November 28 - December 4, 2012 FinancialMirror.com

2 | NEWS

CERTIFYING OFFICERAvailable for the following:

l DOCUMENTS CERTIFICATION

l NOTARY

l APOSTILE

Antonis Antonopoulos 99 304 009

Greece, markets satisfied by EU-IMF debt dealThe Greek government and financial markets were cheered on

Tuesday by an agreement between euro zone finance ministersand the IMF to reduce Greece’s debt, paving the way for therelease of urgently needed aid loans.

The deal, clinched at the third attempt late on Monday afterweeks of wrangling, removes the biggest risk of a sovereign defaultin the euro zone for now, ensuring the near-bankrupt country willstay afloat at least until after a 2013 German general election.

“A new day starts for all Greeks,” Prime Minister AntonisSamaras told reporters at 3 a.m. in Athens after staying up to fol-low the tense Brussels negotiations.

After 12 hours of talks, international lenders agreed on a pack-age of measures to reduce Greek debt by more than 40 bln euros,projected to cut it to 124% of GDP by 2020. In an additional newpromise, ministers committed to taking further steps to lowerGreece’s debt to “significantly below 110%” in 2022.

That was a veiled acknowledgement that some write-off ofloans may be necessary in 2016, the point when Greece is forecastto reach a primary budget surplus, although Germany and itsnorthern allies continue to reject such a step publicly.

Analyst Alex White of JP Morgan called it “another moment of‘creative ambiguity’ to match the June (EU) Summit deal on lega-cy bank assets; i.e. a statement from which all sides can take adegree of comfort”.

The euro strengthened, European shares climbed to near athree-week high and safe haven German bonds fell on Tuesday,

after the agreement to reduce Greek debt and release loans to keepthe economy afloat.

PARLIAMENTARY APPROVALTo reduce the debt pile, ministers agreed to cut the interest

rate on official loans, extend the maturity of Greece’s loans fromthe EFSF bailout fund by 15 years to 30 years, and grant a 10-yearinterest repayment deferral on those loans.

German Finance Minister Wolfgang Schaeuble said Athens hadto come close to achieving a primary surplus, where state incomecovers its expenditure, excluding the huge debt repayments.

Eurogroup Chairman Jean-Claude Juncker said ministerswould formally approve the release of a major aid instalmentneeded to recapitalise Greece’s teetering banks and enable thegovernment to pay wages, pensions and suppliers on December13 - after those national parliaments that need to approve thepackage do so.

Greece will receive 43.7 bln euros in four instalments once itfulfils all conditions. The 34.4 bln euro December payment willcomprise 23.8 bln for banks and 10.6 bln in budget assistance.

The IMF’s share, less than a third of the total, will be paid outonly once a buy-back of Greek debt has occurred in the comingweeks, but Managing Director Christine Lagarde said the Fundhad no intention of pulling out of the programme.

The debt buy-back was the part of the package on which theleast detail was disclosed, to try to avoid giving hedge funds an

opportunity to push up prices. Officials have previously talked of a10 bln euro programme to buy debt back from private investors atabout 35 cents in the euro.

The ministers promised to hand back 11 bln euros in profitsaccruing to their national central banks from ECB purchases ofdiscounted Greek government bonds in the secondary market.

BETTER FUTUREThe deal substantially reduces the risk of a Greek exit from the

single currency area, unless political turmoil were to bring downSamaras’s pro-bailout coalition and pass power to radical leftistsor rightists.

Negotiations had been stalled over how Greece’s debt, forecastto peak at 190-200% of GDP in the coming two years, could be cutto a more bearable 120% by 2020.

The agreed figure fell slightly short of that goal, and the IMFinsisted that euro zone ministers should make a firm commit-ment to further steps to reduce the debt if Athens faithfully imple-ments its budget and reform programme.

Germany and its northern European allies have hitherto reject-ed any idea of forgiving official loans to Athens, but EU officialsbelieve that line may soften after next September’s German gen-eral election.

At Germany’s insistence, earmarked revenue and aid paymentswill go into a strengthened “segregated account” to ensure thatGreece services its debts.

Catalonia no major hiccup to Spain austerity driveThe secessionist drive in Catalonia is a political headache for

Spanish Prime Minister Mariano Rajoy but it is unlikely to derailhis austerity measures as the central government’s cash lifeline forthe region will force it to comply.

While Catalan parties that back a referendum for independencecontrol two thirds of the region’s parliament after Sunday’s elec-tions, the ruling Convergence and Union party, or CiU, lost groundand will depend on deals with other parties to pass budgets and leg-islation.

CiU leader Artur Mas had called early elections and campaignedon a pledge to push for a referendum on independence from Spain.He wants to negotiate a new system for sharing tax revenuesnationally because he says current rules drain Catalonia of funds itcould invest in its own economy.

The second biggest party in the Catalan parliament, the sepa-ratist Republican Left, or ERC, could try to block Mas’s plans forspending cuts to tackle a large deficit. But that will be difficultbecause Rajoy’s government has bailed out Catalonia twice thisyear.

First, the region received billions of euros in credit to get up-to-date on arrears in wages and payments to suppliers. Then Mas

asked Rajoy’s government for a 5 bln euros bailout to meet debtpayments. “Catalonia is taking money from the central govern-ment, and while that continues to be the case the margin for acomplete renegotiation of its fiscal position is small,” said SilvioPeruzzo at Nomura.

Catalonia, a major exporter, accounts for a fifth of Spain’s econ-omy. But it is the most indebted of Spain’s 17 regions and is shutout of capital markets. It was also the first to begin austerity meas-ures to try and regain access to funding, and hopes to gain morecontrol over its finances from Madrid.

Peruzzo said independence fervour was unlikely to disappearcompletely, but the failure of Mas’ CiU party to gain an absolutemajority would slow things down and postpone any calls for a ref-erendum on independence.

“For financial markets the result is not that bad as the questionof independence will soon be off the table and the focus will beonce again on fiscal consolidation measures and whether Spainwill request a bailout,” said Philippe Gudin, economist at Barclays.

Spain has delayed requesting a bailout after the announcementalone of a backstop for struggling euro zone states’ debt by theEuropean Central Bank helped to bring debt costs sharply down.

But they still remain at high levels. With potentially around250 bln euros to raise next year in financing, including funds forthe regions, analysts say a request for help from Spain is a mat-ter of time. Gudin at Barclays said it could come before the endof the year.

IMF warns Latvia about non-resident bank depositsThe International Monetary Fund has warned Latvia about the

growing amount of funds deposited in the country’s banks bynon-residents, which regulators say comes from Russia and otherformer Soviet states.

In an otherwise upbeat report on the economy of the smallBaltic state as it heads towards euro adoption in 2014, the IMFsaid the rise in non-resident deposits created risks.

“The rather rapid increase of non-resident deposits in thebanking system warrants vigilance,” the Fund said in a report afterits officials visited the country. The IMF and EU led a bailout of

Latvia worth 7.5 bln euros in late 2008.Latvia’s FKTK regulator has said deposits by non-residents

account for almost half the total in the bank system. Funds fromcrisis-hit Cyprus have expanded Latvian banks’ traditional role asa haven for depositors from Russia and other former Soviet states.

The IMF said the rise of such deposits created a risk to interna-tional reserves via sovereign backing for a deposit guaranteescheme, and was therefore a significant liability for the govern-ment. “The supervision of NRD (non-resident deposit) specialisedbanks should be sufficiently intensive and frequent given their rel-

atively higher risks,” the IMF added.The Fund said regulators had done well to set higher capital

requirements for banks specialising in such deposits, and that infuture a greater proportion of this capital should be held in moreliquid assets.

Such wariness is partly due to the 2008 failure of Parex bank,whose non-resident liabilities helped push Latvia into seeking abailout from the IMF and European Union and applying austeritymeasures that shrank the country’s economy by a quarterbetween 2008 and 2010.

November 28 - December 4, 2012FinancialMirror.com

CYPRUS | 3

Parliamentary brouhaha over bank loansl CoCos deal with BOCY in limbo

With the presidential election campaigning in full swing,political parties and their parliamentary deputies have finallyfound the time to deal with loans given to banking and pub-lic officials at privileged rates.

During a heated session of the House Ways and MeansCommittee, MPs demanded that all the loans afforded tobanking executives, board members, politicians and publicfigures, that enjoyed privileged or zero rates, or the ones thatwere written off to be published. But they were quickly shotdown by Attorney General Petros Clerides who said that itwould be impossible for the authorities and the commercialand Coop banks to disclose such information.

“Do you expect the Central Bank and the Ministry ofFinance to give out a list of all those who got a low interestloan from the Central Bank, Bank of Cyprus, Laiki, HellenicBank and the Coops of their villages? It is impossible to findout if the Agroos Cooperative gave a preferential-interest loanto the fourth niece of my mother-in-law. But you should alsoconsider that financial institutions may give lower-interestloans to whoever they deem as credible,” Clerides said.

Committee chairman Demetris Syllouris, leader of thecentre-right European Party (Evroko) suggested that itwould be better if all questions and allegations were put inwriting and forwarded to the relevant authorities for com-ment.

“The investigation should be extended to all banks. I willpropose at the next parliamentary leaders’ meeting that wehire experts to help with the investigation,” Syllouris said.

On the other hand, opposition DISY deputy KyriakosHadjiyiannis cast doubt overt the credibility of the bankingsector reviews being conducted by Pimco and Alvares andMarsal.

“One of the investigators had been and is presently with-in the circle of a person directly linked to the collapse of ourbanking system,” Hadjiyiannis said, adding that the non-per-forming loans at the Cooperatives should also be investigat-

ed fully, as well as their investments in Cyprus governmentbonds.

This fuelled the anger of the communist AKEL deputies,with Eirini Charalambidou suggesting that former central-banker Athanassios Orphanides, well known for his opposi-tion to the current government’s handling of public financesand the writedown of sovereign debt, had secured a loanworth “hundreds of thousands” of euros with zero interestfrom the Central Bank.

It is believed that Orphanides, who has been publiclyattached by President Christofias and the ruling AKEL partyfor his criticism of the administration’s handling of the econ-omy, may have had a clause in his employment contractallowing a low-interest loan, as required by the late formerPresident Tassos Papadopoulos.

As regards risky investments in foreign currency loans,especially in Swiss francs, the Central Bank’s deputy head ofSupervision, Argyro Prokopiou, told deputies that the centralbank has warned against such investments from 2006, advis-ing commercial banks and Coops to inform their clientsaccordingly.

COCOS TO EQUITY

But the matter in parliament quickly returned to the callfor a criminal inquiry into the banking crisis and how thou-sands of investors were duped into buying toxic securities,known as CoCos.

The same demand was made by Loizos Hadjicostis, headof the bank employees’ union ETYK during an earlier meet-ing with Syllouris at Evroko party headquarters.

The conclusion was that the matter should be allowed tolinger a while longer as lawyers for the Bank of Cyprus andLaiki Popular Bank are in consultation with the CentralBank, as well as the Association of Securities Holders, withthe aim of finding an amicable and workable solution.

Holders of some 1.4 bln euros worth of Bank of Cypruscontingent convertible notes (CoCo bonds) will probably seethe conversion of their securities into equity, with theapproval of the central bank, the Minsitry of Finance and theTroika negotiators.

The proposal is for the CoCos to be converted to BOCYshares at the current market price and bond holders to get a4% interest coupon from a support fund. The payout will beonce a year, probably every December, with the bankattempting to make a payment as soon as next month.

Such a solution would allow the bank to ringfence itsCoCos from the rest of any potential bailout that it wouldneed from the state to overcome the writedown of Greek sov-ereign bonds.

CoCos are slightly different to regular convertible bonds inthat the likelihood of the bonds converting to equity is “con-tingent” on a specified event, such as the stock price of thecompany exceeding a particular level for a certain period oftime, according to the Financial Times lexicon.

They carry a distinct accounting advantage as unlike otherkinds of convertible bonds, they do not have to be includedin a company’s diluted earnings per share until the bonds areeligible for conversion.

It is also a form of capital that regulators hope could helpbuttress a bank’s finances in times of stress.

CoCos are different to existing hybrids because they aredesigned to convert into shares if a pre-set trigger is breachedin order to provide a shock boost to capital levels and reas-sure investors more generally.

Hybrids, including CoCos, contain features of both debtand equity. They are intended to act as a cushion betweensenior bondholders and shareholders, who will suffer first ifcapital is lost, as was the case of Bank of Cyprus. The bondsusually allow a bank to either hold on to the capital past thefirst repayment date, or to skip paying interest coupons onthe notes.

November 28 - December 4, 2012 FinancialMirror.com

4 | CYPRUS

“We are close” to bailout, says TroikaNegotiators with the Troika of international lenders from

Brussels said that there was significant progress towards a bailoutdeal estimated at 17.5 bln euros.

A joint statement issued on Friday afternoon by the EuropeanCommission, the European Central Bank and the InternationalMonetary Fund refuted earlier government statements of a “donedeal” saying that their mission “has had productive discussionswith the Cypriot authorities on the policy building blocks of amacroeconomic adjustment programme.”

“The authorities and EC/ECB/ IMF teams made good progresstowards agreement on key policies to strengthen public finances,restore the health of the financial system, and strengthen compet-itiveness, so as to pave the way for the economy to return to sus-tained growth and financial stability,” the Troika statement said.“Discussions are expected to continue from respective headquar-ters with a view to making further progress toward a potential pro-gramme. The preliminary results of a bank due-diligence exercise,

expected in the next few weeks, will inform discussions betweenofficial lenders and Cyprus on financing solutions consistent withdebt sustainability.”

“There is convergence on the appropriate policy conditionality,but a final agreement including financing needs cannot bereached until there is more clarity on banks’ capital needs, follow-ing the due-diligence exercise,” one euro zone official with insightinto the talks was quoted by Reuters as saying.

A review on the state of Cypriot banks is expected by December3, when euro zone finance ministers meet again in Brussels andaim to decide on a programme for the government in Nicosia.

Once agreed, the bailout will make Cyprus the fourth eurozone country to get a sovereign rescue after Greece, Ireland andPortugal. Spain has been granted financial aid to recapitalise itsbanking sector, but Madrid has not so far asked for money to coverthe government’s needs.

The Troika negotiators left Cyprus on Thursday unable to con-

vince the communist-led government to agree to reforms in thenational pension fund, drastic cutbacks in public spending, theprivatization of profit-making utilities and establishing a wealthfund to manage future revenues from offshore gas explorations,which are not expected to come on line any time sooner than2018.

About 10 bln euros of the bailout amount will go towardsrecapitalising the island’s two main banks – Bank of Cyprus andthe recently-nationalised Cyprus Popular Bank – with the restexpected to roll over some 6 bln euros in government debt and 1.5bln euros to pay urgent government needs, such as civil servicewages and bonuses, less than three months away from the nextcrucial presidential elections.

Bailout reforms include increased contributions by private sec-tor employees, but proportionally higher taxation on civil servantswho have enjoyed tax-free benefits for decades and have con-tributed far less to the near-bankrupt Social Insurance Fund.

Gov’t wants €200 mln from Cyta, Ports Auth

The government plans to withdraw some 200 mln euros fromthe surplus at Cyta and the Ports Authority in order to cover itspayments for December, including civil service wages and pen-sions, as well as their 13th month bonus, a perk that many in theprivate sector do not enjoy.

The amount of 150 mln euros will be withdrawn from the sur-plus in the Cyta employees’ pension fund and 50 mln from thePorts Authority, with workers at the state telecoms companyreluctant to give up this amount.

Meanwhile, the government also wants to get a further 150mln in the form of a loan from the Social Insurance Fund, raisingthe total’s month’s needs to 350 mln euros.

Outbound travel still risingThe outbound travel market is still buoyant, with the Passengers’

Survey showing that in October 105,059 residents of Cyprus returnedfrom a trip abroad. This was 5.5% higher than the 99,601 recorded inOctober 2011.

In October 2012 there was an increase of 22.9% in the number oftrips of residents to Greece (from 27,816 in October 2011 to 34,196in October 2012) and a 5.3% increase in trips of residents to theUnited Kingdom (from 27,525 to 28,973 this year).

Europeana 1914-1918 wantsyour WW1 mementos

The Ministry of Education and Culture and the Cyprus Libraryand Europeana, Europe’s digital museum, library and archive, areorganising an “open day” at the Ministry’s Cultural Services buildingin Nicosia to collect personal stories and mementos from 1914-1918.The event will be open on Saturday and Sunday, from 10am to5.30pm at the Ifigenia Str. offices, where family memorabilia fromWW I will be doemnted, scanned and returned to the owners. Theparticipation of Cyprus in this war was significant, with 16,000Cypriots serving during the war, most of them as muleteers at theMacedonian front.

Families are urged to bring photographs, letters, diaries, or othermaterial from 1914-1918, together with the stories of who theybelonged to and why they are important to their families.

Historians and experts will be on hand to talk about the signifi-cance of finds, while staff from the Cyprus Library will digitise theobjects and upload them to the dedicated europeana1914-1918.euwebsite on the spot. For those who can’t get to the event in Nicosia,the Europeana 1914-1918 website gives advice on how to scan, pho-tograph and upload material at home: europeana1914-1918.eu/en/contributor

Income from shipmanagement tops €435 mln in H1 2012

Income from shipmagement in the first half of 2012reached 435 mln euros or 5% of the island’s gross domesticproduct, rising by 2% from last year as an indication of theshipping industry’s resilience despite the global financialcrisis.

Central Bank of Cyprus data showed that the shipman-agement sector’s contribution to GDP reached 4.9% in theprevious half, the highest figure in the last two years.

Thomas Kazakos, Director-General of the CyprusShipping Chamber said this was a “seemingly small butsteadily positive rise in the shipmanagement contributionto Cyprus’ GDP.”

“If we take into account the fact that world shipping isgoing through the most difficult stage of the last decades interms of low freight markets and the non-satisfactory fund-ing provision by the banks, the Cypriot shipping industry’sconstant and increasingly positive contribution to theeconomy demonstrates that the industry constitutes on ofthe key lifelines of Cyprus,” he told the Cyprus NewsAgency in an interview.

Central Bank figures suggest that Germany remains themain trading partner in this area, albeit its share in rev-enues dropped from 60% to 55% in the fist half of 2012.Among the countries with considerable shares in the rev-enues are Switzerland with 11%, Vietnam with 6%, Latviawith 4% as well as the Netherlands with 3%.

“The recent approval by the European Union of thenewly revised Cyprus tonnage tax system, which is regardedas one of the most competitive shipping tax systems in the

EU, has led to the increase registration of shipping compa-nies in Cyprus and as a result, of shipping revenues,” theCentral Bank report said, adding that “if this trend contin-ues, the size of the industry would increase further, placingCyprus even higher in the international shipping ranking.”

Furthermore, 96% of the shipmanagement services werefrom foreign flagged ships and only 4% of ships carried theCypriot flag.

Shipmanagement services include technical manage-ment, crew management and shipmanagement which inthe second half of 2012 accounted for 66% of revenues.Freight accounted for 17% and ship chartering for 9%,while other services such as funding and logistics account-ed for 7% of revenues.

Crew management fees accounted for 53% of the totalincome compared with 49% of the second half of 2011. Fullshipmanagement services declined to 39% compared with41% in the second half of 2011. Technical managementdeclined to 8% of the revenues.

In terms of revenues by the country of the beneficialowner, Germany once more had the lion’s share with 64%followed by the Netherlands which trails by a large marginwith 6%, and Curacao, Marshal Islands with 4%.

The sector’s accrued expenses in the first half of 2012reached 362 mln euros, down 2% from 371 mln in the pre-vious half. A total of 54% of the expenses concerned crewearnings (26% to non EU citizens and 18% to EU citizens).Apart from crew wages, 23% concerned shipmanagementfees and the remaining 23% was for administrative fees.

Taxman says revenue down 1% in Jan-Octl 5% less from civil servants

The Inland Revenue Department (IRD) said tax collectionin the first ten months of the year was down 1% or 10.06 mlneuros, compared to a drop of 4% or 60.09 mln in the ninemonths to September, due to a spectacular year-on-year riseof 37% or 50 mln in October.

Total tax collection in January-October reached 1.57 blneuros, compared to 1.58 bln in the same period last year.

According to IRD data, tax collection in January-October2012 from civil servants and the broader public sector saw adrop of 5% and reached 164.78 mln from 173.53 mln in thesame period of 2011.

The revenue from the income tax of private sectoremployees saw a rise of 4% during the first ten months of2012, reaching 297.18 mln from 286.62 mln a year earlier,while income tax collection of self-employed personsrecorded an increase of 59% to 72.12 mln euros from 45.28mln in the same period of 2011.

Corporate tax payments dropped in the first ten monthsby 3% to 547.40 mln euros from 566.23 mln in the sameperiod of 2011.

Furthermore, IRD revenues from the extraordinarycontribution to defence dropped 3% to 351.27 mln eurosfrom 363.07 mln during the same 10-month period last year,while collection from various other taxes rose by 58% to 5.96mln, compared to 3.78 mln in the same period of 2011.

Capital gains tax saw a significant drop of 22% to 47.20mln euros from 60.46 mln in 2011.

IRD income from stamps saw a 15% drop to 30.03 mlneuros, while the collection from other charges dropped by53% to 20.32 mln. Property tax saw an increase of 85% to20.94 mln euros from 11.34 mln in Jan-Oct 2011.

Total revenues also include 18.95 mln euros from theextraordinary contribution of the private and public sector, aswell as 3.59 mln from the public sector for pensions.

November 28 - December 4, 2012FinancialMirror.com

CYPRUS | 5

The Cyprus EU Council Presidency has no doubt thatthe EU Commission’s water blueprint will become a use-ful instrument in the quest to ensure the sustainabilityof all activities that impact water, Agriculture andNatural Resources Minister Sofoclis Aletraris has said.

Addressing the opening of the EU Water BlueprintConference in Nicosia, he said “we have fully supportedthe Commission’s initiative by holding discussions onthe issue during the Informal Meeting ofMinisters for the Environment and ClimateChange held in Nicosia last July”.

“We will spare no effort to prepare theground for placing before the DecemberEnvironment Council a proposal for rele-vant Council Conclusions”. In Brussels, hesaid, “we have already initiated the processto negotiate the relevant text”.

Aletraris noted that the topics of the con-ference “are also vital for Cyprus, wherewater scarcity is a very serious problem”.

“Despite the construction of many waterreservoirs since 1960, the long and frequentperiods of droughts proved that storingrainwater into reservoirs only allows short-term planning and is not a sustainable long-term solution”, he said.

Aletraris also said that attention has been paid to theuse of recycled water for the irrigation of agriculturalcrops and the recharge of aquifers, thus freeing fordomestic use an equal amount of good quality water.

He further outlined other measures taken by Cyprussuch as awareness-raising, metering of water consump-tion and water charges on a volumetric basis, pro-grammes to reduce distribution losses, improved on-farm irrigation systems, as well as measures to promotea water-saving culture and efficiency of water use.

Aletraris told a press briefing that despite progress,Europe is still faced with considerable challenges such asthe pollution of water resources, degradation of hydro-morphology, over-abstraction and the decline in soilorganic matter, which impact negatively on fresh waterecosystems, human health and economic activities.

EU Commissioner for the Environment JanezPoto?nick added that “right now less than 50% ofEurope?s waters are on track to reach a healthy state”.

The EU Commission’s water blueprint, he explained,is to direct efforts to meet the challenges.

?Our ultimate aim is to ensure that a sufficient quan-tity of good quality water is available for peoples’ needs,the economy and the environment throughout the EU”.

The blueprint, Poto?nick noted, contains numerousconcrete proposals for the better implementation of EUwater legislation, more and better integration of water inother policies’ objectives and some completion of cur-rent policy framework

So, he said, “something better, something more andsomething new”.

The EU Commission proposes inter alia to take waterbalances, ecological flow and water efficiency targets intoaccount when implementing current water legislation,to develop a common methodology for cost recovery cal-culation on water pricing, to facilitate green infrastruc-ture, to streamline water management priorities in EUstructural funds and European Investment Bank loansand to create new legislation on water efficiency in build-ings and water use.

EU eyes Water Blueprint for better quality of life

Commission redrafts 2013 EUbudget, numbers stay the samel Sticks with €137 bln total for next year

The European Commission submitted a new propos-al on Monday for the European Union’s 2013 budget, justdays after the bloc’s leaders failed to agree a separatelong-term spending plan for 2014-2020.

The revised 2013 budget blueprint is virtuallyunchanged from the Commission’s original proposal,which earlier this month failed to win the joint backingof EU governments and lawmakers needed for approval.

European Parliament negotiators boycotted talks withEU governments to finalise the 137 bln euro budget fornext year, after member states refused to first approve alast-minute request for more funds in 2012.

Many northern European countries that contributemost to the bloc’s budget have been angered by demandsfor above-inflation increases in future EU spending,which they say fly in the face of budget cuts and austeri-ty policies being implemented at home.

Failure to agree on the 2013 budget created uncer-tainty in future EU finances, amplified last Friday whenleaders were unable to reach a compromise on a budgetframework for 2014-2020, delaying a decision until nextyear.

A revised 2013 budget plan must now be agreed bythe end of this year to avoid triggering an arrangementwhere the total for 2012 is rolled over and paid out in 12monthly instalments, which would cause chaos in sever-al areas of EU spending.

But governments are likely to remain opposed to theproposed 137.8 bln euro limit on EU payments for nextyear, which is only 126 mln less than the Commission’soriginal plan and represents an increase of almost 7%from 2012.

Negotiators from the European Parliament supportthe Commission’s 2013 blueprint and its request for anextra 9 bln euros in funding for this year, which it says isneeded to meet funding commitments for EU publicworks and education programmes.

The 2013 budget dispute has extra significance in thatif there were to be no deal on the EU’s long-term finan-cial framework by 2014, next year’s spending would bethe basis for subsequent annual budgets until agreementwas reached.

Unlike national governments, the EU cannot borrowto finance a deficit and must ensure its books are bal-anced each year.

The Union agrees in advance its maximum futurespending levels for all areas of policy and administrationin seven-year budget plans. Actual spending is then fixedannually in a budget for the year ahead, with later revi-sions to cover any unforeseen spending.

About three-quarters of the bloc’s annual budget isspent on agricultural subsidies and motorways, bridgesand other infrastructure projects in poorer eastern andsouthern European member countries.

Industrial turnover inches up, but only owing to Mari effect

The industrial turnover index reached 111.7 in August (base 2005=100),recording an increase of 0.8% compared with August 2011.

However, the increase in the overall index was entirely the result of a26.8% jump in electricity turnover in August. This in turn must be relatedto electricity price hikes imposed after the ammunitions blast in July 2011that blew out the main power station and led to massive price levies on con-sumers.

Manufacturing turnover, by contrast, dropped by 5% over the year earli-er in August 2012, while mining and quarrying, which is heavily reliant onthe building sector, fell by 50.5%.

For the period January-August 2012, total industrial turnover was alsodown, falling by 1.9% compared with the same period of the previous year.

Meanwhile, the price index of construction materials in October fell by0.32% over the previous month. In January - October 2012, the index roseby 0.49% compared with the same period of 2011.

Retail trade slides provisional 5.4% in SepRetail trade volumes slumped by 5.4% over the year earlier in September

according to provisional figures, having dropped by 2.9% in August and 6.7%in July. The main fall came from electrical goods and furniture, which fellcompared with the year earlier period by 20.9%, followed by automotive fuelin specialised stores, which fell by 12.6%.

For the first nine months of the year retail trade is provisionally estimat-ed to have fallen by 3.6%.

Meanwhile, retail sales values excluding auto fuels are provisionally esti-mated to have fallen by 2.3% over the year earlier in September and by 2% inthe first nine months of the year.

The collapse in consumer demand is also reflected in registrations ofmotor vehicles, which dropped by 34.5% over the year earlier in October to1,903.

In January-October 2012, motor registrations dropped by 27.3% over theyear earlier to 22,511, having fallen by 17.6% in the whole of 2011.

Private saloon cars fell in the first ten months by 24.7%.

Road transport slumps 18.8%

There has also been a slump in road transport, which fell by 18.8% inApril-June 2012 compared with the corresponding period of 2011 accordingto the Statistical Service.

International road transport dropped by by 36.2% in April-June 2012compared with the corresponding period of 2011.

At last, Cyprus agrees to bailout but road ahead is difficultAt last the Cyprus government and representatives of the

European Commission, the European Central Bank and theIMF – the Troika – agreed to a bailout programme, the details ofwhich will be finalized once the interim results of the duediligence into the bank loan portfolios are known.

Pimco is expected to deliver its final report on the loanportfolios of the banks by early December, after which the twoparties will determine the exact amount that Cyprus banks willneed to be recapitalized. The initial estimate of EUR 10 bln hasbeen lowered to EUR 7 bln, which will be in addition to the EUR1.8 bln already pledged by the government to Cyprus PopularBank.

Once the size of the bank recapitalization is known, theamount will be added to the EUR 6 bln that Cyprus needs torollover maturing debt until 2016, plus an additional EUR 1.5bln to fund deficits. All in all, it is hoped that the new loanamount will not push the overall debt rate from the current 87%of GDP to beyond 120%, since in that situation the IMF may bereluctant to join.

In the meantime, the final agreement will go before the nextEurogroup meeting, expected by mid-December after whichseven eurozone parliaments will also need to ratify the accord,including the German, Dutch and Finish parliaments.

This is where things could become difficult for Cyprus.The Finish parliament and government will most likely ask

for separate guarantees from Cyprus as they did when theyjoined the loan programme for Greece, Ireland and Portugal. Itwill be interesting to see what guarantees Cyprus will provide toFinland.

The Germans and the Dutch will most probably make a lot ofnoise about our tax regime and supposedly relaxed anti-moneylaundering measures, but if we stand on our ground like theIrish did, the noises will eventually die down.

Once the loan is agreed and the first portion is provided inJanuary 2013, after that Cyprus will have to undertake strictimplementation of the accord and undergo supervision by theTroika on how the cost reduction and revenue raising targets arebeing met.

If, as expected, the recession becomes deeper, then the newgovernment will be obliged to follow with additional cost cuttingmeasures, which is the case with Greece. This is because of thefoot-dragging that the Christofias government did in its attemptto win non-productive and unnecessary labour privileges tosatisfy the unions.

For example, the insistence to keep the 13th salary is such awaste of resources and is totally unproductive. With 80% of civilservants not performing their mandatory duties in the firstplace, why would the government fight to give them an extramonth’s pay in this difficult environment is anybody’s guess.

The pay cuts should have been enforced from 1 January 2013

and not over the next years. The extension of the working hours ofthe civil service, the social security formula, increased pensioncontributions, the introduction of tax on emoluments received onretirement and every other agreement should have beenimplemented from day one to achieve the cost-savings, reduce thedeficit and borrowing needs and not stretched over several years.

Cyprus has taken a difficult pill with the preliminaryagreement to sign the bailout programme, but with the state ofthe economy in such a mess and with the half-measures passedunder the Christofias government, most probably this time nextyear we shall be talking about the need for a second bailout.

shavasb@eurivex.com

(Eurivex Ltd. is a Cyprus Investment Firm, authorized andregulated by CySEC, license #114/10 and approved by theCyprus Stock Exchange to act as Nomad for listings on theEmerging Companies Market. The views expressed above are personal and do not bind the company and are subject to change without notice)

November 28 - December 4, 2012 FinancialMirror.com

6 | OPINION

Did we need the Troika experts to tell us that we havea wide gap between civil servants’ wages and private sec-tor employees? Has the recent Labour Force Survey notshown that this disparity is not shrinking but consis-tently growing?

Perhaps the only good thing coming out of the exhaus-tive audit of all our public finances, as conducted by theinvestigators from the EU, ECB and IMF, is that we haveovercome the taboos of talking about reward vis-à-vis pro-ductivity. This has now come to the fore and is no longer anissue of conflict between employers and militant tradeunions.

Those government employees who are nearing retire-ment age have already done their math; they know whatthey will get and when, how much will be deducted and thelevel of their monthly take, with the annual incrementsalready factored in. Which is why the number of “prema-ture” retirements we saw this year will probably continue torise, making way for a leaner civil service, where pay will bedirectly related to output, and not on the self-grading sys-tem where everyone gets an “excellent” assessment. This,in turn, will make government jobs more sought-after formid-level positions, where some posts will even be contract-based and not for life, becoming more attractive to ouryoung university graduates.

Entry-level jobs for menial duties (clerical work, officeadmin, etc.) should have been reduced or abolished a long

time ago if Cyprus had ever been keen to introduce moreonline services or a one-stop-shop approach for manybureaucratic procedures, while many more jobs will be out-sourced to the private sector, where labour demand too willrise. Benefits and perks will be reduced and contributions inthe form of income tax and social insurance will rise, mak-ing a government job less attractive for favoritism. In otherwords, the old-boy-network of ‘to meson’ will eventuallyeclipse on its own and some people will, at last, be hired onmerit.

If, and only if, we actually keep our part of the bargain andreforms are implemented in the public sector, will we seethese idyllic changes that will make the civil service anattractive employment opportunity. And then, we will seepay scales leveling between the private and the public sector.

EDITORIAL

A fair labour market from 2014 onwards?

PPuubblliisshheedd eevveerryy WWeeddnneessddaayy bbyyFFiinnaanncciiaall MMiirrrroorr LLttdd..

wwwwww..ffiinnaanncciiaallmmiirrrroorr..ccoomm

TTeell.. 2222 667788 666666 FFaaxx.. 2222 667788 666644PP..OO.. BBooxx 1166007777,, CCYY22008855 NNiiccoossiiaa

PPuubblliisshheerr//MMaannaaggiinngg EEddiittoorr Masis der Parthoghmmaassiiss@@ffiinnaanncciiaallmmiirrrroorr..ccoomm

GGrreeeekk SSeeccttiioonn EEddiittoorr Angela Komodromouaannggeellaakk@@ffiinnaanncciiaallmmiirrrroorr..ccoomm

EEddiittoorriiaall ssuubbmmiissssiioonnss::iinnffoo@@ffiinnaanncciiaallmmiirrrroorr..ccoomm

AAddvveerrttiissiinngg iinnqquuiirriieess::mmaarrkkeettiinngg@@ffiinnaanncciiaallmmiirrrroorr..ccoomm

SSuubbssccrriippttiioonnss::hhttttpp::////wwwwww..ffiinnaanncciiaallmmiirrrroorr..ccoomm//ssiiggnnuupp//iinnddeexx..hhttmmll

FinancialMirror

Fraud occurs all the time

Fraud occurs at the workplace not only in periods of crisis butalso in periods of rapid growth. In particular, financial institu-tions are more vulnerable to fraud than any other companysince it can happen from a simple clerk that handles money toan executive whose bonus is connected to a company’s profits.

On the one hand, it is clear that from the first category ofemployees, the loss from fraud can be easily traced and usuallydoesn’t threat a company’s viability. On the other hand, fraudfrom executives who have extreme power to take investment orpolicy decisions are harder to trace. The reason for that (harderto trace) is the limited access to information that the FraudExaminer might have. The usual excuse is that the informationis considered to be confidential.

Usually the checks-and-balances rule for those CEOs doesn’tapply since their investment or policy decisions are usuallyderived from a team that was set up by them, or from a Board ofDirectors which is weak in knowledge or they have no will tobring in people that have the qualifications to analyse the viabil-ity of the project or the outcome of their proposed policies. Inrecent years the biggest fraud has come from CEOs and its usu-

ally non-reversible since it can threat a company’s viability. It’salso hard to trace since the outcome of the investment or pro-posed policies cannot be calculated in early years.

As we all know, a lot of financial institutions have faced prob-lems with excess liquidity and compromised their survival bycutting short the lending criteria or proposed investments thatwould bring in short term profits. In the short term, bad loansproved to be extremely profitable (in accounting terms) to theinstitutions. What does this really mean? A bundle of cash intoa CEOs or senior executive’s pockets since their contracts wererelated to profits. Usually these CEOs and top execs resign afterproblems occur from non performing loans or bad investments.

In short, financial institutions should choose to introduceharder measures preventing fraud that arise from their highexecutives and CEOs. A simple step is to drop the bonus sys-tem which is connected to short term profits. The CEO’s con-tracts that are employed in the financial sector should changeand should NOT be connected to a bonus system based on thecompany’s profits. The contracts and the bonus schemeshould be connected to other parameters that directly affectthe long term viability of the institution such as: non-perform-ing loans (NPLs), introduction of technology, productivity,expenses, etc. These parameters will sound awkward to stock-holders but they will eventually understand that the stabilityand increase of their stock value and also the annual return(dividend) depend on the above parameters which are, at theend, the most important.

NNoo ppaarrtt ooff tthhee FFiinnaanncciiaall MMiirrrroorrnneewwssppaappeerr,, tthhee GGrreeeekk--llaanngguuaaggee XXÚÚ‹‹ÌÌ··&& AAÁÁÔÔÚÚ¿¿,, tthhee ddaaiillyy XXpprreessss--OOIIKKOONNOOMMIIKKHH eelleeccttrroonniicc PPDDFF eeddiittiioonn oorr

aannyy ooff tthhee ccoonntteennttss ooff tthhee wweebbssiitteewwwwww..ffiinnaanncciiaallmmiirrrroorr..ccoomm,, mmaayy bbeerreepprroodduucceedd,, ssttoorreedd iinn aa rreettrriieevvaallssyysstteemm oorr ttrraannssmmiitttteedd iinn aannyy ffoorrmm oorrbbyy aannyy mmeeaannss ((eelleeccttrroonniicc,, mmeecchhaanniiccaallpphhoottooccooppyyiinngg,, rreeccoorrddiinngg oorr ootthheerrwwiissee))wwiitthhoouutt pprriioorr ppeerrmmiissssiioonn ooff tthhee

ppuubblliisshheerrss.. AAnnyy ppeerrssoonn oorr ccoommppaannyyffoouunndd iinn vviioollaattiioonn wwiillll bbee pprroosseeccuutteeddaanndd ffiinnaanncciiaall ddaammaaggeess wwiillll bbee ssoouugghhttaass tthhiiss iimmpplliieess tthheefftt ooff tthhee iinntteelllleeccttuuaallpprrooppeerrttyy rriigghhttss ooff tthhee ppuubblliisshheerrss,, tthheeiirraassssoocciiaatteess aanndd ccoonnttrriibbuuttiinngg sseerrvviicceessoorr aaggeenncciieess..

COPYRIGHT©©

By Shavasb Bohdjalian

By Xenios KonomisBBA Accounting, MBA Finance, Associate Member of Certified Fraud Examiners (ACFE)

Certified Investment Advisor and CEO of Eurivex Ltd.

An agreement with the troika was reached at last and abailout will be signed ending the uncertainty that crippled theCyprus economy for months. While many have received thenews with a sigh of relief, the hard part begins now, and I amnot referring to the remaining steps, approval by the three troi-ka members, the Euro Group and several national parliaments.First we should take stock of how we got into this deep wholeand how selfishly and immaturely we acted in trying to find away out, not to fix blame but to establish how not to do it fromnow on. As Einstein warned us “we cannot solve our problemsby doing the same things we did when we created them in thefirst place”

For the last few weeks, like rats on a sinking ship we scur-ried around to the last second to salvage whatever could be sal-vaged: our salaries, our privileges, our pension funds, our lowcorporate tax, our natural gas, our sovereignty, our dignity… .It has not been a pretty picture.

We are still wondering aloud: who took away our economicmiracle, our wealth and our pride? In the past eight years wehave managed so much. We rejected an unjust solution to ournational problem. We were admitted into the EU despite ourunsolved political problem. We entered the Euro zone, eventhough we were totally unprepared for it. We established ourexclusive economic zone and discovered vast quantities of nat-ural gas despite the relentless threats from Turkey.

Above all, we achieved a level of prosperity that was unthink-able a few years ago at a pace which was unprecedented evenby world standards. In less than a generation we have exceededthe American dream of owning a home with a two-car garage;we own mansions and summer homes and three or four luxu-ry cars. Only a couple of years ago, banks were begging us toborrow more money from them to buy more property, to investin more luxury, to send our kids to the most expensive schoolsabroad and to go on vacations to distant lands. We amassed allthis and we were counting on more. And how did we do it?Simple! We did it by pursuing the Cyprus Dream of getting ajob in the public sector and huge loans from banks we did notintend to pay back.

Suddenly, the party came to an end. No public sector jobsfor our offspring. No easy loans for our luxuries, not even forour necessities. Even our “kektimena” (acquired privileges) ofgenerous allowances, secure jobs, short hours, 13th salaries,and the untaxed large lump-sum at retirement are vanishingbefore our eyes. Where did it all go? “Who moved our cheese?”,we wonder along the lines of the famous book by SpenserJohnson. It can not be for real. It is just a bad dream, a stormthat soon will pass and the good old days will return.

This is probably the worse we can do the day after we signthe bailout: take the bitter medicine (or worse pretend that weare taking it) and sit out the storm counting on fast recovery onaccount of the bailout. No placebo effect here!

Letter and Spirit of AgreementFirst of all we should not – in the time-honoured Greek

tradition of signing and not honouring our signature – avoidimplementing the letter and the spirit of our agreement withthe Troika. If we do, the clauses in the bailout will be put intoeffect and tougher medicine would apply and a second harsh-er bailout is not far off. Worse yet, we would have lost what-ever credibility we have left after the tortuous fits and starts ofthe bailout negotiations. This is not a loan from a friendly

Cyprus banker, counting on a big bonus, to buy a summermansion; a loan which we don’t intend to repay counting onthe inability or unwillingness of the bank to confiscate theproperty we put as collateral.

Second, we should not rely on the bailout to get us out ofthe recession and back to economic health and growth.Apparently this was never the intention of our lenders. Norhave we, the borrowers, demanded it to be part of the bailout,except in vague populist declarations for vote grabbing. Thelenders are giving us a huge loan in relation to our size, and allthey have done is to ensure that they will get their moneyback. It is that simple. This is the largest bailout in history asa percentage of the troubled country’s Gross National Product(GNP). The ?17.5 billion loan is 100% of our GNP! It is a first.

In fact, the troika gave plenty of signs that they do not trustthat we will be able to grow sufficiently out of the slump torepay our loan from tax revenues. They know from their expe-rience in Greece and elsewhere: their measures alone willdeepen the recession and enlarge the hole, necessitating a sec-ond bailout. This is why they laid claim on the revenues fromnatural gas and insisted that we sell public enterprises likeCYTA; these are revenues that do not depend on the growth ofthe Cyprus economy. At best, the bailout gives a temporaryrelief to our cash-strapped government and the banks andbuys us time to formulate and put in place measures that willraise the productivity of the public sector and the competitive-ness of the private sector, measures we should have takenyears ago but we failed to take, ending up in this predicament.

What are these measures?1. WAGES VS. PRODUCTIVITY: First and foremost, we

need to re-establish the broken link between salaries and pro-ductivity in the public sector and the economy as a whole, byintroducing one of the many existing systems of measuringproductivity since whatever is not measured cannot beimproved; civil servants should then be assessed and paidaccording to their productivity. This would create powerful

incentives for raising productivity, reducing waste and cuttingunnecessary cost. It is not only that the public sector is full offat and perverse incentives that raise costs and lower produc-tivity in the public sector itself, it is also that inefficiencies inthe public sector raise the cost of doing business in the privatesector through red tape, delays, unnecessary costs and highertaxes. The introduction of electronic government throughoutthe public sector can reduce costs as much as 30% based onother country experience.

2. CUT RED TAPE: Second, we must reduce the cost ofdoing business by simplifying procedures, cutting bureaucra-cy, reducing the cost of electricity and capital and increasingthe flexibility of the labour market by introducing theScandinavian system of job “flexsecurity”. We must encourageinnovative business to invest and expand beyond our bordersthrough tax incentives for research and development andemployment of unemployed university graduates.

3. INNOVATION AND ENTREPRENEURSHIP: Third, wemust promote creativity, innovation and entrepreneurshipthroughout our educational system, from kindergarten to uni-versity. We should pass a legal framework about angel fundsand venture capital and proceed to create such funds toencourage entrepreneurial risk-taking and finance businessstart-ups. We should turn our thousands of loafing soldiersand thousands more of unemployed university graduates intothe country’s innovation and entrepreneurial workforce, tak-ing a page from the Israeli experience. Indeed, we shouldexpand our collaboration with Israel, the world’s “start-upnation” beyond energy to innovation and entrepreneurship.We should stop wasting the time and energy of our youth indemeaning inactivity and depression and begin putting theminto the task of rebuilding our economy and our countrythrough business ventures, social work and voluntarism.

4. WHERE’S THE TASK FORCE? Fourth, an independ-ent “Development and Competitiveness Commission” or TaskForce must be urgently created to identify constraints to berelaxed and opportunities to be tapped to re-energise theCyprus economy and formulate an action plan for the next 3-5 years to offset the recessionary effects of the troika bailoutmeasures. There are limitless opportunities in all sectors, fromservices and energy to tourism and agriculture that remainuntapped for lack of vision, strategy, institutional framework,and incentives that don’t cost any money. I will be presentingsome of these opportunities in a open talk on “The CyprusEconomy Downturn: What Can We do to Reverse It?” onThursday, 29 November, at 7pm at Neapolis University ofPaphos, organised by the Paphos-Aphrodite Rotary Club.

Dr. Theodore Panayotou is Director of CIIM and formerProfessor of Economics and the Environment at HarvardUniversity. He served as consultant to the UN and togovernments in the U.S., China, Russia, Brazil, Mexico andCyprus. He has published extensively and was recognized forhis contribution to the Intergovernmental Committee onClimate Change that won the Nobel Peace Prize in 2007.

FinancialMirror.com

COMMENT | 7

November 28 - December 4, 2012

Bailout: a Relief not a Panaceal How to avoid a 2nd bailout, a haircut and eventual bankruptcy

World economies strive to meet the unprecedented chal-lenges of 2020 by employing inadequate tools and practicesfrom an earlier era, designed for different settings. This deepensthe economic crisis, since the limited and valuable resourcesare not being utilised in the most efficient and effective manner.The economic depression and the multiple challenges facingour planet have created a new reality – everything has changed.In today’s shifting landscape we need cutting edge tools.

“Deck of Innovations” is the first creativity–based strategytool compatible with the new innovation models (OpenInnovation, Frugal Innovation) and the new forms of innova-tion (Disruptive Innovation, Radical Efficiency, ValueInnovation). This new multi–tool catalyses innovation in theTriangle of Knowledge by: a) connecting education with thelabor market, and, b) covering the full innovation cycle, fromresearch to retail.

“Deck of Innovations” enhances simultaneously all the typesof innovation: cutting–edge product and processes, organisa-

tional – innovation culture and creative marketing. In this cre-ative context – characterised by collaboration, co–creation andchange – all innovation actors participate actively (manage-ment, employees, partners, suppliers, customers–users–citi-zens, policy makers, public sector, enterprises, researchers, uni-versities and society).

“Deck of Innovations” is unique in its ability to accelerategrowth and recovery by advancing simultaneously both innova-tion effects: 1. Improving efficiency – productivity – competi-

tiveness. 2. Creating new markets for existing products and newproducts for new markets.

The concept connects creative excellence with commercialsuccess through the creative industries. The mass media havea pivotal role to play in the diffusion of this innovation.

The catholic, systematic and timely application of this newstrategic tool would drive world economies out of the crisis in2013. For EU member states facing fiscal constraints, likeCyprus and Greece, “Deck of Innovations” constitutes a power-ful tool towards growth and recovery, by developing radicallyefficient services (public sector) and by creating new marketsand new jobs (high growth companies), in conjunction withthe necessary structural reforms put forward by the Troika.

In summary, “Deck of Innovations” has a two–prongedstrategy: 1. Reinvent for the recession and beyond, to achievesignificantly better outcomes at significantly lower cost –whether provided by the public, private or voluntary sectors. 2.Create a concept innovation for high growth companies.

Rethinking Innovation

By Theodore PanayotouDirector, Cyprus International

Institute of Management

By Nicos G. SykasStrategy and

Communications Consultant

Should Europe Emulate the US?

November 28 - December 4, 2012 FinancialMirror.com

Paul Krugman, the Princeton University economist and blog-ger, recently summarized diverging transatlantic trends as fol-lows: “Better here, worse there.” It is a shocking observation: asrecently as in 2009, European politicians and commentatorslambasted the US for being at the root of the financial turmoiland hailed the euro for protecting the continent from it.

Unfortunately for Europe’s boosters, the facts are unambigu-ous. According to the European Commission, US per capita GDPis expected to return to its 2007 level next year, whereas it isexpected to remain 3% below that level in the eurozone.

Likewise, unemployment was roughly the same on both sidesof the Atlantic in 2009-2010, but it is now almost four percent-age points lower in the US. Capital expenditure in the US isrecovering more strongly, and exports are picking up. Eveninflation is likely to be lower in America than in Europe this year.

The one area where Europe is posting better results is publicfinances. In 2012, the aggregate fiscal deficit in the eurozone isexpected to be slightly above 3% of GDP, compared to more than8% in the US.

There are two competing explanations for Europe’s relativemalaise. One is the claim that Europe is paying the price of mis-guided austerity. The other is that the US, too, will eventuallyface its day of fiscal reckoning, and that Europe had no choicebut to start it earlier: as the euro crisis demonstrates, thingswould have been worse had austerity been postponed.

There is truth in both views, but both overlook an importantpart of the story. In the aftermath of the Great Recession, the USand Europe (including the United Kingdom) adopted oppositestrategies. President Barack Obama’s administration and the USFederal Reserve gave priority to healing the private sector. Afterexpeditiously restoring confidence in the banks by forcing themto undergo severe stress tests, they gave households time torepair their balance sheets. The task for economic policy was to

compensate for the resulting shortfall in private demand untilhouseholds eventually recovered. Fiscal consolidation was puton hold (although some did occur, owing to the balanced-budg-et rules of most US states), and monetary policy was gearedtoward flattening the yield curve.

Europe, by contrast, put early emphasis on restoring fiscalsustainability, but neglected its private-sector maladies. As earlyas the second half of 2009 – that is, before bond markets got nerv-ous – policymakers’ top priority was to find the exit from fiscalstimulus. Private-sector problems were overlooked on the wayout. Banks, for example, were said to be in good shape, whereasseveral were barely solvent. Households were assumed to beready to consume, although, in Spain and elsewhere, many wereover-indebted. And labor-hoarding was encouraged at theexpense of productivity and profitability.

As a result, Europe emerged from the recession with too manyzombie banks, wounded households, and struggling companies.In Germany, the private economy was fit enough to recover, butthis was less true in southern Europe or even France.

The UK, which has not suffered directly from the euro crisis,is an interesting test, for it also followed the European strategy.Instead of the productivity surge experienced in the US, it hasgone through a sort of productivity holiday, with serious conse-

quences. The Bank of England’s latest Inflation Report reckonsthat UK productivity is 10% below pre-crisis trends, owing to lowinvestment and a slowdown of the Schumpeterian process of cre-ative destruction. As in continental Europe, productivity has suf-fered from a combination of insufficient profitability and dysfunc-tional capital markets. Unit labor costs have risen, and potentialoutput growth has fallen.

Neglect of the private sector has left Europe in a sad quandary.On the supply side, permanently lower output makes fiscaladjustment even more compulsory; but, on the demand side, aweak private economy lacks the resilience needed to weather fis-cal retrenchment.

At this stage, struggling European countries evidently cannotafford to put public-sector adjustment on hold to concentrate onprivate-sector balance sheets. Nor should they take inspirationfrom America’s “fiscal cliff” theater. Nonetheless, the USapproach holds three lessons.

First, banking-sector repair should be policymakers’ top pri-ority wherever it has not been completed. Second, the pace ofconsolidation should remain moderate as long as privatedemand remains constrained by deleveraging or credit restric-tions. Finally, attention should be paid to the balance betweenfiscal tightening and supply-side reforms: whenever appropri-ate, more priority should be given to the latter than has beenthe case so far.

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

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

8 | CΟΜΜΕΝΤ

Arab females outperform male students in S&TlYet are less likely than men to pursue a career in science and technology, says EIU

As part of wide-ranging ambitions to create knowledge-basedeconomies, Arab governments are fostering growth in scienceand technology (S&T). In doing so, the region is increasinglyacknowledging the role of women in securing a sustainable eco-nomic future.

According to Accelerating growth: Women in science andtechnology in the Arab Middle East, a new report by theEconomist Intelligence Unit, sponsored by the AdvancedTechnology Investment Company (ATIC), significant challengesstill need to be overcome, however. ATIC, a Mubadala company,was created in 2008 to position Abu Dhabi as a global force in theadvanced technology industry.

While young women are increasingly participating in scienceand technology programmes at school and university, there isroom for further improvement in education standards overall, thereport found.

Other key conclusions of the report include:

S&T critical in creating the future economies. To providejobs for large, youthful populations, many countries in the MiddleEast have ambitious plans to create knowledge-based societies.Currently, Arab countries rank between 42nd and 122nd in termsof the sophistication of their knowledge economies, according tothe World Bank.

Women scientists and technologists are key to economictransformation. As Arab leaders target long-term economic devel-opment on the basis of human capital, they recognise that half ofthat human capital cannot be left idle. Encouraging more womento participate in science and technology would boost regional pro-ductivity and strengthen its long-term economic prospects.

Education reform must continue apace. Despite ongoingeducational reform, there is room for improvement. Experts saythat education needs to focus more on science, technology,mathematics and foreign languages; and that students need toget excited about science at an early age.

Female participation in S&T education is strong. Youngwomen are achieving better grades than their male counterpartsin science and technology at school. In fact, more Arab womenthan men are now enrolling for science degrees at university—and completing the courses successfully.

A disconnect remains between scientific education and thelabour market for women. After completing tertiary scientificeducation, women are less likely than men to pursue a career inthat field.

Initiatives are needed to motivate women scientists. Oneway to eliminate this difficulty is to lift barriers to greater partici-pation of women in science. Employers can introduce policiessuch as parental leave and flexible shifts. Collaboration betweenindustry and academia, mentoring initiatives, and conferencesand workshops can also play an important role.

The EIU report is available free of charge at:www.managementthinking.eiu.com/acceleratinggrowth.html

By Jean Pisani-Ferry

Germany’s female board quota plan stalledGerman Family Affairs Minister Kristina Schroeder does not

expect her proposed flexible quota for women in managementpositions to be passed into law before federal elections next yeardue to opposition from within the coalition.

Schroeder has opposed a legal, fixed quota to shatter the glassceiling but nearly two years ago proposed a so-called flexiblequota legally obliging companies to set their own benchmarks.Sanctions would be imposed if they missed them.

Corporate management is still heavily dominated by men inGermany, Europe’s largest economy. Today only 4% of topGerman managers are female versus an OECD average of 10%.Meanwhile, no more than 15% of German supervisory boardmembers are female.

Schroeder, a member of Chancellor Angela Merkel’s conserva-tives, said the Free Democrat (FDP) junior coalition allies hadmade it clear they were not prepared to go down the path of leg-islation.

“The flexible quota must be in the conservatives’ campaignprogramme, so it is clear that is the path we want to pursue inthe future,” the minister told Reuters in an interview.

The challenge of the ‘glass ceiling’ - seemingly invisible barri-ers that prevent women and other groups from reaching seniorpositions - has led some European countries to take firmeraction.

Norway, France and Spain, for example, require top listedcompanies by law to ensure at least a third of top management isfemale. German Labour Minister Ursula von der Leyen has said itcould be necessary in Germany too.

But Schroeder argues the government should not tell firmswho to hire, and a uniform quota on very different companies,from the steel industry to the media, would be absurd.

She has also rejected possible European Commission plans fora EU-wide law forcing firms to increase the number of women ontheir boards.

German daily Handelsblatt in June reported that EU JusticeCommissioner Viviane Reding wanted to submit a draft directivein October, making it mandatory for listed companies to ensurethat women fill at least 40% of positions on their boards by 2020.

“Each country must go its own way,” Schroeder said. “A fixedquota, which the state would force onto companies ... would lead

to companies doing this willy-nilly and then crossing that topicoff their list of things to do while nothing really changes for thewomen in the companies.”

“My flexible quota forces companies to deal intensively withthe issue,” she added, noting social media should raise pressureon companies to stick to their targets.

For a United States citizen, the short tripto Havana requires navigating an obstaclecourse, owing to the trade and travel embar-go that the US maintains against Cuba. Italso turns out to be a trip to the past – specif-ically, to 1959.

Signs of this time warp are instantlyapparent: the American automotive behe-moths of the 1950’s stand out among thefew cars on the streets in Havana. Most, obvi-ously maintained with loving care, run welland look magnificent.

Unfortunately, the rest of Cuba’s econo-my and infrastructure does not show thesame concern. Cuba has one of the world’slongest-lasting dual-exchange-rate systems:the dollar’s market value is 25 times the offi-cial rate of nominal parity (one peso equalsone dollar). This means that those hotel orrestaurant workers who can retain dollarearnings have incomes that are 25 timeshigher than those who cannot.

Cuba long ago developed skilled servicessuch as medicine and education. But doctorsand professors earn far less than those whojoin the fledgling private economy. The latterincludes 178 approved job types; by design,none – the choices include waiter, bathroomattendant, taxi driver, auto battery repairman,mule driver, and wheelbarrow operator –makes use of an educated person’s skills. Andmost people are still employed by the state.

Perhaps Western-style consumer societiesoffer too many choices, but Cuba provides fartoo few. Most ordinary goods – from shoeleather to software – are rationed, whichmeans that they are available only by waitingin line or going to the black market. Manygoods are not available at all.

So how can such a system have survivedfor so long? Repression and fear alone do notexplain it. In fact, free-market behavior,whatever its benefits, is not hard-wired intohuman brains, especially not when it seemsallied with selfishness and corruption inundermining noble ideals like cooperation,fairness, and equality.

When the Soviet Union was collapsing,Robert Shiller, Maxim Boycko, and VladimirKorobov surveyed residents of Moscow andNew York regarding their attitudes towardfree markets. Not surprisingly, manyRussians’ responses would strike an econo-mist as failing to appreciate the market’svirtues as a mechanism to bring supply anddemand into equilibrium. For example, 66%of the respondents thought it unfair offlower-sellers to charge higher prices on hol-idays, when demand is much stronger andsupplies may give out. (The surprising find-ing was that an equally high percentage ofAmericans thought the same thing!)

People in Eastern Europe eventually fig-ured out that communism does not work, andthat the market system does. If the US did notexist, or if the embargo did not exist, Cubanscould do likewise: infer that something is fun-damentally wrong with an economic systemthat involves so much time wasted and somany simple desires frustrated.

But, for many Cubans, the embargo hasplaced an alternative explanation at hand:Absent the embargo, many goods would be

imported from the US, or produced at homewith US inputs. Therefore, it must be the USand its embargo that is to blame for Cuba’sdysfunctional economy. The lesson is clear:the US should end its obsolete embargo.

Harvard’s Jorge Dominguez likens Cuba’scurrent dozy reform path to the expansion andcontraction of an accordion’s bellows.Liberalization took hold out of economic des-peration – the “special period” that followedthe collapse in 1991 of the Soviet Union,

Cuba’s long-time benefactor.The reform process thenslowed – or even stopped alto-gether – from 1996 to 2005,partly because Venezuelansupport made it less neces-sary.

Reforms have been re-newed in recent years – nowunder the heading of “los lin-

eamientos,” or the “guidelines.” For example,the government announced in 2011 that itwould allow people to buy and sell houses.Similarly, farmers can now sell directly to themarket, including hotels and restaurants,rather than just to the government.

One reason for the recent reforms is thatthe more pragmatic Raúl Castro took over afterhis brother Fidel became ill in 2006. Anotherreason, however, is that Venezuelan financinghas lately begun to level off, and its futureappears uncertain.

In 1995, Cuba’s minister for heavy indus-try, referring to the country’s heavy economicdependence on the US until the 1959 revolu-tion and heavy dependence on the SovietUnion until the 1989 fall of the Berlin Wall,vowed, “We will never let this happen to us athird time.” Yet that is precisely what is nowhappening with respect to Venezuela.

For now, Cuba is casting about for a newmodel. The example of Sweden shows that astrong social safety net can be combined witha thriving private economy. But what Cubaseeks is a model of transition from commu-nism. China, beginning with Deng Xiaoping’sreforms, is the obvious choice – that is, if soar-ing income inequality is not as important asmaintaining Communist Party control andensuring that Cuba’s leaders never have toadmit that their official ideology has expired.(After all, their slogan has long been“Socialism or death!”)

Cubans are proud people who are mindfulof their history of subjugation by larger pow-ers. In this respect, they resemble the Chinese,who have energetically converted to capitalismwhile leaving the giant portrait of ChairmanMao in Tiananmen Square.

Four developments will soon occur, proba-bly at approximately the same time: the aging

Cuban émigrés who have dictated US policyregarding their homeland will give way to thenext generation; the Castros will pass from thescene; US-Cuban relations will be normalized;and one of the world’s two remaining muse-ums of communism will become a rapidlygrowing, service-exporting market-basedeconomy.

At that point, lineamientos and models will

no longer seem necessary. That said, I hopethat Cuba’s government undertakes an entire-ly appropriate intervention before the flood ofAmerican money and tourists arrives: a zoninglaw in some designated part of Old Havanathat bans cars built after 1959.

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

FinancialMirror.com

COMMENT | 9

November 28 - December 4, 2012

By Jeffrey FrankelProfessor of Capital Formation and Growth at Harvard University

Cuban Time Travel

November 28 - December 4, 2012 FinancialMirror.com

10 | WORLD

America’s recent presidential election answered the questionof whether an increase in revenues will be part of the country’slong-run deficit-reduction plan. The answer is yes: there is nowbipartisan agreement on the need for a “balanced” approach thatincludes revenue increases and spending cuts.

But there are still deep political and ideological divisions abouthow additional revenues should be raised and who should payhigher taxes. If a preliminary agreement on these questions is notreached by the end of the year, the economy faces a “fiscal cliff”of $600 billion in automatic tax increases and spending cuts thatwill shave about 4% from GDP and trigger a recession.

The majority of citizens agree with President Barack Obamathat tax increases for deficit reduction should fall on the top 2-3%of taxpayers, who have enjoyed the largest gains in income andwealth over the last 30 years. That is why he is proposing that the2001 and 2003 rate cuts for these taxpayers be allowed to expireat the end of the year, while the rate cuts for other taxpayers areextended.

So far, Obama’s Republican opponents are adamant that thecuts be extended for all taxpayers, arguing that increases in toprates would discourage job creation. This claim is not supportedby the evidence. Recent research finds no link between tax cutsfor top taxpayers and job creation. In contrast, tax cuts for thebottom 95% have a positive and significant effect on job growth.

During the past three decades, income inequality in theUnited States has increased significantly; indeed, the US now hasthe fourth-highest level of income inequality in the OECD,behind Chile, Mexico, and Turkey. At the same time, as thelargest tax cuts have gone to high-income taxpayers, the US taxsystem has become considerably less progressive. The US needsfiscal measures that both curb the deficit and contain risingincome inequality – and the inequality of opportunity that itbegets.

But how should additional revenues be raised from top tax-payers to achieve these two goals? Most economists believe thatincreasing revenues by reforming the tax code and broadeningthe tax base is “probably” better for the economy’s long-termgrowth than raising income-tax rates. The analytical case for thisbelief is strong, but the empirical evidence is weak.

In theory, higher marginal tax rates have well known negativeeffects – they reduce private incentives to work, save, and invest.Yet most empirical studies conclude that, at least within therange of income-tax rates in the US during the last severaldecades, these effects are negligible.

A recent Congressional Research Service report, withdrawnunder pressure from Congressional Republicans, found thatchanges in the top income-tax rate and the rate on capital gainshad no discernible effect on economic growth during the lasthalf-century. A recent review of the economic literature by threedistinguished academics found no convincing evidence that realeconomic activity responds materially to tax-rate changes on topincome earners, although such changes do affect their tax-avoid-ance behavior. So Obama has evidence on his side when he saysthat allowing the tax cuts for high-income taxpayers to expire atthe end of the year will not affect economic growth.

Republicans have proposed tax reforms in lieu of rate hikes onhigh-income taxpayers to raise revenues for deficit reduction.Obama has signaled that he is willing to consider this approach,provided it increases tax revenues from the top 2-3% by at least thesame amount as higher rates while protecting other taxpayers.

The federal tax system is certainly in need of reform. Taxexpenditures – which include all deductions, credits, and loop-holes – account for about 8% of GDP. Indeed, the US tax code isriddled with special preferences and contains large differences ineffective tax rates across individuals and economic activities.These differences distort decisions about investment allocationand financing. Reforms that made the tax system simpler, fairer,and less distortionary would have a beneficial effect on econom-

ic growth, although economists concede that the size of thiseffect is uncertain and impossible to quantify.

Because tax expenditures are so large, limiting them couldraise a significant amount of additional revenue that could beused both for deficit reduction and to finance across-the-boardcuts in income-tax rates. Analysis of the Simpson-Bowles andDomenici-Rivlin deficit-reduction plans by the nonpartisan TaxPolicy Center confirms that this approach is arithmetically feasi-ble. Reducing large regressive tax expenditures like preferentialtax rates for capital gains and dividends and deductions for stateand local taxes, and replacing deductions with progressive taxcredits, could generate enough revenue to finance rate cuts for alltaxpayers, increase the tax code’s overall progressivity, and con-tribute meaningfully to deficit reduction.

But the odds of such an outcome are very low: what is arith-metically feasible is unlikely to be politically possible. Efforts tocap popular tax expenditures will encounter strong oppositionfrom Republicans and Democrats alike. Nonetheless, some taxreforms are likely to be a key component of a bipartisan deficit-reduction deal, because they provide Republicans who opposeincreases in tax rates for high-income taxpayers with an ideolog-ically preferable way to increase revenue from them.

Unfortunately, it will take time to negotiate tax reforms –more time than remains until the end of the year, when the 2001and 2003 tax cuts are scheduled to expire for all taxpayers. Butthere is still time to negotiate an agreement that extends thesecuts for the bottom 98%, and that contains temporary measuresto cap deductions and credits for high-income taxpayers in 2013.Such an agreement could help to break the political impasse overwhether and how much these taxpayers’ rates should rise nextyear, thereby preventing the US from falling over the fiscal cliffand back into recession.

Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley.

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

Inside America’s Tax Battle

BOJ rift surfaces over easing, as political debate heats up

Top polluter Qatar defends right to host climate talksQatar has defended its right to host U.N. talks on slowing glob-

al warming even though its greenhouse gas output per capita isthe highest in the world and it has made no pledge to cut it.

Qataris produce almost three times as many carbon emissionson average as Americans and campaigners attending the two-weektalks among 200 nations which started on Monday say the firstOPEC nation to host them is doing little to avert climate changeother than provide a venue.

The Gulf state, the world’s largest exporter of liquefied naturalgas with one of the highest per capital incomes, has yet to indicate

it will set specific targets for emissions cuts.“Part of the reason Copenhagen was seen as a failure was

because the Danish chairing of it was disastrous,” a Doha-basedanalyst said, referring to a U.N. climate summit in 2009 in theDanish capital that fell short of a deal.

Qatar, with 1.8 mln inhabitants - of which only about 250,000are Qatari - says its CO2 emissions are small overall, coming main-ly from the energy sector. Qatar points to green efforts includinga 90% reduction in wasteful gas flaring from 2007 to 2011.

It recently said it would reduce its dependency on imported

food by 60% in 12 years, enabling it to meet two thirds of its foodrequirements. It is also building a $1 bln plant to produce polysil-icon, a material used in solar energy technologies that is expectedto begin operating next year.

And it plans to build solar-powered air-conditioned stadiumsfor the 2022 Cup soccer tournament, which it will host.

But in a region where fuel-guzzling SUVs fill the roads, air con-ditioning blasts 365 days a year and public transport is still inembryonic stages, the importance of climate change on the list ofthe country’s priorities is questioned by many.

A split within the Bank of Japan was laid bare this week, withnewcomers to its board pressing to strengthen commitment to anultra-loose policy, as pressure on the central bank for bolder actionintensified in the run up to next month’s election.

In an effort to shift the debate away from the central bank, BOJGovernor Masaaki Shirakawa repeated his view that monetary eas-ing alone cannot beat deflation, urging the government to pursuefiscal reform and deregulation to boost domestic investment.

But minutes of the October 30 meeting of the nine-memberboard showed Takehiro Sato, one of the newcomers, had suggest-ed a more activist stance on monetary expansion onceShirakawa’s term ends in April.

The conduct of policy became one of the most heated areas ofpolitical debate ahead of the December 16 election after ShinzoAbe, the leader of the opposition Liberal Democratic Party (LDP)and likely next prime minister, called for the central bank to adoptnegative interest rates and other radical measures.

Abe also threatened to take away the BOJ’s independence toallow the government to call the shots on targets and the meansto achieve them.

Sato, a former economist who has consistently called for moreBOJ measures to keep yen rises in check, proposed linking mone-tary policy more closely to a rise in consumer prices and suggest-

ed giving up the BOJ’s view that consumer inflation will approach1% in the fiscal year ending in March 2015.

The minutes of the meeting showed Takahide Kiuchi, anotherformer economist who joined the board with Sato in July, wasalone in his support for the proposal, showing that their viewslacked broad support at least for now.

At last month’s meeting, the BOJ eased policy by boosting itsasset-buying programme by 11 trln yen ($133.5 bln), to 91 trlnyen. It also unveiled a plan to supply banks with unlimited cheaplong-term funds under a new scheme initially seen at around 15trln yen.

But that has not eased pressure on the BOJ.Investors have bet on bolder monetary easing by the BOJ as

Abe repeated calls for “unlimited” policy loosening, which drewstrong opposition by incumbent prime minister and ruling partyleader Yoshihiko Noda.

A weekly gauge of sentiment in the Japanese government bondmarket worsened to a level unseen in nearly five months on spec-ulation of more aggressive easing following a likely change in gov-ernment after the election.

Shirakawa left few clues on how soon the BOJ will next easepolicy but warned of the pain a strong yen was inflicting on theexport-reliant economy, signalling readiness to act again should

Japan slip deeper into recession.Some market players expect the BOJ to ease again at its next

rate review on December 19-20, days after the general election.

QUESTION OF DEGREEA recent Reuters poll showed most economists believe Japan is

already in a mild recession due to faltering global demand but arecovery is seen early next year.

The LDP’s Abe, who was last prime minister in 2007, is callingfor far more aggressive monetary measures to revive the strug-gling economy, including a commitment to an inflation target of2% to overcome deflation.

Sato proposed that the BOJ should say it will maintain ultra-easy policy until a 1% rise in consumer prices has been main-tained, which is stronger than the BOJ’s current commitment tomaintain strong monetary stimulus until 1% inflation can be fore-seen.

“Japan’s consumer inflation may gradually exceed 1% if gov-ernment and private-sector efforts to boost Japan’s growth poten-tial bear fruit,” Shirakawa told reporters after a meeting with busi-ness leaders.

The BOJ now sets a 1% inflation target and sees as desirablemedium- to long-term price growth in a range of zero to 2%.

By Laura D. Tyson

November 28 - December 4, 2012FinancialMirror.com

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

www.financialmirror.comAÚ. 891 ∆∂∆∞ƒ∆∏, 28 ¡√∂ªµƒπ√À, 2012

Κυριïλεκτικά θα γïνατίσïυν ïι εργαúÞµε-νïι απÞ τις νέες απïκïπές µισθών και συντά-êεων, απÞρρïια των Þσων συµæώνησε ηΚυâέρνηση µε την ΤρÞϊκα. Πρïâλέπεται µεγά-λη συρρίκνωση των εισïδηµάτων, øωρίς µάλι-στα να πρïσµετράτε η αύêηση των εισæïρών.Με âάση τη συµæωνία της Κυâέρνησης µετην ΤρÞικα, τï κÞστïς για την τσέπη κάθεπïλίτη της Κύπρïυ, πρï æïρïλïγίας καιøωρίς να υπïλïγίúεται η αύêηση κατά 0,5%στις εισæïρές πρïς τï Ταµείï ΚïινωνικώνΑσæαλίσεων για τïυς υπαλλήλïυς τïυ ιδιωτι-κïύ τïµέα διαµïρæώνεται ως ακïλïύθως:

π‰ÈˆÙÈÎfi˜ ∆Ô̤·˜Για τï 2013 δεν επηρεάúïνται Þσïι υπάλληλïιτïυ ιδιωτικïύ τïµέα έøïυν απïλαâές µέøρι2,500 ευρώ.Ãι υπÞλïιπïι θα âιώσïυν κλιµακωτά απïκï-πές - ύψïυς 2,5% Þσïι έøïυν µισθÞ µεταêύ 2,501και 3,500 ευρώ - 3% για απïλαâές µεταêύ 3,501 και 4,500ευρώ - και 3,5% για Þσïυς έøïυν απïλαâές άνωτων 4,501 ευρώ.

Πρακτικά αυτÞ σηµαίνει Þτι υπάλληλïς ïïπïίïς αµείâεται µε 2,600 ευρώ θα εισæέρει2,5 ευρώ, µε 3,000 ευρώ 12,5 ευρώ, µε 3,500ευρώ 25 ευρώ και µε 4,000 ευρώ 40 ευρώ.Για τï 2014 η απïκïπή στις απïλαâές τωνιδιωτικών υπαλλήλων απÞρρïια της έκτακτηςεισæïράς θα αρøίúει απÞ εισïδήµατα πάνωαπÞ 1,500 ευρώ.

ΑπÞ αυτÞ συνεπάγεται Þτι υπάλληλïς ïïπïίïς αµείâεται µε 1,600 ευρώ θα εισæέρει2,5 ευρώ, Þπïιïς έøει απïλαâές 2,000 ευρώθα εισæέρει 12,5 ευρώ, 2,500 25 ευρώ, 3,00040 ευρώ, 3,500 55 ευρώ και 4,000 72,5 ευρώ.

¢ËÌfiÛÈÔ˜ ∆Ô̤·˜Ùσïν αæïρά τïυς δηµïσίïυς υπαλλή-

λïυς ïι απïκïπές για τï 2013 για Þσïυς αµεί-

âïνται µε µέøρι 1,000 ευρώ ανέρøïνται στα42,5 ευρώ, µέøρι 1,500 ευρώ στα 96,25 ευρώ,µέøρι 2,000 στα 160 ευρώ, µέøρι 2,500 στα228,75, µέøρι 3,000 στα 310 ευρώ, µέøρι 3,500στα 401,25 ευρώ και µέøρι 4,000 στα 495ευρώ. Η µείωση απÞ τï 2014 λÞγω της ïριúÞ-ντιας απïκïπής 3% πïυ συµæωνήθηκε µε τηνΤρÞικα θα είναι ακÞµη µεγαλύτερη.

Συγκεκριµένα Þσïι αµείâïνται µε 1000ευρώ θα δïυν τï µισθÞ τïυς να µειώνεταικατά 72,5 ευρώ, µε 1,500 ευρώ κατά 141,25, µε2,000 ευρώ κατά 232,50, µε 2,500 ευρώ κατά328,75 ευρώ, µε 3,000 ευρώ κατά 427,50ευρώ, µε 3,500 ευρώ κατά 536,25 ευρώ και µε4,000 κατά 647,50 ευρώ.

Στï κÞστïς για κάθε æïρïλïγïύµενïπïλίτη πρέπει να πρïσµετρηθεί και η σταδια-κή αύêηση τïυ ΦΠΑ στï 19% καθώς και ηαύêηση τïυ æÞρïυ κατανάλωσης στα καύσι-µα κατά 7 σεντ.

Με âάση εκτιµήσεις ïικïνïµïλÞγων τïκατά κεæαλήν κÞστïς για κάθε πïλίτη απÞ τησυµæωνία µε την ΤρÞικα ανέρøεται στα 35,000ευρώ.

√È ‚·ÛÈÎfiÙÂÚ˜ ÚfiÓÔȘ- Τετραετής περίïδïς πρïσαρµïγής 2012 -2016 - Εêïικïνïµήσεις 1.1 δις ευρώ Τï απïτέλεσµα της πïλύµηνης σκληρής δια-πραγµάτευσης µε την ΤρÞικα θυµίúει τη λïγι-κή τïυ µισïάδειïυ ή µισïγεµάτïυ πïτηριïύ,αæïύ πïλλïί Þρïι τυγøάνïυν διπλής ανάγνω-σης.

Ãι εêïικïνïµήσεις θα πρïκύψïυν απÞ:

- Κλιµακωτές µειώσεις µισθών στï δηµÞσιïαπÞ 9.5% µέøρι 15.5% (υιïθετήθηκε απαίτη-ση της ΤρÞικα για επιπλέïν 3% ανά κλίµακα).- Μη καταâïλή της ΑΤΑ σε περιÞδïυς ύæεσης.Κατά 50% καταâïλή της σε περιÞδïυς ανά-πτυêης αλλά µÞνï µια æïρά τï øρÞνï.- Μείωση συντάêεων σε περιπτώσεις πρÞω-

ρων αæυπηρετήσεων.- Μερική æïρïλÞγηση τïυεæάπαê για τα øρÞνια υπη-ρεσίας απÞ τï 2012 µέøριτην αæυπηρέτηση (εêαι-ρïύνται τα øρÞνια πρïϋπη-ρεσίας).- Κατάργηση επιδïµάτωνκαι æïρïλÞγηση συντάêι-µων επιδïµάτων.- ΠεριïρισµÞς στï ελάøι-στï των λειτïυργικώνδαπανών τïυ κράτïυς(µειώσεις στις κïινωνι-κές παρïøές και øïρη-γίες και δραστικές µει-ώσεις ενισøύσεων σε δή-µïυς, κïινÞτητες και ïργανισµïύς)

ºÔÚÔ-∂ȉÚÔÌ‹ - Επιâïλή τελών στα νïσïκïµεία (περιïρι-σµÞς στï ελάøιστï της δωρεάν ιατρïæαρµα-κευτικής περίθαλψης) - Αύêηση των τελών στις παρεøÞµενες υπη-ρεσίες απÞ τï δηµÞσιï - Αλλαγή και αύêηση της æïρïλïγίας ακίνη-της ιδιïκτησίας - Αύêηση ΦΠΑ στï 19% σταδιακά (18% τï2013 και 19% τï 2014) - Αύêηση τïυ æÞρïυ κατανάλωσης στα καύσι-µα (περίπïυ 7 σεντ ανά λίτρï)

∞ÏÏ·Á¤˜ ÛÙÔ Û˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi- Παγïπïιïύνται ïι συντάêεις µέøρι τï 2016.- Θα αυêηθεί η συνεισæïρά εργïδïτών καιεργαúïµένων κατά 1% απÞ τï 2014. (επιπρÞ-σθετα τïυ πρïγράµµατïς αυêήσεων εισæï-ρών πïυ ψηæίσθηκε τï 2008) - Η συνεισæïρά τïυ κράτïυς θα λïγίúεταιµÞνï για πιστώσεις σπïυδών και στρατιωτι-κής θητείας.- Θα πρïâλέπεται µείωση της σύνταêης κατά12% σε περιπτώσεις πρÞωρων αæυπηρετήσε-ων.- Τï øρέïς 7.2 δις ευρώ της κυâέρνησης πρïςτï ΤΚΑ δεν θα ληæθεί υπÞψη στην επÞµενηαναλïγιστική µελέτη. Έτσι ενδέøεται να πρï-κύψïυν πρÞσθετες ανάγκες αύêησης τωνσυνεισæïρών.

π‰ÈˆÙÈÎÔÔÈ‹ÛÂȘΜάøη δÞθηκε για να απïæευøθεί ιδιωτι-

κïπïίηση της CYTA, και υιïθετήθηκε Þρïςεπïικïδïµητικής ασάæειας πïυ πρïνïεί:

Εêέταση της ιδιωτικïπïίησης σε περίπτω-ση πïυ τï øρέïς καταστεί µη âιώσιµï. Θααναµένεται πρïς τïύτï η έκθεση της PIMCOγια τï τελικÞ πïσÞ ανακεæαλαιïπïίησης τωντραπεúών, στα µέσα Ιανïυαρίïυ.

Να σηµειωθεί Þτι για τï θέµα της ιδιωτι-κïπïίησης υπάρøει ανησυøία, αæïύ Þπωςπληρïæïρείται η εæηµερίδα µας, ï πïλλα-πλασιαστής πïυ øρησιµïπïίησε στïυς υπïλï-γισµïύς της η ΤρÞικα είναι µείωση δηµïσίωνδαπανών πρïς συρρίκνωση ΑκαθάριστïυΕθνικïύ ΠρïϊÞντïς 1:1.

∆ηλαδή την τετραετία τïυ µνηµïνίïυ τïøρέïς θα αυêάνεται ως πïσïστÞ τïυ ΑΕΠøωρίς καν τï κράτïς να δανείúεται.

º˘ÛÈÎfi ∞¤ÚÈÔΗ πιï σκληρή διαπραγµάτευση έγινε για

τα µελλïντικά έσïδα απÞ την αêιïπïίηση τïυæυσικïύ αερίïυ µε τï ΝïρâηγικÞ µïντέλï ναγίνεται στï τέλïς απïδεκτÞ.

- Τα εæάπαê πïσά απÞ τï δεύτερï γύρïαδειïδïτήσεων θα δïθïύν για απïπληρωµήµέρïυς τïυ δηµÞσιïυ øρέïυς

- Με διατύπωση πïυ ενέκρινε η ΝïµικήΥπηρεσία µπïρεί τï κράτïς να υλïπïιήσειøωρίς έγκριση της ΤρÞικα τï σøεδιασµÞ γιαυπïδïµές αêιïπïίησης τïυ æυσικïύ αερίïυ

- Τα µελλïντικά έσïδα θα διατίθενται ανα-λïγικά σε τρεις τïµείς: δηµïσιïνïµικά, øρη-µατïδÞτηση υπïδïµών, διασæάλιση µελλï-ντικών γενεών.

Να σηµειωθεί πως τï µνηµÞνιï δεν πρï-âλέπει µέτρα ανάπτυêης και ενίσøυσης τηςαπασøÞλησης.

∆Ô ªÓËÌfiÓÈÔ £∏§π∞ ÛÙÔÓ Î‡ÚÈÔ ÔÏ›ÙË

°ÔÓ·Ù›˙Ô˘Ó Ù· ÓÔÈÎÔ΢ÚÈ¿

∆∆∞∞••ππ¢¢ππ ™™∆∆√√ ∞∞°°¡¡øø™™∆∆√√ ªª∂∂ µµ∞∞ƒƒ∫∫∞∞ ∆∆∏∏¡¡ ∂∂§§¶¶ππ¢¢∞∞

ªÂ ‚¿ÛË ÂÎÙÈÌ‹ÛÂȘ ÙÔ Î·Ù¿ ÎÂÊ·Ï‹Ó ÎfiÛÙÔ˜ ÁÈ· οı ÔÏ›ÙË ·Ó¤Ú¯ÂÙ·È ÛÙȘ €35,000

¢¢ÈÈ¿¿ÁÁÁÁÂÂÏÏÌÌ·· ÃÃÚÚÈÈÛÛÙÙfifiÊÊÈÈ··Εν αναµïνή τïυ διαγγέλµατïς τïυ

Πρïέδρïυ της ∆ηµïκρατίας, ∆ηµήτρηÌριστÞæια, πρïς τïν λαÞτελεί απÞ την Παρασκευήη κυπριακή κïινωνία. Ãίδιïς ï ΠρÞεδρïς δήλωσεÞτι θα απευθύνει διάγγελ-µά, εντÞς των επÞµενωνηµερών, øωρίς Þµως ναδώσει περισσÞτερες λε-πτïµέρειες. Συγκεκριµένα δήλωσε Þτι εντÞςτης εâδïµάδας θα απευθυνθεί µε διάγγελµάτïυ στï λαÞ.

Σε ερώτηση εêάλλïυ αν τελικά υπέγρα-ψε συµæωνία µε τïυς δανειστές, απάντησελακωνικά: «∆εν υπέγραψα τίπïτα ακÞµη».

AAÓÓÙÙÈȉ‰ÚÚÔÔ‡‡ÓÓ ™™∂∂∫∫,, ¶¶∂∂√√,, ¶¶∞∞™™ÀÀ¢¢ÀÀΗ ΣΕΚ, σε συνεργασία µε τις ηγεσίες της

ΠΕÃ και της ΠΑΣΥ∆Υ, θα συναντηθïύν σήµε-ρα Τετάρτη για να καθïρί-σïυν τïυς τρÞπïυς αντί-δρασής τïυς στï µνηµÞ-νιï, σε συνεργασία µε Þλïτï συνδικαλιστικÞ κίνηµα.

Ãι συντεøνίες êεκαθα-ρίúïυν Þτι πρÞθεσή τïυςδεν είναι να δηµιïυργή-σïυν εργατική αναταραøή στην κυπριακήïικïνïµία. Ùπως αναæέρθηκε τï Συνδικα-λιστικÞ κίνηµα πρέπει να µελετήσει τρÞπïυςώστε να εκδηλώσει την αντίθεσή τïυ, τη δια-µαρτυρία τïυ για αυτά τα ïπïία θα ακïλïυ-θήσïυν µε την εæαρµïγή τïυ µνηµïνίïυ.

Τï ∆ιεθνές ΝïµισµατικÞ Ταµείï πρïειδïπïίησε τηΛετïνία για την αυêανÞµενη πïσÞτητα κεæαλαίων πïυέøïυν κατατεθεί σε τράπεúες της øώρας απÞ µη κατïίκïυς,ïι ïπïίïι πρïέρøïνται, σύµæωνα µε τις ρυθµιστικές Αρøές,απÞ τη Ρωσία και άλλα πρώην σïâιετικά κράτη.

Κεæάλαια απÞ την Κύπρï, πïυ έøει πληγεί απÞ την κρίση,έøïυν διευρύνει τïν παραδïσιακÞ ρÞλï των τραπεúών τηςΛετïνίας ως καταæύγιï για τïυς καταθέτες απÞ τη Ρωσία καιάλλα πρώην σïâιετικά κράτη.

Σε µια, κατά τα άλλα αισιÞδïêη έκθεση για την ïικïνïµίατης µικρής âαλτικής øώρας, η ïπïία κατευθύνεται πρïς την

υιïθέτηση τïυ ευρώ τï 2014, τï ∆ΝΤ σηµειώνει Þτι η αύêη-ση των καταθέσεων απÞ µη κατïίκïυς δηµιïυργεί κινδύ-νïυς. “Η µάλλïν ταøεία αύêηση των καταθέσεων µη κατïί-κων στï τραπεúικÞ σύστηµα επιâάλλει επαγρύπνηση”, ανα-æέρει σε έκθεσή τïυ τï ∆ΝΤ, η ïπïία καταρτίστηκε µετά τηνεπίσκεψη αêιωµατïύøων τïυ στη øώρα.

Τï ∆ΝΤ και η ΕΕ κατάρτισαν σøέδιï διάσωσης τηςΛετïνίας ύψïυς 7,5 δισ. ευρώ στα τέλη τïυ 2008.

Ãι ρυθµιστικές Αρøές της Λετïνίας ανακïίνωσαν Þτι ïικαταθέσεις απÞ µη κατïίκïυς αντιπρïσωπεύïυν σøεδÞν τïήµισυ τïυ συνÞλïυ τïυ τραπεúικïύ συστήµατïς.

«Η επïπτεία των NRD (των καταθέσεων απÞ µη κάτïι-κïυς) στις τράπεúες θα πρέπει να είναι αρκετά συøνή καιεντατική λÞγω των σøετικά υψηλÞτερων κινδύνων τïυς”,πρïσθέτει τï ∆ΝΤ.

Τï ∆ΝΤ αναµένει Þτι η ïικïνïµία της Λετïνίας θα ανα-πτυøθεί µε ρυθµÞ 5% αυτÞ τï έτïς πριν επιâραδυνθεί τï2013, πρÞâλεψη πïυ âρίσκεται στα πλαίσια των εκτιµήσεωντης Κυâέρνησης της øώρας και ελαæρώς υψηλÞτερα απÞτην πρÞâλεψη για ανάπτυêη 4,5% πïυ αναæέρεται στηντελευταία έκθεση τïυ Ταµείïυ για την παγκÞσµια ïικïνïµία.

28 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

2/14 | ΕΙ∆ΗΣΕΙΣ

∂ÈÎÔÓÈÎÔ› ‰È¢ı˘ÓÙ¤˜ Î·È ÛÙËÓ ∫‡ÚÔà ΥπïυργÞς Επιøειρήσεων της Βρετανίας Βινς Κέιπïλ

δήλωσε Þτι θα πρïøωρήσει στην πάταêη τïυ σκανδάλïυεικïνικών διευθυντών εταιρειών, ïι ïπïίïι παρïυσιάúï-νται Þτι ελέγøïυν εταιρείες πïυ στη πραγµατικÞτητα ανή-κïυν σε πάµπλïυτïυς επιøειρηµατίες, ïι ïπïίïι για σκï-πïύς æïρïδιαæυγής και απÞκρυψης κεæαλαίων δίνïυνψευδή στïιøεία στις αρøές για τη πραγµατική ιδιïκτησίαυπεράκτιων εταιρειών. Σύµæωνα µε κïινή έρευνα τηςεæηµερίδας «Γκάρντιαν», και τïυ τηλεïπτικïύ πρïγράµ-µατïς «ΠανÞραµα» τïυ BBC, τï σκάνδαλï αæïρά 21.000εταιρείες σε ïλÞκληρï τï κÞσµï µε εικïνικïύς διευθυ-ντές σε διάæïρες øώρες, περιλαµâανïµένης και τηςΚύπρïυ των ïπïίων ïι υπïγραæές έναντι πληρωµής âρί-σκεται σε øιλιάδες επίσηµα έγγραæα των εταιρειών.

Σε κατάλïγï πïυ δηµïσίευσε η εæηµερίδα«Γκάρντιαν» για επιøειρηµατίες πïυ αγÞρασαν ακίνητηπεριïυσία στη Βρετανία øωρίς να καταâάλïυν æÞρïυςπεριλαµâάνïνται τα ïνÞµατα ενÞς Ελληνïκύπριïυ καιενÞς Ελληνα κατïίκων Ηνωµένïυ Βασιλείïυ.

§·˚΋: ¡¤Ô ÔÌÔÏÔÁÈ·Îfi ‰¿ÓÂÈÔ €500 ÂÎ.Σε νέα έκδïση ïµïλïγιακïύ δανείïυ ύψïυς 500 εκ.

ευρώ, πïυ θα æέρει κυâερνητική εγγύηση, πρïøώρησε ηΛαϊκή Τράπεúα. ΠρÞκειται για τï δεύτερï ïµïλïγιακÞ δάνειïστï ïπïίï πρïøωρεί η τράπεúα σε διάστηµα ενÞς µηνÞς,αæïύ η Λαϊκή είøε εκδώσει ισÞπïσï ïµïλïγιακÞ δάνειï στις13 Νïεµâρίïυ. Υπενθυµίúεται Þτι την περασµένη Πέµπτη ηÃλïµέλεια της Βïυλής ενέκρινε, µε τη διαδικασία τïυ κατ`επείγïντïς, τρïπïπïιητικÞ νÞµï πρïκειµένïυ να καταστείδυνατή η περαιτέρω ενίσøυση της ρευστÞτητας των πιστω-τικών ιδρυµάτων και γενικÞτερα της κυπριακής ïικïνïµίας.Με τï νÞµï αυτÞ, τï συνïλικÞ πïσÞν για την παραøώρησηκυâερνητικών εγγυήσεων για τη σύναψη δανείων ή/και τηνέκδïση ïµïλÞγων απÞ πιστωτικά ιδρύµατα αυêήθηκε απÞτα 3 ευρώ στα 6 δις ευρώ.

1% Ì›ˆÛË ÛÙȘ ÂÈÛÚ¿ÍÂȘ ÙÔ˘ ∆∂¶Στï 1% ή στα 10,06 εκ. ευρώ περιïρίστηκε η µείωση των

εισπράêεων τïυ Τµήµατïς Εσωτερικών ΠρïσÞδων (ΤΕΠ)στïυς πρώτïυς δέκα µήνες τïυ 2012, απÞ µείωση κατά 4%(60,09 εκ. ευρώ) πïυ παρïυσίαúαν ïι εισπράêεις τïυ ΤΕΠµέøρι τï Σεπτέµâριï τïυ τρέøïντïς έτïυς, γεγïνÞς πïυïæείλεται στην εντυπωσιακή αύêηση κατά 37% (50 εκ.ευρώ) πïυ κατέγραψαν τïν Ãκτώâριï τα έσïδα τïυΤµήµατïς. ΕιδικÞτερα, ïι εισπράêεις τïυ ΤΕΠ κατά τηνπερίïδï Ιανïυαρίïυ - Ãκτωâρίïυ τïυ 2012 διαµïρæώθηκανστï 1,57 δις ευρώ, σε σύγκριση µε 1,58 δις ευρώ την αντί-στïιøη περίïδï τïυ 2011.

ºÂ‡ÁÔ˘Ó ·fi ∫‡ÚÔ Î·È ¿Ó §ÂÙÔÓ›· ÔÈ ƒÒÛÔÈ Î·Ù·ı¤Ù˜

°°ÈÈ·· ÂÂÛÛˆÙÙÂÂÚÚÈÈÎÎfifi ‰‰··ÓÓÂÂÈÈÛÛÌÌfifi €335500 ÂÂÎÎ.. ¿¿ÂÂÈÈ ËË Î΢‚‚¤¤ÚÚÓÓËËÛÛËËΣύµæωνα µε διασταυρωµένες πληρïæïρίες της εæηµερί-

δας µας, η κυâέρνηση ενηµέρωσε τις διïικήσεις της Cyta καιτης Αρøής Λιµένων να ειδïπïιήσïυν µε τη σειρά τïυς τα τρα-πεúικά ιδρύµατα µε τα ïπïία συνεργάúïνται, Þπως είναι ανάπάσα στιγµή έτïιµα για να απïσυρθεί συνïλικÞ πïσÞ ύψïυς200 εκ. ευρώ. Τï πïσÞ úητά να εêασæαλίσει η Κυâέρνηση γιανα καλύψει τις ανάγκες για τï µήνα ∆εκέµâριï, σε µισθïύς καισυντάêεις, και ιδιαίτερα για να µπïρέσει να καταâάλει τï 13ïµισθÞ και τη 13η σύνταêη.

Συγκεκριµένα έøει úητήσει επισήµως 150 εκ. ευρώ απÞ τηCyta και άλλα 50 εκ. ευρώ απÞ την Αρøή Λιµένων.

Ùπως αναæέρθηκε αρµïδίως στη Financial Mirror τα πïσά

αυτά θα δïθïύν απÞ τα απïθεµατικά των Ταµείων Συντάêεωςτων δύï ηµικρατικών ïργανισµών.

Για την Αρøή Λιµένων, υπάρøει ήδη συγκατάθεση, και µάλι-στα κïινωνïί έγιναν και τα δύï τραπεúικά ιδρύµατα µε ταïπïία συνεργάúεται, ενώ αντιδράσεις æαίνεται να υπάρøïυν,για την ώρα, απÞ τï Ταµείï Συντάêεως των Υπαλλήλων τηςCyta. Ανάλïγï αίτηµα, Þπως είναι σε θέση να γνωρίúει αêιÞπι-στη πηγή υπïâλήθηκε και στην ΥπïυργÞ ΕργασίαςΣωτηρïύλα Ìαραλάµπïυς, για δανεισµÞ απÞ τα απïθεµατικάτïυ Ταµείïυ Κïινωνικών Ασæαλίσεων µε την κυâέρνηση ναλαµâάνει απάντηση Þτι είναι σε θέση να δανειστεί πïσÞύψïυς150 εκ. ευρώ.

∞∞ÓÓ··‚‚ÔÔÏÏ‹‹ ÌÌÂÂÚÚÈÈÎÎÒÒÓÓ ËËÌÌÂÂÚÚÒÒÓÓ ‹‹ÚÚ··ÓÓ ÙÙ·· ··ÍÍÈÈfifiÁÁÚÚ··ÊÊ··Αναâïλή µερικών ηµερών παίρνει τï θέµα των αêιïγρά-

æων, αæïύ µετά απÞ παράκληση των νïµικών συµâïύλων τωνενδιαæερïµένων πλευρών θα δïθεί ακÞµη λίγη πίστωση øρÞ-νïυ. Στην αναâïλή συναίνεσαν και ïι νïµικïί σύµâïυλïι τïυΣυνδέσµïυ κατÞøων αêιïγράæων.

à Φïίâïς Μαυρïâïυνιώτης εκ µέρïυς τïυ Συνδέσµïυείπε Þτι ï σύνδεσµïς êεκίνησε τις αγωγές κατά παντÞς υπευ-θύνïυ για τï θέµα της παράτυπης πώλησης αêιïγράæων(miss-selling), τï ïπïίï, Þπως είπε, κατέδειêε και η έρευνα τηΚεντρικής Τράπεúας. Είπε Þµως Þτι «ïι δικηγÞρïι µας σεσυνεργασία µε τïυς δικηγÞρïυς των δύï τραπεúών úήτησανλίγη πίστωση øρÞνïυ µερικών ηµερών για να êανασυναντη-θïύν για να âρïυν λύση». ΠρÞσθεσε δε Þτι τï απïτέλεσµα της

συνάντησης αυτής θα είναι ελπιδïæÞρï. Ενδεικτικά σηµείωσεÞτι η έρευνα απÞ την εταιρεία Pimco στα δανειακά øαρτïæυ-λάκια των τραπεúών µπïρεί να καταδείêει Þτι ïι κεæαλαιακέςανάγκες ενδεøïµένως να είναι λιγÞτερες απÞ 10 δις, κάτι πïυµπïρεί να επιτρέψει την µη µετατρïπή των αêιïγράæων σεµετïøές. Είπε πως ï Σύνδεσµïς δεν πρÞκειται να συναινέσειστη µετατρïπή των µη µετατρέψιµων αêιïγράæων σε µετï-øές. Σύµæωνα µε τïν ίδιï, η Τράπεúα Κύπρïυ έøει εκδώσειµετατρέψιµα αêιÞγραæα πέραν των 560 εκ, ευρώ, ενώ τα µηµετατρέψιµα είναι αêίας 22 εκ. ευρώ. Αντίθετα, στην περίπτω-ση της Λαϊκής, διατέθηκαν µη µετατρέψιµα αêιÞγραæα ύψïυς580 εκ. ευρώ, ενώ τα µετατρέψιµα αêιÞγραæα ανέρøïνται σε60 εκ.

ººÏÏÂÂÚÚÙÙ¿¿ÚÚÂÂÈÈ ÌÌ ‰‰‡‡ÔÔ ÂÂÙÙ··ÈÈÚÚ››Â˜ ËË CCyyttaa HHeellllaassΣε πρïøωρηµένες συúητήσεις µε τις εταιρείες Forthnet και

Wind âρίσκεται η Cyta Hellas. ΣτÞøïς η επίτευêη συµæωνίας µεµία εκ των δύï εταιρειών Þπως µας ανέæεραν øαρακτηριστικάπηγές απÞ την εταιρεία µε στÞøï να δηµιïυργηθïύν ïικïνï-µίες κλίµακας. Ãι ίδιες πηγές êεκαθάρισαν Þτι η Cyta δεν σκï-πεύει να απïøωρήσει απÞ την ελλαδική αγïρά στην ïπïίαµÞλις σε τρία øρÞνια κατάæερε να απïκτήσει µερίδιï αγïράς

16%. ΠαρÞµïιες κινήσεις έγιναν και στï παρελθÞν απÞ τηForthnet øωρίς ωστÞσï ευτυøή κατάληêη. Η Cyta Hellas απïτε-λεί τα τελευταία øρÞνια έναν απÞ τïυς ταøύτερα αναπτυσσÞ-µενïυς πάρïøïυς στα ελληνικά telecoms. ΑπÞ 51 øιλιάδες στïτέλïς τïυ 2009, ïι ευρυúωνικïί πελάτες της Cyta Hellas έæθα-σαν στïυς 127.500 ένα øρÞνï αργÞτερα, ανέâηκαν στïυς 180øιλιάδες στα µέσα τïυ 2011 και πλέïν αγγίúïυν τïυς 250,000.

√√ÓÓfifiÌÌ··ÙÙ·· ÁÁÈÈ·· ÙÙ·· ¢ÓÓÔÔ˚Îο¿ ‰‰¿¿ÓÓÂÂÈÈ·· ˙ËËÙÙÔÔ‡‡ÓÓ ÔÔÈÈ µµÔÔ˘ÏÏ¢ÙÙ¤¤˜∆ύσκïλï να απαντηθïύν αλλά και να τεκµηριωθïύν æαί-

νεται να είναι η âρïøή ερωτήσεων και καταγγελιών πïυ υπέ-âαλαν âïυλευτές Þσïν αæïρά τη λειτïυργία τïυ øρηµατïπι-στωτικïύ συστήµατïς της Κύπρïυ.

Oι ερωτήσεις, 50 στï σύνïλï απευθύνïνταν στηνΚεντρική Τράπεúα και τï Υπïυργείï Ãικïνïµικών.

Κατά τη διάρκεια συνεδρίας της ΚïινïâïυλευτικήςΕπιτρïπής Θεσµών Βïυλευτές úήτησαν να δηµïσιïπïιηθïύντα ïνÞµατα των πïλιτικών, πïλιτών, των µελών διïικητικώνσυµâïυλίων τραπεúών αλλά και διευθυντικών στελεøών πïυενδεøïµένως εêασæάλισαν δάνεια µε øαριστικά επιτÞκια ήδιαγράæηκαν σøετικά δάνεια.

Απαντώντας σε αυτÞ τï αίτηµα ΓενικÞς ΕισαγγελέαςΠέτρïς Κληρίδης ανέæερε: «Αναµένετε απÞ την ΚεντρικήΤράπεúα ή τï Υπïυργείï Ãικïνïµικών να σας δώσïυν ένακατάλïγï πïυ να περιλαµâάνει πÞσïι πήραν δάνεια µε øαµη-λÞτερα επιτÞκια απÞ την Κεντρική την Τράπεúα Κύπρïυ, τηΛαϊκή Τράπεúα, την Ελληνική Τράπεúα ή τα συνεργατικά τωνøωριών τïυς; Είναι πρακτικά αδύνατï να έøïυν την ευøέρειανα µάθïυν απÞ τï ΣυνεργατικÞ τïυ Αγρïύ ή να ρωτήσïυν ανδÞθηκε øαριστικÞ δάνειï στην τέταρτη ανιψιά της πεθεράςµïυ. Επίσης θα πρέπει να ληæθεί υπÞψη Þτι τα øρηµατïπιστω-τικά ιδρύµατα έøïυν τï δικαίωµα να πρïσæέρïυν øαµηλÞτερïεπιτÞκιï σε Þσïυς πελάτες θεωρïύν ως αêιÞøρεïυς», είπεøαρακτηριστικά ï ΓενικÞς Εισαγγελέας.

à ΠρÞεδρïς της επιτρïπής ∆ηµήτρης Συλλïύρης τÞνισεÞτι θα ήταν πιï εύστïøï να υπïâληθïύν γραπτώς τα ερωτήµα-τα και ïι αρµÞδιïι να τïπïθετηθïύν στην επÞµενη συνεδρίατης επιτρïπής η ïπïία θα διεêαøθεί κεκλεισµένων των θυρών.

Στη συνεδρία αναγνώστηκε µέρïς απαντητικής επιστïλήςτïυ ΕπιτρÞπïυ Πρïσωπικών ∆εδïµένων πïυ αναæέρει Þτι η

κïινïπïίηση των ïνïµάτων δεν παραâιάúει τη σøετική νïµï-θεσία. Είπε Þτι η Επιτρïπή θα úητήσει απÞ τη σύσκεψηΑρøηγών ή εκπρïσώπων των κïµµάτων τη συνδρïµή ειδικώνεµπειρïγνωµÞνων για διερεύνηση τïυ θέµατïς, αλλά πρïέ-âλεψε Þτι τï αίτηµα αυτÞ θα απïρριæθεί.

Τï στέλεøïς της ΚΤ Αργυρώ Πρïκïπίïυ ενηµέρωσε τïυςâïυλευτές για τις δύï έρευνες πïυ âρίσκïνται σε εêέλιêη.ΕιδικÞτερα για τï διαγνωστικÞ έλεγøï πïυ διενεργεί η εται-ρεία Pimco στα δανειακά øαρτïæυλάκια των τραπεúών, καθώςκαι την έρευνα πïυ διενεργεί ï ïίκïς Alvarez and Marsal γιατις συνθήκες κάτω απÞ τις ïπïίες ïι τράπεúες έæτασαν στïσηµείï να úητïύν κρατική στήριêη.

∞∞ππÃêª∂∂™™ ∫∫∞∞∆∆∞∞ √√ƒƒºº∞∞¡¡ππ¢¢∏∏Τï ΑΚΕΛ έστρεψε την πρïσïøή τïυ πρïς τïν τέως

∆ιïικητή της Κεντρικής Τράπεúας Αθανάσιïυ Ãρæανίδη, µετïν âïυλευτή τïυ κÞµµατïς Πάµπï Παπαγεωργίïυ να ερωτάγια τη νïµιµÞτητα των δανείων πïυ έλαâε ï κ. Ãρæανίδης µεεπιτÞκιï µεταêύ 0 και 1%. Σύµæωνα µε πληρïæïρίες της εæη-µερίδας µας η παρïøή δανείïυ στïν κ. Ãρæανίδη µε πρïνïµια-κÞ επιτÞκιï, συµπεριλαµâανÞταν στïυς Þρïυς εργïδÞτησηςτïυ, πïυ έγινε επί πρïεδρίας Τάσσïυ ΠαπαδÞπïυλïυ. à κ.Παπαγεωργίïυ κάλεσε επίσης τïν κ. Ãρæανίδη να επιστρέψειτïυς σκληρïύς δίσκïυς απÞ δύï υπïλïγιστές πïυ πήρε Þταναπïøώρησε απÞ τη θέση τïυ. ∆ιερωτήθηκε δε αν η µη επι-στρïæή των σκληρών δίσκων απïτελεί πïινικÞ αδίκηµα.

O âïυλευτής τïυ ∆ΗΚÃ Φύτïς Κωνσταντίνïυ µίλησε γιααδιαæάνεια στï øρηµατïπιστωτικÞ σύστηµα και κατήγγειλε ÞτιδÞθηκαν δάνεια σε ελâετικά æράγκα ïνïµαστικής αêίας 4,5δις ενώ η σηµερινή τïυς αêία είναι 1,5 δις ευρώ.

28 ΝÃΕΜΒΡΙÃΥ, 2012

ΕΙ∆ΗΣΕΙΣ | 3/15

ÌΡΗΜΑ&ΑΓÃΡΑ

Υπάρøει στï πρÞσæατï πρïσκήνιï η άπïψη απÞ τï ΚράτïςÞτι είναι συµæέρïυσα η αγïρά/ανέγερση Κυâερνητικών κτι-ρίων παρά την ενïικίαση και αυτÞ έøει δηλωθεί τÞσï απÞ ταστÞµατα υπïυργών Þσï και άλλων, δίδïντας την εντύπωσηÞτι η ενïικίαση γραæείων είναι «πεταµένα øρήµατα», µια καιτï ενïίκιï πληρώνεται µεν, øωρίς Þµως να παραµένει στïΚράτïς στï τέλïς της ηµέρας «κανένα» κτίριï.

Ãι δηλώσεις αυτές αν και είναι πïλύ γενικές και δεν πρέ-πει να υιïθετïύνται ως απÞλυτα ïρθές. ΕκτÞς των ïικïνïµι-κών υπάρøïυν και άλλïι παράµετρïι Þπως η ύπαρêη ή Þøικατάλληλων τïπïθεσιών για τα ∆ηµÞσια κτίρια σε µεγάλïυςøώρïυς σε κατάλληλα σηµεία, ή ανάγκη ανάπτυêης ευæάντα-στων νέων έργων µε νέα αρøιτεκτïνική, ή αναâάθµιση µε νέαµεγαλεπήâïλα κτίρια πïυ «ïµïρæαίνïυν» σε κάπïιï âαθµÞτις πÞλεις, την απïæÞρτιση τïυ κέντρïυ απÞ την διακίνησηïøηµάτων κλπ.

ΑπÞ πλευράς Þµως καθαρά ïικïνïµικής απÞδïσης, τïθέµα είναι τελείως διαæïρετικÞ. Εάν π.ø. τï Κράτïς µπïρεί ναενïικιάσει σύγøρïνα γραæεία πρïς 8.50 ευρώ τï τ.µ τïν µήνα,ασæαλώς και øωρίς πïλλή σκέψη η απάντηση είναι Þτι συµæέ-ρει η ενïικίαση. Σε αντίθεση, εάν τï ενïίκιï είναι της τάêηςτων 17 ευρώ τï τ.µ., ίσως η απάντηση να είναι η αντίθετη.Πρïσθέτïυµε Þτι τï ενδιαæέρïν τïυ Κράτïυς για ενïικίασηγραæείων, ενθαρρύνει την επένδυση απÞ τïν ιδιωτικÞ τïµέαπïυ µεταêύ άλλων πρïσæέρει, æïρïλïγικές και άλλες συνει-σæïρές στα ταµεία τïυ Κράτïυς, πρωτίστως Þµως είναι ïπαράγïντας της µη εκταµίευσης απÞ τα ταµεία τïυ Κράτïυς,ιδιαίτερα τώρα σε περίïδï κρίσης της Κυπριακής ïικïνïµίαςπïυ «µετρά τï κάθε ευρώ». Είναι λïιπÞν η κατάλληλη στιγµήγια τέτïια απÞæαση (ανέγερση ιδίων κτιρίων) εκ µέρïυς τηςΠïλιτείας;

Υπïθέτïυµε Þτι για να ανεγερθεί ένα γραæειακÞ συγκρÞ-τηµα των 5.000 τ.µ., øρειάúεται εµπïρικÞ ïικÞπεδï (µε συντε-

λεστή δÞµησης 180%) γύρω στις 3.000 τ.µ. Με µέση τιµή αγï-ράς/αêία είναι τï ïικÞπεδï αυτÞ σε σηµερινές τιµές στηνπεριæέρεια τïυ κέντρïυ των πÞλεων είναι γύρω στις (x 3.000ευρώ /τ.µ.) πïυ ισïύται µε 9 εκ. ευρώ.

- Τï κÞστïς κατασκευής ενÞς σύγøρïνïυ γραæειακïύσυγκρïτήµατïς µαúί µε τïυς øώρïυς στάθµευσης Þπως αυτïίαπαιτïύνται απÞ τïυς ïικïδïµικïύς κανïνισµïύς, είναι γύρωστις 1.400 ευρώ /τ.µ.

Ή έστω για 5.000 τ.µ., ίσïν µε 7 εκ. ευρώ, άρα συνïλικÞκÞστïς (γη και κτίρια) αγγίúïυν τα 16 εκ. ευρώ.

Εάν τï κτήµα είναι τïυ Κράτïυς πïυ ανεγείρει τï ίδιï τïκτίριï, τÞτε µε τα σηµερινά δεδïµένα, µια απÞδïση επί τïυσυνïλικïύ κÞστïυς της τάêης τïυ 5% τïν øρÞνï, ή ενïίκιï800.000 ευρώ τïν øρÞνï (ή 14.33 ευρώ /µήνα) είναι λïγική. Ωςεκ τïύτïυ και στï παράδειγµα αυτÞ εάν τï úητïύµενï/συµæω-νηθέν ενïίκιï µε τïν ιδιïκτήτη είναι 10 ευρώ /τ.µ. ή συνïλικά600.000 ευρώ/øρÞνï, η απÞδïση είναι µÞνï 3.75% τïν øρÞνïκαι άρα συµæέρει η ενïικίαση απÞ τïν ιδιïκτήτη. Εάν δε τïΚράτïς δανείúεται πέραν τïυ 7% τÞκï, τÞτε συµæέρει η ενïι-κίαση απÞ ιδιïκτήτη.

- Εάν τï ανεγείρει τï Κράτïς θα πρέπει ασæαλώς να øρε-ώσει στï έργï την γη έστω και εάν είναι δική τïυ, αλλά για τïνιδιώτη ιδιïκτήτης τι σηµαίνει για τï ίδιï έργï;

(α) Αγïρά ïικïπέδïυ 9 εκ. ευρώ, Μεταâιâαστικά (έστω)650.000 ευρώ.

(â) Πληρωµή Φ.Π.Α. στην ανέγερση τïυ, παράδειγµα 7 εκ.ευρώ (x17%) ισïύται µε 1.19 εκ. ευρώ. Άµεση είσπραêη απÞ τïΚράτïς γύρω στï 1.84 εκ. ευρώ.

(γ) Ενïίκιï απÞ τï Κράτïς 800.000 ευρώ τïν øρÞνï, Μείïνγια æïρïαπαλλαγές γύρω στις 150.000, καθαρÞ εισÞδηµα650.000 ευρώ, ΦÞρïς εισïδήµατïς (µαúί µε τα υπÞλïιπα 23%)

άρα 150.000 ευρώ τïν øρÞνï. Κεæαλαιïπïίηση πρïς6% (factor 16.666). Συνïλική πληρωµή æÞρïυ εισïδήµατïςκατά την διάρκεια της «úωής» τïυ κτιρίïυ/ενïικίασης 2.5 εκ.ευρώ.

ΣυνïλικÞ εισÞδηµα για τï Κράτïς 4,34 εκ. ευρώ (1.84 + 2.5εκ. ευρώ).

∆ηλαδή στï κÞστïς τïυ Κράτïυς των 16 εκ. ευρώ θα πρέ-πει να πρïστεθεί τï «διαæυγών» εισÞδηµα τïυ Κράτïυς των4.34 εκ. ευρώ, ή συνïλικÞ πïσÞ/ κÞστïς στï Κράτïς των 20.34εκ. ευρώ.

ΠρÞσθετα θα πρέπει να ληæθεί υπÞψη τï κÞστïς συντή-

ρησης και διαøείρισης γύρω στις (x6% επί τïυ κÞστïυς) -κÞστïς πïυ δεν θα επωµισθεί τï Κράτïς εάν τï ενïικιάúει.

Ανά έτïς πïυ θα κïστίúει στï Κράτïς 43.000 ευρώ ανάέτïς.

Κυâερνητικά τέλη (æÞρïς ακίνητης ιδιïκτησίας) έστω135.000 ευρώ ανά έτïς. Άρα 178.000 ευρώ ανά έτïς,Κεæαλαιïπïίηση πρïς 6% (factor) ίσïν 16.666 ευρώ.

∆ιαæυγών εισÞδηµα κατά την διάρκειας της úωής τïυ κτι-ρίïυ/ενïικίασης 2.16 εκ. ευρώ. Αυτά και άλλα.

ΠρÞσθετα η ενïικίαση ενÞς γραæείïυ ιδιώτη, έøει τï πλε-ïνέκτηµα εκ µέρïυς τïυ Κράτïυς να τερµατίσει την ενïικία-ση εάν έøïυν αλλάêει ïι συνθήκες (π.ø. ανάγκη µεγαλύτερïυøώρïυ, ανυπαρêία øώρων στάθµευσης στï µέλλïν πïυ ίσωςτώρα να υπάρøïυν σε παραπλήσια κενά ïικÞπεδα κλπ), ή λÞγωαλλαγής της τεøνïλïγίας κλπ. Ίσως ακÞµη να υπάρøει καιÞρïς στην ενïικίαση Þτι τï Κράτïς να έøει τï δικαίωµα αγï-ράς ανά πάσα στιγµή σε τρέøïυσες τιµές, ïύτως ώστε νακαλυæθεί και απÞ αυτήν την µεριά τï Κράτïς.

Ασæαλώς τï θέµα δεν είναι απλÞ και ïι δηλώσεις περίπληρωµής ενïικίων εκ µέρïυς τïυ Κράτïυς πïλλών εκατïµ-µυρίων/øρÞνï, είναι παραπλανητικές, για να δικαιïλïγïύν τηνανέγερση ιδίων γραæείων.

Πιστεύïυµε Þτι η κάθε περίπτωση θα πρέπει να µελετάταιêεøωριστά µε τïυς πιï πάνω παράγïντες (και άλλïυς) υπÞψη,ενώ η άµεση εγκατάλειψη υæιστάµενων ενïικιαúÞµενων γρα-æείων θα πρïκαλέσει αναστάτωση µε αλυσιδωτές επιδράσειςστην αγïρά ακινήτων, ιδιαίτερα των γραæείων.

∞ÁÔÚ¿ ‹ ÂÓÔÈΛ·ÛË Î˘‚ÂÚÓËÙÈÎÒÓ ÁÚ·Ê›ˆÓ;

∏∏ ∂∂ÏÏÏÏ¿¿‰‰·· 11ÔÔ˜ ÚÚÔÔÌÌËËıı¢ÙÙ‹‹˜ Îη·ÙÙ··ÓÓ··ÏψÙÙÈÈÎÎÒÒÓÓ ··ÁÁ··ııÒÒÓÓ ÙÙˢ ∫∫‡‡ÚÚÔÔ˘Η Ελλάδα παραµένει επί µια

δεκαετία και συγκεκριµένα απÞ τïέτïς 2001, ï πρώτïς πρïµηθευτήςκαταναλωτικών αγαθών τηςΚύπρïυ. Ã Þγκïς τïυ διµερïύςεµπïρίïυ µεταêύ Κύπρïυ καιΕλλάδας ανήλθε τï 2011 στïπïσÞ των 1,67 δις ευρώ (αύêηση14,4% έναντι τïυ 2010) και ταελληνικά πρïϊÞντα συνεøίúïυν νααντιπρïσωπεύïυν τï 25% τωνσυνïλικών κυπριακών εισαγωγών.

Η Κύπρïς απïτελïύσε για τηνΕλλάδα µέøρι τï έτïς 2010 τïν τρίτïκαι απÞ τï 2011 τïν τέταρτï εµπïρικÞ της εταίρï µετά τηΓερµανία, την Ιταλία και την Τïυρκία. ΤαυτÞøρïνα τï σύνïλï

των ελληνικών άµεσων επενδύσεωνστην Κύπρï τï 2011 (επενδυτική

θέση) ανερøÞταν σε 3,1 δις ευρώ.ΑυτÞ αναæέρθηκε σε εκδήλωσηπïυ διïργάνωσε η ΕλληνικήΠρεσâεία στην Κύπρï στï πλαίσιïτης ανάπτυêης των δράσεων γιατην πρïώθηση της ïικïνïµικήςσυνεργασίας µεταêύ Ελλάδïς καιΚύπρïυ, απευθυνÞµενη στïυςΚύπριïυς ïικïνïµικïύς - επιøειρη-µατικïύς συνεργάτες των ελληνι-

κών επιøειρήσεων.Στην εκδήλωση πïυ διïργανώνεται κάθε

øρÞνï πρïâλέπεται µια κύρια ïµιλία πïυ αæïρά έναν συγκε-κριµένï ïικïνïµικÞ κλάδï. Φέτïς, τï θέµα της εκδήλωσης

ήταν αæιερωµένï στη διµερή ή και τριµερή ενεργειακήσυνεργασία και τις πρïïπτικές της στην ελληνική και τηνκυπριακή ïικïνïµία.

Τï θέµα ανέπτυêε ï Καθηγητής ΚωνσταντίνïςΜαθιïυδάκης, ΓενικÞς Γραµµατέας τïυ ΥπïυργείïυΠεριâάλλïντïς, Ενέργειας και Κλιµατικής Αλλαγής τηςΕλληνικής ∆ηµïκρατίας. Επίσης ï ∆ιευθύνων Σύµâïυλïςτης εταιρείας ∆ΕΗ Quantum Energy, Γιώγïς Κίλλας, παρïυ-σίασε τï σøέδιï τïυ διασυνδετηρίïυ αγωγïύ ηλεκτρητικήςενέργειας µεταêύ Ισραήλ-Κύπρïυ-Ελλάδïς (Euro AsiaInterconnector).

Στην εκδήλωση απεύθυναν øαιρετισµÞ τÞσï ï ΥπïυργÞςΕµπïρίïυ, Βιïµηøανίας, Τïυρισµïύ, Νεïκλής Συλικιώτης,Þπως και ï Πρέσâης της Ελλάδïς, Βασίλης Παπαϊωάννïυ.

Κατά την διάρκεια της εκδήλωσης πρïσæέρθηκαν ελλη-νικά πρïϊÞντα και υψηλïύς πïιÞτητας ïίνïι και πïτά.

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

™™˘ÓÓÂÂÚÚÁÁ··ÛÛ››·· ™™∂∂∂∂∞∞∫∫ -- RRIICCSS ÁÁÈÈ·· ÙÙÔÔÓÓ ‰‰Â››ÎÎÙÙËË ··ÎÎÈÈÓÓ‹‹ÙÙˆÓÓ

Συµæωνία συνεργασίας µε τï Σύνδεσµï ΕπιστηµÞνων Εκτιµητών Ακινήτων Κύπρïυ(ΣΕΕΑΚ) συνήψε τï RICS (Royal Institution of Chartered Surveyors) Κύπρïυ, στα πλαίσια τηςπρïσπάθειας περαιτέρω ενίσøυσης της διαδικασίας συλλïγής δεδïµένων για την ετïιµασίατïυ ∆είκτη Τιµών Ακινήτων RICS Κύπρïυ

à ∆είκτης Τιµών Ακινήτων τïυ RICS Κύπρïυ, êεκίνησε να εκδίδεται µε την υπïστήριêη τïυΣυνδέσµïυ ΕπιστηµÞνων Επιµετρητών ÃικïνïµïλÞγων Κατασκευών Κύπρïυ (ΣΕΕÃKΚ) σε τρι-µηνιαία âάση απÞ τïν Ιανïυάριï τïυ 2010, σøεδιασµένïς απÞ τï Τµήµα Ακινήτων καιΠïλεïδïµικïύ Σøεδιασµïύ τïυ Πανεπιστηµίïυ τïυ Reading, στï Ηνωµένï Βασίλειï. Ã

∆είκτης, παρακïλïυθεί τα αστικά κέντρα τηςΛευκωσίας, Λεµεσïύ, Λάρνακας, Πάæïυ καιΠαραλιµνίïυ-Αµµïøώστïυ, εντïπίúïντας µε âάση τεκµη-ριωµένα στïιøεία τις διακυµάνσεις και διαæïρïπïιήσειςτων τιµών των ακινήτων και των ενïικίων σε Þλες τιςεπαρøίες. Συγκεκριµένα ï ∆είκτης παρακïλïυθεί τιςαλλαγές σε κατïικίες (διαµερίσµατα και σπίτια), γραæεία,τα µισθώµατα επαγγελµατικών øώρων πρώτης κατηγï-ρίας (high street retail) και απïθήκες. Η συνεργασία µε τïΣΕΕΑΚ εκτιµάτε Þτι θα συµâάλει στη âελτίωση και στηνενίσøυση της αêιïπιστίας τïυ ∆είκτη.

28 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

4/16 | ΕΙ∆ΗΣΕΙΣ

Τα τελευταία τέσσερα øρÞνια 12,000 µικρïµεσαίες επιøει-ρήσεις ïδηγήθηκαν σε κλείσιµï ενώ καθηµερινά ï αριθµÞςτων επιøειρήσεων αυτών πïυ âάúïυν λïυκέτï ανέρøεται στιςπέντε.

Στην Κïινïâïυλευτική Επιτρïπή Εµπïρίïυ συúητήθηκεγια άλλη µια æïρά η ανάγκη στήριêης των µικρïµεσαίων επι-øειρήσεων, µε τïυς Βïυλευτές να πρïειδïπïιïύν Þτι µέøρι νατεθεί σε εæαρµïγή ï εγγυïδïτικÞς ïργανισµÞς ïι επιøειρή-σεις αυτές δεν θα υπάρøïυν πλέïν.

à ΠρÞεδρïς της Επιτρïπής Εµπïρίïυ ΛευτέρηςÌριστïæÞρïυ, σε δηλώσεις µετά τη συνεδρίαση, ανέæερε Þτιïι επιøειρήσεις αυτές πïυ είναι η ραøïκïκαλιά της ïικïνïµίαςκαι ανέρøïνται στις 67,000, âρίσκïνται σε δύσκïλη καµπή καιαδυνατïύν να ανταπïκριθïύν εêαιτίας της έλλειψης ρευστÞ-τητας αλλά και των υψηλών επιτïκίων καθώς και των πρïâλη-µάτων πïυ δηµιïύργησε η ïικïνïµική κρίση.

à κ. ÌριστïæÞρïυ είπε Þτι ïι επιøειρήσεις αυτές πρέπει ναπαραµείνïυν εν úωή «ώστε να επανεκκινήσïυν την κυπριακήïικïνïµία, γιατί µε τï ‘θάνατï τïυ εµπïράκïυ’ θα επέλθει καιï θάνατïς της κυπριακής ïικïνïµίας».

Ìαρακτήρισε απïγïητευτικÞ τï γεγïνÞς Þτι τï πïλυδια-æηµιúÞµενï, Þπως είπε, ταµείï εγγυïδïσίας, για να µπει σελειτïυργία και να αρøίσει να απïδίδει, θα παρέλθει τïυλάøι-στïν ένας τïυλάøιστïν øρÞνïς, διάστηµα κατά τï ïπïίï,συµπλήρωσε, πïλλές επιøειρήσεις θα κλείσïυν.

à Βïυλευτής τïυ ∆ΗΣΥ έκανε λÞγï για γραæειïκρατικές

διαδικασίες, ατïλµία πïλιτικών απïæάσεων, µηλήψη µέτρων και απάθεια, πïυ ïδήγησαν τις επι-øειρήσεις σε κλείσιµï και πτώøευση.

à Βïυλευτής τïυ ∆ΗΣΥ Ανδρέας Μιøαηλίδηςανέæερε Þτι υπάρøει και µια µερίδα ïικïγενειακώνεπιøειρήσεων πïυ διατυπώνïυν παράπïνα για τηνεπιâίωσή τïυς, πρïσθέτïντας Þτι ως πïλιτείαέøïυµε υπïøρέωση να δïύµε και τï δικÞ τïυςπρÞâληµα. Είπε Þτι ïι επιøειρήσεις αυτές είναιπαραµεληµένες και υπάρøει υπïøρέωση για στή-ριêή τïυς.

ªÂ›ˆÛË ÙˆÓ ÂÓÔÈΛˆÓ à ΓΓ της ΠÃΒΕΚ Στέæανïς Κïυρσάρης ανέæερε Þτι στïν

εγγυïδïτικÞ ïργανισµÞ πρέπει να εµπλακïύν και ïι εργïδï-τικές ïργανώσεις, έτσι ώστε να υπάρøει έλεγøïς στη διïøέ-τευση των øρηµάτων.

à κ. Κïυρσάρης κάλεσε τη Βïυλή να ρυθµίσει νïµïθετι-κά τï θέµα της µείωσης των ενïικίων για τις επιøειρήσεις,καθώς, Þπως ανέæερε, τï µεγαλύτερï πρÞâληµα πïυ αντιµε-τωπίúïυν είναι η ρευστÞτητα και η øρηµατïδÞτηση.

à ΠρÞεδρïς τïυ Παγκυπρίïυ Συνδέσµïυ Μικρï-επιøειρήσεων Μιøάλης Ìριστïæή ανέæερε Þτι τï πρώτï εννιά-µηνï τïυ 2012, τέσσερις øιλιάδες επιøειρήσεις έâαλαν λïυκέ-τï και στï σύνïλï τïυς τï 90% των µικρïµεσαίων επιøειρήσε-ων κινδυνεύïυν άµεσα. Είπε Þτι εάν δεν υπάρêει αντιµετώπι-

ση τïυ úητήµατïς και εêεύρεση λύσεων, ïιµικρïεπιøειρηµατίες θα λάâïυν δυναµικά µέτρα.

à Βïυλευτής τïυ ∆ΗΚà Άγγελïς ΒÞτσης ανέæερε Þτι τïθέµα της αναγκαιÞτητας στήριêης των µικρïµεσαίων επιøει-ρήσεων θα καταντήσει «µνηµÞσυνï» κατά την έκæρασή τïυ,αæïύ ïλïένα και περισσÞτερες επιøειρήσεις κλείνïυν κάθεæïρά πïυ γίνεται αυτή η συúήτηση µε Þλες τις συνέπειες.

Για τïν εγγυïδïτικÞ ïργανισµÞ, ï κ. ΒÞτσης εêέæρασε τηδυσαρέσκειά τïυ για τï γεγïνÞς Þτι η Þλη διαδικασία πρïøω-ρεί µε ρυθµïύς øελώνας, Þπως είπε, λέγïντας Þτι τï øρïνï-διάγραµµα για λειτïυργία τïυ σε ένα øρÞνï, δεν αæήνει ικα-νïπïιηµένï τï κÞµµα τïυ και πρέπει να λειτïυργήσει τάøισταγια να λειτïυργήσει ως ένεση για τις επιøειρήσεις αυτές.

à Βïυλευτής της Ε∆ΕΚ Γιώργïς Βαρνάâας ανέæερε Þτιτï κÞµµα τïυ πρïειδïπïιïύσε Þτι η µη λήψη µέτρων θα επέ-æερε µεγαλύτερα πρïâλήµατα στïν κλάδï.

12,000 ÂȯÂÈÚ‹ÛÂȘ ¤‚·Ï·Ó ÏԢΤÙÔ ÙËÓ ÙÂÏÂ˘Ù·›· 4ÂÙ›·

∆∆ÚÚ››·· ÓÓ¤¤·· CCoossttaa CCooffffeeeeÙøι δεν κλείνïυν, αλλά συνεøίúïυν να επεκτείνïνται τα

Costa Coffee της γνωστής αγγλικής αλυσίδας καæέ στηνΚύπρï, σε αντίθεση µε την Ελλάδα Þπïυ η εταιρεία πïυ είøετα δικαιώµατα για την συγκεκριµένη αγïρά αναγκάστηκε ναâάλει λïυκέτï σε 10 περίπïυ καταστήµατα.

ΑπïκλειστικÞς αντιπρÞσωπïς των Costa Coffee στηνΚύπρï, είναι η εταιρεία Symeonides Coffee Cyprus Ltd, ηïπïία ανακïίνωσε Þτι λειτïυργïύν στην Κύπρï 19 καταστή-µατα, στα ïπïία θα πρïστεθïύν ακÞµα 3 νέα εντÞς τïυ 2013Φιλïσïæία της εταιρεία είναι τï άνïιγµα καταστηµάτων σεκεντρικές τïπïθεσίες, αλλά και διείσδυση στις γειτïνιές.

Μιλώντας µε ιθύνïντες της εταιρείας λÞγω τïυ Þτι ακÞµαδεν έøïυν πέσει ïι υπïγραæές δεν κατέστει δυνατÞ να µαςαναæερθεί πïυ θα ανïίêïυν τα νέα καταστήµατα. Πάντως τïµÞνï σίγïυρï είναι πως η επέκταση αυτή θα είναι παγκύπρια.

Η εταιρεία διαθέτει µέøρι τώρα 9 καταστήµατα στηνΛευκωσία, 4 στην ΛεµεσÞ, 2 στην Πάæï, 1 στïν Πρωταρά και 1στην Λάρνακα. ∆ιαθέτει επίσης καταστήµατα στα αερïδρÞµιαΛάρνακας και Πάæïυ.

¶·ÚÂÏıfiÓ ÛÙËÓ ∂ÏÏ¿‰·Τα απïκλειστικά δικαιώµατα των Costa Coffee για την

ελληνική αγïρά κατείøε η εταιρεία «The Greek Coffee

Company», Þπïυ ïι µέτïøïι της εταιρείας απïæάσισαν νατερµατίσïυν ïριστικά τη λειτïυργία τïυς, καθώς δενκατÞρθωσαν να âρïυν τα αναγκαία κεæάλαια για να τα κρα-τήσïυν ανïιøτά, παρά τïν αγώνα δρÞµïυ και τις πρïσπάθει-ες πïυ έκαναν µέøρι την τελευταία στιγµή.

Τα «Costa Coffee» είøαν διακÞψει πρïσωρινά την περα-σµένη εâδïµάδα την λειτïυργία τïυς για περίπïυ δέκα ηµέ-ρες, σε µια πρïσπάθεια εêεύρεσης κεæαλαίων ύψïυς περί-πïυ 1,5 εκ. ευρώ, πïυ θα έδιναν λύση στα ïικïνïµικά τηςπρïâλήµατα και θα την έâγαúαν απÞ τï αδιέêïδï.

ΑκÞµη και ï µητρικÞς Þµιλïς, παρά την αγαστή σøέσητων δυï πλευρών δεν δέøθηκε να øρηµατïδïτήσει τïνΈλληνα συνεργάτη της λÞγω τïυ υψηλïύ «country risk» καιτης έντïνης αâεâαιÞτητας για τï µέλλïν της ελληνικήςïικïνïµίας.

Μάλιστα, στï µητρικÞ Þµιλï, πρïσæέρθηκε πïσïστÞ στïµετïøικÞ κεæάλαιï, ωστÞσï, απέρριψε την πρÞταση καθώςδεν κατέστη δυνατÞ να πεισθεί για τη âιωσιµÞτητα µιαςτέτïιας κίνησης.

ªfiÓÔ ÙÔ ·’ ÂÓÓÈ¿ÌËÓÔ Î·Ù¤‚·Û·Ó ÚÔÏ¿ Ù¤ÛÛÂÚȘ ¯ÈÏÈ¿‰Â˜ ÂȯÂÈÚ‹ÛÂȘ

¡¡¤¤ÔÔ Îη·ÙÙ¿¿ÛÛÙÙËËÌÌ·· LLiiddll ÛÛÙÙÔÔ ™™ÙÙÚÚfifi‚‚ÔÔÏÏÔÔΤη ∆ευτέρα 3 ∆εκεµâρίïυ θα ανïίêει και επίσηµα τις πύλες

τïυ τï 13ï κατάστηµά της εταιρείας Lidl στην Κύπρï.Συγκεκριµένα τï κατάστηµα ανïίγει στïν ΣτρÞâïλï (περιïøήΕλαιώνων). Την ηµέρα έναρêης τïυ καταστήµατïς απÞ τις 11π.µ. η Νταϊάν ΚÞøυλα, γκïυρïύ της ελληνικής κïυúίνας καιλάτρης της µαγειρικής, γνώριµη πλέïν σε Þλïυς, απÞ τη δηµï-æιλή εκπïµπή µαγειρικής «Τι θα æάµε σήµερα µαµά», θα µïιρα-στεί µε τïυς καταναλωτές έêυπνες συµâïυλές µαγειρικής καιπïικιλία συνταγών για εύκïλï και νÞστιµï µαγείρεµα.

Φιλïσïæία της Lidl είναι η διείσδυση της στις γειτïνιές τηςΚύπρïυ, εêαπλώνïντας τï δίκτυÞ των καταστηµάτων της µεâασικÞ στÞøï την άρτια εêυπηρέτηση τïυ καταναλωτικïύ κïι-νïύ και την παρïøή πρïϊÞντων υψηλής πïιÞτητας σε σταθεράøαµηλές τιµές. ΠερισσÞτερες πληρïæïρίες στï www.lidl.com.cy.

∂¤Ó‰˘ÛË 100 ÂÎ. ¢ÚÒ ÛÙËÓ ∂ÏÏ¿‰·Ùσïν αæïρά την ελληνική αγïρά η Lidl Hellas, πρïγραµµα-

τίúει επενδύσεις ύψïυς 100 εκ. ευρώ, κεæάλαια τα ïπïία θακατευθυνθïύν στην επέκταση και την ανακαίνιση τïυ δικτύïυτων καταστηµάτων της και των απïθηκευτικών της εγκαταστά-σεων. Ùπως ανέæερε η εταιρεία σε ανακïίνωση της σε µιαπερίïδï πïυ øαρακτηρίúεται κατά âάση απÞ επενδυτική επιæυ-λακτικÞτητα, κλείσιµï εργïστασίων και µετεγκαταστάσεις στïεêωτερικÞ, η Lidl Hellas θέλει µέσω των δραστηριïτήτων της, ναπρïσæέρει ασæάλεια πρïγραµµατισµïύ στïυς περισσÞτερïυςαπÞ 1.500 Έλληνες πρïµηθευτές της και στις 50.000 ελληνικέςïικïγένειες πïυ âρίσκïνται πίσω απÞ αυτïύς.

™™Â Î·‡ÚÚÈÈÔÔ˘˜ ÁÁÈÈ··ÙÙÚÚÔÔ‡‡˜ ÎÎÈÈ ÂÂÈȯÂÂÈÈÚÚËËÌÌ··ÙÙ››Â˜ ÙÙÔÔ ∞∞¯››ÏÏÏÏÂÂÈÈÔÔÓÓΣε κύπριïυς γιατρïύς κι επιøειρηµατίες θα ανήκει πλέïν

τï ιδιωτικÞ νïσïκïµείï «Αøίλλεïν» στη ΛεµεσÞ, µετά και τηνσøετική πράêη πώλησης πïυ αναµένεται να πραγµατïπïιηθείεντÞς των επÞµενων ηµερών.

Ãι æήµες περί κλεισίµατïς τïυ νïσïκïµείïυ άρøισαν νακυκλïæïρïύν απÞ τïν περασµένï Μάρτιï.

ΑπÞ τï 2007 η κλινική άνηκε στïν ελληνικÞ Þµιλï «Υγεία».Η ïλïκλήρωση της συναλλαγής Þπως αναæέρεται τελεί υπÞτην αίρεση της λήψης των απαραίτητων εγκρίσεων απÞ τηνøρηµατïδÞτρια τράπεúα τïυ αγïραστή, ïπÞτε η εταιρεία θαπρïâεί σε αναλυτική ανακïίνωση. Η συναλλαγή αæïρά τηνπώληση τïυ πλειïψηæιακïύ πακέτïυ αêίας 10 εκ. ευρώ µετα-êύ τïυ ελλαδικïύ ïµίλïυ «Υγεία» και ïµάδα κύπριων ιατρώνκι επιøειρηµατιών.

Η ιδιωτική κλινική είøε µπει και στï στÞøαστρï Ισραηλινώνεπιøειρηµατιών τïν περασµένï Μάρτιï, ωστÞσï τï θέµα æαί-νεται να κÞλλησε στην απïúηµίωση στην ïπïία πρïσέæερανïι ισραηλινïί σε κάπïιïυς απÞ τïυς γιατρïύς - µετÞøïυς τïυΑøίλλειïυ. Τï «Αøίλλειïν» λειτïύργησε για πρώτη æïρά στηΛεµεσÞ τï 2004 και τρία øρÞνια αργÞτερα αγïράστηκε απÞ τï∆ιαγνωστικÞ και Θεραπεύτικï Κέντρï Αθηνών Υγεία Α.Ε.Αγïράστηκε απÞ την εταιρεία «Ìρυσαæιλιώτισσα ∆ηµÞσιαΛτδ» µε την εêαγïρά πïσïστïύ 57% περίπïυ τïυ µετïøικïύκεæαλαίïυ της εταιρείας. ΠρÞκειται για ένα ιδιωτικÞ νïσïκï-µείï τï ïπïίï στεγάúεται σε ένα σύγøρïνï κτήριï εµâαδïύ7,000 τετραγωνικών µέτρων, øωρητικÞτητας 86 κλινών καικαλύπτει Þλες τις ιατρικές ειδικÞτητες µε εργαúÞµενïυςιατρïύς να êεπερνïύν τïυς 120.

28 ΝÃΕΜΒΡΙÃΥ, 2012

EΙ∆ΗΣΕΙΣ | 5/17

ÌΡΗΜΑ&ΑΓÃΡΑ

H °ÂÚÌ·Ó›· ‚·ÛÈÎfi˜ ÂÌÔÚÈÎfi˜ ÂÙ·›ÚÔ˜ Ù˘ ∫‡ÚÔ˘ ÛÙËÓ ÏÔÈԉȷ¯Â›ÚÈÛË

Στα 435 εκ. ευρώ ή στï 5% τïυ ΑΕΠ ανήλ-θαν τα έσïδα απÞ την πλïιïδιαøείριση τï α`εêάµηνï τïυ τρέøïντïς έτïυς, παρïυσιάúï-ντας αύêηση της τάêης τïυ 2%, γεγïνÞς πïυκαταδεικνύει την ανθεκτικÞτητα τïυ κλάδïυπαρά την παγκÞσµια ïικïνïµική κρίση πïυσυµπιέúει τις ναυλαγïρές.

ΕιδικÞτερα, σύµæωνα µε τα στïιøεία πïυπαρïυσίασε η Κεντρική Τράπεúα για την πλïι-διαøείριση, τα έσïδα τïυ τïµέα παρïυσίασαναύêηση 2%, σε σύγκριση µε 428 εκ. ευρώ τïυδευτέρïυ εêαµήνïυ τïυ 2011. Ως πïσïστÞτïυ ΑΕΠ τα έσïδα απÞ την πλïιδιαøείριση (µεâάση τïν κύκλï εργασιών) αντιστïιøïύν στï5% τïυ ΑΕΠ (4,9% α’ εêάµηνï 2011 και 4,8% â`εêάµηνï ‘11) æτάνïντας στï µεγαλύτερïσηµείï των τελευταίων δύï ετών.

à ΓενικÞς ∆ιευθυντής τïυ ΝαυτιλιακïύΕπιµελητηρίïυ Θωµάς Καúάκïς µιλώντας στïΚυπριακÞ Πρακτïρείï Ειδήσεων øαιρέτισε τηæαινïµενικά µικρή, αλλά συνάµα σταθεράθετική αύêηση τïυ πïσïστïύ συνεισæïράςτης πλïιïδιαøείρισης στï ΑΕΠ σαν µέρïς τηςναυτιλιακής âιïµηøανίας γενικÞτερα.

à κ. Καúάκïς αναæέρθηκε επίσης στηνάµεση ανάγκη απïκατάστασης της σταθερÞ-τητας της ïικïνïµικής κατάστασης στηνΚύπρï, η ïπïία θα επαναæέρει την αêιïπιστίακαι την ελκυστικÞτητα της Κύπρï στïυς επεν-δυτικïύς κύκλïυς στï εêωτερικÞ.

ÀÊ˘Ô˘ÚÁfi˜ ¡·˘ÙÈÏ›·˜ ΤÞνισε τέλïς Þτι τα απαραίτητα µέτρα για

την περαιτέρω ανάπτυêη της κυπριακής ναυ-τιλίας, Þπως αυτά έøïυν επισήµως παρïυσια-στεί απÞ τï Επιµελητήριï στïυς υπïψηæίïυςγια τις επερøÞµενες πρïεδρικές εκλïγές ήτïιτην δηµιïυργία θέσης “ΥæυπïυργïύΝαυτιλίας”, η επέκταση-πρïώθηση τïυ ναυ-τιαλιακïύ æïρïλïγικïύ συστήµατïς τηςΚύπρïυ και η άµεση άρση τïυ τïυρκικïύεµπάργκï στα κυπριακά πλïία.

Σύµæωνα µε τα στïιøεία της ΚΤ, ηΓερµανία παραµένει ï âασικÞς εµπïρικÞςεταίρïς της Κύπρïυ στην πλïιïδιαøείριση,παρά τï Þτι η ρïή των εσÞδων µειώθηκε στï55% απÞ 60%.Ακïλïύθησε η Ελâετία µε 11%,τï Βιετνάµ µε 6%, η Λετïνία µε 4% και ηÃλλανδία µε 3%, κάτι πïυ καταδεικνύει τηνεêωστρέæεια της âιïµηøανίας.

Ως ένας απÞ τïυς λÞγïυς της αύêησηςεγγραæής ναυτιλιακών εταιρειών στην Κύπρïκαι κατ` επέκταση των εσÞδων θεωρείται ηέγκριση τïυ συστήµατïς æïρïλïγίας στηâάση της øωρητικÞτητας απÞ την ΕυρωπαϊκήΕπιτρïπή, πïυ θεωρείται απÞ ναυτιλιακïύςπαράγïντες ως ένα απÞ τα πιï ανταγωνιστικάστην Ευρώπη.

Παράλληλα, τï 96% (92 â’ εêάµηνï ‘11 και91% α’ εêάµηνï ‘11) των υπηρεσιών πρïσæέρ-θηκαν σε πλïία υπÞ êένη σηµαία και µÞνï τï4% (8% και 9% αντίστïιøα) σε πλïία υπÞκυπριακή σηµαία.

Σε σøέση µε τις παρεøÞµενες υπηρεσίες,ïι âασικές υπηρεσίες πλïιïδιαøείρησης, Þπωςτεøνική διαøείριση, διαøείριση πληρωµάτωνκαι πλïιïδιαøείριση αντιστïιøïύν στï 66%των εσÞδων της âιïµηøανίας. Τα ναύλα κατα-τάσσïνται στη δεύτερη θέση µε 17%, η ναύ-λωση πλïίων µε 9%, ενώ άλλες υπηρεσίεςÞπως øρηµατïδÞτηση, υπηρεσίες επιµελητεί-ας (logistics) κατείøαν πïσïστÞ 7% των εσÞ-δων.

Ùσïν αæïρά τα έσïδα απÞ την πλïιïδια-øείριση, η Γερµανία κατέøει για µια ακÞµηæïρά τη µερίδα τïυ λέïντïς µε 70%. ΗΓερµανία διατηρεί τï µεγαλύτερï µερίδιï καιστην διαøείριση πληρωµάτων µε 58%, ενώστην πλήρη πλïιïδιαøείριση πρώτη κατατάσ-σεται η Ρωσία µε 32%.

Μια αναλυτικÞτερη ανάλυση των εσÞδωνανά τύπï πλïιïδιαøείρισης καταδεικνύει Þτιτï 53% των εσÞδων τï α` εêάµηνï τïυ 2012πρïήλθε απÞ την διαøείριση πληρωµάτων, σεσύγκριση µε 49% τÞσï στï â` Þσï και στï α`

εêάµηνï τïυ πρïηγïύµενïυ έτïυς. Η πλήρηςπλïιïδιαøείριση υπïøώρησε ελαæρώς στï39% τï α` εêάµηνï τïυ τρέøïντïς έτïυς σεσύγκριση µε 41% τï â` εêάµηνï τïυ 2011 και39% τï α` εêάµηνï τïυ 2011. Τέλïς η τεøνι-κή διαøείριση µειώθηκε στï 8% σε σύγκριση10% τï â` εêάµηνï τïυ 2011 και 12% τï `αεêάµηνï τïυ 2011.

Η Γερµανία κατέøει µε συντριπτική δια-æïρά τï µεγαλύτερï µερίδιï εσÞδων σεσøέση µε τη øώρα τïυ πλïιïκτήτη µε 64%.Στη δεύτερη θέση µε τεράστια διαæïράακïλïυθεί η Ãλλανδία µε 6%, Þπως και τï

Κïυρακάï, ενώ ακïλïυθïύν τα ΝησιάΜάρσαλ µε 4%.

ΑπÞ την άλλη τï συµψηæισµένï ύψïς τωνεêÞδων της âιïµηøανίας τï α` εêάµηνï τïυ2012 παρïυσίασε µείωση 2%, κλείνïντας στα362 εκ. ευρώ απÞ 371 εκ. ευρώ.Τη µερίδα τïυλέïντïς κατέøïυν ïι αµïιâές πληρωµάτων µε54% (36% σε µη Ευρωπαίïυς πïλίτες, και18% σε Ευρωπαίïυς).

Πέραν απÞ τις αµïιâές πληρωµάτων, τï23% αντιστïιøεί σε έêïδα πλïιïδιαøείρισης,ενώ τï υπÞλïιπï 23% αντιστïιøεί σε διïικητι-κά έêïδα.

™Ù· €435 ÂÎ. Ù· ¤ÛÔ‰· ÙÔ ·’ ÂÍ¿ÌËÓÔ ÙÔ˘ 2012

28 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

6/18 | ΕΙ∆ΗΣΕΙΣ

Άνïδï παρïυσιάúει τï ευρωπαϊκÞ νÞµισµα έναντι τïυ αµε-ρικανικïύ δïλαρίïυ καθώς έτυøε διαπραγµάτευσης µέøρι τα1,3009 (υψηλÞ ενÞς µηνÞς) νωρίς την Τρίτη 27 Νïεµâρίïυ απÞ1,2825 πïυ âρισκÞταν την περασµένη Πέµπτη.

Θετικά επηρεάστηκε τï ευρώ µετά τη συµæωνία τωνΥπïυργών Ãικïνïµικών της Ευρωúώνης µε τï ∆ΝΤ για τη øρη-µατïδÞτηση και τη âιωσιµÞτητα τïυ δηµïσίïυ øρέïυς τηςΕλλάδας. Συγκεκριµένα, απïæασίστηκε η µείωση τïυ επιτïκί-ïυ κατά 100 µïνάδες âάσης στα διµερή δάνεια τïυ πρώτïυ

πρïγράµµατïς øρηµατïδÞτησης, η επέκταση της περιÞδïυαπïπληρωµής των διµερών δανείων και των δανείων τïυEFSF κατά 15 έτη, η αναâïλή καταâïλής τÞκων στα δάνειατïυ EFSF κατά 10 έτη, η µείωση τïυ κÞστïυς κατά 10 µïνά-δες âάσης στα δάνεια τïυ EFSF και η δέσµευση των κρατώνµελών για µεταæïρά των κερδών των κεντρικών τραπεúώναπÞ τï πρÞγραµµα αγïράς ïµïλÞγων της ΕΚΤ (SMP) απÞ τï2013 σε δεσµευµένï λïγαριασµÞ για την Ελλάδα.Πρïâλέπεται επίσης πρÞγραµµα επαναγïράς ελληνικών κρα-τικών ïµïλÞγων στη δευτερïγενή αγïρά.

Απïæασίστηκε επίσης Þπως ï στÞøïς για τï δείκτη øρέ-ïυς/ΑΕΠ να τεθεί για τï 2020 στï 124% και øαµηλÞτερα τïυ110% για τï 2022. Επισηµάνθηκε Þτι η επίσηµη απÞæαση γιατην καταâïλή της πρώτης δÞσης ύψïυς 34,4 δις ευρώ θα

ληæθεί στις 13 ∆εκεµâρίïυ, ενώ τα υπÞλïιπα 9,3 δις ευρώ θακαταâληθïύν τï 1ï τρίµηνï τïυ 2013 σε τρεις δÞσεις. Τέλïς,ï ΥπïυργÞς Ãικïνïµικών της Γερµανίας ανέæερε Þτι θα εêε-τασθïύν πρÞσθετα µέτρα ελάæρυνσης τïυ δηµïσίïυ øρέïυςτης Ελλάδας εæÞσïν επιτευøθεί ï στÞøïς για τï πρωτïγενέςπλεÞνασµα και εκπληρωθïύν Þλες ïι πρïϋπïθέσεις.

ΘετικÞ αντίκτυπï είøαν επίσης για τï ενιαίï νÞµισµα τακαλύτερα των αναµενïµένων στïιøεία για τïν δείκτη επιøει-ρηµατικïύ κλίµατïς IFO Γερµανίας ï ïπïίïς ανήλθε τïΝïέµâριï στις 101,4 µïνάδες (Ãκτώâριïς: 100). Επίσης, ï δεί-κτης τρέøïυσας συγκυρίας IFO ενισøύθηκε στις 108,1 µïνά-δες απÞ 107,2 τïν Ãκτώâριï και τέλïς ï δείκτης IFO πρïσδï-κιών αυêήθηκε τï Νïέµâριï στις 95,2 µïνάδες απÞ 93,2 τïνÃκτώâριï.

™Â ·ÓÔ‰È΋ ÔÚ›· Ë ÈÛÔÙÈÌ›· ¢ÚÒ - ‰ÔÏ·Ú›Ô˘

Ανïδικά κινήθηκε την εâδïµάδα πïυ µας πέρασε η ισï-τιµία ευρώ - δïλαρίïυ η ïπïία ενισøύθηκε σε ψηλά τριώνεâδïµάδων.

Συγκεκριµένα η ισïτιµία απÞ τα 1.2800 της περασµένηςεâδïµάδïς αναρριøήθηκε µέøρι και τα 1.3000 για να διïρθώ-σει στην συνέøεια µέøρι και τα 1.2950 Þπïυ και κινείται τιςτελευταίες ηµέρες.

Καταλυτικά Þπως ήταν αναµενÞµενï λειτïύργησαν ïιαπïæάσεις τïυ Eurogoup Þπïυ συµæωνήθηκε η απïδέσµευ-ση της επÞµενης δÞσης της Ελλάδïς.

Με âάση Þσα συµæωνήθηκαν, η Ελλάδα θα λάâει συνïλι-κά 43,7 δισ. ευρώ. Η απÞæαση για την εκταµίευση της πρώτηςδÞσης, πïυ τελικά θα είναι 34,4 δισ., θα ληæθεί στην επÞµενησυνεδρίαση τïυ Eurogroup στις 13 ∆εκεµâρίïυ. Η øïρήγησητων υπÞλïιπων κεæαλαίων θα γίνει σε 3 δÞσεις στï α? τρίµη-νï τïυ 2013.

Στï «κïκτέιλ» για τη µείωση τïυ øρέïυς περιλαµâάνïνται,µεταêύ άλλων, η µείωση των επιτïκίων δανεισµïύ, η παράτα-ση της λήêης ïµïλÞγων αλλά και τï πάγωµα για 10 øρÞνια τηςπληρωµής των τÞκων στï EFSF. Ãι øώρες (εêαιρïυµένωνÞσων âρίσκïνται σε πρÞγραµµα διάσωσης) θα συµµετέøïυνκαι µε διάθεση στην Ελλάδα των κερδών απÞ τα ελληνικάïµÞλïγα πïυ είøε η ΕΚΤ και ïι κεντρικές τράπεúες.

Ãι δανειστές υπÞσøïνται τα κεæάλαια, αλλά θέτïυν«σκληρïύς Þρïυς». ¥εκάθαρα αναæέρεται στï κείµενï τïυeurogroup Þτι «η Ελλάδα έøει ενισøύσει σηµαντικά τïν ειδικÞλïγαριασµÞ για την εêυπηρέτηση τïυ øρέïυς». Θα µεταæέρειστïν λïγαριασµÞ Þλα τα έσïδα απÞ τις ιδιωτικïπïιήσεις, ταεπιδιωκÞµενα πρωτïγενή πλεïνάσµατα, καθώς και 30% τïυπλεïνάúïντïς πρωτïγενïύς πλεïνάσµατïς. Μάλιστα, «ηΕλλάδα θα ενισøύσει τη διαæάνεια και θα πρïσæέρει πλήρη exante και ex post πληρïæÞρηση στïυς EFSF-ESM για τιςσυναλλαγές στïν ειδικÞ λïγαριασµÞ».

Μια απÞæαση πïυ ναι µεν δίνει και πάλι øρÞνï στïυς

Ευρωπαίïυς και ειδικά στïυς Γερµανïύς πïυ θέλïυν ναπαρατείνïυν τï ελληνικÞ úήτηµα µέøρι τις εκλïγές τïυς απÞτην άλλη Þµως είναι µια απÞæαση æιάσκï αæïύ η Ελλάδα ÞøιµÞνï είναι αδύνατïν να καταστεί âιώσιµη µε τις πιï πάνωαπïæάσεις αλλά θα âυθιστεί και σε øειρÞτερη ύæεση.

Είναι µια απÞæαση πïυ δεν αæήνει την απειρïελάøιστηελπίδα στην Ελλάδα για ανάπτυêη. Μια øώρα øαµένη µεταêύτων µέτρων λιτÞτητας και τïυ øρέïυς µε ένα øρέïς Þλï και ναδιïγκώνεται ïι Ευρωπαίïι τï µÞνï πïυ πέτυøαν είναι να απε-λευθερώσïυν τα πακέτα διάσωσης πïυ στην ïυσία είναι έναúήτηµα πïυ αæïρά τις τράπεúες της ΕΕ και τις ρυθµιστικέςαρøές της ΕΕ. Είναι, µε άλλα λÞγια ένα δίκτυ ασæαλείας ένα-ντι των ελληνικών ïµïλÞγων.

Πριν απÞ τï δεύτερï ελληνικÞ πακέτï διάσωσης, η ΕΚΤεêαιρέθηκε απÞ τï haircut των ελληνικών ïµïλÞγων

Περίπïυ τï 80% των øρηµάτων διάσωσης πήγαν σε τρά-πεúες της ΕΕ πïυ ήταν κάτïøïι ελληνικών ïµïλÞγων και Þøιστην ελληνική ïικïνïµία.

Ùσïν αæïρά την πρώτη επισήµανση η ΕΚΤ επιτρέπει στιςøώρες της ΕΕ να εκδώσïυν πάνω απÞ 1 τρις. ευρώ ïµÞλïγα,σε αντάλλαγµα την στήριêη της ρευστÞτητας των τραπεúώνµέσω των πρïγραµµάτων LTROs 1 και 2 τïν ∆εκέµâριï τïυ2011 και τïν Φεâρïυάριï τïυ 2012.

Έτσι, Þταν η ΕΚΤ δεν δέøτηκε να ανταλλάêει τα ελληνικάïµÞλïγα πïυ κατείøε µε νέα µικρÞτερης διάρκειας, στηνïυσία εêασæάλιúε Þτι ï ισïλïγισµÞ της θα παρέµενε άθικτïςκαι ως εκ τïύτïυ θα µπïρïύσε να παρέøει ακÞµα και υψηλήςπïιÞτητας εêασæαλίσεις για τις τράπεúες.

Έτσι, η ΕΚΤ επέτρεψε ïυσιαστικά ïι τράπεúες πïυ είøανέκθεση στα ελληνικά κρατικά ïµÞλïγα να απïæύγïυν να επω-µιστïύν απώλειες, επïµένως δεν øρειαúÞταν να δηµιïυργή-σεις νέες εγγυήσεις για øαρτïæυλάκια συναλλαγών τïυς.

Με âάση τα παραπάνω, είναι σαæές Þτι η Ελλάδα δεν έøειεπωæεληθεί απÞ Þλα αυτά τα øρήµατα. Στην ïυσία δεν έøειτίπïτα να κάνει µε âïήθεια πρïς την Ελλάδα. Ùλα έøïυν νακάνïυν µε την ασæάλιση Þτι ïι τράπεúες της ΕΕ πïυ øρησιµï-πïιïύν τα ελληνικά ïµÞλïγα ως εγγύηση θα στηριøθïύν µεκάθε δυνατÞ µέσï.

Η Ελλάδα ήταν πάντα ï µικρÞς παίκτης σε αυτÞ τï øάλιπïυ επικρατεί στην ευρωúώνη. Η øώρα έøει µια αγïρά κρατι-κών ïµïλÞγων µÞλις 300 δισ. ευρώ.Τï µεγάλï πρÞâληµα είναι

η Ισπανία και η Ιταλία, ïι ïπïίες 1,78 τρισ. ευρώ και 1,87 τρισ.ευρώ εêωτερικïύ øρέïυς και σαæέστατα είναι αυτή η µïναδι-κή τïυς έγνïια.Τï ελληνικÞ úήτηµα θα παρατείνεται µε σκïπÞτην δηµιïυργία ψευδαίσθησης στην αγïρά πως η κρίση στηνΕυρωúώνη έøει êεπεραστεί έτσι ώστε να τïυς δïθεί ï øρÞνïςνα λύσïυν τï ΙσπανικÞ και ΙταλικÞ πρÞâληµα και παράλληλανα απïτρέψïυν επέκταση της κρίσης στην Γαλλία ακÞµα καιστην Γερµανία.

Η κατάληêη σαæέστατα στï τέλïς της ηµέρας θα είναιδυσάρεστη για τη Ευρωúώνη και τραγική για την Ελλάδα καιειδικά Þσï ïι Γερµανïί δεν αντιλαµâάνïνται πως τï παιøνίδιέøει øαθεί πρï πïλλïύ και µÞνï ένα γενναίï κïύρεµα τïυσυνÞλïυ τïυ ευρωπαϊκïύ øρέïυς θα σώσει την κατάσταση.Πράγµα âέâαια πïυ θα έøει άµεσï αντίκτυπï στην Γερµανίασαν µεγαλύτερη øώρα της Ευρωúώνης και σαæέστατα δύσκï-λα θα την κάνïυν απïδεκτή.

Τεøνικά τï εâδïµαδιαία σπάσιµï τïυ 1.28 σηµατïδïτεί καιανατρïπή στην âραøυπρÞθεσµη πτωτική τάση της ισïτιµίαςσε ένα περιâάλλïν Þµως πïλύ αâέâαιï µε την µεταâλητÞτη-τα στην ισïτιµία να κτυπάει κÞκκινï.

Με τï τέλïς τïυ έτïυς να πλησιάúει, την πρïσωρινή ηρε-µία στην Ευρωúώνη να επανέρøεται και τï πïλυσυúητηµένïFiscal cliff στις ΗΠΑ να ïδεύει πρïς λύση είναι πïλύ πιθανÞνπλέïν η ισïτιµία να ενισøυθεί πάνω απÞ τα 1.30 æλερτάρï-ντας ακÞµα έστω και πρïσωρινά τα ψηλά επίπεδα τïυÃκτωâρίïυ.

ÃÚfiÓÔ ·ÁfiÚ·Û·Ó Î·È ¿ÏÈ ÔÈ ∂˘Úˆ·›ÔÈ,ÂÓÈÛ¯‡ÂÙ·È ÙÔ Â˘ÚÒ ∆· 1.30 ÊÏÂÚÙ¿ÚÂÈ Î·È ¿ÏÈ Ë ÈÛÔÙÈÌ›· ¢ÚÒ - ‰ÔÏ·Ú›Ô˘ ÂÓ Ì¤Ûˆ ¤ÓÙÔÓ˘ ¢ÊÔÚ›·˜ ÁÈ· χÛË ÙÔ˘ ÂÏÏËÓÈÎÔ‡ ˙ËÙ‹Ì·ÙÔ˜

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡¡››ÎÎÔÔ˜ ªªÈȯ··ËËÏÏ››‰‰Ë˘

Alpha Bank Cyprus Ltd, Treasury Division.

∞∞ÓÓ‰‰ÚÚ¤¤··˜ ∆∆ÛÛÔÔÏÏ¿¿ÎÎˢ

¶ÚfiÛÙÈÌÔ ·Ó ‰ÂÓ „ËÊÈÛÙÔ‡Ó Ù·ÓÔÌÔÛ¯¤‰È· ÁÈ· ·¤ÚÈÔ Î·È ËÏÂÎÙÚÈÛÌfi

Έκκληση πρïς την Κυâέρνηση και Þλïυς τïυς εµπλεκÞ-µενïυς να γεæυρώσïυν τις Þπïιες διαæωνίες τïυς και ναπρïσπαθήσïυν να καταλήêïυν σε κïινή θέση ώστε τα νïµï-σøέδια περί υδρïγïνανθράκων και περί ρύθµισης της αγï-ράς æυσικïύ αερίïυ να ψηæιστïύν τï συντïµÞτερï, απήυθυ-ναν µέλη της Επιτρïπής Εµπïρίïυ στην ïπïία συúητήθηκεεκ νέïυ τï θέµα.

à Βïυλευτής τïυ ∆ΗΣΥ Ανδρέας Μιøαηλίδης κάλεσε τααρµÞδια υπïυργεία και τïυς εµπλεκÞµενïυς να âρïυνλύσεις και να παρïυσιάσïυν µια συγκρïτηµένη θέση ενώ-πιων της Επιτρïπής Εµπïρίïυ ώστε να µπïρέσει να τα ψηæί-σει. Ανέæερε συγκεκριµένα Þτι δÞθηκε περιθώριï 15 ηµε-ρών.

Σύµæωνα µε τïν κ. Μιøαηλίδη, η Κύπρïς πρέπει τάøιστα

να εναρµïνιστεί µε την ΕΕ και σε διαæïρετική περίπτωση,µέøρι τα µέσα Ιανïυαρίïυ θα είναι αντιµέτωπη µε την επιâï-λή πρïστίµïυ.

à Βïυλευτής τïυ ∆ΗΚà Άγγελïς ΒÞτσης ανέæερε Þτιγια τï νïµïσøέδιï πïυ αæïρά τïν ηλεκτρισµÞ «για άλλη µιαæïρά η Κυâέρνηση επιµένει στα δικά της µε τα ïπïία διαæω-νïύν âασικïί παίκτες της Þλης συúήτησης Þπως είναι η ΑΗΚακÞµη και τα επιµελητήρια».

Για τï δεύτερï θέµα πïυ αæïρά τη ρύθµιση της αγïράςæυσικïύ αερίïυ, ï κ. ΒÞτσης είπε Þτι είναι πιï κïντά ïιθέσεις τïυ Υπïυργείïυ µε τïυς εµπλεκÞµενïυς ωστÞσï καιεδώ εγείρïνται κάπïια úητήµατα πïυ αæïρïύν κυρίως τïσηµείï Þτι η Κύπρïς θα µπïρïύσε να πάρει εêαιρέσεις για τïγεγïνÞς Þτι είναι αναδυÞµενη και απïµακρυσµένη αγïρά.

¶¶ÔÔÈÈÓÓÈÈÎΤ¤˜ ¢ıı‡‡ÓÓ˜ ÂÂÓÓ··ÓÓÙÙ››ÔÔÓÓ˘„„ËËÏÏfifi‚‚··ııÌ̈ÓÓ ÛÛÙÙÂÂÏϯÒÒÓÓ

Συνεøίúïνται ïι έρευνες των αρµÞδιων επïπτικών αρøώνσøετικά µε την αγïρά ελληνικών ïµïλÞγων και τις συνθήκεςπïυ ïδήγησαν τις δύï κυπριακές τράπεúες (Κύπρïυ και Λαϊκή)σε úηµιές εκατïµµυρίων ευρώ. Ãι δύï έρευνες εστιάúïνταικυρίως στην περίïδï απÞ τα τέλη τïυ 2009 µέøρι και τï 2011.

Ãι σøετικïί æάκελïι αναµένεται να παραπεµæθïύν µέøριτï τέλïς τïυ έτïυς στη Γενική Εισαγγελία για τα περαιτέρω,και κατά αρøήν æαίνεται να πρïκύπτïυν πïινικές ευθύνεςεναντίïν υψηλÞâαθµων αêιωµατïύøων των τραπεúών.

Η έρευνα αæïρά πιθανή απÞκρυψη στïιøείων, απÞ πλευ-ράς της Τράπεúας Κύπρïυ, τα ïπïία σøετίúïνταν µε την τιµήτης µετïøής. ΠαρÞµïια έρευνα âρίσκεται σε εêέλιêη και για τηΛαϊκή Τράπεúα Þπïυ επίσης æαίνεται να πρïκύπτïυν στïιøείαγια παραπλανητικές δηλώσεις υψηλÞâαθµων πρώην αêιωµα-τïύøων, Þσïν αæïρά στην έκθεση τïυ õίλïυ σε ελληνικάïµÞλïγα.

28 ΝÃΕΜΒΡΙÃΥ, 2012

ΕΙ∆ΗΣΕΙΣ | 7/19

ÌΡΗΜΑ&ΑΓÃΡΑ

Η µάøη πïυ êεκίνησαν ïι ΗΠΑ ενάντια στη æïρïδιαæυγή ηïπïία έæτασε µέøρι και τï κλείσιµï της αρøαιÞτερης ελâετι-κής τράπεúας αλλά και την καταâïλή δισεκατïµµυρίων δïλα-ρίων σε πρÞστιµï εκ µέρïυς ελâετικών τραπεúών στις αµερι-κανικές αρøές, έøει αλλάêει τα τραπεúικά δεδïµένα σε Þτιαæïρά τï τραπεúικÞ απÞρρητï σε Þλη την Ευρώπη. Ãι αλλαγέςαγγίúïυν και την Κύπρï και δη τις τράπεúές της παρÞλï πïυ ïισøέσεις κυπριακών τραπεúών µε αµερικανικά æυσικά και νïµι-κά πρÞσωπα είναι περιïρισµένες.

Η Κύπρïς καλείται στα πλαίσια τïυ λεγÞµενïυ FATCA(Foreign Account Tax Compliance Act – νïµïθετική πράêη συµ-µÞρæωσης λïγαριασµών εêωτερικïύ) να συνïµïλïγήσει δια-κρατική συµæωνία µε τις ΗΠΑ πρïκειµένïυ να δηµιïυργήσειτï απαραίτητï νïµικÞ υπÞâαθρï για παράδïση πληρïæïριώνστις αµερικανικές αρøές.

Τï λεγÞµενï FATCA απïτελεί ένα σηµαντικÞ âήµα τωνΗΠΑ πρïς την κατεύθυνση της καταπïλέµησης της æïρïδια-æυγής πïυ πραγµατïπïιείται απÞ Αµερικανïύς (æυσικά ή νïµι-κά πρÞσωπα) πïυ κατέøïυν επενδύσεις ή τραπεúικïύς λïγα-ριασµïύς εκτÞς Αµερικής, µε στÞøï να απïæύγïυν τις æïρï-λïγικές υπïøρεώσεις τïυς πρïς τις ΗΠΑ.

Σύµæωνα µε τη σøετική νïµïθεσία των ΗΠΑ, êένα øρηµα-τïπιστωτικά ιδρύµατα (Foreign Financial Institutions - FFIs)Þπως τράπεúες, ασæαλιστικές εταιρείες και επενδυτικές εται-ρείες, καθώς και µη-øρηµατïïικïνïµικά νïµικά πρÞσωπα(Non-Financial Foreign Entinties NFFEs) τα ïπïία αρνïύνται ναενηµερώσïυν τις ΗΠΑ για Αµερικανïύς πελάτες τïυς (κατÞ-øïυς λïγαριασµών) ή επενδυτές τïυς υπÞκεινται σε παρακρά-τηση æÞρïυ ύψïυς 30% επί ïρισµένων πληρωµών πïυ λαµâά-νïυν. à æÞρïς αυτÞς επιâάλλεται σε εισÞδηµα πïυ παράøθη-κε άµεσα ή έµµεσα στις ΗΠΑ και εισπράøθηκε απÞ τα πρïανα-æερθέντα ιδρύµατα, Þπως τÞκïι ή µερίσµατα πïυ πληρώνïνταιαπÞ εταιρεία των ΗΠΑ ή ακαθάριστα έσïδα απÞ την πώλησητίτλων. à æÞρïς παρακρατείται για Þλα τα εισïδήµατα πïυ

παράøθηκαν στις ΗΠΑ και εισπράøθηκαν απÞ τα νïµικά πρÞ-σωπα, ανεêάρτητα απÞ τï αν τï εισÞδηµα ανήκει σε πελάτες ήστην ίδια τη νïµική ïντÞτητα.

ΤÞσï τα FFIs Þσï και τα και NFFEs µπïρïύν να απïæύγïυντην παρακράτηση æÞρïυ µε τη συνïµïλÞγηση απευθείας συµ-æωνίας µε την Υπηρεσία Εσωτερικών ΠρïσÞδων (InlandRevenue Service) των ΗΠΑ για την εæαρµïγή των διατάêεωντïυ FATCA, δηλαδή την πραγµατïπïίηση ενδελεøών ελέγøωνσε υæιστάµενïυς και νέïυς καταθέτες / επενδυτές µε στÞøïτων εντïπισµÞ æυσικών και νïµικών πρïσώπων των ΗΠΑ, γιατην απïκάλυψη στïιøείων λïγαριασµών τïυς στï ΤµήµαΕσωτερικών ΠρïσÞδων των ΗΠΑ και την παρακράτηση æÞρïυσε πληρωµές πïυ γίνïνται σε æïρείς πïυ δεν συµµïρæώνï-νται µε τις διατάêεις τïυ FATCA.

Πέραν τïυ δυσανάλïγα ψηλïύ κÞστïυς πïυ πρïκύπτει γιατην εæαρµïγή των αµερικανικών νïµïθετικών διατάêεων καιτï στενÞ øρïνïδιάγραµµα εæαρµïγής πïυ πρïâλέπεται, γιατις ευρωπαϊκές τράπεúες δηµιïυργïύνται σïâαρές ανησυøίεςαæïύ ïι διατάêεις τïυ FATCA δεν συνάδïυν µε τï ευρωπαϊκÞπλαίσιï για την πρïστασία των πρïσωπικών δεδïµένων.ΤυøÞνσυµµÞρæωση ενÞς ευρωπαϊκïύ øρηµατïïικïνïµικïύ ιδρύµα-τïς µε τις διατάêεις τïυ FATCA, θα σήµαινε παραâίαση τωνευρωπαϊκών κανïνισµών για την πρïστασία πρïσωπικώνδεδïµένων.

Με στÞøï την επίλυση τïυ πιï πάνω πρïâλήµατïς, πέντεøώρες ανακïίνωσαν πρÞθεση υπïγραæής διακρατικής συµæω-νίας µε τις ΗΠΑ, σύµæωνα µε την ïπïία τα øρηµατïïικïνïµικάτïυς ιδρύµατα απÞ µÞνα τïυς δεν θα øρειαστεί να υπïγρά-ψïυν απευθείας συµæωνία µε τï ΤΕΠ των ΗΠΑ. ΕπιπρÞσθετα,η ανταλλαγή πληρïæïριών θα γίνεται σε αυτÞµατη âάση µετα-êύ των æïρïλïγικών αρøών της κάθε ευρωπαϊκής øώρας καιτων ΗΠΑ. Τï µïντέλï της διακρατικής συµæωνίας έøει ετïιµα-στεί και ήδη τï ΗνωµένïΒασίλειï έøει πρïøωρήσει σευπïγραæή. Ãι ΗΠΑ είναι δια-τεθειµένες να υπïγράψïυνανάλïγες συµæωνίες και µεάλλες øώρες.

Τα µέλη τïυ ΣυνδέσµïυΤραπεúών έøïυν καταλήêειÞτι θα ήταν επωæελές γιατïν øρηµατïïικïνïµικÞτïµέα της Κύπρïυ να συµ-

µïρæωθεί µε τις πρÞνïιες τïυ FATCA µέσω διακρατικής συµ-æωνίας. Η θέση τïυ Συνδέσµïυ έøει ήδη διαµηνυθεί στïΥπïυργείï Ãικïνïµικών καθώς και στïυς άλλïυς ενδιαæερÞ-µενïυς. Τï Υπïυργείï Ãικïνïµικών σκïπεύει να πρïøωρήσεισε υπïγραæή διακρατικής συµæωνίας και έøει ήδη ενηµερώσεισøετικά τις αµερικανικές αρøές.

∆εδïµένïυ Þτι η Κύπρïς έøει ήδη υπïγράψει συµæωνίααπïæυγής διπλής æïρïλïγίας µε τις ΗΠΑ, η διακρατική συµ-æωνία πïυ θα συνïµïλïγηθεί σε αυτή την περίπτωση θα είναιίδια µε αυτήν πïυ υπέγραψε η Βρετανία. Σύµæωνα µε αυτήν,τα κυπριακά øρηµατïïικïνïµικά ιδρύµατα θα ενηµερώνïυντις κυπριακές αρøές αντί τï ΤΕΠ των ΗΠΑ για τïυς λïγαρια-σµïύς Αµερικανών πρïσώπων, και ïι κυπριακές αρøές θαανταλλάúïυν πληρïæïρίες µε τις αντίστïιøες αµερικανικές.

Τï Υπïυργείï Ãικïνïµικών στïøεύει να υπïγραæεί η συµ-æωνία εντÞς των πρïσεøών µηνών, ενώ στη συνέøεια ïι απα-ραίτητες νïµïθετικές διατάêεις θα περάσïυν στï κυπριακÞδίκαιï.

Τα øρïνïδιαγράµµατα είναι στενά και η δïυλειά πïυ πρέ-πει να γίνει αρκετή. Σύµæωνα µε τï µïντέλï διακρατικής συµ-æωνίας πïυ έøει ετïιµαστεί, τα øρηµατïïικïνïµικά ιδρύµαταïæείλïυν να εæαρµÞσïυν νέες διαδικασίες πïυ σøετίúïνται µετïυς λïγαριασµïύς τïυς µέøρι την 1η Ιανïυαρίïυ 2014, πρέπεινα έøïυν εêετάσει Þλïυς τïυς υæιστάµενïυς λïγαριασµïύςπελατών υψηλών εισïδηµάτων µέøρι την 31η ∆εκεµâρίïυ2014 και Þλïυς τïυς υπÞλïιπïυς λïγαριασµïύς µέøρι την 31η∆εκεµâρίïυ 2015. Ως εκ τïύτïυ, παρÞλï πïυ δεν έøïυν ακÞµαïριστικïπïιηθεί ïι τελικïί κανïνισµïί FATCA και δεν έøειακÞµα υπïγραæεί η διακρατική συµæωνία, είναι σηµαντικÞ γιατïυς øρηµατïïικïνïµικïύς ïργανισµïύς (περιλαµâανïµένωντων διαøειριστών κεæαλαίων και των θεµατïæυλάκων) να êεκι-νήσïυν την ανάλïγη πρïετïιµασία..

∞ÌÂÚÈηÓÈΤ˜ ÚÔÛ·ÚÌÔÁ¤˜ ÁÈ· ΢ÚȷΤ˜ ÙÚ¿Â˙˜∏ ÂÊ·ÚÌÔÁ‹ ÙˆÓ ‰È·Ù¿ÍÂˆÓ ÙÔ˘ FATCA ÛÙËÓ ∫‡ÚÔ

∆˘ ÃÚÈÛÙ›Ó·˜ ∞ÓÙˆÓ›Ô˘ ¶ÈÂÚ›‰Ë

Ανώτερη Λειτουργός

του Συνδέσµου Τραπεζών Κύπρου

Με άκρως prive διαθέσεις και êεøωριστïύς παρευρισκïµένïυς,πραγµατïπïιήθηκε στη µαρίνα της Λάρνακας τï εκπληκτικÞ, prive boatparty της ALPAN TELECOM, επίσηµïυ αντιπρïσώπïυ των κινητώνSamsung στην Κύπρï. Ãι τυøερïί της âραδιάς, ήταν ακρïατές των αγα-πηµένων ραδιïσταθµών Σæαίρα, Σïύπερ και Deejay, πïυ κέρδισαν πρï-σκλήσεις µετά απÞ κλήρωση.

Ãι τυøερïί της âραδιάς, είøαν επίσης την ευκαιρία να µπïυν σεκλήρωση για τïν απÞλυτï πλïηγÞ εργασίας, ψυøαγωγίας και ïργάνω-σης: Τï νέï Samsung Galaxy S III. Νικήτρια της κλήρωσης για τï µïνα-δικÞ Samsung Galaxy S III ήταν η Έλενα Κïντïγιάννη απÞ τη ΛεµεσÞ.

Τï εêαιρετικÞ κινητÞ εκτÞς απÞ την camera 8 ΜP, την εκθαµâωτικήAMOLED ïθÞνη 4.8 ιντσών, και τïν παντïδύναµï τετραπύρηνï επεêερ-γαστή Exynos 1.4 GHz πïυ διαθέτει, øρησιµïπïιεί τï “νïστιµÞτατï”λειτïυργικÞ Android Ice Cream Sandwich καλυµµένï µε τï µïναδικÞTouchWiz UI, µε øαρακτηριστικά, Þπως τï S Voice, Social Tag, DirectCall, Smart Stay, Smart Alert και Βest Photo πïυ κάνïυν τη úωή Þøι µÞνïπιï εύκïλη αλλά και πιï απïλαυστική.

Η Emirates, πρïσæέρει ελκυστικές τιµές για 10 ηµέρες στα εισιτήριατης ïικïνïµικής θέσης. Η πρïσæïρά αυτή σηµαίνει Þτι ïι επιâάτες µπï-ρïύν, για παράδειγµα, “να πετάêïυν” απÞ τη Λάρνακα πρïς άλλïυς πρï-ïρισµïύς της Emirates απÞ µÞλις 498 ευρώ. Ãι καλύτερες διαθέσιµεςτιµές απÞ Λάρνακα περιλαµâάνïυν (ισøύïυν Þρïι και πρïϋπïθέσεις):Ντïυµπάι 498 ευρώ, Ινδία 625 ευρώ, ΙνδικÞς ΩκεανÞς 1134 ευρώ, Ασία καιΕιρηνικÞς ΩκεανÞς 840 ευρώ, Ασία 745 ευρώ, ΝÞτιïς Αæρική 1001 ευρώ,ΒÞρεια και ΝÞτια Αµερική 821 ευρώ, Αυστραλία/ Νέα ·ηλανδία 1265 ευρώ.

Η Emirates εêυπηρετεί 126 πρïïρισµïύς σε 74 øώρες και τï 2012.Μέøρι στιγµής, æέτïς, η Emirates έøει êεκινήσει να εκτελεί πτήσεις πρïςτï ∆ïυâλίνï, τï Ρίï ντε Τúανέιρï, τï Μπïυένïς Άιρες, τï Φïρτ ΓïυÞρθτïυ Ντάλλας, τï Σιάτλ, τη Λïυσάκα, τη Ìαράρε, τη Ìï Τσι Μινø, τηΒαρκελώνη, τη ΛισαâÞνα, την Ãυάσιγκτïν και την Αδελαΐδα. Ακïλïυθïύν,µέσα στï 2012, η Λυών και τï Πïυκέτ. Τïυς επÞµενïυς µήνες θα ακïλïυ-θήσïυν η Βαρσïâία και τï Αλγέρι. Για περισσÞτερες πληρïæïρίες στηνιστïσελίδα: www.emirates.com.cy

Η ïλïκαίνïυρια A-Class, êεκινά την διαδρïµή της στïυς κυπριακïύςδρÞµïυς.

ΠρÞκειται για ένα µïντέλï πïυ ανïίγει ένα νέï κεæάλαιï στηνpremium κατηγïρία των compact µïντέλων. Με καινïτïµίες τÞσï σøεδια-στικές Þσï και τεøνïλïγικές και ένα καινïύριï øαρακτήρα, έøει σαν στÞøïνα συνεøίσει την επιτυøηµένη πïρεία τïυ πρïκατÞøïυ της.

Σε σøέση µε τïν πρïκάτïøÞ της, η νέα A-Class Mercedes είναι κατά45,4 cm πιï µακριά σε µήκïς.

Τï εσωτερικÞ της A-Class απïτελεί ένα µεγάλï âήµα αναâάθµισης σεÞ,τι αæïρά την πïιÞτητα, θέτïντας ψηλά τïν πήøη στην κατηγïρία αυτή.

Η εργïνïµία αλλά και ïι τεøνïλïγικά πρïηγµένες λύσεις πïυ εæαρ-µÞúïνται στï εσωτερικÞ æανερώνïυν στïιøεία πïυ συναντïύµε σε µïντέ-λα µεγαλύτερων κατηγïριών δίδïντας έτσι την αίσθηση της πïλυτέλειαςσε ïδηγÞ και επιâάτες. Στην Κυπριακή αγïρά παρïυσιάúεται αρøικά µετην έκδïση Α180 «ΒlueEfficiency» και είναι εæïδιασµένη µε τïν υπερτρï-æïδïτïύµενï âενúινïκινητήρα των 1,6 λίτρων απÞδïσης 122 ίππων. Στησυνέøεια υπάρøει η έκδïση Α 200 «ΒlueEfficiency», επίσης µε τï âενúινï-κινητήρα των 1,6 λίτρων πïυ Þµως απïδίδει 156 ίππïυς. Ãι τιµές êεκινïύναπÞ τις 20,900 ευρώ.

28 ΝÃΕΜΒΡΙÃΥ, 2012ÌΡΗΜΑ&ΑΓÃΡΑ

8/20 | ΑΓΟΡΑ

ªªÂ Îη·ÈÈÓÓÔÔÙÙÔÔÌÌ››Â˜ ËË ÓÓ¤¤·· MMeerrcceeddeess AA--CCllaassss

∏∏ SSaammssuunngg ÙÙ¿¿ÚÚ··ÍÍÂÂ ¿¿ÏÏÈÈ ÙÙ·· ÓÓÂÂÚÚ¿¿

EEttiihhaadd:: ∞∞ÂÂÚÚÔÔÔÔÚÚÈÈÎ΋‹ÂÂÙÙ··ÈÈÚÚ››·· ÙÙˢ ¯ÚÚÔÔÓÓÈÈ¿¿˜

Η Etihad Airways, ï εθνικÞς αερïµεταæïρέαςτων Ηνωµένων Αραâικών Εµιράτων, âραâεύτηκεως η «Αερïπïρική Εταιρεία της Ìρïνιάς» στα âρα-âεία Aviation Business Awards πïυ πραγµατïπïιή-θηκαν για 6η øρïνιά και έλαâαν øώρα στïΝτïυµπάι. Είναι η δεύ-τερη æïρά πïυ η Etihadκερδίúει τï âραâείï καιêεπερνά άλλïυς τρειςαερïµεταæïρείς øωρώντïυ ΚÞλπïυ. Η πρώτηæïρά ήταν τï 2010. ΗEtihad Airways επιâρα-âεύθηκε για την πετυ-øηµένη πïρεία της τïυςτελευταίïυς 12 µήνες,στην ïπïία συνέâαλλαν:τα νέα δρïµïλÞγια, ηεπένδυση σε αερïπλάνα, η συνέπεια των δρïµï-λïγίων, τï πρÞγραµµα επιâράâευσης επιâατών, τïδίκτυï των συνεργειών της και η πρωτïπïρία τηςστην αγïρά.

Ãι πτήσεις της Etihad Airways απÞ και πρïς τηνΚύπρï, πραγµατïπïιïύνται κάθε ∆ευτέρα, Τετάρτηκαι Παρασκευή. Για δρïµïλÞγια και κρατήσεις επι-σκεæτείτε την ιστïσελίδα www.etihad.com/cy ήïπïιïδήπïτε ταêιδιωτικÞ πράκτïρα.

ÀÀËËÚÚÂÂÛÛ››·· ““NNoonnssttoopp””··fifi ÙÙËËÓÓ MMTTNN

Η νέα υπηρεσία «nonstop» της ΜΤΝ απελευ-θερώνει τïυς øρήστες της καρτïκινητής τηλε-æωνιας απÞ τï άγøïς της εêάντλησης των µïνά-δων τïυς. Έτσι, κάθε υæιστάµενïς αλλά και και-νïύργιïς συνδρïµητής καρτïκινητής MTNPayAsYouGo έøει πλέïν τη δυνατÞτητα να µιλάαπεριÞριστα µε κάθε άλλïσυνδρïµητή ΜΤΝ. Η καινï-τïµική υπηρεσία της ΜΤΝπρïσæέρει ασταµάτητηïµιλία πρïς Þλη την ΜΤΝ,øωρίς Þριï, για 30 µέρες, µεµÞνï 5 ευρώ.

Για να ενεργïπïιηθεί η υπηρεσία ï συνδρï-µητής θα πρέπει να στείλει µε γραπτÞ µήνυµα τηλέêη nonstop στï 8008. Η ενεργïπïίηση ισøύειγια 30 ηµέρες για κλήσεις εντÞς Κύπρïυ.

Παράλληλα, η ΜΤΝ δίνει στïν συνδρïµητή τηδυνατÞτητα να µάθει ïπïιαδήπïτε στιγµή πÞτελήγει η υπηρεσία τïυ, στέλνïντας γραπτÞ µήνυ-µα µε τη λέêη exp ή expire στï 8008.

∆∆·· ÙÙ˘ÚÚÈÈ¿¿ VVaalliioo ÛÛÂÂÔÔÈÈÎÎÔÔÓÓÔÔÌÌÈÈÎΤ¤˜ ÛÛ˘ÛÛÎ΢··ÛÛ››Â˜

Τα τυριά Valio, µε πλïύσια γεύση και øωρίςλακτÞúη, πρωτïπïρïύν για ακÞµα µια æïρά καιέρøïνται στα ψυγεία των υπεραγïρών µε νέασυσκευασία στï Valio edam µε 9% λιπαρά σεæέτες και καινïύργια εµæάνιση σε Þλες τις ïικï-νïµικές συσκευασίες σε æέτες.

Η ipH ανταπïκρινÞ-µενη στις ανάγκες τηςκυπριακής αγïράς γιαευκïλÞτερη øρήση στïValio Edam light 9% σεæέτες, σε συσκευασίεςτων 200g και 400g, πρï-øώρησε στην επένδυσηµιας ïλïκαίνïυργιας εêειδικευµένης µηøανήςτελευταίας τεøνïλïγίας, η ïπïία τïπïθετεί δια-øωριστικά æύλλα ανάµεσα στις æέτες ώστε ναευκïλύνει ακÞµη περισσÞτερï τη øρήση τïυς καινα µεγιστïπïιείται η æρεσκάδα και η διάρκειαúωής τïυ πρïϊÞντïς! Επίσης ïι διπλές ïικïνïµι-κές συσκευασίες διαθέτïυν εσωτερικά δύï ανε-êάρτητες συσκευασίες πïυ κλείνïυν αερïστε-γώς, µεγιστïπïιώντας έτσι τη διατήρηση τηςæρεσκάδας, της πïιÞτητας και της γεύσης.

Ùλα τα τυριά Valio σε æέτες κÞâïνται καισυσκευάúïνται στην Κύπρï για να æτάνïυν στïτραπέúι σας πάντα æρέσκα.

Φως, καθαρές γραµµές, πïιÞτητα κατασκευής και άνεση είναι τα κύρια øαρακτη-ριστικά πïυ γίνïνται αντιληπτά µε την πρώτη µατιά στï νέï ΕκθεσιακÞ Ìώρï καιΣυνεργείï της Audi, τï Audi Terminal.

à νέïς øώρïς της Audi αντικατïπτρίúει σε κάθε αρøιτεκτïνική τïυ σύνθεση τï‘Vorsprung durch Technik’, δηλαδή την πρÞïδï, την τεøνïλïγική ανωτερÞτητα καιτïν σπïρ δυναµισµÞ, Þλες εκείνες τις αêίες πïυ συνθέτïυν την εταιρική ταυτÞτητατης µάρκας και είναι ευδιάκριτα απïτυπωµένες στις νέες κτιριακές εγκαταστάσειςτης Audi. Η αρøιτεκτïνική πρïσέγγιση είναι πανïµïιÞτυπη µε αυτή πïυ øαρακτηρίúειένα νέï µïντέλï αυτïκινήτïυ της Audi.

Στï νέï Audi Terminal πρωταγωνιστής είναι τï αυτïκίνητï, αλλά σταθερÞσηµείï αναæïράς παραµένει πάντα ï πελάτης και ï επισκέπτης. Στï νέï AudiTerminal ïι πελάτες και ïι επισκέπτες µπïρïύν να απïλαύσïυν τïν διώρïæï εκθε-σιακÞ øώρï µε 25 θέσεις καινïύργιων µïντέλων, ειδικÞ εκθεσιακÞ øώρï AudiExclusive µε θέση ενÞς αυτïκινήτïυ, µπαρ και καæετέρια επισκεπτών, πέραν των180 øώρων στάθµευσης και άλλα πïλλές ανέσεις πïυ κάνïυν την επίσκεψη στïøώρï µια πραγµατική εµπειρία. Ãι øώρïι, Þπïυ η øρήση τïυ αλïυµινίïυ ως κυρίαρ-øïυ υλικïύ δίνει σαæή αναæïρά στην επιλïγή τεøνïλïγικά πρïηγµένων και εêει-δικευµένων υλικών, καλύπτïυν τις ανάγκες και τη λειτïυργική συνύπαρêη διαæï-ρετικών τµηµάτων της εταιρείας (εκθεσιακÞς øώρïς, πωλήσεις, συνεργεία, διïίκη-ση, εêαρτήµατα), συνθέτïντας ένα ενιαίï, άνετï και æιλÞêενï περιâάλλïν τÞσï γιατï πρïσωπικÞ, αλλά κυρίως για τïν επισκέπτη.

AAuuddii:: NN¤¤ÔÔ˜ ÂÂÎÎııÂÂÛÛÈÈ··ÎÎfifi˜ ¯ÒÒÚÚÔÔ˜ Îη·ÈÈ ÛÛ˘ÓÓÂÂÚÚÁÁ››ÔÔ

EEmmiirraatteess:: ¶¶ÚÚÔÔÛÛÊÊÔÔÚÚ¤¤˜ ÛÛÙÙ·· ÂÂÈÈÛÛÈÈÙÙ‹‹ÚÚÈÈ·· ÔÔÈÈÎÎÔÔÓÓÔÔÌÌÈÈÎ΋‹˜ ıı¤¤ÛÛˢ

28 ΝÃΕΜΒΡΙÃΥ, 2012

ΕΙ∆ΗΣΕΙΣ | 9/21

ÌΡΗΜΑ&ΑΓÃΡΑ

Σε αύêηση της κινητικÞτητας των εργα-úïµένων στï εσωτερικÞ της ΕΕ εκτιµάται Þτιθα ïδηγήσει η απÞæαση της ΚïµισιÞν γιατïν εκσυγøρïνισµÞ και τη âελτίωση τïυEURES, τïυ κïινïτικïύ δικτύïυ αναúήτησηςαπασøÞλησης.

Τï EURES είναι ένα υæιστάµενï ευρω-παϊκÞ δίκτυï 31 υπηρεσιών απασøÞλησηςστα κράτη µέλη της ΕΕ, τις øώρες τïυ ΕÃÌ(Νïρâηγία, Ισλανδία και Λιøτενστάιν) και τηνΕλâετία. Αυτή η απÞæαση της Επιτρïπής θαâïηθήσει τï δίκτυï να ανταπïκριθεί άµεσαστις ειδικές ïικïνïµικές ανάγκες, δηλαδήστην ενεργÞ αντιστïίøιση, αæενÞς των ατÞ-µων πïυ αναúητïύν εργασία και εκείνων πïυεπιθυµïύν να αλλάêïυν θέση εργασίας και,αæετέρïυ των υæιστάµενων κενών θέσεωνεργασίας. Επίσης, ïι εργïδÞτες θα έøïυνκαλύτερη πρÞσâαση σε έναν κατάλïγï υπï-ψηæίων Þπïυ θα µπïρïύν να âρïυν τιςδεêιÞτητες πïυ øρειάúïνται για την ανάπτυ-êη και τη µεγέθυνση της επιøείρησής τïυς.

Με τη µεταρρύθµιση αυτή, τï EURES θαεπικεντρωθεί περισσÞτερï στïυς νέïυς, ïιïπïίïι έøïυν µεγαλύτερη τάση για κινητικÞ-τητα, και θα καλύπτει µïρæές απασøÞλησηςπïυ συνδυάúïυν ευκαιρίες εργασίας καιµάθησης, Þπως ïι µαθητείες. Τέλïς, θα ανα-

καινιστεί η δικτυακή πύλη EURES ώστε ναδηµιïυργηθïύν æιλικά πρïς τïν øρήστηεργαλεία αντιστïίøισης και να παρέøïνταιπληρïæïρίες για την αγïρά εργασίας µεâάση τις δεêιÞτητες.

Η µεταρρύθµιση θα αυêήσει τïν αριθµÞτων εταίρων πïυ πρïσæέρïυν υπηρεσίεςκινητικÞτητας µέσω τïυ EURES και θακαθιερώσει τη συνεργασία µεταêύ δηµÞσιωνκαι ιδιωτικών ïργανισµών εύρεσης εργα-σίας, ώστε να καλυæθεί ακÞµη µεγαλύτερïπïσïστÞ διαθέσιµων κενών θέσεων εργα-σίας. Σήµερα καλύπτεται 30 έως 40% τïυσυνÞλïυ των διαθέσιµων κενών θέσεωνεργασίας.

Η απÞæαση πρέπει να εæαρµïστεί απÞ

την Επιτρïπή και τα κράτη µέλη έως την 1ηΙανïυαρίïυ 2014. Έως τÞτε Þλες ïι συµµετέ-øïυσες øώρες ïæείλïυν να ïρίσïυν εêειδι-κευµένες υπηρεσίες για να ïργανώσïυν τηµεταρρύθµιση, να συνεργαστïύν µε νέïυςεταίρïυς και να αναπτύêïυν τις αναγκαίεςστïøïθετηµένες υπηρεσίες.

Σύµæωνα µε την Επιτρïπή, παρά ταυψηλά επίπεδα ανεργίας (πάνω απÞ 25 εκα-τïµµύρια άνεργïι στην ΕΕ), υπάρøïυνακÞµη ελλείψεις εργατικïύ δυναµικïύ καιθέσεις εργασίας πïυ είναι δύσκïλï να καλυ-æθïύν.

à αριθµÞς των κενών θέσεων εργασίαςαυêάνεται απÞ τα µέσα της δεκαετίας τïυ2009, ιδίως σε τïµείς υψηλής ανάπτυêης,Þπως ïι τεøνïλïγίες των πληρïæïριών καιεπικïινωνιών και η πράσινη ïικïνïµία.

Ãπως πρïκύπτει απÞ τα στïιøεία τηςΚïµισιÞν, τï πïσïστÞ των πïλιτών της ΕΕπïυ úïυν σε κράτïς µέλïς διαæïρετικÞ απÞεκείνï τïυ ïπïίïυ έøïυν την ιθαγένεια είναιµÞλις τï 3,1% τïυ εργατικïύ δυναµικïύ τηςΕΕ. Τï πïσïστÞ αυτÞ αυêήθηκε κατά περί-πïυ 60% απÞ τï 2005, κυρίως λÞγω τωνδιευρύνσεων τïυ 2004 και τïυ 2007.Συνïλικά, εκτιµάται Þτι ïι ρïές κινητικÞτη-τας µετά τις διευρύνσεις συνέâαλαν στην

αύêηση τïυ ΑΕΠ της ΕΕ των 15 κατά περί-πïυ 1% την περίïδï 2004-2009.

∏ ÎÚ›ÛË Ì›ˆÛ ÙȘ ÌÂÙ·ÎÈÓ‹ÛÂȘ

ΩστÞσï, λÞγω της ïικïνïµικής κρίσης,µειώθηκαν ïι ρïές κινητικÞτητας µεταêύτων øωρών της ΕΕ κατά την περίïδï 2009-2011, µειώθηκαν κατά τï ένα τρίτï ïι ενδï-κïινïτικές ρïές κινητικÞτητας, σε σύγκρισηµε την περίïδï 2006-2008.

Η δικτυακή πύλη για την επαγγελµατικήκινητικÞτητα EURES είναι µïναδική στην ΕΕεπειδή είναι δωρεάν και παρέøει πληρïæï-ρίες για τις συνθήκες úωής και εργασίας σεÞλες τις συµµετέøïυσες øώρες σε 25 γλώσ-σες. Κάθε µήνα, 4 εκατïµµύρια άτïµα επι-σκέπτïνται τïν ιστÞτïπï, πραγµατïπïιïύ-νται 150.000 επαæές κάθε µήνα µεταêύ ατÞ-µων πïυ αναúητïύν εργασία και εργïδïτών,απÞ τις ïπïίες περίπïυ 50.000 ετησίωςκαταλήγïυν σε πρïσλήψεις, και, κατά µέσïÞρï, æιλïêενïύνται 750.000 âιïγραæικάσηµειώµατα ταυτÞøρïνα.

Πληρïæïρίες http://ec.europa.eu/eures/

∏ ÔÈÎÔÓÔÌÈ΋ ÎÚ›ÛË...Ì·˜ Ô‰ËÁ› ÛÙȘ ˘·›ıÚȘ ·ÁÔÚ¤˜

Τï πρώτï Σαââατïκύριακï τïυ ∆εκέµâρησυγκεκριµένα στις 1-2 τïυ µήνα, ανïίγει τιςπύλες τïυ για τï κïινÞ της Κύπρïυ τï πρώτïflea market (υπαίθρια αγïρά) της Λευκωσίας.

Η αγïρά θα λειτïυργεί κάθε Σαââα-τïκύριακï στη διάρκεια Þλïυ τïυ øρÞνïυ.

Η ïικïνïµική κρίση σæίγγει κι άλλï ταúωνάρια και αλλάúει ακÞµα και τις καταναλω-τικές συνήθειες. Ãι κάτïικïι της Κύπρïυπλέïν αναúητïύν πιï æθηνές επιλïγές καικάνïυν πιï συγκρατηµένες αγïρές. Με αυτάτα δεδïµένα, ï θεσµÞς των υπαίθριων αγï-ρών, êαναπïκτά µέρïς της παλιάς τïυ αίγλης.Άνθρωπïι Þλων των κïινωνικών τάêεων, ντÞ-πιïι και αλλïδαπïί, επιστρέæïυν σε αυτές τιςαγïρές αναúητώντας πιï ïικïνïµικές επιλï-γές. Ãι υπαίθριες αγïρές είναι ένας πανάρ-øαιïς θεσµÞς πïυ συναντïύµε σε Þλï τïνκÞσµï. Τα τελευταία øρÞνια Þµως στηνΚύπρï, είøε αρøίσει να øάνει την παλιά τïυαίγλη και υπïâαθµίστηκε µÞνï σε λαϊκήαγïρά (æρïύτων και æθαρτών) για τις øαµηλάεισïδηµατικές τάêεις, τïυς συνταêιïύøïυςκαι τïυς αλλïδαπïύς, αæïύ ïι περισσÞτερïιπρïτιµïύσαν να ψωνίúïυν απÞ µεγάλες, επώ-νυµες υπεραγïρές.

Η ïικïνïµική κρίση Þµως ήρθε να αλλάêεικαι πάλι τα δεδïµένα. Στïυς δύσκïλïυς ïικï-νïµικά καιρïύς πïυ âιώνïυµε, ïι λαϊκές αγï-ρές γίνïνται êανά πÞλïς έλêης. Μια âÞλτα σεαυτές, είναι αρκετή για να συνειδητïπïιήσεικάπïιïς τη διαæïρά.

ΣτÞøïς τïυ «Flea market of Nicosia», είναι

να καταστεί ï øώρïς Þπïυ ï καθένας θα µπï-ρεί να âρει ή να διαθέσει øρήσιµα και ανα-γκαία πρïϊÞντα σε πρïσιτές και πïλύ δελεα-στικές τιµές.

Τï «Flea market of Nicosia» âρίσκεταιστην περιïøή ΣÃΠΑ·, στην ïδÞ ΓιάννηΚïρïµία 2, στï Καϊµακλί, απέναντι ακριâώςαπÞ τη Βιïτεøνική ·ώνη Λευκωσίας.ΠρÞκειται για ένα στεγασµένï λειτïυργικÞøώρï, συνïλικής έκτασης 900 τετραγωνικώνµέτρων, πïυ θα æιλïêενεί κάθε Σαââα-τïκύριακï γύρω στïυς 60 εκθέτες µε µεγάληπïικιλία πρïϊÞντων.

Εκθέτης µπïρεί να γίνει ï καθένας, εµπï-ρευÞµενïς ή µη, πïυ επιθυµεί να διαθέσεικαταναλωτικά αγαθά, είτε δικής τïυ εισαγω-γής, είτε δικής τïυ κατασκευής. Ã εκθέτης θαµπïρεί να ενïικιάσει τï δικÞ τïυ περίπτερïγια µια µÞνï ηµέρα ή για ένα Σαââατïκύριακï

ή για Þσα Σαââατïκύριακα επιθυµεί. Τï «Fleamarket of Nicosia», πïυ διαθέτει καæετέριακαι άνετï øώρï στάθµευσης, θα λειτïυργείαπÞ τις 9 τï πρωί έως τις 8 τï âράδυ, øωρίςδιάλειµµα.

ΕµπïρευÞµενïι πïυ έøïυν παλιÞ στïκστην απïθήκη τïυ καταστήµατïς τïυς ήάλλïι πïλίτες, πïυ έøïυν στην κατïøή τïυςαντικείµενα, συσκευές και άλλα πρïϊÞντα σεαρίστη κατάσταση, τα ïπïία Þµως δεν øρειά-úïνται πια, θα µπïρïύν να τα διαθέσïυν µέσωτïυ «Flea market of Nicosia».

Ùσïι πάλι έøïυν τï ταλέντï και τη δυνα-τÞτητα να æτιάøνïυν øειρïπïίητα κïσµήµα-τα, διακïσµητικά είδη, τσάντες, µπλεκτά, κïύ-κλες, κεριά και άλλες µïναδικές δηµιïυργίεςθα µπïρïύν τώρα, µε πïλύ øαµηλÞ κÞστïς, ναέøïυν τï δικÞ τïυς øώρï στï «Flea market ofNicosia», για να διαθέσïυν πρïς πώληση τα

δηµιïυργήµατα τïυς.Επίσης, στï «Flea market of Nicosia» θα

µπïρεί να âρει κανείς ρïύøα, παπïύτσια καιάλλα εêεσïυάρ σε πïλύ καλή κατάσταση,παλιïύς δίσκïυς ή cd, τηλεïράσεις, κïµπιïύ-τερ, κινητά τηλεæωνά και άλλες µικρïσυ-σκευές.

Τï «Flea market of Nicosia», πïυ στεγάúε-ται σε ένα παλιÞ εργïστάσιï τï ïπïίï αναδια-µïρæώθηκε ειδικά γι’ αυτÞ τïν σκïπÞ, πρï-σκαλεί καταναλωτές, δηµιïυργïύς και εµπï-ρευÞµενïυς σε µια πρωτÞγνωρη περιπέτειααναúήτησης και διάθεσης øρήσιµων αγαθώνκαι σε τιµές πïυ συνάδïυν µε τη δύσκïληεπïøή µας. ΠερισσÞτερες πληρïæïρίες στατηλέæωνα 22432478 και 99678569, και στηνιστïσελίδα www.fleamarketofnicosia.com

∂˘Î·Èڛ˜ ÂÚÁ·Û›·˜ ÁÈ· ÙÔ˘˜ Ó¤Ô˘˜ Ù˘ ∂˘ÚÒ˘

7Ô˜ ‰È·ÁˆÓÈÛÌfi˜ ∫˘ÚÈ·ÎÔ‡ µÚ·‚›Ԣ ∫·ÈÓÔÙÔÌ›·˜Αν έøεις εæαρµÞσει ή πρïσæέρει κάτι τï

καινïύργιï, τÞτε έøεις καινïτïµήσει. Αν ηεæαρµïγή ή η πρïσæïρά της καινïτïµίαςέøει επιτυøία, τÞτε έøεις τη δυνατÞτητα ναδιακριθείς.

Η κïυλτïύρα καινïτïµίας δεν είναιπλέïν πρïαιρετική, είναι πρïϋπÞθεση αντα-γωνιστικÞτητας και πρïÞδïυ.

Με αυτή την ιδέα η õïσπïνδίαΕργïδïτών και Βιïµηøάνων (ÃΕΒ), πρïκη-ρύσσει τïν 7ï διαγωνισµÞ Κυπριακïύ

Βραâείïυ Καινïτïµίας και πρïσκαλεί επιøει-ρήσεις και ïργανισµïύς πïυ έøïυν καινïτï-µήσει να δηλώσïυν συµµετïøή. Αν ανήκετεσ’ ένα απÞ τïυς πιï κάτω τïµείς και έøετεκαινïτïµήσει, τÞτε δηλώστε συµµετïøήστïν διαγωνισµÞ!

- Πρωτïγενής Τïµέας (Γεωργία, Κτηνï-τρïæία, Αλιεία κλπ)

- ΜεταπïιητικÞς Τïµέας (Βιïµηøανία)- Τïµέας Υπηρεσιών- Ευρύτερïς ∆ηµÞσιïς Τïµέας

Τï Βραâείï Καινïτïµίας απïτελεί τηνανώτατη διάκριση της πιï επιτυøηµένης και-νïτïµίας, τα τελευταία επτά øρÞνια. ΤïνθεσµÞ τïυ «Κυπριακïύ ΒραâείïυΚαινïτïµίας» απÞ την OEB, στηρίúïυν τïΥπïυργείï Εµπïρίï, Βιïµηøανίας καιΤïυρισµïύ και τï Ίδρυµα ΠρïώθησηςΈρευνας.

Ùσïι ενδιαæέρïνται να συµµετάσøïυνστïν διαγωνισµÞ και να διεκδικήσïυν τïΒραâείï, παρακαλïύνται Þπως συµπληρώ-

σïυν και απïστείλïυν στην ÃΕΒ ΑίτησηΣυµµετïøής τï αργÞτερï µέøρι τις 18Ιανïυαρίïυ 2013, πïυ είναι η τελευταία ηµε-ρïµηνία υπïâïλής αιτήσεων.

Αιτήσεις Συµµετïøής καθώς και περισ-σÞτερες πληρïæïρίες για τï διαγωνισµÞµπïρείτε να âρείτε στην ιστïσελίδαwww.innovationaward.oeb.org.cy

ή στα νέα γραæεία της ÃΕΒ στη ΓωνίαΛεωæ. ΑκρïπÞλεως & ÃδÞς Γλαύκïυ 2,ΑκρÞπïλη (τηλ. 22665102).

√ ıÂÛÌfi˜ ÙˆÓ flea market Ô˘ ‚Ϥ·ÌÂ Û·Ó ÙÔ˘ÚÈÛÙÈ΋ ·ÙÚ·ÍÈfiÓ Û fiÏÔ ÙÔÓ ÎfiÛÌÔ, ϤÔÓ Ì·›ÓÂÈ ÛÙËÓ Î˘Úȷ΋ ηıËÌÂÚÈÓfiÙËÙ·

November 28 - December 4, 2012 FinancialMirror.com

Here’s a fairly safe bet for uncertain times: the U.S. economywill once again show the euro zone and Japan a clean pair ofheels next year.

Forecasts for 2013 that are now landing thick and fast showFederal Reserve Chairman Ben Bernanke is not alone in believ-ing it could be a very good year for America if politicians canavoid tumbling off the so-called fiscal cliff.

Updated GDP figures due on Thursday are likely to show theU.S. economy was already doing quite a bit better than firstthought last quarter.

According to 60 economists polled by Reuters, the initial esti-mate of 2.0% growth at an annualised rate is likely to be revisedup to 2.8%.

That pace will flag. Even assuming a political compromise tododge the fiscal cliff’s full $600 billion in government spendingcuts and expiring tax breaks, the budget stance is likely to tight-en markedly in early 2013, crimping growth.

Luca Paolini, chief strategist at Pictet Asset Management inLondon, is pencilling in U.S. growth of around 1% in the firstquarter. After that, though, thing should improve.

“The second quarter should be slightly better and, in thesecond part of the year, we’ll probably be above trend ataround 3% or even higher,” he said.

Contrast that with Japan, which Paolini said was doing “verybadly”, and the euro zone, which contracted in the second andthird quarters. With Greece and other southern members chokingon debt, the single-currency area can expect a return to no morethan minimum growth in the first half of 2013.

Overall, the picture was murky. “Only emerging markets,especially China, seem to be getting out of this pretty nicely,”Paolini said. “But it’s not enough. It’s still a weak environment.”

Similarly, Morgan Stanley expects the global economy to

remain stuck in a twilight zone in 2013.But growth in the United States should begin to expand at a

slightly above-pace trend from mid-year as policy uncertaintylifts, the bank said in a report.

This was Bernanke’s message in a speech last Tuesday.

“I do think there is important potential for the economy tostrengthen significantly if there is a greater level of security andcomfort about where we are going as a country,” the central bankchief said.

CONFIDENCE AND HOUSINGThis week’s survey of U.S. consumer confidence in November

will provide an indication whether fiscal cliff jitters are dampen-ing spirits, which have improved in recent months on the backof better job data.

The reviving housing market has also been brightening themood. The Case-Shiller home price index will show whetherprice gains are still spreading across the country. If they are, thatcan bode only well for the economy.

Vincent Reinhart and David Greenlaw at Morgan Stanley saidresidential construction was likely to be the economy’s standoutsector. “We look for sustained improvement in starts, sales andprices over the next few years,” they wrote.

James Malcolm, a currency strategist with Deutsche Bank inLondon, said a multi-year upturn in U.S. housing should havestrong multiplier effects on jobs, tax receipts, personal wealth andconfidence - all bullish for the dollar.

The United States, as well as China, also looks attractive toSingapore-based Richard Martin, managing director of IMA Asia,an economic and business research consultancy.

Global risks should be receding by the second quarter. Bythen, America ought to have resolved its immediate fiscal crunchand China’s new Communist party leaders will have taken overthe top government posts in March, Martin said.

This should accelerate corporate investment decisions andturn 2013 into a better year than many expect: “By the thirdquarter there should be plenty of evidence of firm upturns inChina and the U.S., which should clear some of the global over-supply.”

MORE EURO HAGGLINGThe data highlights of the week in Europe are German unem-

ployment and euro-zone economic sentiment on Thursday fol-lowed a day later by November’s inflation rate.

But they pale in importance next to the latest efforts by eurozone finance ministers to agree among themselves and with theInternational Monetary Fund on how to stave off insolvency inGreece.

Ministers met on Monday for the third week in a row to try toagree how to fill Athens’s yawning funding gap, knowing theeuro itself could face a life-or-death test if Greece were to tumbleoff this particular fiscal cliff.

That in turn would be fatal for Europe’s growth prospectsand all bets on an improving trend in the United States andChina would be off.

24 | MARKETS

The euro gained on signs of progress intalks on releasing aid to Greece and after aninfluential German survey found businesssentiment had improved in Europe’s largesteconomy.

Also helping the market, confidence inthe global economic outlook got a big boostfrom the HSBC flash ManufacturingPurchasing Managers Index for China,which pointed to an expansion in activityafter seven consecutive quarters of slow-down.

The Chinese data followed a report onWednesday showing U.S. manufacturinggrew in November at its quickest pace infive months, indicating strong economicgrowth in the fourth quarter.

The euro rose breaking above resistance

at $1.2910, its 55-day moving average.Against the yen, the euro also hit a seven-month high.

Optimism about a deal to help Greece,hopes that U.S. lawmakers can agree on asolution to avoid a fiscal crisis, and data

showing an improving global economicoutlook have driven a rally in riskier assetmarkets this week.

Greece said the International MonetaryFund had relaxed its debt-cutting target forthe country, suggesting lenders were closerto a deal for a vital aid tranche to be paid.

But other sources involved in the talks cau-tioned that the funding gap was far biggerthan Greece suggested.

“While we wouldn’t want to understatethe challenges of reaching agreement onGreece, news reports have described some

of the remaining obstacles as technical andlegal, and thus the hurdles to a deal do notseem insurmountable,” said NickBennenbroek, head of currency strategy atWells Fargo in New York.

Euro-zone finance ministers, the IMFand the European Central Bank (ECB)

failed to agree on how to get the country’sdebt down to a sustainable level. They willmake a third attempt at resolving the issueon Monday.

In commodities, gold rose above $1,750an ounce for the first time in more than a

month, as dollar weakness and options-related buying triggered a technicalbreakout.

Oil rose above $111 a barrel as thebetter-than-expected German business sen-timent data helped ease worries aboutdemand in the euro-zone economies,boosting the euro against the dollar, whilefresh protests broke out in Egypt and led tosupply concerns.

Brent crude futures were up at $111.40a barrel. U.S. crude was up at $88.32.

Euro gains on Greece progress, German confidence

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.

U.S. looks best of 2013 economic runnersl Pulling ahead after bumpy start, as strong Q3 GDP a trailer for second half of next year;

China also favoured, but debt woes hobble euro zone

FOREX COMMENTARY & TECHNICAL ANALYSIS

By Alan Wheatley

Global EconomicsCorrespondent, Reuters

Have Chinese Equity Markets Bottomed?

November 28 - December 4, 2012FinancialMirror.com

MARKETS | 25

LIBOR rates

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

USD USD 0.21 0.26 0.31 0.53 0.86 0.40 0.48 0.62 0.81 1.21 1.70GBP GBP 0.50 0.51 0.52 0.69 1.04 0.73 0.83 0.94 1.09 1.43 1.93EUR EUR 0.05 0.09 0.13 0.24 0.50 0.43 0.54 0.71 0.91 1.29 1.71JPY JPY 0.13 0.15 0.19 0.30 0.51 0.25 0.25 0.26 0.30 0.44 0.75CHF CHF 0.00 0.01 0.03 0.11 0.31 0.05 0.10 0.18 0.27 0.55 0.88

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 30.10 06.11 13.11 20.11 27.11 Today Last Week %Change

USD 1.2990 1.6043 1.0784 1.2157 USD 1.2868 1.2752 1.2646 1.2764 1.2951 1.6043 1.5910EUR 0.7698 1.2350 0.8302 0.9358 GBP 0.8025 0.7977 0.7971 0.8018 0.8075 1.2990 1.2790GBP 0.6233 0.8097 0.6722 0.7577 JPY 102.20 101.95 100.13 103.60 106.41 82.26 81.16CHF 0.9273 1.2046 1.4877 1.1273 CHF 1.2034 1.2026 1.1999 1.1997 1.1997 0.9273 0.9416JPY 82.26 106.86 131.97 88.71

JPY +1.36CHF -1.52

CCY

GBP -0.84EUR -1.56

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

Weekly Economic Calendar

Date Country Detail Forecast PreviousNOV 28 EUR M3 Money Supply Y/Y due 11.00am 2.80% 2.70%NOV 28 US New Home Sales due 5.00pm 387k 389kNOV 28 US Beige Book - -

NOV 29 CNY GDP growth Q/Q due 8.45am 0.20% -0.10%NOV 29 EUR German Unemployment Change due 10.55am 17k 20kNOV 29 GBP Mortgage Approvals due 11.30am 52k 50kNOV 29 EUR Italy 10-year Bond auction - -NOV 29 US Prelim GDP growth Q/Q due 3.30pm 2.80% 2.00%NOV 29 US Unemployment Claims due 3.30pm 404k 410kNOV 29 US Pending Home Sales M/M due 5.00pm 0.90% 0.30%

NOV 30 EUR German Retail Sales M/M due 9.00am -0.30% 0.80%NOV 30 EUR CPI Flash Estimate Y/Y due 12.00noon 2.40% 2.50%NOV 30 EUR Unemployment Rate due 12.00noon 11.70% 11.60%NOV 30 US Core PCE Price Index M/M due 3.30pm 0.20% 0.10%NOV 30 US Personal Spending M/M due 3.30pm 0.20% 0.80%NOV 30 US Personal Income M/M due 3.30pm 0.20% 0.40%

NOV 30 US Chicago PMI due 4.45pm 51.2 49.9

Indicated times are Cyprus time Source: Eurivex

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

The mid-September announcement of QE3led many investors to pile into risk assets.However, since then, almost all equity marketshave traded sideways to down. Almost allexcept for Chinese stocks quoted in HongKong. Indeed, since recording a trough onSeptember 5th, the Hang Seng Index has ral-lied 11% and the H-Share index 14%. So is thisa case of every dog having its day?Or have Chinese equities made agenuine bottom? To answer thisquestion, it may make sense toreview the main causes of the threeyear Chinese equity bear market. Aswe see it, they were:

Reason 1: Policy tightening.The Chinese equity market is driv-en by investors who tend to taketheir cue from Chinese policymak-ers. Thus when Chinese policymak-ers come out (as they did starting in2010) and profess a desire to capany increases in asset prices, thistypically turns the marginal buyerinto a marginal seller. The goodnews on this front is that policy-makers have, over the past year,stopped talking the market down.

Reason 2: Adjusting to a slow-er economic growth environ-ment. For more than a decade,China’s economy regularly record-ed nominal GDP growth of over15%. As one might expect, such anenvironment rewarded the mostaggressive of corporate managersand companies seldom learnt to be“efficient” with their resources(land, labor or commodities). Instead, thegame was all about expanding as rapidly aspossible, while sweeping mistakes under therug. However, as China’s growth moved fromthe 15%+ nominal range to the new structur-al growth rate of around 10%, not only didearnings growth collapse for companiesgeared to higher growth rates, but the mis-takes that had been swept under the rugbegan to re-appear and trigger write-offs.Needless to say, an environment of write-offsand falling earnings growth was not support-ive of equity prices. The good news on thisfront is that, the hits having been taken, earn-ings growth should, from here on out,sequentially become a lot “easier” for mostcorporates.

Reason 3: The fear of dilution. Withwrite-offs and slowing earnings growth,most investors started to question howChinese companies would finance theirexpansion? Historically, Chinese corporateshave had two ways to finance themselves:tap banks for loans or issue fresh equity. Sowith the banks effectively constrained intheir lending, investors naturally grew wor-ried massive equity dilution was around thecorner. Today, this fear is now abatingthanks to the big rise in corporate bondissuance in both the Mainland and Hong

Kong. Incidentally, this is one of the manyreasons why the birth of a Chinese fixedincome market is such an important devel-opment.

Reason 4: Uncertainty surrounding thepolitical transition. As if all of the abovewas not enough, equity investors had to dealwith the Bo Xilai affair and the mysterious10-day vanishing act of Xi Jin Ping, China’spresumptive new president. Either one ofthose events would have been enough topush investors and entrepreneurs firmly onto the sideline; having them come back-to-back did very little for animal spirits. Thegood news on this front is that the leader-ship transition seems to be unfolding inBeijing without obvious ructions. In fact,

the transition may be happening with fewerripples than even optimists expected. Thisweek the South China Morning Post sug-gested that Hu Jintao would relinquish hisrole as head of the PLA earlier than expected(Jiang Zemin had kept his role as head of thearmy for two years after relinquishing hisroles as President and Head of the Party andit had been assumed that Hu Jintao wouldangle to do the same – after all, as Mao said,power is at the end of the gun!). In anyevent, the NPC will conclude tomorrow inBeijing, with official announcements on

policies and key positions likely thereafter. As we see it, these four reasons help

explain the past three years’ de-rating inChinese equities back to near record low val-uations.

But now, with most of the above con-cerns either disappearing or, at the veryleast, abating seriously, a negative stance onChinese equities would have to be based onthe belief that China’s economic slowdownis small beer compared to what lies ahead.With most economic indicators for Chinabottoming and bouncing back, such a bear-ish outcome does not seem likely for theimmediate future. With that in mind, wecontinue to believe that Chinese equitieswill outperform those of other markets.

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8520British Pound * GBP 1.6042Bulgarian Lev BGN 1.5055Czech Koruna CZK 19.448Danish Krone DKK 5.741Estonian Kroon EEK 12.047Euro * EUR 1.299Georgian Lari GEL 1.647Hungarian Forint HUF 216.08Latvian Lats LVL 0.53545Lithuanian Litas LTL 2.6578Maltese Pound * MTL 0.3305Moldavan Leu MDL 12.3475Norwegian Krone NOK 5.6416Polish Zloty PLN 3.1539Romanian Leu RON 3.4727Russian Rouble RUB 30.9329Swedish Krona SEK 6.5959Swiss Franc CHF 0.9273Ukrainian Hryvnia UAH 8.1285

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0476Canadian Dollar CAD 0.9926Hong Kong Dollar HKD 7.75Indian Rupee INR 55.7Japanese Yen JPY 82.26Korean Won KRW 1083.9New Zeland Dollar * NZD 1.2149Singapore Dollar SGD 1.2218

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.1000Iranian Rial IRR 12030.90Israeli Shekel ILS 3.8405Jordanian Dinar JOD 0.7051Kuwait Dinar KWD 0.2813Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6406Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 8.8461U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7838Kazakhstan Tenge KZT 150Turkish Lira TRY 1.7931

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

China shares head to 2009 lows

Onshore Chinese shares fell Tuesday for athird-straight day, reversing midday gains inHong Kong after the Shanghai share indexclosed below 2,000 points for the first timein nearly four years on concern that strictercapital rules for banks may hurt lending.

The Hang Seng Index ended down 0.1%,while the China Enterprises Index of the topChinese listings in Hong Kong shed 0.4%,both reversing midday gains.

In the mainland, the CSI300 Index of thetop Shanghai and Shenzhen listings shed1.2%. The Shanghai Composite Index endeddown 1.3% at 1,991.2, the first time it closedbelow 2,000 points since January 2009.

Over the month, the Shanghai Compositehas lost 3.8%, while the CSI300 is down4.6%, compared with the China EnterprisesIndex’s 0.5% loss.

“This divergence between A and H shareperformance will continue at least until theyear’s end. There is a long list of A-shareIPOs waiting for approval and that’s notgoing to impress investors,” said LarryJiang, chief strategist at Guotai JunanInternational Securities.

November 28 - December 4, 2012 FinancialMirror.com

26 | WORLD MARKETS

Abramovich eyes stake in Norilsk peace planRoman Abramovich, owner of Chelsea soccer club, may

step up as a “white knight” minority shareholder to resolve afour-year power struggle at Norilsk Nickel in a deal that wouldalso name the Arctic miner’s largest owner Vladimir Potaninchief executive.

Sources close to the talks said good progress was made overthe weekend in agreeing terms of the peace deal. Abramovich,a core shareholder in FTSE 100-listed Evraz, would act as abuffer between Potanin and Oleg Deripaska, who also controlsa stake in the world’s largest nickel and palladium miner.

Potanin and Deripaska have been at loggerheads since thelatter’s Hong Kong-listed aluminium firm RUSAL bought aone-quarter stake in Norilsk just before the 2008 global crashin a cash-and-stock deal worth around $14 bln.

RUSAL is now losing money and burdened by $10.7 bln innet debts, while Deripaska never won a real say on the Norilskboard and instead was overruled by Potanin, who launched aseries of share buybacks with the backing of company manage-ment.

Deripaska also refused offers by Norilsk to buy back thestake at what would have been a relatively modest loss, infuri-ating his partners in RUSAL. One, Viktor Vekselberg, quit ear-lier this year as RUSAL chairman.

Analysts say that movement in the shareholder deadlock atNorilsk may reflect Kremlin concern over an ugly court battlejust as Russia’s metals and mining sector is struggling with anasty cyclical downturn.

Were Abramovich to buy the 7% stake on offer - worth

about $2 bln - that would introduce a shareholder at Norilskwho has a history of good relations with President VladimirPutin.

Under the terms of the deal the parties would also agree toincreased dividend payouts over the next three years, meetinga demand long pressed by Deripaska. Norilsk currently pays noless than 20-25% of earnings to shareholders. This could nowrise to 50%.

The two sides want to bridge their differences before aLondon arbitration court opens hearings next week into a casedating back to 2010 in which Deripaska accuses Interros,Potanin’s holding company, of reneging on a deal to runNorilsk in the interests of all shareholders - although sourcessay a full agreement is unlikely before then.

Rosneft may use TNK-BP cash, loans for takeoverRosneft may dig deeper into its pockets and raise funds

from TNK-BP to help finance its $55 bln takeover of theAnglo-Russian oil firm that will make it the world’s largestlisted oil firm by output.

Rosneft said in a Eurobond prospectus, dated November 23,that it may use its and TNK-BP’s existing cash of over $15 blnto fund the deal in combination with borrowings from banks.

It was not clear how exactly state-controlled Rosneft wouldrely on TNK-BP to finance the deal - some analysts say thejoint venture may eventually pay a special dividend or loan

funds to Rosneft to help complete the deal.Rosneft needs $45 bln in cash to fund its two-stage

takeover of TNK-BP. In the first leg, which has alreadyreceived Russian government and board approval, it will buyout British oil major BP’s one-half stake for stock and $17.1bln in cash.

BP would plough back $4.8 bln of proceeds into buyingRosneft shares from the Russian state, ending up with a stakeof nearly 20%.

In the second step, Rosneft would pay $28 bln in cash to

buy the rest of TNK-BP from AAR, a consortium that repre-sents billionaire shareholders Mikhail Fridman, GermanKhan, Viktor Vekselberg and Len Blavatnik.

Rosneft also said in the prospectus that it has received acommitment from a syndicate of international banks to lendaround $30 bln, including up to $7.5 bln in long-term financ-ing, to fund the takeover.

Reuters Loan Pricing Corporation reported on November15 that Rosneft was receiving initial commitments of $32.5bln in takeover finance from banks.

Aston Martin tractors? We’ve heard that one beforeJokes about James Bond on a tractor have done the

rounds since Indian farm machinery maker Mahindraemerged as a possible investor in Aston Martin, whoseiconic British sports cars are favoured by 007.

But marriages of extremes across the automotivespectrum are not so rare, and tractors have played a vitalrole before in the history of Aston Martin, as well as ofother fast car brands.

Porsche once powered German ploughmen throughthe 1950s and, from Italy, Ferruccio Lamborghini’sname still gleams on thousands of tractors, half acentury after he turned a fortune made from agriculturalequipment into a passion for road racers.

Should Aston Martin Lagonda Ltd pass to theMahindras, world No.1 in tractors, it would turn thewheel back to the 1950s and 60s when, owned byYorkshire tractor magnate David Brown, Astons beatFerraris to world and Le Mans racing titles and saw thefast but elegant DB5 upstage Sean Connery in earlyBond movies.

That series of thoroughbred sports cars - “DB” forDavid Brown - remains, as the firm says, the “classic

model bloodline that sits at the heart of the Aston Martinrange”, most recently the new DB9, launched ahead ofthe company centenary next year.

Brown made a fortune for his family’s engineeringgroup by designing tractors. Indulging himself in 1947,he paid 20,000 pounds for Aston Martin, whosecarmaking was halted by World War II.

He later added another London luxury car brand,Lagonda. It gave the industrialist access to a glamorousworld; in a 1952 picture, he stands proudly by a DavidBrown tractor - at the wheel sits Formula One championJuan Manuel Fangio.

Back then, too, there was no lack of sarcasm aboutwhat a tractor man really knew about speed. And thoughBrown saw his Aston Martin cars succeed on the trackand in popular culture, the Mahindras may do well tonote that motor industry marriages of brawn andbreeding have often not been built to last.

Ferdinand Porsche’s tractor engines went out ofproduction in 1963; Lamborghini’s tractors andsupercars are long divorced, the former now part ofItaly’s Same Deutz-Fahr, the cars part of a stable run by

Germany’s Volkswagen that also includes Porsche.As for David Brown, financial crisis obliged him to sell

his investment in Aston Martin after 25 years for a token100 pounds in 1972. He sold his tractor business, too.

Qatar cashes in to make $2.7 bln from BarclaysQatar’s sovereign wealth fund sold the last of the warrants it

owns in Barclays on Monday, notching up a gain of more than1.7 bln pounds ($2.7 bln) from the controversial fundraisingdeal it struck with the bank four years ago.

The warrants, which convert into shares, were sold toDeutsche Bank AG and Goldman Sachs Group Inc.

On Monday the banks sold up to 303 mln Barclays shares,worth 740 mln pounds, at 244 pence apiece, a 4% discount toFriday’s closing share price and at the bottom of an indicatedrange of 244-248 pence. By midday trading Barclays shareswere down 5.1% at 241.3 pence, the biggest faller in theEuropean bank index.

Qatar Holdings will keep its 6.7% stake in Barclays and makea profit of around 170 mln pounds from the “monetizing” ofthe warrants.

The warrants have not yet been converted, but the owners

can do so at 198 pence per share in the next year. Conversionwould bring in 750 mln pounds for Barclays and lift its core Tier1 capital ratio by about 20 basis points, but it would dilute theholding of shares by other investors. The warrants were part ofa controversial 5.3 bln pounds fundraising by Barclays at theheight of the financial crisis in 2008, when it raised billions ofpounds from investors in Qatar and Abu Dhabi to avoid takingemergency funds from the UK government.

Barclays is being investigated by the Serious Fraud Office(SFO) and Financial Services Authority (FSA) for the paymentsmade to Qatar as part of the 2008 fundraising.

Qatar is one of the most active sovereign wealth funds withassets of more than $100 bln and has snapped up significantstakes ranging from miner Xstrata to German sports car makerPorsche to oil major Shell.

Barclays shares are near the average price Qatar paid in

2008, but it has profited from converting 1.5 bln pounds of war-rants - half of which it cashed a year later at a 600 mln poundprofit - plus 1.5 bln pounds of capital instruments that pay 14%interest until 2019 - worth about 840 mln pounds so far.

Qatar was also paid commissions and fees worth 116 mlnpounds alongside the October 2008 deal. According to Reutersestimates, that amounts to a profit of about 1.7 bln pounds intotal.

Qatar Holding is part of Qatar Investment Authority, whichwas set up by the state in 2005 to diversify investments awayfrom oil and gas into new assets.

New CEO Antony Jenkins is assessing the future shape ofthe bank as part of a strategic review, which is expected to seehim shrink the investment bank. Some of the bank’s biggestinvestors want Jenkins to take an axe to the investment bank,the Financial Times said on Monday.

November 28 - December 4, 2012FinancialMirror.com

WORLD MARKETS | 27

Argentina appeals court order to pay investorsl Holders of restructured bonds file emergency motion, as ruling heightens fears of imminent default

Argentina on Monday appealed a U.S. court order to pay$1.3 bln to investors who rejected two debt restructuringstied to its 2002 sovereign debt crisis, amid fears that thecountry faces another default.

U.S. District Judge Thomas Griesa last week orderedArgentina to deposit the money before December 15 to paythe “holdout” creditors, a move that could jeopardize pay-ments to bondholders who participated in the 2005 and2010 debt swaps.

Argentina’s economy ministry said late on Monday ithad filed an appeal and denounced Griesa’s ruling as “anattack on sovereignty that shows ignorance of the lawspassed by our Congress.”

The ministry said that if Griesa arranged a formula offer-ing holdouts the same terms presented in the 2010 restruc-turing, Argentina’s Congress could debate it. That proposalis unlikely to persuade the holdouts, however.

Earlier on Monday, investors holding $1 bln worth ofrestructured Argentine debt filed an emergency motion in aU.S. federal appeals court to fight the ruling, which they fearcould prevent payment on their bonds and lead to a fresh default.

About 93% of bondholders agreed to swap defaulted debt fromthe 2002 default for new paper at a steep discount.

But holdouts, led by Elliott Management Corp’s NML CapitalLtd and Aurelius Capital Management, rejected the swaps and arefighting for full repayment in the courts.

Griesa’s order dismayed investors who took part in the two debtswaps and fear the G20 country will now enter into “technicaldefault” on about $24 bln in restructured debt.

“The motion on Monday would ensure that interest paymentsto the bondholders continue while the appeal is decided,” saidDavid Boies, a lawyer representing the investors. “Exchange bond-holders agreed to take under 30 cents on the dollar to supportArgentina’s debt restructuring.”

Aside from sparking howls from investors who participated inthe debt restructurings, Griesa’s ruling was a setback forArgentina’s combative, left-leaning President Cristina Fernandez,who calls the holdout funds “vultures” and has vowed never to paythem.

Fernandez’s decision to vilify holdout creditors, who are loathedby most Argentines, makes payment a difficult prospect, and a locallaw prohibits offering a better deal than that given in the swaps.

Doing so might expose Argentina to lawsuits from creditors whotendered their paper.

On the other hand, another default, albeit a technical default,would tarnish Fernandez’s record on managing the economy,deepen Argentina’s isolation from global financial markets and hitinvestment at a time of sluggish growth.

Some analysts fear the case’s implications could stretch farbeyond Argentina and its creditors, hampering future debt restruc-turings and the operation of global payment systems.

The Argentine government is due to pay exchange bondholdersat least $3.3 bln in principal and interest in December.

But if Griesa’s demand for payment of the $1.3 bln into anescrow account for holdouts is upheld by an appeals court andArgentina still refuses to pay, U.S. courts could embargo paymentsto the creditors who accepted the debt restructurings.

That would push Argentina into a technical default.

LONG BATTLENML has more outstanding court judgments against Argentina

that are not included in this case but it is willing to negotiate andwould still consider a combination of cash and bonds to settle thedispute.

As part of the long legal battle, NML won a court orderin early October to seize an Argentine naval vessel during avisit to Ghana, and the ship remains stranded.

The hedge fund denies Argentine accusations that itwants to trigger a default to get a windfall on its holdingsof credit default swaps (CDS), derivatives used to insureagainst default.

Argentina’s appeal asks the court to reinstate a stay onpayment to the holdouts and contests Griesa’s latest rulingby arguing that it puts future debt restructurings at riskand endangers global financial institutions such as clearinghouses and banks acting as payment agents.

Most analysts think the so-called en banc rehearing isalso unlikely to yield a different result, though some say itmight ease the impact on third-parties such as Bank ofNew York Mellon, which transfers funds from theArgentine government to the bondholders, and clearingsystem operators.

Beyond the appeals court, Argentina’s last-remaininglegal option in the United States would be the Supreme

Court which could choose to weigh in on this case because of itsimplications for debt restructurings at a time of global economicturbulence.

U.S. government lawyers have backed Argentina’s position onpari passu, or equal treatment for all bondholders. They said thatGriesa’s orders “could enable a single creditor to thwart the imple-mentation of an internationally supported restructuring plan.”

An eventual default would deepen Argentina’s economic isola-tion. Partly because of the legal action by the holdouts, the coun-try has yet to return to global credit markets almost 11 years sincethe economic meltdown of 2001/2002.

Paying all the outstanding defaulted bonds would cost up toabout $11 bln, equivalent to about a quarter of the foreign curren-cy reserves that Argentina needs to keep servicing its debts in theabsence of fresh credit.

Guillermo Nielsen, a former Argentine finance secretary whohelped oversee the 2005 bond swap, said the government shoulddeposit the $1.3 bln on time and keep litigating.

“A default on the new bonds must be avoided at all costs,” hesaid. “The (2002) default was incredibly costly for Argentina andthis situation could end up causing a new default combined withcontempt of court.”

November 28 - December 4, 2012 FinancialMirror.com

28 | WORLD MARKETS

Argentine case adds to sovereign debt doubts

In an era where sovereign debt distress has become common-place, this week’s ruling on Argentina’s protracted bond restructur-ing just made the outlook more complicated for creditors anddebtors alike.

The ruling by U.S. Federal judge Thomas Griesa has raised thespectre of a technical default next month by Argentina, which hasbeen ordered to immediately make full payment to funds that hadshunned its past debt restructuring rounds. .

The ramifications of the case will ripple far beyond Buenos Airesand New York.

The ruling is of course a blow for Argentina which terms theseholdout funds “vultures” and has vowed not to pay them a penny.

It is bad news for other bondholders who accepted a restructur-ing of old Argentinian debt after the country’s $100 bln smash in2002, agreeing to write off - or take a haircut, in bond parlance - on70% of the debt.

Above all, it is fuelling unease that creditors will have littleincentive to agree to future restructurings or haircuts if a sovereignruns into trouble.

“The wider implications of this legal ruling will send shock-waves through all future restructurings,” says Greg Saichin, headof emerging debt at Pioneer Investments, who considers the rulingnegative for Argentina as well as for other sovereigns that couldrequire a debt workout in future.

“A lot of sovereign debt in emerging markets is done under U.S.law, and from Russia to Brazil all these emerging countries will seea precedent in this ruling for what they want to do next,” Saichinsaid.

That is a real issue, with debt levels deemed unsustainable inmany euro zone states and increasing numbers of poor developingnations from Africa to central America issuing debt on internation-

al bond markets, most of it, like Argentina’s, governed by U.S. law.The case also reopens questions over the restructuring that cut

Greek sovereign debt by 100 bln euros ($130 bln), handing credi-tors losses of around 75%. A minority of investors in Greek bondsissued under foreign law held out, and some 6 billion euros worthof those bonds are still outstanding.

Argentina’s government says forcing it to treat holdoutinvestors pari passu - on equal terms - with holders of restructureddebt will exacerbate future sovereign debt crises by “making volun-tary debt restructuring essentially impossible”.

“No one in their right minds would participate in such a processnow,” Economy Minister Hernan Lorenzino told reporters.

CAN’T OR WON’TNot everyone agrees the ramifications will necessarily be that

wide.First, most concerns revolve around older debt like Argentina’s

because bonds issued before 2004 usually lack collective actionclauses (CAC) that make a restructuring agreement binding on allcreditors.

Greece, for instance, activated a collective action clause forcingholdouts who owned bonds issued under Greek law to take part.But others note that Greece paid out 435 mln euros to holders ofa bond issued under foreign law, averting litigation by anothergroup of holdouts.

“Over time, all emerging market sovereign debt will contain col-lective action clauses. In the meantime debtors will seek to avoidU.S. jurisdictions when considering restructurings,” said RichardSegal, emerging markets analyst at Jefferies.

That might be hard for any emerging economies that run intotrouble in servicing existing bonds, said a one fund manager whoasked not to be named.

“It will clearly have secondary and tertiary impact on countriesthat have not gone through a restructuring or who do not have col-

lective action clauses in their documents,” he said.As to the fairness of the ruling, NML Capital and Aurelius

Capital Management, the hedge funds who brought the caseagainst Argentina, might say sovereigns would have less incentiveto default in the first place if they knew they would eventually beheld accountable for old debt. Many including fund manager SamFinkelstein at Goldman Sachs Asset Management appear to havesome sympathy with that view.

“The legal ruling empowers creditors and can thus be interpret-ed as a victory for sovereign creditors,” he said.

Vivienne Taberer, a portfolio manager at Investec AssetManagement, disagrees. While some sovereigns are just unwillingto pay, others really are unable to do so and restructuring is theonly option.

“If Greece hadn’t had CACs in place it wouldn’t have been ableto restructure debt at all,” she said. “You want to make it difficultfor sovereigns to restructure and walk off, but you don’t want tomake it impossible to restructure debt into something that’s moreviable for them to pay.”

That was the case with Argentina in 2002 and Greece in 2012.It is also likely that Argentina, a country of 40 mln people, will betipped into bankruptcy if all holders of restructured debt alsodemand to be paid in full.

Many also point out that Argentina’s is a unique case with fewcreditors willing to litigate for a decade or with as much ferocity asNML and Aurelius did. NML also recently won a court order todetain an Argentine ship in Ghana in lieu of debt.

Argentina, with its history of multiple defaults, may elicit lesssympathy than most.

“It’s not simple for a creditor to be a holdout,” said RodrigoOlivares, a sovereign debt expert at Queen Mary University inLondon. NML “has been litigating for 10 years. They have tried toseize everything from satellites to ships. The message is: this is notfor me or you.”

IINNVVEESSTTMMEENNTT FFOOCCUUSSIINNVVEESSTTMMEENNTT FFOOCCUUSS

November 28 - December 4, 2012FinancialMirror.com

GREECE | 29

Samaras hails debt compromise, opposition skepticalA bleary-eyed Greek Prime Minister Antonis Samaras wel-

comed on Tuesday an agreement by international lenders tohelp cut his country’s debt and unblock bailout money to avertbankruptcy.

The biggest opposition party, however, dismissed the dealand criticized Germany for preventing Greece from writing offmore of its 340-bln-euro debt.

After 12 hours of talks at their third meeting in as manyweeks, euro zone finance ministers and the IMF agreed onmeasures to reduce Greek debt by 40 bln euros, opening the wayfor 43.7 bln euros of rescue loans to be disbursed by early 2013.

“Everything went well,” Samaras told reporters outside theprime minister’s mansion at about 3 a.m. “A new day starts forall Greeks,” he added.

International financial markets shared the optimism as wor-ries over Greece’s debt situation subsided. The euro hit a one-month high, and European stocks rose 0.5% in early trading.

Samaras passed deeply unpopular austerity measures earlier

this month to convince lenders that Athens deserved further aidpayments under its ongoing EU/IMF bailout, despite missingearlier deficit and reform targets.

The wage and spending cuts contradicted Samaras’s pre-election pledges to soften the bailout deal, testing the cohesionof the fragile, conservative-led, three-party coalition he has head-ed since June.

The Socialist PASOK, the coalition’s second-biggest party,also welcomed the agreement.

“This is the new start the country needs after nine months ofwaiting,” said its leader and former finance minister EvangelosVenizelos. “Now it’s up to us to make it work.”

The main ASE stock market index also opened higher on thenews, gaining 0.9%. But bank stocks dipped 0.6% on concernsthat a debt buyback plan that forms part of the deal might hurttheir battered capital. Newspapers were equally split about thedeal. Top-selling daily Ta Nea depicted on its front page a smileyface next to the headline: “The first smile for Greece” after the

country obtained a further 43.7 bln euros in aid.But Six Days, another daily, called the deal “a disastrous com-

promise ... holding Greece captive to severe recession and aus-terity without solving the country’s big debt problem”.

PPC/DEH posts profit rise,helped by one-off gain

Greece’s biggest electricity producer PPC/DEH announced onTuesday a 30% profit increase for the first nine months of the year,helped by a one-off gain from the settlement of a dispute with itsnatural gas provider. The state-run company’s net profit stood at118.1 mln euros, up from 90.8 mln euros in the same period lastyear. That exceeded an average forecast of 53.7 mln euros, accordingto a Reuters poll of analysts. These results include a one-off gain of191.7 mln euros that PPC booked after settling a dispute with itsbiggest natural gas provider, DEPA.

Excluding that amount, the company posted a loss, after it morethan doubled the amount of money it set aside to cope with nonpay-ment by austerity-hit clients.

Motor Oil posts 43% fall in 9-month profit

Greece’s second-biggest refiner Motor Oil reported a 43% profitfall for the first nine months of the year, weighed down by fallingcrude prices and fuel demand in its home market.

Record unemployment combined with austerity measures andrising fuel taxes imposed by the government have curbed fuel con-sumption in the country, pushing down Motor Oil’s sales volumes athome by 17%. Lower refining margins and crude prices also hit thebottom line, net profit sliding to 81.8 mln euros from 143.1 mlneuros in the same period last year. However, a 12% rise in exportsand a foreign exchange gain of 8.1 mln euros in the third quartermeant that net profit beat the average forecast of 74.7 mln euros ina Reuters poll of analysts. Adjusted earnings before interest, tax,depreciation and amortisation (EBITDA), excluding oil inventories,dropped by only 4.5% to 254.8 mln euros, in line with expectations.

Hellenic Petroleum swings to profit in Q3

Greece’s biggest refiner Hellenic Petroleum reported better-than-expected third quarter profits, as robust refining margins, exportsand cost controls more than offset slumping fuel demand in the cri-sis-hit country. Net profit, adjusted for the value of the company’soil inventory, stood at 63 mln euros from a 17 mln euro loss in theprevious year, the company said. That was higher than a 45.3 mlneuro average profit forecast made by analysts in a Reuters poll.

Hellenic, which is partly state-owned and is due for full privatisa-tion next year, runs refineries and petrol stations across the Balkansbut makes most of its profit at home, where fuel consumption hasbeen hit by tax increases aimed at shoring up public finances. Fueldemand in the overall Greek market dropped by 11% year on year.But Hellenic expects its new, upgraded refinery at Elefsina to boostresults from the fourth quarter, increasing export of diesel productsin countries unaffected by Greece’s economic crisis. “The new proj-ect will enable the group to deliver significant additional cash flowsand profitability as well as enhance its export orientation,” ChiefExecutive John Costopoulos said in the statement. The companyalso said it was about to complete deals next month to refinance thebiggest part of about 1.25 bln euros of debt due by the end of March2013. Hellenic has already received commitments for more than700mln out of a total 750 mln euros of new loans it plans to take.

Fourlis boosted by IKEA, IntersportRetail operator Fourlis is expected to announce stable

3Q12 results with revenues of EUR 118.2 mln (-1.5% y-o-y), EBITDA of EUR 6.8 mln (+4% y-o-y) and net losses ofEUR 100,000 (vs. net losses of EUR 0.1m in 3Q11). For the9-month period to end-September, revenues are forecast toreach EUR 304.4 mln (-3% y-o-y), EBITDA of EUR 10.1mln (-51% y-o-y) and net losses of EUR 9.7 mln comparedto net profits of EUR 1.6 mln in the same period of 2011.

“The domestic macroeconomic environment remainedweak in 3Q12 with GDP contracting by 7.2% y-o-y, whilethe deteriorating consumer sentiment was also reflected inthe turnover of the ‘clothing and footwear’ and ‘furniture-electrical equipment-household equipment’ sectors, whichdropped by 21% y-o-y and 19% y-o-y respectively in the 8-month period January-August 2012. Fourlis has outper-formed its peers following the release of the new IKEA cat-

alogue in September and the solid performance of interna-tional activities (IKEA Bulgaria, Intersport Turkey),”explained Dimitris Birbos, analyst at the Investment Bankof Greece, a Laiki Popular Group subsidiary. “Per businessunit, we forecast revenues of EUR 28 mln (+14% y-o-y) forIntersport that will ease the pressure from the weak per-formance of IKEA stores (-6% y-o-y to EUR 81 mln). On theEBITDA front, we expect a 30bps improvement shaping at5.8%, thanks to the improving performance of IntersportTurkey and cost containment efforts on a group level,”Birbos added. “We stick to our cautious stance on thestock, as the local economic environment shall remainchallenging throughout 2013,” the IBG analysts conclud-ed.

With the stock trading at 1.94 euros, the market cap isset at 98.9 mln euros.

Recession bites for OPAPOPAP, one of Europe’s biggest betting firms, reported a

16% fall in third-quarter profits, weighed down by therecession in its home market.

Cash-strapped Greece plans to sell almost its entire 34%stake in OPAP, its most profitable company, as part of itsinternational bailout agreement. But higher taxes anddoubts about OPAP’s most precious asset, its gamblingmonopoly, may undermine the company’s value.

Revenues dropped 11% to 891.3 mln euros as the coun-try’s worst recession since World War II dampened pun-ters’ gambling appetite.

Net profit stood at 113.6 mln euros, down from 135.4mln a year earlier but above an average forecast of 108.9mln euros in a Reuters poll of analysts.

Eight potential investors, including a Chinese con-glomerate and big private equity funds, have expressedinterest in buying a 33% stake in OPAP, which has a totalmarket value of about 1.5 bln euros on the Athens StockExchange.

However, OPAP’s profitability will suffer next year afterthe government decided to impose a 30% levy on the com-

pany’s gross earnings from January 1. The company’ssports betting monopoly may also be repealed after poten-tial competitors, including Britain’s William Hill, chal-lenged it in court.

Despite the challenges facing the company, its chiefexecutive said that he was optimistic about prospects nowthat uncertainty around taxation had been settled.

OPAP is expanding into online gaming and video lotter-ies and is a candidate to buy the Greek state lottery thisyear.

“Overall, 3Q12 results were weak but with a positivesurprise regarding profitability lines on the back of lowerthan expected operating expenses.

The resilient performance of KINO in revenue termsbenefited from the extension of playing hours in June. Thebusiness environment remains tough for OPAP, while thevisibility on key issues remains very low ahead of thechange in the ownership control. In this context, we pre-fer to remain conservative for the stock at present,” saidDimitris Birbos, analyst at the Investment Bank of Greece,a Laiki Popular Group subsidiary.

NBG shareholders approve Eurobank offerNational Bank of Greece shareholders have approved the

bank’s offer to buy all of rival Eurobank and create thecountry’ biggest lender.

NBG made a share-swap offer in early October to buy allof Eurobank, offering 58 new shares for every 100Eurobank shares Friday’s vote, a formality, came after twoprevious shareholder meetings did not achieve a quorum.

Greek banks are under pressure to merge after sufferingsteep losses from the country’s debt restructuring, heavy

deposit withdrawals and rising bad loans, but short of cash,they have no option but to swap shares in order to merge.

A merger would need approval from the Bank of Greeceand the Hellenic Financial Stability Fund (HFSF), the banksupport fund that has started to recapitalise the country’sviable banks.

Once the share exchange is completed, NBG sharehold-ers will own 75% of the combined entity, with Eurobankshareholders owning the rest.

November 28 - December 4, 2012 FinancialMirror.com

30 | CSE PRICES

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 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

Index performanceCSE General Index 385.85 84.53 138.85 295.94 -53.08FTSE/CySE 20 134.85 34.56 52.81 104.60 -49.51FTSE/XA & XAK Banking 365.45 116.68 223.47 196.84 13.53MAIN MARKETMAIN MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 377.70 75.13 128.52 286.83 -55.19BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 556 494 1.25 0.25 306 000 -1 371 000 n/a -76.37 0.755 0.160 0.310 0.61 -49.18CYPRUS POPULAR BANK CPB ΛΑΙΚ 3 411 086 0.10 201 254 0.00035 168.57 87 100 -3 650 380 n/a -107.02 0.390 0.030 0.059 0.30 -80.13HELLENIC BANK HB ΕΛΗΤ 595 436 0.43 110 751 0.78 0.24 8 889 -100 658 n/a -16.90 0.356 0.165 0.186 0.36 -48.48LOGICOM LOG ΛΟΤΖ 74 080 0.35 20 002 0.81 0.34 3 274 3 024 3 026 3 585 5.58 4.84 2.50 9.26 0.340 0.240 0.270 0.27 0.37A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 11 080 0.52 0.09 -17 397 -6 894 n/a -2.80 0.080 0.045 0.045 0.05 -11.76LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 9 211 0.24 0.08 -10 243 -82 674 n/a -17.95 0.037 0.018 0.020 0.04 -45.95ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 4 048 1.68 0.03 3 328 -8 648 n/a -10.68 0.120 0.047 0.050 0.12 -58.68SECTOR TOTAL / OΛIKO 912 839 0.75 24.23 380 951 3 024 3 026 -5 216 669 0.12PARALLEL MARKET

PARALLEL MARKET INDEX 2010 6M '11 6M '12 2011 Cents Cents % 704.24 573.37 610.71 656.6 -6.99WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.15 8 848 3 010 1 535 6 674 4.52 5.84 5.80 21.97 0.340 0.230 0.264 0.32 -17.24VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 213 3.07 0.14 1 310 1 038 1 906 -1 174 n/a -1.63 0.570 0.350 0.420 0.35 21.74A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 31 063 0.28 0.61 4 108 448 386 4 122 7.54 2.26 0.200 0.150 0.170 0.18 -5.03ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 20 125 0.45 0.26 6 309 245 82.14 0.14 0.167 0.115 0.115 0.167 -31.14LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 14 111 0.26 0.19 -47 -27 -2 638 -1 734 n/a -0.61 0.070 0.047 0.050 0.06 -20.63K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 14 087 4.69 0.22 25 987 2 069 3 665 2 133 6.60 15.90 1.100 0.280 1.050 1.00 5.00G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 903 -1 021 -570 -1 600 n/a -4.13 0.180 0.130 0.130 0.18 -27.78MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 2 574 258 -919 -947 n/a -11.55 0.650 0.500 0.500 0.63 -20.63PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 453 -727 -448 -1 333 n/a -2.96 0.099 0.090 0.095 0.10 -3.06LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 710 1.91 0.06 456 -414 -691 759 4.89 2.17 0.120 0.080 0.106 0.08 27.71LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 4 175 0.05 0.72 -8 419 -398 -1 747 -2 667 n/a -2.17 0.047 0.020 0.034 0.05 -27.66LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 352 0.53 0.09 71 -383 -981 -1 302 n/a -2.71 0.070 0.049 0.049 0.06 -18.33SECTOR TOTAL / OΛIKO 247 569 1.38 0.34 37 841 3 853 -502 3 176 8.64ALTERNATIVE MARKETALTERNATIVE INDEX 2010 6M '11 6M '12 2011 Cents Cents % 740.44 635.55 642.21 738.87 -13.08A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 5 852 0.88 0.18 1 767 840 111 373 1.02 0.16 0.17 -5.88ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 818 0.49 0.32 4 363 1 121 887 2 334 2.36 0.91 5.69 0.16 0.16 0.00A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -5 724 -332 -325 -2 594 -1.63 0.01 0.02 -50.00AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 518 0.49 0.10 -1 339 -2 979 -3 979 -2 121 -1.92 0.05 0.10 -50.00ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.73 0.89 4 108 2 240 1 457 2 306 5.90 7.00 10.77 0.65 0.83 -21.69BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 779 0.80 0.23 257 417 455 570 3.69 1.20 6.67 0.18 0.21 -14.29CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 668 0.49 0.08 -6 512 -3 664 -2 768 -3 519 -2.48 0.04 0.07 -42.86CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 201 0.42 0.05 -622 -189 -184 -375 -3.72 0.02 0.02 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 5 408 0.39 0.13 -3 641 -2 493 -3 871 -3 942 -3.64 0.05 0.05 0.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 2 881 0.07 0.14 -7 007 -2 739 -2 043 -7 654 -2.66 0.01 0.01 0.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 314 0.65 0.46 -157 -6 -6 -65 -0.27 0.30 0.31 -3.23C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 8 348 0.09 0.44 1 211 805 -186 -3 921 -1.88 0.04 0.05 -20.00CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 388 0.27 1.00 -1 031 -234 -282 -513 -9.98 0.27 0.32 -15.63CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 23 394 2.20 0.08 -6 432 -3 125 -2 970 -4 630 -3.36 0.17 0.18 -5.56CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 160 6.13 0.22 568 -463 -1 653 -4 127 -134.91 1.36 3.20 -57.50CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 34 069 1.84 0.20 13 270 1 448 -1 778 5 693 6.18 0.37 0.32 15.63CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 1 157 1 239 43 1 104 7.37 0.14 0.17 -17.65DIMCO PLC DES ΝΤΙΜ 80 999 0.09 5 670 0.28 0.25 2 183 940 597 1 604 1.98 0.07 0.09 -22.22DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 810 0.29 0.20 -380 -210 -208 -526 -3.89 0.06 0.06 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 240 0.67 0.58 575 215 -684 -257 -1.61 0.39 0.38 2.63ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 483 0.04 0.26 -5 602 -2 944 -3 487 - 0.01 0.02 -50.00EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 627 0.20 0.10 -980 -111 -75 -212 -0.68 0.02 0.03 -33.33EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 760 0.32 0.43 1 048 -161 -1 223 -15 562 -45.77 0.14 0.15 -6.67FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.55 0.19 614 1 028 -210 1 608 33.47 0.48 0.48 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 11 000 0.97 0.11 -1 668 3 742 -1 012 5 130 5.13 0.45 4.09 0.11 0.12 -8.33KARAOLIS GROUP KARA 22 343 0.34 447 -0.05 -0.43 -844 -940 -1 393 -2 198 -9.84 0.02 0.03 -33.33KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 956 0.09 1.28 -738 -89 -160 -110 -1.38 0.12 0.14 -14.29KEO LTD KEO ΚΕΟ 30 978 0.43 11 462 3.55 0.10 -3 358 -6 279 -2 674 -3 948 -12.74 0.37 0.70 -47.14KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 619 0.41 0.22 -760 323 -233 -804 -4.47 0.09 0.09 0.00KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 12 036 0.68 0.87 969 276 -1 095 100 0.49 0.59 0.65 -9.23JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 371 0.36 0.20 -2 094 -1 396 -840 -1 392 -2.23 0.07 0.09 -22.22LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 084 0.80 0.06 -3 469 -4 233 -4 478 -6 299 -6.19 0.05 0.08 -37.50MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 346 0.64 0.27 -1 746 36 -964 1 345 3.11 0.17 0.19 -10.53MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 568 0.10 0.20 -4 952 -761 -302 -3 185 -4.06 0.02 0.04 -50.00MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 149 0.02 0.43 -594 -191 -140 -281 -1.89 0.01 0.01 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 25 466 0.20 0.30 -9 238 -8 696 -8 419 -16 880 -3.98 0.06 0.11 -45.45PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 313 -426 -311 -1 314 -13.60 0.08 0.08 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 63 000 1.31 0.55 8 617 4 281 2 536 10 753 12.29 1.90 2.64 0.72 0.52 38.46PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 768 0.40 0.20 11 -631 -171 -868 -3.93 0.08 0.06 33.33PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 19 122 0.01 4.07 -5 231 -2 464 -2 165 -6 352 -1.66 0.05 0.06 -16.67PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 362 -191 -396 73 2.03 1.51 1.62 -6.79RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 2 979 0.04 0.25 14 -347 -372 151 0.05 0.01 0.01 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.42 344 234 -1 427 546 1.65 0.05 0.08 -37.50SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 192 0.48 0.13 131 1 094 -1 506 964 2.64 0.06 0.09 -33.33SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 3 991 1.59 0.04 -9 983 -3 875 -4 416 -19 100 -28.71 0.06 0.10 -40.00STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 7 475 2.36 0.10 1 165 -787 -1 074 1 577 4.85 2.00 8.70 0.23 0.23 0.00TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -181 -151 -132 -689 -5.64 0.26 0.26 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 414 0.04 0.50 -25 -16 -133 11 0.05 0.02 0.02 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -43 -22 -13 -37 -0.38 0.02 0.02 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 -330 2 280 1 661 2 753 3.67 1.00 1.00 0.00SECTOR TOTAL / OΛIKO 444 458 0.78 0.48 -41 634 -28 586 -52 011 -74 480

2012

November 28 - December 4, 2012FinancialMirror.com

CSE PRICES | 31

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 300 000 270 000 0.90 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 14 263 1.70 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 48 834 2.63 0.59 17/10/12TOTAL 589 839

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

Kappasquare Ltd KPSQ 17 000 1 700 000 100 30 Mar 2012 N/A

Nugreat Ltd NGRT 23 000 2 300 000 100 30 Mar 2012 N/A

Zetadynamic Ltd ZETA 9 000 900 000 100 30 Mar 2012 N/A

Akcern Ltd AKCN 2 001 200 100 100 9 May 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2010 6M '11 6M '12 2011 Cents Cents % 619.02 441.63 573.15 454.51 26.10ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -760 -59 -43 -737 -1.26 0.017 0.02 -15.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 6 457 0.2771 -58.50 -3 213 -1 207 -316 -4 301 -7.66 0.115 0.09 27.78FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 494 0.0100 0.00 -2 533 -284 -705 -1 465 -2.97 0.010 0.03 -66.67CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 5 473 0.2665 -53.85 -10 875 -3 086 -2 885 -10 771 -24.21 0.123 0.14 -12.14DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 51 600 0.7501 -65.60 -15 581 -826 2 100 -14 687 -7.34 0.258 0.19 35.79DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0072 -58.33 -5 227 -2 488 -1 489 -6 357 -2.25 0.003 0.01 -70.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 246 0.0667 33.43 -6 -12 -12 -255 -1.82 0.089 0.10 -11.00INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 545 0.1633 -72.44 -12 850 -3 619 -873 -9 493 -16.79 0.045 0.10 -55.00ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0682 -36.95 -112 -72 -136 -165 -1.50 0.043 0.04 7.50REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0308 -35.06 -195 -75 -82 -150 -0.74 0.020 0.02 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 0.80 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -446 -136 -4.98 2.000 2.00 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -7 -36 -2.64 0.520 0.60 -13.33UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 367 0.2300 8.70 -127 -43 -241 -303 -2.25 0.250 0.25 0.00SECTOR TOTAL / OΛIKO 82 250 -51 543 -11 771 -4 682 -48 525 0.00SHIPPING COMPANIES SECTOR

6M '11 6M '12SPECIAL CATEGORY / 2010 2011 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 812 0.1763 -94.33 -214 28 -464 -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 0.11 -9.09ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 4 996 0.02 2.27 -11 422 -5 391 -16 719 -6 400 -6.40 0.05 0.05 0.00CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 202 -1.21 -0.03 -1 353 -70 -106 -1 856 -36.72 0.04 0.04 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 3 000 0.12 0.50 1 542 -493 -1 487 -7 900 -15.80 0.06 0.06 0.00CONSTANTINOU BROS. CBH ΚΩΝΣ 1 950 0.35 137 -3.03 -0.02 440 -522 -665 -4 006 -205.44 0.07 0.09 -22.22CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 7 823 -0.12 -0.16 232 -29 288 -32 125 -23 885 -6.11 0.06 0.03 0.02 0.06 -66.67D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 1 571 -0.20 -0.05 -31 800 -4 033 -4 345 -9 100 -5.79 0.01 0.01 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 385 -0.05 -1.09 -335 -79 -132 -245 -3.18 0.05 0.05 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 16 250 1.30 0.50 -1 938 -449 -588 -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 0.62 32.26FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -2 203 -2 754 -3.80 0.10 0.16 -37.50KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -703 -977 -1 226 -77 n/a -0.13 0.14 0.10 0.13 0.11 18.18KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 440 0.2208 1.00 -180 -75 -57 -180 -9.00 0.22 0.27 -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 0.29 999 369 -919 612 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 0.14 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 1 894 -0.38 -0.03 -7 100 -2 708 -2 452 -11 700 -6.18 0.01 0.01 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.41 0.56 -501 -173 -196 -438 -5.11 0.23 0.23 0.00NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 14 232 0.50 0.42 5 981 1 121 888 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 0.02 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 464 0.004 2.50 -9 573 -419 6 -2 192 -4.73 0.01 0.01 0.00ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 4 875 0.28 0.33 93 64 -111 -328 -0.61 0.09 0.10 -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 -12 257 -12 535 -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 -137 -322 -60 -0.05 0.01 0.01 -USB BANK USB ΤΡΑΓ 60 674 0.57 36 404 0.43 1.40 -6 534 -3 801 616 -6 248 -10.30 0.60 0.60 -SECTOR TOTAL / OΛIKO 189 496 -173 270 -59 290 -72 939 -141 589

MARKET TOTAL / OΛIKO AΓOPAΣ 1 876 612 152 345 -92 770 -127 108 -5 478 087 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.

November 28 - December 4, 2012 FinancialMirror.com

32 | BACK PAGE

Volatility is the name of this game.With the S&P 500 above 1,400 after five days of gains, traders

will be hard pressed not to cash in on the advance at the first signof trouble during negotiations over tax hikes and spending cutsthat resume in Washington.

President Obama and U.S. congressional leaders are expectedto discuss ways to reduce the budget deficit and avoid the “fiscalcliff” of automatic tax increases and spending cuts in 2013 thatcould tip the economy into recession.

As politicians make their case, markets could react with wildswings.

The CBOE Volatility Index, known as the VIX, Wall Street’sfavorite barometer of market anxiety that usually moves in aninverse relationship with the S&P 500, is in a long-term declinewith its 200-day moving average at its lowest in five years. But theVIX could spike if dealings in Washington begin to stall.

“If the fiscal cliff happens, a lot of major assets will be down ona short-term basis because of the fear factor and the chaos factor,”said Yu-Dee Chang, chief trader and sole principal of ACEInvestments in Virginia.

“So whatever you are in, you’re going to lose some moneyunless you go long the VIX and short the market. The ‘upside risk’there is some kind of grand bargain, and then the market goescrazy.”

He set the chances of the economy going over the cliff at onlyabout 5%.

Many in the market agree there will be some sort of agreementthat will fuel a rally, but the road there will be full of political land-mines as Democrats and Republicans dig in on positions defend-ed during the recent election.

Liberals want tax increases on the wealthiest Americans while

protecting progressive advances in healthcare, while conservativesmake a case for deep cuts in programs for the poor and a widen-ing of the tax base to raise revenues without lifting tax rates.

“Both parties will raise the stakes and the pressure on theopposing side, so the market is going to feel much more con-cerned,” said Tim Leach, chief investment officer of U.S. BankWealth Management in San Francisco.

THE MIDDLE EAST AND EUROPETension in the Middle East and unresolved talks in Europe over

aid for Greece could add to the uncertainty and volatility on WallStreet could surge, analysts say.

An Egypt-brokered ceasefire between Israel and Hamas cameinto force late on Wednesday after a week of conflict, but it wasbroken with the shooting of a Palestinian man by Israeli soldiers.

Buoyed by accolades from around the world for mediating thetruce, Egyptian President Mohamed Mursi assumed sweepingpowers, angering his opponents and prompting violent clashes incentral Cairo and other cities on Friday.

“Those kinds of potential large-scale conflicts can certainlyoverwhelm some of the fundamental data here at home,” said U.S.Bank’s Leach.

“We are trying to keep in mind the idea that there are a lot offactors that are probably going to contribute to higher volatility.”

On a brighter note for markets, Greece’s finance minister saidthe IMF has relaxed its debt-cutting target for Greece and a gap ofonly $13 bln remains to be filled for a vital aid instalment to bepaid.

Still, a deal has not been struck, and Greece is increasingly frus-trated at its lenders, still squabbling over a deal to unlock fresh aideven though Athens has pushed through unpopular austerity cuts.

HOUSING DATA COULD CONFIRM RECOVERYThis week is heavy on economic data, especially on the hous-

ing front. Some of the numbers have been affected by SuperstormSandy, which hit the U.S. East Coast more than three weeks ago,killing more than 100 people in the United States alone and leav-ing billions of dollars in damages.

The housing data, though, could continue to confirm arebound in the sector that is seen as a necessary step to unlockspending and lower the stubbornly high unemployment rate.

The S&P/Case-Shiller home price index for September is expect-ed to show the eighth straight month of increases, extending thelongest continuous string of gains since prices were boosted by ahomebuyer tax credit in 2009 and 2010. New home sales for October,due on Wednesday, and October pending home sales data, due onThursday, are also expected to show a stronger housing market.

Other data highlights this week include durable goods ordersfor October and consumer confidence for November and theChicago Purchasing Managers Index on Friday.

At Friday’s close, the S&P 500 wrapped up its second-bestweek of the year with a 3.6% gain. Encouraging economic datathis week could confirm that regardless of the ups and downs thatthe fiscal cliff could bring, the market’s fundamentals are solid.

For the year, the benchmark Standard & Poor’s 500 Index is up 12.1%.In Friday’s post-Thanksgiving rally, the Dow Jones industrial

average jumped nearly 173 points to close back above 13,000 -putting the Dow up 6.5% for the year. The Nasdaq CompositeIndex is up 13.9% for 2012.

WALL ST WEEKAHEAD

Political wrangling to pinch market nerves