ISSUE 78 SEPTEMBER 17, 2017 PRICE €2.00
PRESENTS
MARITIME
Cyprus 2017
5 2 91295 000577
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Global and local shipping issues go under the spotlight at the biennial gathering in Limassol
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PROJECT MANAGEMENT Paul Hodgkins reveals the key to PM success
IINVESTMENT FUNDS
PLUS
Looking ahead to the 3rd International Funds Summit
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MARIA
THE FIRST NAME IN LO N G -T E R M LOYA LT Y
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76 | GOLD | The Business Magazine of Cyprus
ISSUE 78 SEPTEMBER 17, 2017
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING
Economic & Business Highlights of the past month.
12 | MY WAY
COVER
Vassos Aristodemou’s management style.
STORY
22 | 0$5,7,0( &<3586
13 | FIVE MINUTES WITH… Angela Panayiotou
The biennial event in Limassol is one of [OL ^VYSK»Z TVZ[ ZPNUPÄJHU[ HUK ILZ[ attended shipping conferences, regularly attracting close to 1,000 shipping executives from around the globe. On the occasion of Maritime Cyprus 2017, we present the views of several key ÄN\YLZ VU [OL JOHSSLUNLZ MHJPUN the local and global shipping industry.
15 | THEY SAID WHAT? Some of the most memorable statements that we have heard about Cyprus over the past month. OPINION 14 | Rumours and Fake News
By Nikola Grozdanovic
FEATURES 16 | Technology + Human
Ingenuity = The Future Fintech expert Spiros Margaris believes that the future is not only about technology.
16
SPECIAL PROMOTIONAL FEATURES 43 | Maritime Cyprus 2017 Presenting the products and services of 23 shipping related companies
97 | The Business
of Health
Seven major health sector organisations present their products and services in detail.
20 | A Positive Outlook CIFA President Angelos Gregoriades previews the upcoming 3rd Cyprus Funds Summit.
20
90 | Building A Healthier Future for All Maneesh Juneja. tells GOLD about his vision of digital healthcare.
90
122
93 | 8th Limassol Economic
Forum Looking ahead to the biggest and most important business gathering in Cyprus.
94 | Leadership is the Key If there is one quality that is required of a successful project manager, it is leadership, says Paul Hodgkins. 4 | GOLD | The Business Magazine of Cyprus
112 | BOOKSHELF
118 | TIME OFF Healthy Body & Mind
113 | BUSINESS CLASS
122 | LUNCH WITH GOLD Katie Clerides
114 | IN GOOD
126 | WHAT’S ON GOLD’s guide to the best cultural events of the coming month.
Five new business titles.
Elena Tsanou
COMPANY How Trident Trust’s people make complex matters simple
130 | A DAY IN THE LIFE Demetris Aletraris
130
112 | GOLD | The Business Magazine of Cyprus
| EDITORIAL |
GOLD ,668( _ 6(37(0%(5 _ MARITIME CYPRUS 2017
Maritime Cyprus
ISSUE 78 SEPTEMBER 17, 2017 PRICE â&#x201A;Ź2.00
PRESENTS
MARITIME
Cyprus 2017
5 2 91295 000577
00001 >
Global and local shipping issues go under the spotlight at the biennial gathering in Limassol
FINTECH ,W¡V QRW MXVW DERXW WHFKQRORJ\ VD\V 6SLURV 0DUJDULV
PROJECT MANAGEMENT Paul Hodgkins reveals the key to PM success
IINVESTMENT FUNDS
PLUS
Looking ahead to the 3rd International Funds Summit
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PUBLISHED BY IMH ISSN 1986 - 3543
T
he most important shipping conference to be held in Cyprus is, undoubtedly, Maritime Cyprus, which has been organised every two years since 1989 and is today one of the worldâ&#x20AC;&#x2122;s most significant and best-attended shipping conferences. And, for once, this description is neither exaggeration nor wishful thinking. One needs only to note the calibre and profile of some of those attending the 15th conference to see this: Kitack Lim, Secretary-General of the International Maritime Organization, Violeta Bulc, EU Commissioner for Transport, Esben Poulsson, Chairman of the International Chamber of Shipping and Niels Smedegaard, President of the European Community Shipowners Associations, are just some of the guest speakers. Unlike many conferences that take place in Cyprus, this one does not focus on the local industry. It is held here â&#x20AC;&#x201C; and is so successful â&#x20AC;&#x201C; because shipping is a unique example of a global sector in which Cyprus is seen as a leader. As Ioannis Efstratiou, Acting Director of the Department of Merchant Shipping tells GOLD, shipping is â&#x20AC;&#x153;a sector in which we have an international voice and we can claim that we are among the best in the world.â&#x20AC;? So shipping executives from around the world will gather next month to hear distinguished speakers and world-class experts analyze and discuss issues of concern to the global shipping industry. These include policy and regulatory matters, forthcoming changes on the international shipping scene, financial and environmental issues, the role of technology, geopolitical and energy developments, and forecasts for the recovery of global freight markets. In addition to leading figures in the international shipping industry, Cypriots involved in both public and private sector shipping will address or attend the conference. Several of them, including Transport Minister Marios Demetriades, the President and Director-General of the Cyprus Shipping Chamber and the President of the Cyprus Union of Shipowners, spoke exclusively to GOLD for our cover story (starting on page 22). Conferences of various kinds are a key part of what IMH, the publisher of GOLD, has been doing for many years. In this issue, we talk to several of the keynote speakers at major IMH-organised conferences taking place over the next two months. They include Digital Health Futurist Maneesh Juneja (Cyprus Healthcare Conference Gala, October 12), the Founder of the eponymous Paul Hodgkins Project Consultancy (Project Management Conference, November 3), Fintech expert and venture capitalist Spiros Margaris (Cyprus FinTech Expo, November 8) and CIFA President Andreas Gregoriades (3rd International Funds Summit, October 29-31) And, as always, this issue of GOLD contains all our usual popular feaJohn Vickers, tures (My Way, They Said What?, Business Class, Bookshelf, Whatâ&#x20AC;&#x2122;s On, Chief Editor In Good Company, Lunch With Gold, Time Off, etc.) and much more. Enjoy! john@imhbusiness.com 6 | GOLD | The Business Magazine of Cyprus
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Antonis Antoniou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Pan Charalambous CONTRIBUTORS TO THIS ISSUE
Nikola Grozdanovic ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, Marios Kouroufexis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras, Helena Georghiou MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Neofytos Constantinou SALES EXECUTIVE
Erika Phylakti
OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com
BUSINESS BRIEFING AIR TRAVEL
COBALT ANNOUNCES MORE FLIGHTS
T
he Cyprus-based airline Cobalt Air has announced the launch of new flights from Larnaca to London Gatwick, Dublin and Frankfurt as part of its 2017 winter schedule. Flights to Gatwick will operate every day except Friday from October 30. They are in addition to daily flights to Stansted. Flights to Dublin will operate on Wednesdays and Fridays, while flights to Frankfurt will operate on Wednesdays and Fridays from November 1. Before the end of the year, Colbalt with also be operating flights to Moscow and, in 2018, to St. Petersburg
REAL ESTATE
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Sales up by 27% in August
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33,614
THE NUMBER OF REGISTERED UNEMPLOYED IN AUGUST 2017, REPRESENTING A FALL OF 13.4% AND THE LOWEST LEVEL FOR AUGUST OF THE PAST FIVE YEARS.
8 | GOLD | The Business Magazine of Cyprus
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IN THE NEWS
IKEA CELEBRATES 10 YEARS IN CYPRUS 02,( *`WY\Z PZ JLSLIYH[PUN P[Z [O HUUP]LYZHY` [OPZ TVU[O :PUJL P[ VWLULK TVYL [OHU TPSSPVU WLVWSL OH]L ]PZP[LK P[Z 5PJVZPH Z[VYL *`WY\Z ^HZ [OL [O JV\U[Y` [V OVZ[ H Z[VYL I` [OL :^LKPZO M\YUP[\YL THU\MHJ[\YLY ^OPJO J\YYLU[S` VWLYH[LZ PU JV\U[YPLZ HYV\UK [OL ^VYSK
PRESIDENT, MPS ASSETS AND SALARIES REVEALED
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CYPRUS IS 3rd MOST POPULAR SUNNY UK EXPAT DESTINATION
CYPRUS NAMED SAFEST COUNTRY FOR YOUNG PEOPLE
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www.goldnews.com.cy | GOLD | 9
SPECIAL PROMOTIONAL FEATURE
EUROFAST
CYPRUS: TRANSFER PRICING IS HERE TO STAY
T
ransfer pricing has never been as important as it is today. Changes have now also been brought about in Cypriot tax legislation and, as of 1 July 2017, all companies which have intra-group financing need to have transfer pricing in place. Briefly, intra-group transactions need to be priced (the ‘transfer price’) in accordance with the provisions of the transfer pricing legislation to determine how much of the profit is allocated, recognized and, therefore, taxed within the related entities of the group. Common practice to date was often to use subjective market rates on intra-group loans and/or apply minimal margins on back-to-back loan arrangements which will now no longer be accepted by the tax authorities. Comparability studies have to be prepared by transfer pricing specialists to substantiate the interest rates used. The Cyprus tax authorities, as well as tax authorities in other jurisdictions, will challenge the transfer pricing adopted in intra-group financing if they feel the interest rates are being manipulated to artificially divert profits away from the functions and risks of the group. As a result, this will have a significant impact on all Cyprus companies which have such intra-group financing (i.e. loans with related parties) and it is imperative that tax professionals examine your structures to ensure that their tax treatment is correct and their tax risk exposure is mitigated. We strongly advise clients and other interested parties to start reviewing their current group structures and to contact us for more information to assist you in determining the impact of these changes and discuss possible solutions. At Eurofast we provide a tailored service to meet our clients’ transfer pricing needs and requirements. These include helping you understand how the new transfer pricing legislation impacts your business, identifying the most appropriate transfer pricing methodology, conducting benchmarking analysis to define the arm’s length principle interest rate, providing training to your staff, and helping you design an effective and efficient business model. Over the recent years our tax team has accumulated a wealth of transfer pricing experience and assisted numerous clients in South Eastern Europe to address their transfer pricing needs. We also work with our international association members from Taxand which enables us to provide you with a comprehensive approach to your transfer pricing obligations and opportunities worldwide. Our Transfer Pricing experts are also part of the writing team of “Transfer Pricing Global Guide by Thompson Reuters”, a global insight from leading professionals in comparative guides to transfer pricing worldwide.
Contact us to find out all you need to know about Transfer Pricing in Cyprus. Anastasia Sagianni Head of Transfer Pricing Division e-mail: anastasia.sagianni@eurofast.eu | Tel: (+357) 22699222
info@eurofast.eu | www.eurofast.eu
Your Regional Business Advisory Organisation
Locations: Athens | Thessaloniki Lefkosia | Sofia | Bucharest | Belgrade Podgorica | Tirana | Skopje | Zagreb Pristina | Banja Luka | Sarajevo | Cairo Alexandria | Tbilisi | Kiev | Moscow Beirut | Erbil | Tehran
Balance your Transfer Pricing Risks!
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We offer the right expert advice to mitigate tax risks, penalties and adverse tax consequences.
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Transfer Pricing Firm of the Year in South East Europe| GOLD 2017 www.goldnews.com.cy | 11
MY WAY
Vassos Aristodemou President & CEO NETinfo
LEADING BY EXAMPLE, HE BELIEVES IN THE IMPORTANCE OF EXPERIENCE AND LEARNING TO LEADERS, WHO SHOULD RECOGNISE THAT THEY BELONG TO A MUCH BIGGER TEAM. ON THE ROAD TO SUCCESS, HE SAYS IT IS ESSENTIAL TO LEARN FROM FAILURE AND TO KNOW WHEN TO STOP WORK AND TAKE CARE OF ONE’S HEALTH AND FAMILY.
“I
do my best to lead by example and not by command. My duty as a manager is to inspire, guide and support my people. It is important to me that my employees know that I stand by them every step of the way. I believe that if your actions inspire others to dream more, learn more, do more and become more, you are a leader.”
“E
very day of the past 20 years has been a learning experience for me. I have learned how to pursue success, but most importantly how to embrace failure and learn from it. I have learned how not to worry about things I can’t change and focus on the things that I can.”
“M
y years in the business world have taught me that individuals rarely achieve anything on their own. Success is a result of collaboration. NETinfo is not made up of a single CEO or a Board of Directors. It is a collection of every single person who works for the company. I admire comradery.”
“A
s important as work may be, health and family always come first. I try to enjoy meals with colleagues, friends and family as often as I can. Also, my day doesn’t end eam here is unless I am home enjoymemno subing a glass of wine and bers stitute watching a TV series need to for expewith my wife. I’ve feel trusted and valued and rience. I been working long micromanaging commuhad a number of entry-level jobs hours forr as long as nicates the exact opposite. in my youth and every single one I can remember member My advice to new managers of them has helped shape the and small ll daily With would be: Don’t tell people person I am today. I had to learn over 30 years moments ts of how to do things. Tell them how to be an employee before I of working experience rest keep p what it is you need them to became a director. Leadership and in IT services, Vassos me going g do, and they will surprise learning are indispensable to each Aristodemou is currently strong.” you with their ingenuity.” other.” the President & CEO of NETinfo. Founded in 2000, NETinfo is a leading IT company, providing innovaen years ago, our company’s slogan was “Going global”. Today, tive Online and Mobile Banking, Mobile NETinfo is trusted by financial institutions in over 30 countries. Financial Services, Retail I work alongside a group of people who dare to dream and beand Corporate Finance lieve in what we do. I am thankful for every single day of this journey and all Management and Payment Solutions to Banking and the ups and downs that make it what it is.” Financial institutions worldwide.
“T “T
12 | GOLD | The Business Magazine of Cyprus
“T