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By Oren Laurent - PAGE 18

By Mohamed El-Erian - PAGE 8

Issue No. 1066 â‚Ź1.00 January 22 - 29, 2014

Is BOCY ready for CSE comeback? Misses end-January target, deposit outflows stabilised, NPLs at 40% SEE PAGE 3

January 22 - 29, 2014


FinancialMirror Is BOC hanging by a thread? Published every Wednesday by Financial Mirror Ltd.


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Finance Minister Haris Georgiades and Bank of Cyprus chairman Christis Hasapis were cheerful on Monday when they announced that the island’s biggest lender and the banking sector in general was in a “normalisation phase” and in accordance with their restructuring and recapitalisation plans. However, BOCY has fallen behind in concluding the paperwork on the prospectus for the issue of new shares that resulted from last year’s bail-in, which is why the plan to reintroduce the stock on the CSE will have to be delayed beyond the initial target of end-January. It also gets complicated as the CSE share register has to be updated because the current database only has the old shareholders who have now been diluted to 1% of the new owners. Furthermore, with some 900 mln euros in locked capital expected to be freed up from the mandatory 6-month deposits that were imposed on savers – the first of three instruments to prevent a bank-run – the market is expected to take a breather, albeit a short one. What amount will remain in the bank’s safe is anyone’s guess, and CEO John Hourican must surely have made his best-case and worst-case scenario calculations. The bigger the amount that remains in the bank, the better, as it will not erode the safety cushion created after the recapitalisation

that saw the Core Tier 1 level rise to about 10.210.4%. But what the bank needs right now is fresh capital, or at least to recover most of the onperforming mega-loans held by about 30 major corporate clients, some of whom abused their privileged position on the bank’s previous boards to obtain loans and facilities at below-base levels. Hourican’s first 100 days at the helm are almost over and the gloves will soon be off as regards allowing him a grace period to return the bank to a state of normalcy. Has he, perhaps, recovered some 900 mln euros worth of mega-loans, which is why he is not worried about the potential outflow of deposits? If so, don’t the old and new shareholders, depositors and customers deserve to know? Because if he passes the first test with the release of the 6-month deposits over the next few days and announces a timeframe to reinstating the shares on the CSE, only then will confidence return. And if the bank’s liquidity remains solid, that means it will (hopefully) return to providing new loans and facilities to the SMEs that are the backbone of the Cyprus economy, while it will not be forced to call in the security it holds on homes, or at least not all of them, and some level of calm will return. Otherwise, we will be obliged to pay attention to Disy MP Marios Mavrides’ worrying comments over the weekend that the Bank of Cyprus may need a second bail-in.


Investment co’s cash-rich, telecom war heats up

Investment companies were cash-rich at the end of 2003, allowing their shares to trade at a premium, while the telecoms sector was expected to open up, allowing for thousands of companies to choose alternative services and cut down on costs, according to the Financial Mirror, issue 551, January 21, 2004. Investments in 2003: The Approved Investment Companies sector had amassed some CYP 58 mln in cash holdings, while their total investments amounted to CYP 176 mln, with 8 of the 23 firms surveyed by the Financial Mirror trading at a premium and 15 saw their NAV at a discount. Demetra remained the biggest with total investments of CYP 75.7 mln, of which only 40 mln in Cyprus. Athena had CYP 22


Credit card use falls, health scheme talk ahead

The fall in the volume of credit card transactions was a major concern some twenty years ago, as was discussion for a national health scheme, which at the time would have cost us about CYP 126 mln to get started, according to The Cyprus Financial Mirror, issue 42, January 12, 1994. Two decades on, and we still don’t have a national health scheme. December card sales fall: The volume of credit card transactions fell in December 1993 by about 30%, compared to the same month in the year before, confirming fears from hoteliers and merchants that times are different and business is down. However, JCC General Manager Achilleas Amvrosiou was more optimistic and said that the value of transactions for the whole year passed the CYP 100 mln level, up 2.22% on 1992, with the scope for further growth.

mln in investments of which only 11 mln in Cyprus. Telco wars: Companies were bracing for a reduction in phone bills after Telepassport became the second private fixed-line provider after OTEnet (formerly, announcing a 15% cut on local calls and up to 300% in international calls. EU harmonisation: Foreign Minister George Iacovou said that the two outstanding harmonisation issues of agriculture and shipping should be resolved in time for EU accession on May 1. J&P sue over airport: The Cyprus Airports Group, led by J&P and BAA that finished third for the Larnaca and Paphos airport BOT licenses, is resorting to the Supreme Court to force the government to release the tender documents. Tourism down: A late rebound in arrivals in December could not overturn another negative performance for the tourism industry last year which saw total arrivals decline by 4.8% on top of the 10.3% decline in 2002. Arrivals in 2003 reached 2.3 mln, compared to 2.42 mln the year earlier with

the UK market rising 0.7% to 1.35 mln or 58.5% of all traffic. Germany was the second biggest market with 129,000 and Greece with 110,000. Russia moved down to fourth with 105,000. Fiscal deficit up: The fiscal deficit forecast for 2003 was raised to 6% of GDP of CYP 400 mln (EUR 683 mln), well above the previous forecast of 5.8% Stock Market: The week was marked by the listing of some 25.8 mln Bank of Cyprus shares on both the CSE and the ASE, representing the Centenary warrants issued to current shareholders, while the CSE Council said it would restructure listing costs in order to attract foreign companies to the Cyprus bourse. Bank of Cyprus said that the level of total provisions for bad and doubtful debts in 2003 would be higher than the provisions for 2002, with losses after tax estimated at CYP 21.4 mln. Bank of Cyprus was trading at the year-high of 135c (ASE: EUR 2.39), Cyprus Popular at 112c and Hellenic Bank at 56c. Market cap: CYP 2.38 bln (-30 mln).

National health: Health Minister Manolis Christofides said that the cost of setting up a new national health scheme would be CYP 126 mln (EUR 215 mln), of which the state contribution for the public health sector accounted to CYP 56 mln and the remaining 70 mln would have to be paid-in by the private sector. The value of health care is estimated at CYP 1.25 bln. Budgets approved: The House of Representatives approved the three state budgets with only a small cut of CYP 5 mln which was mainly in office expenses and travel allowances. The Disy-Diko coalition and opposition Akel voted in favour, while Edek voted only for the Refugee Fund. In all the three budgets, the state expenditure is set at CYP 1.25 bln and revenues at 843 mln. Trade deficit: The trade deficit in the first ten months of 1993 fell by 22.5% to CYP 684 mln, compared to a deficit of 882 mln in the same period the previous year, due mainly to a 17% fall in imports and a slower fall of 5% in exports. CNN Text: The global broadcaster was set to launch the

CNN Tex service to satellite clients in Cyprus within 90 days, providing financial information “on your screen”! Ledra expansion: The Ledra Sunotels, the capital’s alternative business hotel, plans to build a new wing with 120 luxury rooms and a 1,200sq.m. conference hall, restaurant, café, health centre and two swimming pools, all at a cost of CYP 4 mln, said manager Costas Damianou. CAIR deal for Moscow: Troubled national carrier Cyprus Airways was expected to sign a code-share agreement with Aeroflot to increase flights to a daily basis between Larnaca and Moscow. Stock Market: The market recovered slightly to gain 0.5% over the previous week and back to where it was at the start of the year, with the Banking sector up 1% due to demand on shares, while the Hotels & Transport sector was down 1% over concern of poor operating results. Trading volumes fell from CYP 300,000 the previous week to 248,000, according to CLR. Bank of Cyprus traded at 192.5c, Cyprus Popular at 215.5c and Hellenic Bank at 244.5c. Market cap: CYP 507.2 mln (+1.6 mln from weekearlier).

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January 22 - 29, 2014 | CYPRUS | 3

Is BOCY ready for CSE comeback? The Bank of Cyprus, which, together with the defunct Laiki Popular used to account for 80% of the volume traded on the Cyprus Stock Exchange, is struggling to return to a state of normalcy by getting its shares listed on the local stock market after an absence of nine months. But the initial end-of-January deadline suggested by the bank’s current management will definitely be missed, as the bourse regulator has not yet received a prospectus for the listing of the new shares. The Exchange, too, will have its hands full as it must update the share register prior to any listing, with the current data comprising only the old shareholders before last year’s restructuring and recapitalisation, who, after the dilution of their securities, presently account for only 1% of all new shareholders. Demetra Kalogirou, chairman of the Securities and Exchange Commission (CySEC), is expected to meet with the bank’s board and top management on Thursday or Friday to secure a timeframe of when the prospectus for the new shares that arose out of the Eurogroup-imposed bail-in could be completed and submitted. Kalogirou said that CySEC is currently faced with two options: to extend the suspension of the stock for a further “reasonable” period of time or delist the company altogether. She did not elaborate on what she considered as “reasonable.” But the delay has created frustration among old and new shareholders, as well as potential investors, who do not see the delay of re-listing the shares too kindly. Many are desperate for cash and want the stock reinstated on the CSE board in order to liquidate their assets and pay down their

Misses end-January target, deposit outflows stabilised, NPLs at 40% loans or other obligations, suggesting that the shares could be under pressure for a while. On the other hand, others see this as an opportunity and are waiting to sweep the floor with their buys, which, however, will still not be enough to support the stock and the bottom could fall out from the outset. In any case, the bank is reportedly satisfied that the outflow of capital has stopped, with senior officials saying

that the deposit base has stabilised, as has the rate of nonperforming loans outstanding for more than 90 days. The bank’s next big test will be the release at the end of the month of some 900 mln euros worth of 6-month deposits, one of the three instruments introduced last summer to prevent a bank-run. Although the bank maintains the right to roll over the 6-month, 9-month and 12-month deposits created from the obligatory conversion of nearly 45% of all deposits, the current management does not seem to want to do that as it is confident that the outflow will stop. On Monday, Finance Minister Haris Georgiades said that the Bank of Cyprus had entered a phase of normalisation, adding “we have reached a point where we can say we feel much more confident for the stabilisation of our banking system.” He was briefed by the bank’s chairman Christis Hassapis and CEO John Hourican on the progress with regard to the implementation of its restructuring plan. Georgiades’ meeting with the BOCY executives came just a week before the arrival of a Troika mission for the third review of the implementation of the Cyprus adjustment programme. Hassapis said after the meeting that the bank is ahead of its restructuring plan as it has done much more than expected. He said the bank is working to contain the rise of nonperforming loans (NPLs) that had exceeded 40% by last September. “I think we will have positive results in that area as well,” he added, noting, “there has been a stabilisation of these loans and we believe that there will be a clear reduction of the NPLs in the next period.”

January 22 - 29, 2014

4 | CYPRUS |

Cyprus lost 26% of banking sector

Tourist arrivals up 0.1%

Eurozone banks shrank by 4% in 2013

Tourist arrivals were up 0.1% in December compared to same month 2012, according to data from the statistical service Cystat. The regular Passengers Survey showed that tourist arrivals reached 54,813 in December 2013 compared to 54,772 in December 2012, an increase of 0.1%. An increase of 1.6% was recorded in tourist arrivals from the U.K. (from 16,847 in December 2012 to 17,115 in December 2013), but arrivals from Greece fell by 16.3% and from Russia by 9.1%, despite optimistic projections from government officials. Meanwhile, there was a 2.3% year-on-year fall in the number Cypriot residents returning from a trip abroad in December 2013. Cystat said that 80,459 Cyprus residents returned from a trip abroad in December 2013 compared to 82,352 in the same month of 2012. There was a 4.2% drop on trips to Greece (27,194 in December 2013 compared to 28,385 in December 2012) and 8.4% to the U.K. (26,279 compared to 28,681 in the previous year).

The number of banks in the eurozone fell by almost 4% last year, according to the European Central Bank, with the number of monetary financial institutions (MFIs) the euro area reduced to 6,790 at the start of 2014, compared with 7,059 a year ago, a 3.8% reduction. Crisis countries Cyprus and Greece saw the largest reductions, losing 26% and 17% of their financial sector firms over the past year. As part of a hastily agreed 17 bln euro bailout package, Cyprus was forced to liquidate second largest lender Laiki Popular, leaving rival Bank of Cyprus to take over 312 Laiki branches. But a decline in the number of financial firms is not a trend that is exclusive to the EU’s crisis countries. Despite seven EU countries having joined the currency union since 2001, the number of MFIs has fallen by 3,066 equivalent to 31% - since the launch of the euro in 1999. Germany and France accounted for 42% of all euro area MFIs, a figure almost unchanged from a year ago. Meanwhile, Portugal, Slovenia and Latvia are the only eurozone countries to have seen an increase in their number of institutions over the last twelve months. The bloc’s shrinking bank network, which saw more than 5,500 bank branches shut down last year across the EU, also threatens to reduce access to basic bank services for thousands of Europeans. The European Commission estimates that over 58 mln EU citizens do not have a bank account. Access to cash machines and basic services is also becoming an acute problem for the bloc’s poorest citizens. Meanwhile, Bloomberg reported that European banks have a capital shortfall of as much as 767 bln euros, as the ECB probes the financial health of the region’s lenders. French banks show the biggest gap of 285 bln, followed by

German lenders with as much as 199 bln, Sascha Steffen of the European School of Management and Technology in Berlin and Viral Acharya at New York University said in their study. The figures assume a benchmark capital ratio for other book measures of leverage of 7%, they wrote. “A comprehensive and decisive AQR will most likely reveal a substantial lack of capital in many peripheral and core European banks,” the authors wrote, referring to the ECB’s asset quality review stage of the comprehensive assessment. The ECB is conducting a three-stage assessment of bank assets before it assumes oversight of about 130 lenders across the currency bloc from November. Spanish banks have a shortfall of 92 bln euros, while Italian banks lack 45 bln, the study showed. “Our results suggest that with common equity issuance and haircuts on subordinated creditors, it should be possible to deal with many banks’ capital needs,” the authors wrote. “Some will, however, require public backstops, especially if bail-ins are difficult to implement without imposing losses on bondholders, who may themselves be other banks and systemically important financial institutions.” The banking sectors in Belgium, Cyprus, and Greece “seem likely to require backstops”, they said. Reuters reported that the ECB’s balance sheet and the euro zone’s national central banks shrank by 22.649 bln euros to 2.198 trln euros last week, as banks took fewer funds in the ECB’s main refinancing operation. Gold holdings of euro zone central banks increased by 1 mln euros to 303.157 bln euros, the ECB said. Net foreign exchange reserves in the Eurosystem of central banks increased by 1.9 bln euros to 207 bln euros, the ECB added.

Fewer Cypriots travelled abroad

Road tax renewals up The Ministry of Communications and Works announced that year-on-year renewals of circulation licenses had improved despite the economic crisis, from 173,005 or 26.62% of all vehicles on January 20, 2013, to 223,092 vehicles or 34.33% this year. The Ministry also said that it has submitted an urgent amendment to parliament to correct the renewal rate for small commercial vans that had previously been registered as private saloons. Tax renewals will continue to the first week of February and payments can be made at the Road Transport Dept., local citizens’ bureaus and online.

CySEC sees rise in Inv. Firms, fiduciary services Germany’s Bafin, UK’s FCA probe Commerzbank deal Cyprus aims to attract a rising number of investment firms and companies providing fiduciary services, as regulation will become universal this year and all companies will fall under the scrutiny of the Cyprus Securities and Exchange Commission (CySEC). The head of the investment watchdog body said that to date there are some 200 investment management, trading and financial services companies that have applied for licensing from CySEC, plus another 90 currently regulated by the central bank will fall under its supervision. CySEC chair Demetra Kalogirou said that of the 170 regulated KEPEY firms, about 70% were involved in forex trading and of which a handful in the new category of binary options. She added that a further 20-25 forex firms

had applied for licensing and 15 in binary options trading. Kalogirou said that CySEC is also the sole supervisory body for the 104 companies listed on the Cyprus Stock Exchange and that in order to cope with the additional workload, the Commission has hired five people as part of the government-subsidised programme for unemployed graduates, while it is also in cooperation with the CSE for the better utilisation of human resources. She added that her office is in contact with the German financial regulator Bafin and the UK’s FCA to investigate transactions made by now-defunct Laiki Bank and arranged by Germany’s Commerzbank. Reuters reported last week that opposition MP Irene Charalambides had sent a letter to CySEC and to Germany’s Bafin, alleging that

Commerzbank sold two structured products that acted as vehicles for Laiki to buy stock in itself and affiliates. There are limits on companies buying

their own stock without obtaining shareholder approval, to prevent them from surreptitiously inflating their own market price.

2.5 mln tourists expected this year A near-record 2.5 mln tourists are expected to visit Cyprus this year, with the island boasting that it has some of the cleanest beaches in Europe, multi-portfolio minister Yiorgos Lakkotrypis told a group of investors at the Big Improvement Day in Amsterdam. Lakkotrypis described the current economic environment in Cyprus and investment opportunities in the areas of professional services, shipping, oil and gas, renewable energy and tourism. The Minister said that Cyprus continues to benefit from a low corporate tax rate, favorable double-taxation treaties, a well-educated labour force, common law system, strong institutions and relatively low structural barriers to growth. These are expected to support the service sectors - in particular legal, accounting and consulting services, as well as tourism - which will drive

medium-term growth. He noted that in Cyprus there are important renewable energy opportunities, with over twenty licensed projects in progress. Lakkotrypis also said that the competitive maritime legislation enacted in April 2010 is the only EU-approved tonnage tax regime with benefits for ship-owning, shipmanagement and crew members. The Cypriot minister was introduced to the audience by BID member, cultural activist and entrepreneur, and founder of “Walk of Truth” Tasoula Hadjitofi who invited the Dutch entrepreneurs to take advantage of the investment opportunities in Cyprus which would also help the country deal with its economic situation. Lakkotrypis also met by his Dutch counterpart Henk Kamp with whom they discussed issues of mutual concern, as well as other government officials.

Bloomberg: Recession to stay for 12 more months

A Bloomberg survey of ten economists’ forecasts for Cyprus suggests that the current recession will linger on. When asked, “What is the percentage chance of a recession happening over the next 12 months?” the median estimate of six respondents put the odds at 100%.

January 22 - 29, 2014 | CYPRUS | 5

New partners join Grant Thornton

CyI can become ‘world-class research centre’ U.S. Secretary of Energy Dr. Ernest Moniz praised the work underway at the Cyprus Institute in developing research and technology, saying that the most important contributions to science and society are in the areas of solar energy, environmental studies, water resources and the impact on climate change in the wider region. Speaking during an event in Manhattan in honour of the Cyprus-US Chamber of Commerce, Moniz, who is also one of the founding members and an Honorary Trustee of the CyI, also highlighted efforts to turn the Institute into a world-renowned research centre. Secretary Moniz contributed to the initial planning of the Institute from 2000 to 2002 and was one of the architects for a landmark cooperation agreement with the Massachusetts Institute of Technology (MIT), where he is Director of the Laboratory for Energy and the Environment. Moniz also led research efforts to develop Cyprus’ strategies concerning hydrocarbon resources in its exclusive economic zone.

Grant Thornton (Cyprus) Ltd, one of the leading accounting practices on the island, has admission three new partners to the firm: Froso Yiangoullis (Assurance Partner), Melpo Konnari (Advisory Partner) and Antonis Loyides (IFRS and Training Partner). The firm, which joined the Grant Thornton network in 1982, offers a full range of assurance, tax, specialist advisory and outsourcing services to clients ranging from public companies and multinationals to private businesses across a broad spectrum of industries. “At Grant Thornton, we invest in our people and reward results. Through technical expertise and passionate leadership, our new partners have consistently added great value to our clients as well as to our firm,” said Stavros Ioannou, CEO of Grant Thornton (Cyprus) Ltd.

Horizon 2020: Rediscovering the ‘European added value’ New innovation programme is more flexible, business-friendly

Horizon 2020 presents huge opportunities for Cyprus. With nearly 80 bln Euros in funding over seven years, it is one of the few areas of the EU’s new budget that sees a major increase in resources. I am determined that this additional money – which represents a 30% increase in real terms on the 7th Framework Programme (FP7) for Research – will be invested as wisely and efficiently as possible. Horizon 2020 will fund not just the best fundamental research, but also applied research and innovation, bringing in small and large companies, as well as growth and jobs. For me, the two most important themes are simplification and coherence. Simplification first: from the start of my mandate, it has been my top priority to make it easier for our scientists and business people to access EU funding so they can spend less time on administration and more on research and innovation.

determined from the outset to get more companies participating in European research and innovation projects. I hope that many more Cypriot companies will take the bait. Simplification will certainly help sell Horizon 2020 to businesses, as will the guiding ethos of support from “lab to market” which will offer private companies greater scope to get involved in close-to-market actions. More money will be available for testing, prototyping, demonstration and pilot type activities, for business-driven R&D, for promoting entrepreneurship and risk-taking, and for shaping demand for innovative products and services. In short, Horizon 2020 helps the business sector to reap the full commercial rewards from in-house innovation. Public/private partnerships on innovative medicines; fuel cells and hydrogen; aeronautics; bio-based industries; and electronics – along with public/public partnerships in the areas of ageing population, poverty-related diseases, metrology research and SME support - are expected to


While the old programmes have had lots of different rules, Horizon 2020 applies the same rules everywhere - that means it is now much easier to apply and participate in projects. Projects will be up and running in eight months – that means four months earlier than under FP7 – and there will be less paperwork and fewer audits. As well as reforming how we administer funding, we have redesigned the programme architecture from top to bottom to be much more coherent. By bringing together all the EU-level funding for research and innovation under one roof, we can support you in a seamless and joined-up fashion, at every step of the journey from excellent fundamental research all the way to innovative products and services that we hope will conquer world markets. Horizon 2020 will be there from lab, to factory, to market, with one of the biggest changes being the challenge-based approach. This is because the challenges facing Europe - whether food and energy security, clean transport, public health or security – cannot be solved by a single field of science or technology, let alone a single member state. That is where ‘European added value’ makes the crucial difference: making a bigger impact and getting better results from taxpayers’ money by helping the best researchers work together irrespective of borders. However, we will be more demanding about the impacts that projects must have, and this will be one of the key criteria for selecting which proposals get funding. GOOD FOR BUSINESS Horizon 2020 is also very good for business. I was

mobilise up to 22 bln Euros of investments, with 8 bln coming from the EU. But we’re not just focusing on the biggest companies. Horizon 2020 has been designed to be good for small and medium-sized companies too. The new SME instrument and the new financing options in the form of risk-sharing (through guarantees) or risk finance (through loans and equity) to support innovative companies could be especially interesting for Cyprus. I have been working closely with Johannes Hahn, the Commissioner for Regional Policy, to make sure that the new Structural and Investment Funds will work hand in hand with Horizon 2020 to build excellence. SMART STRATEGIES Under the new Cohesion policy, each member state and region should develop smart specialisation strategies that build on their particular strengths. This means that they will be betting on their most likely winners. Since Horizon 2020 aims to fund the very best research

and innovation, it will of course continue to allocate funding on a competitive basis - promoting excellence demands as much. By its very definition, not every university or research institute can be the very best in its field. Excellence cannot be everywhere – but I firmly believe that excellence can spring up anywhere. These are just some of the myriad opportunities that Horizon 2020 offers to researchers and innovators in Cyprus. But where should they begin? Building on your experience in FP7 is a good start. Participants from Cyprus drew nearly 80 mln Euros of funding under the 7th Framework Programme. They have been most successful in the areas of information and communication technologies; European Research Council and Marie Skodowska-Curie Actions, research for the benefit of SMEs, research infrastructures and transport, including aeronautics. I also encourage you to seek to maximise opportunities in new areas such as the emerging energy sector, including solar and newly found natural gas reserves. I know that the government of Cyprus has announced that a major effort will be put into research and innovation as a way to assist in exiting the financial crisis. I encourage you in this important work and I welcome the establishment last September of the National Committee for Research, Innovation and Technological Development. I understand that this Committee has received a mandate from President Anastasiades to analyse the existing research and innovation governance system and come forward with recommendations for improving it. I look forward to seeing the results. Apart from the funding that is available – crucial though this is – Horizon 2020 will be a catalyst for exchanging ideas and innovation. It will give you access to new and fast-growing markets, often in high-tech sectors, and it creates strong and durable networks. For me, this is a significant part of the added-value of European funding - it enables you to perform research and innovation in Europe which would otherwise be impossible because of the very high costs and lack of critical mass. These are just some of the very good reasons why I am confident that many more researchers, universities, businesses and innovators from Cyprus will participate in Horizon 2020. Whatever your objective, you will be helping Cyprus to reach its full research and innovation potential while helping economic recovery. (Excerpts from Commissioner Geoghegan-Quinn’s speech at the launch of Horizon 2020 in Nicosia on Thursday, January 16)

January 22 - 29, 2014


New grounds for optimism Andrey Dashin, founder of ForexTime Ltd (FXTM), Chairman of the board and shareholder of the Alpari brand, shares his personal views and predictions for the global economy in 2014, discussing new grounds for optimism but also existing thorns which will have to be removed for recovery to take off. As the global economy says goodbye to a tumultuous year of EU unemployment, political instability worldwide and an infamous US government shutdown, it enters another year of forthcoming challenges, albeit with a heightened sense of hope for change. Let’s begin by saying that for the first time in three years, the World Bank is optimistic about global growth and the International Monetary Fund has predicted that it will rise to 3.6%. This is more than can be said for the poor 2013 estimates this time last year and is a strong way to start the year seeing as the need for positivity and confidence is more important than we realise it to be. Last year, I said that 2013 would be a year of reserved optimism; this year, I think it’s safe to say that our optimism can be less contained. Momentum has picked up in the global

By Andrey Dashin economy at last, and the overall climate is promising. Perhaps the most significant decision made in kick-starting 2014 came from the US, with the Federal Reserve choosing to start tapering Quantitative Easing (QE) at last. QE has been the way forward for the US, EU, UK and Japan for the past few years and a change in policy exudes confidence that things are about to change, despite concerns that tapering QE might have some negative effects too. The US should be spurred on by a stronger recovery in the housing sector this year, with all the relevant indicators already pointing towards progress. What’s more is that this year the US will enjoy support from a backbone of a robust corporate sphere, with businesses having managed to cut costs and boost profit, banks being recapitalised and household debt beginning to dwindle. The United Kingdom seems to be following suit, with the Bank of England putting a stop to magnifying its QE programme, having also started to witness a strong surge upwards in most sectors of its economy and a growing sense of confidence amongst businesses and consumers. As for Europe, I can’t say that it is out of

the danger zone entirely, but there has most definitely been substantial progress in comparison to last year. Eurozone GDP fell 0.4% in 2013, whilst this year it is forecast to rise 1.1%. That alone makes for a positive start to the year. Even if recovery is slow, Europe is on the right track. Sovereign debt has been calmed and the risk of the crisis spiraling out of control has been restrained.

So, if the eurozone manages to tame unemployment, which is now one of its biggest thorns, everything can finally start to change. In my opinion, a huge part of the problem lies in the fact that people’s trust in their governments has been injured. Those who are feeling the sting of the crisis the most have become resentful and mistrustful of those who have been inflicting austerity measure after austerity measure upon them. Furthermore, faith in the constitution of the European Union has been scathed as well. So, perhaps the EU as an entity and the EU nations individually should firstly focus on regaining the people’s trust, and if political stability is established then financial stability will more easily ensue. If I had to choose one forthcoming event as the most important for global economy spectators to watch out for this year, it would be the European Parliament elections in May. Depending on the results, the elections could be the big game changer Europe has been waiting for, as they will determine the final course in the EU’s path towards recovery. (The content in this article comprises personal opinions and ideas and should not be taken or misunderstood as investment advice)

Understanding financial forensics By Rakis Christoforou DIRECTOR, RC BUSINESS VALUATION & FORENSIC ACCOUNTING LTD.

Forensic accounting professionals use different definitions, with great similarities though, when asked to define forensic accounting or financial forensics. For example, Darrell D. Dorrell and Gregory A. Gadawski, in their book “Financial Forensics Body of Knowledge”, define forensic accounting as “the art and science of investigating people and money”. The ACFE (Association of Certified Fraud Examiners) defines forensic accounting as “fraud examination”. Forensic accounting however, is not only about investigating fraud cases. In practice, forensic accounting services generally involve the application of specialised knowledge and comprehensive investigative skills possessed by professional accountants to collect, analyse and evaluate evidential information and to interpret and communicate their findings in the courtroom, boardroom or other legal administrative venue. This definition has been adopted by many forensic accounting practitioners and firms worldwide. A characteristic of a successful forensic accountant is his ability to simplify complicated financial issues in order to make them understandable to the lay person.

The Role of the Forensic Accountant Forensic accountants are trained to react to complaints arising from criminal matters, statements of claims arising in civil litigations, and inquiries arising in corporate investigations. The forensic accountant draws on several resources to obtain relevant financial evidence and to interpret and to present the evidence in a manner that will assist the parties involved. Ideally, forensic accountants in a dispute resolution case help the parties involved to more quickly and efficiently resolve the complaint, statement of claim or inquiry, or at least reduce significantly the financial element as an area of ongoing debate.

Forensic accounting core skills include the following subjects: - Financial statement investigation for misrepresentations/fraud, - Fraud prevention, detection and response, - Tailor made financial investigations (i.e. money laundering, compliance, special fraud cases), - Computer forensic analysis and investigations, - Bankruptcy insolvency and reorganisation, - Damages calculation for businesses and individuals, - Business valuation involving litigation, - Marital dissolution dispute. Forensic accountants may not only be involved in the cases described above but also in other issues and disputes and the list is not all inclusive.

The Need for Forensic Accountants The increased business complexities in a litigious environment have enhanced the need of forensic accountants in the following areas: - Government. Forensic accountants can assist governments and other agencies to achieve regulatory compliance by ensuring that companies follow the appropriate regulation and legislation. In many European countries and especially in the US, forensic accountants are usually employed in the Securities and Exchange Commission (SEC), the Justice Department, the Federal Bureau of Investigation (FBI), the Inland Revenue Service (IRS), the Government Accounting Office (GAO), as well as other agencies dealing with money laundering issues, etc. - Corporate Investigations. Corporations and other businesses react to concerns that arise through a number of sources that might suggest possible wrongdoing, fraud or misconduct. More specifically, the forensic accountant can assist in addressing issues involving business valuations or allegations ranging from kickbacks, wrongful employee dismissals to internal situations involving allegations of employee or sometimes management wrongdoing. - Litigation Support. Litigation support usually involves assisting the legal counsel in the investigation and discovery process in the areas of loss of profits, business valuations, bankruptcies, construction claims, product liability, breach of

contract, shareholder disputes and marital dissolutions. - Criminal Issues. In criminal cases, forensic accountants are often used as expert witnesses. They are becoming increasingly important in cases involving security fraud, investment fraud, stock market manipulations, investment fraud, vendor fraud, customer fraud, kickbacks and embezzlement. - Insurance Claims. Forensic accountants are involved in the assessment of insurance claims and business valuations either for the insured party or the insurer. The more significant areas include the calculation of loss arising from business interruption and personal injury matters. Rakis Christoforou is the first qualified accountant in Cyprus to have obtained the Certified in Financial Forensics (CFF) and Accredited in Business Valuation certifications (ABV). He is a member of many professional associations including the UK Chartered Institute for Securities and Investment (CISI), the Institute of Certified Public Accountants of Cyprus (ICPAC) and the American Institute of Certified Public Accountants (AICPA). Rakis is also the founder and director of RC Business Valuation & Forensic Accounting Ltd., the first company in the region specialising in the areas of financial forensics and business baluation.

January 22 - 29, 2014 | CYPRUS | 7

The visit of President Anastasiades to Qatar By Dr Andrestinos Papadopoulos Ambassador a.h. The President of the Republic Nicos Anastasiades will pay an official visit to Qatar from 26 to 28 January at the invitation of the government of the state of Qatar. This is his second visit to the Gulf, after Kuwait. It should be mentioned that Qatar was the first country from the Gulf Cooperation Council to open in 2007 an embassy in Nicosia, whereas Cyprus opened its embassy in Doha in 2003. The purpose of the visit is to strengthen bilateral cooperation, in particular in the fields of investment, trade and tourism. To that effect, President Anastasiades, who will be accompanied by a very big delegation from Cyprus, will be the keynote speaker at the Business to Business Forum.

An issue which will really contribute to the strengthening of tourism, contracts, cultural exchanges and mutual understanding is the visa liberalisation with the E.U., and in this regard Cyprus is willing to play a leading role in order to satisfy the Qatari interest in the subject. Moreover, Qatar Airways will inaugurate in April four weekly flights to and from Cyprus, which is expected to make a contribution of value towards tourism. Views will also be exchanged on a matter very close to Cyprus’ heart, namely that of natural gas. It is well known that Qatar has the world’s third largest natural gas reserves and is a valuable source of expertise in this field. Cyprus can benefit from Qatar’s experience in the energy sector and it augurs well that the Ambassador of Qatar to Cyprus, Mr Hussain Ahmad Al Homaid recently stated that “Qatar will not refrain from rendering any possible assistance” in this regard. Small, but dynamic country, Qatar is very active in foreign policy and international investment matters. Genuinely

devoted to promoting peace and stability throughout the Arab world, Qatar is deploying every possible effort to bridge the gap between Muslim and non-Muslim countries in the belief that social and economic development needs, more than anything else, peace and security. Given the good relations Cyprus enjoys in the Arab world, an exchange of views on issues of interest to the wider region of the Eastern Mediterranean will make a contribution not only towards a better understanding of the nuances existing in the foreign policies of the countries of the region, but also of its problems by the European Union, of which Cyprus is a member. In this way, peace and security will be better served and in this regard Cyprus and Qatar can play a constructive role. Last but not least, we should comment the untiring efforts of the new Ambassador of Qatar, Mr Al Homaid to strengthen the bilateral cooperation of the two countries, especially in the fields of investment, tourism, education, culture and health. The praise is richly deserved.

Eight reasons not to give up on France By Solene Cordier & Samuel Laurent Regardless of what the British and American press and certain French naysayers are saying, France - the world’s fifth-largest global economic power in terms of GDP - has a certain number of assets. While not all criticism of a government that is overzealous and overly extravagant, with laws that are overly restrictive, etc., is unfounded, in recent months it has tended to become reflexive. The French, champions of self-denigration, tend to forget it, but the country’s attractiveness, birth rate and productivity counter the charges made by those who engage in France-bashing. 1. A country that still attracts foreign investors While France has lost some of its appeal in recently years, particularly since the 2008 crisis, it remains a major destination for foreign companies. According to the annual barometer of Ernst & Young, in 2012 France ranked number one in Europe in terms of the establishment of industrial companies, and number three worldwide in terms of attractiveness, behind the UK and Germany. One of France’s main investors was none other than the U.S., which accounts for 30% of the projects and 40% of jobs created by foreign firms, nearly double the previous year’s measurements.One could mention other rankings as well. In 2011, France was the second-largest country in Europe, after the UK, in terms of R&D projects, attracting 16% of such projects, putting it ahead of both Germany and Spain. 2. A country that still invests abroad France, turned in on itself? In late 2012, it ranked number four worldwide in terms of direct investments abroad, according to the UN Conference on Trade and Development (UNCTAD), the UN agency in charge of development issues. As for investment flows during the same period, UNCTAD ranked the country as 11th worldwide and number three in Europe. According to the Treasury department, French companies abroad account for a global turnover of nearly 1 trln euros and employ some 5 mln people. 3. An incubator for start-ups and innovation No fewer than 90 French companies are on Deloitte’s 2013 list of the 500 fastest-growing startups in Europe, Africa and the Middle East, and one holds first place. Five French businesses are in the top 30. France is also the seventh-most favourable country for the development of start-ups, ahead of Germany, according to the Financial Times, which can hardly be accused of Francophilia.Furthermore, 12 French companies are on the Reuters list of the top 100 innovators, thanks in particular to significant aid for R&D. 4. A favorite destination for students Several rankings confirm the appeal that France holds for

foreign students, who praise the quality and relatively affordable cost of education there. France is the third-most-popular destination for foreign students, behind the United States and the UK, according to a TNS Sofres survey commissioned by the government agency Campus France. UNESCO’s latest figures on this topic confirm the country’s appeal: in 2013, 288,544 foreign students chose France, i.e., 7% of the total number of foreign students worldwide, putting it in third place behind the US and the UK. 5. Highly productive employees French people have the well-deserved reputation of being among the most productive employees in the world, second only to the United States, despite annual working hours being among the lowest, at 1,479 hours (source: OECD). Eurostat statistics show that in 2012 French labour productivity per hour worked amounted to 45.40 euros compared with 42.60 for Germany and 37.20 for all countries in the euro zone. 6. Dynamic population growth Another important advantage: the strong birthrate in France. Indeed, the fertility rate in 2012 was 2.01 children per woman, the second highest rate in Europe after Ireland. Unlike almost all developed countries, France did not see any decline in fertility as a result of the economic crisis. In the United States, for example, the fertility rate fell from 2.12 children per woman in 2007 to 1.89 in 2011. In France, 792,000 children were born in 2012 compared with 793,000 in 2011. Life expectancy at birth in France is among the highest in the world. In 2011, it was 84 years for women and 78 years for men, compared with 80 and 75 in the United States and 78 and 83 in Germany.

7. A recognised way of life French gastronomy plays a key role in promoting France’s influence abroad, so much so that it has been included in UNESCO’s Intangible Cultural Heritage list since 2010. French cuisine and the French way of life are some of the features that make France the world’s leading tourist destination, as demonstrated by the success of wine tourism (24 mln tourists in the wine producing regions in 2012). The agrifood sector is therefore the largest employer in France and the most important in terms of turnover and added value. 8. The leading tourist destination In 2012, there were 1.035 bln international tourists, according to the World Tourism Organisation. 83 mln of them travelled to France, making it the world’s leading tourist destination, far ahead of the United States (67 mln tourists) and China (slightly less than 58 mln). In terms of revenue, France climbed to third place, after the United States and Spain. The tourist industry generated an income of 53.7 bln euros in 2012, a slight decrease compared with the previous year, according to the WTO. And in addition… the vitality of the luxury goods sector (which represented a global turnover of approximately 210 bln euros, a quarter of which comes from French industry), the importance of la Francophonie, the 11 mln square kilometers of territorial waters, making France the world’s second most important maritime power, and the health system, ranked among the best in the world by the World Health Organisation. Not to mention that France is the top European country in the Fortune Global 500, which identifies the world’s largest companies, with 35 French companies featuring on the list, compared with 34 for Germany, 68 for Japan and 133 for the United States. (From: Le Monde)

January 22 - 29, 2014


EU GDP revision to have small impact on public finance ratios The European Union will revise upwards its members’ economic growth data from September but the change will have little effect on indicators that are relevant to the EU’s fiscal discipline regime, the European Commission said. The upward revision of annual GDP data, by an average of 2.4%, will be a result of a switch to a new accounting standard that is being implemented around the world. The United States adopted the standard in August. The GDP revisions, which will go back at least to 1995, will have an impact on countries’ debt-to-GDP and budget deficit to GDP ratios - both important for the EU as measures to keep public finances in check, but not much. “Any changes are likely to be very small - the revision does not change materially the economic picture. One could not argue that the picture of the fiscal situation in any country would materially change,” Commission spokesman Olivier

Bailly said. The main changes are that research and development will be counted as investment rather than current expenditure. Spending on weapons systems will also be treated as investment. The new standard will also affect the treatment of pensions, insurance and goods sent abroad for processing. Latvia, Lithuania, Hungary, Poland and Romania are likely to see an increase in GDP between zero and 1% as a result of the switch, Finland and Sweden can expect the highest revision of between 4 and 5%, Austria and Britain between 3 and 4, and Belgium, Denmark, Germany, France and the Netherlands of between 2 and 3% of GDP. Assuming a 3% upward revision of 2013 data, Germany’s GDP last year will be 82 bln euros higher than the earlier expected 2,736 bln, bringing its debt to GDP ratio to around

76% from around 80%. Germany’s budget deficit in 2013 will be 0.06% of GDP rather than 0.1%. The deficit and debt ratios matter, because if they breach certain thresholds or do not diminish quickly enough, they can trigger EU disciplinary action, called the Excessive Deficit Procedure (EDP), which could end in fines for countries. But Bailly said it was not possible to assess the impact of the switch to the new system at this stage. “It is inappropriate to comment on the potential impact on debt and deficit until member states’ data for the October EDP notification is known,” he said. “The change in GDP is not the only factor that contributes to changes in the EDP data. Changes or improvements of source data, reclassification, amongst others, must also be taken into consideration,” he said.

Achieving escape velocity certainly good news, especially if the source of stabilization is shifted from the European Central Bank’s unconventional policies to more durable endogenous balance-sheet healing among a broader set of financial institutions, non-financial firms, and households. But few of these economies are prepared to embark on the type of internal reforms that promise sustained high growth rates and a substantial reduction in unemployment, which has been at alarming levels for young people and in terms of duration. Meanwhile, exchange-rate appreciation is beginning to undermine exports in the eurozone’s core countries, particularly Germany, which has been the regional growth engine in recent years. The predicted acceleration in US growth this year is more notable, because it reflects the positive impact of a multi-year process of economic and financial healing. We are also CEO and co-CIO of PIMCO, starting to see the macro-level and the author impact of certain productivity of When Markets Collide revolutions – particularly in the energy and technology Such forecasts reflect three welcome sectors – that, so far, have mainly been developments. For starters, Europe will exit industrial and sectoral phenomena. Yet America’s actual economic growth in recession, with the peripheral economies benefiting from the strongest relative 2014 will remain well below potential. improvement in growth prospects. Moreover, the US economy’s performance Meanwhile, 3% annual GDP growth is no remains overly dependent on the Federal longer out of reach for the United States. And Reserve’s experimental monetary policies, emerging economies will be anchored by courageously adopted in the absence of China’s slower but still-robust 7% annual adequate measures by other economic growth. But, while the prospect of faster global growth is indeed good news, especially given still-high unemployment in many countries and the associated pressures on social safety nets, it is too early to celebrate. There is a risk that, by tempting policy complacency, this year’s economic upturn could end up being counterproductive. This is not because the predicted acceleration in growth is still quite modest. After all, even a limited uptick can make a significant difference if it is part of an encouraging medium-term growth dynamic. Rather, the risk lies in the manner in which this growth is likely to materialize – namely, by depending too much on old and exhausted growth models, rather than by comprehensively embracing new ones. In Europe, growth this year will largely reflect the impact of financial stabilization, not deep structural reforms. With interest-rate spreads having compressed sharply, and with the threat of a meltdown averted, both domestic and foreign investors continue to return to peripheral economies, thereby alleviating severe credit rationing. That is It is not often that one can confidently claim that a single remedy could make billions of people around the world significantly better off; do so in a durable and mutually supportive manner; and thus improve the well-being of both current and future generations. Yet that is the case today. The remedy I have in mind, of course, is faster economic growth – the one thing that can raise living standards, reduce excessive inequalities, improve job prospects, alleviate trade tensions, and even moderate geopolitical pressures. And most forecasters – including the International Monetary Fund and the World Bank – are now predicting that global growth will pick up in 2014, and that it will be more balanced among the world’s major economic regions.

By Mohamed A. El-Erian

policymakers. The US economy is certainly capable of reaching the “escape velocity” that the country needs if unemployment is to fall in a more definitive and lasting manner. But this requires Congress to support President Barack Obama’s administration in three areas: improving the composition and level of aggregate demand; enhancing the economy’s supply responsiveness; and removing residual debt overhangs that continue to inhibit economic activity. Only decisive progress on these fronts will unlock the trillions of corporate dollars that, rather than being invested in new plants and equipment, remain stranded on companies’ balance sheets or are handed over to shareholders via higher dividends and share buybacks. The issues in the emerging world are more complex and diverse. Some countries are making consistent efforts to revamp exhausted growth models. In China, for example, this involves less reliance on exports and public investment, and more on the private components of domestic aggregate demand.

Other countries, however, have responded to their growth slowdown in 2012 and 2013 by reverting to old practices that offer the temptation of immediate expansion at the cost of growth-dampening outcomes down the road. This is the case, for example, in Brazil and Turkey. All of this implies that the emerging world as a whole is unlikely in 2014 to resume its role as a major engine of the global economy, and that the quality of what growth there is will be far from optimal. Indeed, the more detailed one’s analysis of today’s global growth dynamics is, the more likely one is to conclude that this year’s brighter prospects are just that – brighter prospects for 2014. There is still much that can (and should) be done if this year’s predicted upturn is to provide a springboard for a meaningful medium-term growth spurt that improves prospects for current and future generations. Unless policymakers keep in mind the larger tasks at hand, they risk falling into a trap of comfortable underachievement. © Project Syndicate, 2014.


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15 ¯ÚfiÓÈ· Ê·ÁÔ‡Ú·˜... Î·È ÌÂÙ¿ ÎÚ›ÛË Οι σηµερινοί κίνδυνοι για την κυπριακή οικονοµία έχουν άµεση σχέση µε την κρίση αλλά συνδέονται επίσησ µε την πορεία τησ οικονοµίασ τα τελευταία 15 χρÞνια. ΑυτÞ επισηµαίνει σε άρθρο του ο καθηγητήσ Γκίκασ Χαρδούβελησ µε τίτλο «Κύπροσ: Πωσ θα ξεπεραστεί η κρίση» το οποίο ξεκινά µε µια ανάλυση των ανισορροπιών στην οικονοµία έωσ το τέλοσ του 2012, πριν απÞ την εµφάνιση τησ κρίσησ, ενώ ταυτÞχρονα περιγράφονται οι κίνδυνοι που αντιµετωπίζει σήµερα η κυπριακή οικονοµία και προτείνεται ένα πλαίσιο πολιτικήσ που µπορεί να οδηγήσει στην ανÞρθωσή τησ. Μέχρι τη διεθνή κρίση του 2007, οι ρυθµοί ανάπτυξησ ήταν υψηλοί αλλά µε ανισορροπίεσ που σταδιακά σωρεύονταν. Το έλλειµµα τρεχουσών συναλλαγών ωσ ποσοστÞ του ΑΕΠ αυξανÞταν, κάτι που έδειχνε Þτι οι απαιτήσεισ του κυπριακού πληθυσµού για ένα υψηλÞ βιοτικÞ επίπεδο δεν µπορούσαν να στηριχτούν πλήρωσ απÞ την εγχώρια παραγωγή και τισ υπηρεσίεσ. Ο τραπεζικÞσ τοµέασ ήταν υπερµεγέθησ µε ενεργητικÞ που είχε φτάσει έξι φορέσ το εγχώριο ΑΕΠ και, κατά συνέπεια, η οικονοµία είχε καταστεί ευάλωτη σε πιθανέσ µελλοντικέσ αστοχίεσ των διοικήσεων των τραπεζών. Οι τιµέσ των ακινήτων είχαν επίσησ αυξηθεί υπερβολικά. Μετά το 2008, η Κύπροσ, Þπωσ και πολλέσ άλλεσ χώρεσ, έχασε τουσ υψηλούσ ρυθµούσ ανάπτυξησ αφού άρχισε να επηρεάζεται αρνητικά απÞ τη διεθνή και την µετέπειτα κρίση στην Ευρωζώνη. Το 2009 ήταν έτοσ ύφεσησ, η οποία επανήλθε το 2012. Στη διάρκεια 2008-2012 οι προηγούµενεσ ανισορροπίεσ τησ οικονοµίασ έγιναν ακÞµα πιο έντονεσ, ενώ προστέθηκαν άλλεσ δύο.

÷Ϸڋ ‰ËÌÔÛÈÔÓÔÌÈ΋ ÔÏÈÙÈ΋ Πρώτον, η δηµοσιονοµική πολιτική έγινε ιδιαίτερα χαλαρή µε το χρέοσ να σταµατά την προηγούµενη πτωτική πορεία του. Μάλιστα, τα δηµοσιονοµικά πλεονάσµατα των ετών 2005-2008 µετατράπηκαν σε ελλείµµατα, µια δραµατική σε µέγεθοσ αλλαγή που δεν µπορεί να δικαιολογηθεί ωσ απλÞ αποτέλεσµα τησ ύφεσησ. Η Κύπροσ είχε την καλύτερη δηµοσιονοµική επίδοση ανάµεσα στισ 27 χώρεσ τησ ΕΕ το 2007 και, σύµφωνα µε την ανάλυση του άρθρου, την τρίτη χειρÞτερη το 2009. ∆εύτερον, οι επενδύσεισ (δηµÞσιεσ και ιδιωτικέσ) ωσ ποσοστÞ του ΑΕΠ κατέρρευσαν και έκτοτε παραµένουν χαµηλέσ, γεγονÞσ που αν δεν αντιστραφεί σύντοµα, θα περιορίζει τη δυνατÞτητα των µελλοντικών γενεών να διατηρήσουν και να αυξήσουν το βιοτικÞ τουσ επίπεδο. Στο άρθρο περιγράφονται οι λεπτοµέρειεσ του πώσ η Κύπροσ οδηγήθηκε στην κρίση του Μαρτίου 2013. Οι διαπραγµατεύσεισ κράτησαν περίπου εννέα µήνεσ, πολύ περισσÞτερο απÞ τισ υπÞλοιπεσ χώρεσ τησ Ευρωζώνησ, Ελλάδα, Ιρλανδία και Πορτογαλία, που χρειάστηκαν χρηµατοδοτική βοήθεια και µπήκαν σε ΜνηµÞνιο συνεργασίασ µε τουσ δανειστέσ. Παρ’ Þλα αυτά, το τελικÞ αποτέλεσµα δηµιούργησε δυσαρέσκεια στην Κύπρο, αφού στην περίπτωση τησ Κύπρου η Ευρωζώνη πειραµατίστηκε για πρώτη φορά τη διάσωση των µεγάλων κυπριακών τραπεζών µε ίδια µέσα (bail in). ΣυγχρÞνωσ, η κυπριακή κυβέρνηση αναγκάστηκε να επιβάλει περιορισµούσ στην κίνηση κεφαλαίων και η ύφεση τησ οικονοµίασ εντάθηκε µε κυρίαρχο τÞτε τον φÞβο µια πολύ µεγάλησ κατάρρευσησ. Η οικονοµία εξέπληξε θετικά το 2013, αφού η ύφεση ήταν µικρÞτερη τησ αρχικά αναµενÞµενησ. Παρ’ Þλα αυτά, το 2014 και 2015, η Κύπροσ συνεχίζει να αντιµετωπίζει µεγάλεσ προκλήσεισ και κινδύνουσ. Η πρώτη και πολύ µεγάλη πρÞκληση είναι να εξασφαλιστεί η χρηµατοοικονοµική σταθερÞτητα και η άρση Þλων των περιορισµών στουσ κεφαλαιακούσ περιορισµούσ, ιδιαίτερα µε το εξωτερικÞ. Μια άλλη πρÞκληση είναι να προχωρήσουν γρήγορα οι διαρθρωτικέσ µεταρρυθµίσεισ, να ανακτηθεί η δηµοσιονοµική αξιοπιστία και να εξασφαλιστεί το τέλοσ τησ ύφεσησ µέχρι το 2015. Το τέλοσ τησ ύφεσησ είναι προϋπÞθεση για την µη υιοθέτηση επιπρÞσθετων δηµοσιονοµικών µέτρων το 2015, τα οποία δυνητικά θα εκτροχιάσουν τισ ελπίδεσ ανάκαµψησ και θα µετατρέψουν την ύφεση στην

ªÂÁ¿ÏË Úfi fiÎÎÏËÛË Ó· ÂÍ·ÛÊ·ÏÈÛÙ› Ë ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈ΋ ÛÙ·ıÂÚfi fiÙÙËÙ· Κύπρο σε µια ελληνικού τύπου Μεγάλη Ύφεση. Μπορεί η κρίση στην Κύπρο να ξεκίνησε µε αφορµή τα ελληνικά οµÞλογα που κρατούσαν οι κυπριακέσ τράπεζεσ και τη γενικÞτερη έκθεση τησ οικονοµίασ τησ Κύπρου στην Ελλάδα, Þµωσ η αρνητική ελληνική εµπειρία τησ σκληρήσ και απÞτοµησ δηµοσιονοµικήσ προσαρµογήσ ωρίµασε την πλευρά των δανειστών, οι οποίοι έδωσαν ένα παράθυρο διετίασ στουσ Κύπριουσ για να ολοκληρώσουν τισ µεταρρυθµίσεισ και να σταθεροποιήσουν την οικονοµία, προτού προχωρήσουν σε µείωση του πρωτογενούσ δηµοσιονοµικού ελλείµµατοσ. Αυτή την ευκαιρία πρέπει σήµερα να αξιοποιήσουν οι Κύπριοι. Να µην επαναπαυθούν διÞτι ο χρÞνοσ µετράει εναντίον τουσ. Παράλληλα, οι Κύπριοι διαµορφωτέσ οικονοµικήσ πολιτικήσ πρέπει να επανασχεδιάσουν το µοντέλο ανάπτυξησ µε έµφαση στα συγκριτικά πλεονεκτήµατα του νησιού, λιγÞτερη εξάρτηση απÞ τον τραπεζικÞ τοµέα, ένα ισορροπηµένο δηµοσιονοµικÞ ισοζύγιο και ισοζύγιο πληρωµών, και µε τισ επενδύσεισ να αποτελούν ένα µεγαλύτερο ποσοστÞ του ΑΕΠ. Η «συνταγή επιτυχίασ» είναι η ακÞλουθη: 1. Το πρώτο µέληµα αποτελεί η γεω-στρατηγική επιλογή τησ Κύπρου για την παραµονή τησ στην Ευρωζώνη, κάτι που φαίνεται να έχει επιτευχθεί παρά τα δραµατικά γεγονÞτα του Μαρτίου 2013. 2. Το δεύτερο µέληµα είναι οι Κύπριοι να ακολουθήσουν µε συνέπεια και ταχύτητα τα συµφωνηθέντα µε την ΤρÞικα Þσον αφορά τισ διαρθρωτικέσ µεταρρυθµίσεισ, π.χ. το άνοιγµα των κλειστών επαγγελµάτων, το ασφαλιστικÞ, την αγορά

εργασίασ, και τισ ιδιωτικοποιήσεισ. Το πρÞγραµµα σταθεροποίησησ τησ οικονοµίασ βασίζεται στη γρήγορη εφαρµογή των διαρθρωτικών µέτρων. Οι καθυστερήσεισ µπορεί να καταλήξουν να επιφέρουν περαιτέρω περιοριστικά δηµοσιονοµικά µέτρα στο µέλλον. Επιπλέον, οι µεγάλεσ επιλογέσ του Μνηµονίου πρέπει να γίνουν ιδιοκτησία των κυπριακών κυβερνήσεων και να µην θεωρούνται ωσ έξωθεν επιβαλλÞµενεσ. 3. Το τρίτο είναι η ανάγκη ενÞσ συγκεκριµένου και επεξεργασµένου µοντέλου ανάπτυξησ για την Κύπρο. Ùπωσ προκύπτει και απÞ την αρνητική σχετική εµπειρία τησ Ελλάδασ, το ΜνηµÞνιο δεν είναι υποκατάστατο ενÞσ µοντέλου ανάπτυξησ. Το ΜνηµÞνιο περιέχει τισ αναγκαίεσ, αλλά Þχι τισ ικανέσ συνθήκεσ που θα φέρουν την ανάπτυξη. Ορισµένα χαρακτηριστικά του µοντέλου είναι τα ακÞλουθα: α. Η Κύπροσ πρέπει να είναι αποφασιστική και, εάν χρειαστεί, ακÞµη και επιθετική στη διαπραγµάτευση µε την ΤρÞικα Þσον αφορά τα συγκριτικά τησ πλεονεκτήµατα, π.χ. χαµηλÞσ φορολογικÞσ συντελεστήσ των επιχειρήσεων (12,5%). β. Η Κύπροσ πρέπει να κρατήσει το ενδιαφέρον των ξένων να ανοίγουν νέεσ επιχειρήσεισ στη χώρα µε την παροχή ποιοτικών υπηρεσιών. γ. Η Κύπροσ πρέπει να σταµατήσει να βασίζεται στον χρηµατοοικονοµικÞ τοµέα στο βαθµÞ που βασίζονταν στο παρελθÞν και να στρέψει την προσοχή τησ σε τοµείσ Þπωσ η ενέργεια, ο ποιοτικÞσ τουρισµÞσ κ.λπ. δ. Η Κύπροσ πρέπει να επαναφέρει και να ξεπεράσει τουσ ρυθµούσ αύξησησ των επενδύσεων τησ περασµένησ δεκαετίασ, αφού τα τελευταία χρÞνια πάσχει στον τοµέα αυτÞ. Η ανακάλυψη φυσικού αερίου πιθανÞν να οδηγήσει και σε αύξηση των επενδύσεων µεσοπρÞθεσµα, γεγονÞσ που θα ενισχύσει τον κλάδο τησ ενέργειασ. 4. Τέλοσ, η συνταγή επιτυχίασ συνεπάγεται και οµοψυχία και πολιτική σταθερÞτητα, γεγονÞσ που σηµαίνει Þτι είναι σηµαντικÞ να χρησιµοποιηθούν κοινοτικοί πÞροι για την αρωγή των ανέργων και Þσων η κρίση αφήνει στο περιθώριο.

∆Ô ¿ÚıÚÔ ‰ËÌÔÛȇıËΠÛÙÔ 1o Ù‡¯Ô˜ ÙÔ˘ 9Ô˘ ÙfiÌÔ˘ Ù˘ ÂÚÈÔ‰È΋˜ ¤Î‰ÔÛ˘ √ÈÎÔÓÔÌ›· Î·È ∞ÁÔÚ¤˜, ÙÔ ÔÔ›Ô ÂΉ›‰ÂÈ Ë ¢È‡ı˘ÓÛË √ÈÎÔÓÔÌÈÎÒÓ ªÂÏÂÙÒÓ Î·È ¶ÚԂϤ„ÂˆÓ Ù˘ Eurobank, Ù˘ ÔÔ›·˜ ÚÔ˝ÛÙ·Ù·È Ô √ÈÎÔÓÔÌÈÎfi˜ ™‡Ì‚Ô˘ÏÔ˜ ÙÔ˘ √Ì›ÏÔ˘, ηıËÁËÙ‹˜ Î. °Î›Î·˜ ÷ډԇ‚ÂÏ˘.



2 | ΕΙ∆ΗΣΕΙΣ |

¶›ÛÙˆÛË ¯ÚfiÓÔ˘ ˙‹ÙËÛÂ Ô °ÂÓÈÎfi˜ ∂ÈÛ·ÁÁÂϤ·˜ ™Ùfi¯Ô˜ Ó· ·ÔÊ¢¯ıÔ‡Ó Ï¿ıË ÂηÙÔÌÌ˘Ú›ˆÓ Πίστωση χρÞνου για την πορεία των ερευνών για την κατάρρευση τησ οικονοµίασ ζήτησε ο ΓενικÞσ Εισαγγελέασ τησ ∆ηµοκρατίασ, Κώστασ Κληρίδησ ζητώντασ απÞ τα µέλη τησ Κοινοβουλευτικήσ Επιτροπήσ Θεσµών να είναι ιδιαίτερα προσεκτικοί στην καταγραφή των συµπερασµάτων τουσ, προκειµένου να µην ανατραπούν υποθέσεισ που ενδεχοµένωσ να οδηγηθούν ενώπιον τησ ∆ικαιοσύνησ. Ο κ. Κληρίδησ, ο οποίοσ µαζί µε τον ΒοηθÞ ΓενικÞ Εισαγγελέα, Ρίκκο Ερωτοκρίτου, παρέστη στη χθεσινή συνεδρία τησ Επιτροπήσ, διαβεβαίωσε παράλληλα Þτι πρώτιστο µέληµα τησ Νοµικήσ Υπηρεσίασ είναι να διασφαλίσει Þτι οι εµπειρογνώµονεσ που θα επιλεγούν για την εξειδικευµένη διερεύνηση τησ κατάρρευσησ τησ οικονοµίασ δεν θα συνδέονται µε ελεγκτικούσ οίκουσ τησ Κύπρου. Χαρακτηριστικά ο κ. Κληρίδησ ανέφερε: «∆εν είναι αδικαιολÞγητη η καθυστέρηση που παρατηρείται», προσπαθούµε να αποφύγουµε λάθη εκατοµµυρίων. Σε ερώτηση κατά πÞσο ξένοι οίκοι που θα εµπλακούν στη διερεύνηση συνδέονται µε ελεγκτικούσ οίκουσ στην Κύπρο, ο κ. Κληρίδησ είπε Þτι έχει διασφαλιστεί Þτι οι οίκοι που θα επιλεγούν θα ενεργήσουν, ανεξάρτητα και µακριά απÞ οποιαδήποτε διασύνδεση µε εργασίεσ οίκου στην Κύπρο», διαβεβαιώνοντασ Þτι αυτή ήταν µια απÞ τισ έγνοιεσ µασ.

Απαντώντασ σε ερώτηση για το πού µπορεί να φτάσουν τα συµπεράσµατα τησ Επιτροπήσ, ο ΓενικÞσ Εισαγγελέασ ζήτησε προσοχή απÞ την Επιτροπή σε σχέση µε τα συµπεράσµατα τησ κοινοβουλευτικήσ έρευνασ, τονίζοντασ Þτι δεν πρέπει να δοθεί λαβή στον οποιοδήποτε να αξιοποιήσει το πÞρισµα τησ Επιτροπήσ και να υποστηρίξει Þτι έχουν παραβιαστεί τα ατοµικά του δικαιώµατα.

«∂˘Ù˘¯Ò˜» Ô˘ ‰ÂÓ ‹Úı·Ó Ì¿ÚÙ˘Ú˜ – ÎÏÂȉȿ Εξάλλου, σε ερώτηση τησ κ. Χαραλαµπίδου γιατί δεν έχουν ανακριθεί ακÞµα άνθρωποι που θεωρούνται κλειδιά και σε υπενθύµιση Þτι η Επιτροπή προσπάθησε ανεπιτυχώσ να φέρει τον τέωσ ∆ιοικητή τησ ΚΤΚ, Αθανάσιο Ορφανίδη και τον πρώην ∆ιευθύνοντα Σύµβουλο τησ Τράπεζασ Κύπρου, Ανδρέα Ηλιάδη, ο κ. Κληρίδησ είπε Þτι αυτÞ αφορά «θέµα τακτικήσ που ακολουθείται στη διερεύνηση ποινικών υποθέσεων».«Ευτυχώσ που η προσπάθειά σασ ήταν ανεπιτυχήσ. Για να έχεισ ενώπιον σου και να ανακρίνεισ ένα πρÞσωπο που θεωρείται κλειδί, θα πρέπει να έχεισ Þλα τα στοιχεία ώστε να τον ρωτήσεισ και να λάβεισ απαντήσεισ, και Þχι σκÞρπια στοιχεία. ΜÞνο τÞτε, και µε τη βοήθεια στοχευµένων ερωτήσεων να τισ υποβάλεισ για να έχεισ το καλύτερο αποτέλεσµα», τÞνισε.

«¶ÚˆÙÈ¿» Ù˘ ∫‡ÚÔ˘ ÛÙËÓ Ì›ˆÛË ÙˆÓ ÙÚ·Â˙ÒÓ Οι τράπεζεσ και τα πιστωτικά ιδρύµατα στην ευρωζώνη µειώθηκαν το 2013 κατά 3,8% σε 6.790. Σύµφωνα στοιχεία που αναρτήθηκαν στην ιστοσελίδα τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ η µείωση του αριθµού τραπεζών ήταν σε σχετικούσ Þρουσ ιδιαίτερα έντονη στην Κύπρο (-26%), την Ελλάδα (-17%), το Λουξεµβούργο (-16%), την Ισπανία (-9%), την Μάλτα (-9%) και τη Γαλλία (-7%). Σε απÞλυτουσ Þρουσ οι κύριεσ χώρεσ που συνέβαλαν στην καθαρή µείωση κατά 269 τράπεζεσ στην ευρωζώνη ήταν το Λουξεµβούργο (-70), η Γαλλία (-76), η Ισπανία (-36) και η Κύπροσ (-36). Παρά την διεύρυνση τησ ευρωζώνησ µε την ένταξη τησ Ελλάδασ (2001), τησ Σλοβενίασ (2007), τησ Κύπρου και τησ Μάλτασ (και των δύο το 2008), τησ Σλοβακίασ (2009) και τησ Λετονίασ (2013) ο αριθµÞσ των χρηµατοπιστωτικών ιδρυµάτων έχει µειωθεί κατά 31% ή 3.066 ιδρύµατα απÞ τον

Ιανουάριο του 1999. Την 1η Ιανουαρίου 2014 η Γερµανία και η Γαλλία αντιπροσώπευαν 42% Þλων των χρηµατοπιστωτικών ιδρυµάτων τησ ευρωζώνησ µε περίπου το ίδιο µερίδιο Þπωσ αυτÞ είχε καταγραφεί την 1η Ιανουαρίου του 2013. Την πρώτη Ιανουαρίου 2014 υπήρχαν 645 υποκαταστήµατα πιστωτικών ιδρυµάτων του εξωτερικού στην ευρωζώνη. Αποτελούσαν 11% Þλων των πιστωτικών. ΑπÞ αυτά, τα 108 (17%) βρίσκονταν στη Γερµανία. Το Βέλγιο, η Σλοβακία και η Ελλάδα είχαν το µεγαλύτερο αναλογικά αριθµÞ ξένων υποκαταστηµάτων ωσ αναλογία του συνολικού αριθµού πιστωτικών ιδρυµάτων µε 62%, 54% και 48% αντίστοιχα. Στην πλειοψηφία τουσ τα κεντρικά γραφεία των ξένων υποκαταστηµάτων στισ χώρεσ τησ ευρωζώνησ, ήταν είτε σε άλλη χώρα τησ ευρωζώνησ (63%) ή στο Ηνωµένο Βασίλειο (15%).

∫¿Ùˆ 16,3% ÔÈ ·Ê›ÍÂȘ ¢ÂÎÂÌ‚Ú›Ô˘ ·fi ∂ÏÏ¿‰· Οι αφίξεισ τουριστών το ∆εκέµβριο του 2013 ήταν κατά 0,1% αυξηµένεσ σε σχέση µε τον ίδιο µήνα του προηγούµενου χρÞνου, σύµφωνα µε τα αποτελέσµατα τησ Έρευνασ Ταξιδιωτών που δηµοσιοποιεί η Στατιστική Υπηρεσία τη ∆ευτέρα. ΩστÞσο, για την περίοδο Ιανουαρίου – ∆εκεµβρίου 2013 οι αφίξεισ τουριστών ανήλθαν σε 2.405.390 σε σύγκριση µε 2.464.908 την αντίστοιχη περίοδο του 2012, σηµειώνοντασ µείωση 2,4%. Συγκεκριµένα, οι αφίξεισ τουριστών το ∆εκέµβριο 2013 ανήλθαν σε 54.813 σε σχέση µε 54.772 τον ∆εκέµβριο του προηγούµενου χρÞνου.

Ùσον αφορά στα ποσοστά των τουριστικών αγορών, το ∆εκέµβριο σηµειώθηκε αύξηση 1,6% στισ αφίξεισ τουριστών απÞ το Ηνωµένο Βασίλειο (απÞ 16.847 το ∆εκέµβριο του 2012 σε 17.115 το ∆εκέµβριο του 2013). Αντίθετα, σύµφωνα µε τα στοιχεία οι αφίξεισ τουριστών απÞ την Ελλάδα κατέγραψε µείωση τησ τάξησ του 16,3% το ∆εκέµβριο του 2013 (7.577 αφίξεισ) σε σχέση µε τον ∆εκέµβριο του 2012 (9.050 αφίξεισ). Μείωση παρατηρήθηκε και στισ αφίξεισ απÞ τη Ρωσία κατά 9,1%. Τον ∆εκέµβριο 2013 αφίχθηκαν 5.664 τουρίστεσ στην Κύπρο σε σχέση µε 6.234 τον ∆εκέµβριο του 2012.

¶ÚÔ‰ÚÈ΋ ÂÓË̤ڈÛË ÁÈ· ÙË Û˘Ìʈӛ· Ì ÙË µÚÂÙ·Ó›· Σύσκεψη µε τη συµµετοχή Þλων των εµπλεκÞµενων µερών, συγκάλεσε για σήµερα Τετάρτη ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, προκειµένου να αναλύσει διεξοδικά τη συµφωνία που επιτεύχθηκε στο Λονδίνο την περασµένη εβδοµάδα µεταξύ τησ Κύπρου και τησ Βρετανίασ για ανάπτυξη γησ εντÞσ των ορίων των βρετανικών βάσεων. Ο Αναπληρωτήσ ΚυβερνητικÞσ ΕκπρÞσωποσ Βίκτωρασ ΠαπαδÞπουλοσ δήλωσε Þτι στη σύσκεψη θα λάβουν µέροσ τα κοινοτικά συµβούλια, οι κάτοικοι, τα µέλη των αρµÞδιων κοινοβουλευτικών επιτροπών και υπηρεσιακοί παράγοντεσ. Ùπωσ είπε, θα ενηµερωθούν πλήρωσ και διεξοδικώσ απÞ τον ΠρÞεδρο «για αυτή την εξαιρετικά σηµαντική συµφωνία την οποία οι κάτοικοι των βρετανικών βάσεων περίµεναν για 53 ολÞκληρα χρÞνια, ώστε να αποκτήσουν ίσα δικαιώµατα µε τουσ υπÞλοιπουσ Κύπριουσ πολίτεσ». Ερωτηθείσ εάν υπάρχει θέµα «Γιβραλταροποίησησ» των βάσεων, ο κ. ΠαπαδÞπουλοσ έκανε λÞγο για φοβικά σύνδροµα που προσπαθούν κάποιοι να προκαλέσουν στο λαÞ. «Οσοι προκαλούν φοβικά σύνδροµα στον κυπριακÞ λαÞ κακή υπηρεσία προσφέρουν», είπε. ΠρÞσθεσε Þτι σε αυτή τη συγκυρία ο ΠρÞεδροσ τησ

∆ηµοκρατίασ πέτυχε µια «ιστορική συµφωνία, που αποκαθιστά τη δικαιοσύνη ανάµεσα στουσ Κύπριουσ πολίτεσ», λέγοντασ Þτι αυτÞ θα έπρεπε να χαιρετιστεί απÞ Þλουσ. «Το να δηµιουργούµε φοβικά σύνδροµα στον κυπριακÞ λαÞ για κάθε ενέργεια νοµίζω Þτι αυτÞ είναι το πρÞβληµα και Þχι η συµφωνία», συνέχισε. Ο κ. ΠαπαδÞπουλοσ σηµείωσε Þτι τα κοινωνικά δικαιώµατα Þσων θα µένουν εντÞσ των ορίων των βρετανικών βάσεων θα δίδονται απÞ την Κυπριακή ∆ηµοκρατία.

√˘‰¤Ó Û¯fiÏÈÔ ÁÈ· ¢ÈÔÈÎËÙ‹ ∫∆∫ Τέλοσ, ερωτηθείσ σχετικά, ο κ. Κληρίδησ απέφυγε να προβεί σε οποιοδήποτε περαιτέρω σχÞλιο για τα δηµοσιεύµατα περί απÞφασησ για ποινική δίωξη του ∆ιοικητή τησ ΚΤΚ, Πανίκου ∆ηµητριάδη, λέγοντασ Þτι η ανακοίνωση που εξέδωσε µιλά απÞ µÞνη τησ.

µÔ˘ÙÈ¿ 27,3% ÙˆÓ ·‰ÂÈÒÓ ÔÈÎÔ‰ÔÌ‹˜ Σηµαντική µείωση 27,3% παρουσίασαν οι άδειεσ οικοδοµήσ, την περίοδο Ιανουαρίου - Οκτωβρίου 2013, υποχωρώντασ στισ 4.468, απÞ 6.147 την αντίστοιχη περίοδο του 2012, σύµφωνα µε τα στοιχεία που δηµοσιοποίησε η Στατιστική Υπηρεσία. Η συνολική αξία των αδειών αυτών µειώθηκε κατά 28,0% και το συνολικÞ εµβαδÞν κατά 29,1%. Ο αριθµÞσ των οικιστικών µονάδων παρουσίασε µείωση τησ τάξησ του 28,6%. Ο αριθµÞσ των αδειών οικοδοµήσ που εκδÞθηκαν απÞ τισ δηµοτικέσ αρχέσ και τισ επαρχιακέσ διοικήσεισ κατά το µήνα Οκτώβριο 2013 ανήλθε στισ 475. Η συνολική αξία των αδειών αυτών έφθασε τα 113,3 εκ. ευρώ και το συνολικÞ εµβαδÞν τισ 113,1 χιλιάδεσ τετραγωνικά µέτρα. Με τισ άδειεσ αυτέσ προβλέπεται να ανεγερθούν 354 οικιστικέσ µονάδεσ. Οι άδειεσ οικοδοµήσ συνιστούν σηµαντική ένδειξη για τη µελλοντική δραστηριÞτητα στον κατασκευαστικÞ τοµέα.

ª¤¯ÚÈ 31 ª·ÚÙ›Ô˘ ÔÈ ÚÔÛÊÔÚ¤˜ ÁÈ· ÊÈϤÙÔ ¤Ó·ÓÙÈ Ã›ÏÙÔÓ Παράταση στην υποβολή προσφορών για τα δύο οικÞπεδα-φιλέτα τησ Κυπριακήσ ∆ηµοκρατίασ απέναντι απÞ το ξενοδοχείο Χίλτον, δÞθηκε στουσ ενδιαφερÞµενουσ. Αρχικά η πρÞσκληση ενδιαφέροντοσ για τα ΟικÞπεδα 168 και 901 προέβλεπε υποβολή προσφορών µέχρι τισ 14 Φεβρουαρίου ωστÞσο, µε νεÞτερη ανακοίνωση δίδεται παράταση υποβολήσ προσφορών µέχρι τισ 31 Μαρτίου. Πάντωσ, ωσ αιτία τησ παράτασησ αναφέρεται η υποβολή σχετικού αιτήµατοσ απÞ ενδιαφερÞµενουσ. Η σχετική πρÞσκληση ενδιαφέροντοσ δηµοσιεύτηκε και σε διάφορα Μέσα Ενηµέρωσησ του εξωτερικού. Ùπωσ αναφέρεται, τα δύο ΟικÞπεδα, έχουν έκταση 26.255τ.µ. µε ωφέλιµο τα 22.955τ.µ.. Η ανάπτυξη που θα γίνει µπορεί να έχει εµβαδÞ µέχρι 89.268τ.µ. εφÞσον αξιοποιηθούν Þλοι οι παράγοντεσ για αύξηση του συντελεστή. Ο επιτυχών προσφοροδÞτησ, θα πρέπει να προχωρήσει σε ανακατασκευή του δρÞµου Εθνικήσ Φρουράσ απ’ Þπου θα είναι και η πρÞσβαση στην ανάπτυξη. Σύµφωνα µε την προκήρυξη, στο χώρο µπορεί να ανεγερθεί, ξενοδοχείο, οικιστική ανάπτυξη, εµπορικέσ µονάδεσ, γραφειακοί χώροι και δηµÞσιοι χώροι στάθµευσησ. Με το κλείσιµο των προσφορών, η κυβέρνηση θα καταλήξει µε short list τριών προτάσεων. ΣτÞχοσ είναι η ανάπτυξη να ξεκινήσει το δεύτερο τρίµηνο του 2014.


22 ΙΑΝΟΥΑΡΙΟΥ, 2014 | ΕΙ∆ΗΣΕΙΣ | 3

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

Η ύφεση στην παγκÞσµια και στην Κυπριακή οικονοµία, έφερε τα άνω κάτω στισ τιµέσ των ακινήτων στην Κύπρο. Έχουµε δηµοσιεύσει την άποψη µασ για το επίπεδο των τιµών που έδειξαν γενικά µια µειωτική πορεία τα τελευταία χρÞνια, µε διαφοροποιήσεισ απÞ 20% και µέχρι 40%(+). Οι πιο ψηλέσ µειώσεισ κυρίωσ παρατηρούνται σε τουριστικά έργα, ιδιαίτερα εκείνα τα οποία η ζήτηση προέρχεται απÞ ξένουσ. Η ζήτηση απÞ ξένουσ έχει δείξει τισ πιο κάτω µειώσεισ.

Ο πιο πάνω πίνακασ αναφέρεται σε αριθµÞ καταθέσεων πωλητηρίων εγγράφων απÞ ξένουσ. Οι ντÞπιοι αγοραστέσ δείχνουν τον πιο κάτω πίνακα:

Η κατάσταση είναι ιδιαίτερα τραγική για χωράφια σε µακρινέσ περιοχέσ, Þπου ολÞκληρα τετραγωνικά στα σχέδια δεν δείχνουν καµία πώληση στο έτοσ 2009-2013 και άρα καµία ζήτηση, ενώ οι νέοι κανονισµοί για την µεµονωµένη κατοικία που (σχεδÞν) απαγορεύουν την µεµονωµένη κατοικία,

είναι ένα πρÞσθετοσ λÞγοσ. Ωσ εκ τούτου σε µια περιοχή στην οποία δεν υπάρχει ζήτηση τα τελευταία δύο χρÞνια ιδιαίτερα τώρα, ποιεσ είναι οι αξίεσ; O εκτιµητήσ είναι ο ερµηνευτήσ τησ αγοράσ και Þχι το άτοµο εκείνο που προηγείται και καθορίζει τισ τιµέσ (οι τιµέσ καθορίζονται απÞ την ζήτηση και προσφορά και δεν βασίζονται στην άποψη ενÞσ εκτιµητή). Ωσ εκ τούτου τι είναι η αξία ενÞσ κτήµατοσ Þταν δεν υπάρχει ζήτηση; Είναι µήπωσ µηδέν; ∆εν νοµίζουµε µια και τα πάντα έχουν µια αξία. Κτήµατα π.χ. που πριν τησ ύφεσησ επωλούντο προσ 10 ευρώ /τ.µ. και τώρα δεν υπάρχουν πράξεισ/ζήτηση, η τιµή/αξία είναι µήπωσ 1.0 ευρώ/τ.µ.; Έχοντασ υπÞψη Þτι ο Κύπριοσ ιδιοκτήτησ δύσκολα αποδέχεται «ζηµιά» στα ακίνητα του, υπάρχει επιπλέον µια τεχνητή απÞσυρση προσφοράσ, διÞτι εάν κάποιοσ αγÞρασε

ένα κτήµα προσ 10 ευρώ, δεν θα αποδεχθεί την µείωση στο 10% ή 1.0 ευρώ/τ.µ. Ναι µεν και καλά ωσ εδώ, αλλά υπάρχει κάποιοσ αγοραστήσ που θα του προσφέρει εκείνο το 1 ευρώ/τ.µ.; Στισ δύσκολεσ οικονοµικέσ στιγµέσ που ζούµε και στην δύσκολη εξασφάλιση χρηµα-

τοδÞτησησ, οι επενδύσεισ σε ακίνητα δεν είναι η προτεραιÞτητα των πιθανών αγοραστών. Στισ πιο προηγµένεσ αγορέσ ακινήτων, υπάρχουν οι αγοραστέσ σε κάποια τιµή. Στην Βρετανία π.χ. Þπου η ύφεση προκάλεσε πτώση των τιµών κατά 30%, υπήρξαν οι ανάλογοι αγοραστέσ, για να σταθεροποιήσουν την αγορά στο -30%.

Στην Κύπρο Þµωσ έστω και µε τισ µειωµένεσ τιµέσ των 35% (στα τουριστικά, ιδιαίτερα στην Πάφο και Πρωταρά), υπάρχει εκείνοσ ο αγοραστήσ Þµωσ, έστω και µε τέτοια µεγάλη έκπτωση; Και εκεί είναι που απÞ πλευράσ εκτίµησησ, αρχίζουν τα προβλήµατα. Με την µείωση του 30%-35% εκείνα τα διαµερίσµατα στην Πάφο έχουν φθάσει στισ 1.200 ευρώ/τ.µ., τιµή πιο κάτω του σηµερινού κÞστουσ κατασκευήσ και γησ. Εάν δε δεν υπάρχουν τίτλοι ή πρÞβληµα προσ εξασφάλιση των (Þπου σχεδÞν η ζήτηση απÞ ξένουσ είναι κοντά στο µηδέν), τι είναι η τιµή; Με την δυσφήµιση που υπάρχει για την µη δυνατή εξασφάλιση τίτλων ιδιοκτησίασ (ιδιαίτερα στην Πάφο), µήπωσ η τιµή που θα προσελκύσει τον προτιθέµενο αγοραστή είναι 850 ευρώ/τ.µ.; Αλλά και πάλι εάν κάποιοσ αγοραστήσ θα διαθέσει για ένα διαµέρισµα των δύο υπνοδωµατίων 85.000 ευρώ, θα το ρισκάρει εάν δεν έχει κάποια εξασφάλιση; Το µεγάλο αυτÞ πρÞβληµα εστιάζεται Þπωσ προαναφερθήκαµε στισ εξοχικέσ µονάδεσ (και σε κάποιο λιγÞτερο βαθµÞ στισ πÞλεισ) και αναφέρονται κατά κύριο λÞγο σε µονάδεσ Þπου ο ιδιοκτήτησ/επιχειρηµατίασ ανάπτυξησ, αδυνατεί να προσφέρει ελευθέρωση τησ υποθήκησ (mortgage release) και την διευκÞλυνση τησ επανα-πώλησησ (resale). Πωσ καθορίζονται λοιπÞν οι τιµέσ/αξίεσ Þταν σε µια περιοχή απÞ 200 περίπου οικÞπεδα, πωλήθηκε µÞνο ένα το έτοσ 2009 µε µείωση (απÞ το έτοσ 2008) 20% και µετά καµία πώληση; Μήπωσ η σηµερινή τιµή τουσ είναι ένα µείον 30% και εάν ναι, µια πώληση είναι αρκετή ωσ ένδειξη; ΑπÞ την άλλη εάν προσπαθήσετε να αγοράσετε ένα οικÞπεδο σε αυτή την περιοχή, θα βρείτε ιδιοκτήτη οικοπέδων να σασ το πωλήσει µε -30%; ∆εν το νοµίζουµε. Ùλα εξαρτώνται πλέον απÞ τισ προσωπικέσ συνθήκεσ του πωλητή. Εάν πιέζονται απÞ τουσ δανειστέσ τουσ ή απÞ άλλεσ καταστάσεισ,

ίσωσ να αποδεχθεί για 1-2 πράξεισ την µείωση, εάν Þµωσ Þχι, η τιµή παραµένει η ίδια; Και πάλι εάν ένα ξενοδοχείο ζηµιώνει, τι είναι η αξία του; Θα πρέπει ο ιδιοκτήτησ να πληρώσει και απÞ πάνω αποζηµίωση στον αγοραστή για να το αγοράσει; Υπάρχει πιστεύετε τέτοια προοπτική στα Κυπριακά δεδοµένα; Έστω και εάν στο τέλοσ η τιµή διάθεσησ είναι «µούχτη», υπάρχουν σήµερα αγοραστέσ σε τέτοια επίπεδα; Που θα βρουν την χρηµατοδÞτηση (αδύνατη) και τα εισοδήµατα αυτού του αγοραστή είναι σίγουρα; ∆ηλαδή εκτÞσ (ίσωσ) απÞ τουσ ∆ηµÞσιουσ/Ηµικρατικούσ υπαλλήλουσ, οι υπÞλοιποι έχουν σίγουρη δουλειά; ∆εν το νοµίζουµε, διÞτι ο ιδιωτικÞσ τοµέασ περνά µια δύσκολη περίοδο και εκτÞσ των συνεχών απολύσεων, υπάρχει ο φÞβοσ τησ µελλοντικήσ των απÞλυσησ, ενώ µη επιτευχθείσεσ εισπράξεισ, οι επιταγέσ που επιστρέφονται ωσ ανείσπρακτεσ κλπ, προσθέτουν στην Þλη αβεβαιÞτητα. Ναι µεν τα «καφέ» είναι γεµάτα, αλλά για 7 ευρώ/άτοµο (ήταν 10 ευρώ πριν) για 23 ώρεσ παραµονήσ και µε τουσ γονείσ (κυρίωσ) να χρηµατοδοτούν τουσ νέουσ, αλλά αυτÞ δεν είναι ένδειξη ευφορίασ τησ οικονοµίασ. ΠÞσεσ αντιπροσωπείεσ αυτοκινήτων πωλούν και ποια καταστήµατα οικιακών συσκευών και «είδη προίκασ» βρίσκονται σε καλή οικονοµική κατάσταση (ίδε αριθµÞ πρÞσφατων κλεισιµάτων επιχειρήσεων µεγάλων ονοµάτων). Στο τέλοσ τησ ηµέρασ, πωσ θα «σταθούν» οι χρηµατοδοτικοί οργανισµοί Þταν οι εξασφαλίσεισ τουσ είναι µάλλον θεωρητικέσ; Πωσ επηρεάζεται το χαρτοφυλάκιο τουσ και τι θα γίνει εάν «τολµήσουν» να εκποιήσουν τισ υποθήκεσ τουσ; ∆υστυχώσ αυτÞ το άρθρο µε την απαισιÞδοξη κατάσταση τησ αγοράσ, υποδεικνύει µια κατάσταση αλαλούµ τησ αγοράσ ακινήτων και ουδείσ γνωρίζει µε σιγουριά τισ επιπτώσεισ και χειρÞτερα την κατάσταση τησ οικονοµίασ στο άµεσο µέλλον.



4 | ΕΙ∆ΗΣΕΙΣ |

¶ÚÔ¸ÔÏÔÁÈÛÌfi˜ €14,7 ‰È˜ ÁÈ· ÙÔ ÚfiÁÚ·ÌÌ· Erasmus+ ΠερισσÞτερα απÞ τέσσερα εκατοµµύρια άτοµα θα συµµετάσχουν στο νέο πρÞγραµµα Erasmus+ για την κατάρτιση, την εκπαίδευση, τη νεολαία και τον αθλητισµÞ στη διάρκεια τησ περιÞδου 2014-2020. Σύµφωνα µε την ΚοµισιÞν, πάνω απÞ τέσσερα εκατοµµύρια άτοµα, σχεδÞν διπλάσια απ’ Þτι την περίοδο 2007-2013, θα λάβουν υποτροφία τησ ΕΕ για να συµµετάσχουν σε εκπαίδευση ή κατάρτιση, να αποκτήσουν επαγγελµατική εµπειρία ή να συµµετάσχουν σε πρÞγραµµα εθελοντισµού στο εξωτερικÞ, τα επÞµενα επτά χρÞνια. Το Erasmus+ θα διαθέτει συνολικÞ προϋπολογισµÞ 14,7 δισ ευρώ – 40% περισσÞτερα σε σχέση µε τα προηγούµενα προγράµµατα την περίοδο 2007-2013. ΕιδικÞτερα, απÞ το πρÞγραµµα Erasmus+ θα επωφεληθούν: -2 εκατ. φοιτητέσ τησ τριτοβάθµιασ εκπαίδευσησ θα έχουν τη δυνατÞτητα σπουδών ή κατάρτισησ στο εξωτερικÞ, έχοντασ στη διάθεσή τουσ 450.000 θέσεισ πρακτικήσ άσκησησ, -650.000 φοιτητέσ επαγγελµατικών σχολών και µαθητευÞµενοι θα λάβουν υποτροφίεσ για να σπουδάσουν, να καταρτιστούν ή να εργαστούν στο εξωτερικÞ,

∞Ô‰ÔÙÈ΋ Ë Â¤Ó‰˘ÛË Ù˘ ¢‹ÌËÙÚ· ÛÙËÓ ∂ÏÏËÓÈ΋ Αλλαγέσ στο χαρτοφυλάκιο τησ εταιρείασ ∆ήµητρα Επενδυτική, επέφερε η επένδυση στην Ελληνική Τράπεζα (επένδυσε 20 εκ. ευρώ για να αποκτήσει 400 εκ. µετοχέσ τησ Ελληνικήσ Τράπεζασ προσ 0.05 σεντ έκαστη), σύµφωνα µε την τριµηνιαία έκθεση τησ εταιρείασ για το τέλοσ του έτουσ. Πλέον µετοχέσ και αξιÞγραφα τησ Ελληνικήσ Τράπεζασ αποτελούν το 21.42% του συνολικού ενεργητικού. Αντίθετα, το ποσοστÞ του ενεργητικού που ήταν επενδυµένο σε καταθέσεισ και µετρητά αποτελεί πλέον το 32.86% του ενεργητικού τησ επενδυτικήσ σε σύγκριση µε 50.39% τον Σεπτέµβριο. Η τρέχουσα αξία των 400.4 εκ. µετοχών που ελέγχει η ∆ήµητρα, είναι 33.6 εκ. ευρώ. Οι επενδύσεισ σε ακίνητα για την ∆ήµητρα, αποτελούν το 28.66% του ενεργητικού σε σχέση µε 35.7% τον Σεπτέµβριο και η ολική τρέχουσα αξία των επενδύσεων τησ ∆ήµητρασ, είναι 150.5 εκ. ευρώ σε σύγκριση µε 139.8 εκ. ευρώ.

KÔ‡ÛÈÔ˜ Î·È °ÂˆÚÁ›Ô˘ ÛÙËÓ ∂ÏÏËÓÈ΋ Ο Κυριάκοσ Κούσιοσ εξελέγη στη θέση του Αντιπροέδρου του ∆ιοικητικού Συµβουλίου τησ Ελληνικήσ Τράπεζασ. Tο ∆ιοικητικÞ Συµβούλιο τησ Ελληνικήσ εξέλεξε, επίσησ, τον Κυριάκο Γεωργίου στη θέση του Ανώτερου Ανεξάρτητου Συµβούλου. Το ∆Σ τησ Ελληνικήσ ανακοίνωσε επίσησ Þτι θα συνεδριάσει στισ 28 Φεβρουαρίου για να εξετάσει, µεταξύ άλλων, τα προκαταρκτικά αποτελέσµατα του Οµίλου για το 2013. Η Ετήσια Τακτική Γενική Συνέλευση των µετÞχων θα πραγµατοποιηθεί την Τετάρτη 28 Μαΐου.

MÂȈ̤ÓÔ Î·Ù¿ €900 ÂÎ. ÙÔ ¤ÏÏÂÈÌÌ· ÂÌÔÚÈÎÔ‡ ÈÛÔ˙˘Á›Ô˘ Σηµαντική υποχώρηση του ελλείµµατοσ του εµπορικού ισοζυγίου τησ Κύπρου, καταγράφουν τουσ πρώτουσ 10 µήνεσ του 2013, τα στοιχεία που δηµοσιοποίησε η Eurostat. Σε σχέση µε την αντίστοιχη περίοδο του 2012, το έλλειµµα ήταν µειωµένο κατά 900 εκατ. ευρώ. Οπωσ προκύπτει απÞ τα κοινοτικά στοιχεία, η συνολική αξία των εξαγωγών τησ Κύπρου την περιÞδου ΙανουαρίουΟκτωβρίου 2013, έφτασε τα 1,3 δισ. ευρώ, καταγράφοντασ αύξηση 11% σε σχέση µε την αντίστοιχη περίοδο του 2012.Μειωµένεσ κατά 18% ήταν οι εισαγωγέσ, φτάνοντασ σε αξία τα 3,9 δισ. ευρώ απÞ 4,8 δισ. ευρώ την ίδια περίοδο του 2012. Το συνολικÞ εµπορικÞ έλλειµµα τησ Κύπρου για το δεκάµηνο ανήλθε στα 2,7 δισ. ευρώ έναντι 3,6 δισ. ευρώ την ίδια περίοδο του 2012.

-800.000 εκπαιδευτικοί, επιµορφωτέσ, εκπαιδευτικÞ προσωπικÞ και νεαροί εργαζÞµενοι θα διδάξουν ή θα καταρτίσουν άτοµα στο εξωτερικÞ, -200.000 µεταπτυχιακοί φοιτητέσ που παρακολουθούν πλήρη κύκλο σπουδών Master σε άλλη χώρα θα επωφεληθούν απÞ εγγυήσεισ δανείων, -περισσÞτεροι απÞ 25.000 φοιτητέσ θα λάβουν υποτροφίεσ για κοινά πτυχία master, που προϋποθέτουν σπουδέσ σε δύο τουλάχιστον τριτοβάθµια εκπαιδευτικά ιδρύµατα του εξωτερικού, -περισσÞτεροι απÞ 500.000 νέοι άνθρωποι θα µπορέσουν να συµµετάσχουν σε εθελοντισµÞ στο εξωτερικÞ ή σε ανταλλαγέσ νέων, -125.000 σχολεία, ιδρύµατα επαγγελµατικήσ εκπαίδευσησ και κατάρτισησ, τριτοβάθµια εκπαιδευτικά ιδρύµατα και ιδρύµατα για την εκπαίδευση ενηλίκων, οργανώσεισ τησ νεολαίασ και επιχειρήσεισ θα λάβουν χρηµατοδÞτηση για τη δηµιουργία 25.000 «στρατηγικών συµπράξεων» µε σκοπÞ την προώθηση τησ ανταλλαγήσ εµπειριών και την ενθάρρυνση διασυνδέσεων µε τον κÞσµο τησ εργασίασ, -3.500 εκπαιδευτικά ιδρύµατα και επιχειρήσεισ θα λάβουν οικονοµική ενίσχυση για να δηµιουργήσουν περισ-

σÞτερεσ απÞ 300 «συµµαχίεσ γνώσησ» και «τοµεακέσ συµµαχίεσ δεξιοτήτων» για την τÞνωση τησ απασχολησιµÞτητασ, τησ καινοτοµίασ και τησ επιχειρηµατικÞτητασ, -600 συµπράξεισ στον αθλητισµÞ, συµπεριλαµβανοµένων των ευρωπαϊκών µη κερδοσκοπικών αθλητικών εκδηλώσεων, θα λάβουν επίσησ χρηµατοδÞτηση. Σύµφωνα µε την Επιτροπή, το Erasmus+ δροµολογείται σε µια εποχή κατά την οποία περίπου έξι εκατοµµύρια νέοι άνθρωποι είναι άνεργοι στην ΕΕ, ενώ ειδικÞτερα στην Ισπανία, στην Ελλάδα και στην Κροατία τα επίπεδα τησ ανεργίασ στουσ νέουσ ξεπερνούν το 50%. ΤαυτοχρÞνωσ, υπάρχουν περισσÞτερεσ απÞ 2 εκατοµµύρια κενέσ θέσεισ εργασίασ και το ένα τρίτο των εργοδοτών αναφέρουν Þτι δυσκολεύονται να βρουν προσωπικÞ µε τισ δεξιÞτητεσ που χρειάζονται. Το Erasmus+ θα αντιµετωπίσει αυτÞ το χάσµα, παρέχοντασ ευκαιρίεσ για σπουδέσ, κατάρτιση ή απÞκτηση εµπειριών στο εξωτερικÞ. Τέλοσ το Erasmus+ περιλαµβάνει για πρώτη φορά υποστήριξη για τον αθλητισµÞ. Θα διαθέσει πάνω απÞ 265 εκ.ευρώ σε επτά χρÞνια για την παροχή βοήθειασ για την αντιµετώπιση διασυνοριακών απειλών, Þπωσ οι στηµένοι αγώνεσ και το ντÞπινγκ.

™˘Ìʈӛ· Alpha ∞ÛÊ. Ì American Medical Center Συµφωνία συνεργασίασ, µε το νοσηλευτήριο/καρδιολογικÞ κέντρο “American Medical Centre” (πρώην American Heart Institute), υπέγραψε η Alpha Ασφαλιστική, µέλοσ του Οµίλου τησ Alpha Bank. Η επιτυχία των σχεδίων υγείασ τησ Alpha Ασφαλιστικήσ καθώσ και η δέσµευση τησ για να παρέχει ποιοτική ιατροφαρµακευτική περίθαλψη στουσ ασφαλισµένουσ τησ, έχει επιτρέψει τη σύναψη συµφωνιών µε Þλα σχεδÞν τα µεγάλα νοσηλευτήρια ανά το παγκύπριο. Στη φωτογραφία απÞ δεξιά, ο ∆ρ. Μαρίνοσ Σωτηρίου ∆ιευθύνων του νοσοκοµείου American Medical Center και ο κ. Χρίστοσ Λουκαΐδησ Αναλογιστήσ και ∆ιευθυντήσ Τεχνικών Υπηρεσιών Ζωήσ και Υγείασ τησ Alpha Ασφαλιστικήσ, κατά την υπογραφή τησ συµφωνίασ.

ºÔÚÔÏÔÁÈ΋ ¤ÎÙˆÛË 25% ÁÈ· ÂÙ·ÈÚ›˜ Ì ¿ÓÂÚÁÔ˘˜ Nοµοσχέδιο το οποίο προβλέπει φορολογική έκπτωση 25% στισ επιχειρήσεισ που εργοδοτούν άνεργουσ, κατέθεσε η κυβέρνηση στη βουλή. Το νοµοσχέδιο κινείται στα πλαίσια επανεκκίνησησ τησ οικονοµίασ και τησ παραχώρησησ φορολογικών κινήτρων. Για την παραχώρηση φορολογικήσ έκπτωσησ στισ επιχειρήσεισ περιλαµβάνονται πέντε προϋποθέσεισ. Σύµφωνα µε το νοµοσχέδιο παρέχεται αυξηµένη έκπτωση στισ µισθολογικέσ δαπάνεσ απÞ το φορολογητέο εισÞδηµα κατά 25% Þταν οι επιχειρήσεισ εργοδοτούν πρÞσωπα τα οποία ήταν εγγεγραµµένα άνεργα πριν την εργοδÞτηση τουσ και διέµεναν µÞνιµα στη δηµοκρατία τα τελευταία πέντε χρÞνια. Ùπωσ επισηµαίνεται, η παραχώρηση τησ αυξηµένησ έκπτωσησ για την εργοδÞτηση ανέργων διέπεται απÞ σειρά επιφυλάξεων: - Η αυξηµένη έκπτωση δεν είναι δυνατÞ να παραχωρηθεί για χρονικÞ διάστηµα µεγαλύτερο απÞ 12 µήνεσ για κάθε

υπάλληλο. - Η εργοδÞτηση θα αφορά πρÞσωπα τα οποία δεν είναι συγγενείσ µέχρι και δεύτερου βαθµού των διευθυντών ή των ιδιοκτητών τησ επιχείρησησ η οποία τουσ εργοδοτεί. - Ο εργοδÞτησ δεν θα έχει απολύσει ή µειώσει το προσωπικÞ του πριν την ψήφιση του νοµοσχεδίου ή κατά τη διάρκεια τησ εργοδÞτησησ οποιουδήποτε νέου υπαλλήλου για τον οποίο εφαρµÞζεται το νοµοθέτηµα και σε αντίθετη περίπτωση ο εργοδÞτησ θα πρέπει να αποδείξει Þτι η µείωση οφείλεται σε εθελοντική αποχώρηση εργαζοµένου, σε συνταξιοδÞτηση ή σε νÞµιµη απÞλυση για πειθαρχικούσ λÞγουσ. - Οι επιχειρήσεισ θα πρέπει να βρίσκονται εγκατεστηµένεσ στισ περιοχέσ που ελέγχονται απÞ την κυπριακή δηµοκρατία και δεν θα απασχολούν παράνοµο ή και αδήλωτο προσωπικÞ. - Οι δαπάνεσ του µισθολογίου οι οποίεσ είναι επιλέξιµεσ για την αυξηµένη έκπτωση δεν περιλαµβάνουν αυτέσ για τισ οποίεσ έχει ληφθεί κρατική επιδÞτηση.

Microsoft Cy: ¢ˆÚÂ¿Ó ÏÔÁÈÛÌÈο €5 500,000 Û ª∫√ Λογισµικά συνολικήσ αξίασ 500,000 ευρώ σε Μη Κυβερνητικούσ Οργανισµούσ (ΜΚΟ) που δραστηριοποιούνται στον τÞπο µασ, προσέφερε η Microsoft Κύπρου, ειδικÞτερα απÞ την διεξαγωγή τησ ενηµερωτικήσ ηµερίδασ «NGO Connection Day» που πραγµατοποιήθηκε τον περασµένο Οκτώβριο στη Λευκωσία µέχρι και σήµερα. Με τα λογισµικά αυτά οι ΜΚΟ έχουν πλέον στα χέρια τουσ τα απαραίτητα εργαλεία για τεχνολογική αναβάθµιση και αποτελεσµατικÞτερη λειτουργία. Με δεδοµένο Þτι η αξιοποίηση τησ τεχνολογίασ απÞ τουσ ΜΚΟ έχει άµεσο Þφελοσ στο ευρύτερο κοινωνικÞ σύνολο, η στήριξη τησ Microsoft Κύπρου βασίζεται σε δύο πυλώνεσ, την παραχώρηση των λογισµικών, αλλά και την εκπαίδευση των ατÞµων που στελεχώνουν τουσ Οργανισµούσ έτσι ώστε να µπορέσουν να ανταποκριθούν αποδοτικÞτερα στισ προκλήσεισ που αντιµετωπίζουν, επιλύοντασ ζητήµατα

χωρίσ επιπλέον καθυστερήσεισ. Συγκεκριµένα, µέσω τησ παγκÞσµιασ πρωτοβουλίασ «Cyber Grants» η Microsoft Κύπρου πρÞσφερε λογισµικά: Windows 8, Office και MS Project προσαρµοσµένα στισ ανάγκεσ του κάθε ΜΚΟ. Μέχρι στιγµήσ το πρÞγραµµα κοινωνικήσ προσφορά τησ Microsoft Κύπρου έχουν αξιοποιήσει οι Μη Κυβερνητικοί Οργανισµοί: Cans for Kids, ερευνητικÞ κέντρο CARDET, Σύνδεσµοσ για Άτοµα µε ΑυτισµÞ, ΚυπριακÞσ ΕρυθρÞσ ΣταυρÞσ, Cyprus Youth Clubs Organization, Συµβούλιο Νεολαίασ Κύπρου, ΙΚΜΕ, NGO Support Center, Cyprus Peace Players, Special Olympic Cyprus, ΑντικαρκινικÞσ Σύνδεσµοσ και Παγκύπριοσ Σύνδεσµοσ Καρκινοπαθών. ΑκÞµη 15 ΜΚΟ, αναµένεται να αξιοποιήσουν λογισµικά τησ Microsoft που θα τουσ παραχωρηθούν, στο επÞµενο διάστηµα, στα πλαίσια των αναγκών τουσ.


22 ΙΑΝΟΥΑΡΙΟΥ, 2014 | ΕΙ∆ΗΣΕΙΣ | 5

ŒÍÈ Ì‹Ó˜ ·Ú¿Ù·ÛË ÛÙËÓ ÂÊ·ÚÌÔÁ‹ ÙÔ˘ SEPA ¢˘Ó·ÙfiÙËÙ· ·ÓÙ·ÏÏ·Á‹˜ ËÏÂÎÙÚÔÓÈÎÒÓ ÏËÚˆÌÒÓ Û fiϘ ÙȘ ¯ÒÚ˜ ̤ÏË ∂Í¿ÌËÓË ·Ú¿Ù·ÛË ÛÙËÓ ˘Ô¯ÚˆÙÈ΋ ¯Ú‹ÛË ÙˆÓ Ù¯ÓÈÎÒÓ ··ÈÙ‹ÛÂˆÓ ÙÔ˘ SEPA (Single European Payment Area - ∂ÓÈ·›Ô˜ ÃÒÚÔ˜ ¶ÏËÚˆÌÒÓ Û ∂˘ÚÒ) ÁÈ· ∂Ì‚¿ÛÌ·Ù· Î·È ÕÌÂÛ˜ ÃÚÂÒÛÂȘ, ¤‰ˆÛÂ Ë ∂˘Úˆ·˚΋ ∂ÈÙÚÔ‹, Ì ÚfiÙ·Û‹ Ù˘ ÛÙȘ 9 π·ÓÔ˘·Ú›Ô˘ 2014. ™˘ÁÎÂÎÚÈ̤ӷ, ÂÓÒ Ì ‚¿ÛË ÙÔÓ ∫·ÓÔÓÈÛÌfi ∂∂ 260/2012 ÙÔ˘ ∂˘Úˆ·˚ÎÔ‡ ™˘Ì‚Ô˘Ï›Ô˘ Ë ËÌÂÚÔÌËÓ›· ÌÂÙ¿ÙˆÛ˘ ÛÙÔ SEPA ‹Ù·Ó Ë 1Ë ºÂ‚ÚÔ˘·Ú›Ô˘ 2014, Ì ÙËÓ ÙÂÏÂ˘Ù·›· ÚfiÙ·ÛË, Ë Î·Ù·ÏËÎÙÈ΋ ËÌÂÚÔÌËÓ›· ÁÈ· ·ÔÎÏÂÈÛÙÈ΋ ¯Ú‹ÛË ÙÔ˘ SEPA, ÌÂٷʤÚÂÙ·È ÛÙËÓ 1Ë ∞˘ÁÔ‡ÛÙÔ˘, 2014. Η ΠρÞταση ΝÞµου τησ Επιτροπήσ προβλέπει µερική τροποποίηση του Κανονισµού 260 του 2012, ώστε να δίδεται η ευκαιρία επέκτασησ τησ περιÞδου χρήσησ των υφισταµένων, εθνικών συστηµάτων πληρωµών των χωρών τησ ζώνησ του SEPA, µέχρι την 1η Αυγούστου 2014. Σε σχετική ανακοίνωση τησ, η Ευρωπαϊκή Επιτροπή αναφέρει Þτι οι λÞγοι που οδήγησαν στην πιο πάνω απÞφαση οφείλονται στην καθυστέρηση που παρατηρήθηκε απÞ Þλουσ τουσ εµπλεκοµένουσ φορείσ σε πανευρωπαϊκÞ επίπεδο, (δηλαδή τισ επιχειρήσεισ, τουσ οργανισµούσ κοινήσ ωφέλειασ, τον δηµÞσιο τοµέα και τισ τράπεζεσ), στην εφαρµογή των νέων συστηµάτων πληρωµών και ιδιαίτερα των Άµεσων Χρεώσεων SEPA. ΩστÞσο διευκρινίζει Þτι η επίσηµη ηµεροµηνία µετάπτωσησ παραµένει η 1η Φεβρουαρίου 2014 για Þσουσ είναι έτοιµοι, και γι’ αυτÞ τονίζει την ανάγκη διατήρησησ και των δύο συστηµάτων πληρωµών απÞ τισ τράπεζεσ, (δηλαδή τÞσο των εθνικών συστηµάτων Þσο και του SEPA), έωσ Þτου επιτευχθεί η πλήρησ µετάπτωση στο SEPA, µέχρι την 1η Αυγούστου 2014. ΥπÞ το φωσ των πιο πάνω εξελίξεων, ο Σύνδεσµοσ Τραπεζών Κύπρου επισηµαίνει Þτι, ο τραπεζικÞσ τοµέασ θα είναι έτοιµοσ για µετάπτωση απÞ την 1η Φεβρουαρίου 2014. ΩστÞσο διευκρινίζεται Þτι, παρά την προαναφερθείσα παράταση, δεν θα πρέπει να παραµεριστεί ο στÞχοσ για έγκαιρη µετάβαση στο SEPA απÞ Þλουσ τουσ εµπλεκÞµενουσ φορείσ, µÞλισ αυτÞ γίνεται εφικτÞ.

™Ùfi¯Ô˜ Ë ÂÓ›Û¯˘ÛË ÙÔ˘ ¢ÚÒ Eν τω µεταξύ ο Μάριοσ Νικολάου, Ανώτεροσ ΛειτουργÞσ του Συνδέσµου Τραπεζών Κύπρου στο κείµενο πιο κάτω εξηγεί πωσ µε την υλοποίηση του SEPA, πολίτεσ, επιχειρήσεισ και άλλοι οικονοµικοί παράγοντεσ, θα µπορούν να πραγµατοποιούν και να εισπράττουν πληρωµέσ σε Ευρώ, είτε εντÞσ των εθνικών τουσ συνÞρων, είτε διασυνοριακά, µε κοινούσ βασικούσ Þρουσ, δικαιώµατα και υποχρεώσεισ, ανεξαρτήτωσ τησ γεωγραφικήσ θέσησ στην οποία βρίσκονται. Το γεωγραφικÞ πεδίο εφαρµογήσ του SEPA καλύπτει τα 28 κράτη µέλη τησ Ευρωπαϊκήσ Ένωσησ, καθώσ και την Ισλανδία, το Λιχτενστάιν, τη Νορβηγία, το ΜονακÞ και το Σαν Μαρίνο. Με τα εργαλεία πληρωµήσ του SEPA (δηλαδή τα Εµβάσµατα, τισ Άµεσεσ Χρεώσεισ και τισ Κάρτεσ Πληρωµών), οι χρήστεσ θα έχουν τη δυνατÞτητα να ανταλλάσουν ηλεκτρονικέσ πληρωµέσ σε Þλεσ τισ χώρεσ του SEPA, µε την ίδια ευκολία, τον ίδιο χρÞνο και το ίδιο κÞστοσ, Þπωσ εντÞσ των εθνικών τουσ συνÞρων. ΠαρÞλο που το SEPA ξεκίνησε ωσ µια εθελοντική ρυθµι-

στική πρωτοβουλία του Ευρωπαϊκού Συµβουλίου Πληρωµών, στη συνέχεια, µέσω του Κανονισµού (ΕΕ) 260/2012 (ο ΚανονισµÞσ) του Ευρωπαϊκού Συµβουλίου που δηµοσιεύτηκε τον Μάρτιο του 2012, µετατράπηκε σε πανευρωπαϊκή νοµοθεσία

∆Ô SEPA ÛÙԯ‡ÂÈ: - Στην ενίσχυση του Ευρώ, δεδοµένου Þτι οι πληρωµέσ SEPA θα να πραγµατοποιούνται µÞνο σε Ευρώ. Σηµειώνεται Þτι οι λογαριασµοί των χρηστών µπορούν να τηρούνται σε οποιαδήποτε τράπεζα τησ ζώνησ του SEPA και σε οποιοδήποτε νÞµισµα (άσχετα εάν η ίδια η πληρωµή θα πρέπει πάντοτε να είναι σε Ευρώ). - Στην τÞνωση του ανταγωνισµού στην αγορά πληρωµών, και κατ’ επέκταση τη δηµιουργία σειράσ ωφεληµάτων προσ τουσ πελάτεσ των τραπεζών. - Στην προώθηση τησ τεχνολογικήσ καινοτοµίασ µέσω τησ πλήρησ αυτοµατοποίησησ των πληρωµών, η οποία θα συµβάλει στην εξοικονÞµηση χρÞνου απÞ τουσ χρήστεσ. Πέρα απ’ τα πιο πάνω, µε την πλήρη εφαρµογή του SEPA οι καταναλωτέσ θα µπορούν, µεταξύ άλλων, να επωφελούνται: - ΦθηνÞτερεσ πληρωµέσ, αφού η κοστολÞγηση για ένα Έµβασµα στο εξωτερικÞ θα πρέπει βάσει του Κανονισµού, να είναι η ίδια µε ένα εγχώριο Έµβασµα. - Ταχύτερεσ πληρωµέσ, αφού µέσω του SEPA, ένα Έµβασµα θα πιστώνεται στην τράπεζα του δικαιούχου (και στη συνέχεια στον λογαριασµÞ του δικαιούχου) µέχρι την επÞµενη εργάσιµη µέρα, µε την προϋπÞθεση Þτι οι εντολέσ θα υποβάλλονται εντÞσ των χρονικών ορίων (cut-off times) που θέτει η κάθε τράπεζα. - ∆ιεύρυνση τησ χρήσησ των Άµεσων Χρεώσεων, σε Þλα τα κράτη µέλη του SEPA. Για παράδειγµα εάν ένασ κάτοικοσ Κύπρου διατηρεί σπίτι στην Αθήνα, θα µπορεί να πληρώνει τουσ µηνιαίουσ λογαριασµούσ του ηλεκτρισµού ή του τηλεφώνου του, µέσω του τραπεζικού λογαριασµού που τηρεί στην Κύπρο. - ∆ικαίωµα επιστροφήσ (Refund) των Άµεσων Χρεώσεων. Σύµφωνα µε τη διαδικασία που προβλέπει ο ΚανονισµÞσ, οι επιστροφέσ θα µπορούν να ζητούνται απÞ τουσ καταναλωτέσ, εντÞσ οκτώ εβδοµάδων απÞ την ηµεροµηνία χρέωσησ του λογαριασµού του πελάτη (στην περίπτωση εγκεκριµένων συναλλαγών), και εντÞσ 13 µηνών (στην περίπτωση µη εγκεκριµένων συναλλαγών). - ΕξοικονÞµηση χρÞνου, αφού µέσω τησ τεχνολογικήσ καινοτοµίασ, οι πελάτεσ θα µπορούν σε αρκετέσ περιπτώσεισ να εκτελούν τισ πληρωµέσ τουσ απÞ το σπίτι, χωρίσ να χρειάζεται να µεταβαίνουν στα καταστήµατα των τραπεζών.

∞Ó·ÁÚ·Ê‹ πµ∞¡ Î·È BIC ΠαρÞλο που η µετάπτωση στο SEPA απαιτεί σηµαντική προετοιµασία απÞ τισ τράπεζεσ και λιγÞτερη απÞ τισ επιχειρήσεισ, η εφαρµογή του δεν απαιτεί οποιεσδήποτε ενέργειεσ απÞ τουσ καταναλωτέσ, πέραν απÞ το να γνωρίζουν τα πιο κάτω: Σε Þτι αφορά τα Εµβάσµατα, οι καταναλωτέσ θα πρέπει να έχουν υπÞψη τουσ Þτι η µÞνη διαφορά µεταξύ του Εµβάσµατοσ που χρησιµοποιείτο µέχρι σήµερα και ενÞσ Εµβάσµατοσ SEPA, είναι Þτι για την πραγµατοποίηση του δεύτερου, ο αποστολέασ (πληρωτήσ) θα πρέπει πάντοτε να αναφέρει το ΙΒΑΝ του δικαιούχου, καθώσ και το BIC (Bank Identification Code) τησ τράπεζασ στην οποία ο δικαιούχοσ τηρεί τον λογαριασµÞ του. Κατ’ επέκταση, και για να διευκολυνθεί η πιο πάνω διαδικασία, οι δικαιούχοι που είναι επιχειρήσεισ θα πρέπει να αναγράφουν το ΙΒΑΝ τουσ και το BIC τησ τράπεζασ που συνεργάζονται, σε εµφανή σηµεία των τιµολογίων, των επιστολÞχαρτων και των ιστοσελίδων τουσ, ούτωσ ώστε να διευκολύνουν τουσ πληρωτέσ πελάτεσ τουσ. ΤαυτÞχρονα οι τράπεζεσ θα συνεχίσουν να διευκολύνουν τουσ πελάτεσ τουσ, ούτωσ ώστε να εντοπίζουν εύκολα το ΙΒΑΝ και το BIC του δικού τουσ λογαριασµού. ΑυτÞ επιτυγχάνεται, είτε µε την εκτύπωση του ΙΒΑΝ στισ µηνιαίεσ καταστάσεισ των τραπεζικών λογαριασµών, είτε µέσω διαδικτύου, είτε µέσω του «Εργαλείου Μετατροπήσ Τραπεζικού Λογαριασµού σε ΙΒΑΝ», που έχει αναρτήσει ο Σύνδεσµοσ Τραπεζών στην ιστοσελίδα του. Για τισ Άµεσεσ Χρεώσεισ, η βασική διαφορά που θα πρέπει να γνωρίζουν οι καταναλωτέσ σε σχέση µε την υφιστάµενη διαδικασία, είναι Þτι για τη δηµιουργία καινούργιων Εντολών θα πρέπει, στισ περισσÞτερεσ περιπτώσεισ, να αποτείνονται στα γραφεία των ∆ικαιούχων Οργανισµών και Þχι στα υποκαταστήµατα των τραπεζών. Για τισ Κάρτεσ Πληρωµών δεν απαιτείται οποιαδήποτε ενέργεια εκ µέρουσ των καταναλωτών, αφού το πρÞτυπο EMV (δηλαδή το Chip & Pin αντί τησ Μαγνητικήσ ταινίασ) έχει ήδη εφαρµοστεί σε Þλεσ τισ κάρτεσ που εκδίδονται στην Κύπρο. Ùπωσ αναφέρθηκε και πιο πάνω, η µετάπτωση στο SEPΑ παύει να έχει εθελοντικÞ χαρακτήρα, αφού η εφαρµογή του καθίσταται υποχρεωτική και βάσει νÞµου. Η πλήρησ και έγκαιρη συµµÞρφωση µε τισ πρÞνοιεσ του Κανονισµού απÞ τισ τράπεζεσ, τισ επιχειρήσεισ και τον δηµÞσιο τοµέα, θα οδηγήσει σε γρηγορÞτερεσ, ασφαλέστερεσ και φθηνÞτερεσ πληρωµέσ για Þλουσ τουσ Ευρωπαίουσ πολίτεσ και αναµένεται να εξοικονοµήσει µέχρι και 123 δισεκατοµµύρια Ευρώ σε ολÞκληρη την Ευρωπαϊκή ΚοινÞτητα, µέσα στα επÞµενα έξι χρÞνια.

ÃÚfiÓÔ ÛÙÔÓ ¶Úfi‰ÚÔ ÁÈ· Ù· ·ÍÈfiÁÚ·Ê· Ο Σύνδεσµοσ ΚατÞχων Τραπεζικών Αξιογράφων, µε σηµερινή του ανακοίνωση, εκφράζει την πεποίθηση Þτι η Κυβέρνηση θα ενσκήψει µε µεγάλη προσοχή στο πρÞβληµα που αφορά τα αξιÞγραφα ενώ παράλληλα ανακοινώνει αναβολή 15 ηµερών τησ προγραµµατισθείσασ συνάντησησ στο ΠροεδρικÞ που είχε καθοριστεί για σήµερα Τετάρτη. Ùπωσ αναφέρεται, «ο λÞγοσ τησ αναβολήσ είναι για να δοθεί χρÞνοσ στον ΠρÞεδρο τησ Κυπριακήσ ∆ηµοκρατίασ κύριο Νίκο Αναστασιάδη να διαβουλευτεί µε τουσ Υπουργούσ και τα αρµÞδια σώµατα τησ κυβέρνησησ για να βρουν µια υποφερτή λύση στο πρÞβληµα που

ταλανίζει εδώ και είκοσι σχεδÞν µήνεσ τουσ κατÞχουσ τραπεζικών αξιογράφων». Η αναβληθείσα συνάντηση προγραµµατίζεται για τισ αρχέσ Φεβρουαρίου 2014, προστίθεται. «Θέλουµε να πιστεύουµε Þτι η κυβέρνηση θα ενσκήψει µε µεγάλη προσοχή στο πρÞβληµα και δεν θα αφήσει µια µεγάλη µερίδα του πληθυσµού να ταλαιπωρείται εξ υπαιτιÞτητασ των τραπεζών, οι οποίεσ µε δÞλιουσ και παραπλανητικούσ τρÞπουσ υπέκλεψαν τισ οικονοµίεσ µιασ ζωήσ των πελατών τουσ για να καλύψουν τισ κεφαλαιακέσ τουσ ανάγκεσ τισ οποίεσ ούτωσ ή άλλωσ θα ζητούσαν απÞ το κράτοσ», καταλήγει η ανακοίνωση.



6 | ∆ΙΕΘΝΗ |

™Â «ÊÈ¿ÛÎÔ» ı· ÂÍÂÏȯı› Ë ÏÈÙfiÙËÙ· ÙˆÓ °ÂÚÌ·ÓÒÓ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: Ùλεσ οι χώρεσ του Ευρωπαϊκού νÞτου πασχίζουν να µειώσουν τα δηµοσιονοµικά τουσ ελλείµµατα, µέσα Þµωσ τησ απάνθρωπησ λιτÞτητασ που ετσιθελικά και δικτατορικά επιβάλουν οι Γερµανοί. Μια µονÞπλευρη λιτÞτητα που σαφέστατα παράγει ύφεση και εν τέλει περισσÞτερο χρέοσ. Και εν τέλει διογκώνει τισ εσωτερικέσ ανισορροπίεσ υπονοµεύοντασ την Ευρωζώνη. Πωσ ξεσπά η οποιαδήποτε οικονοµική κρίση? ΑπÞ την απÞτοµη µείωση των επενδύσεων στον ιδιωτικÞ και δηµÞσιο τοµέα για χάρη τησ αποταµίευσησ. Οι Επενδύσεισ δηλαδή υπολείπονται των αποταµιεύσεων. Και Þντοσ το πρώτο πράγµα που κάνει ένα νοικοκυριÞ Þταν ξεσπάσει κρίση και συνειδητοποιεί Þτι δυσκολεύεται να τα βγάλει πέρα, ιδίωσ Þταν έχει κάρτεσ και δάνεια που το βαραίνει, µειώνει τα έξοδά του αυξάνοντασ τα ποσά που βάζει στην άκρη για να πληρώνει δάνεια, φÞρουσ κλπ. Το ίδιο, και ακÞµα εντονÞτερα, κάνουν οι επιχειρήσεισ: µειώνουν τισ δαπάνεσ τουσ και βάζουν Þσα περισσÞτερα χρήµατα µπορούν στην άκρη. Το ίδιο και το κράτοσ, το οποίο «κÞβει» Þπου µπορεί και παράλληλα µειώνει τισ δηµÞσιεσ επενδύσεισ. Σε Þποια χώρα τησ Ευρωζώνησ κοιτάξουµε σήµερα βλέπουµε το ίδιο φαινÞµε-

νο: οι επενδύσεισ να υπολείπονται των αποταµιεύσεων. ΠρÞκειται για ένα γενικευµένο φαινÞµενο που αφορά Þλη την Ευρωζώνη. Αυτή είναι η αµείλικτη λογική τησ µικροοικονοµίασ και είτε αρέσει στουσ Γερµανούσ είτε Þχι, ισχύει παντού και πάντα. Ο µÞνοσ δρÞµοσ προσ την µείωση των ελλειµµάτων του Ευρωπαϊκού νÞτου είναι η ανάπτυξη η οποία θα έρθει µÞνο µέσω τησ τÞνωσησ των επενδύσεων. Για να τονωθούν Þµωσ οι επενδύσεισ χρειάζεται να ριχτεί στη αγορά χρήµα, ρευστÞτητα δηλαδή. ΡευστÞτητα εν καιρώ σκληρήσ λιτÞτητασ δεν υπήρξε ποτέ και πουθενά στη ιστορία τησ παγκÞσµιασ οικονοµίασ. Το παράδειγµα τησ Ευρωζώνησ δεν είναι µοναδικÞ. ΠαρÞµοια κατάσταση επικράτησε και στη Ιαπωνία το 1990 Þπωσ και στισ ΗΠΑ τÞσο το 1930 Þσο και το 2008. Οι ΗΠΑ µετά τη µεγάλη ύφεση του 1929-1930 την αµέσωσ επÞµενη χρονιά έτρεχαν µε διψήφιο αριθµÞ ανάπτυξησ. Στην Ευρωζώνη απÞ την άλλη είδη µπαίνουµε στον 6ο έτοσ ύφεσησ µε κράτη µέλη να τρέχουν µε 5 και 6 συνεχÞµενα έτη αρνητικήσ ανάπτυξησ. Η µεγάλη διαφορά είναι πωσ οι Γερµανοί Þχι µÞνο αρνούνται να πράξουν αυτÞ που έπραξαν οι Ιάπωνεσ και ειδικά οι Αµερικάνοι, αλλά ρίχνουν περισσÞτερο λάδι στην φωτιά θεωρώντασ την λιτÞτητα ευλογία για την Ευρωζώνη. Επιµένουν στην περικοπή των δηµÞσιων δαπανών, στην µείωση των ελλειµµάτων και των χρεών, στον περιορισµÞ των εξÞδων, στην υιοθέτηση µιασ θεραπείασ αυστηρήσ και

µονÞπλευρησ λιτÞτητασ που συρρικνώνει τα εισοδήµατα των πολλών και ιδιαίτερα των πιο φτωχών. Αυτέσ οι παραινέσεισ και οι ασκούµενεσ πολιτικέσ αγνοούν ωστÞσο τα ίδια τα διδάγµατα τησ ιστορίασ. Η µεγάλη ύφεση τησ δεκαετίασ του 1930 που αναφέραµε πιο πάνω τερµατίστηκε χάρη σε ένα µεγάλο κύµα κρατικών δαπανών και κάτι τέτοιο έχουµε απεγνωσµένα ανάγκη και σήµερα. Συµπερασµατικά, το ευρωπαϊκÞ εγχείρηµα εξÞδου απÞ την Κρίση µέσω τησ συντονισµένησ µείωσησ των κρατικών ελλειµµάτων, δηλαδή τησ γενικευµένησ ευρωζωνικήσ λιτÞτητασ, προσκρούει σε βασικέσ αλήθειεσ τησ µακροοικονοµικήσ. Συγκρούεται σφοδρά µε την λογική. Αποτελεί έναν απίστευτο παραλογισµÞ που τον πληρώνουν οι ευρωπαίοι πολίτεσ χωρίσ λÞγο και αιτία. Αν δεν υπάρξει ένα New Deal για την Ευρωζώνη συνολικά, το οποίο θα δώσει ώθηση στην ρευστÞτητα, αυξάνοντασ θεαµατικά τισ επενδύσεισ σε ολÞκληρη την Ευρωζώνη, η Κρίση θα συνεχίσει να βαθαίνει την ώρα που οι «ηγέτεσ» τουσ γιορτάζουν την... λήξη τησ. Και βέβαια αυτÞ που σοκάρει περισσÞτερο απÞ Þλα είναι η απουσία µίασ συµµαχίασ των οφειλετών, των κρατών που υποφέρουν, οι οποίοι να «τολµήσουν» να αντισταθούν έστω και λίγο στουσ Γερµανούσ. Με τουσ Γάλλουσ πολιτικά ανύπαρκτουσ, τουσ Ολλανδούσ και τουσ Αυστριακούσ να βρίσκονται αιώνια στο ΓερµανικÞ άρµα και τουσ Ιταλούσ και τουσ Ισπανούσ να ασχολούνται µÞνο µε τα δικά τουσ προβλήµατα, η Ενωµένη Ευρώπη µÞνο ενωµένη δεν φαντάζει και το µέλλον τησ Ευρωζώνησ να φαντάζει Þλο και πιο δυσοίωνο και αβέβαιο.

∏ ∂˘ÚÒË «¯ÚÂÈ¿˙ÂÙ·È Ôχ» Ù· startups Την τελευταία διετία, αποτελεί ένα απÞ τα βασικά ζητήµατα που απασχολούν τουσ αξιωµατούχουσ τησ Ε.Ε. Η Γηραιά Ήπειροσ έχει αρχίσει να χάνει Þλο και περισσÞτερο ένα απÞ τα µεγαλύτερα ατού που είχε στο παρελθÞν: το ανθρώπινο δυναµικÞ. Στην Ελλάδα έχει γίνει πολύσ λÞγοσ για τα µυαλά που φεύγουν στο εξωτερικÞ, µÞνο που συνήθωσ δεν πηγαίνουν σε κάποια άλλη χώρα τησ Ευρωπαϊκήσ Ένωσησ αλλά αλλάζουν ήπειρο, µε τισ δύο ακτέσ των Ηνωµένων Πολιτειών να αποτελούν την πλέον συνηθισµένη επιλογή. Η οικονοµική ύφεση δεν επιτρέπει στισ µεγάλεσ πολυεθνικέσ τησ Ευρώπησ να κρατήσουν το ανθρώπινο δυναµικÞ που φεύγει. Ùµωσ, οι λÞγοι δεν είναι µÞνο οικονοµικοί αλλά έχουν σχέση και µε τη νοοτροπία τησ κοινωνίασ, που σε πολλέσ περιπτώσεισ δεν ενθαρρύνει τη δηµιουργία νέων επιχειρήσεων οι οποίεσ µπορεί να είναι καινοτÞµεσ αλλά έχουν και υψηλÞ ποσοστÞ αποτυχίασ. Την ίδια στιγµή, η Ευρώπη δείχνει να µένει πολύ πίσω σε έναν πολύ σηµαντικÞ κλάδο: αυτÞν των ψηφιακών τεχνολογιών. Οι µεγάλοι «παίκτεσ» του κλάδου που εδρεύουν στην Ευρώπη µετριούνται στα δάχτυλα ενÞσ χεριού, το προβάδισµα που έδωσε η κινητή τηλεφωνία τισ δύο προηγούµενεσ δεκαετίεσ, το πήραν πίσω οι Αµερικάνοι µε τα smartphones και την ταχύτερη ανάπτυξη των δικτύων κινητήσ τηλεφωνίασ τέταρτησ γενιάσ. Το αποτέλεσµα είναι Þτι η Ευρώπη χρειάζεται κάτι για να ξυπνήσει. Χρειάζεται το νέο «αίµα» να πάρει την κατάσταση

στα χέρια του. Και γι’ αυτÞ στισ Βρυξέλλεσ, τα startups, Þπωσ αποκαλούνται αυτέσ οι νέεσ και καινοτÞµεσ επιχειρήσεισ, είναι ένα απÞ τα αγαπηµένα θέµατα συζήτησησ. ∆εν είναι τυχαίο Þτι η ΚοµισιÞν προωθεί επιδοτήσεισ αρχικού ύψουσ 100 εκατ. ευρώ για τη δηµιουργία startups.Το ποσÞ είναι µικρÞ αλλά δεν είναι η µÞνη δράση. Στην Ελλάδα και την Κύπρο, έχουµε δει το πρÞγραµµα Jeremie, το οποίο αποτελεί ένα ενδιαφέρον εργαλείο για τη χρηµατοδÞτηση νέων επιχειρήσεων, κυρίωσ τεχνολογικών, µέσω ιδιωτών επενδυτών, οι οποίοι αναλαµβάνουν και αυτοί ένα µέροσ του ρίσκου. ΑυτÞ Þµωσ που πρέπει να καταλάβουµε απÞ την µια Þσον αφορά τα startups, είναι πωσ «start-up» είναι µια οποιαδήποτε επιχειρηµατική δραστηριÞτητα (η πρώτη εταιρική µορφή υλοποίησησ µιασ ιδέασ) η οποία έχει τρία βασικά χαρακτηριστικά: Είναι νέα, Είναι καινοτÞµοσ και Έχει ταχεία ανάπτυξη ή έχει προοπτικέσ ταχείασ ανάπτυξησ. ΑπÞ την άλλη δεν χρειάζεται να πλησιάζουµε τα Þρια τησ υπερβολήσ- λÞγω ανάγκησ για την εξεύρεση ενÞσ τρÞπου για τη γρήγορη δηµιουργία νέων θέσεων εργασίασ. Η δηµιουργία νέων επιχειρηµατικών µοντέλων που δεν θα αντιγράφουν εκείνα των ΗΠΑ είναι απαραίτητη προκειµένου η Ευρώπη να βελτιώσει την ανταγωνιστικÞτητά τησ. ∆ιαφορετικά, οι Αµερικανοί και οι Κινέζοι θα διεισδύσουν πολύ περισσÞτερο στισ τοπικέσ αγορέσ και θα αρχίσουν να αυξάνουν σε υπερβολικÞ βαθµÞ τα µερίδια αγοράσ που διαθέτουν ήδη σε ορισµένουσ κλάδουσ.


«™ÙÚÔÊ‹» ÙˆÓ ÂÈ‚·ÙÒÓ ÛÙȘ on line ÎÚ·Ù‹ÛÂȘ

ΣχεδÞν 1,1 εκατοµµύριο άνθρωποι -αριθµÞσ ρεκÞρ απÞ το 1995- µετανάστευσαν στη Γερµανία το 2012, σύµφωνα µε τα επίσηµα στοιχεία που έδωσε στη δηµοσιÞτητα η οµοσπονδιακή Στατιστική Υπηρεσία. Επιπλέον, κατά το ίδιο διάστηµα 712.000 άνθρωποι εγκατέλειψαν τη Γερµανία. Τα δύο τρίτα των µεταναστών το 2012 πήγαν στη Γερµανία απÞ κράτη τησ Ευρωπαϊκήσ Ένωσησ. ΙσχυρÞ ρεύµα µετανάστευσησ σηµειώθηκε απÞ την Ισπανία, την Ελλάδα, την Ιταλία και την Πορτογαλία, δηλαδή απÞ χώρεσ που υποφέρουν κάτω απÞ το βάροσ τησ επιβληθείσασ απÞ τη Γερµανία πολιτικήσ λιτÞτητασ. Ο υπουργÞσ Εσωτερικών τησ Γερµανίασ, ΤÞµασ Ντε Μεζιέρ, χαιρέτισε την ενίσχυση τησ µετανάστευσησ εξειδικευµένων εργαζÞµενων απÞ χώρεσ εκτÞσ Ευρωπαϊκήσ Ένωσησ. «Η Γερµανία εξαρτάται απÞ αυτούσ τουσ ανθρώπουσ», δήλωσε ο κ. Ντε Μεζιέρ, τοποθέτηση η οποία εκλήφθηκε ωσ αιχµή προσ το αδελφÞ κÞµµα των Χριστιανοκοινωνιστών, που καλλιεργεί, κλίµα κατά τησ ελεύθερησ διακίνησησ, σύµφωνα µε εκτιµήσεισ. Αξιοσηµείωτο, ωστÞσο, είναι και το στοιχείο τησ αύξησησ εκείνων που εγκαταλείπουν τη Γερµανία. Πολλοί διερωτώνται «Τι γίνεται µε το 5% τησ αύξησησ αυτών που έφυγαν απÞ τη Γερµανία;

∞ÚÈıÌfi˜ ÚÂÎfiÚ ·fi ÙÔ 1995

«Στροφή» στισ επενδύσεισ που διευκολύνουν τισ online κρατήσεισ αεροπορικών εισιτηρίων µέσω κινητού τηλεφώνου ή tablet, οι οποίεσ αναπτύσσονται ραγδαία, επιχειρούν οι αεροπορικέσ εταιρείεσ καθώσ µέσα στα επÞµενα δύο χρÞνια αναµένεται να έχουν αυξηθεί τÞσο που θα αγγίζουν το ποσοστÞ των κρατήσεων µε πιστωτικέσ ή άλλου είδουσ κάρτεσ. Η ευκολία τησ εφαρµογήσ, η σύντοµη διαδικασία αλλά και η «εξάρτηση» που δείχνουν πλέον Þχι µÞνο οι νέοι αλλά και οι µεγαλύτεροι σε ηλικία επιβάτεσ αεροπορικών εταιρειών έχουν αλλάξει τα δεδοµένα στην αγορά εισιτηρίων καθώσ και στη διαδικασία του check in στο αεροπλάνο, που πλέον γίνεται είτε απÞ το κινητÞ είτε απÞ το tablet. Σύµφωνα µε την Ηµερισία, έρευνα τησ εταιρείασ WorldPay, που ειδικεύεται στισ πληρωµέσ αεροπορικών εταιρειών, έδειξε Þτι το ένα τρίτο των αεροπορικών εταιρειών πρÞκειται να προσφέρει τα επÞµενα δύο χρÞνια πολλέσ νέεσ δυνατÞτητεσ ηλεκτρονικών πληρωµών στουσ καταναλωτέσ. Στην έρευνα, στην οποία συµµετείχαν 56 αεροπορικέσ εταιρείεσ µεταξύ των οποίων και χαµηλού κÞστουσ, διαπιστώθηκε Þτι οι πληρωµέσ µέσω κινητών ηλεκτρονικών συσκευών είναι ένασ βασικÞσ τοµέασ που καλούνται να εστιάσουν. Μάλιστα, περισσÞτερεσ απÞ τισ µισέσ εταιρείεσ (ποσοστÞ

Η Ευρώπη χρειάζεται γρήγορα νέουσ «πρωταθλητέσ» και βλέπει Þτι µέσω των startups υπάρχει µία ευκαιρία να γίνει κάτι τέτοιο. Ενδεχοµένωσ να χρειάζεται απλώσ να βρεθεί µία νέα επιχείρηση που µέσα σε 3-4 χρÞνια θα µπορέσει να εκτοξευτεί στη χρηµατιστηριακή στρατÞσφαιρα και να κάνει δισεκατοµµυριούχουσ µερικούσ νέουσ που ξεκίνησαν απÞ κάποια γωνιά τησ Ευρώπησ. Τέτοιεσ περιπτώσεισ δείχνουν να υπάρχουν (π.χ. το σουηδικÞ Spotify), αλλά ακÞµη δεν έχει κάνει την εµφάνισή του στην Ευρώπη κάτι αντίστοιχο σε επίπεδο φήµησ µε το Facebook. Αυτή η αναζήτηση συνεχίζεται και δεν αποκλείεται κάτι να βρεθεί. ∆Ô˘ ¢ËÌ‹ÙÚË ª·ÏÏ¿

57%) δήλωσαν Þτι τα έσοδά τουσ µέσω κινητών ηλεκτρονικών συσκευών τα επÞµενα δύο χρÞνια θα ενισχυθούν και θα είναι ίσα µε αυτά των πιστωτικών καρτών. Την ίδια τάση αποτυπώνει και έρευνα που πραγµατοποιήθηκε απÞ την Travelplanet24 το 2013, και σύµφωνα µε την οποία υπήρξε σηµαντική αύξηση στισ κρατήσεισ αεροπορικών εισιτηρίων που πραγµατοποιήθηκαν µέσω του mobile site. Την ίδια στιγµή καταγράφηκε διπλασιασµÞσ στην επισκεψηµÞτητα του. Το 55,5% των χρηστών είναι άντρεσ και το 44,5% γυναίκεσ ηλικίασ 20 έωσ 40 ετών (60%), µε κύρια συσκευή χρήσησ το κινητÞ τηλέφωνο µε ποσοστÞ 67% και το tablet µε ποσοστÞ 33%. Η χρήση του mobile site έγινε κυρίωσ για την κράτηση αεροπορικών εισιτηρίων για πτήσεισ εσωτερικού, µε δηµοφιλέστερουσ προορισµούσ τη Θεσσαλονίκη, την Αθήνα, τη Λάρνακα, το Ηράκλειο, τη ΡÞδο και την Αλεξανδρούπολη. Σε άλλη έρευνα προέκυψε Þτι απÞ το 57% των ατÞµων που κάνουν κράτηση µέσω διαδικτύου, το 31% επιλέγει να την πραγµατοποιήσει µέσω ενÞσ διαδικτυακού ταξιδιωτικού γραφείου, ενώ το υπÞλοιπο 26% επιλέγει τισ σελίδεσ αεροπορικών εταιρειών. Το 86% των χρηστών αναζητά και συγκρίνει τιµέσ σε παραπάνω απÞ δύο ιστοσελίδεσ.


22 ΙΑΝΟΥΑΡΙΟΥ, 2014 | ΕΛΛΑ∆Α | 7

∆· stress tests Î·È ÔÈ ‰È·ÊˆÓ›Â˜ Ì ÙËÓ ∆ÚfiÈη Tα αποτελέσµατα των stress tests των ελληνικών τραπεζών θα αποτελέσουν, Þπωσ Þλα δείχνουν, ένα κεντρικÞ κοµµάτι του παζλ, στη δύσκολη διαπραγµάτευση που θα πραγµατοποιήσει η ελληνική κυβέρνηση µε την τρÞικα. H επεξεργασία των στοιχείων βρίσκεται στο τέλοσ τησ, ενώ η ανακοίνωση αναµένεται µέχρι το τέλοσ του µήνα Þσον αφορά την κεφαλαιακή επάρκεια των τραπεζών. ΩστÞσο, κανέναν δεν θα εκπλήξει αν οι σχετικέσ ανακοινώσεισ γίνουν και στισ αρχέσ του Φλεβάρη, στο πλαίσιο τησ µη ολοκλήρωσησ µέχρι τÞτε τησ συνολικήσ διαπραγµάτευσησ. Oι κεφαλαιακέσ ανάγκεσ των τραπεζών, εφÞσον υπάρξουν, θα καθορίσουν σε σηµαντικÞ βαθµÞ ένα κοµµάτι τησ διαπραγµάτευσησ µε την τρÞικα που αφορά το «µαξιλάρι» του Ταµείου Χρηµατοπιστωτικήσ ΣταθερÞτητασ (ΤΧΣ), για το οποίο η µεν ελληνική κυβέρνηση θα επιθυµούσε να χρησιµοποιήσει τµήµα του για την κάλυψη του χρηµατοδοτικού κενού, αποφεύγοντασ νέο πακέτο βοήθειασ, ωστÞσο η τρÞικα και κυρίωσ η EKT επιµένουν τα κεφάλαια αυτά να διατηρηθούν ωσ «µαξιλάρι» ασφαλείασ στο χρηµατοπιστωτικÞ σύστηµα τησ χώρασ. Aρα, το ύψοσ των κεφαλαιακών αναγκών των τραπεζών, που µπορεί να µεταβληθεί αναλÞγωσ και τησ µεθοδολογίασ που τελικώσ θα επικρατήσει, αποτε-

λεί ανά περίπτωση ατού στο χέρι των δανειστών ή τησ κυβέρνησησ για τισ επιδιώξεισ τησ δεύτερησ ή για τισ απαιτήσεισ τησ τρÞικασ. AπÞ την άλλη πλευρά, οι πρÞσφατεσ εξελίξεισ σχετικά µε το TαχυδροµικÞ Ταµιευτήριο, δεν βοηθούν την πολιτική διαπραγµάτευση του συγκεκριµένου θέµατοσ, ενώ συγχρÞνωσ έχουν δηµιουργήσει µία αρνητική αύρα και Þσον αφορά το κλίµα που είχε αρχίσει να δηµιουργείται σχετικά µε τισ νέεσ χρηµατοδοτήσεισ. Mε τον έναν ή τον άλλο τρÞπο, πάντωσ, σε λίγεσ ηµέρεσ θα είναι γνωστέσ οι κεφαλαιακέσ ανάγκεσ των τραπεζών.

∞Û΋ÛÂȘ ÚÔÛÔÌÔ›ˆÛ˘ Πάντωσ οι ελληνικέσ τράπεζεσ, Þπωσ και Þλεσ οι ευρωπαϊκέσ, έχουν αρχίσει να δίνουν στοιχεία στην EKT µέσω τησ TτE στο πλαίσιο τησ συµµετοχήσ των ασκήσεων προσοµοίωσησ για το 2014 σε πανευρωπαϊκÞ επίπεδο. Tισ εργασίεσ αυτέσ πανευρωπαϊκά συντονίζει η εταιρεία Oliver Wyman. Tα στοιχεία που χορηγούνται, δεδοµένου πωσ σε πανευρωπαϊκÞ επίπεδο γίνεται για πρώτη φορά µία τέτοια εργασία, είναι ιστορικά και µεταβατικά, γι’ αυτÞ απαιτείται σηµαντικÞσ

χρÞνοσ για την επεξεργασία τουσ. H άσκηση προσοµοίωσησ τησ Eυρώπησ έχει διάφορα στάδια και αφορά την ποιÞτητα των ενεργητικών (Asset Quality Review), προσαρµογή σε ακραίεσ καταστάσεισ και αντιµετώπιση κινδύνων. H Eλλάδα, έχοντασ παρακολουθήσει πολλέσ ασκήσεισ προσοµοίωσησ, εκτιµάται πωσ θα είναι σε πλεονεκτική θέση σε αυτά τα stress tests, που θέτουν έτσι και αλλιώσ τον δείκτη κεφαλαιακήσ επάρκειασ στο 8%. Eίναι χαρακτηριστικÞ, πάντωσ, πωσ δεν θα ισχύσει το ίδιο για ολÞκληρη την Eυρώπη. Oι γερµανικέσ τράπεζεσ ενδέχεται να εµφανίσουν κεφαλαιακά κενά στα stress tests που θα διενεργηθούν απÞ την EBA, ανέφερε η Elke Koening, επικεφαλήσ τησ τραπεζικήσ αρχήσ τησ Γερµανίασ (Bafin). «Aνάλογα µε το πώσ θα καθοριστούν τα σενάρια και υποθέσεισ, τα stress tests µπορεί να αποκαλύψουν επιπρÞσθετεσ κεφαλαιακέσ ανάγκεσ για κάποιεσ τράπεζεσ», ανέφερε η κ. Koening. ΩστÞσο, Þπωσ µεταδÞθηκε, η κ. Koening πρÞσθεσε πωσ ο έλεγχοσ τησ Eυρωπαϊκήσ Kεντρικήσ Tράπεζασ στην ποιÞτητα των στοιχείων ενεργητικού (AQR) δύσκολα θα οδηγήσει σε δυσάρεστεσ εκπλήξεισ.

™Ù· ÛηÚÈ¿ ÂÏÏËÓÈÎfi tablet ·fi ÙËÓ MLS Νέα κινητά τηλέφωνα και ταµπλέτεσ (tablets), τα οποία ενσωµατώνουν την τελευταία λέξη τησ τεχνολογίασ, θα κυκλοφορήσει τουσ επÞµενουσ µήνεσ η «MLS Πληροφορική», µε στÞχο να εκµεταλλευτεί τισ ευκαιρίεσ που υπάρχουν στισ συγκεκριµένεσ κατηγορίεσ τησ αγοράσ. Παράλληλα, σχεδιάζει να κινηθεί πιο έντονα στο εξωτερικÞ, µε επίκεντρο τισ χώρεσ τησ Μέση Ανατολήσ. Τα παραπάνω δήλωσε ο πρÞεδροσ και διευθύνων σύµβουλοσ τησ εταιρείασ, Ιωάννησ Καµατάκησ, στο πλαίσιο παρουσίασησ στο Χρηµατιστήριο Αθηνών, τονίζοντασ πωσ «η επÞµενη τριετία είναι πολύ καθοριστική για την περαιτέρω ανάπτυξη τησ MLS». Η MLS Πληροφορική Α.Ε. ιδρύθηκε τον Οκτώβριο του 1995 στη Θεσσαλονίκη και το 1998 κατέκτησε το ΧρυσÞ ΠανευρωπαϊκÞ Βραβείο Τεχνολογίασ, ενώ τον Μάιο του 2001 εισήχθη στο Χρηµατιστήριο Αξιών Αθηνών. Το 2003 ανέπτυξε το πρώτο σύστηµα αυτÞµατησ πλοήγησησ τησ Ελληνικήσ αγοράσ ενώ το 2005 προχώρησε στην κυκλοφορία του MLS Destinator, το οποίο αποτελεί σήµερα το κορυφαίο σύστηµα πλοήγησησ, κατέχοντασ ηγετική θέση στην αγορά. Παράλληλα, το 2006 βρέθηκε στην κορυφή τησ παγκÞσµιασ πρωτοπορίασ αλλάζοντασ τα δεδοµένα στο χώρο τησ πλοήγησησ µε την κυκλοφορία του MLS Destinator Talk&Drive, του µοναδικού συστήµατοσ πλοήγησησ µε αναγνώριση φωνήσ. Το 2010 ολοκλήρωσε την ανάπτυξη του δικού τησ πρωτοποριακού, διαδραστικού πίνακα αφήσ MLS IQBord για να καλύψει τισ σύγχρονεσ και διαρ-

κώσ αυξανÞµενεσ ανάγκεσ στην εκπαίδευση. ΑπÞ το 2011 η εταιρία εισήλθε σε νέα πορεία µε στÞχο την ανάπτυξη σε αγορέσ του εξωτερικού µε αιχµή του δÞρατοσ το πρωτοποριακÞ σύστηµα πλοήγησησ MLS Destinator Talk&Drive. Προσ την κατεύθυνση αυτή, η εταιρία προχώρησε στην είσοδο στην αγορά τησ Τουρκίασ, τησ Χιλήσ, του ΜαρÞκου, τησ Σαουδικήσ Αραβίασ, τησ Ιορδανίασ και τησ Κύπρου. Το 2012 η εταιρεία επέκτεινε τισ εµπορικέσ τησ δραστηριÞτητεσ στην αγορά τησ κινητήσ τηλεφωνίασ λανσάροντασ το πρώτο ελληνικÞ Android smartphone MLS iQTalk. Ο κ. Καµατάκησ σηµείωσε Þτι η MLS αποφάσισε να κινηθεί πιο δυναµικά τÞσο εντÞσ Þσο εκτÞσ συνÞρων, καθώσ είναι έτοιµη για να διεκδικήσει το κάτι παραπάνω τÞσο εντÞσ Þσο και εκτÞσ συνÞρων. Με τισ πωλήσεισ των πλοηγών (destinators) να υποχωρούν λÞγω κρίσησ (σε 35.000 απÞ 90.000 πριν απÞ µερικά χρÞνια), αλλά και την εµπιστοσύνη που δείχνουν πλέον οι καταναλωτέσ στα ελληνικά προϊÞντα, η εταιρεία θα εστιάσει στα κινητά τηλέφωνα και στα tablets, τα οποία αυξάνονται µε εντυπωσιακούσ ρυθµούσ. Ειδικά στην κατηγορία των tablets, η οποία θεωρείται το επÞµενο success story στην αγορά των προϊÞντων τεχνολογίασ, ο πήχησ τίθεται ψηλά. ΣτÞχοσ είναι µέσα απÞ τα νέα προϊÞντα και κυρίωσ το πρώτο tablet που κάνει τηλεφωνικέσ κλήσεισ και στέλνει µηνύµατα (MLSiQAstro3G) να βρεθεί στην κορυφαία τριάδα των εταιρειών. Στο πρώτο εξάµηνο του 2014 θα παρουσιασθεί και ένα καινοτÞµο προϊÞν, το οποίο θα την διαφοροποιήσει απÞ τον

∏ MLS ¶ÏËÚÔÊÔÚÈ΋ ȉڇıËΠÙÔ 1995 ÛÙË £ÂÛÛ·ÏÔÓ›ÎË Î·È ÙÔ 2003 ·Ó¤Ù˘Í ÙÔ ÚÒÙÔ Û‡ÛÙËÌ· ·˘ÙfiÌ·Ù˘ ÏÔ‹ÁËÛ˘ Ù˘ ∂ÏÏËÓÈ΋˜ ·ÁÔÚ¿˜. ∆Ô 2013 η٤ÁÚ·„ ˆÏ‹ÛÂȘ 9 ÂÎ. ¢ÚÒ. ανταγωνισµÞ. Τέλοσ, ο κ. Καµατάκησ δεν απέκλεισε αύξηση του µετοχικού κεφαλαίου, ενώ αναφορικά µε τα µεγέθη του 2013 τÞνισε Þτι οι πωλήσεισ έφθασαν σε 9 εκατ. και τα καθαρά κέρδη σε 1,2 εκατ. Για το 2014, στÞχοσ είναι πωλήσεισ 11 εκατ. και κέρδη 1,7 εκατ. ευρώ.

º¿Ú̷η ÛÙÔ Û›ÙÈ... ̤ۈ Ù·¯˘‰ÚfiÌÔ˘ Νέεσ υπηρεσίεσ εγκαινιάζουν το επÞµενο διάστηµα τα Ελληνικά Ταχυδροµεία (ΕΛΤΑ). Στα πλαίσια αυτά τα Ελληνικά Ταχυδροµεία θα δώσουν τη δυνατÞτητα στουσ έλληνεσ πολίτεσ να εκτελούν µέσω ΕΛΤΑ τισ ιατρικέσ τουσ συνταγέσ. Ο ταχυδρÞµοσ θα παραδίδει τα φάρµακα στο σπίτι έναντι 3 ευρώ. Η υπηρεσία θα ξεκινήσει πιλοτικά απÞ την Αττική. Σε επÞµενη φάση οι διανοµείσ θα φέρνουν και ρούχα απÞ το καθαριστήριο ή και ψώνια απÞ σούπερ µάρκετ, κάτι που ήδη ισχύει σε άλλεσ χώρεσ Þπωσ το Βέλγιο.

Μία άλλη νέα υπηρεσία προσ µικροµεσαίεσ επιχειρήσεισ θα είναι η συσκευασία, µεταφορά και διανοµή απÞ κατάστηµα σε κατάστηµα προϊÞντων, η οποία θα συνοδεύεται απÞ την κατάθεση των χρηµάτων τησ αντικαταβολήσ στον λογαριασµÞ του αποστολέα την επÞµενη ηµέρα τησ παραλαβήσ. Μέτοχοσ των ΕΛΤΑ είναι κατά 90% το ∆ηµÞσιο και κατά 10% η διάδοχοσ του Ταχυδροµικού Ταµιευτηρίου, Eurobank. Αντίθετα, η συµµετοχή των ΕΛΤΑ στο ΤΤ πέρασε στην «bad bank» και χάθηκε.

∂ÁηÈÓÈ¿˙ÂÙ·È ÙÔ ÚÒÙÔ «Farmers market» ¶·Ú¿ÏÏËÏË ‰È¿ıÂÛË ÙˆÓ ÚÔ˚fiÓÙˆÓ Î·È Û e-shop Το πρώτο σουπερµάρκετ αγροτών, χωρίσ µεσάζοντεσ, θα λειτουργήσει στην Ελλάδα, τÞσο µε νωπά Þσο και τυποποιηµένα προϊÞντα απÞ 150 παραγωγούσ, παρέχοντασ παράλληλα τη δυνατÞτητα για online παραγγελίεσ και διανοµή στο σπίτι. ΠρÞκειται για µια ιδέα του επιχειρηµατία ∆ηµήτρη Κουτσολιούτσου, που µετά το Γίνε ΑγρÞτησ, εφαρµÞζει και στην Ελλάδα έναν θεσµÞ δοκιµασµένο στο εξωτερικÞ, τισ αγορέσ παραγωγών, γνωστέσ ωσ farmers market, Þπου µικροί αγρÞτεσ διαθέτουν τα προϊÞντα τουσ απευθείασ στουσ καταναλω-

τέσ σε χαµηλέσ τιµέσ. Η συγκεκριµένη αγορά θα είναι στεγασµένη, θα έχει σε πρώτη φάση έκταση 1.200 τ.µ., θα διαθέτει ράφια για τουλάχιστον 100 τυποποιηµένα αγροτικά προϊÞντα, ενώ θα λειτουργεί καθηµερινά ωσ σουπερµάρκετ, αλλά τα Σάββατα και ωσ λαϊκή αγορά µε 40 πάγκουσ. Τα εγκαίνια του Farmers Republic, Þπωσ ονοµάζεται το εγχείρηµα, έχουν προγραµµατιστεί για τισ 25 Ιανουαρίου. Το Farmers Republic θα λειτουργήσει αφού πρώτα επιλεγούν οι αγρÞτεσ, οι οποί-

οι πρέπει να είναι κατ επάγγελµα παραγωγοί και τα προϊÞντα τουσ να είναι κατά προτίµηση βιολογικά τουλάχιστον κατά την πρώτη φάση τησ λειτουργίασ, γι αυτÞ και πρέπει να συνοδεύονται απÞ σχετικέσ πιστοποιήσεισ,

οι οποίεσ και ελέγχονται. Και τισ επτά ηµέρεσ τησ εβδοµάδασ, Þπου ο χώροσ θα λειτουργεί ωσ στεγασµένο παντοπωλείο, ένα είδοσ πρωτÞτυπου σουπερµάρκετ, η επιχείρηση θα φιλοξενεί στα ράφια τυποποιηµένα προϊÞντα αγροτών απ Þλη την Ελλάδα έναντι µιασ µικρήσ προµήθειασ. Τέτοια προϊÞντα θα είναι απÞ ελαιÞλαδα, τυροκοµικά, αλλαντικά και κρέασ, µέχρι µέλι, ξηρούσ καρπούσ, ζυµαρικά, σπιτικά γλυκά και είδη αρτοποιίασ. Τέλοσ, στον χώρο θα λειτουργεί ένα ηλεκτρονικÞ κατάστηµα e-shop µέσω του οποίου ο καταναλωτήσ θα µπορεί να παραγγέλνει ηλεκτρονικά τα προϊÞντα τησ επιλογήσ του.



8 | ΑΓΟΡΑ | ∏ USB ÎÔÓÙ¿ ÛÙÔ ¶ÔÏ˘‰‡Ó·ÌÔ ∫¤ÓÙÚÔ §Â˘ÎˆÛ›·˜

§·ÓÛ¿ÚÈÛÌ· Ù˘ οÚÙ·˜ Bee Ì ÌˉÂÓÈΤ˜ ¯ÚÂÒÛÂȘ Γεύµα γνωριµίασ για τουσ οικονοµικούσ συντάκτεσ, διοργάνωσε η νέα πρωτοποριακή εταιρεία συναλλαγών Neo και το καινοτÞµο δίκτυο πληρωµών τησ Bee. Την εταιρεία και τισ υπηρεσίεσ τησ παρουσίασε ο ΠρÞεδροσ και εµπνευστήσ τησ εταιρείασ, Danny Brewster, µέσα απÞ µια σύντοµη οµιλία. Η καινοτÞµα εταιρεία συναλλαγών Neo και το δίκτυο πληρωµών Bee θα αλλάξουν µια για πάντα, τα πάντα, προσφέροντασ απÞ το Φεβρουάριο του 2014, µια νέα, ασφαλή και αξιÞπιστη µέθοδο συναλλαγών, πληρωµών και φύλαξησ του πλούτου µασ. Οι καταναλωτέσ, ανοίγοντασ λογαριασµÞ στη Νeo, αποκτούν δωρεάν και τη χρεωστική κάρτα Bee την οποία θα µπορούν να χρησιµοποιούν για τισ αγορέσ τουσ χωρίσ κÞστοσ, περιορισµούσ και αυστηρούσ ελέγχουσ απÞ κυβερνητικούσ φορείσ και χρηµατοπιστωτικούσ ρυθµιστέσ. Επιπλέον, οι συναλλαγέσ µε τισ κάρτεσ Bee θα προσφέρουν µηδενικέσ χρεώσεισ συναλλαγών. Και αυτÞ γιατί το bitcoin είναι ένα νÞµισµα το οποίο δεν ελέγχεται και δεν ρυθµίζεται απÞ χώρεσ, ενώσεισ και οµοσπονδίεσ Þπωσ Þλα τα παραδοσιακά νοµίσµατα (βλ. ευρώ και δολάριο).

∏ Emirates ·›ÚÓÂÈ ¤Ó· Ù˘¯ÂÚfi ˙¢Á¿ÚÈ ÛÙÔ ¡ÙÔ˘Ì¿È Η Βαρβάρα ∆ηµητρίου και ο Γιώργοσ Γεωργίου είναι οι νικητέσ τησ κλήρωσησ του βραβείου Emirates Holidays που έλαβε µέροσ κατά τη διάρκεια τησ Έκθεσησ Γάµου που πραγµατοποιήθηκε στη Κρατική Έκθεση στη Λευκωσία. Η ετήσια αυτή εκδήλωση, για την οποία η Emirates Holidays είναι ένασ απÞ τουσ κύριουσ χορηγούσ, πρÞσφερε σε ζευγάρια που την επισκέφθηκαν την ευκαιρία να κερδίσουν ένα υπέροχο ταξίδι στο Ντουµπάι.Το βραβείο αποτελείτο απÞ δύο αεροπορικά εισιτήρια σε Economy Class τησ Emirates για Ντουµπάι, µεταφορέσ και τρεισ διανυκτερεύσεισ σε ξενοδοχείο πέντε αστέρων µε πρÞγευµα. Για τουσ Κύπριουσ που ταξιδεύουν προσ τουσ προορισµούσ του Ινδικού Ωκεανού, η Emirates προσφέρει βολικέσ πτήσεισ µε σύνδεση στο Ντουµπάι. Περαιτέρω πληροφορίεσ είναι διαθέσιµεσ απÞ το Γραφείο Πωλήσεων τησ Emirates στη Λευκωσία στο τηλ. 22 817816 ή απÞ το H Emirates πετά τέσσερισ φορέσ την εβδοµάδα απÞ τη Λάρνακα στο Ντουµπάι. Στην φωτογραφία η Βαρβάρα ∆ηµητρίου και ο Γιώργοσ Γεωργίου µε τον Ανδρέα Χατζηκυριάκου, Sales Manager τησ Emirates για τη Κύπρο (αριστερά) και τον Tom Varghese, Tours and Sales Manager για την Emirates Holidays.

T¤ÏÔ˜ ÙÔ˘ 2014 Ë Î˘ÎÏÔÊÔÚ›· ÙÔ˘ Ó¤Ô˘ Hyundai Genesis Στο τέλοσ του 2014 αναµένεται η κυκλοφορία του νέου σεντάν πολυτελείασ τησ Hyundai, Genesis, αποδεικνύοντασ ακÞµα µια φορά τισ τεχνολογικέσ δυνατÞτητεσ τησ Εταιρείασ. Το νέο µοντέλο, που αναµένεται να αποτελέσει την πρώτη επιλογή για προσωπικÞτητεσ απ’ Þλεσ τισ χώρεσ, θα δοθεί στην αγορά σε µία µÞνο έκδοση, η οποία θα περιλαµβάνει Þλο τον εξοπλισµÞ που σχεδιάστηκε να φέρει, για να προσφέρει µοναδικέσ εµπειρίεσ πολυτέλειασ και ποιÞτητασ. Η εκπληκτική οδηγική άνεση και τεχνολογική τελειÞτητα του Genesis αντανακλώνται στο διακριτικÞ του στυλ, που είναι απÞλυτα συνυφασµένο µε την λογική του “ρευστού γλυπτού”, την επιτυχηµένη σχεδιαστική φιλοσοφία τησ Hyundai. Οι κοµψέσ γραµµέσ του δίνουν έµφαση στο µέγεθοσ του Genesis ενώ η µάσκα του χαρίζει εντυπωσιακή Þψη και προδιαθέτει για την πολυτέλεια που υπάρχει στην καµπίνα.

™ÙȘ 10 ηχÙÂÚ˜ ÂÙ·ÈÚ›˜ Ù˘ ∂˘ÚÒ˘ Ë Medochemie Mε τον ιδιαίτερα τιµητικÞ τίτλο «Ruban d’Honneur» βραβεύτηκε η εταιρεία Medochemie στα φετινά European Business Awards. Η βράβευση τησ Φαρµακοβιοµηχανίασ Medochemie, την κατατάσσει ανάµεσα στισ δέκα καλύτερεσ εταιρείεσ τησ Ευρώπησ, στο τοµέα Εισαγωγών – Εξαγωγών. Η διάκριση τησ Medochemie αποτελεί µεγάλη επιτυχία, αφού στο διαγωνισµÞ συµµετείχαν 15.000 εταιρείεσ απÞ 27 χώρεσ. Η επιλογή τησ Medochemie έγινε απÞ επιτροπή κριτών η οποία αποτελείτο απÞ ευρωπαίουσ επιχειρηµατίεσ, ακαδηµαϊκούσ και opinion leaders. Η βράβευση τησ ωσ ‘Ruban d’Honneur’, τησ δίνει το εισιτήριο για συµµετοχή στην τελική φάση του διαγωνισµού European Business Awards 2013-14 , Þπου θα διεκδικήσει ένα απÞ τα δέκα βραβεία του τελικού. Η τελετή απονοµήσ των βραβείων θα πραγµατοποιηθεί στην Αθήνα, στισ 27 Μαΐου 2014. Η επιτυχία τησ Medochemie, επιβραβεύει για ακÞµη µια φορά την εξαγωγική τησ δραστηριÞτητα και την ανάπτυξη τησ σε νέεσ αγορέσ, ενώ ταυτÞχρονα επιβεβαιώνει µε τον καλύτερο τρÞπο, Þτι η εξέλιξή τησ στηρίζεται στην ποιÞτητα, την τεχνογνωσία και την επιχειρηµατική ικανÞτητα.

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H Τράπεζα USB BANK PLC µέσα στα πλαίσια του προγράµµατοσ Εταιρικήσ Κοινωνικήσ Ευθύνησ, που αποτελεί αναπÞσπαστο µέροσ τησ στρατηγικήσ τησ, στηρίζει οικονοµικά το κοινωνικÞ πρÞγραµµα «ΠολυπολιτισµικÞ Κέντρο Φροντίδασ Παιδιών Λευκωσίασ – Ουράνιο ΤÞξο» του Πολυδύναµου ∆ηµοτικού Κέντρου Λευκωσίασ. Το πρÞγραµµα αυτÞ φιλοξενεί σήµερα 58 παιδιά ευπαθών οικογενειών, 20 απÞ τα οποία αδυνατούν να καλύψουν τα βασικά γεύµατα τουσ. Η Τράπεζα USB BANK PLC, ιδιαίτερα ευαισθητοποιηµένη σε θέµατα που αφορούν τα παιδιά, στηρίζει διαχρονικά τα διάφορα προγράµµατα του Πολυδύναµου ∆ηµοτικού Κέντρου Λευκωσίασ, σε µια προσπάθεια να συµβάλλει στην ανακούφιση των ευάλωτων οµάδων του πληθυσµού. Η παράδοση τησ επιταγήσ πραγµατοποιήθηκε την Τετάρτη, 18 ∆εκεµβρίου 2013, στο γραφείο του ∆ήµαρχου Λευκωσίασ απÞ τον Αναπληρωτή ∆ιευθύνων Σύµβουλο τησ USB Bank Plc κ. Ανδρέα Θεοδωρίδη, προσ τον ∆ήµαρχο Λευκωσίασ κ. Κωνσταντίνο Γιωρκάτζη.

50.000 Á‡̷ٷ ÛÙ· ÎÔÈÓˆÓÈο ·ÓÙÔˆÏ›· ·fi Uncle Ben’s Το γεύµα είναι ένα αναπÞσπαστο κοµµάτι µιασ οικογένειασ αλλά και τησ παράδοσησ του Uncle Ben’s®. Είναι η ώρα Þπου η οικογένεια µαζεύεται και µαζί µε γεύσεισ και µυρωδιέσ, µοιράζονται µοναδικέσ στιγµέσ και αναµνήσεισ. Το Uncle Ben’s, τον Οκτώβριο του 2013 εγκαινίασε µια 2µηνη εκστρατεία για να βοηθήσει τουσ συνανθρώπουσ µασ που αδυνατούν, λÞγω τησ δύσκολησ οικονοµικήσ περιÞδου που περνάει η Κύπροσ, να προσφέρουν στισ οικογένειέσ τουσ ακÞµη και το βασικÞτερο γεύµα. Συγκεκριµένα, µε κάθε αγορά πρÞσφερε στα Κοινωνικά Παντοπωλεία 1 γεύµα, µε απώτερο στÞχο τα 50.000 γεύµατα. ∆υο µήνεσ αργÞτερα, η κοινωνικά ευαίσθητη εκστρατεία του Uncle Ben’s στέφθηκε µε τεράστια επιτυχία και την Παρασκευή 10 Ιανουαρίου, εκπρÞσωποσ τησ Uncle Ben’s, παρέδωσε, µαζί µε εκπρÞσωπο τησ εταιρείασ Christodoulides Bros Ltd, επίσηµου διανοµέα τησ Uncle Ben’s στην Κύπρο, τα 50.000 γεύµατα σε Κοινωνικά Παντοπωλεία τησ Κύπρου.

∆Ô J&B ¯¿ÚÈÛ Û 5 Ù˘¯ÂÚÔ‡˜ ·fi 1 iPhone 5c Η πολυχρωµία µασ κάνει Þλουσ µασ πιο θετικούσ και δηµιουργικούσ! Το θρυλικÞ J&B για να επιβραβεύσει τουσ τολµηρούσ και Þλουσ Þσουσ θέλουν να προσθέσουν περισσÞτερο χρώµα στη ζωή τουσ διοργάνωσε το διαγωνισµÞ Paint A Bottle στο Facebook. Ο γεµάτοσ χρώµα διαγωνισµÞσ Paint A Bottle του J&B, που είχε διάρκεια 5 εβδοµάδεσ και ήταν στα πλαίσια τησ παγκÞσµιασ εκστρατείασ ‘Dare to be Colourful’, προσκαλούσε και προκαλούσε τουσ fans του θρυλικού ποτού στην Κύπρο να κάνουν Like στη σελίδα του J&B Cyprus στο Facebook και να δηµιουργήσουν το δικÞ τουσ αριστουργηµατικÞ µπουκάλι J&B. ΕκτÞσ απÞ την ευκαιρία να δείξουν τισ καλλιτεχνικέσ τουσ δεξιÞτητεσ, οι χιλιάδεσ δηµιουργοί των πολύχρωµων µπουκαλιών J&B είχαν και την ευκαιρία να µπουν στισ 5 εβδοµαδιαίεσ κληρώσεισ του διαγωνισµού για να κερδίσουν απÞ 1 απÞ τα 5 iPhone 5c. Το J&B διανέµεται απÞ την εταιρεία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ.

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January 22 - 29, 2014 | PROPERTY | 17

πnvestor confidence fuels plans to expand in “safe havens” Despite economic and political turbulence, global real estate investors will be more willing to take risks in 2014 in ‘heaven safe’ markets, a trend that was evident in the investment volumes in Greece last year. Investor confidence and expectations of increasing transactional volumes are anticipated to improve, according to the results of the “Global Investor Sentiment Survey Report” by Colliers International. Overall, the survey found optimism about the economic outlook for 2014 and with the increased confidence, many investors are planning to expand. Globally, investors are willing to take more risk in future investment decisions, with 70% planning to expand their portfolios in the next six months. A decision more influenced by property fundamentals and yields instead of sovereign and political risk. From this context, U.S. buyers are the most ambitious as steady improvement in the progress of property investment turnover is expected in 2013 and 2014. In EMEA, with bright prospects for 2014, 61% of investors surveyed expressed their plan to expand their portfolios and increase their exposure to property. Opportunities are found especially in secondary markets with assets in need of capital expenditure and repositioning, despite recent political turmoil and economic uncertainty. Approximately 87% of EMEA respondents agreed that, “good investment opportunities exist in the global market, but are increasingly difficult to find.” Property fundamentals remain the most important investment criterion to EMEA

respondents, followed by economic growth. Sovereign risk scored second-highest globally behind Asia. The effect of the ongoing debt crisis on risk premium remains high between core and peripheral European markets despite recent improvements in economic and political sentiment. Many investors cited difficulties in finding good investment opportunities, despite having plenty of capital. As a result, competition is growing in stable markets as investors strive to maintain secure returns. A large amount of capital is flowing from high-risk nations into more liquid safe-haven markets, especially gateway cities such as London, Tokyo, Sydney, and New York which remain popular destinations for both crossborder and local capital. KEEP CAPITAL DOMESTIC Despite increased risk appetites, most survey respondents prefer to invest in markets close to home, with only 10% looking outside their domestic region for investment opportunities. Respondents from the three EMEA territories examined (Western Europe, CEE and MENA) source the majority of capital in their home regions. If they look outside, Western Europeans look to the UK and US, CEE Russia-Turkey look to Western Europe and the US, and MENA looks to Asia. For all investors, Germany is the preferred European target market, followed by France. Investors looking at these countries are prevalently based in Western Europe and the UK, underscoring the domestic bias of capital flows.

Leptos Kamares celebrates 35 years Leptos Kamares Village, the flagship development of Leptos Estates in Paphos, is celebrating its 35 th anniversary, with over 1200 villas built on the hills overlooking Paphos, close to the 12th century Monastery of St Neophytos and near the Tsada golf course. The project is characterised by its stone arches, landscaping and traditional stone work. Each villa has its own individual character and designed to blend in with the rest of the area; most have private pools, outside dining areas, covered pergolas and Mediterranean gardens. The first home was built in 1978 and since then the village of Kamares has grown into a community, where social life revolves around events at the Kamares club. A recent edition to the village is the Iasis Medical Centre located close to the club house. The center provides 24 hour emergency response, seven days a week to anyone who lives in the area of the Kamares Village.

HB first to get Green Key fo r ec o-f riendly HQ

Hellenic Bank is the first financial institution to receive the international ‘green key’ accolade for its eco-friendly head offices in Nicosia, ranking it among the leading conference facilities with services and facilities that care for the environment. The Group has also introduced an environmental policy that includes administration procedures, staff programmes and better control of water and paper waste, sponsorship of green schools and recycling programmes, that it has developed in cooperation with the Foundation for Environmental Education (FEE) and their partners in Cyprus, CYMEPA.

COST OF DEBT RISES The majority of EMEA respondents (59%) plan to use debt in the future to leverage purchases. This is a decline from the 2012 response (76%). Most respondents (61%) saw little change in underwriting standards over the last six months, but 33% report that debt costs are up and 46% anticipate further increases. Some 61% of EMEA investors plan to expand their portfolios, up marginally on 2012 (59%). Globally, the EMEA expansion ambitions are near the bottom of the table, just above Latin America (56%). HUNGRY FOR GREECE In Greece, the hunger among investors for real estate assets and their appetite for risk was evident in their investment activity in 2013, with the investment volumes anticipated to reach over 1 bln Euros until the end of the

year. Most activity was concentrated on the privatisation projects, followed by the hospitality and office sectors. “Investors from US, Middle East and the EMEA region targeted Greece in 2013, while domestic investors were also more focused towards the domestic market,” said Ana Vukovic, Managing Director Colliers International Greece, “Property fundamentals (prime assets) remained the most important investment criteria for investors, which combined with the pricing adjustments as a result of the crisis, led to turnaround in the country’s attractiveness.” If Greece continues to show signs of economic and political stability, 2014 will be a year with bigger flow in investment volumes, similar to the ones depicted in Italy and Spain during 2013. Then it will see a bigger activity from the EMEA region investors in Greece.

January 22 - 29, 2014


Google gets smarter, and so should you By Oren Laurent President, Banc De Binary

Refrigerators that tell you when food expires and televisions that switch on your favorite show as you walk in the door are no longer the realm of science fiction; welcome to your future home of app-controlled devices as envisaged by the tech world. Google’s $3.2 bln purchase of Silicon Valley based Nest Labs last week brings that future a little nearer. Thanks to the investment, Nest will be able to expand its portfolio of smart home devices and take advantage of Google’s global reach for business and marketing purposes. And what does Google gain? The company’s stock rose 0.53% after the announcement amid investors’ speculations about its long-term goals. It is increasingly apparent that Google’s recent string of purchases and areas of interest, from self-driving cars to Google Glass, and now home devices, contribute to its single vision of connecting previously unrelated items to control and monitor all aspects of everyday life. Google’s interest in this new field makes sense given that most of its revenues are generated from advertising and not its products themselves. Smart products work by processing data from the environment. Nest’s thermostat for example will be able to heat your home automatically as you return from work thanks to a combination of sensors and algorithms. It will learn your preferred temperature from experience and will track your location using your smartphone GPS. The more Google knows about you, the better it can target its advertising, and the more relevant future products it can make.

Google introduced a prototype smart contact lens built to measure the level of glucose in tears using a miniature glucose sensor and wireless chip embedded in the lens which is being studied as a way for people with diabetes to maintain continual monitoring of their blood sugar scores every minute. Yet this is not simply about the resulting advertising revenues, nor solely about Google. According to Gene Munster, an analyst at Piper Jaffray, the global market for connected home products could be worth $40 bln in the next five to seven years. Several tech giants and internet companies are now competing for a share of the market and for the privilege of controlling of our daily lives. AT&T are already offering connected home systems including appliances and lights, while

Apple’s Airplay system enables the iPhone to become a remove control. Small companies are also looking to leave their stamp on our future and become the next big household name. Several tech start up in Silicon Valley and worldwide have been developing a wide range of home devices connected to apps, and will be excited by the implications of the recent news. Venture capitalists have already invested $500 mln into such companies since the start of 2012. No doubt further funds will flood in and push this new industry forwards. Currently just 1 or 2% of people own an app-connected device, meaning that potential for growth in this market is phenomenal. A third of people polled say they would be interested in a connected device, and it is a fair assumption that many of the rest will change their minds once technology becomes more readily available, they understand what is involved, and the trend catches on. It is highly likely that the sector will take off, and by getting in now, investors could maximize returns later. As is generally the case with apps, many start-ups will fail to succeed, either due to a weak product or competition. Yet it is clear that the tech giants are now marking their territory and are keen to buy the right small companies to expand their empires. The industry as a whole offers several great investment opportunities and will be one of the most interesting sectors to follow this year.

Dollar well bid on Fed tapering view The dollar was well bid against the major currencies on Tuesday, helped by renewed talk that the U.S. Federal Reserve may announce a further reduction of its bondbuying stimulus next week when the Fed Council meets. The U.S. dollar advanced 0.5% to 104.65 yen, bringing it closer to possible resistance near 104.92 yen, an intraday high hit on January 16, according to Reuters data. Traders said a story in the Wall Street Journal’s online edition saying the Fed could announce a further reduction to its monthly bond purchases at the end of its January 2829 policy meeting, to $65 bln from the current $75 bln, gave the dollar a boost. Such a reduction would be in line with the prevailing market expectations in a

recent Reuters survey. “I think heading into this week the expectation was for the Fed to announce a further reduction in the QE. The article reinforced the expectation. It’s not a surprise,” Sim Moh Siong, FX strategist for Bank of Singapore told Reuters.

An uptick in risk appetite, underpinned by a rise in equities, could further spur selling of the low-yielding yen, a traditional safe-haven currency. Key for the yen this week is the outcome of the Bank of Japan policy meeting due on

FOREX COMMENTARY & TECHNICAL ANALYSIS Still, traders said the WSJ article was enough to help nudge the dollar higher against the yen, with additional impetus coming from a firm tone in regional equities including Japan’s benchmark Nikkei share average.

Wednesday. The BOJ is expected to retain a wait-and-see approach, having last year launched a massive stimulus program. Overall, the dollar’s moves were fairly subdued.

The euro held steady at about $1.3552, staying above a two-month low of $1.3508 that had been set on Monday. Against the yen, the euro rose 0.4% to 141.83 yen. New Zealand dollar shot out of the starting block early on Tuesday after inflation data strengthened the case for higher interest rates at home. The kiwi dollar last changed hands at $0.8324, having rallied over half a U.S. cent after fourth-quarter consumer price index rose 0.1%, confounding forecasts for a 0.1% fall. For an economy firing on all cylinders, the data strengthened bets the Reserve Bank of New Zealand could lift rates as early as next week, sparking a turnaround in the kiwi which slid to a one-week low of $0.8212 on Monday.

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.

January 22 - 29, 2014 | MARKETS | 19

China’s economic growth dodges 14-year low but further slowing seen ANALYSIS China’s economy narrowly missed expectations for growth to hit 14-year lows in 2013, though some economists say a cooldown will be inevitable this year as officials and investors hunker down for difficult reforms. The chance that the world’s second-largest economy may decelerate in coming months was underscored on Monday by data that showed growth in investment and factory output flagged in the final months of last year. Waning momentum capped China’s annual economic growth at a six-month low of 7.7% in the October-December quarter, a slowdown some analysts say may deepen this year as China endures the short-term pain of revamping its growth model for the long-term good. Full-year growth in 2013 was 7.7%, steady from 2012 and just slightly above market expectations for a 7.6% expansion, which would have been the slowest since 1999. “It’s like a Chinese medicine,” said Lu Zhengwei, chief economist at Industrial Bank in Shanghai. “If you don’t take it, you may have problems in future. But if you take it now, you cannot expect to regain your youth tomorrow.” After 30 years of sizzling double-digit economic growth that lifted many millions of Chinese out of poverty but also devastated the environment, China wants to change tack by embracing sustainable and higher-quality development instead. That means reducing government intervention to allow financial markets to have a bigger say in allocating resources, and promoting domestic consumption at the expense of investment and exports. Monday’s data from the National Bureau of Statistics showed China’s 56.9 trln yuan ($9.4 trln) economy is still very much dependent on investment for growth. Capital formation accounted for 54% of China’s economic growth last year, exceeding the 50% share taken up by consumption. Net exports, on the other hand, detracted 4.4% from overall growth. “I don’t see any evidence of a rebalancing last year,” said Tim Condon, an economist at ING in Singapore. Yet there are signs Beijing wants to rein in investment. For the whole of 2013, China’s fixed-asset investment climbed 19.6%, the smallest increase in at least ten years and a tick below forecasts for a 19.8% rise. Ambitious investment by local Chinese governments that have racked up some $3 trln worth of debt has been at the forefront of China’s investment drive in recent years, a trend that must be checked, said Ma Jiantang, head of China’s statistics bureau. “In 2014, I believe reforms will continue to be a key driving forces for economic growth,” Ma said on Monday. DOING WELL To be sure, the gentle fall-off in growth is welcomed by most experts as a must-have in China as it transits to betterquality development. If growth continues to ease in a controlled manner,

China’s government can impose some difficult changes without worrying about a spike in job losses that will stir social discord. It will also give Beijing the latitude to keep monetary policy stable this year, as most economists expect it will likely do, even as regulators continue to crack down on riskier lending, the fallout from which is unnerving some stock market investors. “On the whole, the Chinese economy is performing well through its adjustment phase,” said Brian Jackson, chief China economist at IHS Global Insight. Concerns that China may sacrifice too much growth in its bid to enact change are also unfounded, Jackson said. Though an average of the 2014 growth targets already issued by 22 of China’s 31 local governments shows growth has been revised downwards by nearly a%age point, large provinces that are China’s commercial centres have mostly kept their growth targets stable, he said. Still, there is little doubt China’s economy is losing steam. Factory output growth fell to a five-month low of 9.7% in December from a year earlier as factories struggled with lukewarm demand at home and abroad. Indeed, a Reuters visit to southern China this month showed many factories in China’s manufacturing heartlands have closed earlier than usual this year for the nation’s biggest holiday, discouraged by weak orders and rising costs. Other indicators also pointed to muted activity. China’s steel output dropped for the third consecutive month in December, while oil consumption rose at its slowest rate in five years in 2013. China is the world’s second-largest oil user. ABOVE 8% GROWTH? That said, a minority of analysts are predicting China’s economy may speed up this year, confounding a prevalent belief that growth will slacken to make room for reforms. Deutsche Bank expects China’s growth to accelerate to

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1.6424 1.3545 104.19 0.9106

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9560 1.6424 1.4438 20.2684 5.509 11.5516 1.3545 1.7719 222.4 0.51887 2.5489 0.3169 13.185 6.1623 3.0706 3.3452 33.6958 6.4761 0.9106 8.36


0.8794 1.0949 7.7565 61.61 104.2 1063.4 1.213 1.2769


0.3770 6.9679 #N/A N/A 3.4936 0.7065 0.2825 1502.00 0.3850 3.6413 3.7503 10.8927 3.6729


0.7824 155.27 2.2460




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8.6% this year while RBS thinks it may climb to 8.2%. “We expect China to benefit from improved global growth this year,” said Louis Kuijs, an economist at RBS in Hong Kong. China has yet to announce its economic growth target for 2014 but most analysts agree that the fruits of reforms, if reforms are to succeed, are unlikely to juice the Chinese growth engine any time soon. Sources with top think-tanks have said that the government will likely stick with its 7.5% economic growth target again in 2014. “Reforms won’t produce results overnight.” said Xu Hongcai, a senior economist at China Centre for International Economic Exchanges, a think-tank.

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Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

January 22 - 29, 2014


Toyota may reconsider Thai plans if crisis lingers Toyota Motor Corp may reconsider investing up to 20 bln baht ($609 mln) in Thailand, and could even cut production, if political unrest drags on, the head of the Japanese carmaker said on Monday. Toyota is the largest car manufacturer in Thailand, producing 800,000 vehicles a year. Plans to increase its annual capacity by 200,000 vehicles a year over the next three to four years are now uncertain, Kyoichi Tanada, president of Toyota’s Thai unit, told a news conference. “Our new investment in Thailand may not happen if the current political crisis goes on longer,” Tanada said. “For new foreign investors, the political situation may force them to look for opportunity elsewhere. For those that have already invested, like Toyota, we will not go away. But whether we will invest (further) or not, we are unsure.” Thailand is the biggest auto market in Southeast Asia and a regional vehicle production and export base for the world’s top car manufacturers like Honda and Ford. Protesters have been trying for more than two months to bring down Thailand’s government, forcing ministries to close and Prime Minister Yingluck Shinawatra to shift her

workplace as part of an attempted “shutdown” of the capital. If the unrest affects economic growth, Toyota may cut its production in Thailand while it assesses the situation, Tanada said. “After the shutdown, we have fewer visitors going to our showrooms. We are ready to cut down our car output if we are affected by the political situation,” he added. Toyota produced around 850,000 cars in Thailand in 2013, selling 445,000 domestically and exporting some 430,000 vehicles. This year, it aims to sell 400,000 cars domestically and export 445,000, Tanada said. Overall auto industry sales in Thailand are expected to fall 13.6% to 1.15 mln vehicles in 2014, mainly due to weaker consumption and slow economic growth, data from Toyota’s Thai unit shows. This will be the second consecutive year of decline after an 80% surge in 2012 fuelled by government subsidies for firsttime car buyers and pent-up demand after severe flooding in late 2011. Domestic auto sales fell 7.7% to 1.33 mln vehicles in 2013, according to the Federation of Thai Industries (FTI).

Co-op to hang on to general insurance Britain’s Co-operative Group has scrapped the sale of its general insurance business announced last March following a restructuring deal which means it does not have to contribute as much capital to its struggling bank as initially envisaged. The business had been expected to fetch several hundred million pounds and was due to have been sold during this year. Co-op Group, whose bank has been hit by a capital shortfall and a drugs scandal involving its ex-chairman, said it had decided to keep the general insurance business because the group now had to contribute less capital to the bank under a revised restructuring plan agreed in November. Co-op, which is owned by its members and has operations spanning banking, supermarkets and funeral services, was last year rocked after a 1.5 bln pound capital shortfall was identified at its bank and Paul Flowers, former chairman of the bank, was arrested as part of an investigation into the supply of illegal drugs.

A restructuring of the bank will leave hedge funds in control of that business and Co-op Group with a 30% stake. The group said it can meet its reduced capital commitment to the bank through the already completed sale of its life and savings business and “the strategic management” of some property assets. Euan Sutherland, chief executive of Co-op Group, said he had received “a significant amount of interest” in the insurance business, which provides home, motor and other insurance products. UK insurer Legal & General considered a bid. Other potential suitors included private equity firms Anacap and Advent International, and Catalina Holdings, a consolidator of general insurance firms. “Having considered the sale process, and in light of the changed requirements on us under the Bank recapitalisation process, we believe it is in the best interests of our members, customers and colleagues, that we retain this strong business and develop it further,” Sutherland said in a statement.

Deflation “ogre” probably won’t come to life Policyma kers set to mee t in Davos

ANALYSIS Talk that some of the world’s major developed countries are flirting with deflation, a damaging and sustained spiral of falling prices, probably won’t turn to reality, according to the consensus of market economists. Described last week by the head of the IMF as the “ogre that must be fought”, deflation is so feared because it sparks a vicious cycle of behaviour that is difficult to reverse - as the last 20 years in Japan has shown. If consumers and businesses start to expect prices of goods and services to fall in future they will postpone spending, depressing the economy and causing prices to fall further. But that is not on the cards, according to hundreds of economists polled last week. While inflation will remain weak through this year for most developed countries, none of the more than 150 economists polled by Reuters last week forecast even a quarter of consumer price declines in any of the G7 countries. “We think the threat of deflation is somewhat overdone. The obvious comparison is with Japan in the 1990s and 2000s, where there was genuinely a deflationary situation,” said Philip Shaw, chief economist at Investec. “But the Japanese experience suggests that deflation is much more of a risk when credit institutions have broken down. And that isn’t the case for the majority of developed economies.” Although credit flows in the euro zone are weak and some banks might need recapitalising, Shaw argues their situation is still healthier than that of Japan 15 years ago.

NO COMPLACENCY In any case, the weakness of inflation will likely preoccupy central bankers from major industrialised countries at this week’s meeting of politicians and policymakers at the World Economic Forum in Davos, Switzerland. “It looks as though low inflation is a reflection of the waning powers of central banks as they have resorted to unconventional monetary stimulus measures,” wrote Stephen King, group chief economist at HSBC, in an outlook for the world economy. “It is already abundantly obvious that unconventional policies have had a bigger impact on financial asset values than on the real economy.” Even if market economists think deflation an unlikely scenario, few would argue it should be treated lightly by policymakers. As the severe global recession of 2009 showed, the consensus of market economists and policymakers alike can be completely wrong. “The IMF has to show it’s not being complacent,” said Shaw. “But with regard to the recovery potential, I’d be much more concerned if inflation jumped up because of a surge of energy prices and food costs, as we saw in 2011.” IMF Managing Director Christine Lagarde’s deflation ogre may seem a distant menace to many forecasters, but they were largely in agreement with her on the outlook for the global economy - namely that its growth should pick up this year. Last week’s Reuters poll showed the world economy will snap a three-year run of slowing growth by expanding 3.6% this year compared with 2.9% in 2013 - almost exactly in line with the IMF’s forecasts.

RICH-POOR GAP How the spoils of that growth will be split will be a key theme of this year’s Davos meeting, starting on Wednesday. A chronic gap between rich and poor is yawning wider, posing the biggest single risk to the world in 2014, even as economies in many countries start to recover, the World Economic Forum said on Thursday. Its annual assessment of global dangers, which will set the scene for its meeting in Davos, concludes that income disparity and attendant social unrest are the issues most likely to have a big impact on the world economy in the next decade. This week’s economic data will at least give an early flavour of whether the global economy is on track to meet expectations of faster growth, and where it might be centred. Markit’s first batch of purchasing managers indexes (PMI) of 2014, due on Thursday, will show how the world’s manufacturers started the year in the United States, the euro zone and China. The Chinese PMI could prove to be of particular interest, given the mixed readings from industrial indicators towards the end of last year in the world’s second-biggest economy. Scores of factories in China’s manufacturing heartlands have closed earlier than usual for the country’s biggest annual holiday due to weak orders and rising costs, workers and owners say, suggesting a rocky outlook for a key sector of the economy. Housing sales figures in the United States and January’s consumer confidence reading for the euro zone, both on Thursday, make up the rest of the key data for this week. Economists expect a modest improvement on both fronts.

January 22 - 29, 2014 | WORLD MARKETS | 21

Ben Bernanke’s global legacy By Arvind Subramanian The world is still struggling to digest Alan Greenspan’s mixed legacy as Chairman of the US Federal Reserve Board from 1987 to 2006. So it is too soon to assess whether his departing successor, Ben Bernanke, is headed for history’s chopping block or its pedestal. But the crucial international role that Bernanke and the Fed played during his tenure – a time when domestic economic weakness translated into relatively ineffective American global leadership – should not be overlooked. In these last five crisis-ridden years, the Fed has affected the world economy in two ways: through its hyperactive policy of purchasing long-term assets – so-called quantitative easing (QE) – and through its largely overlooked role in providing international liquidity. Let us consider each. Whatever the impact of QE on the US economy, its impact on the rest of the world has been, on balance, generally benign. The first round of QE was unambiguously beneficial, because it minimized, or even eliminated, the tail risk of a global depression after the collapse of Lehman Brothers in September 2008 To be sure, subsequent action by the Fed received a mixed reception in the rest of the world. In 2010 and 2011, when QE pushed capital to emerging markets, there were complaints that the US was practicing a form of currency manipulation. Since May 2013, when Bernanke signaled the possibility of unwinding QE, emerging economies have faced the opposite type of pressure: capital outflows and sharp currency adjustments. But in both cases, the problems for which blame was heaped on the Fed largely reflected macroeconomic mismanagement in the affected countries. For example, Brazil complained most vocally about capital inflows, because its currency had over-appreciated in a short period of time; but the main culprits were domestic wage increases and overheating, not the Fed’s policies. Likewise, India was severely affected by Bernanke’s suggestion that the Fed would ìtaperî QE, but only because its economy was characterized by high inflation and large budget and external deficits. It was as if the emerging markets had forgotten that exposure to Fed policies was part of the bargain they willingly made when they signed on to financial globalization. Meanwhile, the Fed has been mindful of its international responsibilities, playing a constructive role by increasing dollar liquidity in times of extreme financial stress. It provided dollar liquidity (via swap lines) to the central banks of Brazil, Mexico, Singapore, and South Korea in the aftermath of the Lehman failure. And it has provided nearly unlimited amounts of similar liquidity to central banks in Europe and the Bank of Japan. These actions contributed to easing extremely tight financial conditions and corresponding market volatility. The Fed’s support to emerging-market central banks was remarkable, because most of these countries chose not to borrow from the International Monetary Fund, which, in the aftermath of the Asian financial crisis in the 1990’s, had come to be considered an instrument of US hegemony. They preferred to deal directly with the United States via the Fed, to which the IMF stigma evidently did not extend. In fact, the speed, timeliness, and effectiveness of Fed support have now led to efforts to institute similar mechanisms at the IMF. The Fed’s support for Europe was similarly remarkable, because the rest of the US government was an ineffective bystander at the time – able to offer cheap counsel but little hard cash to the eurozone’s distressed economies. Even efforts to augment the IMF’s resources floundered on the reef of American political dysfunction. All other major economies, including key US allies, have enacted the legislation needed to strengthen the IMF; in the US, however, there has been no comparable action since 2010, owing to Congressional resistance. The explanation for the Fed’s exceptional role in the context of otherwise anemic American international leadership is simple: though the US economy is weak, and American politics is polarized to the point of paralysis, the dollar is still in demand. In these circumstances, Bernanke effectively leveraged his role as controller of the mighty dollar-printing machine known as the US Federal Reserve.

Dollar supremacy will not last forever, and it is increasingly being challenged by the Chinese renminbi, as I describe in my book Eclipse: Living in the Shadow of China’s Economic Dominance. But that vestigial source of American supremacy made Bernanke a constructive and effective international leader. As he departs from office, the assessment of his performance as ìHelicopter Ben,î who

dropped piles of cash on the US economy, will begin in earnest. But history should not neglect ìAmbassador Ben’sî crucial global role. Arvind Subramanian is Senior Fellow at the Peterson Institute for International Economics and the Center for Global Development. © Project Syndicate, 2014.

January 22 - 29, 2014


15 tycoons who won’t leave their fortunes to their kids By Megan Willett BUSINESS INSIDER

Not all of the world’s billionaires are dedicated to being extraordinarily altruistic — many decide to spend their money indulging in fancy cars, planes, and yachts. But others want to spread as much of their wealth as possible before they die. A select few even want that last check to only cover the cost of their funeral. Of course, not everyone stands to gain from such selflessness - namely, the children of these generous donors. Though they will still have untold opportunities, advantages, and connections, to help them succeed, the children of these 15 tycoons won’t be living large off their inheritances. 1. Business magnate Warren Buffett As an incredibly wealthy investor and philanthropist, Buffett has pledged to give away 99% of his wealth, either during his life or when he dies. He started by promising 83% of it to the Gates Foundation, according to Fortune Magazine. The Oracle of Omaha isn’t worried about his children not getting their fair share. Echoing a common sentiment on this list, Buffett said in his letter to the Gates Foundation: “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.” 2. EBay founder Pierre Omidyar Ever since Omidyar became a billionaire when he was 31, the eBay founder has made it his life’s work to donate the majority of his money to those less fortunate instead of to his three children, according to Forbes. He signed the Gates and Buffett Giving Pledge in 2010, and continuously gives eBay shares to the Omidyar Network, his philanthropic investment firm. He and his wife Pam are also the single biggest private donors to the fight against human trafficking. 3. New York City ex-mayor Michael Bloomberg Bloomberg was being paid $1 a year for his government duties because with a net worth of $19.5 bln, he’s pretty much set financially. But Bloomberg is also an avid philanthropist, having donated millions to Johns Hopkins University, the Carnegie Corporation, and thousands of other non-profits. In his letter to The Giving Pledge, Bloomberg wrote that “nearly all of my net worth will be given away in the years ahead or left to my foundation.” Bloomberg’s two daughters, however, may be left to foot the bill upon his death. Bloomberg once said, “the best financial planning ends with bouncing the check to the undertaker.” 4. Rock star Gene Simmons The bassist for KISS, one of the best-selling American bands of all time, is a self-made man. He was born in Israel, moved to Queens with his mother, and started a group that would end up compiling 28 gold records over the years. Simmons wants the same path for his two kids, Nick and Sophie. He told CNBC several years ago: “ terms of an inheritance and stuff, they’re gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way.” So the $300 mln that belong to Simmons will be headed somewhere else upon his death. 5. Australian iron magnate Gina Rinehart Rinehart - the richest woman in Australia - wants to cut her children out of their inheritance. She herself inherited her company and fortune from her father, Lang Hancock, and her children were also named in his estate. But court documents in the Australian media show that Rinehart doesn’t believe her four kids are fit to manage the family fortune. “None of the plaintiffs has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular as

part of the growing HPPL Group,” she once claimed in court papers. 6. Microsoft founder Bill Gates Bill Gates is one of the richest people in the world. But he and his wife Melinda aren’t interested in keeping their money for themselves, or for their three children. “I knew I didn’t think it was a good idea to give the money to my kids. That wouldn’t be good either for my kids or society,” he told The Sun in 2010. Instead, the Bill & Melinda Gates Foundation was founded in 1994, and today has assets of over $37 bln. The Foundation even started “The Giving Pledge,” which invites other wealthy individuals to join the Gates’ lead and donate half their money to charity.

7. Actor Jackie Chan The movie star announced in 2011 that he had decided to give away half his money to charity when he dies. Chan added that he was not planning on leaving his son Jaycee any of the millions of dollars he has made during his film career. “If he is capable, he can make his own money. If he is not, then he will just be wasting my money,” Channel NewsAsia quoted Chan as saying.

Whether jokingly or not, Turner was quoted in 2010 as saying he was “almost to the edge of poverty” and just wants enough money to cover funeral expenses when he dies.

8. Home Depot co-founder Bernard Marcus Marcus grew up in Newark, New Jersey to Russian immigrant parents, and went on to start Home Depot. His retail success helped him accumulate $1.5 bln in net worth. His philanthropic efforts include funding the Georgia Aquarium and starting the Marcus Foundation. Not wanting his kids to inherit large sums of money — for their own good, he told Forbes — Marcus plans on giving the majority of his Home Depot stock to his foundation, which benefits the handicapped and education.

12. Hedge fund manager John Arnold John Arnold may only be in his 40s, but in 2012 he closed his hedge fund, Centaurus Energy, and retired after amassing an estimated wealth of $4 bln over the last ten years. Now, Arnold and his wife Laura have dedicated the rest of their lives to giving away that wealth through their foundation to support innovative ideas, instead of to their three children. “Because of our backgrounds and because of our own experiences, we just don’t believe in dynastic wealth,” said Laura Arnold in an interview posted on

9. Businessman Chuck Feeney Chuck Feeney is the co-founder of Duty-Free Shoppers Group (those airport shops), and was one of the world’s billionaires in the late 1980s until he transferred all his wealth to his foundation, Atlantic Philanthropies, according to Forbes. Before giving away their inheritance, he also went to great lengths to teach his children the value of saving money, including making his kids chat with their friends on payphones, work during their vacations, and work through college, according to The Daily Mail. Today, it’s rumored Feeney doesn’t even own a house or a car. He once famously told The New York Times, “I want the last check I write to bounce.”

13. Composer Andrew Lloyd Webber Having racked up hundreds of millions of dollars and becoming a knight thanks to his work as a theatre composer, Webber wants to use that money to encourage teaching the arts. Webber once said that “(A will) is one thing you do start to think about when you get to my age. I don’t think it should be about having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts.” His five children will be “taken care of,” but the majority of the estate will go towards arts programsme.

10. Celebrity chef Nigella Lawson Lawson is a best-selling author and TV personality, which made her a millionaire even before she married (and then later divorced) wealthy advertising tycoon and art collector Charles Saatchi. Though Lawson herself comes from a wealthy background, she seems to be a firm believer in not giving her two children that same advantage. She came under fire for saying, “I am determined that my children should have no financial security. It ruins people not having to earn money.” 11. Media mogul Ted Turner Turner is such a prominent philanthropist that he is as famous for giving away money as he is for making it. After accumulating his wealth through the founding of media outlets like CNN and TBS, Turner has gone on to give literally billions of dollars to causes like the United Nations Foundation. Turner has five children from three marriages, but they shouldn’t expect a large endowment once he passes.

14. Director and producer George Lucas Lucas signed on to Bill Gates and Warren Buffett’s Giving Pledge back in July of 2010, promising to give at least half of his wealth away by the time of his death. “I am dedicating the majority of my wealth to improving education,” Lucas wrote in his pledge letter. The father of four also said in a statement that he would donate the $4 bln+ Disney paid him to acquire Lucas Films to charity as well. 15. Texas oil and gas magnate T. Boone Pickens Pickens spent his whole life — from delivering newspapers to taking over Gulf Oil — making money via acquisition. The corporate raider now has a net worth of $1.4 bln because of it. So it’s no surprise that Pickens isn’t in favour of handing his money over for free, even to his children. Pickens is one of America’s billionaires to take The Giving Pledge, donating at least half of his money to charity. And when asked about leaving money for his kids, he had this to say: “I’ve long stated that I enjoy making money, and I enjoy giving it away...I’m not a big fan of inherited wealth. It generally does more harm than good.”

January 22 - 29, 2014 | GREECE | 23

Signs of hope in slumped construction sector Construction activity rebounded for the first time in two years in October, providing a flicker of hope for the depressed sector which has weighed on an economy struggling to emerge from a six-year depression. Once a key driver of the economy, construction activity has been battered by fiscal austerity Athens imposed to tackle its debt crisis and shore up public finances. But figures released by statistics service ELSTAT on Friday showed construction volumes rose 5.7% in October compared to the same month in 2012. The number of building permits also rose, by 4.1%. Excluding state projects, private construction volume increased by 8.7%, its first rise since early 2012. “We have been doing a little better in recent months, there is a bit of interest with people starting to buy again,” said Yannis Revithis, head of the federation of real estate brokers, adding that foreign interest for vacation homes had also started to surface. October’s pick-up, however, did not

materially alter the industry’s depressed metrics in the first ten months of 2012, with volumes down 29% year-on-year. “We expect this year to be better, prices have come down

a lot and people are beginning to buy property,” Revithis said. The government slashed property transfer taxes in December to stimulate the sector. The government and its international lenders project 0.6% economic growth in 2014, driven by a rebound in investment and tourism. Construction volumes have slumped for seven years in a row since 2006 and are down about 80% since their 2005 peak. Record unemployment coupled with cuts in pay and pensions have squeezed household incomes, stifling demand for new homes. Tight bank credit and higher property taxes have also taken a toll. Apartment prices have plunged by about a third since their peak in 2008, according to central bank data. Property accounts for a large chunk of household wealth as Greece has one of the highest home ownership rates in western Europe. Slumping investment for new homes accounts for a third of total economic contraction in 20082013, according to the Bank of Greece.

BoG urges firms to tap capital markets

Ba nks nee d to foc us on e xports , on ly fully restructure d sector

The banking system will have a limited capacity to expand credit in the short term and businesses must look to capital markets and other sources to make up for the financing gap, the country’s central banker said last week. Bank credit to the private sector has been in decline since 2011, aggravating Greece’s six-year economic slump. The prospects of a mild economic recovery this year will largely depend on new lending. “The tightness in financing is today one of the most serious problems. It expands the number of firms that are forced to curtail activities, thus intensifying the recession,” Bank of Greece Governor George Provopoulos told an economic conference. “The capacity for credit expansion will remain limited in the short term. This crunch can be offset by raising funding from alternative sources,” he added. Greece’s battered economy, about a quarter smaller after a six-year depression which has driven unemployment to almost 28%, is expected to grow by 0.5% this year, according to the central bank. Provopoulos said Greek firms faced substantially higher borrowing costs compared to peers in the euro zone, and banks were not eager to extend credit until their potential capital needs were clarified after a second round of stress tests. Greeks’ borrowing costs have climbed to their highest

J um bo stock sp li t

Retail and toys giant Jumbo said that it will hold an EGM on February 12 where the main item on the agenda will the share capital increase by EUR 7 mln through the capitalisation of existing reserves. Accordingly, 5,915,642 new common shares (4.5% of existing share capital consisting of 130.1m shares) of nominal value of EUR 1.19 each will be issued and distributed to shareholders at a ratio of 1 new share for every 22 existing shares “Effectively, this could be viewed as split, given that no real cash outflow incurs, while the stock price will be adjusted accordingly, similarly to a case of a split. We maintain our positive stance on the stock,” the Investment Bank of Greece said in a note to investors. IBG maintains a ‘buy’ order on Jumbo as the stock is trading at 13.19 euros for a market cap of 1.72 bln euros.

Vodafone ups stake in For thnet to 6.5%

Telecom and Internet service provider Forthnet S.A. announced that Vodafone Panafon S.A. has increased its shares in the company above the minimum threshold to 6.51%. The change took place on January 16 as a result of the direct acquisition by Vodafone Panafon SA of shares with voting rights through the exercise of pre-emption and oversubscription rights during the last share capital increase.

level since the country joined the euro area in 2001, despite record low ECB benchmark interest rates. Real interest rates have hit about 8.4% in November, according to central bank data. Greece’s economy is the most dependent on bank lending in the euro zone. Bank credit to the private sector made up about 40% of total funding in 2000-2008 compared to 33% across the Eurozone. The remainder came from capital markets and EU funds. Provopoulos said Greek banks’ reliance on Eurosystem funding had come down by about half from 140 bln euros at the peak of the debt crisis. He said banks’ lending policies needed to support companies involved in exports and avoid trends followed in the last decade when a big part of credit financed consumption and residential investment. In a speech to the Hellenic Federation of Enterprises (SEV), Provopoulos urged banks to stop funding permanently weak and overindebted companies and focus on more robust business and sectors that can help the economy grow and especially export oriented firms. He also called banks to take initiatives for the restructuring of the country’s economy, by saying that “the banking system can constitute an important transition lever towards the new growth model that the economy is in need of.” As far as banks are concerned, Provopoulos said that the

sector is the “only part of the economy that has been fully restructured and recapitalised. The new banking system is now based on firmer ground. No other domain has seen restructuring on such a scale, or even close, even though the unprecedented conditions demanded it. Regarding other sectors, he added that “this experience of banks may prove precious also for the enterprises in the other sectors of the economy”.

Banks may need fresh capital Greek banks are likely to need additional capital after results of a health check are finalised this month, the country’s central bank said last week, potentially threatening government plans to reduce its own funding gap. The government wants to be able to tap part of the money left over in the bank bailout fund to reduce the country’s funding gap this year and next. The EU and IMF estimate the shortfall to be about 11 bln euros. The four big banks - National Bank of Greece, Piraeus Bank, Eurobank and Alpha Bank that controlling 90% of the banking system - are undergoing a second round of stress tests by the central bank to check if last summer’s 28 bln euro recapitalisation has left them capable of absorbing future shocks as bad loans keep rising. Non-performing loans have swollen to about 30% of total lending as six years of recession have shrunk the economy by a quarter, driving unemployment to nearly 28%. “Most likely more capital will be needed,” Bank of Greece Governor George Provopoulos told a parliamentary hearing on Thursday, without providing figures or specifying which banks might need additional funds. But Provopoulos also reiterated that the remaining capital buffer at the bank rescue fund, the Hellenic Financial Stability Fund (HFSF), is sufficient to cover any additional capital needs.

“The remaining reserve at the HFSF of 8.7 bln euros will be able to cover the capital needs likely to arise from the stress-test procedure,” he told MPs. “It is a substantial, satisfactory cushion.” Provopoulos also reiterated his view that the Greek economy will start recovering this year implying that the biggest risk relates to political instability. He also said that the sector has become stronger following the consolidation and recapitalisation of systemic banks. As far as the economy is concerned he said that he expects the economy to recover this year, with unemployment dropping, the drop in consumption to slow down, external demand (and tourism) to pick up and corporate investments and privatisations to accelerate. The top banks are now majority owned by the HFSF, which was financed by the EU bailout package and covered most of last year’s 28 bln euro recapitalisation in return for shares in the banks. The stress tests will help the banks to negotiate forthcoming pan-European checks before the European Central Bank takes over direct supervision of top euro zone banks in November. The Bank of Greece hired BlackRock to conduct an asset quality review to determine potential credit losses up to 2016. Greek lenders were asked to prove they have sufficient capital to withstand another two years of recession under the “adverse” scenario of the stress test.

January 22 - 29, 2014

24 | BACK PAGE |

Mixed reading of earnings, despite record highs WALL ST WEEK AHEAD The initial reads on earnings have been mixed, and yet U.S. stocks are hovering near all-time highs. This week, investors will see whether the first companies out of the gate were a harbinger of what’s to come. More than 60 S&P 500 companies are scheduled to release results this week, including more than half a dozen Dow components. The reports will give the fullest picture yet of how corporations are faring and whether the market can advance further as Fed stimulus begins to recede. “Given that equities are fully valued and arguably overvalued, we need earnings and revenue to come through to support the gains we’ve already made,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. “There’s a reasonable chance we could see a 10% correction in the event we get some high-profile disappointments.” Earnings for S&P 500 companies are expected to rise 7% in the quarter, down from the 7.6% rate that had been forecast at the start of the year. While the season started with many financial companies, including JPMorgan Chase & Co and Bank of America, topping profit expectations, Intel sounded a sour note, slumping on a weak revenue outlook. General Electric shares sold off despite the conglomerate’s higher-than-expected revenue, suggesting blowout results may be needed to justify elevated valuations. With 10% of the S&P 500 having reported results so far,

50% have topped earnings forecasts, well below the historical average of 63%. More than 67% have beaten revenue expectations, above the long-term average of 61%. Procter & Gamble, McDonald’s, Microsoft, Johnson & Johnson and Verizon Communications are among the Dow components scheduled to report earnings this week. Texas Instruments and Starbucks are also on tap. The U.S. stock market was closed on Monday for the Martin Luther King Jr. holiday. SIGNS OF SPENDING BMO’s Ablin said that results from more cyclical groups would be especially important for insight into the strength of the overall economy. “The next leg of the cycle has to be driven by business spending,” he said. “I’m looking for clues that businesses are taking their excess cash flow and spending it, which means tech and industrial reports will be very important, especially any outlooks they offer.” Another key name will be Netflix Inc, the S&P 500’s biggest gainer in 2013. The online movie renter’s stock nearly quadrupled last year, raising concerns it may follow the same path as another of 2013’s momentum favourites, Best Buy Co. On Thursday, the electronics retailer’s stock

suffered its worst daily decline since 2002 after posting weak holiday sales and giving a downbeat margin forecast. Jonathan Krinsky, chief market technician at MKM Partners in Greenwich, Connecticut, said the market was “absolutely vulnerable to a pullback on big disappointments,” though the S&P 500 might find support at its 50-day moving average, about 1.7% below Friday’s close at 1,838.70. “If we take that out, that would be the first time we’ve made a lower low in a while,” he said. “That could push us to retest the December low around 1,770.” Last week, the Dow rose 0.1%, the S&P 500 slipped 0.2% and the Nasdaq climbed 0.6 percent. Both the Dow and S&P 500 are within striking distance of all-time highs. For the year so far, the Dow is down 0.7 percent and the S&P 500 is down 0.5%, while the Nasdaq is up 0.5%. The forward price-to-earnings ratio for the S&P 500 is about 15.22, roughly in line with the historic average. While that suggests valuations are not tremendously stretched, further steep gains may be difficult to come by. “We’re much more likely to fall on negative earnings than we are to rally on strong ones,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville. “There’s much more downside risk than upside at these levels, and that will probably be the case until we work off some of the excess out there.” This week will be a light one for economic data, with Thursday’s read on December existing home sales perhaps the biggest report. Sales are forecast to edge up for the month.

Is North Korea opening for business? By Lee Jong-Wha North Korea’s system is failing. The country is facing severe energy constraints, and its economy has been stagnating since 1990, with annual per capita income, estimated at $1,800, amounting to slightly more than 5% of South Korea’s. Meanwhile, a food shortage has left 24 million North Koreans suffering from starvation, and more than 25 of every 1,000 infants die each year, compared to four in South Korea. In order to survive, the world’s most centralized and closed economy will have to open up. A more dynamic and prosperous North Korea – together with peace and stability on the Korean Peninsula – would serve the interests not only of North Korea itself, but also of neighboring countries and the broader international community. After all, North Korea’s sudden collapse or a military conflict on the peninsula would undermine regional security, while burdening neighboring countries with millions of refugees and hundreds of billions of dollars in reconstruction costs. This should spur international institutions and North Korea’s neighbors to provide the food aid, technical assistance, and direct investment that the country needs to escape its current predicament and make the transition to a market economy. But there remain significant obstacles to such cooperation – not least the North’s obscure and oftenunpredictable politics, exemplified by the recent execution of its leader Kim Jong-un’s once-powerful uncle, Jang Songthaek. The good news is that North Korea’s leadership seems to understand that its current troubles stem from its grossly inefficient economic system. In recent speeches, Kim has emphasized the need for economic reform and opening up to develop agriculture and labor-intensive manufacturing industries. Furthermore, in a bid to attract foreign investment, the government has announced the establishment of 14 new special economic zones. If only out of a sense of selfpreservation, North Korean political and military leaders are likely to support this effort, as long as it does not undermine their power or national security.

Officially, North Korea began opening up to foreign investors in 1984, when the government enacted the Foreign Joint Venture Law, following the success of a similar law in China. In 1993, North Korea continued this effort by establishing the Rajin-Sonbong special economic and trade zone. But these initiatives have yet to yield significant results, with foreign investors wary of operating in a country that lacks both economic-policy credibility and the physical and institutional infrastructure needed to support large-scale projects. North Korea now should follow the examples of Vietnam and China, pursuing reforms like deregulation, liberalization, privatization, and macroeconomic stabilization, while developing a new legal system and new institutions. Such market-based, outward-oriented economic policies are a prerequisite for long-term economic growth. The country certainly does not lack growth potential. While North Korea does not have the agricultural base that initially spurred reforms in China and Vietnam, geographical advantages like natural seaports and rich mineral resources enable it to pursue export-led growth. Moreover, the relative abundance of well-educated workers implies low initial wages and the ability to compete internationally in labor-intensive manufacturing activities – for example, in footwear, textiles and garments, and electronic assembly – which can form the basis for export-led industrialization. To this end, a significant share of North Korea’s military manpower, which currently amounts to more than 8.5% of the total labor force, could be used for more productive purposes. If the relevant conditions are satisfied, North Korea could capitalize on the “catch-up” effect, boosting growth further, because its low per capita income level would help to increase investment productivity and facilitate technology transfer from more developed economies. This implies a significant role for North Korea’s neighbors, especially South Korea and Japan. So far, however, the Kaesong Industrial Complex, operating with about 50,000 North Korean workers under South Korean management, is the only case of economic cooperation between the two Koreas. North and South Korea are natural trading partners. In 2012, inter-Korean trade amounted to $2 billion – only 0.2% of South Korea’s total trade, but 29% of North Korea’s. According to the economist Marcus Noland, normalized trade relations could increase South Korea’s share of the North’s trade volume to as much as 60%.

With a strong commitment to economic reform and opening up – backed by robust international support – North Korea could emulate the success of East Asian economies like South Korea, experiencing annual growth of more than 5% for the next several decades. But there is more to North Korea’s situation than economics. The country is locked in a stalemate with the international community, which wants it to denuclearize and become a “normal” country. Unwilling to abandon its nuclear-weapons program, North Korea faces economic sanctions from the United States, with official aid and membership in institutions like the World Bank and the IMF on hold. Given how unlikely North Korea is to denuclearize, at least in the immediate future, an alternative strategy is needed. The international community, especially South Korea, should support North Korea’s efforts to build a more open, marketbased economy through expanded trade and investment, while continuing to work toward a compromise on denuclearization. The resulting prosperity and accessibility could, over time, bring about political change. For ordinary North Koreans, who are suffering the most under the current system, such a transformation could not be more urgent. Lee Jong-Wha, Professor of Economics and Director of the Asiatic Research Institute at Korea University, was a senior adviser for international economic affairs to former President Lee Myung-bak of South Korea. © Project Syndicate, 2014.,

FinancialMirror Jobs Issue No. 1066, January 22 - 28, 2014 (PDF EDITION ONLY) | JOBS | 25

Employment: Cyprus among 17 with Youth Guarantee Plans Cyprus is among the 17 Member States that have already submitted to the European Commission their final plans to implement the Youth Guarantee. The ambitious EU-wide reform aims to help all jobless people under 25 find employment, continued education, an apprenticeship or traineeship within four months of becoming unemployed or leaving formal education. 11 Member States are still preparing their strategies to deliver a national Youth Guarantee scheme. “We urge Member States which have not yet finalised their Youth Guarantee implementation plans to do so as soon as possible”, said László Andor, European Commissioner for Employment, Social Affairs and Inclusion.

REACH, Renewed Efforts against Child Hunger and Undernutrition is a UN interagency partnership (FAO, UNICEF, WHO, WFP and IFAD) committed to building institutional capacity and facilitating a multisectoral process to help national governments plan, prioritize and manage more effectively nutrition actions among multiple stakeholders. REACH has a dual role of, a) facilitating and supporting the effectiveness of government and multi-sector/multistakeholder platform for nutrition and b) facilitating synergized effort of the UN system in nutrition, convened by the Resident Coordinators/Humanitarian Coordinators. The World Food Programme (WFP) is currently looking for qualified candidates for the following positions: 1. REACH Senior Programme Officer P5 - Closing date: 31 January 2014 2. REACH Programme Officer P4 - Closing date: 31 January 2014 3. REACH Country Facilitator Roster Closing date: 31 January 2014 Please see below attachments for more information on these positions. Female candidates are encouraged to apply. More information on other vacancies can be found on our career portal

“Leaving young people without help damages their lifetime prospects as well as Europe’s economic potential and social cohesion. It is in each Member State’s interest to act swiftly and put in place practical measures to help young people get a job or acquire the skills to get a job in the future”. In April 2013, EU Ministers adopted a Council recommendation on establishing a Youth Guarantee, which sets out in detail the measures and reforms to be put in place in order to ensure that everyone under 25 gets a real chance to get a foothold in the labour market. Most elements of the Youth Guarantee can be co-financed by the European Social Fund, such as provision of job-search support or training, extension and modernisation of apprenticeship systems,

hiring subsidies or traineeship grants. Moreover, regions from 20 Member States are eligible for additional funding from the Youth Employment Initiative (YEI) due to their high youth unemployment rate (more than 25% in at least one region), and their governments were requested by the European Council to submit their Youth Guarantee implementation plans by the end of 2013. Member States with no regions eligible for the YEI are due to submit their plans by early 2014. The Youth Employment Initiative specific allocation for Cyprus is EUR 10.81 mln. Member States have to match these amounts by at least the same amounts from their European Social Fund allocation.

Issue No. 1066, January 22 - 28, 2014 (PDF EDITION ONLY) | JOBS | 26 | JOBS | 27

Issue No. 1066, January 22 - 28, 2014 (PDF EDITION ONLY)

JOB OPENINGS NOTIFICATION OF NEW JOB OPENINGS AT THE UNITED NATIONS SECRETARIAT: SENIOR NATURAL RESOURCES EXPERT (Energy and Climate), P5, 28156 Deadline: 12/02/2014, Economic Commission for Africa, ADDIS ABABA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28156&PostingSeq=1 SENIOR NATURAL RESOURCES EXPERT (Water), P5, 28184 Deadline: 12/02/2014, Economic Commission for Africa, ADDIS ABABA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28184&PostingSeq=1 ADMINISTRATIVE OFFICER, P3, 28766 Deadline: 28/01/2014, United Nations Assistance Mission for Iraq, BAGHDAD, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28766&PostingSeq=1 PUBLIC INFORMATION OFFICER (CHIEF OF WEBCAST UNIT), P4, 29365, Deadline: 14/03/2014, Department of Public Information, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=29365&PostingSeq=1 CHIEF OF SECTION, United Nations Publications Sales, P5, 29669 Deadline: 15/03/2014, Department of Public Information, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=29669&PostingSeq=1 HUMAN RESOURCES OFFICER/ Chief of Unit, P4, 31806 Deadline: 14/03/2014, Department of Public Information, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=31806&PostingSeq=1 POLITICAL AFFAIRS OFFICER, P3, 32083 Deadline: 29/01/2014, United Nations Mission in Liberia, BARCLAYVILLE, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32083&PostingSeq=1 AIR OPERATIONS OFFICER, P3, 32146 Deadline: 28/01/2014, United Nations Mission in Liberia, MONROVIA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32146&PostingSeq=1 ECONOMIC AFFAIRS OFFICER, P4, 32154 Deadline: 15/03/2014, United Nations Conference on Trade and Development, GENEVA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32154&PostingSeq=1 INFORMATION SYSTEMS OFFICER (Web Developer), P3, 32163 Deadline: 14/03/2014, Department of Public Information, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32163&PostingSeq=1 SENIOR PUBLIC INFORMATION OFFICER, P5, 32186 Deadline: 14/03/2014, Department of Public Information, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE

TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32186&PostingSeq=1 SENIOR MISSION PLANNING OFFICER, P5, 32207 Deadline: 29/01/2014, United Nations Mission in Liberia, MONROVIA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32207&PostingSeq=1 SOCIAL AFFAIRS OFFICER, P4, 32252 Deadline: 15/03/2014, Economic Commission for Africa, ADDIS ABABA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32252&PostingSeq=1 PROGRAMME OFFICER (HIV/AIDS Prevention and Care), P3, 32496 Deadline: 12/02/2014, United Nations Office on Drugs and Crime, VIENNA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J

obOpeningId=32496&PostingSeq=1 TRIAL ATTORNEY, P4, 32523 Deadline: 13/02/2014, International Criminal Tribunal for the former Yugoslavia, THE HAGUE, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32523&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32584 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, KINGSTON, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32584&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32579 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, DHAKA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32579&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32586 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, DAR-ESSALAAM, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32586&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32581 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, SANTO DOMINGO, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32581&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32587 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, N’DJAMENA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32587&PostingSeq=1 (CONTINUED ON NEXT PAGE) | JOBS | 28

Issue No. 1066, January 22 - 28, 2014 (PDF EDITION ONLY) HUMAN RIGHTS ADVISER, P5, 32588 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, ABUJA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32588&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32590 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, BANGKOK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32590&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32591 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, LILONGWE, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32591&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32592 Deadline: 25/01/2014, Office of the High Commissioner for Human Rights, FREETOWN, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32592&PostingSeq=1 HUMAN RIGHTS ADVISER, P4, 32593 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, LUSAKA, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32593&PostingSeq=1 HUMAN RIGHTS ADVISER, P4, 32596 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, PANAMA CITY, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32596&PostingSeq=1 LEGAL ADVISOR, P3, 32602 Deadline: 13/02/2014, International Residual Mechanism for Criminal Tribunals, THE HAGUE, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32602&PostingSeq=1 CIVIL AFFAIRS OFFICER, P4, 32625 Deadline: 26/01/2014, United Nations Integrated Peacebuilding Office in the Central African Republic, MULTIPLE D/S, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32625&PostingSeq=1 HUMANITARIAN AFFAIRS OFFICER, P3, 32626 Deadline: 14/03/2014, Office for the Coordination of Humanitarian Affairs, NEW YORK, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32626&PostingSeq=1 CONTRACTS MANAGEMENT OFFICER, P4, 32633 Deadline: 28/01/2014, Field Missions, BAGHDAD, EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32633&PostingSeq=1 INVESTIGATOR, P3, 32658 Deadline: 13/02/2014, International Criminal Tribunal for the former Yugoslavia, THE HAGUE,


Should you wish to be considered for a position, please update your application and profile, particularly your contact details (address, telephone, e-mail) if they have changed. Then submit your application as soon as possible, preferably well in advance of the deadline for submission. By visiting our website, you will be able to: 1) View a complete list of all current job openings at the United Nations Secretariat; 2) Obtain information on how to apply, including the Instructional Manual; 3) Find out more about working for the Organisation. Office of Human Resources Management United Nations Secretariat

New partners join Grant Thornton Grant Thornton (Cyprus) Ltd, one of the leading accounting practices on the island, has admission three new partners to the firm: Froso Yiangoullis (Assurance Partner), Melpo Konnari (Advisory Partner) and Antonis Loyides (IFRS and Training Partner). The firm, which joined the Grant Thornton network in 1982, offers a full range of assurance, tax, specialist advisory and outsourcing services to clients ranging from public companies and multinationals to private businesses across a broad spectrum of industries. “At Grant Thornton, we invest in our people and reward results. Through technical expertise and passionate leadership, our new partners have consistently added great value to our clients as well as to our firm,” said Stavros Ioannou, CEO of Grant Thornton (Cyprus) Ltd. “Their professionalism and commitment help our clients on a path of responsible growth and keep our firm moving forward.” For information contact: 22600000

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