Cyprus Hydrocarbons – A Presentation (January 2012)

The confirmation of significant quantities of hydrocarbons in Cyprus, (the Levantine Basin, the Nile Delta Cone, the Eratosthenes Continental Block and the Herodotus Basin) may prove to be a tremendous opportunity not only for the island but for the EU as a whole. The U.S. Geological Survey estimates that the aforementioned areas hold an estimated 13.8 trillion cubic meters (tcm) of natural gas. Also as per the BEICIP/FRANLAB and the Institut Français du Pétrole, the Cyprus Exclusive Economic Zone alone holds an estimated 3 tcm of natural gas.

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Cyprus – A country “ruled” by benighted labor union leaders? (December 2011)

The epitome and the writing of the final chapter of the calamity of the economy of Cyprus commenced on 14 December with the approval by parliament of insufficient austerity measures that only scratch the surface and continued on 15 December with the Pancyprian strike of the civil servants ordered by PASYDY (the civil servants labor union)! What preceded 14 December was the lack of vision and inability of the Government and political leadership of the Island to tangibly explain to the Cypriots and make them realize the obvious: that if Cyprus does not change it will suffer!

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Cyprus – A country in denial and a scandalous political leadership (December 2011)

Despite, three-year-long market warnings, repetitive specific warnings by, the credit rating agencies, the European Central Bank and the Central Bank of Cyprus, international cash centers and international financial institutions, the Country and its political leadership remains in denial…

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Cyprus – Finally, energy security for the EU in the pipeline? (November 2011)

The vulnerability of the EU to energy supply risks is a fact but this can be no more. If the most conservative data is taken into account in regard to the natural gas reserves discovered in the exclusive economic zone (EEZ) of Cyprus (and the Levantin Basin), for the first time ever in European energy history, the EU is guaranteed an uninterrupted supply of a traditional energy source.

What if a JV is structured with the EU? What if Cyprus and the EU set up a company together for the exploitation of the hydrocarbons in the Levantin Basin along with the participation of Israel, Lebanon, Egypt and Syria? Such a venture will minimize both sovereign and financial risks for all parties involved. It will secure both the source and the transit route that…

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Turkey unveiled and the dawn of a new energy opportunity for the EU (October 2011)

Turkey is the world’s 15th and Europe’s 7th largest economy. It is the EU’s fifth largest export and seventh largest import partner; a nonpermanent member of the United Nations Security Council, a G-20 founding member, and current holder of the post of Secretary General of the Organization of the Islamic Conference. Turkey’s potential is vast: The OECD predicts that Turkey will overtake India as the second fastest growing economy by 2017 and will be the second-largest economy in Europe by 2050. Turkey occupies a key position as not only a hub, but also indeed a central player in ensuring the energy security of the whole of the EU. Is it though so? Can Turkey ensure the energy security of the EU? Can Turkey be “entrusted” with the energy security of the EU?

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The U.S. debt crisis, the U.S. and EU leaders and their power games (August 2011)

The world economy is incredibly interconnected today, it is truly global, and the United States would not be immune. Contagion to the core euro area and then onward to emerging Europe remains a tangible risk. But also vice versa, each and every economic tremor in the U.S. affects Europe and the rest of the world almost simultaneously...

The world is observing… some of us with mixed fear and morbid fascination… as we realize once more that even at such critical times, U.S. and European leaders (along with their corresponding organized bodies, circles and syndicates) are basically incapable of escaping their thirst and addiction for power... risking, in the name of their own interests, the wellbeing of their citizens and not only… and most of those leaders that dare to project patriotism as an excuse are merely pathetic and definitely unfit to lead, blind, saturated and brainwashed by vanity!

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Investing in Montenegro, the Pearl of the Adriatic – Version 04 (July 2011)

The fourth version of a presentation by PYTHEAS Investors Service on everything you need to know about investing in Montenegro and utilizing the strategic location of this remarkably beautiful country in the Western Balkans, with title, "Investing in Montenegro, the Pearl of the Adriatic".
Proof of PYTHEAS' world renowned market research capabilities, you will find this report thorough and complete. Addressing all issues that a corporate or individual investor should be aware of, this detailed overview, analyzes Montenegro’s main sectors of economy, identifies areas of investment in the country and opportunities, and portrays its physiognomy, history, culture and demography.

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Could the Greek Financial Crisis lead to the end of the EU as we know it? (June 2011)

But is the Greek financial crisis only Greek? Is it only a financial crisis? Is it only a social crisis? Or is it rather primarily a political crisis of the whole of Europe?

Only a mindfully blind, naive or uninformed person cannot realize that this is no longer a matter just for Athens, but for Brussels. Indeed, it is now mostly a Franco-German problem above all since their banks are most exposed.  

If Greece is let to go bankrupt, the Euro will disappear. The very principle of the EU will be challenged. Unemployment will rise again, Germany including (which has up to now only benefited from an undervalued Euro). If we let Greece go bankrupt, what lies ahead is an economic and political crisis worse than that of 2008. It is therefore necessary to change our perspective. We must stop thinking of the Greek problem, and start thinking of the problem of the European Union.

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Cyprus – Why the C.O.L.A. must be abolished immediately! (March 2011)

Wage indexation (COLA) implies rigidity, preventing wages from reflecting actual worker productivity and company performance… prohibits greater flexibility concerning pay required to fight pressure from increased competition… triggers inflationary risks… prevents markets to make the necessary adjustments in the case of an adverse economic situation… has a significant impact on public finances… Cyprus needs to safeguard competitiveness, losses in competiveness in the environment of today will have severe consequences on the real economy of the island… COLA must be abolished…

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Cyprus must change or suffer! (February 2011)

It is imperative that the Cyprus government and every Cypriot should realize that time is running out, that sacrifices need to be made, that it is not enough to just mend temporarily the current problems, that a spirit of collectiveness, pride and transparency must compliment every effort undertaken. If not, the next global financial tremor will bring devastating effects… Cyprus, a smaller country will be unable to react… and that is when suffering will become a way of Cypriot life!

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Investing in Cyprus, EU bridge to the world of business, Version 04 (February 2011)

The fourth version of a presentation by PYTHEAS Investors Service on everything you need to know about investing in Cyprus or utilizing the strategic location of this EU member island and its incomparable fiscal incentives as a regional and world business hub, with title, "Investing in Cyprus, an EU bridge to the world of business".

Proof of PYTHEAS' world renowned market research capabilities, you will find this report thorough and complete. Addressing all issues that an investor should be aware of, this overview attempts to answer and it does answer, the valid questions: What makes this EU member country so special? Why has Cyprus become the region's, and not only, preferred business hub?

Apart from having an established and proven investment environment, the discovery of oil & gas in its seabed will create additional immense opportunities and momentum to the Cyprus economy as a whole…

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Cyprus Real Property Price Index (January 2011)

The Global Financial Crisis and the indecisiveness of the government of Cyprus to take prompt appropriate action to protect and remedy the economy, the lack of further transparency in regard to the issuance of title deeds, the high mortgage interest rates and the need of the market to correct itself, forced real property, buying and rental prices to fall within 2010 – although only marginally in Nicosia and Limassol.

We are afraid that the recently announced governmental measures to remedy the economy only scratch the surface… and they seem to be geared to only provide for temporary blindfold to rating agencies, EU partners and voters…

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Global Real Estate Outlook 2011 (December 2010)

The world economy is maybe not completely on track but toward a recovery! After a fairly prolonged period of inactivity, property markets around the world are starting to ramp up with sales volume increasing moderately. The two-tier real estate market will persist in 2011 and movements in asset prices will be strongly differentiated according to product type, quality and location. Robust competition for trophy assets in the world’s high order business hubs will continue to push up capital values – this overall pattern combines two very different pictures, one for economies that have been hit hard by the effects of deflating real estate bubbles and sovereign debt crises and a second for those that suffered more modestly and indirectly from spillovers as global activity declined. Substantially less scope for prime-end yield compression in 2011 than in 2010 will be behind this dynamic. Nevertheless, for a large spectrum of the secondary market, values are likely to continue to flounder near the cyclical bottom with investors more sensitive to risk, price discovery in many markets still far from complete and distressed sales negatively affecting values.

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Every day that goes by without the Cypriot government taking action is disastrous, tarnishing the reputation that Cyprus enjoyed for more than two decades (and worked for so hard) as a solid, reputable business hub and financial center!

The way forward is relatively easy, relatively painless and simple. The benefits are huge, benefits that with some sacrifices will be enjoyed by current and future generations, if only a spirit of collectiveness, pride and transparency is adopted. Cyprus is given now the opportunity and probably a last chance to eliminate “cancerous” practices that have accumulated over the years.

The main policy priorities should be to stabilize public debt at a more prudent level and boost competitiveness, while safeguarding the stability of the financial sector.

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Cyprus – Real estate and construction industries optimistic despite the slowdown (October 2010)

The Republic of Cyprus is the third largest island in the Mediterranean, a member of the European Union (EU) since 2004 and the EMU since 2008; with a per capita GDP well above the EU average and the lowest corporate tax (10%) within the EU. The discovery of oil and natural gas between Cyprus and Egypt and Cyprus and Lebanon in the seabed areas is likely to give further boost to the Cyprus economy which already enjoys strong tourism, education, health and construction industries. As such, Cyprus real estate is likely to see better times despite the poor performance of the past two years.

Although the island has been somewhat shielded from the global financial crisis, largely because of its low reliance on exports, prudent fiscal policies, resilient financial sector, and limited exposure to subprime mortgages, the crisis has not left Cyprus unaffected…

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Buying real property in the Greek island of Crete, Version 02 (October 2010)

The second version of a publication by PYTEAS Investors Service with the collaboration of Ktimatoemporiki Crete of a market overview on the real estate industry of Crete, with title, “Buying real property in the Greek island of Crete”.

Due to the recent global financial crisis and the subsequent financial crisis in Greece the real estate market contracted. Greece is attracting a number of corporate and individual investors from around the globe recognizing the opportunity created. The commitment of the Greek government to encourage foreign direct investments and the higher potential growth in terms of returns on investment of property in Greece in the medium run compared to other countries in Europe makes Crete one of the most interesting real estate target markets in the country.

Additionally, the hard hit by the recession private individuals seek for affordable living, unspoiled environment, maximum of sunshine, satisfactory infrastructure, a cosmopolitan location but at the same time with character and tradition. And Crete undoubtedly falls within these parameters…

Proof of PYTHEAS’ world renowned market research capabilities, you will find this report thorough and complete, whether you are a permanent or seasonal home seeker, an individual or a corporate investor. While addressing all issues that an investor/individual should be aware of, this overview touches also topics such as Crete’s physiognomy, history, culture and demography.

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South Africa, it is time to turn potential into achievement! (May 2010)

Can this African nation that won the admiration of the world for its peaceful transition to democracy after generations of white supremacy rule conquer the bitter divisions of its past to turn itself into the biggest mover and shaker of the African continent? Or will it become even more admired in foul governance, racial tension, poverty, corruption, violence and decay to turn into yet “another” African state?

South Africa is a land of contrasts! It has immense mineral wealth, with 90% of the world’s known platinum reserves, 80% of its manganese, 70% of its chrome and 40% of its gold, as well as rich coal deposits; yet 43% of its population live on less than €3 a day. It has sky-high unemployment yet at the same time suffers from crippling, basic skills shortages. It was the first country to perform a heart transplant, yet its people’s health record is among the world’s worst. And, leaving aside war zones, it is one of the most violent and crime-ridden countries on the planet.

Ignoring South Africa (and Africa) today is like failing to invest in emerging markets in the 1990s, in south-east Asia in the 1970s and 1980s or in Japan in the 1950s!

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Twenty years after the collapse of “communism”, the global financial crisis pushes emerging European markets to the brink of collapse! (November 2009)

Emerging economies are now so closely integrated with developed ones that financial stress transmits rapidly and forcefully to all major emerging regions and multiplied through all parts of the financial sector: The global financial crisis, which pushed some emerging European economies to the brink of collapse, revealed risky imbalances two decades after “communism” (planned economic model) fell.

The global financial and economic crisis has literally hit home in many parts of emerging Europe. What started as a financial crisis has become a social and human crisis. The global crisis has come on the heels of the food and fuel crises, which had already weakened people in the region by reducing their purchasing power. Today, rising poverty and joblessness are pushing households into poverty and making things even harder for those already poor.

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Montenegro – Credit Outlook (October 2009)

The credit outlook is negative reflecting the country’s deteriorating economic environment, fiscal risks associated with the immediate economic deterioration and associated contingent liabilities. There are further concerns that the country could experience a liquidity crunch unless additional foreign capital is secured!

Montenegro fell into recession in the first half of the year when the economy shrank by 3.5%. Badly affected by the global economic crisis, the end of the global property boom and the lack of liquidity in the banking sector, the economic recession will likely cause a decline in government revenues, leading to higher government debt that will persist over time.

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The Cyprus real property market contracted… (October 2009)

Cyprus technically fell into a recession in the second quarter of 2009, on a slowdown in construction activity and tourism with official estimates of a 0.5 percent contraction in GDP this year, after growth of 3.7 percent in 2008.

Property developers and real estate agents sold more than 5,600 properties to foreigners during the first nine months of 2008, but sold a mere 1,363 during the first nine months of 2009.

The districts of Cyprus suffering most from the drop in foreign demand are Larnaca, where property sales are down 83%, and Limassol, where sales have fallen by 79%. The area least hit by the fall is Nicosia, but even there sales to non-Cypriots have dropped by 54%.

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Laissez-faire, the “Freer Market Global Economy”, the investment banks and the policymakers... (August 2009)

The recent global crisis has clearly proven that we do live in a global economy! A global economy that is interconnected to such extend, that movements in exchange rates, interest rates, stock prices and prices of goods are influenced in most of the globe; a global economy characterized by a “freer” movement of goods and services, ideas and capital and a “freer” application of direct investments and financial transactions. A fair christening of this new era would be “Freer Market Global Economy”.

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Greece unlikely to escape its worst financial crisis of modern times! (July 2009)

Greece, a developed country with a high standard of living and very high Human Development Index; with the largest maritime fleet in the world; a top five tourist destination since at least the 80s; with a GDP growth average since the early 90s higher than that of the EU average; and according to the EU Commission, the second best growth outlook in the Eurozone after Cyprus – the only economy in the single currency club projected by the European Commission (not by Pytheas) to grow this year, is to the point of view of Pytheas unlikely to escape its worst financial crisis of modern times!

The robust expansion of Greece since its entry into the euro area has slowed significantly under the weight of the international crisis. During the upswing, per-capita incomes approached the euro-area average. This occurred in an unusually benign global environment with ample liquidity and low interest rates. However, with limited reforms, unmanageable corruption and insufficient policy adjustment, competitiveness deteriorated…

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Buying Real Property in Cyprus (April 2009)

The first version of a presentation by Pytheas Investors Service in collaboration with Home4U Estates Limited on everything you need to know about buying property in Cyprus.

You will find this report thorough and complete. Addressing all issues that an investor should be aware of, this overview analyzes Cyprus status as a preferred real property investment destination and business hub, identifies what a real property buyer should be aware of and portrays its physiognomy, history, culture and demography.

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Global Real Estate Outlook 2009 (December 2008)

The seismic shock, with the U.S. subprime sector at its epicenter, delivered to the global economy in the latter part of 2007 created a tsunami of economic and fiscal chaos that swept the globe in 2008. As we approach 2009, further aftershocks are emerging on a near daily basis and show little sign of abating. It is the opinion of Pytheas that this is not an ordinary downturn, but rather a structural correction in global capital markets which will impact upon every sector of the economy and real estate market.

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The US economy is in trouble! (February 2008)

Job growth is faltering, consumer confidence plunging. The fallout from the worst housing slump in a quarter-century grows. Wherever you look, the signs are unmistakable that the US economy is in trouble.
The drumbeat of bad news since last fall has caused PYTHEAS to consider a recession more likely now.
The US economy entered into a recession path in December and it will pull out of the downturn in June, aided by the rebate checks that begin going out in May. If problems worsen for the financial industry, hard hit by the housing downturn, then Washington will rush through a second rescue measure because nervous politicians will not want to be seen as dawdling before the November elections.

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Russia Financial Markets Overview (January 2007)

As anticipated, 2006 was an active year for equity issuance by Russian firms, and 2007 is expected to be even bigger, with an estimated total of US$31.6bn in issuance next year from an estimated US$20.1bn in 2006.

Russian firms are being prompted to issue equity, both in the form of initial public offerings (IPOs) and secondary issues, in order to raise capital for development, fund overseas acquisitions and, by listing abroad, hedge against rising domestic political risk in the run-up to the 2007-08 election season. The state has also needed to raise funds so as to finance its increasing control of key “strategic” sectors of the economy, notably energy.

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