GOLD MAGAZINE ISSUE 45 by INBusiness

ISSUE 45 DECEMBER 14, 2014 - JANUARY 13, 2015 PRICE €4.95

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the international investment, finance & professional services magazine of cyprus

e e s ! n o i t c

+ DAI LINGYUN, SAVVAS SAVOURI, GEORGE & ALEXIS TSIELEPIS BANKING

Bank of Cyprus launches Premier Club

INTERVIEWS

Michael Dobbs Tim Potier Colin Wright

INVESTMENT

Record-breaking sales for alternative assets

Plus:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION

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Issue 45 December 14, 2014 - January 13, 2015

8 EDITORIAL 10 UP FRONT 16 FIVE MINUTES WITH…

LET’S

SEE

! N O I ACT

At the behest of the Cyprus Fiduciary Association (CFA), stakeholders gathered on November 6 to share their experiences and views in an attempt to demarcate the way forward for Cyprus, correcting the mistakes of the past, and ensuring that only deliberate, purposeful steps are taken from here on. We present their 30 proposals and more.

potential to become world-class, which is the vision of the whole university.

42 | ENRICHING CUSTOMER VALUE Chris Christodoulou, Financial Controller of Fileminders, on how the recession has affected business and how he sees the future for his company and Cyprus.

FEATURES

28 | THE CLIENT IS KING Bank of Cyprus launches its Premier Club

30 | BROTHERS IN ARMS Interview with George and Alexis Tsielepis – Managing Director, and Director, Head of Taxation – of Costas Tsielepis & Co.

34 | PERFECT PITCH More than ten Cypriot start-ups participated in last month’s Web Summit in Dublin, described as “the best technology conference on the planet”.

38 | DOING THE RIGHT THING Dr. Tim Potier, Head of the School of Law at UCLan Cyprus, says that it has the

44 | THE 5TH LIMASSOL ECONOMIC FORUM Considered by many as the best annual gathering of its kind in Cyprus, and attracting the crème de la crème of the island’s international business scene, this year’s event saw global economists, financial sector representatives and high-calibre speakers from the Government and the private sector come together to discuss the future of the European economy.

48 | SCHIZOPHRENICS, WEREWOLVES, SCREWED-UP POLITICIANS AND EUROZONE MADNESS An exclusive interview with Lord Dobbs of Wylye, best-known as Michael Dobbs, author of House of Cards, who was one of the speakers at the recent Limassol Economic Forum.

50 | STRAIGHT TALK Seemingly radical ideas, not easy answers, are what Cyprus needs if it is to recover from its present plight, says Dr. Savvas Savouri.

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

+ OPINION WHY GROWTH COULD REMAIN ELUSIVE IN 2015 By Fiona Mullen 33 TIME FOR CHANGE By Dr. George Mountis53 FROM EGGS TO BEPS By Costas Markides 61

54 | BIG IN JAPAN As the local subsidiary of a Japanese company, Furuno is a rarity in Cyprus but it has already established itself in what is a significant niche market.

56 | THE CYPRUS INVESTORS SHOW 2015 The Cyprus Investors Show 2015 presented opportunities to Cypriot investors interested in schemes designed to protect their own or their clients’ wealth.

58 | IN VINO VERITAS Would you pay €2,000 for a bottle of Commandaria? We meet a man who is confident of finding a clientele that is happy to purchase – and drink – what he is marketing in exclusive diamond-studded collector’s edition bottles.

62 | TAX ‘BADS’, NOT GOODS! Time for a Green Tax Reform in Cyprus

66 70 74 76 78

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

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EDITORIAL

welve months ago we were all looking to 2014 with a certain amount of trepidation. Cyprus was still recovering from the shock of realising that the country had been close to bankruptcy and people had not entirely come to terms with the idea that survival meant, in part, the winding-up of the second-largest bank, a sizeable ‘haircut’ of deposits in the largest, and being at the mercy of the Troika of international lenders, who were determined to see the Government take measures to ensure that its successors will be in a position to repay the €10 billion that the country was granted. Could things possibly get worse? Well, we can now see that those ‘nasty foreigners’ knew what they were doing and while 2014 is unlikely to be remembered as anyone’s favourite year, things have developed better than even the most optimistic forecasters expected, especially in the banking sector, thanks to some valuable – and massive – foreign investment. The Troika’s reports were positive (until the House of Representatives tried to fool the international lenders by passing legislation that neutralised essential changes to the law. This led, as anyone knew it would, to an immediate halt to funding. Fortunately the Supreme Court ruled that their bills were unconstitutional), the rating agencies have been upgrading the banks and the country’s creditworthiness, and all the indications are that Cyprus will exit the economic adjustment programme ahead of schedule. Of course, things are not all rosy. Unemployment remains unacceptably high, tourism is still suffering and relations with Russia have deteriorated following EU sanctions over its annexation of Crimea and its role in the Ukraine crisis, and more recently its new laws on ‘de-offshorisation’ and its call for Russian expatriates to send their money home as part of a tax amnesty. Much still remains to be done, as the outspoken (and somewhat pessimistic) economist Savvas Savouri told us (page 50). That said, this final issue of Gold for 2014 is packed with positive articles, beginning with our cover story which sets out specific proposals for improving the island’s practices and reputation as an international business centre (page 18). We have an interview in which Bank of Cyprus presents its new Premier Banking service (page 28), a piece on 10 Cypriot start-ups that created quite a buzz at last month’s 2014 Web Summit in Dublin (page 34) and we talk to the Head of Cyprus’ only university School of Law (page 38). Much has been said over the past two years about the possibility of attracting Chinese investor interest, not all of it well-founded. This month, we feature a Chinese investor who has not only purchased property (and persuaded several of his friends to do so) but is marketing Commandaria as a luxury item in his country (page 58). Last month’s Limassol Economic Forum, recognised as the most important annual gathering of key figures from the local and international financial communities, was a great success. You will find photos and information on the speakers (starting page 44) as well as an exclusive interview with one of the keynote speakers, Lord Dobbs of Wylye, better known as Michael Dobbs, author of House of Cards. Add to this interviews with executives from Costas Tsielepis & Co. (page 30), Fileminders (page 42) and Furuno (Cyprus) Ltd (page 54), and you have another excellent issue in your hands. This time last year, I also announced the launch of the Gold News website and daily newsletter as an online complement to the magazine. I am delighted to report that the response and feedback to the website has been phenomenal, showing IMH, our publishers, that its bold decision to invest in a new venture (just as it had done with Gold in 2011) was the right one. Thank you for your support over the past 12 months and here’s to a successful 2015!

John Vickers, Chief Editor

john@imhbusiness.com

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LET’S

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

E! STE ION

30 STRATEGIC PROPOSALS

TO RESTORE CYPRUS AS AN INTERNATIONAL BUSINESS CENTRE

+ DAI LINGYUN, SAVVAS SAVOURI, GEORGE & ALEXIS TSIELEPIS BANKING

INTERVIEWS

INVESTMENT

Bank of Cyprus launches Premier Club

Michael Dobbs Tim Potier Colin Wright

Record-breaking sales for alternative assets

PLUS: MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION

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John Vickers JOURNALISTS

Effy Pafitis, Chloe Panayides CONTRIBUTORS TO THIS ISSUE

Mariana Antonescu, Philippos Aristotelous, Eleni Hoplaros, Andrew Lumley-Holmes, Costas Markides, Dr. George Mountis, Fiona Mullen, Artemis Pnevmatikou, Stavros Supashis, Theodoros Zachariadis ART DIRECTION

Anna Theodosiou SENIOR DESIGNER

Alexia Petrou PHOTOGRAPHY

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ISSUE 45 DECEMBER 14 - JANUARY 13, 2015 PRICE €4.95

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

BANKING How Spain restructured its system

BITCOIN The Future of the Digital Currency

INTERVIEWS Peter Greenberg Matthew Kidd Alexis Tsielepis

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UP FRONT

GEORGE STYLIANOU

DEPARTS

eorge Stylianou, Executive Director and Chief Marketing Officer of Limassol-based ForexTime (FXTM), announced his decision to leave the company last month. “I am grateful to FXTM for all I have received and feel proud of what I

FXTM have offered back. Now is the right time to move on to bigger projects as the entrepreneur in me is ready for greater personal and professional challenges,” Stylianou told Gold. Prior to his appointment at FXTM in 2012, Stylianou held a number of senior roles in several FX broker and provider firms, including Alpari, FxPro and Easy Forex.

“We can confirm that George Stylianou and FXTM have parted ways by mutual agreement,” an FXTM statement noted. “George has been an integral member of the team since the company’s launch and we are grateful for his efforts in helping to build the brand into the strong position it is in today.”

$3+52',7( +,//6 :,16 *2/) $:$5'6

n addition to its evaluation of Cyprus Best Golf Hotel at the firstever World Golf Awards ceremony which took place on November 15 in Algarve, Portugal, the Aphrodite Hills Resort’s golf course also won Cyprus Best Golf Course. The World Golf Awards celebrate and reward excellence in golf tourism, world class courses and golf destinations. The inaugural awards focused on the leading 130 nations that are perceived to be shaping the future of the industry. Golf tourism constitutes a vital segment in the

global travel and tourism marketplace. An estimated 600 million golfer visits will take place in 2014 to the 32,000 golf courses and resorts worldwide. Voting was by professionals working within the golf travel and tourism industry – senior executives, travel buyers, tour operators, agents and media professionals, as well as the golf tourism consumers.

EASYJET REVENUE

INCREASES 6.3%

1100 Gold Gooolld THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MA G Gol MAGAZINE OF CYPRUS

rominent low-cost European airline easyJet has revealed its financial results for the year ended September 30, 2014, reporting an increase in total revenue of 6.3% The airline posted £4,527 million in yearly revenue, with profit before tax amounting to some £581 million. Total revenue per seat increased by 1.2% on a reported basis and by 1.9% on a constant cur-

Otkritie FC Bank Acquires 20% Stake in RCB Bank

CB Bank LTD has completed an equity capital increase through the issue of additional shares and the attraction of Otkritie Financial Corporation Bank as a new strategic investor, the Limassol-based bank has revealed. Otkritie FC Bank will own a 19.85% stake PU [OL ÄUHUJPHS PUZ[P[\[PVU 0U [OL JV\YZL VM the issue of additional shares, the stake of VTB Bank decreased to 46.29%. “Prior to the completion of the issue of additional shares and capital increase, RCB Bank LTD successfully passed the European Central Bank’s stress tests exceeding by almost twice the minimum requirements,” stated RCB Bank CEO Kirill Zimarin. “However, our development plans on the local and international markets imply an active assets growth, which required both the expansion of the capital base and the number of strategic partners.” Otkritie is one of the largest and most K`UHTPJ WYP]H[LS` V^ULK ÄUHUJPHS NYV\WZ Zimarin explained, with extensive expertise in developing lending projects for small and medium-sized businesses, as well as in the successful implementation of retail projects and high-quality investment banking services.

rency basis to £63.31 million. The growth in revenue per seat was driven, in part, by a number of digital and revenue management initiatives and a continued focus on capital allocation, the company commented. “easyJet has continued to execute its strategy, delivering another strong performance and enabling easyJet to deliver record profits for the fourth year in a row,” Carolyn McCall easyJet Chief Executive affirmed.

The company, she continued, is also proposing to increase the proportion of profits after tax paid in dividends from one third to 40%, reflecting its confidence in the future of easyJet. “easyJet has opened up clear blue sky between us and our competitors – both legacy and low cost - with our unique and winning combination of the best route network connecting Europe’s primary airports, with great value fares and friendly service,” McCall concluded.

THE MARSHALL ISLANDS Corporate Registry

Limassol Marina

Kickstarts the Festive Season

VTT VASILIKO

LAUNCHES OPERATIONS

F L

imassol Marina launched its first festive season on November 29, in the presence of its property and marina residents, project staff and

visitors. The event featured an extensive line-up of entertainment including London West End singer Riana Athanasiou, the percussion group Batukinio, the Diastasis Children’s Choir and the Limassol municipal band. Following the entertainment, mulled wine and treats were served in the Square.

ollowing the announcement of the completion of the first phase of construction at VTT Vasiliko, the terminal has already welcomed its first vessel last month for testing

purposes. The oil products delivered were used to test the operational system of the jetty as well as the storage areas onshore. Once the system and procedures of the terminal are successfully evaluated, the company will launch the terminal’s operation and will be ready to offer its services to oil trading companies. The company officially took delivery of the terminal from contracting company J&P on November 28. The project includes 28 tanks of 544K m³ storage capacity and a jetty with the capacity to service over 500 tank vessels per year. The second phase of the terminal, which is currently under evaluation, will include 13 additional tanks which will increase total capacity to 850K m³. This phase is expected to be completed in 2016.

PLANS for Paphos

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Tower 2017

aphos will soon have its very own skyscraper, according to architects Vangelis Mavronicholas and Anna Mavronicholas. The building, named Paphos Tower

2017, is to be funded by the private sector, ahead of the town’s role as the European Cultural Capital 2017. Expected to become a landmark in the town, the 90-metre high tower, to be located near the Alexander the

5HDO ,QWHOOHFWXDO Property Holdings Great Hotel, will operate as an observation point, VɈLYPUN \UPU[LYY\W[LK views of the sea and the town. According to local reports, both local and foreign investors have expressed interest in the development.

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UP FRONT

FACTA AGREEMENT SIGNED

yprus signed an intergovernmental agreement with the US for the implementation of the US Foreign Account Tax Compliance Act (FACTA) on Tuesday December 2, in what was described as a further step in boosting mutually beneficial economic and political ties. The agreement was signed by Finance Minister Harris Georgiades and the US Ambassador to Cyprus, John Koenig (left). Under the agreement, the Cypriot authorities will provide the competent US Authorities with financial information regarding bank accounts held by US citizens, as stipulated in the agreement. The US government has thus far signed in excess of 40 intergovernmental

agreements, in what has been described as a model in the US administration’s effort to curtail tax evasion and boost transparency. “The signing today of the FACTA agreement is another important step in this very direction,” said Georgiades. “It is also a significant development in strengthening the excellent political and economic ties between Cyprus and the US, he added. On his part, Koenig welcomed Cyprus’ commitment to intensify cooperation in the field of international tax compliance. “Today’s signing marks a significant step forward in our countries` common effort to work collaboratively to combat offshore tax evasion, an objective that benefits both or countries,” he said.

MONARCH AIRLINES EES S

TO LAUNCH LARNACA-GATWICK ROUTE

onarch Airlines has announced a new Cyprus route from the UK, to be launched during the summer 2015 season. The airline will operate a IP ^LLRS` ÅPNO[ MYVT 3HYUHJH [V .H[^PJR Airport. Monarch has also announced [OL SH\UJO VM H ^LLRS` 3HYUHJH ÅPNO[ [V Rhodes, to begin during the same sum-

mer period. “We recently underwentt a strategic review of our network, looking at ^OLYL V\Y J\Z[VTLYZ ^HU[ [V Å` [V ¹ ZHPK Marisa Blanco, a spokeswoman for Monarch Airlines. The airline conceded that the [^V YV\[LZ [V TLL[ [OL ZWLJPÄJ JYP[LYPH VM customer demand, focusing particularly on adding leisure destination to its Summer 2015 schedule.

ARISTO DEVELOPERS SHOWCASES PORTFOLIO TO RUSSIAN BUYERS

rominent Cyprus development and real estate firm Aristo Developers has continued its contacts with Russian buyers, participating in yet another property investment event in the country. The firm participated in one of the largest property events held throughout the Autumn ’14 exhibition season in Russia, the St. Petersburg International Property Show. The event, which took place in November, attracted some 70 companies from 25 countries, showcasing over 3,000 available properties located internationally. Aristo Developers, together with Sunterra Homes, a permanent exhibitor at the St. Petersburg International Property Show, presented its portfolio to potential buyers. In addition to promoting the island’s real estate market, Aristo Developers also informed attendees about the Government’s residency and citizenship scheme, as well as the educational opportunities available to foreign students on the island both via public and private educational institutions.

CAESARS ENTERTAINMENT TO OPERATE CYPRUS’ FIRST CASINO RESORT?

aesars Entertainment, one of the most prominent gaming companies worldwide, is reportedly interested in the operation of a casino resort in Cyprus. The American public gaming corporation owns and operates over 50 casinos and hotels, as well as seven golf courses, under several brands. According to international sources, representatives of Caesars have already visited the island to discuss the investment opportunity with local authorities. The bill for casino operations in Cyprus stipulates that each casino must have at least 1,000 gaming machines, 100 tables, and must feature a hotel of at least 500 rooms. A 15% tax rate on all gross revenues is to be implemented, HZ ^LSS HZ HU HUU\HS NHTPUN SPJLUZL MLL VM Á TPSSPVU MVY [OL ÄYZ[ MV\Y `LHYZ VM VWLYH[PVU PUJYLHZLK [V Á TPSSPVU MVY [OL UL_[ MV\Y ;OL ZLSLJ[PVU VM [OL ^PUUPUN IPK MVY [OL ÄYZ[ JHZPUV YLZVY[ PZ L_WLJ[LK [V IL ÄUHSPZLK I` (\N\Z[

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

UP FRONT

THE WORLDâ&#x20AC;&#x2122;S C

BIGGEST EMPLOYERS 1

WAL-MART STORES Employees: 2.2 million Country: United States Industry: Retail Sales: $476.3 billion Market value: $245.8 billion Wal-Mart Stores is the worldâ&#x20AC;&#x2122;s largest retailer, with nearly 11,000 stores in 27 countries. The company was founded in 1962 by Arkansas businessman Sam Walton; the Walton family remains one of the richest families in the world, with a 50% stake in the company. Out of its 2.2 million employees worldwide, about 1.4 million work in the US. International revenues amounted to $136.5 billion, 29% of its total revenue.

COMPASS GROUP Employees: 506,699 Country: United Kingdom Industry: Food Services Sales: $27.4 billion Market value: $27.0 billion Compass Group is the worldâ&#x20AC;&#x2122;s largest contract food service company, generating 90% of its revenue from more than 50 countries outside the UK. It serves four billion meals a year at ZP[LZ PUJS\KPUN VÉ&#x2030;JL buildings, schools, and sports venues. Compassâ&#x20AC;&#x2122;s operations in North America account for 40% of its workforce and 47% of total revenue. The company has increased its workforce by more than 30% over the WHZ[ Ă&#x201E;]L `LHYZ

an you imagine a single company with a workforce that is more than twice the population of Cyprus? Well, there are at least two on Fortune PDJD]LQHÂˇV Ă&#x20AC;UVW HYHU OLVW RI WKH ZRUOGÂˇV ELJJHVW HPSOR\HUV 2I WKH WRS HPSOR\HUV VL[ KDG UHYHQXHV DERYH ELOOLRQ LQ WKHLU PRVW UHFHQW Ă&#x20AC;VFDO \HDU 7KHVH JOREDO JLDQWV KDLO IURP D YDULHW\ RI LQGXVWULHV LQFOXGLQJ UHWDLO EXVLQHVV VHUYLFHV HQHUJ\ DQG EDQNLQJ VRPH RI ZKLFK DUH PRUH ODERXU LQWHQVLYH WKDQ RWKHUV WKXV GLFWDWLQJ D QHHG IRU PRUH HPSOR\HHV 7KH OLVW ZDV FRPSLOHG DPRQJ SXEOLFO\ OLVWHG FRPSDQLHV EDVHG RQ ODWHVW Ă&#x20AC;VFDO \HDU HQG Ă&#x20AC;JXUHV IURP FactSet Research Systems, annual reports, and other SXEOLFO\ DYDLODEOH LQIRUPDWLRQ S DLODEOH LQIRUPDWLRQ

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VOLKSWAGEN GEN

PETROCHINA

Employees: 618,000 Country: United Kingdom Industry: Security Services Sales: $11.6 billion Market value: $6.3 billion

Employees: 572,800 Country: Germany Industry: Motor Vehicles Sales: $261.5 billion Market value: $101.3 billion

Employees: 544,083 Country: China Industry: Oil & Gas Sales: $351.0 billion Market value: $225.6 billion

Hon Hai Precision is the parent company of Foxconn Technology, the worldâ&#x20AC;&#x2122;s largest electronics manufacturer. Founded in 1974, the Asian tech giant now assembles everything from smartphones to display panels for Apple, Cisco, Dell and Sony. Apple contributes about 40% of the companyâ&#x20AC;&#x2122;s revenue. Earlier this year, Hon Hai hired 100,000 people in mainland China to help meet production demands for Appleâ&#x20AC;&#x2122;s iPhone 6.

G4S is the worldâ&#x20AC;&#x2122;s largest security company with a massive global footprint spanning 125 countries (including Cyprus). It is now the largest publicly traded employer in Europe, and boasts a strong and consistent track record of WLYMVYTHUJL 0[ VÉ&#x2C6;LYZ H combination of personnel, project management, risk management and technology solutions to commercial and government organisations, which of hich account for 75% o its revenue.

Volkswagen reported sales of 9.73 million vehicles worldwide in 2013, putting the company in second place for the year, well behind Toyota and slightly ahead of General Motors. Volkswagen is the biggest employer of the three, though in terms of productivity measured by revenue per employee, Volkswagen lags behind both of its rivals. Every weekday, 572,800 employees worldwide produce some 39,350 vehicles.

PetroChina is Chinaâ&#x20AC;&#x2122;s largest oil and gas company and the worldâ&#x20AC;&#x2122;s second most valuable LULYN` Ă&#x201E;YT HM[LY ,__VU Mobil. Founded in 1999, it is the publicly traded arm of the China National Petroleum Corp., which V^UZ VM [OL Ă&#x201E;YT Half of its employees work in exploration and production, while the rest are responsible for marRL[PUN HUK YLĂ&#x201E;UPUN ;OL company has increased its workforce by more than 13% over the past Ă&#x201E;]L `LHYZ

HON HAI PRECISION INDUSTRY Employees: 1.1 million Country: Taiwan Industry: Electronics Sales: $133.2 billion Market value: $47.3 billion

AGRICULTURAL BANK OF CHINA Employees: 496,365 Country: China Industry: Banks Sales: $115.4 billion Market value: $150.4 billion

Agricultural Bank of China is one of Chinaâ&#x20AC;&#x2122;s â&#x20AC;&#x153;big fourâ&#x20AC;? commercial banks and the biggest employer of the MV\Y YHURPUN Ă&#x201E;YZ[ PU THYRL[ presence with 23,547 domestic branches serving the largest population in the world. The massive lender went public in 2010, pulling in $22.1 billion from Hong Kong and Shanghai in what was the worldâ&#x20AC;&#x2122;s largest IPO until (SPIHIHÂťZ IPSSPVU VÉ&#x2C6;LYPUN this year.

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

ISS A/S Employees: 464,183 Country: Denmark Industry: Commercial Services Sales: $14.0 billion Market value: $5.1 billion The worldâ&#x20AC;&#x2122;s largest cleaning company was founded in Copenhagen in 1901 as a small security company with 20 night watchmen. Since then, it has expanded [V VÉ&#x2C6;LY H M\SS YHUNL VM services, including cleaning, catering, and property and facilities management. The Danish company is notable for having an employee turnover rate of only 52% versus the average 65% seen in the facility services sector.

9 INDUSTRIAL AND COMMERCIAL BANK OF CHINA Employees: 441,902 Country: China Industry: Banks Sales: $148.8 billion Market value: $230.7 billion Industrial and Commercial Bank of China (ICBC) is the biggest China bank by sales, WYVĂ&#x201E;[Z HZZL[Z HUK THYRL[ value, as well as the leader in productivity. With business coverage across the six continents, ICBC provides L_[LUZP]L Ă&#x201E;UHUJPHS WYVK\J[Z and services to 4.7 million corporate customers and 432 million personal customers through its network of 19,000 locations worldwide.

MCDONALDâ&#x20AC;&#x2122;S Employees: 440,000 Country: United States Industry: Food Services Sales: $28.1 billion Market value: $91.9 billion

The McDonaldâ&#x20AC;&#x2122;s workforce total includes employees PU P[Z JVYWVYH[L VÉ&#x2030;JLZ HUK company-owned restaurants, but excludes workers at its 29,179 franchiseeowned restaurants. McDonaldâ&#x20AC;&#x2122;s has faced problems across the globe but one element of its turnaround strategy is a plan to install self-ordering kiosks and mobile ordering at its restaurants â&#x20AC;&#x201C; a move that should improve operating LÉ&#x2030;JPLUJ` I\[ ^PSS YLK\JL P[Z headcount.

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