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2 | NEWS | financialmirror.com
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May 1 - 7, 2013
financialmirror.com | CYPRUS | 3
The 10 bln euro bailout agreement scraped through parliament in a razor-thin vote Tuesday, with Cyprus narrowly escaping default in the most trying 40 days of its recent history.
MPs from the ruling coalition of the Democratic Rally (DISY)
and the Democratic Party (DIKO) pipped the populist antibailout alliance of the communist Akel, socialist Edek and Green
parties, with 29 votes to 27, ensuring that the first two instalments from the EU-IMF bailout will be paid in May and June,
respectively, securing the smooth rollover of sovereign debt
maturing next month.
This means that the civil service wages and pensions, that
account for more than 60% of the state budget, will be paid,
albeit with some delay and after a dose of austerity. On the
other hand, President Nicos Anastasiades has announced a
series of measures that will attempt to combat record unemployment hovering at 25%, while extensive reforms in government should revive confidence in the economy that has
suffered due to the banking crisis and the acute shortage of
rency and a consequent devaluation would favour export-oriented economies and countries with industrial output, which is not
the case for Cyprus, a primarily import-oriented economy,
which imports practically all raw materials and especially energy.
Any devaluation would increase the cost of production, disproportionately resulting in the need for bigger reduction of
wages so that the economy would be more competitive, said
Marios Zahariades, deputy professor at the University of Cyprus.
The return to the Cyprus pound would entail a horrifying
reduction of household and small business savings.
May 1 - 7, 2013
4 | CYPRUS | financialmirror.com
DEFA, KRETYK
future under
review
All possibilities regarding the future of Natural
Gas Public Company (DEFA) and the State
Hydrocarbons Company (KRETYK) will be
examined within the framework of the overall
effort to modernize the state, said Energy,
Commerce and Industry Minister Giorgos
Lakotripis.
Answering questions on the future of the two
companies, Lakotripis, said together with
President Anastasiades, we discussed various
issues. We agreed that this issue will be discussed
in the context of the overall effort to modernise
the government, which the President announced
earlier.
Earlier Monday, the president presented a
package of measures for the modernisation of the
institutions and state, assuring the citizens of his
determination and that his government will meet
the expectations of the society for a new bold
start.
The measures include the introduction of rules
of good governance, combating corruption,
collusion and established bad practices by
promoting meritocracy, and reforming public
administration, with the active involvement of the
citizens and a a December 2013 deadline to
implement the action plan.
Regarding the merging of DEFA-KRETYK,
Lakotrypis said the Law Office of the Republic is
preparing a study, together with Norwegian
advisors on the overall institutional framework,
the responsibilities of both organizations and see
how these are similar with those of the ministry
so that they can fall into an ecosystem.
Regarding his imminent visit to Israel,
accompanying President Anastasiades, Lakotripis
said that he is in continued negotiations on the
strategy they will follow and this should be
finalised in the next couple of days.
Regarding plans for the construction of the
land-based natural gas liquefaction plant
terminal, the Energy Minister said the terminal is
the main centre of our energy strategy and we
are continuing towards that direction.
May 1 - 7, 2013
financialmirror.com | CYPRUS | 5
Banks continue to
cut rates, ease terms
Bank of Cyprus announced it was cutting deposit and lending rates from May 1, while
it also said that it would extend the grace period for bank charges to 75 days to June 30.
Greek-owned Alpha Bank Cyprus also announced it was extending the period for rate-free
charges and possessions by 60 days to June 29.
Bank of Cyprus said that the Basic Interest Rates are reduced by 0,5% to 5.25,
effective from 1/5/2013. The rates for mortgage loans is reduced to 3,50% and for
business loans to 4,25%
The reductions affect all loans and current accounts linked to the basic interest rates
of the Bank of Cyprus and the former Popular Bank.
The bank also said it had initiated a temporary suspension of charges for 75 days,
from April 16 to June 30 for loan arrears, current account unauthorised excesses,
returned cheques and authorised temporary current account limit.
The announcement followed an agreement reached last week between the Central
Bank of Cyprus and all commercial banks on the gradual reduction of interest rates on
deposits from May 1. The move is also expected to lead to a gradual reduction of lending
rates.
The proposal provides that if the deposit rate offered by financial institutions exceeds
euribor plus 300 basis points, then the financial institution must maintain additional
specific equity.
Last week, Hellenic Bank said it was cutting the basic interest rate from 5,75% to
5,50%, business loans and business overdraft from 4,75% to 4,50%, housing loans from
4,40% to 4,15% and from 5,25% to 5,00% in the case of previous fixed loan rates.
The Cooperative banks also said they will reduce basic deposit and lending rates, while
Eurobank Cyprus said it was reducing its basic rates from 4,90% to 4,65%.
May 1 - 7, 2013
6 | OPINION | financialmirror.com
Israel, just a sense of mistrust over the latters openarms relations of the past with Ankara. For Israel, the
natgas liquefaction plant at Vassiliko is a way out of its
dilemma over surplus gas exports, while the subsea
electricity cable project will ensure ample power supply,
regardless of the explosive situation in some neighbouring states. Patrolling friendly waters in the eastern
Mediterranean by the Israeli Navy also provides a sense
of safety to foreign investors in both EEZs, while strategic cooperation for the IAF to use the Paphos airfield
will allow Israel to extend its own security blanket to
beyond the confines of its own boundaries.
In the absence of all-out support from Israel,
Turkeys regional role will gradually diminish, giving
the Jewish state the chance to sit down and talk to all
its neighbours, possibly resolving some of the biggest
issues that have hindered its thirst for peace for the
past six decades. And Cyprus can help in that direction,
if it is asked to do so.
FinancialMirror
Published every Wednesday by
Financial Mirror Ltd.
www.financialmirror.com
Tel. 22 678 666 Fax. 22 678 664
P.O. Box 16077, CY2085 Nicosia
Last year, the CSE also introduced the regulatory framework concerning Depositary Receipts (GDRs). This development provides new opportunities for companies interested to
issue and list GDRs abroad, such as the low cost of listing,
trading and clearing, the dispersion of investment risk, the
increase in their liquidity, as well as an alternative means of
raising funds.
The CSE is at present focused on promoting the listing
and registration of all types of funds (UCITS, ISIS and all
other form of alternative investment funds). Recently (end of
2012), a modification in its legislation has been put into
effect, providing for the listing on the CSE of such funds.
The provision of the new instrument of Exchange Traded
Funds (ETFs) are also included in this amendment and as a
result, a relevant regulatory framework for the listing of ETFs
is at present under preparation and will be completed during
2013. Cyprus offers a favourable and competitive environment for attracting collective investment for schemes and an
attractive tax regime, thus it can become an important
regional funds jurisdiction.
COPYRIGHT
NON-LISTED COMPANIES
May 1 - 7, 2013
financialmirror.com | COMMENT | 7
achieved through attracting foreign investment was widespread and it is in this direction the state, the business world but also
each of us should contribute in a positive spirit.
The delegates expressed the view that,
despite the serious blow to our economy,
Cyprus comparative advantages remain and
the international investment world is observing the significant opportunities that have
emerged as a result; especially in view of the structural measures that are
being taken, which could
make our country more
Chairman, Cyprus Investment
competitive, less bureauPromotion Agency (CIPA)
cratic and more hospitable
to foreign investments.
There is optimism that with precise and
centre, more effective, more competitive with
even more transparent procedures in regards calculated steps, Cyprus can enter a new era
of stability and growth. There are many
to investments and business activity.
The Cyprus Investment Promotion Agency opportunities for investment in various fields,
(CIPA) can play a leading role in this effort. such as shipping, tourism, large infrastrucCIPAs goal is to contribute to the economys ture projects, research and innovation, and of
swiftest possible return to positive growth course the energy sector, which can accelerrates, within the framework of a long-term ate economic growth.
The certainty is that we must move ahead
effort. Specifically, CIPA has set four basic
strategic pillars: the reversal of Cyprus nega- with the necessary infrastructural changes in
tive image abroad; the support and service of our public finances straight away, so we can
current foreign investors; the preparation of a create a more flexible and friendly state. The
comprehensive plan with specific proposals on Cypriot economy today needs serious foreign
various levels; and, the implementation of rel- investments more than ever and any future
evant schemes, with the aim of avoiding tem- actions must be centred on improving the
poral weaknesses such as bureaucratic dys- business environment and attracting foreign
investments.
functions.
CIPA, as a modern, flexible and well-netAmong the many encouraging messages
to come out of the Global Russia Business worked organisation, can contribute to
Meeting 2013 conference which was recent- Cyprus effort to create a favourable environly hosted by CIPA, was that Cyprus has safe- ment for foreign investments and has repeatguards in place to recover. The conviction edly stated its intention and will to work in
that restarting the economy could be this direction.
By Christodoulos Angastiniotis
6. Abraham Lincoln
7. Margaret Thatcher
8. Ronald Reagan
9. John F Kennedy
10. Bill Clinton/Napoleon Bonaparte
Some 60% of CEOs chose a post-war
politician or military leader. The other most
popular categories were business leaders,
historical leaders and contemporary leaders,
in that order. Smaller categories include
writers, artists, philosophers, sports people,
religious leaders and fictional characters. 1%
chose a colleague.
Fifteen women were named, of whom
Margaret Thatcher was the only one to make
the top ten. The next most-named women
were Angela Merkel, Ayn Rand, Mother
Teresa and Queen Elizabeth I. Women were
four times more likely to choose a female
leader than men.
Its clear that the role and expectations of
leaders are changing, not withstanding that,
CEOs continue to look back over history to
identity role models. The dynamic between
short-term targets, longer-term goals and
increased transparency ushered in by the
digital revolution is breeding a new generation of agile leaders, said Michael Rendell,
Global Head of PwCs Human Resource
Services.
To see the full results of the survey into
CEOs most admired leaders, go to
www.pwc.com/ceosurvey/leaders.
May 1 - 7, 2013
8 | COMMENT | financialmirror.com
Following the Eurogroup conspiracy of March 15, the subsequent Troika-inspired bail out and the consequential collapse of Cypruss banking system, the question arises as to what
model, if any, could be applied to help restart the islands economy. With the huge loss of the countrys credibility in the international markets, the options are not that many. Tourism is
certainly one area of the economy which can be further developed but it is held back by higher costs associated with the
euro. Another sector is logistics and support services to companies engaged in Middle East related work. A third option is
hydrocarbons which is just emerging following the discovery of
significant gas deposits in an offshore section within Cypruss
Economic Exclusion Zone (EEZ).
The US oil company Noble Energy announced in late 2011
that it had found an estimated seven (7) trillion cubic feet of
gas or 200 bln cubic meters (BCM). That, of course, pales
against the reserves held by major producers but it is significant for a country like Cyprus which is currently totally
dependent on oil imports and whose total energy needs do
not exceed 70 bln cubic feet a year or 1.96 bcma of consumption. That leaves considerable margin for exports to Europe
and to the global markets.
A second exploratory drilling by Noble has been planned for
June this year in order to ascertain in greater detail the size and
characteristics of the deposit already discovered. The size of the
Aphrodite gas field is not insignificant and according to some
estimates it could meet German gas demand for three years.
And Cyprus certainly hopes that a lot more gas will be found.
Earlier this year it sold further exploration licenses to ENI, Total
and Kogas, all well known and well funded international companies, netting some 250 mln Euros from signature fees.
According to oil geologists, Cyprus offshore deposits may hold
as much as 60 trln cubic feet of gas or approx 1.7 trln cubic
meters, which is of the same order of magnitude as that of
Azerbaijan, which is favoured by EC energy planners in
Brussels as capable of providing an alternative supply source to
Russian dominated European gas supply.
With only Nobles discovery confirmed so far, it is too early
to substantiate the 60 trln cubic feet reserve estimate, according to energy consultants Wood Mackenzie. The present uncertainties are also reflected in the range of valuations for
Aphrodite. Cypruss state-owned oil-and-gas company, Kretyk,
reckons it could earn around $50 bln from its gas fields over the
By Costis Stambolis
given the countrys perilous financial condition and the total
control of its economic and monetary policies by the Germanled Eurogroup. A gas linked international bond would only
strengthen the Troikas position and could sooner or later have
Cypruss gas reserves offered on a plate to the countrys creditors, said a banker who participated in the recent negotiations
for the IMF-EU 10 bln bailout.
COSTLY DRILLING
Looking at gas as a potential new resource capable of revitalising the economy, one has to realise that Cypriot gas production may not materialise until 2019, even on an optimistic
timetable. With most of the gas more than 1,500 meters, or
4,921 feet, below sea level, production could prove costly.
Building a gas pipeline to Greece is likely to be expensive and
logistically complex, so the Cyprus government is having as
priority the building of a liquefaction plant in order to produce
and export gas in LNG form, an investment estimated to reach
some $10.0 bln. Nor has Cyprus yet finalised a fiscal or regulatory regime for gas production.
But with global gas supplies becoming more ample,
Cypruss resource may have only marginal strategic benefit.
However, Cyprus is not alone in the gas game. According to
many analysts, Israel stands to be the main beneficiary of the
Eastern Mediterraneans newly found riches, mainly due to the
geographic distribution of recent discoveries which are bordering, through its own EEZ, with Cyprus. In
2009 and 2010, a pair of U.S.-Israeli consortia exploring the seabed near Haifa discovered the Tamar and Leviathan fields, which
collectively hold an estimated 26 trln cubic
feet (tcf) of natural gas. The timing of these
discoveries was opportune. Since the beginning of the Arab Spring, Israel has suffered
frequent supply interruptions and the eventual termination of its contract with Egypt,
which had previously provided 40% of the
gas Israel consumed, at below-market rates.
The Tamar and Leviathan fields, once fully
developed, could satisfy Israels electricity
needs for the next 30 years and even allow it
to become a net energy exporter. It is significant to note that since early April, gas from
the Tamar field has started flowing onshore
and is already providing for Israels power
supply needs.
Israels gas export options remain strong but priority is currently given by the government to covering domestic needs.
However, industry sources observe that some of Israels gas
exports could only be realised in partnership with Cyprus on
the grounds of geography and security. Indeed, a 5.0 mln ton
per year liquefaction plant to be built in the Vasilikos area could
serve a large part of Israels gas exports.
May 1 - 7, 2013
May 1 - 7, 2013
10 | COMMENT | financialmirror.com
across political boundaries, giving rise to inflationary pressures in distant lands and precipitating the risk of currency
wars, while unemployment at home remains dangerously
high, threatening to erode workers skills. The long-run damage could be devastating.
What was evident at the World Bank/IMF Spring Meetings
was that virtually all policymakers are distressed and no one
has a complete answer. Neither do I. But here are two simple
ideas that could help to mitigate the crisis.
First, in the absence of a single global central-banking
authority, a modicum of monetary-policy coordination
By Kaushik Basu
among major economies is required. We need a group of the
major economies call it G Major that announces monetary policies in a coordinated fashion.
To see why, consider the case of Japan. Japanese policymakers have good reason to try to promote some inflation
and even correct some of the yens secular appreciation over
the last six or seven years. But, in todays unilateral world,
other central banks would soon respond by injecting liquidity, prompting the Bank of Japan to act again. These actions
are usually justified as policies for boosting domestic
demand, but they end up fueling a surrogate, low-grade currency war.
If, however, the G Major economies issued quarterly
announcements of significant upcoming policy changes for
example, a small round of quantitative easing by country X,
a larger liquidity injection by countries Y and Z, and so on
markets would be reassured that a currency war was not
being fought. Exchange-rate movements would be minimal
and only as intended, and volatility would be contained,
because tit-for-tat injections would no longer occur and
speculation would wane. Moreover, liquidity injections would
be likely to have a greater impact on demand, because synchronization would reduce leakage across national boundaries.
The second recommendation pertains to the mechanics of
liquidity injection, much of which takes place nowadays in
getting when they appointed Lou. And, despite his age, they
promised that he would have a full five years as Finance
Minister, which would push his tenure past the normal retirement age.
Liu He is perhaps the least visible of the key economic
thinkers. Liu played an important role in shaping the recently
adopted 12th Five-Year Plan, with its emphasis on urbanization
and service-sector development as a means to increase personal incomes and the share of consumer spending in GDP. He has
recently been promoted to the post of Deputy Director of the
By Martin Feldstein
National Development and Reform Commission, the principal
body that advises the State Council on economic-development
strategy and macroeconomic policy.
Taken together, these appointments demonstrate the new
Chinese leaderships emphasis on pro-market reforms and a
shift from heavy industry to greater reliance on consumption
and services. That shift is likely to mean a slower rate of GDP
growth than the annual rate of nearly 10% that China achieved
during the last three decades. But a slowdown to 7% annual
growth would still double Chinas GDP over the next decade.
More consumption and less heavy industry will also reduce
Chinas demand for raw materials, dampening global commodity prices. Even more significant, shifting income from stateowned enterprises to middle-class workers and increasing consumer spending will reduce Chinas enormous saving rate.
www.financialmirror.com
A. 913
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(27,2%
2012), (26,7%)
(17,5%).
(4,7%), (5,4%),
(5,7%)
(6,4%).
,
(21,5% 2012
27,2% 2013).
( 10,75
14,2%), ( 24,1% 26,7%)
( 15,1% 17,5%).
,
25
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2013
(
) 23,5%
24% .
, 5,690 3,599 -
.
,
(59,1% 2013),
(55,9%), (38,4%)
(38,3%).
(7,6%)
(10,5%).
,
25,7% 2012 27,2%
2013.
23,9%
31,4%,
2012.
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May 1 - 7, 2013
Group, Inc.
All of these currency pairs and CFDs are available for
trading via Standard MT4 accounts. Additionally, the
USD/TRY and EUR/TRY currency pairs are available
for trading with ForexTimes Shariah compliant
Amanah accounts.
FXTM (www.forextime.com) is registered as a
Cyprus Investment Firm and is licensed by the
Cyprus Securities and Exchange Commission
(CySEC).
CoCos.
CoCos are bonds that convert into new shares if an
event occurs, such as if a banks capital ratio fell below 7%.
RBS needs shareholder approval as issuing new shares
could dilute existing shareholders.
Other UK banks are also considering issuing CoCos and
Barclays shareholders gave approval for it to issue ECNs
last week.
at their homes in April and May last year. Both have been
bailed to attend City of London Magistrates Court, the FCA
said.
Hope hit the headlines in March last year for racking up
a drinks bill of more than 200,000 pounds at a Liverpool
nightclub, with one bottle of champagne costing 125,000
pounds.
May 1 - 7, 2013
the battle they face. Italy should feel new hope from the
change of government, but as always after a tense election, it
remains to be seen whether words are more than simply
rhetoric. I think if anyone can revive Italys flailing economy,
the former deputy governor of Italys central bank may just be
the man for the job. But it wont be easy. Good luck to him.
www.bbinary.com
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.
May 1 - 7, 2013
financialmirror.com | MARKETS | 21
www.marcuardheritage.com
Thirdly, these officials maintain that where monetary transmission mechanisms are not broken, further rates cuts or ECB balance
sheet expansion would produce perverse results. In France, where the
ECB sees no credit crunch at present, they worry that loosening
monetary policy further will simply ease pressure on the government
to undertake structural reforms, repeating the mistake made in Italy
last year.
Meanwhile in Germany, interest rates are already negative and further cuts would cause more capital misallocation by inflating asset
prices. Ominously for European equity investors, the asset inflation
that really worries the ECBs hawkish faction is not in German housing, which they see as merely recovering after a decade of stagnation,
but in the German stock market, where price-earnings ratios are seen
as becoming overstretched, as in the Fed bubble on Wall Street.
Finally, the ECB hawks see no reason to ease monetary policy to
weaken the exchange rate. The main central banks of the world are
divided into two groups, they argue. On one side is the Fed, which
manages a continental economy with relatively little trade dependence and treats the dollar exchange-rate structure as a residual of its
domestic monetary policy. On the other side is the Bank of Japan,
which may not explicitly target the exchange rate, but certainly
regards it as a very important monetary indicator and a key input into
its economic forecasts. While the Swiss National Bank and the Bank
of England are clearly in the BoJ category, the ECB is in the same
category as the Fed. It manages a continental economy which is
largely self-sufficient and therefore treats the euro exchange-rate as
an output of monetary policy, not an input in policy deliberations.
Many politicians and economists disagree with these ECB arguments for doing nothingbut bullish investors in Europe would be
rash to ignore them or simply wish them away.
CODE
RATE
EUROPEAN
Belarussian Ruble
British Pound *
Bulgarian Lev
Czech Koruna
Danish Krone
Estonian Kroon
Euro *
Georgian Lari
Hungarian Forint
Latvian Lats
Lithuanian Litas
Maltese Pound *
Moldavan Leu
Norwegian Krone
Polish Zloty
Romanian Leu
Russian Rouble
Swedish Krona
Swiss Franc
Ukrainian Hryvnia
BYR
GBP
BGN
CZK
DKK
EEK
EUR
GEL
HUF
LVL
LTL
MTL
MDL
NOK
PLN
RON
RUB
SEK
CHF
UAH
8620
1.5496
1.4926
19.591
5.6912
11.942
1.3101
1.646
228.45
0.53375
2.6352
0.3277
12.24
5.8137
3.1601
3.2947
31.0114
6.5492
0.9363
8.135
AUD
CAD
HKD
INR
JPY
KRW
NZD
SGD
1.0365
1.0112
7.7607
54.2025
97.72
1101
1.1673
1.2331
BHD
EGP
IRR
ILS
JOD
KWD
LBP
OMR
QAR
SAR
ZAR
AED
0.3770
6.9316
12073.90
3.5836
0.7057
0.2841
1501.00
0.3850
3.6402
3.7501
8.9883
3.6728
AZN
KZT
TRY
0.7835
151.18
1.7942
Disclaimer: This information may not be construed as advice and in particular not as investment, legal or
tax advice. Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance. Investments in foreign currencies are subject to exchange
rate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission
(CySec) under License no. 131/11.
ASIA
Azerbaijanian Manat
Kazakhstan Tenge
Turkish Lira
Note:
Vodafone investors
want bigger
bid or merger
Forecast
Previous
153k
52.1
0.70%
<0.25%
46.5
<0.5%
158k
52.0
1.20%
<0.25%
46.5
0.50%
1.80%
0.20%
345k
52.5
-1.90%
4.60%
339k
52.4
-0.10%
0.20%
155k
88k
7.60%
7.60%
-2.00%
3.00%
Source: Eurivex
Interest Rates
Base Rates
LIBOR rates
CCY
USD
GBP
EUR
JPY
CHF
0-0,25%
0.50%
0.75%
0-0,1%
0-0,25%
Swap Rates
CCY/Period
1mth
2mth
3mth
6mth
1yr
CCY/Period
2yr
3yr
4yr
5yr
7yr
10yr
USD
GBP
EUR
JPY
CHF
0.20
0.49
0.06
0.12
0.00
0.24
0.50
0.10
0.14
0.01
0.27
0.50
0.12
0.16
0.02
0.43
0.59
0.21
0.25
0.08
0.71
0.89
0.40
0.44
0.25
USD
GBP
EUR
JPY
CHF
0.35
0.56
0.38
0.26
0.07
0.45
0.63
0.45
0.25
0.13
0.62
0.74
0.58
0.35
0.24
0.83
0.89
0.73
0.39
0.35
1.29
1.25
1.04
0.53
0.64
1.83
1.78
1.46
0.75
0.99
Exchange Rates
Major Cross Rates
CCY1\CCY2
USD
EUR
GBP
CHF
JPY
Opening Rates
100
1 USD 1 EUR 1 GBP 1 CHF
JPY
1.3101
0.7633
1.5496
1.0680
1.0233
1.1828
0.8152
0.7811
0.6892
0.6604
0.6453
0.8454
0.9363
1.2266
1.4509
97.72
128.02
151.43
0.9581
104.37
CCY\Date
28.03
09.04
16.04
23.04
30.04
CCY
Today
USD
GBP
JPY
CHF
1.2740
1.2996
1.3024
1.2994
1.3043
0.8416
0.8509
0.8510
0.8512
0.8420
119.68
128.71
126.83
128.11
127.48
1.2116
1.2106
1.2079
1.2129
1.2201
GBP
EUR
JPY
CHF
1.5496
1.3101
97.72
0.9363
-1.82
-0.89
-0.93
-0.34
May 1 - 7, 2013
GOLD RUSH?
SMALLER FIRMS
IN POLE POSITION
tage in our environment. You need to make decisions quickly - you need to have the coal face not too far removed from
decision making process, so you can react quickly, Sierra
Rutiles chief executive, John Sisay, said. The Sierra Leonefocused mineral sands producers largest shareholder is specialist fund Pala.
May 1 - 7, 2013
ANALYSIS
The victory in Icelands election of parties
who would spurn the European Union may
keep the country isolated by cementing damaging currency controls in place.
Once a symbol of globalisation with its
banking boom-turned-bubble, Iceland rejected
the one power that could have helped bring it
back onto the international stage five years
after its economy imploded.
At the heart of its malaise is a straightjacket
of capital controls. Put in place since the 2008
crisis - with IMF support - to save the local currency from collapse, they are now seen as hurting a nascent recovery.
The centre-right victors of the election won
over the austerity-weary public with a plan to
boost economic growth, cut taxes and write
down debt on foreign-owned debt crown
assets.
They hope to create conditions where a
gradual end to the controls would not lead to a
collapse of the crown through capital flight.
However, critics say a debt writedown could
further erode investor confidence in Iceland as
well as being a lengthy and legally difficult
process - any confiscation could lead to even
more capital flight.
Oh, capital controls? They wont be lifted.
Not in 5 years, not even 10. It could be 20 or
maybe even 30 years, said Gudmundur Ingi
Hauksson, who gave up running the biggest
branch of Landsbanki to manage a small car
wash chain in Reykjavik.
The election saw a backlash against a centre-left government widely seen as having failed
to deliver a fully-fledged recovery and been too
much in the thrall of the economic dictates of
donors like the IMF.
This came even though the parties which
won the vote were the ones widely blamed for
the crisis, when banks whose assets were ten
times the size of the economy collapsed after a
decade of debt-fuelled growth.
INVESTMENT PROBLEMS
Iceland lacks a powerful backer with financial firepower, as euro zone member Cyprus
had in the European Central Bank, so its
small central bank and the new government
will have to talk with investors on its own.
Some of those are hedge funds, which bought
up the dirt cheap assets of the collapsed banks
- Landsbanki, Kaupthing and Glitnir - hoping
to make a profit when bankruptcy claims are
settled.
The amount of the claims, and other foreign-owned assets locked in due to the controls, is about 1,200 bln crowns ($10.2 bln)
against $3.9 bln in central bank reserves.
Bjarni Benediktsson, the head of the
Independence Party and vying to become
prime minister after taking the biggest share of
the vote, hopes capital controls can end in 1218 months.
He wants to write off as much as 75% of the
debt in the estate of failed banks but, despite
election promises, talks with investors will be
tough. A substantial discount will be necessary but it has to be negotiated because you
dont want to create the perception of expropriation, said Hafsteinn Hauksson, an analyst at
Arion Bank. Even if Iceland wants a quick deal,
the funds themselves will be in no hurry and
could gain more by slowing the process.
Apart from sorting out the debt and banks,
capital controls have also kept out much needed foreign funds. Investment has fallen so low
it actually detracted from GDP growth last year,
which fell to 1.8% in 2012 from 2.6% a year earlier. Some forecast a further slowdown in 2013.
Aluminium giant Alcoa, one of the biggest
foreign investors in the country, cancelled
plans in 2011 to build a new smelter while a
long list of potential energy projects, relying on
parlous state of Egypts finances may nonetheless force it to accept the Qatari terms.
Since the uprising, Egypt has been drawing
down its foreign reserves, borrowing from
friends and delaying payments to oil companies to support the price of its currency and to
plug a budget deficit.
Reserves have tumbled to $13.4 bln in
March from $36 bln just before the uprising.
I still expect a deal to be done and the
funds to flow, said Simon Williams, an economist with HSBC. The market has already
priced the funds in ... if it were to fail, sentiment would turn bearish once again.
Earlier last month, Libya deposited $2 bln
at the Egyptian central bank and said it would
supply Egypt with $1.2 bln worth of crude on
interest free credit for a year.
Cairo has been counting on soft loans and
easy credit terms on fuel and food purchases to
help get through what threatens to be a tough
summer of power outages, fuel shortages and
possible unrest before parliamentary elections
expected later this year.
If Egypt cannot accept the Qatari terms, it
may face added heat to take an IMF loan and
apply tax rises and subsidy cuts.
May 1 - 7, 2013
May 1 - 7, 2013
financialmirror.com | GREECE | 25
VALUATION GAP
NBG chief:
will meet 10%
funding target
National Bank of Greece CEO Alexandros Tourkolias
said he was confident that the bank will cover the 10%
of private investors participation in a forthcoming
share capital increase plan.
The NBG board received EGM approval to proceed
with the EUR 9.76 bln share capital increase via the
contribution of EUR 1.17 bln in cash and contribution
in kind (HFSF), approval to proceed with a reverse
split, reduction in the share nominal value, while also
receiving approval for the issue of EUR 1.9 bln in
convertible contingency bonds, CoCos.
NBGs CEO stated that with the reassurances we
have so far we believe that we will achieve this goal,
adding that hundreds of thousands of traditional and
new shareholders were joining the effort. He also said
bank clients, individual depositors, large investors
along with the banks workers and pensioners were
also participating in this effort.
Tourkolias said that NBG shareholders will be asked
to decide over a National Bank we all want:
independent, in private hands, healthy, fortified against
any risk, dynamic, innovative and the main growth tool
for the economy and prosperity of the nation. He
added that there were encouraging signs of
stabilisation in the growth rate of bad loans in the first
months of 2013, compared with the corresponding
period last year.
May 1 - 7, 2013
K.
Number Nominal
Market
Shares
('000)
A
Cap.
('000)
K.
EUR
. . .
Value
euro
A
EUR
Profit/(Loss)
2011
BOCY
CPB
HB
LOG
TSH
LUI
1 795 141
4 065 482
619 689
74 080
246 214
460 547
1.00
0.10
0.43
0.35
0.35
0.17
70 645
18 224
10 341
5 066
104 275
1.24
0.25
0.78
0.75
0.49
0.27
0.63
0.15
0.33
0.09
0.04
0.10
FWW
VCW
APE
ERME
LI
ACD
GAP
MIT
PHIL
LHH
LIB
LPL
114 252
71 936
182 725
175 000
282 213
13 416
38 750
8 200
45 000
35 000
122 804
48 006
0.34
0.43
0.17
0.34
0.27
0.35
0.17
1.03
0.17
0.35
0.10
0.35
114 320
30 932
29 236
16 100
16 368
8 184
5 038
4 100
4 275
3 850
3 930
2 688
239 021
1.78
3.20
0.25
0.45
0.26
4.69
0.31
3.16
0.09
1.96
0.05
0.48
1.39
0.13
0.13
0.65
0.20
0.22
0.13
0.42
0.16
1.06
0.06
0.68
0.12
0.33
14 631
1 587
5 408
25 421
2 239
5 101
242
4 867
576
7 289
6 887
1 249
21 054
4 130
27 716
2 096
4 617
743
6 160
3 135
4 692
2 306
10 800
335
948
10 842
1 709
11 934
4 559
5 694
7 735
941
164
31 408
62 038
1 658
15 298
5 421
298
1 650
2 557
2 727
6 825
3 175
207
196
75 000
416 263
0.49
0.02
0.45
0.76
0.79
0.33
0.40
0.27
0.03
0.65
0.09
0.27
2.08
5.70
1.86
0.43
0.29
0.30
0.67
0.04
0.15
2.73
0.92
-0.10
0.09
3.40
0.38
0.59
0.36
0.75
0.63
0.09
-0.0075
0.18
1.31
0.38
0.004
3.40
0.04
0.12
0.43
1.33
2.44
0.34
0.04
0.11
0.19
0.77
0.30
0.56
0.11
0.85
0.18
0.11
0.06
0.16
0.08
0.46
0.38
0.90
0.07
0.24
0.16
0.33
0.20
0.19
0.57
0.23
0.89
0.18
0.12
-0.15
1.27
0.10
0.25
0.99
0.20
0.07
0.28
0.14
-1.47
0.40
0.54
0.20
10.26
0.44
0.03
0.43
0.16
0.03
0.09
0.76
0.25
0.18
5.38
0.60
FBI
PROP
ANC
ATL
BLUE
CCCT
CJ
CLA
CLL
CPIH
CTO
CYP
CCC
CFI
CTC
EXE
DES
DISP
ELF
ELMA
EXIN
PES
KG
KARA
KARK
KEO
COS
KRO
ARI
LCH
MPT
MINE
MSV
PND
PHL
PGE
PTL
AGRO
FRH
ROY
SAL
SFS
SHL
TOP
COV
UFI
VIP
98 861
158 660
110 358
39 109
15 438
141 692
10 070
108 163
288 141
24 379
208 700
5 140
137 611
3 059
92 079
14 973
80 999
13 506
16 000
348 333
34 000
4 805
100 000
22 343
7 967
30 978
17 985
20 400
62 446
101 683
43 211
78 415
14 900
424 435
87 500
22 100
382 440
3 590
297 915
33 000
36 529
66 520
32 500
12 212
20 700
9 788
75 000
0.26
0.09
0.35
0.35
0.17
0.43
0.35
0.35
0.08
0.17
0.87
0.43
0.43
1.73
0.85
0.43
0.09
0.35
0.62
0.09
0.29
0.87
0.17
0.34
0.35
0.43
0.31
0.43
0.20
0.35
0.35
0.17
0.14
0.17
0.35
0.34
0.17
1.73
0.03
0.17
0.43
1.00
0.69
0.34
0.03
0.05
$ 0.10
9M
2011
EUR ('000)
K
2011
9M
2012
EUR ('000)
K
2012
Profit/(Loss)
2012
EUR ('000)
.
9M '11
-792 593
-291 493
-73 081
3 024
-1 527
-4 830
-1 160 500
9M '12
-210 956
-1 671 495
219
3 026
109
-8 489
-1 887 586
2011
9M '11
9M '12
2012
6 700
-2 312
4 059
197
-1 734
3 250
-1 647
-1 046
-1 608
702
-3 657
-1 273
1 631
3 780
-2 992
2 372
-258
287
67
-505
-3 539
1 142
-1 930
6 005
-1 354
-1 880
-492
-34 500
3 181
-49
-1 753
-1 071
1 006
-5 616
-3 284
-39 807
2011
9M '11
9M '12
1 756
1 756
482
482
Earnings
Per
Dividend
Per
Dividend
Yield
Share
2011/12
Cents
Results
Share
2012
Cents
2012
-1 371 000
-3 650 380
-100 658
3 585
-6 894
-82 674
-5 208 021
1 932
-2 776
-2 123
2 311
571
-3 532
-375
-3 913
-7 733
-104
-2 998
-652
-4 639
-4 127
6 152
658
1 600
-529
-257
-6 807
-15 527
1 608
5 226
-2 268
-112
-3 948
-802
108
-1 263
-10 021
1 324
-3 328
-337
-20 039
10 783
-868
-6 356
75
151
480
973
-19 200
1 577
-891
13
-56
2 739
-87 300
P/E ratio
2012
0
0
-23 440
2 040
-13 281
-30 442
-65 123
2012
1 842
-637
-1 284
1 532
403
-7 040
-376
-16 998
-14 283
-52
-1 275
-366
-9 917
-2 868
4 381
-226
664
-666
-1 404
-8 999
-6 859
673
-3 246
-2 602
-203
-8 013
-670
-2 852
-2 408
-9 471
-1 006
-1 399
-318
-14 396
5 428
-719
-5 473
-148
-1 463
-1 593
-3 323
-21 450
2 218
-852
-192
-74
1 153
-136 827
n/a
n/a
n/a
8.93
n/a
n/a
1.56
4.57
n/a
n/a
n/a
n/a
2.57
n/a
n/a
n/a
3.83
n/a
n/a
5.16
Cents
-76.37
-89.79
-3.78
2.75
-5.39
-6.61
Cents
1.50
6.10
Cents
5.26
-1.88
-1.03
-0.28
-12.22
23.71
-0.13
-21.38
-2.38
2.87
-4.57
-6.84
Cents
2.31
1.50
%
9.63
3.49
2.10
22.83
Cents
1.86
-0.40
-1.16
3.92
2.61
-4.97
-3.73
-15.72
-4.96
-0.21
-0.61
-7.12
-7.21
-93.76
4.76
-1.51
0.82
-4.93
-8.78
-2.58
-20.17
14.01
-3.25
-11.65
-2.55
-25.87
-3.73
-13.98
-3.86
-9.31
-2.33
-1.78
-2.13
-3.39
6.20
-3.25
-1.43
-4.12
-0.49
-4.83
-9.10
-32.25
6.82
-6.98
-0.93
-0.76
1.54
Cents
0.93
%
6.28
7.00
1.20
10.77
8.28
3.20
10.63
0.45
4.17
1.70
2.40
2.00
9.52
2012
High
Low
EUR
EUR
A K
Last
Close
EUR
K
Price
31/12/2012
EUR
T
31/12/12
31/12/2012
. .
31/12/2012
124.29
47.75
188.86
92.66
37.08
81.63
97.55
38.24
105.79
114.86
44.40
168.87
-15.07
-13.87
-37.35
113.87
0.278
0.047
0.177
0.300
0.048
0.019
83.34
0.185
0.040
0.107
0.226
0.042
0.011
88.53
104.69
0.251
0.044
0.175
0.263
0.045
0.018
-15.44
-34.86
-6.46
-6.67
-38.89
637.17
0.260
0.460
0.195
0.124
0.061
1.050
0.130
0.500
0.095
0.110
0.032
0.059
563.93
0.220
0.410
0.160
0.092
0.054
0.610
0.130
0.500
0.095
0.100
0.032
0.056
563.93
0.240
0.430
0.160
0.092
0.058
0.610
0.130
0.500
0.095
0.110
0.032
0.056
627.38
0.250
0.439
0.183
0.115
0.058
1.050
0.130
0.500
0.095
0.100
0.032
0.058
-10.11
-4.00
-2.05
-12.57
-20.00
0.00
-41.90
0.00
0.00
0.00
10.00
0.00
-3.45
657.64
624.36
625.16
0.148
0.010
0.049
0.650
0.145
0.036
0.024
0.045
0.002
0.299
0.033
0.243
0.153
1.350
0.301
0.140
0.057
0.055
0.385
0.009
0.138
0.480
0.108
0.015
0.119
0.350
0.095
0.585
0.073
0.056
0.179
0.012
0.011
0.074
0.709
0.075
0.040
1.510
0.001
0.050
0.070
0.041
0.210
0.260
0.010
0.020
1.000
636.57
0.153
0.012
0.045
0.650
0.180
0.041
0.024
0.042
0.004
0.290
0.037
0.270
0.153
1.490
0.346
0.140
0.073
0.055
0.385
0.009
0.140
0.480
0.108
0.015
0.119
0.385
0.089
0.585
0.069
0.053
0.184
0.013
0.011
0.075
0.733
0.075
0.052
1.510
0.001
0.050
0.066
0.046
0.230
0.260
0.010
0.020
1.000
-1.79
-3.27
-16.67
8.89
0.00
-19.44
-12.20
0.00
7.14
-50.00
3.10
-10.81
-10.00
0.00
-9.40
-13.01
0.00
-21.92
0.00
0.00
0.00
-1.43
0.00
0.00
0.00
0.00
-9.09
6.74
0.00
5.80
5.66
-2.72
-7.69
0.00
-1.33
-3.27
0.00
-23.08
0.00
0.00
0.00
6.06
-10.87
-8.70
0.00
0.00
0.00
0.00
0.114
0.246
0.042
0.011
% Change
since
May 1 - 7, 2013
K.
APOL
DODONI PORTFOLIO
DOD
HARVEST CAPITAL
HCM
INTERFUND INVESTMENTS
INF
ISCHIS INVESTMENT
ISXI
KARYES INVESTMENTS
KAR
TRIENA INTERNATIONAL
TINT
UNIGROWTH INVESTMENTS
UNI
AIAS
AD
APC
AST
CFL
CHAP
CBH
CAIR
DHH
TLM
DOME
EFR
EMP
ERP
CONF
ACS
KAN
KNO
KYTH
LAS
LHG
TRB
NEM
OPT
ORF
PIPF
ROL
SAFS
SEAS
STAR
SUP
USB
Number
Nominal
Market
Book Value
Shares
('000)
A
Value
euro
A
EUR
Cap.
('000)
K.
EUR
Per Share
euro
Price to
Profit/(Loss)
Book Value
2011
Times
EUR ('000)
T
. .
.
NAV
Disc/Prem
0.0369
0.1914
0.2682
0.7174
0.0012
0.0660
0.1709
0.0589
0.2229
0.0265
1.0430
2.1427
0.6125
0.2000
-53.93
-51.41
-63.83
-69.19
66.67
36.36
-71.33
-26.99
0.94
-24.53
-23.30
-6.66
-15.10
37.50
2011
58 430
56 147
44 494
200 000
282 483
14 000
56 545
11 000
2 000
20 247
2 729
2 729
1 364
13 468
81 202
128 936
36 572
99 925
5 055
50 000
160 714
391 155
157 138
7 700
25 000
11 385
47 853
31 344
49 385
72 562
60 250
21 827
42 450
61 739
189 377
8 571
67 770
46 355
80 966
9 660
54 166
70 220
629 785
38 581
124 009
90 499
0.17
0.27
0.30
0.87
0.02
0.17
0.51
0.51
0.43
0.09
0.85
0.85
0.85
0.17
993
5 222
4 316
44 200
565
1 260
2 771
473
418
405
2 183
5 458
709
3 704
72 677
0.21
0.17
0.35
0.35
0.03
0.35
0.35
0.086
0.17
0.12
0.43
0.43
0.87
0.09
0.10
0.34
0.35
0.17
0.17
0.06
0.01
0.35
0.17
0.17
0.35
0.35
0.17
0.17
0.04
0.17
0.09
0.57
162
13 023
3 657
5 296
207
1 600
12 375
9 388
157
23
15 000
285
35 890
752
148
7 256
7 833
218
1 910
8 582
189
1 971
10 843
510
1 619
773
2 925
140
1 889
77
1 240
58 824
204 764
0.1728
0.06
0.88
0.02
-1.21
0.12
0.57
-0.12
-0.20
-0.08
1.30
0.086
0.05
0.13
0.0100
0.29
0.67
0.11
0.38
0.06
-0.38
0.30
0.50
0.004
1.49
0.18
0.28
0.000
-0.08
0.05
-0.12
0.52
1 037 001
-98.84
1.68
0.11
2.41
-0.03
0.27
0.13
-0.19
-0.01
-0.04
0.46
0.29
15.00
0.19
-70.00
0.34
0.19
0.09
0.12
2.46
0.00
0.78
0.32
2.75
0.01
0.44
0.20
6.67
-0.04
-0.08
1.25
-737
-4 301
-10 771
-14 853
-6 892
-255
-9 493
-86
-180
-150
331
-136
-36
-403
-47 962
9M
2011
EUR ('000)
K
2011
9M
2012
EUR ('000)
K
2012
2012
EUR ('000)
.
9M '11
9M '12
2012
-8 799
-3 229
-8 799
-3 229
9M '11
9M '12
Profit/(Loss)
4
139
-2 774
-3 423
-2 559
-22
-443
-251
-57
-182
155
-1 921
12
-383
-11 705
2011
2012
-69
-12 265
399
-6 400
-2 974
-5 512
-3 755
-23 885
-9 100
-243
-701
35
-4 283
-219
-1 465
-24 581
-77
87
621
-10 339
-11 700
-545
2 145
-1 484
-8 648
-1 879
-328
-1 953
-15 879
-3 735
-60
-8 961
-157 753
-5 499 405
18
-17 728
18
-17 728
-1 011
-12 265
-350
-6 400
-217
-11 266
-10 859
-55 832
-9 100
-391
-70
35
6 553
-2 111
-1 465
-220
-77
87
-3 654
-713
-11 700
-605
35
494
-8 648
-959
-410
-450
-24 032
921
-60
-825
-155 565
-1 166 383
-1 909 991
-409 027
P/E ratio
2012
Earnings
Per
Dividend
Per
Dividend
Yield
Share
2011/12
Cents
Results
Share
2012
Cents
Cents
0.01
0.25
-6.23
-1.71
-0.91
-0.16
-0.78
-2.28
-2.85
-0.90
5.68
-70.39
0.88
-2.84
Cents
11.00
2012
High
Low
EUR
EUR
A K
572.39
450.90
13.75
Last
Close
EUR
K
Price
31/12/2012
EUR
T
31/12/12
481.98
0.017
0.093
0.097
0.221
0.002
0.090
0.049
0.043
0.209
0.020
0.800
2.000
0.520
0.275
546.03
0.017
0.115
0.119
0.250
0.004
0.078
0.048
0.043
0.002
0.101
0.100
0.053
0.041
0.032
0.077
0.024
0.001
0.003
0.600
0.025
0.750
0.024
0.003
0.100
0.130
0.010
0.045
0.139
0.001
0.230
0.160
0.011
0.020
0.080
0.054
0.002
0.003
0.002
0.010
0.650
0.002
0.101
0.210
0.020
0.800
2.000
0.520
0.250
% Change
since
31/12/2012
. .
31/12/2012
-11.73
0.00
-19.13
-18.49
-11.60
-50.00
15.38
2.30
0.00
-0.48
0.00
0.00
0.00
0.00
10.00
0.00
n/a
n/a
-1.25
-9.51
-0.96
-6.40
-4.29
-22.53
-6.76
-14.27
-5.79
-5.08
-0.28
0.31
13.69
-6.73
-2.97
-0.30
-0.13
0.40
-8.61
-1.15
-6.18
-7.06
0.05
1.07
-10.68
-9.93
-0.76
-0.64
-3.82
2.39
-0.05
-0.91
1.12
0.06
0.03
0.14
0.10
0.120
0.045
1.87
4.00
25.00
0.128
0.055
0.041
0.060
0.070
0.020
0.002
0.003
0.650
0.020
0.600
0.024
0.009
0.100
0.130
0.005
0.045
0.139
0.001
0.230
0.210
0.009
0.017
0.080
0.054
0.001
0.014
0.002
0.010
0.660
-21.88
-
CSE Code
/CBAM
/LIMNI
/ITTL
INLE
/ORCA
/PCSW
/WG
EXMI/
/EPIEN
/KERV
/GAS
/BRO
/INLI
STC/
No. of Shares
(000)
1 950
300 000
100 000
8 057
1 200
35 052
3 400
321
10 906
1 810
8 390
6 500
18 568
25 000
Market Cap
EUR (000)
36 855
297 000
75 000
21 834
14 280
42 062
3 400
1 541
43 624
2 552
13 844
10 010
7 799
250
570 051
Listing
Date
29/3/10
29/3/10
06/8/10
21/7/11
10/9/10
10/10/11
2/11/11
10/04/12
28/06/12
29/06/12
17/07/12
11/09/12
17/10/12
30/04/13
WARRANTS
ALKIS HADJ. FROU-FROU (WAR. 2015)
AMATHUS NAVIGATION (WAR.07-2013)
TOTAL
EMERGING MARKET
Exercise Period
Exercise Price
euro cents
Expiry Date
173
20c or EUR 35c
30-06-2005
15-11-2013
(N.E.A.)
Latest
Close
0.001
0.010
Market Cap
Latest price
Listing
Latest
EUR
EUR
Date
NAV
GreenTea SA
GRTEA
1 040
100 000
8 Nov 2011
N/A
PGFL
650
65 000 000
100 000
1 Dec 2012
N/A
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.
May 1 - 7, 2013
EUROPE, EARNINGS
lackluster revenue.
According to Thomson Reuters data, of the 271 companies
in the S&P 500 that have reported earnings for the first quarter,
69% have beaten analysts expectations, above the 63% average
since 1994.
However, only 43.9% have topped analysts revenue forecasts, well below the 62% average since 2002 and the 52% rate
for the last four quarters.
Analysts now see earnings growth of 3.8% this quarter, up
from expectations of 1.5% on April 1.
This week Dow components reporting results will be Pfizer
and Merck. Other companies scheduled to report include Loews
Corp, Aetna, Chesapeake Energy, Visa, Viacom and Kraft Foods.
David Joy, chief market strategist at Ameriprise Financial
based in Boston where he helps oversee about $700 bln in
assets, said the lackluster figures suggest the second quarter
may not be as robust as hoped.
Right now, markets are going through an adjustment
process, trying to figure out just how robust the economy is
here and overseas as well, Joy said. You have investors sort of
biding their time. They are invested, but not with complete conviction.