Gold issue 62 pages 1-11 May 2012

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Gold ISSUE 62 | MAY 14,

b u s i n e s s

m a g a z i n e

o f

c y p r u s

Interviews & Opinions Developments & Prospects

2016 | THE CYPRUS SHIPPING INDUSTRY

Shipping

Gold ISSUE 62 may 14, 2016 PRICE €3.00

PRESENTS

Facts & Figures

THE

CYPRUS

SHIPPING INDUSTRY

We support you to create the value you are looking for in the shipping industry by providing specialised and innovative 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.

TECHNOLOGY

We can change the world, says Stefano Ceccarelli

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© 2016 PricewaterhouseCoopers Ltd. All rights reserved 5 29 129 5 00 057 7

PEOPLE

Cleopatra Kitti Sievert Larsson Arfat Qayyum

ACCOUNTING

Geoff Barnes & James Castellano on the profession

PLUS

Business Briefing, What’s On, Books, Opinion & More

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ForexTime (FXTM) is an international online forex broker offering financial services in forex, spot metals and CFDs. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12. There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose. It is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. It is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident. If the risks involved seem unclear to you, please seek independent advice. 34 | GOLD | The Business Magazine of Cyprus @2016 FXTM

ISSUE 62 MAY 14, 2016

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 6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

COVER

12 | MY WAY

STORY

Kevin Mudd’s management style.

14 | FIVE MINUTES WITH…

23 | The Cyprus Shipping Industry Interviews with the Minister of Transport, the Director of the Department of Merchant Shipping and the Director-General of the Cyprus Shipping Chamber, plus MHJ[Z HUK ÄN\YLZ HIV\[ [OL PUK\Z[Y` that contributes an impressive 7% of the country’s GDP.

Arfat Qayyum

16 | THEY SAID WHAT?

A selection of recent memorable \[[LYHUJLZ I` *`WYPV[ W\ISPJ ÄN\YLZ

OPINION 92 | ICPAC TURNS 55 By Kyriakos Iordanou

FEATURES 18 | BANKING ON GOODNESS

Interview with Ancoria Bank founder Sievert Larsson.

22 | THE CYPRUS PRIVATE

BANKING AND WEALTH MANAGEMENT CONFERENCE Photos from the event.

SPECIAL ADVERTISING SUPPLEMENT 41 | The Cyprus Shipping Industry

76 | KEEPING THINGS RELEVANT

14

1HTLZ *HZ[LSSHUV *OHPYTHU HUK .LVɈ Barnes, CEO & President of Baker Tilly International on the Cyprus operation and the main challenge facing the accounting profession.

84

Seventeen companies present their products and services in detail.

80 | FROM INSPIRATION TO

COMMUNICATION Interview with Andrea Solomonides, Business Director of the Cubik-S communication agency.

18

100 1

84 | WE CAN CHANGE THE

WORLD Stefano Ceccarelli, Sales Manager, SAP Digital EMEA South, on what the future holds.

88 | A REFORMED CORPORATE INSOLVENCY REGIME By Amalia Hadjipapa.

90 | WINNING TEAMS

96 | MY COLLECTION

;OL Ä]L RL` PUNYLKPLU[Z [OH[ JHU THRL H KPɈLYLUJL

Tasos Andreou, the History Man.

103 | WHAT’S ON

94 | BUSINESS CLASS

100 | LUNCH WITH GOLD Cleopatra Kitti, founder of the Mediterranean Growth Initiative.

106 | A DAY IN THE LIFE

Baiba Saldovere

95 | BOOKSHELF

Five of the best new business titles. tles.

76 4 | GOLD | The Business Magazine of Cyprus

Gold’s guide to the best cultural events of the coming month. Chris Christodoulou

| EDITORIAL |

In Search of Leaders

GOLD ISSUE 62 MAY 14, 2016 PRICE €3.00

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

INTERVIEWS & OPINIONS

DEVELOPMENTS & PROSPECTS FACTS & FIGURES

PRESENTS

THE

CYPRUS

SHIPPING INDUSTRY

TECHNOLOGY

We can change the world, says Stefano Ceccarelli

PEOPLE

Cleopatra Kitti Sievert Larsson Arfat Qayyum

ACCOUNTING

PLUS

.LVɈ )HYULZ James Castellano on the profession

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5 29 1 2 9 5 0 0 0 5 7 7

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

“THE SUPREME QUALITY OF LEADERSHIP IS INTEGRITY.”

O

Dwight D. Eisenhower

n May 22, the people of Cyprus will elect a new House of Representatives. In an interesting reflection of the current state of the labour market, there are almost 500 candidates for the 56 parliamentary seats. Unlike those in search of a job who may try to boost their chances of being selected by enlisting the help of an influential friend or relative (often an MP), the people seeking our support at the ballot box will – fortunately – have to succeed on their own merit. The members of the House have never been an impressive bunch but there are strong arguments to suggest that, taken in its entirety, the outgoing group may be the worst we have ever voted into office. I am not referring simply to one or two instances of disgraceful personal behaviour or to the many ridiculous statements that are regularly heard during so-called debates. Unfortunately, the problems with our elected representatives are far deeper and more widespread than that, from the party leaders to the back benchers. One only has to look at the workings (or non-workings) of the National Council to see our senior political figures at their worst. EDEK leader Marios Sizopoulos may be an extreme case, in the sense that he publicly divulged confidential information from its last meeting, but all the others have regularly leaked things to the media, following the example of those who came before them. They clearly can’t be trusted to keep their mouths shut if their reward will be good publicity. As for those lower down the party ranks but still in parliament, many of them seem to believe that their job is to win votes by facilitating promotions and contracts for friends and relatives. Cyprus has always been a place in which the term “conflict of interest” has apparently had no meaning for so many people in public office, MPs included. It is only now that so many instances of graft, bribery and corruption have begun to see the light of day. There are, thankfully, the exceptions to this disappointing rule and it is to be hoped that they are the models for these several hundred would-be parliamentarians. Cyprus needs good leaders, people with integrity as Eisenhower put it, who have a genuine wish to do what is best for the country as a whole and not only for their supJohn Vickers, porters. A large number of the candidates in this month’s elections Chief Editor are relatively young. Hopefully they have not lost the idealism of youth, and will honour the office to which they are elected. john@imhbusiness.com

6 | GOLD | The Business Magazine of Cyprus

Daphne Roditou Tang MEDIA MANAGER

Elena Leontiou

EDITOR-IN-CHIEF

John Vickers

JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Amalia Hadjipapa, Kyriakos Iordanou, Marco Mancesti PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou PHOTOGRAPHY

Jo Michaelides, Harris Kyprianou MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Irene Georgiou

SALES EXECUTIVE

Stavros Epifaniou

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

BANKING

BOC’S ₏50 MILLION Q1 PROFIT

Larnaca, Limassol and Paphos in casino picture

CASINO

The three preferred bidders for the licence to build and operate a Casino Resort in Cyprus are each reportedly SVVRPUN H[ H KPɈLYLU[ SVJH[PVU! [OL /VUN 2VUN :[VJR ,_JOHUNL SPZ[LK *HTIVKPHU JHZPUV VWLYH[VY 5HNH*VYW 3[K OHZ NVUL MVY 3HYUHJH ^OPSL [OL 4LSJV /HYK 9VJR 9LZVY[ *`WY\Z *VUZVY[P\T H ]LU[\YL VM 4HJH\ÂťZ 3H^YLUJL /V HUK [OL <: IHZLK /HYK 9VJR 0U[LYUH[PVUHS MH]V\YZ 3PTHZZVS 7OPSPWWPULZ JHZPUV KL]LSVWLY )SVVTILYY` 9LZVY[Z *VYWVYH[PVU PZ ZHPK [V IL JVUZPKLYPUN 7HWOVZ 1\S` PZ [OL KLHKSPUL MVY WYVQLJ[ KL[HPSZ [V IL Z\ITP[[LK I` WHY[PJPWHU[Z PU [OL ZLJVUK YV\UK HUK [OL `LHY SPJLUJL PZ L_WLJ[LK [V IL H^HYKLK I` :LW[LTILY ^P[O [OL YLZVY[ VWLUPUN I` ;OL PU]LZ[TLU[ JV\SK YLHJO HZ T\JO HZ Ă TPSSPVU

LAGARDE CONGRATULATES CYPRUS

Bank of Cyprus announced that it ^PSS WVZ[ UL[ WYVĂ„[ VM Ă TPSSPVU MVY [OL X\HY[LY LUKLK VU 4HYJO ¸;OL Z[YVUN TVTLU[\T PU [OL )HURÂťZ loan restructuring activities continues with progress across all asset quality TL[YPJZ +\YPUN [OL Ă„YZ[ X\HY[LY VM [OL )HUR JVTWSL[LK M\Y[OLY restructurings of lending exposures HJYVZZ [OL ZWLJ[Y\T VM P[Z SVHU WVY[MVSPV š [OL )HUR ZHPK PU HU VɉJPHS HUUV\UJLTLU[ ;OL )HUR UV[LK [OH[ P[Z SPX\PKP[` WVZP[PVU JVU[PU\LZ [V PTWYV]L ¸(S[OV\NO KLWVZP[Z PU *`WY\Z YLTHPULK \UJOHUNLK K\YPUN [OL Ă„YZ[ X\HY[LY VM ÂŻ KLWVZP[ PUĂ…V^Z OH]L WPJRLK \W K\YPUN (WYPS š

ECONOM Y

APPOINTMENT

Eleni Kaloyirou Eleni Kaloyirou was appointed Chief Executive Officer of Hermes Airports last month, following the resignation of Wes Porter, who has left to take up a senior executive position at a US airport. Kaloyirou joined Hermes Airports in November 2014 as Executive Manager Business Control and on 1 January 2016, she assumed the position of CFO. She has many years of experience in the airline industry, having been CFO and Deputy CEO of Cyprus Airways. She is a Chartered Accountant and holds a degree in Economics from Cambridge University.

International Monetary Fund (IMF) Managing Director Christine Lagarde congratulated the Cypriot authorities on the favourable economic results achieved under the programme, which included restoring output and employment growth, W\[[PUN [OL Ă„ZJHS HJJV\U[Z PU H Z\Z[HPUHISL WVZP[PVU HUK MVY[PM`PUN [OL Ă„UHUJPHS ZLJ[VY ( Z[H[Lment noted that “The Managing Director and the Cypriot authorities agreed that the reform momentum should continue in order to extend these favourable developments and further strengthen YLZPSPLUJL [V LJVUVTPJ ZOVJRZ š -PUHUJL 4PUPZ[LY Harris Georgiades had a series of meetings with Lagarde and V[OLY 04- VɉJPHSZ VU [OL ZPKLlines of the 2016 World Bank-IMF ZWYPUN TLL[PUN /L UV[LK [OH[ his interlocutors expressed their great satisfaction with the Cypriot economy’s perMVYTHUJL

8 | GOLD | The Business Magazine of Cyprus

BARCLAYS TO CLOSE CYPRUS OFFICES

)HYJSH`Z 73* HUUV\UJLK VU (WYPS [OH[ P[ PU[LUKZ [V JSVZL P[Z VɉJLZ PU *`WY\Z PU [OL JVU[L_[ VM H Z[YH[LNPJ YLZ[Y\J[\YPUN HUK ZPTWSPĂ„JH[PVU VM [OL .YV\W 0U HU HUUV\UJLTLU[ P[ Z[H[LK that the bank plans to close both its VɉJLZ 3PTHZZVS HUK 5PJVZPH UV[PUN [OH[ ¸[OL THQVYP[` VM )HYJSH`ZÂť JSPLU[Z in Cyprus have bank accounts based in London and will continue to receive IHURPUN ZLY]PJLZ MYVT 3VUKVU š ;OPZ ^HZ [OL ZLJVUK THQVY ISV^ [V )HYJSH`Z J\Z[VTLYZ PU *`WY\Z 0U :LW[LTILY [OL IHUR PU[YVK\JLK H UL^ TPUPT\T [OYLZOVSK VM ‰ MVY JSPLU[Z VU [OL PZSHUK

CCB EXPECTS UP TO â‚Ź30 MILLION Q1 PROFIT

*VVWLYH[P]L *LU[YHS )HUR [OL Z[H[L owned lender that controls 18 local JVVWLYH[P]L IHURZ L_WLJ[Z [V WVZ[ H UL[ WYVĂ„[ VM IL[^LLU Ă HUK Ă TPSSPVU PU [OL Ă„YZ[ X\HY[LY VM [OL `LHY ^OPJO ZOV\SK OLSW [OL IHURÂťZ core tier 1 equity ratio rise to close [V ;OL *VVWLYH[P]L *LU[YHS )HUR ^OPJO WSHUZ [V SPZ[ VU [OL *`WY\Z :[VJR ,_JOHUNL I` [OL LUK VM ^P[O [OL PZZ\L VM UL^ ZOHYLZ NLULYH[LK H UL[ SVZZ VM Ă T SHZ[ year after increasing its provisions MVY SVHU PTWHPYTLU[Z I` Ă T [V HSTVZ[ Ă IU

PARTNERSHIPS ACCOUNTANCY CYPRUS ICPAC-IMH ACCOUNTANCY CYPRUS COLLABORATION

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KEAN TO DISTRIBUTE KATERINA

SATLINK APPOINTED INMARSAT PARTNER

:H[SPUR :H[LSSP[L *VTT\UPJH[PVUZ

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MARINE

GAP VASSILOPOULOS GROUP AND DP WORLD AWARDED LIMASSOL PORT CONCESSION

T

he Cypriot logistics and services company GAP Vassilopoulos Group and DP World, one of the world’s biggest port operators, have won two concessions to manage commercial activities at Limassol Port starting in January. DP World was awarded a 25-year concession to manage activities that include breakbulk, general cargo, ro-ro and the operation of the passenger terminal, the port operator said in a statement. P&O Maritime Cyprus, a unit of DP World, won a 15-year concession to exclusively provide port marine services at Limassol. DP World will own 75% of each joint venture, with its Cypriot partner owning the rest.

The port operator’s net profit rose by 30.7% last year, beating analyst expectations, thanks to its acquisition of a free zone in Dubai in 2014 and growth in volumes. The port operator plans to spend between US$1.2 billion and $1.4bn this year to expand its terminals in Jebel Ali in Dubai, the Economic Zones World (EZW) free zone in Jebel Ali, London Gateway in the UK and Prince Rupert on Canada’s west coast. The group spent $1.4bn on capital expenditure last year, in addition to $4bn on acquisitions, which included inland terminals in Mannheim and Stuttgart, as well as the Fairview Container Terminal in Prince Rupert. DP World expects to have about 86 million units of gross global capacity by the end of this year, up from 79.6 million units at the end of last year.

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www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

REAL ESTATE UNEMPLOYMENT

DOWN BY 13% Zephyros Village 3

(YPZ[V +L]LSVWLYZ OHZ HUUV\UJLK H UL^ YLZPKLU[PHS KL]LSVWTLU[ PU 7HWOVZ! ALWO`YVZ =PSSHNL located in the picturesque coastal ]PSSHNL VM 4HUKYPH ALWO`YVZ =PSSHNL JVTWYPZLZ KL[HJOLK [OYLL HUK MV\Y ILKYVVT YLZPKLUJLZ with private pools and spacious PUKVVY HUK V\[KVVY HYLHZ HZ ^LSS HZ [^V ILKYVVT RL` YLHK` HWHY[TLU[Z ^P[O NHYKLUZ MVY [OL NYV\UK Ă…VVY \UP[Z ;OL WYVQLJ[ PZ Ă„]L TPU\[LZÂť KYP]L MYVT 7HWOVZ 0U[LYUH[PVUHS (PYWVY[ JSVZL [V [OL =LU\Z 9VJR .VSM 9LZVY[ [OL SHYNLZ[ JVHZ[HS NVSM YLZVY[ KL]LSVWTLU[ PU [OL ZV\[OLHZ[ 4LKP[LYYHULHU

Leptos Venus Gardens

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Nireas Residences

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R

egistered unemployment fell by 13% year-on-year to 36,986 in April, the lowest level since October 2012, according to figures released by Cystat. The highest number of unemployed persons is in the 30-39 age group (9,290), followed by 50-59 year-olds (8,613). The number of long-term unemployed in April declined marginally to 12,112 compared with 12,161 in March 2016.

VICTORIA NULAND

,

THE NUMBER OF VEHICLES REGISTERED IN THE FIRST THREE 465;/: 6- 0; MARKED AN INCREASE OF 28% OVER THE NUMBER REGISTERED IN THE FIRST QUARTER 6- :64, 6,394 OF THEM WERE PASSENGER SALOON CARS, OF WHICH 3,254 >,9, 5,> (5+ <:,+ *(9: 10 | GOLD | The Business Magazine of Cyprus

U

VISITORS

S Assistant Secretary of State Victoria Nuland reiterated her country`s support for the ongoing negotiation process in Cyprus during a two-day visit in April. “I think you know how strongly the US supports the work that is being done on both sides of the island towards a settlement,� she said after a meeting with President Anastasiades. “It is clear that progress is being made to take the agreements that the leaders are making and bring them together and consolidate them,� she stated.

MADELEINE ALBRIGHT

T

he former US Secretary of State Madeleine Albright was in Cyprus last month to promote investments in this sector, and specifically in the two solar thermal parks to be constructed on the island. Albright who, following her retirement, has been working with investment companies, met with Agriculture Minister Nikos Kouyialis with whom she discussed her plans for investments by US funds that support such projects and the companies that build them.

FINANCE

NEW TO CYPRUS

CYSEC ISSUES NEW BINARY OPTIONS DIRECTIVES

T

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New McDonald’s for Nicosia

T

he next McDonald’s fast food restaurant to open in Cyprus, and the 19th in the chain, will be in Anthoupolis, Nicosia, housed in a former Orphanides supermarket on the main road linking Lakatamia and the Nicosia suburb. It is expected to open in 2017. McDonald’s served over 6 million customers last year, prepared 1,300 tons of fries, and is set to further expand its operations in Cyprus.

House of the Child in 2017

FXTM LAUNCHES UK DIVISION

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ART

T

he “Hope For Children� UNCRC Policy Center has announced the start of one of its long-term goals: the process to establish of a House of the Child in Cyprus in 2017. The House of the Child is an integrated and specialized facility that provides the necessary security that abused children need in order to report their experiences and express their feelings.

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