Gold ISSUE 56 november 15 PRICE €3.00
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The business of culture in Cyprus CHANGING THE WORLD PR Smith on SOSTAC and the Great Sportsmanship Programme
INTERVIEWS
Savvas Constantinou Charis Kynigou Menelaos Kyprianou
RISKY BUSINESS Kirstin Gillon on Managing Risk in a Digital World
WHAT’S ON Art, Dance, Music, Opera, Film & More
Find out how a faster process to close its books helped a private company grow from challenger to leader. ey.com/acceleratinggrowth #BetterQuestions
© 2015 Ernst & Young Cyprus Ltd All Rights Reserved
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ISSUE 56 NOVEMBER 15, 2015
T H E
B U S I N E S S
M A G A Z I N E
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C Y P R U S
| COVER STORY |
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STATE
WE’D SIMPLY BE SURVIVING
OF THE
ARTS The business of culture in Cyprus
T
By John Vickers
wo months ago, the Cyprus Theatre Organisation staged its production of ancient Greek tragedy Hippolytus by Euripides at the Roman amphitheatre at Salamis, near Famagusta. It was attended by several thousand people, including President Anastasiades and the Turkish Cypriot leader, Mustafa Akinci and, as such, attracted more comment and attention for the production’s political significance than for its purely theatrical value. Cyprus has a cultural history that
stretches back thousands of years. Indeed, the original Salamis amphitheatre is said to have seated 20,000 spectators. And while the country and its people are proud of this great cultural heritage, it says a great deal about 21st century Cyprus that its ancient Roman amphitheatres continue to be the biggest cultural venues on the island. There is no concert hall or opera house, not even an indoor theatre capable of holding an audience of more than 800. In 2005, the Government established
the Cyprus Cultural Foundation, which was tasked with building the very first modern multi-purpose cultural centre in Nicosia. The centre, with an estimated cost of €115 million, was to have included a 1,400-capacity auditorium, a recital hall seating up to 4,500 people, a rehearsal hall, an education centre and an impressive foyer to house shops, a café and restaurant plus plenty of empty space for exhibitions and other performances. It was never built and in 2013 the whole plan was shelved. The former Minister of Finance Charilaos Stavrakis later wrote, “The project would make sense only if Nicosia were the size of New York and Cypriots had the musicality of Austrian people.” He had perhaps not heard the story about Winston Churchill, to whom it was suggested during World War II that he should stop investing in the Arts in order to help pay for Britain’s war effort. He is said to have responded, “Then what would we be fighting for?” Here in Cyprus, 2013 was, of course, the year in which the idea of protecting arts funding while cutting public spending in other areas was simply not an option but I would suggest that, over the 55 years of Cypriot independence, no government has ever shown more than a token interest in culture (Has any politician ever visited the State Gallery of Contemporary Art? This seems unlikely because they would surely have made an effort to do something about it), indicating that our leaders are of the opinion that culture and the arts are a luxury rather than something necessary to people’s lives. It’s a shame that they are not as enlightened as the parents of US First Lady Michelle Obama, who, not long ago, told a gathering of young students: “Even though they weren’t educated,
COVER
STORY
28 | GOLD | The Business Magazine of Cyprus
my parents always made it clear that the arts – poetry, music, writing and drama – those things weren’t luxuries. They were necessities. They knew that no matter where we come from, we need those experiences to feed our souls and to make us whole and complete individuals…” Luckily for Cyprus, we don’t have to rely on the state and the Government for our cultural needs. The private sector has always been at the forefront when it comes to providing performing and visual arts, for setting up book, record and music stores, cinemas, dance schools, recording studios and more. And in most cases, it appears to have been a labour of love by those involved rather than a ticket to wealth. It is said that, in times of crisis, luxuries are the first things that people give up. Are the Arts seen as a luxury by Cypriots? This was one of the things we set out to discover and, as you will see, there are no firm conclusions to be drawn at present but some of them are these: • Bookshops have seen their sales reduced but this is mainly due to online sales and the advent of the downloadable e-book, not because of a decrease in the number of readers. • People are buying fewer pianos but they are still buying musical instruments. • Parents continue to encourage their children to take dance and music lessons
Luckily for Cyprus, we don’t have to rely on the state and the government for our cultural
NEEDS
and talented students are studying for performing arts degrees. • Going to the cinema is still a popular family experience, despite the availability of films on DVD or the ease by which they can be downloaded illegally. • Classical music has a relatively small but nonetheless growing audience. • Quality recording studio facilities will always be in demand. • People of all ages visit art galleries and those that make an effort to attract young people are succeeding. • It is becoming increasingly difficult to stage major events due to a lack of corporate sponsorship, which used to play a key role on attracting big names to the island. On the following pages we speak to twelve key players on the local cultural scene, all of them from the private sector. Several of them express their disappointment over the lack of public sector assistance, most have seen their revenue reduced since 2013 but they are all characterised by a genuine love of what they are doing. We also discuss copyright and Intellectual Property issues in an attempt to re-state the point that cultural and artistic creations actually belong to someone and, as such, those creators should be rewarded. In the end, it seems that, in the opinion of the people to whom we spoke and their customers and clients, the Arts make living worthwhile – without books, films, music, drama, paintings and dance we’d simply be surviving. And they aren’t just things that give pleasure to life – they are the means by which we express ourselves, connect to other people, share experiences and discover new things about ourselves, each other and the wider world around us.
www.goldnews.com.cy | GOLD | 29
32 | While the business of culture has not been immune to the recent financial crisis, leaders on the private sector arts scene remain optimistic and firm in their belief that what they provide is not a luxury but a necessity.
CONTENTS 8| BUSINESS BRIEFING
Economic & Business Highlights of the past month.
14 | MY WAY
Lia Papaiacovou’s management style.
16 | FIVE MINUTES WITH… Menelaos Kyprianou
18 | THEY SAID WHAT?
A selection of memorable recent quotes from Cyprus.
FEATURES 20 | The Sky’s the Limit
Elena Leontiou on Reporter, IMH’s new media venture.
24 | Changing the World
PR Smith talks about his SOSTAC marketing model and the Great Sportsmanship Programme.
44 | The Personal Touch
Interview with Charis Kynigou, Head of Private Banking, Piraeus Bank (Cyprus).
48 | Risky Business
Kirstin Gillon of the ICAEW on cyber security and more.
24
50 | Halfway There!
Construction work on Limassol’s landmark building The Oval reaches the 8th ÅVVY
96
90 | The View from the Top
Interview with Savvas Constantinou, the newly appointed Country Director at Barclays Bank.
94 | The Impact of Tourism
Report and pictures from the recent event by PwC, the Travel Foundation and the TUI Group.
44
SPECIAL ADVERTISING SUPPLEMENT 51 | Professional Services in Cyprus The island’s leading Law 6ɉJLZ Accounting & (\KP[ ÄYTZ HUK Administrative Service Providers
114
96 | Becoming a World
Class Leader 7YVÄSL VM 7YVMLZZVY (UKYL^ Kakabadse, one of the trainers of the IN Business Executive Leadership Programme.
98 | The 6th Limassol
Economic Forum Photos from the event.
102 | Turning the Learning
Switch Back On Marios Siathas, General Manager of the European Institute of Management & Finance (EIMF) on professional education.
105| BOOKSHELF
Five of the best new business titles.
106 | IN GOOD COMPANY
How employees are powering the engine of Lavar Shipping.
110 | MY COLLECTION The Bank of Cyprus Cultural Foundation’s coin collection. 114 | LUNCH WITH GOLD Katerina Papavassiliou, Director and HR Manager of Island Oil (Holdings) Ltd
4 | GOLD | The Business Magazine of Cyprus
118 | BUSINESS CLASS Natalia Kardash, Editor-inchief of the Russian-language newspaper Vestnik Kipra and the magazine Successful Business. 120 | WHAT’S ON Gold’s guide to the best cultural events of the coming month. 122 | A DAY IN THE LIFE Christos Christodoulou
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44 | GOLD | The Business Magazine of Cyprus
| EDITORIAL |
Necessity, not Luxury
GOLD ISSUE 56 NOVEMBER 15 PRICE €3.00
T H E
“The arts are not a way to make a living. They are a very human way of making life more bearable.” KURT VONNEGUT, JR.
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The business of culture in Cyprus CHANGING THE WORLD PR Smith on SOSTAC and the Great Sportsmanship Programme
INTERVIEWS
Savvas Constantinou Charis Kynigou Menelaos Kyprianou
RISKY BUSINESS Kirstin Gillon on Managing Risk in a Digital World
WHAT’S ON Art, Dance, Music, Opera, Film & More
PUBLISHED BY IMH ISSN 1986 - 3543
F
ortunately, Kurt Vonnegut Jr’s view of the arts was not entirely right. Not only did he make a living as an acclaimed writer himself but others are also doing so by bringing cultural events, services and products to us. Of course, most people know that arts and culture have never been considered a road to wealth and profit. For every rich musician, painter and writer there are hundreds of thousands of poor ones. Like the artists themselves, those who deal in the arts as a business are usually doing so because they love it. This is certainly one of the points that comes out of the interviews conducted for this month’s cover story with key figures on the local cultural scene who work in the private sector. It is important to make this distinction. Those involved in state-funded bodies, such as the Cultural Services of the Ministry of Education, have a budget that they will employ as they think fit. Those who choose to sell books or pianos, to operate dance schools, art galleries or cinemas, or to organise concerts and recitals have always been taking a risk and we should be grateful to them for this. The arts are an essential part of our lives, not a luxury for the few. As the ancient Greek tragedian Sophocles stated 2,500 years ago, “Whoever neglects the arts when he is young has lost the past and is dead to the future.” This issue of Gold is the first to be included with the new Greek-language newspaper Reporter as part of its special Sunday package (costing €3.90). You can learn more about the newspaper and its accompanying lifestyle magazine Celebrity in our interview with Elena Leontiou, Head of Media at IMH (page 20). For non-Greek speaking readers, the good news is that we have reduced the cover price of Gold to €3. The magazine has always been aligned with IMH’s Greek-language monthly IN Business in terms of pricing and while magazine prices have fallen across the board, both Gold and IN Business had remained relatively expensive. Given that our advertising revenue has been growing steadily – and continues to do so – IMH took the strategic decision to lower the price and give something back to John Vickers, you, our loyal readers after almost five years. Apart from the lowChief Editor er price, nothing has changed to your favourite English-language business magazine. I’m sure you will agree that getting the same john@imhbusiness.com for less money is always a welcome development. 6 | GOLD | The Business Magazine of Cyprus
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Effy Pafitis, Artemis Constantinidou PHOTOGRAPHY
Jo Michaelides, Andreas Loucaides ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
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
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BUSINESS BRIEFING IN THE NEWS
AWARDS
CPM ‘EMPLOYER OF EQUALITY’
Daniel Craig visits Cyprus as UN Landmines Advocate
CPM has been recognized with the “Employer of Equalityâ€? award by the 4PUPZ[Y` VM 3HIV\Y ;OL H^HYK PZ VɈLYLK to employers that have developed an integrated system for the promotion of gender equality in the workplace. It was presented by the Minister of LaIV\Y [V [OL Ă„YTÂťZ /9 4HUHNLY 4HYPVZ Christoforou. CPM was incorporated in 1996 (as Cyproman Services Ltd.) and commenced its operations in the same `LHY 0UP[PHSS` P[Z THPU MVJ\Z ^HZ [OL WYV]PZPVU VM Ă„K\JPHY` ZLY]PJLZ 6]LY [OL `LHYZ [OL JVTWHU` OHZ NYV^U ZPNUPĂ„cantly and has expanded the range of ZLY]PJLZ VɈLYLK
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Panglobe celebrates 10th anniversary
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anglobe celebrated its 10-year anniversary on October 15, together with customers and associates. The company, which has its headquarters in Nicosia and offices in Hong Kong, provides corporate administration and consulting services, mainly to overseas clients. It also offers serviced offices and support services to a large number of enterprises through its specially-designed Business Centre. Managing Director Michael Constantinides announced that it will soon be present in the United Arab Emirates, with offices in Dubai.
8 | GOLD | The Business Magazine of Cyprus
RCB WINS BEST BANK AWARD
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CYPRUS IN THE TOP 10
FOR IMPROVED BUSINESS PRACTICES According to the World Bankâ&#x20AC;&#x2122;s Doing Business report, Cyprus was among the worldâ&#x20AC;&#x2122;s top ten countries that improved their business practices in the last year. The island has moved up 13 places in the 2016 Ease of Doing Business, ranking 47th out of 189 countries. It was also among the top ten economies which implemented at least three reforms, including enforcement of contracts, resolving insolvency, getting electricity, getting credit and paying taxes.
SAFECHARGE WINS EGR ITALY AWARD
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LEGAL
IFLR TIER 1 RATING FOR ANDREAS NEOCLEOUS & CO LLC
T
he 2016 IFLR 1000 Ratings released last month place Andreas Neocleous & Co LLC as the only law firm in Cyprus achieving IFLRâ&#x20AC;&#x2122;s prestigious Tier 1 rating. Five Cyprus firms were ranked in the second tier, a further five in the third tier and four in the fourth tier. Commenting on the ranking, Andreas Neocleous, Chairman of the Firm, said, â&#x20AC;&#x153;From the beginning our vision has been to provide our clients with world-class service, on a par with the worldâ&#x20AC;&#x2122;s best law firms. Our distinction in being recognised by IFLR 1000 as the sole Tier 1 firm in Cyprus for a third successive year is a very welcome recognition of our progress in achieving this vision.â&#x20AC;?
INVESTMENT
CHINA VISIT A SUCCESS The Cyprus Investment Promotion Agency (CIPA) has described President Nicos Anastasiadesâ&#x20AC;&#x2122; recent visit to China as a â&#x20AC;&#x153;resounding successâ&#x20AC;?. CIPA Chairman Christodoulos Angastiniotis (photo) said the meetings and conferences in China proved particularly useful in deepening the already strong ties between the two countries and that this would have positive ramifications on the investment sector. â&#x20AC;&#x153;The Chinese side showed a lively interest in a wide range of sectors of the Cyprus economy which among other, covered energy, the ports and real estate,â&#x20AC;? he said.
THE MARSHALL ISLANDS Corporate Registry
â&#x201A;Ź160 MILLION ENVIRONMENTAL INVESTMENT The Ministry of Agriculture, Rural Development and Environment is to implement a series of projects targeting h period i d 20142014 environmental protection for the 2020, amounting to â&#x201A;Ź160 million. The projects, which will be coordinated with allocations from European funds, mainly concern the management of solid and liquid waste. Agriculture Minister Nicos Kouyialis said: â&#x20AC;&#x153;We hope that through these projects we will succeed in protecting the environment, improving the living conditions in Cyprus, creating regional development and jobs, and achieving our goals over the Europe 2020 strategy.â&#x20AC;?
RENOVATION
The leading jurisdiction for: Â&#x2C6; Asset Management Â&#x2C6; Vessel Ownership
ELEFTHERIA SQUARE DUE FOR COMPLETION IN 2016
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tel: +30 210 4294 404 piraeus@register-iri.com
www.goldnews.com.cy | GOLD | 9
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BUSINESS BRIEFING
LEISURE & TOURISM
CTO Focus on Accessible Tourism
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Cyprus to host 2016 European Travel Commission General Assembly
Cyprus will host the next General (ZZLTIS` VM [OL ,\YVWLHU ;YH]LS *VTTPZZPVU PU (WYPS MVSSV^PUN a proposal from the Cyprus ;V\YPZT 6YNHUPZH[PVU *;6 0U H *;6 HUUV\UJLTLU[ [OL 6YNHUPZH[PVU YL]LHSLK [OH[ K\YPUN [OPZ `LHYÂťZ TLL[PUN PU )LSNYHKL +LW\[` +PYLJ[VY .LULYHS (UUP[H +LTL[YPHKLZ OHK WYVWVZLK *`WY\Z HZ [OL L]LU[ÂťZ UL_[ SVJH[PVU HUK [OPZ was adopted. â&#x20AC;&#x153;This development is a success and honour for the JV\U[Y` HUK JVUĂ&#x201E;YTZ VUJL HNHPU the appreciation and trust that Cyprus enjoys in the European bodies and decision-making JLU[YLZ š [OL *;6 Z[H[LK
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ouse prices in Cyprus rose during the second quarter of 2015 according to figures published last month by Eurostat. The figures contrast with the Cyprus Central Bankâ&#x20AC;&#x2122;s Residential Property Price Index for Q2 2015 and the RICS (Cyprus) Property Price Index for the same period, both of which reported price falls. According to Eurostat, house prices in Cyprus rose by 7.4% over the second quarter of 2015 after falling 2.8% during the first quarter of the year â&#x20AC;&#x201C; and rose by 2.4% compared with the second quarter of 2014. The Cyprus Central Bank had reported house prices and apartment prices falling by 0.8% and 1.5% respectively over the second quarter, and by 4.6% and 6.2% respectively compared with the second quarter 10 | GOLD | The Business Magazine of Cyprus
Emirates has announced the launch of promotional Economy Class fares from Cyprus to selected destinations across the 4PKKSL ,HZ[ -HY ,HZ[ (MYPJH HUK (\Z[YHSHZPH (]HPSHISL MVY purchase both online at www. emirates.com/cy and from travel HNLU[Z \U[PS 5V]LTILY customers can enjoy special YL[\YU HPYMHYLZ MYVT *`WY\Z inclusive of taxes starting from Ă [V +\IHP :WLJPHS MHYLZ to other destinations are also available for outbound travel until 1\UL ^P[O [OL L_JLW[PVU VM KLWHY[\YLZ K\YPUN OPNO ZLHZVU MYVT [V +LJLTILY
:VSV [YH]LSSLYZ Ă&#x2026;VJR to Cyprus
Cyprus has become a prime destination for individuals [YH]LSPUN HSVUL ( YLJLU[ YLWVY[ I` 4LYJ\Y` /VSPKH`Z YL]LHSLK that the island is among the top three destinations for the solo traveller. Malta tops the list of holiday hotspots for the PUKLWLUKLU[ [YH]LSSLY MVSSV^LK by Cyprus and Madeira. Paphos aims to make the TVZ[ VM [OPZ [YLUK HJJVYKPUN [V 5HZVZ /HKQPNLVYNPV\ OLHK of the Paphos regional tourism board. Individual travellers HYL JVUZPKLYLK H [VW WYPVYP[` OL ZHPK HZ [OL` YLWYLZLU[ H very important segment of the tourism market.
NEBOJSA PETRIDIS
REAL ESTATE
Property prices riseâ&#x20AC;Śor not
Emirates launches promotional Cyprus air fares
TRAVE L
PEOPLE
The Folli Follie Group has appointed Nebojsa Petridis to the role of General Manager for Cyprus. Petridis, who was Managing Director at Shiseido Hellas, undertakes his new role following the Groupâ&#x20AC;&#x2122;s acquisition of Shiseido. Group CEO George Koutsolioutsos said: We are delighted to welcome Mr. Petridis to the .YV\W HUK HYL JVUĂ&#x201E;KLU[ [OH[ [OL` ^PSS JVU[YPI\[L [V V\Y LÉ&#x2C6;VY[Z [V HJOPL]L V\Y Z[YH[LNPJ objectives.â&#x20AC;?
37,016
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NE TO CY W PRUS
New Chapter
The official launch of ACAMS’ Cyprus Chapter took place on 4 November at the Hilton Cyprus in Nicosia. The Association of Certified Anti-Money Laundering Specialists (ACAMS) is investing in supporting the professional AML and financial crime prevention sector in Cyprus with the provision of globally recognised education and training programmes, access to world class AML resources to develop the highest levels of Anti Financial Crime knowledge and international best practice. ACAMS has formed a strategic training partnership with the European Institute for Management and Finance (EIMF).
New device
University of Cyprus researchers have designed a micro-device with the potential to aid in the early detection of cancers of the small intestine. This is a significant development, said the University’s Dr. Julius Georgiou, in that cancerous cells cannot currently be easily detected in this region of the body. Dr. Georgiou, who heads a team from the Holistic Electronics Research Laboratory at the University, added the breakthrough could be compared to the Papanicolaou (‘Pap’) test for the early detection of cervical pre-cancerous cells in women.
New motto
Windsor Brokers recently launched its new motto, ‘Exprocurity’ – an acronym for Experience, Professionalism and Security, three words which, the company says, best describe its core values and the foundations of its business model. “It is easy to compare trading packages and costs between brokers especially since competition nowadays is very fierce. But experience, professionalism and security are three non-negotiable assets that determine a company’s true strength,” said Windsor Brokers CEO, Johny Abuaitah. Windsor Brokers offers Forex, CFDs, Futures OTC trading to clients in over 80 countries.