Gold november 2017 pages 1 12

ISSUE 80 NOVEMBER 19, 2017 PRICE €2.00

Sponsored by

THE R EFORMERS 5 291295 000577

00001 >

Four Government Ministers assess their achievements INSIDE STORY

INTERVIEWS

GOVERNANCE

PLUS

Panicos Demetriades on the 2013 EDQNLQJ FULVLV

Josef Ackermann Jean-François Etienne (XJHQH .DQGHO

Peter Swabey on the role of the Company Secretary

%XVLQHVV %ULHÀQJ :KDW·V 2Q 7LPH 2II %RRNV 2SLQLRQ DQG PRUH

CO N STA N T I N O S THE FIRST NAME IN GOOD MANNERS

We are one of the world’s largest independent providers of trust, fund and corporate administration services.

We are committed to helping our clients protect, nurture and grow their wealth.

Above all, we are a people business.

To find out more about our services and to get to know us better, visit www.firstnames.com

ISSUE 80 NOVEMBER 19, 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

Economic & Business Highlights of the past month.

COVER

STORY

28 | 7+( 5()250(56

When President Anastasiades was elected, he made reform one of the key features of his political agenda. Four key Government Ministers talk about their achievements HUK [OL KPMÄJ\S[PLZ [OL` faced in promoting the reform agenda.

102

22

106

84 | Expansion into

the European Payments Market The latest venture of G.A.P. Vassilopoulos Group.

88 | Opportunity Knocks!

Professor Eugene Kandel on the feasibility of cooperation between Israel and Cyprus.

92 | Common Legal Concerns and New Corporate Entities

By Michalis Economides.

102 | Still Committed to Cyprus Interview with Bank of Cyprus Chairman Josef Ackermann.

105 | 360 Foundation Stone Ceremony Photos from the event.

106 | Making an Impact How Varnavas Playbell came up with an online management tool.

4 | GOLD | The Business Magazine of Cyprus

12 | MY WAY Antonis Skoullos’ management style.

14 | FIVE MINUTES WITH… Detleft Glow 16| THEY SAID WHAT? Some of the most remarkable Cyprus-related statements of the past month.

SPECIAL PROMOTIONAL FEATURES 51 | International Banking Services in Cyprus

OPINION 94 | Getting the Bitcoin Between My Teeth

By Dr. Savvas Savouri

FEATURES 18 | Planning for Retirement

Philippos Mannaris of Aon Hewitt on the options for employees and employers.

22 | Inside Story Exclusive interview with Panicos Demetriades, former Governor of the Central Bank of Cyprus.

40 | RTBS: A Merger of Equals >O` [^V ZPUNSL WHY[ULY HJJV\U[PUN H\KP[ ÄYTZ decided to join forces.

42 | The 3rd International Funds Summit Four pages of photos from last month’s major comference.

48 | University Challenge Interview with Professor Stéphanie Laulhé Shaelou, Head of the School of Law at UCLan Cyprus.

76 | A Thriving Long-Term Collaboration Jean-François Etienne of Unilever on the company’s partnership with P.M Tseriotis.

78 | Sykes Chooses Larnaca Why Sykes Enterprises chose Larnaca for its new customer service facility.

80 | 5th Cyprus Banking Forum Looking ahead to next month’s conference.

81| The 3rd International Compliance Forum Photos from last month’s conference.

Presenting the products and services of 11 banks and firms involved in international banking.

95 | Beers & Breweries

Three companies present their products and services.

113 | Oil & Gas

Services in Cyprus

48 108 | The Crucial Role of the Company Secretary Peter Swabey, Policy and Research Director at ICSA explains.

110 | Cyprus HealthCare Conference Gala Photos from the inaugural meeting.

112 | Happy Anniversary!

-SLL[ 4HUHNLTLU[ *`WY\Z JLSLIYH[LZ P[Z ÄYZ[ years.

124 | BOOKSHELF Five new business titles.

125 | BUSINESS CLASS Eleni Drakou

Four companies present their oil & gas related products and services

126 | IN GOOD COMPANY How Caramondani Group gives its employees a sense of belonging.

128 | TIME OFF Rolling in the Deep 132 | LUNCH WITH GOLD Achilleas Demetriades 136 | WHAT’S ON GOLD’s guide to the best cultural events of the coming month.

138 | A DAY IN THE LIFE Andreas Papadopoulos

| EDITORIAL |

The Fab Four

ISSUE 80 NOVEMBER 19, 2017 PRICE â‚Ź2.00

Sponsored by

THE R EEFORMERS RMERS 5 2 91295 0 00577

00001 >

Four Government Ministers assess their achievements INSIDE STORY

INTERVIEWS

GOVERNANCE

PLUS

Panicos Demetriades on the 2013 EDQNLQJ FULVLV

Josef Ackermann Jean-François Etienne Varnavas Playbell

Peter Swabey on the role of the Company Secretary

%XVLQHVV %ULHÀQJ :KDW¡V 2Q 7LPH 2II %RRNV 2SLQLRQ DQG PRUH

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

T

George Michail

GENERAL MANAGER

wo and a half years ago, when I interviewed Marios Demetriades for the first time for this magazine, I was particularly struck by two things: His age (he was 44 at the time) and his enthusiasm for the fact that President Nicos Anastasiades had made ‘reform’ one of the key features of his political agenda.

It encompassed greater productivity and the modernisation of processes within each ministry, together with the eradication of bureaucracy, better access to government and, generally, greater ease for citizens coming into contact with state services.

Demetriades is one of the four outgoing ministers who, we believe, have brought tangible results and positive change not only to the civil service but to the country.

Whatever one may say about Anastasiades, there is no denying his achievements following the near collapse of the economy and the banking system and while he may have celebrated his 71st birthday two months ago, he is the first President to have understood the wisdom and benefits of appointing relatively young people to his cabinet: Marios Demetriades is 46, Harris Georgiades 47 and George Pamboridis 48, while the man who has arguably played the greatest role in the reform process, Constantinos Petrides, is just 43. Of course, age by itself is no guarantee of success in any venture but it is no coincidence that these four have shown a rare willingness to take on a system which, until 2013, had remained virtually unchanged for more than half a century. For this month’s cover story (page 28), we asked them to tell us in their own words how they see their achievements in the context of the President’s reform project.

In this issue, we talk to another key figure in the reform of the country’s banking sector, ex-Central Bank Governor Panicos Demetriades, whose new book A Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution has, unsurprisingly, caused no little controversy among politicians, bankers and the media, not least because he accuses them of having been dependent on one another to maintain the regime that led to the crisis. He answers their criticisms and more in an exclusive interview (page 22). Still on banking, we speak to Bank of Cyprus Chairman Josef Ackermann (page 102). You can also read an interview with Professor Eugene Kandel, CEO of Israel’s Start-Up Nation Central, about how Cyprus and Israel might join forces to create a single innovation ecosystem (page 88) while Peter Swabey, Policy and Research Director at the Institute of Chartered Secretaries and John Vickers, Administrators ICSA), explains the crucial importance of the Chief Editor Company Secretary in successful organisations (page 108).

And there’s lots more. Enjoy! john@imhbusiness.com

6 | GOLD | The Business Magazine of Cyprus

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Pan Charalambous CONTRIBUTORS TO THIS ISSUE

Antonis Antoniou, Michael Economides, Dr. Savvas Savouri 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 TRAVEL

COBALT AIR STARTS FLIGHTS TO FRANKFURT

ANASTASIADES MEETS PUTIN & MACRON

IN THE NEWS

P

resident Nicos Anastasiades met recently with the Presidents of Russia and France. In Moscow, he signed a joint action plan with his Russian counterpart Vladimir Putin, while state officials of the two countries signed six bilateral agreements. He later described the talks as “especially constructive and creative� and referred to relations between Cyprus and Russia as being based on “mutual cultural, spiritual and religious values, which have been expanded and strengthened significantly in recent years in the areas of political, economic and defence cooperation.�

Meanwhile, at a meeting in Paris with French President Emmanuel Macron, the two leaders underlined the strong bonds of friendship between the two countries and their political willingness to further enhance them in all fields, including Energy.

Macron also referred to economic cooperation, noting the activities of the French oil company Total in Cyprus’ Exclusive Economic Zone, saying that Paris fully supports its presence here.

ECONOMY

GETTING BETTER

Cyprus is now one of the best-performing economies in Europe, according to Klaus Regling, Managing Director of the European Stability Mechanism. He was speaking after a meeting in Nicosia with Finance Minister Harris Georgiades. “Every year when I come to Nicosia, the situation is better than the previous year; and it is always a lot better. There have been positive surprises,â€? Regling said, noting that, “Growth is much stronger than anybody L_WLJ[LK [OL Ă„ZJHS Z\YWS\Z PZ ]LY` JYLKPISL HUK unemployment is coming down rapidly. With this good data, with this good performance, Cyprus is now one of the best performing economies in Europe. This is very rewarding and very positive.â€?

ANAT BAR-GERA

O

n 27 October, the European Central Bank approved the appointment of Anat Bar-Gera as a member of the Board of Directors of Bank of Cyprus.

Since 2015, she has been Chairwoman of Cyverse, a leading Switzerland-based cyberse8 | GOLD | The Business Magazine of Cyprus

SHIPPING

DEPUTY MINISTRY OF SHIPPING FOR LIMASSOL

F

ollowing unanimous parliamentary approval of the creation of a Deputy Ministry of Shipping, the Council of Ministers decided on 8 November that the Deputy Ministry will be located in Limassol. The Cyprus Shipping Chamber later welcomed what it called “this significant decision� as Limassol is the centre of the Shipping Industry in Cyprus.

The Deputy Ministry of Shipping is due to operate from 1 March 2018, following the Presidential elections. curity company. Prior to this and APPOINTMENT for more than 20 years, rs, she cofounded, scaled and exited a number of international onal telecom and Internet companies operating primarily marily across Europe and Africa.

On November 1, Cobalt Air began a new [^PJL ^LLRS` KPYLJ[ Ă…PNO[ MYVT 3HYUHJH [V Frankfurt, arriving in Frankfurt at 13:15 on Wednesdays and Fridays. Andrew Madar, CEO, Cobalt Air commented: “I am delighted that CoIHS[ (PY PZ UV^ Ă…`PUN [V .LYTHU`ÂťZ I\ZPLZ[ HUK TVZ[ PTWVY[HU[ HPYWVY[ MYVT 3HYUHJH š *VIHS[ Air currently serves 16 destinations in 10 differLU[ JV\U[YPLZ MYVT 3HYUHJH HUK 7HWOVZ

CYPRUS PRUS AIRWAYS LAUNCHES LAUNCHE SIX NEW DESTINATIONS

Cyprus Airways has announced six new destinations – Athens, Munich, Prague, Stuttgart, Verona and Zurich –for summer 2018 from 3HYUHJH (PYWVY[ -SPNO[Z HYL HSYLHK` H]HPSHISL for booking. Flights to Athens begin on March 29 and the rest from May onwards. One-way fares to Athens start from ₏44, Verona from ₏71, Prague from ₏76, Munich from ₏106, Stuttgart from ₏100 and Zurich from ₏105.

DIRECT FLIGHTS TO ATHENS WITH TUS AIRWAYS

Cyprus-based TUS Airways is further expandPUN P[Z VWLYH[PVUZ HUK VMMLYPUN MV\Y KPYLJ[ Ă…PNO[Z MYVT 3HYUHJH [V ([OLUZ Z[HY[PUN VU +LJLTILY 1. Flights are on Monday, Thursday, Friday and :\UKH` 6UL ^H` [PJRL[Z MYVT 3HYUHJH ^PSS Z[HY[ from â‚Ź65 and from Athens from â‚Ź73 including taxes. Tickets are now available for booking [OYV\NO [OL JVTWHU`ÂťZ ^LIZP[L ^^^ [\ZHPYways.com) or travel agencies.

â‚Ź2,757

;/, (=,9(., 465;/3@ :(3(9@ 6- 7<)30* :,*;69 >692,9: 05 *@79<: (**69+05. ;6 ;/, 3(;,:; 9,769; )@ ;/, -0:*(3 *6<5*03 ;/0: -0.<9, +<, ;6 >/(; ;/, *6<5*03 *(33: ;/, 3(*2 6- ¸( 9(;065(3 (5+ :*0,5;0-0*(33@ +9(-;,+ REMUNERATION MECHANISMâ&#x20AC;?

05 ;/, 7<)30* :,*;69 0: 6=,9 â&#x201A;Ź1,000 MORE THAN THE PRIVATE SECTOR AVERAGE OF â&#x201A;Ź1,752.

AWARDS Baker Tilly in South East Europe

Baker Tilly in South East Europe was awarded the title of Member Firm of the @LHY K\YPUN )HRLY ;PSS` 0U[LYUH[PVUHSÂťZ World Conference in Amsterdam last month. The award was accepted by the CEO of Baker Tilly in South East Europe, Marios Klitou, who stated, â&#x20AC;&#x153;This is a great success not only for Baker Tilly in South East Europe but for the countries in which we operate HZ ^LSS +LZWP[L [OL YLJLU[ LJVUVTPJ JYPZPZ PU [OL YLNPVU V\Y VMĂ&#x201E;JLZ in all countries have managed to excel in the international business world and to receive such a prestigious award.â&#x20AC;?

Kishore Rajvanshy

The Managing Director of Fleet ManageTLU[ 2PZOVYL 9HQ]HUZO` YLJLP]LK H 3PML (JOPL]LTLU[ (^HYK H[ [OL 3SV`KZ 3PZ[ (ZPH 7HJPĂ&#x201E;J (^HYKZ PU :PUNHWVYL on October 26. Rajvanshy established Fleet Management in November 1994 and transformed the company from running just one ship to THUHNPUN H KP]LYZPĂ&#x201E;LK Ă&#x2026;LL[ VM TVYL [OHU ]LZZLSZ ]HS\LK H[ more than $15 billlion today. Rajvanshy was in Cyprus recently MVY [OL L]LU[Z THYRPUN -43ÂťZ [O HUUP]LYZHY` PU *`WY\Z H[ which he was presented with an award by the Chairman of the *`WY\Z 0U]LZ[TLU[ HUK 7YVTV[PVU (NLUJ` *07( *OYPZ[VKV\SVZ Angastiniotis.

RCB Bank

RCB Bank was named Safest Bank in Cyprus by Global Finance Magazine for a second year at a special ceremony at The National Press Club in Washington DC, in recognition of its exceptional performance, YLHMĂ&#x201E;YTLK I` PU[LYUH[PVUHSS` YLUV^ULK YH[PUN HNLUJPLZ 9*) )HUR CEO Dr. Kirill Zimarin said, â&#x20AC;&#x153;This achievement is the outcome of RCB )HURÂťZ Z[YLUN[O ZVSPK Ă&#x201E;UHUJPHS Z[H[L HUK HZZL[Z ^OPJO OH]L WSHJLK [OL )HUR PU H SLHKPUN WVZP[PVU PU [OL JV\U[Y`ÂťZ IHURPUN ZLJ[VY >L are pleased to see that our successful banking model, trusted by our clients, has been widely acknowledged and rewarded once againâ&#x20AC;?.

Windsor Brokers

3PTHZZVS IHZLK >PUKZVY )YVRLYZ 3[K ^HZ UHTLK Âş)YVRLY VM [OL @LHYÂť HUK Âş4VZ[ ;Y\Z[LK )YVRLYÂť H[ SHZ[ TVU[OÂťZ [O HUU\HS 1VYKHU -VYL_ ,_WV (^HYKZ 1-,? OLSK in Amman. Windsor Brokers CEO Johny Abuaitah said afterwards, â&#x20AC;&#x153;The awards are [LZ[HTLU[ [V V\Y JVTWHU`ÂťZ SVUNZ[HUKPUN YLW\[H[PVU PU H YLNPVU with which we have such strong ties and to the fact that, thirty years ZPUJL V\Y JVTWHU`ÂťZ PUJLW[PVU ^L Z[PSS YLTHPU [OL IYVRLY VM JOVPJL PU 1VYKHUš ;OL H^HYKZ YLHMĂ&#x201E;YT [OL JVTWHU`ÂťZ WVZP[PVU HZ VUL VM the leading brokers in the MENA region, adding to numerous other achievements in 2017.

Cyprus CFO Awards 2017

The inaugural Cyprus CFO Awards were presented at the 13th CFO Management Forum held in Nicosia last month. The CFO VM [OL @LHY (^HYK ^HZ ^VU I` (U[OV\SPZ 7HWHJOYPZ[VMVYV\ .YV\W *-6 3VNPJVT 7\ISPJ 3[K PU YLJVNUP[PVU VM OPZ Ă&#x201E;UHUJPHS leadership and outstanding performance. ;OL 9LZ[Y\J[\YPUNZ 4LYNLYZ HUK (JX\PZP[PVUZ (^HYK ^HZ ^VU I` Maria Fysentzides; Financial Controller at Trust Insurance Company *`WY\Z 3[K HUK [OL -PUHUJL HUK ;LJOUVSVN` (^HYK ^LU[ [V +LTL[YPZ +LTL[YPV\" .LULYHS 4HUHNLY H[ 5 2 :OHJVSHZ /VSKPUNZ 3PTP[LK ;OL H^HYKZ OVUV\Y *`WYPV[ *-6Z MVY [OLPY HJOPL]LTLU[Z PU [OL Ă&#x201E;LSK VM Ă&#x201E;UHUJL HUK I\ZPULZZ

MILESTONES EY CYPRUS

On November 8, more than 400 guests attended celebrations at the Hilton Cyprus to mark 80 years VM ,@ PU *`WY\Z :[H]YVZ 7HU[aHYPZ ,@ *`WY\Z Country Managing Partner, told the gathering, â&#x20AC;&#x153;We are proud of our 80-year history, which is also JSVZLS` YLSH[LK [V [OL OPZ[VY` VM *`WY\Z (Z H Ă&#x201E;YT we have been here, through all the good times and the bad, and we have managed to overcome obstacles and challenges, growing and KL]LSVWPUN PU [OL WYVJLZZ >LÂť]L OHK NYLH[ `LHYZ HUK ^L SVVR forward to the next 80!â&#x20AC;?

FLETCHER GROUP HOLDINGS LIMITED (FGHL)

3HZ[ TVU[O -SL[JOLY .YV\W /VSKPUNZ 3PTP[LK -./3 JLSLIYH[LK P[Z [O anniversary in Cyprus and, as part of its activities marking this major milestone, was the main sponsor of the 11th Cyprus-Russia Charity Gala at the 7YLZPKLU[PHS 7HSHJL PU 5PJVZPH ,HYSPLY -./3 OLSK H cocktail reception at the Hilton Park Hotel in Nicosia to mark its 20-year presence in Cyprus, from where P[ THUHNLZ P[Z HZZL[Z MYVT P[Z HKTPUPZ[YH[P]L VMĂ&#x201E;JL ([ the end of 2016, it controlled assets with a value in excess of US$13 billion.

LEPTOS GROUP

3LW[VZ .YV\W OHZ YLSVJH[LK P[Z 9\ZZPHU OLHKX\HY[LYZ [V [OL WYLZ[Pgious Empire Tower, located in the heart of the Moscow International Business Centre. Group manager for Eastern Europe, Andreas Santis, said that, â&#x20AC;&#x153;From these UL^ PUZWPYPUN VMĂ&#x201E;JLZ ^L ZLY]L H NYV^PUN U\TILY of Russian investors, as well as supporting several 3LW[VZ .YV\W WHY[ULYZ PU ,HZ[LYU ,\YVWL HUK 9\ZZPH 6\Y UL^ /LHKX\HY[LYZ HUK V\Y L_WLYPenced local team are a dynamic asset and a crucial factor in our existing huge worldwide promotions.â&#x20AC;?

3LW[VZ ZWLJPHSPaLZ PU YLHS LZ[H[L WYVQLJ[Z PU *`WY\Z and Greece.

ZEMPYLAS, VRAHIMIS & CO

(JJV\U[PUN Ă&#x201E;YT - ALTW`SHZ (ZZVJPH[LZ 3[K HUK [OL Flexi Group of Companies have announced a merger and are now operating as Zempylas, Vrahimis & *V A= ¸;VKH` ^L HYL JLSLIYH[PUN H TPSLZ[VUL HZ ^L MVYTHSS` HTHSNHTH[L [^V SLHKPUN Ă&#x201E;K\JPHY` HUK H\KP[ HK]PZVY` Ă&#x201E;YTZ PU H WV^LYM\S WHY[ULYZOPW š ZHPK Joseph Vrahimis, Chairman of Flexi Group. â&#x20AC;&#x153;Under the â&#x20AC;&#x153;ZVâ&#x20AC;? umbrella, we will draw on our collective competences and experiences to strategically position the partnership, push the boundaries of technology and deliver the proven effectiveness of advisory, audit and professional training.â&#x20AC;?

MTN: WIDEST 4G COVERAGE IN CYPRUS

TELECOMMUNICATIONS

F

ollowing a â&#x201A;Ź23 million investment,, MTN now has the network with the widest 4G coverage in Cyprus, offering 93% population and 75% geographical 4G coverage as well as 99% population and 95% geographical 3G coverage. MTN now offers its 4G network experience even to the most remote locations in the country, since more than 200 villages joined the network. As a result, Cyprus is now ranked among the top European countries in terms of services, far exceeding the EU average percentage, while last year it was second to last in the same list. MTN Cyprus is one of the largest telecommunications WYV]PKLYZ PU *`WY\Z VMMLYPUN PU[LNYH[LK TVIPSL Ă&#x201E;_LK IYVHKIHUK ZLY]PJLZ and subscriber TV. It is a member of the MTN Group, a multinational telecommunications group, operating in 22 countries in Europe, Africa and Asia, connecting more than 237 million subscribers.

www.goldnews.com.cy | GOLD | 9

SPECIAL PROMOTIONAL FEATURE

A close up view of the Offshore Sailing Boats Race

FINISHING STRONG: AGONAS ELEFTHERIA IS A RESOUNDING SUCCESS

SAILING IN SOLIDARITY, PARTICIPANTS AND ATTENDEES OF THE FHG-SPONSORED AGONAS ELEFTHERIA CHARITY SAILING RACE ARE CELEBRATING THE CULMINATION OF ANOTHER SUCCESSFUL EVENT.

T

he 6th edition of the now annual Agonas Eleftheria Sailing Race (AESR) culminated on October 1, 2017 to rave reviews, deemed by both participants and attendees alike as a resounding success.

The two-day event – organised by the Limassol Nautical Club, and sponsored by Fameline Holding Group (FHG) – took place over the weekend commencing September 30 and comprised a bounty of activities, tasked with encouraging young athletes to hone their skills and aspire to constant betterment, and inspiring a sense of pride in belonging to the sailing community.

The proceeds from this year’s AESR have already been donated to FHG’s Hand in Hand (Heri me Heri ) Foundation, thus enriching the race’s already humanitarian identity.

Established by FHG – a multifarious conglomerate headquartered in Limassol and composed VM ZVTL JVTWHUPLZ JOPLÅ` HJ[P]L HJYVZZ the maritime, industrial, and oil & gas sectors –

Enthusiastic OneNovation-Exelia yacht crew, few minutes prior of boarding

Imam Baildi on Stage

The welcome speech of Mr. Marios Demetriades, Minister of Transport, to the opening ceremony of the Sailing Race Agonas “Elefhteria” 2017

Opening ceremony - Torch Relay by young athletes

Offshore Sailing boats race

Broken Radio Band on stage

the Foundation aspires to support families with children under the age of 18, that are experiencPUN ÄUHUJPHS KPMÄJ\S[PLZ or suffering from health issues.

Some 70 young athletes came together to participate in this year’s B’ Optimist and B’ Laser boat races, along with more than 24 yachts that raced head to head in the offshore sailing race. The Catamaran escort tour for those wishing to stay up-close to the action proved hugely popular, with 150 friends and associates taking to the sea to witness the regatta unfold.

Meanwhile, the evening cocktail reception, hosted at the Evagoras Lanitis Centre – Carob Mill, and live concert featuring Greek bands Imam Baildi, and Broken

Radio, were met with great praise and excitement. In addition to the crème de la crème of the island’s shipping and maritime community congregating in support of the AESR, an esteemed cohort of senior NV]LYUTLU[ VMÄJPHSZ HSZV attended the evening’s festivities, lending further gravitas to an already revered event.

Sharing his thoughts, FHG founder and managing partner, Mr. Adamos Seraphides explained how, “Once again, the AESR has served as a unifying event in the island’s sailing community.

The proceeds raised will be hugely helpful to the Hand in Hand (Heri me Heri) Foundation’s efforts, but even more bountiful on a long-term basis is the opportunity that the AESR has created to teach our youth about

the strength found in ZVSPKHYP[` HUK [OL ILULÄ[ and power of coming together for a common cause. This,” Mr. Seraphides concluded, “is priceless.”

Without the time and help of the event’s cosponsors and supporters, the AESR could not have materialise, and a heartfelt ‘thank you’ is extended to: Cathelco, Bunkernet, MIE Group, SKF Marine, Soteco Group-Comtech, Turbo Belgium, SBS, VTE, Scanjet, Denjet, MBS Cargo, ARK Marine Services, Southern African Shipyard, BLRT Group, Santierul Naval Constanta, W.Smith BV, Crosscomar Ship Repair, Exxon Mobil, Inmarsat, WSK, Intellian, One Net, One Tech, Medpool, One Novation, Exelia Technologies, Marcas, eSafe Solutions, and Moore Stephens.

Junior Athletes in action

Offshore Sailing Boats Race in action

MY WAY

Antonis Skoullos

Country Leader Oracle Cyprus Technology Leader Cyprus & Malta

THE ABILITY TO LISTEN CAREFULLY AND RAPIDLY ADAPT TO MARKET CHANGES AND CHALLENGES IS ONE OF THE QUALITIES THAT HAS HELPED HIM THROUGHOUT HIS CAREER, THE GREATEST ACHIEVEMENT OF WHICH HAS BEEN THE ESTABLISHMENT OF ORACLE CYPRUS AND ITS ă =)%67 OF SUCCESS. HIS MANAGEMENT STYLE IS, IN HIS WORDS, ENGAGING AND PARTICIPATORY, AND HE ADMIRES AND RESPECTS PROFESSIONALS WHO MAKE SERVICE THEIR MAIN AIM AND OBJECTIVE.

“I

would describe my management style as engaging and participatory.

I am close to my team and I provide guidance and coaching at all stages, without replacing them or undertaking the tasks and duties that they have committed to deliver.”

“M

y professional experience with great multinational organisations, characterized by a mix of cultures, behaviours and management models, is what has influenced my leadership style the most.”

“I

admire and respect all those professionals who make Service their main aim and objective. Everyone who does this will automatically be rewarded by the market’s dynamics and mechanisms.”

“B

y developing and maintaining a quality relationship with my adult sons and my wife, enjoying music (we all play various musical instruments), art and open-ended discussions on current affairs, I think I have achieved a healthy balance between life at work and at home.”

“M

y relaxation comes from being involved and engaged in social activities that promote multiculturalism, altruism and peaceful coexistence in Cyprus.”

Antonis Skoullos joined Oracle in 2005 as Territory Sales Manager and, in 2007 assumed the posiconsider my greatest professional achievement to be the establishmentt tion of the Managing Director of of Oracle Cyprus and its 15 years of success as the leading provider of Oracle Cyprus. Today he is Country enterprise Information Technology solutions, which serve the most Leader of Oracle Cyprus and has been vital national organisations.”

Technology Leader for Cyprus and Malta since 2014. He holds an M.Sc he ability to listen carefully and rapidly adapt to market changes and chalin Marketing and Management lenges, while remaining up to date and proactively planning for the next step,, Information Systems and a B.Sc is one of the qualities that has helped me throughout the course of my career.”” in Economics and Business Administration. y favourite pastimes include maintaining a house in my village and trying ng to keep Cyprus’ local traditions alive. I enjoy exploring, discovering and writing about ut the cultural treasures of my village, such as the ancient spoken Aramaic language of Kormakitis.” makitis.”

“I “T

“T

he biggest/most frequent mistake that managers make is that they forget to practice what they preach and teach.”

“M

12 | GOLD | The Business Magazine of Cyprus