ISSUE 16 JULY 2012 PRICE €6.95
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THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
Gold ISSUE 16 JULY 2012
CYPRUS BUSINESS LEADERS SURVEY
As the economic and banking crises tighten their grip on Cyprus, the overwhelming majority of the country’s business leaders remain optimistic about the future of the services sector.
+ THEO PANAYOTOU, FRIXOS SAVVIDES, MARIOS XENOPHONTOS CYPRUS
Presides over the Council of the EU
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INTERVIEWS
Kirsten Geelan Angela Knight Henk Potts
LIFESTYLE
London 2012 Going for Gold?
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MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE
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08 EDITORIAL 10 UP FRONT 16 FIVE MINUTES WITH
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CYPRUS BUSINESS LEADERS SURVEY
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+ OPINION THE WELCOME LESSONS OF THE CYPRUS PRESIDENCY by Miltiades Miltiadou
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SEEING THE BIGGER PICTURE by Stelios Violaris 64 IMMIGRATION IS GOOD FOR THE ECONOMY by Dr. Savvas Savouris 79 HEROES AND VILLAINS by Peter Economides
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AS THE ECONOMIC AND BANKING CRISES TIGHTEN THEIR GRIP ON CYPRUS, THE OVERWHELMING MAJORITY OF THE COUNTRY’S BUSINESS LEADERS REMAIN OPTIMISTIC ABOUT THE FUTURE OF THE PROFESSIONAL SERVICES SECTOR.
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40 FEATURE 40 | A KNIGHT IN BANKER’S ARMOUR
48 | THE WORLD’S HIGHEST JOBLESS RATES
Interview with Angela Knight, CEO of the British Bankers Association
The 10 countries with the highest unemployment rates among the world’s 50 largest economies
44 | DISPUTE RESOLUTION Chambers Europe identifies the leading Cypriot law firms and individuals
46 | NON-BELIEVER IN THE ASIAN GROWTH MIRACLE Steen Jakobsen is not convinced by the rhetoric
52 | PRESIDENTIAL SUCCESSION Kirsten Geelan, Amabassador of Denmark to Cyprus, talks about the Danish Presidency of the Council of the European Union… and much more
58 | YESTERDAY’S PAPERS Minding other people’s business has turned Fileminders into a major success story
62 | A MATCH MADE IN HEAVEN An indecisive Cyprus presides over an indecisive European Union, says Theo Panayotou
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+ BOok review MONEY: Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market By Greg Michalowski 67 BUSINESS: The Chimp Paradox: The Mind Management Programme to Help You Achieve Success, Confidence and Happiness By Dr. Steve Peters 73
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66 Debt-free, Cash-rich Companies The top 15 companies operating with zero debt 68 In Trust We Trust Trust International Insurance Company (Cyprus) Ltd
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74 “God gas a soft spot for Cyprus” CIBA President Frixos Savvides’ address to the association’s AGM
70 Intercollege Globaltraining The Cyprus-based organization is now expanding abroad 72 Investor Appetite Growing for Acquiring Non-Core Loan Assets from European Banks Portfolios with a face value of €50 billion are expected to change hands this year
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LIFESTYLE: How to Watch the Olympics: The Essential Guide to the Rules, Statistics, Heroes, and Zeroes of Every Sport By David Goldblatt 88
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76 Home of the Brave Henk Potts on why bargain hunters in the equity market should reap long-term rewards 78 Barclays Investors Garden Party Photos and quotes from the event
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ECONOMY: End This Depression Now! By Paul Krugman
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80 Cyprus and Austria Sign DTT Protocol New provisions on Information Exchange come into force 82 Doing business in Russia 2012 Extracts from Deloitte’s reference guide to Russia’s tax and legal environment for companies interested in doing business in Russia
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86 Going for Gold? It seems that some nations are just not prepared enough with host cities routinely underestimating the costs and overstating the benefits of the Games 89 The Economics of Sport A new PwC study seeks to benchmark the Olympic medals tally
the international investment, finance & professional services of cyprus
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