14 EDITORIAL 16 NEWS BRIEFING: GLOBAL 20 NEWS BRIEFING: LOCAL 22 COMMODITIES/FOREX WATCH
issue 05 august 2011
28
COVER STORY bank statements Gold lets the island’s bankers do the talking
+ opinion
48
Blast destroys Cyprus’s largest power station by the Strategy & Economic Research Division, NBG 24 The EAC looks to the Future by Costas Gavrielides
25
The Debate: “Do the Credit Rating Agencies do more harm than good?” by Dinos Andreou (Yes) and Marios Mavrides (No) 26 UCITS Funds: An Innovation in Modern Investment Management by Theodoros Costeas CFA 61 Cyprus Airways: The Future Is Ours by George Mavrocostas
62
Limassol belongs to everyone who feels it is theirs by Peter Economides 98
FEATURES 44 | Cypriot and Ukrainian businessmen meet Report from Kiev
48 | The China Miracle The Gold Guide to Investing in China
66 |Investing Defensively Protecting wealth during times of uncertainty
12
the international investment, business & finance magazine of cyprus
44 66 72 82 86 92
{money} {business} {economy} {tax&legal} {lifestyle}
{august 2011}
issue 05
+ BOok reviews
66
{money}
66 Investing Defensively Protecting wealth during times of uncertainty 69 The World’s Top Banks Which ones made the most profits last year? 71 London remains top international market for global business 71 CISI Gains Smart Technology Edge The launch of CISI TV
72
{business}
72 The Market that Never Sleeps A woman CEO Rises to the Challenge 76 Wadja Wanna Do Online? The hot new addition to the blogging and social networking scene 80 Real-ale Fans are Ideal Role Models for Economic Recovery
82
{economy}
82 Duff, Poor and Moody Sometimes the clue is in the name 84 Shipping: Moody’s Predicts Negative Outlook for Global Shipping Too many ships and not enough cargoes 85 Maritime Cyprus Conference 2011 “The ?s in Shipping: Is it Safe Enough? Is it Sustainable? Is there enough Confidence?”
86
{tax&legal}
86 Increased Revenue + Enhanced Reputation = Success There are better ways of filling the state coffers than by the government’s proposed €1,000 tax 88 Managing Your Tax Obligations Responsibly Profile of Ernst & Young
money: More Money Than God: Hedge Funds and the Making of the New Elite by Sebastian Mallaby 70 BUSINESS: Business Model Generation by Alexander Osterwalde 81 ECONOMY: The Pursuit of Happiness: An Economy of Well-Being by Carol Graham 83 TAX&LEGAL: The Cyprus Issue: The Four Freedoms in a Member State Under Siege by Nikos Skoutaris 90 lifestyle: One Day by David Nicholls 97
92
{lifestyle}
92 Wanted: ‘Connoisseurs of Luxury’ The UK’s new high-end tourism marketing campaign 94 Extreme, Exclusive, Extravagant and…Expensive Holiday choices to make you feel better… and lighten your wallet
the international investment, business & finance magazine of cyprus
65