GOLD ISSUE 76 JULY 16, 2017 PRICE €2 .00
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
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Celebrating
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ISSUE 76 JULY 16, 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 8 | EDITORIAL 10 | BUSINESS BRIEFING
Economic & Business Highlights of the past month.
13 | MY WAY
COVER
Dieter Rohdenburgâ&#x20AC;&#x2122;s management style.
STORY
20 | 7+ &,3$ ,17(51$7,21$/ ,19(670(17 $:$5'6 Photos from the prestigious HUU\HS L]LU[ OVZ[LK I` .63+ featuring the winners and N\LZ[Z WS\Z WYVÃ&#x201E;SLZ VM [OL LPNO[ companies and one individual receiving an award.
14 | FIVE MINUTES WITHâ&#x20AC;¦ ;OLVÃ&#x201E;SVZ 2 ?LUHRV\KPZ
15| THEY SAID WHAT?
Some notable statements made by and about Cypriots over the past month.
FEATURES 16 | Brexit, Tax, Diversity and
Technology The four main issues of concern for the UL^ 0*(,> 7YLZPKLU[ 5PJR 7HYRLY
18 | Forming a Legal Alliance
Interview with Richard Isham, President of the Trans-European Law Firm Alliance (TELFA).
38 | Being the Best
58
16
38
4HYR 6»5LPS 7YLZPKLU[ VM *VS\TIPH Shipmanagement, on the companyâ&#x20AC;&#x2122;s merger with Marlow Navigation.
40 | FinTech and the Rise of Cognitive Computing Paolo Sironi of IBM Watson Financial Services tells .63+ about how cognittive computing is affecting FinTech and o other sectors.
44 | Twoâ&#x20AC;&#x2122;s Company 4
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74
82
48 | Chileâ&#x20AC;&#x2122;s Billion-Dollar-Making
â&#x20AC;&#x2DC;Crazy Experimentâ&#x20AC;&#x2122; What Cyprus can learn from one of the worldâ&#x20AC;&#x2122;s most successful start-up accelerators.
52 | Two Years of Innovation
62 | 0UP[PHS *VPU 6É&#x2C6;LYPUN
(ICO): How to Minimise Failure By Dr Theodosis Mourouzis
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64 | BOOKSHELF
54 | Living the Dream
66 | IN GOOD COMPANY
( *`WYPV[ ^VYRPUN MVY ,TPYH[LZ
58 | Keep Calm and Carry On Regardless! Dr. Savvas Savouri on Brexit
6 | GOLD | The Business Magazine of Cyprus
Ten titles for your summer reading.
73 | BUSINESS CLASS Anna Vourgos
74 | LUNCH WITH GOLD Jens Wilhelmsen
78 | WHATâ&#x20AC;&#x2122;S ON
)\PSKPUN H IL[[LY ^VYRPUN ^VYSK at EY Cyprus.
.63+»Z N\PKL [V [OL ILZ[ cultural events of the coming month.
70 | TIME OFF
82 | A DAY IN THE LIFE
Donâ&#x20AC;&#x2122;t Stop the Music!
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ru v m ;v|l;m| uoloঞom ];m1 T +357 22 441133, F +357 22 441134 bm=oŠbm ;v|1 ru vĺou]ĺ1 ĺbm ;v|1 ru vĺou]ĺ1 114 | GOLD | The Business Magazine of Cyprus
| EDITORIAL |
Celebrations & Lamentations
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
L
George Michail
GENERAL MANAGER
ike the proverbial football game of two halves, a ten-day period from the end of June though to the start of July had it all and the one person at the centre of everything was President Nicos Anastasiades. The evening of June 26 found him in the Presidential Palace Gardens, seemingly upbeat and relaxed as he addressed those gathered for the annual CIPA International Awards Ceremony hosted by GOLD magazine. As always, it was a very celebratory event at which CEOs from around the world were honoured with the country’s most prestigious business/investment award. This year, in addition to the usual expressions of gratitude and appreciation, every single one of them urged the President to do his utmost to resolve the Cyprus Problem in order to take the island into a new, optimistic, peaceful and prosperous era. The man himself made no mention of what he would be doing two days later in the Swiss resort of Crans-Montana until the end of his prepared text, when he – sensibly – kept his intentions well hidden but he did tell the gathering that he would, indeed, be working hard to reach an agreement that would usher in a new state of affairs. Unfortunately, the CIPA Award celebrations at the Palace were not echoed at the end of the talks that many had believed might just succeed in putting an end to half a century of enmity and uncertainty. Not surprisingly, all the participants are now blaming the others for the failure to reach a compromise, with the exception of the UN, which has yet to express an official view on why, after two years of hard work and, for most of this time, a great deal of optimism, a solution still remains elusive. It is not for me or for GOLD to express a view at this stage but I will say that, like many of you, I am once again disappointed that the necessary statesmanship was missing from those crucial discussions. If another 13 years are needed to reach another conference (as happened following the rejection of the Annan Plan), I fear that the word ‘reunification’ may disappear from our vocabulary altogether. We shall soon see whether Turkish threats of action to disrupt the planned drilling for gas in Cyprus’ Exclusive Economic Zone will materialise. What is certain is that there will be a great deal of hot air coming from the mouths of politicians on both sides of the divide – most have been critical of the efforts of President Anastasiades and the Turkish Cypriot leader Mustafa Akinci – as they seek to John Vickers, show that they are the new saviours of the country. Let’s hope that August will only be hot because of the weather. Chief Editor john@imhbusiness.com 8 | GOLD | The Business Magazine of Cyprus
Daphne Roditou Tang MEDIA MANAGER
Antonis Antoniou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Erato Pishiara-Gerasimou, Dr Theodosis Mourouzis, 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 APPOINTMENTS
IN THE NEWS
Marios Kalochoritis
4 CYPRUS REUNIFICATION TALKS COLLAPSE
T
alks to reunify Cyprus collapsed in the early hours of Friday, July 7, marking the end of H WYVJLZZ ZLLU HZ [OL TVZ[ WYVTPZPUN PU NLULYH[PVUZ [V OLHS KLJHKLZ VM JVUĂ&#x2026;PJ[ ;OL week of talks in the Swiss Alps, which the United Nations had described as the â&#x20AC;&#x153;the best JOHUJLš MVY H KLHS NYV\UK [V H OHS[ HZ [OL [^V ZPKLZ MHPSLK [V V]LYJVTL Ă&#x201E;UHS VIZ[HJSLZ <5 :LJYL[HY` .LULYHS (U[VUPV .\[LYYLZ Ă&#x201E;UHSS` JHSSLK H OHS[ [V [OL KPZJ\ZZPVUZ HM[LY HU L]LUPUN ¸THYYLK I` `LSSPUN HUK KYHTHš HJJVYKPUN [V ZV\YJLZ JSVZL [V [OL ULNV[PH[PVUZ ¸<UMVY[\UH[LS` an agreement was not possible, and the conference was closed without the possibility to bring a solution to this dramatic and long-lasting problem,â&#x20AC;? Guterres said, adding that, â&#x20AC;&#x153;That doesnâ&#x20AC;&#x2122;t mean [OH[ V[OLY PUP[PH[P]LZ JHUUV[ IL KL]LSVWLK PU VYKLY [V HKKYLZZ [OL *`WY\Z WYVISLT š .V]LYUTLU[ Spokesman Nicos Christodoulides said that Turkey had refused to relinquish its intervention rights on Cyprus or the presence of troops on the island but other observers claim that President Anastasiadesâ&#x20AC;&#x2122; demand for no troops and no Turkish guarantees was what brought about the end of [OL JVUMLYLUJL
PORTS
NEW PASSENGER TERMINAL OPENING AT LIMASSOL PORT
A new modern terminal designed to accommodate the largest operating cruise vessels, is scheduled to open in the summer at DP World Limassol 7VY[ ;OL UL^ [LYTPUHS JVUZPZ[Z VM seven pods with an internal area of ZX\HYL TL[YLZ (SVUN ^P[O OV\Y H]HPSHIPSP[` [OL [LYTPUHS VÉ&#x2C6;LYZ integrated services including Home Call and Day Call handling capability, ensuring an improved customer L_WLYPLUJL *OHYSLZ 4LHI` .LULYHS 4HUHNLY +7 >VYSK 3PTHZZVS JVTmented: â&#x20AC;&#x153;With the opening of this new terminal, all our visitors will enjoy an L]LU TVYL PTWYLZZP]L ^LSJVTL +7 World Limassol continues to promote the development of tourism in Cyprus HUK KYP]PUN LJVUVTPJ ILULĂ&#x201E;[Z MVY [OL SVJHS HUK UH[PVUHS LJVUVT`š 10 | GOLD | The Business Magazine of Cyprus
arios Kalochoritis has been appointed as a Senior Advisor to the Bank VM *`WY\Z .YV\WÂťZ *,6 1VOU /V\YPJHU Kalochoritis will oversee and help manage certain of the assets and exposures acquired by Bank of Cyprus during the YLJLU[ LJVUVTPJ [\YTVPS 2HSVJOVYP[PZ H member of the Board of BOC Holdings ZPUJL [OL LUK VM HUK VM [OL )HUR ZPUJL ^PSS KYH^ VU OPZ L_WLYPLUJL as a successful banker, manager and I\ZPULZZTHU
George Kasoulides
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THREE COMPANIES SHORTLISTED FOR LARNACA PORT & MARINA
Three companies have been shortlisted to proceed to the next phase in the tender for the long-delayed developTLU[ VM 3HYUHJH 7VY[ HUK 4HYPUH [OL 4PUPZ[Y` VM ;YHUZWVY[ OHZ HUUV\UJLK They are the consortium of Peninsular and Oriental Steam Navigation *VTWHU` ^P[O *HIV 4HYPUH : KL 93 the consortium of Amba Ltd & Israel Shipyards Ltd, and the China Communications Construction Company 3[K ;OL HPT VM [OL WYVQLJ[ PZ [V THRL 3HYUHJH 4HYPUH [OL SHYNLZ[ PU *`WY\Z with around a thousand berths, inJS\KPUN ZVTL MVY Z\WLY`HJO[Z 6UJL the evaluation and bidding process is completed, the winner of the tender should be announced by the end of [OL Z\TTLY
Marios Skandalis
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