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Issue No. 979, May 9 - 15, 2012

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FINANCIAL MIRROR, May 9 - 15, 2012

European elections signal end to market calm

COMMENT

An ungovernable slump JAMES SAFT Received wisdom on Europe’s electoral results is that the throw-the-bums-out events in France and Greece represent a vote against austerity. Here’s another possibility: it is an antireality vote. That’s not to say that policies of austerity are helpful; they are not, especially when they are, as in the euro zone, taken as a futile means to support unsustainable debts in the financial system. Rather, the elections illustrate a truth which will vex whatever policies are enacted next in all of the economies which are struggling with high amounts of total debt, be it corporate, banking, government or household. No one, no electorate, reacts well to the policies put in place during times when living standards are grinding slowly lower. Voters, just like investors, endow the things they can control, like who is in office and what they are doing, with far more power and ability to turn the course of events than they probably possess. France voted in Socialist Francois Hollande over the weekend, opting for his ‘pro-growth’ stance over Nicolas Sarkozy. In Greece all of the parties which supported the current bailout, which features a program of deep austerity for Greece, were soundly thrashed, and the electorate made its will known by voting in such a way as to make any kind of coalition difficult to form and even harder to sustain. The latest U.S. polls provide further evidence of the difficulty of governing in tough times; no sooner do the Republicans stop making a spectacle of themselves in primaries and the polls for the presidential election tighten to a dead heat. While President Obama is not advocating the kind of austerity now getting the thumbs down in Europe, he is presiding over an economy which is, as economies do when they carry too much debt, failing to thrive and to create jobs. Local elections in Britain, in which coalition partners the Conservatives and Liberal Democrats did poorly, provide further evidence. Austerity has made things in Europe worse, but that’s almost not the point. People don’t like to be governed during times when standards of living for the majority are declining. They react by voting against the prevailing policy, even though the prevailing policy is at best having an effect on the margins. That will prove to be as true for so-called policies of growth, if indeed they can be achieved, as it will be for policies of austerity. In short, it is very tough to govern during times like these. The process of debt destruction is going to take years and during that time it’s best to expect, if not political paralysis, then a series of policy lurches interspaced with periods, however short, of high uncertainty.

GOOD LUCK, INVESTORS Practically, all of this puts investors and businesses in a particularly difficult position. How do you plan for investment, be it in plant and equipment or in stocks and bonds, when it is very difficult to see where policy will be beyond the next scheduled election? Not that markets are now reacting as if that is true. While Greek shares plummeted and the price of insurance against euro zone sovereign default rose after the elections, the most interesting reaction was from developed stock markets, which were relatively calm. That’s partly because there is still in stock markets a stubborn belief that central banks will ride to the rescue if risk assets falter in a serious way. It is also, probably, because it simply takes a very long time for investors to get to grips with regime change, and the idea that there may not be for a while any sustainable regimes is a big and new idea. Even if, as some argue, higher levels of growth-oriented government spending are the right policy, it may well be that they won’t be given a sufficient chance to take effect before impatient and suffering electorates force a change of course. This is not too different from the experience of Japan in the 1990s, which did after all give reflationary policy a pretty fair chance. After years, not months, of this Japan lost its nerve in 1998 and took its foot off the gas, a decision which was followed shortly by a relapse. In the meantime, the euro zone will face a series of tests. Germany’s Angela Merkel has greeted the news from Greece and France with a prescription of more of the same. She’s called on Greece to stick to its commitments, something which may prove impossible. Citibank now puts the chances of Greece falling out of the euro at between 50 and 75% over the near term. Even Merkel, perhaps, should be hearing footsteps; weekend elections handed her Christian Democratic Union its worst showing in Schleswig-Holstein since 1950. Investors will be best served by making plans which are less dependent on stability, a forecast which argues for stepping back from risk. (James Saft is a Reuters columnist. The opinions expressed are his own)

muted effect on U.S. markets; some believe that pattern will play out again. Elections in Greece and France over the weekend have ushered in a new Ken Fisher, founder of Fisher Investments, which manages about $38 period of uncertainty for financial markets that could stand in the way of the billion in equities, said the events change little and he is sticking to his bullish easy-money rally that boosted stocks at the start of the year. view for U.S. stocks this year - a view that has been borne out, at least in the For U.S. investors, it means a return to the volatile period that dominated first quarter. the better part of last summer and fall, when fund managers scrambled to stay Fisher, like a growing number of investors, is of the view that the ahead of developments in Europe’s debt crisis. political switch could end up benefiting markets if Now, just two days after voters in Greece and France opponents of austerity can make good on their chose candidates that rejected the austerity measures ANALYSIS promises to deliver measured growth and prevent a imposed to rein in Europe’s debt crisis, markets are further slide into recession. already swinging with the shifting political tides. “We have seen this movie about 15 times, we should be ashamed of After largely taking the election results in stride on Monday, stocks and the ourselves to fall for the same movie three years in a row,” he said. “If this isn’t euro fell on Tuesday as concern heightened over whether a new government in priced in, I don’t know what is.” Greece will maintain a commitment to the country’s bailout pledges. So far, at least in Greece, uncertainty is weighing more. The Athens SE And with more votes expected in Greece and other nations, the day-to-day General Index lost 10% in just the first two days of this week, with deepening anxiety is expected to rise. uncertainty over whether Greece will avert bankruptcy and stay in the euro. “This really just prolongs the possibility of recovery because now there is Antonis Samaras, leader of the conservative New Democracy party, which going to be a political debate about what’s the best way to proceed,” said David won the biggest share of the vote on Sunday, failed within hours to cobble Joy, chief market strategist at Ameriprise Financial in Boston. together a government. Joy has cut back positions in economically sensitive stocks over the last Radical Leftist Alexis Tsipras is now trying to form a Greek government, two months as U.S. economic data showed signs of softening. Events in Europe but his threats to nationalize banks makes his chance of success slim are another reason for caution. something that would necessitate another round of elections. In Greece, a radically altered and highly fractured parliament is struggling “All these challenges in Greece and France will weigh on the euro zone to build a coalition, with fresh elections to come if it fails. and won’t really change anything until we see a long-term solution to the debt In France, Francois Hollande, a Socialist who campaigned on an anticrisis,” said Richard Batty, investment director for multi-asset investing at austerity platform, pushed out President Nicolas Sarkozy, bringing to an end a Standard Life Investments in Edinburgh, Scotland, which manages $240 bln. staunch partnership with German Chancellor Angela Merkel that has been at “So what we are doing is continuing to underweight the euro, to be the heart of Europe’s austerity drive. underweight European equities and underweight euro zone bonds including The challenge to Europe’s orthodoxy of austerity comes as Europe battles Germany.” recession and dovetails with mounting concern about the trajectory of the U.S. Waiting for election results will add tension to markets. The French will recovery and slowing growth in many emerging markets . go to the polls again in June to elect a parliament. A conservative parliament After a mixed market reaction on Monday that left European stocks higher could act as a counter balance to Hollande’s policies or could introduce a less and the euro only marginally lower, fear returned on Tuesday. The Standard & workable government. Poor’s 500 hit a two-month low, British and French benchmark equity indexes The prospect of more spending could hit European fixed income turned negative for the year, and a pan-European stock index hit a four-month securities, even Germany, where the benchmark 10-year yield hit a record low closing low. on Tuesday. A number of investors interviewed said they were reducing Risk indicators in the equity and currency options market suggest positions in euro-denominated sovereign debt and are negative on the euro increased worry. itself. Implied volatility of one-month at-the-money options in euro-dollar “The prospect of austerity being off the table combined with a perceived jumped to a more than one-month high in a sign of increased anxiety and increase in the propensity for further deficit spending is certainly not a positive concerns the euro may fall further. for trading levels in European corporate as well as sovereign debt,” said Bonnie In the stock market, the CBOE Volatility Index rose 10% to above 20 for the Baha, portfolio manager at DoubleLine, with $33 bln of assets under first time in two weeks. management. For some investors there may be a sense of deja vu after nearly three years DoubleLine does not hold any euro-denominated debt. of headlines about Europe’s debt crisis. Each successive wave had a more

Greek euro exit seen manageable, not catastrophic l

Reduced bank exposure, ECB action seen limiting damage

l

Greek bonds now largely held by ECB, smaller players

Greek voters’ rejection of pro-bailout political parties in Sunday’s election One fear haunting markets has been that if one country left the euro and has raised the chances of Greece leaving the euro but this unprecedented step was able to devalue its currency to regain competitiveness, other weaker is seen as manageable rather than catastrophic for the currency bloc. members might follow. Some banks have raised estimates of the likelihood of Athens quitting the “Our view is that Greece will not trigger such exits. In response to any euro. But after a year of investors shedding bonds issued by highly indebted escalation in market concerns euro zone policymakers and the ECB will take euro zone countries and big injections of central bank steps to preserve the remainder of the euro zone and cash, they said the damage could be contained. keep it in one piece,” Citi’s Marinov said. ANALYSIS Spanish and Italian government bonds initially sold Similar fears of contagion were raised in the year off, the euro fell and European shares slid on Monday, the first trading after the before Greece restructured its debt, imposing huge losses on private credielections. However, all these assets recovered somewhat by the end of the day tors. However, the event itself in March made few waves in global financial despite the deep uncertainty. markets. “This makes you wonder whether Greece is still a systemic threat or ORDERLY EXIT whether Greece is more of a Greek problem and a political problem for the rest That does not mean there would be no market impact. of Europe,” said Valentijn van Nieuwenhuijzen, head of strategy at ING The premium investors demand to hold peripheral debt rather than Investment Management. German benchmarks would rise and the euro would fall, analysts said, “Unless you have strong contagion into Spain and Italy, it’s unlikely to be though Marinov said it could strengthen to $1.40-$1.45 from around $1.30 really an issue that would undermine the whole euro zone.” now within 6-12 months of an orderly Greek exit. The Greek impasse, created when voters sick of austerity deprived t he two Given the political uncertainty over Greece’s future in the euro zone, main parties which back the country’s international bailout programme of a market players say it is difficult to position for a possible exit and that there parliamentary majority, h a s potentially increased the risk of it having to are few signs of investors pulling out of the common currency with this scerestructure its debts for a second time. nario in mind. “Even if I knew what I wanted to do, I’m not sure how I’d do Citi raised the probability of Greece leaving the euro area to between 50 and it,” said one bank’s London-based head of foreign exchange sales. 75% from 50% previously. Its currency strategist, Valentin Marinov, said the While markets’ focus has been primarily on Greece, some said the French bank’s economists expect it would be out within 12 to 18 months. presidential election victory of Since Greece took the first of its two bailouts in May 2010, international Socialist Francois Hollande, who banks have sharply reduced their exposure to Greek and other peripheral govhas argued against cutting deficits ernment debt. too fast and for a greater emphasis Greek debt is largely in the hands of the ECB as well as Greek domestic on growth, could be more signifibanks and speculative investors such as hedge funds which pose less of a risk cant. to the entire euro zone. “It is difficult to see a major “From that point of view, there is the possibility that Greece would be economic or financial impact comallowed to go its own way, whatever the Greek people choose that to be, and it ing from Greece having to default could be managed by the rest of Europe,” Rabobank currency strategist Jane or being forced out of the euro but Foley said. clearly the political dimension in “By putting up the ring-fences and limiting the exposure, the damage that Europe is changing and it is comGreece could do is far lessened.” ing out of France,” said Sanjay As Greece, Ireland and Portugal successively took bailouts, European instiJoshi, head of fixed income at tutions increased the firepower of their rescue fund in an effort to calm marLondon & Capital, a $3.5 bln fund kets and the European Central Bank made available 1 trln euros of cheap threethat no longer holds Greek debt. year funding.


FINANCIAL MIRROR, May 9 - 15, 2012

CYPRUS

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EDITORIAL

Will the Left bankrupt Europe? The anti-austerity wave that is sweeping across Europe could spell more trouble for the Euro zone as ignorant politicians are riding the popularity train and demanding that taxes be hiked in order to finance future growth plans. And where will the growth come from if taxpayers can no longer afford to pay more? As harsh as it may sound, Greece has gotten what it deserves – after years of cronyism and corruption, someone has to foot the bill. Even after their humiliating defeat in Sunday’s elections, the two traditional parties are acting as if they were not involved in the payoffs of the past two decades, or in placing relatives and voters in non-existent civil service positions which the ordinary workers have financed through their taxes (or whatever has been collected). Now, you have an alliance of leftist and anti-austerity parties

that want to show the finger to the EU’s paymaster Germany, not realising that they have no choice but to continue with the harsh terms and reforms imposed by the Troika before Greece disintegrates into a black hole. There is no doubt that in Greece, France and Spain, as in Cyprus, the only way out of the current crisis is growth, but this cannot come at the expense of further pressure on SMEs and employers. The Middle Class can barely afford paying more taxes, while the super-rich – some of whom are well-known financiers of the Leftist parties – will simply have to cough up more contributions, perhaps for a short period of time. Cyprus has been the slowest in the Union to implement austerity measures, which still have not reached the desired levels simply because we are ten months away from the next elections.

Unproductive civil servants are still clinging to their jobs, despite the somewhat improvements in the government machine and the efficiencies gained through selective online services. Tax collection is gradually picking up but state revenues are falling due to a negative business sentiment. Privatisations have not yet materialised, while the government is losing millions by the day simply because it refuses to license casinos and regulate the online gaming shops that have cropped up in every neighbourhood. Waiting for the next Russian or Chinese multi-billion loan will simply not solve the problem. But at least, for now, the current administration can blame everything on the former Central Bank chief Athanasios Orphanides. Maybe even the reasons that led to and the botched handling of the Mari disaster.

Natgas: 2nd licensing round starts on May 11 The second licensing round for the exploration of hydrocarbons is expected to get underway on Friday with the Trade Minister saying that “a very big number of companies” have shown interest to bid for the 12 plots in the Cyprus offshore Exclusive Economic Zone. Neoclis Sylikiotis said that official bids will be submitted as of May 11 and that bids are expected to come in from exploration and petroleum companies from the EU, the U.S., Canada and Norway, as well as from China and Russia. Perhaps the most encouraging outcome has been the interest from about 90 comapnies to buy the tender terms and the seismic

surveys, with the documents alone boosting state coffers by some 10 mln euros. As regards cooperation with Israel, either for undersea gas pipelines or for onshore liquefaction plants, Sylikiotis said he will discuss the matter during an upcoming visit in the next two months. He added that Cyprus can benefit from the import of natural gas from as early as 2016, probably from the adjacent plots within Israel’s EEZ, also developed by Texas-based Noble Energy that has already made the discovery of an average 7 trln cubic feet in the Cypriot block 12.

Steering Committee for EuroAsia Interconnector “on the right track” The working groups for the EuroAsia Interconnector energy bridge have been set up and work is already underway for the technical and financial studies to go ahead according to plan. These will be presented to the governments of Israel, Cyprus and Greece by the end of the year, the project’s Steering Committee heard at its first meeting held recently in Nicosia. The key objective of the meeting was to define the key areas of the feasibility study and its implementation. Present at the meeting, were senior executives from Israel Electric Corporation (I.E.C.), the Electricity Authority of Cyprus (EAC), DEHQuantum Energy, the Independent Power Transmission Operator of Greece, the Transmission System Operator of Cyprus, and the University of Cyprus. DEH-Quantum chairman Nasos Ktorides highlighted the endeavour as a work of life that fosters a feeling of security and freedom of choices between the people of the three countries. The representatives of the power utilities of Israel, Greece and Cyprus presented the potentials of the electricity power stations of their countries, provided information on energy production and described the national electricity transmission networks. During the presentation, it was confirmed that the networks of the three countries have the required technical compatibility to be interconnected for the transmission of electricity. After that, the Steering Committee discussed technical matters concerning the project, such as the installation, technology and routing of the undersea cable, as well as organisational issues, such as the structure of the feasibility study, the creation of working teams.

Prof Markou elected to Wayne State senate Professor Kypros Markou has been elected to a three-year term as member-at-large on the Academic Senate of Wayne State University of Michigan. His term will run from August 17, 2012 to August 2015. Cypriot-born Prof Markou has been conducting the Wayne State University Orchestra which has recently performed “Scheherazade” by Rimsky-Korsakov at the Max M. Fisher Music Center in Detroit.

The Business Development Director of DEH-Quantum Energy, George Killas, presented the key objectives to be considered and studied by the working groups, regarding the routing and installation of the submarine cable, as well as the proposed cable technology that could be used for project. The Steering Committee decided to complete the studies by the end of the year, and present these to the three governments and their responsible authorities for approval. The next meeting of the Steering Committee is expected to be held in mid-June in Israel.

HICP inflation rises to 3.6% in April The EU-harmonised consumer price inflation rate rose to 3.6% in April, from 3.5% in March. Meanwhile, the nationally based consumer price index fell to 3.1% from 3.4% in March 2012 and 3.3% in April 2011. Compared with the previous month, the consumer price index increased by 0.88%. The Statistical Service said this was owing to increases in the prices of certain clothing and footwear items, electricity and petroleum products. Decreases were recorded in the prices of certain fresh vegetables and fresh lamb. For the period January-April 2012, the CPI rose by 3.2% compared with the first four months of 2011. Eurostat has changed the rules on weighting for the harmonised index, which will now be based on national accounts data, rather than the household budget survey. The main change will be a bigger weight for accommodation services.

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CAIR says Canada’s Triple Five eyes stake Canadian conglomerate Triple Five is interested in acquiring a majority stake in Cyprus Airways, the airline said on Tuesday. The Canadian group, headed by the Iranian-Jewish Ghermezian family, had expressed its intention in a letter sent to the airline on May 4, Cyprus Airways said in a statement. The group had requested data on its financial situation and its activities, the carrier said. “Triple Five informed the company that it would make its final decision on the issue after assessing this data,” Cyprus Airways said. The loss-making carrier had said in February it planned a 45 mln euro capital raising, while authorities have said they would consider the sale of up to a majority stake in the airline. The state owns 69%.

Cyprus to host STEP conference for first time The Society of Trust and Estate Practitioners (STEP) is holding its annual STEP Conference in Limassol this week, the first time the event is being held in Cyprus. The conference, sponsored by Laiki Bank, will take place on May 1011 at the Le Meridien Limassol with the participation of more than 250 delegates from Cyprus and abroad. Peter G Economides, STEP Cyprus Chairman will welcome the speakers and the event will be opened by President Demetris Christofias with an address by the Minister of Finance, Vasos Shiarly. The opening speeches will be followed by the first official international presentation of the recently passed Amendment to the Cyprus International Trust Law 2012. The conference is a move that further consolidates the island’s position in the Trust Services world map. STEP was founded in 1991 in the U.K. and today is the leading worldwide professional body for practitioners in the fields of trusts, estates and related issues. STEP has more than 17,000 members in 66 countries. The Cyprus branch of STEP was established in 2003 and local membership exceeds 183 professionals.


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CYPRUS

FINANCIAL MIRROR, May 9 - 15, 2012

A Greece-Cyprus break-up is the best option for Popular Bank FIONA MULLEN

l State

ownership risks leaving too many skeletons in the cupboard

I hope that it is not already too late to say this, but shareholders of the Cyprus Popular Bank/Laiki, formerly Marfin Popular Bank, should be praying that the bank gets EU and IMF permission to split it into a “good” Cypriot bank and a “bad” Greek bank, rather than going down the more wobbly route of state ownership. There are several reasons to suspect that state ownership will only increase the risk of sweeping problems under the carpet, leading to another capital or government debt crisis down the line.

for analysts. There are also other issues. Take the press release announcing the results for the third quarter of 2011. The first bullet point declared that the bank had made a net profit, whereas the last bullet point came clean and said that “after one-off extraordinary items, the Group registered a net loss of €86.0 million”. Things have got a little better under the new chairman, Michalis Sarris. The bank took the iniative to invite a number of economists, including most of the members of the Financial Mirror economist panel, to hear the preliminary results on February 29.

Business will pay for a debt/GDP ratio over 80%

Still need more transparency at Laiki

First, at the level of principle, the debt for share idea is just a eurozone version of printing money. By issuing bonds in order to buy Laiki shares, the government will be “borrowing from Peter” (the bank) “to pay Paul” (the same bank). The global financial crisis has taught us that there is no such thing as free money. The people who will pay the price for this money-printing will be Cypriot businesses. Buying Laiki with what could be as much as EUR 2.2 bln in debt (see below) will raise the government debt/GDP ratio to over 80% of GDP from 71.6% of GDP in 2011. Not only will this attract unwelcome attention from the rating agencies, it will also raise annual debt-servicing costs, which will push up the budget deficit and make it even more likely that the EU will wade in and force the government to cut back on spending or raise taxes.

Will the government be able to repay a EUR 2+ bln Laiki bond? Another problem with the bond-for-share swap is that it assumes that the government, which does not even have the funds to repay around EUR 2.4 bln falling due in 2013 without a Chinese/Russian/EU bailout, will have the money to repay the EUR 2+ bln it borrowed from Laiki in several years’ time. This, in turn, assumes that the government will run the bank well enough to see the bank’s market capitalisation rise from less than EUR 350 mln today to several billion in a few years’ time, so that it can sell its majority stake and pay back the bond with the profit. There are reasons to doubt that the government will achieve this. Whatever your political hue, it has to be said that the current government has not exactly proven itself to spot economic problems early on and deal with them. Only under pressure from the rating agencies we all love to hate did it finally realise that we had a serious fiscal problem and start doing something to address it.

Government could stick its head in the sand (again) But as the statements from the outgoing Central Bank Governor, Athanasios Orphanides, attest, when it comes to the banks, the government still has a tendency to put party political interests above the wider economic interests of the country. Not consulting your central bank when the implications of the Greek debt write-off for your own banks were so severe was plain silly, even if Germany would never have agreed to Orphanides’ preference for direct European Central Bank (ECB) lending to banks. Having stuck its head in the sand with the fiscal situation and the Greek debt write-off, the risk is that the government will do this again with Laiki, a bank which itself has not had the best record of disclosure in the past. It’s not just the 1990s-style investor relations website—much more difficult to navigate than that of Bank of Cyprus—that makes the bank look like it has yet to understand the importance of making things clear

But there is still a tendency to hide problems. In its preliminary financial statement, Laiki (and, it has to be said, Bank of Cyprus) chose to assume that the Greek debt write-off would be only 60% of nominal value. Yet the international media at the time were already talking of a write-off of up to 75%. Laiki’s excuse was that it depended on the accounting treatment, which was not yet certain. This is true. But Hellenic Bank (with a lot less Greek debt in the first place) took a more precautionary line, writing off 70%. Then came the audited results, where you will not find a single sentence telling you exactly what the current Tier 1 or Core Tier capital ratios or levels are. In June 2011 this was all made transparent. I am not an accountant, but if the EUR 2.47 bln authorised share capital as declared by the bank is the same thing as equity capital as defined by Basel, and if the minus EUR 3.1 bln reserves in the balance sheet are the same as disclosed reserves as defined by Basel, then it looks like the Core Tier 1 ratio is not even zero. Based on the risk weighted assets inferred from the bank’s statements and presentation for June 2011 (which admittedly have probably changed since), it implies that Laiki might have to find around EUR 2.2 bln to meet the European Banking Authority (EBA) diktat of a Core Tier 1 capital ratio of 9%, or perhaps more, if its capital is actually negative. Another worrying development is that ever since I innocently analysed the impact of a 50% haircut on the banks for this newspaper in April 2011, which apparently upset rather a lot of bankers, it has been harder and harder to replicate the data, as more and more pieces of information have disappeared from the investor presentations and the published accounts. (Even that Q3 “profit” press release is mysteriously missing from the website). Laiki is not the only one guilty of this, but it again points to a bank or an entire banking system that has yet to come to terms with its problems.

Another skeleton in the cupboard? The reason why this could be serious is because of another possible skeleton lurking in Laiki’s cupboard, namely its loans to Marfin Investment Group (MIG), whose chairman is the former chairman of Marfin Popular Bank, Andreas Vgenopoulos. As of December 31, the group had given advances to Marfin Investment Group Holdings amounting to EUR 670 mln. These loans are collateralised with “real estate mortgages, blocked deposits, pledging of company shares (listed and not listed in stock exchanges), invoices and [believe or or not] company cars.” The shares of Marfin Investment Group Holdings have not been pledged as collateral for these loans. Another 102 million shares and 2 million bonds—of unstated value—have “been pledged in benefit of the Group as collateral for customer facilities”. Now, EUR 670 mln does not sound like much when total advances to customers are EUR 24.8 bln. But this loan constitutes enough of a risk to warrant a special mention because it is a concentration of loans to “a single borrower or group or related borrowers” that exceed 10% of the bank’s regulatory capital. Then there is the rest of the EUR 11.8 bln advances to customers in

Greece. After specialist advice, Laiki has already taken a goodwill impairment for Greek loans of EUR 1.2 bln for the whole year. This is a good start, and hopefully a sign of more self-honesty to come. But one worries whether this process will continue if the bank is owned by the government. We know from the row with the central bank that MIG’s chairman is supported by Akel. Add to that the rumours that Akel has already put its own technocrats in charge of the central bank even before the new Akel-friendly governor, Panicos Demetriades, takes over and you can see why I am worried that the MIG loan and perhaps other problems with the group’s Greek operations might not be dealt with properly if the bank is owned by the state. You might retort that Akel’s days are numbered. But to pardon the pun, don’t bank on it. For reasons that would have nothing to do with our economic health, the Democratic Party (Diko) might well install another Akel president, even if it might not be Demetris Christofias. This is why a break-up into a bad Greek bank and a humbler Cyprusbased bank is the better option. Precisely because it will mean strict oversight by the IMF and the European Central Bank (ECB), it will involve a proper clear-out of bad Greek assets. By hiving off the bad bank, we can draw a line under the “Greek contagion” problem and hopefully improve our credit ratings. Laiki will be able to concentrate on its more profitable Cypriot business. Net interest income from Cypriot operations in 2011 rose by 29.5% according to the preliminary financial statement, compared with 12.6% for the group as a whole, according to the final statement. This will allow the bank to lend more to Cypriot business, supporting growth in the economy, which in turn will help property prices recover and ensure that we don’t have to deal with another potential asset problem, namely a bad property-based loan book if property prices keep going south. Fiona Mullen is Director of Sapienta Economics Ltd and a regular contributor to the Financial Mirror.

Marfin boss wants Black Rock to assess Cyprus banking Andreas Vgenopoulos, the biggest shareholder in the second largest bank in Cyprus, wants the investment management company and the world’s leading asset manager, Black Rock Inc., to assess the banking sector on the island before investing any more of his own money into the troubled sector. Vgenopoulos, speaking to reporters for nearly 90 minutes, said that he was “not willing to participate in the current recapitalisation efforts” of the Cyprus Popular Bank which has been bleeding profits over its extensive exposure to government bonds and private debt in Greece. The bank needs to find more than 1 bln euros in fresh capital by a midyear deadline, but a senior source in Popular Bank told Reuters last month that it wants to be considered eligible for cash that will be disbursed to Greek banks under that country’s bailout programme. Vgenopoulos suggested that Popular and the Central Bank of Cyprus were colluding in order

to secure a state-sponsored bailout if the recapitalisation plan fails. Controlling a near-28% stake in Popular through his own Marfin Investment Group and Dubai Financial, he seemed determined to push for an intervention by Black Rock that will give a clear picture of the investment portfolios and non-performing loans and help Cyprus banks regain their credibility. “I am the biggest investor in Cyprus, having pumped 3.2 bln euros through the three-way merger (of Popular with Greece’s Marfin and Egnatia banks) in March 2011 and my investments have diminished significantly. I don’t see why some people are apposed to Black Rock assessing the Cyprus banking sector,” he said. Vgenopoulos used half the time of the media briefing to attack former centralbanker Athanasios Orphanides, who, he said, was acting as if in concert with the main opposition party and who had failed from 2008 to accept

a radical reform of the banking sector that would have allowed for greater investments and expansion overseas. As a result, Vgenopoulos said, the then Marfin Popular Bank, was obliged to invest in Greek sovereign debt. “I thought we should have left Cyprus [as a base for Marfin Popular] at the time and I have regretted we didn’t,” he said. Vgenopoulos said that resorting to the EFSF stability fund was “not realistic” , but believed that reviving an old proposal to merge the island’s two banks – Popular and the Bank of Cyprus – would generate synergies of some 2 bln euros over five years. The latest central bank data showed that the two banks controlled just over 44% of all deposits and 40% of all loans on the island. Bank of Cyprus recently raised nearly 600 mln euros from a rights issue and convertible bonds and hopes to collect 400 mln more in order to secure a solvency cushion imposed by the European Banking Authority.


FINANCIAL MIRROR, May 9 - 15, 2012

CYPRUS

Six Conditions for Growth and Deleveraging DR. JIM LEONTIADES Cyprus International Institute of Management Too much borrowing. That is the common root of much of the current financial crisis. If growth is to be resumed in the Euro-zone, many citizens, businesses and governments will have to reduce the proportion of their borrowed funds, to deleverage. The McKinsey Global Institute, an arm of the well known McKinsey consulting firm was established in 1990 to study the evolving global economy. MGI’s latest report, Debt and Deleveraging: Uneven progress on the path to growth, studies ten of the world’s largest mature economies to see “where they stand” in the deleveraging process. Special attention is given to the experience of Sweden and Finland, both of which successfully deleveraged in the 1990s. The report ends with a summary of six conditions it finds are useful indicators of deleveraging. It concludes that, without these, “growth and public sector deleveraging are unlikely.” 1. The first condition is a stable banking system. In Finland and Sweden, which have successfully gone through this process, the government intervened. Banks were recapitalised and some nationalised. Special institutions were set up to manage bad loans. Our banking system in Cyprus is in the depths of probably the worst crisis since 1974, largely due to unprecedented losses suffered from the Greek default on its sovereign debt. This has drained bank equity reserves just when new, higher reserve requirements have been imposed by bank regulators. This double blow comes on top of a depressed national economy and a general scarcity of capital. Cypriot banks are in the midst of a drastic deleveraging process, raising new equity, restricting loans, cutting dividends and selling assets. The end is not yet in sight. 2. A credible plan for long term fiscal responsibility. MGI finds that although a plan for long term fiscal sustainability is essential, moving too soon and too aggressively to cut government spending can be counterproductive, slowing down a potential recovery (Angela Merkel, please note). Cyprus cannot be accused of moving too fast and too aggressively to reduce its deficit. Quite the contrary. Steps in this direction have been too slow and too modest. According to Eurostat data, Cyprus was one of the few countries in the European Union whose deficit actually increased (from 5.3% to 6.3%) between 2010 and 2011. 3. Structural reforms should be in place. Sweden and Finland enacted reforms to raise productivity and to stimulate growth in retail and banking. They also joined the EU during this period. Japan did not and entered into a 15 year recession whose end may not yet be in sight.

The largest Cypriot private sector (financial) is undergoing a far reaching and painful restructuring. Reform of the public sector is the most obvious structural change needed in Cyprus. Whereas many public sector workers in Greece have seen their wages reduced by 25% and many such workers have lost their job entirely, public sector changes in Cyprus have so far been minor and temporary. 4. Rising exports have long been a recipe for exiting a recession. Finnish and Swedish exports grew rapidly, thanks in part to their membership in the European Union (although neither was in the Euro zone at that time). Unlike Finland and Sweden then, the Euro zone countries today are not able to lower their exchange rate as a means of stimulating exports. In Cyprus, our main export is tourism, the export of services and our main source of foreign exchange. Our performance here has yet to exceed the arrivals figure of 2.7 mln tourists which Cyprus enjoyed in 2001. There has been a modest 10-11% improvement recently largely due to tourists diverted because of civil unrest in the “Arab Spring” countries. 5. A revival of private investment is another sign of successful deleveraging. The crisis in Cyprus has been accompanied by a steep drop in the establishment of new companies. In the 2008-2011 period annual new company registrations have dropped by 20%, from 24,596 to 19,509. Hopefully, new efforts to attract Chinese investment and offshore drilling will reverse this trend but this remains a hope. 6. A stabilised housing market and a rebound in construction are important. Housing not only provides jobs in construction, it also drives sales of the many durable goods required to furnish new homes. Cyprus, along with Spain, has yet to experience the hoped-for rebound in this sector. Moreover, house prices here have not experienced the same rate of decline as in some other countries. House prices in Cyprus have dropped at an annual rate of 5% between the second quarter of 2010 and the same quarter in 2011. Spain’s house prices fell 11% just in the final quarter of 2011. Deleveraging here has still some way to go.

CONCLUSION Cyprus, along with most other countries of the Euro zone, has not yet completed its deleveraging process. How long this will take is not something many economists agree on. Perhaps more important is the question of strategy. Is the current focus on austerity likely to bring about the desired result? There is no doubt that deleveraging has become necessary but the timing and method with which it is carried out can make all the difference between success and failure.

Orphanides: EU, Cyprus leaders to blame for crisis, Greek haircut “was wrong” The only regret that outgoing central bank chief Athanasios Orphanides had during his five year term that ended last Wednesday was that he could not convince the president of Cyprus and his advisors of the worsening economic situation from 2008 to 2011 and the need for corrective measures. Speaking during a press briefing to present the central bank’s report for 2011, Orphanides said that the situation was critical for Cyprus, but that close cooperation with the last two finance ministers was producing results. Prior to that, Orphanides had a tense relationship with former finance ministers, the president and the ruling communist party Akel. “It is imperative to increase and intensify the reforms,” in order to tackle the worsening public finances, he said, which was the main reason that Cyprus was shut out of the capital markets a year ago. Responding to comments by President Demetris Christofias that he was to blame for the economic crisis and for not preventing Cypriot banks’ exposure to Greek government bonds, Orphanides tried to put an end to the public tit-for-tat by saying that “when we are facing a problem, we should try to resolve that problem,” and not find someone to blame. However, he was critical of all the European Union leaders, including Cyprus’ Christofias, who initially wanted a “less than 21%” haircut of Greek debt last July, but raised the writedowns to 50% in October, “which in reality meant a 75-80% haircut”. “This was a political decision to which I was opposed,” Orphanides

said, explaining that the haircut caused great losses to the Cypriot banks, which he believed were aptly capitalised before the haircut in order to overcome the crisis. “It [the haircut] was not done the right way and many mistakes were made on how this decision was taken,” he said, Earlier last week, the career centralbanker told MPs in his final parliamentary briefing, that he was ignored by the president and disagreed with a Greek debt writedown which inflicted massive losses on bond holding Cypriot banks, forcing a rush to recapitalise them by a mid-year deadline. He also said he had faced repeated challenges to his authority as an independent official. Repeated attempts to convey this view to President Christofias failed, he said. Highlighting his own lack of communication, he said his counterparts at the ECB were in ‘daily contact’ with their national leaders. Asked what he would have done differently to what Christofias actually did, Orphanides replied: “The minimum I would have demanded to agree with the haircut - and every country has the right to protect itself - is that banks have the ability to draw support from the EFSF, instead of through the state.” “It is with great sadness that I have to say the president never asked for my view, and I had repeatedly asked for meetings with him,” he said. He was succeeded by Panicos Demetriades, a professor of financial economics at the University of Leicester in Britain.

5

Special Investigation Commission for the Cyprus Banking Crisis STAVROS A. ZENIOS Cyprus society lost four billion euros as a result of bank investments in Greek government bonds. This is a conservative estimate. Losses are expected to be much higher from defaults of private and corporate loans. Assuming that the 20% default rate estimated by BlackRock apply to Cypriot banks operating in Greece, then we are losing today about a quarter of our gross domestic product. Even Greek banks lost less as a proportion of the country’s GDP. It is not easy to lose so much money! Many things must have gone wrong simultaneously. The question raised is “What went wrong?” We urgently need a well-documented answer to this question not only for the sake of transparency, but also in order to decide what it is that we can improve to find our way out of the crisis and –most importantly—to avoid similar disasters in the future. An investigation into the crisis is not for the settling of personal or political accounts. We are already witnessing the pass-the-blame game. The President did not renew the appointment of the Governor of the Central Bank blaming him for the problem, the outgoing Governor talked about interference from the President’s office in the discharge of his duties, and the heat is turned on when the political parties take sides. Exchanges of unsubstantiated accusations never solve any real problem. On the contrary, they fester a confusing and confrontational environment that keeps us in the dark. International experiences from similar crises, and available information for our own banking system, point to a series of factors that could have contributed to the making of the crisis: 1. Mistakes from the management of the banks and/or profit maximisation decisions that are —or are border case — criminal. 2. Negligence or inability of the Boards of Directors of the banks in discharging their duties. 3. Negligence of the Central Bank in fulfilling its supervisory role using all available supervisory instruments. 4. Inadequacy of the supervisory framework that restricted the Central Bank from exercising effective supervision. 5. Negligence of the Government when taking political decisions at the European level for handling the Greek debt crisis. 6. Adverse side effects on the banking system from government fiscal policy. It is said that complex systems fail in complex ways, and this is certainly true in the current crisis. We must look into banking corporate governance and supervisory practices, the methods and systems of risk management by banks, the reflexivity between the banking system and the financial strength of the Government. “Looting for profit” is a phenomenon that described many failures of financial institutions internationally and may apply to some Cypriot banks too. And of course issues are raised about (il)legal practices and on what are considered ex ante reasonable management policies from commercial and central banks. That is, whether under the circumstances those in charge were following well accepted international professional norms in performing their duties. To fully understand what happened and to avoid similar traps in the future we need careful and scientific investigation. This must by carried out by an independent Special Investigation Commission for the Cyprus Banking Crisis. The Commission members should be well established experts of international expertise and repute. The Commission must be set up by Parliament to have legitimacy. If there is no legal framework for doing so, Parliament should create it through legislation. The problem we face is so big and its nature so unique, that if special legislation is needed Parliament should not hesitate to legislate. The Parliament of Iceland set high standards in 2008. There are many other experiences from which we can draw lessons. Let us not ignore them Akerlof, G., & Romer, P. Looting: The Economic Underworld of Bankruptcy for Profit, Brookings Papers on Economic Activity, 2:1-73, 1993.

Report of the Special Investigation Commission (SIC), Althingi, Iceland, 2010, http://sic.althingi.is/ Stavros A. Zenios is professor of finance and management science at the University of Cyprus and Senior Fellow at the Wharton Financial Institutions Center, University of Pennsylania, USA.

HB, Coops win deposit shares, “others” gain in loans and deposits The March Banking System monthly report of the Central Bank of Cyprus shows that the island’s two leading banks, Bank of Cyprus and Laiki, have lost market share as regards deposits and loans. The report shows that Hellenic, the Coops and Greek subsidiary EFG Eurobank gained marginal

shares, as did the “other” banks, that include Russian institutions, probably because of attractive rates for large deposits. On the other hand, almost all banks lost shares when it came to loans, again with the exception of “other” banks that most probably offer more favourable rates.


6

COMMENT

The deeper meaning of Lieberman’s visit to Cyprus By Dr. Andrestinos N. Papadopoulos, Ambassador a.h. The recent visit (16-18 April 2012) of Israel’s Foreign Minister, Avigdor Lieberman has two aspects. The one covers the negotiations on a variety of issues which contributed to the further enhancement of the Cyprus-Israeli relations. The other, far more important, is the geostrategic aspect of these relations, which is better understood, if we keep in mind that Cyprus is viewed by Israel as its bridge towards Europe. Far-sighted politician as he is, the President of Israel Shimon Peres perceived it already since 1994. At the time, the then Foreign Minister of Cyprus Alecos Michaelides was trying to secure from the EU a date for the start of accession negotiations. The assistance of Shimon Peres was prompt and immediate. Believing that he was promoting Israel’s strategic interests, he phoned decision-makers in Europe and the United States to support Cyprus’ request. This action, phone calls made by Richard Holbrooke to London, Paris and Bonn, as well as the decision of the Greek Government to waive its veto against Turkey’s customs union with the EU resulted in the decision of the Council, dated March 6, 1995 to fix the date for the start of accession negotiations between Cyprus and the EU six months after the end of the Inter-governmental Conference. This strategic viewpoint of the importance of Cyprus for the interests of Israel was espoused by Avigdor Lieberman who became the protagonist of closer relations between Cyprus and Israel. His frequent visits to Cyprus testify to this fact. In accordance with what is known as “Lieberman doctrine” the Israeli politician advocates a strong Israel in the Mediterranean and Africa with a special relationship with Cyprus, Greece and the Balkans. In this respect, it is noteworthy to mention that Lieberman and Markoulli discussed a proposal to set up a regional crisis handling force to deal at this stage with floods, earthquakes, and fires, which will involve Cyprus, Israel, Greece, Bulgaria and Romania. Describing Lieberman as a “true friend”, the President of the Democratic Rally, Nicos Anastassiades characterised, after their meeting, the co-operation between Israel, Cyprus and Greece as a perfectly natural development which will significantly contribute to enhancing Europe’s interest in the region as a energy source. As a matter of fact, the heavenly-sent present of natural gas and hydrocarbons of our region brought Cyprus and Israel closer. The negotiations on the shared development and exploitation of hydrocarbon reservoirs in the cross median line are in their final stage and soon is expected the signing of the relevant agreement. The agenda, apart the energy issues, included water management, double taxation and protection of investment. These two issues will be discussed in detail during the forthcoming visit of the Israeli Finance Minister to Nicosia. In October 2010, we have tried to answer the question whether there is a triangle Athens-Nicosia-Tel Aviv. At the time the conclusion of our analysis was that it is a matter of interpretation of the data (deterioration of the relations between Turkey and Israel – deepening of the relations of Israel with Greece and Cyprus). Today, if we take into account the visits of the President and Prime Minister of Israel to Cyprus, as well as the statement by the Foreign Minister Avigdor Lieberman that Cyprus-Israel relations were at their best stage ever, we venture to say that this triangle is a natum nascendi and is gaining momentum.

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FINANCIAL MIRROR, May 9 - 15, 2012

Europe’s Opportunity in Hollande MARTIN SCHULZ BRUSSELS – Rarely has an election resonated so widely across the European Union as the French presidential ballot has done. Rarely has a leadership change in one EU member state created expectations of a real policy shift. Remarkably, a new European demos and public sphere are emerging from the economic crisis. Europeans are recognizing how interdependent they are. One country’s failures can threaten the entire European economy, and can call into question the fruits of 60 years of integration. Peace, solidarity, and prosperity are not irreversible achievements; only 27 countries working together can guarantee them. François Hollande’s victory is a fresh chance for Europe. It should spell the end of a policy oriented exclusively towards austerity, which has paralyzed our economies and divided the EU. The new French president’s commitment to a European growth policy has brought hope to citizens, and should not alarm anyone – certainly not the financial markets. Hollande’s plans for a growth initiative fall on fertile ground, especially in the European Parliament, which has repeatedly called for such measures. I am delighted that this message is increasingly echoed by the political mainstream, including most recently by European Central Bank President Mario Draghi. Likewise, the European Commission is working on a “growth pact” to be discussed by EU leaders in June. Indeed, Europe needs a master plan to avoid a tailspin of recession, growing unemployment, and weakening banking systems. A new master plan for growth would not be about printing money. Fiscal discipline remains essential, as are deep structural reforms. The growth pact can be properly financed by new sources of revenue, such as a financial-transaction tax and joint project bonds for infrastructure investment, or by curbing tax evasion and tax fraud and eliminating tax havens, as well as by more efficient and intelligent use of structural funds. What is to be done? First, targeted investment should be given priority. The European Investment Bank would be a good vehicle – in addition to new project bonds – to boost spending on major infrastructure projects (for example, in the energy sector). The EIB could be given significantly more resources to boost its loan programs. In the longer-term, we should revisit the idea of joint Eurobonds. Channeling EU structural funds towards innovation is essential, given that spending on research and development is alarmingly low compared to our global partners. Fundamental reform of the Common Agricultural Policy should not remain a taboo. Indeed, the CAP is ensuring neither sustainable agriculture nor decent incomes for all farmers. Undoubtedly,

tough negotiations lie ahead on this front, including with Hollande. Second, young people must be a top priority. Our responsibility here is twofold: to put growth back on track, but also to respond immediately to the human tragedy that has hit our youth. The eurozone’s unemployment rate, at 10.9%, is at its highest level since the euro was introduced, and young people everywhere, as the first to suffer the consequences of the crisis, are paying a disproportionally high price. Youth unemployment in Spain, for example, is above 50%. We cannot afford to sacrifice a generation, or, rather, risk creating a lost generation that could destroy Europe’s social fabric and stability. We need an immediate contingency plan: invest to finance job training, improve educational opportunities, and, crucially, create incentives for employers to hire young people. The ECB has been offering long-term loans to banks at a favorable rate. This money should be loaned out to small and medium-size enterprises, which are the lifeblood of Europe’s economy. The EU also needs common initiatives to replace piece-meal bilateral agreements on tax evasion and tax havens, which undermine the goal of a fair society. Third, member states should not cut the EU budget indiscriminately during negotiations on the Union’s long-term spending plan for 20142020. If we are serious about a master plan for growth, we need to provide the necessary means. The EU budget is an investment vehicle that boosts economic growth and creates jobs. It finances crucial pan-EU transport and energy links. It helps to foster innovation and boost research and development. The EU budget leverages investment, allows for economies of scale, and cannot run a deficit. The EU’s lack of solidarity, imagination, courage, unity, and vision in recent years has made Europe a symbol of division for some, if not many. We cannot let this continue. Hollande’s election offers us a valuable opportunity to meet the challenges that the EU faces. Alternatively, we can allow growing poverty, fear, and anger to give rise to xenophobia and racism, and thus place at risk the EU’s greatest accomplishments. But let us be optimistic. It is not too late. Europe can still emerge stronger from its current economic woes. The EU is changing direction at last, and Europe’s leaders will find an energetic partner in the European Parliament. Martin Schulz is President of the European Parliament. © Project Syndicate, 2012. www.project-syndicate.org

France and the Netherlands Strike Back JEAN PISANI-FERRY BRUSSELS – In 2005, France and the Netherlands both voted no to a constitutional treaty for the European Union, derailing years of integration efforts. They seem to be poised to disrupt Europe once again. On April 21, the Dutch coalition government collapsed, after right-wing populist Geert Wilders refused to endorse the spending cuts needed to limit the budget deficit to 3% of GDP. The next day, candidates who advocated backtracking on European integration captured one-third of the vote in the first round of the French presidential election. On May 6, France is expected to turn left and elect François Hollande, who questions the EU’s German-inspired fiscal compact, agreed last December, and has called for Europe to emphasize growth. These are the first skirmishes in a highly significant debate for Europe. The debate revolves around two major issues: austerity and integration. Start with austerity. The question here is not whether deficits should be reduced. They must be, given the dire state of European public finances, and also because the countries whose competitiveness deteriorated during the first decade of monetary union must tighten fiscal policy in order to deliver the necessary adjustment of wages and prices. Indeed, it is revealing that, as eurozone countries with severe external imbalances at the onset of the crisis have benefited from the European Central Bank’s wholesale liquidity provision, they have reduced their currentaccount deficits much less than non-euro countries in a similar situation. Germany, the arch-advocate of austerity, is right on this point. The problem is that austerity has perverse effects. Private and public deleveraging can hardly take place at the same time, unless trade partners generate demand for exports. Recession and price deflation reduce tax receipts and worsen the dynamics of public debt, threatening the return to sustainability. Moreover, deficit targets lead governments to respond to recessions by doubling down on austerity, generally without much regard for the adverse supply-side effects. So there is a need to approach austerity and rebalancing strategically. And here, the EU has made three mistakes. First, finance ministers tried to reassure markets last October by demonstrating toughness and endorsing headline, instead of cyclically adjusted, deficit targets. This may be justified for a country on the verge of losing access to capital markets, but not for a country with relatively low debt and a moderate deficit. Ministers should change course and revert to their original 2009 commitment, which was to plan consolidation efforts and adhere to them through fluctuations and shocks. Second, the eurozone still shies away from a comprehensive approach to its internal rebalancing. Price competitiveness is a relative concept, not an absolute value, yet the policy discussion still ignores this basic fact. This is paradoxical, because the ECB’s policy framework provides clear guidance. The ECB is committed to 2% inflation in the eurozone as a whole, which implies that lower wage and price increases in southern Europe arithmetically mean higher wage and price increases in northern Europe. The wider the gap between the two, the sooner the rebalancing will be achieved. It is time to say loud and clear that the ECB will fight hard to keep aver-

age inflation on target, and that northern Europe – especially Germany – will not attempt to counter higher domestic inflation as long as price stability is maintained in the eurozone as a whole. This would help significantly in mapping out a sensible rebalancing strategy. The third mistake is one of omission: as ECB President Mario Draghi recently said, Europe has a fiscal compact, but lacks a growth compact. To be sure, there are no quick fixes: headline-grabbing initiatives often fail to measure up to the challenge of reviving growth. Nevertheless, serious discussion is needed concerning how to use the EU budget to enhance economic performance, rather than for redistribution only; how to foster pro-growth reforms at the national level; and how to boost investment in the periphery countries’ tradable sectors. A credible growth compact would help to overcome immediate hurdles. After all, the post-war Marshall Plan was so successful not because of its size, but because it helped to counteract zero-sum games and self-fulfilling pessimism. That is a lesson to keep in mind today. But austerity is not the only dimension of the debate. Developments over the last two years have exposed the weaknesses of a bare-bones monetary union based only on a single monetary policy and fiscal discipline. While reforms enacted in the wake of the Greek crisis have equipped the eurozone with crisis-management capabilities, more is needed to restore confidence, ensure financial stability, and ward off financial fragmentation. A key characteristic of the European crisis has been the strong correlation between banking stress and sovereign distress. Time and again, banks’ woes have affected governments’ borrowing costs, and concerns over governments’ solvency have affected banks’ balance sheets. This major potential threat to financial stability has been alleviated, but not eliminated, by the ECB’s large-scale provision of liquidity. The recent reemergence of concerns about Spain has shown that the problem has not gone away. Systemic reforms to resolve the problem all involve significant further integration: joint issuance of government bonds that play the role of safe asset in banks’ portfolios, a “banking union” with a common regime for deposit insurance, supervision, and crisis resolution – or both. Either one involves risk-sharing among eurozone members. In France, the Netherlands, and elsewhere, many citizens view Europe as a threat to their way of life. Telling them that the euro is an unfinished construct that requires even more commitment is a hard call for politicians. The question for the coming months is whether European leaders will have enough political capital to embark on further reforms and make the case for them to angry publics. If not, it is to be feared that they will agree only on platitudes and hope for the best. Jean Pisani-Ferry is Director of Bruegel, an international economics think tank, Professor of Economics at Université Paris-Dauphine, and a member of the French Prime Minister’s Council of Economic Analysis. © Project Syndicate, 2012. www.project-syndicate.org


FINANCIAL MIRROR, May 9 - 15, 2012

COMMENT 7

Why a More Flexible Renminbi Still Matters KENNETH ROGOFF CAMBRIDGE – One of the most notable macroeconomic developments in recent years has been the sharp drop in China’s current-account surplus. The International Monetary Fund is now forecasting a 2012 surplus of just 2.3% of GDP, down from a pre-crisis peak of 10.1% of GDP in 2007, owing largely to a decline in China’s trade surplus – that is, the excess of the value of Chinese exports over that of its imports. The drop has been a surprise to the many pundits and policy analysts who view China’s sustained massive trade surpluses as prima facie evidence that government intervention has been keeping the renminbi far below its unfettered “equilibrium” value. Does the dramatic fall in China’s surplus call that conventional wisdom into question? Should the United States, the IMF, and other players stop pressing China to move to a more flexible currency regime? The short answer is “no.” China’s economy is still plagued by massive imbalances, and moving to a more flexible exchange-rate regime would serve as a safety valve and shock absorber. That said, the exchange rate has received far too much focus as a lightning rod for concerns over China’s growing engagement in the global economy. The link between the exchange rate and China’s pricing advantages in world markets is wildly exaggerated. At the same time, the exchange rate is by no means the most pressing macroeconomic problem facing China today. Rather, the biggest concern is China’s chronic over-reliance on investment as a driver of growth. Investment constitutes almost half of GDP, more than twice the global average. At the same time, private consumption is under 40% of GDP,

with 60% being a more normal figure for economies at similar levels of development. China’s investment appetite is unquestionably driven by huge intervention in the financial system: small savers receive only a paltry 1-2% on their deposits in an economy that until recently has been registering 10% annual growth. The dramatic fall in China’s current-account surplus reflects four main factors. First, the cost of raw-material imports has risen sharply. At the same time, foreign demand for China’s exports is sufficiently sensitive that it cannot simply pass on the entire added cost. A second important factor has been slow growth in the advanced economies, a byproduct of the financial crisis that is likely to persist for some time to come. Third, China’s trade-weighted real exchange rate (the exchange rate adjusted for inflation differentials) has actually appreciated quite a bit in the past few years – by 14% since 2008, according to IMF estimates. China’s inflation has been higher than the average of its trading partners, and the renminbi has in fact strengthened gradually in nominal terms. Finally, China engaged in massive investment stimulus as a response to the financial crisis. China’s investment is far more import-intensive than its consumption, which has continued to trend downwards. Countries like Germany and Switzerland have been huge beneficiaries of China’s seemingly insatiable appetite for high-tech capital equipment. Setting aside all of these specific drivers, we should hardly be surprised that China’s current-account surplus collapsed in the wake of the global financial crisis. With China continuing to record spectacular growth while the advanced economies were experiencing a deep slump, China’s exports, relative to imports, had nowhere to go but down. Indeed, in retrospect, what is surprising is that China’s trade surplus did not shrink even more. The IMF reasonably predicts that, as the global economy normalizes over the longer term, China’s current-account surplus will again occupy

the same weight in global imbalances as it did a few years ago (about 0.5% of global GDP). All of this underscores the point that there is no monotonic relationship between the exchange rate and the current account. Capital-flow pressures, for example, can exert strong pressures of their own on exchange rates, independently of trade. China has very strong capital controls, but they are far from impervious. With the prospect of modest rates of return in advanced economies, China has inevitably become a more attractive investment destination, despite a significant risk that China will someday experience its own sharp slowdown and financial crisis. (Those who think otherwise have succumbed to the “this time is different” mindset that Carmen Reinhart and I have emphasized in our research on financial crises through history.) The real case for China moving to a more flexible exchange rate is that in any kind of crisis – economic, political, or otherwise – the exchange rate can provide an important stabilizer. Even if the renminbi appreciated in the near term, the effect on trade would probably be far less than American authorities wish and Chinese authorities fear. Studies on exchange rate pass-through suggest that US consumers would only see a small fraction of the cost change. The simplistic logic often used to link the exchange rate and the current account is weak. But the case for China’s move to a more flexible exchange-rate regime, as part of broader financial-market liberalization, remains strong. Kenneth Rogoff is Professor of Economics and Public Policy at Harvard University, and was formerly chief economist at the IMF. © Project Syndicate, 2012. www.project-syndicate.org

Germany’s Neighborhood Watch MOHAMED A. EL-ERIAN FRANKFURT – On a recent trip to Germany, I was struck by two distinct narratives. One narrative features a robust German economy with low unemployment, strong finances, and the right competitive position to exploit the most dynamic segments of global demand. The other narrative describes an economy that is encumbered by never-ending European debt crises whose perpetrators seek to shift their responsibility – and their financing needs – onto Germany’s pristine balance sheet. Both narratives are understandable. But they cannot co-exist forever. After all, it is difficult to be a good house in a deteriorating neighborhood. Either the neighborhood improves, or the value of the house declines. And it matters a great deal which narrative prevails – for Germany, for Europe, and for the global economy. Germany today is reaping the benefits of many years of responsible domestic economic management. In addition to maintaining sound public finances, German leaders implemented difficult structural reforms aimed at improving international competitiveness, including painful labor-market reforms. As a result, Germany is one of the few advanced economies today that has created many jobs and maintained financial stability. In other words, it is the AAA of AAAs. Yet Germany is also part of a highly challenged neighborhood, if not its anchor. Its neighbors include countries – most notably on the eurozone’s periphery – that are struggling. They have high overall unemployment (and alarmingly high youth joblessness), and are unable to grow on their own power. In some cases, they also face solvency questions, and are far from achieving the socio-political consensus needed to get their economic houses in order. To state the obvious, this contrast between Germany and its neighborhood is very awkward. It fuels endless internal and external tensions, encourages finger pointing, and promotes a loud and disruptive blame

game. And all of this distracts attention from the need to compete in a rapidly changing global economy. The longer all of this persists, the more it tears at the fabric of European unity. Accordingly, European officials need to continue to make steadfast progress in three major areas: l Improve individual countries’ domestic policy mix in a manner that targets debt sustainability through both growth promotion and deficit reduction, especially in the most vulnerable peripheral economies; l Enhance the eurozone’s internal financial circuit breakers to reduce the risk of disruptive financial feedback loops and destabilizing multiple equilibria; and l Strengthen the eurozone’s institutional underpinnings, as well as its mechanisms for policy coordination and peer review. None of these steps is easy; and they are certainly not automatic. Moreover, to maximize their effectiveness, they must be implemented simultaneously; indeed, this is a situation in which one plus one plus one equals more than three. And this will not happen unless two other, even more controversial steps are taken. First, Germany must play an even larger role in conducting and coordinating the eurozone’s policy responses. I know that many Germans are uncomfortable with this. But there is no workable alternative for Europe’s well-being – and, therefore, that of Germany. The European Union’s institutions still lack the authority and credibility needed to take on this role. The European Central Bank does not possess the proper structural policy tools, and it has already been forced to bear burdens that, arguably, are beyond its strictly defined mandate. And there is no other economy that comes close to Germany in size, influence, and economic and financial health. Second, the eurozone, led by a Germany that is working closely with France, needs to clarify decisively what it intends to look like in the medium term. There are two alternatives, both sensitive and controversial, and the choice is for Europeans alone to make and sustain; but they must make it if they are decisively to put behind them the risk of euro-

zone fragmentation. On one hand, they can decide to let politics dominate economics. This is not easy for politicians to sell, especially in the core countries (particularly Germany, Finland, and the Netherlands), as it would involve large multi-year subsidies to the periphery – or the analytical equivalent of the difficult decision made over 20 years ago to reunify Germany at a currency parity. Here, however, there is the added difficulty of a potential conflict between regional politics and national democratic processes. On the other hand, they can decide to allow economics to prevail. Here, eurozone members would collectively opt for a smaller and less imperfect union that includes countries with more similar initial conditions – economically, financially, politically, and socially. And, again, there is no easy way to do this, especially given that the eurozone was intentionally designed with no exit in mind. Until these difficult and controversial decisions are made, periods of relative tranquility in Europe are likely to be interrupted by the recurrent eruption of financial instability and bouts of political bickering and dithering. And the longer this continues, the greater the risk that Germany’s neighborhood will erode the robustness of what the country has painstakingly built. Ultimately, there can be no strong Germany without a stable eurozone; no stable eurozone without a strong Germany; and no global economic stability without both. It is time for Europeans to make the difficult longer-term choices that are critical to sustaining and enhancing their historical regional project. Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and author of When Markets Collide. © Project Syndicate, 2012. www.project-syndicate.org

Better than Basel STEFANO MICOSSI ROME – The Basel Accords – meant to protect depositors and the public in general from bad banking practices – exacerbated the downward economic spiral triggered by the financial crisis of 2008. Throughout the crisis, as business confidence evaporated, banks were forced to sell assets and cut lending in order to maintain capital requirements stipulated by the Accords. This lending squeeze resulted in a sharp drop in GDP and employment, while the sharp sell-off in assets ensured further declines. My recent study with Jacopo Carmassi, Time to Set Banking Regulation Right, shows that by permitting excessive leverage and risktaking by large international banks – in some cases allowing banks to accumulate total liabilities up to 40, or even 50, times their equity capital – the Basel banking rules not only enabled, but, ironically, intensified the crisis. After the crisis, world leaders and central bankers overhauled banking regulations, first and foremost by rectifying the Basel prudential rules. Unfortunately, the new Basel III Accord and the ensuing EU Capital Requirements Directive have failed to correct the two main shortcomings of international prudential rules – namely, their reliance on banks’ riskmanagement models for the calculation of capital requirements, and the lack of supervisory accountability. The latest example highlighting this flaw is Dexia, the Belgian-French banking group that failed in 2011 – just after passing the European Banking Authority’s stress test with flying colors. The stunning opacity of

solvency ratios encouraged regulators to turn a blind eye to banks’ excessive risk-taking. The problem is that the Basel capital rules – whether Basel I, II, or III – are of no help in separating the weak banks from the sound ones. Indeed, more often than not, the banks that failed or had to be rescued in the wake of the 2008 financial crisis had solvency ratios higher than those of banks that remained standing without assistance. Compounding the problem, the diversity in banks’ capital ratios also indicates a dramatic distortion of the international playing field, as increasingly competitive conditions in financial markets have led to national discretion in applying the rules. Meanwhile, the opacity of capital indicators has made market discipline impossible to impose. Thus, large banks are likely to continue to hold too little capital and to take excessive risks, raising the prospect of renewed bouts of financial instability. In order to overcome these shortcomings in international banking regulations, three remedies are needed. First, capital requirements should be set as a straightforward ratio of common equity to total assets, thereby abandoning all reference to banks’ own risk-management models. The new capital ratio should be raised to 7-10% of total assets in order to dampen risk-taking by bankers and minimize the real economic impact of large-scale deleveraging following a loss of confidence in the banking system. Second, new capital ratios with multiple and decreasing capital thresholds, which trigger increasingly intrusive corrective action, should serve as the basis for a new system of mandated supervisory action. Supervisors should be bound by a presumption that they will act. They could argue that action is not necessary in a specific case, but they would

have to do so publicly, thus becoming accountable for their inaction. In order to eradicate moral hazard, the system must have a resolution procedure to close banks when their capital falls below a minimum threshold. Finally, solvency rules should be complemented by an obligation that banks issue a substantial amount of non-collateralized debt – on the order of 100% of their capital – that is convertible into equity. These debentures should be designed to create a strong incentive for bank managers and shareholders to issue equity rather than suffer conversion. These three measures, if applied to all banks, would eliminate the need for special rules governing liquidity or funding (which would remain open to supervisory review, but not to binding constraints). There would also be no need for special restrictions on banking activities and operations. The most remarkable feature of the policy deliberations on prudential banking rules so far has been their delegation to the Basel Committee of Banking Supervisors and the banks themselves, both of which have a vested interest in preserving the existing system. Governments and parliaments have an obligation to launch a thorough review of the Basel rules, and to demand revisions that align them with the public interest. Stefano Micossi is Director General of Assonime, Visiting Professor at the College of Europe in Bruges, Member of the Board of Directors of Center for European Policy Studies (CEPS), and Chairman of the Board of the CIR Group. © Project Syndicate, 2012. www.project-syndicate.org


10 WORLD

FINANCIAL MIRROR, May 9 - 15, 2012

After Austerity JOSEPH E. STIGLITZ NEW YORK – This year’s annual meeting of the International Monetary Fund made clear that Europe and the international community remain rudderless when it comes to economic policy. Financial leaders, from finance ministers to leaders of private financial institutions, reiterated the current mantra: the crisis countries have to get their houses in order, reduce their deficits, bring down their national debts, undertake structural reforms, and promote growth. Confidence, it was repeatedly said, needs to be restored. It is a little precious to hear such pontifications from those who, at the helm of central banks, finance ministries, and private banks, steered the global financial system to the brink of ruin – and created the ongoing mess. Worse, seldom is it explained how to square the circle. How can confidence be restored as the crisis economies plunge into recession? How can growth be revived when austerity will almost surely mean a further decrease in aggregate demand, sending output and employment even lower? This we should know by now: markets on their own are not stable. Not only do they repeatedly generate destabilizing asset bubbles, but, when demand weakens, forces that exacerbate the downturn come into play. Unemployment, and fear that it will spread, drives down wages, incomes, and consumption – and thus total demand. Decreased rates of household formation – young Americans, for example, are increasingly moving back in with their parents – depress housing prices, leading to still more foreclosures. States with balanced-budget frameworks are forced to cut spending as tax revenues fall – an automatic destabilizer that Europe seems mindlessly bent on adopting. There are alternative strategies. Some countries, like Germany, have

Talent crisis threatens business growth, prosperity say CEOs An inability to recruit and keep the right people, and a skills mismatch are hitting companies’ bottom lines, according to a global PwC survey of CEOs. A quarter of CEOs said they were unable to pursue a market opportunity or have had to cancel or delay a strategic initiative because of talent challenges. One in three said they were concerned that skills shortages will impact their company’s ability to innovate effectively. PwC asked nearly 1300 CEOs in 60 countries about their priorities and how they’re preparing for the future. Talent emerged as one of the biggest issues facing the boardroom. l “CEOs are facing a ‘talent crunch’, and it’s an issue keeping them awake at night. An inability to find and keep the right people is biting – CEOs say the lack of talent is stifling expansion and innoval tion,” said Philippos Soseilos, Performance Improvement Consulting Services partner at PwC Cyprus. “It’s a unique challenge companies are struggling to find and keep the right talent when there are more educated people than ever before and a worldwide talent pool is available to them.” CEOs across all industries said it has become more difficult to find the skills they need - even industries that have retrenched. 43% of those polled say it is now more difficult to hire workers in their industry. They’re also looking at the gap that exists to replace the baby boomer generation over the next ten years and how best to prepare the next generation for that transition. Only 30% of CEOs are ‘very confident’ that they will have access to the talent they need over the next three years. 78% of CEOS say they’ll make a change to their talent strategies. “To face up to this crisis CEOs are turning outside their sector for talent and they’re also going deeper into their own organisations to pinpoint their future leaders and invest in their development now,” Soseilos added. “This early investment can pay off in future loyalty among these future leaders, and the obvious benefits of recruiting internally and ‘growing their own’ rather than struggling to replace from outside.” “CEOs that are facing the future and trying to get their talent pipeline right are bringing HR closer to the fold and changing their talent strategies; 79% of CEOs say that the chief HR officer or equivalent is one of their direct reports. “HR needs to ensure that it’s responding to this talent rethink by getting the long-term pipeline right and making sure CEOs get the right metrics. “There’s a big opportunity for HR in management information - only a minority of CEOs are getting HR management information for the measures they say are important. CEOs want to know about their talent investments beyond productivity and labour costs. Employee engagement, team performance and isolating skills gaps are difficult measurements to make, but they are critical to see where investments and innovation are working.”

Lack of talent has stopped them pursuing market opportunities Concerned that skills shortages have impacted innovation

room for fiscal maneuver. Using it for investment would enhance longterm growth, with positive spillovers to the rest of Europe. A longrecognized principle is that balanced expansion of taxes and spending stimulates the economy; if the program is well designed (taxes at the top, combined with spending on education), the increase in GDP and employment can be significant. Europe as a whole is not in bad fiscal shape; its debt-to-GDP ratio compares favorably with that of the United States. If each US state were totally responsible for its own budget, including paying all unemployment benefits, America, too, would be in fiscal crisis. The lesson is obvious: the whole is more than the sum of its parts. If Europe – particularly the European Central Bank – were to borrow, and re-lend the proceeds, the costs of servicing Europe’s debt would fall, creating room for the kinds of expenditure that would promote growth and employment. There are already institutions within Europe, such as the European Investment Bank, that could help finance needed investments in the cashstarved economies. The EIB should expand its lending. There need to be increased funds available to support small and medium-size enterprises – the main source of job creation in all economies – which is especially important, given that credit contraction by banks hits these enterprises especially hard. Europe’s single-minded focus on austerity is a result of a misdiagnosis of its problems. Greece overspent, but Spain and Ireland had fiscal surpluses and low debt-to-GDP ratios before the crisis. Giving lectures about fiscal prudence is beside the point. Taking the lectures seriously – even adopting tight budget frameworks – can be counterproductive. Regardless of whether Europe’s problems are temporary or fundamental – the eurozone, for example, is far from an “optimal” currency area, and tax competition in a free-trade and free-migration area can erode a viable state – austerity will make matters worse.

The consequences of Europe’s rush to austerity will be long-lasting and possibly severe. If the euro survives, it will come at the price of high unemployment and enormous suffering, especially in the crisis countries. And the crisis itself almost surely will spread. Firewalls won’t work, if kerosene is simultaneously thrown on the fire, as Europe seems committed to doing: there is no example of a large economy – and Europe is the world’s largest – recovering as a result of austerity. As a result, society’s most valuable asset, its human capital, is being wasted and even destroyed. Young people who are long deprived of a decent job – and youth unemployment in some countries is approaching or exceeding 50%, and has been unacceptably high since 2008 – become alienated. When they eventually find work, it will be at a much lower wage. Normally, youth is a time when skills get built up; now, it is a time when they atrophy. So many economies are vulnerable to natural disasters – earthquakes, floods, typhoons, hurricanes, tsunamis – that adding a man-made disaster is all the more tragic. But that is what Europe is doing. Indeed, its leaders’ willful ignorance of the lessons of the past is criminal. The pain that Europe, especially its poor and young, is suffering is unnecessary. Fortunately, there is an alternative. But delay in grasping it will be very costly, and Europe is running out of time. Joseph E. Stiglitz is University Professor at Columbia University, a Nobel laureate in economics, and the author of Freefall: Free Markets and the Sinking of the Global Economy. © Project Syndicate, 2012. www.project-syndicate.org

The ins and outs of Russia’s next government l

Rivals struggling for influence and positions ANALYSIS When Vladimir Putin stood for re-election to the presidency in 2004, he named a new government even before the vote. Now that he is sworn in as Kremlin chief for a third time, the shape of his next administration remains a mystery. Although outgoing President Dmitry Medvedev has been nominated by Putin to be prime minister in a job swap flagged as long ago as last September, it is not apparent that he will even rank as Russia’s second most powerful man. That status may shift to Putin’s energy tsar, Igor Sechin, who has strengthened his hand since the March 4 presidential election vote by masterminding two big exploration deals involving state oil firm Rosneft and launching sweeping energy tax reforms. Yet Sechin, ousted by Medvedev as Rosneft chairman last year, may not keep his formal job as deputy premier amid speculation that he could move to a security role in which he would report directly to Putin, a close friend for 20 years. “Elevations and falls from grace have become enmeshed in the hidden but acute rivalry between the two rulers, (and) clashes of interests between clans and ambitious newcomers,” analyst Pavel Baev wrote in a commentary for the Jamestown Foundation. Russia’s unresolved conflicts, from street protests over alleged electoral fraud to power struggles in the ruling ‘nomenklatura’, have entrenched the risk premium that investors demand to buy the country’s financial assets. Promises by officials that the next government will act decisively to privatise state companies, strengthen the budget and fix a hole in the pensions system cut little ice with the financial community. “To be a strong Russia bull one must hold a sanguine outlook on the oil price and expect the next Russian government to initiate an ambitious reform package,” said Peter Westin, chief economist at Moscow brokerage Aton. Westin, editor of a new book on Russia called ‘In From The Cold’, suggests however that rising prices for oil, the main export driver for the country’s $1.9 trln economy, will sap its leaders’ will to reform. “It’s a Catch-22 situation,” he said.

WATERSHED Although Putin’s return to the Kremlin ends an unhappy four-year experiment with ‘tandemocracy’, as his double act with Medvedev came to be called, the return of one-man rule can hardly bring back the boom years of the early 2000s. The financial crash of 2008 and ensuing economic slump have slowed the speed limit of the economy, increased the state’s reliance on energy revenues and allowed Kremlin capitalists to retake the economy’s commanding heights. “Future historians will come to view the 2008 credit squeeze as the pivotal event of modern Russian economic history,” hedge fund manager Steven Dashevsky wrote in Westin’s book. “It was the last straw that broke Russian capitalism’s back - if you can

l

Economic reform drive to be tied to oil price

call a highly-leveraged mix of cronyism, corruption and backroom dealing capitalism, of course - and opened the gates for the state’s successful final march on the economy.” In another big deal struck during the two-month transition, billionaire Alisher Usmanov won control over MegaFon, positioning Russia’s No.2 mobile phone firm to partner with the state in offering next-generation ‘4G’ services. Banking sources say MegaFon’s departing CEO, Sergei Soldatenkov, could become Russia’s next telecoms minister in a move that, if it happens, would cement Usmanov’s standing as Russia’s richest and best-connected oligarch. Russian stocks trade at a forward price/earnings ratio of 5 - a discount of around 50% to emerging markets as a whole - and to close that gap will require action on reforms from the next government and not just words. “The legacy of 2008 looms large over the market,” said Chris Weafer, chief strategist at Troika Dialog in Moscow. “People will want to see specific action taken, rather than pay for it in advance.”

SHADOW GOVERNMENT Russia’s factional divisions between the “siloviki”, or men of power, led by Sechin, and a liberal camp grouped around Medvedev, now spread beyond government following the ouster of hawkish Finance Minister Alexei Kudrin last autumn. Kudrin, who restored Russia to financial health from the devaluation and default of 1998, has launched a policy task force, already dubbed a “shadow government”, that could position him to return to government should Medvedev stumble. But, for now, Kudrin’s successor as finance minister, Anton Siluanov, is likely to keep his job, having notched up a successful $7 bln international sovereign debt placement in March. Medvedev’s economic adviser, Arkady Dvorkovich, should land a senior economic role while Deputy Economy Minister Andrei Belousov may be promoted to cabinet rank, replacing Elvira Nabiullina, sources say. Natalya Komarova, governor of the oil region of Khanty-Mansiisk, has been linked to a cabinet job. But another Medvedev protege, ex-power sector boss Mikhail Abyzov, may be blocked by Sechin from taking a top energy role. First Deputy Prime Minister Igor Shuvalov, who has acknowledged his wife made millions of dollars in deals financed by Russian business oligarchs but says there was nothing illegal in this, may hang on despite speculation he could be shifted to a regional role in Russia’s far east. Unpopular ministers from the old guard who could be on their way out include Interior Minister Rashid Nurgaliev, after botched police reforms and a series of scandals involving the deaths of people held in custody. But the last word will be that of Putin, who will be sworn in on Monday. Under the constitution, Medvedev would then have two weeks to form a government that could include the odd token figure from an opposition party, sources say. “Only one man, Putin, knows the shape of the next government. The other, Medvedev, makes suggestions, but they mostly get shot down,” said one Kremlin-connected analyst.


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√È °ÂÚÌ·ÓÔ›, Ô ¢ËÌËÙÚÈ¿‰Ë˜ Î·È ÙÔ Ó¤Ô Î·ıÂÛÙÒ˜ ÛÙËÓ ∫ÂÓÙÚÈ΋ ∆Ú¿Â˙· ΑκÞµη δεν πρÞλαβε καλά-καλά να αποχωρήσει απÞ την Κεντρική Τράπεζα τησ Κύπρου ο Αθανάσιοσ Ορφανίδησ και άρχισαν οι ξένεσ πιέσεισ για την υποβάθµιση του ρÞλου τησ χώρασ στα κέντρα λήψεωσ αποφάσεων στην Ευρωπαϊκή Κεντρική Τράπεζα. Σύµφωνα µε το ακÞλουθο δηµοσίευµα στην ιστοσελίδα http://www.timesofmalta.com ο ΓερµανÞσ ανώτεροσ αξιωµατούχοσ ο καθηγητήσ ο Brun-Hagen Hennerkes χαρακτηρίζει ωσ προσβλητικÞ για τη χώρα του να έχει την ίδια βαρύτητα ψήφου µε άλλα µικρά κράτη Þπωσ είναι η Κύπροσ και Μάλτα. Στο δηµοσίευµα γίνεται λÞγοσ Þτι οφείλει η καγκελάριοσ τησ Γερµανία Άγκελα Μέρκελ να αυξήσει την επιρροή τησ χώρασ στην Ευρωπαϊκή Κεντρική Τράπεζα ιδιαίτερα σε θέµατα νοµισµατικήσ πολιτικήσ. Σύµφωνα µε τουσ κανÞνεσ τησ ΕΚΤ αυτή τη στιγµή κάθε κράτοσ απÞ τα 17 τησ ευρωζώνησ έχει ισÞτιµη ψήφο σε Þτι αφορά θέµατα νοµισµατικήσ πολιτικήσ Þταν παίρνονται αποφάσεισ απÞ την έδρα τησ Τράπεζασ στη Φραγκφούρτη. ΑπÞ την άλλη σε θέµατα που έχουν να κάνουν µε τουσ λογαριασµούσ του ευρωσυστήµατοσ Þπωσ foreign currency reserves καθορίζονται µε βάση τα κεφάλαια κάθε χώρασ µε την Γερµανία να κρατά το 19% των συνολικών ψήφων και τη Μάλτα που είναι το πιο µικρÞ κράτοσ το 0,06%. Την ίδια ώρα πάντωσ σε µια προσπάθεια να διασκεδάσει τισ ανησυχίεσ που εκφράζονται σε ευρωπαϊκÞ επίπεδο για το πρÞσωπÞ του, ο νέοσ ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Πανίκοσ ∆ηµητριάδησ, παραχώρησε συνέντευξη στουσ Financial Times. Στην συνέντευξη του αναφέρθηκε σε περσινÞ άρθρο του στο οποίο έλεγε Þτι η Γερµανία οφείλει να εγκαταλείψει το ευρώ και Þχι η Ελλάδα, λÞγω τησ ανταγωνιστικÞτητασ τησ

οικονοµίασ τησ. Γιατί σύµφωνα µε τον κ. ∆ηµητριάδη εκείνη την περίοδο στη Γερµανία, αλλά και αλλού στην Ευρώπη, υπήρχαν εκκλήσεισ προσ Ελλάδα και Πορτογαλία για να εγκαταλείψουν τη ζώνη του ευρώ. «Ωσ ανεξάρτητοσ ακαδηµαϊκÞσ, αποφάσισα να δώσω µιαν ειρωνική απάντηση που δεν θα έπρεπε να ληφθεί σοβαρά υπ’ Þψη σε Þσουσ απαιτούσαν µιαν έξοδο των περισσÞτερο αδύναµων χωρών’’. Στη συνέχεια των δηλώσεων του ο κύριοσ ∆ηµητριάδησ εξέφρασε την προσήλωσή του στην αποκατάσταση τησ εµπιστοσύνησ στην ευρωζώνη. «Είµαι απολύτωσ προσηλωµένοσ στο ευρώ και επιθυµώ Þπωσ καταστεί ισχυρÞτερη η ευρωζώνη. Θέλω να συµβάλω µε ένα συλλογικÞ τρÞπο στισ προσπάθειεσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ για εξεύρεση βιώσιµησ λύσησ στην κρίση, λύσησ που θα αποκαταστήσει την εµπιστοσύνη», είπε. Κύπρο πάντωσ ο Πανίκοσ Στην ∆ηµητριάδησ αποφεύγει τη δηµοσιÞτητα Þπωσ ο διάβολοσ το λιβάνι αφού ακÞµη δεν έκανε επίσηµη δήλωση ενώπιον των κυπριακών ΜΜΕ. Στην Κεντρική Τράπεζα πάντωσ σύµφωνα µε πληροφορίεσ µασ επικρατεί ανησυχία στο προσωπικÞ αφού πολλοί θεωρούν Þτι θα αλλάξουν πολλά Þσον αφορά το εργασιακÞ τουσ καθεστώσ. Ένασ απÞ αυτούσ είναι και ο Ανώτεροσ ∆ιευθυντήσ του Τµήµατοσ Οικονοµικών Ερευνών τησ Τράπεζασ και δεξί χέρι Þλων των εκάστοτε ∆ιοικητών τησ Κεντρικήσ Τράπεζασ Γιώργοσ Συρίχασ. Ενώ Þλοι ανέµεναν τον κύριο Συρίχα να συνοδεύσει τον κύριο ∆ηµητριάδη κατά τη διάρκεια τησ συνάντησησ των διοικητών των κεντρικών τραπεζών τησ ευρωζώνησ αυτÞ δεν έγινε ποτέ. Συγκεκριµένα ο κύριοσ ∆ηµητριάδησ επέλεξε να πάρει µαζί του τον Ανώτερο ∆ιευθυντή του Τµήµατοσ Ασφάλειασ και Τεχνικήσ Υποστήριξησ Σπύρο Σταυρινάκη κάτι το οποίο ερµηνεύθηκε απÞ πολλούσ στην

εποπτική αρχή των τραπεζών ωσ η απαρχή για νέεσ µεγάλεσ διοικητικέσ αλλαγέσ. Ο κύριοσ Σταυρινάκησ να θυµίσουµε είχε έλθει πρÞσφατα σε ρήξη µε τον τέωσ ∆ιοικητή Αθανάσιο Ορφανίδη για το γεγονÞσ Þτι ο τελευταίοσ είχε διαφωνήσει έντονα µε το διορισµÞ του απÞ την τέωσ ΥπουργÞ Εµπορίου Πραξούλα Αντωνιάδου στο ∆Σ του CIPA. Ο κ. Ορφανίδησ είχε ζητήσει ωσ γνωστÞ ακύρωση του διορισµού του µε αποτέλεσµα απÞ τÞτε οι σχέσεισ των δύο αντρών να βρεθούν σε κάκιστο σηµείο. Κύκλοι τησ Κεντρικήσ χαρακτηρίζουν ωσ ιδιαίτερα κρίσιµουσ του επÞµενουσ µήνεσ στην εποπτική αρχή των κυπριακών τραπεζών σε µία περίοδο Þπου προσπαθούν να εξεύρουν κεφάλαια για να αποφύγουν την κρατική στήριξη.

∞¡∞°∫∏ °π∞ ™∆∞£∂ƒ√∆∏∆∞ Την ίδια ώρα µε την ανάληψη των καθηκÞντων του ο νέοσ διοικητήσ Πανίκοσ ∆ηµητριάδησ, έστειλε µήνυµα αισιοδοξίασ, τονίζοντασ πωσ τα σηµερινά προβλήµατα στην οικονοµία εντÞσ και εκτÞσ Κύπρου δεν είναι ανυπέρβλητα. Ùπωσ υπογράµµισε ο κ. ∆ηµητριάδησ, στÞχοσ πρέπει να είναι να επανέλθει το συντοµÞτερο η σταθερÞτητα του χρηµατοπιστωτικού συστήµατοσ, µέσω τησ ανάκαµψησ τησ εµπιστοσύνησ των επενδυτών προσ το τραπεζικÞ σύστηµα και τησ κυπριακήσ οικονοµίασ. Επίσησ, ο κ. ∆ηµητριάδησ εξέφρασε τη θέση Þτι η ενίσχυση τÞσο του θεσµού Þσο και του ρÞλου τησ ΚΤΚ είναι βασικέσ προϋποθέσεισ για την έξοδο τησ οικονοµίασ απÞ την κρίση. Εξέφρασε παράλληλα τη βούλησή του να συνεργαστεί µε το Υπουργείο Οικονοµικών, τισ

πολιτικέσ δυνάµεισ του τÞπου, καθώσ και µε τουσ οικονοµικούσ και κοινωνικούσ εταίρουσ. ΑναφερÞµενοσ στο ρÞλο των Κεντρικών Τραπεζών σε µια οικονοµία, τον χαρακτήρισε σηµαντικÞ και πρÞσθεσε Þτι ο ρÞλοσ τησ Κεντρικήσ Τράπεζασ τησ Κύπρου κάτω απÞ τισ σηµερινέσ συνθήκεσ καθίσταται ακÞµη πιο σηµαντικÞσ. ¶·‡ÏÔ˜ °ÂˆÚÁÈ¿‰Ë˜

µ. ™È·ÚÏ‹: ™Ù· ̤ÙÚ· ı· Û˘ÓÂÈÛʤÚÔ˘Ó √§√π

√È ÂÎÏÔÁ¤˜ ¤ÛÙÂÈÏ·Ó ÙÔ Ã∞ ÛÙÔ 1992

Για να αποφευχθεί η είσοδοσ τησ Κύπρου στο ΜηχανισµÞ Στήριξησ και για να πετύχουµε του δηµοσιονοµικούσ µασ στÞχουσ πρέπει να συνεισφέρουν Þλοι οι πολίτεσ ανεξαρτήτωσ εισοδηµάτων ανέφερε σε τηλεοπτικέσ του δηλώσεισ του την Κυριακή ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή. Σύµφωνα µε τον ίδιο ο ΜηχανισµÞσ δεν είναι η καλύτερη λύση για τα προβλήµατα µασ γιατί εκεί σου επιβάλλουν τη λύση. «Ο κÞσµοσ θα συνεισφέρει γενναιÞδωρα ώστε να αποφύγουµε οποιαδήποτε πιθανÞτητα ένταξησ στο ΜηχανισµÞ. Ùταν λέτε ο κÞσµοσ εννοείται Þλοι οι Κύπριοι; Εννοώ Þλοι οι συµπολίτεσ µασ και οι εργοδÞτεσ και οι εργαζÞµενοι. Και στο δηµÞσιο και στον ιδιωτικÞ τοµέα εννοώ Þλοι», υπογράµµισε. Στη συνέχεια των δηλώσεων του ο Βάσοσ Σιαρλή τÞνισε Þτι ο διάλογοσ µε τα κÞµµατα και τουσ κοινωνικούσ εταίρουσ για τη λήψη µέτρων ξεκινά πολύ σύντοµα. «Εγώ προχωρώ µε µία ανοικτή αντζέντα χωρίσ Þρουσ και χωρίσ προϋποθέσεισ. Είµαι αισιÞδοξοσ Þτι επειδή Þλοι θέλουµε το καλÞ του τÞπου µασ θα πάρουµε τα µέτρα που χρειάζονται», είπε. Τέλοσ Þσον αφορά το θέµα τησ ανακεφαλαιοποίησησ των κυπριακών τραπεζών και το ενδεχÞµενο κρατικήσ στήριξησ ο κύριοσ Σιαρλή ανέφερε Þτι Þλα τα ενδεχÞµενα είναι ανοικτά. Σύµφωνα πάντωσ µε διασταυρωµένεσ πληροφορίεσ µασ η κυβέρνηση έχει ήδη κτυπήσει την πÞρτα Κίνασ και Ρωσίασ για το ενδεχÞµενο νέου δανεισµού.

Στο χαµηλÞτερο επίπεδο απÞ το Νοέµβριο του 1992 έκλεισε χθεσ ο ΓενικÞσ ∆είκτησ του Χρηµατιστηρίου τησ Αθήνασ, δεχÞµενοσ νέεσ ισχυρέσ πιέσεισ - µετά και τη «βουτιά» τησ ∆ευτέρασ. Οι κοµµατικέσ... ακροβασίεσ, στον απÞηχο του εκλογικού αποτελέσµατοσ τησ Κυριακήσ, προκαλούν «νευρικÞ κλονισµÞ» στο ταµπλÞ του Χ.Α., καθώσ η αγορά έρχεται αντιµέτωπη µε το σενάριο µίασ νέασ προεκλογικήσ περιÞδου έωσ τη διενέργεια επαναληπτικών εκλογών. Και αυτÞ, ενώ διανύουµε µÞλισ την πρώτη ηµέρα τησ Β’ διερευνητικήσ εντολήσ που έλαβε χθεσ απÞ τον ΠρÞεδρο τησ ∆ηµοκρατίασ ο Αλέξησ Τσίπρασ. Στο ταµπλÞ ο ΓενικÞσ ∆είκτησ έκλεισε στισ 620,54 µονάδεσ, µε απώλειεσ 3,62%.

«™ÔηڛÛÙËλ ÙÔ Ã∞∫ Νέα πτώση παρουσίασε χθεσ και η κυπριακή χρηµαταγορά, µε το ΓενικÞ ∆είκτη να διατηρείται στα ιστορικά χαµηλά επίπεδα των 178,39 µονάδων, µε απώλειεσ 9,03% ΣΕΛ. 2/12

¢ËÌÈÔ˘ÚÁ›· ¯ÂÚÛ·›Ô˘ ÙÂÚÌ·ÙÈÎÔ‡ ÛÙÔ µ·ÛÈÏÈÎfi Κατασκευή ενÞσ υπέρ-εργοστασίου παραγωγήσ και εξαγωγήσ ηλεκτρικήσ ενέργειασ, είναι µερικέσ απÞ τισ εισηγήσεισ που περιέχονται στην πολυσέλιδη µελέτη τησ Ρυθµιστικήσ Αρχήσ Ενέργειασ Κύπρου, για την ανάπτυξη του τοµέα του Φυσικού Αερίου. Συγκεκριµένα, σε Þτι αφορά στη διαχείριση του µείζονοσ εθνικήσ σηµασίασ, Þπωσ αναφέρεται στην έκθεση που διέρρευσε πρÞσφατα, θέµατοσ των κοιτασµάτων Φυσικού Αερίου, η ΡΑΕΚ επιµένει πωσ η βασικÞτερη επιλογή αφορά στην δηµιουργία χερσαίου τερµατικού υγροποίησησ Φυσικού Αερίου στην περιοχή

του Βασιλικού, καθώσ Þπωσ σηµειώνει η απαιτούµενη έκταση είναι ήδη απαλλοτριωµένη και στη διάθεση τησ Κυβέρνησησ. Θα πρέπει Þµωσ Þπωσ σηµειώνει να µελετηθεί και το ενδεχÞµενο αναζήτησησ και άλλου χώρου σε άλλη επαρχία, Þπωσ π.χ. στην επαρχία τησ Πάφου.

∆∞ª∂π√ À¢ƒ√°√¡∞¡£ƒ∞∫ø¡ Η ΡΑΕΚ θεωρεί εξίσου απαραίτητη και τη δηµιουργία ενÞσ Εθνικού Ταµείου Υδρογονανθράκων, στο οποίο, µε βάση την διεθνή πρακτική, θα καταλήγει το ετήσιο πλεÞ-

νασµα απÞ τισ εµπορικέσ δραστηριÞτητεσ τησ Κρατικήσ Εταιρείασ Υδρογονανθράκων. Το ταµείο Þπωσ αναφέρεται θα πρέπει να λειτουργεί µε µεγάλη ανεξαρτησία ωσ νοµικÞ πρÞσωπο ιδιωτικού δικαίου, ενώ το κράτοσ ωσ ιδιοκτήτησ θα έχει και τον εποπτικÞ ρÞλο. Ùπωσ και για την Κρατική Εταιρεία έτσι και για το Ταµείο, γίνεται εισήγηση Þπωσ το ∆ιοικητικÞ Συµβούλιο διορίζεται µεν απÞ το ΥπουργικÞ Συµβούλιο, µετά Þµωσ απÞ διαβουλεύσεισ µε την αρµÞδια κοινοβουλευτική Επιτροπή, Οικονοµικών στην προκειµένη περίπτωση.

∂Ó·ÏÏ·ÎÙÈ΋ χÛË Ë ¶¿ÊÔ˜


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EI¢∏™∂π™

∆∂∆∞ƒ∆∏, 9 ª∞´√À, 2012

∫·Ù·ÚÚ¤ÂÈ ÙÔ ÁÂÚÌ·ÓÈÎfi ÌÔÓÙ¤ÏÔ ÏÈÙfiÙËÙ·˜, ÛÙÔ ¯¿Ô˜ Ë ∂˘Úˆ˙ÒÓË TÔ˘ ¡›ÎÔ˘ ªÈ¯·ËÏ›‰Ë Έντονα πτωτικά κινήθηκε η ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε η οποία Þµωσ συνεχίζει να διατηρείται πάνω απÞ το ψυχολογικÞ φράγµα του 1.30. Συγκεκριµένα η ισοτιµία απÞ τα 1.3250 τησ περασµένησ εβδοµάδοσ ακολουθώντασ έντονη πτωτική πορεία διολίσθησε µέχρι και τα 1.2950, που αποτελεί και χαµηλÞ τριών µηνών, για να διορθώσει στην συνέχεια Þµωσ πάνω απÞ τα 1.3000 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Καταλυτικέσ βέβαια για την διολίσθηση του Ευρώ ήταν οι πολιτικέσ εξελίξεισ απÞ Ελλάδα και Γαλλία. Η νίκη του Σοσιαλιστή Φρανσουά Ολάντ στη Γαλλία, ενÞσ πολιτικού που ξεκάθαρα τάχτηκε κατά τησ σκληρήσ λιτÞτητασ, εξαναγκάζει τη Γερµανία να αναδιπλωθεί και να επιδιώξει εναλλακτικούσ τρÞπουσ για προώθηση τησ ανάπτυξησ και να προσπαθήσει να διατηρήσει τα αυστηρά Þρια του ∆ηµοσιονοµικού Συµφώνου. Η ‘Ανγκελα Μέρκελ έχει συνειδητοποιήσει πλέον Þτι δεν τη συµφέρει περαιτέρω αντιπαράθεση στην Ευρώπη για το θέµα τησ λιτÞτητασ, ειδικά µε τουσ παραδοσιακούσ τησ συµµάχουσ, καθώσ οι εκλογέσ σε ολÞκληρη την ήπειρο αποτυπώνουν ξεκάθαρα την ανάγκη για - επιφανειακή έστω - χαλάρωση τησ λιτÞτητασ. ∆εν είναι τυχαίο πωσ η επίσηµη θέση τησ γερµανικήσ κυβέρνησησ µετά την νίκη του Ολάντ είναι πωσ ‘’Ολάντ και Μέρκελ θα επιδιώξουν στενή συνεργασία’’. Βέβαια στη Γαλλία το αποτέλεσµα ήταν αναµενÞµενο και σαφέσ.

∫Ú‡Ô˜ ȉÚÒÙ·˜ ÛÙȘ µÚ˘Í¤Ï˜ ·fi ÙȘ ÔÏÈÙÈΤ˜ ÂÍÂÏ›ÍÂȘ Û ∂ÏÏ¿‰· Î·È °·ÏÏ›· ÙËÓ ›‰È· ÒÚ· Ô˘ ÙÔ ∂˘ÚÒ Û˘Ó¯›˙ÂÈ Ó· ÎÚ·Ù¿ÂÈ ÙÔ „˘¯ÔÏÔÁÈÎfi ÊÚ¿ÁÌ· ÙÔ˘ 1.30 Η Ελλάδα, απÞ την άλλη, συνεχίζει να προκαλεί πονοκέφαλο στουσ Ευρωπαίουσ εταίρουσ τησ. Η κατακÞρυφη άνοδοσ των αντιµνηµονιακών κοµµάτων απÞ τη µία και ο καταποντισµÞσ του δικοµµατισµού απÞ την άλλη, αποτυπώνουν την άρνηση του Ελληνικού λαού να αποδεχτεί τα µέτρα του µνηµονίου που έχουν προκαλέσει την κατάρρευση του κράτουσ σε Þλουσ τουσ τοµείσ. Το µήνυµα είναι ξεκάθαρο: Το µνηµÞνιο ή θα αλλάξει ή θα καταργηθεί. ΧαρακτηριστικÞ, πάντωσ, είναι το κλίµα που µεταφέρουν οι διεθνήσ αγορέσ µετά το αποτέλεσµα των εκλογών. Χωρίσ καν να είναι βέβαιο αν θα προκύψει ή Þχι κυβέρνηση, κρούουν ήδη τον κώδωνα του κινδύνου για πιθανή έξοδο τησ Ελλάδασ απÞ το ευρώ, µε την πιθανÞτητα να συµβεί κάτι τέτοιο να έχει ξεπεράσει το 75%. Οι ασαφείσ προτάσεισ των ‘’νικητών’’ για σχηµατισµÞ κυβέρνησησ, εντείνουν την αβεβαιÞτητα, µε τουσ Γερµανούσ να κάνουν λÞγο για χάοσ και ακυβερνησία. Σε κάθε περίπτωση, η νέα κυβέρνηση, ακÞµη κι αν σχηµατισθεί, δεν είναι σίγουρο αν θα παραµείνει στη θέση τησ ή θα ακολουθήσουν και νέεσ εκλογέσ. Επιπλέον, η Ευρώπη, και ειδικά η Γερµανία,

™Â 15 ̤Ú˜ Ë ·fiÊ·ÛË ÁÈ· ·ÂÚÔ‰ÚfiÌÈÔ Μέσα στισ επÞµενεσ δεκαπέντε ηµέρεσ θα αποφασισθεί κατά πÞσο η κυβέρνηση θα επεκτείνει στα πενήντα χρÞνια τη σύµβαση κινεζικήσ εταιρείασ για την επένδυση στο παλιÞ αεροδρÞµιο τησ Λάρνακασ. Ο υπουργÞσ Συγκοινωνιών και Έργων Ευθύµιοσ Φλουρέντζου δήλωσε Þτι η συντονιστική επιτροπή, η οποία συστάθηκε έπιασε δουλειά και θα υποβάλει ερωτήµατα στην κινεζική εταιρεία, αναµένοντασ απαντήσεισ, το συντοµÞτερο δυνατÞν. Είπε, επίσησ, Þτι η επιτροπή θα εργασθεί εντατικά µε στÞχο οι διαπραγµατεύσεισ να ολοκληρωθούν σε διάστηµα δεκαπέντε ηµερών. Ο κύριοσ Φλουρέντζου ανέφερε Þτι στη βάση τησ εισήγησησ που θα υποβάλει η επιτροπή θα κατατεθεί και η πρÞταση στο υπουργικÞ συµβούλιο.

¶ÚÔ‚ÏËÌ·ÙÈÛÌfi˜ ÁÈ· ÙȘ ÌÂÙÂÎÏÔÁÈΤ˜ ÂÍÂÏ›ÍÂȘ ÛÙËÓ ∂ÏÏ¿‰· «Ούτε θετικέσ, ούτε ευχάριστεσ είναι οι εξελίξεισ στον ελλαδικÞ χώρο», δήλωσε ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή. ΛÞγω τησ ιδιαίτερησ σχέσεισ τησ Κύπρου µε την Ελλάδα, είπε, χρειάζεται περισσÞτεροσ προβληµατισµÞσ προσθέτοντασ Þτι «είµαστε διπλά και τριπλά προετοιµασµένοι για να µην πάθουµε τα ίδια» Πρέπει τÞνισε ο κύριοσ Σιαρλή, να διαφυλάξουµε αυτÞ που έχουµε σήµερα ωσ κράτοσ. Ερωτηθείσ, αν σε περίπτωση επιστροφήσ τησ Ελλάδασ στη δραχµή διατρέχει κίνδυνο και η Κύπροσ να επιστρέψει στη λίρα, ο υπουργÞσ Οικονοµικών απάντησε Þτι «η χώρα µασ ανήκει στην ευρωζώνη και αυτÞ θα το χειριστούµε ανάλογα». Σε Þ,τι αφορά τη δυνατÞτητα των τραπεζών να πετύχουν την απαιτούµενη ανακεφαλαιοποίηση µέχρι τισ 30 Ιουνίου δήλωσε Þτι είναι θέµα των ∆ιοικητικών τουσ Συµβουλίων, να επιτύχουν τουσ στÞχουσ τουσ. Σηµείωσε, ωστÞσο, Þτι βάσει νοµοθεσίασ το Υπουργείο Οικονοµικών είναι έτοιµο σε περίπτωση κατά την οποία κάποια τράπεζα ζητήσει βοήθεια να τησ την παράσχει. ∆εν θέλησε, ωστÞσο να αναφερθεί στον τρÞπο µε τον οποίο θα γίνει η ανακεφαλαιοποίηση επισηµαίνοντασ Þτι υπάρχουν πολλά εναλλακτικά σενάρια. Απαντώντασ σε αναφορέσ Þτι θα έπρεπε οι τράπεζεσ να απευθυνθούν απÞ µÞνεσ τουσ στουσ ευρωπαϊκούσ µηχανισµούσ στήριξησ, ο κύριοσ Σιαρλήσ, είπε, πωσ δεν µπορεί να γίνει αυτÞ, διÞτι βάσει κανονισµών πρέπει η ενέργεια αυτή να αναληφθεί απÞ το κράτοσ.

Alpha Bank: 22 ª·˝Ô˘ Ë ·fiÊ·ÛË ÁÈ· Eurobank Σε νέα επαναληπτική συνέλευση, την Τρίτη 22 Μαΐου 2012, θα συζητηθεί το θέµα τησ παύσησ των εργασιών και τησ διαδικασίασ συγχώνευσησ µε τη Eurobank, καθώσ στη χθεσινή Πρώτη Επαναληπτική Έκτακτη Γενική Συνέλευση των ΜετÞχων τησ Alpha Bank δεν επετεύχθη η απαιτούµενη απαρτία.

έχουν προειδοποιήσει σε Þλουσ τουσ τÞνουσ Þτι αν η Ελλάδα επιθυµεί να παραµείνει στην ευρωζώνη, θα πρέπει να εφαρµÞσει κατά γράµµα τα συµφωνηθέντα τησ δανειακήσ σύµβασησ. Πράγµα που σηµαίνει νέα µέτρα τον Ιούνιο, απÞ µία κυβέρνηση που θα µετρά στην καλύτερη περίπτωση ένα µήνα! Εάν η Ελλάδα τελικά φύγει απÞ το ευρώ, είτε απÞ επιλογή είτε επειδή εξαναγκασθεί, η ευρωζώνη θα βρεθεί πιο πολύ απÞ ποτέ σε τεντωµένο σχοινί, µε το ντÞµινο τησ κατάρρευσησ να συνιστά µεγαλύτερο κίνδυνο απÞ ποτέ. Και ασ µην λησµονάµε πωσ ακÞµα έπονται πολιτικέσ εξελίξεισ απÞ Ισπανία και Ολλανδία. Είναι πλέον ξεκάθαρο πωσ τα µνηµÞνια έσπειραν δαιµÞνια σÞκαραν και αποδεκάτισαν την κοινωνία και διέλυσαν το πολιτικÞ σύστηµα ενώ είχε προηγηθεί η διάλυση του τραπεζικού συστήµατοσ. Το µνηµÞνιο απέτυχε και οφείλει πλέον η Γερµανία και η Μέρκελ να αναγνωρίσουν που έκαναν λάθη που έσφαλαν και απέτυχε το πείραµα τησ Ελλάδοσ. Το ελληνικÞ πειραµατÞζωο κινδυνεύει να αποβιώσει και ευθύνη σε αυτÞ θα φέρει και η Γερµανία µε την Μέρκελ. Η πολιτική λιτÞτητασ τησ Γερµανίδασ Καγκελαρίου απέτυχε παταγωδώσ και αυτÞ

∏ Ó›ÎË ÙÔ˘ ™ÔÛÈ·ÏÈÛÙ‹ ºÚ·ÓÛÔ˘¿ √Ï¿ÓÙ ÛÙË °·ÏÏ›·, ÂÓfi˜ ÔÏÈÙÈÎÔ‡ Ô˘ ÍÂοı·Ú· Ù¿¯ÙËΠηٿ Ù˘ ÛÎÏËÚ‹˜ ÏÈÙfiÙËÙ·˜, ÂÍ·Ó·Áο˙ÂÈ ÙË °ÂÚÌ·Ó›· Ó· ·Ó·‰Èψı› Î·È Ó· ÂȉÈÒÍÂÈ ÂÓ·ÏÏ·ÎÙÈÎÔ‡˜ ÙÚfiÔ˘˜ ÁÈ· ÚÔÒıËÛË Ù˘ ·Ó¿Ù˘Í˘

αποδεικνύεται. Η µÞνη περίπτωση να διασωθεί η κατάσταση είναι η Γερµανία να συνειδητοποιήσει Þτι απÞ την λιτÞτητα πρέπει να στραφεί στην ανάπτυξη. Η λιτÞτητα απέτυχε και η κοινωνία την καταδίκασε. Χρειάζεται η Γερµανία να τολµήσει. Να τολµήσει υιοθετώντασ το Αµερικάνικο µοντέλο τυπώνοντασ χρήµα, υποτιµώντασ το Ευρώ και προωθώντασ την ανάπτυξη εγκαταλείποντασ βέβαια την εγκληµατική λιτÞτητα. Τεχνικά η ισοτιµία συνεχίζει να διατηρείται στο στενÞ εύροσ του 1.30 – 1.34. Το εβδοµαδιαίο σπάσιµο του 1.30 θα είναι καταλυτικÞ για υποχώρηση τησ ισοτιµίασ µέχρι και τα 1.25. Φθάνει βέβαια να το επιτρέψουν Γερµανοί και Αµερικάνοι. √ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜, Â›Ó·È Foreign Exchange Analyst Email: michailidisn@aol.com

√È ÂÎÏÔÁ¤˜ ¤ÛÙÂÈÏ·Ó ÙÔ Ã∞ ÛÙÔ 1992 ΑΠΟ ΣΕΛ. 1/11 Μετά το εκλογικÞ σοκ τησ ∆ευτέρασ Þπου ο ΓενικÞσ ∆είκτησ έκλεισε µε πτώση 12,04% στισ 196,1 µονάδεσ, στο χαµηλÞτερο σηµείο απÞ την 1η ∆εκεµβρίου 2000, ενώ ο ∆είκτησ FTSE/CySE 20 βρέθηκε στο χαµηλÞτερο του σηµείο απÞ το ∆εκέµβριο του 2000, οπÞταν και συστάθηκε. Στο κυπριακÞ χρηµατιστήριο κτύπησε «κÞκκινο» υπÞ τη σκιά των δηλώσεων του επικεφαλήσ του ΣΥΡΙΖΑ Αλέξη Τσίπρα - ο οποίοσ έλαβε εντολή για σχηµατισµÞ Κυβέρνησησ στην Ελλάδα - για την ανάγκη τησ άµεσησ ακύρωσησ τησ εφαρµογήσ των µέτρων του Μνηµονίου, καθώσ και των δηλώσεων του Υπουργού Οικονοµικών τησ Κύπρου Βάσου Σιαρλή, Þτι οι εξελίξεισ στον ελληνικÞ χώρο δεν

είναι ευχάριστεσ τÞσο για την Κύπρο Þσο και για την Ευρώπη και χρήζουν προβληµατισµού ιδιαίτερα για την Κύπρο λÞγω τησ

CYTA: MfiÓÔ Ì ∆Ú. ∫‡ÚÔ˘ Ë ÂÁÁ˘ËÙÈ΋ ÙÔ˘ LEFCO Η CYTA αναγνωρίζει µÞνο την Τράπεζα Κύπρου σε Þτι αφορά την εγγυητική επιταγή που κατατέθηκε απÞ την εταιρεία Selex για την αγορά και λειτουργία του Συστήµατοσ Εναέριασ Κυκλοφορίασ LEFCO, δήλωσε ο ΥπουργÞσ Συγκοινωνιών προσθέτοντασ πωσ η Κυβέρνηση ενεργεί για αγορά νέου δοκιµασµένου νέασ γενεάσ συστήµατοσ. Σε δηλώσεισ του, µετά απÞ τη συζήτηση του θέµατοσ τησ αγοράσ του LEFCO στην Επιτροπή Ελέγχου τησ Βουλήσ, ο ΥπουργÞσ Συγκοινωνιών και Εργων Ευθύµιοσ Φλουρέτζου είπε πωσ «γίνονται Þλεσ οι απαιτούµενεσ ενέργειεσ, για να έχουµε ένα νέο σύστηµα ελέγχου εναέριασ κυκλοφορίασ, ενώ την ίδια στιγµή έχουµε διασφαλίσει Þτι το σύστηµα εναέριασ κυκλοφορίασ θα λειτουργεί µε ασφάλεια τÞσο µε το υπάρχον σύστηµα, Þσο και µε το εφεδρικÞ σύστηµα, το οποίο είναι καινούργιο και ξεκίνησε η εγκατάσταση του».

διασύνδεσησ των οικονοµιών των δύο χωρών. Το µεγαλύτερο επενδυτικÞ ενδιαφέρον προσέλκυσε η µετοχή τησ Τράπεζασ Κύπρου µε 953.348,360 ευρώ του ηµερήσιου Þγκου συναλλαγών (πτώση 11,05% κλεισίµατοσ 0,34 ευρώ). τιµή Ακολούθησαν η µετοχή τησ Λαϊκήσ Τράπεζασ µε 251.605,340 ευρώ (πτώση 6,88% - τιµή κλεισίµατοσ 0,15 ευρώ), η µετοχή τησ Ελληνικήσ Τράπεζασ µε 67.431,840 ευρώ (πτώση 5,56% - τιµή κλεισίµατοσ 0,20 ευρώ), η µετοχή τησ EUROPROFIT Capital Investors Public µε 31.072,230 ευρώ (χωρίσ µεταβολή - τιµή κλεισίµατοσ 0,02 ευρώ) και η µετοχή τησ PETROLINA (Holdings) Public µε 16.479,640 ευρώ (άνοδοσ 3% - τιµή κλεισίµατοσ 0,76 ευρώ).

Œ¯Ô˘Ì ·¤ÚÈÔ… Ó· Ê·Ó ÎÈ ÔÈ ÎfiÙ˜ ΠοσÞτητεσ φυσικού αερίου που ξεπερνούν τισ ανάγκεσ Κύπρου και Ισραήλ ανακάλυψε στην ανατολική ΜεσÞγειο, η εταιρεία Noble Energy. Ùπωσ δήλωσε ο διευθύνων σύµβουλοσ τησ Noble Energy Charles Davidson, στην περιοχή τησ Ανατολικήσ Μεσογείου, ανακαλύφθηκαν 35 τρισεκατοµµύρια κυβικά πÞδια φυσικού αερίου, ποσÞτητεσ κατά πολύ µεγαλύτερεσ απÞ τισ ανάγκεσ τησ Κύπρου και του Ισραήλ, που γι’ αυτέσ σηµαίνει εξαγωγέσ. Ανέφερε ακÞµη Þτι οι έρευνεσ θα συνεχιστούν στην ευρύτερη περιοχή και ελπίζει Þτι θα ανακαλυφθούν και νέα κοιτάσµατα. Πριν 14 χρÞνια η Noble είχε ανακαλύψει κοιτάσµατα φυσικού αερίου στο Ισραήλ, τα οποία παρÞτι κρίθηκαν µέτρια, σε σύγκριση µε τισ µεταγενέστερεσ ανακαλύψεισ (το 1/7 του κοιτάσµατοσ τησ Αφροδίτησ), επέτρεψαν στο Ισραήλ να καλύψει το 40% τησ ενέργειασ που χρειάζεται για τισ ανάγκεσ σε ηλεκτρισµÞ.

¶ÚˆÙÈ¿ ∫˘Ú›ˆÓ ÛÙÔ ∂rasmus ΠερισσÞτεροι απÞ 231.000 σπουδαστέσ έλαβαν υποτροφίεσ απÞ το πρÞγραµµα Εrasmus για σπουδέσ ή κατάρτιση στο εξωτερικÞ κατά το ακαδηµαϊκÞ έτοσ 2010-2011, σηµειώνοντασ νέο ρεκÞρ και αύξηση 8,5% σε σύγκριση µε το προηγούµενο έτοσ. Στο πρÞγραµµα που γιορτάζει φέτοσ την 25η επέτειο απÞ την έναρξή του, µετέχουν 32 ευρωπαϊκέσ χώρεσ, ενώ η Κύπροσ είχε τη διετία 2009-2011 τη µεγαλύτερη αύξηση εξερχÞµενων σπουδαστών µε 22%

µεταξύ των 27 χωρών τησ ΕΕ. ΨηλÞτερα ποσοστά αύξησησ είχαν δύο µη κοινοτικέσ ευρωπαϊκέσ χώρεσ, η Κροατία που θα ενταχθεί στην ΕΕ τον Ιούλιο του 2013 µε 132% και το Λιχτενστάιν µε 52%. Στην Ελλάδα η αύξηση την προαναφερÞµενη διετία ήταν 8,1%. ΑπÞ την έναρξή του το 1987, το πρÞγραµµα έχει προσφέρει σε περισσÞτερουσ απÞ 2,5 εκατοµµύρια Ευρωπαίουσ φοιτητέσ την ευκαιρία να µεταβούν στο εξωτερικÞ

για να σπουδάσουν σε ίδρυµα τριτοβάθµιασ εκπαίδευσησ ή για να απασχοληθούν σε κάποια επιχείρηση. Με βάση τισ σηµερινέσ τάσεισ, η Ευρωπαϊκή Ενωση θα επιτύχει το στÞχο τησ υποστήριξησ 3 εκατοµµυρίων φοιτητών Erasmus έωσ την περίοδο 2012-13. Οι τρεισ πιο δηµοφιλείσ προορισµοί για τουσ σπουδαστέσ την περίοδο 2010-11 ήταν η Ισπανία, η Γαλλία και το Ηνωµένο Βασίλειο.


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¡ÔÌÔÛ¯¤‰ÈÔ ÁÈ· Û˘ÓÙ¯ӛ˜ Î·È ¿ÏÏ· - ¶ÚÔ‚ÏËÌ·ÙÈÛÌfi˜ ∆Ô˘ ∞ÓÙÒÓË §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘ Φαίνεται Þτι η παρούσα Κυβέρνηση προσπαθεί να καταστρέψει τισ µέχρι σήµερα υγιείσ ιδιωτικέσ εταιρείεσ και εργοδÞτεσ (Þσοι αποµένουν) µε το νέο νοµοσχέδιο για συντεχνίεσ «εξ ανάγκησ» Þταν οι εργοδοτούµενοι είναι πέραν των 30. Μασ προκαλεί ιδιαίτερη ανησυχία ο τοµέασ των υπηρεσιών που θα υποφέρουν τÞσο τα µεσαία, Þσο και τα µεγάλα γραφεία υπηρεσιών. ∆ικηγορικά και ελεγκτικά γραφεία και άλλα, ιδιωτικά νοσοκοµεία και σχολεία κλπ κλπ και ωσ εκ τούτου αναµένουµε Þτι και οι υπεράκτιεσ εταιρείεσ θα τύχουν τησ ίδιασ τύχησ (διÞτι δεν µπορούν να διαφέρουν). Άρα θα υποστούν ζηµιά τÞσο οι Κυπριακέσ Þσο και η προσέλκυση ξένων εταιρειών που επιθυµούν να έχουν µια δυναµική παρουσία σε αριθµÞ εργοδοτουµένων στην Κύπρο (µια και που δεν µπορεί να

υπάρξει διάκριση µεταξύ των δύο). Με το 50% των εργαζοµένων υπέρ π.χ. σε ένα ελεγκτικÞ γραφείο, θα υπάρξει πλέον συντεχνία. Ùταν Þµωσ αναλογιστεί κάποιοσ Þτι το γραµµατειακÞ και βοηθητικÞ προσωπικÞ είναι ασφαλώσ πέραν του 50% απÞ το επαγγελµατικÞ, η κατάληξη είναι βέβαιη για την ύπαρξη συντεχνίασ. Ωσ εκ τούτου και επειδή είναι κατά γενική οµολογία στον ιδιωτικÞ τοµέα, Þτι Þταν οι συντεχνίεσ εισαχθούν στισ ιδιωτικέσ επιχειρήσεισ θα είναι µια κύρια τροχοπέδη στην εξέλιξη τουσ (ίδε Κυβερνητικέσ υπηρεσίεσ π.χ. ΑΗΚ, ΣΥΤΑ, ΡΙΚ κλπ) που στο τέλοσ ίσωσ άθελα (;;) το Κράτοσ να καταντήσει τισ ιδιωτικέσ υπηρεσίεσ στο ίδιο αναποτελεσµατικÞ επίπεδο. Πιστεύουµε Þτι το θέµα είναι πολύ σοβαρÞ στο ίδιο επίπεδο εκείνου του Μαρί και τησ νοοτροπίασ «δώσε και δώσε» και στο τέλοσ να µην υπάρχει βιώσιµη επιχείρηση (ίδε προηγούµενα πλάνα τησ υφιστάµενησ Κυβέρνησησ µε απλÞχερεσ παροχέσ και άλλα συναφή που βοήθησαν και αυτέσ µε τον τρÞπο τουσ να καταλήξει η Κυπριακή οικονοµία ύφεσησ σήµερα). Θα αρχίσουµε λοιπÞν να µελετούµε το

√∂µ: ¶Úfi‚ÏËÌ· Ì ÓfiÌÔ º¶∞ Συνέντευξη Τύπου, στην οποία θα παρουσιάσει τισ θέσεισ τησ αναφορικά µε το νέο τροποποιητικÞ νÞµο για τον ΦΠΑ, θα παραθέσει αύριο Πέµπτη, 10 Μαίου η Οµοσπονδία Εργοδοτών και Βιοµηχάνων (ΟΕΒ). Ùπωσ αναφέρει σε ανακοίνωση τησ ο νÞµοσ κρίνεται αρνητικÞτατοσ για τισ επιχειρήσεισ του κατασκευστικού τοµέα.

∏ÏÂÎÙÚÔÓÈ΋ ˘ËÚÂÛ›· ¡ÔÌÈ΋˜ ¶ÏËÚÔÊfiÚËÛ˘ Tην επίσηµη παρουσίαση τησ ηλεκτρονικήσ υπηρεσίασ Νοµικήσ ΠληροφÞρησησ και τη δηµιουργία µιασ αναβαθµισµένησ διαδικτυακήσ βάσησ δεδοµένων που φορά το σύνολο τησ µέχρι σήµερα Κυπριακήσ Νοµοθεσίασ καθώσ και νοµολογία ανακοίνωσε ο Παγκύπριοσ ∆ικηγορικÞσ ΣύλλογÞσ. Η επίσηµη παρουσίαση τησ υπηρεσίασ θα γίνει την Παρασκευή 11 Μαϊου. Αξίζει να αναφερθεί Þτι η πρÞσβαση στην υπηρεσία θα είναι δωρεάν και δεν θα καταβάλλεται οποιοδήποτε αντίτιµο ή η εισαγωγή οποιουδήποτε κωδικού. Η νοµική πληροφορική η οποία στα περισσÞτερα κράτη δίδεται απÞ τισ κυβερνήσεισ, στη Κύπρο δεν έγινε κατορθωτÞ παρά τισ προσπάθειεσ πολλών χρÞνων. Ο Παγκύπριοσ ∆ικηγορικÞσ Σύλλογοσ ανέλαβε αυτÞ εγχείρηµα µε έξοδα των µελών του σε µια προσπάθεια να δίδει συνεχώσ πλήρη πληροφÞρηση τησ Νοµοθεσίασ που ισχύει στην Κύπρο και των αποφάσεων που εκδίδονται απÞ τα Κυπριακά ∆ικαστήρια. Επίσησ το σύστηµα θα περιλαµβάνει τισ αποφάσεισ του Ευρωπαϊκού ∆ικαστηρίου και του ∆ικαστηρίου των Ανθρωπίνων ∆ικαιωµάτων.

SFS: ¶ÒÏËÛË ·ÎÈÓ‹ÙˆÓ €7,9 ÂÎ. Την πώληση αριθµού ακινήτων συνολικήσ αξίασ 7,9 εκ. ευρώ ανακοίνωσαν εταιρείεσ του οµίλου SFS. Οι ιδιωτικέσ εταιρείεσ Conmrer Limited, Drumdonna Consultants Limited και Vastuat Limited οι οποίεσ ανήκουν στον Ùµιλο SFS και δραστηριοποιούνται στην αγοραπωλησία και ανάπτυξη γησ, έχουν συµφωνήσει την πώληση αριθµού τεµαχίων γησ στη θυγατρική εταιρεία τησ SFS, εισηγµένη εταιρεία Τρίαινα Επενδύσεισ ∆ηµÞσια Εταιρεία Λίµιτεδ (η «Τρίαινα»). Η πώληση έγινε σε καθαρά εµπορική βάση και στο πλαίσιο τησ αναδιοργάνωσησ του επενδυτικού χαρτοφυλακίου τησ εταιρείασ Τρίαινα. Οι συµφωνηθείσεσ τιµέσ πώλησησ βασίζονται σε εκθέσεισ εκτίµησησ τησ αγοραίασ αξίασ των ακινήτων απÞ ανεξάρτητουσ, αδειοδοτηµένουσ εκτιµητέσ γησ, ωσ κατά την 31.12.2011.

ενδεχÞµενο τησ ύπαρξησ σε ένα π.χ. γραφείο των 50 ατÞµων τον κερµατισµÞ του σε διάφορα τµήµατα µε ξέχωρεσ εταιρείεσ µε προσωπικÞ κάτω απÞ 30 για να αποφευχθεί το Þριο των ελάχιστων 30 υπαλλήλων. Π.χ. σε ένα ελεγκτικÞ γραφείο θα έχει µια υπηρεσία (εταιρεία) για γραµµατειακÞ προσωπικÞ, άλλη για Ι.Τ. (άλλη εταιρεία), άλλη για τισ διάφορεσ επιµέρουσ υπηρεσίεσ κλπ κλπ. Στο τέλοσ θα υπάρχει ένα µεν ελεγκτικÞ γραφείο, αλλά µε 4-5 εταιρείεσ που να προσφέρουν υπηρεσίεσ στο ίδιο. Είναι δεδοµένο Þτι στισ συντεχνίεσ εντάσσονται κυρίωσ τα άτοµα εκείνα τα οποία δεν µπορούν λÞγω δικών τουσ αδυναµιών να διεκδικήσουν για την ανέλιξη τουσ βασίζονται πάνω στην δύναµη τησ πίεσησ των πολλών. Το αποτέλεσµα θα είναι να καταλήξουµε στο ΚυβερνητικÞ σύστηµα στο «Þλοι να είναι εξαίρετοι» και έτσι µε τουσ δυνατούσ να παρασύρουν και τουσ αδύναµουσ. Γιατί στο τέλοσ τησ ηµέρασ να παραµείνει η Amdoc µε 2.000 υπαλλήλουσ στην Κύπρο, γιατί ο ΙΚΟS να µην καταλήξει στην Μάλτα που οι εταιρείεσ έχουν την ίδια ευνοϊκή µεταχείριση

µε τισ Κυπριακέσ και γιατί να µην εγγράφονται οι Κυπριακέσ εταιρείεσ στο εξωτερικÞ µε άλλεσ παρενέργειεσ; Μασ είναι τελείωσ αδιανÞητο σε µια περίοδο αυτήσ τησ καταστροφικήσ κρίσησ που περνά η Κύπροσ, πωσ είναι δυνατÞν να εγκριθούν τέτοια µέτρα του Κράτουσ. Ωσ και εάν αυτÞ δεν είναι το τέλοσ, µασ πληροφορούν τώρα Þτι η γονική άδεια θα επεκταθεί κατά 2 εβδοµάδεσ. ∆ηλαδή το Κράτοσ θα πληρώνει για ακÞµη δύο εβδοµάδεσ απÞ τα ανύπαρκτα ταµεία, χωρίσ ο/η εργοδοτούµενοσ να εργάζεται. Και άρα τι θα κάνει µια εταιρεία η οποία θα έχει απουσία 8 εβδοµάδων, θα προσλάβει άλλο άτοµο το οποίο µετά θα απολύσει; Και κατ’ επέκταση γιατί µια επιχείρηση να µην προσλαµβάνει άνδρεσ αντί γυναίκεσ; Και άρα να αυξάνεται η ανεργία στισ γυναίκεσ ιδιαίτερα τησ µικρήσ ηλικίασ. ΠρÞσθετα σε Þλα αυτά σε περίοδο ύφεσησ αυξάνουµε και τον ελάχιστο µισθÞ – δηλαδή θα αυξήσουµε τισ χρεώσεισ κατ’ επέκταση στο κοινÞ. Για δικÞ σασ προβληµατισµÞ.

∏ Triple Five ı¤ÏÂÈ «ÔÈÎfi‰Ի ∆εκαπενταµελήσ οµάδα ειδικών του τοµέα ενέργειασ και χρηµατοοικονοµικών του κινεζικού κολοσσού Triple Five, βρίσκεται τισ τελευταίεσ µέρεσ στη Κύπρο και σε άλλεσ ευρωπαϊκέσ χώρεσ και ετοιµάζουν τα έγγραφα προσφορών για τον β’ γύρο αδειοδοτήσεων των «οικοπέδων» τησ κυπριακήσ Αποκλειστικήσ Οικονοµικήσ Ζώνησ (ΑΟΖ). Με βάση πληροφορίεσ η Triple Five θα διεκδικήσει Þχι ένα, αλλά αριθµÞ «οικοπέδων», ορισµένα απÞ τα οποία σε κοινοπραξία µε άλλουσ ενεργειακούσ κολοσσούσ, χωρών που συνθέτουν και γεωπολιτικά συµφέροντα αλλά και την Þλη κατάσταση στη περιοχή µασ.

∂¡¢π∞º∂ƒ√¡ °π∞ ∂§§∞¢∞ Τεράστιο ενδιαφέρον έχει εκδηλώσει η Triple Five και για επενδύσεισ στην Ελλάδα και µάλιστα µε κεφάλαια τα οποία υπολογίζονται για αρχή περίπου στο 1,5 µε 2 δισ ευρώ. Μάλιστα, αν και δεν έχει εξακριβωθεί 100% ποίουσ κλάδουσ µπορεί να αφορούν αυτέσ οι επενδύσεισ, είναι ξεκάθαρο Þτι οι κινήσεισ συνδέονται µε τισ επενδύσεισ που κάνει η εταιρεία στην Κύπρο και κυρίωσ µε τισ µεγάλεσ ενεργειακέσ προοπτικέσ των δύο χωρών (Ελλάδασ – Κύπρου). Μάλιστα, αυτέσ οι προοπτικέσ είναι που έχουν προσελκύσει το ενδιαφέρον µεγάλων επενδυτών, κυρίωσ απÞ το Ισραήλ και τη Ρωσία, ενώ Þσοι γνωρίζουν λένε Þτι ακÞµη δεν έχουµε δει τίποτα.

£∂§∂π ¶∞∫∂∆√ ∞¶√ ∫.∞ Eν τω µεταξύ σύµφωνα µε πληροφορίεσ που είδαν το φωσ τησ δηµοσιÞτητασ η Triple Five φαίνεται να είναι έτοιµη να δώσει 75 εκ. ευρώ για το 70% του µετοχικού κεφαλαίου των Κυπριακών Αερογραµµών, ενώ εκπρÞσωποι τησ αναµένουν την απάντηση τησ εταιρείασ, και αν αυτή είναι θετική, θα έρθουν στην Κύπρο για ολοκλήρωση τησ συµφωνίασ. Σύµφωνα πάντοτε µε τα δηµοσιεύµατα ο διεθνήσ κολοσσÞσ επιθυµεί Þπωσ η συµφωνία κλείσει µέχρι το τέλοσ Ιουνίου για να είναι έτοιµοσ να ενισχύσει τον στÞλο των Κυπριακών µε 12 δικά του αεροπλάνα. Η βιασύνη του αµερικανο-καναδικού κολοσσού οφείλεται στο γεγονÞσ Þτι θέλουν να προλάβουν την καλοκαιρινή περίοδο. Σύµφωνα µε πληροφορίεσ, οι εκπρÞσωποι του κολοσσού εργάζονται εδώ και δύο µήνεσ για να φέρουν τουρίστεσ στην Κύπρο απÞ την Αµερική. Μετά απÞ αυτέσ τισ πληροφορίεσ οι Κυπριακέσ Αερογραµµέσ εξέδωσαν ανακοίνωση στην οποία ανέφεραν πωσ αριθµÞσ οργανισµών έχει εκδηλώσει ενδιαφέρον για συµµετοχή στο κεφάλαιο τησ εταιρείασ, πλην Þµωσ καµία συγκεκριµένη πρÞταση δεν έχει υποβληθεί στην εταιρεία µέχρι στιγµήσ. ΩστÞσο επιβεβαίωσαν Þτι “Η Triple Five ενηµέρωσε γραπτώσ την Εταιρεία στισ 4 Μαΐου 2012 Þτι ενδιαφέρεται για την απÞκτηση πλειοψηφικού πακέτου στο κεφάλαιο τησ Εταιρείασ και ζήτησε απÞ την Εταιρεία στοιχεία αναφορικά µε την οικονοµική τησ κατάσταση, τισ δραστηριÞτητεσ και άλλεσ συναφείσ πληροφορίεσ.» Η Triple Five, Þπωσ αναφέρει στη σχετική επιστολή τησ προσ την Εταιρεία, θα διαµορφώσει την τελική τησ απÞφαση επί του θέµατοσ µετά την αξιολÞγηση των πιο πάνω στοιχείων, προστίθεται στην ανακοίνωση. «Αν υπάρξει τέτοια πρÞταση απÞ οποιονδήποτε ενδιαφερÞµενο η Εταιρεία θα προβεί στισ δέουσεσ ανακοινώσεισ σύµφωνα µε την κείµενη νοµοθεσία, διευκρίνησε η εταιρείακαταλήγει.

¶ƒ√Xøƒ√À¡ ∆∞ ™Àªºø¡∏£∂¡∆∞ Προ διµήνου Nader Ghermezian, πρÞεδροσ τού καναδικού οµίλου, βρέθηκε στην Κύπρο και συναπαντήθηκε τον πρÞεδρο ΧριστÞφια, για να δηλώσει αργÞτερα πωσ η Κύπροσ είναι µια καλή χώρα για επενδύσεισ. Επίσησ, επεσήµανε τη γεωγραφική θέση του νησιού στο σταυροδρÞµι µεταξύ Μέσησ Ανατολήσ και Ευρώπησ. Ο κ. Γκερµεζιάν

∏ Triple Five ÂÓË̤ڈÛ ÁÚ·ÙÒ˜ ÙȘ ∫˘ÚȷΤ˜ ∞ÂÚÔÁÚ·Ì̤˜ fiÙÈ ÂӉȷʤÚÂÙ·È ÁÈ· ÙËÓ ·fiÎÙËÛË ÏÂÈÔ„ËÊÈÎÔ‡ ·Î¤ÙÔ˘ ÛÙÔ ÎÂÊ¿Ï·ÈÔ Ù˘ ∂Ù·ÈÚ›·˜ Î·È ˙‹ÙËÛ ·fi ÙËÓ ∂Ù·ÈÚ›· ÛÙÔȯ›· ·Ó·ÊÔÚÈο Ì ÙËÓ ÔÈÎÔÓÔÌÈ΋ Ù˘ ηٿÛÙ·ÛË, ÙȘ ‰Ú·ÛÙËÚÈfiÙËÙ˜ Î·È ¿ÏϘ Û˘Ó·Ê›˜ ÏËÚÔÊÔڛ˜ είχε αναφέρει επίσησ Þτι ο Þµιλοσ επιχειρήσεών του ασχολείται µε ένα ευρύ πεδίο δραστηριοτήτων σε πολλούσ µεγάλουσ τοµείσ παγκοσµίωσ, σηµειώνοντασ Þτι επιθυµία του είναι να συµβάλλει στην τουριστική βιοµηχανία τήσ Κύπρου. Πάντωσ σε προχωρηµένο στάδιο φαίνεται να βρίσκονται οι συζητήσεισ τησ εταιρείασ Triple Five µε επιχειρηµατίεσ στην Κύπρο, µε στÞχο την επένδυση αρκετών δισεκατοµµυρίων τÞσο στον τραπεζικÞ Þσο και στον τουριστικÞ-ξενοδοχειακÞ τοµέα. Η Triple Five προσανατολίζεται αντί τησ καθÞδου στην Κύπρο µε τη την Peoples Trust, να συµµετάσχει µε κεφάλαια σε κυπριακή τράπεζα (περίπου 500 εκ ευρώ). Για την κίνηση αυτή η Triple Five διαθέτει συνολικά, σύµφωνα µε τισ πληροφορίεσ, περίπου 4 µε 5 δισ ευρώ. Αξίζει να αναφέρουµε Þτι η Triple Five έχει ήδη καταθέσει στην Κεντρική Τράπεζα τησ Κύπρου αίτηση για να τησ δοθεί άδεια λειτουργίασ τράπεζασ.

WHO IS WHO... Ιδιοκτήτεσ τησ Triple Five Group που δηµιουργήθηκε στα µέσα τησ δεκαετίασ του 1960 είναι η οικογένεια Ghermezian, και τα κεντρικά γραφεία τησ βρίσκονται στον Καναδά. ΠρÞκειται για οικογένεια ορθÞδοξων εβραίων που µετανάστευσαν απÞ το Ιράν στον Καναδά το 1940. Η Triple Five Group είναι περισσÞτερο γνωστή ωσ η ιδιοκτήτρια εταιρεία των µεγαλύτερων εµπορικών κέντρων στον κÞσµο, µεταξύ των οποίων και του Mall of America στη ΜινεσÞτα των ΗΠΑ (Το εµπορικÞ αυτÞ κέντρο είναι το µεγαλύτερο στισ ΗΠΑ), ενώ οι πληροφορίεσ λένε Þτι η οικογένεια Ghermezian έχει σχέση µε τουσ επενδυτέσ τησ Noble Energy και γενικά µε τα ενεργειακά λÞµπυ, γεγονÞσ που µάλλον εξηγεί σε µεγάλο βαθµÞ το ενδιαφέρον τησ εταιρείασ για επενδύσεισ στισ δύο χώρεσ. ΕπανερχÞµενη στισ επενδυτικέσ δραστηριÞτητεσ τησ εταιρείασ, είναι επίσησ ιδιοκτήτρια ψυχαγωγικών κέντρων. Παράλληλα, η εταιρεία είναι ιδιοκτήτρια τησ τράπεζασ Peoples Trust, η οποία διαθέτει καταστήµατα σε Þλον τον Καναδά, καθώσ και τησ First Nuclear Corporation, η οποία ασχολείται µε την ανάπτυξη φυσικών πÞρων.


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∆∂∆∞ƒ∆∏, 9 ª∞´√À, 2012

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‚·ÛÈΤ˜ ·Ú¯¤˜ ı¤ÙÂÈ ÙÔ À¶√π∫

Τισ έξι βασικέσ αρχέσ του Υπουργείου Οικονοµικών που θα διέπουν τισ διαβουλεύσεισ αναφορικά µε τη διαχείριση των επιδοµάτων στο δηµÞσιο τοµέα, επέδωσε χθεσ ο αρµÞδιοσ ΥπουργÞσ Βάσοσ Σιαρλή στα πολιτικά κÞµµατα. Ο κ. Σιαρλή είπε Þτι θα δώσει τισ θέσεισ αυτέσ και στισ συνδικαλιστικέσ οργανώσεισ µε τισ οποίεσ θα υπάρξει συνάντηση εντÞσ των εποµένων 8-10 ηµερών, την οποία θα ακολουθήσει νέα συνάντηση µε τα κÞµµατα µε στÞχο την υποβολή τελικών προτάσεων µέχρι τέλοσ του µήνα. Κάνοντασ λÞγο για συναντίληψη µε τα κÞµµατα στο θέµα τησ διαχείρισησ των επιδοµάτων, ο κ. Σιαρλή επεσήµανε Þτι το συνολικÞ κÞστοσ των επιδοµάτων υπερβαίνει τα 100 εκατοµµύρια. Σύµφωνα µε τον κ. Σιαρλή, οι έξι βασικέσ αρχέσ, που υποβλήθηκαν υπÞ την µορφή ερωτηµάτων, αφορούν τη φορολÞγηση των επιδοµάτων, τη συνταξιµÞτητα των επιδοµάτων, τα επιδÞµατα συντήρησησ εξωτερικού, τα αναχρονιστικά επιδÞµατα, τα ειδικά επιδÞµατα, που ενώ ονοµάζονται επιδÞµατα συνιστούν αµοιβέσ, και τα επιδÞµατα που δηµιουργούν ανισÞτητεσ και προνοµιακέσ καταστάσεισ. Ο ΥΠΟΙΚ διευκρίνισε επίσησ Þτι επιδÞµατα που σχετίζονται µε την παροχή υπηρεσιών δεν εµπίπτουν στισ κατηγορίεσ αυτέσ και εποµένωσ δεν επηρεάζονται απÞ τη συζήτηση. Απαντώντασ σε ερωτήσεισ, ο κ. Σιαρλή ανέφερε Þτι ο κατάλογοσ των επιδοµάτων απαριθµεί 43 σελίδεσ και εξήγησε Þτι υπάρ-

ÂȉfiÌ·Ù· Â› ηÈÚÒ ∞ÁÁÎÏÔÎÚ·Ù›·˜

χουν αναχρονιστικά επιδÞµατα που ανάγονται στην εποχή τησ Αγγκλοκρατίασ.

°∫ƒπ∑∂™ ∑ø¡∂™ Ο κ. Σιαρλή εξήγησε επίσησ Þτι µεγάλοσ µέροσ του συνÞλου των επιδοµάτων αντιστοιχεί στα επιδÞµατα που ενώ ονοµάζονται επιδÞµατα στην ουσία είναι πληρωµέσ, επισηµαίνοντασ Þτι το θέµα αυτÞ αποτελεί µια ‘’γκρίζα ζώνη’’. Απαντώντασ σε σχετική ερώτηση, ο κ. Σιαρλή απέφυγε να αναφερθεί σε ποσοστÞ περικοπήσ των επιδοµάτων, προσθέτοντασ Þτι ‘’αυτÞ που ευελπιστώ είναι Þτι θα υπάρχει µια συµφωνία Þσον αφορά τη διαχείριση αυτών των επιδοµάτων’’. ‘’Εποµένωσ το πού θα καταλήξουµε στο τέλοσ δεν µπορούµε να το προβλέψουµε σε αυτÞ το στάδιο’’ πρÞσθεσε. Το Þλο θέµα τέθηκε ενώπιον τησ Βουλήσ µε καθυστέρηση τριών µηνών, µε τουσ εκπροσώπουσ των κοµµάτων να θέτουν επί τάπητοσ συγκεκριµένεσ προτάσεισ για αναθεώρηση ή και κατάργηση ορισµένων επιδοµάτων που δεν δικαιολογείται, πλέον, η συνέχιση τησ καταβολήσ τουσ. Μεταξύ αυτών περιλαµβάνονται και τα εξήσ επτά επιδÞµατα: Επίδοµα υπαίθρου, Επίδοµα φιλοξενίασ, Επίδοµα παραστάσεωσ, Επίδοµα καλήσ διαγωγήσ και το Επίδοµα τηλεφώνου.

l EÓı·ÚÚ˘ÓÙÈο ÌËӇ̷ٷ ·fi ƒˆÛ›·

ΑπαισιÞδοξη είναι η µέχρι στιγµήσ εικÞνα που διαµορφώνεται στον τουρισµÞ για την καλοκαιρινή περίοδο, σύµφωνα µε τισ προκρατήσεισ που υπάρχουν, είπε ο ΓενικÞσ ∆ιευθυντήσ του ΠΑΣΥΞΕ Ζαχαρίασ Ιωαννίδησ προσθέτοντασ Þτι στÞχοσ είναι η επίτευξη των περσινών επιπέδων. O κ. Ιωαννίδησ ανέφερε Þτι η εικÞνα ωσ έχει µέχρι στιγµήσ είναι Þτι η µεγαλύτερη σε µέγεθοσ αγορά τησ Κύπρου, αυτή του Ηνωµένου Βασιλείου παρουσιάζεται µε µείωση των προκρατήσεων για το καλοκαίρι τησ τάξησ περίπου του

8% -10% σε σχέση τισ προκρατήσεισ την ίδια χρονική περίοδο πέρσι. Η γερµανική αγορά, επίσησ, συνέχισε, παρουσιάζεται µε χαµηλÞτερεσ προκρατήσεισ, µειωµένεσ τησ τάξησ του 15% περίπου, και οι άλλεσ αγορέσ τησ Κεντρικήσ Ευρώπησ επίσησ µε συγκρατηµένη µέχρι στιγµήσ τη ζήτηση. Εκείνη η αγορά, η οποία συνεχίζει να παρουσιάζει ενθαρρυντικά µηνύµατα και ανοδική πορεία, σηµείωσε, είναι αυτή τησ Ρωσίασ που Þµωσ δεν θα έχει τη θεαµατική αύξηση που είχαµε τα τελευταία δύο χρÞνια τησ τάξησ του

CIM: ™˘ÓÂÚÁ·Û›· Ì London South Bank University Tο London South Bank University προχώρησε στην αναγνώριση του Cyprus Institute of Marketing ωσ Academic Partner προσφέροντασ έτσι την µοναδική επιλογή στουσ φοιτητέσ του CIM να αποκτήσουν Βρετανικά µεταπτυχιακά στην Κύπρο. Ωσ αποτέλεσµα γίνεται το πρώτο ακαδηµαϊκÞ ίδρυµα στην Κύπρο που εξασφαλίζει Ιδρυµατική αξιολÞγηση απÞ δύο Βρετανικά Πανεπιστήµια (University of West London & London South Bank University), δίνοντασ έτσι την δυνατÞτητα στουσ φοιτητέσ του να αποκτούν πτυχία και µεταπτυχιακά διεθνούσ κύρουσ απÞ

δύο διαφορετικά Βρετανικά Πανεπιστήµια. Σε πρώτο στάδιο η συνεργασία αφορά ένα ΜεταπτυχιακÞ προγράµµατα που θα προσφέρεται µε την µέθοδο τησ δικαιÞχρησησ: το MBA, Master in Business Administration (Non-Experience, 15 months FT or 30 months PT). Οι φοιτητέσ µασ έχουν πλέον την δυνατÞτητ�� να αποκτήσουν ΒρετανικÞ ΜΒΑ στην Κύπρο µε παγκÞσµια αναγνώριση χωρίσ να διαταράζουν την επαγγελµατική και προσωπική τουσ σταδιοδροµία. Το London South Bank University

(LSBU) ιδρύθηκε σαν Πολυτεχνείο το 1892 και έγινε Πανεπιστήµιο το 1992. Με πέραν των 25,000 φοιτητών κατατάσσετε στα πιο αναπτυσσÞµενα και δυναµικά Πανεπιστήµια τησ Βρετανίασ. Είναι σηµαντικÞ να τονιστεί Þτι σύµφωνα µε το Sunday Times Higher University Guide 2012, το LSBU είναι το Νούµερο 1 Μοντέρνο Πανεπιστήµιο σε Þτι αφορά τον αρχικÞ µισθÞ των αποφοίτων. Περαιτέρω έχει χαρακτηριστεί ωσ το Πανεπιστήµιο µε την µεγαλύτερη αναβάθµιση στο Λονδίνο. Για περισσÞτερεσ πληροφορίεσ στο www.cima.ac.cy

™ÙËÓ ∫‡ÚÔ ÙÔ ¢ÈÂıÓ¤˜ ™˘Ó¤‰ÚÈÔ STEP 2012 H Λαϊκή Τράπεζα διατηρώντασ τη στενή τησ συνεργασία µε τον ΠαγκÞσµιο Σύνδεσµο Εµπιστευµάτων και ∆ιαχειριστών Περιουσίασ (STEP) είναι επίσηµοσ χορηγÞσ του ετήσιου ∆ιεθνέσ Συνεδρίου STEP 2012 που διοργανώνεται για πρώτη φορά στην Κύπρο Τo συνέδριο θα διεξαχθεί στισ 10 και 11 Μαΐου στο ξενοδοχείο Le Meridien Limassol Spa & Resort και αναµένεται να το παρακολουθήσουν πέραν των 240 συνέδρων απÞ την Κύπρο και ειδικά το εξωτερικÞ. Την έναρξη του συνεδρίου, το οποίο συνδιοργανώνεται µε το ΚυπριακÞ παράρτηµα του STEP, θα κηρύξει ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, ∆ηµήτρησ ΧριστÞφιασ και θα προσφωνήσει ο υπουργÞσ Οικονοµικών Βάσοσ Σιαρλή. Στη συνέχεια, θα γίνει η πρώτη επίση-

Έρευνα έγινε και για τα επιδÞµατα που παραχωρούνται στουσ ωροµίσθιουσ υπαλλήλουσ για εκτέλεση εργασίασ που καλύπτεται απÞ τον µισθÞ τουσ.

ª·˜ Á‡ÚÈÛ·Ó ÙËÓ Ï¿ÙË ÔÈ ¿ÁÁÏÔÈ ÙÔ˘Ú›ÛÙ˜

∫˘ÚȷΤ˜ Î·È ∂ÏÏËÓÈΤ˜ ÂÂÓ‰˘ÙÈΤ˜ ¢ηÈڛ˜ Την Πέµπτη 17 Μαΐου 2012, διοργανώνεται απÞ τη διαδικτυακή εφηµερίδα και τηλεÞραση ka-business.gr το 2ο Συνέδριο Καινοτοµία & Ανάπτυξη µε θέµα «Κυπριακέσ – Ελληνικέσ επενδυτικέσ ευκαιρίεσ – Κύπροσ: ΚÞµβοσ Μέσησ Ανατολήσ», στο ξενοδοχείο Hilton Park Λευκωσίασ. ΧαιρετισµÞ στισ εργασίεσ του Συνεδρίου θα απευθύνει ο Πρέσβησ τησ Ελλάδοσ στην Κύπρο κ. Βασίλειοσ Παπαϊωάννου. Το συντονισµÞ των εργασιών του Συνεδρίου θα έχει ο δηµοσιογράφοσ Ιωάννησ Σεϊτανίδησ απÞ την Καθηµερινή (Κύπρου). Επισυνάπτεται για ενηµέρωσή σασ το πλήρεσ πρÞγραµµα των εργασιών του Συνεδρίου και ευελπιστούµε στη συµµετοχή σασ, γιατί: «Στισ δύσκολεσ εποχέσ, που διανύουµε, η δηµιουργία και η προβολή των καλών ειδήσεων δηµιουργεί καλή ψυχολογία… Η ψυχολογία τησ αγοράσ, χρειάζεται καλά παραδείγµατα, έχει ανάγκη να ακούει επιτυχηµένεσ επιχειρηµατικέσ συνταγέσ. ΑυτÞσ είναι και ο σκοπÞσ του Συνεδρίου: µέσα απÞ τα Success Stories να αναδείξει την Κυπριακή και Ελληνική ΕπιχειρηµατικÞτητα» αναφέρουν οι διοργανωτέσ.

∫¿ÓÔÓÙ·˜ ÏfiÁÔ ÁÈ· Û˘Ó·ÓÙ›ÏË„Ë Ì ٷ ÎfiÌÌ·Ù· ÛÙÔ ı¤Ì· Ù˘ ‰È·¯Â›ÚÈÛ˘ ÙˆÓ ÂȉÔÌ¿ÙˆÓ, Ô Î. ™È·ÚÏ‹ ÂÂÛ‹Ì·Ó fiÙÈ ÙÔ Û˘ÓÔÏÈÎfi ÎfiÛÙÔ˜ ÙˆÓ ÂȉÔÌ¿ÙˆÓ ˘ÂÚ‚·›ÓÂÈ Ù· 100 ÂÎ. ¢ÚÒ

µη διεθνήσ παρουσίαση του περί ∆ιεθνών Εµπιστευµάτων (Τροποποιητικού) ΝÞµου του 2012, οποίοσ ψηφίστηκε πρÞσφατα απÞ την Κυπριακή Βουλή. Η διοργάνωση του ετήσιου συνεδρίου του παγκÞσµιου Συνδέσµου Εµπιστευµάτων και ∆ιαχειριστών Περιουσίασ (STEP) για πρώτη φορά στην Κύπρο είναι µια σηµαντική ευκαιρία για την παρουσίαση των πλεονεκτηµάτων τησ Κύπρου ωσ χρηµατοοικονοµικού κέντρου και τησ προώθησησ του τοµέα των χρηµατοοικονοµικών υπηρεσιών τησ νήσου διεθνώσ. Τα συνέδρια του STEP απολαµβάνουν

εκτεταµένησ διεθνούσ δηµοσιÞτητασ και αποτελούν πÞλο έλξησ για κορυφαίουσ λογιστέσ, δικηγÞρουσ, φοροτεχνικούσ, τραπεζίτεσ και άλλουσ. Τα συνέδρια αυτά είναι ιδιαίτερα δηµοφιλή λÞγω του Þτι προσφέρουν τÞσο απÞ εγχώρια Þσο και απÞ διεθνή προοπτική, λεπτοµέρειεσ για τισ ιδιαιτερÞτητεσ του φορολογικού συστήµατοσ καθώσ και για το χρηµατοοικονοµικÞ κλίµα Þπωσ διαµορφώνεται στη φιλοξενούσα χώρα. Ο STEP ιδρύθηκε το 1991 στο Ηνωµένο Βασίλειο και σήµερα είναι παγκοσµίωσ το µεγαλύτερο επαγγελµατικÞ δίκτυο για θέµατα σχετικά µε τα εµπιστεύµατα (Trusts), το φορολογικÞ προγραµµατισµÞ, τη διαχείριση περιουσιακών στοιχείων, κληρονοµικά και άλλα παρεµφερή θέµατα.

50% κατά έτοσ, αλλά υπολογίζεται µε βάση τουσ προγραµµατισµούσ που έγιναν να κυµανθεί γύρω απÞ αύξηση 1520% σε σχέση µε πέρσι. ‘’Συνοψίζοντασ Þλεσ αυτέσ τισ ενδείξεισ, η εικÞνα που έχουµε µέχρι στιγµήσ καταδεικνύει Þτι µε έντονεσ προσπάθειεσ - το αισιÞδοξο σενάριο είναι αν τα καταφέρουµε να πετύχουµε τουσ περσινούσ µασ αριθµούσ’’, σηµείωσε. Η µέχρι τώρα εικÞνα Þµωσ, συνέχισε, καταδεικνύει Þτι το πιθανÞν είναι να έχουµε κάποιο αρνητικÞ πρÞσηµο στισ αφίξεισ µασ σε σχέση µε πέρσι.

∂ÈÙÚÔ‹ ı· ÂÍÂÙ¿˙ÂÈ ÙȘ ÂÂÓ‰‡ÛÂȘ ¤Ú·Ó ÙˆÓ €50 ÂÎ. Η σύσταση ενÞσ µηχανισµού για την καλύτερο συντονισµÞ και τη διευκÞλυνση µεγάλων επενδύσεων στην Κύπρο ήταν το αντικείµενο συνάντησησ τησ διυπουργικήσ. Η συνάντηση έγινε µετά απÞ πρωτοβουλία του Υπουργού Εµπορίου Νεοκλή Συλικιώτη και σε αυτή συµµετείχαν ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή, η ΥπουργÞσ Εσωτερικών Ελένη Μαύρου και ο ΥπουργÞσ Συγκοινωνιών Ευθύµιοσ Φλουρέντζου, στην παρουσία του Προέδρου και του Γ∆ του Κυπριακού Οργανισµού Προώθησησ Επενδύσεων (CIPA). ΕξερχÞµενοσ τησ συνάντησησ, ο κ. Συλικιώτησ ανέφερε Þτι σκοπÞσ τησ υπÞ σύστασησ υπουργικήσ επιτροπήσ ήταν η προώθηση των ξένων και ντÞπιων επενδύσεων στην Κύπρο, σε Þλα τα στάδια µιασ επένδυσησ, κατά τα οποία εµπλέκονται διάφορα Υπουργεία και κυβερνητικά τµήµατα, απÞ την εγγραφή στον Εφορο Εταιρειών µέχρι τισ πολεοδοµικέσ και οικοδοµικέσ άδειεσ. ΠρÞσθεσε Þτι η επιτροπή θα συσταθεί µε απÞφαση του Υπουργικού Συµβουλίου και θα εξετάζει µεγάλεσ επενδύσεισ, πέραν των 50 ή 100 εκ. ευρώ. Επίσησ ανέφερε Þτι θα συνέρχεται σε ανώτατο επίπεδο σε τακτά χρονικά διαστήµατα, ενώ θα δηµιουργηθεί και τεχνική επιτροπή, η οποία θα εξετάζει τα θέµατα που θα έρχονται ενώπιον τησ επιτροπήσ ολοκληρωµένα και µε διαφάνεια. Ο κ. Συλικιώτησ είπε Þτι στην επÞµενη συνάντηση θα αποφασιστεί ολοκληρωτικά η δοµή, οι αρµοδιÞτητεσ και τρÞποσ λειτουργίασ τησ υπουργικήσ επιτροπήσ και του µηχανισµού που θα δηµιουργηθεί. «Μέσα απÞ τη δηµιουργία αυτήσ τησ υπουργικήσ επιτροπήσ και τη συµµετοχή και του CIPA θα µπορέσουµε να δώσουµε ώθηση στισ µεγάλεσ επενδύσεισ στον τÞπο µασ», είπε ο ΥπουργÞσ. Συµπλήρωσε Þτι ο ρÞλοσ του CIPA θα είναι βοηθητικÞσ ωσ προσ τη διερεύνηση των διαφÞρων επενδυτικών προθέσεων, ώστε να καθορίζονται ακολούθωσ και οι προτεραιÞτητεσ τησ Κυβέρνησησ. Ερωτηθείσ αν η πρωτοβουλία για σύσταση τησ επιτροπήσ αυτήσ δίνει ένα «χαστούκι» στη γραφειοκρατία, ο ΥπουργÞσ ανέφερε Þτι το πρÞβληµα για την υλοποίηση έργων έχει αποδειχτεί πολλέσ φορέσ Þτι δεν έγκειται στην καθυστέρηση τησ αδειοδÞτησησ, αλλά στην έλλειψη χρηµατοδÞτησησ.


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∫ÔÌ̤ӷ È· Ù· ‰·ÓÂÈο… ΑυστηρÞτερα έγιναν το πρώτο τρίµηνο του 2012, τα κριτήρια για χορήγηση απÞ τισ τράπεζεσ δανείων προσ επιχειρήσεισ και νοικοκυριά, ενώ συνέχισε να παρουσιάζει µείωση η ζήτηση δανείων απÞ νοικοκυριά και επιχειρήσεισ, σύµφωνα µε την έρευνα ‘’Τραπεζικών Χορηγήσεων’’ Απριλίου τησ Κεντρικήσ Τράπεζασ τησ Κύπρου. Οσον αφορά τισ προσδοκίεσ για το δεύτερο τρίµηνο, τα κριτήρια χρηµατοδÞτησησ τÞσο για στεγαστικά Þσο και για καταναλωτικά και λοιπά δάνεια προσ νοικοκυριά στην Κύπρο αναµένεται να γίνουν αυστηρÞτερα, ενώ ύστερα απÞ τέσσερα τρίµηνα, η καθαρή ζήτηση δανείων απÞ επιχειρήσεισ αναµένεται να καταγράψει αύξηση το επÞµενο τρίµηνο βάσει των προσδοκιών των τραπεζών. Η καθαρή ζήτηση για στεγαστικά δάνεια προσ νοικοκυριά αναµένεται να διαµορφωθεί λίγο πιο κάτω απÞ το επίπεδο του πρώτου τριµήνου του 2012, ενώ η καθαρή ζήτηση για καταναλωτικά και λοιπά δάνεια απÞ νοικοκυριά αναµένεται να παραµείνει κατά βάση αµετάβλητη σε σύγκριση µε το πρώτο τρίµηνο του 2012, πάντοτε σύµφωνα µε τισ προσδοκίεσ των τραπεζών που συµµετέχουν στην έρευνα τησ ΚΤ. Αναλυτικά, στην Κύπρο τα κριτήρια χρηµατοδÞτησησ προσ τισ επιχειρήσεισ έγιναν πιο αυστηρά το πρώτο τρίµηνο του 2012, µε το σταθµισµένο καθαρÞ ποσοστÞ των τραπεζών που δήλωσαν αυστηρÞτερα κριτήρια να µειώνεται απÞ το 40% που καταγράφηκε το προηγούµενο τρίµηνο στο 30%, αρκετά πιο πάνω απÞ τισ προσδοκίεσ τησ προηγούµενησ έρευνασ. Στη θέσπιση αυστηρÞτερων κριτηρίων, σύµφωνα µε την έκθεση τησ ΚΤ, συνέβαλαν οι ίδιοι παράγοντεσ του προηγούµενου τριµήνου, ενώ η µείωση του δείκτη διάχυσησ οφείλεται στη χαµηλÞτερη επίδραση του κινδύνου Þσον αφορά τη ζητούµενη ασφάλεια, τησ κατάστασησ ρευστÞτητασ των τραπεζών, τησ ικανÞτητασ πρÞσβασησ σε χρηµατοδÞτηση µέσω τησ αγοράσ και του κÞστουσ που σχετίζεται µε την κεφαλαιακή θέση των τραπεζών. Οσον αφορά τισ προσδοκίεσ για το δεύτερο τρίµηνο του 2012, τÞσο στην Κύπρο Þσο και στη ζώνη του ευρώ οι τράπεζεσ αναµένουν Þτι τα κριτήρια χρηµατοδÞτησησ προσ τισ επιχειρήσεισ θα γίνουν αυστηρÞτερα µε το σταθµισµένο καθαρÞ ποσοστÞ ωστÞσο να µειώνεται, στην περίπτωση τησ Κύπρου στο 10% και στη ζώνη του ευρώ στο 2%. Οσον αφορά την καθαρή ζήτηση για δάνεια απÞ επιχειρήσεισ στην Κύπρο, για τρίτη συνεχÞµενη φορά απÞ το δεύτερο τρίµηνο του 2011 η ζήτηση παρουσίασε µείωση το πρώτο τρίµηνο του 2012, σε αντίθεση µε τισ προσδοκίεσ τησ προηγούµενησ έρευνασ για αµετάβλητη ζήτηση, µε το σταθµισµένο καθαρÞ ποσοστÞ ωστÞσο να διαµορφώνεται απÞ το -20% το τέταρτο τρίµηνο του 2011 στο -

12Ô Î·Ù¿ÛÙËÌ· Lidl ÛÙËÓ ∞ÁÏ·ÓÙ˙È¿ Σε επέκταση και ενίσχυση του δικτύου των καταστηµάτων τησ στην Κύπρο προχωρά η Lidl Cyprus, µε το άνοιγµα ενÞσ νέου καταστήµατοσ στην Αγλαντζιά, αύριο Πέµπτη 10 Μαΐου 2012, στισ 8 π.µ. Φτάνοντασ έτσι τα 12 καταστήµατα σε Þλη την Κύπρο η Lidl διεισδύει στισ γειτονιέσ, εξαπλώνοντασ το δίκτυÞ τησ στα βασικÞτερα χωροταξικά σηµεία τησ Κύπρου. Στο νέο κατάστηµα, οι καταναλωτέσ θα έχουν την ευκαιρία να προµηθευτούν µια ποικιλία προϊÞντων. Επίσησ κάποιοι τυχεροί θα έχουν τη δυνατÞτητα να βιώσουν µοναδικέσ στιγµέσ συµµετέχοντασ στο παιχνίδι ‘Μαγικέσ Ώρεσ’, το οποίο θα διεξάγεται στο νέο καταστήµατα τησ Lidl σε συγκεκριµένεσ µέρεσ και ώρεσ. Αν είστε ένασ απÞ τουσ τυχερούσ που θα µπει στο νέο κατάστηµα Lidl τη µαγική ώρα, Þτι χωράει το καρÞτσι αγορών µέσα σε 3 λεπτά, θα γίνει δικÞ σασ εντελώσ δωρεάν.

∫∆: ∞˘ÛÙËÚfiÙÂÚ· ÎÚÈÙ‹ÚÈ·, ÌÂȈ̤ÓË ˙‹ÙËÛË 10%. ‘’Ο κυριÞτεροσ παράγοντασ που συνέβαλε στη µείωση τησ ζήτησησ ήταν και πάλι η µείωση των αναγκών χρηµατοδÞτησησ για πάγιεσ επενδύσεισ. Οι ανάγκεσ χρηµατοδÞτησησ για συγχωνεύσεισ ή εξαγορέσ και αναδιάρθρωση επιχειρήσεων και για αποθέµατα και κεφάλαια ζήτησησ, συνέβαλαν, Þπωσ και το προηγούµενο τρίµηνο, σε σχετικά µικρÞτερο βαθµÞ στη µείωση τησ ζήτησησ’’, σηµειώνει η έκθεση ‘’Τραπεζικών Χορηγήσεων’’ τησ ΚΤ. Το σταθµισµένο καθαρÞ ποσοστÞ των τραπεζών που δήλωσαν Þτι τα κριτήρια για τη χορήγηση στεγαστικών δανείων έγιναν αυστηρÞτερα κατά το πρώτο τρίµηνο του 2012 παρέµεινε στο 30%, ψηλÞτερα απÞ τισ προσδοκίεσ των συµµετεχÞντων τραπεζών στην προηγούµενη έρευνα. Οπωσ αναφέρεται στην έκθεση, οι προσδοκίεσ των τραπεζών σχετικά µε τη γενικÞτερη οικονοµική δραστηριÞτητα και, σε µικρÞτερο βαθµÞ, οι προοπτικέσ τησ αγοράσ κατοικιών συνέβαλαν Þπωσ και το τέταρτο τρίµηνο του 2011 στη θέσπιση αυστηρÞτερων κριτηρίων, ενώ σε αυτή την έρευνα το κÞστοσ κεφαλαίων και οι περιορισµοί που συνδέονται µε τον ισολογισµÞ επίσησ συνέτειναν στο να γίνουν αυστηρÞτερα τα κριτήρια. Οσον αφορά στην καθαρή ζήτηση για στεγαστικά δάνεια στην Κύπρο, αυτή κατέγραψε για έβδοµο συνεχÞµενο τρίµηνο µείωση, µε το δείκτη διάχυσησ να παραµένει στο -40% που καταγράφηκε

ŒÚ¢ӷ PwC: ∞Ó·˙ËÙÒÓÙ·˜ Ù·Ï·ÓÙÔ‡¯Ô ‰˘Ó·ÌÈÎfi Σύµφωνα µε την παγκÞσµια έρευνα Ανώτερων Εκτελεστικών Συµβούλων τησ PwC, η αδυναµία πρÞσληψησ και διατήρησησ των κατάλληλων ανθρώπων καθώσ και η απÞκλιση µεταξύ απαιτούµενων δεξιοτήτων και θέσεων εργασίασ επηρεάζουν αρνητικά τα αποτελέσµατα των εταιρειών. To ένα τέταρτο των Ανώτερων Εκτελεστικών Συµβούλων δηλώνει Þτι δεν κατάφερε να αξιοποιήσει κάποια ευκαιρία που παρουσιάστηκε στην αγορά και αναγκάστηκε να ακυρώσει ή να καθυστερήσει µια στρατηγική απÞφαση λÞγω δυσκολιών στην εξασφάλιση ταλαντούχου ανθρώπινου δυναµικού. Ένασ στουσ τρεισ εξέφρασε την ανησυχία Þτι οι ελλείψεισ δεξιοτήτων θα επηρεάσουν την ικανÞτητα τησ εταιρείασ τουσ για αποτελεσµατική καινοτοµία. Η PwC πραγµατοποίησε έρευνα ανάµεσα σε 1.300 περίπου Ανώτερουσ Εκτελεστικούσ Συµβούλουσ σε 60 χώρεσ σχετικά µε τισ προτεραιÞτητέσ τουσ αλλά και για το πώσ προετοιµάζονται για το µέλλον. Το ταλαντούχο δυναµικÞ αναδεικνύεται ωσ µια απÞ τισ µεγα-

λύτερεσ προκλήσεισ για τα διοικητικά συµβούλια. Ο Φίλιπποσ Σώσειλοσ, Συνέταιροσ Συµβουλευτικών Υπηρεσιών Βελτίωσησ ΕπιδÞσεων στην PwC Κύπρου, δήλωσε σχετικά: «Οι Ανώτεροι Εκτελεστικοί Σύµβουλοι βρίσκονται αντιµέτωποι µε µια ‘έλλειψη ταλέντων’, ένα ζήτηµα που τουσ κρατάει ξύπνιουσ το βράδυ. Η αδυναµία εξεύρεσησ και διατήρησησ των κατάλληλων ανθρώπων είναι ιδιαίτερα έντονη. Οι Ανώτεροι Εκτελεστικοί Σύµβουλοι δηλώνουν Þτι η έλλειψη ταλέντων εµποδίζει την επέκταση και την καινοτοµία. ΠρÞκειται για µια µοναδική πρÞκληση. Οι εταιρείεσ αντιµετωπίζουν τεράστιεσ δυσκολίεσ στον εντοπισµÞ και τη διατήρηση του κατάλληλου ταλαντούχου δυναµικού παρά τα υψηλÞτερα επίπεδα µÞρφωσησ και τη δυνατÞτητα πρÞσβασησ σε ταλαντούχο δυναµικÞ ανά το παγκÞσµιο.» Οι Ανώτεροι Εκτελεστικοί Σύµβουλοι απÞ Þλουσ τουσ κλάδουσ διαπιστώνουν Þτι σήµερα είναι πιο δύσκολο να βρουν τισ δεξιÞτητεσ

¡fiÌÔ˜ ÁÈ· ÙȘ ÂÚÁ·ÛȷΤ˜ Û¯¤ÛÂȘ Με µικρέσ διαφοροποιήσεισ οδηγούνται αύριο Πέµπτη στην Ολοµέλεια τησ Βουλήσ για ψήφιση δύο νοµοσχέδια που διέπουν τισ εργασιακέσ σχέσεισ. Τα νοµοσχέδια στοχεύουν στον εκσυγχρονισµÞ των εργασιακών σχέσεων και δίνουν την υποχρέωση τον εργοδÞτη να διαπραγµατεύεται µε τουσ εκπροσώπουσ των εργαζοµένων, µε τισ συντεχνίεσ δηλαδή, για τη σύναψη συλλογικών συµβάσεων. Σύµφωνα µε τον ΠρÞεδρο τησ Επιτροπήσ Εργασίασ Ανδρέα Φακοντή «ο νÞµοσ δεν υποχρεώνει τον εργοδÞτη να καταλήξει σε σύναψη συλλογικήσ σύµβασησ», προσθέτοντασ Þτι «αν και εφÞσον δεν υπάρξει κατάληξη, τÞτε θα τεθεί σε εφαρµογή ο Κώδικασ Βιοµηχανικών Σχέσεων, ο οποίοσ δίνει τη δυνατÞτητα στουσ εργαζÞµενουσ και στισ

το τέταρτο τρίµηνο του 2011. ΑκÞµη µια φορά, σηµειώνεται στην έκθεση, η µείωση ήταν µεγαλύτερη απÞ την αναµενÞµενη, σύµφωνα µε τισ προσδοκίεσ των τραπεζών το προηγούµενο τρίµηνο. Προστίθεται Þτι Þλοι οι σχετικοί παράγοντεσ µε εξαίρεση το δανεισµÞ απÞ άλλα τραπεζικά ιδρύµατα και η χρήση άλλων πηγών χρηµατοδÞτησησ επηρέασαν αρνητικά τη ζήτηση κατά το υπÞ εξέταση τρίµηνο. Η καθαρή ζήτηση για στεγαστικά δάνεια στη ζώνη του ευρώ σηµείωσε επίσησ µείωση σε σχέση µε το προηγούµενο τρίµηνο, µε το σταθµισµένο καθαρÞ ποσοστÞ των τραπεζών που δήλωσε µείωση να πέφτει περαιτέρω στο -30% απÞ -17%. Το επÞµενο τρίµηνο, σύµφωνα µε την έκθεση τησ ΚΤ, οι τράπεζεσ τÞσο στην Κύπρο Þσο και στη ζώνη του ευρώ αναµένουν την καθαρή ζήτηση για στεγαστικά δάνεια απÞ νοικοκυριά να µειωθεί περαιτέρω, µε το δείκτη διάχυσησ να διαµορφώνεται στο -10% για την Κύπρο και στο -7% για τη ζώνη του ευρώ. Σε σχέση µε τα κριτήρια χορήγησησ καταναλωτικών και λοιπών δανείων στην Κύπρο, αυτά έγιναν αυστηρÞτερα το πρώτο τρίµηνο του 2012 µε το σταθµισµένο καθαρÞ ποσοστÞ να µειώνεται απÞ το 30% στο 20%, σύµφωνα µε τισ προσδοκίεσ των τραπεζών που κατέγραψε η προηγούµενη έρευνα. ‘’Η µικρÞτερη επίδραση που είχαν οι προσδοκίεσ σχετικά µε τη γενικÞτερη οικονοµική δραστηριÞτητα και η φερεγγυÞτητα καταναλωτών στη θέσπιση αυστηρÞτερων κριτηρίων το πρώτο τρίµηνο του 2012 σε σχέση µε το προηγούµενο τρίµηνο αντισταθµίστηκε εν µέρει, απÞ την αρνητική επίδραση του κÞστουσ κεφαλαίων και περιορισµών που συνδέονται µε τον ισολογισµÞ’’, προστίθεται. ‘’Ο κίνδυνοσ Þσον αφορά τη ζητούµενη ασφάλεια συνέχισε να συµβάλλει στη θέσπιση αυστηρÞτερων κριτηρίων στον ίδιο βαθµÞ µε τα προηγούµενα τρίµηνα’’, αναφέρεται στην έκθεση ‘’Τραπεζικών Χορηγήσεων’’ τησ ΚΤ. Αναφέρεται επίσησ Þτι η µείωση τησ καθαρήσ ζήτησησ καταναλωτικών και λοιπών δανείων απÞ νοικοκυριά στην Κύπρο συνεχίστηκε, µε το σταθµισµένο καθαρÞ ποσοστÞ των συµµετεχÞντων τραπεζών που δήλωσαν µείωση να πέφτει στο -30% απÞ το -20% που καταγράφηκε το τέταρτο τρίµηνο του 2011. Η εν λÞγω µείωση ήταν αρκετά µεγαλύτερη τησ αναµενÞµενησ βάσει των προσδοκιών τησ προηγούµενησ έρευνασ ‘’Πέραν απÞ τη µεγαλύτερη συγκράτηση των δαπανών για αγορά διαρκών καταναλωτικών αγαθών σε σχέση µε το προηγούµενο τρίµηνο, η µειωµένη εµπιστοσύνη των καταναλωτών και η χρήση αποταµιεύσεων των νοικοκυριών, επίσησ συνέβαλαν στη µείωση τησ ζήτησησ’’, σηµειώνεται στην έκθεση τησ ΚΤ.

συντεχνίεσ να προχωρήσουν είτε στη µεσολάβηση στο Υπουργείο Εργασίασ και Κοινωνικών Ασφαλίσεων, είτε στη λήψη µέτρων αναφορικά µε τη διαφορά, η οποία προκύπτει». Τρεισ ήταν οι τροποποιήσεισ που ζητήθηκαν απÞ πλευράσ ∆ΗΣΥ, Þπωσ ανέφερε. Το πρώτο αίτηµα για τροποποίηση αποσύρθηκε Þταν δÞθηκε απÞ τουσ αρµÞδιουσ η διευκρίνιση Þτι το εν λÞγω άρθρο, υπ’ αριθµÞν 17, που είχε να κάνει µε την παροχή στοιχείων στον Εφορο, αφορά και τουσ εργοδÞτεσ και τισ συνδικαλιστικέσ οργανώσεισ. Στο άρθρο 15, το οποίο ζητούσε η Κοινοβουλευτική Οµάδα του ∆ΗΣΥ να τροποποιηθεί, έγινε αλλαγή στο λεκτικÞ, έτσι ώστε, Þπωσ ανέφερε ο κ. Φακοντήσ να διαβάζει «Þτι ο Εφοροσ για σκοπούσ τησ εφαρµογήσ

του παρÞντοσ νÞµου δύναται να συνοδεύεται απÞ µέλοσ ή µέλη τησ Αστυνοµίασ αν έχει αιτιολογηµένα εύλογη αιτία να πιστεύει Þτι θα παρεµποδιστεί στην άσκηση των εξουσιών του ή στην εκτέλεση των καθηκÞντων του». «∆εν υπάρχει οποιαδήποτε ουσιαστική τροποποίηση», είπε. Τροποποίηση επήλθε και στο άρθρο 21(1)(β) του νÞµου έτσι ώστε να µην υπάρχει οποιαδήποτε υπÞνοια Þτι ο εργοδÞτησ υποχρεούται στο τέλοσ να καταλήξει στη σύναψη συλλογικήσ σύµβασησ. «Αυτέσ οι τροποποιήσεισ έγιναν αποδεκτέσ απÞ Þλα τα εµπλεκÞµενα µέρη, το νοµοσχέδιο θα τροποποιηθεί µε βάση τισ αποφάσεισ και θα τεθεί ενώπιον τησ Ολοµέλειασ την ερχÞµενη Πέµπτη για ψήφιση», ανέφερε τέλοσ ο κ. Φακοντήσ.

που χρειάζονται, κάτι που ισχύει ακÞµη και για κλάδουσ που έχουν συρρικνωθεί. Το 43% των συµµετεχÞντων στην έρευνα δηλώνει Þτι η πρÞσληψη εργαζοµένων στον κλάδο τουσ είναι σήµερα δυσκολÞτερη. Ένα άλλο ζήτηµα που προκύπτει είναι και η αντικατάσταση τησ γενιάσ του «baby boom» µέσα στα επÞµενα δέκα χρÞνια και η καλύτερη δυνατή προετοιµασία τησ επÞµενησ γενιάσ για τη µετάβαση αυτή. ΜÞνο το 30% των Ανώτερων Εκτελεστικών Συµβούλων δηλώνουν «πολύ αισιÞδοξοι» σε Þτι αφορά την πρÞσβαση σε ταλαντούχο δυναµικÞ το οποίο χρειάζονται την επÞµενη τριετία. Το 78% των ερωτηθέντων δηλώνει Þτι θα προβεί σε διαφοροποιήσεισ στισ συναφείσ στρατηγικέσ εξασφάλισησ ταλέντου.

√È ÂȯÂÈÚË̷ٛ˜ ���Ú¤ÂÈ Ó· ÚÈÛοÚÔ˘Ó Î·È ÂÂÓ‰‡ÛÔ˘Ó ÛÙËÓ §È‚‡Ë Mεγάλο είναι το ενδιαφέρον τησ Κύπρου να δραστηριοποιηθεί στον κατασκευαστικÞ τοµέα τησ Λιβύησ, σε µια περίοδο που η χώρα βρίσκεται σε διαδικασία ανοικοδÞµησησ. Ùπωσ δήλωσε ο ΥπουργÞσ Εµπορίου, Βιοµηχανίασ και Τουρισµού Νεοκλήσ Συλικιώτησ µετά την πρÞσφατη επίσκεψη του στην χώρα, προσπάθεια τησ Κυβέρνησησ είναι να γίνουν ανοίγµατα των κυπριακών εταιρειών που δραστηριοποιούνται στον κατασκευαστικÞ τοµέα στη Λιβύη, συµπλήρωσε Þµωσ Þτι για να γίνει αυτÞ ο επιχειρηµατικÞσ κÞσµοσ πρέπει πρώτα να ρισκάρει. Ο ΥπουργÞσ ανέφερε επίσησ Þτι προωθείται η υπογραφή µιασ συµφωνίασ του ΚΕΒΕ µε τουσ επιχειρηµατικούσ συνδέσµουσ τησ Λιβύησ, ενώ πρÞσθεσε Þτι θα ακολουθήσουν και άλλεσ επισκέψεισ αντιπροσωπειών απÞ και προσ τη Λιβύη. Συµπλήρωσε Þτι κατά τη διάρκεια τησ επίσκεψησ έγινε µια πρώτη επαφή µε την πολιτική ηγεσία τησ Λιβύησ, και συγκεκριµένα µε τον αναπληρωτή ΠρωθυπουργÞ τησ χώρασ, στην παρουσία των Υπουργών Οικονοµικών και Πετρελαίου και Φυσικού Αερίου τησ Λιβύησ. ΠρÞσθεσε Þτι ο ίδιοσ είχε συνάντηση µε τον ΥπουργÞ Βιοµηχανίασ και τον Γ∆ του αρµÞδιου τµήµατοσ για τον τουρισµÞ, ενώ τÞσο η ΥπουργÞσ Εξωτερικών Þσο και ο ΥπουργÞσ Υγείασ συναντήθηκαν µε τουσ Λίβυουσ οµολÞγουσ τουσ.


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∏ ∂˘ÚÒË Ù·Ú·ÎÔ˘Ó‹ıËÎÂ… ∫·ÈÚfi˜ ‹Ù·Ó Οι Γάλλοι εξεγείρονται. Οι Eλληνεσ, επίσησ. ΚαιρÞσ ήταν. Και στισ δύο χώρεσ έγιναν εκλογέσ την Κυριακή, που στην πραγµατικÞτητα ήταν δηµοψηφίσµατα για την τρέχουσα οικονοµική στρατηγική τησ Ευρώπησ. Και στισ δύο χώρεσ οι ψηφοφÞροι την απέρριψαν. ∆εν είναι καθÞλου ξεκάθαρο το πÞσο γρήγορα οι ψήφοι θα οδηγήσουν σε πραγµατικέσ αλλαγέσ στην πολιτική, αλλά είναι βέβαιο Þτι ο χρÞνοσ τησ «στρατηγικήσ τησ ανάκαµψησ µέσω λιτÞτητασ» τελειώνει – και αυτÞ είναι καλÞ. ∆εν χρειάζεται να αναφέρουµε, Þτι αυτÞ δεν είναι κάτι που θα άκουγεσ απÞ τουσ συνήθεισ υπÞπτουσ εν Þψει των εκλογών. Ηταν κάπωσ αστείο να βλέπεισ τουσ αποστÞλουσ τησ ορθοδοξίασ να προσπαθούν να παρουσιάσουν τον προσεκτικÞ, χαµηλών τÞνων, Φρανσουά Ολάντ ωσ µία απειλητική φιγούρα. «Είναι µάλλον επικίνδυνοσ» διακήρυσσε το περιοδικÞ Economist, το οποίο παρατήρησε «Þτι πραγµατικά πιστεύει στην ανάγκη δηµιουργίασ µίασ πιο δίκαιησ κοινωνίασ». Quelle horreur! Τι τροµερÞ! Η αλήθεια είναι Þτι η νίκη του Ολάντ σηµαίνει το τέλοσ των «Μερκοζί», του γαλλο – γερµανικού άξονα που επέβαλε το καθεστώσ λιτÞτητασ τα τελευταία δύο χρÞνια. Θα επρÞκειτο για «επικίνδυνη» εξέλιξη αν αυτή η στρατηγική λειτουργούσε, ή αν τουλάχιστον είχε µία λογική πιθανÞτητα να λειτουργήσει αποτελεσµατικά. Αλλά αυτÞ δεν συµβαίνει και ήρθε η ώρα να προχωρήσουµε. Ποιο είναι το λάθοσ µε τη συνταγή των περικοπών για την καταπολέµηση των δεινών τησ Ευρώπησ; Μία απάντηση είναι Þτι η καλή νεράιδα τησ εµπιστοσύνησ δεν υπάρχει – αυτÞ σηµαίνει Þτι οι ισχυρισµοί Þτι οι περικοπέσ των κυβερνητικών δαπανών θα ενθάρρυναν µε κάποιον τρÞπο τουσ καταναλωτέσ και τισ επιχειρήσεισ να ξοδεύουν περισσÞτερα έχουν διαψευσθεί τα τελευταία δύο χρÞνια. Ετσι οι περικοπέσ σε µία οικονοµία σε ύφεση απλά βαθαίνουν περισσÞτερο την ύφεση. Επιπλέον, παρά τισ θυσίεσ το αντάλλαγµα είναι πολύ µικρÞ ή και ανύπαρκτο. Σκεφτείτε την

περίπτωση τησ Ιρλανδίασ, που σαν καλÞσ στρατιώτησ στην κρίση, επέβαλε ακÞµη πιο σκληρή λιτÞτητα για να κερδίσει ξανά την εµπιστοσύνη των αγορών. Σύµφωνα µε την επικρατούσα ορθÞδοξη λογική, αυτÞ θα έπρεπε να φέρει αποτελέσµατα. Μάλιστα, η ανάγκη τησ να πιστέψει σε αυτÞ κάνει την πολιτική ελίτ τησ Ευρώπησ να συνεχίσει να διακηρύσσει Þτι η λιτÞτητα στην Ιρλανδία έφερε αποτελέσµατα και Þτι η οικονοµία τησ χώρασ έχει αρχίσει να ανακάµπτει. Αλλά αυτÞ δεν ισχύει. Και αν και δεν θα το πληροφορηθείτε απÞ τον Τύπο, το κÞστοσ δανεισµού τησ Ιρλανδίασ παραµένει πολύ πιο υψηλÞ απÞ εκείνο τησ Ισπανίασ ή τησ Ιταλίασ – πÞσο µάλλον τησ Γερµανίασ.

∂¡∞§§∞∫∆π∫∂™ §À™∂π™ Ποιέσ είναι λοιπÞν οι εναλλακτικέσ; Μία απάντηση είναι η διάλυση του ευρώ, του κοινού νοµίσµατοσ τησ Ευρώπησ. Η Ευρώπη δεν θα βρισκÞταν σε αυτή την κατάσταση αν η Ελλάδα είχε ακÞµη τη δραχµή τησ, η Ισπανία την πεσέτα τησ, η Ιρλανδία τη λίρα τησ και ούτω καθεξήσ, αφού θα είχαν αυτÞ που τώρα τουσ λείπει: το Þπλο τησ υποτίµησησ. Ωσ αντιστάθµισµα στη θλιβερή ιστορία τησ Ιρλανδίασ, σκεφτείτε την περίπτωση τησ Ισλανδίασ, του σηµείου µηδέν τησ οικονοµικήσ κρίσησ, τησ χώρασ που απάντησε υποτιµώντασ το εθνικÞ τησ νÞµισµα και τώρα απολαµβάνει την ανάκαµψη που θα έπρεπε να απολαµβάνει η Ιρλανδία. Οµωσ η διάλυση του ευρώ θα προκαλούσε ρήξη και θα συνιστούσε τεράστια ήττα για το «ευρωπαϊκÞ οικοδÞµηµα», την µακροπρÞθεσµη προσπάθεια προώθησησ τησ σταθερÞτητασ και τησ δηµοκρατίασ στην Ευρώπη µέσω τησ βαθύτερησ ενσωµάτωσησ. Υπάρχει άλλοσ δρÞµοσ; Ναι, υπάρχει – και οι Γερµανοί έχουν δείξει το πώσ αυτÞσ ο δρÞµοσ µπορεί να επιφέρει αποτελέσµατα. ∆υστυχώσ, δεν διδάσκονται απÞ τη δική τουσ εµπειρία.

∏ ∂˘ÚÒË ‰ÂÓ ı· ‚ÚÈÛÎfiÙ·Ó Û ·˘Ù‹ ÙËÓ Î·Ù¿ÛÙ·ÛË ·Ó Ë ∂ÏÏ¿‰· ›¯Â ·ÎfiÌË ÙË ‰Ú·¯Ì‹ Ù˘, Ë πÛ·Ó›· ÙËÓ ÂÛ¤Ù· Ù˘, Ë πÚÏ·Ó‰›· ÙË Ï›Ú· Ù˘ Μιλήστε στουσ ηγέτεσ τησ Γερµανίασ για την κρίση του ευρώ και θα σασ πουν για το πώσ και η δική τουσ οικονοµία βρισκÞταν στα Τάρταρα στισ αρχέσ τησ περασµένησ δεκαετίασ αλλά κατάφερε να ανακάµψει. ΑυτÞ που δεν τουσ αρέσει να αναφέρουν είναι Þτι αυτή η ανάκαµψη οφειλÞταν σε ένα τεράστιο εµπορικÞ πλεÞνασµα εξαιτίασ των συναλλαγών µε άλλεσ ευρωπαϊκέσ χώρεσ – συγκεκριµένα εκείνεσ που τώρα βρίσκονται σε κρίση – που γνώριζαν ανάπτυξη και πληθωρισµÞ πάνω απÞ το φυσιολογικÞ, εξαιτίασ των χαµηλών επιτοκίων. Οι χώρεσ τησ Ευρώπησ που βιώνουν τώρα την κρίση θα µπορούσαν να επαναλάβουν την επιτυχία τησ Γερµανίασ αν βρισκÞντουσαν σε ένα εξίσου ευνοϊκÞ περιβάλλον. Ετσι, η γερµανική

εµπειρία δεν αποτελεί, Þπωσ φαντάζονται οι Γερµανοί, επιχείρηµα υπέρ τησ µονοµερούσ λιτÞτητασ στη ΝÞτια Ευρώπη. Αλλά στουσ Γερµανούσ δεν αρέσει αυτÞ το συµπέρασµα, ούτε στην ηγεσία τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ. Θα µείνουν γαντζωµένοι στισ φαντασιώσεισ τουσ για ευηµερία µέσω τησ οδύνησ. Και θα επιµένουν Þτι αυτή η αποτυχηµένη στρατηγική είναι η µÞνη υπεύθυνη λύση. Αλλά φαίνεται Þτι δεν θα έχουν πια τη «τυφλή» υποστήριξη του Μεγάρου των Ηλυσίων. Και αυτÞ, είτε το πιστεύετε είτε Þχι, σηµαίνει Þτι τÞσο το ευρώ Þσο και το ευρωπαϊκÞ οικοδÞµηµα έχουν περισσÞτερεσ πιθανÞτητεσ επιβίωσησ απÞ Þσεσ είχαν πριν απÞ λίγεσ ηµέρεσ. Πηγή: Το Βήµα, The New York Times

™ÙȘ 15 ª·˝Ô˘ ·Ó·Ï·Ì‚¿ÓÂÈ Ô √Ï¿ÓÙ Η µεταβίβαση εξουσίασ ανάµεσα στον εκλεγµένο Γάλλο ΠρÞεδρο Φρανσουά Ολάντ και τον απερχÞµενο προκάτοχο τησ Προεδρίασ, Νικολά Σαρκοζί, ορίστηκε να πραγµατοποιηθεί την Τρίτη 15 Μαΐου, Þπωσ έγινε γνωστÞ απÞ το ΠροεδρικÞ Μέγαρο των Ηλυσίων. Η ηµεροµηνία αποφασίσθηκε απÞ το ΓενικÞ Γραµµατέα τησ Προεδρίασ τησ ∆ηµοκρατίασ Ξαβιέ Μισκά και το ∆ιευθυντή τησ προεκλογικήσ εκστρατείασ του Φρανσουά Ολάντ, το Βουλευτή Πιερ Μοσκοβισί.

Ο κ. Ολάντ συµµετείχε ήδη µαζί µε τον ΠρÞεδρο Σαρκοζί στισ τελετέσ για τη νίκη κατά των Γερµανών τησ 8ησ Μαΐου 1945 στο ∆εύτερο ΠαγκÞσµιο ΠÞλεµο.

¶¿ÂÈ µÂÚÔÏ›ÓÔ Εν τω µεταξύ η Γερµανίδα καγκελάριοσ, Αγκελα Μέρκελ, δήλωσε Þτι θα υποδεχθεί τον νεοεκλεγέντα πρÞεδρο τησ Γαλλίασ, Φρανσουά Ολάντ, «µε ανοιχτέσ αγκάλεσ» στισ 16 Μαϊου και είπε Þτι οι δυο τουσ θα συνεργαστούν στενά.

∏ ÔÏÈÙÈ΋ ·‚‚·ÈfiÙËÙ· ·ÛΛ ȤÛÂȘ ÛÙÔ Â˘ÚÒ ¢ÔÍԇϷ ¶·Û¯·Ï›‰Ô˘ Alpha Bank Cyprus Ltd, Treasury Division. Υποχώρηση παρουσίασε το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου την ∆ευτέρα 7 Μαΐου φτάνοντασ µέχρι τα 1,2955 (χαµηλÞ απÞ τησ 25/1/2012) απÞ 1,3170 που βρισκÞταν την περασµένη εβδοµάδα. Το πρωί τησ Τρίτησ, το ευρώ έτυχε διαπραγµάτευσησ περί τα 1,3020. Η αποστροφή προσ ανάληψη κινδύνου, κυρίωσ λÞγω τησ πολιτικήσ αβεβαιÞτητασ στην Ελλάδα µετά το αποτέλεσµα των πρÞσφατων βουλευτικών εκλογών προκάλεσε ισχυρέσ πιέσεισ στο ευρώ. Σύµφωνα µε δηµοσιεύµατα, το ∆ΝΤ ανέφερε Þτι ενδεχοµένωσ δεν θα καταβληθεί η δÞση του Ιουνίου εάν η Ελληνική Κυβέρνηση δεν συνεχίσει στην υιοθέτηση των συµφωνηθέντων µέτρων δηµοσιονοµικήσ προσαρµογήσ. ΕκπρÞσωποσ τησ Ευρωπαϊκήσ Επιτροπήσ δήλωσε Þτι η πλήρησ και έγκαιρη εφαρµογή του προγράµµατοσ δηµοσιονοµικήσ προσαρµογήσ στην Ελλάδα είναι αναγκαία για να επιτευχθεί η βιωσιµÞτητα του δηµοσίου χρέουσ. ∆ήλωσε επίσησ Þτι η Ευρωπαϊκή Επιτροπή προτίθεται να παράσχει στήριξη στην Ελλάδα για την εφαρµογή µεταρρυθµίσεων στα πλαίσια του δεύτερου προγράµµατοσ. Επιπλέον, ο Επίτροποσ Οικονοµικών και Νοµισµατικών Υποθέσεων τησ Ε.Ε. δήλωσε Þτι απαιτείται η υιοθέτηση δηµοσιονοµικών µέτρων, τα οποία θα εστιάζονται περισσÞτερο στην ενίσχυση τησ ανάπτυξησ. Σε µια άλλη εξέλιξη, η Ευρωπαϊκή Κεντρική Τράπεζα σε

σύσκεψη που πραγµατοποιήθηκε την περασµένη εβδοµάδα, διατήρησε Þπωσ αναµενÞταν το επιτÞκιο αναφοράσ στο ιστορικά χαµηλÞ 1%. Ο πληθωρισµÞσ τησ Ευρωζώνησ εκτιµάται Þτι µειώθηκε οριακά τον Απρίλιο στο 2,6% απÞ 2,7% το Μάρτιο, παραµένοντασ υψηλÞτερα του στÞχου τησ ΕΚΤ (<2%) για 17ο συνεχή µήνα. Ο ΠρÞεδροσ τησ ΕΚΤ στη συνέντευξη τύπου που ακολούθησε τησ συσκέψεωσ εκτίµησε Þτι ο πληθωρισµÞσ πιθανÞν να παραµείνει υψηλÞτερα του 2% το 2012, εκτιµώντασ ωστÞσο Þτι θα υποχωρήσει χαµηλÞτερα του στÞχου στισ αρχέσ του 2013. Επεσήµανε ωσ πιθανούσ παράγοντεσ ενίσχυσησ των πληθωριστικών πιέσεων τισ υψηλέσ τιµέσ ενέργειασ και την αύξηση των έµµεσων φÞρων και ωσ καθοδικούσ τον ηπιÞτερο ρυθµÞ ανάπτυξησ τησ οικονοµικήσ δραστηριÞτητασ. Επανέλαβε την προσήλωση τησ ΕΚΤ στο στÞχο διασφάλισησ τησ σταθερÞτητασ των τιµών, καθώσ και Þτι οι κίνδυνοι για την προοπτική του πληθωρισµού µεσοπρÞθεσµα είναι ισορροπηµένοι. Σε Þτι αφορά την ανάπτυξη, ο Ευρωπαίοσ ΚεντρικÞσ Τραπεζίτησ ανέφερε Þτι τα στοιχεία του πρώτου τριµήνου επιβεβαιώνουν σταθεροποίηση τησ οικονοµικήσ δραστηριÞτητασ σε χαµηλά επίπεδα, διατηρώντασ την πρÞβλεψη σταδιακήσ ανάκαµψησ κατά τη διάρκεια του β? εξαµήνου του 2012. ΩστÞσο, επανέλαβε Þτι κυριαρχούν οι καθοδικοί κίνδυνοι για την οικονοµική προοπτική την οποία χαρακτήρισε αβέβαιη. Ωσ πιθανούσ αρνητικούσ παράγοντεσ για την ανάπτυξη επεσήµανε τισ αναταραχέσ στισ αγορέσ κρατικών οµολÞγων, τη διαδικασία προσαρµογήσ των ισολογισµών και το υψηλÞ ποσοστÞ ανεργίασ.

«Θα συνεργαστούµε καλά και εντατικά και θα συναντηθούµε αρκετά γρήγορα (µετά την ανάληψη καθηκÞντων)», δήλωσε η κ. Μέρκελ, µία ηµέρα µετά την εκλογή του Ολάντ. «Μπορώ να πω απÞ την πλευρά µου Þτι ο Φρανσουά Ολάντ θα γίνει δεκτÞσ µε ανοιχτέσ αγκάλεσ εδώ στη Γερµανία απÞ εµένα», δήλωσε η κ. Μέρκελ η οποία προεκλογικά είχε στηρίξει ανοικτά τον απερχÞµενο πρÞεδρο Νικολά Σαρκοζί. Η κ. Μέρκελ είπε επίσησ Þτι είναι σηµαντικÞ η Ελλάδα να συνεχίσει το συµφωνηθέν µεταρρυθµιστικÞ πρÞγραµµα.

∫Ú›ÛË ·ÍÈÒÓ ÛÙËÓ ∂˘ÚÒË «ΕκτÞσ απÞ την οικονοµική κρίση, η Ευρώπη αντιµετωπίζει και µια πολύ πιο σοβαρή κρίση αξιών, και αυτÞ φαίνεται απÞ την αύξηση του εξτρεµισµού και του λαϊκισµού στισ διάφορεσ ευρωπαϊκέσ χώρεσ» επισηµαίνει, σε µήνυµα του, ενÞψει του σηµερινού εορτασµού τησ “Ηµέρασ τησ Ευρώπησ”, ο πρÞεδροσ τησ Συνέλευσησ του Συµβουλίου τησ Ευρώπησ Ζαν Κλοντ ΜινιÞν. «Η Ευρώπη βρίσκεται σε µία περίοδο µεγάλησ αβεβαιÞτητασ, οι πολίτεσ δεν εµπιστεύονται πλέον τουσ πολιτικούσ και αισθάνονται αποπροσανατολισµένοι ενώ, την ίδια στιγµή, αδίστακτοι ηγέτεσ αναζητούν πολιτικÞ Þφελοσ, απευθύνοντασ κηρύγµατα µίσουσ και φυλετικών διακρίσεων», υποστηρίζει ο κ. ΜινιÞν και καταλήγει: «Η αντιµετώπιση τησ κρίσησ αξιών, δεν µπορεί να δοθεί µέσα απÞ τον λαϊκισµÞ και τον εξτρεµισµÞ, αλλά µÞνον µέσα απÞ “περισσÞτερη Ευρώπη”».


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Την πρÞτασή του για σχηµατισµÞ κυβέρνησησ τησ Αριστεράσ επανέφερε στο προσκήνιο ο Αλέξησ Τσίπρασ που νωρίτερα έλαβε διερευνητική εντολή για το σχηµατισµÞ κυβέρνησησ απÞ τον ΠρÞεδρο τησ ∆ηµοκρατίασ, Κάρολο Παπούλια. Στο πλαίσιο αυτÞ έθεσε πέντε άξονεσ διαλÞγου τÞσο µε τα πολιτικά κÞµµατα, Þσο και µε τον ελληνικÞ λαÞ. Οι άξονεσ αυτοί περιλαµβάνουν: - Άµεση ακύρωση τησ εφαρµογήσ των µέτρων του µνηµονίου και ιδιαίτερα Þσων σχετίζονται µε περικοπέσ σε µισθούσ και συντάξεισ. - Ακύρωση των νÞµων που καταργούν τα εργασιακά δικαιώµατα. - ∆ηµÞσιο έλεγχο στο τραπεζικÞ σύστηµα, ώστε να µετατραπούν οι τράπε-

ζεσ σε µοχλÞ ανάπτυξησ τησ οικονοµίασ. - Λειτουργία διεθνούσ επιτροπήσ λογιστικού ελέγχου για να ελεγχθεί το επαχθέσ του δηµοσίου χρέουσ. Χαρακτήρισε «ώριµη πολιτική επιλογή» τη λαϊκή ετυµηγορία τησ Κυριακήσ, τονίζοντασ Þτι «δεν χωράει αναγνώσεισ» πέραν του Þτι οι Ελληνεσ «καταψήφισαν τη βάρβαρη πολιτική του µνηµονίου». Ùπωσ υποστήριξε, παρÞλα αυτά κάποιοι επιµένουν να ερµηνεύουν το αποτέλεσµα τησ κάλπησ Þπωσ τουσ βολεύει. Υπογράµµισε Þτι τα «κÞµµατα του µνηµονίου», Þπωσ χαρακτήρισε ΠΑΣΟΚ και Νέα ∆ηµοκρατία, δεν έχουν πλέον την πλειοψηφία να ψηφίζουν µέτρα λαίλαπα κατά τησ ελληνικήσ κοινωνίασ, αλλά και Þτι ο εκλογικÞσ νÞµοσ στερεί τη δυνατÞτητα στισ αριστερέσ δυνάµεισ για δεδη-

λωµένη. Ο Αλέξησ Τσίπρασ χαρακτήρισε άκυρο το µνηµÞνιο και τισ εγγυητικέσ επιστολέσ Βενιζέλου – Σαµαρά, τονίζοντασ Þτι πρώτη εναλλακτική επιλογή για το ΣΥΡΙΖΑ «είναι µία αριστερή κυβέρνηση που θα δώσει τέλοσ στο µνηµÞνιο και τισ δανειακέσ συµβάσεισ υποτέλειασ». Κάλεσε µάλιστα τουσ προέδρουσ ΠΑΣΟΚ και Νέασ ∆ηµοκρατίασ, «αν έχουν µετανιώσει για Þσα έχουν κάµει στον ελληνικÞ λαÞ», να στείλουν σήµερα επιστολέσ στουσ ηγέτεσ τησ ΕΕ µε τισ οποίεσ θα τουσ ενηµερώνουν Þτι δεν ισχύουν οι δεσµεύσεισ που ανέλαβαν. «Αν δεν το πράξουν, τουσ καλώ να σταµατήσουν να κοροϊδεύουν τον ελληνικÞ λαÞ», συµπλήρωσε. «Εµείσ θα πράξουµε Þσα υποσχεθήκαµε προεκλογικά».

«∏¯ËÚ¿ ÔÓfiÌ·Ù·» ÂÎÙfi˜ µÔ˘Ï‹˜ Ριζική ήταν η ανατροπή του πολιτικού χάρτη στην Ελλάδα και η εκ βάθρων αλλαγή τησ σύνθεσησ του Kοινοβουλίου είχαν ωσ συνέπεια να µείνουν εκτÞσ εδράνων τησ Bουλήσ ηχηρά ονÞµατα, κυρίωσ απÞ το ΠAΣOK που είδε τη δύναµή του να περιορίζεται περίπου στο ένα τέταρτο σε σχέση µε το 2009. Mεταξύ των µη εκλεγµένων, συναντά κανείσ και ονÞµατα αρκετών υπουργών που διαδραµάτισαν σηµαντικÞ ρÞλο στην προηγούµενη κοινοβουλευτική περίοδο. Στη B΄ Aθηνών οι απώλειεσ για το ΠAΣOK είναι πολύ µεγάλεσ, καθώσ απÞ τισ 20 έδρεσ που είχε παίρνει µÞλισ 4 και εκτÞσ Bουλήσ µένουν σχεδÞν Þλα τα κορυφαία στελέχη του κÞµµατοσ. Συγκεκριµένα δεν εξασφαλίζουν την εκλογή τουσ οι Γιάννησ Pαγκούσησ, Άννα Nταλάρα,

Πέτροσ Eυθυµίου, Mαριλίζα ΞενογιανναPέππασ, Γιώργοσ κοπούλου, ∆ηµήτρησ Kουτρουµάνησ, Xρήστοσ ΠρωτÞπαπασ Tηλέµαχοσ Xυτήρησ, Mιλένα Aποστολάκη και P. Zήση. Tην εκλογή τουσ πέτυχαν πάντωσ οι Aν Λοβέρδοσ, M. Xρυσοχοΐδησ, M. Aνδρουλάκησ και Aπ. Kακλαµάνησ. Στην A΄ Aθηνών Þπου το ΠAΣOK εξέλεξε µÞνο έναν βουλευτή και συγκεκριµένα τον K. Σκανδαλίδη, εκτÞσ βουλήσ βρέθηκαν οι Άννα ∆ιαµαντοπούλου, N. Aλευράσ, Π. Γερουλάνοσ, Π. OικονÞµου και Xρ. ΠρωτÞπαπασ. Στην περιφέρεια Aττικήσ το ΠAΣOK απÞ 6 έδρεσ βρέθηκε µε µÞνο µία, την οποία κέρδισε η Eύη Xριστοφιλοπούλου. Mεταξύ εκείνων που δεν εξελέγησαν στην περιφέρεια αυτή ήταν ο πρώην υπουργÞσ Γ. Παπακωνσταντίνου και ο Nτ. BρεττÞσ.

AÎÚÔ‰ÂÍÈfi˜ «Ù·Ú·Í›·˜» Ë ÃÚ˘Û‹ ∞˘Á‹ Τα στρατιωτικά παραγγέλµατα προσ τουσ δηµοσιογράφουσ, οι απειλέσ, καθώσ και οι... ιδιÞτητεσ δύο εκ των βουλευτών τησ Χρυσήσ Αυγήσ, βρέθηκαν στο επίκεντρο άρθρων που αφιέρωσαν στο ακροδεξιÞ κÞµµα και στην είσοδÞ του στην Βουλή οι βρετανικέσ εφηµερίδεσ Guardian και Independent. Με τον τίτλο «Ο ακροδεξιÞσ “ταραξίασ” που κρατά στα χέρια του το µέλλον τησ Ευρώπησ» η βρετανική εφηµερίδα Independent αφιερώνει άρθρο τησ στο ακροδεξιÞ κÞµµα τησ Χρυσήσ Αυγήσ που κατάφερε να εισέλθει στην Βουλή για πρώτη φορά στην ιστορία τησ. Ιδιαίτερη µνεία κάνει η εφηµερίδα σε δύο εκ των βουλευτών, ενώ στέκεται και στο στρατιωτικÞ παράγγελµα προσ τουσ δηµοσιογράφουσ ενώπιον του αρχηγού, Νίκου Μιχαλολιάκου. Κερδίζοντασ σχεδÞν µισÞ εκατοµµύριο ψήφουσ, το νεοναζιστικÞ κÞµµα τησ Ελλάδασ, Χρυσή Αυγή, καταλαµβάνει 21 έδρεσ στην νέα Βουλή. Μεταξύ των νέων βουλευτών που θα απολάβουν την βουλευτική ασυλία συγκαταλέγονται ένασ, ο οποίοσ φέρεται να έχει συµµετάσχει σε βιαιοπραγία και ένασ ακÞµη που έχει αναφερθεί ωσ µέλοσ σκληροπυρηνικού εθνικιστικού black metal, µουσικού συγκροτήµατοσ µε αναφορέσ στον ΕωσφÞρο, αναφέρει σε δηµοσίευµά του ο Independent.

™Ù·ı›Ù ¶ƒ√™√Ã∏ Η Χρυσή Αυγή έδωσε µία πρώτη γεύση για το πώσ θα ανταποκριθεί στο νέο στάτουσ τησ, ωσ ένα κÞµµα που έλαβε το 7% των ψήφων στισ βουλευτικέσ εκλογέσ τησ 6ησ Μαΐου στην Ελλάδα, Þταν διέταξε τουσ δηµοσιογράφουσ να «σταθούν προσοχή» παρουσία του αρχηγού, Νίκου Μιχαλολιάκου. Ο άνδρασ µε το ξύρισµένο κεφάλι που έδωσε το παράγγελµα «εγέρθητι» στουσ δηµοσιογράφουσ και είπε Þτι Þσοι δεν θέλουν, να «βγουν έξω», αναφέρεται ωσ µέλοσ τησ black metal µπάντασ Naer Mataron. Ο Γιώργοσ Γερµενήσ, µε το ψευδώνυµο «Καιάδασ», εξελέγη βουλευτήσ την νύχτα τησ Κυριακήσ. Το συγκρÞτηµα, στο οποίο είναι µέλοσ, αναµειγνύει βίαιεσ εικÞνεσ απÞ την ελληνική µυθολογία µε κοστούµια φτιαγµένα απÞ νύχια και φωνητικά µε

γρυλλίσµατα θανάτου (death grunts). Βουλευτήσ στο ΥπÞλοιπο Αττικήσ εξελέγη επίσησ και ο Ηλίασ Κασιδιάρησ, ο οποίοσ έωσ την Κυριακή αντιµετώπιζε κατηγορίεσ για συµµετοχή σε επίθεση µε µαχαίρι εισ βάροσ Ελληνα ακαδηµαϊκού.

Οπωσ γράφει ο Independent, ο κ. Κασιδιάρησ, η προσκÞλληση του οποίου στον αρχηγÞ του κÞµµατοσ του έχει δώσει το παρατσούκλι «ο προστατευÞµενοσ» φέρεται να έχει συµµετάσχει σε επίθεση πέντε ατÞµων κατά καθηγητή του Πανεπιστηµίου Αθηνών το 2007. ΑυτÞπτεσ µάρτυρεσ του σκηνικού ανέφεραν Þτι αναγνώρισαν το αυτοκίνητÞ του. Η ακροαµατική διαδικασία ήταν προγραµµατισµένη για τον Ιούνιο, ωστÞσο αναβάλλεται για Þσο θα παραµείνει στην Βουλή. Η βρετανική εφηµερίδα αναφέρεται επίσησ και σε εκείνουσ που δεν κατάφεραν να εκλεγούν, Þπωσ ο ΚρητικÞσ υποψήφιοσ, ΣτυλιανÞσ Βλαµάκησ, γνωστÞσ και ωσ «φούρναρησ» στουσ κύκλουσ τησ Χρυσήσ Αυγήσ. Ο Βλαµάκησ βρέθηκε στο επίκεντρο αντιδράσεων µετά την δηµοσίευση φωτογραφίασ του στο στρατÞπεδο συγκέντρωσησ του Νταχάου, χαµογελώντασ µπροστά στουσ φούρνουσ που έκαιγαν τουσ Εβραίουσ οι Ναζί κατά

την διάρκεια του Ολοκαυτώµατοσ. Ο Independent επισηµαίνει ακÞµη Þτι ο αρχηγÞσ τησ Χρυσήσ Αυγήσ, Νίκοσ Μιχαλολιάκοσ στισ προεκλογικέσ του οµιλίεσ εξαπέλυε απειλέσ κατά δηµοσιογράφων, πολιτικών αντιπάλων και µεταναστών. ΑπευθυνÞµενοσ σε υποστηρικτέσ του είπε: «∆εν έχουν καταλάβει Þτι Þταν θα έχουµε την δύναµη δεν θα δείξουµε οίκτο», καταλήγει το άρθρο τησ εφηµερίδασ. Με έµβληµα µία ελληνική εκδοχή τησ σβάστικασ (σ.σ. µαίανδροσ) και συνοδεία νεαρών τραµπούκων µε κοντοκουρεµένα µαλλιά, ο Νίκοσ Μιχαλολιάκοσ γιÞρτασε µε µια απειλή την πολιτική του επιτυχία, αναφέρει σε άρθρο του η βρετανική εφηµερίδα Guardian. «Αυτοί που πρÞδωσαν την πατρίδα θα πρέπει τώρα να φοβούνται», βρυχήθηκε ο αρχηγÞσ τησ νεοναζιστικήσ Χρυσήσ Αυγήσ. Οι ακροδεξιοί εξτρεµιστέσ εισήλθαν στην ελληνική βουλή λαµβάνοντασ το 7% των ψήφων των Ελλήνων πολιτών στισ βουλευτικέσ εκλογέσ τησ 6ησ Μαΐου. Η επιτυχία αυτή ήταν ένα σοκ. Την ώρα που αυξάνεται η ακροδεξιά, ο ξενοφοβικÞσ λαϊκισµÞσ σε Þλη την Ευρώπη, κάποια κÞµµατα, Þπωσ η Χρυσή Αυγή είναι τÞσο «πωρωµένα» µε την απειλή, τον εκφοβισµÞ και τουσ υπαινιγµούσ ακÞµη και για χρήση βίασ, γράφει ο Guardian. Η Χρυσή Αυγή, αναφέρει ο Guardian, πρεσβεύει και την ιδέα να «ξεφορτωθεί» η Ελλάδα τουσ λαθροµετανάστεσ. Η εφηµερίδα µεταφέρει τα λεγÞµενα του κ. Μιχαλολιάκου: «Έξω απÞ την χώρα µου! Έξω απÞ το σπίτι µου! Πώσ µπορούµε να το κάνουµε; Χρησιµοποιήστε την φαντασία σασ. Η νίκη αυτή είναι αφιερωµένη σε Þλα τα λεβεντÞπαιδα µε τισ µαύρεσ µπλούζεσ που γράφουν Χρυσή Αυγή µε λευκά γράµµατα». Ùπωσ επισηµαίνει η εφηµερίδα, ξένοι παρατηρητέσ για την ελευθερία του Τύπου παρακολουθούν στενά την πολιτική κατάσταση στην Ελλάδα, έχοντασ σηµάνει συναγερµÞ για την µεταχείριση των δηµοσιογράφων απÞ την Χρυσή Αυγή. Πηγή: Εθνοσ

∏ ∂ÏÏ¿‰· ÛÙËÓ ¤ÍÔ‰Ô ·fi ÙÔ Â˘ÚÒ Ο Ντέιβιντ Μπιούικ, αναλυτήσ τησ BGC Partners, φέρεται να δήλωσε Þτι η εκλογή του Φρανσουά Ολάντ µπορεί να κλÞνισε για λίγο τισ αγορέσ, αλλά αυτÞ που προκαλεί µεγαλύτερη ανησυχία είναι η Ελλάδα. « Η Γαλλία είναι µια πολύ πιο συντηρητική χώρα απÞ τη Βρετανία», ανέφερε, κάτι που γνωρίζει ο κ. Ολάντ. Ο κ. Ολάντ γνωρίζει επίσησ Þτι πρέπει να συνεργαστεί µε την κ. Μέρκελ, επισηµαίνει. Η Ελλάδα, Þµωσ, συνεχίζει να αποτελεί πρÞβληµα, υπογραµµίζει. Η εντολή για τον σχηµατισµÞ νέασ κυβέρνησησ περνά τώρα στο δεύτερο κÞµµα, στον ΣΥΡΙΖΑ, που απορρίπτει το µνηµÞνιο, αναφέρει η Independent. Ùµωσ, ακÞµη κι αν σχηµατιστεί κυβέρνηση συνασπισµού µέσα στισ επÞµενεσ δύο ηµέρεσ, η κυβέρνηση αυτή θα έχει ισχνή πλειοψηφία και πιθανÞτατα θα αντιµετωπίσει αντιστάσεισ τÞσο εντÞσ Þσο και εκτÞσ κοινοβουλίου. «Οποια κυβέρνηση κι αν προκύψει απÞ αυτήν την εντολή δεν θα έχει µεγάλο χρÞνο ζωήσ», σχολιάζει ο Φίλιπ Αµερµαν, οικονοµικÞσ αναλυτήσ. Η εφηµερίδα αναφέρεται και στην είσοδο τησ «νεοναζιστικήσ Χρυσήσ Αυγήσ» στη Βουλή, Þπωσ και των «Ανεξάρτητων Ελλήνων» που, Þπωσ λέει, έχει προκαλέσει έντονη ανησυχία σε Þ,τι αφορά τη διεθνή εικÞνα τησ Ελλάδασ, αλλά και το ευρωπαϊκÞ µέλλον τησ.


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ç ∆π ¶∞π∑∂π... ™∆∏¡ ∞°√ƒ∞ ™¯Â‰›·Û ÙËÓ “P” Card fiˆ˜ ı˜ ÂÛ‡ Η Ελληνική Τράπεζα προκήρυξε διαγωνισµÞ φιλοτέχνησησ για δηµιουργία µιασ νέασ προπληρωµένησ κάρτασ, τησ “P” Card Art, η οποία θα προστεθεί στην ήδη επιτυχηµένη γκάµα των προπληρωµένων καρτών τησ. Ο διαγωνισµÞσ θα διαρκέσει έωσ 31/05/2012, και απευθύνεται σε µαθητέσ λυκείου και φοιτητέσ. Οι ενδιαφερÞµενοι θα κληθούν να σχεδιάσουν, βάσει συγκεκριµένων παραµέτρων, την µπροστινή Þψη τησ “P” Card Art µε τη χρήση πολυµέσων. Η κάρτα που θα επιλεγεί θα εισαχθεί στην αγορά ωσ η νέα “P” Card Art τησ Ελληνικήσ Τράπεζασ. Οι νικητέσ του διαγωνισµού φιλοτέχνησησ θα πάρουν βραβεία απÞ 250 ευρώ µέχρι

2000 ευρώ. Η “P” Card τησ Ελληνικήσ Τράπεζασ είναι η µοναδική ανώνυµη προπληρωµένη κάρτα στην κυπριακή αγορά και µπορεί να αποκτηθεί σε λίγα µÞλισ λεπτά, χωρίσ άνοιγµα τραπεζικού λογαριασµού. Χρησιµοποιείται για αγορέσ, αναλήψεισ µετρητών και για χρήση στο Internet και πολλά άλλα. ΠερισσÞτερεσ πληροφορίεσ για το διαγωνισµÞ φιλοτέχνησησ τησ νέασ “P” Card Art υπάρχουν διαθέσιµεσ στισ ιστοσελίδεσ www.cardschemes.com/pcardart και www.hellenicbank.com καθώσ επίσησ και σε Þλα τα καταστήµατα τησ Τράπεζασ παγκύπρια.

∂ÈÛÎÂÊı›Ù ÙÔ CypriaHealth.com Î·È Î¿ÓÙ ÎÏÈÎ ÛÙËÓ ˘Á›· Η Laiki Cyprialife, µέσα στo πλαίσιο τησ ευρύτερησ κοινωνικήσ προσφοράσ τησ, σε συνεργασία µε την Artworks Publications και µε σύνθηµα «Κάνε κλικ στην υγεία!» εγκαινίασαν την έναρξη λειτουργίασ τησ µεγαλύτερησ και πληρέστερησ online κοινÞτητασ www.cypriahealth.com η οποία θα προσφέρει άµεση και έγκυρη ενηµέρωση σε Þλα τα θέµατα υγείασ που αφορούν τον Κύπριο πολίτη και µάλιστα στην ελληνική γλώσσα. Ο ∆ιευθύνων Σύµβουλοσ τησ CNP LAIKI INSURANCE HOLDINGS κ. Τάκησ Φειδίασ ανέφερε Þτι το “Cypriahealth.com” είναι µια επίκαιρη διαδικτυακή πύλη µε ελεύθερη πρÞσβαση, Þπου η πληροφÞρηση, η ενηµέρωση και η επικοινωνία σε Þλα τα θέµατα υγείασ θα αναπτύσσουν ένα µοναδικÞ δίκτυο αµφίδροµησ σχέσησ µεταξύ ειδικών σε θέµατα υγείασ και κάθε ενδιαφερÞµενου πολίτη. Στο

www.cypriahealth.com θα µπορεί εύκολα και γρήγορα ο κάθε ενδιαφερÞµενοσ να µάθει µεταξύ άλλων για τα τα φάρµακα που κυκλοφορούν στην Κυπριακή αγορά αλλά και πÞσο κοστίζουν, τα δικαιώµατα των ασθενών µε βάση την Ευρωπαϊκή και την Κυπριακή νοµοθεσία και πωσ θα βρει το πλησιέστερο εφηµερεύον φαρµακείο, γιατρÞ ή νοσηλευτήριο.

∏ Smirnoff Û·˜ ¿ÂÈ ÛÙËÓ ªadonna Με ένα φανταστικÞ party στο Occhio Air στη Λευκωσία, πραγµατοποιήθηκε το λανσάρισµα τησ νέασ καµπάνιασ τησ Smirnoff που έχει στο επίκεντρο τησ την No.1 pop icon στον κÞσµο, Μαdonna. Και θα σκέφτεστε τώρα αν ήρθε η Μadonna στη Κύπρο? Κάτι ακÞµα καλύτερο! Γνωρίζουµε Þλοι πÞσο λατρεύει η Smirnoff να προσφέρει στουσ καταναλωτέσ τησ µοναδικέσ και ανεπανάληπτεσ εµπειρίεσ. Τώρα έχει αποφασίσει να δώσει την ευκαιρία σε 4 τυχερούσ µαζί µε 1 κολλητÞ τουσ, να παρευρεθούν τον Ιούλιο εντελώσ δωρεάν στη συναυλία τησ Madonna στο Άµστερνταµ, σαν VIP guests τησ Smirnoff, και να ζήσουν απÞ κοντά ανεπανάληπτεσ στιγµέσ. Και Þλα αυτά µέσο του διαγωνισµού τησ Smirnoff στη σελίδα τησ στο facebook www.facebook.com/SmirnoffFamily. Το µÞνο που έχετε να κάνετε είναι να επισκεφτείτε τη σελίδα τησ Smirnoff στο Facebook, για να λάβετε µέροσ στην κλήρωση αλλά και για να µάθετε περισσÞτερα.

™ÙËÓ ∫‡ÚÔ ÔÈ ‰ËÌÈÔ˘ÚÁÔ› ·È¯ÓȉÈÔ‡ Ô˘ Û¿ÂÈ ÚÂÎfiÚ ∆υο αδέλφια απÞ τη Λευκορωσία, ο Victor και Eugene Kislyi, έφεραν την αγάπη τουσ για τα video games στην Κύπρο, µε την πρÞσφατη εισαγωγή τησ βραβευµένησ εταιρίασ τουσ, Wargaming.net, στο Χρηµατιστήριο Αξιών Κύπρου. Μετά απÞ ατελείωτεσ ώρεσ στο εφηβικÞ τουσ δωµάτιο το 1995, δηµιουργώντασ παιχνίδια στον ηλεκτρονικÞ υπολογιστή, τα αδέλφια Kislyi προσέλκυσαν ακÞµα επτά οµοϊδεάτεσ σχεδιαστέσ παιχνιδιών και στενούσ φίλουσ, οι οποίοι έγιναν το νευραλγικÞ κέντρο τησ Wargaming.net, µιασ κορυφαίασ εταιρίασ ανάπτυξησ διαδικτυακών παιχνιδιών. Μετά απÞ µια δεκαετία γεµάτη εµπορικέσ επιτυχίεσ, κυκλοφορία παιχνιδιών και εξαγορέσ, η Wargaming.net έχει τώρα στην «αυτοκρατορία» τησ σύνολο 13 παιχνίδια. Το διαµάντι τησ Wargaming.net είναι το World of Tanks. ΚυκλοφÞρησε το 2011, και πρÞκειται για ένα δωρεάν Massively Multiplayer Online (MMO) παιχνίδι δράσησ που περιλαµβάνει µάχεσ µε τανκ, Þπου εκατοντάδεσ οµάδεσ παιχτών διεξάγουν ένα ατελείωτο παγκÞσµιο «πÞλεµο». Το World of Tanks έχει ήδη σπάσει αρκετά ρεκÞρ, και έχει πάρει την πρώτη θέση στο Βιβλίο ΡεκÞρ Guinness ωσ το παιχνίδι µε τουσ περισσÞτερουσ παίχτεσ

MINI Roadster: ∆Ô ÚÒÙÔ open-top ‰Èı¤ÛÈÔ Το MINI συνεχίζει τη δυναµική του προέλαση µε µία τολµηρή επέκταση τησ γκάµασ. ΠρÞκειται για το πρώτο open-top διθέσιο στην ιστορία τησ εταιρίασ αλλά και το έκτο µοντέλο στη γκάµα τησ MINI. Μια κοµψή, σπορ compact πρÞταση για απαιτητικούσ οδηγούσ που εκτιµούν την υψηλή αισθητική, τουσ ισχυρούσ κινητήρεσ και την ακρίβεια τησ ανάρτησησ. Το ΜΙΝΙ roadster υπÞσχεται γνήσιο σπορ στυλ σε συνδυασµÞ µε άµεση απÞλαυση τησ open top οδήγησησ στην πÞλη. σχεδιαστική Η γλώσσα ΜΙΝΙ βρίσκει έκφραση στισ αναλογίεσ ενÞσ roadster αυτή τη φορά, χαρίζοντασ στο ανοιχτÞ διθέσιο µοναδική εµφάνιση και τονίζοντασ την κοµψή, αεροδυναµική γραµµή του Þταν η οροφή είναι κλειστή.Το soft-top του MINI Roadster ανοίγει γρήγορα και εύκολα µε το χέρι – ικανοποιώντασ άµεσα την επιθυµία για open-top οδήγηση. Ισχυροί κινητήρεσ σε συνδυασµÞ µε συστήµατα ανάρτησησ άριστα ρυθµισµένα δηµιουργούν τη γνώριµη αίσθηση go-kart του MINI. Οι οδηγοί του MINI Roadster µπορούν επίσησ να απολαµβάνουν τον premium χαρακτήρα του αυτοκινήτου τουσ και µέσα απÞ τον πολύ ποιοτικÞ στάνταρ εξοπλισµÞ που περιλαµβάνει. H Χαρ. Πηλακούτασ Λτδ προσφέρει στο µοντέλο πέντε χρÞνια ή 70,000 χιλιÞµετρα δωρεάν προγραµµατισµένο σέρβισ (Mini BSi). Το MINI Roadster παρουσιάζεται στην Κυπριακή αγορά σε τέσσερισ εκδÞσεισ κινητήρων. Συγκεκριµένα: το σπορ MINI John Cooper Works Roadster µε 211 hp, το δυνατÞ MINI Cooper S Roadster, το MINI Cooper Roadster, και το οικονοµικÞ MINI Cooper SD Roadster, που καταναλώνει µÞλισ 4,5 λίτρα καυσίµου στα 100 χιλιÞµετρα.

∏ Audi AG ·ÔÎÙ¿ ÙËÓ Ducati Η Audi AG ανακοίνωσε την απÞκτηση τησ ιταλικήσ κατασκευαστικήσ εταιρείασ σπορ µοτοσικλετών Ducati Motor Holding SpA, απÞ τον επενδυτικÞ Þµιλο Investindustrial SpA. Η Ducati είναι παγκοσµίωσ γνωστή ωσ ηγετική µάρκα στην κατασκευή µοτοσικλετών, µε εξαιρετική εµπειρία στην ανάπτυξη του κινητήρα και την ελαφριά κατασκευή. Ειδικοί προβλέπουν Þτι η αγορά µοτοσικλετών θα έχει µεγάλη ανάπτυξη τα επÞµενα χρÞνια. Το 2011, η Ducati πούλησε περίπου 42,000 µοτοσικλέτεσ και αποκÞµισε έσοδα 480 εκατ. ευρώ περίπου, εργοδοτώντασ 1.100 άτοµα.

«ÃÚ˘Û‹» Ë ÎÔ˘Ì·Ó‰·Ú›· St. John Ù˘ ∫∂√

ταυτÞχρονα. Μετά την εισαγωγή τησ εταιρίασ στο Χρηµατιστήριο Αξιών Κύπρου, η Wargaming.net λειτουργεί στην Κύπρο σύµφωνα µε τουσ κανÞνεσ τησ ευρωπαϊκήσ επιχειρηµατικήσ δοµήσ.

Το Σαββάτο, 28 Απριλίου 2012 πραγµατοποιήθηκε η τελετή βράβευσησ των Κρασιών που διακρίθηκαν στον 7ον ∆ιαγωνισµÞ Οίνου, ο οποίοσ διοργανώθηκε απÞ το Συµβούλιο Αµπελοοινικών ΠροϊÞντων, και τελεί υπÞ την αιγίδα του ∆ιεθνούσ Οργανισµού Αµπέλου και Οίνου. Η κριτική επιτροπή που απαρτιζÞταν απÞ εννέα κριτέσ αξιολÞγησαν 139 ετικέτεσ κρασιών απÞ ένα σύνολο 33 οινοποιείων απÞ ολÞκληρη την Κύπρο. Η εταιρεία ΚΕΟ, απέσπασε για ακÞµα µια χρονιά την ανώτατη διάκριση του διαγωνισµού µε το Μεγάλο ΧρυσÞ Βραβείο για την Κουµανδαρία St. John. Η µεγάλη αυτή καταξίωση επιβεβαιώνει και επίσηµα την ανώτερη ποιÞτητα του οινοπαραγωγικού έργου τησ εταιρείασ ΚΕΟ. ΑργυρÞ µετάλλιο κέρδισε η νέα ετικέτα τησ σειράσ ΚΤΗΜΑ ΚΕΟ το Merlot-Shiraz, κρασί το οποίο διαγωνίστηκε για πρώτη φορά και δεν έχει ακÞµα κυκλοφορήσει στην αγορά.


FINANCIAL MIRROR, May 9 - 15, 2012

ECO NEWS 19

European slump leads utilities to burn more coal Europe’s economic slump is allowing utilities in some countries to burn increasing amounts of l cheap, highly polluting coal for electricity generation and still meet legally binding targets to cut carbon dioxide emissions, Reuters research shows. The EU’s carbon scheme, its main tool to fight global warming, caps CO2 emissions on around 12,000 industrial and power plants in 30 countries and requires them to purchase permits to exceed those caps. The supply of permits has increased, however, to the equivalent of several hundred million tonnes of emissions due largely to slowing industrial output. Preliminary EU data suggests emissions in the capped market fell just over 2% last year. Prices have slumped accordingly. Polluters currently pay around 7 euros per tonne of CO2 emitted, down 60% from the same time last year. The low costs of being allowed to pump carbon into the atmosphere mean that utilities have leeway to burn more coal.

German coal use up 15% in fossil, nuclear share since January

ANALYSIS At the same time, profits based on benchmark German prices for electricity generated by coal-fired plants have risen by around 30% since the beginning of the year to their highest levels since 2008 and could lead to a 13.5% year-on-year jump in German hard-coal power production, Reuters research shows. “If you have anything that’s coal-fired in your generation park at the moment - be it lignite or hard coal - you will take advantage of the high margins and burn the stuff,” a trader with a major German utility said. Utilities in Germany, Europe’s biggest power market and economy, have constantly increased their use of coal-fired plants since the beginning of the year. Between January and May, German midday hard-coal and lignite power generation rose from 53% to 68% of the nuclear and fossil power generation share, according to data from Leipzig-based European Energy Exchange (EEX). Britain, which has over 12 mln tonnes of coal in inventories, is now running coal plants at capacity while carbon permits are cheap and gas is expensive, but how long this lasts will depend on the weather, according to Nigel Yaxley of the UK Coal Importers Association.

l

mits over the 2013-2020 period. Reuters data shows that carbon prices would have to rise to over 30 euros per tonne in order to push utilities into switching from coal to gas. If the high coal margins persist, Reuters research shows that Germany could produce almost 130 terawatt-hours (TWh) of electricity from hard coal in 2012, up from 114.5 TWh last year. “Adding up 15.5 TWh burning hard coal means a raise in emissions of around 14 mln tonnes,” said Matteo Mazzoni, an energy and carbon analyst at Nomisma Energia. But Mazzoni said that despite the increase, the overall impact on emissions would not be too big, given Europe’s lagging economy. “You need to take into account the overall level of power generated, and for 2012 we see a 1.8% drop in German power generation. That means something like 10 TWh less than 2011,” he said, adding that the resulting net increase of 5 mln tonnes was “not such a big deal at current conditions”. Mazzoni said the same was likely for other European countries, notably Spain and Portugal, whose economies have been hit hard by the sovereign debt crisis. Portugal’s coal burn is likely to be 1.5-1.6 mln tonnes this year, a slight rise from 2011, according to Carbopego. Spain is likely to burn around 10 mln tonnes this year, unchanged from last year, while Italy is likely to consume 17 mln tonnes, also unchanged. “Lower power demand would ultimately limit the increase of coal in power generation, especially taking into account that renewables have started to play a major role in baseload generation, becoming coal’s direct competitor,” Mazzoni said. Barclays Capital said in a research note that stronger seasonal winds and longer, sunnier days would help wind and solar power generation take a larger share from coal burn in the summer. EEX data shows that the higher share of renewables expected in the summer is likely to result in a slight drop in coal burned but that its burn rate was expected to rise again with the beginning of the autumn. The European Union has set a target to cut overall emissions by 20% by 2020 from 1990 levels. Emissions last year were already down 17%, and increased energy efficiency should mean the EU can achieve a 25% reduction by 2020, the European Commission has said.

Spain, Portugal expected to show steady to slight rise

This would mean that coal’s share of power generation continues its rise but that the drop industrial activity results in falling overall UK coal consumption. “Demand for coal in 2010 was 51 mln tonnes, a 5% increase on 2009, which was the lowest on record,” Britain’s Department of Energy and Climate Change said, adding that coal’s share in power generation had risen from 27 to 28% between 2009 and 2010. “These statistics allow us to burn as much coal as we want to without actually raising UK emissions, but in the longer-term it sends out the wrong signal and will mean rising emissions once the economy bounces back,” a power trader in London said.

BOOST IN COAL PROFITS Coal-fired generation has been strong through the winter and so far into 2012 in Germany, Britain, Italy and the Iberian peninsula, because high gas prices have made coal the most cost-effective fossil fuel for baseload power. The slide in coal prices during the past month - delivered Europe prices per tonne dropped from $120 in October to $86-$88 this week has helped maintain coal’s cost advantage. Usually there is a seasonal slump in coal generation in the spring and summer months before it picks up again in the autumn, but this pattern may not occur this year in these countries if coal keeps its edge. Whether it does will depend almost entirely on the degree to which China and India absorb the surplus of thermal coal supply in the global market in the second half of the year. But low carbon prices are also giving generators no incentive to switch to cleaner fossil fuels, such as gas. European officials and lawmakers are reviewing how to deal with the supply problem and prop up prices, with a possible removal of per-

Japan faces a less green, less secure energy future In unleashing one of the world’s most serious nuclear catastrophes, the earthquake and tsunami that hit north-eastern Japan in March 2011 destroyed the nation’s long-term energy policy. The plan had been to expand nuclear power’s contribution from one-third of electricity generation to one-half by 2030. This now seems almost impossible. Where does this leave Japan’s long-term energy future? The Economist Intelligence Unit (EIU) asked this question of prominent figures from research, industry and academia. Their answers are published in a new white paper sponsored by GE Japan: Powering ahead: Perspectives on Japan’s energy future. The paper tackles the fundamental issues Japan must consider in its bid for a sustainable and secure energy future. These include: the strategic necessities of a national energy plan; prospects for renewable energy; how to encourage greater energy efficiency; how to meet the energy needs of industry and commerce; challenges in reforming generation and distribution; and what Japan can learn from other countries’ energy strategies. l Japan’s energy future: The EIU view (Martin Adams, Energy Editor, EIU) The EIU view is that Japan will rely more heavily on nuclear power and more lightly on renewable energy than many assume. Its efforts to reduce the environmental impact of its energy use, and to shore up its energy security, will suffer as a result. l Japan’s energy strategy (Jitsuro Terashima, President, Japan Research Institute) Japan has faced energy challenges before, most notably in the oil shocks of the 1970s. But its response to those crises, Terashima argues in this interview, was ad-hoc and relied too heavily on market-based solutions to a strategic problem. Japan is at another energy-strategy crossroads after the Fukushima disaster. Despite rising anti-nuclear sentiment, there are compelling strategic—as well as practical—reasons for Japan to maintain its nuclear power capabilities. l A greener future? (Tetsunari Iida, Executive Director, Institute for Sustainable Energy Policies) Renewable energy sources have the potential to make a significant contribution to Japan’s energy supply, Iida contends in this essay. This is particularly true of wind and photovoltaic generation. Common arguments against their broader adoption, including supply stability and cost, can be overcome with technological progress. While legislation for a fixed purchase price will be beneficial, Japan needs to separate

generation from distribution and encourage a “knowledge revolution” to promote the broader adoption of renewable energy, l Can more be done? (Kenji Yamaji, Director-General, Research Institute of Innovative Technology for the Earth) Japan has a long history of improving energy efficiency, and many effective policies have promoted the adoption of cutting-edge technology. But Yamaji argues in this essay that encouraging behavioural change will be crucial to long-term sustainable consumption. For this, clearer information on energy supply and demand is vital. l Maintaining a competitive energy landscape (Itsudo Urano, Chairman, Nichirei) Japan has paid insufficient attention to demand-side perspectives in its energy strategy, Urano argues in this interview. In the short term, some companies will be forced to consider moving production abroad if they have to bear increasing energy costs. However, many (especially SMEs) can become much more energy efficient by adopting industry best practices. On the supply side, decisions about nuclear power need careful thought. While renewable energy is a medium-term prospect, its current cost makes broad industry-level adoption unrealistic. l Japan’s distribution challenge (Paul J. Scalise, JSPS Research Fellow, Institute of Social Science, University of Tokyo) Japan’s electricity transmission and distribution (T&D) system has not changed dramatically in the post-war period, Scalise writes in this essay. Prices remain high even as investment in T&D has fallen rapidly, while new generators complain of uncompetitive charges to access the grid. Is the vertical unbundling of generation from T&D the answer? Evidence from other countries that have attempted this is mixed. While an Asian “Super Grid” remains a pipe dream, demand management through smart grids and smart appliances seems the most promising solution. l The best energy mix (Christoph Frei, Secretary General, World Energy Council) The Fukushima disaster may have led to global soul-searching about nuclear power, Frei argues in this essay, but eliminating nuclear from the energy-generation mix is a radical step that few nations are able to take. Fast-growing emerging economies and developed nations alike have to resolve the thorny triple problem of energy security, social equity and environmental impact. In its search for a best energy mix, Japan is no different.

Aygo CO2 levels at 99 g/km The new Toyota Aygo 2012 was recently introduced into the Cyprus market to coincide with the European launch with CO2 emission levels at a mere 99 g/km. The special edition Aygo Spice is available in a spicy orange body and interior, while electronic extras include full audio system with Bluetooth mobility connection. The 5-speed gearbox with optional automatic drives the VVT-i engine with a low consumption of 4.4 l/100 km.

It’s a gas: dinosaur flatulence may have warmed Earth In a major new climate finding, researchers have calculated that dinosaur flatulence could have put enough methane into the atmosphere to warm the planet during the hot, wet Mesozoic era. Like gigantic, long-necked, prehistoric cows, sauropod dinosaurs roamed widely around the Earth 150 mln years ago, scientists reported in the journal Current Biology. And just like big cows, their plant digestion was aided by methane-producing microbes. “A simple mathematical model suggests that the microbes living in sauropod dinosaurs may have produced enough methane to have an important effect on the Mesozoic climate,” researcher Dave Wilkinson of Liverpool John Moores University said in a statement. “Indeed, our calculations suggest that these dinosaurs could have produced more methane than all modern sources - both natural and man-made - put together,” Wilkinson said. Methane is a potent greenhouse gas, with as much as 25 times the climatewarming potential as carbon dioxide. Calculating methane emissions from modern animals depends only on the total mass of the animals in question. A mid-sized sauropod probably weighed about 20,000 kilos, and there were a few dozen of them per square kilometre, the researchers found. They reckoned that global methane emissions from sauropods were about 520 mln tons per year, comparable to all modern methane emissions.


20 FOREX

FINANCIAL MIRROR, May 9 - 15, 2012

Gold dragged down by weak euro on political uncertainty Gold edged lower on Tuesday as a backlash by voters in Greece and France against austerity measures weighed on the euro, while prices are supported by bargain hunters lurking around the lower end of a recent range. The metal has been taking cues from the currency market, and its safe haven status was outshined by the dollar, U.S. Treasuries and German Bund during the political upheavals in Europe. “The sentiment in gold is likely to remain weak for a while, after the changes in European governments again triggered worries about the bloc’s debt crisis and pressure the euro,” said Li Ning, an analyst at Shanghai CIFCO Futures. The decline in oil prices, which have lost nearly 7% so far this month, eased concerns on inflation and peeled off some of gold’s attraction as a hedge against rising prices, she added. Spot gold edged down 0.1% to $1,636.20 an ounce. U.S. gold also lost 0.1% to $1,636.90. Gold has been trading between $1,620 and

remained over Greece. West Texas Intermediate (WTI) futures are also under pressure from rising crude inventory in the United States that is already at its highest level since 1990. U.S. crude stocks were forecast to have risen for a seventh straight week, up 2 mln barrels, as supply in Cushing, Oklahoma continued to build ahead of the Seaway pipeline reversal, a preliminary Reuters poll showed on Monday. Data from the U.S. Energy Information Administration released last Wednesday showed crude stocks reached the highest level since 1990 during the week to April 27. “The tendency for increasing oil stocks will continue for several weeks and this will pressure crude markets,” Newedge’s Suematsu said, although the contract has strong technical support at $96.30 a barrel, its 200day moving average. Resumption of talks between Iran and the West over Tehran’s nuclear program, eased tensions and has reduced the more than $10 a barrel risk premium built into oil prices, Suematsu said. Also, news that Iran is accepting yuan for some of the crude it supplies to China indicate that the supply will continue, he said.

China ruling on funds sourcing a blow to foreign private equity China’s top economic-planning agency, in a setback for foreign private equity funds, has ruled that all capital in a yuan-denominated fund must come from local Chinese investors, failing which the funds will be treated as foreign, the Wall Street Journal said. Being treated as foreign will restrict overseas private equity funds’ investments, at a time they face increasing competition from local funds. The statement from the National Development and Reform Commission specifically cites a fund run by Blackstone Group LP, which could have benefited from getting local status for a 5 bln yuan ($795.4 mln) fund it is about halfway through raising, the paper said.

By: Eurivex

$1,680 for about a month, with an unfavorable macroeconomic environment weighing on top and investors waiting to pick bargains at the lower end. “We see a small amount of physical buying on the downside, and probably more buyers will emerge if prices drop to $1,600,” said a Hong Kong-based dealer. Gold imports by India, the world’s biggest buyer of bullion, could rise on pent-up demand from jewellers after the federal government decided to scrap an excise duty on jewellery it imposed in March, the head of a trade body said on Monday. “However, the doubling of the import duty (to 4%) remains - and together with a weak INR (Indian rupee), the pent up demand market participants are expecting, may still disappoint,” said ANZ in a research note. Hong Kong’s gold exports to China in March rose nearly 59% on the month to the third highest level on record, while the gold flow from China surged to the most in at least two years.

Brent steady above $113 on bargain buys Brent crude held steady above $113 a barrel on Tuesday, recovering slightly after four straight sessions of losses caused by fears that the slowing economies of the U.S. and the euro zone would reduce oil demand. London Brent rose 34 cents to $113.50 a barrel. The contract slumped on Monday to $110.34, the lowest intraday price since January 30, but quickly recovered to settle 2 cents lower at $113.16 a barrel. U.S. light, sweet crude fell for a fifth day at $97.81, down 13 cents. “There may have been some investor bargainhunting, with the opinion that prices were oversold after another $3 plunge at the start of trade,” ANZ analysts led by Mark Pervan said in a note. Masaki Suematsu, a commodity sales manager at Newedge Japan, said commercial hedgers, such as shippers, may have bought Brent and supported prices following the $3 slump on Monday. “The economic outlook is not so weak as the market is still expecting QE3,” Suematsu said, adding that there is also plenty of liquidity to support global markets. Shares and riskier assets recovered on Tuesday from the previous day’s plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness

FOREX COMMENTARY / TECHNICAL ANALYSIS

The euro eased on Tuesday but stayed above the previous day’s three-month low, with market positioning seen offering the currency some support even as worries over political uncertainty in Greece clouded its outlook. The single currency dipped 0.1 percent to $1.3043, but stayed well above Monday’s trough near $1.2955, its lowest level since late January. The euro had initially come under pressure on Monday after the outcome of elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis. “This seems to me like a pretty serious situation,” said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore told Reuters, referring to the election outcomes and political uncertainty in Greece. The single currency’s downside may be limited, however, since many market players have already taken bearish bets on it, Okagawa said, adding that other analysts he spoke to recently held a similar view.

“Everyone says the euro has nowhere to go but down based on economic fundamentals, but they also say that market players are already betting in that direction,” he said. Data from the U.S. Commodity Futures Trading Commission shows that currency speculators still held a relatively large net short position in the euro in the week ended May 1. That suggests the euro could gain a lift if short-covering kicks in. “It might be hard to sell the euro aggressively, and the risk may be toward the upside,” Okagawa said. One cloud that hangs over the euro is political uncertainty in Greece. A first attempt to form a new Greek government collapsed in less than a day on Monday, following an election that left gaping questions over the country’s ability to avert bankruptcy and stay in the euro.

Foreign private equity firms had been banking on their yuan funds being treated as local even if up to 5% of the fund’s capital came from outside of China, the Journal said. Fund managers typically contribute some of their own money toward the fund, usually between 1-5% of the fund’s total value, the paper said. Foreign private equity funds are not allowed to invest in sensitive industries, such as defense-related companies, and face restrictions on investing in telecommunications, education and the Internet, among others, the Journal said. In 2011, yuan funds raised $23.4 bln, topping the $15.4 bln raised by dollar funds, the paper said.

Weekly Economic Calendar Date Country Detail MAY 9 EUR German Trade Balance due 9.00am MAY 9 EUR French Trade Balance due 9.45am MAY 9 GBP 3-year bond auction MAY 9 US Wholesale Inventories M/M due 5.00pm MAY 9 US 10-year bond auction due 8.00pm MAY 10 AUD Australia Unemployment Rate due 4.30am MAY 10 AUD Australia Employment Change due 4.30am MAY 10 CNY Trade Balance MAY 10 GBP Manufacturing Production M/M due 11.30am MAY 10 GBP Industrial Production M/M due 11.30am MAY 10 GBP BoE MPC meeting on Rates due 2.00pm MAY 10 CAD Trade Balance due 3.30pm in CAD MAY 10 US Trade Balance due 3.30pm MAY 10 US Weekly Unemployment Claims due 3.30pm MAY 10 US Fed Chairman Ben Bernanke speaks due 4.30pm MAY 11 CNY Fixed Asset Investment ytd/y due 8.30am MAY 11 EUR German Final CPI M/M due 9.00am MAY 11 GBP 10-year bond auction MAY 11 CAD Unemployment Rate and Change due 3.30pm MAY 11 US Core PPI M/M due 3.30pm MAY 11 US Prelm UoM Consumer Sentiment due 4.55pm Indicated times are Cyprus time

Forecast Previous 13.4B 13.6B -5.8B -6.4B 0.60% 0.90% 2.04/3.1 5.30% 5.20% -4.2k 44.0k 9.8B 5.4B 0.40% -1.00% -0.20% 0.40% 0.50% 0.50% 0.8B 0.3B -$49.6B -$46.0B 372k 365k 20.50% 20.90% 0.10% 0.10% 12.9k 82.3k 0.00% 0.00% 76.5 76.4 Source: Eurivex

Three Greek finance ministry officials told Reuters the country might run out of cash by the end of June if it does not have a government in place to negotiate the next installment of EU/IMF aid and projected state revenues fall short. Against the yen, the euro edged up 0.1 percent to 104.40 yen, having climbed from a three-month low near 103.24 yen hit on Monday on trading platform EBS. The dollar rose 0.2 percent against the yen to 80.03 yen. The dollar is likely to attract buying interest at levels below 79.50 yen or so, said an FX sales trader for a major Japanese bank in Tokyo. 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.


Uncertainty over Europe hits euro, shares slip Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region’s debt crisis. The uncertainty in Europe added to worries about global growth after weak American jobs data, sending industrial commodities like oil and copper lower. U.S. shares were also expected to open down on Wall Street. While markets were in a risk averse mood, activity was less volatile than on Monday when European shares initially fell sharply in reaction to the weekend’s election results before firming after Spain said it was prepared to use public funds to help its troubled banks. Financial markets are worried the election results in Greece and France, where president-elect Francois Hollande has also opposed drastic spending cuts, and the problems in Spain, could lead to a new phase of the crisis. “The overall picture of policy uncertainty at the heart of the euro zone, and the heightened uncertainty over Greece as well are likely to keep the euro under pressure,” said Ian Stannard, head of European FX

Strategy at Morgan Stanley. The euro was down 0.25% at $1.3030, off the previous day’s three-month low of $1.2955, and hovering just above the bottom of a $1.30 to $1.35 range that it has traded within for most of the year. The dollar was up 0.1% at 79.70 against a basket of major currencies. Investors are also worried about how French Socialist Hollande, who wants a more growth-centered approach to tackling the debt crisis, can reconcile his policies with Germany’s insistence on fiscal austerity across the region. He will meet German Chancellor Angela Merkel on May 16. “The market will be in a wait-and-see mode and consolidating around $1.30 until we get new indications as to what direction Europe goes from here,” said Audrey Childe-Freeman, global head of currency strategy at JP Morgan Private Bank.

SAFETY SOUGHT The uncertainty favoured safe-haven assets

including German government bonds, where the tenyear yield fell 3.2 basis points to 1.57% - not too far from a record low of 1.549%. The most actively traded Bund futures contract was 41 ticks higher in early trade at 142.230 having hit a record high of 142.44 in the previous session. The economic outlook for Germany, Europe’s largest economy, got a lift when factory output rose more than expected in March, helped by orders from outside the ailing euro zone. The pan-European FTSEurofirst 300 was down 0.05% to 1,034.01 points, while the blue chip Euro STOXX 50 index shed 0.18% to 2,2678.91 points. Shares in Santander, the euro zone’s biggest bank were up 0.1% at 4.90 euros after gaining 4.7% in the previous session. Shares in Dutch telecom firm KPN KPN.AS rose by about 20% after America Movil, the telco group controlled by Mexican tycoon Carlos Slim, offered to buy a stake worth up to 3.2 bln euros as a base for potential expansion in Europe.

The Financial Markets Interest Rates Base Rates

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

ALPHA BANK

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.24 0.68 0.34 0.14 0.08

0.35 0.81 0.44 0.16 0.09

0.47 1.01 0.62 0.20 0.11

0.73 1.33 0.93 0.34 0.19

1.05 1.86 1.27 0.55 0.39

USD GBP EUR JPY CHF

0.55 1.29 0.92 0.34 0.15

0.65 1.36 1.00 0.35 0.19

0.84 1.46 1.15 0.35 0.28

1.06 1.58 1.33 0.40 0.40

1.51 1.89 1.68 0.58 0.67

1.98 2.33 2.05 0.88 0.99

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.3021 0.7680

100 JPY

1.6137

1.0841

1.2534

1.2393

0.8326

0.9626

0.6718

0.7768

0.6197

0.8069

0.9224

1.2011

1.4885

79.78

103.88

128.74

1.1562

World Currencies Per Us Dollar CURRENCY

CODE

RATE

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

BYR GBP BGN CZK DKK EEK EUR GEL HUF LVL LTL MTL MDL NOK PLN RON RUB SEK CHF UAH

8090 1.6137 1.5019 19.256 5.7113 12.0164 1.3021 1.620 220.21 0.5362 2.6514 0.3297 11.8400 5.8063 3.2200 3.3811 30.042 6.8279 0.9224 8.0317

AUD CAD HKD INR JPY KRW NZD SGD

1.0138 0.9974 7.7616 53.1900 79.78 1135.55 1.2656 1.2470

BHD EGP IRR ILS JOD KWD LBP OMR QAR SAR ZAR AED

0.3770 6.0325 12239.9023 3.8040 0.7080 0.2773 1501 0.3850 3.6404 3.7502 7.8674 3.6729

AZN KZT TRL

0.7852 147.82 1764480

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

MIDDLE EAST & AFRICA

LIBOR rates

CCY USD GBP EUR JPY CHF

21

MARKETS

FINANCIAL MIRROR, May 9 - 15, 2012

ASIA

Weekly movement of USD

CCY\Date

10.04

18.04

24.04

30.04

08.05

CCY

Today

USD GBP JPY CHF

1.3095

1.3081

1.3123

1.3215

1.2995

0.8222

0.8213

0.8138

0.8116

0.8035

106.44

106.35

106.07

105.82

103.84

1.1971

1.1967

1.1972

1.1967

1.1964

GBP EUR JPY CHF

1.6137 1.3021 79.78 0.9224

Last Week %Change 1.6281 1.3259 80.16 0.9059

Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham

+0.88 +1.80 -0.47 +1.82

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira

Note:

* USD per National Currency

86.49

Will Merkolland Lead Europe To Thatcherite Keynesianism? Marcuard’s Market update by GaveKal Research It is widely expected that, with Francois Hollande’s victory, France will be the camel that breaks the euro’s back. The Socialist agenda will lead to growth-killing tax rises and ballooning deficits, sending Europe’s second-largest economy down the path recently tread by Spain and Italy. Thus far, however, the bond markets do not seem to share those exact same fears, with OAT yields falling ahead of Hollande’s widely expected victory yesterday. This may be related to the fact that some of the most leftwing governments in France have in fact managed to reduce public deficits. But it may also be because fears about Europe are shifting: growth now seems to be the primary concern. Indeed, both elections in Europe on Sunday underlined this fact. Greece as well as France threw out incumbents in favour of candidates who have criticised the “austerity” approach. This is in stark contrast to the trend in the last two years, which saw Germany successfully using market pressure on Europe’s periphery as a lever to impose reforms and change in the south: a process which eventually led to new governments and new economic programmes in Ireland, Portugal, Italy, Spain and Greece. The limits of the Germanic management of the euro crisis have been reached. The financial waterboarding of southern Europe has led to an economic double dip in Eurozone – its first since WW2 – and has created considerable uncertainties about the future contours of Europe, an uncertainty that prevents any revival of private capital inflows into the periphery. Indeed, why should northern money invest in the south if there is an even small chance that these countries might be forced to leave the euro zone and thus devalue massively? This uncertainty is also driving local capital out of these countries, a potentially lethal issue for the euro area. This change in priorities explains why

discussions of a “growth compact” have recently started to add a number of progrowth components to the “fiscal compact” agenda. A first summit is scheduled for the end of June. We will inevitably see a case-bycase re-examination of the nature and speed of the current fiscal adjustment agendas. Already, Italy has decided to stop raising taxes and replaced the planned increase of the VAT with spending cuts. Spain will need more help and more time, and the same for Greece. The eurocrats would like this growth compact to take the form of an additional deepening of the single market—including, crucially, increased competition and liberalization in services and labor markets. Also on the agenda is a €10bn capital increase for the European Investment Bank (EIB), which would then be able to produce €60bn investment in infrastructure spending and financial support to SMEs. Most importantly, we can expect a continued and even stronger involvement of the ECB. This growth compact will need to be completed by a financial compact that will help to revive financial integration in Europe. The financial integration would eventually consist of the establishment of a banking union – a project that even the Germans of the ECB now endorse, and the implementation of euro-bills, a project which to a certain extent is already underway as EFSF bills have begun to be issued since December 2011 (€18.3bn issued so far). Thus, even if there is good reason to be worried about a tax-the-rich leadership in France, the Gallic nation will not be the one which brings down the euro. Indeed, it is possible that the Merkolland leadership might help Europe to move closer to the long-promised “comprehensive package” that would finally stabilize the eurozone. This package would need to move Europe closer to a form of “Thatcherite Keynesianism”—one in which structural reforms to improve market conditions stay on path, but some of the harsher austerity measures are softened by stronger financial backing and support from the EMU (i.e., Germany)

and the ECB. Such an agenda could very well offset the follies of individual countries. Indeed, one key reason the CAC40 doubled following the election of Jospin as prime minister in 1997 was not because Jospin’s policies were less socialist than expected (this period is associated with the 35-hour work week and other such delights), but because the wider euro-related agenda of privatisation, market reforms and monetary reflation mattered more. Still, this new episode in the euro story is another unknown, and we will likely see mar-

A Visible Chinese Recovery Marcuard’s Market update by GaveKal Research The maxim of “sell in May and go away” has worked well in the past two years, and many investors are likely planning to revisit this strategy for a third year. After all, we have had soft economic data around the world, from weak exports in Asia to record unemployment in Europe, and there are quite a few uncertainties on the horizon, from fiscal cliffs in the US to Debt Traps in Europe. However, against these murky seas, we see high visibility in China’s economic recovery. And given that no one has prepared for it, betting on a China out-performance make sense.

WEALTH MANAGEMENT ZURICH LIMASSOL

ket dislocations and spikes of uncertainty as the “growth compact” agenda is drawn up. The next few weeks and months will tell us whether we are coming to the end of the long and extraordinarily violent de-rating of Eurozone equities — whose prices relative to MSCI World recently declined to the lowest level since 1998. While waiting for these crucial answers, European investors will likely want to stick with the same safe strategy we have been recommending for the last couple of years—buying USD assets, overweighting exporters (to Russia, to the US, to China, etc.) and maintaining a reasonable amount of long-dated bunds in their portfolios. www.marcuardheritage.com 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.

MOSCOW SINGAPORE LONDON

Admittedly, China has had a rocky start this year. Headline GDP grew at a belowconsensus +8.1% YoY, which was the slowest pace since 2009. We estimate that sequential growth in the first quarter dipped into the range of 6-7%, from around 8-9% QoQ in the final two quarters of 2011. We have not seen a slowdown of this scale since 2H08, but without the hit from Lehman! Meanwhile multinational companies that derive earnings from China have reported deteriorating business conditions in the country, including ABB, Schneider Electric, Otis and Caterpillar. Even Korea blamed its recent poor exports number not on the slowdown in China. This is not exactly an environment that supports bullishness. However data always look bad at the bottom of a downturn. A number of indicators suggest that China is at or close to the trough in sequential growth, and that policymakers are ready to loosen their tightening grip. The latest official manufacturing PMI rose to 53.3, from March’s 53.1. Coupled with the fact that the April reading was above the historical average of 53.1 since the series started in 2005, we are increasingly confident that sequential GDP growth will accelerate in the second quarter from a first-quarter trough.

Industrial profit growth has also recovered to 4.5% YoY in March, up sharply from a decline of 5.2% in Jan-Feb. The sector had a rough start to 2012 as margins were squeezed from 6.3% in 2011 to 5% in JanFeb due to rising costs. However with raw material inflation cooling off, an expansion in margins and a pickup in profit growth should follow. No doubt, construction activity slowed significantly in the last two quarters. But the slowdown was not the result of a broken banking system, led by overinvesting in unproductive assets, as the one we have seen in the US. It was a self-engineered policy allowing the wave of infrastructure projects launched during the stimulus to taper off. Fixed-asset investment in many types of infrastructure registered negative growth for the first time in recent memory: railway investment, for instance, fell -30% YoY in December. Having restricted approvals for investment projects the last couple of years, the government now says it will allow an “orderly” start to new projects. In addition, with the crackdown on shadow finance relenting and bank lending conditions improving in March, monetary policy should start to be helpful rather than punitive. We are not saying that China is at the start of mega-credit cycle or that the recovery will be V-shaped. But with many still fearing a hard landing in China and a prolonged battle with inflation, we do not need a very sharp recovery or an opening of the monetary spigots to spur a rally. Chinese equities have been in the doldrums for 400 days, the longest bear run since 2005, bringing valuations to an attractive level. www.marcuardheritage.com 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.


22 WORLD MARKETS

FINANCIAL MIRROR, May 9 - 15, 2012

Market Valuation: Does Election results hurt euro sentiment Facebook deserve $100 bln? COMMENTARY

SHAVASB BOHDJALIAN Greek voters punished the mainstream parties and rejected the tough austerity package dictated by the Troika, with New Democracy and Pasok losing their majority in parliament. Though the election result was well expected, with the runner up, the left wing Siriza dead against the euro aid package, it will be interesting to see what kind of coalition will be formed and more importantly, if it will survive. Many are saying that the Greek people have spoken and indirectly opted for an exit out of the eurozone, since it was made obvious to them that the option of “we stay in the eurozone but don’t want the package” was and is off-the-table. Greece’s vote, combined with the victory of Socialist Francois Hollande over incumbent Nicolas Sarkozy in a French presidential election, will cause friction with Germany on whether the eurozone follows the German inspired medicine of strict austerity or opts for the growth-oriented policies of Hollande. The other main worry is if markets smell an opportunity and attack the vulnerable eurozone states of Spain and Italy, which are both considered “too big to fail” and for whom EU leaders have lined up a massive EUR 700 bln fund, which may receive up to EUR 430 bln in additional funds from the IMF. The ECB meanwhile, has made up to EUR 1 trillion in 3-year soft loans available to EU banks. Market participants are now waiting for Hollande to make his first visit to Germany and introduce his growth-oriented policies which according to an analysis by Reuters include steps to increase the firepower of the European Investment Bank (EIB), make more flexible use of EU structural aid funds and so-called “project bonds” to fund investment in infrastructure projects like highways, bridges and energy networks. All analysts agree that Hollande can ill-afford to weaken France’s own commitment to deficit reduction or jeopardize its relationship with Germany by pushing for bolder steps considered taboo in Berlin, like joint euro zone bonds, big stimulus programs or delays in meeting fiscal targets. Personally, I would like to see how Hollande will reduce the sheer size of French government and push with his plans to reduce the retirement age to 60, increase the minimum wage and impose a 75% tax on all those earning above EUR 1 mln a year. Standard & Poor’s, which stripped France of its triple-A rating in January, said Hollande’s victory had no immediate impact on its creditworthiness, though it would scrutinize his policy choices. Uncertainty with respect to what measures Hollande will introduce, combined with a weak coalition taking over in Greece which may not be able to push through the painful austerity measures is certainly going to spook markets and hurt sentiment in the euro, which on Monday finally broke below 1.3000 against the dollar. The economic news from the eurozone and the US were also negative. In the EU, the purchasing manager indices, which mainly focuses on the services sector fell sharply, suggesting recessionary conditions and raised questions why the trillion euros in loans that the ECB has provided to the banks are not channeled into the main economies. Meanwhile in the US, the number of new job creations was only 115.000 compared to expectations for more than 170.000 jobs growth. Though the US unemployment rate fell to 8.1% from 8.2%, many investors are worried that the pace of the recovery in the US is erratic and there are increasing fears that China is also entering into a slow-growth environment. All the above developments are euro-negative and if the euro does not manage to recover above $1.3000 on a closing basis, then based on technical models, it may well decline towards the 2012 low of $1.2623. According to a Reuters report, Nomura is now forecasting that the euro would fall in the near term to a range of $1.26 and $1.28. www.eurivex.com, Shavasb@eurivex.com (Shavasb Bohdjalian is a certified Investment Advisor and CEO of Eurivex Ltd., a Cyprus Investment Firm, authorized and regulated by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nominated Advisor for listings on the Emerging Market. The views expressed above are personal and do not bind the company and are subject to change without notice)

Jeweller Graff gets nod for $1 bln IPO Graff Diamonds, which sells “the most fabulous jewels in the world”, has received the green light from the Hong Kong bourse for a market debut that could raise up to $1 bln, paving the way for growth in luxury-hungry Asia. London-based Graff, whose giant gems and rare diamonds have been worn by celebrities from Imelda Marcos to Oprah Winfrey, said it planned to use the funds to open new stores in key locations and build its inventory to keep up with its customers. Sales are split equally between Asia, Europe and the U.S., with growth in Asia far outpacing other markets, founder Laurence Graff told Reuters. Graff joins French cosmetics company L’Occitane, Italian fashion house Prada and luggage maker Samsonite in looking to tap booming demand for luxury goods in China and raise brand awareness, and also paves the way for others eyeing Asia’s appetite for gems. Chinese demand will account for 44% of the global luxury goods market by 2020. De Beers, the world’s largest diamond producer by value, forecast the world’s No.2 economy will account for 16% of global diamond demand by 2016, up from 6% in 2009. The Graff IPO will also come on the back of a 15% jump in the benchmark Hang Seng index in 2012.

By Dr Olga Kandinskaia Cyprus International Institute of Management (CIIM)

This particular question has been asked so many times since February 1, 2012, when the famous social network announced its decision to go public. Articles by experts placing the valuation at $100 bln have caused a storm of comments in the media. The long-promised IPO has been delayed. Apparently, Facebook founder and CEO Mark Zuckerberg has been too busy with acquisitions to get prepared for the initial public offering. The social network giant bought in early April Instagram, the famous photo-sharing service, and also it struck a rather big deal with Microsoft to purchase hundreds of its patents. Latest news came last Thursday, May 3, when Facebook filed with the SEC the official range for the price of its first offering of stock: $28 to $35, which means that Facebook aims to reach at its IPO, which should be coming within a week, the market valuation of minimum $77 bln and maximum $96 bln. After that, FB shares will be traded in the stock market. There are fundamental questions behind this story. How do we measure the value of a business? Which methods do professionals use for valuation assessment? What makes us think a company is undervalued, or overvalued? Professionals usually start with the Asset-based valuation. Since Facebook is expected to grow fast and generate a lot more profits in the future, its market price is bound to be much-much higher than its book value (which is $5.3 bln now). There is also the discounted cash flow valuation, which is used by investment bankers. The DCF method involves a lot of calculations and is generally rather complicated. An interesting online simulation of the DCF analysis for Facebook has been introduced on the Financial Times web page (you can find it through Google search as “FT Facebook valuation calculator”). Recent discussions on Facebook refer to the Multiples method. The main valuation ratio used is P/E, Price to Earnings ratio, which is the current stock price of a company divided by the company earnings

per share. For example, on May 3, 2012 Apple stock was trading at $581.82 a share and earnings over the last 12 months were $41.04 per share, so Apple’s P/E ratio was 14.18. Considering that the historical P/E for S&P 500 (US stock market) is around 16, and that the current P/E ratio in the technology sector is close to 16 as well, Apple - with its relatively low P/E - is an attractive stock for investors. In fact, Apple deserves a higher P/E due to its growth potential, which is demonstrated through its low PEG (P/E to earnings growth) ratio of 0.63. Let’s see what the market thinks about Facebook value. If we look at the recent private-market deals at SharesPost, they put Facebook value at $103-$104 bln. Back in January, two weeks before the IPO was announced, the implied valuation of the social media giant was around $80 bln. Going further back – to the year 2007 when the three-yearold social network accepted a $240 mln investment from Microsoft – most analysts laughed at the idea that Facebook may be worth $15 bln. They were so wrong. Now again, many experts say that Facebook is a bubble. Their main arguments are based on the Multiples valuation: with $1 bln in earnings last year, the Facebook $100 bln valuation will imply the P/E ratio of 100. Normally, a P/E ratio of 25+ means the shares are overpriced. Many experts quote Apple’s multiple of 14 and Google’s P/E of 18. But is it appropriate to compare young revolutionary Facebook with dynamic but relatively mature Apple and Google? Facebook offers to its 900-mln-and-still-growing users a totally new experience in socializing: connecting and sharing has never been so easy, the physical boundaries of relationships have been lifted, and this is all just the beginning of its powerful empire. To give you a different kind of P/E comparison: LinkedIn (another hugely popular social network site) reached the P/E of 1460 after its IPO a year ago, on May 19, 2011, and at the moment it has the P/E of 953. That one is a candidate for a bubble, Facebook is not. At least not yet. It is a demonstration of investors’ strong faith in the company’s incredible creativity and amazing brand potential. And so far there are good reasons for such high trust.

Olga Kandinskaia is Assistant Professor of Finance at CIIM Business School: teaching for MBA, MSc in Finance & Banking, MSc in Management, and Executive Development Program.

Facebook plans to raise $10.6 bln Facebook Inc aims to raise about $10.6 bln in Silicon Valley’s largest IPO, dwarfing the coming-out parties of tech companies like Google Inc and granting the world’s largest social network a market value close to Amazon.com’s. The eight-year-old social network that began as Mark Zuckerberg’s Harvard dorm room project indicated an initial public offering price range of between $28 and $35 a share, which would value the company at $77 bln to $96 bln. The size of the IPO reflects the company’s growth and bullish expectations about its money-making potential as a hub for everything from advertising to commerce. “We certainly haven’t ever seen a tech IPO on this grandiose a scale,” said Lise Buyer, a principal with the IPO advisory firm Class V Group. Buyer, who worked on Google’s 2004 IPO, said the question about a company “that’s already this big and that is raising this much money is how many of the glory days of growth are in the past versus how many are ahead.” Facebook stands to raise as much as $12 bln at the upper end of its planned range. If an over-allotment or “greenshoe” option is triggered, the company could sweep up a maximum of $13.6 bln, according to a prospectus. Facebook is only getting about half, or $5.6 bln, of the estimated $10.6 bln that it would raise at the midpoint of its planned IPO range. About $4.9 bln will go to some existing shareholders. Facebook’s stock could begin trading as soon as May 18, according to a road showschedule obtained by Reuters. The offering’s price range can be adjusted depending on Wall Street’s response during the road show. Investors are expected to flock to the highly anticipated IPO, although there have been growing concerns about the social network’s longer-term growth and Zuckerberg’s majority control. Facebook will trade at 13 to 16 times the revenue that GreenCrest Capital analyst Max Wolff believes it will generate this year. By comparison, Google, the world’s dominant Internet search engine, currently trades at 5.5 to 6 times expected 2012 revenue, he said. Google’s valuation was higher when it went public in 2004, though Facebook’s IPO valuation is still higher than Google’s was back then, Wolff noted. But some observers said the rich premium was unlikely to deter investors. “People are going to be very comfortable with this valuation,” said Sam Schwerin of Millennium Technology Value Partners, which owns Facebook shares worth roughly $200 mln. The firm is not selling in the IPO. “A price range of $28 to $35 will be a relief to some people who are concerned that they may try to take the highest possible price because of high demand,” he said. “The amount being raised is noteworthy. Selling stockholders are raising about $5 bln in the IPO, which is a lot.” Facebook executives are due to hit the road this week, presenting their investment case to audiences. They will start in New York, go to other major cities such as Chicago and Boston, and end up on Facebook’s home turf in Menlo Park, California, according to the schedule.

Zuckerberg is expected to participate in the two-week road show, although Chief Operating Officer Sheryl Sandberg and Finance Chief David Ebersman will lead the briefings.

TANTALIZING WALL STREET Zuckerberg’s involvement in the road show will be key for investors with concerns about Facebook’s long-term strategy and money-making potential, said Brian Wieser, an analyst with Pivotal Research Group. Zuckerberg’s control of the company — which was underscored when he orchestrated the $1 bln acquistion of mobile app maker Instagram last month — means that investors need to “get comfortable” with the 27-year-old CEO, said Wieser. Last week, Facebook reported its first quarter-to-quarter revenue slide in at least two years, a sign that the social network’s sizzling growth may be cooling just as it prepares to go public. Some observers have also flagged the company’s lack of revenue on mobile devices such as smartphones as an area of concern. Dressed in a gray t-shirt and jeans, the copper-haired Zuckerberg appeared in a 31-minute road show video posted online on Thursday. In the video, Zuckerberg predicted that in five years almost every software app would be integrated with Facebook. Facebook generated the lion’s share of its $3.7 bln in revenue last year from online advertising. It also collects fees when consumers use its special Credits currency to purchase virtual goods in social games such as Zynga’s Farmville. The company has said it may expand the use of its payment business beyond games. Facebook, which plans to list its stock on the Nasdaq under the ticker “FB”, has long tantalized investors with the prospect of a mega IPO. As a private company, shares of Facebook have traded briskly in secondary markets for the past couple of years, as investors sought to get a piece of the fast-growing company ahead of its expected IPO. The IPO price range indicated in Facebook’s filing would value the company a hair below the level it has traded at in the secondary markets in recent months, with some trades valuing the company at slightly more than $100 bln. But some investors think Facebook, which touts 900 mln users worldwide, is setting itself a fairly conservative target. “The price range may be tactical. They will likely walk the range up,” Schwerin argued. Facebook plans to sell 337.4 mln shares, or 12.3% of the company, in the offering. The capital-raising target far outstrips big Internet IPOs that came before it. Google raised just shy of $2 bln in 2004, while last year Groupon tapped investors for $700 mln and Zynga raked in $1 bln. At the top end of the IPO range, Facebook would rival the market value of Amazon.com and Cisco Systems, which are worth just over $100 bln, and surpass the combined market value of older technology companies Hewlett-Packard Co and Dell Inc. Among existing shareholders, the largest seller in the IPO will be venture capital firm Accel Partners, which will make about $1.2 bln assuming the shares sell at the $31.5 mid-point. Zuckerberg is selling the next largest chunk of shares, worth a little under $1 bln. Facebook said that a “substantial majority” of the proceeds from Zuckerberg’s stock sale will be used to satisfy taxes he will incur from exercising his options.


FINANCIAL MIRROR, May 9 - 15, 2012

WORLD ª∞RKETS 23


24 WORLD MARKETS

FINANCIAL MIRROR, May 9 - 15, 2012

The market squeeze, metals traders beat regulators l

Inventories, warehouses new pawns in chess game Keeping one step ahead of regulators, traders are again putting the squeeze on metals markets. Some have found new ways of employing the time-honoured technique of forcing prices higher by building up stockpiles of metals to make a killing in distorted markets. Regulators at the London Metal Exchange had tried to stop the practice after Mr Copper, a trader with Sumitomo Corp, was found in 1996 to have been controlling 5% of the world’s yearly supply of the red metal for a decade. They have since fine-tuned rules to deny “dominant holders” - defined as those controlling over half of stocks in any metal and cash positions from profiting from that position. They are instead forced to give their metal away at scant profit. But now some traders are suspected of shifting millions of tonnes of stocks around the world and taking some tonnages off warrant at the LME to ensure their positions, or holdings, meet regulators’ requirements while cornering the market. Often they own the warehouses storing the metal which helps the operation. “It’s a fine line. Increasingly operators are a lot more sophisticated in how they keep on the right side (of market abuse regulations),” said analyst Robin Bhar at Societe Generale in London. But as bidders circle around the LME - due to accept binding takeover offers this week - the exchange may have to tackle questions over its rules to guard against market abuse and its transparency of market data. Traders say the market for copper - a metal widely used in power generation, construction and the auto sector - is being squeezed. Copper prices flipped into backwardation in early March, making prices for the metal now more expensive than those for future delivery, indicating a severe supply shortage. Many of those interviewed say commodity house Glencore has amassed a dominant position on the LME in copper. Glencore declined to comment. Some LME users are calling for a deep look at the interaction between long delays in accessing metal in warehouses, financing deals, warehouse ownership and dominant positions. “The LME and maybe the market as a whole needs to revisit this ... It’s not a perfect system and it’s come in for a lot of criticism and anger. It’s worth opening it up for some intelligent responses,” said Bhar. Others say that the building blocks of potentially severe squeezes are now being put into place. “It’s potentially very, very interesting and the ramifications in a year or two could be quite extraordinary when demand really kicks in,” said analyst Wiktor Bielski at VTB Capital.

GAMES WITH INVENTORIES While LME rules put a lid on profits that can be earned on expiring cash positions, traders have several ways of spinning profits from holding major positions. One strategy is to keep prices and premiums buoyant for spot business executed outside the exchange. “Even though we didn’t make any money from (LME requirements on) lending, we more than made up for it from our physicals business,” said a trader whose firm held a dominant position last year.

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Glencore builds dominant position in copper

Trade houses such as Glencore have long had an advantage in the metals markets due to their extensive intelligence about physical markets and big banks have mimicked that model, expanding operations in physical metals trading and warehouses. The link between inventories and large positions is now in focus in the copper market, where cash premiums over three-month futures jumped in recent weeks to the highest levels in 3-1/2 years and the nearby “tom/next” spread also surged. In this case, the tight conditions are localised on the LME due to a global imbalance in stocks, the perfect environment for traders to apply pressure points. LME stocks have fallen by almost half since last October to the lowest levels in over three years, while stocks at bonded warehouses in Shanghai are estimated to have more than doubled to as much as 650,000 tonnes.

At the same time, over a third of LME copper stocks, more than half at U.S. warehouses, are waiting to be removed and are not available to the market, sparking fears that some of the moves are tactics to squeeze the market. “The drawdown in LME stocks in the U.S. may partly represent large traders moving metal off warrant to exacerbate the tightness and prepare the ground for a major squeeze later in the year, when Chinese buying is likely to accelerate again,” Bielski said. Warrants are ownership documents for LME stocks. LME data showed one party had control of over half of the combined LME stocks and cash positions, giving it a dominant position. The position at one point soared to over 90%. The exchange did not reveal the identity of the holder, but traders said it was Glencore, the world’s biggest listed commodities trader. Glencore, which declined to comment on whether it is a dominant holder, routinely shies away from discussing positions in metals markets or details of its warehousing activities. Later a second dominant holder emerged, which traders said was another trade house or a major bank. Big traders and banks often need to hold big positions to source metal for clients. The LME argues its rules aim to allow legitimate trading, but caps profits when large positions distort prices and hold consumers to ransom. LME Chief Executive Martin Abbott told Reuters earlier this year: “We say go ahead, build up as big a position as you want. But if you bring it to settlement we’ll make you give it away, and that’s exactly what we do, and that seems to work well.”

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LME tries to cope with new tactics

WEB OF OPERATIONS Glencore has extensive operations in the metals sector. It owns mines as well as acting as a middleman to sell other producers’ ore. When Glencore floated last year, it said it had significant market shares in the global traded markets of several metals: 60% in zinc, 50% in copper and 45% in lead. The Swiss-based trader also owns Pacorini, which operates a chain of metals warehouses, a sector that has seen business flood in since the global financial crisis in 2008 which triggered a series of interest rates cuts to close to zero. Commodity traders Trafigura and Noble, as well as banks Goldman Sachs and JP Morgan all own warehousing units, while Barclays owns a stake in one. Last year, traders said Barclays held dominant positions on the LME in nickel and lead. The LME says it insists on strict “Chinese walls” between warehouse units and units of the same parent that trade on the exchange, but complaints have persisted about long queues to access metal in warehouses stuffed full with material gathering dust in financing deals. Under the financing deals, which are widespread in aluminium and zinc, a bank buys metal for nearby delivery and immediately sells it forward at a profit, making money from the price spread and from striking a deal to store it cheaply. At many warehouses, the minimum amount of metal the warehouses are allowed to deliver out each day under LME rules is small compared to the metal waiting to leave, leading to backlogs of months and lucrative rents for warehouse firms. Some traders and analysts say the queues are helping create squeezes because metal sent to a warehouse with long backlogs will be stuck there and contribute to tight conditions. The LME took limited action recently, forbidding warehouses in Vlissingen, the Netherlands, from accepting more copper from late July, in what traders said was an attempt to stop the metal from getting caught up in queues of up to a year for aluminium. Glencore unit Pacorini owns 29 of 31 LME approved warehouses in the Dutch port. The LME also took action to increase the minimum amounts of tin and nickel that must be delivered from warehouses because “there is concern that deliveries of tin and nickel are being caught in queues which is having an impact on the availability”. While these moves may address specific bottlenecks, a more comprehensive policy is needed, traders and analysts say. There are also questions about whether the exchange’s definition of a dominant position is in some cases less relevant now due to the inventory financing deals. A key component of a dominant position is based on “live” warehouse inventories a party controls. But in many metals, the effective free float of inventories available to consumers is well below what the data indicates due to financing deals, and only the LME compliance department knows the free-float total. Aside from stocks, parties with major positions can be very shrewd so their holdings dip just below the 50% threshold for LME regulations to kick into force, traders say. “Guess what they do?” one trader asked. “Make sure it (the large position) doesn’t get there (to the prompt date) and just squeeze the other parts of the curve. It’s not hard, it’s blindingly easy.”

F1 float may finally get off grid Plans to float Formula One may finally get the green light in the coming weeks, a proposed listing in Singapore giving investors a chance to buy a chunk of the business behind the high-speed motor racing tour. The idea of floating Formula One has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30% of the company. UBS and Goldman Sachs have been hired to lead an initial public offering that could value the business at up to $10 bln. Peter Brabeck, the chairman of Swiss food group Nestle, has been lined up to chair the company should the flotation proceed. The driving force is private equity firm CVC Capital Partners which has owned 63.4% of the business since 2006 and now plans to cash in. CVC is seeking to cut its stake to under 50%, a source close to the deal has said. Further impetus could be provided by a 15% stake which was held by U.S. investment bank Lehman Brothers when it collapsed in 2008. A flotation would allow the bank’s administrators to raise up to $1.5 bln for creditors.

details of its finances are harder to access. Formula One chief Bernie Ecclestone made a presentation to bank analysts last week at London’s plush Savoy Hotel and further financial details are expected to be published in coming weeks as part of efforts to woo investors. Revenue for the current season will reach $2 bln for the first time, according to a report by industry monitor Formula Money. Fees paid by tracks around the world to host races that bring glamour and exposure to cities are the largest part of that income at an estimated $700 mln, exceeding TV income. Based in London and run by the 81-year-old Ecclestone, Formula One has only around 250-300 staff. It does not own its own circuits and it costs teams such as Red Bull, Ferrari and McLaren upwards of $100 mln per season to compete in its races around the globe. What Formula One Group does have are commercial rights to the sport for the next 98 years and a brand that Briton Ecclestone has built up over the last four decades.

PUBLICITY SHY

ASIAN APPETITE

Formula One is something of a paradox as a business. Its 20 races are watched by more than 500 mln television viewers, but

Potential investors are also likely to press the company on a succession plan for Ecclestone, who has made his fortune from the business and retains

a stake of over 5%. The planned listing in Singapore is an attempt to tap into Asian appetite for prestige brands and growing enthusiasm for Formula One racing in the region. English soccer champions Manchester United also looked at listing in Singapore before putting the plan on hold because of volatile markets last year. “I think it is fair to say that people are quite excited about this IPO because I think the numbers are quite good,” said an investment banker based in Singapore who is not involved with the deal. “Of course it has to compete with Manchester United, but MU has withered down and this appears to be moving full steam ahead,” he added. “If you look at the business model, it is a very exclusive concession that they have.” CVC floated luggage company Samsonite in Hong Kong last year, in a deal in which it again worked with Goldman Sachs. Italian fashion house Prada also listed in Hong Kong. Simon Chadwick, professor of sports business strategy and marketing at England’s Coventry University, said changes in the ownership structure could accelerate the commercial development of the sport. “They will look at this fabulous brand and product and say what more can we do with it?” Chadwick said, noting how European soccer clubs had built on their brands in Asia. “From a commercial point of view, it will reinvigorate the sport,” he added.


FINANCIAL MIRROR, May 9 - 15, 2012

GREECE

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Greece might run out of cash by end-June if no gov’t Greece might run out of cash by end-June if it does not have a government in place to negotiate a next aid tranche with the EU and the IMF and projected state revenues fall short, three finance ministry officials told Reuters. “If there is no government to negotiate the next tranche with the (EU/IMF/ECB) troika and if the state does not get the projected monthly cash flow, then we could have a liquidity problem from the end of June onwards,” one of the officials said. Meanwhile, the European Commission said it is ready to help Athens implement the reforms it agreed to under the second bailout programme, the European Union executive said on Monday, after Greek parties opposing the l bailout did well in elections. “Full and timely implementation of the programme is of the essence in order to meet the targets and (reach) sustainability of the Greek debt,” Commission economic and monetary affairs spokesman Amadeu Altafaj told a regular news briefing. Greece’s conservative leader, whose New Democracy party won the biggest support in elections on Sunday, failed to forge a coalition that would continue reforms agreed with the euro zone and the IMF, which are a condition for continued emergency financing for Athens. Without the EU/IMF funds, Greece would have to default on its debt, which some politicians believe would entail leaving the euro zone and the EU. But on Sunday, voters savaged the two ruling parties for imposing steep wage and spending cuts, in line with the bailout terms, and forming a coalition government in support of the reforms might be difficult. “A second programme has been negotiated with the Greek authorities, on behalf of the Greek state... the private sector has contributed... but of course when it comes to implementation, it is up to the Greek authorities,” Altafaj said.

The bailout programme is an ambitious deal struck in February that aims to clear the way for Greece to return to financial markets by 2015. “We stand ready to continue to assist Greece with its ongoing reform agenda in the framework of the second economic adjustment programme,” Commission spokeswoman Pia Ahrenkilde Hansen told the briefing. The Commission said it was premature to anticipate what decisions a future Greek government that might emerge from the coalition talks could take regarding the bailout reforms. “We do not have a new government in Greece yet,” she said. “The Commission hopes and expects that the future government of Greece will respect the engagement that Greece has entered into.” Greece consistently missed targets under its first programme, agreed in April 2010, which led to the restructuring of its private-sector debt under the second package. Officials say any further backsliding now will not be tolerated, especially with the International Monetary Fund a reluctant partner in the second programme.

EU Commission ready to help

EURO EXIT CATASTROPHY A Greek exit from the euro zone would be catastrophic not just for Greece, the head of the euro zone’s temporary rescue fund said on Monday, a day after pro-bailout ruling parties lost their majority in parliament in Athens. If Greece exited the euro zone that would “of course have a huge impact not just for other programme countries, not just for the banks, but also for Greece itself,” Regling said, adding Greece’s public creditors would also suffer. “It would be a catastrophe for Greece.” Regling also said it was completely out of the question that the European Stability Mechanism (ESM) would directly recapitalise banks, a proposal by some policymakers to help Spanish banks.

Germans warn Greece: no cuts, no aid Leading German politicians have warned Greece that the country would not receive a cent more aid unless it fulfils all the conditions of its international bailout. An election on Sunday in Greece failed to deliver a parliamentary majority for the two big pro-bailout parties, plunging the country into political limbo and increasing the risk that another vote may be required to resolve the impasse. On Tuesday, the leader of the Left Coalition party, which benefited from rising anger over austerity to take second place in Sunday’s poll, declared Greece’s policy pledges under its EU/IMF rescue null and void. As Europe’s largest economy, Germany has contributed the biggest share of the financial guarantees under Greece’s bailout, which is paid out in installments on the condition that Athens meets specific savings goals. “The agreements must be respected. I don’t think we can or should renegotiate,” said Martin Schulz, a German politician and

president of the European Parliament, on a visit to Berlin. Gerda Hasselfeldt, a senior member of the Bavarian Christian Social Union (CSU), sister party to Chancellor Angela Merkel’s Christian Democratic Union (CDU), echoed Schulz in warning Greece against any backsliding. “Our position is unchanged. Aid can only flow if the conditions are met,” Hasselfeldt told reporters. Greece must push a new round of spending cuts through parliament next month to qualify for an 11.5 bln euros aid instalment that it needs to avoid bankruptcy. The post-election deadlock has raised questions about whether that timeline can be met. The vote in Greece and the victory of Socialist Francois Hollande in a French presidential election at the weekend underscored a growing backlash in Europe against austerity measures favoured by Berlin as the way out of the single currency bloc’s debt crisis.

Democratic Left says would back leftist coalition Only one small party pledged its support on Tuesday to the Left Coalition’s effort to form an anti-bailout coalition government after Sunday’s inconclusive election. “I told him that if he wants he can go ahead with a government of leftist parties, with the support of the Democratic Left,” party leader Fotis Kouvelis said after meeting Left Coalition (Syriza) leader Alexis Tsipras. Tsipras was given a mandate on Tuesday to form a government after his party came second in Sunday’s election. The Democratic Left won 19 seats and Syriza 52, which even put together is far short of a majority in the 300-seat parliament. The Communist KKE party, with 26 seats, has said it would not take part in any coalition government. Tsipras said he will not cooperate with the two main parties, conservative New Democracy and socialist PASOK, unless they renege on pledges they made to abide by an EU/IMF bailout deal. “He has asked Venizelos and Samaras to send letters to EU and IMF partners taking back previous written pledges as a condition for cooperating,” Nikos Papas, head of Tsipras’ political office, told Reuters. The Left Coalition has been given a three-day window by President Karolos Papoulias to try and form a coalition government after New Democracy, which captured the largest share at Sunday’s election and 108 seats, failed to make headway. “We did everything we could,” Conservative leader Antonis Samaras said on Monday. “It was impossible (to form a government). I handed back the mandate.” Meanwhile, Socialist leader Evangelos Venizelos appealed for a proEuropean coalition to keep the country in the euro zone and reiterated that terms of an unpopular bailout should be renegotiated to lessen the burden on Greeks. Venizelos’s PASOK party, that won 41 seats, and his conservative

Coke bottler’s Q1 loss to widen Coca-Cola Hellenic (CCH), the world’s second-largest bottler of Coca-Cola Co, is seen massively widening its first-quarter net loss, hurt by depressed demand in austerity-hit Greece and rising input costs. CCH buys syrup concentrate from Coca-Cola and bottles and distributes drinks including Coca-Cola, Sprite and Fanta in 27 countries in Europe and also in Nigeria. Its sales have been hit by wage cuts and tax hikes Greece has agreed with the EU and the IMF as part of its bailout programme since 2010. The rise in sugar and juice prices as of the second quarter last year and cold weather in central and eastern Europe is also seen hurting its profit. The average forecast in a Reuters poll of seven banks and brokerages was for a comparable net loss of 14.2 mln euros. CCH had a net loss of 1 million euros in the first quarter a year ago - traditionally one of the bottler’s less profitable. In a bid to deal with the debt crisis in Europe, CCH has been cutting operating expenses but the cost of these initiatives still outweighed the benefits. Including cost saving charges, the net loss is seen even bigger at 30.5 mln euros. Sales volume drop in the quarter is seen slowing slightly to 2.3% after a 3% decrease in the fourth quarter in 2011, as the firm is taking several steps to promote its brands. Standard & Poor’s earlier this week cut its outlook for CCH to negative from stable, citing low consumer sentiment in many of its markets and persistenlty high raw material prices. The stock trades at 15.4 times estimated 2012 earnings per share, compared with 16.3 for rival Pepsico.

OTE set to report Q1 profit rise OTE, Greece’s biggest telecoms group, is expected to announce its biggest quarterly profit in more than two years on Thursday due to the sale of its stake in Serbia’s Telekom Srbija to help cut debt, according to analysts polled by Reuters. Analysts polled by Reuters are forecasting that OTE will post a first-quarter net profit of 286.6 mln euros, up from 30.2 mln in the same period last year, after selling Serbia its 20% stake in Telekom Srbija for about 400 mln euros. Underlying operating profits l are seen up a more modest 3.3% at 406 mln euros before depreciation and amortisation, helped by cost cutting as revenue is estimated to have falled by 5% to around 1.17 bln euros. OTE, which is 40% owned by Germany’s Deutsche Telekom, has been hit badly over the past two years by the economic austerity in its two biggest markets, Greece and Romania. The company’s share price has dropped by more than 20% so far this year, compared with a 1% increase in the Athens bourse’s general index. The company’s stock trades at 4.1 times expected 2012 earnings, compared with about 12 times for Deutsche Telekom.

Profit boosted by Serbia stake sale

Losses mount at SocGen unit Geniki Bank

rivals New Democracy failed to win a combined majority in parliament, leaving Greece’s political landscape in disarray. “All political forces must respond to the country’s need to be governed,” the Socialist leader said. Venizelos said Greece should renegotiate the terms of its bailout, reiterating that cuts demanded under the package should be spread out over three years instead of two. The Internet-based Independent Greeks that won 33 seats, said they would not cooperate in any coalition, as did the right-wing Golden Dawn that won 21 seats.

Greek lender Geniki Bank, majority-owned by France’s Societe Generale, reported a near doubling in its net loss last year, as a result of high loan-loss provisions and writedowns on its Greek government bond holdings. The bank, taken over by SocGen in 2004, lost 795.6 mln euros in 2011, after losing 411 mln in 2010. Geniki said Greece’s deep recession took a toll on its loan book, with the bank posting 484 mln euros of provisions for impaired credit. It also suffered a 288 mln euro writedown on its Greek government bond portfolio. On March 12 Greece swapped a nominal amount of 177 bln euros of government bonds for new securities, inflicting real losses of about 74% on private sector bondholders. Geniki said its loan portfolio shrank 25.3% to 2.6 b;n euros last year while deposits and repos declined 22.6% to 1.8 bln. Societe Generale’s holding in Geniki rose to 99.05% after a 431 mln euro cash call to boost the Greek lender’s capital, completed in December 2011.


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FINANCIAL MIRROR, May 9 - 15, 2012 CSE CODE OASIS

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Index performance CSE General Index FTSE/CySE 20 FTSE/XA & XAK Banking MAIN MARKET MAIN MARKET INDEX BANK OF CYPRUS BOCY ΤΡΚΥ CPB ΛΑΙΚ CYPRUS POPULAR BANK HB ΕΛΗΤ HELLENIC BANK LOGICOM LOG ΛΟΤΖ LOUIS LTD LUI ΛΟΥΗ TSH ΤΣΟΚ A. TSOKKOS HOTELS ORF ΟΡΦΑ ORPHANIDES SECTOR TOTAL / OΛIKO PARALLEL MARKET PARALLEL MARKET INDEX WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ VCW ΤΣΙΒ VASSILIKO CEMENT ERME ΕΡΜΕ ERMES DEPARTMENT STORES A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ MARFIN CLR PUBLIC CO LI ΛΕΠΕ ZRP ΖΟΡΠ A. ZORBAS & SONS ACD ΑΘΗΕ K. ATHIENITIS CONTR. - DEV. G.A.P VASSILOPOULOS GAP ΒΑΣΙ KANIKA HOTELS KAN ΚΑΝΙ MIT ΜΙΤΣ MITSIDES LIBERTY LIFE INSURANCE LIB ΛΙΠΕ PHIL. ANDREOU PHIL ΦΙΛΑ LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ LPL ΛΟΡ∆ LORDOS UNITED PLASTIC SECTOR TOTAL / OΛIKO ALTERNATIVE MARKET ALTERNATIVE INDEX APC ΑΠΑΝ A. PANAYIDES CONTRACTING AD ΑΘΩΣ AD SHOPPING GALLERIES ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ PROP ΠΡΟΠ A.L. PROCHOICE FIN. SERV. AMATHUS PUBLIC LTD ANC ΑΜΑΘ ASTARTI DEVELOPMENT AST ΑΣΤΑ ATL ΑΤΑΣ ATLANTIC INSURANCE AVACOM PUBLIC CO. LTD. ACS ΑΒΑΚ BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ CCC HOLDINGS & INV. CCCH ΣΙΧΟ CCCT ΣΙΤΟ CCC TOURIST ENT. CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ CHRIS JOANNOU LTD CJ ΙΟΑΝ CLARIDGE INVESTMENTS CLA ΚΛΑΡ CLL ΣΛΕΠ CLR INVESTMENT FUND CONSTANTINOU BROS. CBH ΚΩΝΣ CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ C.T.O. PUBLIC CO CTO ΣΤΟ CYPRINT LTD. CYP ΣΑΙΠ CYPRUS CEMENT CCC ΚΕΤΣ CFI ∆ΒΚ∆ CYPRUS FOREST IND. CYPRUS TRADING CORP. CTC ΣΤΣ∆ CYVENTURE CAPITAL EXE ΒΕΝΤ DIMCO PLC DES ΝΤΙΜ DISP ΝΤΙΑ DISPLAY ART LTD ELLINAS FINANCE ELF ΕΛΛΗ ELMA HOLDINGS ELMA ΕΛΕΠ EMPIRE CAPITAL INV. EMP ΕΜ EUROPROFIT CAPITAL ERP ΓΙΟΥ EXELIXIS INVESTMENT EXIN ΕΞΕΠ FILOKTIMATIKI PES ΦΙΛΟ K & G COMPLEX KG ΚΚΟΜ KARA KARAOLIS GROUP KARKOTIS MANUFACTURING KARK ΚΑΡΚ KEO LTD KEO ΚΕΟ KOSMOS INSURANCE COS ΚΟΣΑ KRONOS PRESS DIST. KRO ΚΡΟΝ JUPITER PORTFOLIO INV. ARI ΤΖΕΠ L.P. TRANSBETON TRB ΤΡΑΝ LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ MINERVA INSURANCE MINE ΜΙΝΕ MODESTOU SOUND & VISION MSV ΜΟ∆Ε NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ O.C. OPTIONS CHOICE OPT ΟΚΑΣ PANDORA INVESTMENTS PND ΠΑΝ∆ PIPIS FARM PIPF ΠΙΠΗ PETROLINA HOLDINGS PHL ΛΙΝΑ PIERIDES HOLDINGS PGE ΠΙΕΡ PRIMETEL PLC PTL ΠΤΕΛ PROODOS AGROS AGRO ΑΓΡΟ RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ ROYAL HIGHGATE LTD ROY ΡΟΧΑ SALAMIS TOURS SAL ΣΑΛΑ SFS GROUP PUBLIC CO. SFS ΕΣΕΦ STADEMOS HOTELS SHL ΣΤΑ∆ STARIO INVESTMENTS STAR ΣΤΕΠ TOP KINISIS TRAVEL TOP ΤΟΚΙ TOXOTIS INVESTMENTS COV ΤΟΕΠ UNIFAST FIN. & INV. UFI ΦΑΣΤ VISION INTL PEOPLE GROUP VIP ΒΙΖΝ SECTOR TOTAL / OΛIKO APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOLLO INVESTMENT FUND APOL ΑΠΕΠ FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ DODONI PORTFOLIO DOD ∆ΩΕΠ HARVEST CAPITAL HCM ΧΑΕΠ

Number

Nominal

Market

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

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

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

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

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

1.00 0.10 0.43 0.35 0.17 0.35 0.35

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

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

0.17 0.34 0.10 0.30 0.87 0.02 0.17

Book Value Price to Per Share euro Λογιστική αξία

Profit/(Loss)

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

606 758 240 056 62 833 23 854 12 435 11 080 7 044 964 058

1.31 0.31 1.50 0.75 0.30 0.56 1.74 0.92

0.26 0.49 0.14 0.43 0.09 0.08 0.05 0.22

114 320 37 335 28 350 34 718 19 143 11 778 9 794 5 619 7 953 5 125 3 814 4 275 3 395 3 120 288 738

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

0.17 0.17 0.33 0.74 0.25 0.32 0.17 0.44 0.19 0.18 0.47 0.78 0.06 0.12 0.31

6 217 11 604 14 829 3 173 8 578 4 996 30 114 9 433 2 779 11 880 8 502 3 000 201 5 408 2 881 14 464 7 314 8 348 1 234 19 266 5 751 35 911 2 096 7 290 810 5 760 6 967 39 239 627 4 760 2 066 11 000 447 956 17 348 2 158 12 036 4 371 1 971 7 118 8 210 2 352 149 15 875 464 42 444 773 66 500 1 547 18 012 5 816 2 729 1 980 3 288 5 987 6 825 386 3 175 414 200 75 000 605 028

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

0.19 1.50 0.29 0.57 0.15 0.19 1.05 0.44 0.23 0.12 0.12 0.24 0.04 0.11 0.11 0.12 0.46 0.35 0.68 0.08 0.24 0.22 0.29 0.39 0.17 0.47 0.33 16.40 0.10 0.18 0.17 0.18 0.27 1.04 0.15 0.25 0.80 0.56 0.07 0.30 0.22 0.43 0.45 0.04 0.41 0.22 0.59 0.17 1.67 0.47 0.25 0.38 0.17 0.05 0.09 0.64 0.43 0.17 6.61 0.71 Disc/Prem

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

0.0434 0.2826 0.0157 0.3314 0.7474 0.0174 0.0634

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

9M 2010 EUR ('000) Kέρδη 2010

9M 2011 EUR ('000) Kέρδη 2011

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

2010

9M '10

9M '11

2011

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

247 801

-801 167

82 700

-291 493

12 007

-73 081

-1 371 000 -3 650 380 -100 658 3 585 -82 674 -6 754 -8 648 -5 216 529

2 181

3 024

7 742

-4 830

-8 043

-1 527

3 101

19

347 489

-1 169 055

2010

9M '10

9M '11

2011

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

7 384

3 780

2 379

-2 992

1 730

287

793

67

12 286

1 142

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

2010

1H '10

1H '11

2011

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

758

840

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

-33

-10 698

1 920

1 121

-454

-373

-2 181

-2 978

2 139

2 240

-162

-134

185

417

-1 834

1 969

-5 098

-3 664

521

773

-99

-189

-2 445

-2 493

-2 625

-2 739

-1 512

-4 852

-62

-6

1 486

805

-214

-234

-4 077

-3 125

372

-463

5 986

1 756

160

1 239

1 291

940

35

215

-6 494

-2 943

-261

-221

-72

-111

-18

-22

-1 030

1 991

-43 777

-40 934

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

2010

1H '10

1H '11

2011

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

-699

-59

-3 697

-1 207

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

659

-162

-121

1 027

-752

3 679

-779

-940

-508

-89

-3 274

-6 279

80

323

542

274

-2 975

-1 396

-272

-173

-7 715

-4 233

-1 569

36

-3 761

-761

-125

-191

3 594

1 121

-8 461

-8 696

-196

-426

4 584

4 281

147

-631

-2 182

-2 464

-187

-191

81

-347

815

234

-3 309

1 093

-2 630

-3 875

-1 107

-787

-345

-255

-138

-151

-55

-16

-325

-314

-10 070

-3 086

-5 866

-826

-4 966

-2 488

6

-12

P/E ratio 2011

Earnings Per

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Results Cents

n/a n/a n/a 6.65 n/a n/a n/a 0.16

5.22 n/a 115.71 8.42 n/a 11.91 4.59 n/a n/a n/a n/a n/a 4.47 n/a 13.35

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

since

385.85 134.85 365.45

178.39 66.08 163.59

178.39 66.08 163.59

295.94 104.60 196.84

-39.72 -36.83 -16.89

377.70 0.76 0.39 0.36 0.34 0.04 0.05 0.12

167.37 0.34 0.15 0.20 0.26 0.03 0.05 0.08

167.37 0.34 0.15 0.20 0.32 0.03 0.05 0.09

286.83 0.61 0.30 0.36 0.27 0.04 0.05 0.12

-41.65 -44.59 -49.83 -43.49 19.70 -27.03 -11.76 -28.10

Cents -76.37 -226.58 -32.68 4.84 -17.95 -2.74 -10.68

Cents

%

2.50

7.76

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

Cents 5.80

% 19.02

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

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

697.94 0.31 0.52 0.16 0.19 0.07 0.77 0.73 0.15 0.13 0.63 0.04 0.10 0.10 0.07

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

6.30 -4.39 50.43 -2.99 6.15 6.35 18.83 -27.00 -19.44 20.00 -0.79 -10.64 -3.06 16.87 8.33

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

Cents

%

740.44

722.24

0.91

6.07

7.00

9.09

1.20

6.67

8.50

11.18

2.00

9.52

725.43 0.17 0.09 0.15 0.02 0.08 0.05 0.77 0.13 0.18 0.27 0.06 0.06 0.02 0.05 0.01 0.09 0.30 0.04 0.24 0.14 1.88 0.39 0.14 0.09 0.06 0.36 0.02 0.82 0.02 0.14 0.43 0.11 0.02 0.12 0.56 0.12 0.59 0.07 0.23 0.07 0.19 0.03 0.01 0.26 0.01 0.10 0.08 0.76 0.07 0.06 1.62 0.01 0.06 0.09 0.09 0.21 0.01 0.26 0.02 0.02 1.00

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

-1.82 0.00 -18.18 -6.25 0.00 -20.00 0.00 -7.23 -18.75 -14.29 3.85 -14.29 0.00 0.00 0.00 0.00 0.00 -3.23 -20.00 -25.00 -22.22 -41.25 21.88 -17.65 0.00 0.00 -5.26 0.00 32.26 -33.33 -6.67 -10.42 -8.33 -33.33 -14.29 -20.00 33.33 -9.23 -22.22 0.00 -12.50 0.00 -25.00 0.00 23.81 0.00 -9.09 0.00 46.15 16.67 0.00 0.00 0.00 -25.00 0.00 -10.00 -8.70 0.00 0.00 0.00 0.00 0.00

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

Cents

%

529.63

441.63

514.65 0.02 0.11 0.02 0.13 0.23 0.01 0.09

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10

13.23 0.00 22.22 -33.33 -7.14 21.05 0.00 -10.00


FINANCIAL MIRROR, May 9 - 15, 2012 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INTERFUND INVESTMENTS INF ΙΝΕΠ ISCHIS INVESTMENT ISXI ΙΣΕΠ REGALLIA HOLD. & INV. REG ΡΕΕΠ TRIENA INV. INCOME TINC ΤΕΕΠ TRIENA INV. CAPITAL TCAP ΤΚΕΠ TRIENA INTERNATIONAL TINT Τ∆ΕΠ UNIGROWTH INVESTMENTS UNI ΓΙΕΠ SECTOR TOTAL / OΛIKO SHIPPING COMPANIES SECTOR SPECIAL CATEGORY / AIANTAS INVESTMENTS M.S. BLAST SYSTEMS CEILFLOOR CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS G&K EXCLUSIVE FASHIONS KARYES INVESTMENTS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP OCEAN TANKERS ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL SUPHIRE HOLDINGS USB BANK WOODLAND DESIGNS PLC SECTOR TOTAL / OΛIKO

CSE NEWS

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ. EUR

Per Share euro Λογιστική αξία

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

0.51 0.51 0.09 0.85 0.85 0.85 0.17

3 958 440 405 2 183 5 458 818 3 367 80 879

NAV 0.1819 0.0673 0.0344 1.0430 2.1427 0.6125 0.2719

Price to

Profit/(Loss)

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

Disc/Prem -61.52 -40.56 -41.86 -23.30 -6.66 -2.04 -8.05

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

9M 2010 EUR ('000) Kέρδη 2010

9M 2011 EUR ('000) Kέρδη 2011

-11 689

-3 619

-118

-72

-113

-75

122

122

-356

-2

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

3

-1

-75

-43

-37 843

-11 682

-43

28

ΑΙΕΠ ΑΒΝΕ ΣΙΦΛ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΞΦΑ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΤΑΝΚ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΑΠΦ ΤΡΑΓ ΓΟΥΤ

81 202 150 000 5 055 391 155 157 138 7 700 25 000 11 385 6 698 2 000 21 827 42 450 61 739 189 377 296 665 54 166 70 220 629 785 124 009 60 674 13 000

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

MARKET TOTAL / OΛIKO AΓOPAΣ

812 1 500 202 23 469 1 571 385 16 250 228 469 540 218 5 519 8 643 1 894 5 933 5 417 702 6 298 1 240 36 404 83 330 201 025

0.1767 0.293 -0.61 -0.06 -0.11 -0.01 1.35 0.086 0.33 0.2491 0.11 0.45 0.06 -0.34 -0.27 0.29 0.000 -0.04 -0.1180 0.53 0.13

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

-27

-74

-70

-25 382

-29 288

2 139 728

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ. 31/12/2011

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

0.07 0.04 0.02 0.80 2.00 0.60 0.25

0.10 0.04 0.02 0.80 2.00 0.60 0.25

-30.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

0.00 -

Earnings Per

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Results Cents

2012 High Low EUR EUR Aνώτατο Kατώτατο

% Change

since

0.00

2011

2010 AIAS ANS CFL CAIR DHH TLM DOME EFR EXF KAR KNO KYTH LAS LHG OCT ROL SAFS SEAS SUP USB WOOD

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

P/E ratio 2011

27

-214 -1 353 232 -31 800 -335 -1 938 221 -3 507 -180 774 999 -2 378 -7 100 -50 257 93 -173 -50 598 -764 -6 534 -916 -155 728 146 226

642

-1 534

-66 855

-67 471

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

211 300

-1 288 000

-5 473 933

-53

-79

-1 480

-449

-66

44

-160

-75

-103

36

313

369

-1 198

-706

-10 748

-19 576

-3

64

-205

-40

-27 072

-12 257

-234

-137

-989

-3 801

0.06

0.03

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.

EMERGING MARKET (N.E.A.) FOCUS FINANCIAL SERVICES CONSTANTINOU BROS PROPERTIES CYPRUS LIMNI RESORTS & GOLF PHONE MARKETING S.A. ITTL TRADE TOURIST & LEISURE INT'L LIFE GENERAL INSURANCE SA ORCA INVESTMENT PLC P.C. SPLASH WATER PUBLIC CO. WARGAMING PUBLIC CO. ECHMI S.A. INVESTMENT CONSULTANTS TOTAL

CSE Code EXTE/EXTE ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI PHONE/PHONE ΙΤΤΛ/ITTL INLE ΟΡΚΑ/ORCA ΠΚΣΓ/PCSW ΓΚ/WG EXMI/ΕΗΜΙ

No. of Shares (000) 1 690 1 950 300 000 1 575 100 000 8 057 1 200 35 052 3 400 297

Market Cap EUR (000) 11 830 36 855 300 000 5 513 75 000 21 834 14 280 42 062 3 400 1 402 512 176

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.9 1.20 1.00 4.72

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 4.72

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

WARRANTS EUROPROFIT (WAR. 2005/2012) ALKIS HADJ. FROU-FROU (WAR. 2015) AMATHUS NAVIGATION (WAR.07-2013) UNIGROWTH INVESTMENTS (WAR.10/12) TOTAL

EMERGING MARKET

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

No. of warrants (000) 893 24831 17606 2218

Mkt Cap (000) 9 497 176 319 1 000

CSE Code No. of Bonds

(N.E.A.) GreenTea SA Kappasquare Ltd Nugreat Ltd Zetadynamic Ltd

GRTEA KPSQ NGRT ZETA

1 040 17 000 23 000 9 000

Exercise Period

Exercise Price euro cents

Expiry Date

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

8.67 173 20c or EUR 35c 29

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

Latest Close 0.01 0.02 0.01 0.01

Market Cap EUR

Latest price EUR

Listing Date

Latest NAV

104 000 000 1 700 000 2 300 000 900 000

100 000 100 100 100

8 Nov 2011 30 Mar 2012 30 Mar 2012 30 Mar 2012

N/A 93.89 82.425 78.412

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.


28

BACK PAGE

FINANCIAL MIRROR, May 9 - 15, 2012

European elections add to selling pressure WALL ST WEEK AHEAD After Wall Street’s worst week of the year, U.S. stocks are facing more selling after elections in Europe swept aside leaders that had pursued strict budgetary reforms in the euro zone largely favoured by investors. S&P 500 futures fell Sunday evening after results from the Greek and French elections, with the market continuing with a 1% fall on Monday. Markets worldwide have closely watched developments in Europe, which has struggled with weak economic growth and high debt levels. While the victory of Socialist candidate Francois Hollande in France’s presidential elections had been expected, Greek voters trounced ruling parties, a surprise result that put the country’s future in the euro zone at risk. “The market is not happy with the elections. Investors believe this represents the first step toward (Greece) leaving the Union,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. A steady diet of austerity has reduced public spending and boosted unemployment in several European economies, particularly Greece. Euro zone growth was just 0.7% in the fourth quarter, and Britain recently fell back into recession. In Greece, voters turned against the two major parties supporting the European Union/IMF program designed to keep Greece from bankruptcy. Hollande’s victory over incumbent Nicolas Sarkozy in France will raise pressure on Germany to pursue a more growth-oriented approach to the crisis. David Kotok, president of Cumberland Advisors in Sarasota, Florida, said the changes in Europe could make Japan and the United States, as well as

Europe, more likely to take more measures to help growth through monetary policy. “Once markets realize that the political winds are now accelerating toward more easing by the G4, markets will resume an upward bias,” he said.

TECHNICALS RULE IN A LIGHT WEEK Technical levels could regain importance this week as the U.S. economic data calendar thins and fewer than 30 of the S&P 500 components are expected to report earnings. “We found support recently on the S&P near 1,360. If we violate that, it would be a bad sign,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati. The S&P 500 slipped below that level twice last month and bounced back, but has since found strong resistance at 1,400. The recent soft economic data, capped with Friday’s payrolls report showing the third straight month in which hiring had slowed, has dampened hopes for a convincing break upward. The data dragged the market lower. The S&P 500 and the Nasdaq Composite posted their worst weeks this year. For the week, the Dow Jones industrial average dropped 1.4%, the Standard & Poor’s 500 Index slid 2.4% and the Nasdaq lost 3.7%. The high points of this week’s economic calendar will come on Friday, with the U.S. Producer Price Index for April and the preliminary reading for May on consumer sentiment from the Thomson Reuters/University of Michigan surveys. In terms of earnings, the top names this week include Dow components Walt Disney Co and Cisco Systems. Wednesday will also bring Macy’s earnings report, followed Thursday by Kohl’s, which will be dissected for clues on the mood of U.S. consumers.

Looking to China to lift growth GLOBAL ECONOMY WEEK AHEAD With the United States struggling through a soft patch and Europe battling recession, China may come to the rescue by demonstrating a resilience that would provide comfort in a sea of economic uncertainty. China, the world’s second largest economy, is looking ever more vital to maintaining global economic momentum, and a raft of data to be released this week is expected to provide fresh evidence that its economy bottomed in the first quarter and is starting a gradual turn upwards. China posted its weakest growth in nearly three years in the first quarter, with gross domestic product expanding 8.1%. The slowdown in growth coincided with deteriorating economies in the euro zone and the United States, China’s two largest trading partners. That combination stoked concern that China, too, could weaken, frustrating a shift away from exportdriven growth toward domestic consumption, which economists view as essential to putting the global economy back on a solid growth path. China’s growth has from China is even more important after mixed data from the United States in recent weeks, highlighted by a disappointing jobs report for April. Job growth slowed to 115,000, the third straight month of deceleration. In Europe, business activity took a turn for the worse last month and the elections in France and Greece, and Spain’s struggles to resolve its banking problems have driven up political uncertainty over the direction of the euro zone. In contrast, manufacturing data for China perked up in April, suggesting China’s slowdown could be easing. Justin Lin, chief economist of the World Bank, remains confident Beijing can engineer a soft landing thanks to a high level of technology investment, which should raise labor productivity, lift incomes and shift growth toward consumption. “I think China can maintain 8% growth,” Lin said on Friday. The view is widely shared by investment bank economists. “We believe China’s economy is showing modest signs of recovery,” said Stan-

dard Chartered in a client note. Kenneth Rogoff, an economics professor at Harvard University, is more cautious, saying that China relies excessively on investment to drive growth. Investment constitutes almost half of China’s GDP, twice the global average, driven by huge intervention in the financial system, which lowers borrowing costs while depressing returns for savers, Rogoff said in a paper on the Project Syndicate website (See page 7). Fixed asset investment has underpinned China’s economy as export growth has wilted, though government action to crimp the speculative real estate bubble it has fueled is beginning to bite. As a result, April data is likely to show a further easing of activity when the numbers are published on Friday. Analysts at Citibank estimate 20.4% growth over year-ago levels, below the 20.9% rate in the first quarter, and they say it could be the third quarter before China’s economic rebound gains real traction. Rogoff argues the investment drive is unstable and that allowing its currency to float more freely would help smooth China’s rebalancing. “China’s economy is still plagued by massive imbalances and moving to a more flexible exchange rate would serve as a safety valve and shock absorber,” he said. But Beijing is showing little sign of heeding calls to move any faster on its currency after economic talks last week with the United States, when U.S. Treasury Secretary Geithner repeated his bid for a more flexible exchange rate. In an article in the country’s official newspaper, a leading China research agency said the yuan was well valued right now.

TRADE DATA China’s trade numbers due for release on Thursday could further support its argument that the yuan’s value no longer gives it an unfair advantage on world markets. The report is expected to show a modest trade surplus of about $10 bln, according to China’s commerce minister, Chen Deming. That would be roughly double March’s $5.35 bln, but down dramatically from a year ago and insufficiently strong to indicate a rebound in foreign demand for its exports is propelling China forward. “Chen’s comment indicates that exports will be weaker than normal in April, which augurs poorly for second quarter sequential growth, typically the year’s fastest growth quarter,” said Tim Condon, ING’s head of Asia research, in a client note.


2

FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Can Limassol topple London as a leading FX trading centre? Cyprus Forex market at $3.5 trln a year, rising to $5 trln by end-2012 The forex trading market in Cyprus, probably the most rapidly growing segment that is driving the boom in the ‘financial services’ sector, is estimated to be worth about 3.5 trln dollars a year, a figure that is expected to rise to 5 trln very soon, with the arrival of new global players on the scene, such as Denmark’s Saxo Bank that opened shop in Limassol only last month. This means that if Cyprus survives the current economic crisis and avoids hiking corporate rates or trading transaction taxes, Limassol could very soon catch up with London as an international hub for forex trading, with majors such as FxPro and Alpari, already leading their global trades out of Cyprus. With as many as 120 licensed traders or broker firms registered with the Securities and Exchange Commission as “KEPEY” firms, employing on average 20 people, Forex trading has become the Number 1 soughtafter employer, a fact attested by headhunters Global Recruitment Services, as well as the YesFX training academy. Donna Stephenson at GRS told the Financial Mirror that “13.4% of the placements in the first quarter of 2012 were in the Forex sector, and

11.2% overall for 2011.” The Financial Mirror embarked on this exercise after it tried to pin down the value of forex trading booked in Cyprus, but authorities were unable to oblige. So, we resorted to the tried method of pencil-in-hand, noting the total turnover of as many FX traders as possible. Many were cooperative and some of them sent us their corporate profiles, published in the later pages of this supplement. Smaller firms and fresh start-ups have an annual turnover of US$ 1015 mln, rising to US$ 200-250 mln for the middle-of-the-range firms, and approaching the magical figure of US$ 1 trln in the case of one of the bigger traders. However, there is a fine line between markets trading and speculative trading and we take the advice of Alpari FS: “Trading forex and CFDs on margin on the OTC market carries a high level of risk and may not be suitable for all investors. There is a possibility that you may lose more than your initial investments. Prior to trading you should fully understand all the risks involved with forex trading and take into consideration your level of experience.”


FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Forex hiring on the rise

3

20.73% Corporate Services Cyprus Sectors 2012 Q1

Cyprus Sectors 2012 Q1

20.73%

Cyprus Sectors 2012 Q1

One in six persons or 13.4% of the placements made during the first quarter of 2012 where in the Forex sector, ranking as the third busiest sector for Q1, a recent survey by Global Recruitment Solutions has found. “This is compared to 11.2% overall for 2011, ranking eighth last year,” said Donna Stephenson, Director of GRS with offices in Limassol and Nicosia. Recruitment soared in Q1 2012 with a 32.9% increase on Q4 2011, Stephenson said, ciring the GRS Cyprus Recruitment Index (annual 2011) GRS Global Recruitment Solutions are pleased to present you with the follow up to the Cyprus Index; the annual review of the Cyprus employment market with the release of the first quarter statistics for 2012. “Throughout 2011, as in 2010, we continued to see a lot of recruitment activity in the Forex Trading sector as existing international FX players and startup FX companies opened new offices in Cyprus. This increased the demand for candidates with strong language skills both from within and outside the European Union.” The Q1 2012 statistics are based on permanent job placements made by GRS in Cyprus from 1 January 2012 to 31 March 2012. www.grsrecruitment.com

Prosperity and job opportunities in the Financial Services sector There is a great need and opportunities in training and education about technical analysis and the financial services sector, says Kyriakos Kakofengitis, FX Trader and Director of Business Development at Nicosia-based YesFX, which boasts a 80% success rate among its students towards the U.K.’s STA Diploma. Successful candidates are professional technical analysts who acquire U.S. IFTA and STA recognition, with employment opportunities in the financial services sector, banking and investment companies. “We aim to place successful candidates in the research departments, as well as dealing and trading rooms of financial services companies,” Kakofengitis said. Kyriakos Charilaou, Head of Training at YesFX, said that “our aim is for our students not only to learn the theory, but also the practical aspects to working in such an environment.” “I feel very lucky that eventually I made the right decision and be one of the students of YESFX Global trading academy,” said Ermioni Kallenou, a hedge fund technical analyst. “Although I own an MSc in Finance, I feel that during the STA Diploma exam preparation course, I learnt much more and I got the real feeling of how financial markets ac-

14.63% 13.41% 12.20% 9.76% 8.54%

3.66% 3.66%

14.63% Online Industry Sector Corporate Services 13.41% Forex Online Industry Sector 12.20% Finance /Banking Forex 9.76% Cyprus Investment Firm Finance /Banking 8.54% FMCG Cyprus Investment Firm 3.66% Engineering FMCG 3.66% Media/Marketing Engineering 3.98% Property Media/Marketing

2.44% Law/Legal 3.98% Property 2% Accounting 2.44% Law/Legal 2%

2% Consulting Accounting

2%

3% IT Consulting

3%

IT

tually work. The most important thing for me is that in the last interview I have succeeded and I was hired as a technical analyst at a hedge fund.” Panagiotis Nicolaou, a dealer, added: “As a BSc Finance holder I was unable to find a job for 2 years. The whole course was very well-structured and most importantly I learnt the practical application of technical analysis. The most valuable tool for me out of this course is the fact that eventually after losing a lot of money in the financial markets, I started to record substantial profits. Now, as a dealer I perform very well.” Another dealer, George Spanos, concluded: “Starting at YESFX trading Academy I wanted to widen my knowledge on technical analysis. I started the course in order to realise the way markets move according to technical analysis and be able to understand the ‘mechanics’ behind various technical analysis tools. The way it is designed provided me with the experience I was lacking in the area of Technical Analysis.”   www.yesfx.com.cy


4

FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Cyprus Investment Firms are Ideal for Forex Brokerage Startups SHAVASB BOHDJALIAN Cyprus is fast becoming a formidable financial centre catering to the needs of forex firms, eager to tap into the fast growing forex market, which according to Bank for International Settlements estimates is now well above USD 4 trillion a day, characterised with high liquidity, satisfactory daily swings and very few trading restrictions. No wonder that many entrepreneurs and High Net-Worth Individuals are eager to enter the business, which is recording one of the fastest growth rates globally. The forex market includes foreign exchange trading, CFD trading in gold, silver, commodities, oil as well as stock indices and individual stocks. A forex brokerage with all the licenses and permits may be established through a Cyprus Investment Firm (CIF) to provide investment services either directly or through representative and branch offices. The Cyprus Securities & Exchange Commission (CySEC) is the regulator of CIFs. Some of the major advantages of licensing in Cyprus are: • Low capital requirement – A CIF needs EUR 80.000 for Receipt & Transmission of Orders to EUR 1 mln to act as Market Maker trading its own book. • Simple licensing process – It takes one month to prepare the business plan and about three months to secure CySEC permission provided application is complete. • Competitive operating costs –There is abundant number of qualified persons in Cyprus willing to work at competitive rates as well as many outsourced firms to delegate responsibilities. • Clear and transparent legal frame-

work – Cyprus is an EU/eurozone member state implementing EU’s MiFID rules and follows EU capital markets laws and regulations. • Low corporate and personal tax – Cyprus has the lowest corporate tax of 10% and a maximum 35% personal tax rate for high earners in the EU as well as no tax on dividends paid to non-residents. Once the regulatory aspects have been covered, the CIF will need to decide whether it wants to be a Straight-Through-Processing (STP) broker, which means it does not hold the client trade risks and immediately passes the risk to a third party (another bank or broker) or whether it wishes to hold the risk on its books and thus acts as a Market Maker. The CIF will need to maintain sufficient capital depending on the business model chosen. Thus for an STP broker with ability to hold client money, the minimum capital requirement is EUR 200.000 while for a CIF wishing to run its own book and be a Market Maker, the minimum capital is EUR 1 mln. Every CIF will also need to contribute additional funds to the Cyprus Investors Protection Fund depending on its licenses and customer deposits/turnover. Under the CySEC rules, all department heads employed by the CIF need to be certified persons with the right qualifications. Some of the other functions such as Internal Auditor, Compliance and Anti-Money laundering and IT support can be outsourced to professional firms. After deciding on the business model and finalizing the staffing issues, the next important consideration is whether to “White Label” the trading platform or purchase and manage it by the firm. The most popular online automated trading platform in the world is MetaQuotes’

MT4 platform. Under the “White Label” model, the CIF takes an existing and operational MT4 platform from another already established bank or financial institution and by simply changing some of the features, it offers clients the MT4 under its own brand without being saddled with all the administrative, dealing and IT support considerations. Thus even though the CIF is offering a 24-hour fully configured online automated trading platform, all it needs is one or two employees for administration and supervision purposes, while all the rest are undertaken by the third party. If the CIF decides to purchase the MT4, then it also needs to find “bridge” providers to connect and make the MT4 functional in addition to hiring its own dealers to quote prices, have 24-hour standby IT and other support staff to make sure all systems are functional, as well as deal with accounting, administration and supervision functions. High Net-Worth Individuals who want to invest and startup a Forex Brokerage will definitely save valuable time and resources if they find the right partner, a professional firm offering complete forex solutions to organize the whole operation and who knows and understands the business rather than work with different consultancy firms. Shavasb Bohdjalian is a certified Investment Advisor and CEO of Eurivex Ltd. (www. eurivex.com), a Cyprus Investment Firm, regulated by CySEC, license #114/10 offering complete forex solutions. The views expressed above are personal and do not bind the company and are subject to change without notice. Shavasb@eurivex.com


FinancialMirror Special Report - May 9, 2012

FX trading in Cyprus

5


6

FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

How has the European debt crisis affected the euro zone and global market as a whole? Cash injections, bond auctions and austerity measures have become some of the most common expressions flooding European news in the past year. Some of these attempts to save the deteriorating euro zone have been failures and some successes, but the significance lies in the fact that each success was momentary and an illusion; thus each success was short lived. The one trillion euro injection by the ECB in March helped avert a credit crunch, and once more the world heard that the storm was almost over, but markets did not remain calm for long. Debts continue to rise in Greece, Spain, and Ireland. The Spanish bond auction cannot be called a success when the yields for the 10 year sovereign bonds have risen to such critical levels and when Spanish banks are on the brink of collapse. Despite the attempts of the ECB, the IMF and the world in general, each way seems to be a dead end for the euro. Budget deficit needs to be cut in almost every euro zone member country, this has been established, but in order to achieve this, austerity measures must be implemented. On the one hand, adhering to measures may become a catalyst for unemployment, health and education may suffer and this will reap social and political chaos, weakening the euro and adding to an overall atmosphere of doom causing investors to question the euro and to flee towards other currencies. On the other hand however, refusing to adhere to austerity measures, as in the cases of Dutch Prime Minister Mark Rutte and Spanish Prime Minister Mariano Rajoy, is a

sure recipe for scaring off investors. Not adhering to austerity measures may mean even bigger budget deficits, more rescue plans, flooding the markets further with liquidity and ultimately a larger loss of investors. International financial investors have been withdrawing for a while now and will continue to do so, forced to abandon the euro and to seek safe havens like the dollar and the yen. The fragile euro may cause currencies like the dollar and the yen to strengthen in forex markets, but this leads to the illusion that the world’s other currencies are safe as long as the euro weakens. This is as far from the truth as could possibly be; a problem for the euro zone is a problem for the global economy. The IMF funds a number of the bailout schemes on standby to save the euro zone, and the world’s economy funds the IMF. The economies of the world are intertwined and all are affected by the state of the euro. The crisis has also affected international trade seeing as many countries rely on exports to the EU which have decreased and continue to do so steadily. Countries such as Greece and Spain are becoming more and more loyal to their own goods in order to boost their own economies. The world’s banking systems are also linked, so if the Spanish banks collapse then this will begin a domino effect and will result in restricted borrowing ability for banks in countries such as France and the UK. The world is keen on seeing the euro survive because it is the currency of 17 nations; banks all around the world hold large

PETER LEONIDOU

sums of euros and what happens to the euro affects their own country’s debt and the value of their currency. The worse the euro crisis gets the more the global financial system as a whole is threatened because it could lead to another financial crash like the 2008 credit crunch. Peter Leonidou holds a BA in Marketing from Ohio University and has a National Futures Association (NFA) Series 3 License. He has over 10 years’ experience within the investment sector, where he showed a knack for analysing the markets both from a technical and a fundamental perspective. Peter has facilitated numerous training seminars and webinars around the world and specializes in live trading exercises. Previous segments focused on global markets and web-interfaced trading platforms for trading currencies, commodities, CFDs and equities. He prides himself on his ability to teach while trading live during seminars and webinars. He strives to provide users with unparalleled market information and insight into the latest software enhancements. Peter has been with Alpari Financial Services Ltd since April 2011. peter.leonidou@alparifs.com Note: The content in this article comprises personal opinions and ideas and should not be taken or misunderstood as investment advice.


FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

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7


8

FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Saxo Bank Q2 Outlook 2012: The great balancing act A crisis has been avoided for now but policies continue to inflict harm Saxo Bank, the online trading and investment specialist, believes a reasonably positive economic momentum barring a geopo­litical crisis is likely during Q2 2012. The eventual return of QE seems inevi­table as central banks try to keep the crisis at bay and the compounding of policy errors failing to address the solvency problem and grow­ing social and geo-political friction will po­tentially lead to an explosive outcome. According to the Bank’s analysts, Europe will continue on the path of flat growth despite the Eurozone having entered recession at the tail-end of last year. However the rebound in economic growth in the US will eventually spill over into Europe, and Asia will continue to aid its growth through imports. If the recovery in the US fails to provide enough jobs momentum a return of QE some time in Q3 may be a possibility. In Asia, the critical question is China, as losses on investments continue to accumulate and eventually need to be realised. Also, Saxo Bank predicts that commodities will face a bumpy road ahead as geo-politics have intensified the unpredictable nature of oil mar­kets.

Grain prices risk ris­ing sharply and gold is expected to consolidate during the early part of Q2. Volatility will return to the equity market in Q2 as stimu­lus is withdrawn and safer, dividend paying stocks will outperform. The Australian dol­lar is the least favourite of the major currencies with the most to lose relative to the Chinese landing and its current valuation and the Chinese Yuan could also lose steam as China’s terms of trade shift and on reduced capital inflows. Steen Jakobsen, Chief Economist at Saxo Bank, comments: “The financial experiment initiated by policy makers post Lehman is now in its fourth year with very little to show for it. The world central banks are in a race to print the maximum money possible in order to weaken its currencies vis-a-vis the other struggling countries, a beggar thy neighbor premise as a solution and ultimately the market will have to start pricing in that we have seen the low in interest rates as unconventional measures disappear and get replaced by low rates and weak growth as long as the eye can see.”

Saxo Bank Quarterly Outlook – Q2 2012 There were two key drivers for FX in the first quar­ter, neither of which we anticipated particularly well with our Perfect Storm outlook, even if all of the in­gredients for a perfect storm remain very much out there. Those two drivers were a continued upward spiral in risk appetite and a tectonic shift higher in interest rate expectations – or at least a tectonic shift away from expectations for imminent further quanti­tative easing. These developments kept the USD rally contained for the quarter. Relative to past behaviour vis-à-vis risk appetite, this was actually a very strong performance for the greenback. Elsewhere, develop­ ments were mixed – the Euro rebounded from record lows versus the rest of its G-10 peers as the European Central Bank managed to pound peripheral Euro­ zone sovereign bond yields back lower, while action in the most pro-risk currencies was underwhelming as the favourite pairings of these trades versus the hapless Euro failed to perform. The most marked move was in the Japanese Yen, as the Bank of Ja­pan made dramatic new easing measures in Febru­ary, just as expectations for further easing elsewhere were rapidly beginning to unwind and as interest rate comparisons all along the yield curve moved against the yen’s favour. The yen therefore revived its status as the carry trade funding currency of choice by quarter-end.

In the coming quarter, the market will transition to our “balancing act” - the after effects of the extreme central bank efforts thus far and resolving the de­gree to which the recovery story continues to catch fire. Will the US stay on course, Europe improve and China stimulate its way out of its current decelera­tion, or will the market find cause to fret that the negative cycle will start all over again as stimulus has now been withdrawn and as austerity remains in the pipeline? We expect some of the Q1 developments to continue, particularly the USD resilience which will likely become outright USD gains if the extreme complacency in Q1 yields to the reintroduction of volatility in Q2. Meanwhile, the JPY may eventually shift into a consolidation phase on the same develop­ ments, though we will also need the shift higher in interest rates all along the various major yield curves to ease at some point for the JPY to find support. Elsewhere, the pro-risk currencies are likely to come under significant fire, particularly the Australian and New Zealand dollars, which have already shown sig­nificant signs of weakness in recent months relative to prevailing market conditions. Emerging markets will also be vulnerable as a weak China could see widespread disdain for EM assets.

EURO – MUDDLING THROUGH Q1 saw the ECB executing another massive 3-year Long-Term Refinancing Operation at the end of February, which stamped out the fear, in the near term at least, that the peripheral Eurozone countries all face imminent sovereign defaults. But the ECB moves have merely bought time in the same old extendand-pretend fashion. Eventually, the politi­cal mess will return in full force sometime after the French election is a fait accompli in early May and the ECB will have to warm up the printing presses again. In Q2, our FX view on the Euro is fairly neutral to bearish broadly speaking capped to lower versus the USD with a view towards 1.2500 and possibly lower by the end of the quarter, but perhaps stronger than the commodity currencies. USD - RALLY TO GET BACK ON TRACK The USD’s marginal weakness in Q1 versus the rest of the major currencies as a basket was actually a stellar performance relative to the intermarket con­ditions - as bonds sold off and central bank easing expectations eased while risk appetite soared. Going forward, Q2 may see some further normalisation in rates, but we suspect this will quickly lose momen­tum and that the complacency that was the hallmark


FinancialMirror Special Report - May 9, 2012

of Q1 will yield to more volatility. The move higher in bond yields in Q1, the withdrawal of central bank stimulus and prospects of automatic government austerity measures kicking into gear in early 2013 will put the brakes on higher risk asset prices and will likely see the USD thriving in Q2. The Federal Re­serve will likely be geared up for QE3 in Q3, but only because forward expectations have been adjusted considerably lower, and by that time, the USD would have a far higher starting point from which to con­solidate.

FX trading in Cyprus

from signs of deteriorating public finances and lack of credibility on the fiscal front and the possibility that the ratings agencies follow up on their negative outlooks with actual downgrades at some point in the two quarters ahead. On the other hand, sterling has been doing quite well recently considering the renewed stability in the Eurozone sovereign debt markets and positive risk appetite. Going forward, sterling may perform slightly ahead of the middle of the pack if global complacency is replaced with more volatility. In the likes of GBPUSD, this could mean it eases lower, but in crosses like GBPAUD or GBPNZD, it could mean a strong rally. CHF - HARD TO HAVE A VIEW SHORT-TERM

JPY vs. the rest of the G-10: By far the biggest mover of Q1 was the Japanese yen. (This chart shows the JPY vs. an evenly weighted basket of the rest of the G-10 currencies and indexed to one hundred on a rolling basis 2,500 trading days before the present.) If rate expectations continue higher and the BoJ follows up on its very dovish February declaration of war on inflation, the currency could weaken another few percent across the board, but rate spreads are unlikely to blow significantly wider when and if caution returns to global markets, in which case some consolidation would come into play for the yen. JPY - VOLATILITY FIREWORKS TO FADE? The yen was punished for enormous losses in the first quarter, almost across the board, on the combination of healthy risk appetite and higher interest rates all along the major global government yield curves. At the same time, the BoJ announced a major new ef­fort aimed at restoring positive inflation to Japan in midFebruary just before other major central banks were stepping off the printing press accelerator. The weak JPY move may continue in early Q2, but if the seasonal pattern of the last couple of years repeats itself and the higher interest rate expectations prove unfounded, the JPY is more likely to consolidate and carve out a new range rather than continues to heav­ily sell off. For the longer term, the worsening terms of trade and non-existent bond yields will eventually help and a determined push from the BoJ is likely to see the desired weaker outcome for the yen. GBP - MIDDLE OF THE PACK Sterling will continue to “rally by default” with downside risk possibilities stemming

Rather than pulling the EURCHF floor higher, the Swiss National Bank took the opportunity at its quar­terly policy meeting in March to tighten rules on per­sonal financial transactions after the embarrassing exit of Hildebrand. This spoiled an opportunity for the SNB to move again at a time when the Euro was stabilising. It is tough to forecast now when the SNB will move again, but it is rapidly getting cheaper to make a guess as 3-month volatility in EURCHF had collapsed to close to multi-year lows south of 3.5 percent by late March after trading above 8 percent as recently as December. The SNB will move again, and we stick to the forecast that the EURCHF will trade higher within the next year - the question is merely one of timing.

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the Aussie and the Kiwi. Given the market conditions (wild ap­preciation in major equity markets) their performance in Q1 was actually extremely weak, rather than mere­ly slightly weak. The chief concerns are valuation and the questions surrounding China’s attempt to trans­ form its economy. If Chinese resource demand falls or even if demand remains relatively steady and pric­ es fall, Australia’s economy could be set for a rough patch as the extractive industries are the only ones really contributing to overall growth and Australia’s post-bubble housing market is now in full retreat. A tax on mining profits is also in the works. With the highest yield of any major currency, the Reserve Bank of Australia has the most room for accommodation of any currency, and thus the most potential to fall as a result of compressing rate spreads. The outlook is theoretically better in New Zealand, but the kiwi also suffers from overvaluation and won’t be particularly prized due to its thin liquidity if volatility returns in Q2. Of the three commodity dollars, the Canadian dollar is likely to fare far best due to its exposure to the relatively strong US dollar and economy and as it is less exposed to China risks. Energy remains an important wildcard for Canada in either direction. Clearly holding the CAD back is the prospect of the domestic housing bubble beginning to unwind, which could scotch the recent rise in Bank of Canada rate expectations, which rose sharply in Q1. NOK AND SEK

If volatility returns and complacency recedes and if China shows further signs of trouble in turning the tide on its economy, then the volatility could be the most pronounced in the likes of AUDUSD, as Australia remains the most vulnerable to a weak outlook for China and as rate spread compression would be a major threat since Australia yields by far the most of any major currency and therefore has the most “potential bps” to trim. Parity and the 0.9650 area are the biggest tests on the way down for the pair. AUD, NZD AND CAD Our least favourite currencies for Q2 are

The Norges Bank was none too happy with EURNOK moving below 7.50 and decided to ease rates at its March meeting as rate expectations elsewhere were in many cases steady or on the rise. This saw a spike weaker in NOK across the board. Still, while the po­tential for Norges Bank rhetorical and rate interven­ tion remains a threat, the downside potential for NOK appears limited in this market as it has a spot­less sovereign balance sheet and may continue to serve as a relative safe haven. Given the Norges Bank activism, a strategy of fading weakness may be the preferred one. SEK tends to be more pro-cyclical than NOK and has yet to be tested as a safe haven curren­cy, though it will likely prove safer than it has in past situations because of the solid condition of the sov­ ereign balance sheet. Two vulnerabilities would be a weaker than expected European economy/disruptive political event in the Eurozone and Sweden’s massive housing bubble, which is showing incipient signs of an unwind. Still, much as with NOK, fading excess SEK weakness may be the strategy of choice in Q2.


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FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Alpari launches live MT5 trading platform and new ECN account Cyprus-based traders can now benefit from the ground-breaking new system with Alpari FS The Alpari Family, one of the world’s leading forex brokers, has launched the live MetaTrader 5 platform. Previously available as a demo only, Alpari is one of the first major forex brokers to launch this feature-rich online trading platform developed by MetaQuotes. Cyprus-based traders can now also benefit from this new system through Alpari Financial Services Ltd which was recently established in Cyprus, offering the online forex trading services of Alpari. The key benefits of MetaTrader 5 trading with Alpari include: * Non-dealing desk (NDD) execution with

access to multiple liquidity providers (bank liquidity); * Direct market access (DMA) and market depth to analyse market liquidity; * One-click trading and no re-quotes for speed of execution; * Spreads from 0 pips and up to 1:500 leverage; * New order types and advanced order expiration types including “fill or kill”. Alpari offers MetaTrader 5 on the new ECN account that requires a minimum deposit of USD 200. Traders can use the ECN account to trade forex and precious metals. They can

choose from 34 currency pairs plus spot gold and silver. ECN trading on MetaTrader 5 is available on the iPhone, iPad and Android. Demo accounts are also available. With MetaTrader 5, traders can apply their Expert Advisor (EA) strategies in a highly efficient way. EAs are mechanical systems that allow traders to fully automate their trading processes and analytical activities to execute trades more efficiently. Find out more about the MetaTrader 5 platform and the new ECN account at www. alparifs.com or call +357 25 257 333.

ForexTrading.com goes live with MT4 offering FT World Ltd. has launched ForexTrading - http://www.forextrading.com - a trade name and brand which provides online trading facilities to private clients through three fully integrated trading platforms. Headed by Niels Vahman, CEO of Limassol-based FT World Ltd., a fully-owned subsidiary broker in the Saxo Bank Group, ForexTrading aims at offering a transparent, simple and trustworthy trading venue for the FX global retail market. ForexTrading will offer 60+ FX currency pairs including all major FX crosses as well as Gold and Silver. With its unique «Trade on Your Terms», ForexTrading will offer one account type and give its clients the possibility to choose their desired target spreads. The lower

the target spread a client chooses, the higher the minimum deposit required. «We wanted to make our offering simple for our clients, so we decided that they can choose the terms,” explained Niels Vahman. “We are targeting the young and IT savvy client looking to trade in a simple, cool, high-tech, transparent and interconnected way.» ForexTrading will offer online trading through three fully integrated trading platforms: browser-based ForexTrading-WEB, ForexTrading-Mobile and downloadable MetaTrader4. For information visit http://www.forextrading.com

MetaTrader 5 becomes Independent Software on DGCX MetaQuotes Software Corp. announced the certification of its MetaTrader 5 Trading Platform [http://www.metatrader5.com/en] on The Dubai Gold and Commodities Exchange (DGCX). MT5, one of the world’s most widely used platforms for trading in financial markets, has been granted Independent Software (IS) on the Exchange and will allow Members to use it through a special gateway to provide services to their trading clients. «We have successfully created a highquality trading platform that meets all the requirements of DGCX and we will continue our efforts to offer even more opportunities in our platform to Members of the Exchange,”

said Gaies Chreis, COO of Limassol-based MetaQuotes Software Corp. “MetaTrader 5’s wide range of tools for technical analysis and powerful trading functionality will provide exceptional support to the trading needs of DGCX Members.” MT5 features a powerful and flexible back-office, modern front-end with advanced trading system, technical and fundamental analysis, and mobile trading. It provides the necessary tools to analyse price dynamics and use automated trading programs. The platform enables traders to work not only with the Forex market, but also trade options, futures and stock markets.

In March, MetaQuotes announced the certification of the MT5 platform on the Global Board Of Trade (GBOT), the first international multi-asset Exchange in Mauritius where it was granted ISV (independent software vendor) status by the exchange at http://www.gbot.mu


Stock Exchange Listings Stock Exchange Listings Eurivex has developed tailor-made solutions to allow Forex firms to expand and develop their network through the use of stock exchange listed financial instruments. Eurivex hasTake developed tailor-made to allow Forex firms to expand and develop advantage of oursolutions expertise, know-how and experience network through the use of stock exchange listed financial instruments. intheir securing fast-track listings on European Union stock exchanges for: Take advantage of our expertise, know-how and experience in securing fast-track listings on European Union stock exchanges for:

Shares Sharesbonds Corporate Corporate bonds Structured Products Structured Products Performance LinkedNotes Notes Performance Linked ETFs ETFs

your listing solutionscontact contact Eurivex 22 22 02 02 88 31 ForFor your listing solutions EurivexLtd. Ltd.atat+357 +357 88 31 email: ceo@eurivex.com email: ceo@eurivex.com website: eurivex.com website: eurivex.com

Eurivex, is a Cyprus Investment Firm, regulated by Cyprus Securities & Exchange Commission (CySEC) license 114/10, offering complete forex solutions. Eurivex is also approved by Cyprus Stock Exchange Eurivex, is a Cyprus Investment Firm, regulated by Cyprus Securities & Exchange Commission (CySEC) to act as Nominated Advisor for listings on the ECM/CSE. The services on offer are only license 114/10, offering complete forex solutions. Eurivex is also approved by Cyprus Stock Exchange available to eligible counterparties, regulated investment firms and professional investors. to actPlease as Nominated Advisor for listings on the ECM/CSE. The servicesforonfurther offer information. are only refer to our Risk Warning available on our web site (eurivex.com)

available to eligible counterparties, regulated investment firms and professional investors. Please refer to our Risk Warning available on our web site (eurivex.com) for further information.


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FX trading in Cyprus

FinancialMirror Special Report - May 9, 2012

Alpari Financial Services Ltd (Alpari FS) 35 Lamprou Konstantara, Alpari Tower, Kato Polemidia, 4156, Limassol, Cyprus Tel: +357 25 257 333, +357 25 028 750 info@alparifs.com, www.alparifs.com Chief Executive: Olga Rybalkina Number of staff: 40

Alpari FS is an independent forex broker that provides online trading services on the international currency market. It is registered as a Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission (CySEC) in accordance with the Markets in Financial Instruments Directive (MiFID). Alpari FS is part of the Alpari Family of Companies, one of the world’s leading forex brokers. Since Alpari was founded in 1998, it has quickly expanded to 22 countries, including the world’s major financial hubs. Today, Alpari offers nine regulated centres for safety and transparency to all investors and has earned the trust of more than 440,000 clients in over 150 countries, with monthly trading volumes on average exceeding US$ 200 bln (as at May 2011). Alpari set up an office in Cyprus because it is now one of the world’s major centers for online forex trading. In addition, Cyprus’ strategic geographic location is ideal for service-type activities. New Services/Novelties in 2012 Alpari FS gives both retail and institutional clients the opportunity to access the international currency market and trade different financial instruments, including forex, spot metals, CFDs on commodity futures, ETF CFDs and share CFDs through multiple state-of-the art trading platforms, such as MetaTrader 4. In April 2012, Alpari FS launched the live MetaTrader 5 platform, which is available on the new ECN account. Traders can use the ECN

account to trade forex and precious metals. With spreads from 0 pips and a minimum deposit of just 200 USD, traders can choose from 34 currency pairs plus spot gold and silver. Retail clients can now enjoy NDD, DMA, market depth, one-click trading and no re-quotes – advantages usually reserved for large-volume traders only. In addition to free access to economic reports, up-to-the-minute news and the very latest analysis from a team of financial specialists, Alpari FS plans a series of world-class educational seminars that will span throughout 2012. It will also be launching an educational portal providing clients with training videos and webinars. Basic Tips for Traders Alpari FS does not advise investors. We help investors by offering educational tools to assist them in understanding how to analyse the markets both technically and fundamentally. Whether you are a beginner or an experienced trader, it is important to find a reputable, trustworthy and regulated forex broker to trade with. Some general tips to keep in mind when trading: o Buy low, sell high o Always do your market research and learn to understand what to look for both technically and fundamentally o Always trade what the market gives you o Trade with the trend and not against the trend o Apply stop losses and take profits where necessary o Apply good risk management o Find your exit and entry points o Set targets daily o Do not overtrade

Bank of Cyprus Public Company Ltd (Global Markets FX Team) 51 Stassinos Street, Ayia Paraskevi, 2002 Strovolos, Nicosia - Cyprus Tel :+357 22 122468 www.bankofcyprus.com Group CEO: Andreas Eliades Number of Staff: 20

Being the largest banking institution in Cyprus, Bank of Cyprus (BoC) provides a diverse offering of both vanilla and complex Foreign Exchange (FX) products, through the FX division of the Group’s Global Markets arm. With 20 professional FX traders, the BoC Global Markets FX team serves a wide range of Institutional and Corporate clients through 6 trading floors around the world and its global connections with the world’s largest investment banks. The trading team is supported by more than 80 other professionals within the Group who provide core business services and support functions, including Market Research, Risk, Operations, IT and Legal services, delivering class-leading FX trading solutions to the bank’s clients. Its recognition in FX markets is truly reflected by the fact that it has been named “Best Foreign Exchange Provider” in Cyprus, for the fifth year in a row, by the internationally acclaimed Global Finance magazine. BOC offers competitive pricing in all major currencies, whilst the daily commentaries and the Group’s Investment Strategy research publications provide constant market information to its clients. BOC‘s internal FX platform is connected with over 8 international banks acting as liquidity providers, ensuring that we obtain the best prices

for our clients. FX spot transactions enable clients to buy and sell foreign currency in order to facilitate their day-to-day business with regards to foreign currency denominated payments. This constitutes the largest proportion of the bank’s daily trading volume. FX Forwards and Options enable our clients to hedge future payments in foreign currency, although their use as instruments for speculation in not uncommon. Entering into a forward contract agreement enables a client who expects, or needs to make a foreign currency payment in the future, to “lock” a rate today, thereby eliminating the uncertainty caused by FX rate movements. Alternatively, the client may buy FX options from BOC, which offer the right to buy or sell foreign currency at a future date at a predetermined rate (called the strike). Come payment date, the client can exercise the option and execute the transaction at the strike level, or if the spot market is more favourable, the client can choose not to exercise the option and carry out the transaction at the spot rate. In addition, by leveraging the bank’s global network and experience in FX markets, the product offering expands to custom-made structured solutions for servicing specific client needs. Tailor-made structured products are used to accommodate the needs of sophisticated investors seeking to implement certain investment strategies, while Risk Management Solutions enable large corporations and institutions to hedge their positions and manage exposure caused by FX market fluctuations. Bespoke and structured solutions are offered after a rigorous analysis and assessment, by our structured solutions specialists of the client’s specific needs, return horizon, risk profile and experience.


FinancialMirror Special Report - May 9, 2012

cdbbank (The Cyprus Development Bank Public Company Ltd)

50 Arch. Makarios III Avenue, P.O Box 21415, CY-1508 Nicosia, Cyprus Tel: +357-22846550, http://www.cdb.com.cy CEO: Kyriacos Iacovides FX Desk Staff: 4 FX Deliverables: Spot, FWD, SWAP Activity: On the FX side our main focus is on commercial deliverable FX transactions Tips for traders: - Always place stop loss limit orders, - Money management should be based on risk tolerance levels and availability of risk capital, - Close positions prior to major economic date releases.

FIBO Group Holdings Ltd 182 Agias Fylaxeos, Kofteros Business Center, Office 103, Limassol 3083, Cyprus. www.fibogroup.eu Founder/Chief Executive: Kate Dementyeva Number of staff: 15 Areas of activity: Forex and CFDs trading FIBO Group Holdings Ltd is a fully regulated broker under CySEC (License #118/10) and is also MiFID compliant, a member of the Investor Compensation Fund and is also recognised by the FSA. FIBO Group Holdings Ltd offers trading accounts in 5 currencies across 2 trading platforms, the MT4 and MT5. Our traders can choose a leverage of up to 1:200, trade lot sizes starting from 0.01 and deposit and withdraw funds using over 10 different methods such as Bank Transfer, Credit/Debit Cards, PayPal and MoneyBookers. FIBO Group Holdings Ltd gives its clients 3 different account types to choose from, MT4 Fixed, MT4 Floating and MT5 NDD. The MT4 Fixed account has fixed spreads and allows our clients to trade Forex and CFDs such as Crude Oil, Copper, Corn and Sugar. The MT4 Floating account has floating spreads and allows our clients to trade Forex and the CFD Metals Gold and Silver. The MT5 NDD account has spreads starting from 0 and uses Non Dealing Desk technology and allows our clients to trade Forex and CFD Spot Metals such as Platinum and Palladium. We also have a very competitive partnership program for Introducing Brokers. Whether they are a legal entity or a natural person, we provide an attractive commission structure for every client introduced to us. New services/novelties in 2012: We have launched 2 new types of trading accounts: the MT4 floating and MT5 NDD accounts. Basic tips for traders: - Don’t be greedy. You are better off making a 5-10% profit per week regularly than 30% profit 1 week, a -15% loss the next and a 20% profit the week after. - Do not trade with funds that you cannot afford to lose. - Remember that if your margin decreases by 20%, you need to make a 25% profit to bring it back to its previous level.

FX trading in Cyprus

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FxPro Financial Services Ltd Karyatidon 1, Ypsonas 4180, Cyprus www.fxpro.com Founder/Chief Executive: Denis Sukhotin/Charalambos Psimolophitis Number of Staff: 130 FxPro offers over 70 currency pairs for trading, CFDs on Futures (major indices, major commodities and energy futures), Shares and Metals. FxPro is the largest international forex broker with headquarters on the island. Apart from Cyprus, it is fully licensed in the U.K. by the Financials Services Authority and in Australia by the Australian Securities and Investments Commission, providing its clients with a wide choice of well-respected regulated jurisdictions. FxPro provides retail and institutional products to clients in 150 countries, having won several awards for its services, including the “Forex Provider of the Year”, the Financial Times Investor Chronicle award.  FxPro offers a range of platforms including the ECN FxPro cTrader platform and the customary MT4 platform, as well as access to these platforms through a variety of web based and mobile apps for iPad, iPhone, Blackberry and Android devices. FxPro’s offering is supported by market news and customer support 24 hours a day. By partnering with similarly minded dynamic organisations, FxPro has has become a household name in the Forex Industry. Past sponsorships included the Formula 1 teams of BMW Sauber and Virgin Racing, the FIA World Rally Championship and Aston Villa FC. It currently sponsors the Asian Champions League, the Australian Super Rugby and AS Monaco FC. FxPro’s signature sponsorship as the Official Main Team Sponsor of Fulham FC  - the oldest of London’s first class clubs and one of the most popular teams in the Barclays Premier League - has been especially successful in raising the profile of FxPro across the UK, Europe, Asia, Africa and the Middle East.   New Services/Novelties in 2012: Following on from the successful launch last year of the FxPro cTrader ECN platform with its No Dealing Desk function and the setup of the Australian Office, FxPro will continue to promote transparency during 2012 and soon will announce new changes that would help to better align the interest of the company with that of its clients.   Basic Tips For Traders: Always open accounts with well respected, well regulated brokers. Familiarise yourself with the platform and test out trading strategies using a demo account. Make use of the trading resources, news, learning tools and training webinars offered by the brokers. Start off small with a reasonable leverage and concentrate on a few currencies/products, before building your trading up. Learn to manage your risk through the use of stop losses, take profits, trailing stops and hedging strategies. Like all activities, the more time and effort you put in, the more the eventual reward. Never trade more than you can afford to lose.


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FX trading in Cyprus

Hellenic Bank Public Co. Ltd Corner Limassol & Athalassa Ave., P.O.Box 24747, 1394 Nicosia, Cyprus www.hellenicbank.com CEO: Makis Keravnos Specialised dealers for FX trading: 5 The Group Dealing Room is an integral part of Hellenic Bank and not an autonomous entity. The Hellenic Bank Group commenced operations in 1976 and is one of the largest banking and financial institutions in Cyprus. The Group enjoys a network of 70 branches in Cyprus, 20 in Greece and 1 in Russia employing over 2,000 people. It also operates four Representative Offices, in Moscow and St Petersburg in the Russian Federation; in Kiev, Ukraine and in Johannesburg, South Africa. Alongside traditional banking operations, the Group also provides a wide range of financial services that include leasing facilities, factoring, brokerage services, insurance, portfolio management, investment banking, mutual funds, private banking and custodian services. The Group has adopted a customer centric structure to enable it to meet the differing requirements of its wide and diverse client base. To this effect, a number of Business Divisions have been formed to cater for particular client segments, supported by a number of corporate support Units. Basic Tips for Traders: • FX is not an easy market to trade; • Understand how market movements work; • Develop and test your strategies; • Develop and test your risk management; • Money Management and Asset Management is very important; • Do not be emotional when taking decisions; • Psychology helps you to take the right decisions.

Cyprus Popular Bank Public Co. Ltd (Laiki Bank Group)

154 Limassol Ave., 2025, Nicosia, Cyprus Tel.: 8000 2000, from abroad: +357 22 887766 www.laiki.com Group CEO: Christos Stylianides Number of Staff: 18

Laiki Bank has always been a market leader in the area of foreign exchange services in Cyprus. Traditionally the bank was offering FX spot transactions, simple hedging solutions as well as market news and analysis. Since the introduction of the Euro and the development of Cyprus as an international business centre, the Bank offers FX transactions in 27 currencies with very competitive pricing while special emphasis is given to providing foreign exchange hedging solutions, allowing clients to cover most FX risks deriving from imports, exports, fund transfers and loan payments in different currencies. The Treasury Department of the Bank cooperates closely with the clients by analyzing all explicit or hidden FX risks arising from their operations and offers solutions to hedge their net exposure against unfavorable FX price movements. Clients can choose from a wide range of plain vanilla to synthetic products depending on their needs as well as their level of sophistication

FinancialMirror Special Report - May 9, 2012

and expertise. Sample solutions include Flexible Forwards, Forward Extra, FX options and Option Strategies. Laiki eFX Since 2002, Laiki Bank is also offering Laiki eFX trading, an award winning platform for online trading. The service provides to clients access to the international FX market to trade FX spot in more than 145 currency pairs, FX Forward Outrights FX options in more than 40 currency pairs as well as spot Gold and Silver against major currencies. Laiki e FX Trading offers a 10 year proven track record and the security of trading with Laiki Bank while the clients have an additional level of security since they are protected by the Deposit Protection Scheme of the Central Bank of Cyprus.

One Plus Capital Ltd 75 Prodromou Avenue, 3rd Floor, Nicosia CY-2063 www.onepluscapital.net CEO: George Philippides Number of Staff: 8 One Plus Capital Ltd is licensed by the Cyprus Securities and Exchange Commission (CySEC) to operate as a Cyprus Investment Firm (License No 111/10). The services it is licensed to offer include: reception and transmission of orders, execution of orders, investment advice, and portfolio management as well as ancillary services such as custody, granting of credit limits and advice to undertakings. At OnePlus Capital our objective is to provide boutique investment and financial services to high net worth individuals and corporate clients. We work by forging long-term relationships with our clients and providing tailor-made solutions for their needs. With more than 25 years experience in managing portfolios we are more than capable to provide the quality service our clients demand. OPC Trader: In its ongoing effort to give its clients access to a wide pool of investment mechanisms and investment opportunities in a plethora of financial instruments, OPC has launched its newest service in OPC Trader, a brand new platform that allows our clients to trade on CFDs, FOREX, FX Options and Binaries. With more than 2900 CFDs and in excess of 120 currency pairs, we now offer a wide enough range to satisfy any investor appetite. Through our OPC Trader site (www.opctrader. com), investors can set up practice accounts in just a few minutes, and explore the possibilities of investing using our platform by downloading our top class platform, which offers more than 80 studies and an array of investment tools, and also by logging into their account via our web based platform. New Services in 2012: FX and CFD trading platform. Tips to investors: Don’t over leverage; Try to maintain your portfolio as close to neutral as possible; Mmaintain low volatility; Follow macroeconomic issues closely; Use technical analysis to support short term trends; Be very disciplined in enforcing strict stop loss limits.


FinancialMirror Special Report - May 9, 2012

FX trading in Cyprus

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OCM Online Capital Markets Ltd (XForex)

TFI Markets Ltd 178 Athalassas Ave., Irene Tower, 2025 Nicosia, Cyprus

Spyrou Kyprianou 38 1st floor, 4160 Limassol, Cyprus www.xforex.com

www.TFImarkets.com

Number of Staff: 25 Area of Activity: Online Forex Trading

CEO: Loucas Marangos Number of Staff: 30 Currency Trading, Currency Payments, Currency Hedging TFI Markets Ltd, a boutique Financial Institution licensed by both the Central Bank of Cyprus and the Cyprus Securities and Exchange Commission. Since 1999, TFI has provided bespoke currency solutions including multi platform forex trading, international payments in any currency, and hedging products for its corporate clientele. New services in 2012: Android App. Tips to investors: Respect the market!

XForex is an innovative company which has developed a robust and unique web trading platform for foreign currency trading. Our platform was developed by traders who understand the needs of a successful trader. Thus, our clients are assured of our winning combination: uncompromising financial professionalism and the flexibility and speed of online trading.    XForex has redefined customer service, we provide: • Trading with no commissions, our income is derived solely from the difference between the bid/ask price. • Attractive trading benefits; including leverage of up to 400 times the amount of your investment. • 24 hours a day, 5.5 days a week, immediate and professional financial trading support. • Solutions specifically adapted to client needs. • Relating to each client personally.   

Basic Tips for Traders:  http://www.xforex.com/forex-marketplace/ new-forex/benefits

TOPFX LTD

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249, 28th October Street, Lophitis Business Centre, Limassol 3035, Cyprus www.topfx.com CEO: Gabriel Styllas Number of staff: 7 Areas of activity: FX Prime Brokerage TopFX provides a range of liquidity services to financial institutions of all sizes, accommodating the complex requirements of sophisticated financial services operations. It also provides premium liquidity solutions for firms seeking confident entry into an increasingly competitive FX market, and for existing firms looking to enhance traditional prime brokerage capabilities. Depth of market is vital to creating optimum trading conditions for retail clients, ensuring that large volume trades can be executed without excessive effects on pricing. TopFX gives financial institutions the consistent and stable pricing they need to compete, with full scale price reception and delivery through low latency ECN networks. Our clients can request a Java API, which provides a user-friendly interface with a number of features in addition to underlying FIX capabilities. We leverage our secured relationships with top tier liquidity providers to offer our institutional clients tailored solutions for institutional pricing that address their needs for controlling costs, while delivering reliable service and the deepest liquidity to your clients. Deep liquidity is available for all majors, crosses and exotic currency pairs, freeing our clients from restrictions and allowing them to tailor their service to suit their business needs. TopFX always makes sure that our client’s liquidity is deep, fast and dependable. We offer consistent access to liquid markets and competitive spreads, and at the same time we stay reliable even during volatile market conditions, ensuring our clients remain competitive under all circumstances.

Saxo Bank continues expansion in Europe with new Cyprus office Saxo Bank, the specialist in online trading and investing, today announces the opening of its new office in Cyprus which will provide Cypriot investors with access to international financial markets. Vitali Boutbaev has been appointed as Head of Saxo Bank A/S Cyprus and will be responsible for running the business and bringing new clients on board. He also remains responsible for all Central and Eastern European activities in the Bank. Saxo Bank A/S Cyprus is a branch of Saxo Bank A/S Denmark. The new office, located in Limassol, will be a regional business centre covering the whole of Central and Eastern Europe. “Cyprus is an established and expanding place for financial services,” said Vitali Boutbaev. He added: ” Saxo Bank already has a significant number of institutional clients, white label clients and high-net worth individuals in the country and by opening an office local to them we are able to enhance the quality of the service on offer to meet their growing demands. We are keen to explore potential market growth in Cyprus and in Central and Eastern Europe which is emerging rapidly, and the new office will strengthen Saxo Bank’s overall position as a major player in online brokerage, both in Europe and internationally.” info@saxobank.com www.saxobank.com



Financial Mirror Special report