ISSUE 20 november 2012 PRICE €6.95
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the international investment, finance & professional services magazine of cyprus
Gold ISSUE 20 november 2012
CIPA International Investment
Awards
Celebrating foreign investment in Cyprus
+ GEOFF BARNES, MICHAEL IZZA, PETER TWIGG NORDIC COOPERATION
That’s What Friends Are For
INTERVIEWS
Luis Miguel Beleza Olivier Jankovec Kishore Rajvanshy
ENTREPRENEURSHIP
New Ecosystem Study for Cyprus
Plus:
MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION
10 EDITORIAL 12 up front 18 FIVE MINUTES WITH…
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issue 20 november 2012
54 CIPA 20 International
keeping the
Recognising foreign companies that have contributed to the Cyprus economy
Investment
Financial services professionals and foreign investors remain positive about Cyprus
Awards
Grasping the Opportunity to Drive Jobs and GrowthProfessional services in Cyprus 34
+ opinion Don’t Take Things For Granted by Markos Kyprianou 40 The End of the Innocence by Andrew Demetriou 42 The Multiplier Effect by Constantinos Charalambous 56 Don’t cut the muscle, cut the fat instead By Andrie Neocleous 66
Celebrating foreign investment in Cyprus
The Greatest Destination in the Universe by Peter Economides 90
52 | Green Oil
52
A clean and ethical way of powering the world.
54 | Much Ado About Nothing? The experts say that Cyprus has achieved the correct balance between bank confidentiality and the authorities’ need to combat crime.
58 | Welcome to Airport City Olivier Jankovec, Director-General of ACI Europe, on the changing face of Europe’s airports.
62 | New Man at the Helm
44 FEATURE
Andreas Demetriou is the new Managing Partner of Ernst & Young Cyprus.
22 | Legal Aid to the Economy of Cyprus
36 | The Future is Not What it used to Be
Four leading lawyers explain how new and proposed legislation will enhance Cyprus’ reputation as an international professional services centre.
Peter Twigg doesn’t have a crystal ball but he thinks he knows a great deal about things to come.
28 | Where’s the Dilemma?
44 | That’s What Friends Are For
The Ambassadors to Cyprus of three Nordic Interview with Dr. Luis Miguel Beleza, former nations discuss cooperation, the global Minister of Finance and Governor of the financial crisis and the future of the euro. Central Bank of Portugal.
32 | Ten Not Four
48 | Climbing to the Top
A new study makes the case that nurturing the Geoff Barnes, CEO and President of Baker entrepreneurial ecosystem in Cyprus will also Tilly International, on the problems facing the foster organic growth in the next two to five accounting profession and more. years and beyond. 8 Gold the international investment, finance & professional services magazine of cyprus
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{money} {business} {economy} {tax&legal} {lifestyle}
{November 2012}
issue
20
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Ship Financing S.O.S.
68
{money}
68 Onwards and Upwards Can anything stop the price of gold from rising further?
72
{business}
72 Master of the Fleet Kishore Rajvanshy, Managing Director of Fleet Management Ltd., on the problems facing the global shipping industry. 74 Ship Financing S.O.S. While the demand for ship finance is strong, banks are no longer willing to issue loans.
+ BOok review
76
MONEY: The Clash of the Cultures: Investment vs. Speculation By John C. Bogle
{economy}
76 Impact investing An emerging asset class.
70
BUSINESS: The Future of Private Equity: Beyond the Mega Buyout By Mark Bishop 75
79 PwC Global Revenues Rise to US$31.5 billion Revenue growth in Europe despite economic uncertainty
ECONOMY: The Price of Civilization: Economics and Ethics After the Fall By Jeffrey Sachs
80 Slipping and Sliding Cyprus falls 11 places in the Global Competitiveness Index
LIFESTYLE: Sweet Tooth By Ian McEwan
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84
{tax&legal}
82 New fast track procedure for granting immigration permits By Boris Lazic
83 Registering Intellectual Property Rights in Cyprus New tax incentives were recently introduced to attract the registration of Intellectual Property (IP) rights in Cyprus.
81
87
{lifestyle}
84 An Epic Odyssey Investing in books. 88 Liquid Thinking comes to Cyprus Damian Hughes comes to Cyprus.
the international investment, finance & professional services of cyprus
Gold 67