Gold Magazine Issue 54 pages 1 - 13

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ISSUE 54 september 14 october 13, 2015 PRICE €4.95

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Gold ISSUE 54 | september 14 - october 13,

presents

2015 | SHIPPING: the invisible industry

The Invisible

Industry Shipping in Cyprus and the World

We support you to create the value you are looking for by providing specialised solutions based on quality. Together we build relationships based on trust and we say things as they are, to assist you to deal with issues that tomorrow will prove important. We adapt our expertise and the power of our global network to your specific needs helping you make the difference.

Interviews with: KOJI SEKIMIZU PETER HINCHLIFFE PETER SAND ANDREAS CHRYSOSTOMOU THEMIS PAPADOPOULOS george mouskas

MARIOS ARGYRIDES 5 2 912 95 0 005 77

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b u s i n e s s

© 2015 EYGM Cyprus Limited. All Rights Reserved.

Gold

www.pwc.com.cy

BAT Cyprus Changing With the Times

LORD LAMONT OF LERWICK Austerity & the Intrusive EU

LUNCH WITH GOLD

Former EU Commissioner Androulla Vassiliou

WHAT’S ON

Theatre, Film, Dance, Art, Music & More

One drop is all it takes to start a ripple effect.

And in this case it started with EY being commissioned to conduct a study for the Department of Merchant Shipping of the Ministry of Transport, Communications and Works on the future of shipping in Cyprus. EY is proud that our advisors, in conjunction with the Cyprus government, were able to bring these insights to light — insights that, we believe, will lead to better working shipping businesses in Cyprus.

For more information, visit us at ey.com/CY/en/Home

Š 2015 EYGM Cyprus Limited. All Rights Reserved.

One drop is all it takes to start a ripple effect.

And in this case it started with EY being commissioned to conduct a study for the Department of Merchant Shipping of the Ministry of Transport, Communications and Works on the future of shipping in Cyprus. EY is proud that our advisors, in conjunction with the Cyprus government, were able to bring these insights to light — insights that, we believe, will lead to better working shipping businesses in Cyprus.

For more information, visit us at ey.com/CY/en/Home

Is the next evolution of big data, big judgment?

Find out how EY is helping companies transform the way decisions are made. ey.com/analytics #BetterQuestions

Š 2015 EYGM Cyprus Limited. All Rights Reserved.

IMH and GOLD

EXTEND A WARM WELCOME TO ALL THE SPEAKERS AND DELEGATES AT MARITIME CYPRUS 2015.

We wish you a successful conference and an enjoyable stay in Cyprus.

GOLD

GOLD

GOLD D A I LY N E W S L E T T E R

Cyprus is at the forefront of global shipping with a fully functional and innovative department of merchant shipping, an EU approved tonnage tax regime and a committed resident shipping industry.

At KPMG Cyprus, our dedicated team of shipping professionals provide support to our clients by drawing on a depth of shipping knowledge and experience, offering tailored solutions to the challenges they face. Our highly qualified practitioners undergo continuous industry specific training so as to remain at the forefront of developments within the shipping industry and, together with our global network of shipping specialists, apply this expertise to the services we offer to the maritime sector, which include: • Audit and assurance related services •

International and local tax planning, structuring and restructuring

• Tonnage tax compliance services • Advisory services (corporate finance, valuations, mergers and acquisitions, restructurings) • ISAE 3402 service reports on ship managers for communicating information to ship owners on the former’s internal controls For more information please contact: Sylvia A. Loizides Board Member, Head of Shipping T: 25 869 138, F: 25 363 842 E: sloizides@kpmg.com Alexandros S. Sofocleous Board Member T: 25 869 223, F: 25 363 842 E: asofocleous@kpmg.com

kpmg.com.cy

©2015 KPMG Limited, a Cyprus limited liability company and member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity. All rights reserved.

We understand shipping

ISSUE 54 SEPTEMBER 14 - OCTOBER 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

| COVER STORY |

Th T he IInvisible is iibl ib bl b ble l The Invis nv nvi n sib The he In IInvisibl nv vis isi sible e

INDUSTRY

I

When the Maritime Foundation, a charity that promotes seafarer matters, asked the residents of the UK port of Southampton how many goods are transported by sea, their answers were varied but

uniformly wrong. The correct answer is “Nearly everything”.

Trade carried by sea has grown fourfold since 1970 and is still growing. There are more than one hundred thousand ships at sea carrying all the solids, liquids and gases that we need to live. And yet, despite its size and importance, shipping continues to be something of an “invisible industry”.

Here are some facts and figures from the updated version of Oxford Economics’ 2014 study The economic value of the EU shipping industry, • In 2013, the EU shipping industry is estimated to have directly contributed €56 billion to EU GDP and employed 615,000 people.

• It is estimated that around 80% of posts, or 501,000 jobs, are based at sea.

It is tentatively estimated that around 44% of these seafarers are EU or EEA nationals.

• Shipping is a high productivity indus-

22 | GOLD | The Business Magazine of Cyprus

REGARDING CYPRUS:

• About 1,800 ships are registered with 22 million gross tons (out of which, the ocean-going ships under the Registry are just under 1,000 Ships).

• It is the 10th largest merchant fleet in the world and the 3rd largest in the European Union.

• It is the 2nd largest ship management centre in the world • It is the largest 3rd Party Ship Management Centre in the EU Despite these impressive statistics, the shipping industry continues to maintain a low profile, although according to Andreas Chrysostomou, Acting Director of the Department of Merchant Shipping, it is not something that Cyprus shipping aspires to: “If people are not told about something, they won’t know about it. Everyone involved needs to communicate better.”

One of the most important platforms for such communication is the biennial Maritime Cyprus conference, which brings together some of the most important figures in the global shipping industry and has gained a worldwide reputation as one of the key events in the international maritime calendar,

By John Vickers

n 2013, Rose George wrote a book called Ninety Percent of Everything.

The meaning was explained in the book’s subtitle: “Inside shipping, the invisible industry that puts clothes on your back, gas in your car, and food on your plate”.

CONTENTS

try: each worker is estimated to have generated €85,000 of GDP, significantly above the EU average of €53,000.

• The shipping industry indirectly supported an estimated €61 billion contribution to GDP and 1.1 million jobs through its European supply chain in 2013.

• The spending of wages by those employed in the shipping industry and itsn supply chain supported an estimated €30 billion of GDP and jobs for 516,000 people.

• Taking the together (direct, indirect and induced), the total GDP contribution of the European shipping industry in 2013 is estimated to have been €147 billion.

• For every €1 million the European shipping industry contributes to GDP itself, it creates another €1.6 million elsewhere in the European economy.

• The industry also supports employment for an estimated 2.2 million people.

COVER

bringing hundreds of shipping executives, ship owners, managers, and delegates from international shipping organisations to the island.

The main theme of the Maritime Cyprus 2015 Conference, is Shipping: Game Change. As the title suggests, it will focused on crucial issues of concern to the international shipping industry.

These include policy and regulatory matters and forthcoming changes to the international shipping scene, economic and environmental matters and their interaction with technology, geopolitical and energy developments and forecasting for the recovery of the economy and for the freight markets.

The conference will be officially opened

by President Nicos Anastasiades, while speakers include Koji Sekimizu, outgoing Secretary-General of the International Maritime Organization, Thomas Rehder, President of the European Community Shipowners’ Associations (ECSA), Peter Hinchliffe, Secretary-General of the International Chamber of Shipping, and Peter Sand, Chief Shipping Analyst at BIMCO. On the following pages, you can read exclusive interviews with them, as

STORY

well as with Andreas Chrysostomou, Acting Director of the Department of Merchant Shipping, and Themis Papadopoulos, President of the Cyprus Shipping Chamber.

The main aim of the biennial Maritime Cyprus conference is to provide a forum where important and current issues relating to international shipping are presented by distinguished speakers and subsequently discussed by the international shipping community, thereby helping to formulate sound and well-balanced decisions and policies on crucial shipping issues.

Maritime Cyprus also enables the participants to become more familiar with the strong maritime tradition of Cyprus and its people. The island’s shipping infrastructure constitutes an invaluable asset not only to the country but to Europe and the broader international shipping community. Moreover, for three days in September, the eyes of the shipping world are focused on Cyprus, helping it raise its global profile and remove the ‘invisible’ tag that continues to be attached to an industry that contributes an estimated 7% to the country’s GDP.

www.goldnews.com.cy | GOLD | 23

8 | EDITORIAL 10 | BUSINESS BRIEFING

Economic & Business Highlights of the past month

14 | MY WAY

Dionisis Pirivolisianos’ management style

16 | FIVE MINUTES WITH… Alexandros Tsirides

18 | THEY SAID WHAT?

A selection of memorable recent quotes

OPINION 23 | Naming and Shaming

35 | The Invisible

Industry Shipping in Cyprus and the World. Interviews with key speakers at Maritime Cyprus 2015

By Andreas Neocleous

34 | All About China

By George Theocharides

106 | Sights for Sore Eyes

By George Mouskides

109 | Who Will Reform Greece?

By George Mountis FEATURES 20 | Austerity and the ‘Instrusive’ European Union Interview with Lord Lamont of Lerwick

24 | Cyprus as an Investment Funds Hub

Angelos Gregoriades on the upcoming CIFA Conference

26

26 | Going Green…

An overall evaluation of the BIOforLIFE action plan

28 | Increasing Sales Through Social Media

24

How the hotel industry can take advantage of new marketing opportunities

30 | Making Movies

Behind the scenes of Behind the Mirror

100 | Changing with the Times

Marios Argyrides, Head of Finance at BAT Cyprus

104 | Mediation in Cyprus The advantages of mediation and the trends in Cyprus

SPECIAL PROMOTIONAL FEATURE Shipping in Cyprus

51 |

100

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6 | GOLD | The Business Magazine of Cyprus

108 | Turning Good Leaders into Great Leaders The IN Business Executive Leadership Programme 112 | Ten Years On The world is becoming a more dangerous place

116 | Dream it. Build it. Live it. ;OL ÄUHSZ VM 4PJYVZVM[»Z Imagine Cup

120 | BOOKSHELF Five of the best new business titles

122 | IN GOOD COMPANY 6W[PTPZPUN Z[HɈ ZH[PZMHJ[PVU H[ 0UMV:JYLLU 124 | LUNCH WITH GOLD Androulla Vassiliou, former First Lady and ex-European Commissioner 127 | BUSINESS CLASS George Petrakides, Microsoft Country Manager, Cyprus and Malta

128 | WHAT’S ON Gold’s guide to the best cultural events 130 | A DAY IN THE LIFE Demetris Taxitaris

BUSINESS BRIEFING IN THE NEWS

CYPRUS PROBLEM

RESUMED TALKS CREATE MOMENTUM

HMS Ambush in Limassol

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MY ECONO

ELECTRICITY INTEGRATION ON SCHEDULE

BRITISH CHEESEMAKERS

The integration of the electricity grids on IV[O ZPKLZ VM [OL KP]PKPUN SPUL PU *`WY\Z is proceeding according to schedule and technical work at one of the two connec[PVU WVPU[Z OHZ HSYLHK` ILLU JVTWSL[LK ;OL PU[LNYH[PVU VM [OL NYPKZ JVTLZ PU [OL JVU[L_[ VM [OL JVUĂ&#x201E;KLUJL I\PSKPUN WYHJ[PJHS TLHZ\YLZ HNYLLK I` 7YLZPKLU[ 5PJVZ Anastasiades and Turkish Cypriot leader 4\Z[HMH (RPUJP HZ WHY[ VM [OLPY JVTTP[TLU[ [V [OL T\[\HS NVHS VM YL\UPĂ&#x201E;JH[PVU (U PU[LNYH[LK [LSLJVTT\UPJH[PVUZ Z`Z[LT PZ HSZV VU [OL JHYKZ HSSV^PUN .YLLR HUK ;\YRPZO *`WYPV[ TVIPSL WOVUL VWLYH[VYZ [V JVVWLYH[L UVYTHSS`

BATTLE

â&#x20AC;&#x2DC;LEADING BY EXAMPLEâ&#x20AC;&#x2122; INTERNSHIP PROGRAMME

Cyprusâ&#x20AC;&#x2122; Sovereign Outlook â&#x20AC;&#x2DC;Positiveâ&#x20AC;&#x2122;

C

apital Intelligence (CI), the international credit rating agency, announced on August 28, that it has affirmed Cyprusâ&#x20AC;&#x2122; Long-Term and Short-Term Foreign Currency Sovereign Ratings at â&#x20AC;&#x2DC;Bâ&#x20AC;&#x2122;. The Outlook for the ratings was revised to â&#x20AC;&#x2DC;Positiveâ&#x20AC;&#x2122; from â&#x20AC;&#x2DC;Stableâ&#x20AC;&#x2122;.

The revision of the Outlook reflects the countryâ&#x20AC;&#x2122;s better-than-expected economic performance; the Governmentâ&#x20AC;&#x2122;s commitment to reforms, which is paving the way for Cyprus to exit the international rescue programme in March 2016; renewed â&#x20AC;&#x201C; albeit limited â&#x20AC;&#x201C; access to the international capital markets, enabling the government to lower its refinancing risks; and manageable short-term financing risks in view of the support of the economic programme agreed with and fully backed by the eurozone member states through the European Stability Mechanism (ESM) and the International Monetary Fund (IMF).

10 | GOLD | The Business Magazine of Cyprus

JOIN HALLOUMI Several British cheesemakers have expressed their opposition to the EUâ&#x20AC;&#x2122;s move to grant protected designation of origin (PDO) status to halloumi cheese, meaning that it can only be produced in Cyprus. In July, during his visit to Cyprus, European Commission President Jean-Claude Juncker noted that â&#x20AC;&#x153;Halloumi/Hellim cheese symbolises the shared heritage of the island of Cyprus. It is a tradition which has linked the communities living here for centuries.â&#x20AC;?

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BANKING ACQUISITION

BARING PRIVATE EQUITY ASIA ACQUIRES ORANGEFIELD

B

aring Private Equity Asia has announced that its affiliated funds have entered into an agreement with AAC Capital Partners to acquire Orangefield Group, the global fund administration and corporate services firm.

The acquisition will be Baring Asia’s second investment into the corporate and trust services (CTS) industry and follows the execution in May 2015 of the agreement to acquire Vistra Group. The parties have agreed not to disclose the financial terms of the transaction, which is subject to regulatory approvals and other customary closing conditions. Orangefield Group is a global full service provider of administrative, fund, corporate and management services with a strong focus of working for funds and multinational companies. The company’s 34 full service offices provide support in 45 countries around the world, including Cyprus.

HELLENIC BANK RECORDS €500,000 PROFIT Hellenic Bank realised a net profit of €500,000 during the first six months of 2015, compared to a loss of €95 million for the same period in 2014. CEO Bert Pijls noted that the result “demonstrates the progress we have made in managing our NPLs as well as in providing new lending to viable Cypriot households and businesses. The recent economic developments in Cyprus have been encouraging. Hellenic Bank remains a strong bank ready to serve the needs of the recovering Cypriot economy.”

THE MARSHALL ISLANDS REGISTRY service and quality are within your reach

€60 MILLION PROFIT FOR BANK OF CYPRUS Bank of Cyprus announced a €60 million profit after tax for the first half of 2015. The profit for the second quarter of 2015 was €31 million, compared to €29 million for the first quarter of 2015.

CEO John Hourican stated: “The Bank’s strengthened capital position and overall improvement in its financial position enhance its funding options and will facilitate access to the capital markets for wholesale funding, subject to market conditions and investor appetite, allowing the Bank to further normalise its funding structure”.

LIMASSOL

35 BIDDERS SELECTED FOR LI-

MASSOL PORT COMMERCIALISATION

A

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International Registries, Inc. MR EJ½PMEXMSR [MXL XLI 1EVWLEPP -WPERHW 1EVMXMQI 'SVTSVEXI %HQMRMWXVEXSVW

tel: +30 210 4293 223 piraeus@register-iri.com

www.goldnews.com.cy | GOLD | 11

www.register-iri.com

BUSINESS BRIEFING

LEISURE & TOURISM

Cyprus tops 5-star hotels list

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Best value-for-money eurozone holiday destination

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OIL

Transfer of Oil Reserves MYVT 3HYUHJH 9LÃ&#x201E;ULY` Completed

T

he Ministry of Energy and Commerce recently announced that the transfer of oil reserves from Larnaca to the Vasilikos Energy Centre was completed on August 14. The Government had decided to move the reserves from Larnaca, in July 2014, in response to a long-standing demand by the townâ&#x20AC;&#x2122;s residents. In addition to the strategic reserves, private companies will have to move their liquid gas and liquid fuel facilities out of Larnaca by the beginning of 2017. For the final movement of all oil and gas reserves from Larnaca, the Ministry of Energy has already offered private companies a chance to lease land at the Vasilikos Energy Centre on which to build their own storage facilities.

12 | GOLD | The Business Magazine of Cyprus

WHATâ&#x20AC;&#x2122;S NEW

Quality Award for Coral Beach Hotel

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TRA & HOTVEEL LS

Emirates express lane at Larnaca Airport

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Our local knowledge, your global advantage

Limassol seafront building sold for â&#x201A;Ź15.9 million

REA ESTATL E

F

ollowing the recent acquisition of a new building in Nicosia by Trust Cyprus Insurance Company, which is wholly owned by Nest Investments (Holdings) Limited, two more of its subsidiaries have now completed the purchase of another building in Limassol. Trust Re Bahrain Cyprus Branch and World Trade Center Cyprus have jointly pur-

STATISTICS

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Tourist arrivals increase

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chased a new seafront building under construction by property developer Takis Vashiotis Limited for â&#x201A;Ź15.9 million.

Occupying a prominent position on the seafront main thoroughfare, the 7-storey 3,700-sqm building will be delivered by May 2016. Part of the building will be occupied by staff of the two companies but the majority of the office space will be turned in to prestigious fully serviced business offices.

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Jordans Trust Company H 7.031J -j#01 #1.-)# BVI and Seychelles services, including shelf companies. *-1# *',)1 5'2& -30 -k!#1 in these locations enables us to provide relevant, local knowledge giving our clients the advantage.

Cyprus is 5th safest country

Cyprus has been ranked the 5th safest country in the ^VYSK PU H UL^ Z\Y]L` SVVRPUN H[ WVW\SH[PVU *6 LTPZsions and life expectancy HZ ^LSS HZ [OL U\TILY WLY WLVWSL VM UH[PVUHS WVSPJL WLYZVUULS [YHÉ&#x2030;J KLH[OZ [OLM[Z HUK HZZH\S[Z ;OL ZHMLZ[ JV\U[Y` HJJVYKPUN [V [OL =HS\L7LUN\PU Z\Y]L` PZ :^P[aLYSHUK ;OL island tops the list of the safest countries with a WVW\SH[PVU VM SLZZ [OHU TPSSPVU

Economic sentiment rises

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Contact our Nicosia -k!# 2-" 7; T +357 22 767 294 E info@jordans.com.cy

www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 13

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