Gold October Issue -67

Page 1

www.pwc.com.cy

Capturing the Social Media use in the Cyprus Hotel Industry

ISSUE 67 OCTOBER 16, 2016 PRICE €2.00

Gold ISSUE 67 | OCTOBER 16, 2016 | SEEKING FDI IN NYC

The report aims to map the use of social media in the Cyprus hotel industry and to offer insights into how hotels can benefit from social media tools in

The Cyprus Economic & Investment Summit, New York

implementing their business strategies. Find the report at: www.pwc.com.cy/social-media-cyprus-hotels

© 2016 PricewaterhouseCoopers Ltd. All rights reserved

5 29 12 95 00 05 77

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INTERVIEWS

Irena Georgiadou Alexis Kyprianou Christos Michael

AYIA NAPA

Marina project ceremony & launch party

PAFILIA PRESENTS Large-Scale Real Estate projects in Cyprus

PLUS

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

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ISSUE 67 OCTOBER 16, 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 | (',725,$/ 8 | %86,1(66 %5,(),1*

Economic & Business Highlights of the past month.

12 | 0< :$<

COVER

STORY

28 | 6((.,1* )', ,1 1<& Photos and key points from the 1st Cyprus Economic & Investment Summit, which took place in New York last month, featuring seven speakers, who sought to present the current state and future prospects of the country’s economy and, in particular, attractive investment opportunities.

Marios Tannousis’ management style.

14 | ),9( 0,187(6 :,7+ÂŞ Kyriacos Yiannouka

16 | 7+(< 6$,' :+$7"

Some of the more notable statements made about Cyprus and the Cypriots over the past month.

FEATURES 18 | $<,$ 1$3$ 0$5,1$

Photos from the Foundation Stone Laying Ceremony and the glamorous launch party for Ayia Napa’s biggest-ever investment project.

22 | %8,/',1* $ %(77(5 &211(&7(' :25/' James Li, Managing Director of Huawei Cyprus, talks about the company and its latest collaboration with MTN Business. 24 | 7+( 0$1 :+2 :527( 7+( %,%/( Interview with the acclaimed Paris-based expert in negotiation, Alexis Kyprianou.

24

44

44 | :,1'6 2) &+$1*( Petros Livanios, Managing Director of Trident Trust Company (Cyprus) Limited, believes [OH[ H UL^ K`UHTPJ Ă„K\JPHY` ZLJ[VY OHZ [OL potential to put Cyprus on the global map for investment funds.

SPECIAL PROMOTIONAL FEATURE 69 | Large-Scale Real Estate Projects in Cyprus

Detailed presentations of some of the most impressive major real estate projects under development across the country.

48 | *&& &20387(56 $1' $.$0$, )2580 Photos from last month’s event.

50 | -2,1,1* )25&(6

52

LoĂŻc Wallaert of the Mazars Group on his collaboration with Nacouzi & Co and why he considers Cyprus as a key Ă„UH Ă„UHUJPHS JLU[YL PU ,\YVWL

100 52 | ),;,1* $1' %8,/',1* Hellenic Bank Chairwoman Irena Georgiadou tells Gold that the Bank PZ UV^ MVJ\ZPUN Ă„YTS` VU P[Z NYV^[O strategy.

84 | $ /($'(56+,3 *858 )25 7+( 62&,$/ 1(7:25. *(1(5$7,21 80 | )$0,/< 0$77(56 Renowned leadership expert The four Odysseos siblings reveal how they manage to maintain a work- Emmanuel Gobillot is the keynote life balance and what they see as the speaker at next month’s 15th Leadership & Human Resource secret of their success. Management Conference. 82 | 6+$5(' 9$/8(6 67521* 86 | %86,1(66 3$571(56+,3 683(5+(52(6 Peter John, Vice-Chancellor of the Training Managers and University of West London, on the Team Leaders is vital to your relationship between the University company’s success, writes and CIM and the likely impact of Marios Siathas. Brexit. 4 | GOLD | The Business Magazine of Cyprus

88 | ,&(%(5*6 $+($'

Strategy, coordination and action are just some of the things urgently needed in the Administrative Services sector, says CFA President Christos Michael.

90 | ,1 *22' &203$1<

95 | %22.6+(/) Five of the six shortlisted titles for the 2016 Financial Times and McKinsey Business Book of the Year Award. 96| 7,0( 2))

Stelios Anastasiades, Managing Director of Telia & Pavla BBDO‌and blues guitarist.

100 | /81&+ :,7+ *2/' Chris Koufaris, CIBA

How First Names Group encourages talent development in the workplace

104 | :+$7œ6 21 Gold’s guide to the best cultural events of the coming month.

94 | %86,1(66 &/$66

106| $ '$< ,1 7+( /,)( Constantinos Constantinides

George Mountis

| EDITORIAL |

Start Spreadin’ the News...

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

L

ast month, IMH (publisher of Gold) organised the first Cyprus Economic & Investment Summit in New York. Sponsored by Hellenic Bank and endorsed by the Cyprus Investment Promotion Agency (CIPA), the Cyprus Investment Funds Association (CIFA), the Cyprus Securities & Exchange Commission (CySEC) and the Cyprus Embassy Trade Center, New York, it attracted a considerable number of US-based institutional investors and representatives of private equity firms, hedge funds, asset management firms and others. It was an especially interesting experience for me (I had the honour of chairing the summit), after spending much of the last six years writing about, among other things, the efforts made by both private companies and public sector organisations to attract Foreign Direct Investment to Cyprus. At last, I had the opportunity to see things from the inside and, I have to say, I was quite impressed by the amount of interest shown in what Finance Minister Harris Georgiades and his fellow speakers had to say about the present state and future prospects of the economy. I was also pleasantly surprised that his balanced but generally upbeat assessment was echoed by the IMF’s Resident Representative in Cyprus, Vincenzo Guzzo, and by the Managing Director of Third Point LLC, David W. Bonanno, whose company is currently the largest shareholder in Hellenic Bank. Having invested in Cyprus early, he encouraged others to follow his example. Whether they will do so remains to be seen. What cannot be doubted, however, is the fact that some of the island’s key players are going out there and making a strong pitch to potential investors. And as Old Blue Eyes might have said of New York, if they can make it there, they’ll make it anywhere… In addition to full coverage of what was said at the Summit (it coincided with the United Nations General Assembly but, to his credit, this fact did not prevent President Nicos Anastasiades from attending, straight after delivering his UN address), this issue of Gold is packed with exclusive interviews, including one with Hellenic Bank Chairwoman Irena Georgiadou (page 52), two concerning the Administrative Services sector (with Petros Livanios, Managing Director of Trident Trust Company (Cyprus) Ltd (page 44) and Christos Michael, President of the Cyprus Fiduciary Association (page 88), one with Paris-based negotiation expert Alexis Kyprianou (page 24) and another with the Vice-Chancellor of the University of West London, Prof. Peter John (page 82). In addition, we talk to a family of young accountants (page 80) and the guitar-playing founder of one of the country’s leading John Vickers, advertising agencies (page 96) and, of course, you’ll find all the Chief Editor usual features too, providing an exciting mixed bag of reading john@imhbusiness.com material for another month. 6 | GOLD | The Business Magazine of Cyprus

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Elena Leontiou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Marios Siathas ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides, Christos Tsekouras MARKETING EXECUTIVE

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SALES MANAGER

Irene Georgiou

SALES EXECUTIVE

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OPERATIONS MANAGER

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BUSINESS BRIEFING

REAL ESTATE

Five New Ambassadors

IN THE NEWS

On Monday, October 3, President Nicos Anastasiades received the credentials of the new Ambassadors of Sweden, Finland, the Netherlands, Kuwait and Qatar in a series of ceremonies at the presidential palace. He gave the new ambassadors a brief update on the state of the ongoing negotiations to resolve the Cyprus problem as well as economic developments and bilateral relations with the countries in question. The ambassadors, all of whom expressed their countries’ support for a Cyprus solution and spoke of potential areas for economic and other types of cooperation, are the following.Timo Heino, Ambassador of Finland (centre), Anna Olsson Vrang, Ambassador of Sweden (r), Nathalie Jaarsma, Ambassador of the Netherlands (l), Ahmad Salem Ahmad Alwehaib, Ambassador of Kuwait, Sultan Ibrahim Youssef Ibrahim Al-Mahmoud, Ambassador of Qatar.

NEW TUOS CYPR

iStorm ;OL T\JO HU[PJPWH[LK ÄYZ[ (WWSL 7YLTP\T

Reseller Store opened in Nicosia this month, bringing the full range of Apple products to the Cypriot market. The new Apple Premium Reseller Store meets the international standards set by Apple for the resellers of its products, thus creating an impressive and innovative shopping experience. iStorm’s objective is to become a benchmark for all Apple fans in Cyprus.

Hard Rock Café Hard Rock Café Ayia Napa organized

a free concert to mark its grand opening last month. It featured Minus One & 48 Ores, DJ Kypros Karaviotis and MC Marshall. Hard Rock Café Ayia Napa’s collection of memorabilia includes H Z\LKL V\[Ä[ ^VYU I` ,S]PZ 7YLZSL` Prince’s vest, a hat of Mick Jones (The Clash), Eric Clapton’s tour jacket and a Jimi Hendrix vest.

34,007

THE NUMBER OF REGISTERED UNEMPLOYED PERSONS IN CYPRUS ON SEPTEMBER 30, 2016. IT REPRESENTS A SLIGHT REDUCTION OVER THE AUGUST FIGURE AND IS 11.4% LOWER THAN THE CORRESPONDING NUMBER FOR 2015. THE FALL WAS MAINLY OBSERVED IN THE CONSTRUCTION SECTOR (1,219), MANUFACTURING ( 672), TRADE (540), PUBLIC ADMINISTRATION (457), ACCOMMODATION AND FOOD SERVICE ACTIVITIES (456), TRANSPORT (438) AND NEWCOMERS TO THE LABOUR MARKET (536).

AWA AWARDS W RDS FOR ARISTO DEVELOPERS

Aristo Developers was recently named “Best Residential Property Developer 2016” by International Finance Magazine for its Rose Manor estate at the Venus Rock Golf Resort. It was also named as one of the most innovative, exceptional and ambitious projects of 2016 in the European Property Awards 2016-2017. “We are thrilled by our success. Since Aristo Developers was founded 37 years ago, we have always tried to make sure that our service level and marketing offer is ahead of the game and comparable with the best real estate companies worldwide,” said Theodoros Aristodemou, CEO and Chairman of Aristo Developers Group of Companies. “Our success is a testament to the commitment and hard work of our dynamic team throughout Cyprus and abroad.”

VISITORS

UK ARMED FORCES MINISTER VISITS CYPRUS

M

ike Penning MP, the UK’s newly appointed Minister of State for the Armed Forces, met with the Cyprus Defence Minister, Christoforos Fokaides, on October 5. The two men discussed issues of mutual defence and security interest, ongoing bilateral cooperation and matters of regional stability. In particular, Penning welcomed the Republic of Cyprus’ commitment and support to efforts to fight terrorism. The visit, his first to Cyprus, follows Secretary of State for Defence Michael Fallon’s bilateral meeting in August.

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BUSINESS BRIEFING MILESTONES

TOURISM

NEW ACCOLADE FOR PAPHOS

Paphos has been included in a list of the world’s Top 100 green and sustainable destinations. The Sustainable Destinations Top 100 was unveiled on World Tourism Day (September 27). Paphos also holds a Quality Coast gold medal for 2016-2017 and is a UNESCO World Heritage site. It will hold the prestigious Cultural Capital of Europe title throughout 2017.

CASINO RESORT PROPOSAL SUBMITTED

The multinational consortium consisting of the companies Melco International Development Limited, Seminole HR Holdings LLC and Cyprus Phasouri (Zakaki) Limited has submitted a detailed proposal for the creation of a single integrated casino resort in Cyprus. Following the withdrawal of two other bidders from the process, the Melco/ Hard Rock proposal looks certain to be accepted.

75$16$9,$·6 LARNACAMUNICH ROUTE IN 2017

Low-cost airline Transavia plans to offer twice-weekly KPYLJ[ ÅPNO[Z IL[^LLU Munich and Larnaca from April 12, 2017. Fares will start from €59 and can be booked via the website www.transavia.com. Paul de Raad, Vice President Marketing & E-commerce at Transavia said, “We strongly believe in this route which has much to offer to both business and leisure passengers.”

€79.8 million in Revenue ue for PwC Cyprus

PwC Cyprus achieved revenues of €79.8 million and contributed €28.5 million to the state coffers in 2015-2016. This was revealed during g the organisation’s Annual General Meeting in Limassol, which was attended by, among others, Finance Minister Harris Georgiades, and Bank of ACCOUNTING & AUDIT Cyprus CEO John Hourican. The CEO of PwC Cyprus, Evgenios EvNLUPV\ UV[LK [OL ZPNUPÄJHU[ Z\JJLZZLZ HJOPL]LK I` [OL VYNHUPZH[PVU and referred to the goals and strategic priorities set out for the next year, including the intention to invest in new technologies and services, as a response to the needs of the market.

UCY MAKES TOP 400 UNIVERSITIES LIST

T

he University of Cyprus is among the top 351-400 universities in the world, according to the latest Times Higher Education World University Rankings. In the category “influence on research (cita-

tions)“, the University of Cyprus is in the top third of the universities on the list, while in the category “international image and perspective (international outlook)”, it is in the top 25%. The Rector of the University of Cyprus, Con-

10 | GOLD | The Business Magazine of Cyprus

EDUCATIO N

stantinos Christofides, said, “The University of Cyprus has set specific targets and will continue its course to the top, to be one of the 200 best universities in the world by 2025.”

ConnectedSky Celebrates 5th Anniversary

C

onnectedSky Legal & Corporate Consultants Limited, an international legal and corporate services provider, recently celebrated its 5th Anniversary with a gala dinner at its premises for local and international VIP clients, associates and partners. In an address, ConnectedSky Founder & CEO Charalambos Samir said, “The future of the corporate services industry looks rather challenging and bright at the same time, as demand for tailor-made and high-quality professional services continues to increase, an and ConnectedSky is at the forefront de developing new services and improving existing ones in order to serve our ex existing and new clients, partners and as associates around the globe.”

FOREX

CYSEC GRANTS TWO NEW FOREX LICENCES

The Cyprus Securities & Exchange Commission (CySEC) has recently granted two more Forex Brokerage licenses to IFC Investments Cyprus and Jin Daocheng respectively. Both companies will be permitted to provide foreign exchange services where these are connected to the provision of investment services, as well as investment services such as reception and transmission of orders in relation [V VUL VY TVYL ÄUHUJPHS PUZ[Y\TLU[Z execution of orders on behalf of clients and investment advice, as well as ZHMLRLLWPUN HUK HKTPUPZ[YH[PVU VM ÄUHUJPHS instruments, including custodianship and related services.

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MY WAY

Marios Tannousis

Deputy DirectorGeneral, Cyprus Investment Promotion Agency (CIPA)

MORE THAN YEARS OF INTERNATIONAL CORPORATE EXPERIENCE HAVE LEFT THEIR MARK ON HIS MANAGEMENT STYLE, WHICH HAS TEAMWORK AT ITS HEART. HE EXPECTS COLLEAGUES AND ASSOCIATES TO BE PROFESSIONAL AND INNOVATIVE AND TO SHOW TEAM SPIRIT. ACHIEVING A HEALTHY WORK/LIFE BALANCE IS NOT EASY BUT HE DOES HIS BEST TO ACHIEVE THIS. OUTSIDE THE OFFICE, HE IS HAPPIEST IN THE COMPANY OF HIS FAMILY AND CHILDREN

“I

would describe my management style as demanding but, at the same time, tolerant and cooperative. I expect colleagues and associates to be professional, innovative and work well together with a team spirit.”

“M

ore than 20 years of international corporate experience and dealing with multinational companies has had a big influence on my management and leadership skills. I have been working closely with C-level executives from different cultures since the very early years of my career and their different styles of management g have had a profound influence on me.”

“I

’ve been helped a lot throughout the course of my career by my cross-cultural business experience and the fact that I have always tried to obtain advice from more experienced people and listen to the experts very carefully before making a decision.”

“A

chieving a healthy balance between life at work and at home is tough. Work never ends and there are always new initiatives for management as hat has well as business been development. would say that the my We need to biggest/most fregreatest professional have a balquent mistake that achievement? I’m still ance and managers make is waiting for it. I am a I try to not listening enough team player and only maintain to their team members or colleagues. teams can win...” it, although Sometimes pitfalls could be avoided if it’s not they did so.” easy!” Marios Tannousis relax whenhas twenty years of international ever I am corporate experience, including ne person I admire with my famtwelve years in the international professionally is Carlos Slim ily and enjoying free FEROMRK ERH ÁRERGMEP WIVZMGIW Helu, the Mexico-based busitime with my children, group Société Générale, where he ness magnate, investor and, whether we are studying served in various key posts. He is above all, philanthropist.” or playing. a member of the board of the European Fund and Asset Management Association (EFAMA) y favourite pastimes are hunting, business & investment-related reading, and d as well as of the Cyprus Investwatching football when I get the chance.” ment Funds Association (CIFA).

“W “I “M

“I “O

12 | GOLD | The Business Magazine of Cyprus

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FIVE

MINUTES WITH

H

ow important is it to have regular health checkups? At our laboratory, we have always believed that prevention is better than cure so one of our main activities has been the promotion of check-ups from infancy to adulthood. It is very important for adults to have regular annual check-ups, in consultation with their family doctor. In the case of young children, parents should always consult their paediatrician but it’s a good idea to have a first screen before the age of 10. What are the important tests that should be carried out regularly? That depends on the patient’s clinical symptoms, including his/her family medical history. In otherwise healthy individuals, key tests include a full blood count, ESR (erythrocytes sedimentation rate), full lipid screen, blood glucose level, and kidney screen, including urine analysis and liver function tests. Recent studies have also shown that it is important to test thyroid function at all ages. It is advisable that patients reaching 40 should have their first tumour marker screens, including PSA (prostate) for men and CA 15-3 and CA 125 for breast and ovarian cancer in women. Do you actively promote public awareness of various illnesses? Yes. Our laboratory fully complies with the World Health Organization’s health-awareness months and it is our policy to provide a check-up testing for the specific illness to which the particular month is dedicated. So, for example, November is Diabetes Awareness Month, during which we offer the glucose insulin resistance test.

14 | GOLD | The Business Magazine of Cyprus

KYRIACOS YIANNOUKA

Why do you believe that people should get tested at your laboratory in particular? We have made great efforts over the last 40 years to establish a state-of-the-art clinical laboratory using the latest available technology. Additionally, all our employees are highly qualified to University degree level. Moreover, we were one of the first laboratories to be accredited with ISO15189 in Cyprus, which proves that our work is conducted in

Manager, Yiannoukas Medical Labs a serious and professional manner. We also provide special services in conjunction with large medical institutions abroad where we send samples for certain tests that cannot be performed in Cyprus. We are also the only laboratory to offer islandwide laboratory services through eight sampling centres and two mobile units, and this has made us one of the best labs in Cyprus. Furthermore, as leaders in the field of information technology, we are the first laboratory in Cyprus to have created an app for Apple and Android

smart devices, which provides our customers with their test results and new clinical laboratory information. How do you and your staff keep up-todate with health news and developments? We have always attended international events relating to clinical laboratory developments and our laboratory is a member of the American Association of Clinical Chemistry, the Institute of Biomedical Scien ence UK, Lab Medica USA and the AOAC de dedicated to analytical excellence. We are als also the first and only laboratory to have org organised a phlebotomy course in Cyprus, for which we brought over a team of phlebo botomists (Phlebotomy Training Services) ffrom the UK to train all our staff with great success. What’s new at Yiannoukas Laborator ries? A Among others things, we have introduced a ffully working molecular diagnostics divisio sion under the management of Dr. Harris Stefanou PhD. Moreover, we offer a wide Ste array of real time PCR tests, including for arr all STDs (Sexually Transmitted Diseases). Also, women who want to have the Veracity Test can visit any of our laboratories and have their samples taken. Do you think that Cyprus can become a medical tourism destination? Due to its location, economic prospects, very competitive prices and very good medical institutions, Cyprus can certainly become a first class ‘floating’ medical centre, attracting patients from the Middle East and Europe. However, the state needs to provide the infrastructure so as to attract foreign investment and European funding. Cooperation between state medical centres and those in the private sector is the key to success.

The photo shows a professional actor

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QUOTES OF THE MONTH

They Said What? Some of the more notable statements made about Cyprus and the Cypriots over the past month.

ELIZA SAVVIDOU

“SCHOOLS ARE PLACES WHERE VIEWS AND CULTURES MEET AND SHOULD THEREFORE REMAIN NEUTRAL AND IMPARTIAL.” The Ombudsman Eliza Savvidou reacts to a report that a Nicosia kindergarten took children to church to see and kiss the relics of a saint.

“IT IS NOT HER BUSINESS WHETHER CHILDREN SHOULD GO TO CHURCH OR NOT... EDUCATION BELONGS TO THE GREEK CHRISTIAN COMMUNITY OF CYPRUS AND NOT TO GOVERNMENT MINISTRIES”. Archbishop Chrysostomos II not only disagrees with her. He wants to become Minister of Education too. ARCHBISHOP CHRYSOSTOMOS II

“GUNPOWDER DOES NOT IGNITE AT NIGHT-TIME TEMPERATURES.” Five years after the he deadlyy ari, explosion at Mari, ent Former President VÄHZ +LTL[YPZ *OYPZ[VÄHZ has a cunning new ry sabotage theory about what reallyy happened. DEMETRIS CHRISTOFIAS

16 | GOLD | The Business Magazine of Cyprus

“I WOULD LIKE THE LEADERS OF THE ‘PERMANENT WORRIERS’ TO POINT OUT TO ME WHICH UN ENVOY THEY HAVE EVER BEEN PLEASED WITH.” Espen Barth Eide, the UN SecretaryGeneral’s Special Adviser on Cyprus, shows that he knows his history and what the political parties in Cyprus have being saying over the years about his 20 predecessors.

“REFORMS ARE ALWAYS DIFFICULT AND, IF YOU ARE A MINORITY GOVERNMENT, THE TASK BECOMES ENORMOUS.” CONSTANTINOS PETRIDES

Constantinos Petrides, U Undersecretary to the P President, knows that th the opposition parties are not going to do him a any favours when it co comes to changing our Z ZRQGHUIXOO\ HIÀFLHQW civil service.

“THIS IS NOT THE FIRST TIME THAT A DECISION BY THE PARTY HAS CREATED SOME PROBLEMS AND DISAPPOINTMENT AMONG MEMBERS WHO MAY BE INTERESTED IN RUNNING.” DISY Chairman Averof Neophytou makes light of the fact that some partyy supporters are unhappyy ack about the decision to back former EDEK MP Nicoss Nicolaides instead of itss RO·V RZQ FDQGLGDWH LQ /LPDVVRO·V mayoral elections.

ESPEN BARTH EIDE

“THE POLITICAL PARTIES MUST HONESTLY DECIDE WHAT EXACTLY THEY WANT AS A REGARDS HEALTH REFORM AND SPEAK AK IN ONE VOICE TO PATIENTS, DOCTORS, R , RS NURSES AND OTHERS INSTEAD OF RUSHING HING AFTER MEETINGS OF THE PARTY LEADERS ERS R AND TELLING EACH INTERESTED PARTY TY WHAT IT WANTS TO HEAR,”

AVEROF NEOPHYTOU

GEORGE PAMBORIDIS

Health Minister George Pamboridis has had enough h ng of politicians who say one thing to him and something different to everyone else.

“A “ABOVE THE PARTIES, ABOVE US ALL ALL, ARE THE PEOPLE OF CYPRUS WHO A DECIDE HOW AND WHERE THEY CAN DE TRAVEL IN THEIR OWN COUNTRY.” T

Gov Government Spokesman Nicos Christodoulides replies WR WR WKH RSSRVLWLRQ SDUWLHV· FULWLFLVP RI WKH IDFW WKDW D performance by the National Theatre of Northern Greece perfo and the Cyprus Theatre Organisation was staged at the Ancient Theatre of Salamis in the occupied area and An a attended by 4,000 people, mainly Greek Cypriots.

NICOS CHRISTODOULIDES

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he Ayia Napa Marina Foundation Stone Laying Ceremony took place on Friday, 30 September, followed in the evening of the same day by a glamorous party to mark the sales launch of the €220 million project, the biggest in the history of the popular seaside resort.

FACTS & FIGURES Ayia Napa Marina PZ H TP_LK \ZL YLZP KLU[PHS JVTTLYJPHS HUK LU[LY[HPUTLU[ KL]LSVWTLU[ PU [OL (`PH 5HWH KPZ[YPJ[ VM *`WY\Z MLH[\YPUN S\_\YPV\Z YLZPKLUJLZ ^VYSK JSHZZ `HJO[PUN MHJPSP[PLZ H ]HYPL[` VM YL[HPS IV\[PX\LZ YLJ YLH[PVUHS MHJPSP[PLZ HUK ^H[LYMYVU[ ÄUL KPUPUN VW[PVUZ 0[ MLH[\YLZ

190 apartments VM VY ILKYVVTZ PU two iconic twisting towers LHJO TVYL [OHU TL[YLZ [HSS ‹ ,HZ[ ;V^LY

90 apartments ‹ >LZ[ ;V^LY

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29

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| INNOVATION |

BUILDING A BETTER CONNECTED WORLD MTN BUSINESS AND HUAWEI TECHNOLOGIES, THE LEADING GLOBAL ICT SOLUTIONS PROVIDER, HAVE RECENTLY JOINED FORCES TO PROVIDE PRODUCTS AND SERVICES OF THE HIGHEST QUALITY TO BUSINESSES IN CYPRUS. ON THURSDAY 20 OCTOBER, AN EVENT ENTITLED THE FUTURE OF ENTERPRISE ICT SOLUTIONS IS TAKING PLACE AT THE HILTON PARK HOTEL, NICOSIA WITH THE AIM OF INTRODUCING ENTERPRISE INFORMATION 7(&+12/2*< ',5(&7256 72 +8$:(,·6 ,&7 62/87,216 GOLD SPOKE TO JAMES LI, MANAGING DIRECTOR OF HUAWEI CYPRUS, ABOUT THE COMPANY AND THIS LATEST VENTURE WITH MTN BUSINESS.

22 | GOLD | The Business Magazine of Cyprus

G

old: Huawei and MTN have been partners in Cyprus since 2009 but this new collaboration takes things to a new level. What’s the rationale behind the latest move? James Li: Huawei’s partnership with MTN Cyprus has flourished in recent years, leading both companies to success in the local market. We strongly believe that the new collaboration can further enhance this strategic partnership, giving the opportunity to both MTN and Huawei to provide innovative, agile, reliable and leading ICT solutions to facilitate enterprises’ transformation and create value for local customers’ businesses. Gold: How can Huawei’s networking and IP solutions benefit MTN Business customers? J.L.: Huawei’s Networking Solutions use Software Defined Networking (SDN) concepts to form open, simple and secure networks that are faster and more flexible, helping enterprises stay ahead of the competition. Huawei offers the industry’s most complete line of enterprise networking and IP products, including ethernet switches, enterprise routers, WLAN and security products and network management systems. These products and technologies all work together to form integrated, basic network platforms for campuses, branches, WANs, and data centres. These competitive advantages of Huawei Networking and IP Solutions meet MTN Business customers’ requirements and can facilitate transformation ormation and nd business business development.

of end-to-end solutions in telecom and enterprise networks, devices, and cloud computing. Gold: It’s almost 20 years since Huawei won its first overseas contract but within eight years (in 2005), Huawei’s international orders exceeded its domestic sales. Does the company continue to make most of its profits abroad? J.L.: Huawei continuously aims to bring value to customers in order to leverage its commitment to enable the future information society and ultimately build a better connected world. In 2015, Huawei’s revenue reached US$60.8 billion, an increase of 37% year-on-year. Our carrier, enterprise and consumer businesses all met the sustainable growth targets set by our Board of Directors at the beginning of 2015. Gold: Huawei places considerable emphasis on R&D and has established research centres in many countries. What is the thinking behind this? J.L.: As a major contributor to the ICT industry and ICT standards setting, Huawei has been leading industry developments to promote technological progress towards a better connected world by sharing insights into ICT advances. This is the key driver for Huawei to cooperate with global innovators through its 16 R&D institutes and centres and 36 joint innovation centres around the world, constantly iinvesting nve vest s ing over 10% of its revenue in R&D every year.

Gold: Computing and Cybersecurity are two extremeGold d: Cloud Com Gold: IT is key to every successful enterprise. What lyy significant se. Wh hat siggnificant areas are in today’s business world. How imporare the advantages of Huawei’s IT productss over tant Huawei’s offering in 2016? tant are they to H those of its competitors? J.L.: Computing and Cyber Security are two areas J.L L.:: Cloud Com J.L.: By adhering to the concept of “Make IT Simple Simple, of primary interest and key success factors in the e, of Huawei’s Hua uawe wei’is prim Make Business Agile”, we have continued to devel develop enterprise Leveraging years of innovation and elop op e te en t rp rprise business. bus u innovative IT products, which has allowed them development, Huawei’s Cloud Computing Soluem m to develo de lo become more competitive in the marketplace. Our tions Our t onss provide the reliability, agility, openness and ti IT products and solutions have been deployed price-performance needed to deliver cutting-edge d in price THE EVENT: over 150 countries and regions and have become applications and services quickly, safely, and seme appll ap “The Future of Enterprise ICT a new engine and benchmark for enterprises’ curely. curee Moreover, Huawei Security Solutions are Solutions” digital transformation. uniquely qualified to provide comprehensive prouniiq un Thursday, 20 October 2016, Hilton Huawei’s broad range of high-performance, tection for the information era. They cover termiPark Hotel, Nicosia Organiser: MTN. low-power consumption and cost-efficient servers nal, cyber, cloud and application security as well as Secretariat: IMH. and components for data centres and campus security management and security services specific Communication Sponsors: networks are powered by the latest multi-core to various products and solutions. IN Business, InBusinessNews.com, Intel Xeon processor technology. Huawei storage Reporter.com.cy For further information: products provide converged functionality that Gold: Given that Huawei has a presence in alIMH, Tel.+357 22505555 maximizes performance and capacity utilization, most every country in the world, what does the E-mail: events@imhbusiness.com to meet a wide range of needs: entry-level, midcompany hope to gain from this new partnerwebsite: www.imhbusiness.com range and high-end enterprise applications, Big ship with MTN Business in Cyprus? Data, vertical industry applications; and cloud J.L.: For Huawei, Cyprus is a strategic market; we storage applications. have strong local presence and commitment to leading technology and services and continuous year-on-year growth. We also believe Gold: Among other things, Huawei is now the largest telecomthat the Cyprus economy has increasing potential for tremendous munications equipment manufacturer in the world. What has growth in various industry sectors (like e-government, tourism, been the key to this remarkable success? energy, finance, transport, education, services and communications) J.L.: We believe that the key factors behind Huawei’s success are our where Huawei’s Enterprise Solutions partnering with MTN Busicommitment to the company’s core values of staying customer-cenness can provide ICT solutions to create value and facilitate local tric, inspiring dedication, persevering, and growing by self-reflection. business development. We are looking forward to exploring this Moreover, driven by responsible operations, ongoing innovation and opportunity and jointly build better connected enterprises in Cyopen collaboration, we have established a competitive ICT portfolio prus. www.goldnews.com.cy | GOLD | 23

| NEGOTIATION |

THE

MAN WHO WROTE

THE BIBLE ALEXIS KYPRIANOU IS A PARIS-BASED EXPERT IN NEGOTIATION WHO HAS DEVOTED A SIGNIFICANT PART OF HIS 25 - YEAR CAREER TO NEGOTIATING ALL TYPES OF BUSINESS AGREEMENTS: FINANCIAL, COMMERCIAL, EMPLOYEE AGREEMENTS, PARTNERSHIPS AND MORE. SINCE 2010, HE HAS WORKED AS AN EXPERT ADVISOR AND TRAINER IN NEGOTIATION TECHNIQUES, NOTABLY TO BUSINESS DEVELOPMENT PROFESSIONALS IN LARGE MULTINATIONAL ORGANISATIONS ACROSS EUROPE. THE AUTHOR OF ONE OF THE LEADING FRENCH-LANGUAGE BUSINESS BOOKS ON NEGOTIATION TECHNIQUES, HE RECENTLY RAN A WORKSHOP AND A COURSE AT THE EUROPEAN INSTITUTE OF MANAGEMENT & FINANCE IN NICOSIA. HERE HE SPEAKS TO GOLD ABOUT HIS CAREER AND THE ART OF NEGOTIATION. By John Vickers | Photo by Jo Michaelides

24 | GOLD | The Business Magazine of Cyprus

Y

ou wrote a book called La Bible de la Négociation (The Bible of Negotiation), the title of which suggests that there is a technique to be learnt which applies in all situations. Surely it’s not as simple as that? A.K.: There is no one technique alone that applies to all negotiations, but a whole palette of techniques that can be used individually or in combination. The Bible of Negotiation, a title chosen by my publisher, implies that the book presents a complete set of such techniques that can be used for all negotiations. I was overruled on The Complete Guide to Negotiation… The translation and title of the book into English is currently under…negotiation! Gold: Can anyone learn to be an effective negotiator? Doesn’t such a skill also depend on an individual’s character and attitudes? A.K.: Everyone can be, and has already been, an effective negotiator. We unconsciously negotiated what we wanted from our parents from the day we were born. We lose some of those in-bred skills as we mature into adults but, like riding a bike, we haven’t lost those skills definitively. With a bit of training, we can get them back. Character has a role to play in which techniques work best for you but character in itself does not determine whether you are an effective negotiator or not. Attitude does play a role in successful negotiations, but attitude can be changed if enlightened. Gold: You’ve worked in six countries over the last 25 years and you’re now based in Paris. Are business negotiations conducted differently in different countries? If so, does this mean that you will have to re-write parts of your book for the UK or, indeed, the Cypriot market? A.K.: There is no empirical evidence that one culture negotiates better than another, nor that one culture uses one technique more than another. There are cultural differences to negotiation but these differences are subtle. My personal experience, having negotiated across all continents, is that individual human character influences the choice of negotiation technique used rather than www.goldnews.com.cy | GOLD | 25

| NEGOTIATION | background culture. Even if you don’t like using a particular technique yourself, it is important to recognise when your counterparty is using that technique and know the antidote. My book is a comprehensive list of techniques and there is something for everyone. Indeed, there is even a section on how to negotiate with people of different character profiles. Gold: How did you reach the stage of being considered an expert in negotiation? Did you have a role model or have you simply refined your own skills over the years? A.K.: In 2001, I started working for one of the largest European companies. Within 10 months, the company was technically bankrupt. The banks, which were owed in excess of €30 billion, took control, had the management removed and ordered a fire-sale of over €20 billion worth of assets. I was handed a list of activities and assets and curtly told, “Please sell these as fast as possible”. I was thrown in at the deep end with little support and found myself caught between vultures hoping to make a cheap purchase and internal pressure to realise cash for impatient creditors. I had to negotiate one way or another to get through it all. I made mistakes but had a steep learning curve. These were the most informative years of my career in negotiation. There have been several people I have negotiated with or against during my career, who have inspired me in negotiation. They probably don’t know it but they taught me a lot.

Gold: How did you make your own start in business? A.K.: By accident. I left my previous employment and the CEO of an international company whom I had never met before was introduced to me during a pause in a orchestral concert at which I was performing as trombonist! She asked if I could help her team since she had heard that I was in between jobs. I don’t think she liked my music and she didn’t stay for the second half of the concert but she was the inspiration for me to set up my business and do what I do. Gold: You have spent a considerable amount of time in telecommunications companies in Europe and, as a Cypriot, I’m sure you’ve kept an eye on Cyta and the privatisation issue. From your own experience in this area, how do you respond to those who are strongly opposed to what they see as giving away state profits to the private sector? A.K.: Privatisations are typically discussed in financial terms but there are many equally important issues for a government to consider: a national telecoms operator is typically one of the biggest employers and landowners in the country. It is a strategic technological infrastructure that underpins economic development, since most industries are heavily dependent on communications. The sale price itself is a function of the terms and conditions of

future competition, some or all of which will have an impact on the public and business. The case for privatisation should be discussed on all of these considerations and not just the financial elements. There is a tendency to consider the privatisation question as a binary “keep” or “sell” decision. There are many intermediary solutions, including state and private co-ownership which allow many of the above issues to be managed optimally. I am apolitical but will simply add that any decision should be based on optimising all the interests of Cypriots and the Cypriot economy, not just the financial interests. Gold: You’ve been in Cyprus for a Corporate Governance programme. This is a subject that has become extremely topical in Cyprus since the 2013 crisis. How significant is it in the global world of business? A.K.: Very. Corporate Governance failures are the reason why companies such as Enron, Volkswagen, BP and, closer to home, the Cypriot banks and Cyprus Airways among others have been through crises. Some of them have survived and others unfortunately not. We live in a global economy where the misfortune of one company or industry can have a systemic impact on all of us. The recent banking crisis is proof of that. Investors now look to Corporate Governance for assurances on their investments.

Employees look to Corporate Governance for job security. Governments are looking to Corporate Governance for economic stability and recovery of tax revenues. The public is looking to Corporate Governance to improve salary disparities, ethical decision-making and secure environmental concerns. Corporate Governance is quite simply a global business hot topic. Gold: The programme you’ve been teaching is also aimed at preparing Company Directors for their duties and responsibilities. Essentially, you’ve been stressing the importance of understanding what it means to be appointed a Director? A.K.: Yes, ‘What is a Director’ was on the programme but just as important are ‘How to be a Director’ and ‘How to make the Board function properly’. The programme was designed to help participants understand the logic behind the job description, the legal responsibilities and obligations of a director. It looked at how a Board of Directors can make or break a company and inspires an introspective critique by participants of their own corporate governance. Interactive exercises helped participants appreciate the benefits of best practice, but also the practical challenges of doing so. For me there are two issues that need addressing: the first is understanding the role, its responsibilities and its obligations. The second is knowing how to exercise those responsibilities and obligations.

INDIVIDUAL HUMAN CHARACTER INFLUENCES THE CHOICE OF NEGOTIATION TECHNIQUE USED RATHER THAN BACKGROUND CULTURE 26 | GOLD | The Business Magazine of Cyprus

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| COVER STORY |

The Cyprus Economic & Investment Summit, New York By John Vickers

28 | GOLD | The Business Magazine of Cyprus

T

he end of September is always a busy time in New York due to the arrival of scores of world leaders in the city for the annual UN General Assembly. One of those leaders was the Cypriot President, Nicos Anastasiades, who was also there for a meeting with UN Secretary-General Ban Ki-moon and the Turkish Cypriot leader, Mustafa Akinci. Immediately after his address to the UN, Anastasiades was driven to the Park Lane Hotel to attend the Cyprus Economic and Investment Summit. This event, entitled “Cyprus back on the Road to Sustainable Growth” and preWIRXIH F] ,IPPIRMG &ERO [EW EXXIRHIH F] EVSYRH Āþþ 97 MRWXMXYXMSREP MRZIWXSVW It sought to present the current state and future prospects of the country’s economy, to promote Cyprus as an International Business Centre and, in particular, to MHIRXMJ] EXXVEGXMZI MRZIWXQIRX STTSVXYRMXMIW -X [EW XLI ÁVWX WYGL IZIRX XS FI LIPH in New York but the subsequent feedback from participants suggests that it will certainly not be the last. Endorsed by the Cyprus Investment Promotion Agency (CIPA), the Cyprus Investment Funds Association (CIFA), the Cyprus Securities and Exchange Commission (CySEC) and the Cyprus Embassy Trade Centre, New York, it featured WTIEOIVW JVSQ XLI ÁVWX XLVII SVKERMWEXMSRW TPYW *MRERGI 1MRMWXIV ,EVVMW +ISVgiades, the Resident Representative of the International Monetary Fund in Cyprus, Vincenzo Guzzo and the Managing Director of Third Point LLC, David W. Bonanno. The summit also featured a panel discussion on the economy, the investment climate and opportunities, featuring Hellenic Bank Group Chairwoman Irena Georgiadou, CIPA Chairman Christodoulos Angastiniotis, CIFA President Angelos Gregoriades and CySEC Chairwoman Demetra Kalogerou. Gold has written extensively about the work of CIPA in particular and the broader efforts to promote Cyprus as a destination for Foreign Direct Investment (FDI) FYX MX [EW XLI ÁVWX XMQI XLEX - TIVWSREPP] LEH ER STTSVXYRMX] XS SFWIVZI XLMRKW ‘from the inside’, as it were, having been asked to chair the Summit, which was organised for the sponsor, Hellenic Bank, by IMH, the publisher of Gold. It was a fascinating experience and something of an eye-opener in the sense that, while we probably expect the rest of Europe to know about a fellow member state (parXMGYPEVP] SRI XLEX LEW FIIR XLVSYKL E WIVMSYW ÁRERGMEP GVMWMW - WYWTIGX XLEX JI[ of us really believe that Cyprus is on the radar of American investors (to steal the title of David W. Bonanno’s address). And yet, the reality is that the event was very successful, reaching the organiser’s expectations in terms of both investor numbers and stature and, as I saw for myself, a good proportion of those present were extremely well-informed about Cyprus, its recent history and the present state of the economy. The questions posed to the Minister of Finance, Harris Georgiades, to David W. Bonnano (as a US investor in Cyprus) and to the four members of the closing panel discussion were invariably pertinent and appropriate and they concerned issues as diverse as real estate, investor protection, Brexit, the Apple/ European Commission controversy, compliance and more. On the following pages, we present the key points made by all seven speakers, plus the views of three of the investors who attended the summit on the future prospects of the economy and the investment opportunities that look promising.

www.goldnews.com.cy | GOLD | 29

| COVER STORY |

+$55,6 *(25*,$'(6 0,1,67(5 2) ),1$1&(

‘Reason and COMMON SENSE ARE BACK’ Harris Georgiades gives an upbeat assessment of the economy and Cyprus’ future prospects but, by his own admission, not a ‘rosy picture’.

F

INANCE MINISTER HARRIS GEORGIADES BEGAN HIS ADDRESS WITH SOME EMOTIONAL PERSONAL MEMORIES OF HIS BUICK-DRIVING GRANDFATHER, TELLING THE AUDIENCE HOW, AS A KID, HE WOULD LISTEN, TIME AND TIME AGAIN, TO THE STORY OF HIS ARRIVAL IN NEW YORK, AS AN ALMOST EMPTY-HANDED YOUTH AFTER WORLD WAR I, AND HOW HE SPENT OVER 20 YEARS THERE AND IN PITTSBURGH.

“The one thing he would always mention with a certain degree of awe was the Great Depression and how he managed to spare his hard-won wealth by his decision to sell his stock just ahead of the meltdown. And when I would ask him why such a financial calamity was allowed to happen, he would tell me that ‘reason and common sense had simply gone missing’. Little did I know that, almost a century later, I would find myself also engulfed in a financial meltdown, tasked by Pres-

ident Anastasiades to help out in tackling the unprecedented financial and economic crisis that hit Cyprus.” Georgiades went on to describe what he called “a remarkable recovery” three and a half years later, “one which confirms that even during the height of its troubles, the economy of Cyprus never lost its potential. In fact, it has demonstrated resilience and adaptability.” Here are key extracts from the Minister’s address: “Even though challenges remain, it is clear that macro-

30 | GOLD | The Business Magazine of Cyprus

economic stability has been re-established, that confidence has been restored and that the economy is once again on a path of recovery and growth. The banking sector has healed to a very large extent. “We have also been very clear and forthcoming on issues of transparency. Here the line is clear: full compliance, without any reservations. And indeed, probably no other jurisdiction

has ever been through such a detailed and in-depth scrutiny as we have been over the last few years, by the IMF and other international institutions, a

We expect to see Cyprus Airways Â]MRK EKEMR MR early 2017 as a foreign owned

PRIVATE COMPANY

scrutiny conducted with our agreement and at our invitation, aiming to confirm full compliance. “The public sector was spending too much but that’s in the past. Since 2014, we are operating with an essentially balanced budget and with a good primary surplus. The public sector payroll has been reduced, welfare spending has been consolidated and strict fiscal rules have been established by law. Our budgetary planning for the period 2017-2019 remains safely within the margins of a balanced budget, ensuring that the public debt will start to come down. “The fact that we took decisive action, balancing the budget in one go over a single year, but especially our choice to do so almost entirely through spending cuts and not through taxes, ensured that this would become a growth-friendly fiscal consolidation. “Corporate tax remains at an attractive 12.5% and a number of significant tax breaks and incentives have been offered recently, both to individuals and corporates. In fact, maintaining a stable and competitive tax regime is probably one of the issues where there is strong consensus across the political spectrum. And this, together with the stabilization of the banking sector, has been instrumental in the restoration of consumer and business confidence and ultimately in the recovery of our economy. “Key industries like business services and shipping continue to perform strongly. Cyprus remains an excellent base for international business with a skilled workforce and a wide network of double tax

treaties. Coming soon is also an ambitious reform of the legal framework regarding investment funds and pension funds, which is expected to give a boost to those specific sectors. The tourist industry is experiencing record performances, even though there is potential for it to grow even further. Even the hardest hit real estate sector is showing signs of recovery. We are also encouraged by the fact that both demand and supply for SME financing is picking up. As a result of this strong rebound, unemployment is now registering the fastest de-escalation in the EU. “FDI has been channeled into the retail sector, the pharmaceutical industry and the real estate sector. We expect to licence out a multi-million integrated casino resort by the end of the year and we also expect to see Cyprus Airways flying again early 2017, not as the loss-making state carrier it was until it went bust a couple of years ago but as a foreign owned

private company. And of course, there’s the energy sector, which, in addition to renewable, includes the recent offshore natural gas findings. We are delighted to be working already with US energy groups and also with UK, Israeli, French and Italian groups, as we hope to see more US involvement in this important sector soon. “I do not want to present a rosy picture. As I have already mentioned, challenges remain. Unemployment, public debt and non-performing loans, all of them legacy problems of the ‘boom and bust’ of previous years, still remain high, despite their downward trend. We also acknowledge that bureaucracy can sometimes be a problem and we realize that maintaining the competitive edge is a never-ending process. In short, the reform momentum and fiscal discipline must be maintained and this is exactly what we intend

The public sector was spending too much but that’s in the

PAST

to do. “Cyprus remains a stable, safe, business-friendly jurisdiction, operating with a restored reputation. This is confirmed by the successful completion of the IMF/EY support programme earlier this year. It is also reflected in the ratings upgrades which have been steadily coming in. We are confident that we shall be able to take the last couple of steps and to formally re-enter the investment grade zone soon enough. In any case, market access has already been comfortably re-established. But more than anything, this renewed confidence is reflected in the growth prospects of the Cyprus economy. For the current year, Cyprus will enjoy one of the highest growth rates in the EU, just short of 3% of GDP, whilst medium-term prospects are in the same range of 2.5%-3% annually. “Cyprus is back. In a way, reason and common sense are back and this is what business expects. More than that, Cyprus is a reliable member of the EU and the eurozone but also a country with a broader outlook, actively promoting cooperation and exchange in the region. Within this framework, we look forward to maintaining and expanding even further our ties with the US. Cyprus can be a strategic partner, an island of safety and stability in a troubled neighbourhood, offering opportunities for business, investment and cooperation. “And if, as we hope, we are able to reach an agreeable solution to the problem of the Turkish occupation of the north part of Cyprus, the scope for these opportunities will become even wider.” www.goldnews.com.cy | GOLD | 31

| COVER STORY |

9,1&(1=2 *8==2 ,0) 5(6,'(17 5(35(6(17$7,9( )25 &<3586

CYPRUS:

A SUCCESS STORY

V

INCENZO GUZZO, THE RESIDENT REPRESENTATIVE FOR CYPRUS OF THE INTERNATIONAL MONETARY FUND, DESCRIBED CYPRUS AS “A SUCCESS STORY”, EXPLAINING THAT THE ECONOMIC ADJUSTMENT PROGRAMME HAS DELIVERED AN IMPRESSIVE TURNAROUND OF THE ECONOMY DURING THE PAST THREE YEARS, HAVING RETURNED TO POSITIVE GROWTH IN 2015 AND ACCELERATED FURTHER IN 2016, BEYOND EXPECTATIONS. HE NOTED THAT THE BANKING SYSTEM IS NOW ON A MUCH MORE SOLID FOOTING AND WORKOUTS OF NONPERFORMING LOANS ARE ACCELERATING, OPENING SPACE FOR NEW PRODUCTIVE LENDING. MOREOVER, THE COUNTRY’S FISCAL POSITION HAS BEEN RESTORED TO A SUSTAINABLE PATH, AND PUBLIC DEBT IS NOW FIRMLY ON A DOWNWARD TRAJECTORY. The IMF Representative told the Summit that the economic recovery is broad-based and expansion is expected to continue. He then focused on what he sees as the three challenges facing Cyprus:

ed) credit to families and corporations on better terms, thus supporting investment and jobs. Banks’ improved lending capacity especially affects SMEs that are more dependent on bank financing.

“Controlling the growth of the public sector wage bill and increasing the efficiency of the public sector through promotions and mobility across the civil service is a critical step in this direction,” Guzzo said.

CHALLENGE 1: NON-PERFORMING LOANS

CHALLENGE 2: PUBLIC SECTOR DEBT

CHALLENGE 3: IMPROVING THE BUSINESS ENVIRONMENT

At around €26 billion, non-performing exposures are still close to 150% of GDP and the NPE ratio for the total banking system is 49%. On a positive note, over €14 billion of loans have been restructured, €6.8 billion of which from early 2015. Banks have set up loan restructuring operations and refining policies and practices, a legal framework for foreclosure and insolvency has been established and is starting to operate and a law allowing banks to sell their loans has been adopted. The Central Bank of Cyprus, said Vincenzo Guzzo, is taking an increasingly active role in encouraging and monitoring progress with reducing NPLs. He noted that dealing with the NPL problem effectively not only has an impact on the balance sheet and the capital of the banks, but it also has broader implications for the economy. By lowering NPLs, banks can increasingly extend new (target-

At nearly 109% of GDP in 2015, public sector debt is still high, while the primary surplus will have to be kept at around 3% of GDP to maintain public debt on a sustained downward path. So far, fiscal performance has consistently exceeded targets and the Government has accessed the market four times, using part of the proceeds to build cash buffers, while bank government-guaranteed bonds issued during the crisis were cancelled, reducing the stock of government guarantees by nearly a third. Ensuring sustainable public debt allows adequate fiscal space for productive public investment spending, which in turn supports long-lasting growth.

32 | GOLD | The Business Magazine of Cyprus

Cyprus’ ranking in the World Bank Doing Business Index has moved to 47 in 2016 from 60 a year earlier. An ambitious reform agenda is being developed and implemented, and an extensive action plan for growth, aimed at improving the business environment, has been developed. Steps already taken include adopting the legal framework for Fiscal Responsibility and Budget Systems, integrating the Inland Revenue and VAT Departments, enacting amendments to the foreclosure law, reforming the insolvency framework and privatising the commercial

activities of Limassol port. Guzzo noted that the legal unbundling of the Electricity Authority into two separate companies will become effective in December A more business-friendly environment implies more investment, the IMF Representative said. “The privatisation of stateowned enterprises allows better and less expensive services for the population and attracts foreign direct investment, which can bring jobs and increase liquidity in the economy.” He went on to note that the development of an investment fund industry will help channel capital towards productive investment and reduce over-reliance on bank credit, while measures such as reducing labour market redundancy costs, opening up closed professions, removing barriers to competition, reducing red tape, strengthening the legal system and fostering innovation will all have a significant impact on medium-term growth.

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CYPRUS ON THE RADAR OF INTERNATIONAL

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INVESTORS

T A SUMMIT AIMED AT PROMOTING CYPRUS AS AN INVESTMENT DESTINATION OFFERING GREAT OPPORTUNITIES IN A BROAD RANGE OF SECTORS, IT GOES WITHOUT SAYING THAT THOSE TASKED WITH MAKING THE KEY PRESENTATIONS ARE LIKELY TO BE CYPRIOTS, WHO WILL DO THEIR BEST TO DEPICT THE COUNTRY IN A POSITIVE LIGHT, WHILE ACKNOWLEDGING THE NEGATIVE EVENTS THAT TOOK PLACE THREE YEARS AGO AND EARLIER.

This is one reason why it was considered important to have two people in New York who approach Cyprus from a different angle. One of them was Vincenzo Guzzo, IMF Resident Representative for Cyprus, and the other was David W. Bonanno, Managing Director of Third Point LLC, an SEC-registered investment adviser based in New York, which focuses on event-driven, value-oriented investing. Bonanno is also the primary investment professional responsible for the Third Point Hellenic Recovery Fund L.P., a $750 million private equity-style vehicle exclusively dedicated to equity investments in Greece and Cyprus. Following Third Point’s investment in Hellenic Bank, making it the largest shareholder, Bonanno joined the Board of Directors and he is also a Member of the Board’s Nominations/ Internal Governance and Remuneration Committees. There was, therefore, particular interest on the part of the US delegates to the Summit in what David Bonanno had to say, particularly in his capacity as an American investor who was one

of the first to invest in Cyprus and one of its main banks. His talk, entitled “Why should Cyprus be on the Radar of International Investors?â€? began with a ‘Cyprus for Beginners’-type presentation of the country, which he referred to as “a small, service-driven, open and dynamic economyâ€? with a GDP of â‚Ź17 billion, describing it as “a business hub, given its strategic location at the crossroads of three continents, an EU member state since 2004 and a eurozone member since 2008.â€? Bonanno referred to Cyprus’ young and well-educated talent pool, noting that the local infrastructure is well-matched to the needs of business people, that it is a base for a large number of multinational companies and international banking units, which has a legal framework based on English Law and one of the most transparent, effective and simple tax systems in Europe, plus double tax treaties with some 50 countries. He then went into detail about how, since the 2013 banking crisis and the Economic Adjustment Programme agreed with

Troika, the economy now finds itself on a sustainable growth path as the banking sector has been downsized, recapitalized and restructured, fiscal targets continue to exceed expectations and economic sentiment and confidence are back to pre-crisis levels. He noted that the Cyprus economy is recovering faster than the eurozone as a whole and pointed out that the Government’s prudent fiscal policy is delivering strong results and provided charts and graphs to show that the country’s fiscal position is improving compared to its eurozone periphery peers (Spain, Ireland, Greece and Italy). Bonanno pointed, furthermore, to declining levels of unemployment, improving country ratings from the leading international Rating Agencies (quoting the previous week’s announcement by Standard & Poor’s that “The positive outlook reflects our view that we could upgrade Cyprus within the next 12 months if its reduction of currently high levels of NPLs accelerates�), declining yields on Cyprus government bonds as additional positive factors

that should prove attractive to US and other global investors. “Cyprus is a growing international business centre as well as an attractive tourist destination, the real estate market is showing signs of recovery and property prices have stabilized,� he told the Summit. Perhaps unsurprisingly, given Third Point’s substantial shareholding in Hellenic Bank, David Bonanno focused considerable attention on the banking sector which, he declared, is now on a sounder footing than before. He supported his argument with references to strengthened banking sector supervision by the ECB, the noted stabilization of deposits and normalization of lending and deposit rates, the increased pace of sustainable restructurings of NPLs, strengthened corporate governance and the fact that international institutional investors are becoming major shareholders in Cyprus’ domestic banks.

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DELIVERING STRONG RESULTS www.goldnews.com.cy | GOLD | 33

| COVER STORY |

Angelos Gregoriades, CIFA, Nicos Anastasiades, President of Cyprus & Aristos Constantine, Cyprus Embassy Trade Center

Panel of speakers (l-r): Irena Georgiadou, Hellenic Bank, Christodoulos E. Angastiniotis, CIPA, John Vickers (Chairman), Angelos Gregoriades, CIFA, Demetra Kalogerou, CySEC

Haris Georgiades, Minister of Finance

David W. Bonanno, Third Point LLC, USA

Vincenzo Guzzo, IMF

Art Middlemiss, Attorney/Consultant & Haim Zitman, Ermus Capital Investment Ltd

ENDORSED BY

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The President of the Republic of Cyprus, Mr. Nicos Anastasiades

UNDER THE AUSPICES OF

The President of the Republic of Cyprus, Mr. Nicos Anastasiades

| COVER STORY |

Nicholas Falcone, Arena Quandrante News Service

Nicos Christodoulides, Government Spokesman, Aristos Constantine, Cyprus Embassy Trade Center, Nicos Anastasiades, President of Cyprus, Haris Georgiades, Minister of Finance

Constantinos Pittalis, Hellenic Bank & Maria Pantziarides, IMH

Vassos Vassiliou, Riverside Co & Irena Georgiadou, Hellenic Bank

Philip Christopher, American Network Solutions LLC

John Vickers, Gold Magazine

Carter Page, Global Energy Capital & Constantinos Pittalis, Hellenic Bank

Angelos Gregoriades, Cyprus Investment Funds Association, Haris Georgiades, Minister of Finance & Irena Georgiadou, Hellenic Bank

Andy Comodromos, Comodromos Associates & Christodoulos E. Angastiniotis, CIPA

George Sklavos, Hellenic Bank, Haris Georgiades, Minister of Finance & Christodoulos E. Angastiniotis, CIPA

Athos Zakou, Gamut Capital Management, LP & Loucas Kyprianou, Workfusion

Gunjan Goel, Global Business Chamber of Commerce, US & Del Warmington, Delwar Captial Management LLC

Nicos Anastasiades, President of the Republic

Christodoulos E. Angastiniotis, CIPA, George Michail, IMH & Kyri Loupis, Goldman Sachs

| COVER STORY |

I

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‘CYPRUS NOW HAS STRONG BANKS’

RENA GEORGIADOU, CHAIRWOMAN OF THE HELLENIC BANK GROUP, NATURALLY FOCUSED ON THE BANKING SECTOR IN HER PRESENTATION, IN THE FRAMEWORK OF A PANEL DISCUSSION AT THE CYPRUS ECONOMIC & INVESTMENT SUMMIT BUT SHE ALSO SPENT SOME TIME LOOKING AT OTHER KEY SECTORS THAT PROVIDE LUCRATIVE OPPORTUNITIES FOR INTERNATIONAL INVESTORS. NOTING THAT CYPRUS HAS A WELL DIVERSIFIED ECONOMY AND STRONG GROWTH PROSPECTS AS NEW OPPORTUNITIES ARISE ACROSS ALL INDUSTRIES, SHE DREW THE SUMMIT’S ATTENTION TO THE FOLLOWING SECTORS: SHIPPING

offering regional services.� The Hellenic Bank Chairwoman also noted that many Israeli companies have either relocated to, or opened offices in, Cyprus, citing “proximity, the stable tax system and a regulatory and legal framework, based on EU and British law, offer the stability and visibility conditions that corporates and investors look TOURISM for.� Cyprus is fully compliant “The Tourism and Hospitality with all global and European industry has been the backtransparency and AML stanbone of the Cypriot economy dards, she said, and it can prosince the 1980s and still is vide high-calibre human one of the major pillars capital and services at and growth drivers of rates much lower than the economy.� elsewhere. Turning to the OTHERS banking sector, “Energy and TechGeorgiadou noted nology are exthat it has underamples of two gone drastic changes emerging sectors, in the past three including offshore years. “The systemnatural gas exploic banks in Cyprus ration, renewables – and Hellenic Bank and the provision of is one of them – are oilfield services in supervised by the the region. Some European Central of the world’s bigBank, which, from a gest oilfield service regulatory perspective, companies such means that we have a as Halliburton, single rule book to folSchlumberger, low across Europe, but Medserv and Nofrom a commercial ble are established perspective it means in Cyprus and that we are marching “The Cyprus flag is No. 2 in Europe and in the Top 10 of the world. In addition, we in Cyprus have the largest ship management centre in Europe. Hellenic Bank has a dedicated ship management centre, which has been serving the shipping industry for more than 40 years.�

38 | GOLD | The Business Maga-

zine of Cyprus

towards cross-border banking integration. In other words, Cyprus banks can operate across the eurozone. “The banking sector in Cyprus has been totally reformed in the past few years and it is now based on much stronger foundations. A great deal of emphasis is placed on corporate governance and the capital adequacy of Cyprus banks is well above the EU average. Most importantly, our banking institutions have ample liquidity and are able to support the growth of the economy through the provision of new lending. “For me, however, another important change that also adds to the credibility of the sector is the strong presence of new foreign investors from the US and Europe, and some of them are with us today in this room, plus some very important institutional investors, such as the European Bank for Reconstruction and Development. “The progress made in Cyprus’ banking Sector has been noted by the European Commission, the European Central Bank

and the IMF but, most importantly, it is reflected in the markets and what the Rating Agencies say. One lesson we have learnt well in Cyprus is that you cannot fool the markets or the Rating Agencies. Today, the latter keep upgrading us and we have a positive outlook. Deposits are flowing into the system and in my bank we are now exploring options to start providing loans abroad and in new sectors of the economy. “The most challenging side-effect of the financial crisis is the high level of Non Performing Loans in the system but this is being decisively addressed. The legislation is in place and we have all the tools, tax incentives and the appetite to do all the right things: sell loans, foreclose, externalise debt servicing, etc. “Cyprus has strong banks, ready to play their role in the positive trajectory of the Cyprus economy.�

ONE LESSON we have learnt well in Cyprus is that you cannot fool the markets or the Rating Agencies

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‘A HOST OF INVESTMENT OPPORTUNITIES’

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S CHAIRMAN OF THE CYPRUS INVESTMENT PROMOTION AGENCY, CHRISTODOULOS ANGASTINIOTIS FOCUSED ON PROVIDING A GREAT DEAL OF PRACTICAL INFORMATION FOR POTENTIAL US AND OTHER INVESTORS IN CYPRUS. NOTING THAT THE COUNTRY’S STRATEGIC GEOGRAPHICAL LOCATION HAS ALWAYS PLAYED AN IMPORTANT ROLE IN ITS HISTORY AND ECONOMIC DEVELOPMENT, FROM ANCIENT TIMES UNTIL TODAY, HE REMINDED DELEGATES THAT, AS THE THIRD LARGEST ISLAND IN THE MEDITERRANEAN, CYPRUS SERVES AS A NATURAL BUSINESS HUB CONNECTING EUROPE, THE MIDDLE EAST, AFRICA AND ASIA. AS A MEMBER OF THE EUROPEAN UNION, CYPRUS IS NOW CONSIDERED TO BE THE EU’S EASTERN GATEWAY. COMPETITIVE ADVANTAGES

“In addition to its strategic location, Cyprus has a robust legal & regulatory framework, an attractive tax regime, as well as a highly educated and skilled multilingual workforce, offering a full spectrum of professional services. Furthermore, Cyprus offers a modern and advanced infrastructure with an extensive road network, excellent port facilities, and flight connectivity through its two international airports. “Cyprus is committed to maintaining a competitive business environment and is continuously introducing reforms and incentives in order to enhance the ease of doing business and offer specific schemes for investment in key sectors. The Cyprus Legal System is based on Eng-

lish Common Law Principles. It is flexible, transparent, fully harmonized with international standards, and applies all relevant EU Directives, AML requirements and information exchange provisions, including OECD and FATCA requirements.� QUALITY OF LIFE

“All the advantages available to investors in terms of doing business, and incentive schemes available to both corporates and individuals, make Cyprus an ideal location for doing business. This is why many international companies have chosen Cyprus as base for their regional or international headquarters. A further benefit available to investors and employees is the quality of life that Cyprus

CYPRUS

is committed to maintaining a competitive business environment

offers. This includes safety for the entire family and a high standard of living in a clean and healthy environment with pleasant weather conditions. Cyprus has just been ranked 2nd in the world for weather and climate after Costa Rica by the InterNations Survey and, according to Eurostat, Cyprus has Europe’s cleanest waters and the highest number of blue-flag beaches per coastline. As regards safety, ValuePenguin recently ranked Cyprus 1st in the “safest small countries� category and 5th overall.�

tem which combines benefits for ship-owning, ship-management and chartering. Some of the world’s biggest ship-management companies have maintained their headquarters in Cyprus for many years. “Developing sectors, such as Investment Funds, Research Development & Innovation, Health & Wellness Tourism, as well as Energy, following the discovery of natural gas reserves in Cyprus’ Exclusive Economic Zone, are equally important and promote sustainable growth and development. The Hydrocarbons sector is growing rapidly, FOCUS SECTORS having attracted significant atten“Cyprus has a robust martion and investment from global ket-driven economy, offering nu- industry leaders. One example is merous investment opportunities Noble Energy, which has already in both traditional and new sec- established its presence in Cyprus tors with development potential. through its operations in the Traditional sectors, such as ship- Aphrodite offshore field, while ping, tourism, and professional Exxon Mobil was among the services, have been for many bidders in the 3rd licensing round years the key drivers of the econ- for exploration rights.� omy and are still major contrib- Angastiniotis concluded his adutors. As a successful example of dress by noting that, thanks to its investment in Cyprus, the ship- unique set of advantages in terms ping sector has been a key pillar of location, quality of service, of the economy for decades, modern and flexible legislation contributing approximately 7% and transparency, Cyprus offers a to the country’s GDP. It offers host of investment opportunities a unique competitive advantage in various dynamic sectors of the through the Tonnage Tax Syseconomy. www.goldnews.com.cy | GOLD | 39

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| COVER STORY |

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CYPRUS: AN ATTRACTIVE ALTERNATIVE WITHIN THE EU FUNDS MARKET HE PRESIDENT OF THE CYPRUS INVESTMENT FUNDS ASSOCIATION, ANGELOS GREGORIADES, FOCUSED TO TWO SPECIFIC TOPICS: THE FAVOURABLE TAX BENEFITS THAT CYPRUS HAS TO OFFER AND HOW CYPRUS MAY SERVE AS AN ATTRACTIVE ALTERNATIVE WITHIN THE EU FUNDS MARKET FOR US INVESTMENT FUND MANAGERS.

Noting that Cyprus was an early adopter of the Common Reporting Standard developed by the OECD and the fact that a Model I IGA was signed in 2014 between Cyprus and the US and Cyprus tax laws have been amended accordingly to allow for FACTA Compliance, he said that Cyprus monitors and acts on all relevant developments in relation to exchange of information and anti-tax avoidance. He went on to speak about the tax system: “We have a corporate income tax rate of 12.5%. Well-placed exemptions, provided in respect of dividend income and capital gains tax, render the tax system efficient whilst, at the same time, strictly adhering to international developments with access to EU directives and the Double Tax Treaties that Cyprus has with more than 60 countries. “Furthermore we offer one of the most attractive fund tax regimes in Europe, at the level of Fund Manager and investors, as well as at the level of the Fund itself.

Profits from sale of securities are exempt from tax, we do not impose withholding taxes on investors and no VAT is charged on services in respect of investment management, administration and marketing services supplied to Funds carrying on business from Cyprus. “At the level of the Fund, gains from buying and selling securities are tax exempt and interest income is reduced by a deemed deduction on Funds Invested in the Fund, reducing the effective tax on interest to 2.5%. . “Cyprus has worked diligently to bring the country on a par with other top fund hubs and is seeing increasing interest and appetite from investors and fund service providers looking for new EU-regulated jurisdictions. Industry insiders project that Cyprus’ fund sector has the potential to develop into a multi-billioneuro industry. A fund manager operating from Cyprus can reach countries in the CIS and MENA regions with a population of nearly 700million and which are

40 | GOLD | The Business Magazine ga azzine off C a Cyprus yprus

achieving positive GDP Growth rates. “It is no surprise that we have observed some Europe-based funds and fund managers redomiciling to Cyprus due to the lower costs of establishing and maintaining their operations while, at the same time, benefiting from the EU management or marketing passport where applicable. The Cyprus legal framework offers a wide range of tax efficient vehicles which can meet diverse investor requirements. As such, investment funds may be established under a contractual or corporate legal form, as standalone or umbrella funds. Cyprus may also be used for the setup of feeder funds to facilitate investment by non-US taxable and US tax exempt investors. “Cyprus offers specific advantages to US fund managers wishing to raise capital in Europe, develop a presence in the European market and benefit from the right to easily distribute its funds to investors in all EU countries. “Management Company platforms are currently the most popular means of gaining entrance to Europe and we can see a growing number of

platform providers in Europe, including Cyprus. The platform solution provides investment managers with a fully compliant UCITS/AIFM entity and thus European passport to market their funds within the EU without the need to establish their own fund and/or management company substance in an EU Member State. Managers benefit from the efficiencies provided by the pre-existing structure of the platform in terms of sharing of costs, existing middle and back office operating model, tried and tested systems and quick time to market. “We are well-positioned to support the full operational lifecycle of an investment fund, providing foreign investors and fund promoters with a uniquely competitive entry point to Europe’s capital markets, as well as the necessary financial instruments that serve to protect and enhance investment value.�

Cyprus’ fund sector has the potential to develop into a multi-billion-euro

INDUSTRY

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‘INVESTORS IN CYPRUS ENJOY HIGH STANDARDS OF PROTECTION’

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HE CHAIRWOMAN OF THE CYPRUS SECURITIES & EXCHANGE COMMISSION, DEMETRA KALOGEROU, GAVE A DETAILED PRESENTATION OF THE MULTI-FACETED WORK OF CYSEC, THE STATED MISSION OF WHICH IS TO EXERCISE EFFECTIVE SUPERVISION TO ENSURE INVESTOR PROTECTION THROUGH THE REGULATORY COMPLIANCE OF THE ENTITIES UNDER ITS SUPERVISION, AS WELL AS THE HEALTHY DEVELOPMENT OF THE FINANCIAL INDUSTRY.

“Our supervisory remit has widened substantially in recent years to include new groups of supervised firms and products, including collective investment schemes, fund managers, and administrative service providers,� she said, noting that there are currently 565 regulated entities. “The numbers, sizes and diverse structures of entities are impressive for the size of the country,� she added, and then provided more detail: “These include 213 Investment Firms licensed under the MiFID regime. Many Cypriot investment firms are part of the ‘Fintech’ world, creating a unique financial sector ecosystem that has enhanced economic growth and employment, transforming Cyprus into one of Europe’s cornerstones for financial services and financial technology innovation. “There are also 159 Administrative Services Providers which give corporate services. CySEC also oversees the Cyprus Stock Exchange (CSE) as a regulated market and a Multilateral Trading Facility

(MTF), as well as the 81 Issuers of securities traded on the CSE. Furthermore, CySEC supervises another 12 Issuers listed on other regulated markets abroad such as London, Warsaw, Oslo and Luxembourg in terms of their compliance with the laws on transparency, prospectuses and takeover bids. Moreover, we have 77 alternative investment funds, 13 fund managers and 8 UCITS managers and UCITS funds. Funds management is a new area to which CySEC has given emphasis in recent years as funds are widely considered as a productive alternative way of financing the real economy. “As a result, we are seeing a considerable amount of interest

ENTITIES

and market segments which pose the greatest risks to the market are subject to the closest scrutiny

from local and foreign entrepreneurs and investors to set up businesses in Cyprus for the provision of financial services. Indicatively, 118 applications for new entities are currently under examination. The flow of applications continues unabated because Cyprus combines many favourable features that make it a unique investment destination. Moreover, we have at our disposal a highly sophisticated pool of talent in financial and professional services which, combined with a competitive tax framework, puts Cyprus in a prime position for foreign investors outside the EU to access the region’s deep capital markets. “Since the country’s accession in the European Union in 2004, the national securities market legal framework was fully and promptly harmonized with all the latest EU Directives and Regulations. As a result, the regulatory and supervisory landscape of the financial sector mirrors that of the rest of the EU and investors in Cyprus enjoy the high standards of protection afforded in other EU member states. “The single most important and must-awaited legislative change of the next years is undoubtedly the MiFID II Directive which will be coming into

effect in January 2018. Another key regulatory reform is the 4th AML EU Directive which was enacted in 2015 with a deadline to be transposed to the national legislations by June 2017. CySEC takes all the necessary measures to ensure that supervised entities are prepared to comply promptly with the provisions of these two very important pieces of legislation. “Due to the very diverse and sophisticated market participants, it is imperative that CySEC keeps up-to-date with the best supervisory practices. CySEC applies a risk-based supervision philosophy which, in effect, dictates our priorities: the rule that governs what we do is that the entities and market segments which pose the greater risks to the market are subject to the closest scrutiny. Every year, on-site inspections and desk-top reviews are undertaken on supervised entities. “A dedicated AML Department within CySEC verifies the compliance of regulated entities with their obligations in relation to anti-money laundering, according to the provisions of the 3rd (and soon the 4th) EU AML Directive. “Our view is that strong and vigilant supervision and regulation is not a cost but an added benefit.�

www.goldnews.com.cy | GOLD | 41

| COVER STORY |

What the Investors Say

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FDI DRIVEN AND GDP-BOOSTING EXPANSION IN SELECTED INDUSTRY SECTORS OFFERS THE BEST POTENTIAL FOR A

LONG-TERM RECOVERY

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| ADMINISTRATIVE SERVICES |

WINDS OF CHANGE As Trident Trust Company (Cyprus) Limited celebrates its 20th anniversary, Managing Director Petros Livanios believes that a new, H]REQMG Ă HYGMEV] WIGXSV LEW XLI TSXIRXMEP XS TYX Cyprus on the global map for investment funds. But for that to happen, a great deal of work by both the private and public sector is required. By John Vickers

44 | GOLD | The Business Magazine of Cyprus

P

etros Livanios has every reason to be a happy and proud man. Trident Trust Company (Cyprus) Limited, of which he has been Managing Director since its formation, celebrates its 20th anniversary this year and he is fortunate to be able to look back at two decades of success and continuous growth. “The Trident Trust Group acquired a local operation back in 1996 and it was the first group to be granted permission by the Central Bank of Cyprus to acquire 100% of the share capital of a local operation,” he recalls. “The CBC was very keen to bring one of the big players in the Trust industry so they facilitated and made all the procedures very easy for Trident to have a presence in Cyprus. At that time, I was the manager of the local operation, which employed only five people. Over these 20 years we have grown...and grown...and grown! Now there are 110 of us including those in the sister company which is also housed in the same building. Our operation as such has 65 people and the sister company 45.” In response to the question about the changes he has seen during the company’s lifetime, Livanios laughs: “We’ve seen nearly everything!” and he cites the people who have, at various times, left Lebanon, Yugoslavia and, more recently,

Russia for Cyprus. In the case of the first two influxes, he says that he never felt entirely comfortable: “It sometimes seemed to me that we were gaining from the suffering or misfortune of others. On the other hand, being able to help people continue to operate their businesses and contribute to their own countries’ and our economy may be viewed in a positive light by both sides.” Other changes that Trident Trust has lived through include the introduction in 2003 of a new tax regime ahead of EU membership, one which Petros Livanios considered a positive reform. “It removed the stain of the ‘offshore’ label,” he explains, “even though so many years later, some people still refer to Cyprus as an offshore jurisdiction, which is not accurate.” And, of course, the events of 2013 caused innumerable problems. “Frankly, it’s amazing how we survived,” says candidly, “And I’m referring to whole industry when I say that. I am happy to say that we didn’t lose a single client, though some firms did. But after the haircut, we could no longer market the country as a reputable or attractive jurisdiction and we had to prove to potential investors that the situation would not be repeated. That was not an easy task, believe me.” So, all in all, Livanios is happy with what he and Trident Trust have achieved during the last 20 years. But, as he tells Gold, he is worried about many other things. “The fiduciary sector is changing and moving in a new direction to attract reputable, transparent, legitimate investors – big groups that want to have substance, offices and employees here. Our role will be more on the ancillary side, trying to facilitate them and provide professional services for the smooth operation of their

Family Offices or whatever activities they may have in Cyprus. What worries me is that we Cypriots don’t invest for the future. As a country, we are reactive, not proactive. This is very sad because Cyprus has huge potential, not only on the fiduciary side. We have to take ourselves really seriously. We think we do but we don’t.” He compares Cyprus with Malta where, he notes, there is full coordination between the government, parliament, private and public sectors in their promotion of the country. “Malta has attracted a large number of investors, due in part to this approach. However, when it comes to implementing procedures and delivering the end result, the Maltese are not as efficient as we are in Cyprus. So I think that the Government needs to give more practical support and I believe that CIPA could also do more. So far it has focused mainly on promoting investment in the real estate sector, which is the obvious one, but it ought to view the economy as a whole and promote many other features, too.” Petros Livanios also expresses his concern about events outside Cyprus, referring specifically to what he sees as “the way Cyprus is being dragged by some of the big players in the European Union in a direction which may affect the sector negatively. For example, they are talking about a common corporate tax rate applicable to all EU member states. I don’t know how feasible this is but if they manage to find a formula for this, it will definitely have a negative effect on Cyprus.” But surely, I suggest, Ireland, Malta, Luxembourg and the Netherlands will be on our side in this, won’t they? “They will but since the Brexit vote, we have lost the UK, which was a strong supporter

AS A COUNTRY, WE ARE REACTIVE, NOT

PROACTIVE

www.goldnews.com.cy | GOLD | 45

| ADMINISTRATIVE SERVICES |

of our position. What also worries me on this issue is that the Government seems keen to accommodate this trend, although we have warned it about the possible negative implications of such a development,” he says. On the subject of Brexit, Livanios believes that the EU is unlikely to give ground on the principle of the free movement of people but he sees positives for the UK. As a Group, Trident Trust does not expect to experience a negative impact and he suggests that the City of London will develop even further. His take on the idea that many UK-based investors will leave and look for a European base is that, “If they do, I’m afraid Cyprus is not clever enough to attract them. It’s easy to talk about it among ourselves but are we actually doing anything to prepare for such an eventuality? The answer is no.” Petros Livanios is more upbeat when it comes to the Investment Funds industry. “The Funds industry is a good one and Cyprus is now trying to get onto the map. It actually did something very clever, in that when it was preparing the framework for the Funds industry, it managed to avoid all the difficulties faced by other jurisdictions and adopted many, and even better positive features, so we already have a competitive advantage as a newcomer

WE DON’T

NEED TO REINVENT THE WHEEL BUT WE CAN IMPROVE IT

46 | GOLD | The Business Magazine of Cyprus

that is different from the rest. We need to be careful about one thing: if we try to copy/paste other jurisdictions, we’re going to lose the game or become known as “a very small jurisdiction also providing fund services”. We have to create our own industry with its own characteristics, features and attractiveness. We don’t need to reinvent the wheel but we can improve it.” As a Group, Trident Trust is one of the biggest fund administrators in the world and, Livanios, reveals, it has already started promoting Cyprus as a funds jurisdiction. But, for now, he is holding back slightly. Why? “How can I sell a fund here to an investor when I have to tell him that it will be registered in six or seven months in Cyprus but I can do the same in one month in Malta?” he asks. He notes that the Cyprus Fiduciary Association has discussed the situation with CySEC and Chairwoman Demetra Kalogerou has promised that, by the beginning of next year, she will have sufficient numbers of staff to help reduce this lengthy procedure to something more efficient. Already, the Fund Administration bill to be passed by the end of the year will include certain conditions whereby certain funds will not required the lengthy licsensing process. How has the work of Trident Trust changed in the past 20 years? Apart from the fact that it now attracts a different type of clientele to Cyprus and intends to place the emphasis on new products, such as Investment Funds, Petros Livanios is proud to say that the firm operates in more or less the same way that it always has done. The difference today is that, due to regulation, its competitors have been forced to adopt the same strict rules and principles that Trident has applied since 1996. “When we had a Compliance Officer, nobody else had,” he recalls. “When we would ask questions to make sure we knew our client and had a full financial profile, we were often told, ‘Mr X doesn’t ask for such information.’ We lost a

I AM SORRY TO SAY THAT WE HAVE NOT LEARNED THE LESSONS OF THE LAST THREE

YEARS lot of clients because of our insistence on working to the highest standards, which was a requirement of our Group because we have always wanted to be compliant wherever we operate. It was always important for us to maintain our reputation. It only takes one bad client to destroy it.” Finally, I ask Petros Livanios how he intends to spend his remaining four years at the helm of the company, prior to retirement. “My major target is to leave the company in the best possible state with a fresh look for the future,” he says, “but I hope that I will also see Cyprus changing. I am sorry to say that, in my view, we have not learned the lessons of the last three years. This is very sad and disappointing, to say the least, but I haven’t seen anything to suggest the opposite. We need to be more demanding of ourselves. The moment we realise as a country and an industry that if we show the world that we are reputable and we mean business, many things will change. I feel that we ourselves are not yet convinced of our own potential. Regarding the funds industry in particular, if everything goes well and we have the right support from the Government, I can see Cyprus developing into a really reputable jurisdiction. That’s what I’ll be hoping for.”

#INVESTSEEME info@eurofast.eu | www.eurofast.eu

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he GCC Computers and Akamai Forum was held at the Hilton Park Hotel in Nicosia on 16 September. The Forum was especially designed for technology and business decision-makers in all sectors of economic activity and, more specifically, addressed to banks, financial institutions, media, e-commerce, telecommunication companies as well as government leaders and officials wishing to discover how to improve their Cloud services, security solutions and web performance. 2UJDQL]HUV

Efrem Panagiotou, OverclockersCy & Joseph Ioannou, Fix IT Code

George Konnis, CYNET & Michalis Papadopoulos, Cyta Andros Karayiannis, IT Consultans Ltd, George Constantinou, GCC Computers & Costas Agrotis, Ministry of Finance

Dror Shaked, Akamai & Louisa Kyprianopoulou, DanatCon HR Ltd

Constantinos Stylianou & Alexis Andreou, GCC Computers

Enrique Duvos, Director, Product Marketing and Enablement EMEA, Akamai, UK

Charis Chari & Andreas Kyprianou, Bank of Cyprus

Costas A. Makris, Cyta, Stavros ;OLVĂ„SV\ )S\L :\U Automation Ltd & George Konnis, CYNET Maro Constantinidou, Ministry of Finance & Andros Karayiannis, IT Consultants Ltd

48 | GOLD | The Bu B Business ussi sin ineess in esssss Ma M Magazine agazine o off Cy Cypr Cyprus yp prrru pru us

Dror Shaked, Akamai, Harris Petrou, GCC Computers & Dror Arie, Akamai

Sponsors’ presentation

Per Granath, GCC Computers & Dror Arie, Akamai Alexis Andreou, Business Unit Manager SME, GCC Computers

special promotional feature

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W

e were pleasantly advised that for the third year in a row, Aphrodite Hills Holiday Residences has been awarded the “World Travel Award 2016” for “Cyprus Leading Hotel Residences” and are delighted to present their winners shield. The multi awarded, five-star and firstever leisure, golf and real estate development in Cyprus which combines the five-star accommodation with an indulgent spa, championship golf course and a first class tennis academy, announces that the Aphrodite Hills Holiday Residences is distinguished and awarded as the “Cyprus’s Leading Hotel Residences 2016” for the 3rd year in a row. Aphrodite Hills Holiday Residences is part of the Aphrodite Hills Resort, known as one of the finest fully integrated, luxury resort development in the world. This extremely prestigious award substantially leverages the resort’s international profile and provides a highly effective advantage in sales making as well as in marketing allowing it to strongly stand out from its competitors. World Travel Awards (WTA) was established in 1993 to seek out and reward the very best travel organizations in the world. Nowadays, the awards brand is pushing the

boundaries of excellence and implementing ground-breaking ideas in tourism industry. Wall Street Journal is among the many media that have heralded WTA as “the Oscar’s of the travel industry”.

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www.goldnews.com.cy | GOLD | 49

| PROFESSIONAL SERVICES |

LEADING AUDIT AND ADVISORY FIRM MAZARS IN CYPRUS RECENTLY BECAME AN INTEGRATED MEMBER OF THE MULTINATIONAL MAZARS GROUP, SPECIALIZING IN AUDIT, ACCOUNTANCY, TAX AND ADVISORY SERVICES. MAZARS’ ROOTS IN CYPRUS GO BACK TO JUNE 2007, WHEN NACOUZI & CO WAS SET UP AND BECAME MAZARS’ CORRESPONDENT IN CYPRUS SOON AFTERWARDS. AS OF JANUARY 2016, NACOUZI & CO MERGED ITS ACTIVITIES TO THOSE OF THE INTERNATIONAL FIRM AND BECAME A FULLY INTEGRATED MAZARS MEMBER, WITH A CHANGE OF NAME AND REBRANDING TO MAZARS. LOÏC WALLAERT, PARTNER OF THE MAZARS GROUP, SPOKE TO GOLD ABOUT HIS LONGSTANDING RELATIONSHIP AND COLLABORATION WITH PETROS NACOUZI, WHY HE CONSIDERS CYPRUS AS A KEY FINANCIAL CENTRE IN EUROPE AND HOW THE GROUP’S SUCCESSFUL BUSINESS MODEL ATTRACTS TALENTED TEAMS WORLDWIDE. By Artemis Constantinidou / Photos by Emma Louise Charalambous

JOINING FORCES Loïc W Wallaert

50 | GOLD | The Business Magazine of Cyprus

N

acouzi & Co was previously a correspondent of the Mazars Group in Cyprus but it is now a fully integrated Mazars member. What exactly does it mean for Nacouzi & Co? Loïc Wallaert: Mazars’ official relationship in Cyprus indeed began in 2008, with Nacouzi & Co becoming a correspondent of Mazars. We have decided to collaborate further with Nacouzi & Co because of their top professional standards and because we share the same values: a very strong team spirit, a permanent search for excellence and the determination to bring the highest value to our clients. This is why we are very happy to welcome this high quality team here in Cyprus within the Mazars partnership. Gold: How did you decide to collaborate with Petros Nacouzi, currently Managing Partner at Mazars (Cyprus) Ltd, in the first place? L.S.: Our relationship with Petros Nacouzi is a longstanding one. It actually goes back to 1992 when Petros started his career at Mazars in the UK and we could say that Petros was, to a certain extent, educated the “Mazars way”.

We’ve therefore known him for a long time and we know we are in good hands, which is absolutely key for us. We are fully confident with the business we are doing in Cyprus, not only locally but also with international clients.

position in the region and in key sectors such as financial services, energy and shipping. The main rationale behind our international expansion is to better assist our clients wherever they are, in Cyprus and the rest of the world.

Gold: What are the firm’s Gold: What distinguishes particular areas of activity? Mazars from other firms ofL.S.: Mazars fering similar is an interWE VIEW VIE EW CYPRUS WE VIEW CYPRUS services? national, inL.S.: Contrary tegrated and to most actors AS A PROMISING AS A PROMISING independent in our indusorganisation, C OUNTRY AND AND A A KEY KEY try, Mazars is COUNTRY C OUNTRY specialising not a network in audit, FINANCIAL CENTRE FINAN CIAL IAL C CENTRE ENTRE under one FINAN C accountanbrand but one cy, tax and truly integratIN THE THE HEART HEART IN advisory ed firm, one services. The global partnerOF EEEUROPE UROPE OF UROPE clients of ship operating Mazars in in 77 countries Cyprus span many different as a single team. Another industry sectors and vary from strong differentiating factor private individuals to small to is that we are a truly multimedium entities and to large cultural organisation. Mazars’ national and international way of working is based on companies. Mazars in Cythis integrated global partprus has particular in-depth nership, where diversity and knowledge and experience culture across many countries with clients operating in enrich and develop the busifinancial services, banking, ness. Today we rank amongst insurance, shipping, oil & the five largest audit firms gas, construction & real esin many countries across the tate, hotel & catering, private globe. Our clients, both listed education and media & comand not listed, have chosen munication. us not only for the professionalism and expertise of Gold: What do you see as our teams but also because of the benefits of expanding our unique values on a global the firm’s network in Cyscale. prus? Thanks to this, Mazars has L.S.: We view Cyprus as a grown year after year, expandpromising country and a key ing its geographic coverage financial centre in the heart of and today we enjoy a €1.25 Europe. Welcoming Nacouzi billion turnover. We now & Co’s team into Mazars’ have 17,000 professionals partnership strengthens our based in 77 fully integrated

countries, plus 16 correspondent countries, and all this has been done with one goal: to better serve our clients’ needs. Gold: How would you describe your client base? L.S.: We assist major international groups, including listed companies, SMEs, private investors and public bodies. We are recognised as a leader in the financial services sector, notably in the bank and insurance industries and have developed a strong expertise in sectors such as finance infrastructure, energy and retail. Gold: What are your future plans for Mazars? L.S.: We have a clear strategy and a five-year business plan, following our business model, which is attracting talented teams worldwide. We carried out a very significant merger in China last year with the Chinese firm ZhongShen ZhongHuan. Mazars will combine its expertise with ZhongShen ZhongHuan’s market reach over the years, so as to be ready for the next mandatory audit rotation for banks. If we look ahead, the merger between Mazars in China and ZhongShen ZhongHuan is only the beginning. Our unique partnership model is attracting more organisations and teams, which is bringing about more development projects. Mazars continues to strengthen its position in high-growth economies on all continents. The Chinese merger follows mergers in Germany, Australia, Mozambique and Cyprus during 2015.

OU UR UNIQUE PARTNERSHIP MODEL IS ATTRACTING MORE ORGANISATIONS AND TEAMS OUR OU UR UNIQUE UNIQUE PARTNERSHIP PARTNERSHIP MODEL MODEL IS IS ATTRACTING ATTRACTING MORE MORE ORGANISATIONS ORGANISATIONS AND AND TEAMS TEAMS www.goldnews.com.cy | GOLD | 51

| BANKING |

OVER THE PAST TWO YEARS, HELLENIC BANK HAS UNDERGONE MAJOR CHANGES AND, SAYS CHAIRWOMAN IRENA GEOGIADOU IS NOW FIXING LEGACY ISSUES, BUILDING A SUSTAINABLE BUSINESS MODEL AND FOCUSING FIRMLY ON ITS GROWTH STRATEGY By John Vickers Photo by Jo Michaelides

FIXING BUILDING 52 | GOLD | The Business Magazine of Cyprus

H

ellenic Bank has effected one of the biggest management restructurings in Cyprus’ corporate history in the last two years. What is the current management structure and are you planning any further changes? Irena Georgiadou: In the past two years, the new Board of Directors of the Bank has not shied away from change. As Christine Lagarde said recently, “In today’s world, sticking with the status quo is riskier than striving for change” and we completely agree. The banking system has undergone cataclysmic changes; banks around us have shut down, bailed in depositors, bond holders and shareholders, and the business model of the banking sector across the world has gone through a major shift. The surprising thing would be for us not to undergo a major management restructuring! And it is not only the people that have changed, it is also the structure. The organisational structure has now been streamlined and aligned with the strategy of the Bank. Are we planning any more changes? Well, we live in a very challenging environment and the survivor is the one that can adapt faster and take the first mover advantage at all levels. So, to answer directly, we are not planning any more changes but I am sure that we will be making many more changes if needed!

ing cultural inflexibilities. And, of course, we have at the top of the list the decisive workout of Non Performing Exposures (NPEs), which is predominantly due to a legacy of malpractice. The second parallel relates to building a sustainable business model for the Bank. This includes growth of the loan portfolio and furthering customer relationships. It also includes digitalization and technological transformation, with the aim of enhancing customer service. Gold: What are your hopes and plans for (a) the International Banking Division and (b) the shipping department? I.G.: Cyprus is an International Financial Centre and will continue to be. Therefore, we consider the International Banking Division a significant building stone of our strategy as well as of the economy’s. And this is why we are investing heavily in this Division in order to make it a ‘best in class’ client-centric Division. And this because the international banking of today has

sector, albeit in a prudent manner that takes global risks into account. Gold: In Cyprus, the number of sound and solvent corporate and individual clients is small and, naturally, all the banks want to get them on board. Where do you identify Hellenic Bank’s competitive edge? I.G.: This is absolutely true. And this is not just a “problem” that Cyprus banks are facing but it also applies to most banks in Europe. Especially for banks like Hellenic Bank that have no reliance on the Euro-system for funding and have excess liquidity, there is difficulty in finding enough positive yield assets to deploy that liquidity. Competition in Cyprus is indeed picking up but Hellenic Bank still is the fastest growing financial institution in Cyprus. We exceeded our budget for new lending for 2015 and the forecast shows a similar picture for 2016 as well. Clients look beyond a few basis points in pricing when they pick their bank. Customer service, responsiveness at the time of the loan application and ongoing customer support are, at the end of the day, decisive factors for clients and our competitive advantage. But you refer only to Cyprus. I have to say that, as Hellenic Bank, yes we have as a primary focus to finance all viable corporates and households that cross our doorstep and thus become “strong at home” but, at the same time, we are also looking for opportunities to deploy some liquidity beyond the borders of Cyprus. In fact, just a few weeks ago, Hellenic Bank participated as a lead arranger in the syndicated loan that the EBRD provided to the Hellenic Telecommunications Organization (OTE).

WE EXCEEDED OUR BUDGET FOR NEW LENDING FOR 2015 AND THE FORECAST SHOWS A SIMILAR PICTURE FOR 2016 AS WELL

Gold: What are the main objectives of the Board and its shareholders for the next 2-3 years? I.G.: Our strategy moves along two parallels, what we call our “fix” and “build” strategies. On the one hand we are fixing legacy issues, ranging from simplifying processes to chang-

nothing to do with the international banking of the past. Compliance and regulatory requirements have changed so dramatically and they leave no room to make wrong judgements. This is something which is very much welcome as, at the end of the day, it will enable us to manage all the risks associated with this business. Shipping is one of the sectors of the Cypriot economy with significant potential to grow. Let’s not forget that Cyprus has the largest ship management centre in Europe. Hellenic Bank has been serving the shipping industry for more than 40 years. In fact, we are the only bank in Cyprus with a dedicated ship management centre. We are also looking into lending to the shipping

Gold: When and how do your main shareholders expect to see a return on their investment? When will they receive their first dividends? Do the institutional investors/shareholders in Hellenic Bank ever complain that things move too slowly in Cyprus? I.G.: Our major shareholders have a medium- to long-term horizon and are well aware of the restrictions imposed by the ECB as far www.goldnews.com.cy | GOLD | 53

| BANKING |

as dividend distribution is concerned! Transparency is the key here – we are focused on building a reliable story without raising expectations unreasonably. It is true that things in Cyprus could move faster; however, the shareholders do acknowledge that both the economy and the financial sector are in a much better shape than when they invested in the Bank. We make sure we keep our shareholders fully informed at all times on points of interest and other relevant issues. So far they are satisfied with our progress. As for dividends, we operate on the basis of the guidance we receive from the Single Supervisory Mechanism. Our focus is currently on building strong foundations and a well-provisioned balance sheet; therefore, I would not expect any dividends to be distributed in the next couple of years. Gold: Is the current burden of regulation and compliance (mainly from the ECB) too much for the banking sector in Europe (Cyprus included)? Do you expect current levels to increase? I.G.: Everyone in the banking sector in Europe is complaining about this regulation hysteria of the ECB, so why shouldn’t I! Seriously, I understand that the intention is

and enabling growth. Of course this regulation “hysteria” is understandable because the supervisory shortcomings of the past – and I am talking about Europe here – have necessitated unprecedented levels of public and depositor support in order to restore stability to the banking system. But, as an unintended consequence, we are now struggling to strike the best possible balance between managing risk and enabling growth. We are nevertheless determined to address it and, so far, we have been successful. And to revert to your first question – to do that, we need to change! Do I expect regulation to change? I wish I knew the answer! In fact, one of our “complaints” is the lack of visibility in the regulatory environment. Gold: Europe appears to be moving closer to an era of negative interest rates. How does this affect Hellenic Bank? Do you think this will continue and for how long? I.G.: We are in a negative interest rate era and this does affect Hellenic Bank as it is one of the most liquid banks in Europe, with billions of excess liquidity being deposited with the ECB and earning negative interest rates. It is fair to say that Hellenic Bank is penalised for being prudent. It appears that the ECB

IT IS FAIR TO SAY THAT HELLENIC BANK IS PENALISED FOR BEING PRUDENT not to allow another banking crisis to be detrimental to the financial stability of Europe. The less important side effect is that the cost of regulatory compliance has multiplied for European Banks but the more important one is that the new regulatory requirements are a barrier to growth. We have gone almost overnight from insufficient regulation and legislation (more concerned about “not spoiling the party” than managing the risk) to a situation which sometimes fails to strike the right balance between excessive regulation 54 | GOLD | The Business Magazine of Cyprus

will continue to use these unconventional monetary policy tools – negative interest rates being one of them and quantitative easing the other – to the point that it appears fixated on taking inflation to 2%. In any event, this is something that we are monitoring closely. Gold: This magazine believes that the absence of corporate governance, transparency and directors’ responsibility in the business sector in Cyprus – and especially the banking sector – was one of the main

reasons for the 2013 economic collapse and financial crisis. To what extent do you share this view and what has Hellenic Bank done in this area? I.G.: Oh yes! The climax of the crisis of 2013 was not a random event! Indeed, what you mention is part of the malpractices of the past, which – together with the weak supervision and government overspending that led to high public debt – had destructive results. But the banking sector in Cyprus has gone through a complete overhaul in the last three years and its foundations are much stronger today. Up until 2013, corporate governance in the Cyprus banking sector was possibly compliant in a formal sense but was definitely close to non-existent in practice. We had witnessed directors being just friendly nodders to the over-ambitious and strong-willed CEOs, directors being conflicted in decision-making, as well Boards approving weak credit and risk frameworks. And these led to advancing massive loans against real estate collateral, personal guarantees, personal relations and political relations, with almost no attention to the ability to repay. Hellenic Bank places particular emphasis on corporate governance and we have invested a lot of time and resources to enable us to build a ‘best in class’ governance structure. In fact, both the internal and external reviews of the governance structure of the Bank show these very positive results but it is even more important to note that, during its supervisory review, the ECB gave Hellenic Bank a very high score – very close to full marks – in the area of governance! Gold: Are you optimistic that Hellenic Bank now has people and processes in place to ensure its long-term future? I.G.: The entire country and the banking sector, including Hellenic Bank, have had unprecedented challenges to tackle in the past three years. Despite these challenges, Hellenic Bank has never ceased to support its clients, to evolve and to continue to progress. In a period of severe unemployment, Hellenic Bank was one of the few employers that continued to hire new staff of the highest calibre. At the same time, we have worked hard towards making our processes more lean and efficient. I am confident that we now have the right people and processes in place to continue to grow. Our efforts remain focused on our growth strategy and this will ensure in the long term that Hellenic Bank continues to be the most reliable banking partner in Cyprus.

SPECIAL PROMOTIONAL FEATURE

PRESENTS

LARGE-SCALE REAL ESTATE

PROJECTS

IN CYPRUS MAJOR DEVELOPERS ARE ONCE AGAIN PRESSING AHEAD WITH IMPRESSIVE LARGE-SCALE PROJECTS, RANGING FROM STATE-OF-THE-ART RESIDENTIAL AND BUSINESS TOWERS TO MARINAS AND GOLF RESORTS

contents contents contents PAFILIA ARISTO DEVELOPERS ASKANIS GROUP OF COMPANIES AYIA NAPA MARINA LEPTOS ESTATES LIMASSOL DEL MAR OIKOS PROPERTY & INVESTMENT GROUP

58 64 68 70 74 76 78

ICONIC ADDRESS a

development

www.goldnews.com.cy | GOLD | 55

LARGE REAL

PROJE

IN CYP

R

56 | GOLD | The Business Magazine of Cyprus

eal Estate has been one of Cyprus’ key growth sectors for decades, representing a significant portion of the country’s GDP. In addition to traditional holiday homes and properties for foreign buyers – growing in number once again thanks to the Government’s schemes for Citizenship and Permanent residence through Investment – an impressive number of large-scale projects, ranging from residential to commercial and including marinas, golf courses and theme parks, are currently being developed across

the island. These projects are attractive options for anyone wishing to invest in the sector. For some years, the Association of Large Investment Projects has been promoting largescale development projects in Cyprus. The Association, a member of the Cyprus Chamber of Commerce and Industry (CCCI), represents more than 25 companies active in Cyprus. Its members are from the entire spectrum of the economy and represent projects with a total value in excess of €8 billion.

ICONIC ADDRESS a

development

SCALE ESTATE

CTS

RUS A number of major investment projects are currently underway, including large development projects such as marinas and golf courses, as well as more integrated, mixeduse development projects which include residential projects, office & commercial projects as well as those related to high-quality educational and health services. These projects are sufficiently mature to allow their integration as soon as investment is in place. The Association of Large Investment Projects has noted a considerable increase in

investment interest that the past 18 months, which is testament to international investors’ recognition of the financial stability and vast opportunities that Cyprus offers. It is evident from the response by investors to all of the real estate projects presented on the following pages that Cyprus is moving into a new era, one in which large private sector investment projects will play a crucial and indispensable role in the country’s economic development. This is why the Association has been stepping up its efforts to promote

further structural reforms that aim to improve the overall investment climate and help establish sustainable foundations for stability and growth. It is evident that the major Cypriot property developers are not only back in business following the crisis of 2013 but determined to put Cyprus back on the map for buildings and complexes of outstanding architectural and aesthetic value, quality construction, excellent after-sales service and competitive prices.

ICONIC ADDRESS a

development

www.goldnews.com.cy | GOLD | 57

PROPERTY DEVELOPERS AT THE FOREFRONT OF CUTTING EDGE INNOVATIVE DESIGN, PAFILIA PROPERTY DEVELOPERS ENJOY A LONG STANDING REPUTATION FOR EXCELLENCE, RECOGNISED IN CYPRUS AND BEYOND AS THE LARGEST, PRIVATELY-OWNED RESIDENTIAL DEVELOPERS IN THE COUNTRY.

Renowned for highly desirable luxury properties built to the best possible standards, the award-winning Pafilia brand has become synonymous with quality and exceptional service, continually growing from strength to strength since its initial establishment in 1977.

This is coupled with a strong Corporate Social Responsibly programme which respects the needs and concerns of local communities in which development takes place, while enriching and strengthening the community at large.

............................. WHAT PAFILIA OFFERS With superior contemporary design, service, support and investment returns, Pafilia offers a full spectrum of services which includes: @ %2( ")0)'8-32 @ 6',-8)'896) 327869'8-32 @ 28)6-36 )7-+2 @ %2(7'%4) 6',-8)'896) @ 634)68= !)0%8)( ")6:-')7 @ 634)68= !)28%07 @ 634)68= !)7%0)7

With a long-term strategic plan set in motion which sees the company enjoy a rapid path of expansion, it aims to become the largest developer in the Eastern Mediterranean. In light of this vision, Pafilia was the very first property developer in Cyprus to create alliances with the most renowned international architectural firms, and draws on industry experts and a multi-talented in-house team, to ensure a first-rate professional service every step of the way; from designing and planning, to the final finishing touches once a property is complete. No matter what the scope of a given project, long term sustainability remains at the heart of the Pafilia ethos, placing great importance on protecting the natural environment. 58 | GOLD | The Business Magazine of Cyprus

From the very best architects and designers, to the most reputable builders and engineers, each recognises and values the emotional and practical priorities of property owners every step of the way. Whether giving rise to new ideas in initial concept designs or perfecting the finished property, Pafilia’s meticulous team creates exceptional living environments, geared at maximising both indoor and outdoor spaces, in line with each individual clients’ needs and lifestyle aspirations. Building on a wealth of experience and in depth market knowledge, and ultimately focused on absolute customer satisfaction, Pafilia has also succeeded in taking customer service to new heights in the Cyprus property sector, with the creation of Blue Orange Property Management; a subsidiary company wholly dedicated to catering to clients’ living and lifestyle requirements. Maintaining consistent communication with each property owner, the company’s customer care team provides personalized, professional, and reliable service, with the ultimate aim of ensuring a stress-free experience and total long-term satisfaction.

PAFILIA IN FIGURES - Over 3 decades of experience

THE TEAM 6%;-2+ 32 % 78632+ '97831)6 ')286-' approach and spirit of collaboration born from the values of the company founders, Elias Eliades and family, the unique Pafilia team is characterised by its integrity and commitment to excellence.

- More than10,000 satisfied homeowners - 100+ (luxury) projects completed - Over 20 different nationalities who have trusted the Pafilia brand - 32 international awards, recognition of Pafilia’s commitment to excellence

feature a wellness centre, village square, equestrian centre, tennis academy and over 500 residences.

THE MOST EXCLUSIVE GOLF RESORT IN CYPRUS Combing the virtues of nature with sophisticated living, contemporary architecture and mesmerising views, the acclaimed master planners Atkins and celebrated Architecture firm Woods Bagot, have created a resort where you can unwind, relax and indulge in the pleasures of contemporary living.

The Minthis Hills residences exude uninhibited elegance, inspiration was drawn from traditional Mediterranean architecture, characterised by open spaces, water features and private courtyards. Reflecting Cypriot character and style, they incorporate traditional stone and rich wooden detail. Several design styles are available; each is customisable to the purchasers’ lifestyle requirements.

Situated on a Natura 2000 protected site which spans five million square metres, Minthis Hills enjoys a breathtaking hillside location with incredible views. The resort offers exceptional facilities which include an 18-hole championship golf course, which encircles a twelfth century monastery, exquisite clubhouse and restaurant - open to the public, nature trails and the first phase residential neighborhood. At completion of the second phase, Minthis Hills will also

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THE TALLEST SEAFRONT RESIDENTIAL TOWER IN EUROPE!

Within the walls of ONE, residents have access to exceptional amenities, facilities and services. The pool, spa, bar with panoramic views, fitness center and restaurant, all contribute to the sense that ONE is a world unto itself. A world apart. ONE, the ultimate iconic address.

ONE occupies an unrivalled prime seafront location in the city of Limassol, at the point where 28th October reaches its most advantageous – an address that embodies exclusivity. The sea and beach lie on its doorstep, while its city aspect fronts the lively business quarter, this unique locality gives ONE a high value address unmatched in the city. ONE is 37 storeys of design intelligence, a pioneering landmark for Cyprus that has been designed and is being realised by a team of internationally renowned experts including Atkins, WKK and HBA. The development offers 83 ultra-luxurious residences, each with uninterrupted sea views. www.goldnews.com.cy | GOLD | 59

special promotional feature LARGE-SCALE

REAL ESTATE

PROJECTS

IN CYPRUS

PAFILIA Interview with Evangelia Eliadou, Executive Director, Pafilia Property Developers

A

s the end of the year approaches, how do you view 2016 from your company’s specific point of view? This has been a milestone year in our company’s history. At the beginning of 2016 we launched ONE, the tallest residential seafront tower in Europe. The ground works have commenced and this is very exciting time for Pafilia and for Cyprus, since ONE is truly changing luxury real estate on the island and the region as a whole. At the same time, our flagship residential golf resort, Minthis Hills, continues to progress well with phase one of the residences almost sold. We are currently designing the plans for the next stage of facilities including a village square with a range of amenities and a wellness center. Pafilia continues its expansion by launching other projects such as Park Residences in Limassol and the final residential phase and commercial center at Elysia Park in Pafos. Do you believe that the real estate sector has fully recovered from the recession or is there still some way to go? The Real Estate sector in Cyprus is performing much better than expected and is quickly overcoming any obstacles brought on by the 2013 banking and fiscal crisis. The Cyprus Government has taken many positive steps to ensure that Real Estate sector and the economy continues to grow with new tax incentives, the Permanent Residency scheme

60 | GOLD | The Business Magazine of Cyprus

and Citizenship-by-Investment program, all of which have helped to create a high demand from a global audience. In addition, the implementation of new infrastructure projects, the increase in tourism, attracting large investment funds, incentives for international companies and the positive developments in the energy sectors, are all signs of a strong and positive recovery and that the island has firmly regained investor confidence. Would you say that you and your competitors have drawn lessons from the crisis to ensure that the real estate sector remains manageable? It is a fact that Cyprus was unprepared for the economic crisis and there were consequences for all sectors and companies. At Pafilia we approached it as an opportunity to evaluate our past mistakes and concentrate on our strengths. In difficult times, it was necessary to adapt to a new situation, to identify new markets and gain a great understanding of these markets to develop n new products to meet their needs. We are very proud to have kept working n th throughout the crisis, building, delivering and maintaining our high quality st standards. In fact, our positioning in the market, the quality and uniqueness oof our projects helped us mitigate the negative consequences of the crisis and co come out stronger than ever. What is/are your main large-scale project(s) for this year and 2017? What kind of a response have you had from potential buyers? Our most ambitious large-scale project to date is ONE. At twice the height of any other building in Cyprus, ONE gives the Limassol skyline a striking new definition becoming a landmark of progress recognisable from anywhere in the city. At 37 storeys, 170 meters above the ground, ONE will consist of 83 luxury apartments with a maximum of just three apartments per floor. All apartments will offer uninterrupted sea views as well as spectacp u ular northern views of Limassol, and a stunning perspective of the Troodos Mountains. ONE seems like the natural evolution for our company since it is in our vision to consistently challenge ourselves and strive to deliver the highest quality in property developing. Since we announced the project, we have had remarkable response from potential buyers from around the world and I am proud to say that ONE is now the fastest selling project in Cyprus, with 50% sold within the first 8 months – exceeding expectations and securing the success of the project. How does Cyprus compare with other countries/jurisdictions regarding value/pricing of quality real estate? Cyprus has always been a magnet for foreign investment due to its strategic location, highly attractive tax regime and business-friendly environment. It’s ideal Mediterranean climate, beautiful surroundings, safety and high standard of education and healthcare are just a few of the reasons for the island’s popularity amongst lifestyle purchasers and end users. Cyprus now offers an attractive real estate proposition with better value and a more successful product combined with the Permanent Residency or the revised Citizenship-by-Investment scheme which has helped to attract buyers from all over the world and is currently the fastest route to EU citizenship.

CONTACT INFORMATION

3DĂ€OLD 3URSHUW\ 'HYHORSHUV $ 3DĂ€OLD +RXVH 1LFRGHPRX 0\ORQD VWUHHW 3 2 %R[ 3DIRV &\SUXV 7 ) : ZZZ SDĂ€OLD FRP ( LQIR#SDĂ€OLD FRP

RESIDENCES

an extraordinary resort that will captivate your senses

designed by internationally renowned experts including Woods Bagot and Atkins

Enjoying views as vast as they are captivating Minthis Hills is a resort that celebrates its surroundings, with inspired Mediterranean architecture, dedicated service and a liberating sense of space. At Minthis Hills distinctive contemporary architecture inspired by local culture blends seamlessly with nature. The private customisable residences offer a fluid series of indoor and outdoor spaces to be enjoyed year-round in Cyprus’ ideal climate. Residents also enjoy exceptional recreation facilities including a championship 18-hole golf course, incredible views and first-class service.

MINTHIS HILLS, CYPRUS

T +357 26 842 244 E info@minthishills.com W www.minthishills.com

www.goldnews.com.cy | 61 a | GOLD development

COMMAND THE HORIZON WITH UNINTERRUPTED V I E W S F R O M T H E TA L L E S T RESIDENTIAL SEAFRONT TOWER IN EUROPE 62 | GOLD | The Business Magazine of Cyprus

ICONIC ADDRESS - LIMASSOL

ONELIMASSOL.COM

|

T. 2 5 5 9 0 8 8 0

Email: info@onelimassol.com

www.goldnews.com.cy | GOLD | 63

64 | GOLD | The Business Magazine of Cyprus

www.goldnews.com.cy | GOLD | 65

Luxury properties

View of Aida and Carmen House and OPERA’s communal swimming pool

In the heart of Limassol, OPERA by ASKANIS offers luxury properties for sale in a unique surrounding and a relaxed atmosphere on the prestigious seafront of the Mediterranean sea. OPERA offers a rare chance to enjoy exceptionally high standards and a lifestyle on the beach that is both elegant and appealing to the discerning buyer.

VILLAS

MAISONETTES

A PA R T M E N T S

PENTHOUSES

The exclusive OPERA by ASKANIS with exquisitely luxurious villas and apartments facing the beach, is one of Limassol’s most desirable locations. The project enjoys a generously large swimming pool designed with delightful bridges, waterfalls with a deck in the middle, ideal for sunbathing. Other amenities include a private gym, a hammam and a sauna. Access to the beach is through beautifully landscaped gardens, enhanced by many water features around the project, beautifully lit up at night.

66 | Entrance GOLD | The ofBusiness CarmenMagazine House of Cyprus

Indoor swimming pool in AIDA HOUSE

Bridge that leads to the villas & communal swimming pool

on the Beach

Villa La Boheme, beachfront villa

Complex amenities 24 hour concierge Underground secure parking CCTV cameras throughout the project Large communal swimming pool equipped with sunbeds and umbrellas Children’s playground Specifications for each property Marble floors throughout with underfloor heating Full Air Conditioning within suspended ceilings Tastefully designed kitchens of the highest quality Home Automation (“Smart Home”) Spacious top of the range wardrobes Superbly designed luxurious bathrooms in quality marble and mosaics

Master bedroom with fireplace

Living room in Villa La Boheme

8, Loizou Askani St P.O.Box 51072 CY - 3501 Limassol Tel. +357 25 336171 Fax +357 25 335122 E-mail: info@askanis.com

w w w. a s k a n i s. co m

www.goldnews.com.cy | GOLD | 67 Swimming Pool and Veranda of Villa La Boheme

68 | GOLD | The Business Magazine of Cyprus

www.goldnews.com.cy | GOLD | 69

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special promotional feature LARGE-SCALE

REAL ESTATE

PROJECTS

IN CYPRUS

LIMASSOL DEL MAR

L

Redefining luxury living in Cyprus

imassol Del Mar is located in the heart of Limassol’s coastal promenade. Boasting beach views, this stunning new development comprises 168 luxury residences, with shops, bars and restaurants, and state-of-the-art facilities, including a spa, gym and clubhouse, as well as an outdoor and indoor swimming pool. Limassol Del Mar’s total investment value, which amounts to €350 million, is the product of a joint venture between The Leptos and D. Zavos Groups, with the project’s phase I scheduled to be completed in summer 2019. It’s important to note that the investment for this development project is undertaken solely by Cypriot companies and funds, in contrast to other projects of similar magnitude.

Prime location Located in the heart of the popular 17km promenade along the coastline, it will be built on a large plot of 34,000 sq.m., of which 85% will be open spaces and green areas, stretching across the entire 170 metres of 76 | GOLD | The Business Magazine of Cyprus

Its modern architecture, location and competitive prices build the success story for Limassol Del Mar.

the land’s sea frontage, allowing unobstructed sea views from ground to top floor. Situated close to the most prestigious residential areas and five-star hotels, the development aims to transform the Limassol seafront.

Apartments and penthouses This exceptional project demonstrates architectural originality and modern design and displays a cosmopolitan personality. Each of the extremely expanded layout two-, three- and four-bedroom apartments will feature sea-facing verandas where indoors and outdoors merge, adding to the sense of immense space, and will be finished to the highest of standards. Its uniqueness is continued in the stunning architectural design, by which all apartments enjoy direct beach views and extremely spacious layouts since each floor will have only four, three, two and one apartment towards the top.

Signature restaurant and high-end shopping This luxurious project also includes the development of a high-end shopping avenue of European standards, utilising the ground floor of the buildings, which is expected to become the ultimate shopping destination for local and foreign visitors. The project’s premises will also have the privilege to host a renowned restaurant and café which will become the new hot spot in town.

40% of phase I sold Sales of the apartments in buildings A and B have already reached 40%,

With 168 luxury residences, shops, bars and restaurants, and state of the art facilities Limassol Del Mar aims to transform Limassol’s seafront.

recording an unprecedented momentum for Limassol Del Mar. According to the Marketing Manager of the project, Eleftheria Voskaridou, this significant percentage in pre-sales constitutes a market record, taking into consideration the short period of time in which it was accomplished. This confirms the estimates that the award-winning project will quickly evolve into one of the most popular residential destinations and commercial investments in Cyprus. This remarkable success of Limassol Del Mar, which has been achieved three years ahead of the completion of the project’s phase I, is ascribed to its unique architecture, location, quality finishes and facilities, and attractive pre-construction prices; attributes that are ideal for any potential owner.

State-of-the-art facilities Making available the finest that Limassol offers, it will also bring an experience of international standards, exclusively benefiting the residents. Limassol Del Mar will offer five-star hotel-style services, with a five-star international lifestyle at

the Plaza and high- quality facilities including a gym and a clubhouse. A meeting for absolute relaxation can be set at the overflow swimming pool or inside at the spa, indoor swimming pool and sauna with unobstructed beach views. The perfect ‘lock up and leave’ home, it will offer after-sales service and property management, which includes maintenance and rental services in a gated and secured environment.

World-class architecture Limassol Del Mar is designed by the internationally acclaimed architectural firm, Benoy of London, famous for projects such as the Ferrari Theme Park in Abu Dhabi and Westfield in London, in close cooperation with UDS Architects in Cyprus. Additionally, the renowned BuroHappold Engineering undertook the project’s static and electromechanical consultancy, providing the project with a long experience and expertise in high-rise buildings, in association with two local companies, Hyperstatic Engineering Design and Unemec.

CONTACT INFORMATION

For more information about Limassol Del Mar apartments, penthouses and shops available for sale, please contact +357 25 510 888 or info@limassoldelmar.com.

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W | XXX |

By Artemis Constantinidou | Photo by Christos Tsekouras

hat led you to join the family business? Did you always expect to do so? Elena Odysseos: Joining the family business was a conscious decision and one that was given much thought. Some might say that it’s extremely unusual for all four siblings to be interested in following the same career path and while we undoubtedly all have varying personal interests, career-wise we all chose to obtain similar academic degrees and professional qualifications, and ultimately enter our father’s profession. Our decision was not based on the actual idea of joining a profession in which the family was already very involved and well-established. Rather what has always intrigued us all is the wide range of prospects for development that this profession offers. Gold: So just how important was your father’s role in your choice of career? Myria Odysseos: Our father has always been a role model for us. It might sound surprising but the truth is that he never attempted to influence us into choosing this profession. What he always tried to communicate to us, though, were the values that all professionals should have, regardless of the area in which they are involved, such as being committed to providing the best quality of work. So rather than being influenced by his career choice, I can say pretty confidently that we were actually influenced by the qualities and the professional conduct he has demonstrated as an accountant and entrepreneur over the past 40 years. Gold: What are the benefits of working with members of your own family? Is there a downside to it? Pambina Odysseos: Undoubtedly, the benefits by far exceed any

FAMILY

Matters

80 | GOLD | The Business Magazine of Cyprus

WHEN FORMING HIS OWN AUDIT, TAX AND ADVISORY FIRM IN THE 1980S, ODYSSEAS ODYSSEOS COULD HAVE NEVER IMAGINED THAT, 30 YEARS LATER, HIS FOUR CHILDREN WOULD NOT ONLY FOLLOW IN HIS FOOTSTEPS BUT WOULD FILL MANAGERIAL POSITIONS IN VARIOUS DEPARTMENTS WITHIN THE ORGANISATION. THE NEW GENERATION OF ODYSSEOS CHARTERED CERTIFIED ACCOUNTANTS – ELENA (TAX DEPARTMENT), MYRIA (AUDIT DEPARTMENT), PAMBINA (BUSINESS ADVISORY DEPARTMENT) AND STELIOS (INTERNATIONAL BUSINESS UNIT) – SPOKE TO GOLD ABOUT THEIR DECISION TO JOIN THE FAMILY BUSINESS, HOW THEY MANAGE TO MAINTAIN A WORK-LIFE BALANCE AND WHAT THEY SEE AS THE SECRET OF THEIR SUCCESS. downside. Working with like-minded individuals, who share the same zeal, vision and passion for delivering the highest quality of service every time, is a privilege which few companies can claim to enjoy. As individuals, we all strive to perform to the best of our ability; however, the collective advantage of being a team is what really enables us to remain fully committed to excellence. Of course, working together can be challenging at times! As we all have vibrant personalities with rather strong opinions and distinct management styles, decision-making regarding organisational and managerial issues is frequently an area of intense conversation. However, mutual compromise, based on safeguarding our organisational vision, is the key to always reaching a sensible decision. Gold: Do you manage to keep work and family life separate? Elena Odysseos: The work-life balance is quite challenging to maintain, especially when working with family members. It is easy to fall in the trap of bringing up work-related issues at family gatherings. However, we strive to draw a firm line between family and business time. This is essential in order to maintain healthy family relations. In our view, excessive business interaction can harm a genuine family bond, so we always make sure that the boundaries in this respect are always “kept clear”. Gold: How do your clients perceive this “family effect”? Stelios Odysseos: As our organisation embarks on its fourth decade in business, our clients are maturing, becoming increasingly sophisticated and wealthy. If I can speak about foreign family-run businesses and HNWIs whom we assist with wealth management, I get a strong sense of appreciation for the fact that we operate as a family-run organisation, since these people operate likewise within family-run businesses and trusts across the world and can easily relate to this kind of operation.

Apart from the positive feedback we receive from our clients, I am always impressed by the extent to which this “family effect” inspires and motivates our own staff. We make conscious efforts to convey the warmth and cosiness that family exudes to every single employee in our organisation, so that everyone feels part of the team. This, in turn, has a domino effect both on our team’s productivity levels and interpersonal behaviour.

FAMILY AND TRADITION SHOULD NOT BE SEEN AS A BURDEN BUT AS A BLESSING

Gold: As representatives of the new younger generation of accountants, have you introduced more modern, innovative methods to the traditional working policies of the family business? Myria Odysseos: The profession has evolved in recent years and, at Odysseos Chartered Certified Accountants, we strongly embrace progress and innovation. This reflects both on our methods of doing business as well as the speed with which we adapt to the ever-changing business environment. In our view, the combination of “old-school” values with fresh and innovative ways of doing business is a blend for success. That is what my advice would be to all our colleagues who excel in family-run businesses. Family and tradition should not be seen as a burden but as a blessing. By capitalising on the qualities and values that have contributed to our organisation’s prominence in the profession for the past 30 years, the management has smoothly transitioned to the new generation, while retaining client trust and loyalty as well as dynamic expansion rates. Gold: How do you see your future career? Would you ever consider working elsewhere? Pambina Odysseos: Being involved in our own organisation has given us the opportunity to enjoy the privileges – and the responsibilities – associated with personal entrepreneurship, so none of us would

consider changing this. In our view, which is partly based on personal experience, if a person feels good at work, then he/ she is more likely to perform equally well. Knowing this, we combine modern aesthetics with out-of-the-box techniques to create and maintain a friendly and inspiring operational environment where aspiring individuals want to work and strive to reach their full potential. Our top priority is to see our organisation expand and excel at even higher levels, while remaining strongly focused on maintaining the same quality of work with close attention to the client. Gold: What is the secret behind the success of your particular family business? Stelios Odysseos: Our success is based on the constant and strong commitment to providing efficient, cost-effective and wealth-maximising solutions to our clients with the utmost discretion and professionalism. We strongly believe that, for everyone, the sky’s the limit, and so we maintain a healthy level of ambition and confidence in all our business endeavours. Staying humble and loyal to our traditional values and core business areas is what has kept us at the forefront of this profession for the past 30 years and it is what will lead us in our professional future. If I were to describe the secret of our success in one word, it would definitely be “family”.

Thanks to the Four Seasons Hotel, Limassol, where the photograph was taken. www.goldnews.com.cy | GOLD | 81

| EDUCATION |

6+$5(' 9$/8(6

STRONG 3$571(56+,3 THE UNIVERSITY OF WEST LONDON AND THE CYPRUS INSTITUTE OF MARKETING (CIM) HAVE BEEN COLLABORATING FOR ALMOST A DECADE. PETER JOHN, VICECHANCELLOR OF THE UNIVERSITY OF WEST LONDON, WHO WAS IN CYPRUS LAST MONTH FOR THE CIM GRADUATION CEREMONY, SPOKE TO GOLD ABOUT THE RELATIONSHIP BETWEEN THE UNIVERSITY AND CIM AND REFLECTED ON THE EXPECTED IMPACT OF BREXIT 21 7+( 8.¡6 HIGHER EDUCATION SECTOR. By Voula Loizou

W hat are the key challenges for UK higher education following the result of the British referendum on EU membership? Peter John: We had a difficult 3-4 months after the June referendum. Brexit was unexpected. All universities had campaigned to stay in the EU and a recent survey showed that nine out of ten university academics were very much in favour of “Remain�. I think we see Europe as the future rather than some outdated structure and I think it suited the liberal and educated sentiment of university people, because Brexit, in the end, was a lot of splits between the old and the young, the educated to a higher level and those who weren’t, the less well off and the better off, other regions against the south east, etc. It’s been a shock and most universities are still in denial. We are going through a grieving phase! For the University of West London, we have about 170 European Union citizens working for us and we recruit about 12% of our students at undergraduate and postgraduate level from the European Union. We are in receipt of research and development funds

from Erasmus through to other areas, and we have transnational links in Spain, in Germany and so on, so I think the effect on us could be quite significant. Universities everywhere in the UK will be affected but those in London even more so, because there are so many of them – 42 institutions in London as well as private colleges and satellite campuses. Gold: How do you expect Brexit to impact EU and other international students? P.J.: I think it’s going to be problematic. The Government has said it will accept all EU citizens as part of the European Community but that might change when those difficult negotiations begin in 2017. There are a lot of European students as well as students from South East Asia, the Middle East, South America and the US, so there’s a good balance between Europe and the rest of the world. Many of the European students tend to stay in the UK and provide very important highly skilled work, in universities for instance, in doctoral studies, high level research and so on, but also working in the NHS, in other companies and businesses in the public sector, so we are heavily dependent on the skills that they bring as well as the education that we provide for them. Gold: Have you seen an impact on your own overseas student numbers for the new academic year? P.J.: We thought that, due to Brexit, our recruitment would fall away and I was planning other ways of getting that income but it hasn’t. In fact it has gone up by 10%.This shows that the UK universities are still highly regarded, particularly in London. People come to the universities for various reasons and not only to get qualifications and degrees. London provides a very different experience and they can often find in London what they probably can’t in universities in other cities or towns. Gold: International students are nonetheless vital to the UK’s higher education sector, and by extension the UK’s standing in an increasingly competitive global market. How can UK universities sustain their competitive advantage? P.J.: Through the quality of their teaching and

WE SEE EUROPE AS THE FUTURE RATHER THAN SOME OUTDATED STRUCTURE research, and that’s the first thing they have to get right. Then they have to keep innovating and providing new courses. They have to provide what people want. We all need to be more competitive, more innovative, to offer courses that are different, that are employable. Facilities have to be high quality. There is a huge amount of investment going on in British universities. At the University of West London, we market ourselves as “the career university” and every single student gets a guaranteed work placement of a year, six months or three months at some point in their course. And that gives them an advantage in getting jobs, shows them what work is like, and helps them develop their careers in the long term. Some 96% of our students get jobs within 6 months of leaving the university, which is the 11th best rate in the UK. It is about providing an education that is transformational for them and also providing practical/vocational education as well. Gold: What are the benefits of the collaboration between the University of West London and CIM to its students and to the Cyprus Business community? P.J.: We have been a partner with CIM for nine years. Like all good partnerships – like a marriage! – they require give and take on both sides. CIM have always been very flexible and very open as a partner and they have always put quality first and always wanted their students to graduate with a good quality degree. So that’s the first thing in a partnership: you have to have trust in what they are going to do. They are like us; they are a career-focused organisation and they provide degrees – very practical/vocation degrees – and services the Cypriot economy’s needs, with high level skills and high level practical qualifications. They are always open to new ideas, they reflect the Cypriot economy. They bring new ideas in, they

take ideas out, and they help us test our ideas with them. As a partnership, it has been really strong. Gold: How do you see this collaboration growing? Do you have any plans for implementing similar collaborations with other educational institutions in Cyprus or in other countries? P.J.: In Cyprus we have got plans to try to offer a lot more shorter and professional development courses, where those who are busy and working in different part of the economy can come in and do self-contained short courses to upskill or develop their skills and their ideas with CIM. If they want, they can put them together and create a degree out of it or a higher degree. So we’re looking at shorter, quicker, more relevant professional courses of training and up skilling and support. We are going to develop a Doctorate in Business Administration where those who have done an MBA or an undergraduate degree want a third place to go. It will start next year and professionals will be able to do it in intense blocks of study rather that over long periods, with support in the UK and in Cyprus as well. We are currently collaborating with a university centre in Spain, we have a longstanding collaboration in Berlin and two in Zurich, all in fashion design and technology. We have just started one in Belgrade and we hope to do another one in Vienna. There are two or three in Ireland and others in Hong Kong, Dubai, the Middle East and Southern China. Gold: What has been the best part of your collaboration with CIM so far? P.J.: The most important thing is to see the students getting their degrees, finding jobs and getting on with their lives. CIM is a well-established organisation. It’s been going on for nearly 40 years and it’s really stable. The people here have good ideas and it is going to move forward as the Cypriot market loosens and it becomes a more important player. It’s got a big vision of where it wants to be as a private institution. These are things that we value. www.goldnews.com.cy | GOLD | 83

| LEADERSHIP |

A LEADERSHIP GURU FOR THE SOCIAL NETWORK GENERATION EMMANUEL GOBILLOT IN CYPRUS IN NOVEMBER

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nternationally i ll renowned d leadership l d hi expert E Emmanuell Gobillot G bill will be the keynote speaker at next month’s 15th Leadership & Human Resource Management Conference at the Hilton Park Hotel. Gobillot is the latest in a long line of big names to address the annual conference, which has previously hosted speakers like Jon Ingham, Roger Flynn, Damian Hughes, Dave Ulrich and Gareth Jones. The title of this year’s conference is Leadership in Transformation: Changing Hearts and Minds to Remain Dynamic, Competitive and Innovative at All Times and, as London-based Gobillot has said, “Our models of business are rooted in research done before most of the economical, technological and social disruptions we know today. So the question is does our understanding of leadership and organizations need upgrading?” He goes on to surmise that this is the kind of reasoning that led one reviewer to call him “The first leadership guru for the Social Network generation,” something he modestly questions, though he acknowledges that, “My aim as a writer is to challenge our leadership practices in search of continued excellence.” Gobillot is the author of four bestselling business books: The Connected Leader (2006), Leadershift (2009), Follow The Leader (2015) and his latest title, Disciplined Collaboration (2016). He is the founder of his own boutique consultancy dedicated to leadership and organisational development services, and co-founder of Collaboration Partners, a consultancy specialising in helping leaders and organisations develop effective collaboration. Prior to starting his own firm, he was Director of FMCG Consulting and Director of Leadership Services at HayGroup.

For more than F h 15 years, he h has h delivered d li d results based on his mantra: “There must be a better way and together we will find it.” A French National, Emmanuel Gobillot moved to the UK in 1985. According to the organisers, his two dynamic presentations at the Leadership & Human Resource Management Conference “will offer insights into the trends that matter and how they are impacting the organisations you lead.” He will share thoughts and ideas about how to take the first step towards real transformation, not only persuading employees to follow but also getting customers to do so by intimately understanding the changes they are living through. The presentations will be followed by a CEO/Business Leaders panel discussion, looking at major management and leadership issues faced by Business Leaders around the world as a result of transformation. Gobillot has worked with organisations such as the NHS, Unicef, Vodafone, Yahoo, Carlsberg, Philips, Google, BT, EY and Rabobank, to name just a handful. The 15th Leadership & Human Resource Management Conference is addressed to CEOs, General Managers, Managing Directors, Senior Managers, Human Resource Managers and Line Managers from corporations from all sectors of economic activity, HRM Consultants, Government leaders and officials.

MY AIM AS A WRITER IS TO CHALLENGE OUR LEADERSHIP PRACTICES IN SEARCH OF CONTINUED EXCELLENCE

84 | GOLD | The Business Magazine of Cyprus

THE CONFERENCE Tuesday 8 November 2016, 8.30am-1.30pm, Hilton Park Hotel, Nicosia Organisers: IMH and PwC Cyprus Sponsor: Cablenet Endorsed by: Stylianos Christoforou & Co LLC Supporter: Cyprus International Institute of Management-CIIM Communication Sponsors: Gold, IN Business, Reporter Online For further information & registration contact: IMH, Tel.: 22505555, e-mail: events@imhbusiness.com, Website: www.imhbusiness.com

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| MANAGEMENT |

s s e n Busi s e o r e h r e Sup AGERS N A M R U O Y S IS VITASLS TRAINING R E D A E L AND TEACMOMPANY’S SUCCE TO YOUR By Marios Siathas

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lthough personnel learning and development is one of is more evident than ever. Managers must possess not only all the the most important aspects of a business, most organiskills that are required to manage people in their teams but they sations still invest more of their budget in new product have to manage relationships with the leadership of the company or in service development and, in many cases, training while doing everything to achieve the organisation’s expected results. budgets are the first to be cut. Companies need to reManagers are not exclusively involved in the operations of their own alize that investment in their people’s development is a must. Their department but, in many cases, have to collaborate with other depeople represent their only unique competitive advantage and those partments. organisations that understand this are able to differentiate themselves The burden of implementing a company strategy is usually pushed from their competitors, sometimes without even realising it. from the top to the manager of a unit. It is therefore essential In most companies, formal management training is not providthat managers understand the company strategy, are able to ed internally. Someone doing well in a technical area may be measure success in achieving their targets and can keep their promoted to a supervisory role, as part of an incentive for that employees well motivated. They must be able to take deciperson to stay in the company. For many companies, having sions, implement change initiatives and understand financial an internal management development programme is imposstatements and budgets. Whatever their role, they must be able sible and, in many cases, they do not see the need to send to negotiate well, manage projects effectively, understand their managers on external training courses. how marketing works and be in a position to sell their Some people thrive when thrown into a leading companies’ products and services. They need to unrole but others may not be so successful. The fact derstand the customer/client and make sure that the is that, in both cases, support is needed to help are doing their best to offer excellent service to Managers all.staff managers reach their full potential. A perfect employee Managers are the glue that holds together the strucare the glue ture of an organisation. One might say that they are the who has excelled in his/her field can be destroyed prothat holds ‘superheroes’ that get things done and keep a company fessionally if appointed to a management position and together the in business. does not succeed in that role. Even experienced manstructure agers need to update their skills through a continuous Managers are very important and should not be igof an development programme. nored as they play an important part in the survival organisation of the organisation. Consequently, organisations need Today, management techniques are continually evolving, organisations are changing radically and to constantly educate, train and develop the skills restructuring in an effort to meet changed external of their managers, supervisors and staff in order to Info: Marios Siathas is the General Manager, European Institute of and internal environments and to improve their perremain competitive and keep their people motivated Management and Finance (EIMF) formance. The need for management development and happy.

86 | GOLD | The Business Magazine of Cyprus

3rd

Cyprus International Business Sector

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)ULGD\ 1RYHPEHU _ &DURE 0LOO _ /LPDVVRO For further information & registration contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus Tel.+357 22505555, Fax. + 357 22679820, E-mail: events@imhbusiness.com, website: www.imhbusiness.com

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| CYPRUS FIDUCIARY ASSOCIATION |

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AHEAD! STRATEGY, COORDINATION AND ACTION ARE JUST SOME OF THE THINGS URGENTLY NEEDED IN THE ADMINISTRATIVE SERVICES SECTOR, SAYS CYPRUS FIDUCIARY ASSOCIATION PRESIDENT CHRISTOS MICHAEL.

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he fact that the Administrative Services sector is essentially split into three, each with a different regulator, has been viewed by many observers as a negative factor ever since the law of 2013 was passed. Do you see any progress towards resolving this issue? Christos Michael: Unfortunately there hasn’t been any progress since the enactment of the legislation at the end of 2012 and the three regulators continue to perform their role in isolation with different objectives and priorities and without consideration of any long-term goals that will benefit the industry and the country. Gold: Do you think that the Government and the House of Representatives have a good understanding of the sector and what is required if Cyprus is to take advantage of opportunities that arise? C.M.: I believe that the level of official understanding of the sector, including its current and potential contribution to the economy but most importantly the risks associated with it and the requirements for a sustainable future, is very limited or, at least, that is how it appears to be, taking into account the decisions or actions that have been taken (or rather have not been taken) so far. The financial services world is changing rapidly and, as a jurisdiction, we need to stay ahead of developments or, at least, be able to react to them as quickly as possible, in order to secure the current business, stay competitive, attract new business and take advantage of the new opportunities that are being created.

88 | GOLD | The Business Magazine of Cyprus

THE CYPRUS SHIP IS SAILING ON A SUNNY DAY BETWEEN ICEBERGS THAT APPEAR TO BE VERY SMALL ON THE SURFACE Gold: What would you like to see being done to improve the situation? C.M.: First of all, there has to be a clear understanding of the current contribution and the potential of the sector as regards the country’s economy, and then a strategic direction must be defined to guide both government and private sector initiatives and actions. The current initiative of the Government to appoint a “task force” to study the sector and provide feedback and recommendations is definitely a step in the right direction. But of course this is only the beginning of the long journey towards the establishment of a coherent strategy and action plan for its implementation which cannot be expected to happen without the coordination of the public and private sectors, and without changing the balance of power and authority that currently exists between Government departments, regulators and other authorities and private sector stakeholders. The current balance of power may serve Government and/or political party objectives or be perceived to protect the interests of certain large associations’ members but, in my opinion, this is a short-sighted view: the Cyprus

THE REPUTATIONAL ISSUE IS OUR MAIN COMPETITIVE DISADVANTAGE RIGHT NOW ship is sailing on a sunny day between icebergs that appear to be very small on the surface and everyone is confident that we will reach our destination in the end, and so we are currently enjoying the ride. Gold: When you compare Cyprus with competing jurisdictions, what do you see? In which areas are we better and where are we worse? C.M.: In the new world of enhanced transparency, with PEPs, FATCA, CRS, country-by-country reporting and other existing or new developments, the tax advantages that certain countries had in the past have gone away and a jurisdiction’s competitive advantages stem from the quality of its professional staff and services, a reasonable cost, and the stability, sophistication and overall reputation of the market. In terms of the quality of professional staff, I believe that we have a unique advantage over most of our competitors but, unfortunately, this is not translated into a consistently high quality of service across the board due to light-touch regulation and the failure of the professional bodies to effectively monitor all their members. The reputational issue is our main competitive disadvantage right now and we need a long-term, consistent strategy to reverse it. We tend to pursue short-term, individual and opportunistic goals that place the whole industry at risk and harm the country’s reputation, rather than long-term strategic priorities. Gold: You said recently that the sector is changing. Are your members adapting to this new reality? C.M.: Adapting to the new realities under the current rules of the game is a very big challenge and a lot of our members are facing significant difficulties as uncertainty in the market place is combined with the inability of the Government to change or implement new legislation and regulation on time (and, in reaction to international developments, to provide guidance on FATCA and CRS, for example) and the inconsistency of the regulation that doesn’t promote a level playing field. Gold: How important is the relatively new investment funds sector to your members? C.M.: The investment fund sector is a

significant part of the financial 3rd services industry in all our competitive jurisdictions and, in my opinion, due to a lack of strategic direction and coordination, FRIDAY we have been very late in the 25 NOVEMBER 2016, enactment of the relevant laws CAROB MILL, LIMASSOL (despite private sector initiatives over the last decade), while the Organiser: poor reputation of the jurisdicCyprus Fiduciary tion has limited the growth of Association this sector in Cyprus. Some of Sponsors: our members have gradually Fileminders, G.A.P. started to offer certain fund Vassilopoulos Group, administration services to some PrimeTel PLC, TFI Markets Ltd local and offshore funds but the potential to grow these services Media Partners: will be determined by the overall Gold, reporter.com.cy, growth of the fund industry in Accountancy Cyprus Cyprus. The draft legislation Coordinator: for the regulation of the fund IMH administration services sets quite high standards for fund administrators, including minimum capital adequacy, professional insurance, internal controls and professional staff requirements and constitutes a strong basis to secure the quality of the providers and consequently the service. Gold: What will you focus on when you address next month’s CFA conference? C.M.: Our annual forum aims to bring the various stakeholders in the market together for the establishment of a strategic framework for the financial services industry and the fiduciary sector, which should be guiding Government policy decisions, tax, legal and other regulatory objectives, and aligning the initiatives and efforts of all parties involved. Although I believe that common regulation (a single regulator or at least a single regulatory framework for all the fiduciaries) as a reaction by the Government and the other stakeholders to the high risks associated with this business would contribute significantly to the raising of the standards for the industry and, consequently, the reputation of the jurisdiction, an equally big risk is the lack of coordination between the public and private sectors to define common objectives that can protect the business from the strong headwinds that are expected to follow us throughout our journey in the new financial services world. www.goldnews.com.cy | GOLD | 89

IN GOOD COMPANY

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90 | GOLD | The Business Magazine of Cyprus

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ccredited twice with the internationally recognised Investors in People Certificate (IIP), the leading independent provider of trust, fund, and corporate services First Names Group knows well that a company’s success derives from its people, their individuality and expertise. According to

Angelika Morphaki, Human Resources Officer at First Names Group in Cyprus, the company’s name represents each employee individually as a first name. “Our corporate culture starts with being a people-focused Group, which is based on our clients’ need to know who the individual behind the desired result is.” Established in 1997 as Excel Serve Management Ltd, the company became independent in 2005 and three years later, it was acquired by IFG Group, listed on the London Stock Exchange. Following a management buyout through the participation of a Private Equity Fund in 2013, the Group was rebranded as First Names Group with the local Company being renamed First Names (Cyprus) Ltd. The Group’s Cyprus office, comprising 48 team members, mainly focuses on

Private Clients and provides a breadth of services across a range of areas and in a number of key jurisdictions to ensure that clients receive the best solution tailored to their requirements. Besides meeting and maintaining client service excellence, employee satisfaction is also vital to the company’s philosophy. “We perform an employee survey (First Thoughts) every two years and we are happy to see that employee satisfaction remains high. The results of the survey,” says Morphaki, “help us to develop the right action plan, in order to retain and increase employee satisfaction.” She further adds that the company has an ‘open door policy’ so that people feel free to discuss any issues with their directors. While it is fundamental that the company’s employees share the right DNA and

www.goldnews.com.cy | GOLD | 91

IN GOOD COMPANY

stay true to the company’s values of being open, committed, respectful, commercial, independently minded, professional and positive, the HR Officer admits that developing their individual talent remains a top priority. “The Company has developed the innovative learning and development framework, Ascent 2020, which provides the opportunity to develop leadership skills at different levels, to distinguish and accelerate development for those showing high potential and offer short interventions designed to address topical needs, as well as the usual technical and professional study modules.” Moreover, the Group encourages the personal and professional development of its employees and fully supports this by funding technical or soft skills trainings and studies for professional qualifications such as the ACCA and STEP. Professional subscriptions are fully paid by the company and people can join the company’s eLearning portal as well, in order to experience different types of training. First Names offers several benefits to its people including the provision of health care, life and disability insurance, a Provident Fund, an annual bonus, underground parking, mobile phone device and bill payment, as well as holidays that grow according to the length of service. Employees are also provided with a fully equipped kitchen and free drinks. According to Morphaki, the company promotes a good work-life balance thanks, partly, to one of the main benefits concerning working hours: people have three afternoons off per week (finishing at 2:30pm) which allows them to focus on their daily family commitments. Encouraging their sense of belonging in the workplace is a vital aspect of the company’s development, the HR Officer notes. “We often organise team-building events such as bowling, adventure room games, a charity run, a barbecue in the mountains with families and an annual Christmas party where all employees can spend quality time with their colleagues”. She further comments that the company has established its Long Service Awards as a way of recognising the commitment and dedication of the employees who have

92 | GOLD | The Business Magazine of Cyprus

:( %(/,(9( 7+$7 285 3(23/( '(6(59( 72 %( 5(:$5'(' )25 7+(,5 +$5' :25. completed 5, 10, 15, 20 and 25+ years of working at First Names. “Another HR initiative,” Morphaki says, “is the First Names Referral Programme, through which we encourage everyone in the business to help us find talented candidates for our job vacancies directly. This gives employees the opportunity to earn up to €2,500 if the referred candidate is successful. “We are part of a global Group and our priorities include investing in our people, retaining top talent and organic growth. Employee retention levels are high and we are one of the few companies that did not cut any benefits after the 2013 crisis,” Morphaki reveals. “We believe that our people deserve to be rewarded for their hard work and, in return, they believe in what we do so their motivation combined with their talent and competencies always guarantee the best results.” The establishment’s success is based to a great extent, on the fact that First Names Group acts as a second family to its employ-

ees. The work environment is filled with happy faces always ready to go the extra mile in order to help out their colleague, improve the process or the quality of the deliverable and exceed their clients’ expectations on their own initiative. “People enjoy coming to work,” Angelika Morphaki enthusiastically states, “and as our ex-Executive Chairman used to say, ‘If you enjoy your job, you will never work a day in your life’!”

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1.

WHAT WORKS: GENDER EQUALITY BY DESIGN By Iris Bohnet (Harvard University Press, 2016) R.R.P. £19.95 (£16.56 FROM AMAZON.CO.UK)

Gender equality is a moral and a business imperative and, says Bohnet, by de-biasing organisations rather than individuals, we can make smart changes that have big impacts. She provides the tools we need to change classrooms and boardrooms, in hiring and promotion, benefiting businesses, governments and the lives of millions. She also shows that much more can be done at low cost and high speed.

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5.

Foroohar believes that the lessons of the global financial crisis remain unlearned and the US financial system in particular is just as vulnerable as ever. Exploring the forces that have led US businesses to favour the pursuit of short-term corporate profits, she shows how financialization has harmed society and why reversing this trend is of importance to us all.

Between 1870 and 1970, electric lighting, indoor plumbing, motor vehicles, air travel and television transformed society while medical advances saw life expectancy grow from 45 to 72 years. Gordon depicts a century of radical change but argues that economic growth cannot continue due, among others, to inequality, an aging population and the federal government.

Although most of us have been raised on the traditional notion of a three-stage approach to life (education, work, retirement), it is beginning to collapse as life expectancy rises, final-salary pensions vanish and more people juggle multiple careers. The authors consider the options facing us and demonstrate that living to 100 can be both wonderful and inspiring.

During his 18-year tenure as Chairman of the Federal Reserve, Alan Greenspan presided over an unprecedented period of stability and low inflation. Revered by economists, adored by investors and consulted by leaders from Beijing to Frankfurt, he remains one of the titans of financial history over the last 50 years. This superbly researched biography shows the true extent of Greenspan’s legacy.

MAKERS AND TAKERS: THE RISE OF FINANCE AND THE FALL OF AMERICAN BUSINESS By Rana Foroohar (Crown Business, 2016) R.R.P. £25.00 (£19.99 FROM AMAZON.CO.UK)

THE RISE AND FALL OF AMERICAN GROWTH: THE US STANDARD OF LIVING SINCE THE CIVIL WAR By Robert J. Gordon (Princeton University Press, 2016) R.R.P. £29.95 (£20.37 FROM AMAZON.CO.UK)

THE 100-YEAR LIFE: LIVING AND WORKING IN AN AGE OF LONGEVITY By Lynda Gratton & Andrew Scott (Bloomsbury Information Ltd, 2016) R.R.P. £18.99 (£17.09 FROM AMAZON.CO.UK)

THE MAN WHO KNEW: THE LIFE AND TIMES OF ALAN GREENSPAN By Sebastian Mallaby (Bloomsbury Publishing, 2016) R.R.P. £25.00 (£25.00 FROM AMAZON.CO.UK)

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p

THE BLUES

a i l yn

WHEN HE’S NOT AT WORK, STELIOS ANASTASIADES, MANAGING DIRECTOR OF TELIA & PAVLA BBDO, SPENDS A GREAT DEAL OF HIS TIME PLAYING THE GUITAR. A BLUES FAN SINCE THE AGE OF 13, HE HAS REMAINED AN ADMIRER OR ERIC CLAPTON THROUGH EVERY PHASE OF THE SUPERSTAR’S CAREER. BUT ALTHOUGH HE STARTED PLAYING MUSIC AS A BOY, HE GAVE IT UP FOR 20 YEARS BEFORE GOING BACK TO THE INSTRUMENT THAT HE NOW SAYS HE CAN’T LIVE WITHOUT.

S

By Voula Loizou | Photo by Jo Michaelides

telios Anastasiades is a more or less self-taught guitarist (having given up pretty fast on boring lessons) and he still remembers how, in the be-

ginning, learning to play the instrument was not at all easy. “I first had a guitar – a really cheap classical guitar with nylon strings – when I was about 11 years old, but it was difficult to play with a really wide neck and I gave up before getting started” he says, adding that learning to play things like

g

Twinkle, Twinkle Little Star was another reason why he gave up. “I wanted to play the songs by The Beatles and The Rolling Stones, not kid’s stuff!” In the early ‘60s, Anastasiades would buy 45rpm singles but, at the age of 13, he bought his first long playing record: Cream’s Disraeli Gears. It was a turning point for both him and his connection with music. “The sound on that LP was ground-breaking!”, he says. “Cream was a trio, made up of the crème de la crème of British musicians at the time: Eric Clapton on

BLUES LOVERS IN CYPRUS ARE A VERY SMALL MINORITY!

guitar, Jack Bruce on bass and Ginger Baker on drums. As soon as I heard them, I was hooked and I started negotiating with my parents to buy me another guitar – an electric this time!” From then on he tried hard to emulate his idol Eric Clapton’s playing but never formed or played in a band. “I always felt self-conscious and timid playing in front of people,” he explains. “For me, it was always more of an escape, a way to express my feelings and battle my inner demons rather than to entertain people.” He does admit that, on occasion at a party, he may get up and jam a bit, usually with musicians he knows, “but only after a few drinks!” www.goldnews.com.cy | GOLD | 97

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OFF THE BLUES IS ALL ABOUT FEELING AND THAT’S WHAT I LOVE ABOUT THIS MUSIC Surprisingly, his friends tend not to be as enthusiastic as he is about his hobby. “It’s a lovehate relationship,” he explains. “Some people love it and some (or most) hate it! Blues lovers in Cyprus are a very small minority!” Stelios Anastasiades says that, while he simply cannot imagine his life without a guitar today, he realised early on that advertising was likely to be an easier and more profitable business than music, especially in Cyprus. “I took the easy route,” he confesses, before adding that, despite starting as a teenager, he was actually something of “a late bloomer” with the guitar. “During my college years, I had a roommate who also played guitar and he was much more advanced than me,” he recalls. “He was also very snobbish about his knowledge of the instrument and he actually discouraged me from playing by telling me I had no future in music. For the next 20 years or so, I never touched a guitar.” Fortunately for him and the few friends who appreciate his musical talent, he eventually went back to playing and, today, he plays the guitar almost

daily. “It relaxes me and helps get all the tension and bad thoughts out of my system,” he says. What’s more, he is not just a guitar player these days but a guitar collector. He owns a total of 10, including several Fenders and Gibsons, which any Rock/Blues connoisseur would recognise as classic models. Asked why blues is his favourite style of music, Anastasiades quotes B.B. King:

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“The blues is the easiest music to learn and the most difficult to master.” He goes on to explain that “The blues is all about feeling and that’s what I love about this music. It allows me to express my deepest inner feelings and, if what I play makes me feel good, then that’s all that counts.” Asked to name his all-time favourite song or guitar solo, he hesitates: “There are so many that I would like to list.

However, there is one standout track on Eric Clapton’s Layla and Other Assorted Love Songs [recorded under the pseudonym Derek & the Dominos] album, a song by Freddie King called Have you ever loved a woman. That, for me, was always the way I wanted/want to sound.” More recently he has made a few recordings using karaoke-style backing tracks and apps on an Apple Mac. “It’s amazingly simple to record these days,” he says, “and you don’t need expensive studios and engineers, at least not for the quality that will satisfy an enthusiast, if not a professional” Finally, in reply to the question “If you could put together a band with anyone, living or dead, who would the other members be?” Stelios Anastasiades says that he would love to have been a second guitarist with Cream, adding that since some of the greatest modern blues guitarists (including Eric Clapton, Peter Green and Mick Taylor) got their start or made a name for themselves with John Mayall’s Bluesbreakers, “If dreams could come true, I guess I would have liked an opportunity to earn my chops with them.”

CHRIS KOUFARIS

CHRIS KOUFARIS, THE GENERAL SECRETARY OF THE CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION (CIBA), HAS LED A VARIED AND INTERESTING PROFESSIONAL LIFE, BUT AS HE TELLS GOLD, FINDING HIMSELF IN LONDON AS A TEENAGER WITH A SCANT KNOWLEDGE OF BRITISH CULTURE AND A LESS THAN ADEQUATE KNOWLEDGE OF ENGLISH MAY HAVE CAUSED HIM ENDLESS DIFFICULTIES BUT IT ALSO TAUGHT HIM THE MEANING AND VALUE OF PERSISTENCE. By John Vickers

AL GRILL CHARCO mplex, Kanika Co Limassol

&

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AB (2) PITA KEB S CHIP YOGURT BEER TOTAL

hris Koufaris describes himself as a man of very simple tastes and lifestyle, something that I could probably have deduced from his suggestion that we eat at small tavern, located literally just a few steps from his office, and savour a tasty kebab. However, the kind of simplicity that he now enjoys has not followed him around throughout his life. It’s hard to imagine, as this 62-year-old business consultant chats away in fluent English, that his English teacher once advised him to take a whole year off just to study for his English ‘O’ level exam or that,

~14.00 ~1.50 ~2.00 ~3.00 ~20.50

in an era when a pass was a basic requirement for university entrance, he eventually had to sit the exam no fewer than six times before he finally gained entrance to the London School of Economics. Born and raised in Nicosia, the young Koufaris was given a one-way ticket to the UK when he reached the age of 16. “My father was always talking about

the importance of education so he sent me to a grammar school there. For someone who didn’t even know what a grammar school was and had serious problems with the English language, it was quite an experience,” he says with a smile, recalling how he later discovered that the William Ellis Grammar School, located close to where he was staying with relatives in North London, already had over 100 years of history to its name when he walked through its gates in 1969. Not that the school’s past or reputation could help him out. “It was very difficult. I couldn’t understand a word the teachers were saying!” he admits, remembering how he tried to make the best of his situation by taking Classical Greek, Modern Greek and Maths. “It was a completely different culture and way of life from the one I had been used to. I was the only foreigner in my class and at some point my English master told me that, while he appreciated that I was trying my best, it was all a waste of time and he suggested I take a year off just to focus on the language and then go back.” The young man was naturally very disappointed but, seemingly against the odds, Koufaris managed to pass all his other ‘O’ Levels, including History (“written in English!” he jokes) so he determined to stay and do his ‘A’ levels and keep repeating English, without which he could not

progress any further. “In the end I took it six times. Real masochism!” he tells me. “But I had an offer from the London School of Economics and I got straight A’s in my ‘A’ levels so I had no choice. I took the exam with every Examining Board I could find and in the end I passed and went to the LSE where I studied Economics with Accounting & Finance.” At this moment in the story,

simple really is best. Although Chris Koufaris’ father had only given him a one-way ticket to London, the original plan was that he would return to Cyprus upon graduation but fate had other plans. “Various things happened, including the Turkish invasion in 1974 and then my father became ill and passed away so there wasn’t so much to come back to,” he reflects. He

Arthur Andersen, where he stayed until 1980 and finally returning to his homeland in 1981. “I ended up working for Costouris & Michaelides [later Grant Thornton], which was very big at the time,” he says, explaining that he only ended up in Limassol to fill a vacancy at the firm until a suitable candidate was recruited. That turned out to be much more difficult than it would be today and soon driving every day on the old Nicosia-Limassol road was becoming more and more of a challenge so he ended up renting a flat and he has been in the country’s second town ever since. “I have never regretted moving to Limassol,” he tells me, and it’s obvious that he means it. “I love Limassol and I promote it at every opportunity. To wake up in a real business town and still be able to see the beautiful colour of the sea and enjoy the sunshine all the year round is something very special and of great value. I would challenge anyone to suggest a place that

WE SHOULDN’T STOP JUST BECAUSE WE REACH A CERTAIN AGE our souvlakia is brought to the table, in a traditional pitta, plus a portion of chips and some yoghurt. Sometimes,

took the decision to become a Chartered Accountant as a way of earning a living and continuing to study, joining

comes close to Limassol – it’s a very important shipping centre, a well-established international business centre,

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| LUNCH WITH GOLD |

it’s European, it has the sea and a fantastic climate, plus it’s the place with a reputation for fun and culture. It’s a perfect combination.” At first, however, after spending 11 years in the UK, Koufaris had to adapt to a new situation once again. “The truth is that Accounting and Audit didn’t really excite me, so when the Managing Director of one of my biggest clients asked me to join the company, I did. That was Kardex, where I stayed for a couple of years before moving to the Nemitsas Group at the time when it was planning to go public. In the end, there was a change of plan and the move didn’t happen so, in 1990, I set up my own company, Euromanagement, which I still have today, providing corporate and consultancy services.” Although Nemitsas decided against becoming a public company, his previous employer, Kardex, did list on the Stock Exchange with ambitions of expanding its business to India and the Far East. “I was made an offer to rejoin the firm with the aim of establishing the business in those emerging markets and I accepted,” he tells me, his eyes sparkling at the memory of what he describes as “a very exciting time – the early ‘90s – when those markets were flourishing. We started with India in 1995, before moving to China, Taiwan, Thailand and so on throughout Asia.” He was kept busy and travelling the world until 2009, when management changes and a new strategy persuaded him that it was time to go back to his own business. In the 1980s, having had practical, personal experience of the problems that he and other firms were facing as international businesses based in Cyprus, he came up with the idea of

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creating some kind of association but it was not until another 10 years had passed before the Cyprus Offshore Enterprises Association was formed. When Cyprus joined the European Union, the name was changed to the Cyprus International Businesses Association (CIBA). Koufaris was involved from the very beginning and, he tells me, he and the Association’s members

It’s a nice combination: a few clients for my business, looking after CIBA, spending time with the family and going to the beach.” It sounds to me, I say, that he’s ready for retirement but Koufaris insists that it’s not even on the agenda. “In my case, the word ‘retirement’ doesn’t have the same meaning that it has for a lot of people,” he elaborates.

I LOVE LIMASSOL AND I PROMOTE IT AT EVERY OPPORTUNITY were strong supporters of the establishment of the Cyprus Investment Promotion Agency (CIPA) and of Cyprus as a destination for Foreign Direct Investment. I ask Chris Koufaris if he ever regrets the course his life has taken – those difficult times as a schoolboy in a foreign country, a Nicosian ‘exiled’ as it were in Limassol – but he is adamant that he gained a lot from his student days and always felt that, once it was time to have a family, he would come back to Cyprus. “So no regrets at all and, as for living in Limassol, I wouldn’t change it for anything or anywhere. How many European cities do you know where you can be in the business centre one moment and at home or by the sea 10 minutes later? That’s how long it takes me to go to the Dasoudi Beach area where I can enjoy walking and swimming.” He describes walking and swimming as his main hobby but is quick to add, “and, of course, it’s the family. I have three daughters and four grandchildren and they keep me quite busy!

“Basically, it’s up to me to determine what I want to do these days and how I allocate my time to the things that are important to me.” And in case that sounds like retirement by another name, he is quick to make one thing clear: “I can’t get up in the morning and not go to the office,” he states firmly. “That’s a way of life that I don’t think I will ever change. I need to be there and keep busy with something but, unless there is something really important that needs doing, my daily target is make sure that I’m free and available by 6.30pm so that I can have some time at the beach before family and social events take pride of place. Our objectives and goals change over the years,” he philosophises as he prepares to rush off to a meeting, “but one of the things I still enjoy about work is the fact that I meet so many people. We have a chance to exchange information, knowledge and experiences and in the end, isn’t that what it’s all about? We shouldn’t stop that just because we reach a certain age.”

Magazine The official magazine of the Institute of Certified Public Accountants of Cyprus (ICPAC) The Institute of Certified Public Accountants of Cyprus (ICPAC) and IMH are collaborating on the publication and distribution of the quarterly magazine Accountancy Cyprus, which deals with issues pertaining to economics & finance, business, accounting, taxation, audit, compliance, news of the Institute and much more. The magazine is being redesigned and upgraded with additional content to ensure that it remains a point of reference as the most reliable source of information for news of the sector. Accountancy Cyprus will now provide a modern and dynamic information platform for members of ICPAC, the business world, the political leadership and government officials. Accountancy Cypus is published 4 times a year and mailed free of charge to more than 9,000 subscribers in Cyprus and abroad.

The first issue of the magazine to be published under the new ICPAC-IMH arrangement will be available in July. Collaboration For further information contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus Tel.+357 22505555 Fax. + 357 22679820, E-mail: events@imhbusiness.com, website: www.imhbusiness.com

WHAT’S

ON

THINGS

to do GREEK MUSIC PSARANTONIS The Cretan artist returns with two generations of the legendary Xylouris family and instrumentalist Giannis Paximadakis. University of Cyprus Cultural Centre, Nicosia Sunday, October 16, 8.30pm PANOS MOUZOURAKIS The popular Greek singer is back in Nicosia for one night only.

RED MUSIC STAGE, NICOSIA WE WEDNESDAY, OC OCTOBER 19, 9.30PM

MELINA ASLANIDOU Melina Aslanidou, one of Greece’s most popular singers, performs two shows in Paphos only. Ano Polis, Paphos Friday, October 21 & Saturday, October 22, 10.30pm

OPERA O

LAVRENTIS MACHAIRITSAS The veteran singer-songwriter in a single appearance in Larnaca. Savino Live, Larnaca SAVINO LIVE, LARNACA TUESDAY, OCTOBER 25, 9PM

FILM 6TH CYPRUS INTERNATIONAL SHORT FILM FESTIVAL Featuring dozens of short films - fiction, documentary, experimental and animated - from Cyprus and elsewhere. Τhe National Competition programme showcases thirteen short films, by Cypriot directors. All films are screened in their original dialogues with Greek and English subtitles. RIALTO THEATRE, LIMASSOL FROM SATURDAY, OCTOBER 15 UNTIL FRIDAY, OCTOBER 21, 8.30PM

104 | GOLD | The Business Magazine of Cyprus

Rialto Theatre, Limassol Saturday, 3GXSFIV ĀĀ ăăTQ

D DON GIOVANNI Live in HD from the Metropolitan L Opera, New York, this will make O for interesting comparisons with last fo month’s production in Paphos of m the same work by Mozart. th

WORLD MUSIC TRIO TEKKE + FLYING IBEX Two UK-based bands, plus DJ ENALLAX sets by Sound- LIVE, NICOSIA SATURDAY, species and OCTOBER 22, 9PM Koulla P. SOUSAMI, KatsikoroLIMASSOL nou. SUNDAY,

OCTOBER 23, 7PM

GENIUS LOCI The exhibition examines the relationship between Ioannis Kissonerghis and the landscape painting tradition created in Cyprus by traveller-artists, in particular British visitors or temporary residents of the island. Leventis Gallery, Nicosia Until Monday, January 16, 2017

PIANO RECITALS ART JOSEPH HOUSTON The London/Berlin-based Joseph Houston plays works by Messiaen, Ives, Xenakis, Scarlatti, Liszt and others. The Shoe Factory, Nicosia Sunday, October 16, 8.30pm YIANNIS GEORGIOU London-born Cypriot Yiannis Georgiou performs Mussorgsky’s Pictures at an Exhibition plus works by Schumann and Nicolas PALLAS Economou. THEATRE,

NICOSIA FRIDAY, OCTOBER 21, 8.30PM

GLYN HUGHES One of the pioneers of the local art scene, Welsh painter Hughes lived in Cyprus from 1956 until his death in 2014. This major retrospective should not be missed. Municipal Arts Centre, Nicosia Until Saturday, December 17

APOTHIKI 79, LARNACA UNTIL THURSDAY, OCTOBER 20

JULIA PANAYI SOROKA Landscapes, animals, machines, flowers, still life and portraits, characterised by the rigour of realism.

FESTIVAL ANDRÉ GALLO Italian pianist André Gallo performs an all-French programme of works by THE SHOE Debussy, PouFACTORY, lenc, Satie and NICOSIA Ravel.

FRIDAY, OCTOBER 28, 8.30PM

3RD APOLLON INTERNATIONAL ARTS FESTIVAL The Apollon International Chamber Music Festival has expanded to include art exhibitions and jazz/classic-rock music and has been renamed the Apollon International Arts Festival. SONATA EVENING Wolfgang Schroder (violin),Kyriakos Kyriakou (piano) and George Georgiou (clarinet) perform sonatas by Schumann, Brahms, Ysaye & Karg-Elert . Pallas Theatre, Nicosia Tuesday, October 25, 8pm

RARE BOOKS, MAPS, PAINTINGS & ENGRAVINGS Rare books, maps, paintings & engravOPUS 39, ings from the 18th NICOSIA century onwards UNTIL from the private SATURDAY, OCTOBER 22 collection of Agis Philippides. CHAMBER MUSIC NIGHTS Tamsin Waley-Cohen, ANABELLE Katharine Gowers, WolfHOTEL, PAPHOS gang Schroder (violin), WEDNESDAY, OCTOBER Krzysztof Chorzelski (vio26-FRIDAY, la), Guy Johnston (cello) OCTOBER 28, and Charles Owen (piano). 8PM CLASSIC ROCK MEETS CLASSICAL AND ANABELLE JAZZ MUSIC HOTEL, PAPHOS The PapaGeorgio SATURDAY, OCTOBER 29, 8PM String Quartet MELINA MERCOURI and singer Sarah HALL, NICOSIA SUNDAY, Fenwick. OCTOBER 30, 8PM

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A DAY IN THE LIFE

Constantinos Constantinides

I

get up at 6 o’clock or earlier on weekdays - it tends to depend on the kids. We have three boys; twins aged four and the eldest six. My wife and I share the school run so after a black coffee for breakfast, we set off and, if I don’t have a meeting outside, I’ll go straight to the office. I don’t have a fixed routine and I spend a lot of my time on research. As a kid, I wanted to be a doctor – a paediatric surgeon to be precise – and I actually studied medicine for four years but it wasn’t quite what I expected. Psychology was one of the main components of the course and I found it extremely interesting. The more I looked into it, the more I liked it. I eventually discovered Forensic Psychology, which led me

to criminology. When I came back to Cyprus, I started researching criminal activity here, how the criminal justice system worked, etc. I didn’t want to join the police because I believed that my role as a scientist was more important and I was more interested in doing research and studying new methods, such as profiling, which is especially interesting. So, with four others, I decided to create a new organisation in which we could use the scientific knowledge we had gained and to try to apply it in Cyprus. It wasn’t easy. At first we had to explain to people what forensic sciences were! But we eventually managed to set up the Constanteion Criminology and Forensic Sciences Centre. Trying to understand why one person offends and another does not in identical circumstances is fascinating and this is one thing I really like about my work. If we could answer such questions, we could control criminality and perhaps eventually eliminate it but there are so many things affecting criminal behaviour that it is impossible to give a conclusive answer. If you want to study crime, you have to be objective. The worst thing about this job is

The Head of the Constanteion Criminology and Forensic Sciences Centre’s Research Unit on how he came to be a criminologist, the good – and bad – things about his work, and how he spends his time once the children are asleep.

looking into crimes against children. It’s not at all easy for anyone who is a parent, believe me. Lunchtime is family time, which is really important. If the children have afternoon activities, I take care of them and then, around 6pm it’s dinner time, bathtime and by 8pm they’re sleeping. I watch the news and then, from 10pm until maybe 1 or 2 in the morning, I’ll be working again, especially if I’ve not done much in the afternoon. In my free time, I like watching old movies, partly because I saw them as a kid or I still like the actors, and also because I now see a lot of things that I completely missed the first time round. For example, when I saw Dangerous Minds for the first time in 1995 it was just a movie. Now I am really impressed by the depth of the screenplay. I would say it is my all-time favourite movie. I also like the whole of the Lethal Weapon series. The last ten films I saw at the cinema, of course, were all with the kids, the last one being Storks. I recommend it! When I have time to read, I tend to choose books directly connected to my work. I don’t read crime novels, if that’s what you’re wondering. To relax I like drawing and I enjoy music, especially clas-

sic rock by bands like Aerosmith and Metallica. I still buy CDs and add I love listening to bands like them to the Aerosmith collection and, in fact, the last one I bought was the old Metallica classic, Master of Puppets. Last My all-time week I heard favourite movie a track from their new album but I’m afraid I wasn’t impressed. I like to This classic just became travel and part of my CD right now collection I feel that I need to go on another trip soon! It always helps me recharge my batteries but I must say that I’ve never considered living anywhere else but Cyprus. I think I have a pretty good work/life balance. At the end of each day, my feeling is that it has been filled with things from work and home. Like everyone, I have dreams and goals that I’m trying to achieve but I’m not going to disclose them until I’ve actually turned them into reality!”

THE WORST THING ABOUT THIS JOB

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www.pwc.com.cy

Capturing the Social Media use in the Cyprus Hotel Industry

The report aims to map the use of social media in the Cyprus hotel industry and to offer insights into how KRWHOV FDQ EHQHÄ&#x;W IURP VRFLDO PHGLD WRROV LQ implementing their business strategies. Find the report at: www.pwc.com.cy/social-media-cyprus-hotels

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