Financial Mirror digital edition

January 9 - 15, 2013 FinancialMirror.com

2 | NEWS

Discord rife over ECB’s next movel Economists split on rate cut in 2013, unlikely on Thursday

The European Central Bank will keep interest ratesunchanged this week, economists forecast in a Reuters poll, butthey cannot agree on the chances of a cut in the next fewmonths due to a murky economic outlook.

While a large majority said the Governing Council will holdthe main refinancing rate at a record low 0.75% at its Thursdaymeeting, there was no consensus over its next move, reflectinga similar split among policymakers themselves.

A wafer-thin majority - 38 out of 73 analysts polled over thelast few days - said the ECB will remain on hold for the nextthree months. The majority shifts to a 25 basis point cut by theend of June, but by a margin of only one respondent.

There are two schools of thought.In one are those who point to poor economic data for the

fourth quarter that signal a deepening euro zone recession.They argue that this warrants another cut, no matter how lim-ited its effect may be as rates are already near zero.

With the sovereign debt crisis festering, there are few signsof an early turnaround for the euro zone economy, althoughbusiness surveys last week suggested the recession may at leasthave passed its nadir.

On the other side are those who say ECB President MarioDraghi has shown no inclination to repeat last July’s rate cut.Instead he seems to be waiting for the results of the bank’s pro-gramme to buy the bonds of troubled euro zone governments- which has yet even to start.

That means the most likely outcome is that the ECB stays

on the sidelines, at least for now.“The Council’s divided, the outlook’s uncertain,” said Alan

Clarke, economist at Scotiabank. However, he said policymak-ers usually reach consensus rapidly once the economic outlookbecomes clearer. “It doesn’t unduly disturb me there’s a split,because as the euro zone’s demonstrated in the last year or two,things can change just like that,” he said.

Clarke thinks the ECB is more likely to stay on hold. TheGoverning Council is already pessimistic about the economicoutlook, so data would have to worsen yet more for membersto swing behind another rate cut.

The euro zone economy has shrunk for three consecutivequarters, with GDP down 0.6% year-on-year in June-September2012. A flash estimate for the fourth quarter is due on February14.

The Reuters poll was conducted before global regulatorsgave banks four more years and greater flexibility to build upcash buffers so that they can use some of their reserves to helpstruggling economies to grow.

SPLITTING IMAGEDisagreement among the forecasters merely reflects the split

among the ECB’s own policymakers. Board member YvesMersch was quoted last month as expressing his opposition tocutting the refi rate any further, saying he had not heard Draghimaking any departure from the current policy line.

However, Governing Council member Jozef Makuch said

the bank had a “very serious debate” last month about cuttinginterest rates.

There was similar debate among survey respondents overthe meaning of Draghi’s comments at the December meetingthat the Council had a wide-ranging discussion on interestrates.

“The markets over-interpreted the dovish comments byMario Draghi in December,” said Lena Komileva from G+Economics.

She forecast a cut in the second quarter, but added: “Whilethe ECB’s bias will remain dovish over the next 12 months, thedecision to cut rates again will depend on the will of a smallminority of core euro zone countries rather than the euro zonemajority.”

Others, such as Christian Schulz from Berenberg Bank,reckon the economy will show enough progress for rates to stayon hold for the time being. He expects the ECB to raise the refiback to 1% by the end of the year, which represents the mosthawkish forecast in the poll.

“The recovery should start to gain a little bit more pacetowards the end of the year,” said Schulz, adding that the ECBwould lead the main central banks in tightening policy. “TheECB will want to reassert inflation-fighting credentials by rais-ing rates first again, as in 2008 and 2011.”

Euro zone inflation held steady at 2.2% in December despiteexpectations of a fall, only a little above the ECB’s target ceilingof 2%.

‘Davos man’ fears more storms, real and economicl Income disparity and government debts top risk list; Climate ranks third,

extreme weather a growing concern

French employers say cannot meet union demands

Fragile economies and extreme weather have combined tocrank up the global risk dial in the past year, creating anincreasingly dangerous mix, according to the WorldEconomic Forum.

Despite Europe’s avoidance of a euro break-up in 2012and the United States stepping back from its fiscal cliff, busi-ness leaders and academics fear politicians are failing toaddress fundamental problems.

That is the conclusion of the group’s Global Risks 2013report, which surveyed more than 1,000 experts and industrybosses and found they were slightly more pessimistic aboutthe outlook for the decade ahead than a year ago.

“It reflects a loss of confidence in leadership from govern-ments,” said Lee Howell, the WEF managing director respon-sible for the report.

Severe wealth gaps and unsustainable governmentfinances were seen as the biggest economic threats facing theworld, as they were last January. There was also a markedincrease in focus on the dangers posed by severe weather.

The 80-page analysis of 50 risks for the next ten yearscomes ahead of the WEF’s annual meeting in the Swiss skiresort of Davos from January 23 to 27, where the rich andpowerful will ponder the planet’s future.

Chief executives arriving on their private jets may stillooze confidence but “Davos man” - and most delegates aremale - has plenty to worry about these days.

“Most of the risks have gone in the wrong direction in thepast year,” Howell told reporters.

On the economic front, eurozone instability will continueto shape global prospects in the coming years and the “asso-ciated risk of systemic financial failure, although limited,cannot be completely discarded,” the report said.

SUPERSTORM SANDYConcerns about rising greenhouse gas emissions have

grown notably in the past 12 months. The issue is ranked asthe third biggest worry overall, while failure to adapt to cli-mate change is viewed as the biggest single environmental

hazard.Superstorm Sandy, which wreaked havoc on the U.S. east

coast in October, was a wake-up call for many. But it was notan isolated event in a year that also saw droughts, floods andthe Arctic sea ice melting to a record low level.

Extreme weather was on display again this week asAustralia grappled with fires and heatwave conditions, whiletemperatures in China plunged to a 28-year low.

“Two storms - environmental and economic - are on acollision course,” said John Drzik, chief executive of OliverWyman, a unit of insurance broker Marsh & McLennan.

“If we don’t allocate the resources needed to mitigate therising risk from severe weather events, global prosperity forfuture generations could be threatened.”

Outside the interlinked areas of the environment and theeconomy, the WEF identified other dangers, includingincreasing resistance of bacteria to antibiotics and the dangerof “digital wildfires” created by the rapid spread of misinfor-mation online.

French employers will reject moves to overhaul rigidlabour rules unless unions drop demands for heavier welfarecharges on short-term job contracts, their leader said, sug-gesting talks this week could fail.

Socialist President Francois Hollande called on employersand unions to strike a deal by the end of 2012 that wouldgrant companies more flexibility in hiring and firing whilegiving more job security to workers on short-term contracts.

Talks between the Medef employers’ union and mainlabour groups spilled over to January after the last roundbroke up on December 21 without a deal, with each sideaccusing the other of making unacceptable demands.

As talks resume this week, Medef chief Laurence Parisotsaid employers would be unable to sign a deal imposing high-er costs for hiring on seasonal or short-term contracts.

“The issue of taxation for short contracts is a vital ques-tion,” Parisot said on Radio Classique.

The government says it will impose its own deal if the twosides fail agree. It is pushing for a deal to address concernsthat France has a two-speed labour market, with those onlong-term job contracts enjoying too much job security andthose on short-term contracts too little.

It has also granted French companies 20 bln euros in taxcredits to offset high social security charges for labour, whichis often cited by economists as a brake on growth and animportant factor in maintaining chronically high unemploy-ment.

Unit labour costs in Germany crept up 2% in 1999-2010,while in France they leapt by more than 20%, OECD figuresshow. Productivity gains were pumped back into wageincreases to fuel domestic demand.

French unemployment is at a 13-year high while acrossthe Rhine joblessness is at 6.9%, below the euro zone aver-age.

Parisot said that heavier levies on short-term contracts,which are mainly used in tourism and restaurants, wouldmake employers less -not more - likely to hire,while underminingbroader efforts to easewage pressures.

Employers want anagreement that willallow companies toadjust their wage burdenmore nimbly in a down-turn, as well as simplify-ing the rules about firingworkers to make theprocess more predictableand keep costs in check.

January 9 - 15, 2013FinancialMirror.com

CYPRUS | 3

Banks merger on the table?l BOCY, Laiki, HB need to ringfence their “good loans” from the “bad loans” in Greece and then replicate the same model in Cyprus

“Consolidation” used to be a taboo word, especially whenit came to banks. Yet, with public rescue funds coming inonce the PIMCO and BlackRock reviews are completed, nowmay be the best time to talk about mergers in the island’sbanking system.

Already, four of the biggest in Greece – National Bank,Eurobank, Alpha and Piraeus – have received some 27 blneuros in bailout money which will help them recapitalizetheir operations and resume lending, with a trickle-downeffect expected to partly help the three Cypriot banks thatremain grossly exposed to the Greek market.

Part of the plan being floated around includes ringfencingthe “bad”, non-performing loans of the Cypriot banks inGreece and handing them over to an asset managementcompany in exchange for government bond guarantees. Thiswould allow the banks to focus on their “good” loans andperhaps consolidate their operations in Greece into one inorder to benefit from economies of scale.

The same model could eventually be replicated in Cyprus,even though industry analysts say that the small size of thelocal economy, and their disproportionate overseasexpansion, would require at least two “large banks” tocontinue to operate.

Both Bank of Cyprus and Popular Laiki Bank issued profitwarnings last week, with the former saying that after-taxresults for 2012 and before the impairment of Greekgovernment bonds (GGBs) will be worse than the full resultsfor 2011, while the Core Tier 1 ratios may even be below 5%announced last month. This is below the 6% target set by itsGreek peers.

On the other hand, Laiki said it expects its 2012 results toshow a reduced after-tax loss compared with its record loss in2011. The bank reported a 2.5 bln euro net loss in 2011 thatforced it to seek a state bailout of 1.79 bln euros. As a result,

the government now controls 84% of the bank.Both are expected to tap into the lion’s share of 10 bln

euros that all Cypriot banks may need to recapitalise, as partof a 17.5 bln euro bailout package that Cyprus needs to rollover its public debt and pay down its runaway public sectordeficit. But the final bill will not be known until Black Rockaudits the due diligence report of PIMCO, the world’s biggestbond manager.

Laiki has already closed 64 branches in Greece and Cyprusand offered redundancy packages mainly to its staff inGreece.

“It is now up to the Central Bank of Cyprus and thegovernment to decide what they will do next and, hopefully,they will learn from the Greek experience,” said a seniorbanking source.

“BAD BANK”“In Cyprus, too, the “bad bank” operations would probably

be transferred to a state-controlled asset managementcompany. With economies of scale being less in Cyprus, thecurrent banks would probably continue as they are, focusingon their “good bank” operations, and they will may evencontinue with their present staff.”

“It would be better if at least two big banks continued inCyprus,” the source told the Financial Mirror, adding thatalthough it has projected an image of having avoided the crisis,Hellenic Bank too is exposed heavily to NPLs and other badloans in Greece.

Central Bank Governor Paniccos Demetriades seemedconfident when he met Eurozone ambassadors on Monday,saying that a consolidation in the banking sector is possible,under the present circumstances.

Acknowledging the harsh criticism from the internationalmedia, Demetriades also plaid down the issue of sustainability

of the Cyprus public debt, telling the diplomats that Cypruswould not seek the contribution of private depositors,especially after the failure to secure a 5 bln euro loan fromRussia.

“The postponement of the maturity of the Russian loanwould be acceptable to Eurozone governments, as well as theprivatisation of public companies, while [the Governor] alsoseemed in agreement that Cyprus should not have beenimposed a bond haircut,” a diplomat told the Financial Mirror.

A Central Bank source was quoted by the Cyprus NewsAgency as saying that “there is no issue of the Cypriot bankspulling out of Greece,” but that they would need to revise theirstrategic plans and decide what kind of operations they wouldmaintain there.


4 | CYPRUS

Suppliers bail out Orphanides stores with takeoverl Most jobs saved, to reopen as New Era Orphanides

Suppliers owed some 85 mln euros by OrphanidesSupermarkets, the one-time darling of the Cyprus stockmarket, are expected to take over most of the operations of thechain and rename it “New Era Orphanides” (NEO) to try to turnit around and recoup their losses within ten years.

The initial rescue plan foresees a 12-month period where thesuppliers will have full control over the entire business in orderto bring it back to profitability, rehiring a significant part of the1,500 staff currently in limbo.

In a stock exchange filing, the company, that has beendropped from the CSE Main Market and placed in the SpecialCategory, said that a memorandum of cooperation has beenreached between founder and primary shareholder ChristosOrphanides on the one hand, and Georgos Georgiou,representing most of the suppliers, on the other.

The deal calls for the suspension of all activities ofOrphanides Public Co. and the transfer of “the largest part of itssupermarkets” to the new company controlled by the suppliersthat will rehire staff and buy the stock.

NEO will pay Orphanides Public or the banks at least 2% ofthe turnover of each supermarket and 0.1% in royalties andrights, with Christos Orphanides and his company maintainingthe right to buy back the debt and the entire business any timeafter the first year, having already repaid suppliers and thebanks, that are owed about 140 mln euros.

Laiki Popular Bank, that carried most of the Orphanides debton its books, had initially objected to the appointment of UK-based Andreas Andronikou as administrator because of hisclose ties to Christos Orphanides, and instead urged suppliers

to come up with a rescue deal. Press reports suggest that Laikiand other banks have given NEO their blessing.

“We are saving thousands of jobs, ensuring the viability oftens of other companies and providing a new and efficientmodel with NEO,” Georgiou said in a statement.

He said that the aim is to restart the supermarkets as soonas possible, adding that NEO’s profitability is expected to be

satisfactory so as to ensure the repayment of debts well withinthe ten-year plan.

Georgiou added that Ernst & Young is working on a newbusiness plan and that the new venture will be headed by a 7-man executive team, four of whom will represent the suppliers.

Also, GRV North, the primary supplier of fruit and veg to allOrphanides stores that is owed some 400-500,000 euros, isexpected to suspend its Court injunction on the publiccompany, in order to allow the new venture to operate.

END OF AN ERA

Orphanides Supermarkets accumulated debts of about 235mln euros after a 26-year journey that saw the founder startwith the flagship store in Larnaca and expand to a chain ofnearly 30 large and small Express outlets around the island.

Having embarked on a drastic cost-cutting plan a year agowith redundancies and pay cuts, chairman Chris Orphanidesblamed banks in mid-December for the demise of his chain,saying that lack of liquidity and strict controls by the CentralBank’s cheque clearing system drained his company ofoperating funds.

The company had already shut down 11 stores due to lackof stock supplies, while Orphanides also accepted responsibilityfor “mistakes of the past”.

The company, that embarked on an aggressive expansionplan in 2007 with the aim of opening smaller Express outlets tobeat low-cost rivals Carrefour and Lidl, claims that its propertyassets alone worth 340 mln euros more than cover the debt.

NEO to reopen on 14/1 with 16 stores

New Era Orphanides (NEO), the restructuredentity headed by suppliers, will reopen 16 of theOrphanides stores by January 14. Most of the storesare high-traffic outlets and low-cost operations, as isthe case of the Express mini-markets. The NEOstores are:

NICOSIA: Anthoupolis, Paliometocho, Latsia,Ayios Pavlos, Sopaz.

FAMAGUSTA: Paralimni.LARNACA: Central, Dhrosia, Kiti, Skarinou.LIMASSOL: Commercial

Centre, Zakaki, Petrou &Pavlou, Yermasoyia,Kolossi.

PAPHOS: Paphos Mall.

The three different labour working groups at Cyprus Airways representingthe cabin crew, engineers and administration have received copies of the AirFrance Consulting rescue plan to help the troubled national carrier.

Already, 407 employees will be made redundant and the airline isexpected to operate with some 578 staff who have set demands that furtherpay cuts be proportional and not across-the-board.

Trade unions are also adamant against privatising theengineering and maintenance divisions, while talks areunderway to outsource the operations of the IT, Cateringand Loading units.

Ironically, the same trade unions had demanded thatthese cuts be imposed on former state-owned Eurocypria,which had been operating with much lower overheads, inorder to close down the low-cost carrier and ensure thecontinuity of the larger flag carrier.

Meanwhile, in a stock market filing, Cyprus Airwaysissued a profit warning for the 2012 results, “mainly due tothe continuing financial crisis and the intensifyingcompetition, especially by low cost carriers that receivesubsidies, a significant increase in the fuel prices and theweakening of the Euro US Dollar exchange rate.”

The 2011 results included the non-recurring benefitfrom the exchange of slots at London Heathrow airportwith Virgin Atlantic Airways, as well as the profit from thesale of an Airbus A320-200 and three spare engines,redundancies and the reduction in the value of two A319s

that were disposed of in 2012.Meanwhile, CySEC has approved the prospectus for the issue of 391 mln

rights with a nominal value of 1c each, at the rate of 1 right for every share.The rights will start trading on January 18 and will be exercised at 2.88 eurosfor every 25 rights that will be converted into 144 fully paid shares.

VAT up to 18% fromMonday

The new year heraldedin a new age of highertaxes, with none of theprimary candidates for nextmonths presidentialelections pledging to lowerany of the new levies.

A 7c consumer tax onfuel (8.2c incl VAT)brought in millions in freshrevenue as a shortage scare,supposedly because of anindustrial dispute, pushedthousands of motorists tofill up their tanks in thewake of a national strike.Eventually, the strike onlylasted six hours on Friday,while some petrol stationowners abstained.

Higher taxes have alsobeen imposed on rolledtobacco and spirits.

Value added tax (VAT)will rise by one percentagepoint as of Monday, from17% to 18%, which will risea further percentage pointto 19% on January 1, 2014.

Milk is now moreexpensive by 4c a litrewholesale (from 49.7c to53.7c), with the retailprices expected to go up onJanuary 15 by 12c to 1.46euros a litre.

Zero hour for CAIR


CYPRUS | 5

Unemployment hits 14%, yet wages upCPI-indexation has now been suspended

The Cyprus unemployment rate reached a shocking 14%in November, according to estimates produced by Eurostat,joining the other euro area peripherals who recorded a sharpincrease: Spain (26.5%), Greece (26.6%) and Portugal(16.3%).

In November 2011 the Cyprus unemployment rate was9.5%.

Only five years ago, Cyprus boasted near full employmentwith an unemployment rate of just 3.7%.

Meanwhile, the monthly registered unemployment fig-ure, which count only those registered for unemploymentbenefits, breached 40,000, rising by 26.5% to reach 41,625,compared with 31,826 recorded in December 2011.

The figures by occupational category serve as an adver-tisement for higher education.

By occupational category, the largest number of unem-ployed are found among those with elementary occupations(9,649), followed by service and sale workers (8,259) andclerks (6,511).

However, there were also 2,418 professionals without

work in December.

But wages keep on risingDespite the alarming increase in unemployment, wages

have continued to rise, by thanks in large part to the wage-indexation known as the cost of living allowance (COLA).

Average earnings rose compared with the year earlier by1.1% in the third quarter of 2012 to EUR 1,912.

From 2013 one might expect to see a contraction in earn-ings. As part of the terms of its hoped-for bailout, the gov-ernment suspended COLA for public-sector workers at theend of last year.

There is also anecdotal evidence to suggest that the pri-vate sector has already stopped implementing wage indexa-tion.

The government also implemented cuts of up to 12.5%for any public-sector worker earning more than EUR 1,000per month. Cystat says that these cuts will not affect grossearnings figures but only net income.

www.sapientaeconomics.com

CONSUMER PRICE INFLATION 2011 2012

% change over same period of previous year

Housing, water, electricity and gas 10.4 11.3

Alcoholic beverages and tobacco 11.1 3.2

Transport 2.9 3.1

Education 3.2 2.4

Communication 0.5 1.1

Restaurants and hotels 1.5 1.1

Food and non-alcoholic beverages 4.1 0.8

Recreation and culture 1.8 0.7

Health 2.7 0.6

Miscellaneous goods and services -1.1 0.4

Furnishings, household equip. and supplies 2.5 0.1

Clothing and footwear -0.5 -2.7

General Consumer Price Index 3.3 2.4

By Economic Origin

Petroleum products 19.2 7.9

Local goods 11.0 6.7

Services 1.6 1.0

Imported goods 2.8 -0.6

Source: Cystat, Sapienta Economics calculations.

Electricity prices risehighest in 2012

You already knew it from your electricity bills, but the fastestpace of increase for prices in 2012 was for the category ofhousing, water, electricity and gas.

Prices in this category rose by 11.3% in 2012, having alreadyrisen by 10.4% in 2011.

In the second half of 2011, the near-monopoly ElectricityAuthority of Cyprus slapped a surcharge on electricity bills topay for the major power station that was destroyed.

The only category that saw an actual cut in prices in 2012was clothing and footwear. These generally low budget itemshave been hit by rising unemployment and a squeeze on credit.

Overall inflation in 2012 rose by 2.4%, from 3.3% in 2011. Overall inflation would have been higher had it not been for

the deflationary effect of imported goods (excluding fuel), whichfell by 0.6%.

Prices of local goods, on the other hand, continued to riseabove average, increasing by 6.7%. High inflation of localproduce suggests that competition in the local market is stillweak. However, this coming year of austerity may see thingschange a little.

www.sapientaeconomics.com

Euro zone sentiment risesfor 5th month in row

Euro zone sentiment improved for a fifth consecutivemonth in January, with investors’ expectations rising totheir highest level in almost two years after a successfulGreek bond buyback and a dip in Spanish jobless figures.

Research group Sentix said its monthly index trackinginvestor sentiment in the 17-nation currency bloc climbedto -7.0 in January, up from -16.8 in December, coming inwell above a Reuters consensus forecast for an increase to -15.0. “The euro zone index was stronger than expected... andthat was partly due to many rather minor positive reportsfrom around the region,” Sentix said in a statement.

A buyback of Greek debt hailed as a success, an upgradeof the recession-mired country by ratings agency Standardand Poor’s and an unexpected dip in Spanish unemploy-ment in December fed investor optimism, Sentix said.

A smaller-than-expected 2012 budget deficit for Irelandand Germany’s robust labour market also contributed to themore positive mood, Sentix said.

A sub-index of expectations rose to 12.0 in January from-1.5 in December, its highest level since February 2011. Asub-index tracking current conditions rose to -24.3 inJanuary from -31.0 in December.

An index for investor sentiment in the United States roseby 2.9 points to 10.0. “Investors are relieved that the coun-try avoided falling over the fiscal cliff but they are disappoint-ed about how the American tax compromise came about andabout the compromise itself,” Sentix said.

An index tracking global investor sentiment rose by 5.6points on the month to 14.1 in January, its highest levelsince August 2011.

“Happy New Year - the recovery is underway,” Sentixsaid.

Business confidence up in DecemberThe business climate in Cyprus in December settled 1.4

units higher m-o-m, according to the Business andConsumer Survey conducted by the Economic ResearchCentre of the University of Cyprus in cooperation with theEuropean Committee.

Four of the five key sectors saw improvements withManufacturing up 1 point, Trade up 4, Construction up 4and the Services sector up 5 points, with only the Consumersector receding 3 points.

“The improvement in the business climate is attributed tothe increase in the majority of the sectors, especially theservices sector owing to the increased demand in 4Q 2012and favourable estimates for the short-term outlookdemand,” Laiki Bank said in its daily research note.

Monthly earnings start to fall in 3QThe average gross monthly earnings of employees in the

third quarter of 2012 amounted to 1,912 euros (males 2,081and females 1,717), according to the preliminary estimationsof the Statistical Service Cystat.

Compared with the second quarter of 2012 (seasonallyadjusted data) there was a marginal decrease of -0.3% (males -0.7% and females 0.1%), while the quarter-on-quarter changeduring the third quarter of 2011 was 0.4%.

Year-on-year, the data showed a 1.1% increase from the third quar-ter of 2011, while the rise from the third quarter of 2010 was 1.9%.

The payment of the automatic Cost of Living Allowance(COLA) on the gross earnings of employees amounted to1.70% as from January 2012 and 1.27% as from July 2012.Starting from January 2012, however, the COLA is not paid toemployees of the broad public sector where the deductionswhich were implemented from the last quarter of 2011, do notaffect the gross salary of employees but only their net income.Consequently, while these deductions reduce the disposableincome of employees, they are not reflected in the fluctuationof gross earnings and the figures above, Cystat said.

Industrial output prices rise 7% y/y in Jan-Nov

Despite a year in which industrial production declined sharply, industrial output prices rose by 7% over the yearearlier in January-November according to Cystat.

In November alone, industrial output prices fell by 0.4% compared to October 2012, while the manufacturingsubindex dropped by 0.1%.

Meanwhile, industrial production fell by 8.8% over the year earlier period in January-October 2012. In October alone, overall output declined by 6.1% compared with October 2011, while manufacturing dropped by 7.2%.

Atlantic pays EAC €103 mln in compensation

Atlantic Insurance Company Public Ltd. announced that payment for 102.5 mln euros was made to theElectricity Authority of Cyprus on December 28 as compensation for the restoration of damages at the EACplant at Vassiliko.

The insurer said that the total amount of compensation of 132.5 mln from the disastrous explosion atEvangelos Florakis naval base in Mari on July 11, 2011 have been completed.

Life insurers need to prepare for future changes, says PwC

A new PwC report, “Life Insurance 2020: Competing for afuture”, says that emerging markets (South America, Africa,Asia and the Middle East - SAAAME) are seeing risingdemand for insurance products as their economies expandand their consumers acquire more wealth to protect.

Almost 50% of insurance industry leaders see emergingmarkets as more important than developed markets to theircompany’s future. Life insurance is a shrinking market insome countries like US, while pensions and retirementincome is a growing sector for developed nations and Chinadue to the changing demographics. Demand for pensionproducts in emerging markets is likely to catch up with theWest as health improves and consumers live longer.

Life insurers are likely to make significant changes to theirbusiness models over the next ten years. The cap on financialadvisers’ fees in many countries, including India, andplanned elimination of commission for advisers in the UKwill bring the value policyholders receive from these chargesfurther into the spotlight. Further, technology will have anincreasing influence over the purchase of insurance.

“The old adage that insurance is sold, not bought is beingchallenged. As customers use the internet and their ownsocial networks to gain knowledge about the kinds ofproducts they need and use technology to determine theaffordability and worth of insurance products, life insurerswill need to adapt accordingly,” said Androulla Pittas, Partnerin Assurance Services and Insurance Responsible Partner atPwC Cyprus.

“The growth agenda is being shaped by the very differenteconomic prospects and demographic profiles of emerging

and developed markets. As urbanisation and longevity areincreasing in emerging countries at a faster rate than indeveloped economies, there is enormous potential for lifeinsurance businesses to grow in these markets.

“Effective use of technology is going to be a crucial factor.

Consumers have become accustomed to the ease, intuitionand elegance of digital retail interaction and want the sameexperience from life insurers. As smartphones and othermobile devices proliferate, customers will increasinglydemand to be able to buy what, when and where they want.”


6 | OPINION

One of the best parting gifts that Labour MinisterSotiroula Charalambous could give to the nation wouldbe to adopt entrepreneur Nicos Shacolas’ advice toallow for shops to operate seven days a week, a planthat the successful businessman has pledged will gen-erate “several hundred” jobs in his retail empire alone.

He should know better. With nearly 1,100 full-timers and part-timers already employed at theDebenhams chain and other retail stores, one of thefew commercial enterprises that keep on recordingincreased sales (and paying dividends to sharehold-ers), the NK Shacolas and Hermes Groups want to hire

more people, preferably unemployed, to work Sundayshifts or to replace permanent staff seeking a day ortwo off.

The veteran businessman believes that this movewould cost the state nothing and would generate sever-al thousand new jobs within all retail operators. Thiswould also help reduce the burden on the benefits paidout to unemployed people, while contributions to thenear-bankrupt Social Insurance Fund would also bene-fit from the earnings of new workers.

Shacolas proposes that this plan initially be adoptedfor a year, while it would not be imposed on anybody.Store owners would be free to open and close wheneverthey want, depending on the flow of business, whilelonger working hours would also help support thetourism industry, that expects higher arrivals this year.

Slow GDP growth has meant slow employmentgrowth and reinvigorating the retail sector would part-ly allow growth to resume.

The only obstacle, which the Labour Minister isusing as a pretext to do nothing on the issue, is theclub of the small shopkeepers, POVEK, who fear thatlarger chains and supermarkets are robbing them oftheir business.

Perhaps, POVEK members have not yet realized thatlarge corporations are also rigid and do not have theflexibility of a mom-and-pop shop where one canchange prices in a store window before you can finishyour metrio.

Longer hours are good for us all. Especially at timesof high unemployment and a lot of frustrated peoplesaying they cannot find jobs.

EDITORIAL

Shacolas plan must be taken seriously

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App acts as PA for busy digital lifeLooking for a reliable assistant for your complex

digital life? A new app that can detect tasks and helpusers to complete them could be the answer.

Easilydo, which is available in English for iPhoneand iPod Touch in 46 countries, aims to be a pervasiveassistant that uncovers tasks from email, calendars,social network and address books.

Tasks it helps to tackle include sending a birthdaygreeting through Facebook, tracking shipments, oradding contacts to an address book. Twenty four taskscan be detected and are cued up visually within theapp.

“We’re focusing on the consumer with recognitionthat most consumers, especially those with high-endsmartphones also have professional tasks that theywant to get done,” said Mikael Berner, the CEO of San-Francisco-based company Easilydo.

According to Berner, the app is useful for knockingoff tasks in batches, and also for getting assistancewith impending chores.

If there’s an upcoming conference call, the app will dialinto the number. If there’s an in-person meeting, it willremind the user when it’s time to leave, and even provide amap to get there.

The app is also constantly on the lookout for news fromsocial networks using language processing technology thatcan detect, for example, when someone buys a new home orgets engaged, so that a greeting or gift can be sent using theapp.

“Every person has to make roughly 35,000 decisions aday, and the more decisions you have to make, the moreworn out you are at the end of the day,” said Berner, adding

that only about 5% of those decision are conscious.Another problem the app aims to ease is context switch-

ing, being diverted from one task to another before eventual-ly returning to complete it.

According to Berner, the average office worker switchestasks every three minutes and doesn’t return to a particulartask until 22 minutes later.

The company plans to add new tasks monthly and to cre-ate a way for users to create custom tasks. It also plans torelease an Android app and hopes to work with businessessuch as banks or airlines to help their customers with taskssuch as paying bills, checking into airlines or booking flights.

Similar apps include Google Now for Android, and Cue foriPhone.

On 13 July 2010, the second Directive on VAT invoicing(2010/45/EU) was adopted and its provisions are applicableby Member States (MS) as from 1 January 2013.

The new Directive aims at: promoting and furthersimplifying invoicing rules; establishing equal treatmentbetween paper and electronic invoices; promoting the use ofe-invoicing; and, combating VAT fraud.

PRACTICAL IMPLICATIONS ON BUSINESSES

The new Directive deals, amongst others, with the use ofsimplified and electronic invoices, the storage of invoices, thetime of supply for certain types of transactions and providesfor an optional cash accounting scheme in certaincircumstances.

The changes are likely to affect businesses operating bothlocally and internationally. Those affected should identify thechanges that need to be made in their accounting andreporting systems and amend their procedures wherenecessary, in order to comply with the new requirements ina timely manner.

As an example, businesses will need to establish anddocument business controls that create an audit trailbetween the invoice and the supply (e.g. matching of invoicewith purchase order, settlement of invoice etc). Anotherexample on how the provisions of the new Directive willaffect businesses is that IT setups will need to be revisited toensure that e-invoices are safely stored throughout themandatory storage period in the original form in which theywere sent.

As at the time of writing, Cyprus has not enacted anyprovisions of the new Directive into law.

MAIN CHANGES

Goods transferred from one MS to another for valuationand return (Article 17 (2) (f) replaced)

The dispatch of goods from one MS to another, forvaluation or work upon, and the subsequent transfer to theMS from which they were initially dispatched, will not beregarded as supply of goods for VAT purposes.

In addition, a register of the goods dispatched to anotherMS should be kept, with sufficient detail to enable theidentification of such goods (Article 243 replaced).

Continuous supplies of goods (Article 64 (2) replaced)Continuous supplies of goods for a period of more than

one month, transported from one MS to another, will beregarded as being completed on expiry of each calendarmonth until the supply comes to an end.

Continuous supplies of services for which VAT is payableby the customer over a period of more than one year (andwhich do not give rise to statements of account or paymentsduring that period) will be regarded as being completed onexpiry of each calendar year until the supply of servicescomes to an end.

Deadline for issuing invoices (Article 222 replaced)The deadline for issuing invoices for supplies of services

where VAT is payable by the customer (i.e. through reversecharge mechanism); and, supplies of goods dispatched fromone MS to another (i.e. Intra-Community supplies of goods),will be the 15th day of the month following that in whichgoods or services are supplied.

For other supplies of goods and services, MS are allowedto impose different time limits.

Translation of invoices in foreign currencies to EURO (Article 91 (2) replaced)MS shall accept the use of the exchange rate published by

the European Central Bank at the time the VAT becomeschargeable. MS may require to be notified of the exercise ofthis option by the taxable person.

However, for some transactions, MS may use theexchange rate governing the calculation of the value forcustoms purposes (i.e. the Customs & Excise exchangerates).

Translation and language used on invoices (new Article 248 (a) inserted)MS may, for certain taxable persons or certain cases,

require translation of invoices into their official languages.However, MS may not impose a general requirement thatinvoices be translated.

Currency denomination of invoice (Article 230 replaced)The amounts on the invoice may be expressed in any

currency, but the VAT payable will need to be adjusted andexpressed in the national currency of the MS, using themechanism described above.

Amendments on the contents of the invoices (Amendment of Article 226)In specific cases, the following details need to be stated on

the invoices as follows:

Invoicing rules (new Article 219 (a) inserted)Invoicing shall be subject to the rules of the MS in which

the supply of goods or services is deemed to be made.However, invoicing shall be subject to the rules of the MS

in which the supplier has established his business (or has afixed establishment) in the case where:

* there is an Intra-Community supply of goods or servicesand the person liable for the payment of the VAT is the oneto whom the goods or services are supplied (i.e. throughreverse charge mechanism), except in the case of self-billing;

* the supply of goods or services is deemed to take placeoutside the EU.

Simplified invoices - obligation (new Article 220 (a) inserted)MSs shall allow taxable persons to issue simplified

invoices in the cases when the amount of the invoice is nothigher than EUR 100; and, when a document or message(i.e. debit or credit notes) amends the initial invoice.

Simplified invoices will not be allowed for exempt intra-community supply of goods, distance sales and in caseswhere the person liable for the payment of VAT is the one towhom the goods or services are supplied.

Simplified invoices - optional (Amendment of Article 238)MS may provide that simplified invoices are issued in the

cases where the amount of the invoice is higher than EUR100 but less than EUR 400; and, commercial oradministrative practice makes it particularly difficult forissuing a full VAT invoice.

Simplified invoices will not be allowed for exempt intra-community supply of goods, distance sales and in caseswhere the person liable for the payment of VAT is the one towhom the goods or services are supplied.

Details on simplified invoices (new Article 226 (b) inserted and Article 223 replaced)Simplified invoices should include :* the date of issue;* identification of the taxable person supplying the goods

or services;* identification of the type of goods or services supplied;* the VAT amount payable or the information needed to

calculate it;where the invoice issued is a document or message

treated as an invoice, specific and unambiguous reference tothat initial invoice and the specific details which are beingamended (i.e. applicable for debit and credit notes).*

MS shall allow the issue of summary invoices which detailseveral separate supplies of goods or services, provided thatVAT on the supplies mentioned in the summary invoicebecomes chargeable during the same calendar month.

Definition of e-invoice (Article 217 replaced)An “electronic invoice” is an invoice which is issued and

received in any electronic format.

Acceptance of e-invoice (Article 232 replaced)The e-invoice shall be subject to acceptance by the reci-

pient.

Authenticity, integrity and legibility of an invoice (Amendment of Article 233)The authenticity of the origin, the integrity of the content

and the legibility of an invoice, whether on paper or in elec-tronic form, shall be ensured from the time of issue until theend of the period for storage of the invoice.

Each taxable person will need to determine the way toensure the authenticity, integrity and legibility of the invoice.This may be achieved by business controls which create areliable audit trail between an invoice and a supply of goodsor services. Examples that ensure the authenticity andintegrity of an e-invoice include the advanced electronic sig-nature and EDI.

VAT accounting on a cash basis (new Article 167 (a) inserted)MS will be allowed, to introduce an optional cash

accounting scheme i.e. for supplies made/received, VAT willbe chargeable/claimable on receipt/payment.

MS which apply the optional scheme, shall set a thresh-old for taxable persons using the scheme, based on theirannual turnover. That threshold may not be higher than EUR500,000. MS may increase that threshold up to EUR2,000,000 or the equivalent in national currency after con-sulting the VAT Committee.

Storage of invoices (Article 249 replaced)MS may require that invoices be stored in the original

form in which they were sent, whether paper or electronic.Additionally, in the case of invoices stored by electronicmeans, the MS may require that the data guaranteeing theauthenticity of the origin of the invoices and the integrity oftheir content, is also be stored by electronic means.

MS may lay down specific conditions prohibiting orrestricting the storage of invoices in a country with which nolegal instrument exists relating to mutual assistance.

In addition, in the case where invoices are stored by elec-tronic means and the former relate to supplies where VAT isdue in the MS of recipient, that MS shall have the right toaccess, download and use those invoices.

www.kda.com.cy

FinancialMirror.com

COMMENT | 7

January 9 - 15, 2013

Changes in the EU-wide directive on VAT invoicing

Director

Kanaris, Demetriades & Associates

By Efthymios Kanaris

Case: Invoice will need to mention:

Cash accounting scheme is used ‘’Cash accounting’’

Self billing is used ‘’Self-billing’’

VAT is due by the person to whom the goods or services ‘’Reverse charge’’are supplied

‘’Margin scheme – Second hand-goods’’‘’Margin scheme –

Travel agents’’‘’Margin scheme –

Works of art’’‘’Margin scheme – Collector’s items

and antiques’’

Margin schemes are applied

Alternative Fiscal Medicine?


BRUSSELS – Forget the fiscal cliff. The real issue is the fis-cal mountain. According to the IMF, the challenge of reducingthe public debt/GDP ratio to a safe level is daunting for mostadvanced countries.

In Europe, many governments, having embarked on thepath of fiscal consolidation while their economies were stillweak, are now struggling with the growth consequences. As aresult, debt stabilization seems to be an increasingly elusive tar-get.

In the US, consolidation has barely begun. Because the pri-vate economy is now stronger, it may benefit from more auspi-cious growth conditions, but the magnitude of the fiscalretrenchment needed – more than ten percentage points ofGDP, according to the IMF – is frightening. In Japan, nothinghas been done thus far and the size of the required effort defiesimagination.

All advanced-country governments are still officially com-mitted to undergoing the pain of adjustment. But how manywill become exhausted before implementing this program infull? Willingly or not, some may seek recourse to inflation oradministrative measures aimed at trapping domestic savingsinto financing the state and keeping bond rates low (what eco-nomists call financial repression) – or, eventually, to outrightdebt restructuring.

All three unorthodox remedies have been used in past debtcrises. They can be regarded as alternative forms of taxation,albeit implicit rather than explicit. In the end, they are differentmethods of forcing current and future generations to shoulderthe burden of accumulated debt.

Is it preferable to adjust in full? Or is it advisable to blendconsolidation with a dose of alternative medicine?

Here, the discussion is often couched in moral terms.Adjustment, we are told, is morally commendable, whereas thealternatives all amount to repudiating the contracts thatgovernments entered into with bondholders.

This may be true, but governments are political animals.They care more about voters’ welfare than about moral princi-ples. So it is worth discussing in purely economic terms whatorthodox and unorthodox choices imply from the standpointsof equity and efficiency.

Start with equity. From this perspective, adjustment is hardto beat. Combining taxation and spending cuts allows the bur-

den of adjustment to be distributed precisely. The decisionbelongs to the legislator. Some adjustments, like in Francenowadays, weigh mostly on high-income, high-wealth indivi-duals; others, like in Italy, weigh on pensioners. These choiceswere made democratically, in parliaments, as part of budgetdecisions.

The unorthodox techniques, however, are less nimble andmore opaque. Inflation affects those with assets (cash, bonds)or incomes (wages, income from saving accounts) that are notindexed (or are under-indexed) to prices. Financial repression isbasically a form of administrative taxation of domestic savings.

And restructuring is a levy on bondholders’ wealth, includingthat of middle-class pension savers. On distributional grounds,there does not seem to be a good reason to resort to them inlieu of relying on outright taxation.

There are exceptions, though. First, governments and parlia-ments may be politically unable to take responsibility for distri-butional choices and prefer to keep them hidden. This is not agood reason, but it does happen.

Second, restructuring concentrates the burden on thoseholding bonds issued before a certain cut-off date. It thus drawsa line between the past and the future – leading to what JohnMaynard Keynes called “euthanasia of the rentier.” When theburden of past turpitude is too heavy, there may be no otherway to protect future generations.

Finally, both inflation and restructuring put some of theburden on non-resident bondholders (through exchange-ratedepreciation and the direct reduction of the value of assets,respectively). For taxpayers, this is a tempting formula, especi-ally when a large share of the debt is held externally. To makeforeigners pay is, however, disputable. After all, they were notthe beneficiaries of the public goods or transfers financed by the

issuance of debt. So it should be reserved for cases when thecountry as a whole has grown insolvent.

Turn now to efficiency. Large-scale adjustments may leavean economy with a weaker capacity to generate growth, becau-se high taxes have deterred investment or cuts in public spen-ding have eroded the quality of infrastructure and education.But this is true of the unorthodox remedies as well.

Financial repression distorts choices by channeling savingsto budget financing and away from investment. Inflationimplies higher long-term interest rates until markets regainconfidence in the central bank. And restructuring weakensbanks, which generally hold large portfolios of governmentbonds, thus making them less able to finance the economy.Indeed, restructuring undermines the foundation of the entirefinancial system: the safe-asset role of sovereign debt. As deve-loping countries have learned from experience, all these effectsare bad for capital allocation and growth.

But an exception can again be made: When both the privateand public sectors are overburdened with debt, adjustment leadsto a debt-deflation spiral, particularly when conducted under afixed exchange-rate regime. In such conditions, full adjustmentrisks becoming self-defeating, or at least unreasonably painful,as illustrated by the Greek case. Despite their economic costs,restructuring public debt or eroding all public and private liabi-lities through inflation can be less detrimental options.

In the end, the alternatives to adjustment are not soft.Barring extreme situations, they generally underperform fiscaladjustment from the standpoint of equity, and are no better interms of efficiency. So the idea that they offer an easy way outof advanced countries’ current predicament is a fantasy.

Rather than flirting with illusions, governments should con-front the hard choices ahead of them. Relying on alternativeremedies is sometimes necessary, but they are not painless.They should be considered treatments of last resort.

Jean Pisani-Ferry is Director of Bruegel, an internationaleconomics think tank, Professor of Economics at UniversitéParis-Dauphine, and a member of the French Prime Minister’sCouncil of Economic Analysis.

© Project Syndicate, 2012.www.project-syndicate.org

8 | CΟΜΜΕΝΤ

The Real Interest-Rate RiskBEIJING – Since 2007, the financial crisis has pushed the

world into an era of low, if not near-zero, interest rates andquantitative easing, as most developed countries seek to reducedebt pressure and perpetuate fragile payment cycles. But,despite talk of easy money as the “new normal,” there is astrong risk that real (inflation-adjusted) interest rates will rise inthe next decade.

Total capital assets of central banks worldwide amount to$18 trillion, or 19% of global GDP – twice the level of ten yearsago. This gives them plenty of ammunition to guide marketinterest rates lower as they combat the weakest recovery sincethe Great Depression. In the United States, the Federal Reservehas lowered its benchmark interest rate ten times since August2007, from 5.25% to a zone between zero and 0.25%, and hasreduced the discount rate 12 times (by a total of 550 basispoints since June 2006), to 0.75%. The European Central Bankhas lowered its main refinancing rate eight times, by a total of325 basis points, to 0.75%. The Bank of Japan has twice loweredits interest rate, which now stands at 0.1%. And the Bank ofEngland has cut its benchmark rate nine times, by 525 points,to an all-time low of 0.5%.

But this vigorous attempt to reduce interest rates isdistorting capital allocation. The US, with the world’s largestdeficits and debt, is the biggest beneficiary of cheap financing.With the persistence of Europe’s sovereign-debt crisis, safe-haven effects have driven the yield of ten-year US Treasurybonds to their lowest level in 60 years, while the ten-year swapspread – the gap between a fixed-rate and a floating-ratepayment stream – is negative, implying a real loss for investors.

The US government is now trying to repay old debt byborrowing more; in 2010, average annual debt creation(including debt refinance) moved above $4 trillion, or almostone-quarter of GDP, compared to the pre-crisis average of 8.7%of GDP. As this figure continues to rise, investors will demand

a higher risk premium, causing debt-service costs to rise. And,once the US economy shows signs of recovery and the Fed’stargets of 6.5% unemployment and 2.5% annual inflation arereached, the authorities will abandon quantitative easing andforce real interest rates higher.

Japan, too, is now facing emerging interest-rate risks, as theproportion of public debt held by foreigners reaches a new high.While the yield on Japan’s ten-year bond has dropped to an all-time low in the last nine years, the biggest risk, as in the US, isa large increase in borrowing costs as investors demand higherrisk premia.

Once Japan’s sovereign-debt market becomes unstable,refinancing difficulties will hit domestic financial institutions,which hold a massive volume of public debt on their balancesheets. The result will be chain reactions similar to those seenin Europe’s sovereign-debt crisis, with a vicious circle ofsovereign and bank debt leading to credit-rating downgradesand a sharp increase in bond yields. Japan’s own debt crisis willthen erupt with full force.

Viewed from creditors’ perspective, the age of cheap financefor the indebted countries is over. To some extent, the over-accumulation of US debt reflects the global perception of zerorisk. As a result, the external-surplus countries (includingChina) essentially contribute to the suppression of long-term

US interest rates, with the average US Treasury bond yielddropping 40% between 2000 and 2008. Thus, the more US debtthat these countries buy, the more money they lose.

That is especially true of China, the world’s second-largestcreditor country (and America’s largest creditor). But thisarrangement is quickly becoming unsustainable. China’s far-reaching shift to a new growth model implies major structuraland macroeconomic changes in the medium and long term.The renminbi’s unilateral revaluation will end, accompanied bythe gradual easing of external liquidity pressure. With riskassets’ long-term valuation falling and pressure to prick pricebubbles rising, China’s capital reserves will be insufficient torefinance the developed countries’ debts cheaply.

China is not alone. As a recent report by the internationalconsultancy McKinsey & Company argues, the next decade willwitness rising interest rates worldwide amid global economicrebalancing. For the time being, the developed economiesremain weak, with central banks attempting to stimulateanemic demand. But the tendency in recent decades – andespecially since 2007 – to suppress interest rates will bereversed within the next few years, owing mainly to risinginvestment from the developing countries.

Moreover, China’s aging population, and its strategy ofboosting domestic consumption, will negatively affect globalsavings. The world may enter a new era in which investmentdemand exceeds desired savings – which means that realinterest rates must rise.

Zhang Monan is a fellow of the China Information Center,fellow of the China Foundation for International Studies, and a researcher at the China Macroeconomic Research Platform.


By Jean Pisani-Ferry

By Zhang Monan

FinancialMirror.com

COMMENT | 9

January 9 - 15, 2013

The Political Economy of 2013NEWPORT BEACH – Watching America’s leaders scramble

in the closing days of 2012 to avoid a “fiscal cliff” that wouldplunge the economy into recession was yet another illustra-tion of an inconvenient truth: messy politics remains a majordriver of economic developments.

In some cases during 2012, politics was a force for good:consider Prime Minister Mario Monti’s ability to pull Italy backfrom the brink of financial turmoil. But, in other cases, likeGreece, political dysfunction aggravated economic problems.

Close and defining linkages between politics and econom-ics are likely to persist in 2013. Having said this, we should alsoexpect much greater segmentation in terms of impact – andthat the consequences will affect both individual countries andthe global system as a whole.

In some countries – for example, Italy, Japan, and theUnited States – politics will remain the primary driver of eco-nomic-policy approaches. But elsewhere – China, Egypt,Germany, and Greece come to mind – the reverse will be true,with economics becoming a key determinant of political out-comes.

This duality in causation speaks to a world that will becomemore heterogeneous in 2013 – and in at least two ways: it willlack unifying political themes, and it will be subject to multi-speed growth and financial dynamics that imply a range ofpossible scenarios for multilateral policy interactions.

With an election looming in Italy, the country’s technocrat-ic interim administration will return the reins of power to ademocratically elected government. The question, both forItaly and Europe as a whole, is whether the new governmentwill maintain the current economic policy stance or shift toone that is less acceptable to the country’s external partners(particularly Germany and the European Central Bank).

Monti may or may not be involved in the new government.The further removed from it he is, the greater the temptationwill be to alter the policy approach in response to popular pres-sures. This would involve less emphasis on fiscal and structur-al reforms, raising concerns in Berlin, Brussels, and Frankfurt.

Japan’s incoming government has already signaled an eco-nomic-policy pivot, relying on what it directly controls (fiscal

policy), together with pressure on the Bank of Japan, to relaxthe monetary-policy stance, in an effort to generate fastergrowth and higher inflation. In the process, officials are weak-ening the yen. They will also try to lower Japan’s dependenceon exports and rethink sending production facilities to lower-wage countries.

The economic impact of politics in the US, while important,will be less dynamic: absent a more cooperative Congress, pol-itics will mute policy responses rather than fuel greateractivism. Continued congressional polarization would main-tain policy uncertainty, confound debt and deficit negotia-tions, and impede economic growth. From stymieing medi-

um-term fiscal reforms to delaying needed overhauls of thelabor and housing markets, congressional dysfunction wouldkeep US economic performance below its capacity; over time,it would also eat away at potential output.

In other countries, the causal direction will run primarilyfrom economics to politics. In Egypt and Greece, for example,rising poverty, high unemployment, and financial turmoil couldplace governments under pressure. Popular frustration may notwait for the ballot box. Instead, hard times could fuel civil unrest,threatening their governments’ legitimacy, credibility, and effec-tiveness – and with no obvious alternatives that could ensurerapid economic recovery and rising living standards.

In China, the credibility of the incoming leadership willdepend in large part on whether the economy can consolidateits soft landing. Specifically, any prolonged period of sub-7%growth could encourage opposition and dissent – not only inthe countryside, but also in urban centers.

Then there is Germany, which holds the key to the integri-ty and unity of the eurozone. So far, Chancellor Angela Merkelhas been largely successful in insulating the German economyfrom the turmoil elsewhere in Europe. Unemployment hasremained remarkably low and confidence relatively high. And,while growth has moderated recently, Germany remains oneof Europe’s best-performing economies – and not just its pay-master.

While some would have favored greater policy activism,Merkel’s Germany has provided a steady anchor for a eurozonestruggling to end bouts of financial instability and put an endto questions about its survival as a well-functioning monetaryunion (one that aspires to becoming much more). A change inGerman leadership would, therefore, raise questions aboutEurope’s policy underpinning.

How politics and economics interact nationally and global-ly is one of the important questions for 2013 and beyond.There are three scenarios: good economics and effective poli-tics provide the basis for a growing and more cooperative glob-al economy; bad economics interact with dysfunctional poli-tics to ruin the day; or the world muddles through, increasing-ly unstable, as a tug of war between economics and politicsplays out, with no clear result or direction.

Part of the answer depends on what happens in three coun-tries in particular – China, Germany, and the US. Their eco-nomic and political stability is essential to the well-being of aworld economy that has yet to recover fully from the 2008global financial crisis.

Current indications, albeit incomplete, suggest that thethree will continue to anchor the global economy in 2013.That is the good news. The bad news is that their anchor mayremain both tentative and insufficient to restore the level ofgrowth and financial stability to which billions of people aspire.

Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and the author of When Markets Collide.


By Mohamed A. El-Erian

The Unstarvable BeastCAMBRIDGE – As the world watches the United States grap-

ple with its fiscal future, the contours of the battle reflect larg-er social and philosophical divisions that are likely to play outin various guises around the world in the coming decades.There has been much discussion of how to cut governmentspending, but too little attention has been devoted to how tomake government spending more effective. And yet, withoutmore creative approaches to providing government services,their cost will continue to rise inexorably over time.

Any service-intensive industry faces the same challenges.Back in the 1960’s, the economists William Baumol andWilliam Bowen wrote about the “cost disease” that plaguesthese industries. The example they famously used was that of aMozart string quartet, which requires the same number ofmusicians and instruments in modern times as it did in thenineteenth century. Similarly, it takes about the same amountof time for a teacher to grade a paper as it did 100 years ago.Good plumbers cost a small fortune, because here, too, thetechnology has evolved very slowly.

Why does slow productivity growth translate into highcosts? The problem is that service industries ultimately have tocompete for workers in the same national labor pool as sectorswith fast productivity growth, such as finance, manufacturing,and information technology. Even though the pools of workersmay be somewhat segmented, there is enough overlap that itforces service-intensive industries to pay higher wages, at leastin the long run.

The government, of course, is the consummate service-intensive sector. Government employees include teachers,policemen, trash collectors, and military personnel.

Modern schools look a lot more like those of 50 years agothan do modern manufacturing plants. And, while militaryinnovation has been spectacular, it is still very labor-intensive.If people want the same level of government services relative toother things that they consume, government spending will takeup a larger and larger share of national output over time.

Indeed, not only has government spending been rising as ashare of income; so, too, has spending across many service sec-tors. Today, the service sector, including the government,accounts for more than 70% of national income in mostadvanced economies.

Agriculture, which in the 1800’s accounted for more thanhalf of national income, has shrunk to just a few percent.Manufacturing employment, which accounted for perhaps athird of jobs or more before World War II, has shrunk dramati-cally. In the US, for example, the manufacturing sector employsless than 10% of all workers. So, even as economic conserva-tives demand spending cuts, there are strong forces pushing inthe other direction.

Admittedly, the problem is worse in the government sector,where productivity growth is much slower even than in otherservice industries. Whereas this might reflect the particular mixof services that governments are asked to provide, that canhardly be the whole story.

Surely, part of the problem is that governments use employ-ment not just to provide services, but also to make implicittransfers. Moreover, government agencies operate in manyareas in which they face little competition – and thus little pres-sure to innovate.

Why not bring greater private-sector involvement, or at leastcompetition, into government? Education, where the power ofmodern disruptive technologies has barely been felt, would be

a good place to start. Sophisticated computer programs arebecoming quite good at grading middle-school essays, if notquite up to the standards of top teachers.

Infrastructure is another obvious place to expand private-sec-tor involvement. Once upon a time, for example, it was widelybelieved that drivers on privately operated roads would constant-ly be waiting to pay tolls. Modern transponders and automaticpayment systems, however, have made that a non-issue.

But one should not presume that a shift to greater private-sector provision of services is a panacea. There would still be aneed for regulation, especially where monopoly or near-monopoly is involved. And there would still be a need to decidehow to balance efficiency and equity in the provision of servic-es. Education is clearly an area in which any country has astrong national interest in providing a level playing field.

As US President in the 1980’s, the conservative icon RonaldReagan described his approach to fiscal policy as “starve thebeast”: cutting taxes will eventually force people to accept lessgovernment spending. In many ways, his approach was a greatsuccess. But government spending has continued to grow,because voters still want the services that government provides.Today, it is clear that reining in government also means find-ing ways to shape incentives so that innovation in governmentkeeps pace with innovation in other service sectors.

Without more ideas about how to innovate in the provisionof government services, battles such as one sees playing out inthe US today can only become worse, as voters are increasing-ly asked to pay more for less. Politicians can and will promiseto do a better job, but they cannot succeed unless we identifyways to boost government services’ efficiency and productivity.

Kenneth Rogoff, a former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University.


By Kenneth Rogoff

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.comAÚ. 897 ∆∂∆∞ƒ∆∏, 9 π∞¡√À∞ƒπ√À, 2013

Aνïιøτά æαίνεται πως παραµένïυν Þλα τασενάρια για τις κυπριακές τράπεúες, µεταêύαυτών και η συγøώνευση της ΤράπεúαςΚύπρïυ µε την Λαϊκή, τÞσï στην Ελλάδα Þσïκαι στην Κύπρï.

ΣηµαντικÞς παράγïντας της λήψης µιαςτέτïιας απÞæασης, είναι και η πïρεία τηςΕλληνικής Τράπεúας πïυ Þπως Þλα δείøνïυν,αν και πιï µικρή τράπεúα, εντïύτïις ïι úηµιέςτης είναι µεγάλες.

ΒασικÞς παράγïντας πίσω απÞ Þλα τασενάρια συγøώνευσης, απïτελεί η διαøείρισητïυ ελληνικïύ øαρτïæυλακίïυ, Þπïυ και ïιτρείς τράπεúες θα πρέπει να ενïπïιήσïυν τα«κακά δάνεια» υπÞ την διαøείριση µιας AssetManagement Company, ενώ θα πρïøωρήσïυνκαι στην συγøώνευση των «υγειών εργασιών»τïυς σε ένα νέï σøήµα, Þπïυ έτσι θα επιτευ-øθïύν και περεταίρω εêïικïνïµήσεις στα λει-τïυργικά κÞστη.

Τï ίδιï µïντέλï θα µπïρïύσε να υιïθετη-θεί και στην κυπριακή αγïρά, (δηλαδή GoodBank Vs Βad Bank), Þµως τα θέµατα Þπωςείναι τï πρïσωπικÞ, θα παραµείνïυν ωςέøïυν µε την διαæïρά Þτι εδώ θα λïγïδïτïύνσε µια διïίκηση και Þøι σε τρείς διαæïρετικές.

Ùµως τραπεúικïί αναλυτές υπïστηρίúïυνπως λÞγω τïυ ρÞλïυ πïυ θέλει να επιτελεί ηΚύπρïς σαν Κέντρï Υπηρεσιών, θα πρέπει ναλειτïυργïύν τïυλάøιστïν δύï êεøωριστέςµεγάλες τράπεúες.

¢È·‰ÈÎ·Û›· Â·ÊÒÓΣύµæωνα µε ελληνικά δηµïσιεύµατα η

ανακεæαλαιïπïίηση των κυπριακών τραπε-

úών θα υπερâεί, τï ύψïς των 10 δισ. ευρώ,ενώ αναæέρïνται και στις ανάγκες τηςΚυπριακής ∆ηµïκρατίας, πïυ ανέρøïνται σε17 δισ., εκ των ïπïίων η µερίδα τïυ λέïντïςθα απïρρïæηθεί κυρίως απÞ τις τράπεúεςΚύπρïυ και Λαϊκή.

Η δεύτερη, ειδικά, υπέστη και τï πλήγµατης ταυτÞøρïνης σøεδÞν µε τï PSI απïøώρη-σης της MIG και της µαúικής απÞσυρσης«συγγενών» καταθέσεων. Στην Ελλάδα ήδη ητράπεúα έøει πρïøωρήσει σε κλείσιµï 46καταστηµάτων, ενώ τï πρïσωπικÞ ήδη αριθ-µεί µερικές εκατïντάδες λιγÞτερïυς εργαúÞ-µενïυς. Την περασµένη εâδïµάδα ανακïινώ-θηκε νέα εθελïυσία έêïδïς µε ισøυρά κίνη-τρα. Τα ελληνικά µέσα µε âάση καλά πληρï-æïρηµένες πηγές, αναæέρïυν Þτι η ηγεσίατης Τράπεúας Κύπρïυ, µε την υπÞδειêη τηςΚεντρικής Τράπεúας της øώρας, âρίσκεταιήδη σε διαδικασία επαæών µε την ηγεσία τηςΛαϊκής µε αντικείµενï την ενδεøÞµενη συγ-øώνευση των δύï τραπεúών. Μια τέτïια εêέ-λιêη θεωρείται απïλύτως πιθανή, σύµæωναµε τις ίδιες πηγές.

∞ÓÔÈÎÙ¿ fiÏ· Ù· ÂÓ‰Â¯fiÌÂÓ· Πάντως µε âάση δήλωσης έγκυρης πηγής

στï ΚυπριακÞ Πρακτïρείï Ειδήσεων ανïικτάπαραµένïυν Þλα τα ενδεøÞµενα στï θέµατης παραµïνής ή Þøι των κυπριακών τραπε-úών στην Ελλάδα

Ùπως αναæέρθηκε εêετάúïνται Þλα ταενδεøÞµενα, και στï τέλïς θα ληæθïύν απï-æάσεις πïυ θα είναι πρïς τï συµæέρïν τïυτραπεúικïύ συστήµατïς, συνïλικά.

Η ίδια πηγή êεκαθάρισε Þτι “δεν έøειληæθεί καταρøήν απÞæαση” απïøώρησης τωνκυπριακών τραπεúών απÞ την Ελλάδα, σηµει-ώνïντας, ωστÞσï, Þτι ïι τράπεúες θα πρέπεινα υπïâάλïυν στην Κεντρική Τράπεúα (ΚΤ)σøέδια αναδιάρθρωσης, µετά τα απïτελέσµα-τα της Pimco, για να εêηγήσïυν πώς θα ανα-κάµψïυν. Στï τέλïς της ηµέρας, Þπως επισή-µανε, ïι τράπεúες “θα πρέπει να πρïâληµατι-στïύν και στρατηγικά για τα επÞµενα øρÞνια,πïια είναι η πρïïπτική της παρïυσίας τïυςστην Ελλάδα και σε πïιï µέγεθïς θα είναιαυτή η παρïυσία τïυς, δεδïµένων των συν-θηκών στην ελληνική αγïρά”.

Η ίδια πηγή είπε στï ΚΥΠΕ Þτι τï σίγïυρïείναι Þτι ïι τρεις κυπριακές τράπεúες πïυδραστηριïπïιïύνται στην Ελλάδα πρέπει νανïικïκυρέψïυν την παρïυσία τïυς εκεί, ναπεριïρίσïυν τις δαπάνες και τα περιττάέêïδα.

Άρα αυτÞς ï πρïâληµατισµÞς πρέπει ναγίνεται και να ληæθïύν και απïæάσεις, µεδεδïµένï Þτι θα υπïâάλïυν σøέδια αναδιάρ-θρωσης, σηµείωσε.

“ÃπÞτε δεν µπïρïύν να αγνïïύν τηνπαρïυσία τïυς στην Ελλάδα”, καθώς “θαπρέπει να ληæθïύν κάπïιες απïæάσεις”,κατέληêε.

™˘Á¯ÒÓÂ˘ÛË ∫‡ÚÔ˘ - §·˚Î‹˜;ƒ˘ıÌÈÛÙÈÎfi ÚfiÏÔ Ê·›ÓÂÙ·È fiÙÈ ı· ·›ÍÂÈ Ë ∂ÏÏËÓÈÎ‹ ∆Ú¿Â˙·

Επιâεâαιώνïντας πλήρως παλαιÞτερïδηµïσίευµα της Financial Mirror o γνωστÞςΚύπριïς επιøειρηµατίας και µεγαλïµέτïøïςτης PC Splash Water Ltd ΠαντελήςΚωνσταντίνïυ πρïøώρησε στην εêαγïρά τïυ27% των δραστηριïτήτων της ΠαγκύπριαςΕταιρείας Αρτïπïιών.

Ùπως ανακïινώθηκε στï ÌΑΚ ïΠαντελής Κωνσταντίνïυ εêαγÞρασε συνïλι-κά 168,100 µετïøές της εταιρείας απÞ τïνΠρÞεδρï της κ. Ντίνï Κïιλιάρη έναντι τïυπïσïύ των 865.000 ευρώ, τï ïπïίï αντιστïι-øïύσε σε παλαιÞτερï δάνειï πïυ είøαν παρα-øωρήσει στïν Ντίνï Κïιλιάρη πέρυσι τïïπïίï εêïæλείται ïριστικά. Στην ΠαγκύπριαΕταιρεία Αρτïπïιών συνεøίúει να κατέøειµερίδιï 14% και η κυâέρνηση τï ïπïίï ωστÞ-σï στïøεύει να ρευστïπïιήσει στï άµεσïµέλλïν.

Ã Μr Pokka Þπως είναι πιï γνωστÞς, στï-øεύει να âάλει την εταιρεία σε µÞνιµη τρïøιάκερδïæïρίας, πρïøωρώντας σε ïλïκληρωτι-κÞ λίæτινγκ της εικÞνας των 27 πρατηρίωνπïυ διαθέτει παγκύπρια. Η εταιρεία παράλλη-λα µετïνïµάστηκε ήδη Bakers αæïύ µε âάσησøετική έρευνα πïυ διενεργήθηκε τï ÞνïµαΠαγκύπρια Εταιρείας Αρτïπïιών δεν ενθïυ-σιάúει και τÞσï τïυς καταναλωτές. Ήδη ταπλείστα πρατήρια στη Λευκωσία άλλαêανÞνïµα, ενώ µέøρι τï τέλïς της επÞµενηςøρïνιάς αναµένεται να γίνει τï ίδιï και σταυπÞλïιπα. Η Παγκύπρια Εταιρεία ΑρτïπïιώνΛτδ ιδρύθηκε τï 1970, µε κυρίαρøη ιδέα τησυνένωση των αρτïπïιών σε µια µεγάλη âιï-

µηøανική µïνάδα µε σύγøρïνες εγκαταστά-σεις και µηøανήµατα, την παραγωγή µιαςïλïκληρωµένης σειράς αρτïπïιητικών πρïϊ-Þντων και γλυκών υψηλής πïιÞτητας σεανταγωνιστικές τιµές και τη διασæάλιση τηςσυνεøïύς και απρÞσκïπτης παραγωγής καιπρïµήθειας αρτïπïιητικών πρïϊÞντων πρïςτï κïινÞ. Τï νέï εργïστάσιï της εταιρείαςστην Κïκκινïτριµιθιά είναι ευρωπαϊκών πρï-διαγραæών και δεν έøει να úηλέψει σε τίπïτατα εργïστάσια τïυ εêωτερικïύ. Εργïστάσιïνα σηµειωθεί έøει και στïν Ύψωνα στηΛεµεσÞ. Τα εργïστάσια και ïι æïύρνïι τηςεταιρείας, πïυ λειτïυργïύν σε 27 σηµεία και

καλύπτïυν Þλη την ελεύθερη Κύπρï (δεκαï-κτώ Λευκωσία, πέντε ΛεµεσÞ, δύï Λάρνακακαι δύï Πάæï), παρασκευάúïυν και διαθέ-τïυν πάνω απÞ 160 είδη πρïϊÞντων, τα ïπïίαøωρίúïνται σε πέντε κατηγïρίες: ΠρïϊÞνταάρτïυ, σνακ - αλµυρά ντÞπια, σνακ - αλµυράελληνικïύ τύπïυ, µπισκÞτα, κεραστικά, γλυ-κίσµατα και παραδïσιακά πρïϊÞντα. Η εται-ρεία σήµερα απασøïλεί συνïλικά 470 άτïµα.Ã αλευρÞµυλïς τïυ Συγκρïτήµατïς τηςΕταιρείας âρίσκεται στη ΛεµεσÞ κïντά στηθάλασσα, σ’ ένα επιâλητικÞ εêαώρïæï κτίριï.Nα σηµειωθεί Þτι στÞøïς της εταιρείας είναινα êεκινήσει απÞ αυτή την øρïνιά τις εêαγω-γές στï εêωτερικÞ.

Η P.C. Splash Water Public Company Ltdείναι εταιρεία εισαγωγών και διανïµών.Μερικά απÞ τα πρïϊÞντα πïυ εισάγει ή καιδιανέµει είναι ï αγνÞς έτïιµïς καæές Pokka,Pokka Drinks, τα αναψυκτικά Loux, τα æρïυ-τïπïτά Snapple, τï νερÞ Splash Water καιπρïϊÞντα Unilever. Με δίκτυï διανïµείς πïυκαλύπτει πέραν των 3,500 σηµείων στηνελεύθερη περιïøής της Κύπρïυ, η P.C. SplashWater Public Company Ltd είναι µια απÞ τιςδυναµικά αναπτυσσÞµενες εταιρείες διανï-µής στïν τÞπï µας.

Η P.C. Splash Water Public Company Ltdεêάγει την γκάµα των πρïϊÞντων Pokka στηνΕλλάδα, Βïυλγαρία, Μάλτα, Αγγλία και άλλεςευρωπαϊκές øώρες. Ãι αγïρές των πρïανα-æερθέντων øωρών διαθέτïυν εêαιρετικέςπρïϋπïθέσεις ανάπτυêης των πρïϊÞντωνPokka.

√√ ªªrr PPookkkkaaªªrr PPookkkkaa ÎÎ··ÈÈ ÙÙ·· ÛÛ¯¤¤‰‰ÈÈ·· ÙÙÔÔ˘ ÁÁÈÈ·· ÙÙ·· µµaakkeerrss¶ÚÔ¯ÒÚËÛÂ ÛÙËÓ ÂÍ·ÁÔÚ¿ ÙÔ˘ 27% ÙË˜ ¶·ÁÎ‡ÚÈ·˜ ∂Ù·ÈÚÂ›·˜ ∞ÚÙÔÔÈÒÓ

¶¶ÚÚÔÔ˜ ÔÔÏÏÔÔÙÙ··¯ÒÒ˜ ÁÁÈÈ·· ÏÏ··ÊÊfifiÓÓ ÛÛÙÙÔÔ ÁÁ¿¿ÏÏ··

Την έρευνα πïυ διεêήγαγε τα τελευταίαεικïσιτετράωρα για την τελευταία αύêησηστην τιµή τïυ γάλακτïς, αναµένεται ναπαραδώσει σήµερα στïν ΥπïυργÞ ΕµπïρίïυΝεïκλή Συλικιώτη η Υπηρεσία ΠρïστασίαςΚαταναλωτών τïυ Υπïυργείïυ. Σύµæωνα µεαπïκλειστικές πληρïæïρίες στην έρευναθα τïνίúεται αæενÞς Þτι είναι δικαιïλïγηµέ-νη η αύêησηπïυ επέâαλε ηΠαγκύπρια Ãργά-νωση Αγελαδï-τρÞæων αæïύσυνάδει µε τηναύêηση στην τι-µή των σιτηρώνκαι κατ’ επέ-κταση των úωï-τρïæών και αæε-τέρïυ θα επιση-µαίνεται Þτι ïρι-σµένα περίπτε-ρα και αρτïπïι-εία πωλïύν τïγάλα στïυς καταναλωτές σε εêωæρενικά υψη-λές τιµές. Στï σηµείωµα πïυ θα παραδïθείστïν ΥπïυργÞ θα υπάρøει εισήγηση για διά-ταγµα και επιâïλή πλαæÞν στην λιανική τιµήπώλησης γάλακτïς και Þøι στη øïνδρική τιµήη αύêηση της ïπïίας είναι δικαιïλïγηµένη γιαπερίïδï 45 ηµερών.

9 ΙΑΝÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

2/12 | ΕΙ∆ΗΣΕΙΣ

™™˘ÌÌÊÊˆÓÓ››·· ÛÛ˘ÓÓÂÂÚÚÁÁ··ÛÛ››··˜ ∫∫∆∆ ÎÎ··ÈÈ BBllaacckkRRoocckk

Υπïγράæηκε η συµæωνία συνεργασίας µεταêύΚεντρικής Τράπεúας (ΚΤ) και BlackRock σε σøέση µε τïâïηθητικÞ ρÞλï πïυ θα διαδραµατίσει η αµερικάνικη εται-ρεία πρïς την Κεντρική Τράπεúα στην ανάλυση της µεθï-δïλïγίας της PIMCO.

Η ïλïκλήρωση της συµæωνίας ΚΤ και αµερικανικήςεταιρείας ήταν απïτέλεσµα της εêεύρεσης τïυ κατάλλη-λïυ νïµικïύ πλαισίïυ απÞ τις Pimco και BlackRock, πïυαπïτελïύν ανταγωνίστριες εταιρείες. Η εêεύρεση τïυκατάλληλïυ νïµικïύ πλαισίïυ êεκαθαρίúει πλέïν τη διαδι-κασία συνεργασίας των δύï αµερικανικών εταιρειών καιπαράλληλα τïυς επιτρέπει να διασæαλίσïυν, η µία έναντιτης άλλης, τï απÞρρητï στη µεθïδïλïγία και στïν τρÞπïεργασία τïυς. Μετά την εêέλιêη αυτή, η BlackRock θα απï-τελέσει πλέïν τï συµâïυλευτικÞ ïίκï πïυ θα âïηθήσει τηνΚΤ να αναλύσει τη µεθïδïλïγία πïυ ακïλïύθησε η Pimcoγια να καταλήêει στï πρïκαταρκτικÞ πïσÞ κεæαλαιακήςενίσøυσης των κυπριακών τραπεúών και συνεργατικώνιδρυµάτων.

∫∫..∞∞.. ÒÒÚÚ·· ÌÌËË‰‰¤¤ÓÓΣτα øέρια των τριών ïµάδων εργασίας πïυ εκπρïσω-

πïύν τïυς αερïσυνïδïύς, τïυς µηøανικïύς και τï γραæει-ακÞ πρïσωπικÞ των Κυπριακών αερïγραµµών, πέρασε

η συúήτηση µε την ∆ιïίκηση της εταιρείας τïυ σøεδίïυδιάσωσης τïυ κρατικïύ αερïµεταæïρέα πïυ εκπÞνησανAir France KLM. Ãι διαδïøικές συσκέψεις

êεκίνησαν øθες µε στÞøï να εêευρεθεί η æÞρµïυλαπïυ θα πετυøαίνει σηµαντικές εêïικïνïµήσεις και θακαθïρίúει τις απïλαâές των τετρακïσίων επτά εργαúïµέ-νων πïυ θα øαρακτηριστïύν ως πλεïνάúïν πρïσωπικÞ.

Ανάµεσα στις αντιπρïτάσεις πïυ κατέθεσαν ïι τρείςεπαγγελµατικïί κλάδïι των Κυπριακών Αερïγραµµών στïτραπέúι τïυ διαλÞγïυ, περιλαµâάνïνται Þπως πληρïæï-ρïύµαστε ïι κλιµακωτές και Þøι ïι ïριúÞντιες απïκïπές σεµισθïύς και ωæελήµατα στïυς πεντακÞσιïυς εâδïµήνταïκτώ εργαúÞµενïυς πïυ θα παραµείνïυν στην εταιρεία.

ΚÞκκινη γραµµή, σύµæωνα και µε πρïηγïύµενες τïπï-θετήσεις τïυ ∆ιïικητικïύ Συµâïυλίïυ της εταιρείας, απï-τελεί η ιδιωτικïπïίηση τïυ Τµήµατïς Μηøανïλïγίας καιΣυντήρησης, για λÞγïυς ασæαλείας, ενώ η διαπραγµάτευ-ση για απïêένωση των τµηµάτων Πληρïæïρικής,Τρïæïδïσίας και Φïρτïεκæïρτώσεων, âρίσκεται σε πρï-øωρηµένï στάδιï.

∂ÈÙ¤ÏÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È· ÛÙÔ Ã∞∫Μετά απÞ 13 øρÞνια καθυστέρηση και περνώντας απÞ

Συµπληγάδες, µετά τη νïµïθετική ρύθµιση και ψήæιση απÞτη Βïυλή, τï ÌΑΚ είναι πανέτïιµï να εισάγει απÞ αυτÞ τïµήνα Αµïιâαία Κεæάλαια, αæενÞς για αντιµετώπιση της κρί-σης και αæετέρïυ ακïλïυθώντας τï στρατηγικÞ τïυ σøε-διασµÞ, Ήδη τïν πρïηγïύµενï Ãκτώâριï σε επιµïρæωτικÞσενάριï πρïς τα στελέøη τïυ ÌΑΚ, ï µέøρι πρÞτινïς∆ιευθύνων Σύµâïυλïς τïυ Ìρηµατιστηρίïυ τïυΛïυêεµâïύργïυ κ. Michel Maquil, παρïυσίασε πρïς τα στε-λέøη τïυ Ìρηµατιστηρίïυ εµπειρικές επισηµάνσεις καιτεøνïγνωσία σε αριθµÞ θεµάτων/ αναπτυêιακών πρïγραµ-µάτων πïυ πρïωθεί τï Ìρηµατιστήριï, µε έµæαση στα θέµα-τα των Aµïιâαίων Kεæαλαίων (funds) και της AγïράςOµïλÞγων (bonds).

Τα Αµïιâαία Κεæάλαια (ΑΚ) απïτελïύν ένα θεσµÞ συγκέ-ντρωσης κεæαλαίων απÞ µεγάλï αριθµÞ απïταµιευτών πïυ

τïπïθετïύνται ενιαία απÞ εταιρείες διαøείρισης (ΑΕ∆ΑΚ) σεσυγκεκριµένα øαρτïæυλάκια ανïικτïύ τύπïυ (open end), σεανταπÞκριση στïυς στÞøïυς και τις πρïτιµήσεις των επενδυ-τών. Στην Αγγλία είναι γνωστά ως unit trusts.

Τα Αµïιâαία Κεæάλαια δεν δίνïυν τÞκï ïύτε έøïυν πρïκα-θïρισµένες απïδÞσεις. Η απÞδïση για τïν µεριδιïύøï είναι ηδιαæïρά πïυ µπïρεί να δηµιïυργηθεί ανάµεσα στï κεæάλαιïεπένδυσης και στην απïτίµηση αυτής σε øρïνική διάρκεια.

Πέραν απÞ τα Αµïιâαία Κεæάλαια τï ÌΑΚ âρίσκεται Þπωςείµαστε σε θέση να γνωρίúïυµε σε πρïøωρηµένες εταιρείεςµε κινέúικες εταιρείες µε στÞøï την εισαγωγή τïυς στη ΝέαΑγïρά.

Τέλïς δεν µένει αµέτïøï και στï θέµα της ιδιωτικïπïίη-σης τïυ, στέλνïντας τï µήνυµα στην κυâέρνηση Þπως επιλέ-êει ντÞπιï στρατηγικÞ συνεργάτη, πρακτική πïυ ακïλïυθήθη-κε και στη Γερµανία και στï Ηνωµένï Βασίλειï.

º˘ÛÈÎfi ·¤ÚÈÔ ÛÙËÓ ∫‡ÚÔ ·fi ÙÔ 2015ª¤¯ÚÈ ÙÈ˜ 4 ºÂ‚ÚÔ˘·Ú›Ô˘ ÔÈ ÚÔÛÊÔÚ¤˜ ÁÈ· ËÏÂÎÙÚÔ·Ú·ÁˆÁ‹

Ãι σøεδιασµïί της Κυâέρνησης æέρïυν πλέïν την έλευσηæυσικïύ αερίïυ στην Κύπρï ως ενδιάµεση λύση µέøρι τηνανÞρυêη και εκµετάλλευση τïυ κυπριακïύ æυσικïύ αερίïυγια σκïπïύς παραγωγής ηλεκτρικïύ ρεύµατïς απÞ την ΑΗΚτην 1η Ιανïυαρίïυ 2015. Η έλευση τïυ æυσικïύ αερίïυ θασηµαίνει µείωση µεν στï κÞστïς τïυ ηλεκτρισµïύ øωρίςωστÞσï να αναµένεται τÞσï δραστική Þσï θα είναι µε τηνεêÞρυêη τïυ κυπριακïύ æυσικïύ αερίïυ.

Ã ΥπïυργÞς Εµπïρίïυ Βιïµηøανίας και ΤïυρισµïύΝεïκλής Συλικιώτης τÞσï κατά την ενηµέρωση τηςΚïινïâïυλευτικής Επιτρïπής Εµπïρίïυ για τα θέµατα διαøεί-ρισης υδρïγïνανθράκων στην κυπριακή ΑÃ·, Þσï και στïπλαίσιï δηλώσεων τïυ µετά τï πέρας της συνεδρίας τηςΕπιτρïπής, είπε πως και µε παραίνεση και τη στήριêη τηςΕπιτρïπής Εµπïρίïυ τï ΥπïυργικÞ Συµâïύλιï ανέθεσε στη∆ΕΦΑ και την ΑΗΚ να πρïωθήσïυν Þλες τις απαραίτητεςενέργειες ώστε να έρθει στην Κύπρï για σκïπïύς ηλεκτρïπα-ραγωγής æυσικÞ αέριï τï συντïµÞτερï.

Ã κ. Συλικιώτης ανέæερε Þτι η ∆ΕΦΑ και η ΑΗΚ πρïκήρυ-êαν την εκδήλωση ενδιαæέρïντïς πïυ τïν Ãκτώâρη και εκδή-λωσαν ενδιαæέρïν 17 εταιρείες πïυ µετά απÞ αêιïλÞγηση η∆ΕΦΑ και ΑΗΚ απέστειλαν στις 4 Ιανïυαρίïυ στις 14 εταιρείεςπïυ πληρïύσαν τις âασικές πρïδιαγραæές, τïυς Þρïυς για νακαταθέσïυν πρïσæïρά µέøρις τις 4 Φεâρïυαρίïυ.

Ã ΥπïυργÞς Εµπïρίïυ είπε Þτι τέθηκε ως øρïνïδιάγραµ-µα η 1η Ιανïυαρίïυ 2015 για έλευση τïυ æυσικïύ αερίïυ ως

ενδιάµεση λύση πïυ θα µειώσει την τιµή της παραγωγής ηλε-κτρικïύ ρεύµατïς, η ïπïία πέρα απÞ τï Þæελïς για τα νïικï-κυριά θα δηµιïυργήσει ευνïϊκές συνθήκες για την ïικïνïµία.

Ã κ. Συλικιώτης διευκρίνισε περαιτέρω Þτι τï 2015 επιλέ-γηκε και επειδή τέθηκε ως Þρïς απÞ την Ευρωπαϊκή ΤράπεúαΕπενδύσεων ώστε να απïδεσµεύσει τï δάνειï των 130 εκα-τïµµυρίων πρïς την ΑΗΚ, πïσÞ τï ïπïίï απαιτείται για τη âελ-τίωση της υπïδïµής της Αρøής.

æ‹ÊÈÛË ÙÔ˘ ÓfiÌÔ˘ ÁÈ· ÙÔ ∂∆À Ενώ ïι διαπραγµατεύσεις στï πλαίσιï τïυ Β΄ γύρïυ των

αδειïδïτήσεων συνεøίúïνται µε εντατικïύς ρυθµïύς µεαυτές πïυ αæïρïύν την ΕΝΙ - KOGAS για τα ïικÞπεδα 2, 3 και9 να âρίσκïνται στη συúήτηση των επιµέρïυς ρητρών τïυσυµâïλαίïυ, η Κυâέρνηση διαâίâασε στην ΤρÞικα, πρïς ενη-µέρωση τï νïµïσøέδιï για την Ίδρυση τïυ Εθνικïύ ΤαµείïυΥδρïγïνανθράκων και úήτησε απÞ τη Βïυλή Þπως τï νïµï-σøέδιï ψηæιστεί σε νÞµï στις 17 Ιανïυαρίïυ καθώς αναµένï-νται τα πρώτα έσïδα ύψïυς 200 εκ. ευρώ απÞ τις αδειïδïτή-σεις.

Ã ΥπïυργÞς Εµπïρίïυ ενηµέρωσε την Επιτρïπή Þτι ïιπρïτάσεις της Total και της ΕΝΙ – KOGAS είναι πιï «επιθετι-κές» απÞ αυτήν της NOBLE και πρïâλέπεται Þτι ïι ερευνητι-κές γεωτρήσεις θα πρïøωρήσïυν µε πïλύ ταøύτερïυς ρυθ-µïύς.

™™ËËÌÌ··ÓÓÙÙÈÈÎÎ¤¤˜ ··ÒÒÏÏÂÂÈÈÂÂ˜ ÛÛÙÙÔÔ ÃÃ∞∞∫∫Με σηµαντικές απώλειες έκλεισε øθες τï

Ìρηµατιστήριï Αêιών Κύπρïυ, συνεøίúïντας την αρνητικήπïρεία πïυ êεκίνησε τη ∆ευτέρα.

Ã ΓενικÞς ∆είκτης διαµïρæώθηκε στις 119,61 µïνάδες,καταγράæïντας πτώση σε πïσïστÞ 2,02%, ενώ ï ∆είκτηςFTSE/CySE 20 παρïυσίασε απώλειες 1,68% κλείνïνταςστις 46,17 µïνάδες. Ã ηµερήσιïς τúίρïς διαµïρæώθηκεστις ?258.558. Ùσïν αæïρά τïυς επιµέρïυς øρηµατιστη-ριακïύ δείκτες, úηµιές κατέγραψαν, τα ¥ενïδïøεία σεπïσïστÞ 3,57%, ïι Τράπεúες σε πïσïστÞ 2,21%, η ΚύριαΑγïρά 2,21%, και ïι Επενδυτικές σε πïσïστÞ 0,49%.

Τï µεγαλύτερï επενδυτικÞ ενδιαæέρïν πρïσέλκυσανïι τίτλïι της Τράπεúας Κύπρïυ µε 164.981 ευρώ (πτώση2,56% - τιµή κλεισίµατïς 0,266 ευρώ).

ƒÂÎfiÚ ·ÓÂÚÁ›·˜ - ∞Ó‹ÏıÂ ÛÙÔ 14% ÛÙËÓ ∫‡ÚÔ Στï 14,0% τïυ ενεργïύ πληθυσµïύ αυêήθηκε η ανεργία

στην Κύπρï τï Νïέµâριï απÞ 13,8% τïν Ãκτώâριï σηµειώ-νïντας νέï ρεκÞρ, σύµæωνα µε τα στïιøεία πïυ έδωσε στηδηµïσιÞτητα η Eurostat.

Ãπως πρïκύπτει απÞ τα κïινïτικά στïιøεία, η µέσηανεργία στην ευρωúώνη αυêήθηκε στï 11,8% (11,7% τïνÃκτώâριï) τïυ ενεργïύ πληθυσµïύ, ενώ στï σύνïλï της ΕΕπαρέµεινε αµετάâλητη στï 10,7 %.

Αναæïρικά µε τις επιµέρïυς επιδÞσεις της Κύπρïυ, τïΝïέµâριï τï πïσïστÞ ανεργίας στïυς άνδρες ήταν 14,8%,στις γυναίκες 13,2% και στïυς νέïυς κάτω των 25 ετών27,0% (στïιøεία Σεπτεµâρίïυ). Ã µέσïς Þρïς ανεργίας στηνΕυρωúώνη στïυς άνδρες ήταν 11,7%, στις γυναίκες 11,8%και στïυς νέïυς κάτω των 25 ετών στï 24,4%.

Για την Ελλάδα, τα στïιøεία της Eurostat αæïρïύν τï

Σεπτέµâριï, Þπïυ η συνïλική ανεργία ανήλθε στï 26,0%,πïσïστÞ πïυ ήταν τï δεύτερï ψηλÞτερï µετά την Ισπανίαστην ΕΕ. Στις επιµέρïυς κατηγïρίες στην Ελλάδα, τï πïσï-στÞ ανεργίας στïυς άνδρες ήταν 22,9%, στις γυναίκες30,1% και στïυς νέïυς κάτω των 25 ετών 57,6%. Στις γυναί-κες και τïυς νέïυς η Ελλάδα είøε την ψηλÞτερη ανεργίαστην ΕΕ.

Τï Νïέµâριï η ΕΕ είøε 26,061 εκατ. άνεργïυς, εκ τωνïπïίων 18,820 αæïρïύσαν την Ευρωúώνη. Μέσα σε έναµήνα η ανεργία αυêήθηκε στην Ευρωúώνη κατά 154.000άτïµα. Σε ένα έτïς, δηλαδή τï Νïέµâριï τïυ 2012 σε σøέσηµε τïν ίδιï µήνα τïυ 2011 η ανεργία αυêήθηκε κατά 2,015εκατ. άτïµα στην Ευρωúώνη.

Ãι øώρες στις ïπïίες καταγράæηκε η µεγαλύτερη αύêη-ση της ανεργίας σε ένα έτïς ήταν η Ελλάδα (απÞ 18,9% σε

26,0%), η Κύπρïς (απÞ 9,5% σε 14,0%) και η Ισπανία (απÞ23,0% σε 26,6%).

Τï Νïέµâριï τïυ 2012 ï αριθµÞς των ανέργων ηλικίαςκάτω των 25 ετών έæτασε στï σύνïλï της ΕΕ τα 5,799 εκα-τïµµύρια, εκ των ïπïίων 3,733 εκατ. άτïµα αæïρïύσαν τιςøώρες της Ευρωúώνης. Μέσα σε ένα έτïς ïι άνεργïι αυτήςτης κατηγïρίας αυêήθηκαν κατά 420.000 στην Ευρωúώνη.

Τï συνïλικÞ πïσïστÞ ανεργίας επί τïυ ενεργïύ πληθυ-σµïύ, πïυ καταγράæηκε στα κράτη µέλη της Ευρωúώνης τïΝïέµâριï ήταν τï εêής: Αυστρία 4,5%, Λïυêεµâïύργï 5,1%,Γερµανία 5,4%, Ãλλανδία 5,6%, Μάλτα 6,9%, Βέλγιï 7,4%,Φινλανδία 7,9%, Εσθïνία (Ãκτώâριïς 2012) 9,5%, Σλïâενία9,6%, Γαλλία 10,5%, Ιταλία 11,1%, Κύπρïς 14,0%, Σλïâακία14,5%, Ιρλανδία 14,6%, Πïρτïγαλία 16,3%, Ελλάδα 26,0%(Σεπτέµâριïς 2012), Ισπανία 26,6%.

√√ÚÚÈÈ··ÎÎ‹‹ ··‡‡ÍÍËËÛÛËËÂÂÓÓ··ÚÚÌÌÔÔÓÓÈÈÛÛÌÌ¤¤ÓÓÔÔ˘ ÏÏËËııˆÚÚÈÈÛÛÌÌÔÔ‡‡

Στï 1,5% αυêήθηκε τï ∆εκέµâριï τïυ 2012 ï ρυθµÞς πλη-θωρισµïύ σε σύγκριση µε 1,4% τïν Νïέµâριï τïυ 2012.ΩστÞσï, σε ετήσια âάση, ï ρυθµÞς πληθωρισµïύ µειώθηκεκατά 2,7%, αæïύ τïν ∆εκέµâριï τïυ 2011âρισκÞταν στï 4,2%,σύµæωνα µε τα στïιøεία πïυ δηµïσιïπïίησε η ΣτατιστικήΥπηρεσία.

Η σηµαντική ετήσια επιâράδυνση τïυ εναρµïνισµένïυ πλη-θωρισµïύ τïν ∆εκέµâριï τïυ 2012 ïæείλεται στη µείωση τωναγαθών και υπηρεσιών πïυ περιλαµâάνïνται στις κατηγïρίες«τρÞæιµα και µη αλκïïλïύøα πïτά», «ένδυση και υπÞδηση», επί-πλωση, ïικιακÞς εêïπλισµÞς και πρïϊÞντα καθαρισµïύ και «άλλααγαθά και υπηρεσίες». Αντίθετα, αύêηση σηµείωσαν ïι τιµέςστις κατηγïρίες πïυ αæïρïύν τις «µεταæïρές», τα «αλκïïλïύ-øα πïτά και καπνÞς» και τα «εστιατÞρια και êενïδïøεία».

9 ΙΑΝÃΥΑΡΙÃΥ, 2013

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ÌΡΗΜΑ&ΑΓÃΡΑ

Έøει απÞ πïλλά øρÞνια καθιερωθεί στην Αµερική και µετάστην Ευρώπη, η ανέγερση συγκρïτηµάτων κατïικιών αæυπη-ρέτησης επί ïργανωµένης âάσης, ενώ πρÞσæατες αναπτύêειςστην Ισπανία δείøνïυν τις τάσεις ενÞς νέïυ «concept», πïυίσως να ενδιαæέρει τïυς Κύπριïυς επιøειρηµατίες ανάπτυêηςακινήτων/επενδυτές.

Ùταν αναæέρεται κάπïιïς σε κατïικίες αæυπηρέτησης,στï µυαλÞ κάθε Κύπριïυ έρøεται η άθλια εικÞνα των πλείστωνïίκων ευγηρίας, πïυ µÞνï ντρïπή µπïρεί να πρïκαλέσει. Άν αιυπάρøïυν νέες µïνάδες τέτïιïυ είδïυς µε ψηλές πρïδιαγρα-æές, εντïύτïις ïι κατïικίες αæυπηρέτησης είναι ένα άλλï πιïαναâαθµισµένï πρïϊÞν, πïυ να στïøεύει τÞσï σε Κύπριïυς,Þσï και σε êένïυς αγïραστές/επενδυτές. Τα έργα αυτά έøïυντις δικές τïυς πρïδιαγραæές, ψηλής πïιÞτητας και µε διευκï-λύνσεις για τïυς ενïίκïυς. Είναι ένα «concept» µεταêύ πλή-ρïυς ιδιïκτησίας και ïργανωµένïυ συγκρïτήµατïς µε ενιαίαδιαøείριση.

Σε γενικές γραµµές ï κύκλïς της κατïικίας στην Κύπρïêεκινά απÞ τï νεαρÞ úευγάρι πïυ αγïράúει ένα διαµέρισµα,µετά µεταπηδά σε κατïικία των 3-5 υπνïδωµατίων, πισίνα κλπκαι Þταν æθάσει την ηλικία των πέραν των 60+ ετών και τïúεύγïς παραµείνει µεν ενεργÞ, η κατïικία είναι πïλύ µεγάληκαι µïναøική, ενώ τï κÞστïς/ κÞπïς συντήρησης και τα διάæï-ρα επίπεδα µας κατïικίας, δυσκïλεύïυν την διαµïνή και τηνευøάριστη διαâίωση.

Ãι ïικïγένειες δεν είναι πλέïν δεµένες Þπως ήταν πρινøρÞνια, τα παιδιά δεν επισκέπτïνται/νïιάúïνται ιδιαίτερα γιατïυς γïνείς, ενώ ïι æίλïι λιγïστεύïυν, Þπως δυσκïλεύει και ηδιακίνηση. Έργα κατïικιών αæυπηρέτησης στÞøï έøïυν τïυςενεργïύς αæυπηρετïύντες πïυ επιθυµïύν να έøïυν µεν τηνκατïικία τïυς, η ïπïία Þµως να αντικατïπτρίúει τις συνθήκεςúωής τïυς στην ηλικία αυτή. Σε γενικές γραµµές τα έργα αυτάέøïυν τις εêής πρïδιαγραæές:

- Ãργανωµένï συγκρÞτηµα µε 30-100 µïνάδες κυρίως τïυενÞς ή δύï υπνïδωµατίων.

- Ãι µïνάδες να âρίσκïνται σε ενιαίï επίπεδï (ισÞγειï) µεκήπï ή εάν είναι σε δύï επίπεδα, θα πρέπει να υπάρøει ιδιωτι-κÞς ανελκυστήρας ανά µïνάδα.

- Ãι πÞρτες και ανελκυστήρες να είναι αρκετά πλατιές γιανα øωρεί καρïτσάκι αναπηρικÞ.

- Ãι µïνάδες είναι πλήρως εêïπλισµένες µε επίπλωση(κïυúινικά), κλιµατισµÞ κλπ.

- Ãι διευκïλύνσεις απïτελïύνται απÞ τï κεντρικÞ κτίριïενïίκων (µπαρ, δωµάτια για øαρτιά, µπιλιάρδα, σαΐτες κλπ),διευκïλύνσεις σπα και (1-2) εσωτερικές πισίνες, άνετες (1-2)εêωτερικές πισίνες øαµηλïύ âάθïυς (1.40 µ.) κατά πρïτίµησηθερµαινÞµενες κλπ.

- Ùλες ïι µïνάδες να έøïυν τα σύγøρïνα συστήµαταασæαλείας, απευθείας σύνδεση µε τïν receptionist, internetκαι πïλυάριθµα κανάλια τηλεÞρασης.

- Ãργανωµένη επίσκεψη/σύνδεση µε ιατρικÞ κέντρï γιατις ανάγκες των ενïίκων, ιδιωτικÞ µικρÞ λεωæïρείï για διακι-νήσεις.

- Ãι µïνάδες αυτές διατίθενται υπÞ µïρæή µακρïøρÞνιαςενïικίασης, η περίïδïς της ïπïίας εêαρτάται απÞ την ηλικίατων αγïραστών και τïυς Þρïυς τïυ έργïυ. Εάν υπïθέσïυµεÞτι η διάρκεια úωής είναι 82 øρÞνια και ï αγïραστής είναι 60ετών, τÞτε είναι λïγική µια ενïικίαση της τάêης των 25 ετών.Ã αγïραστής πρïπληρώνει τï ενïίκιï αυτÞ και εάν πριν τηςλήêης της ενïικίασης επιθυµεί να τï διαθέσει, θα µπïρεί ναδιαθέτει τï υπÞλïιπï της ενïικιαστικής τïυ περιÞδïυ σε τρίτïάτïµï, σε συνεννÞηση µε τïν ιδιïκτήτη της απÞλυτης ιδιï-κτησίας για επέκταση. Έτσι ï αρøικÞς αγïραστής δεν είναιεγκλωâισµένïς στην διάρκεια úωής τïυ.

- Εάν ï αγïραστής δεν κατïικεί µÞνιµα (ίδε êένïυς) νατïυ επιτρέπεται να ενïικιάúει την µïνάδα τïυ σε τρίτïυς κατάτην περίïδï των κενών περιÞδων.

- Εêαιρετικές δραστηριÞτητες µπïρïύν να περιλαµâά-νïυν γήπεδα τένις, green bowling, laser shooting κλπ, πïυείναι πιï κατάλληλα για τέτïιες ηλικίες.

- ΚλπΓια να µην υπάρøει σύγøυση, εδώ πρÞκειται για ένα π.ø.

«êενïδïøειακÞ συγκρÞτηµα» Þπïυ ï κάθε ένας øρησιµïπïιείτην µïνάδα τïυ ως απÞλυτïς ιδιïκτήτης, øωρίς κανένα περιï-ρισµÞ, αλλά υπάρøει η ïργάνωση, η διïίκηση και η διαøείριση.Έτσι ï κάθε αγïραστής µπïρεί να έøει τï δικÞ τïυ αυτïκίνη-τï και Þλες εκείνες τις ανέσεις της απÞλυτης ιδιïκτησίας.

Τα πλεïνεκτήµατα τέτïιων έργων είναι:- Η ύπαρêη ατÞµων ώριµης ηλικίας πïυ µπïρïύν να είναι

εργαúÞµενïι ή Þøι.- Η άµεση ύπαρêη υπηρεσιών καθαρισµïύ, συντήρησης,

διαøείρισης των κïινών øώρων.- Η ύπαρêη συντρïæικÞτητας και συναναστρïæής.- Η δυνατÞτητα øρήσης ιδιωτικής âïήθειας (=

Φιλιππινέúας) στην ίδια την µïνάδα τïυ κάθε αγïραστή µε τïανάλïγï δωµάτιï.

- Η απεêάρτηση απÞ τα παιδιά και æίλïυς πïυ ίσως τÞτεαυτïί ïι æίλïι και/ή ï αæυπηρετήσας να µην επιθυµεί περαιτέ-ρω συνεøή επαæή.

- ∆εν είστε υπÞøρεïι να αγïράσετε την κατïικία π.ø. 2υπνïδωµατίων πρïς 250.000 ευρώ για περίïδï πïυ θα êεπε-ράσει την διάρκεια úωής, αλλά έστω για 30 øρÞνια η ισïδύνα-µη αêία/κÞστïς θα είναι γύρω στις 180.000 ευρώ και για 20øρÞνια 155.000 ευρώ και για 15 øρÞνια 130.000 ευρώ – ενώυπάρøει η δυνατÞτητα ενïικίασης/επαναπώλησης.

- Είναι κατανïητÞ Þτι σε τέτïια ïργανωµένα έργα τïκÞστïς της διαøείρισης/κïινïøρήστων είναι ψηλÞ και ίσως ναêεπερνά τις 5.000 ευρώ/ øρÞνï, αλλά απÞ την άλλη αυτÞ τïκÞστïς δεν είναι ιδιαίτερα ψηλÞ ως πρÞσθετï κÞστïς µιαςαπÞλυτης ιδιïκτησίας – ίδε σε αντίθεση κÞστïς συντήρησηςιδιÞκτητης κατïικίας, æÞρïι κλπ.

Ιδανικές τïπïθεσίες ίσως να είναι 3-5 øλµ. µακριά απÞ τιςπαραλιακές πÞλεις σε τïπïθεσίες πïυ να πρïσæέρïυν θέακαι διευκïλύνσεις πλησίïν/δίπλα απÞ øωριά (καταστήµατα,υπεραγïρές, κέντρα αναψυøής) µε κύριï πρïσÞν την άνεσηøώρων/γης. ΙδανικÞ έργï ίσως να είναι τï êενïδïøείï Κέρµιαστην Αγία Νάπα πïυ ανταπïκρίνεται στις πλείστες πρïδιαγρα-æές, εκτÞς, âασικά, την απÞσταση απÞ τις πÞλεις και τις ανια-ρές øειµερινές περιÞδïυς. Στην περίïδï αυτή πïυ διανύïυµετης øαµηλής πληρÞτητας των êενïδïøείων, η αγïρά/µετατρï-πή υæιστάµενων έργων τïυριστικών øωριών να είναι µια (Þøιιδανική) λύση, αλλά αυτή θα απευθύνεται κυρίως για êένïυςκαι δεν θα είναι τï concept εæαρµïσµένï στην πλήρη τïυπρïδιαγραæή.

Απλώς για µια απλή σύγκριση, διπλÞ δωµάτιï σε πïιÞτηταιατρικÞ κέντρï/δωµάτιï αæυπηρέτησης µαúί µε æαγητÞ øρεώ-νïυν 1.600 ευρώ/άτïµï/µήνα πïυ περιλαµâάνει æρïντίδα καιεάν δύï σε ένα δωµάτιï 900 ευρώ /άτïµï.

Έργα Þπως τï πιï πάνω πïυ εισηγïύµαστε θα µπïρïύσαννα ενδιαæέρïυν επενδυτικά ταµεία, ασæαλιστικές εταιρείες,ταµεία πρïνïίας για øρήση αæυπηρετïύντων υπαλλήλων καιάλλïυς (διεθνή ή τïπικά).

Ùσï πρωτïπïριακÞ και να σας æαίνεται, συγκρïτήµατασαν αυτά πïυ êεκίνησαν απÞ την Φλώριδα της Αµερικής, δενθα αργήσïυν να κάνïυν την εµæάνιση τïυς και στην Κύπρï.

¶ÚÔ‚ÏËÌ·ÙÈÛÌÔ› ÁÈ· Î·ÙÔÈÎ›Â˜ 3Ë˜ ËÏÈÎ›·˜∞∞ÓÓÙÙÒÒÓÓËË˜ §§ÔÔ˚˙ÔÔ˘∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Εκ νέïυ πρÞστιµï 2.1εκ. ευρώ επέâαλε η ΕπιτρïπήΠρïστασίας Ανταγωνισµïύ στην Cyta για επιâïλή αθέµιτωνλιανικών τιµών.

Η σøετική καταγγελία είøε γίνει τï 2005 και αν και επι-âλήθηκε σøετικÞ πρÞστιµï η απÞæαση ακυρώθηκε µετά πïυτï Ανώτατï έκρινε Þτι η τÞτε σύνθεση της Επιτρïπής ήτανπαράνïµη.

Ùπως ανακïίνωσε η Επιτρïπή Πρïστασίας τïυΑνταγωνισµïύ µε απÞæασή της επέâαλε στην ΑΤΗΚ πρÞστι-µï συνïλικïύ ύψïυς 2.150.680 ευρώ για παραâάσεις τïυάρθρïυ 6(1)(α) τïυ ΝÞµïυ αρ. 13(Ι)/2008 στα πλαίσια της εêέ-

τασης καταγγελίας της εταιρείας PrimeTel Co Ltd εναντίïντης ΑΤΗΚ.

Η Επιτρïπή Πρïστασίας τïυ Ανταγωνισµïύ, µε την ïλï-κλήρωση της ενώπιïν της ακρïαµατικής διαδικασίας καιτης υπïâïλής των θέσεων των εµπλεκÞµενων µέρων, σεσυνεδρία της πïυ πραγµατïπïιήθηκε στις 10 ∆εκεµâρίïυ2012, έøïντας αêιïλïγήσει Þλα τα ενώπιïν της στïιøεία,ïµÞæωνα κατέληêε Þτι στïιøειïθετïύνται παραâάσεις τïυάρθρïυ 6(1)(α) τïυ ΝÞµïυ απÞ την Αρøή ΤηλεπικïινωνιώνΚύπρïυ.

Αντικείµενï της υπÞθεσης ήταν η καταγγελία (µε αρ

æακ.11.17.36/2005) πïυ υπέâαλε η εταιρεία PrimeTel Co Ltdστην Επιτρïπή µε επιστïλή της µε ηµερïµηνία 3 Ιïυνίïυ2005 εναντίïν της ΑΤΗΚ, για πιθανή παράâαση τïυ άρθρïυ6 των περί της Πρïστασίας τïυ Ανταγωνισµïύ ΝÞµων τïυ1989 µέøρι (αρ.2) 2000, ï ïπïίïς αντικαταστήθηκε µε τïνπερί Πρïστασίας τïυ Ανταγωνισµïύ ΝÞµïυ τïυ 2008(Ν.13(Ι)/2008), ως απïτέλεσµα των µειώσεων των λιανικώντιµών των υπηρεσιών i-choice (ευρυúωνική πρÞσâαση) καιmiVision (συνδρïµητική τηλεÞραση) πïυ τέθηκαν σε ισøύτην 1/6/2005, καθώς και των κατά καιρïύς πρïσæïρών πïυη ΑΤΗΚ πρïέâαινε σε σøέση µε τα εν λÞγω πρïϊÞντα.

Cyta: ∫·Ì¿Ó· €2.1 ÂÎ. ÁÈ· ·ı¤ÌÈÙÔ ·ÓÙ·ÁˆÓÈÛÌfi

Σαράντα εκλïγικά κέντρα θα λειτïυργήσïυν στï εêωτε-ρικÞ στις πρïεδρικές εκλïγές της 17ης Φεâρïυαρίïυ.

Σύµæωνα µε τï Γραæείï Γενικïύ ΕæÞρïυ Εκλïγών, εκλï-γικά κέντρα θα λειτïυργήσïυν, 5 στην Αθήνα, 1 στïν ΒÞλï, 1στï Ηράκλειï, 3 στη Θεσσαλïνίκη, και απÞ ένα στα Ιωάννινα,Κïµïτηνή, Λάρισα, Πάτρα, Ρέθυµνï και ΡÞδï.

Επίσης θα λειτïυργήσïυν 5 εκλïγικά κέντρα στï Λïνδίνïστï κτίριï της Υπάτης Αρµïστείας και δύï στï ΚυπριακÞΚïινïτικÞ Κέντρï. Σε άλλα µέρη τïυ Ηνωµένïυ Βασιλείïυ θαυπάρøει ένα εκλïγικÞ κέντρï στï Ληντς, 2 στï Μάντσεστερ, 2στï Μπέρµιγøαµ και 1 στï Μπρίστïλ.

Θα λειτïυργήσïυν επίσης απÞ ένα εκλïγικÞ κέντρï στïΒερïλίνï, Βιέννη, Βïυδαπέστη, Βρυêέλλες, Μανάµ(Μπαøρέϊν), Νέα ΥÞρκη, ΝτÞøα, Παρίσι, Πράγα, Ριάτ (ΣαïυδικήΑραâία) και ΣÞæια.

Σύµæωνα µε τï Υπïυργείï Εσωτερικών, η στελέøωση τωνκέντρων αυτών θα γίνει απÞ πρïσωπικÞ πïυ θα διαθέσïυν ïιΠρεσâείες και απÞ πρïσωπικÞ πïυ θα σταλεί απÞ την Κύπρï.

Η 18η Ιανïυαρίïυ 2013, καθïρίστηκε ως ηµέρα για τηνυπïâïλή υπïψηæιïτήτων για την εκλïγή Πρïέδρïυ της∆ηµïκρατίας.

Η ψηæïæïρία για την εκλïγήΠρïέδρïυ της ∆ηµïκρατίας θα διε-νεργηθεί την Κυριακή 17Φεâρïυαρίïυ, 2013, και η τυøÞν επα-ναληπτική εκλïγή την αµέσως επÞµε-νη Κυριακή 24 Φεâρïυαρίïυ, 2013.

Εν τω µεταêύ ï ΓενικÞς ΈæïρïςΠρïεδρικής Εκλïγής ανακïίνωσε Þτιï τελευταίïς συµπληρωµατικÞς εκλï-γικÞς κατάλïγïς της 2ας Ιανïυαρίïυ2013 ετïιµάστηκε και αναρτήθηκε γιαεπιθεώρηση και τυøÞν ενστάσεις απÞ κάθε ενδιαæερÞµενïπρÞσωπï.

O κατάλïγïς θα εκτίθεται καθηµερινά για επιθεώρηση,µέøρι τις 14 Ιανïυαρίïυ, στα Γραæεία των Επαρøιακών

∆ιïικήσεων, στα Γραæεία των ∆ήµων ή στï Γραæείï/κατïικίατïυ Κïινïτάρøη κάθε ενïρίας ή κάθε κïινÞτητας êεøωριστά.

Μετά την παρέλευση της πιï πάνω πρïθεσµίας καµίαένσταση δεν µπïρεί να γίνει δεκτή. ÃσυµπληρωµατικÞς εκλïγικÞς κατάλï-γïς µετά την 14η Ιανïυαρίïυ 2013καθίσταται ïριστικÞς και θα ενσωµα-τωθεί στï µÞνιµï εκλïγικÞ κατάλïγïπïυ θα øρησιµïπïιηθεί για σκïπïύςτων πρïσεøών Πρïεδρικών εκλïγών.

Καλïύνται ïι ενδιαæερÞµενïι νέïιεκλïγείς να επιθεωρήσïυν έγκαιρα τïσυµπληρωµατικÞ εκλïγικÞ κατάλïγïγια τυøÞν ενστάσεις, για τη δέïυσα

διÞρθωση. Τα εκλïγικά âιâλιάρια των νέων εκλïγέων θα ετïι-µασθïύν και διαâιâασθïύν µέøρι τις 20 Ιανïυαρίïυ 2013στïυς Κïινïτάρøες, απÞ Þπïυ µπïρïύν να τα παραλάâïυν ïιενδιαæερÞµενïι ή ïι ïικείïι τïυς.

40 ÂÎÏÔÁÈÎ¿ Î¤ÓÙÚ· ÛÙÔ ÂÍˆÙÂÚÈÎfi ÁÈ· ÙÈ˜ ÚÔÂ‰ÚÈÎ¤˜

9 IΑΝÃΥΑΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

4/14 | ΑΡΘΡΑ

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ρει στï κυπριακÞ εµπÞριï εêασæάλισε η νεïσύστατη ε-ταιρεία Tryfon Tseriotis.

Η νέα µάρκα αæïρά στα âρετανικής πρïέλευσηςτυριά Pilgrims Choice, τα ïπïία θα διανθίσïυν περαιτέρωτη σειρά τυριών cheddar πïυ πρïσæέρει η εταιρεία στïλιανεµπÞριï της øώρας.

Η νέα συµæωνία τέθηκε σε εæαρµïγή απÞ τïν∆εκέµâριï πïυ πέρασε και πλέïν η εταιρεία πρïωθεί τïνέï της πρïϊÞν στην αγïρά της Κύπρïυ.

¢¢‡‡ÔÔ ÓÓ¤¤·· LLiiddll ÛÛÂÂ §§ÂÂÌÌÂÂÛÛfifi ÎÎ··ÈÈ ¶¶¿¿ÊÊÔÔΜετά την πρÞσæατη λειτïυργία τïυ 13ïυ καταστήµα-

τïς της αλυσίδας Lidl στην Κύπρï, ï γερµανικÞς κïλïσσÞςεµπïρίïυ ετïιµάúει άλλες δύï υπεραγïρές.

Τα δύï καταστήµατα ετïιµάúïνται σε ΛεµεσÞ και Πάæïαντίστïιøα, πÞλεις στις ïπïίες λειτïυργεί σήµερα απÞ ένακατάστηµα.

Στη ΛεµεσÞ ïι σøεδιασµïί της Lidl υπαγïρεύïυν νέαυπεραγïρά στην περιïøή Ύψωνα, κïντά στην υπεραγïράΠαπαντωνίïυ πïυ λειτïύργησε πριν ένα – περίπïυ - øρÞνï.

Ùσïν αæïρά την Πάæï ï γερµανικÞς κïλïσσÞς σøεδιά-úει τη λειτïυργία καταστήµατïς στη λεωæÞρï Ελλάδïς,µετά την επιτυøηµένη λειτïυργία καταστήµατïς στηνπεριïøή Τάæïι των Βασιλέων απÞ τï 2011.

¶¶ÏÏËËÚÚÒÒÛÛÙÙÂÂ ÚÚÈÈÓÓ ÊÊ‡‡ÁÁÂÂÙÙÂÂ ÁÁÈÈ·· ÙÙ··ÍÍ››‰‰ÈÈΆρøισε στα αερïδρÞµια Λάρνακας και Πάæïυ ï έλεγøïς

των αναøωρïύντων επιâατών για ïæειλές ενταλµάτων πρï-στίµïυ.

Ηδη εισπράøθηκαν ïæειλÞµενα πïσά, ενώ ταυτÞøρïναπαρατηρήθηκε αυêηµένï ενδιαæέρïν πïλιτών πïυ ενδιαæέ-ρïνται να τακτïπïιήσïυν τις εκκρεµÞτητες τïυς. ΠρÞκειταιγια 160,000 εντάλµατα, κυρίως πρÞστιµα τρïøαίας, διατρï-æές, ïæειλές στïν æÞρï εισïδήµατïς και αστικά øρέη.

Για απïæυγή ταλαιπωρίας τïυ επιâατικïύ κïινïύ καιδεδïµένïυ Þτι η σøετική νïµïθεσία πρïνïεί τη σύλληψητων παραâατών, καλïύνται Þλïι ïι ïæειλέτες πρïστίµωνÞπως διευθετήσïυν έγκαιρα τις ïæειλές τïυς, στïυς κατάτÞπïυς Ãυλαµïύς Εκτέλεσης Ενταλµάτων (ÃΥΛ.Ε.Ε.) τωνΕπαρøιακών Αστυνïµικών ∆ιευθύνσεων και των ΤïπικώνΑστυνïµικών Σταθµών σύµæωνα µε τη διεύθυνση διαµïνήςτïυς.

∫Ú›ÛÈÌ· Ù· ÂfiÌÂÓ· 24ˆÚ·

Επειδή ïι συµπïλίτες µας πρέπει να γνωρίúïυν την αλή-θεια για την κρισιµÞτητα των επÞµενων λίγων εâδïµάδωνκαι για τï τι διακυâεύεται, θεωρώ καθήκïν µïυ να µην σιω-πήσω Þπως úητά η κυâέρνηση µε πρÞσæατες δηλώσεις τïυκυâερνητικïύ εκπρïσώπïυ.

Τα γεγïνÞτα των τελευταίων µηνών και øρÞνων είναιγνωστά.Τï δηµÞσιï øρέïς επί διακυâέρνησης ΑΚΕΛ κατέστηµη âιώσιµï εê’ αιτίας της υπερâïλικής αύêησης των κρατι-κών δαπανών και των δεσµεύσεων για µελλïντικές µη παρα-γωγικές δαπάνες. ΑυτÞ διαæαίνεται και στην πρÞσæατηέκθεση της Ευρωπαϊκής Επιτρïπής, (Fiscal SustainabilityReport 2012), και δεν ïæείλεται στï τραπεúικÞ σύστηµα.

Η κυâέρνηση τïυ ΑΚΕΛ έøασε την αêιïπιστία της και δενµπïρïύσε να δανειστεί για τις ανάγκες της ήδη απÞ τï Μάιïτïυ 2011, πριν πρïκύψει ïπïιïδήπïτε úήτηµα µε τις τράπε-úες µας. Πριν δηλαδή τï ελληνικÞ κïύρεµα και πριν ακÞµατην καταστρïæή στï Μαρί πïυ επανέæερε την ïικïνïµία σεâαθιά ύæεση.

Η απώλεια αêιïπιστίας τïυ κράτïυς, µαúί µε την απÞæα-ση για κïύρεµα των ελληνικών ïµïλÞγων απÞ τïν πρÞεδρïÌριστÞæια και άλλïυς Ευρωπαίïυς ηγέτες τïν Ãκτώâριï τïυ2011, δηµιïύργησαν την ανάγκη πρïσωρινής κρατικής âïή-θειας της Λαϊκής Τράπεúας τï Μάιï τïυ 2012. Παρά τηδύσκïλη συγκυρία, η κατάσταση ήταν ακÞµα διαøειρίσιµητÞτε. Με σωστïύς øειρισµïύς απÞ την κυâέρνηση και τηνΚεντρική Τράπεúα της Κύπρïυ (ΚΤΚ), øειρισµïύς πïυ περι-λάµâαναν υλïπïίηση δεσµεύσεων πïυ η κυâέρνηση είøεήδη αναλάâει και ήπιες περικïπές δαπανών, η κυâέρνησηµπïρïύσε να επανακτήσει την αêιïπιστία της, και µε τη âïή-

θεια της Ευρωπαϊκής Κεντρικής Τράπεúας(ΕΚΤ) να απïæύγειτï ΜηøανισµÞ. ∆υστυøώς, αντ’ αυτïύ, η κυâέρνηση επέλεêεµια διαæïρετική πïρεία.

Αντί λήψης µέτρων εêυγίανσης για απïæυγή της ΤρÞικας,η κυâέρνηση, σε συντïνισµÞ µε την Κεντρική Τράπεúα, επι-κεντρώθηκαν σ’ ένα επικïινωνιακÞ παιγνίδι απïπρïσανατï-λισµïύ των συµπïλιτών µας µέσω της συκïæάντησης τïυτραπεúικïύ τïµέα στην Κύπρï και διεθνώς. Εê’ αιτίας αυτώντων øειρισµών, πριν τï τέλïς Ιïυνίïυ τïυ 2012, η Κύπρïςέγινε η πρώτη øώρα στη ιστïρία της ïπïίας η κεντρική τρά-πεúα (η ΕΚΤ) συστηµατικά δεν δέøεται τα ïµÞλïγα της ωςεêασæάλιση για άντληση ρευστÞτητας.

Η εêέλιêη αυτή ανάγκασε την κυâέρνηση να πρïσκαλέ-σει την ΤρÞικα. Τï απïτέλεσµα ήταν πριν τï τέλïς τïυ 2012και αæïύ πρïηγήθηκε ρητÞ και γραπτÞ τελεσίγραæï τηςΕΚΤ, να επιâάλει ïδυνηρά µέτρα. ∆υστυøώς Þµως, αντί ναπρïσπαθήσει να περιïρίσει τις αρνητικές συνέπειες τηςΤρÞικας στï τÞπï µας, η κυâέρνηση, σε συνεργασία µε τηνΚεντρική Τράπεúα, επέλεêαν τη συνέøιση της στïøïπïίησηςτïυ τραπεúικïύ συστήµατïς µε απïτέλεσµα να θέσïυν τηνïικïνïµία µας σε ακÞµα µεγαλύτερï κίνδυνï.

‘Eνα πρÞγραµµα εêυγίανσης των δηµïσιïνïµικών πρï-âληµάτων σήµαινε δανεισµÞ της τάêης των 7-8 δισ. ευρώ.Ήταν âïλικÞ για σκïπïύς πρïπαγάνδας τïυ ΑΚΕΛ να κατα-λήêει η ΚΤΚ µε «ανάγκες» κεæαλαίων στï τραπεúικÞ σύστη-µα ακÞµα µεγαλύτερες, ίσως µέøρι και 10 δις.

Τï æïύσκωµα τïυ τελικïύ πïσïύ για τις «ανάγκες» τωντραπεúών άρøισε απÞ τïν Ιïύνιï, µεταêύ άλλων και µε αλλα-γές στη µεθïδïλïγία υπïλïγισµïύ µη εêυπηρετïύµενωνδανείων και πρïâλέψεων έναντι πιθανών µελλïντικώνúηµιών Þπως επίσης και µε υπερâïλικά απαισιÞδïêα σενάριαγια τη µελλïντική πïρεία της ïικïνïµίας, µη εêυπηρετïύµε-νων δανείων και úηµιών.

Αν και αυτές ïι αλλαγές, τις ïπïίες είτε εισηγήθηκε είτεαπïδέøθηκε η ΚΤΚ, εêυπηρετïύν την επικïινωνιακή στρατη-γική τïυ ΑΚΕΛ για λίγïυς µήνες, ïι επιπτώσεις τïυς για τïτÞπï είναι καταστρïæικές και µη αναστρέψιµες. Τï æïύσκω-µα των αριθµών για τις κεæαλαιακές ανάγκες των τραπεúών

έøει σïâαρές παρενέργειες:- Πρώτïν, η εæαρµïγή της ίδιας µεθïδïλïγίας µε αυτή

πïυ ακïλïυθείται για τις τράπεúες στï συνεργατικÞ κίνηµα,συνεπάγεται Þτι τα συνεργατικά ιδρύµατα θα έøïυν ανάγκεςδισεκατïµµυρίων ευρώ, πïυ θέτïυν τï συνεργατικÞ κίνηµασε άµεσï κίνδυνï.

- ∆εύτερïν, και øειρÞτερï, Þταν τï νïύµερï των 10 δισευρώ για την υπïτιθέµενη ανακεæαλαιïπïίηση των τραπε-úών πρïστεθεί στα 7-8 δισ ευρώ πïυ øρειάúεται η κυâέρνη-ση για τις άµεσες δηµïσιïνïµικές της ανάγκες, τï øρέïς τηςΚυπριακής ∆ηµïκρατίας κρίνεται ως µη διαøειρίσιµï άµεσα,ακÞµα και µετά την λήψη µέτρων. Ως απïτέλεσµα, η ΤρÞικαενδέøεται να úητήσει απÞ την κυâέρνηση Þøι µÞνï πώλησηπεριïυσιακών στïιøείων, αλλά και υπïθήκευση µελλïντικώνπÞρων, αναδιάρθρωση υπïøρεώσεων τïυ κράτïυς και άλλα.Τέτïιες εêελίêεις θα απïτελέσïυν τï τελειωτικÞ øτύπηµαστη αêιïπιστία της Κύπρïυ ως διεθνές øρηµατïïικïνïµικÞκέντρï και θα ïδηγήσïυν σε απώλεια øιλιάδων θέσεωνεργασίας και καταστρïæής της ïικïνïµίας.

- Τρίτïν, η δηµιïυργία ερωτηµατικών για τη âιωσιµÞτητατïυ øρέïυς θέτει σε κίνδυνï την εθνική κυριαρøία τηςΚύπρïυ µε επικίνδυνες συνέπειες και για τï εθνικÞ µαςθέµα.

Αυτές ïι καταστρïæικές συνέπειες για την Κύπρï µπïρείκαι πρέπει να απïæευøθïύν. Η âιωσιµÞτητα τïυ δηµÞσιïυøρέïυς πρέπει να διαæυλαøθεί øωρίς ερωτηµατικά. Η ΚΤΚπρέπει να πρωτïστατήσει για να απïæευøθεί η καταστρïæήτïυ øρηµατïïικïνïµικïύ τïµέα στη Κύπρï. Αλλαγές µεθï-δïλïγίας, εκτιµήσεις και παραδïøές πïυ æïυσκώνïυν τανïύµερα για υπïτιθέµενες κεæαλαιακές ανάγκες στα συνερ-γατικά και τις τράπεúες µας δεν πρέπει να γίνïυν απïδεøτές.

Μέσα σε αυτÞ τï πλαίσιï, øαιρετίúω τη συúήτηση για δια-σæάλιση της âιωσιµÞτητας τïυ øρέïυς απÞ την ΕπιτρïπήÃικïνïµικών και επίσης την επανεêέταση των κεæαλαιακώναναγκών των συνεργατικών και των τραπεúών. Εύøïµαι ηΚΤΚ να πρïâεί στην αναγκαία αλλαγή των Þρων εντïλής γιανα æέρει τï επιθυµητÞ για τïν τÞπï απïτέλεσµα. Γιατί ηïικïνïµία τïυ τÞπïυ µας είναι εθνική υπÞθεση.

√√ÈÈ ··˘ÍÍ‹‹ÛÛÂÂÈÈ˜ ÊÊfifiÚÚˆÓÓ ‰‰ÂÂÓÓ ¤¤ÊÊÂÂÚÚ··ÓÓ ¤¤ÛÛÔÔ‰‰··Mειωµένες είναι ïι εισρïές άµεσων æÞρων, γεγïνÞς πïυ

πρïâληµατίúει έντïνα τï υπïυργείï Ãικïνïµικών, τï ïπïίïπïυ âασίστηκε αρκετά στï æïρïλïγικÞ σκέλïς της δηµï-σιïνïµικής εêυγίανσης.

Ãι περσινές αυêήσεις æÞρων δεν είøαν τα αναµενÞµεναέσïδα λÞγω της âαθιάς ύæεσης, και τïυ µνηµïνίïυ.

Ùπως διαæαίνεται απÞ τα τελευταία στïιøεία τïυΤµήµατïς Εσωτερικών ΠρïσÞδων, ïι εισπράêεις τïυΤµήµατïς µειώθηκαν τïν πρïτελευταίï µήνα τïυ έτïυςκατά 2,8% στα 102,4 εκ. ευρώ απÞ 105,4 εκ. ευρώ τïν περσι-νÞ Νïέµâριï.

Τïν Ãκτώâριï τïυ 2012 ïι εισπράêεις τïυ ΤΕΠ είøανσηµειώσει µεγάλη αύêηση 37,2% καθώς πïλλïί έσπευσαννα πρïλάâïυν τη λήêη της πρïθεσµίας για διαγραæή τωντÞκων και επιâαρύνσεων στïυς ïæειλÞµενïυς æÞρïυςµέøρι τï 2008.

Ùσïν αæïρά τις εισπράêεις τïυ ΤΕΠ για την περίïδïΙανïυαρίïυ-Νïεµâρίïυ 2012 παρïυσιάúïυν µείωση 13,1 εκ.ευρώ ή 1% στα 1682,2 εκ. ευρώ απÞ 1695,3 εκ. ευρώ.

Μείωση 21,5 εκ. ευρώ σηµειώθηκε και στις εισπράêειςαπÞ τïν εταιρικÞ æÞρï καθώς απÞ 586,4 εκ. ευρώ πέρσι,æέτïς µειώθηκαν στα 565 εκ. ευρώ.

Κατά 9,9 εκ. ευρώ µειωµένες είναι και ïι εισπράêεις απÞτï æÞρï εισïδήµατïς των υπαλλήλων τïυ δηµïσίïυ καιευρύτερïυ δηµÞσιïυ τïµέα στα 180,7 εκ. ευρώ απÞ 190,7 εκ.ευρώ πέρσι, ενώ µείωση 5,6 εκ. ευρώ παρïυσιάúεται και στιςεισπράêεις απÞ τα τέλη øαρτïσήµïυ.

Αντίθετα, αυêηµένες είναι ïι εισπράêεις απÞ τï æÞρïεισïδήµατïς των αυτïεργαúïµένων, πïυ αυêήθηκαν κατά56% ή 26,9 εκ. ευρώ στα 74,4 εκ. ευρώ απÞ 47,6 εκ. ευρώ τïνπερασµένï øρÞνï. Η αύêηση ïæείλεται στη æïρïλïγικήαµνηστία.

∞∞ıı··ÓÓ¿¿ÛÛÈÈÔÔ˜ √√ÚÚÊÊ··ÓÓ››‰‰ËË˜

√√ÈÈ ÎÎÈÈÓÓ¤¤˙ÔÔÈÈ ··ÓÓÂÂ‚‚¿¿˙ÔÔ˘ÓÓ ÙÙ·· ··ÎÎ››ÓÓËËÙÙ··Συνεøίστηκε και τï ∆εκέµâριï τïυ 2012 η εêωγενής

úήτηση ακινήτων στην Κύπρï. Μεγάλï παραµένει τï ενδια-æέρïν κινέúων επενδυτών για την Πάæï, περιïρίúïντας τηδιψήæια µείωση των αγïρών ακινήτων απÞ êένïυς ïλÞκλη-ρï τï έτïς.

Με âάση στïιøεία τïυ κτηµατïλïγίïυ, ïι αγïρές ακινή-των απÞ êένïυς παρïυσίασαν τï ∆εκέµâριï τïυ 2012 αύêη-ση 48,3% æθάνïντας τα 172 τεµάøια απÞ 116 τεµάøια πέρσι.Τï Νïέµâριï η αύêηση έæθασε τï 67%.Η διαæïρά πρïκύπτει κυρίως στην Πάæï, Þπïυ ïι επιøειρη-µατίες ανάπτυêης άρøισαν να πρïσαρµÞúïυν τις διεθνείς

τïυς καµπάνιες στα ιδιαίτερα øαρακτηριστικά της κινεúικήςαγïράς.Ãι πωλήσεις στην Πάæï αυêήθηκαν στα 86 τεµάøιααπÞ 25 πέρσι, ενώ ïι πωλήσεις στην ΑµµÞøωστï έæθασαν τα12 τεµάøια απÞ 8 τï ∆εκέµâριï τïυ 2011.Στη Λάρνακα ïι πωλήσεις έæθασαν τα 23 τεµάøια απÞ 21πέρσι ενώ στη ΛεµεσÞ στα 33 απÞ 26.Στη Λευκωσία ïι πωλήσεις απÞ 23 πέρσι ανήλθαν στα 18τεµάøια æέτïς.Παρά τη âελτίωση των τελευταίων µηνών η εêωγενής úήτη-ση παραµένει µειωµένει και έøει υπïøωρήσει κατά 10,7% τï2012 στις 1476 απÞ 1652 πέρσι.

∞∞˘ÍÍ‹‹ııËËÎÎ··ÓÓ ÔÔÈÈ ¿¿‰‰ÂÂÈÈÂÂ˜ ÔÔÈÈÎÎÔÔ‰‰ÔÔÌÌ‹‹˜,, ÌÌÂÂÈÈÒÒııËËÎÎÂÂ ÙÙÔÔ ÂÂÌÌ‚‚··‰‰fifiÓÓΑύêηση 31,6%, στις 782, σηµείωσε ï αριθµÞς των αδει-

ών ïικïδïµής πïυ εκδÞθηκαν απÞ τις δηµïτικές αρøές καιτις επαρøιακές διïικήσεις τïν Ãκτώâριï τïυ 2012, σεσύγκριση µε τïν Ãκτώâριï τïυ 2011, µε τις ïικιστικέςµïνάδες πïυ πρïâλέπïνται να ανεγερθïύν να µειώνïνται,ωστÞσï, κατά 23,9%, στις 469, απÞ 617 τïν Ãκτώâριï τïυ2011.

Σύµæωνα µε τα στïιøεία της Στατιστικής Υπηρεσίας, ησυνïλική αêία των αδειών αυτών έæθασε τα 172,6 εκ. ευρώ,

παρïυσιάúïντας αύêηση 2,04 εκ. ευρώ σε σøέση µε τïνÃκτώâριï τïυ 2011.

ΩστÞσï, τï συνïλικÞ εµâαδÞν των αδειών µειώθηκε στις126,5 øιλιάδες τετραγωνικά µέτρα, απÞ 180.757 τïνÃκτώâριï τïυ 2011. Με τις άδειες αυτές πρïâλέπεται ναανεγερθïύν 469 ïικιστικές µïνάδες.

Κατά την περίïδï Ιανïυαρίïυ - Ãκτωâρίïυ 2012 εκδÞθη-καν 6.147 άδειες ïικïδïµής, παρïυσιάúïντας µείωση 3,1%έναντι της αντίστïιøης περιÞδïυ τïυ 2011.

9 IΑΝÃΥΑΡΙÃΥ, 2013

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H εταιρεία Ãρæανίδης θα παραøωρήσει στην εταιρεία τωνπρïµηθευτών δικαίωµα απïκλειστικής øρήσης 16 υπεραγï-ρών και τïυ εêïπλισµïύ τïυς, Þπως πρïνïεί τï ΜηµÞνιïΣυναντίληψης πïυ υπέγραψε ï Ìρίστïς Ãρæανίδης απÞ τη µίαπλευρά ως εκτελεστικÞς πρÞεδρïς της εταιρείας Ãρæανίδης∆ηµÞσια Εταιρεία και ï Γιώργïς Γεωργίïυ ως εκπρÞσωπïςµερίδας πρïµηθευτών.

Τï µνηµÞνιï ïρίúει Þπως ïι πρïµηθευτές, καταâάλïυν ωςενïίκια και ως αντιπαρïøή για απïκλειστική άδεια και λειτïυρ-γία των υπεραγïρών τï 2% τïυ συνïλικïύ κύκλïυ εργασιώντης κάθε υπεραγïράς. Σηµειώνεται Þτι τï 2% θα αναπρïσαρ-µÞúεται ïύτως ώστε να καλύπτει τα ενïίκια και τïυς øρεωµέ-νïυς τÞκïυς απÞ τις τράπεúες.

Ãι πρïµηθευτές, θα έøïυν επίσης εêïυσιïδÞτηση απÞ τηνεταιρεία Ãρæανίδης, να καταâάλλïυν τï εκάστïτε πïσïστÞγια την πληρωµή των ενïικίων στις τράπεúες πïυ έøïυνεµπράγµατη εêασæάλιση στα ακίνητα των υπεραγïρών πïυπεριλαµâάνει η συµæωνία.

Ãι πρïµηθευτές θα καταâάλïυν επίσης 1δ επί τïυ συνÞ-λïυ τïυ κύκλïυ εργασιών για την øρήση της εµπïρικής επω-νυµίας «Ãρæανίδης» ή «Υπεραγïρά Ãρæανίδης».

Η συµæωνία αæïρά 10ετή περίïδï ενώ µε την πάρïδï 12µηνών απÞ την τελευταία άδεια παρïøής απïκλειστικής øρή-σης θα παρέøεται δικαίωµα τερµατισµïύ της κάθε άδειαςαπïκλειστικής øρήσης νïïυµένïυ Þτι θα δïθεί γραπτή ειδï-πïίησης έêι µηνών. Η εταιρεία Ãρæανίδης, θα έøει δικαίωµαανάκτησης της øρήσης και λειτïυργίας Þλων των υπεραγï-ρών και Þøι της κάθε µίας êεøωριστά µετά την πάρïδï 12µηνών µε Þρïυς ïι ïπïίïι θα συµæωνηθïύν και θα περιλαµâά-νïυν άµεση πληρωµή των απïθεµάτων και πλήρη εêÞæλησητων πρïµηθευτών για Þπïια πïσά τïυς ïæείλïνται. Η απïúη-

µίωση θα είναι ίση µε την καθαρή κερδïæïρία των τελευταί-ων δύï ετών λειτïυργίας ενώ αν η κίνηση γίνει πριν τησυµπλήρωση δύï ετών η απïúηµίωση θα είναι η µέση µηνιαίακερδïæïρία επί 24.

Τï πρïσωπικÞ των υπεραγïρών θα εργïδïτηθεί στην νέαεταιρεία µε τïυς ίδιïυς Þρïυς ενώ τï απïθεµατικÞ των υπε-ραγïρών θα αγïραστεί έναντι εêïæλητικής απÞδειêης. Ανδεν συµæωνήσïυν στην τιµή τÞτε αυτή θα είναι η τιµή κτή-σης είτε η καθαρή τιµή.

Τï øρέïς της Ãρæανίδης πρïς τïυς πρïµηθευτές θα µει-ώνεται ετησίως κατά τï πïσÞ των καθαρών κερδών.

Με τη λήêη των δέκα ετών, η εταιρεία Ãρæανίδης θαέøει υπïøρέωση να καταâάλει απïúηµίωση πρïς την εται-ρεία των πρïµηθευτών αντίστïιøη µε την καθαρή κερδïæïρίατων δύï τελευταίων øρÞνων λειτïυργίας ενώ θα είναι υπÞ-øρεη να αγïράσει τα απïθέµατα σε τιµή κÞστïυς είτε στηνκαθαρή τιµή. Σε περίπτωση συµæωνίας, τα πïσά πïυ αναæέ-ρïνται σε επιταγές πïυ κατέøïυν ïι πρïµηθευτές δεν θα µπï-ρïύν να διεκδικηθïύν. Στï ΜνηµÞνιï τïνίúεται πως η συµæω-νία θα πρïøωρήσει αν εγκριθεί απÞ τï ∆Σ της Ãρæανίδης, ανεπέλθει συµæωνία µε τις τράπεúες, αν σ’ αυτήν συµµετέøïυνπρïµηθευτές πïυ έøïυν να λαµâάνïυν συνïλικά πάνω απÞ 50εκ. ευρώ και αν Þλα αυτά γίνïυν εντÞς 20 ηµερών.

ÕÓÔÈÁÌ· 14 π·ÓÔ˘·Ú›Ô˘Τï µνηµïνίïυ συναντίληψης περιλαµâάνει και τη λίστα µε

τις 16 υπεραγïρές της αλυσίδας Ãρæανίδης πïυ πρïτίθεταινα λειτïυργήσει η εταιρεία των πρïµηθευτών.

Σε περίπτωση πïυ τï συγκεκριµένï σøέδιï εæαρµïστεί,στÞøïς είναι να λειτïυργήσïυν απÞ τις 14 τïυ Γενάρη ïι 16

πιï κάτω υπεραγïρές:Λευκωσία: Ανθïύπïλη, Παλιïµέτïøï, Λατσιά, Αγ. Παύλïυ,ΣïπάúΕλεύθερη ΑµµÞøωστïς: ΠαραλίµνιΛάρνακα: ΚεντρικÞ, ∆ρïσιά, Κίτι, ΣκαρίνïυΛεµεσÞς: ΕµπïρικÞ κέντρï, ·ακάκι, Πέτρïυ&Παύλïυ,ΓερµασÞγεια, ΚïλÞσσιΠάæïς: Paphos Mall

Κρίσιµï σηµείï για εæαρµïγή τïυ µνηµïνίïυ, θα απïτελέ-σει η µελέτη âιωσιµÞτητας πïυ ετïιµάúει η Ernst & Young καιη ïπïία αναµένεται να κατατεθεί στις τράπεúες τις επÞµενεςµέρες. Σήµερα θα εêεταστεί ενώπιïν δικαστηρίïυ και τï αίτη-µα της GRV North για άρση τïυ απαγïρευτικïύ διατάγµατïςστην αίτηση εκκαθάρισης πïυ κατέθεσε κατά της εταιρείαςÃρæανίδης για ïæειλÞµενï πïσÞ κïντά στï µισÞ εκατïµµύριïευρώ.

∞‚¤ÚˆÊ - ¡ÈÎfiÏ·˜ Vs ¶·Ó›ÎÔ˜ ¢ËÌËÙÚÈ¿‰Ë˜Στα µαøαίρια âρίσκïνται ï πρÞεδρïς της

επιτρïπής Ãικïνïµικών της Βïυλής ΝικÞλαςΠαπαδÞπïυλïς και ï ΑναπληρωτήςΠρÞεδρïς τïυ ∆ΗΣΥ Αâέρωæ Νεïæύτïυ µετï ∆ιïικητή της Κεντρικής Τράπεúας Πανίκï∆ηµητριάδη.

Ãι δύï άντρες αæήνïυν σκιές για αλλαγήτης µεθïδïλïγίας Þσïν αæïρά τα µη εêυπη-ρετïύµενα δάνεια των Τραπεúών και των ΣΠΙτïνίúïντας Þτι κάπïιïι στïøεύïυν στï νααπïπρïσανατïλίσïυν την κïινή γνώµη ρίøνï-ντας τï æταίêιµï απïκλειστικά στις Τράπεúεςκαι Þøι στην Κυâέρνηση.

¡. ¶··‰fiÔ˘ÏÔ˜: ∫ÔÚÔ˚‰›· ÙÔ˘ Ï·Ô‡!

ΕιδικÞτερα ï ΝικÞλας ΠαπαδÞπïυλïςεπέρριψε πρïσωπική ευθύνη στï ∆ιïικητήτης Τράπεúας Πανίκï ∆ηµητριάδη για αύêησητïυ πïσïύ της ανακεæαλαιïπïίησης κατά 6.5δις ευρώ µε την αλλαγή τïυ ïρισµïύ για ταµη εêυπηρετïύµενα δάνεια.

Ã κ. ΠαπαδÞπïυλïς είπε Þτι αυτïί πïυπαραπληρïæïρïύν είναι εκείνïι πïυ øειρίúï-νται τα πράγµατα στην Κεντρική Τράπεúα καιøαρακτήρισε κïρïϊδία τïυ λαïύ τη θέση τηςÞτι δεν µπïρεί να υπïλïγίσει τï ύψïς τïυπïσïύ των µη εêυπηρετïύµενων δανείων.

Ùπως ανέæερε, απÞ τï συνïλικÞ µέγεθïςτïυ πïσïύ των µη εêυπηρετïυµένων δανείωνθα εêαρτηθεί και τï πïσÞ πïυ θα øρειαστείγια την ανακεæαλαιïπïίηση των τραπεúώνκαι θα διαæανεί κατά πÞσïν τï øρέïς είναιâιώσιµï.

Εάν τï πïσÞ για την ανακεæαλαιïπïίησηείναι υψηλÞ, τÞτε τï øρέïς δεν θα είναι âιώ-σιµï, είπε ï κ. ΠαπαδÞπïυλïς. Είπε επίσης ÞτιπρÞκειται για πïλύ σηµαντικÞ στïιøείï, πïυθα επηρεάσει την Κύπρï για τις επÞµενεςδεκαετίες και τÞνισε Þτι ï διïικητής τηςΚεντρικής Τράπεúας θα κληθεί στην ΕπιτρïπήÃικïνïµικών να δώσει εêηγήσεις για τï øειρι-σµÞ τïυ θέµατïς.

Ã κ. ΠαπαδÞπïυλïς υπïλÞγισε Þτι ηκυâέρνηση θα øρειασθεί 7 δις ευρώ για κάλυ-ψη των ελλειµµάτων τïυ πρïϋπïλïγισµïύ καιεêυπηρέτηση των δανείων πïυ θα καταστïύν

ληêιπρÞθεσµα µέøρι τï τέλïς τïυ 2015, ενώαν τï πïσÞ ανακεæαλαιïπïίησης είναι αυτÞπïυ καθÞρισε πρïσωρινά η τρÞικα, δηλαδήάλλα 10 δις ευρώ, τÞτε η Κύπρïς θα ïδηγηθείαναπÞæευκτα σε øρεïκïπία, γιατί δεν θα µπï-ρεί να απïπληρώσει τÞσï µεγάλï πïσÞ, τïïπïίï αντιπρïσωπεύει τï 114,3% τïυ ΑΕΠ.

A. NÂÔÊ‡ÙÔ˘: ∆È ¿ÏÏ·ÍÂ;Στï ίδιï µήκïς κύµατïς και ïι δηλώσεις

τïυ Αναπληρωτή ΠρÞεδρïυ τïυ ∆ΗΣΥΑâέρωæ Νεïæύτïυ ï ïπïίïς διερωτήθηκε τιάλλαêε απÞ τï Μαϊï τïυ 2011 Þταν τï ∆ιεθνέςΝïµισµατικÞ Ταµείï εάν υπήρøε επαρκής εêα-σæάλιση δεν θεωρïύσε ένα δάνειï ως επι-σæαλές. Ã κύριïς Νεïæύτïυ άæησε παράλλη-λα σκιές και για δηµïσίευµα στην εæηµερίδαΦιλελεύθερïς τïν περασµένï Ιïύλιï µίαµÞλις µέρα µετά την κάθïδï της ΤρÞικα Þτι ïιανάγκες κεæαλαιïπïίησης των κυπριακώντραπεúών ανέρøïνται στα 10 δις ευρώ πïσÞπïυ επαληθεύτηκε αρκετïύς µήνες αργÞτε-ρα.

Ã Αâέρωæ Νεïæύτïυ έκανε αναæïρά καιγια αντικρïυÞµενες δηλώσεις της ΤράπεúαςΚύπρïυ και τïυ ∆ιïικητή της ΚεντρικήςΤράπεúας, τïνίúïντας Þτι η Τράπεúα Κύπρïυπρïέâη σε ανακïίνωση στην ïπïία πρïειδï-πïιεί πως τα ïικïνïµικά απïτελέσµατα τïυσυγκρïτήµατïς για τï 2012 αναµένεται να

σηµειώσïυν σηµαντική αρνητική απÞκλιση σεσøέση µε τα αντίστïιøα απïτελέσµατα τïυ2011. Ùπως δηλώνει ï κ. Νεïæύτïυ, κατά τηνΤράπεúα Κύπρïυ, «η απÞκλιση αυτή ïæείλεταιστις αυêηµένες πρïâλέψεις για απïµείωσηδανείων (ως απïτέλεσµα της συνεøιúÞµενηςεπιδείνωσης της ïικïνïµικής κατάστασης καιτης εæαρµïγής αυστηρÞτερων κριτηρίων σταπλαίσια τïυ ελέγøïυ της PIMCO) Þπως καιµειωµένα λειτïυργικά έσïδα. Ως απïτέλεσµατων πιï πάνω, θα επηρεαστïύν αρνητικά ïιδείκτες κεæαλαιακής επάρκειας τïυΣυγκρïτήµατïς». Παράλληλα, συνεøίúει ï κ.Νεïæύτïυ, ï ∆ιïικητής της ΚεντρικήςΤράπεúας δήλωσε Þτι «εκείνα, τα µη εêυπηρε-τïύµενα δάνεια πïυ καλύπτïνται πλήρωςαπÞ εêασæαλίσεις δεν περιλαµâάνïνται στιςεπισæάλειες των πιστωτικών ιδρυµάτων και,ως εκ τïύτïυ, δεν επαυêάνïυν τις κεæαλαι-ïυøικές ανάγκες τïυ τραπεúικïύ συστήµα-τïς». «Ùπως κάπïιïς µπïρεί να αντιληæθεί,δεν µπïρïύν και ïι δύï πιï πάνω δηλώσεις ναείναι ïρθές γιατί η µια αντικρïύει την άλλη»,αναæέρει ï κ. Νεïæύτïυ και πρïσθέτει Þτι «ηΤράπεúα Κύπρïυ αναæέρει πως τα αυστηρÞ-τερα κριτήρια θα επηρεάσïυν αρνητικά τïυςδείκτες της κεæαλαιακής της επάρκειας, ενώï ∆ΚΤ δηλώνει πως ïι αλλαγές στïν υπïλïγι-σµÞ των µη εêυπηρετïύµενων δανείων δενθα αυêήσïυν τις κεæαλαιïυøικές ανάγκεςτων τραπεúών».

∆Ú¿Â˙· ∫‡ÚÔ˘ Απαντώντας η Τράπεúα Κύπρïυ ανέæερε

Þτι η αύêηση των επισæαλειών απÞ τïυς δια-γνωστικïύς ελέγøïυς της Pimco πρïκύπτειαπÞ τη µείωση των τιµών των ακινήτων.∆ιευκρινίúïντας τï θέµα πïυ πρïέκυψε απÞτην πρÞσæατη πρïειδïπïίηση κερδïæïρίας,η Τράπεúα εêηγεί στην ανακïίνωση Þτι η επί-δραση των παραµέτρων πïυ øρησιµïπïιεί ηPimco στα απïτελέσµατα της Τράπεúας ïæεί-λεται στην επικαιρïπïίηση των υπïθηκευµέ-νων ακινήτων.

EÓfi¯ÏËÛË ¢ËÌËÙÚÈ¿‰ËÃ Πανίκïς ∆ηµητριάδης εµæανίúεται

πάντως ιδιαίτερα ενïøληµένïς απÞ την κριτι-κή. Ã ίδιïς την απïδίδει ως πρïσπάθεια απε-νεøïπïίησης τïυ τέως ∆ιïικητή ΑθανάσιïυÃρæανίδης και των πρïηγïύµενων διïικήσε-ων. ∆ηλώνει Þπως σηµειώνει στïυς στενïύςσυνεργάτες τïυ απïæασισµένïς να καθαρί-σει τïν σταύλï τïυ Αυγεία παίρνïντας ήδησηµαντικές απïæάσεις. Ήδη απïµάκρυνεαρκετά στελέøη απÞ τï τραπεúικÞ στερέωµαενώ έøει πάρει απÞæαση Þτι για κάθε νέïµέλïς τïυ ∆Σ των Τραπεúών θα πρέπει ναδίνεται πρïσωπική συνέντευêη και κατ’ επέ-κταση έγκριση απÞ την Κεντρική Τράπεúα.

ªªËËÌÌfifiÓÓÈÈÔÔ ™™˘ÓÓ··ÓÓÙÙ››ÏÏËË„„ËË˜ √√ÚÚÊÊ··ÓÓ››‰‰ËË ÎÎ··ÈÈ ¶¶ÚÚÔÔÌÌËËııÂÂ˘ÙÙÒÒÓÓ™Ùfi¯Ô˜ Ë ÏÂÈÙÔ˘ÚÁ›· 16 ÀÂÚ·ÁÔÚÒÓ

9 IANOYAΡΙÃΥ, 2013 ÌΡΗΜΑ&ΑΓÃΡΑ

6/16 | ΕΙ∆ΗΣΕΙΣ

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ππÛÛ¯˘ÚÚ‹‹ ··ÓÓ¿¿ÙÙ˘ÍÍËË ÁÁÈÈ·· ÙÙËËÓÓ °°ÂÂÚÚÌÌ··ÓÓ››·· ÙÙÔÔ 22001133Η Γερµανία, η µεγαλύτερη ïικïνïµία της Ευρώπης, µπï-

ρεί να αναµένει ισøυρή ανάπτυêη τï 2013, δήλωσε ïΓερµανÞς ΥπïυργÞς Ãικïνïµίας Φίλιπ Ρέσλερ, παρά τïγεγïνÞς Þτι η κινητήριïς δύναµη της Ευρωúώνης επιâρα-δύνθηκε στα τέλη τïυ περασµένïυ έτïυς. Τï συνïλικÞΑκαθάριστï Εγøώριï ΠρïϊÞν (ΑΕΠ) της Γερµανίας αυêήθηκετï περασµένï έτïς κατά “περίπïυ τα τρία τέταρτα” της εκα-τïστιαίας µïνάδας, είπε ï κ. Ρέσλερ.

Η Στατιστική Υπηρεσία της Γερµανίας αναµένεται ναδηµïσιεύσει τα επίσηµα στïιøεία για τï 2012 τïυ ΑΕΠ τηνεπÞµενη Τρίτη. Η γερµανική Κυâέρνηση θα ανακïινώσει επί-σης ενηµερωµένη έκθεση για την ïικïνïµία την επÞµενηεâδïµάδα.

Τïν Ãκτώâριï, η γερµανική Κυâέρνηση αναâάθµισε ελα-æρώς τις πρïâλέψεις της για την ανάπτυêη για τï 2011 σε0,8%, αλλά µείωσε την εκτίµησή της για την ανάπτυêη τïτρέøïν έτïς σε µÞλις 1,0%. Ã κ. Ρέσλερ αναγνώρισε Þτι τïτέταρτï τρίµηνï ήταν “κάπως ασθενέστερï απÞ Þ,τι περιµέ-ναµε”, αλλά επεσήµανε τα θετικά µηνύµατα πïυ έρøïνταιαπÞ τις επιøειρήσεις και τα âιâλία παραγγελιών και τα ïπïίαδείøνïυν Þτι “µπïρïύµε να περιµένïυµε, επίσης, ισøυρήανάπτυêη τï 2013”.

Ãπïιαδήπïτε επιâράδυνση θα είναι “πρïσωρινή”, πρïέ-âλεψε ï κ. Ρέσλερ. Μετά την ανάπτυêη 0,5% τï πρώτï τρί-µηνï τïυ 2012, τï ΑΕΠ αυêήθηκε µÞλις 0,3% τï δεύτερï τρί-µηνï και µÞλις 0,2% τï τρίτï τρίµηνï.

ŒŒÎÎÙÙ··ÎÎÙÙËË ™™‡‡ÓÓÔÔ‰‰ÔÔ˜ ∫∫ÔÔÚÚ˘ÊÊ‹‹˜ÛÛÙÙÈÈ˜ 77--88 ººÂÂ‚‚ÚÚÔÔ˘··ÚÚ››ÔÔ˘

Τη διεêαγωγή έκτακτης ΣυνÞδïυ Κïρυæής στις 7 και 8Φεâρïυαρίïυ, πρïâλέπει τï πρÞγραµµα εργασίας τηςΙρλανδικής Πρïεδρίας, πïυ δηµïσιïπïίησε η γραµµατεία τïυΣυµâïυλίïυ της ΕΕ. Την επίσηµη πρÞσκληση αναµένεται νααπευθύνει στïυς Ευρωπαίïυς ηγέτες ï ΠρÞεδρïς της ΕΕÌέρµαν Βαν ΡÞµπει, ï ïπïίïς µετά την απïτυøία επίτευêης συµ-æωνίας για τï Πïλυετές ∆ηµïσιïνïµικÞ Πλαίσιï στις 19Νïεµâρίïυ, είøε ανακïινώσει Þτι στις αρøές τïυ επÞµενïυ έτïυςθα συγκαλέσει νέα Σύνïδï Κïρυæής.

Ã κ. Βαν ΡÞµπει θα πρïøωρήσει σε νέες διαâïυλεύσεις τιςεπÞµενες âδïµάδες µε τα κράτη µέλη σε συνεργασία µε τηνΙρλανδική Πρïεδρία, ώστε να είναι σε θέση να παρïυσιάσει νέασυµâιâαστική πρÞταση στη Σύνïδï Κïρυæής στις 7 και 8Φεâρïυαρίïυ.

Η τελευταία συµâιâαστική πρÞταση πρïέâλεπε τη µείωσητων πïσών για τïν πρïϋπïλïγισµÞ της περιÞδïυ 2014-2020 κατά75 δισ. ευρώ σε σøέση µε την αρøική πρÞταση της ΚïµισιÞν,καθïρίúïντας τις δαπάνες στα 973 δισ. ευρώ ή 1,01% τïυ κïινï-τικïύ ΑΕΠ.

Ãι διαπραγµατεύσεις τï Νïέµâριï ïδηγήθηκαν σε αδιέêïδïγιατί η Γερµανίδα Καγκελάριïς Αγκελα Μέρκελ ήθελε µεγαλύτε-ρες περικïπές των κïινïτικών δαπανών απÞ εκείνες πïυ πρÞτει-νε ï Ìέρµαν Βαν ΡÞµπει, τïυλάøιστïν κατά 30 δισ. ευρώ.ΑπÞ τηνπλευρά τïυ ï ΒρετανÞς ΠρωθυπïυργÞς Ντέιâιντ Κάµερïν,úητïύσε µείωση των κïινïτικών δαπανών της τάêης των 130 δισ.ευρώ σε σøέση µε την αρøική πρÞταση της ΚïµισιÞν.

Υπïøώρηση παρïυσίασε την περασµένη εâδïµάδα τïευρωπαϊκÞ νÞµισµα έναντι τïυ αµερικανικïύ δïλαρίïυκαθώς έτυøε διαπραγµάτευσης στα 1,3000 την Παρασκευή 4Ιανïυαρίïυ απÞ 1,3300 πïυ âρισκÞταν 2 ηµέρες πριν. Τï ενι-αίï νÞµισµα ωστÞσï σηµείωσε σηµεία ανάκαµψης καθώςέæτασε µέøρι τα 1,3140 τï πρωί της Τρίτης 8 Ιανïυαρίïυ.

Αρνητικά επηρεάστηκε τï επενδυτικÞ κλίµα και παράλλη-λα τï ευρώ απÞ τï ενδεøÞµενï να περιïρισθεί ή να διακïπεί

τï πρÞγραµµα πïσïτικής επέκτασης της Fed πριν τα τέλητïυ 2013. Συγκεκριµένα, Ã ΠρÞεδρïς της Fed St. Louis εκτί-µησε Þτι η υπïøώρηση τïυ πïσïστïύ ανεργίας περί τï 7%έως τï τέλïς τïυ 2013 ενδεøïµένως ïδηγήσει τη Fed στηδιακïπή τïυ πρïγράµµατïς αγïράς τίτλων.

Σε µια άλλη εêέλιêη, θετικά επηρεάστηκε τï δïλάριï απÞτα καλύτερα των αναµενïµένων στïιøεία για τις νέες θέσειςεργασίας στις ΗΠΑ. Συγκεκριµένα, ïι νέες θέσεις εργασίας µησυµπεριλαµâανïµένïυ τïυ αγρïτικïύ τïµέα διαµïρæώθηκαντï ∆εκέµâριï στις 155.000 (εκτίµηση: 152.000, µέσïς Þρïς 12µηνών: 152.920) και ïι νέες θέσεις εργασίας ιδιωτικïύ τïµέαστις 168.000 (εκτίµηση: 155.000). Επίσης, ï δείκτης υπηρεσιώνISM παρïυσίασε τï ∆εκέµâριï µη αναµενÞµενη âελτίωσηκαταγράæïντας υψηλÞ δέκα µηνών.

Στήριêη ωστÞσï παρείøαν στï ευρώ αναæïρές στïν

τύπï Þτι η Ευρωπαϊκή Κεντρική Τράπεúα δεν θα πρïâεί σεµείωση τïυ επιτïκίïυ αναæïράς στη σύσκεψή τïυΙανïυαρίïυ. Ευνïϊκή ήταν επίσης για τï ευρώ η αναæïράτïυ Υπïυργïύ Ãικïνïµικών της Ιαπωνίας Þτι θα πρïâεί σεαγïρές ïµïλÞγων τïυ Ευρωπαϊκïύ ΜηøανισµïύΣταθερÞτητας (ESM) πρïκειµένïυ να παράσøει στήριêη τηνΕυρώπη. Τέλïς, στην Ευρωúώνη ï δείκτης επενδυτικήςεµπιστïσύνης Sentix σηµείωσε τïν Ιανïυάριï âελτίωση γιαπέµπτï συνεøÞµενï µήνα καταγράæïντας υψηλÞ απÞ τïνΙïύλιï τïυ 2011, καθώς περιïρίúïνται ïι ανησυøίες για τιςεπιπτώσεις της κρίσης øρέïυς.

Με ιδιαίτερï ενδιαæέρïν αναµένïυν ïι αγïρές τις επι-κείµενες συσκέψεις της ΕΚΤ και της Τραπέúης της ΑγγλίαςÞπïυ δεν αναµένïνται αλλαγές στη νïµισµατική τïυς πïλι-τική.

™Â ÌÈÎÙ‹ ÔÚÂ›· Ë ÈÛÔÙÈÌ›· Â˘ÚÒ – ‰ÔÏ·Ú›Ô˘

Πτωτικά κινήθηκε η ισïτιµία Ευρώ - ∆ïλαρίïυ την εâδïµά-δα πïυ µας πέρασε η ïπïία για ακÞµα µια æïρά αδυνατεί ναδιασπάσει τα 1.33.

Συγκεκριµένα η ισïτιµία απÞ τα 1.3300 της περασµένηςεâδïµάδïς διïλίσθησε µέøρι και τα 1.2980 για να διïρθώσειστην συνέøεια πάνω απÞ τα 1.3000 Þπïυ και κινείται τις τελευ-ταίες ηµέρες.

Ãι æρïύδες ελπίδες απÞ την µία πως η κρίση øρέïυς τηςΕυρωúώνης έøει τελειώσει και τα συνεøÞµενα QE της Fed απÞτην άλλη κρατïύν την ισïτιµία πάνω απÞ τα 1.30.

Μπïρεί µε την συµπλήρωση τïυ 2012 ïι ανησυøίες για τηνευρωπαϊκή κρίση øρέïυς να έøïυν καταλαγιάσει, ïι επενδυτέςÞµως πρέπει να είναι επιæυλακτικïί σε ένα και µÞνï πράγµα:Στις æρïύδες και ψεύτικες ελπίδες. Σίγïυρα η κατάσταση στηνΕυρωúώνη µïιάúει πλέïν πιï ευïίωνη. Ãι ευρωπαϊκές αγïρές,έøïυν πλέïν σταθερïπïιηθεί µετά τη σηµαντική δράση πïυέøει αναλάâει δράση η ΕΚΤ. Ùλα αυτά απïδεικνύïυν, πως στα-διακά η κρίση της Ευρωúώνης øαλαρώνει αλλά ακÞµη είναιπïλύ νωρίς ïι Ευρωπαίïι ηγέτες - πïυ µάøïνται εδώ και τρίαøρÞνια να αντιµετωπίσïυν την κρίση - να κηρύêïυν τη νίκη.

Πως θα πïυν στα εκατïµµύρια των Ευρωπαίων πïλιτώνπïυ µαστίúïνται απÞ την ανεργία να γιïρτάσïυν; Πïιïς θα πειστïυς Γερµανïύς æïρïλïγïυµένïυς πως τα øρήµατα πïυέøïυν δïθεί στην ελληνική κυâέρνηση δεν θα επιστραæïύνπïτέ;

Η Ευρώπη µπïρεί να êέæυγε απÞ τïν κίνδυνï της διάσπα-σης, αλλά δεν πρέπει να τρέæïνται αυταπάτες. Τα πρïâλήµα-τα της Ευρώπης είναι âαθιά και δεν έøïυν ακÞµη êεπεραστεί.

Η αλήθεια είναι Þτι η Ευρώπη έøει ακÞµη ένα ïλÞκληρïΈâερεστ να ανέâει, Þσïν αæïρά στην ανάγκη υλïπïίησης τωνδιαρθρωτικών µεταρρυθµίσεων ενώ απÞ την άλλη η δυναµικήτïυ ευρωπαϊκïύ øρέïυς συνεøίúει να είναι ανησυøητική,καθώς απïτελεί âαρίδι για την ανάπτυêη. Ãι πλείστεςΕυρωπαϊκές øώρες âρίσκïνται σε ύæεση απÞ την ïπïία δενεµæανίúεται κανένα σηµείï εêÞδïυ.

Για την έêïδï απÞ την κρίση πïυ πλήττει την ευρωúώνηεδώ και πïλλïύς µήνες ïύτε η ιδέα τïυ δηµïσιïνïµικïύ συµ-æώνïυ “δεν απïτελεί λύση” ïύτε καν η επαναγïρά κρατικώνïµïλÞγων απÞ την Ευρωπαϊκή Κεντρική Τράπεúα τï ïπïίïείναι απλώς “πρïσωρινÞ καταπραϋντικÞ”. ΜÞνï αν εγκαταλει-æθεί η εγκληµατική λιτÞτητα και øαλαρώσει η νïµισµατικήπïλιτική της ΕΚΤ στα επίπεδα της Fed µε άµεσï συνεπακÞ-λïυθï την υπïτίµηση και τïυ Ευρώ θα καταστήσει εæικτή τηνάµεση και τελεσίδικη λύση τïυ πρïâλήµατïς.

ΑπÞ την άλλη η Fed έøει πλέïν καθιερώσει µε κάθε ευκαι-ρία τï πρÞγραµµα αγïράς ïµïλÞγων (QE). ΑπÞ την άλλη Þµωςτα µέλη της Fed εµæανίúïνται πιï διøασµένα απÞ πïτέ Þσïαæïρά τï πÞτε η Κεντρική Τράπεúα πρέπει να σταµατήσει ταπρïγράµµατα αγïράς ïµïλÞγων.

Τα πρακτικά της συνεδρίασης της Fed πïυ έλαâε øώραστις 11 και 12 ∆εκεµâρίïυ έδειêαν Þτι ïι αêιωµατïύøïι διαæώ-νησαν για τï øρÞνï διακïπής των πρïγραµµάτων αυτών, µεµερικïύς να τάσσïνται υπέρ της διατήρησής τïυς έως τατέλη τïυ έτïυς, πïλλïύς άλλïυς να επιθυµïύν τη λήêη τïυςπïλύ νωρίτερα και µερικïύς να πρïτείνïυν άµεση διακïπή.

Ενώ άæησαν τï ρήγµα να æανεί, τα πρακτικά δεν έδωσανêεκάθαρη εικÞνα για την πïλιτική πïυ θα ακïλïυθήσει η

Κεντρική Τράπεúα. ΑπÞ τï Σεπτέµâριï επαναλαµâάνει σε επί-σηµες ανακïινώσεις της Þτι θα συνεøίσει τις αγïρές ïµïλÞ-γων έως Þτïυ η αγïρά εργασίας âελτιωθεί σηµαντικά.

Η λήêη των πρïγραµµάτων θα µπïρïύσε να στείλει κρïυ-στικά κύµατα διαµέσïυ των αγïρών, πïυ έøïυν συνηθίσει ταέκτακτα µέτρα στήριêης της Fed.

Τεøνικά η ισïτιµία συνεøίúει να κινείται σε ένα στενÞεύρïς 400 µïνάδων γύρω απÞ τα 1.30 µε τï ανïδικÞ τηςmomentum να διατηρείται Þσï αυτή κινείται πάνω απÞ τα1.28.

Τï ανïδικÞ αυτÞ momentum θα ανατραπεί µÞνï αν επα-νέλθει στï πρïσκήνιï η πιθανÞτητα µια Ευρωπαϊκή øώρα ναεγκαταλείψει τï Ευρώ. Επίσης αν παρïυσιαστεί αλλαγή στηννïµισµατική πïλιτική της Fed θα είναι µια εêέλιêη πïυ σαæώςθα ευνïήσει τï δïλάριï. Ùσï Þµως τα δεδïµένα στην αγïράδεν αλλάúïυν άρδην η ισïτιµία θα συνεøίσει να κινείται ανï-δικά µε τα επίπεδα τïυ 1.33 να êαναδïκιµάúïνται εντÞς τωνεπÞµενων εâδïµάδων.

Βεâαίως µακρïπρÞθεσµα η ισïτιµία είναι καταδικασµένηνα υπïøωρήσει δïκιµάúïντας και πάλι τα 1.20 αæïύ αργά ήγρήγïρα ïι Ευρωπαίïι θα αναληæθïύν πως είναι αναγκασµέ-νïι να αντιγράψïυν την Αµερικάνικη πïλιτική τïυ υπïτιµηµέ-νïυ νïµίσµατïς.

Foreign Exchange AnalystEmail: [email protected]

¡¡››ÎÎÔÔ˜ ªªÈÈ¯··ËËÏÏ››‰‰ËË˜

Alpha Bank Cyprus Ltd, Treasury Division.

∞∞ÓÓ‰‰ÚÚ¤¤··˜ ∆∆ÛÛÔÔÏÏ¿¿ÎÎËË˜

∞∞ÔÔ˙ËËÌÌÈÈÒÒÛÛÂÂÈÈ˜ $$88,,55 ‰‰ÈÈ˜ ··fifi 1100 ÙÙÚÚ¿¿ÂÂ˙ÂÂ˜ ÙÙˆÓÓ ∏∏¶¶∞∞∆έκα αµερικανικές τράπεúες, πïυ εµπλέκïνται στï γιγα-

ντιαίï σκάνδαλï µε τις αµæιλεγÞµενες κατασøέσεις ακινή-των, απïδέøθηκαν να καταâάλïυν 8,5 δισεκατïµµύρια δïλά-ρια για την απïúηµίωση των πελατών τïυς πïυ úηµιώθηκανσε αυτήν την υπÞθεση, ανακïίνωσε η ΚεντρικήÃµïσπïνδιακή Τράπεúα των ΗΠΑ (Fed).

Ãι τράπεúες πïυ συµµετέøïυν στη συµæωνία για τηναπïúηµίωση των πελατών τïυς είναι ïι Aurora, Bank ofAmerica, Citibank, JPMorgan Chase, MetLife Bank, PNC,Sovereign, SunTrust, US Bank και Wells Fargo, πρïσδιÞρισεστην ανακïίνωσή της η Fed.

Βάσει της συµæωνίας, ïι τράπεúες θα καταâάλïυν 5,3

δισεκατïµµύρια δïλάρια στïυς úηµιωθέντες πελάτες πïυπληρïύν τα κριτήρια για να απïúηµιωθïύν, και θα δεσµεύ-σïυν άλλα 5,3 δισ. δïλάρια για τις ανάγκες τïυ πρïγράµµα-τïς των “µέτρων συνδρïµής” πïυ αæïρïύν την τρïπïπïίη-ση των Þρων των στεγαστικών δανείων και την απïúηµίωσητων πληγέντων, πρïστίθεται στην ίδια ανακïίνωση.

Ãι απïæάσεις της αµερικανικής Κεντρικής Τράπεúαςείναι απïτέλεσµα µίας ανεêάρτητης έρευνας, την ïπïία επέ-âαλαν ïι Αρøές να δρïµïλïγήσïυν ïι τράπεúες πρïκειµένïυνα διευκρινισθεί τï ύψïς της “øρηµατικής âλάâης πïυ υπέ-στησαν ïι δανειïλήπτες απÞ τα λάθη, τις ψευδείς πληρïæï-ρίες των τραπεúών πïυ εκρίθησαν ένïøες.

9 ΙΑΝÃΥΑΡΙÃΥ, 2013

ΕΛΛΑ∆Α | 7/17


Αν τï 2012 ήταν η øρïνιά της συγκέ-ντρωσης των τραπεúών στην ελληνικήαγïρά -η ïπïία σε ένα âαθµÞ ήταν υπïøρε-ωτική-, τï 2013 êεκινά µε τïυς καλύτερïυςïιωνïύς για µπαράú συγøωνεύσεων και εêα-γïρών και συµæωνιών στις υπÞλïιπεςεισηγµένες τïυ Ìρηµατιστηρίïυ Αθηνών(Ì.Α), σύµæωνα µε δηµïσίευµα της εæηµερί-δας Αêία.

Και αυτÞ δεν περνά απαρατήρητï απÞτï Ìρηµατιστήριï πïυ ως µηøανισµÞς πρïε-êïæλεί τις εêελίêεις.

Εκ πρώτης Þψεως η κινητικÞτητα στïÌ.Α. απïδίδεται στη µείωση τïυ ρίσκïυ γιατην Ελλάδα, αλλά ï âασικÞς κινητήριïςµïøλÞς είναι ïι πρïσδïκίες για θεαµατικήαλλαγή τïυ επιøειρηµατικïύ øάρτη.Πρïσδïκίες πïυ θεωρïύνται âάσιµες ανληæθεί υπÞ Þψιν Þτι ακÞµα και στï τελευ-ταίï τρίµηνï τïυ έτïυς πïυ ακÞµα η κατά-σταση για την Ελλάδα δεν ήταν πλήρωςêεκάθαρη έγιναν συµæωνίες εêαγïρώνÞπως αυτή της πώλησης των ΚΑΕ στη Dufryκαι της Eurodip σε αµερικάνικï Þµιλï.

Ãµως τα δεδïµένα πïυ πλέïν υπάρøïυνδείøνïυν Þτι τï παιγνίδι θα ανïίêει, και µάλι-στα πïλύ σύντïµα.

Ãι διαâïυλεύσεις για εêαγïρές και συγ-øωνεύσεις απïκτïύν πλέïν πυρετώδειςρυθµïύς, ενώ deals πïυ είøαν «êεøαστεί»στα συρτάρια των ενδιαæερÞµενων λÞγωτης κρίσης επανέρøïνται στï πρïσκήνιï.

∂˘Î·ÈÚ›Â˜Τη σκληρή πραγµατικÞτητα για πïλλές

εταιρείες έøïυν ήδη εντïπίσει øαρτïæυλά-κια τïυ εêωτερικïύ. Η παρïυσία τωνdistress funds στην Ελλάδα είναι ήδη αυêη-µένη, ενώ υψηλή κινητικÞτητα επιδεικνύïυνκαι τα παραδïσιακά private equity funds.Πέραν τïύτïυ, στï παιγνίδι έøïυν αρøίσεινα µπαίνïυν και µεγάλες διεθνείς επιøειρή-σεις πïυ âλέπïυν την κρίση στην Ελλάδαως ευκαιρία να πατήσïυν πÞδι Þøι µÞνï στηøώρα αλλά και στα Βαλκάνια µε αισθητάøαµηλÞ κÞστïς.

ΤαυτÞøρïνα ενισøυτικά στην παρïυσίατïυς δρα και τï γεγïνÞς Þτι ïι τράπεúεςπλέïν έøïυν πïλύ περιïρισµένες δυνατÞ-τητες να πρïâαίνïυν σε µετïøïπïιήσειςδανείων, Þπως έκαναν στï παρελθÞν και

πρακτικά λειτïυργïύσαν ως distress funds.

∆Ú·ÓÙ·¯Ù¿ ÔÓfiÌ·Ù·Τρανταøτά ïνÞµατα τïυ παγκÞσµιïυ

επενδυτικïύ øάρτη Þπως η Icon Capital, ηCalamos Asset Management, η York Capital,η Elliott Associates, η FG Hemisphere, ηLeon Black, Apollo Global Management, ηBaupost, η Centerbridge, η Marathon AssetManagement, η Oaktree Capital, η Carlyle, ηStrategic Value Partners, η Cerberus, η KKRέøïυν επισκεæτεί τï τελευταίï δίµηνï τηνΕλλάδα και έøïυν πραγµατïπïιήσει επαæέςτÞσï µε τις τράπεúες Þσï και µε στελέøηεπιøειρήσεων.

Η κινητικÞτητα των distress funds εντï-πίúεται σε κλάδïυς για τïυς ïπïίïυς υπάρ-øει ενδιαæέρïν, αλλά και υæίστανται µεγάλαπρïâλήµατα. Είναι ïι κλάδïι τïυ real estate,των êενïδïøείων, των κατασκευών και τηςλιανικής πώλησης.

Για παράδειγµα, στïν κλάδï τïυ retailαπειλείται η επιâίωση πλήθïυς εταιρειών, ïιïπïίες ήδη δυσκïλεύïνταν µε τη διαøείρισητïυ κεæαλαίïυ κίνησης στï παρελθÞν.

ΕιδικÞτερα για τα êενïδïøεία τα distressfunds δείøνïυν έντïνï ενδιαæέρïν, διÞτιαπïτελïύν µία επένδυση, απÞ την ïπïία δενπρÞκειται να øάσïυν τï 100% των κεæαλαί-ων τïυς. ΑκÞµα και αν κλείσïυν, τï κτίριïκαι τï ïικÞπεδï έøïυν αêία.. Σύµæωνα µε

πληρïæïρίες στελέøη distress funds έøïυνπραγµατïπïιήσει επαæές µε êενïδÞøïυς,στïυς ïπïίïυς πρïτείνïυν να αναλάâïυν ταδανειακή âάρη της επιøείρησης.

™ÙÔ ·È¯Ó›‰È Î·È ÔÈ ƒÒÛÔÈΩστÞσï ïι συµæωνίες είναι ελάøιστες

καθώς στï παιγνίδι έøïυν µπει Ρώσïι επεν-δυτές πïυ ήδη έøïυν πραγµατïπïιήσει µπα-ράú εêαγïρών. Ãι Ρώσïι έøïυν αγïράσειêενïδïøειακές µïνάδες στην Πïτίδαια καιτα Ψακïύδια ενώ σε συνεργασία µεΈλληνες ανεγείρïυν µïνάδα 600 κλινώνστï Παλιïύρι.

Εντïνη κινητικÞτητα σε επίπεδï επεν-δυτικών κινήσεων εµæανίúïυν στην Εύâïια,την Κρήτη, την Κέρκυρα αλλά και τηνΠάτµï. Αêίúει να σηµειωθεί Þτι ïι εêαγïρέςκατïικιών γίνïνται παρά τα πρïâλήµαταπïυ υπάρøïυν µε την έκδïση âίúας απÞ τïελληνικÞ πρïêενείï στη ΜÞσøα ενώ γνώ-στες της ρωσικής αγïράς επισηµαίνïυν Þτιη αλλαγή τïυ νÞµïυ για τις άδειες παραµï-νής δηµιïυργεί πρïïπτική εµæάνισης έως100.000 πλïύσιων Ρώσων υπïψηæίων αγï-ραστών εêïøικών κατïικιών στην Ελλάδα.

Private equity fundsΣε Þ,τι αæïρά τα private equity funds

αλλά και êένες µεγάλες εταιρείες, δείøνïυν

πρïτίµηση σε επιøειρήσεις πïυ συνεøίúïυννα κινïύνται ικανïπïιητικά παρά την κρίσηκαι υπÞ æυσιïλïγικές µακρïïικïνïµικέςσυνθήκες δεν θα υπήρøαν αµæιâïλίες γιατα απïτελέσµατα πïυ θα επιτύøïυν στïµέλλïν.

Επιπλέïν, µελετïύν εταιρείες πïυ ναιµεν δεν έøïυν την καλύτερη øρηµατïïικï-νïµική διάρθρωση αλλά εκτιµάται Þτι µπï-ρïύν να αναπτυøθïύν µε ταøείς ρυθµïύςστï µέλλïν, εæÞσïν øρηµατïδïτηθïύνεπαρκώς.

Πάντως, η µεγάλη ώθηση στïν τïµέατων εταιρικών µετασøηµατισµών αναµένε-ται να δïθεί απÞ τις απïκρατικïπïιήσειςπïυ âρίσκïνται σε εêέλιêη. Στï σκέλïς τωναπïκρατικïπïιήσεων θα πρέπει να περιλη-æθεί και δηµÞσια πρÞταση για τïν ÃΤΕ απÞτη Deutsche Telekom η ïπïία Þπως αναæέ-ρïυν πληρïæïρίες âρίσκεται πρï τωνπυλών.

Επισηµαίνεται Þτι στï πρώτï τρίµηνïτïυ 2013 πρïâλέπïνται 10 απïκρατικïπïιή-σεις στις ïπïίες θα πρέπει να πρïστεθεί καιάλλη µια αυτή τïυ Αστέρα Βïυλιαγµένης.

Πέραν των νέων απïκρατικïπïιήσεωνδεν πρέπει να παραγνωρίúεται Þτι τρέøïυνµεγάλης σηµασίας για τï ïικïνïµικÞ κλίµαιδιωτικïπïιήσεις.

Αêίúει να σηµειωθεί Þτι στï παιγνίδι τωναπïκρατικïπïιήσεων έøïυν αρøίσει ναµπαίνïυν παίκτες πïυ στï παρελθÞν δενείøαν παρïυσία στην Ελλάδα Þπως ïι Ρώσïιπïυ σε συνεργασία µε τïν ÞµιλïΚïπελïύúïυ διεκδικïύν µε παρά πïλλέςαêιώσεις τη ∆ΕΠΑ ΤαυτÞøρïνα στïν ενερ-γειακÞ τïµέα στï στÞøαστρï των Ρώσωνείναι και τα Ελληνικά Πετρέλαια Þπïυ καλάπληρïæïρηµένες πηγές αναæέρïυν Þτι ïÞµιλïς Λάτση âρίσκεται ήδη σε συµæωνίαµε ισøυρÞ παίκτη πρïκειµένïυ ï τελευταίïςνα απïκτήσει τïν έλεγøï των ΕΛ.ΠΕ. απï-κτώντας και τï πïσïστÞ τïυ δηµïσίïυ πïυπρÞκειται να πïυληθεί. Πρïσπάθεια εισÞ-δïυ των Ρώσων και έγινε πρÞσæατα καιστïν κατασκευαστικÞ τïµέα Þπïυ ΡωσικÞςκïλïσσÞς υπέâαλε πρÞταση εêαγïράς γιατην ΕΛΛΑΚΤΩΡ øωρίς ωστÞσï η πρÞτασηαυτή να γίνει απïδεκτή ενώ ισøυρÞτατïείναι τï ενδιαæέρïν για τïν ÃΛΘ ειδικάµετά τïυς µετασøηµατισµïύς πïυ έøïυνπρïγραµµατιστεί για τα λιµάνια.

M·Ú¿˙ Û˘Á¯ˆÓÂ‡ÛÂˆÓ Î·È ÂÍ·ÁÔÚÒÓ ÙÔ 2013

ŒŒÙÙÔÔ˜ ÎÎ··ÌÌ‹‹˜ ÙÙÔÔ 22001133 ÁÁÈÈ·· ÙÙËËÓÓ ∂∂ÏÏÏÏ¿¿‰‰··«Τï 2013 µπïρεί να γίνει έτïς καµπής για

την Ελλάδα», δήλωσε απÞ τις Βρυêέλλες ïεπίτρïπïς ΑπασøÞλησης Λάúλï Άντïρ, σøετι-κά µε την ανεργία στη øώρα, µε αæïρµή τηνπαρïυσίαση της έκθεσης της ΕυρωπαϊκήςΕπιτρïπής για την απασøÞληση και τις κïινω-νικές εêελίêεις στην Ευρώπη τï 2012.

ΕιδικÞτερα, κληθείς να σøïλιάσει τηνανïδική τάση της ανεργίας στην Ελλάδα καιιδιαίτερα στïυς νέïυς, ï Λ. Άντïρ παραδέ-øτηκε Þτι ï δείκτης ανεργίας στη øώρα είναιπïλύ øειρÞτερïς απÞ τïν ευρωπαϊκÞ µέσïÞρï, πρïσθέτïντας Þτι τï πιï ανησυøητικÞστïιøείï είναι η δυναµική της ανεργίας.Σηµείωσε, ωστÞσï, Þτι «δυστυøώς η Ελλάδαδεν είναι η µÞνη øώρα, στην ïπïία παρατηρεί-

ται συνεøής αύêηση της ανεργίας».Συνεøίúïντας, ï επίτρïπïς ΑπασøÞλησης

παρατήρησε Þτι λÞγω της ανεργίας, η κïινω-νική κατάσταση στην Ελλάδα έøει επιδεινω-θεί και γι’ αυτÞ τïν λÞγï, τÞνισε, θα πρέπει να

δïθεί µεγαλύτερï âάρïς στα µέτρα κïινωνι-κής πïλιτικής. Επιπλέïν, ï Λ. Άντïρ ανέæερεÞτι η Ελλάδα έøει κάνει πïλύ σηµαντικάâήµατα σøετικά µε την εêυγίανση των δηµÞ-σιων ïικïνïµικών της, τα ïπïία, σε συνδυα-σµÞ µε τις

πρïσπάθειες για την τÞνωση των επενδύ-σεων και τη âελτίωση της øρήσης των πÞρωναπÞ τα διαρθρωτικά ταµεία, θα µπïρïύσαν ναµετατρέψïυν τï 2013 σε «σηµείï καµπής» γιατην Ελλάδα.

Η έκθεση παρατηρεί Þτι απÞ τïν κίνδυνïτης æτώøειας απειλïύνται περισσÞτερï ïρι-σµένες κïινωνικές ïµάδες τïυ πληθυσµïύ,Þπως ïι νέïι, ïι άνεργες γυναίκες και ïι µïνï-γïνεϊκές ïικïγένειες.

¶¶····ÎÎˆÓÓÛÛÙÙ··ÓÓÙÙ››ÓÓÔÔ˘:: ¢¢ÂÂÓÓ ıı·· ¤¤ÎÎ··ÓÓ·· ÙÙ·· ››‰‰ÈÈ··!! «∆εν θα êανάκανα τα ίδια, θα έκανα

πïλλά πράγµατα διαæïρετικά αν έπαιρνατώρα τη λίστα Λαγκάρντ», ανέæερε, µεταêύάλλων, ï πρώην ΥπïυργÞς ÃικïνïµικώνΓιώργïς Παπακωνσταντίνïυ, σε συνέντευêητïυ.

Ã κ. Παπακωνσταντίνïυ τÞνισε Þτι δεναλλïίωσε αυτÞς τη λίστα, êεκαθάρισε πως τïÞνïµα τïυ συνεργάτη τïυ στïν ïπïίï έδωσε

τï αρøικÞ CD για να εêετάσει τη λίστα «θα τïπω Þταν θα πάω στα θεσµικά Þργανα στηΒïυλή», ενώ ανέλαâε την ευθύνη σηµειώνï-ντας Þτι «η Þπïια ευθύνη υπάρøει âαρύνειµÞνï εµένα. Ãι συνεργάτες µïυ έκαναν αυτÞπïυ τïυς úήτησε ï ΥπïυργÞς».

Επισήµανε ακÞµα Þτι ενηµέρωσε για τηνύπαρêη της λίστας τïν πρώην ΠρωθυπïυργÞΓιώργï Παπανδρέïυ άλλα Þøι και τï διάδïøÞ

τïυ στï Υπïυργείï Ãικïνïµικών ΕυάγγελïΒενιúέλï.

Για τï θέµα των συγγενικών τïυ πρïσώ-πων, σηµείωσε Þτι δεν γνώριúε πως υπήρøανστη λίστα και πως «αν τï γνώριúα θα µπïρïύ-σα να δηµïσιïπïιήσω τη λίστα, øωρίς τα ïνÞ-µατα και να καθαρίσω τï úήτηµα ή µε τα ïνÞ-µατα (των συγγενών) και να γινÞµïυνήρωας...».

HH ÛÛ˘ÁÁ¯ÒÒÓÓÂÂ˘ÛÛËË∂∂ııÓÓÈÈÎÎ‹‹˜ -- EEuurroobbaannkkÎÎÏÏÂÂ››ÓÓÂÂÈÈ ÎÎ··ÙÙ··ÛÛÙÙ‹‹ÌÌ··ÙÙ··

Η συγøώνευση της Εθνικής Τράπεúαςµε τη Eurobank θα ïδηγήσει στï κλείσιµïτïυ 25% των καταστηµάτων τïυ νέïυïµίλïυ, δήλωσε ï αναπληρωτής διευθύ-νων σύµâïυλïς της Εθνικής Τράπεúαςενώ υπïγράµµισε Þτι τï Þνïµα Eurobankθα εκλείψει, αæïύ η τράπεúα θα απïρρï-æηθεί απÞ την Εθνική.

Ãπως είπε ï ίδιïς, η Εθνική έøει úητή-σει τη øρïνική παράταση της απÞæασηςγια την πώληση τïυ υγιïύς τµήµατïς τïυΤαøυδρïµικïύ Ταµιευτηρίïυ (ΤΤ) έωςÞτïυ ïλïκληρωθεί η απÞκτηση τηςEurobank. Επιπλέïν, ï κ. Ìριστïδïύλïυείπε πως η ανταλλαγή µετïøών, µέσω τηςïπïίας θα γίνει η συγøώνευση τηςΕθνικής Τράπεúας µε την Eurobank, θαïλïκληρωθεί µέσα στïν Φεâρïυάριï καιπρÞσθεσε Þτι τï 25% τïυ δικτύïυ τωνυπïκαταστηµάτων πïυ θα διαθέτει ï νέïςÞµιλïς είναι πιθανÞ να αναδιαρθρωθεί.

Η ΕΤΕ πρïσæέρει 58 νέες µετïøές γιακάθε 100 µετïøές της Eurobank.

Υπενθυµίúεται Þτι η Εθνική έλαâε, τηνέγκριση των Αρøών για να πρïøωρήσει σεδηµÞσια πρÞταση για τις µετïøές τηςEurobank.

Η ευρωπαϊκή πρïεδρία πïυ πρÞσæατα ïλïκληρώθηκε,ήταν για την Κύπρï γεγïνÞς ιστïρικής σηµασίας.

Η øώρα µας απέκτησε διεθνή πρïâïλή, πïλύτιµες εµπει-ρίες και ισøυρïπïίησε τη θέση της µέσα στην ïικïγένεια τηςΕυρώπης.

Η Ìαρ. Πηλακïύτας Λτδ συνέâαλε στην επιτυøία αυτήςτης µεγάλης πρïσπάθειας πρïσæέρïντας 45 καινïύρια πïλυ-τελή αυτïκίνητα BMW, Σειράς 5 και Σειράς 7, µε πλïύσιï εêï-πλισµÞ.

Τα αυτïκίνητα øρησιµïπïιήθηκαν για τις ανάγκες µετακί-νησης ηγετών κρατών, υπïυργών και υψηλÞâαθµων αêιωµα-τïύøων κατά τη διάρκεια της εêάµηνης Κυπριακής Πρïεδρίας.

Αυτά τα µïναδικά αυτïκίνητα, άριστης κατάστασης καιυψηλïτάτων πρïδιαγραæών, µε ελάøιστα øιλιÞµετρα, διατίθε-νται τώρα σε πρïνïµιακές τιµές.

Με πλήρη κάλυψη εργïστασιακής εγγύησης και µε Þλεςτις επιπλέïν παρïøές πïυ πρïσæέρïυν στïυς πελάτες τïυς ηBMW και η Ìαρ. Πηλακïύτας Λτδ, τï κύρïς και η πïλυτέλειαµίας «ηγετικής» BMW limo δεν ήταν πïτέ τÞσï κïντά σας!

9 ΙΑΝÃΥΑΡΙÃΥ, 2013ÌΡΗΜΑ&ΑΓÃΡΑ

8/18 | ΑΓΟΡΑ

¢¢˘ÓÓ··ÌÌÈÈÎÎ¿¿ ËË TTooyyoottaa ∫∫‡‡ÚÚÔÔ˘ ÌÌÂÂ ÙÙÔÔ ÓÓ¤¤ÔÔ AAuurriiss AAÈÈÙÙ‹‹ÛÛÂÂÈÈ˜ ÁÁÈÈ·· ÛÛ˘ÌÌÌÌÂÂÙÙÔÔ¯‹‹ÛÛÙÙÔÔ ««HHaarrdd RRoocckk RRiissiinngg»»

Τï Hard Rock Café Nicosia ανακïινώνει την επί-σηµη έναρêη των εγγραæών των συγκρïτηµάτωνπïυ θα συµµετάσøïυν στï διεθνή διαγωνισµÞ µïυ-σικών συγκρïτηµάτων «Hard Rock Rising», διεκδι-κώντας τï απÞλυτï έπαθλï πïυ είναι η συµµετïøήτïυς σε παγκÞσµια περιïδεία, η ηøïγράæησηάλµπïυµ και δηµιïυργία âίντεï κλιπ,ως µέρïς της HARDROCK RECORDS και ïλï-καίνïυργιï εêïπλισµÞ! Ηδιαδικασία της εγγραæήςτων συγκρïτηµάτων πïυ êεκί-νησε στις 7 Ιανïυαρίïυ και θαïλïκληρωθεί τη ∆ευτέρα, 21Ιανïυαρίïυ 2013, γίνεται µέσωειδικïύ application πïυ έøει αναρτηθεί στη σελίδατïυ Hard Rock Café Nicosia στï facebook. Για συµ-µετïøή στï «Hard Rock Rising 2013», τα ενδιαæε-ρÞµενα συγκρïτήµατα θα πρέπει πρώτα να δηµι-ïυργήσïυν τï δικÞ τïυς λïγαριασµÞ στη ReverbNation (www.reverbnation.com), την κïρυæαίαπλατæÞρµα on-line µάρκετινγκ για µïυσική.

««OO ∫∫››ÎÎÔÔ ÎÎ··ÈÈ ÙÙÔÔ ¯¤¤ÚÚÈÈ»» ÂÂÓÓ¿¿ÓÓÙÙÈÈ··ÛÛÙÙËË ··ÈÈ‰‰ÈÈÎÎ‹‹ ÎÎ··ÎÎÔÔÔÔ››ËËÛÛËË

Τï Υπïυργείï Παιδείας και Πïλιτισµïύ σεσυνεργασία µε τïν ïργανισµÞ “Hope For Children”UNCRC Policy Centre έøïυν αναλάâει την πρωτï-âïυλία στα πλαίσια της εκστρατείας «ΕΝΑ σταΠΕΝΤΕ» κατά της σεêïυαλικής κακïπïίησης ενά-ντια στα παιδιά, να εκπαιδεύσïυν παιδιά σε σøï-λεία της Κύπρïυ øρησιµïπïιώντας τï εγøειρίδιïκαι παραµύθι «Ã Κίκï και τï Ìέρι» (“Kiko and the Hand”).Η εκστρατεία “Ένα στα Πέντε” είναι µία πρωτïâïυλίατïυ Συµâïυλίïυ της Ευρώπης για τïν τερµατισµÞτης σεêïυαλικής âίας ενάντια στα παιδιά, αæïύ ταστατιστικά δείøνïυν Þτιένα στα πέντε παιδιάστην Ευρώπη έøïυνκακïπïιηθεί σεêïυαλι-κά κατά τη διάρκεια τηςπαιδικής και εæηâικήςτïυς ηλικίας. «Ã Κίκïκαι τï øέρι» είναι έναεκπαιδευτικÞ παραµύθιπïυ σκïπÞ έøει να περάσει τï µήνυµα σε κάθεπαιδί Þτι τï σώµα τïυ τïύ ανήκει, Þτι υπάρøïυνκαλά και κακά αγγίγµατα, Þπως και µυστικά, καιπως αν κάτι συµâεί είναι υγιές να τï µïιραστïύν µεκάπïιïν.

EEÈÈ¯ÂÂÈÈÚÚËËÌÌ··ÙÙÈÈÎÎfifi ÊÊfifiÚÚÔÔ˘ÌÌ∫∫‡‡ÚÚÔÔ˘ -- §§››‚‚¿¿ÓÓÔÔ˘

Κύπρïς – Λίâανïς «ΣτενÞτερïι Ãικïνïµικïί∆εσµïί και Συνεργασία», θα είναι τï θέµα τïυ επι-øειρηµατικïύ æÞρïυµ τï ïπïίï διïργανώνει τïΚΕΒΕ σε συνεργασία µε τï Υπïυργείï Εµπïρίïυ,Βιïµηøανίας και Τïυρισµïύ και τïν Κύπρï-ΛιâανικÞΕπιøειρηµατικÞ και ΕπαγγελµατικÞ Σύνδεσµï. ΤïΦÞρïυµ διïργανώνεται µε την ευκαιρία της επίση-µης επίσκεψης τïυ Πρïέδρïυ της ∆ηµïκρατίας κ.∆ηµήτρη ÌριστÞæια στï Λίâανï και ï σκïπÞς τïυείναι η περαιτέρω πρïώ-θηση της Κύπρïυ ωςπεριæερειακÞ κέντρïπαρïøής επαγγελµατι-κών υπηρεσιών. Σταπλαίσια τïυ ΦÞρïυµ θαγίνει η παρïυσίαση τηςΚύπρïυ σαν έναςελκυστικÞς πρïïρισµÞς επενδυτικών ευκαιριών.Μεταêύ των θεµάτων πïυ θα παρïυσιαστïύν είναιïι πρïïπτικές συνεργασίας για επενδύσεις στηνΚύπρï στïν τïµέα της κτηµαταγïράς, ανανεώσιµωνπηγών ενέργειας καθώς και στïν ΤïυρισµÞ.

Της επιøειρηµατικής απïστïλής θα ηγηθεί ïΠρÞεδρïς τïυ ΚΕΒΕ κ. Φειδίας Πηλείδης και θασυµµετάσøïυν επιøειρηµατίες πïυ δραστηριïπïι-ïύνται στην κτηµαταγïρά, εµπÞριï (εισαγωγές /εêαγωγές) και στις υπηρεσίες.

Η Emirates, µία απÞ τις ταøύτερα αναπτυσσÞµενες αερïπïρι-κές εταιρείες στïν κÞσµï, πέτυøε άλλη µια παγκÞσµια πρωτιά µετην εναρκτήρια πτήση ενÞς A380 απÞ τις νέες, ειδικά και απïκλει-στικά κατασκευασµένες εγκαταστάσεις για αερïσκάæη τύπïυΑ380 στïν κÞσµï, στï ∆ιεθνές ΑερïδρÞµιï τïυ Ντïυµπάι.

Τï Κτίριï Επιâατών Α (Concourse A) απïτελεί µέρïς τïυσυγκρïτήµατïς τïυ 3ïυ Τερµατικïύ τïυ Αερïδρïµίïυ και θα είναιτï “νέï σπίτι των αερïσκαæών τύπïυ A380 της Emirates” απÞ Þπïυïι επιâάτες θα µπïρïύν να συνδεθïύν µε περισσÞτερïυς απÞ 20πρïïρισµïύς πïυ υπηρετïύν τα αερïσκάæη Α380 σε Þλï τïνκÞσµï. Με εµâαδÞν 528.000 τµ ïι νέες εγκαταστάσεις τηςEmirates, πïυ εκτείνïνται σε έντεκα ïρÞæïυς, έøïυν τη δυνατÞτη-τα εêυπηρέτησης 15 εκατïµµυρίων επιâατών ετησίως.

Η Emirates πετάει δύï æïρές την ηµέρα για τη Λάρνακα. Τïπρωί, η πτήση EK 107 έρøεται απÞ τï Ντïυµπάι, ενώ τï απÞγευµαη πτήση EK108 επιστρέæει απÞ τη Μάλτα καθ’ ïδÞν για τïΝτïυµπάι.

4455 ““ËËÁÁÂÂÙÙÈÈÎÎ¤¤˜”” BBMMWW lliimmoo ÛÛÂÂ ÌÌÔÔÓÓ··‰‰ÈÈÎÎ¤¤˜ ÙÙÈÈÌÌ¤¤˜

EEmmiirraatteess:: NN¤¤ÔÔ ÎÎÙÙ››ÚÚÈÈÔÔ ÂÂÈÈ‚‚··ÙÙÒÒÓÓ ÁÁÈÈ·· ÙÙ·· ∞∞338800

Τα Ìριστïύγεννα είναι η γιïρτή πïυ απελευθερώνει τï παιδίπïυ κρύâει µέσα τïυ ï καθένας και αæήνει τις καρδιές µας ανïι-øτές να δεøτïύν τï µήνυµα της ανιδιïτελïύς αγάπης πïυ µαςστέλνει ï ΘεÞς. Αυτές τις δύσκïλες µέρες πïυ διανύïυµε στηøώρα µας, η Cyprus Airports (F&B) Ltd θέλïντας να στείλει τï δικÞτης µήνυµα αγάπης διïργάνωσε για ακÞµα µια øρïνιά πάρτι για ταπαιδιά τïυ Ειδικïύ σøïλείïυ Άγιïς Σπυρίδωνας στην Λάρνακα.

Τï πάρτι έγινε στις 20 ∆εκεµâρίïυ 2012 στï καæεστιατÞριï«Diner Onair» στï ∆ιεθνές ΑερïδρÞµιï Λάρνακας. Τï πρÞγραµµαπεριελάµâανε ταøυδακτυλïυργική παράσταση, øïρÞ, τραγïύδι,Άγιï Βασίλη πïυ øάριúε δώρα και æαγητÞ.

Στï πλαίσιï της εκδήλωσης, ï ΓενικÞς ∆ιευθυντής της CyprusAirports (F&B) Ltd κύριïς Ãδυσσέας Γεωργίïυ, παρέδωσε επιταγήστην κυρία Σïύλα Γεωργιάδïυ, διευθύντρια της Ειδικής ΣøïλήςΆγιïς Σπυρίδωνας, για ενίσøυση τïυ αêιïθαύµαστïυ έργïυ πïυεκτελεί τï σøïλείï.

∂∂ÎÎ‰‰‹‹ÏÏˆÛÛËË ÁÁÈÈ·· ··ÈÈ‰‰ÈÈ¿¿ ÌÌÂÂ ÂÂÈÈ‰‰ÈÈÎÎ¤¤˜ ÈÈÎÎ··ÓÓfifiÙÙËËÙÙÂÂ˜ ÛÛÙÙÔÔ ∞∞ÂÂÚÚ.. §§¿¿ÚÚÓÓ··ÎÎ··˜

Τï 2013 έρøεται µε τï καλύτερï δυνατÞ êεκίνηµα για τηνToyota Κύπρïυ, αλλά και τïυς λάτρεις της ïδήγησης µε τηνπρώτη επίσηµη παρïυσίαση τïυ ïλÞτελα νέïυ επαναστατικïύΤoyota Auris πïυ αντιπρïσωπεύει στην Κύπρï η ∆ικράνÃυúïυνιάν & Σια Λτδ.

Ã σøεδιασµÞς τïυ αντανακλά τï νέï πρÞσωπï της Toyota µεκύρια øαρακτηριστικά τη νέα τïλµηρή γρίλια και τις σπïρ γραµ-µές πïυ ενώνïνται αρµïνικά µε τï πίσω µέρïς τïυ ïøήµατïς,σøηµατίúïντας κυρτές και κïίλες επιæάνειες. Ãι αλλαγές συνε-øίúïνται και στï εσωτερικÞ τïυ νέïυ Auris, µε ένα πιï τïλµηρÞσøεδασµÞ αλλά και πρακτικÞτητα. ∆ιαθέτει περισσÞτερï øώρïαπïσκευών, τï σύστηµα πïλυµέσων Toyota Touch – µε ïθÞνηαæής 6.1”, κάµερα ïπισθïπïρίας, Bluetooth & θύρα USB.

Τï νέï Auris έρøεται µε τρία διαæïρετικά συστήµατα µετά-δïσης της κίνησης: τï πλήρες υâριδικÞ σύστηµα της ToyotaHybrid Synergy Drive, δύï âενúινïκινητήρες και ένα πετρελαιï-κινητήρα.

FinancialMirror.com

PROPERTY | 19

January 9 - 15, 2013

Property taxes and justiceIt is clear that further taxation on property will only help

lay the tombstone on a sector already on a respirator.It is not only the impact that additional taxes will have on

the number of property transactions, it is also an issue ofunjust treatment by the state towards its citizens.

For exercise purposes, let us consider three stateemployees who all manage to save 1,000 euros every month.

Within five years, the first has a healthy bank account inthe region of 60,000 and plans to continue saving.

The second is a gambler and spends all his hard-earnedcash in the casino and ends up with no money to save.

The third government employee takes the 60,000 euroshe had saved, gets a bank loan for 140,000 and buys a flat ashe had been living on rent.

GAMBLERS REJOICEHow does the state treat these three cases regarding taxes?The gambler can rejoice as he’s not paying a single cent in

taxes.Second best is the guy with the healthy savings account

as he only has to pay a small percentage for the Defense Fundbased on the interest from his savings.

Worst off is the individual who bought a flat as he is called

among other taxes to pay annual tax based on property value.

WHAT’S FAIR?The fact that he took out a loan and has to pay installments

and interest does not seem to bother the authorities. Neither isthe state concerned that during the process this person paid 1%mortgage fees and transfer fees between 3%-8% on thepurchase of the flat. Not to mention of course that if he everdecides to sell the property the state will be getting an additional20% capital gains tax on his profits.

Is this fair treatment? Is this how the state should be treatingits citizens?

It is quite puzzling as to what the state is aiming for? Shouldwe all turn gamblers or should we invest our money in realestate helping to boost the economy and shortening theunemployment lines?

Cyprus and especially the Paphos property marketis currently being boosted by investors and propertybuyers from China, according to Leptos Estates.

“There has been a nearly 50% increase in propertysales in Paphos district according to recent officialstatistics and the biggest part of this increase is dueto the Chinese purchasers,” said the Leptos

announcement.Most of the well-known Paphos developers have

attended numerous properties exhibitions in Chinaand the majority of their sales have been to Chineseinvestors and buyers who are mostly businesses peo-ple with budgets of around 750,000 to 1 mln euros.

Paphos and the surrounding areas are attracting

property investors and tourists all year round,because of the mild climate, the lush green areas,the picturesque harbour, the historical and archaeo-logical sites and above all in Paphos you have a com-munity where locals and investors mix in this won-derful “treasure” of a place, the announcement con-cluded.

Chinese buyers help boost Paphos, say developers

US Certified Public Accountant / Licensed Estate Agent Manager, FOX Smart Estate Agency

By George Mouskides

Digital Champ wants free WiFi in rural areas

Stelios Himonas, the “Digital Champion” of Cypruspromoting access to the Internet, has proposed that ruralcommunities get free wireless connectivity in an effort to

improve digital literacy and encourage economic growth,and maybe even enhance investments in agriculture andagrotourism.

Dr Himonas, Permanent Secretary at the Ministry ofJustice and former Director of the Department ofElectronic Communications at the Ministry ofCommunications and Works, told members of theCommunities Union that he plans to visit most of therural centres within the next few months to explain hisagenda.

“My main objective will be to increase the internetpenetration in the country. To achieve this, we need tomake the people understand the benefits of the internetand to give them the opportunity to acquire the e-skills.Another important step is to give internet access toeverybody,” Himonas said.

He suggests setting up a new framework to implementthe plan that also includes appointing local “digitalambassadors” who will support the project.

Germans favour cities and expect surging prices

Seven out of every ten homes and apartments inGermany that changed hands during the past four yearswere located in major cities and their environs – up froma ratio of six out of ten property acquisitions ten years ago.

This is the conclusion of a recent article in Die Welt,which quoted the latest homeownership survey by TNSInfratest. Analysts of LBS Research believe that theincrease in housing construction explains the surge inproperty buying. 2012 is seen as the first year that thenumber of completed new apartments – mainly in majorcities –exceeded 200,000 again.

Housing will nonetheless remain in short supply.Demand is high then as now – and this even thoughBerlin, Munich, Hamburg and Frankfurt have seen

massive price hikes lately.A recent Forsa poll revealed that 48% of all Germans

anticipate higher real estate prices. One in five pollrespondents expects prices to decline, whereas another22% consider it most likely that conditions will remain asis.

According to a comparative survey by the IVD FederalInvestment and Asset Management Association, a 70-sqmapartment in Munich in a medium-quality location willcost 3.5 times the average annual net income. That factoris only 1.6 times for buyers in Hanover, and about 3 forbuyers on Berlin, according to the German Real EstateNews compiled by property investment consultant Dr.Rainer Zitelmann.

Sydney Harbour best buy in Australian“Monopoly”

Sydney’s Opera House and Bondi Beach are amongst someof the iconic landmarks featuring in Australia’s first officialSydney Monopoly board game, but Sydney Harbour scooped thetitle of most exclusive property.

“It has taken a while, we apologize for that, but as soon as theopportunity came up, we grabbed it with both hands and wewanted to get Sydney to the Monopoly market as soon aspossible,” said Reid Herbert from the games manufacturerWinning Moves.

Sydney Harbour now takes its place among other plumproperties, the equivalent of Boardwalk in the U.S. version andMayfair in the London edition.

After deciding to make the game, the company in early 2012called for public nominations for landmarks via Facebook. Froma flood of nominations 22 places from Sydney and the greaterSydney area were selected.

“The public resoundingly favoured our two famed harbourproperties, the Sydney Harbour Bridge and the Sydney OperaHouse,” Herbert said.

Other destinations include Circular Quay, “national” surfingbeaches such as Manly and Cronulla, and Coogee Beach, apopular swimming spot.

Additional Sydney twists include extra points for the bestfloat at the annual Sydney Mardi Gras, a gay pride celebrationattracting over 20,000 international visitors each year.


Spain’s government enjoyed a glimmer of economic hopewhen December’s employment figures were released onThursday showing signs of improvement. In the country’scurrent financial climate these glimmers are rare, and anygovernment, conscious of public sentiment, would be quickto point out the positive. Yet, how much of a positive is thisnews really? Is the data more than a momentary uplift amidSpain’s shockingly poor 2012 job figures?

For various reasons, employment in Spain has followed adifferent pattern to other developed countries since the 2007crisis. We all know that (un)employment rates are one of themajor fundamental indicators of a country’s overall financialstate. As a general rule, the more jobs, the higher the GDP,the more people spend, and the stronger the economy. Thatis why Spain’s appalling figures have raised eyebrows and ledmany to question whether a recovery is even possible for theEurozone’s fourth largest economy.

Millions of jobs were lost following the 2008 globalfinancial crisis and a property market crash. The situationdeteriorated when the country slipped back into recession inmid-2011 and the government cut public spending, reachinga 25% unemployment level in September 2012. It exceedsthat of the US during the Great Depression!

Before the financial crisis almost 13% of Spain’s laborforce was in construction, compared to around 8% in theEurozone and less than 6% in the US. This industry took ahit worldwide, since fewer people are willing to invest inproperty and building when their futures are uncertain. Theimpact was particularly felt by Spain given the number of

people employed in this field.The other factor which makes Spain’s situation unique is

its huge temporary labor force. In 2007, 32% of employeeswere working under a temporary contract, double thepercentage in Europe as a whole. That allowed companies inSpain to quickly reduce staff by cutting temporaryemployees, especially given that much temporary

employment was in construction. The layoffs grantedSpanish firms high flexibility but also contributed to therapid reduction in employment.

Despite unemployment hitting a quarter of thepopulation, it is not all bad news. The hope is that Spain’slabor force “flexibility” will also work well in recovery, asfirms will feel more comfortable taking on temporary staff. Atthe same time, the contentious labor legislation pushedthrough by Prime Minister Rajoy last February is starting tohave positive effects. His reforms have made it easier forcompanies to opt out of collective wage agreements brokeredby unions and to cap severance costs on new contracts.

In practical terms, Spanish businesses are now free to hireand fire. Workers may not be guaranteed stability, but overall,it is likely that more will be employed. Indeed automakers,including Ford Motor, Renault, and Peugeot are boostingproduction at their plants in Spain even as they make cuts atother factories.

So we turn back to December’s stats. The number ofpeople registered as unemployed fell by 1.2%, almost 60,000people. The Economy Minister was quick to comment, “Ithink 2013 will be better than 2012… The groundwork isbeing laid for us to begin to see positive employment growthrates in the fourth quarter of this year.” The Labor Ministeralso jumped on the bandwagon, pointing out that this marksthe very first decline since July last year.

In credit to him, the Labor Minister did also say that it willbe vital to observe the trend in the next months and treatDecember’s figures cautiously. He is right to be wary.According to the International Monetary Fund, Spain’seconomy is likely to contract in 2013, pushing upunemployment in the near term. I am inclined to think thatthe glimmer of hope may be more fleeting than thegovernment would like. Yet, we have seen evidence on bothsides of the story. Employment ratescould, theoretically, go either way.

www.bbinary.com

The yen bumped higher against the dol-lar and the euro on Tuesday, as investorstook profits after the Japanese unit’s recentsurge. The euro was steady against the dol-lar, buying $1.3124, holding well above itsthree-week low of $1.2998 touched on trad-ing platform EBS on Friday, as investorslooked ahead to this week’s EuropeanCentral Bank meeting.

“From a fundamental and technical per-spective, the euro/dollar appears poised fora stronger recovery,” Kathy Lien, managingdirector at BK Asset Management toldReuters. “Fundamentally, a reduction insovereign risk this year should help restoreconfidence in euro zone assets and techni-cally, $1.30 is a significant level for the cur-rency,” she said in a research note.

With little U.S. economic data beingreported this week currency trading willmost likely be driven by the ECB’s meeting

on Thursday, comments from an array ofFederal Reserve speakers as well as senti-ment in other asset classes, such as stocks.

“Euro/dollar is being driven by expecta-tions that the Fed will maintain an easy mon-etary policy stance, which drives the curren-cy pair higher,” said Sebastien Galy, FXstrategist at Societe Generale in New York.

Minutes from December’s Fed meetingreleased last week raised expectations thatthe central bank could end its bond-buy-ing program, called quantitative easing,this year, but a lackluster non-farm pay-rolls report last Friday has some expectingthe U.S. central to maintain the statusquo.

While a majority of economists recent-ly polled by Reuters expect the ECBGoverning Council to hold its main refi-nancing rate at a record low 0.75%, therewas no consensus over its next move,reflecting a similar split among policymak-ers themselves.

The euro dropped 0.6% against the yen

to 114.53 yen, moving away from its 18-month high of 115.995 yen set on EBS lastweek.

The dollar skidded about 0.6% to 87.28yen, moving away from Friday’s sessionhigh of 88.48 yen on trading platformEBS, which was its loftiest peak againstthe Japanese currency since July 2010.

While many traders had said the yenwas due for a correction after its recentslump, it remains pressured by expecta-tions that new Prime Minister Shinzo Abewill implement fiscal stimulus and pushthe Bank of Japan to take drastic monetarysteps to pull the country out of deflation.

The new government will set upschemes worth nearly $5 bln to boost

businesses, including helping thembuy foreign companies, according to adraft economic stimulus package seenby Reuters on Monday that could beapproved later this month.

The Bank of Japan next meets onJanuary 21-22. Japanese media reportedon Tuesday that the government and cen-tral bank were considering issuing a policyaccord that sets job stability and a 2%inflation target as a shared goal, but mightnot set a deadline for achieving the target.

Yen climbs vs dollar over Japan news

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.

Glimmer of home in Spanish labour data

FOREX COMMENTARY & TECHNICAL ANALYSIS

20 | WORLD MARKETS

By Oren LaurentPresident, Banc De Binary

A Pulse From US Manufacturing


MARKETS | 21

LIBOR rates

CCY CCY/Period 1mth 2mth 3mth 6mth 1yr 2yr 3yr 4yr 5yr 7yr 10yr

USD USD 0.21 0.25 0.31 0.50 0.83 0.39 0.51 0.67 0.91 1.35 1.91GBP GBP 0.49 0.50 0.51 0.67 1.02 0.74 0.86 1.00 1.19 1.56 2.08EUR EUR 0.05 0.10 0.13 0.23 0.44 0.41 0.53 0.69 0.88 1.24 1.70JPY JPY 0.13 0.15 0.17 0.28 0.48 0.22 0.23 0.26 0.32 0.51 0.84CHF CHF -0.01 0.00 0.01 0.07 0.26 0.04 0.10 0.22 0.32 0.58 0.94

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 11.12 18.12 24.12 31.12 08.01 Today Last Week %Change

USD 1.3115 1.6094 1.0852 1.1442 USD 1.2920 1.3119 1.3130 1.3147 1.3075 1.6094 1.6151EUR 0.7625 1.2271 0.8274 0.8724 GBP 0.8032 0.8092 0.8118 0.8139 0.8117 1.3115 1.3186GBP 0.6213 0.8149 0.6743 0.7109 JPY 106.25 110.01 110.55 113.02 114.17 87.40 86.04CHF 0.9215 1.2085 1.4831 1.0543 CHF 1.2034 1.2014 1.2005 1.1999 1.2016 0.9215 0.9155

JPY +1.58CHF +0.66

CCY

GBP +0.35EUR +0.54

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Date Country Detail Forecast PreviousJAN 9 GBP Trade Balance due 11.30am in GBP -9.0B -9.5BJAN 9 EUR Final GDP Q/Q due 12.00noon -0.10% -0.10%JAN 9 EUR German Industrial Production M/M due 1.00pm 1.10% -2.60%JAN 9 CAD Housing Starts due 3.15pm 198k 196k

JAN 10 GBP MPC Rate Statement due after 2.00pm - -JAN 10 GBP Bank of England Rate Meeting due 2.00pm 0.50% 0.50%JAN 10 EUR ECB Rate Meeting due 2.45pm 0.75% 0.75%JAN 10 EUR ECB President Mario Draghi press conf starts 3.30pm - -JAN 10 US Weekly Unemployment Claims due 3.30pm 361k 372kJAN 10 US Wholsale Inventories M/M due 5.00pm 0.20% 0.60%JAN 10 US FOMC member George and Bullard speak starting 8.00pm - -

JAN 11 GBP Manufacturing Production M/M due 11.30am 0.60% -0.30%JAN 11 GBP Industrial Production M/M due 11.30am 0.80% -0.80%JAN 11 EUR Italy 10-year Bond auctionJAN 11 US Trade Balance due 3.30pm -$41.1B -$42.2B

JAN 11 US Federal Budget Balance due 9.00pm -22.1B -172.1B

Indicated times are Cyprus time Source: Eurivex

Weekly Economic Calendar

Maybe the patient lives. 2013 has alreadystarted to deliver early indications that we areindeed at an inflection point in global growth.Canada reported yesterday that its Ivey PMIrebounded to an expansionary level of 52.8 inDecember, from 47.5; respondents toGermany’s IFO survey of business expecta-tions (highly correlated to German exports)has risen for two straight months. And whileless obvious, US data is also beginning to stir.Recent headline figures on manufacturing andemployment changed little from their existinglackluster levels, but sub-components reporteda strong pulse from the US export and manu-facturing sector.

Signs of life in the US manufacturing sec-

tor are particularly gratifying to see, because arebound in this flagging sector is key to our2013 outlook. The US expansion in 2012 wasalmost entirely supported by domestic driv-ers—but this momentum could wane if theexports and manufacturing jobs marketremain weak. The manufacturing sector nowaccounts for only 10% of private payrolls in theUS, but it remains a harbinger for growth ingeneral. Hence, at our year-end US seminarswe suggested closely monitoring US export,

manufacturing and manufacturing employ-ment data as critical indicators of how the USrecovery will evolve in 2013.

Fortunately, we started the year off withgood news on this front. The ISM reportedThursday that the new export orders compo-nent of the manufacturing PMI jumped to51.5 in December, from 47. Then on Friday,the Department of Labor reported that manu-facturing payrolls grew +25,000 in December,the strongest growth since March.

One should never get overly excited aboutone month of data, especially since the manu-facturing payroll numbers are often revisedand Hurricane Sandy fluctuations may beaffecting data today. However, cautious opti-

mism is warranted given the same message ofrevival in global trade and manufacturing isapparent in the US ISM report, German IFO,Canada Ivey PMI, the global PMI, etc.

If this first pulse proves the beginning of asteady heart beat, 2013 could turn out to bethe first year of the recovery with both parts ofthe US economy—domestic demand andexternally-driven production—driving growthin tandem.

This means there is good reason to believethat US GDP performance will be stronger in2013 than in 2012, and stronger than anextrapolation of previous GDP trends wouldsuggest. This eventuality would be bearish forgovernment bonds and bullish US risk assets.

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

Marcuard’s Market update by GaveKal Research

Japan Shakes The World?The themes that obsessed financial mar-

kets in 2012 emanated from the US, Europeand China, and they were all largely negative.Now that the US fiscal cliff and a euro breakuphave been averted, and China’s economyagain proved it was not a massive investmentbubble on the brink of implosion, attentionshould turn elsewhere. In 2013, Japan—where politics and monetary policy have sud-denly got exciting—could prove to be a majorstory.

Last month’s election landslide for ShinzoAbe, a potentially powerful prime minister,was partly at least a result of his promise torevolutionize monetary policy with the aim ofjolting the Japanese economy out of its 20-year stupor. At a practical level, Abe has prom-ised to force the Bank of Japan to print moneyand weaken the yen until the inflation rateaccelerates to 2% and growth is restored. If heacts seriously on his election rhetoric, Japan’sglobal competitiveness will get a boost, butthe effect will also likely strengthen the dollar,not only against the yen but also against theeuro and other major currencies.

Less obvious, but even more important,could be Japan’s impact on the global debateabout macroeconomic management. The erawhen monetary policy was simply about con-trolling inflation is over. A number of leadingcentral banks have already shifted towardsnominal GDP growth targeting, but Japan isthe country most likely to lead the charge—possibly by using printed money directly tofinance investment and even private con-sumption.

The new ideas in monetary policy reflect

the changing interaction of economic theorywith politics. A singular focus on inflationmade political sense in the late 1970s andearly 1980s, when rapidly rising prices werethe biggest economic problem in most coun-tries. Politicians realized that the only sureway to stop inflation was to create previouslyunthinkable levels of unemployment byrelentlessly raising interest rates. Sincenobody wanted to take political responsibilityfor firing workers, economists had strongincentives to come up with theories thatproved unemployment was natural andinevitable, that macroeconomic policy coulddo nothing about it and that the sole effect ofmonetary policy was on inflation.

A natural and convenient corollary was toabsolve governments of responsibility formonetary management and shift this to polit-ically independent central banks. It was notlong before economists unanimouslyembraced these three key policy implicationsof the 1980s monetarist revolution. Any econ-omist or political analyst who suggested any-thing different—for example, that politiciansshould coordinate monetary and fiscal policyto manage unemployment, as well as inflation—was laughed out of university economicsdepartments, as well as finance ministries andcentral banks. This purge is now over.Centrals bankers have broken the tabooagainst acknowledging any responsibility forunemployment. Ben Bernanke has commit-ted the Fed to a 6.5% unemployment targetand Mark Carney, the incoming governor ofthe Bank of England, has proposed targetingthe growth of gross domestic product. These

were earth-shattering events for economistswho have spent the past 30 years trainingthemselves and their students to deny thatmonetary policy could have any lasting effectson unemployment or economic growth.

But the unemployment and GDP targetssuggested by Bernanke and Carney areempty promises in the absence of policytools that could convincingly boost jobs andgrowth in the present deflationary environ-ment. Which is where Japan comes in. Noother economy has (yet) suffered anythinglike Japan’s 20 years of economic stagnation.It would not be surprising, therefore, if trulyradical measures to deal with deflation werepioneered in Japan. Already, two forbiddenoptions have now taken center stage inJapan: ending central bank independenceand then ordering the BoJ to print money forinfrastructure spending or tax cuts. Thesetruly radical policies, which amount to hand-ing out newly created money to businessesand households, are sometimes described as“helicopter money” or quantitative easing forthe people. Using quantitative easing fordirect financing of cash payments or taxrebates for the general public—instead ofindirect subsidies to governments and bondinvestors—may sound wildly irresponsible.But it would arguably be fairer and certainlymore effective (as well as more popular) as away of pulling the world out of deflation.

By breaking the taboos established by themonetarist revolution of the 1970s, Japancould accelerate and reinforce the next revo-lution in economic thinking, a revolutionmade inevitable by the events of 2008. After

20 years of Japanese torpor, could the worldbe transformed again by ideas “Made inJapan”?

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8610British Pound * GBP 1.6094Bulgarian Lev BGN 1.491Czech Koruna CZK 19.4649Danish Krone DKK 5.6875Estonian Kroon EEK 11.9285Euro * EUR 1.3115Georgian Lari GEL 1.653Hungarian Forint HUF 222.16Latvian Lats LVL 0.53115Lithuanian Litas LTL 2.6323Maltese Pound * MTL 0.3273Moldavan Leu MDL 12.06Norwegian Krone NOK 5.583Polish Zloty PLN 3.1452Romanian Leu RON 3.3542Russian Rouble RUB 30.3165Swedish Krona SEK 6.4999Swiss Franc CHF 0.9215Ukrainian Hryvnia UAH 8.0273

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0474Canadian Dollar CAD 0.9878Hong Kong Dollar HKD 7.7515Indian Rupee INR 55.345Japanese Yen JPY 87.4Korean Won KRW 1062.8New Zeland Dollar * NZD 1.1967Singapore Dollar SGD 1.2308

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3757Egyptian Pound EGP 6.4503Iranian Rial IRR 12007.90Israeli Shekel ILS 3.7675Jordanian Dinar JOD 0.7067Kuwait Dinar KWD 0.2817Lebanese Pound LBP 1501.00Omani Rial OMR 0.3842Qatar Rial QAR 3.6398Saudi Arabian Riyal SAR 3.7500South African Rand ZAR 8.5711U.A.E. Dirham AED 3.6727

ASIA

Azerbaijanian Manat AZN 0.7829Kazakhstan Tenge KZT 150.63Turkish Lira TRY 1.7808

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR


Race for weakness to see euro, sterling gain in 2013l Fed and BOJ asset buying to undermine dollar, yen, while yen “carry trades” may drive currency markets in 2013

The yen and dollar face a tough 2013 as theJapanese and U.S. central banks print moneyfuriously to stimulate their economies, mak-ing the euro and sterling unlikely relative win-ners despite Europe’s gloomy prospects.

With a global economic recovery lookingshaky, analysts say the major central banks willbe happy to see their currencies weaken thisyear if it helps their exporters to become moreinternationally competitive.

This could trigger a round of competitivedevaluations among the world’s most heavily-traded currencies, with Japan a likely winner inthis race for weakness as its new governmenttries to end decades of regular recessions anddeflation.

Currency forecasting is notoriously difficultand movements often seem at first to lacklogic. For instance the euro rose 1.8% againstthe dollar in 2012 despite the threat of a eurozone break-up, although the gains followed aEuropean Central Bank promise to safeguardthe currency union.

Undaunted, analysts expect the yen to bethe worst performer, while the dollar may lagthe euro and the pound even though theUnited States is likely to outperform the eurozone and British economies in 2013.

This is because the U.S. Federal Reserveplans to flood markets with a trillion dollars instimulus this year by buying mortgage andgovernment bonds, pushing down the value ofthe U.S. currency. Similarly, the Bank of Japanis preparing to pump trillions of yen into itsstagnant economy.

Their actions should outstrip any similarmove by the Bank of England, which haspaused its printing presses, or the ECB. In theforeign exchange market, where a currency isalways valued relative to another, a fall in thedollar or yen will push the euro and sterlinghigher.

“Major central banks printing more moneyand debasing the most liquid currencies is amajor theme that will play out in the currencymarket this year,” said Tom Levinson, FXstrategist at ING, referring to the Fed and BOJ.

Some investors will not necessarily tradeone major currency for another and insteadopt for the likes of the Australian dollar. “Whatthis liquidity injection will spark is a pushtowards less liquid and more risky currencies,”Levinson added.

Flooding markets with dollars and yen willhelp to gloss over any weakness in the euroand the pound caused by the strugglingeconomies of Europe.

“Central bank action, especially that of theFed and the BOJ will help paint over cracks inthe macroeconomic picture, both in the eurozone and UK,” said Jane Fol

ey, senior currency strategist at Rabobank.“Currencies will not move in a straight line.

But we expect the euro to rise against the dol-lar to $1.35 in the medium term. The dollarwill generally have a poor year, as will the yen.”

The euro is trading now around $1.3050,having gained rapidly after the ECB condition-ally promised in the late summer to buy bondsof struggling euro zone countries, should theirgovernments seek international aid.

Since then, no government has requested abailout and Spain says it does not need help atthe moment. However, should the ECB startbuying bonds, its programme would differ sig-nificantly from those of the Fed or BOJ. Itsobjective would be to help governments con-tinue borrowing commercially at affordableinterest rates, rather than stimulating the eurozone economy.

With Germany wary of anything that mightbe inflationary, ECB policymakers have prom-ised not to crank up the euro printing presses.Any money spent on bonds would be “ster-ilised”, meaning the ECB would withdrawequivalent sums from the banking system.

Early signs of the trends forecast for thisyear are already apparent. The euro rose 15%against the yen in 2012, hitting a 1-1/2 yearhigh this week.

The pound stands at multi-month highsagainst the dollar and yen, mainly because ofthe dollar and yen weakness and not becauseof a British economic turnaround, traders said.

CARRY TRADESThe Fed has already made heavy asset pur-

chases which have expanded its balance sheet.Some Fed policymakers have expressed con-cern about the long-term risks of this, eventhough they look set to continue the open-ended stimulus programme for the moment.

John Normand, head of global FX strategyat JPMorgan, said the Fed and BOJ actionswould boost the balance sheets of major cen-tral banks by about 10% this year, on a par

with the pace seen in 2012 when both the yenand the dollar lagged the euro and sterling.

The large cash injections have prevented asharp contraction in economic activity andrestricted swings in foreign exchange mar-kets, making it harder for investors to makemoney in the most traded currencies.

That has driven many to take bigger posi-tions in the less liquid and riskier currenciesand Normand said the flood of liquidity in2013 will ensure investors keep using “carrytrades” in the search for higher returns.

In carry trades, investors such as hedgefunds borrow money in the more liquid andlow interest-bearing dollar and yen to buyhigher-yielding currencies like the Australiandollar .

Reflecting the expected slide in the yen, itwill emerge as the favourite funding currencyin 2013, analysts said.

“We would expect the yen’s use as a fund-ing currency to broaden in the coming year,”Morgan Stanley said in a recent report, fore-casting the dollar to rise to 90 yen in thecoming months from around 88 yen onFriday.

DOLLAR WEAKNESSWhile the yen and the dollar are likely to

struggle, any glimmer of recovery in the euro

zone and Britain - where investors havepriced in expectations of a prolonged slow-down - could give both the euro and theBritish pound a fillip.

BNP Paribas strategists expect sterling tooutperform the euro and the dollar. The bankexpects the euro to drop to 80 pence in a fewweeks, from around 81.20 now, and forecastssterling at $1.68 in coming months, from$1.60, once global recovery gathers pace andUK exports pick up.

While the euro may lag the pound it couldrise against the dollar, drawing support fromthe ECB’s promise to do whatever it takes topreserve the euro and the fact that the Fedwill be pumping in more dollars.

“What looks absolutely assured is that inthe first half of 2013, the Fed’s balance sheetwill expand significantly more than the ECBassets,” said Alan Ruskin, macro strategist atDeutsche Bank, adding this was likely to leadto a lower dollar.

Ruskin expects the ECB’s balance sheet toshrink slightly by 100 bln euros until it startsany bond purchases.

“While uncertainties remain in the eurozone, as well as a weak growth outlook, weview the euro is likely to remain supportedand reach $1.35 by end-Q1,” BNP Paribassaid.

22 | WORLD MARKETS

Spanish unions brace for more bank job cutsSpanish banking unions are braced for

thousands more job cuts this year, startingwith redundancies at Spain’s largest bankSantander after its merger with subsidiaryBanesto.

Unions said on Friday they expect between3,000 and 4,000 jobs to go as a result of themerger and would hold talks next week withthe bank.

With 6,000 jobs also going at Bankia andthousands of redundancies at other nation-alised banks, the year has started on a gloomynote for many workers in Spain where aroundone in four of the workforce is already jobless.

In the financial sector alone, bankingunions estimate 12,000 job losses this year, ontop of about 35,000 cuts since the middle of

2008 when Spain’s property crisis began togrip the industry.

Spain has received 40 bln euros inEuropean aid to restore its financial system,but as a condition of the aid - much of whichwill go to nationalised lenders includingBankia - troubled lenders must cut more jobsand sell assets.

Santander last month announced plans tofully absorb its 110 year-old Banesto brand,closing 700 branches to cut costs and helpposition itself for any further downturn inSpain’s sickly banking sector.

The bank had warned of job losses stem-ming from the branch closures after theBanesto tie-up but said they would be imple-mented gradually.

FINAL FIGURE“We’ll start to talk about the cuts with

Santander this week. The bank hasn’t con-firmed any numbers, but we think the final fig-ure will be closer to 3,000,” said Jose MiguelVilla, secretary general of the services federa-tion for Spain’s second-largest union UGT.

A Santander spokeswoman said the bankwill meet with unions on January 9 but wouldnot give any further details such as on thescale or timing of any reductions.

Santander has said that the job cuts wouldbe made through early retirements, incen-tivized departures and transfers to other unitsof the group.

The bank was one of the best performers onSpain’s blue chip index last year, rising from

around 5.26 euros at the end of 2011 to closethe year at just over 6 euros thanks to its han-dling of the financial crisis.Almost every daybrings fresh unemployment news in Spain,where on average 2,000 jobs were lost a daylast year, a number that many analysts expectto rise in 2013 as struggling companies cutstaff in a weak economy.

“This is going to be a tough year,” Villa ofUGT said. Unions will also begin talks withstate-owned Bankia on January 9 over previ-ously announced plans to lay off 6,000 of its20,000-strong workforce, Villa said.

In other sectors, Spanish airline Iberia isnegotiating 4,500 job cuts - a quarter of itsworkforce - with unions as part of a widerrestructuring it says is necessary for its survival.


WORLD MARKETS | 23

Forex managed accounts vs. social trading networksBeware of Super Performance promises – Part 2

In our previous article we discussed the regulatory differ-ences between forex portfolio management firms and theunregulated social trading networks, but in this issue weshall cover how unregulated signal providers promise spec-tacular high returns, which at most times never materializewhen the actual trading begins.

Social trading network is the process when an investorconnects his account to the trading signals generated byeither a trader or a computer application also known asExpert Advisors (EA), whereby when the signal providerissues a buy/sell signal on his demo/real account, the tradingaccount of the investor mirrors or replicates the trade with aninconstant slippage.

The most popular social trading network providers areZulutrade, Tradeo, Ayondo and Currensee to name a few,with more such networks springing up at a record pace, luredby the spread markup that the social trading network negoti-ates with the forex brokerage where the trading is made.

HIGH RETURNIf you visit any of the social trading networks (STNs) the

first thing that you notice is the spectacular returns that thesignal providers are achieving and the amount of money andthe number of investors that are following the particular sig-nal provider.

I visited one popular STN and noticed that about 5,000people were following a particular signal provider who wasclaiming a spectacular 400% return, while the second runnerup had 1,100 followers with near 175% return.

OPEN VS. CLOSED POSITIONSThe first thing you should check in order to be sure that

the performance returns are anywhere near reality is to veri-fy if all positions have been closed and marked-to-market.Since the STNs are operating in a totally unregulated envi-ronment there is no rule on what is the correct marketingbehaviour.

So, the most effective way through which signal providers“achieve” super performance is to close only the profitablepositions whilst leaving the loss-making positions open. This

way they are “successful” on almost everytrading month and hence their performanceis so good. But in reality if one would also takeinto consideration their unrealised loss-mak-ing open positions, the performance returnswould disappear immediately, and in mostcases the “follower” would incur losses ontheir trading account, eventually wiping outtheir capital.

DRAWDOWNAnother important consideration is how

much is the drawdown and how much losseswere accumulated on a particular trade beforeit was eventually closed.

Drawdown is the maximum tolerablecumulative drop in capital in a given timeperiod, due to consecutive losing trades.Drawdown has to be contained and min-imised as much as possible. For example, ifthe signal provider has recorded a 50% draw-down, you might believe that the worst couldbe that you would lose 50% of your invested capital.However, in real terms that drawdown of 50% could countfor 5,000 pip loss, which could take your account to 0.

Alternatively, if the signal provider makes 10-25 pips onsuccessful trades but allows 800 pips losses on open posi-tions, then you can realize that in actual market conditions,before you know it, the service provider will be making mul-tiple margin calls on the investor to inject new capital to sup-port the open loss-making positions and if such money is notprovided on demand, then the positions will be force-closedand the account relationship terminated.

SLIPPAGEThe issue of slippage is also particularly important since

this is when the signal provider usually claims to have exitedfrom a different situation whereas the investor is usuallystuck in a loss-making situation. Slippage is when the bro-kerage or service provider deliberately delays providing aprice or does not execute the trade at a particular price andforces the investor to close a position at a more disadvanta-geous price. Market makers who make their own prices usu-ally promise very low spread but apply slippage citing marketvolatility.

In sharp contrast to the STNs and how signal providersoperate, the regulated portfolio managers operate understrict supervision and oversight, meaning their performance

takes into account all open or closed positions since allaccounts are marked-to-market on a 24-hour basis, the draw-down and maximum losses are strictly controlled and theaccount operates according to the specific client needs andthe portfolio manager usually trades with firms who providea decent service and avoid service providers who make theirown prices and use excessive slippage as another way tomake money.

So, next time you see spectacular returns, you knowwhere to start looking for the clues on whether or not the sig-nal provider is real or bogus.

www.eurivex.com,[email protected]

(Eurivex Ltd. is a Cyprus Investment Firm, authorized andregulated by CySEC, license #114/10 with expertise in man-aged forex accounts. The views expressed above are personaland do not bind the company and are subject to change with-out notice. The comments mentioned above are not to be con-sidered as an offer to subscribe, invest or benefit from aninvestment scheme, nor are to be considered as advice for trad-ing in markets. The comments are for information purposesonly and are general in nature. The examples will vary anddepend on individual circumstances. Trading on margin andleverage is risky and may result in losses. Past performance isno guarantee for future performance.)

By Shavasb BohdjalianCertified Investment Advisor and CEO of Eurivex Ltd.

Carbon market worth plunged 30% in 2012The value of the world’s carbon market fell by 36% last

year, according to Bloomberg New Energy Finance, the firstannual contraction to hit the CO2 reduction mechanismsince 2008.

The worth of traded EU carbon allowances and UNemissions credits fell from 95 bln euros in 2011 to 61 bln.Analysts blame a near halving of the average price ofcarbon allowances from 11.2 euros a tonne in 2011 to 6.4euros a tonne by the end of 2012.

“This analysis doesn’t come as a surprise, as we allknow the reality of the market,” Sarah Deblock, the EUpolicy director of the International Emissions TradingAssociation (IETA) told EurActiv.

“It reaffirms the importance of the proposal by theEuropean Commission to backload 900 mln allowancesduring phase III of the EU ETS,” she said.

The EU executive has proposed staggering the release ofthese allowances to create a temporary scarcity to slightlyraise carbon allowance prices, which have been depressedby economic recession and a lack of robust political signals.

However, the measure’s success may depend onBrussels’ ability to maintain ambiguity about thepossibility of the credits being permanently removed,although the far-sightedness of market traders isconsidered a moot point.

One silver lining in the Bloomberg numbers for market

traders may be a 26% leap in the total trading volume ofcarbon allowances to 10.7 bln metric tonnes, equivalent toa third of the world’s total CO2 emissions.

BACKLOADING PROPOSALMuch of this may be down to speculation which

surrounded the EU’s plans for intervention in its EmissionsTrading System (ETS). The final backloading proposalfrom the European Commission is still awaiting approvalfrom the EU’s Parliament and member statesrepresentatives in the Council of Ministers.

Guy Turner, Bloomberg New Energy Finance’s directorof carbon markets said that the drop in the carbon market’svalue was significant primarily as a temporary response tothe recession.

“Any market will go through ups and downs,” he toldEurActiv over the phone from London. “Given that themarket has only been in existence since 2008 and hasn’tsuffered a down year in terms of market size, I think it rodethe global financial crisis pretty well.”

Bloomberg New Energy Finance predicts that in 2013,market value will increase to around 80 bln because of theEU’s backloading measures, and that in 2014 it will beworth a record ?94 bln.

“What matters is how much demand there is [forallowances] today,” Turner said. “That’s what determines

short term prices, so we think that the backloading willsupport prices in the short term, unequivocally.”

New market entrantsThe cap and trade idea, which began in the US, will soon

be buoyed by the entrance of a pack of countries andregions to the global trading floor.

In 2015, Australia and South Korea are due to opencarbon markets, while China is beginning its own projectthis year and California, a US state one eighth the size ofEurope, launched its first carbon allowances auction onNovember 14, 2012.

Australia’s carbon price has been fixed at 18 euros atonne until 2018, when it will merge with the EU’s ETS.

“California will be interesting,” Turner said. “I thinkyou’re going to see the highest prices in the world inCalifornia, and although the schemes in Australia, SouthKorea and China aren’t actually trading yet, they arepositive developments.”

China is expected to launch several regional pilot carbontrading schemes this year, initially using a nominal pricefor CO2, and these could also have a knock-on effect onworld markets.

“We are eagerly anticipating the World Bank’s Stateand Trends report for 2013, which will be released atCarbon Expo in Barcelona at the end of May this year,”Deblock said.


24 | WORLD MARKETS

Looser bank buffers no panacea for Europe woesl Basel agreement seen giving cautious banks more capacity to lend;

But weak economy weighs on credit demand

A move by global regulators to give banks more time andflexibility to build up cash reserves will do little to support arecovery in Europe, where recession-hit companies and house-holds have scant appetite for more debt.

In the United States, where economic recovery alreadyappears to be underway, the impact may be more significantdue to a bigger market for mortgage-backed securities which, ifrevived, could lend support to the housing market.

The Basel Committee agreed on Sunday to give banks fourmore years to build up cash buffers against future shocks likethe 2008/09 financial crisis, and to widen the range of assetsthey can use to include shares and residential mortgage-backedsecurities, as well as lower-rated company bonds.

This pull-back from an earlier draft of global liquidity rules,which aim to help prevent another banking crisis, meanslenders will in theory have more scope to use some of theirreserves to help struggling economies grow.

But in the euro zone, where the European Central Bank’sown forecasts suggest the economy will shrink 0.3% this year,freeing up banks’ capacity to lend cannot make up for a dearthof demand from uncertain businesses and consumers.

“Overall it is positive, but I don’t think it is enough to turnaround the whole situation in the short-run,” Berenberg Bankeconomist Christian Schulz said of the Basel rules change.

“Once the (economic) rebound actually starts, I think this isgoing to amplify it a little,” added Schulz, who put the effect ongrowth in the 17-country euro zone at no more than 0.1-0.2percentage points of annual GDP.

A spokeswoman for Raiffeisen Bank International said: “Thisis a positive signal by the Basel Committee.” However, shestopped short of saying it would fuel extra lending.

Bank Austria, the UniCredit unit that is emerging Europe’sbiggest lender, said the changes “will make it easier in future tolend to companies than the originally planned rules did”.

UNCERTAIN OUTLOOKThe regulators’ change of tack at least offers the prospect of

supporting lending to households and businesses - an areawhere the ECB has struggled to have an impact.

The ECB channelled more than 1 trln euros in cheap, 3-yearloans to banks in late 2011 and early 2012. The central banksays this averted a major credit crunch but demand remains thereal problem.

“To a large extent, subdued loan dynamics reflect the weakoutlook for GDP, heightened risk aversion and the ongoingadjustment in the balance sheets of households and enterpris-es, all of which weigh on credit demand,” ECB President MarioDraghi said in his statement after the bank’s December policymeeting.

The ECB’s last quarterly Bank Lending Survey showed thateuro zone banks made it harder for firms to borrow in the thirdquarter and expected to toughen loan requirements further,even though their own funding constraints eased.

By far the most important reason banks cited for tighteningcredit standards for firms was the economic outlook. Reducedinvestments were the main reason for lower corporate loansdemand.

The picture was similar for household loans, with the eco-nomic outlook cited as the main reason for tightening creditstandards, followed by housing market prospects.

Howard Archer, economist at Global Insight, saw little effecton Europe’s economy from the looser bank buffer rules.

“This may increase banks’ ability to lend but whether theirwillingness to lend increases that much, I am dubious becauseof the economic environment,” he said. “At the same time, Ithink demand for credit will remain pretty muted overall as well.”

U.S., INVESTOR OPPORTUNITIESThe decision to include residential mortgage-backed secu-

rities in the assets banks can put into the cash buffer - evenif at a hefty discount to their value - should help banks in theUnited States and stimulate the U.S. securitisation market.

“This should, at the margin, favour U.S. banks relative toEuropean banks, because the use of these assets is much lesscommon in most European countries than it is in the UnitedStates,” said Tobias Blattner, economist at Daiwa Europe.

Any fresh support to the U.S. economy - where employersadded 155,000 jobs last month and factory activity rebound-ed - could help it to accelerate further away from Europe.

The United States, China and much of the developingworld have already decoupled from Europe, leaving it to wal-low in various stages of recession and fiscal disarray.

From an investor point of view, the cash buffer changescould increase the attractiveness of the bank debt, asset-backed securities and other types of assets now included inthe rules.

Under the original draft, emphasis was almost exclusivelyon holding sovereign debt but the changes mean some cor-porate debt rated as low as BBB-, a range of easy-to-sellshares and double-A rated residential mortgage-backed secu-rities can also be used.

There are other restricting factors. Deductions, known ashaircuts, will be taken from the assets’ value to ensure theyprovide adequate protection even if their value drops.Combined they will be allowed to account for only 15% ofwhat a bank must hold.

With a broader menu of assets now available, analysts saidthe rules changes could ease demand for sovereign bonds.

“From a big picture perspective, these revisions are poten-tially negative for sovereign debt in so much as they reducebanks’ imperative to hold government bonds,” said analystsat Rabobank, adding that the changes could boost demandfor corporate debt.

Debenhams posts record Christmas salesDebenhams, Britain’s No. 2 department

store group, posted record Christmas sales,driven by a jump in online trade and a step-up in promotions.

The group said sales at stores open over ayear, rose 5.0% in the five weeks to January 5,with like-for-like sales in the 18 weeks toJanuary 5 - a big chunk of the firm’s fiscalfirst half - up 2.9%.

That compares to analysts’ consensusforecast for the first half to end-February ofan increase of 2%.

The growth was boosted by strong demandonline, with sales over the 18 weeks up 39%,ahead of the firm’s expectations.

However it also had to rely on promotionsto draw in the customers. Debenhams saidthe overall market had seen more promotions than the prioryear which resulted in some increase in its own promotionalactivity in the run-up to Christmas.

As a result, it now expects gross margin for the 2012-13year to be ten basis points higher than last year rather than20 basis points previously guided.

“We continue to believe that whilst consumers havebecome acclimatised to the new economic reality, we don’tanticipate a significant change in consumer confidence inthe remainder of the year,” said Chief Executive MichaelSharp.

Many store groups are finding the going tough asconsumers fret over job security and a squeeze on incomes.

Debenhams has generally bucked the gloomy trend,helped by its breadth of products, appeal to a wide range ofcustomers, multiple routes to market and well receivedmarketing campaign.

The firm’s variety of product categories, with a coreclothing offer supplemented by accessories, homewares andhealth and beauty, means it is also less exposed than other

retailers to the vagaries of Britain’s weather.Separately on Tuesday an industry survey said British

retail sales rose 0.3% in December. Withannual consumer price inflationcurrently running at 2.7%, this suggeststhat stores sold less in real terms,increasing the chance that Britain’seconomy slipped back into contractionin the last three months of 2012.

Last week, No. 2 clothing retailer Nextreported a 3.9% rise in total sales for theeight weeks to December 24 and raisedits year profit guidance. However,clothing market leader Marks & Spenceris forecast to report a further decline ingeneral merchandise sales when itupdates on its third quarter onThursday.

Shares in Debenhams, which havedoubled over the last year, closed Monday at 117 pence,valuing the business at 1.47 bln pounds.

How UK retailers fared over Christmas

With British shoppers fretting over job security anda squeeze on incomes, retailers found the going toughin 2012. Following is a summary of how they faredover Christmas:

JOHN LEWISSales up 14.8% in 5 weeks to Dec. 29.HOUSE OF FRASERLike-for-like sales, ex VAT, up 6.3% in 6 weeks to Jan. 5.

NEXT CLOTHINGSales up 3.9% Nov. 1-Dec. 24.WM MORRISON FOODLike-for-like sales, ex fuel and VAT, down 2.5% in 6 weeks to Dec. 30.WAITROSE FOODSales up 8.8% in 12 days to Dec. 31. Like-for-like

sales up 5.4%.


26 | CSE PRICES

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2012 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2012

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/12 31/12/2012

Index performanceCSE General Index 124.29 119.61 119.61 114.86 4.14FTSE/CySE 20 47.75 46.17 46.17 44.40 3.99FTSE/XA & XAK Banking 188.86 178.88 183.82 168.87 8.85MAIN MARKETMAIN MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 113.87 109.30 109.30 104.69 4.40BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 477 508 1.24 0.21 306 000 -792 593 -210 956 -1 371 000 n/a -76.37 0.278 0.266 0.266 0.251 5.98CYPRUS POPULAR BANK CPB ΛΑΙΚ 3 411 086 0.10 153 499 0.25 0.18 87 100 -291 493 -1 671 495 -3 650 380 n/a -107.02 0.047 0.045 0.045 0.044 2.27HELLENIC BANK HB ΕΛΗΤ 595 436 0.43 103 010 0.81 0.21 8 889 -73 081 219 -100 658 n/a -16.90 0.177 0.173 0.173 0.175 -1.14LOGICOM LOG ΛΟΤΖ 74 080 0.35 20 742 0.81 0.35 3 274 3 024 3 026 3 585 5.79 4.84 2.50 8.93 0.280 0.265 0.280 0.263 6.46A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 10 833 0.54 0.08 -17 397 -1 527 109 -6 894 n/a -2.80 0.048 0.044 0.044 0.045 -2.22LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 8 290 0.27 0.07 -10 243 -4 830 -8 489 -82 674 n/a -17.95 0.019 0.018 0.018 0.018 0.00SECTOR TOTAL / OΛIKO 773 882 0.66 0.18 377 623 -1 160 500 -1 887 586 -5 208 021 0.16PARALLEL MARKET

PARALLEL MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 637.17 628.18 632.15 627.38 0.76WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.14 8 848 3 780 2 372 6 674 4.37 5.84 2.31 9.06 0.260 0.255 0.255 0.250 2.00VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 31 508 3.04 0.14 1 310 -2 992 -258 -1 174 n/a -1.63 1.50 3.42 0.439 0.438 0.438 0.439 -0.23A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 33 439 0.28 0.65 4 108 4 122 8.11 2.26 0.183 0.183 0.183 0.183 0.00ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 20 650 0.48 0.25 6 309 287 -505 197 104.82 0.11 2.10 17.80 0.124 0.118 0.118 0.115 2.61LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.26 0.22 -47 67 -3 539 -1 734 n/a -0.61 0.058 0.058 0.058 0.058 0.00K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 14 087 4.69 0.22 25 987 2 133 6.60 15.90 1.050 1.050 1.050 1.050 0.00G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 903 -1 600 n/a -4.13 0.130 0.130 0.130 0.130 0.00MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 2 574 -947 n/a -11.55 0.500 0.500 0.500 0.500 0.00PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 453 -1 333 n/a -2.96 0.095 0.095 0.095 0.095 0.00LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 850 1.91 0.06 456 759 5.07 2.17 0.110 0.100 0.110 0.100 10.00LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 3 930 0.05 0.68 -8 419 -2 667 n/a -2.17 0.032 0.032 0.032 0.032 0.00LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 736 0.53 0.11 71 -1 302 n/a -2.71 0.058 0.057 0.057 0.058 -1.72SECTOR TOTAL / OΛIKO 254 300 1.38 0.34 37 841 1 142 -1 930 3 128 10.67ALTERNATIVE MARKETALTERNATIVE INDEX 2010 9M '11 9M '12 2011 Cents Cents % 646.47 639.78 646.47 636.57 1.56A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 4 681 0.88 0.15 1 767 373 1.02 0.128 0.128 0.00ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 126 0.49 0.31 4 363 2 334 2.36 0.91 5.95 0.153 0.153 0.00A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 904 0.02 0.67 -5 724 -2 594 -1.63 0.012 0.012 0.00AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 4 966 0.49 0.09 -1 339 -2 121 -1.92 0.045 0.045 0.00ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.73 0.89 4 108 2 306 5.90 7.00 10.77 0.650 0.650 0.00BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 779 0.80 0.23 257 570 3.69 1.20 6.67 0.180 0.180 0.00CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 809 0.49 0.08 -6 512 -3 519 -2.48 0.041 0.041 0.00CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 242 0.42 0.06 -622 -375 -3.72 0.024 0.024 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 543 0.39 0.11 -3 641 -3 942 -3.64 0.042 0.042 0.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 1 153 0.07 0.06 -7 007 -7 654 -2.66 0.004 0.004 0.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 070 0.65 0.45 -157 -65 -0.27 0.290 0.290 0.00C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 7 722 0.09 0.40 1 211 -3 921 -1.88 0.037 0.037 0.00CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 388 0.27 1.00 -1 031 -513 -9.98 0.270 0.270 0.00CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 21 054 2.20 0.07 -6 432 -4 630 -3.36 0.153 0.153 0.00CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 558 6.13 0.24 568 -4 127 -134.91 1.490 1.490 0.00CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 31 859 1.86 0.19 13 270 1 756 482 5 693 6.18 3.20 9.25 0.346 0.346 0.00CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 1 157 1 104 7.37 0.140 0.140 0.00DIMCO PLC DES ΝΤΙΜ 80 999 0.09 5 913 0.28 0.26 2 183 1 604 1.98 0.073 0.073 0.00DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 743 0.29 0.19 -380 -526 -3.89 0.055 0.055 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 160 0.67 0.57 575 -257 -1.61 0.385 0.385 0.00ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 135 0.04 0.23 -5 602 - 0.009 0.009 0.00EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 752 0.20 0.12 -980 -212 -0.68 0.024 0.024 0.00EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 760 0.32 0.43 1 048 -15 562 -45.77 0.140 0.140 0.00FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.55 0.19 614 1 608 33.47 0.480 0.480 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 800 0.97 0.11 -1 668 5 130 5.13 0.45 4.17 0.108 0.108 0.00KARAOLIS GROUP KARA 22 343 0.34 335 -0.05 -0.32 -844 -2 198 -9.84 0.015 0.015 0.00KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 948 0.09 1.27 -738 -110 -1.38 0.119 0.119 0.00KEO LTD KEO ΚΕΟ 30 978 0.43 11 927 3.55 0.11 -3 358 -3 948 -12.74 0.385 0.385 0.00KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 601 0.41 0.22 -760 -804 -4.47 0.089 0.089 0.00KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 11 934 0.68 0.86 969 100 0.49 0.585 0.585 0.00JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 309 0.36 0.19 -2 094 -1 392 -2.23 0.069 0.069 0.00LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 389 0.80 0.07 -3 469 -6 299 -6.19 0.053 0.053 0.00MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 951 0.64 0.29 -1 746 1 345 3.11 0.184 0.184 0.00MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 019 0.10 0.13 -4 952 -3 185 -4.06 0.013 0.013 0.00MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 164 0.02 0.47 -594 -281 -1.89 0.011 0.011 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 31 833 0.20 0.38 -9 238 -16 880 -3.98 0.075 0.075 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 64 138 1.31 0.56 8 617 10 753 12.29 1.90 2.59 0.733 0.733 0.00PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 658 0.40 0.19 11 -868 -3.93 0.075 0.075 0.00PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 19 887 0.01 4.23 -5 231 -6 352 -1.66 0.052 0.052 0.00PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 362 73 2.03 1.510 1.510 0.00RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 2 979 0.04 0.25 14 151 0.05 0.010 0.010 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.42 344 546 1.65 0.050 0.050 0.00SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 411 0.48 0.14 131 964 2.64 0.066 0.066 0.00SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 3 060 1.59 0.03 -9 983 -19 100 -28.71 0.046 0.046 0.00STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 7 475 2.36 0.10 1 165 1 577 4.85 2.00 8.70 0.230 0.230 0.00TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -181 -689 -5.64 0.260 0.260 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 207 0.04 0.25 -25 11 0.05 0.010 0.010 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -43 -37 -0.38 0.020 0.020 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 -330 2 753 3.67 1.000 1.000 0.00SECTOR TOTAL / OΛIKO 441 605 0.80 0.48 -41 947 1 756 482 -73 166

2012


CSE PRICES | 27

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

FOCUS FINANCIAL SERVICES EXTE/EXTE 1 690 11 830 7.00 0.30 29/3/10CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 297 000 0.99 0.10 29/3/10PHONE MARKETING S.A. PHONE/PHONE 1 575 5 513 3.50 0.30 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 611 5.02 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 12 585 1.50 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 31 380 1.69 0.59 17/10/12TOTAL 597 707

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2010 9M '11 9M '12 2011 Cents Cents % 572.39 553.82 553.82 546.03 1.43ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -760 -737 -1.26 0.017 0.017 0.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 6 457 0.2771 -58.50 -3 213 -4 301 -7.66 0.115 0.115 0.00CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 5 339 0.2665 -54.97 -10 875 -8 799 -3 229 -10 771 -24.21 0.120 0.119 0.84DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 51 000 0.7501 -66.00 -15 581 -14 687 -7.34 0.255 0.250 2.00DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0072 -58.33 -5 227 -6 357 -2.25 0.003 0.004 -25.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 190 0.0667 27.44 -6 -255 -1.82 0.085 0.078 8.97INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 771 0.1633 -69.99 -12 850 -9 493 -16.79 0.049 0.048 2.30ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 539 0.0682 -28.15 -112 -165 -1.50 0.049 0.043 13.95REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0308 -35.06 -195 -150 -0.74 0.020 0.020 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 389 331 12.13 11.00 13.75 0.800 0.800 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -446 -136 -4.98 2.000 2.000 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -7 -36 -2.64 0.520 0.520 0.00UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 367 0.2300 8.70 -127 -303 -2.25 0.250 0.250 0.00SECTOR TOTAL / OΛIKO 81 259 -49 010 -8 799 -3 229 -47 060 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12SPECIAL CATEGORY / 2010 2011 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 812 0.1763 -94.33 -214 -27 -0.03 0.01 0.01 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 12 894 0.06 1.67 -3 960 -12 265 -9.51 0.10 0.10 0.00ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 4 996 0.02 2.27 -11 422 -6 400 -6.40 0.05 0.05 0.00CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 202 -1.21 -0.03 -1 353 -1 856 -36.72 0.04 0.04 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 3 000 0.12 0.50 1 542 -7 900 -15.80 0.06 0.06 0.00CONSTANTINOU BROS. CBH ΚΩΝΣ 1 950 0.35 137 -3.03 -0.02 440 -4 006 -205.44 0.07 0.07 0.00CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 7 823 -0.12 -0.16 232 -23 885 -6.11 0.06 0.03 0.02 0.02 0.00D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 1 571 -0.20 -0.05 -31 800 -9 100 -5.79 0.01 0.01 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 385 -0.05 -1.09 -335 -245 -3.18 0.05 0.05 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 16 250 1.30 0.50 -1 938 -701 -2.80 1.12 1.72 0.65 0.65 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 228 0.086 0.23 221 35 0.31 0.02 0.02 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 39 239 0.05 16.40 -504 -551 -1.15 0.82 0.82 0.00FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 494 0.0100 0.00 -2 533 -1 465 -2.97 0.010 0.010 0.00FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -2 203 -2 754 -3.80 0.10 0.10 0.00KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -703 -77 n/a -0.13 0.14 0.10 0.13 0.13 0.00KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 440 0.2208 1.00 -180 -180 -9.00 0.22 0.22 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 774 87 0.40 0.01 0.01 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 5 519 0.45 0.29 999 612 1.44 0.13 0.13 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 9 261 0.06 2.65 -2 378 -2 656 -4.30 0.15 0.15 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 1 894 -0.38 -0.03 -7 100 -11 700 -6.18 0.01 0.01 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.41 0.56 -501 -438 -5.11 0.23 0.23 0.00NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 14 232 0.50 0.42 5 981 2 076 3.06 4.00 19.05 0.21 0.21 0.00OCEAN TANKERS OCT ΤΑΝΚ 296 665 $0.20 2 967 -0.27 -0.04 -50 257 -32 272 -10.88 0.01 0.01 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 464 0.004 2.50 -9 573 -2 192 -4.73 0.01 0.01 0.00ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 0 1.49 0.00 3 328 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.000 0.00 #DIV/0!PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 313 -1 314 -13.60 0.080 0.080 0.00ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 4 875 0.28 0.33 93 -328 -0.61 0.09 0.09 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 702 0.000 33.33 -173 -320 -0.46 0.01 0.01 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 6 298 -0.06 -0.16 -50 598 -16 501 -2.62 0.01 0.01 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 386 0.05 - -1 062 -1 737 -4.50 0.01 0.01 0.00SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -764 -60 -0.05 0.01 0.01 -USB BANK USB ΤΡΑΓ 60 674 0.57 36 404 0.43 1.40 -6 534 -6 248 -10.30 0.60 0.60 -SECTOR TOTAL / OΛIKO 190 762 -172 162 18 -17 728 -153 016

MARKET TOTAL / OΛIKO AΓOPAΣ 1 741 809 152 345 -1 166 383 -1 909 991 -5 478 135 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

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.

Investors’ “fiscal cliff” worries are likely to give way tomore fundamental concerns, such as earnings, as fourth-quarter reports get under way this week.

Financial results, which begin after the market closeson Tuesday with aluminum company Alcoa, are expectedto be only slightly better than the third-quarter’s lacklusterresults. As a warning sign, analysts’ current estimates aredown sharply from what they were in October.

That could set stocks up for more volatility following aweek of sharp gains that put the Standard & Poor’s 500index on Friday at the highest close since December 31,2007. The index also registered its biggest weekly percent-age gain in more than a year.

Based on a Reuters analysis, Europe ranks among thechief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weakeconomic outlook were cited by more than half of the 25largest S&P 500 companies that issued warnings.

In the most recent earnings conference calls, macroeco-nomic worries were cited by ten companies while the U.S.“fiscal cliff” was cited by at least nine as reasons for theirearnings warnings.

“The number of things that could go wrong isn’t sohigh, but the magnitude of how wrong they could go iswhat’s worrisome,” said Kurt Winters, senior portfoliomanager for Whitebox Mutual Funds in Minneapolis.

Negative-to-positive guidance by S&P 500 companiesfor the fourth quarter was 3.6 to 1, the second-worst since

the third quarter of 2001, according to Thomson Reutersdata.

U.S. lawmakers narrowly averted the “fiscal cliff” bycoming to a last-minute agreement on a bill to avoid steeptax increases last week - driving the rally in stocks - but thebattle over additional spending cuts is expected to resumein two months.

Investors also have seen a revival of worries aboutEurope’s sovereign debt problems, with Moody’s inNovember downgrading France’s credit rating and debtcrises looming for Spain and other countries.

“You have a recession in Europe as a base case. Europeis still the biggest trading partner with a lot of U.S. compa-nies, and it’s still a big chunk of global capital spending,”said Adam Parker, chief U.S. equity strategist at MorganStanley in New York.

Among companies citing worries about Europe waseBay , whose chief financial officer, Bob Swan, spoke of“macro pressures from Europe” on the company’s Octoberearnings conference call.

REVENUE WORRIES

One of the biggest worries voiced about earnings hasbeen whether companies will be able to continue to boost

profit growth despite relatively weakrevenue growth.

S&P 500 revenue fell 0.8% in thethird quarter for the first decline sincethe third quarter of 2009, ThomsonReuters data showed. Earnings growthfor the quarter was a paltry 0.1% after

briefly dipping into negative territory.On top of that, just 40% of S&P 500 companies beat

revenue expectations in the third quarter, while 64.2% beatearnings estimates, the Thomson Reuters data showed.

For the fourth quarter, estimates are slightly better butare well off estimates from just a few months earlier. S&P500 earnings are expected to have risen 2.8% while rev-enue is expected to have gone up 1.9%.

In October, earnings growth for the fourth quarter wasforecast up 9.9%.

In spite of the cautious outlooks, some analysts still seea good chance for earnings beats this reporting period.

“The thinking is you need top-line growth for earningsto continue to expand, and we’ve seen the market defythat,” said Mike Jackson, founder of Denver-based invest-ment firm T3 Equity Labs.

Based on his analysis, energy, industrials and consumerdiscretionary are the S&P sectors most likely to beat earn-ings expectations in the upcoming season, while consumerstaples, materials and utilities are the least likely to beat,Jackson said.

Sounding a positive note on Friday, drugmaker Eli Lillyand Co said it expects profit in 2013 to increase more thanWall Street had been forecasting, primarily due to cost con-trols and improved productivity.

WALL ST WEEKAHEAD

‘Cliff’ concerns give way to earnings focus


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