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The Weekend Neos Kosmos : 13 September 2014
SATURDAY 13 SEPTEMBER 2014 23 BUSINESS FINANCIAL WEEK Job ads up Job advertisements con- tinued to rise in August in Australia, following a trend which is at odds with the unemployment rate. The relevant job ads ANZ index rose 1.5 per cent in August. So far over 2014, it has risen 8 per cent. Unemployment, on the other hand, was 6.4 per cent in July, up from 6 per cent at the start of the year. Internet job ads - repre- senting 95 per cent of the index - rose 1.4 per cent. Newspaper job ads rose 1.8 per cent after two months of declines. "Recent trends in job advertising are consist- ent with a gradual turna- round in the labour mar- ket," said ANZ chief econ- omist Warren Hogan, but he went on to say that unemployment will re- main slightly above 6 per cent for a few quarters. Source: Fairfax Media Industrial vacancy rates drop Melbourne's industrial sector vacancies fell to 5 per cent over the six months to August, down from 5.6 per cent in Feb- ruary, according to Urbis' Melbourne Industrial Va- cancy Rate report. Total vacancy floor space in buildings larger than 10,000 square me- tres was 695,000 sq m, with most of that space available in the south- eastern suburbs. Source: The Age Cyprus has reserved areas in the eastern Mediterra- nean for gas drilling opera- tions, Cyprus energy minister Giorgos Lakkotrypis revealed this week. Cypriot authorities have issued a NAVTEX (Naviga- tional Telex) reserving areas within Cyprus' Exclusive Eco- nomic Zone, in international waters. Lakkotrypis said the are- as reserved are in offshore blocks 2, 3 and 9. He did not get more specific, although local media identified the areas as one in Block 9 - encompassing a gas field dubbed 'Onasagoras' - and the other overlapping Blocks 2 and 3, incorporating the field known as 'Zenon'. This appeared to confirm earlier reports naming 'Ona- sagoras' as the site of the first well to be drilled by the Italian-Korean consortium ENI-KOGAS, which has con- cessions on offshore blocks 2,3and9. The consortium is contrac- tually obliged to drill at least four wells. Lakkotrypis said that ENI's drilling program will span 12 to 18 months, depend- ing on the finds, with each drill lasting about 80 days, at a depth of between 5,000 to 5,500 metres. According to the daily Cy- prus Mail the NAVTEX cov- ers two areas for explora- tion, it is effective for three months and expires on De- cember 3, at which point it will likely be renewed. Given that each drill will run for approximately 80 days, as the minister noted, the NAVTEX is intended to cover drilling operations at more than one site during this time. Lakkotrypis said the fact the drilling rig will be stay- ing offshore of Cyprus for a continuous period of 12 to 18 months gives the gas com- panies greater flexibility in their drilling program. The drilling platform is currently en route to Cyprus from Mozambique. The rig is owned by Saipem, an Ital- ian oil services group and a subsidiary of ENI. Lakkotrypis declined to comment on expectations of gas finds in the wells ear- marked by ENI. But reports have suggested seismic sur- vey results are encouraging. During this second drilling cycle - after Noble Energy's operations in Block 12 - Cy- prus hopes to discover sig- nificant quantities of re- coverable gas, which would put back on track plans for a land-based facility to liquefy the gas for exports. Lakkotrypis said also he would be travelling to Am- man for separate meetings with his Jordanian counter- parts, the ministers of tour- ism, commerce and energy. Without going into detail, he hinted that Jordan may be interested in Cypriot gas in the long term, noting that he discussed this with his Jor- danian counterpart during a conference in Malta in July. "The Jordanian minister ex- tended an invitation to ini- tiate this kind of discussion, as both Jordan and Egypt are planning construction of de- liquefaction terminals but also natural gas pipelines. "Therefore all prospects will be discussed during these one-on-one meetings," said Lakkotrypis, who last month was in Cairo discussing po- tential energy cooperation with Egypt. The minister downplayed the notion that Cypriot plans to export gas have been de- railed following a prelimi- nary agreement signed this week between neighbours Israel and Jordan. A group of Israeli energy companies said last week that they signed a letter of intent to sell natural gas to a Jordanian power company, in a potentially multibillion- dollar deal. The Israeli companies said they would supply 45 billion cubic metres of gas over 15 years from the offshore Levi- athan field to Jordan's state- owned National Electric Pow- er Co. The Israel-Jordan deal does not adversely impact Cyprus' plans, Lakkotrypis insisted, since it was already known that the first development stage of Israel's Leviathan gas field involved regional gas sales. * This article was first pub- lished in the daily Cyprus Mail. Cyprus reserves drilling areas Cyprus Energy Minister Giorgos Lakkotrypis. Offshore blocks have been reserved for three months ELIAS HAZOU Newly floated on the Austral- ian Securities Exchange (ASX), George Parthimos' Connex- ion Media has moved anoth- er step forward and signed a three-year licence agreement with Hong Kong internet ra- dio manufacturer BKS Tech- nology. The agreement will see Con- nexion Media's miRoamer ra- dio and music service applica- tion installed in BKS Techn- nology's own brand of radio products. Connexion Media is expect- ing the miRoamer enabled BKS radio products to begin shipping in the second quar- ter of 2015. Establishing the connection with the Hong Kong compa- nywasawaytomakethemi- Roamer app more accessible to people and brands, branch- ing out from the company's main use in cars. Connexion Media's manag- ing director, George Parthi- mos says the lease agreement will link miRoamer to a well established radio manufac- turer. "BKS is one of the key players in the production of consum- er electronics radio hardware and this deal provides another platform from which the mi- Roamer audience will grow," Mr Parthimos says. "BKS is a company that is always at the forefront of stereo technology and we look forward to help- ing keep them there." The deal was signed at the International Radio Exhibi- tion in Berlin, and states there will be an automatic extension available to BKS when the ini- tial deal expires. Revenue to Connexion Media is expected to exceed US$500,000 over the initial contract term. BKS Technology specialises in stereo and wireless technol- ogy and has achieved a sub- stantial market share in the UK, Australia and Hong Kong. Connexion Media launched its ASX bid two weeks ago and has seen the share price stabi- lise at about 16 cents a share. Connexion Media signs licence with BKS tech Connexion Media's managing direc- tor George Parthimos. The company has signed a three-year licence agreement with radio manufacturer BKS Technology Environment and Energy Minister of Greece Yiannis Maniatis this week spoke of encouraging signs concern- ing the existence of rare earth elements in the country fol- lowing a meeting with mem- bers of a group of Chinese representatives. Maniatis said Greece is one of just five European coun- tries to have such indications. He added that the country's mineral wealth is among its comparative advantages, as its total estimated value amounts to 40 billion euros, while Greece has much in the way of rare minerals, particu- larly in the north. Those rare minerals include elements that are necessary for the manufacture of com- puters, cars, satellites, wind- power generators and many more products. Over 90 per cent of such minerals' global reserves are in China, which has developed significant know-how in finding and mining them. In Greece there are two on- going programs concerning rare minerals in onshore and offshore areas. The initial aim of the Greek- Chinese negotiations is to es- tablish cooperation on techni- cal and scientific level, with the possible utilisation of Greek reserves in the future. Source: ekathimerini Greece to tap into rare earth elements Yiannis Maniatis, Environment and Energy Minister of Greece.
20 September 2014