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Issue 34 January 14 - February 13, 2014

6 EDITORIAL 8 UP FRONT 14 FIVE MINUTES WITH…

INVESTMENT

GUIDE 2014 WHERE

TO PUT YOUR MONEY

TO GAIN A CLEARER PICTURE OF WHAT 2014 HOLDS FOR INVESTORS FROM A CYPRUS-BASED STANDPOINT, WE INVITED FOUR FINANCIAL EXPERTS TO SHARE THEIR KNOWLEDGE AND ADVICE WITH US ON THE INVESTMENT POTENTIAL OF THE MAIN ASSET CLASSES (EQUITIES, BONDS, COMMODITIES, ALTERNATIVE INVESTMENTS AND CASH) AND MORE.

32 FEATURE

GOVERNANCE SHOULD TAKE CENTRE STAGE By Petros Florides 30 THE BITCOIN ADVENTURE By Dr. Constantinos Charalambous 35 NO EASY ROAD TO RECOVERY By George Theocharides 53 THE OUTLOOK FOR THE CYPRUS ECONOMY By Persella Ioannides 56 ALL ABOARD THE TITANIC By Savvas Savouri 64

President Centraleastern Europe of the Oracle Corporation.

54 | “ALL TOURISM IS GOOD TOURISM”

The European Parliament has issued a highly critical draft Enquiry Report on the role and operations of the Troika with regard to the euro area programme countries.

58 | WELCOME TO THE FLORIDA OF EUROPE

Marios Chiromerides, Managing Director of Connecor Investments, explains how the newly opened Nicosia-based office of this international transfer agency aspires to partner buyers and sellers alike, to mutually beneficial ends.

50 | SIMPLIFY, STANDARDIZE, AUTOMATE Oracle’s three-word key to success. Interview with Michel Clement, Vice-

32 | THE ACTION BEHIND THE TRANSACTION Serving the vast bankcard market from Cyprus, TSYS is a perfect example of a thriving international company whose strategically located operations here fuels its global success.

36 | THE FUTURE OF BANKING Chris Jones, Head of PwC’s Financial Services Practice in Europe, the Middle East and Africa, talks about the European banking sector, what happened in Cyprus and what Europe can learn from the emerging markets. 4 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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THE ROAD TOWARDS A BANKING UNION REMAINS BUMPY AND UNCERTAIN By Philippe Gudin de Vallerin 28

42 | EUROPEAN PARLIAMENT DRAFT REPORT SLAMS TROIKA

46 | CONNECTING THE DOTS

+ OPINION

S U R CY P

TUI’s Chief Executive, Peter Long, predicts more visitors to Cyprus in 2014

A new report entitled Crisis Investing in Cyprus promises to make us rich.

62 | A PROFESSIONAL JOB An article on the professional services sector as featured in the latest issue of fDi magazine.

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{money} {business} {economy} {tax&legal} {lifestyle}

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EDITORIAL

Investing in the Future

PUBLISHED BY IMH ISSN 1986 - 3543

lthough it is both tempting and easy to look back at 2013 and to blame all kinds of people in Cyprus and abroad for the problems that finally became too big to ignore or resolve without enormous sacrifices, you don’t need me to do that for you, especially two weeks into the New Year. Everyone knows what happened in March and we all have a strong suspicion that what lies ahead will be neither easy nor pleasant. However, while it may still be premature to believe that the only way is up, it is essential that we maintain a positive outlook in 2014 and believe in the country’s ability to emerge from the present difficult situation. As in previous years, we start the New Year with our annual Investment Guide (page 16) and the views of four financial experts on what those fortunate enough not to have lost their wealth and/or assets should be doing to see a good return on their investments. While most of their clients will be looking to foreign markets and studying the major share indexes, which rose impressively during 2013, some will doubtless be looking to Cyprus for a way of taking advantage of the island’s current predicament. The American authors of Crisis Investing in Cyprus (page 58) certainly believe that there is money to be made by investing in local companies and real estate at the present time. Others will take a less aggressive, longer-term view and see that Cyprus is now taking the necessary steps to restore confidence in those areas that have always proved lucrative and successful. Peter Long, the CEO of Europe’s biggest tour operator, TUI, believes that Cyprus will have more visitors this year than it did in 2013 (page 54), though he notes that various parts of the tourism sector need to consider their pricing policies. Similarly, the Cyprus Investment Promotion Agency (CIPA) has been taking its role seriously through a series of initiatives, including the funding of a broad-based Financial Times report on the country, one article of which we reproduce in this issue (page 62). Of course, trying to think positively and look to the future with optimism in no way precludes examining what went wrong and who was responsible for Cyprus’ present straitened circumstances. The European Parliament has already published a draft Enquiry Report on the role and operations of the Troika with regard to the euro area programme countries, including Cyprus, and it is highly critical (page 42). The two rapporteurs and other MEPs will be visiting the countries concerned to hear the views of officials and it is expected that a hard-hitting resolution will ultimately be passed by the Parliament. In Cyprus itself, things tend to move rather more slowly. Even when investigations are held and reports issued, they tend to be forgotten and ignored like the annual reports of the AuditorGeneral who, had she been listened to over the years, could have saved the state millions if not billions of euros. President Anastasiades has promised to act upon her recommendations. If he proves to be as committed to this as he appears to be regarding the implementation of the Memorandum of Understanding with the Troika, we shall certainly have some reason for optimism. 2014 is not going to be an easy year for anyone in Cyprus but it will be one during which progress is made on several important issues, including the first stages of the privatisation process regarding what are seen as the three most successful semi-government organisations (Cyta, the EAC and the Ports Authority). Moreover, developments in the energy sector and the lifting of banking restrictions are two issues that may be key to normalising the banking sector and the broader economy respectively. And while all the indications are that growth will not return until 2015, the public and private sectors need to have it as their goal for this year too. We are all investing in the future.

John Vickers, Chief Editor

john@imhbusiness.com

MANAGING DIRECTOR

George Michail GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Elena Leontiou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Effy Pafitis, Chloe Panayides CONTRIBUTORS TO THIS ISSUE

Wendy Atkins, Rakis Christoforou, Dr. Constantinos Charalambous, Petros Florides, Philippe Gudin de Vallerin, Persella Ioannides, Dr. Savvas Savouri, George Theocharides ART DIRECTION

Anna Theodosiou SENIOR DESIGNER

Alexia Petrou PHOTOGRAPHY

Jo Michaelides MARKETING EXECUTIVE

Kevi Chishios SALES & BUSINESS DEVELOPMENT EXECUTIVE

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Tax Facts & Figures 2014 - Cyprus

We in PwC are here to offer you the best of our knowledge and expertise. Our specialised tax solutions are adjusted to your own specific needs to support you in structuring your operations in an efficient way.

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up front

Louis Vuitton

Closes Cyprus Store

Double delivery takes Emirates A380 fleet to 44

mirates recently took delivery of its 43rd and 44th A380 aircraft with a double delivery from Airbus’ Finkenwerder facility in Hamburg, Germany. “Our customers love the A380 – from the quieter cabins and spacious layout on the main deck, to the on-board lounge and shower spas in our premium cabins. It is a beautiful aircraft which we have packed full of the best inflight comforts and products. From an operator

standpoint, the A380 is still one of the most fuel efficient aircraft per seat. It offers us some flexibility in range and also helps us to meet demand at slot-constrained airports,” said Tim Clark, President, Emirates Airline. Emirates operates the world’s largest fleet of A380s, flying one in three of these modern jets in the skies today. Emirates was the first airline to order the aircraft back in 2000, and it ordered another 50 more at the Dubai Air Show in November. In 2013, Emirates received 13

A380 aircraft and it expects to receive another 13 in 2014. The airline still has 96 more A380s worth USD 43 billion on order, of which 71 are expected to be delivered over the next five years, before the end of 2018. Emirates operates four scheduled flights weekly from Larnaca to Dubai: every Monday, Wednesday, Friday and Saturday. On these days in the morning, EK 107 arrives from Dubai while in the afternoon EK108 arrives from Malta on its flight back to Dubai.

uxury French brand Louis Vuitton’s Nicosia store closed its doors on December 31 2013, following a difficult year for sales of luxury goods in Cyprus. The dedicated boutique store, opened in 2007 on Stasicratous Street, was LV’s 372nd boutique worldwide. The move comes as Louis Vuitton, along with other major international brands, seeks to pull out of operations in countries with struggling economies to reduce the risk of a drop in turnover. LVMH (Moët Hennessy Louis Vuitton) recorded overall revenue of €13.7 billion in the first half of 2013, showing an increase of 6% compared to the same period in 2012; organic revenue growth was 8%. The Group continues to experience good momentum in the US and Asia, and continues to grow cautiously in Europe’s more difficult economic environment to visitors which draws them in.

Andreas Neocleous & Co LLC dominates

Best Lawyers’ 2014 listing

awyers from Andreas Neocleous & Co LLC dominate Best Lawyers’ 2014 listing of lawyers in Cyprus, announced on December 4, with fourteen lawyers from the firm ranked as leaders in their field, more than any other firm, holding leadership positions in all practice areas and

accounting for more than 10% of all the lawyers listed in Cyprus. Andreas Neocleous is the Best Lawyers’ 2014 Limassol Banking Law “Lawyer of the Year” and Elias Neocleous is Limassol Corporate Law “Lawyer of the Year.” Inclusion in Best Lawyers is based entirely on peer-review. The methodology is designed to

capture, as accurately as possible, the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical area and legal practice area, using a sophisticated, rigorous rational and transparent survey process. Best Lawyers has been carrying

out research on the legal profession for more than thirty years,. In 2006 Best Lawyers published its first international list (Best Lawyers in Canada) and since then has grown to provide lists in more than 65 countries worldwide. It has been covering the legal profession in Cyprus for five years.

The Marshall Islands The Marshall Islands TheCorporate Marshall Islands Registry Registry The Marshall Islands TheCorporate Marshall Islands Corporate Registry Corporate Corporate Registry Registry

Conferences

Planned By IMH t the annual IMH Christmas Breakfasts

iota Kythreotou-Theodorou, Managing Partner at Pamboridis LLC since February 2013, has been appointed a District Court Judge with effect as of December 2013. After completing her training with Watson, Farley & Williams in London (2001-2003), she worked for Efstathiou & Associates, specialising in commercial law and commercial litigation. She joined Pamboridis LLC in 2006 and was made a partner and Head of the Corporate/Commercial Department in 2008. A Member of the Law Society of England and Wales, the Cyprus Bar Association and the Nicosia Bar Association, KythreotouTheodorou obtained her BA (Hons) Jurisprudence from Oriel College, Oxford University (1996-1999) and her LLM in Private International Law from Oxford Brookes University (2000-2001). She speaks Greek, English and Spanish.

2014. He told the invited guests that the company which, among other things, publishes Gold magazine, has an extremely full schedule of activities for the coming year, including 60 conferences in Cyprus and several abroad. “Following the huge success of the recent Cyprus Economic and Investment Summit in Moscow, we shall be holding more such meetings in other key capitals in an effort to help attract foreign investment to Cyprus,” he said. In Nicosia Michail made special mention of IMH’s latest media outlet, the Gold News portal, which launched that day (13 December), and the Gold News Daily Newsletter, the first issue of which was distributed the same day. Michail concluded his address in both cities by proposing ways in which companies can promote their products and services through IMH’s conferences, exhibitions and business media which target what he called “the premium audience in Cyprus”. “It is my firm belief that no other organisation in Cyprus reaches and affects this audience better than IMH does”, Michail told the audience at both gatherings.

New App for Cyprus Basketball Fans

he Cyprus Basketball Federation (CBF), in collaboration with ZEBRA Consultants, has become the first Cypriot sports association to introduce its own mobile app. Fans of Cyprus basketball will now be able to access information regarding their favourite sport with a swipe of the finger on a smartphone

or tablet. The mobile app, which is available for free download at www.basketball.org.cy informs users on the latest Cyprus basketball news, CBF competitions, match schedules, live scoring and referee appointments. The app is available on Apple iOS and Google Android devices and works seamlessly on both mobile phones and tablets. Utilising ZEBRA Consultants’ web-based zecontent Content Management System, the mobile app is updated at the same time as the CBF website. ZEBRA Consultants specializes, amongst others, in developing applications for mobile devices, websites, online shops and other web based applications.

New Judge Appointed

in Nicosia and Limassol last month, Managing Director George Michail announced the company’s plans for

The The leading leading jurisdiction jurisdiction for for The leading jurisdiction for leading jurisdiction •The Management, The leading jurisdiction for for • Asset Asset Management, • Asset Management, Asset ••• Vessel Ownership Asset Management, VesselManagement, Ownership • Vessel Ownership Vessel Ownership ••• Real/Intellectual Vessel Ownership Real/Intellectual • Property Real/Intellectual Holdings Property Holdings •• Property Real/Intellectual Real/Intellectual Holdings Property Holdings •• Initial Offerings/ Property Holdings Initial Public Public Offerings/ • Publicly Initial Public Offerings/ Traded Companies Publicly Traded Companies •• Initial Offerings/ Initial Public Public Offerings/ Publicly Traded Companies Publicly Traded Publicly Traded Companies Companies

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UP FRONT

Shop Till You Drop! FXTM INTERNATIONAL BOXING CUP CYPRUS BEATS RUSSIA

ypriot boxers took the lead over their Russian opponents as they competed in last month’s FXTM International Boxing Cup “Cyprus Vs Russia” at the FXTM Apollon Indoor Arena in Limassol, proving that there is a lot of potential for further development in the Cyprus boxing scene. The boxing tournament, co-organised by forex broker ForexTime (FXTM) and the Limassol Municipality, took place

under the auspices of the FXTM Aravis Boxing Team. Hundreds of spectators enjoyed a thrilling adrenaline-filled tournament where athletes competed for international supremacy. Ten matches took place in the 57kg, 60kg, 64kg, 69kg, 75kg, 81kg, and 91kg categories. Cypriot winners were C. Antoniou, G. Danatsides, P. Tatidis, E. Kathopouli, F. Kazakov and G. Yakubu. Match winners from Russia were I. Kokshin, A. Esman, I. Shmelev, and A. Zaitsev. Andrey Dashin, founder

arios Clerides, former chairman of the Cyprus Securities and Exchange Commission (CySEC), has been appointed new CEO of the Cooperative Central Bank (CCB). The decision was taken at a board meeting on December 18, 2013 and announced a few days later. Clerides, 60, studied at the London School of Economics and Political Science,

and shareholder of ForexTime and himself a sporting enthusiast, congratulated the athletes saying “We at Forex Time are very proud to support youth and specifically to help athletes chase their dreams and succeed. Boxing is a very precise art form for me; it helps individuals develop the key skills of strategy, endurance and focus that can also be applied in everyday life and to the business world. Congratulations to all the athletes that have competed today and a special bravo to the winners”.

and was awarded a PhD in Labour Economics in 1982. First employed in November 1982 by Hellenic Bank (in charge of planning and economic research), Clerides later – from 2006 onward – served as Group Senior General Manager: Risk Management and Strategy. During a brief interlude of his time at the bank, Clerides joined CySEC as its chairman on a five-year contract, from 2001 until 2006. In April 2013 he was appointed, by the President of the Republic as a member of the National Council for the Economy. Following a €1.5 billion capital injection from the state, the Cooperative Credit Institutions have been 99% nationalised.

yprus and other countries of the eurozone may be suffering from austerity measures but some things never change. The 19th edition of the Dubai Shopping Festival (DSF) from 2 January to 2 February 2014 has once again made the emirate of Dubai a major attraction for visitors from around the world. The latest edition of the Dubai Shopping Festival, considered the region’s best entertainment and shopping extravaganza, promises to deliver an unforgettable experience to millions of visitors. Economy class return fares from Cyprus start from €430. Jaber Mohamed, Emirates Manager for Cyprus said: “The 19th edition of the Dubai Shopping Festival is not only about one of the best shopping experiences in the world. Tourists from Cyprus will enjoy a festive and entertainment extravaganza. The DSF caters for every visitor as in addition to shopping and prizes, there are hundreds of events and activities ranging from international concerts, musicals and shows to sports, outdoor, and fashion events.” Since it was launched in 1996, the DSF has grown from a mere shopping event to an international entertainment and shopping extravaganza that continues to draw millions of visitors to Dubai every year. Last year, the festival drew 4.3 million visitors.

Publicity from The Sun for

Haji-Ioannou Award

ritish entrepreneur James King has won an award giving him ₤50,000 to expand his business – despite being registered blind. King from Milton Keynes, won the award for his company Oliver James Garden Rooms, which creates glazed home extensions. The Sun newspaper ran an article about the winner and the

award last month. The Stelios Award for Disabled Entrepreneurs, funded by easyJet founder Sir Stelios Haji-loannou with the Leonard Cheshire Disability charity, recognises the achievements of disabled entrepreneurs. James King, 47, was a bricklayer until his early twenties, when he was diag-

nosed with the hereditary eye condition Retinitis Pigmentosa. “Because of my vision we have to overcome certain situations but because of this, we end up with a better standard,” he told The Sun. Sir Stelios said: “I have been really impressed by the growth of James’ business and the way he is meeting a genuine need in the market.”

10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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