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ISSUE 50 may 14 - JUNE 13, 2015 PRICE â‚Ź4.95
Gold ISSUE 50 | MAY 14 - JUNE 13, 2015 | THE POLITICS ISSUE
the politics
issue
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ISSUE 50 MAY 14- JUNE 13, 2015
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 08 | EDITORIAL 10 | BUSINESS BRIEFING
Economic & Business Highlights of the past month
14 | MY WAY
Wes Porter’s management style
16 | THEY SAID WHAT?
A selection of memorable recent quotes
COVER
STORY
18 | FIVE MINUTES WITH… Enam Ahmed, Fitch Ratings, UK
20 | The Politics Issue
28 | Where They Stand
The positions of the four main political parties on 10 key issues
24 | From Divided Island to Mediterranean Paradise Interview with President Nicos Anastasiades
36 | Destined for Great Things The A. Athanasiou Group
38 | The Mother Art
Christos Christodoulou, President of the Cyprus Architects Association
42 | Bigger than Rigs
OPITO comes to Cyprus
98
44 | Sailing Towards New Horizons Lavar Shipping
SPECIAL ADVERTISING SUPPLEMENT 47 | Services to the Investment
94
Funds Sector
48 | Looking for a Slice of the Pie
CIFA hopes to make Cyprus an Investment funds jurisdiction of choice
90 | Ahead in the Cloud Oracle Cloud Day 2015
100
93 | BOOKSHELF
Five of the best new business titles
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4 | GOLD | The Business Magazine of Cyprus
94 | IN GOOD COMPANY
Auditing the life of employees at KPMG
98 | MY COLLECTION
Michael Zampelas on his art collecton, now housed in the Loukia and Michael Zampelas Art Museum
100 | LUNCH WITH GOLD Tony Christodoulou, Founder and Managing Director of Action Global Communications
103 | BUSINESS CLASS Christodoulos Angastiniotis, Chairman of the Cyprus Investment Promotion Agency, on his corporate travel experiences 104 | WHAT’S ON Gold’s guide to the best cultural events 106 | A DAY IN THE LIFE Eloiza Savvidou
SPECIAL PROMOTIONAL FEATURE
ALL THE ELEMENTS FOR YOUR
INVESTMENT SUCCESS
W
e live in a world that is crying out for financial solutions. We have witnessed a crisis in the eurozone, one that we have experienced more profoundly on the periphery of the European Union. South East Europe, which until 2008 had remained robustly resilient, has also suffered a critical waning in foreign investor confidence since the advent of the crisis. The crisis brought about financial difficulty for many firms, as well as a lack of liquidity in the market because of the inability and the unwillingness of banks to lend. At the same time, it served to highlight further the interdependence of markets worldwide. However, faith in these markets has taken a severe blow. The need for a broadening of foreign investment is now of paramount importance but, equally, investors themselves need to regain a sense of security that can only be achieved through reliable partnerships.
This is where Elements Capital Partners comes in. Unique to Cyprus, Elements is a boutique investment firm offering alternative investments
It specialises in distressed assets and private equity opportunities throughout South East Europe. Formed in 2010 by Cypriots with one eye on the outside world, Elements has established itself as a diversified financial services firm which, together with its consolidated subsidiaries, focuses on uncovering unique opportunities, offering innovative value-added advice, as well as integrated solutions that help its clients achieve their business goals. One of the company’s core guiding principles is that it operates with a sense of responsibility both towards its clients as well as the markets in which it invests. The company targets management buyouts, distressed credit, recapitalisations and turnarounds, and aims at being actively engaged in the strategy and growth of its portfolio companies. Typically, it seeks a majority stake but also considers significant minority investments in opportunities that otherwise meet its investment objectives, with a 5-year investment horizon, and usually pursues transactions in which it can make investments of at least €15 million. Elements also provides expert advice in debt restructuring for companies that find themselves in challenging economic circumstances, aiming at achieving greater financial flexibility. Elements’ truly global reach is evidenced by the backing of US and Swiss-based hedge funds, as well as US investment banks that assist in the execution of transactions. Elements Capital Partners accepts only institutional clients with a minimum investment size of 50 million Euro.
The Funds Alpen Invest d.d. – the leading asset management company in South East Europe
A region of 150 million people, South East Europe boasts favourable demographic trends and numerous potential economic growth prospects. A number of countries in the region have become full members of the EU or are candidates for accession. These factors have created an environment that is supportive of substantial returns on opportunistic investments. Indicators show that the regional capital market has a tremendous potential for growth in the future due to the increasing pace of privatisation, proposed structural reforms, as well as convergence with the EU. Having recognised this potential, as well as the interdependence across capital markets, Alpen Invest d.d. with a history that stretches back over 20 years, has established itself as the leading investor in the region. With 27.000 active clients and 11 worldwide investment professionals, Alpen Invest is ahead of the game, and can boast investments upwards of €100 million in South East Europe.
The People with the Answers
Savvas A. Liasis – Partner & Member of the Board of Directors
With more than 15 years institutional investment experience behind him, globetrotter Savvas is in a great position to offer investment solutions. Having founded Easybroker International Ltd in London, as its CEO he led one of the largest independent institutional electronic equity brokerages in Europe, with 400 Institutional clients from over 30 countries. Savvas founded Elements with 2 other partners in 2010 and has worked there in his capacity as Managing Partner. Since Elements’ recent expansion, Savvas has also taken on the role of Chairman of the Board at Alpen Invest, and sits on the Board of Directors of DDM Holdings AG.
Andreas Georgallis – Chief Operations Officer & Member of the Board of Directors
Well-versed in the local financial environment, sports enthusiast Andreas has over 8 years’ worth of experience working as a Corporate Finance Associate for Egnatia Securities, a subsidiary of Marfin Egnatia Bank. He has also been with GE Capital in London as a Financial Analyst, while he has also served as General Manager for 7 years at an industrial firm in Cyprus. Among his multiple responsibilities, Andreas can also count his membership of the Board of Directors in Qwest Investments Plc, as well as Proinvestments A.D. He holds the Chartered Alternative Investment Analyst (CAIA) designation.
Elements’ proactive outlook and recognition of the potential of Alpen Invest led to an original investment of 40.84% in Alpen Invest in 2013, with the company doubling that investment – through an affiliate – in April 2014, increasing the stake it controls to 81.68%. It was not long before this investment was vindicated. In February, Alpen Invest’s outstanding performance was recognised as it was named the Best Asset Management firm for 2014 in Slovenia where it is based. Two of its funds – Alpen. Emerging and Alpen.Developed – also received top ratings, while the managers of the two funds were named in the Top Five Slovenian Fund Managers of the Year. Another of its funds, Alpen SI, performed exceedingly well last year through its privatisation strategy, producing an annual performance in excess of 40%. With the prospect of growing its portfolio of investments in Cyprus in 2015, Alpen Invest’s goal is to remain the leading asset management company in South East Europe.
DDM Holding AG – Taking the stress out of distressed assets We are all familiar with non-performing loans (NPLs): those loans which people or businesses for one reason or another – be it bankruptcy, excessive debt or regulatory constraints – are not able to repay. The assets behind these NPLs are distressed. The owners may be forced to sell them in order to clear these debts, and they are put up for sale, usually at a cheaper price. The debt itself can also be sold on to a new owner at below face value. Due to its specialisation in distressed assets and its proactive outreach, in 2014 Elements acquired a stake in DDM Holdings AG, a Swiss firm involved in the acquisition and management of distressed asset portfolios in a number of markets, including Romania, Russia, the Czech Republic, Slovakia and the Former Yugoslav Republic of Macedonia. Since its creation, DDM has invested over €100 million with an historical gross recovery of 1 year, while its relationships through outsourcing collections with all top-tier collection agencies and banks has allowed it to aggregate and tightly control its collections while providing a steady stream of deal flow. On 5 August 2014, DDM listed its shares on Nasdaq OMX First North in Stockholm with a market cap on the day of listing at approximately €38.5 million.
Asset value: > €1.7bn More than 2.2m claims under management
www.elements-capital.com
| EDITORIAL |
Re-make, Re-model
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ISSUE 50 MAY 14 - JUNE 13, 2015 PRICE €4.95
T H E
B U S I N E S S
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C Y P R U S
THE POLITICS
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ISSUE PUBLISHED BY IMH ISSN 1986 - 3543
elcome l to Gold’s G ld’ 50thh issue! i ! The Th journey j that h we began together in April 2011 continues and, as you will see, we have decided to mark this publishing milestone by giving its pages a gentle facelift, adding several new features and extending the range of subjects we cover. This is reflected in our new strapline on the cover – The Business Magazine of Cyprus – and essentially it means that, in addition to our continuing focus on professional and financial services, we shall also be taking a look at other sectors of the economy and what it means to be living and working in Cyprus. Hence our latest cover story. If there is one topic that cannot be avoided in Cyprus (regular readers will know that we have studiously avoided it), it is politics and so, having decided to grasp this particular nettle, we present a brand new interview with President Anastasiades as he approaches the mid-point of his five-year term, together with the official positions of the island’s four main political parties on ten key issues. Compare and contrast with interest! Successful magazines listen to their readers and Gold is no exception. We have learnt from you that features such as “A Day in the Life”, which lend a more personal air to each issue, are every bit as popular as our cover stories and so we have introduced a number of new regular pages that reflect your wish to gain a slightly more intimate picture of the people whose public utterances are usually restricted to work matters. We therefore offer you “My Collection” (this month devoted to former Nicosia Mayor Michael Zampelas’ extensive collection of modern Cypriot art – page 98), “Lunch with Gold” (this time with Tony Christodoulou, Founder of Action Global Communications, as a dining companion – page 100) and “Business Class” (travel tales, with CIPA Chairman Christodoulos Agastiniotis inaugurating the series – page 103). Additionally, there is “In Good Company”, where we investigate a firm from the employees’ standpoint and look at what it does to increase their job satisfaction (KPMG – page 94), “My Way”, in which a leading manager shares his work secrets with us (read what Wes Porter has to say – page 14), plus “They Said What?” (a compilation of the often extraordinary things said over the past month by people in the news – page 16) and “What’s On” in which we recommend the best of the upcoming cultural events around the island (page 104). The range of subjects covered in our many interviews this month has also expanded, including ‘regular’ Gold sectors such as finance, real estate and shipping but extending to architecture and technology. I am loath to describe this issue as ‘new and improved’ (that is perhaps John Vickers, more suitable for soap powder), but I sincerely hope that you enjoy it Chief Editor and, as always, I look forward to receiving your feedback. Thank you for helping us reach Issue 50. Here’s to the next half-century! john@imhbusiness.com
8 | GOLD | The Business Magazine of Cyprus
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
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BUSINESS BRIEFING IN THE NEWS
MILESTONES
CARREFOUR CYPRUS CELEBRATES 10TH ANNIVERSARY
Carrefour Cyprus, one of the most prominent retailers on the island, celebrated 10 years of successful presence on the island last month. It marked the anniversary with the launch of a new communication campaign, entitled 10 Years by Your Side, Sharing, Caring, Evolving.
Pretty Flamingo
Cyprus was in the international news this month for a variety of reasons, including the election of a new Turkish Cypriot community leader, the long-delayed approval of foreclosure and insolvency legislation, the country’s new bond issue and the latest upgrades to two local banks. However, the biggest story was all HIV\[ H \UPX\L ]PZP[VY [V PZSHUK! H YHYL ISHJR NYLH[LY ÅHTPUNV ^OPJO ^HZ ZWV[[LK HTVUN H ÅVJR VM ^OP[L HUK pink birds at the Akrotiri Environmental Centre in April. Its unusual plumage comes from a genetic condition JHSSLK TLSHUPZT ^OPJO JH\ZLZ L_JLZZP]L WPNTLU[ [V KHYRLU MLH[OLYZ 0[ OHZ VUS` ILLU VIZLY]LK PU H NYLH[LY ÅHTPUNV VUJL ILMVYL PU H IPYK ÄSTLK PU 0ZYHLS PU 0[ PZ ILSPL]LK [V IL [OL ZHTL VUL ^OPJO TLHUZ [OH[ [OLYL PZ WYVIHIS` H ZPUNSL \UPX\L L_HTWSL PU [OL ^VYSK
TION EDUCA
Cabinet Approves University Budget The Council of Ministers has approved the University of Cyprus’ ₏115 million budget for 2015, which the House of Representatives is expected to discuss this month. The balanced budget provides for both income and expenses of ₏114,797,870, an increase of ₏5,130,360 on last year’s. Of the total, some ₏47,500,000 will be covered by State Funds, ₏17,800,000 by State Scholarship Programmes, ₏16,046,670 by State Funding for Infrastructure Work from the European Investment Bank (EIB) loan, ₏2,183,157 by Income for the Funding of Cohesion Programmes, while ₏31,268,043 will come from various other sources.
Moldova First for Action Global Communications
A
J[PVU .SVIHS Communications has announced the launch of its new VɉJL PU 4VSKV]H THRPUN P[ [OL Ă„YZ[ PU[LYUH[PVUHS 79 agency to establish operations in the country. (J[PVU .SVIHS 4VSKV]H SVcated in Chisinau, is part of [OL (J[PVU .SVIHS *VTT\UPJH[PVUZ .YV\W ;OL JVTWHU` provides a full range of both 79 HUK 4HYRL[PUN ZLY]PJLZ with a special focus on CorWVYH[L 4HYRL[PUN *VTT\UPJH[PVUZ ,]LU[ 4HUHNLTLU[ :[YH[LNPJ 4LKPH 9LSH[PVUZ 7\ISPJ (ɈHPYZ *YPZPZ 4HU-
10 | GOLD | The Business Magazine of Cyprus
PUBLIC RELATIONS
agement, Communications *VUZ\S[PUN +PNP[HS 79 4LKPH 4VUP[VYPUN HUK 4HYRL[ 0U[LSSPNLUJL -VY [OL WHZ[ ZP_ `LHYZ Action has handled the EU Neighbourhood Info Centre’s communications activities in [OL JV\U[Y` ;OL SVJHS VɉJL is led by Country Director (UUH 4VNOPSKH WOV[V H 79 veteran with over a decade of L_WLYPLUJL ^VYRPUN ^P[O SVcal and international clientele across the public and private ZLJ[VYZ ¸;OL 4VSKV]HU THYket is actively developing and 0 HT Z\YL [OH[ (J[PVU .SVIHS *VTT\UPJH[PVUZ L_WLYPLUJL HUK HUHS`ZPZ ^PSS IYPUN 79 ZLY]PJLZ PU [OL 9LW\ISPJ [V HU international level,� she said.
60 YEARS IN CYPRUS FOR METLIFE ALICO PZ H ZPNUPĂ„JHU[ `LHY MVY 4L[3PML Alico, one of the best-known and most successful insurance companies in Cyprus, which is marking its 60th anniversary in *`WY\Z (SPJV OHZ ILLU VɈLYPUN Ă…L_PISL PUKP]PK\HS HUK NYV\W insurance programmes in the life, personal accident, health and pension plans sectors, since 1955. In November 2010 Alico merged with 4L[3PML [V MVYT 4L[3PML (SPJV
70TH ANNIVERSARY CELEBRATIONS FOR CYBARCO *`IHYJV /VSKPUNZ 3[K VUL VM Cyprus’ leading contracting and property development companies, with an international property portfolio and sales network, celebrates its 70th anniversary this year. Established in 1945, Cybarco /VSKPUNZ 3[K OHZ HS^H`Z ILLU HZsociated with quality, reliability and creativity. During its long history, it has earned this reputation by consistently delivering projects of the highest standards to all its clients – on time and on budget. Cytbarco PZ H TLTILY VM [OL 3HUP[PZ .YV\W VM Companies.
Top Tier Status for Michael Kyprianou & Co. LLC
500 The Legal
Michael Kyprianou & Co. LLC has earned top tier status in the area of Banking and Finance in the 2015 edition of the reputable international The Legal 500 directory. The firm’s Banking and Finance practice area is headed by partner Tonia Antoniou. The firm has also maintained high rankings in all the other legal fields in which it practices (Dispute Resolution, Corporate and M&A, Maritime and Admiralty, Intellectual Property, Tax, EU and Competition). The firm is praised by the directory for providing advice that is “practical and of a high standard� and for being “responsive� with
an “in-depth business understanding.� It has been described as the “go-to firm for matters requiring Cyprus law expertise�. According to The Legal 500 “the value for money is impressive�. In the litigation field partner Menelaos Kyprianou is described as “an outstanding lawyer.�
Andreas Neocleous & Co LLC achieves 100% Top Tier Ranking For the fifth successive year, Andreas Neocleous & Co has achieved a 100% record of top tier Legal 500 rankings. The firm is ranked in the
LEGAL
Olga Rybalkinaa
top grade in every area of activity that The Legal 500 assesses, from banking and finance through corporate and commercial, dispute resolution shipping and taxation, putting it far ahead of its rivals. Andreas Neocleous & Co LLC is one of only a handful of firms around the world to achieve the distinction of a top-grade ranking in every area of activity, demonstrating consistent high quality across the board. The Legal 500 describes the firm as the “dominant force� in Cyprus, producing work of “an exceptionally high standard�. The firm’s “excellent team of lawyers� are described as “very client-oriented and professional�, providing “good value for money�. Commenting on the firm’s latest success, Andreas Neocleous said, “It is gratify-
“I have been very proud to be part of the Bank of Cyprus family during this period and to have led this chapter in the Bank’s rehabilitation,�
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PTHZZVS IHZLK PU[LYUH[PVUHS MVYL_ IYVRLY -VYL_;PTL -?;4 ^HZ YLJVNUPaLK HZ [OL Âş4VZ[ ;Y\Z[LK -VYL_ Broker’ at the recent 2015 4,5( -VYL_ (^HYKZ ;OL H^HYKZ JLYLTVU` JVUJS\KLK [OL Ă„YZ[ KH` VM [OL [O 4,5( -VYL_ 4HUHNLK -\UKZ 0U]LZ[TLU[ :OV^ PU +\IHP -VYL_;PTL *,6 6SNH 9`IHSRPUH WOV[V said, “Being YLJVNUPZLK HZ Âş4VZ[ ;Y\Z[LK -VYL_ )YVRLYÂť PZ H [LZ[HTLU[ [V -?;4ÂťZ MHPY HUK [YHUZWHYent service and our commitment to providing our customers with a reliable, high quality trading platform.â€? As a company which takes its regulatory requirements seriously, she JVU[PU\LK -?;4 PZ HS^H`Z MVSSV^Z PUK\Z[Y` N\PKLSPULZ VɈLYPUN P[Z JSPLU[Z WLHJL VM TPUK when trading. The award comes hot on the heels of several other recent accolades for -?;4 PUJS\KPUN ILPUN UHTLK Âş4VZ[ ,K\JH[PVUHS )YVRLY Âť I` -?,TWPYL H SLHKPUN VUSPUL Ă„UHUJPHS WVY[HS HUK Âş-HZ[LZ[ .YV^PUN ,*5 )YVRLY (ZPHÂş H[ [OL .SVIHS )HURPUN Finance Awards.
BANKING
Bank of Cyprus CEO Resigns
1VOU /V\YPJHU *OPLM ,_LJ\[P]L 6ɉJLY VM [OL PZSHUKZ SHYNLZ[ lender, Bank of Cyprus, surprised everyone last month when he submitted his resignation to the Board. He will remain in his post \U[PS TPKZ\TTLY ;OL )HUR HUUV\UJLK [OH[ [OL *,6Z KLJPZPVU [V quit was for personal reasons and that he wishes to relocate to his home country of Ireland and spend more time with his family. /V\YPJHU ^HZ HWWVPU[LK *,6 VM )HUR VM *`WY\Z PU 6J[VILY ^OLU OL Z[H[LK [OH[ OPZ HPT ^HZ [V YLZJ\L [OL IHUR PU [OYLL [V Ä]L `LHYZ
Hellenic Bank named Best Bank Hellenic Bank was named “The Best Bank in Cyprus for 2015� by Global Finance Magazine in New York during the 22nd Annual Awards Assessment for the Best Banks in the world. The Best Bank Awards were given to 53 banks in their respective countries. The awards are based on criteria such as growth in assets, strategic relationships, new business development and innovation in products as well as on the opinions of equity analysts, credit rating analysts and banking consultants.
www.goldnews.com.cy | GOLD | 11
BUSINESS BRIEFING
2
PROPE RTY RETAIL
New
REAL ESTATE
Stores
Limassol Marina Graff Graff has finally arrived in Cyprus, launching its new store at Limassol Marina. Founded in 1960 and with over 50 stores worldwide, Graff is involved in every stage of the jewellery making process, from the sourcing of a rough stone, through to the final setting of each jewel. Commenting on its boutique opening at the waterfront development, the company announced that it is “delighted to announce the launch of its new flagship store in Cyprus, continuing a progressive expansion of its European portfolio�.
Nautimar Marine Store The latest addition to Limassol Marina’s retail and services offering is the new Nautimar Marine store. Operating out of Cyprus since 1995, Nautimar Marine offers owners worldwide a broad range of leading brands, including Wim van Der Valk yachts, Chris-Craft, Chaparral and Robalo boats. Its particular services include sales, brokerage and chartering, yacht management schemes, new build and refit management, and owners’ representative services. Nautimar Marine also offers worldwide chartering/sailing holidays and yacht ownership programmes. My Mall Cyprus’ biggest shopping mall, Limassol’s My Mall, recently saw the launch of a brand new Guess store and a Sunglass Hut outlet. Guess originally became known for its jeans before becoming firmly established in the fashion world with its own unique style. It Guess now operates some 1,700 locations all over the world, offering clothes, shoes and accessories for both men and women. Sunglass Hut originated as a small outlet in Miami and is now one of the top retail chains for sunglasses internationally, with stores all over the world, from North America, Europe and the Middle East to Australia, South Africa, Hong Kong and now Cyprus. With over 200 stores offering a vast range of well-known brands in clothes, shoes and accessories, home and entertainment goods, My Mall has become one of Cyprus’ main shopping destinations
12 | GOLD | The Business Magazine of Cyprus
House Passes Insolvency Law
Panikos Livadhiotis Appointment
Leptos Estates and BoC Reach NPL Deal
After weeks of heated debate, the House of 9LWYLZLU[H[P]LZ Ă„UHSS` approved the insolvency framework last month, paving the way for resumption of the island’s economic adjustment programme. The legislation was WHZZLK I` ]V[LZ [V ;OL HWWYV]HS JHTL after intense backstage trading between [OL WHY[PLZ 47Z OHK voted on some of the legislative package last year but delayed enforcement until they could approve other IPSSZ KLZPNULK [V VɈLY protection to certain vulnerable categories of debtors. Approval of this package of debt-related bills means that Cyprus can now participate in the European Central Bank’s bond-buying â‚Ź1.1 trillion stimulus programme. The Central Bank of Cyprus had earlier warned that the country must abide by the terms of its rescue programme.
Following the election of the new Board of Directors of the *`WY\Z 3HUK HUK Building Developers Association, wellknown businessman, 7HUPRVZ 3 3P]HKOPV[PZ has been appointed :LJYL[HY` .LULYHS VM [OL )VHYK 6UL VM [OL V^ULYZ VM [OL 3LM[LYPZ 3P]HKOPV[PZ :VUZ .YV\W 3P]HKOPV[PZ has been a member of the Association for the past ten years and has sat on of the Board of Directors since 2009. A Florida International University graduate with a degree in Hospitality 9LHS ,Z[H[L HUK ,U[YLWYLUL\YZOPW 3P]HKhiotis, has held an L_LJ\[P]L WVZP[PVU PU [OL 0U[LYUH[PVUHS 9LHS Estate Federation -0()*0 MVY TVYL [OHU 6 years, and a real estate broker license in Florida since 2004. In 2010, he became a TLTILY VM 90*: 9V`al Institute of Charter :\Y]L`VYZ
0U (WYPS 3LW[VZ Estates, one of the island’s biggest developers, reached an agreement with )HUR VM *`WY\Z )V* to restructure a loan worth several hundred million euros. “Following many months of consultations with the customer and an in-depth analysis of [OL NYV\WÂťZ Ă„UHUJPHS situation and prospects, Bank of Cyprus reached a restructuring agreement in principle, subject to approval by the board of directors,â€? .V]LYUVY *OY`Z[HSSH .LVYNOHKQP YL]LHSLK PU H SL[[LY [V .YLLU 47 .PVYNVZ 7LYKPRPZ :OL described the restructuring deal as “satisfactory and justâ€?. 0U H SL[[LY [V [OL .V]LYUVY 7LYKPRPZ OHK questioned why nothing had been done about a â‚Ź580 million SVHU ^P[O ^OPJO 3LW[VZ OHK Ă„UHUJLK [OL construction of the Neapolis project in @LYVZRPWV\ 7HWOVZ
â‚Ź1,100,000,000
European Central Bank’s bond-buying stimulus programme
ICT
Technology
Stephanis chain of electronics stores. Buyers cover a broad age range (15-55) while prices of the phones, when not part of a mobile telephony contract, range from â‚Ź639 to â‚Ź1099.
MTN buys out IBS MTN recently finalized its buy-out of IBS, offering cloud computing, business systems, and corporate technology solutions services. The merger is expected to strengthen MTN’s business offering. With the buyout of IBS, MTN becomes a one-stop-shop for ICT solutions for business clients, strengthening its identity in relation to its services, which now extend to beyond telecommunications.
Cyta Becomes an Authorised iPhone Dealer
Cyta has reached a deal with Apple and its official distributor in Cyprus, iSquare AE, by which the organization is recognized as an authorized dealer for iPhones throughout the island. The latest iPhone 6 and iPhone 6 Plus models are available at all Cytashops, together with the iPhone 5c, the iPhone 5s and a range of accessories.
iPhone 6 is Stephanis’ Most Wanted W The iPhone 6, the iPhone 6 plus, the Samsung S6 and the Samsung S6 edge are the “most wanted� smartphones in Cyprus, according to the
Minister Rejects Poor Natural Gas Assessment
E
ULYN` 4PUPZ[LY @PVYNVZ 3HRkotrypis was forced to deny a 4PKKSL ,HZ[ ,JVUVTPJ :\Y]L` 4,,: report [OH[ VPS HUK NHZ L_WSVration in Cyprus is over and companies are on their way out of Cyprus after
Cyprus secures funding for NGA networks Cyprus has secured funding from the European Bank for the Reconstruction and Development (EBRD) for a study that will finally lead to the launch of Next Generation Access (NGA) networks on the island. The study will open the doors for the creation of an â‚Ź200 million NGA network in Cyprus, which will help attract huge investment.
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