Gold Magazine Issue 73, April-May 2017 p1-12

ISSUE 73 APRIL 15, 2017 PRICE €2.00

The FinTech Revolution Is Here!

5 291295 000577

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How financial dealings in Cyprus are changing

INTERVIEWS

BANKING

COMPETITIVENESS

PLUS

Jean-Eric Paquet Philippos Manaris Janez Potocnik

Maurice Sehnaoui on Cyprus and AstroBank

Why Cyprus is still not recognised as D ÀQDQFH FHQWUH

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ISSUE 73 APRIL 15, 2017 PRICE €2.00

ISSUE 73 APRIL 15, 2017

B U S I N E S S

: The FinTech Revolution Is Here!

By Voula Loizou

COVER

STORY

30 | GOLD | The Business Magazine of Cyprus

(B2C), customer-to-customer (C2C) and provider-oriented business-to-business (B2B) approaches. FinTech solutions therefore differ according to the providers and the type of interaction, as well as the banking and insurance processes they support.

In Cyprus, the new digital era offers new opportunities for financial institutions. Cost reductions due to the automation of existing business processes and reduction in transactional costs, as well as opportunities to create new revenue streams by offering entirely new products and services, will lead to improved efficiency, minimize errors and, most importantly, contribute to higher profit margins and growth. FinTech also enables financial institutions to create a customer-driven environment and enhance customer satisfaction, while meeting increasingly demanding consumer expectations. It increases brand awareness and FinTech-driven institutions can improve their brand positioning by differentiating themselves from the competition. By using FinTech technologies, clients can connect with a product more easily, efficiently and cheaply, and this enables institutions to build customer relations and improve communication with their client base.

GOLD spoke to representatives of FinTech users in three sectors: banking, insurance and non-banking financial institutions.

Banks in Cyprus have started to adopt a number of innovative technological initiatives and to focus on the interaction between customers and banks or among customers only. Among the examples are Cloud based technologies, real life solutions, process automation, personalized services, omni-channel technologies, advanced data analytics and business intelligence, credit scoring engines, electronic signatures and even Artificial Intelligence.

For the banking industry the most important sector of the emerging FinTech market is financing, followed by payment, cross-processes, and investments.

On the other hand, FinTech solutions for the insurance industry cover insurance-related processes including client advice, life and non-life insurance, claims and risk management as well as cross-processes. Important areas are the use of Big Data analysis to offer more personalized premiums and automated policy management. In contrast to banking, most of the solutions in the insurance industry focus on B2C while C2C services are rare.

Furthermore, other non-banking institutions such as Forex companies, start-up companies and large IT companies often concentrate on single activities, and a single provider typically does not cover all banking processes.

C2C interaction models provide direct interaction among customers. In addition to the B2C and C2C interaction models, these institutions provide B2B Fintech services which focus on cooperation among banks and non-banks. Among the examples of these B2B services are digital client advice (advice), personal finance management (payments), digital identity or stock analysis and prediction (investments).

The FinTech revolution, which has been globally under way for some time, has finally arrived in Cyprus and it promises not only to make finance more secure for financial institutions but also better for their customers.

At present, it may be that no FinTech product comes close to matching the convenience and security of a current account in a bank but if FinTech platforms were ever to become the main sources of capital for households and firms, the established industry would be transformed and made safer. Financial institutions can only gain from this innovation.

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hat is popularly known as FinTech (short for Financial Technology) is closely linked to the concept of financial innovation, which can be defined as an act of creating and then popularizing new financial instruments as well as new financial technologies, institutions and markets. FinTech encompasses innovative financial solutions enabled by IT and is often used by start-up companies that deliver those solutions, although it is becoming increasingly popular among incumbent financial services providers, such as banks and insurance companies.

Digitization has already had a strong impact on the financial services industry, in part because financial products are almost exclusively based on information.

Examples are payment transactions or credit contracts which, in most cases, do not include any physical components. Another reason is that many processes are almost entirely implemented without any physical interaction, such as online payments or stock trading.

The evolution of the financial services sector due to developments in information technology (IT) and to the ongoing process of digitization is not only leading to a fundamental reorganisation of the financial services value chain with new business models and new actors entering the market; it is also changing consumer behaviour. FinTech is changing the way we pay, transact, invest, borrow or get insured and it has justifiably been described as a revolution, given the way it is affecting how people manage their financial affairs. In essence, FinTech has shifted the business focus from intra-organisational solutions to customer-oriented business-to-customer

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| COVER STORY |

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www.goldnews.com.cy | GOLD | 31

6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

11 | MY WAY

Demetris Taxitarisâ&#x20AC;&#x2122; management style.

12 | FIVE MINUTES WITHâ&#x20AC;Ś Philippos Manaris

14 | THEY SAID WHAT?

Some of the more striking remarks made by and about Cypriots over the past month.

FEATURES 18 | Less Perceived Corruption and

SPECIAL PROMOTIONAL FEATURE 61 | FinTech & Technological Innovation

21 | Welcome to the Era of Open

Seventeen leading companies present their FinTech services.

Secrecy Cyprus still needs to work on its reputation if it is to be considered a Ă&#x201E;UHUJL JLU[YL ZH`Z 4HYR @LHUKSL VM [OL Global Financial Centres Index (GFCI).

Banking Natasha Kyprianides on the importance of Application Programming Interfaces to banking.

22 | A Star is Born

Maurice Sehnaoui explains why he wanted to acquire Piraeus Bank Cyprus and reveals the inspiration behind its new name.

32

94 9

24 | The London Property Outlook

After Brexit Photos from last monthâ&#x20AC;&#x2122;s event organised by the Consulco Group.

25 | Three Recent Tax Developments

By Tonia Antoniou

28 | Sustainable Development is the

30

Key to Prosperity 0U[LY]PL^ ^P[O 1HULa 7V[VJUPR ,\YVWLHU Commissioner for the Environment (2009-2014) and European Commissioner for Science and Research (2004-2009).

22

114 114

30 | MiFID II Is on the Horizon

4HYPH ([OPLUP[V\ +PYLJ[VY Âś *VUZ\S[PUN H[ 7^* *`WY\Z L_WSHPUZ ^OH[ P[ ^PSS TLHU MVY Cyprus.

32 | Wealth Management and Private

Banking in Cyprus Charis Kynigou, Head of Private Banking at (Z[YV)HUR VU OV^ [OL ZLJ[VY OHZ JOHUNLK and what Cyprus could do to raise its WYVĂ&#x201E;SL HTVUN /PNO 5L[ >VY[O 0UKP]PK\HSZ

94 | Ensuring Compliance through

Technology 0U[LY]PL^ ^P[O (U[OVU` *HYL` +PYLJ[VY EMEA Channels at LexisNexis Risk Solutions.

4 | GOLD | The Business Magazine of Cyprus

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1LHU ,YPJ 7HX\L[ +LW\[` :LJYL[HY` .LULYHS VM [OL ,\YVWLHU *VTTPZZPVU VU Cyprus and its emergence from the 2013 Ă&#x201E;UHUJPHS HUK IHURPUN JYPZPZ

103 | BUSINESS ESS CLASS Joanna Kasoulidou 106| TIME OFF Keep On Running.

99 | BOOKSHELF

108 | LUNCH WITH GOLD Christis Christoforou

100 | IN GOOD COMPANY /V^ 7HĂ&#x201E;SPH LUJV\YHNLZ [LHT^VYR I` creating a family-type atmosphere in which all members of staff are helped on their personal and professional journey.

112 | WHATâ&#x20AC;&#x2122;S ON GOLDâ&#x20AC;&#x2122;s guide to the best cultural events of the coming month.

Six of the latest business titles.

114 | A DAY IN THE LIFE Christos Michael

| EDITORIAL |

Digital Disruption

ISSUE 73 APRIL 15, 2017 PRICE â&#x201A;Ź2.00

The FinTech Revolution Is Here!

5 291295 000577

00001 >

How financial dealings in Cyprus are changing

INTERVIEWS

BANKING

COMPETITIVENESS

PLUS

Jean-Eric Paquet Philippos Manaris Janez Potocnik

Maurice Sehnaoui on Cyprus and AstroBank

Why Cyprus is still not recognised as D Ă&#x20AC;QDQFH FHQWUH

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PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

â&#x20AC;&#x153;Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will.â&#x20AC;?

T

MEDIA MANAGER

Antonis Antoniou EDITOR-IN-CHIEF

John Vickers

DAVID BREAR

wenty years ago, who would have believed that, one day, people would do their banking via their home computer, settle their bills using a mobile phone, do much of their shopping online and remotely operate devices in their home? Even the most imaginative sci-fi movies and books never envisioned the ubiquitous nature of 21st century technology but here we are, in many instances unable to live or function without it. Financial Technology (FinTech) in particular is developing at an astonishing pace and is being adopted around the world as traditional financial institutions seek to avoid being left behind by the smart young upstarts that can offer many of their services at lower cost and with greater convenience.

For this issueâ&#x20AC;&#x2122;s cover story, we sought the views of experts in three key areas of the financial services sector: banks, insurance companies and non-banking firms such as Forex brokers. As you will see, all are agreed on the need to invest in technology and not simply for the sake of keeping up with todayâ&#x20AC;&#x2122;s trends: the emphasis is clearly on using it in order to provide a better service for clients and customers. It would appear that our inbuilt desire for personal service is ultimately going to be satisfied by Artificial Intelligence, algorithms and computers rather than by people as more and more of us go online in order to conduct our business. In another interview-filled issue of GOLD, we speak to a former European Commissioner, Janez Potocnik, (page 28) and the current Deputy Secretary General of the European Commission, Jean-Eric Paquet (page 96), to people involved in banking, such as Maurice Sehnaoui of AstroBank (page 22) and Charis Kynigou, the same bankâ&#x20AC;&#x2122;s Head of Private Banking (page 32), to the co-founder of the Global Finance Centres Index, Mark Yeandle (page 18) and Anthony Carey of LexisNexis Risk Solutions (page 94). Furthermore, you can find out about the management style of MAP S.Platis General manager Demetris Taxitaris (page 11), the travel preferences of the PR Director at PR Partners, Joanna Kasoulidou (page 103), how the CEO of Action Global Communications, Chris Christodoulou, spends his free time (page 104) and the views of Deloitte Cyprus CEO Christis Christoforou on the econoJohn Vickers, my, politics and football (page 108). Add to all this our usual regular features and you have plenty of Easter reading. Enjoy the break and Chief Editor see you in May! john@imhbusiness.com

6 | GOLD | The Business Magazine of Cyprus

Daphne Roditou Tang

JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Tonia Antoniou, Maria Athienitou ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras 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

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BUSINESS BRIEFING IN THE NEWS

AWARDS

BAKER TILLY

Baker Tilly in South East Europe was awarded the Government’s “Special Export Services Award for 2015” at a ceremony at the Presidential Palace in Nicosia. CEO Marios A. Klitou described the award as “Recognition of the quality of our services, as well as the dynamism that our people are demonstrating for achieving excellent results in our efforts to promote our services and of our country as an international business centre.”

No BoC loans to Trump campaign, says Ross Former Bank of Cyprus (BoC) and current US Commerce Secretary Wilbur Ross said on April 2 that, to the best of his knowledge, during his tenure at the bank from 2014 until earlier this `LHY )V* OHK UV[ WYV]PKLK HU` SVHUZ LP[OLY KPYLJ[S` VY [OYV\NO HUV[OLY ÄUHUJPHS PUZ[P[\[PVU to Donald Trump’s election campaign. Ross, who gave up his seat on the bank’s Board in February when he was appointed by US President Donald Trump, was asked if there was a possible connection between BoC and the Trump campaign. He said: “Certainly not to my knowledge”. Asked about alleged links between BoC and any individuals or entities placed \UKLY <: ÄUHUJPHS ZHUJ[PVUZ OL [VSK *55 ¸0 JHU [LSS `V\ UV SVHU [OH[ 0 HWWYV]LK RUV^PUNS` was to a person on sanction.”

EDUCATIO N

University of Cyprus ranked 52nd in World’s Top 150

T

he University of Cyprus has been ranked 52nd in the annual list of the top 150 universities in the world that are less than 50 years old, published by the Times Higher Education Supplement. The university, which was founded 25 years ago, has climbed three places since last year. “As a young institution, the University of Cyprus is developing a reputation for solid research, and its academics are already world-renowned in certain fields. In 2010, for example, one of its professors, Christopher Pissarides was awarded the Nobel Memorial Prize in Economic Sciences, for his analysis of markets with search frictions,” the Times Higher Education Supplement said.

8 | GOLD | The Business Magazine of Cyprus

MILESTO NES

GCC COMPUTERS CELEBRATES 30TH ANNIVERSARY

GCC Computers, the leading IT solutions provider, is celebrating its 30th anniversary this year. CEO George Constantinou said, “It is amazing to think about how far computing has come since 1987 and we can all be proud of the role GCC has played and wants to continue playing in the technology sector.” Over the last 30 years, GCC has developed its business lines through long-lasting partnerships with major international vendors, including Hewlett Packard Enterprise, Juniper Networks Inc., Fortinet Inc, Akamai Technologies and Microsoft. GCC has become a key supplier of ICT solutions in the sectors of Telecommunications, Public/Government, Banking/Finance and SMEs.

BOOKYOURWEDDINGDAY.COM

The innovative Cyprus-based online platform for civil wedding bookings in Greece *`WY\Z JHTL ÄYZ[ PU [OL )LZ[ 5L^ )\ZPness & Services category at the Papastratos Start-Up/Scale-Up Greece Awards 2017.

The founder and CEO of the company, Maria Evripides, said: “We feel proud and thankful for all that we have accomplished until now. It gives us an incentive to further contribute to the economic growth of wedding tourism in Cyprus & Greece”.

DR. OLGA KANDINSKAIA

The assistant professor of Financial Studies and Head of the Master’s Programme in Management at the Cyprus International Institute of Management, was named “Outstanding New Case Writer” in the prestigious annual competition organised by the International Center of Business Case Writing. Dr. Kandinskaia’s study was entitled “Engino Toys: Staying in China or Moving to Europe?” It is [OL ÄYZ[ [PTL [OH[ [OL H^HYK OHZ NVUL [V H Cyprus-based school.

QATAR AIRWAYS Qatar Airways was named ‘Airline of the Year’ at last month’s 2017 Air Transport News Awards, in recognition of its innovation, service, hospitality and leading product design. Group Chief Executive, Akbar Al Baker, said: “We are deeply honoured to have been recognised by the readers of Air Transport News as the 2017 Airline of the Year. We take immense pride in driving our airline to be the best in the industry.”

SHIPPING

BANKING

Hourican to stay at BOC until end of 2018

B

ank of Cyprus has extended the appointment of John 7H[YPJR /V\YPJHU HZ .YV\W *OPLM ,_LJ\[P]L 6MĂ&#x201E;JLY [V December 2018. At a meeting last month, the Board of Directors thanked Hourican for his valuable contribution to the Group over the past three years and wished him every success in his new term.

Columbia and Marlow to merge

AstroBank: the New Name of Piraeus Bank Cyprus

A

stroBank (formerly Piraeus Bank Cyprus) unveiled its new name and brand identity at an event on March 29.

Piraeus Bank Cyprus was acquired last December by a group of international investors led by prominent Lebanese Banker and former Energy Minister, Maurice Sehnaoui. Piraeus Bank Group has a 17.6% share in the new bank.

A

proposed merger of Columbia Shipmanagement (CSM) and Marlow Navigation will create one of the worldâ&#x20AC;&#x2122;s largest shipmanagement companies, said Mark Oâ&#x20AC;&#x2122;Neil, the proposed CEO, at last monthâ&#x20AC;&#x2122;s Global Maritime Summit in Turkey. Due diligence for the deal between the two German-origin companies based out of Cyprus is now complete, he said, regulatory approval from anti-competition authorities in the countries where the two have important presences â&#x20AC;&#x201C; Cyprus and Germany â&#x20AC;&#x201C; is now awaited, with a green light possible as early as June. The new entity, called Columbia-Marlow, will be involved in the management of over 1,500 vessels.

N LATIO REGU

CySEC bares its teeth

C

ySEC Chairwoman Demetra Kalogerou had a meeting with senior executives of every Cyprus-based retail Forex firm and Binary Options brand on April 4, at which, according to FinanceFeeds, she took a stern approach towards the industry, expressing her views on particular aspects of its product range and the sales tactics used in its distribution, which she described as â&#x20AC;&#x153;very toxicâ&#x20AC;?.

Kalogerou told the meeting that CySEC is planning to implement a very stringent supervision plan, following a sharp increase in complaints from retail investors and from third countries against Cyprus based companies. â&#x20AC;&#x153;This increases the concerns as to whether certain products should be allowed to be offered to retail investors at all,â&#x20AC;? she said, adding that 10 out of 27 EU regulators are already taking measures against retail electronic trading in products that are not considered appropriate for retail investors. In its report FinanceFeeds noted that â&#x20AC;&#x153;This is the absolute first time that we have seen CySEC rear its head in this fashion, which could represent a turning point for the retail business in Cyprusâ&#x20AC;?.

EBRD ready to participate in Cyta privatisation

T

he European Bank of Reconstruction and Development (EBRD) is ready to take part in the privatisation of the Cyprus ;LSLJVTT\UPJH[PVUZ (\[OVYP[` *`[H HU ,)9+ VMĂ&#x201E;JPHS ZHPK this month. The EBRD began operations in Cyprus in 2014 and, from the outset, placed privatisations among its key targets. The Government hopes to attract a strategic partner/investor.

ELIAS NEOCLEOUS & CO LLC IS EXCLUSIVE CYPRUS CONTRIBUTOR TO DATAGUIDANCE

E

lias Neocleous & Co LLC has been chosen as the exclusive contributor for Cyprus to the Dataguidance platform, with a range of Privacy Notes on Cyprus law matters, including data transfers, CCTV, e-mail marketing and many more, which are updated on a regular basis and available online to registered users of the platform.

DataGuidance is the essential privacy intelligence platform, created for and used by privacy professionals worldwide, sup-

LEGAL

ported by more than 250 leading privacy experts and in-house Privacy Analysts worldwide.

Dataguidance users have access to comprehensive, consistent and up-todate information on core topics relating to data protection and privacy law in a number of jurisdictions.

The choice of Elias Neocleous & Co LLC as contributor to the platform is an acknowledgment and recognition of the Ă&#x201E;YTÂťZ WVZP[PVU HZ [OL SLHKPUN SH^ Ă&#x201E;YT PU *`WY\Z PU [OL Ă&#x201E;LSK VM KH[H WYV[LJ[PVU HUK privacy law.

66,560

THE TOTAL NUMBER OF EMPLOYEES IN THE BROADER PUBLIC SECTOR IN CYPRUS DURING THE 4TH QUARTER OF 2016. THE NUMBER *(5 ), )962,5 +6>5 05;6 7,673, 05 .6=,954,5; IN NON-PROFIT ORGANISATIONS, 4,254 IN LOCAL AUTHORITIES AND 6,001 IN PUBLICLY OWNED ENTERPRISES AND COMPANIES. www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

ENERGY

TOURISM

PAPHOS VOTED CHEAPEST HOLIDAY DESTINATION IN EUROPE

CYPRUS SIGNS BLOCK 10 CONTRACT WITH EXXONMOBIL AND QATAR PETROLEUM

CYPRUS, GREECE, ISRAEL AND ITALY SIGN EASTMED PIPELINE DECLARATION

n April 5, the Government and the ExxonMobil/ Qatar Petroleum consortium signed the exploration and production sharing contracts for Block 10 of Cyprus’ Exclusive Economic Zone (EEZ). In his remarks at the signing ceremony, Energy Minister Yiorgos Lakkotrypis reMLYYLK [V [OL Z[YH[LNPJ ZPNUPÄJHUJL VM ExxonMobil’s and Qatar Petroleum’s presence in the EEZ of Cyprus and the Eastern Mediterranean region, describing it as “immense, especialS` ^OLU JVUZPKLYPUN [OLPY ÄUHUJPHS depth and calibre of expertise in the ÄLSK VM O`KYVJHYIVUZ HUK 35. ¹

t a meeting in Tel Aviv in the presence of EU Commissioner for Climate Action & Energy Miguel Arias Cañete, the Energy Ministers of Cyprus, Greece, Israel and Italy signed a Joint Declaration on the EastMed Pipeline Project, acknowledging that the recent gas discoveries in the Eastern Mediterranean, together with the potential for additional substantial discoveries, could transform the YLNPVU PU[V H ZPNUPÄJHU[ NHZ L_WVY[LY to global gas markets. They support the establishment of the Eastern Mediterranean as another corridor for Europe’s gas supplies.

O

Paphos has been named the cheapest place to spend H ^LLRLUK ¶ JVZ[PUN VU H]LYHNL Q\Z[ ;OH[ [Vtal includes 12 typical city-break costs including an evening meal for two with wine, drinks, two nights’ weekend accommodation, sightseeing and city transport. Paphos narrowly beat the Lithuanian capital, =PSUP\Z [V [HRL [VW ZWV[ PU [OL HUU\HS 7VZ[ 6MÄJL ;YH]LS Money City Costs Barometer. Andrew Brown of Post 6MÄJL ;YH]LS 4VUL` ZHPK ¸;OPZ PZ [OL ÄYZ[ [PTL [OH[ Western capitals have provided the low prices usually associated with Eastern European cities.”

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THAILAND, CYPRUS AND TURKEY MOST POPULAR DESTINATIONS FOR RUSSIAN TOURISTS

Thailand was the most popular destination among tourists from Russia in 2016. Some 866,600 tourists travelled to the country, 28% more than in the previous year, according to the Association of Russian Tour Operators (ATOR). Cyprus, which was visited by 812,700 Russian tourists, ranked second, with tourism up by 48% compared to 2015. Turkey came third, with 797,000 Russians visitors, though this represented a O\NL MHSS VM VU [OL ÄN\YL MVY [OL WYL]PV\Z `LHY Spain came 4th in the survey and Greece 5th.

AVIATION TUS Airways

Blue Air

Cobalt

Jet2.com

TUS Airways has announced its plans to start KPYLJ[ ÅPNO[Z [V HUK MYVT Israel in the summer. It will have four to six weekly ÅPNO[Z [V /HPMH HUK [^V [V MV\Y ÅPNO[Z [V ;LS (]P] ;OL airline also plans to add Athens to its destinations in the next few months.

Blue Air has added another UK destination to its schedules from Cyprus. On March 26, the HPYSPUL PUH\N\YH[LK P[Z ÄYZ[ ÅPNO[ to Birmingham, and by June 15 P[ ^PSS IL Å`PUN [V H [V[HS VM LPNO[ destinations. These are Athens, Thessaloniki, London Luton, Bucharest, Birmingham, ClujNapoca, Tel Aviv and Liverpool.

Cobalt has announced the addi[PVU VM H ÄM[O HPYJYHM[ [V P[Z YHWPKS` L_WHUKPUN ÅLL[ ;OL UL^ ( ^PSS Z[HY[ ÅPNO[Z ZOVY[S` PU order to satisfy the increasing demand for seats to and from Cyprus. CEO Andrew Madar said that it is the second Cobalt aircraft under lease from China’s ICBC Leasing.

1L[ JVT OHZ ILN\U ÅPNO[Z MYVT Birmingham Airport and London Stansted to Paphos and plans to operate the two routes all year round, offering a total of 40,000 ZLH[Z 1L[ JVT UV^ ÅPLZ IL[^LLU Paphos and eight UK airports throughout the year, adding another option for low fares between Cyprus and the UK.

10 | GOLD | The Business Magazine of Cyprus