ISSUE 19 OCTOBER 2012 PRICE €6.95 POWERED BY:
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
KEEPING THE
FAITH Financial Services Professionals and Foreign Investors remain positive about Cyprus + EVAN GAVAS, YANNIS MATSIS, DAVID WESSEL BANKING UNION Reform or Redecorating?
INTERVIEWS
DEMETRIS NICOLAOU CHARIS PAPACHARALAMBOUS JULIA PAPAGEORGIOU
RICE TO RICHES Investing in Agriculture
PLUS:
MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE
issue 19 october 2012
10 EDITORIAL 12 UP FRONT 18 FIVE MINUTES WITH…
KEEPING THE
FAITH
Financial services professionals and foreign investors remain positive about Cyprus GRASPING THE OPPORTUNITY TO DRIVE JOBS AND GROWTHPROFESSIONAL SERVICES IN CYPRUS 34
46
SUSTAINABLE TOURISM by Petros Mavros
48
TUITION FEE WARS by Constantinos Charalambous 58 ARE THE GREEKS EUROPEANS? by Peter Economides 90
54
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36 | REFORM OR REDECORATING?
54 | THINGS CAN ONLY GET BETTER
The basics of a Europe-wide Banking Union have yet to be ironed out
The outgoing President of the CFA Society of Cyprus is optimistic about the future of Cyprus and the financial services sector
40 | PROMOTING CYPRUS AS AN INVESTMENT DESTINATION Interview with Charis Papacharalambous, Director-General of the Cyprus Investment Promotion Agency (CIPA)
50 | COMPETING JURISDICTIONS
LEARNING FROM OTHERS by Andreas Neocleous
68
22
FEATURE
+ OPINION
60 | KNOCKING ON EVAN’S DOOR Interview with Evan Gavas, Country Manager of Barclays in Cyprus
64 | MAKING A DIFFERENCE
There is a growing demand for recognised Financial Services Industry: Is Cyprus Trailing professional qualifications in PR and its European Peer Group? Communication 8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
68 72 78 81 86
{money} {business} {economy} {tax&legal} {lifestyle}
{October 2012}
84 68
ISSUE
{money}
68 The Name is Bond… Understanding Debt Instruments 70 Rice to Riches If you choose to invest in the Agricultural sector you won’t be alone
72
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Positioned for growth
{business}
72 Management and Decision-Making in Times of Economic Instability By Andrey Dashin 74 The Online Route to Marketing Success More and more companies are using the Internet to generate sales, publicity and custom
77 Employee productivity levels sink to new lows Stagnant job market is to blame, says PwC
78
{economy}
+ BOOK REVIEW BUSINESS: Dark Art: The Changing Face of Public Relations By Tim Burt 74 ECONOMY: Pocket World in Figures 2013 By The Economist 81
78 From Compliance to Competitive Edge PwC’s Risk Assurance Consulting Services
81
{tax&legal}
81 ADIT: A Global Standard in International Taxation By Stacey Fink 82 Benefits of the Protocol Amendments to the Cyprus-Russia Double Tax Treaty promise to help investors
84 Positioned for growth Russia investment attractiveness: a step forward
86
{lifestyle}
86 Good Vibrations Investing in musical instruments
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES OF CYPRUS
Gold 67