 1 611 43 624 2 552 14 683 10 010 583 254

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 5.02 4.00 1.41 1.75 1.54

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

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


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

No. of warrants (000)

Mkt Cap (00)

Exercise Period

893 24831 17606 2218

1 25 176 22 224

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

CSE Code

No. of Bonds

Exercise Price euro cents 8.67 173 20c or EUR 35c 29

Expiry Date

Latest Close

30-10-2012 30-06-2005 15-11-2013 15/11/2012

0.001 0.001 0.010 0.010


1 040

Market Cap EUR 104 000 000

Latest price EUR 100 000

Listing Date 8 Nov 2011

Latest NAV N/A

Kappasquare Ltd Nugreat Ltd Zetadynamic Ltd


17 000 23 000 9 000

1 700 000 2 300 000 900 000

100 100 100

30 Mar 2012 30 Mar 2012 30 Mar 2012


Akcern Ltd


2 001

200 100


9 May 2012


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

October 10 - 16, 2012


IMF vote reform bogged down by delays, deadlock l Deal to give emerging markets more clout delayed with the blame on the U.S. and Europe

as voting power changes are caught up in political battles ANALYSIS The politics of mathematics has deadlocked IMF discussions on shifting voting power to emerging economies such as China, as European countries dig in their heels over changes to a littleknown formula with big implications. Governance reforms in the International Monetary Fund have been years in the making. A historic deal sealed in 2010 and supposed to come into force this week in Tokyo where the IMF and World Bank are holding annual meetings - would make China the third-largest voting member and revamp the Fund’s board to reduce Western Europe’s dominance. But that has been stalled by the U.S. presidential election. Washington has effective veto power over the 2010 package. Approving it would mean putting more money into the IMF, something the Obama administration is reluctant to do before the election. The 2010 deal was part of a broader plan by the IMF to recognise within the organisation the growing economic clout of emerging economies. The next phase, which the IMF had hoped would be completed by January 2013, involves establishing a formula that would determine voting shares based on economic size, capital flows, foreign exchange reserves and other variables. Depending on the weighting, different countries benefit, which helps explain the wrangling over the maths. “The message being sent by the institution is that it is having enormous difficulty adapting its structure and functioning to the 21st Century,” Paulo Nogueira Batista, the IMF executive director for Brazil and a constituency of other Latin American and Caribbean countries, told Reuters. China, Brazil and other large emerging market economies have long contended that the IMF’s current voting setup unfairly benefits Europe and the United States, which dominated the IMF since its founding after World War Two. They argue that if the IMF expects them to contribute more both to IMF resources and to the global economy, they deserve more power within the Fund. That was the reasoning behind two sets of IMF reforms in 2008 and 2010.


Ted Truman, a senior fellow at Washington’s Peterson Institute and a former assistant Secretary of the U.S. Treasury for international affairs from 1998-2001, said IMF reforms may not be Washington’s highest priority even after the election. “One question is whether the U.S. will be able to do this as part of the lame duck exercise, which would be positive. But my sense is maybe it won’t be the highest priority of the administration and not the lowest either. “I don’t think you have to be too partisan to say if (Mitt) Romney wins... this is not going to be the highest national priority for the new administration. If Obama wins, then you are

likely to have a continuity of policy with regard to the Fund,” said Truman. Ironically, it was the United States that pressed hard for IMF quota and board reform in 2009. U.S. Treasury Secretary Timothy Geithner, himself a former IMF official, conducted shuttle diplomacy between European and emerging economies to try to reach a reform deal. David Lipton, the No. 2 official at the IMF and the highest ranking American, said the Obama administration had been clear that it would not be able to seek congressional approval for

European countries want to put more emphasis on openness, the most hotly debated of all the measurements, because it captures among many things the vast trade flows among euro zone countries. Removing the openness measure, or scaling it back, would sharply reduce Europe’s influence in the IMF and shift power to China, India and Brazil, according to an IMF report. “There is no room to compromise with nonsense. Openness makes no economic sense, it has no meaning, it is just a device to sustain over-representation of Europe and other small developed economies,” Nogueira Batista said. “I have been

more IMF funding before the November election. He said there was still time to reach a compromise on IMF governance reform and described an “emerging consensus” behind increasing the weight given to GDP to determine voting shares. “It is a complicated matter and different countries have different interests right now, but I think it would be wrong to surmise the membership doesn’t stand strongly behind modernising the governance structure of the IMF to keep up with the evolution of the global economy,” Lipton told Reuters in an interview in Tokyo. “There will be some elbow-throwing in the course of these discussions.”

in this institution long enough to know that the call for compromise is often coded language for status quo,” he added. European representatives to the IMF declined to comment. In Brussels, European officials said the U.S. delays had given them more time to hammer out a reform agreement. The January 2013 target for a reconfigured formula could be delayed until 2014, in time for the deadline of the next review of membership quotas, according to officials with knowledge of the talks. The wrangling with Europe over the formula has added to frustrations among developing countries over what they say is Europe’s resistance to giving up some of its power in the Fund. Added to that now is growing anger among many developing countries over Europe’s handling of its debt crisis, which they say risks pushing the rest of the world into another recession. Earlier this year, emerging and developing countries ponied up billions of dollars to help countries cope with the euro zone crisis and some want that reflected in the voting power shift. “The Europeans are losing ground relative to the rest of the world all the time, both in the economic and political sense,” Peterson’s Truman said. “So the very fact that many of the nonEuropean members of the Fund are annoyed with Europe for pushing the world economy to the edge of another recession doesn’t help their economic posture.”


Any change to the quota formula that gives more weight to purchasing power GDP - which measures the buying power of an economy instead of just the dollar value - would benefit China and other developing economies.

Europe “in strong position” to address crisis The United States believes Europe has taken steps in recent months that puts it in a stronger position to address its debt crisis and called on China to do its part for global growth, a senior U.S. Treasury official said on Friday. The Treasury official, speaking ahead of meetings of global finance chiefs in Tokyo this week, said a meeting of Group of Seven major economies on October 11 would focus on what more each country could do to boost growth. “Our sense is that because of the steps Europe has taken, they are in a much better position to navigate forward than they were earlier this year,” the official added.

The official said the European crisis, which has led to bailout for Greece, Ireland and Portugal, remains the strongest headwind to global growth and the most immediate challenge to the U.S. recovery. The official said there would be considerable interest during the Tokyo meeting to hear more from Europe on its crisis-prevention plan. Spain is currently considering whether it will ask for a full bailout from Europe. Euro zone finance minister will also formally launch the bloc’s permanent, 500-bln-euro bailout fund on Monday, bolstering the single currency area’s defense. The Treasury official said the establishment of the European Stability Mechanism, or ESM, would be a major step forward.

“Because of these actions, Europe is in a much better position today than it was earlier this year,” the official added. The Treasury official said it was important that improvements in Europe be coupled with support for growth in China, which the official said should boost domestic demand and ensure continued progress in making its exchange rate more flexible. The official acknowledged there had been progress by Beijing in making its currency more flexible. “We are seeing a very substantial shift in that direction. We have seen progress through the doubling of US exports and the appreciation of China’s currency against the dollar by 11% in real terms,” the official added.

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