AWARDS
MAXIM SAFONOV Head of Global Markets, Managing Director, Sberbank CIB
VASSILIS PETRIDES CEO, Laiko Cosmos (Silver Sponsor)
THIERRY NOYER General Manager, Carrefour Cyprus Marinopoulos SA
BJĂ˜RN TORE LARSEN Founder, OSM Group
JAFFAR AGHA-JAFFAR Managing Director, Prime Licensing and Group Executive, TSYS
SUNIL KAPOOR Director & General Manager, FML Ship Management Ltd
CHRYSSES DEMETRIADES Partner, Chrysses Demetriades & Co. LLC.
LOUCAS MARANGOS CEO, TFI Markets (Silver Sponsor)
Photo by Jo Michaelides The award winners, sponsors and organisers were photographed at the Presidential Palace.
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ISSUE 52 JULY 14 - AUGUST 13, 2015
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
CONTENTS 10 | EDITORIAL 14 | BUSINESS BRIEFING
Economic & Business Highlights of the past month
18 | MY WAY
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19 | FIVE MINUTES WITH… Nikolaos Georgikopoulos
COVER
22 | THEY SAID WHAT?
38 | 4th CIPA
24 | Cyprus Banking System – The Aftermath
STORY
A selection of memorable recent quotes
International Investment Awards Photos from the event, profiles of the winners, comments from the sponsors
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28 | A Passion for Innovation
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32 | Standing Out from the Crowd
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34 | Taxing Issues
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36 | Ecological Disaster and Reputational
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58 | Don’t Panic!
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84 | 15 Years On
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86 | Exciting Times Ahead
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SPECIAL PROMOTIONAL FEATURE 61 | Banking in Cyprus
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88 | Quorum Needed!
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90 | Overlooked and Unloved 92 | Committed to Excellence
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95 | BOOKSHELF
104 | WHAT’S ON 6\Y N\PKL [V [OL ILZ[ J\S[\YHS L]LU[Z
96 | IN GOOD COMPANY
106 | A DAY IN THE LIFE )HYIHYH 3PSSPRHZ
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8 | GOLD | The Business Magazine of Cyprus
100 | LUNCH WITH GOLD (]LYVM 5LVWO`[V\ *OHPYTHU VM [OL +LTVJYH[PJ 9HSS` +0:@
Today, the issue is no longer about owning the most data but rather about how to gain the lost insight from it. In short, how to turn data into insights, and insights into real business advantage. Data is everywhere, telling us everything. But do companies really know where to look? The reality is that turning mountains of data into valuable, practical and actionable business analytics is not nearly as straightforward as people believe. Business leaders will also need to focus on ensuring that they can count on the veracity of their data. In fact, we believe that, as more and more unstructured and external data becomes integrated into the organizational analytics, confidence in the accuracy of their data – and the insights gleaned from the data - will help ensure smarter business decisions. KPMG combines deep industry experience, extensive regulatory insight and a business-led view of Data & Analytics to create winning strategies for our clients helping them make the most of their data and create valuable and reliable business insights. Our people have the right Data & Analytics capabilities, approaches and strategies to cut through the complexities our clients are facing. We set ourselves very high standards for delivering the best service to our clients. For more information please contact: George Tziortzis Board Member T: 22 209 336 E: georgetziortzis@kpmg.com Gerasimos Ntouskas Senior Manager T: 22 209 041 E: gntouskas@kpmg.com Visit our website at: www.kpmg.com.cy
©2015 KPMG Limited, a Cyprus limited liability company and member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity. All rights reserved.
Going beyond the data: Achieving actionable business insights with data and analytics
| EDITORIAL |
Fourth Time Around
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PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
George Michail
hen Gold d magazine was launched more than 4 yyears ago, we approached the Cyprus Investment Promotion Agency (CIPA), which is the official body entrusted with the task of attracting foreign investment to Cyprus, and proposed the creation of an award that would recognize the contribution of foreign companies and investors to the economy. The idea was welcomed by CIPA and since 2012, a total of 36 CIPA International Investment Awards have been presented to companies, organisations and individuals as a tribute and a “thank you” for helping Cyprus gain a reputation for excellence as an International Business Centre. Every year we have hosted the annual CIPA International Investment Awards at the Presidential Palace in Nicosia and devoted our cover story to a presentation of the event and the award winners. This year is no exception, though, as regular readers may have realised, for the past two years this special issue has been published in September. This year we decided to hold the event two months earlier for the simple reason that, after worries about the weather in 2014 (the award ceremony and gala dinner are held outdoors in the Presidential Palace gardens), we thought it safer to organise the awards in July when the likelihood of rain was much smaller. It proved to be the right decision. I am pleased and proud to note that the CIPA International Investment Awards have become established as the most prestigious in Cyprus, with the annual ceremony seen as a genuine celebration of the successful collaboration between Cyprus and those who have demonstrated their confidence in the island and its economy in a tangible manner. You can see and read about the event in our coverage starting on page 38. Another major event in Cyprus during the past month was the inauguration of the Microsoft Innovation Center at European University Cyprus and we have an interview with Don Grantham, President of the Microsoft Central and Eastern European region, who visited the island to attend the ceremony (page 28). Other recent visitors to the island were Michael Izza, CEO of the Institute of Chartered Accountants in England and Wales (ICAEW), who spoke to us about tax issues (page 34), and Ian Cox, the author of the bestseller Disrupt IT, who gave the keynote presentation at last month’s MTN conference entitled Integration of Telecoms with IT: Enabling and Inspiring Growth and spoke to Gold about the themes of his address and his book (page 58). Since many of you will be taking some summer leave, we have recommended more than just business books for some holiday reading (page 96) and recommended a variety of cultural events, ranging from ancient John Vickers, Greek drama to a DJ set by Snoop Dogg. I believe that you will find Chief Editor plenty of interest in this month’s issue and, as always, I look forward to your comments and feedback. john@imhbusiness.com
10 | GOLD | The Business Magazine of Cyprus
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Effy Pafitis, Artemis Constantinidou CONTRIBUTORS TO THIS ISSUE
Tonia Antoniou, Olga Chervinskaya, Glen Richards, Savvas Savouri. Special thanks to Bo Concept for the furniture used in this month’s cover photo ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
PHOTOGRAPHY
Jo Michaelides
MARKETING EXECUTIVE
Kevi Chishios
SALES & BUSINESS DEVELOPMENT EXECUTIVE
Stavros Epifaniou
ADVERTISING EXECUTIVES
Irene Georgiou, Christopher Constantinou OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com
SPECIAL PROMOTIONAL FEATURE
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CIM Becomes Full Member of ACU British High Commissioner Ric Todd hosted a cocktail reception at his residence earlier this month to mark the full membership of the Cyprus Institute of Marketing (CIM) to the Association of Commonwealth Universities (ACU). The event was attended by guests from Government and the Education and Business Sectors. The ACU is the worldâ&#x20AC;&#x2122;s first and oldest international university network, promoting and supporting excellence. It has a distinguished reputation for managing prestigious and internationally renowned scholarship schemes.
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WEDDING CEREMONY A total of 66 couples from Israel were married in a mass civil ceremony in Larnaca, with the townâ&#x20AC;&#x2122;s mediaeval castle as a backdrop. The couples, mainly from Israel and Russia, had travelled with friends and relatives on a cruise ship from Haifa to Larnaca. The ceremony was conducted by Deputy Mayor Petros Christodoulou. It was the Ã&#x201E;M[O JVUZLJ\[P]L `LHY PU ^OPJO 3HYUHJH has hosted mass civil weddings, in cooperation with the Larnaca Tourism Development and Promotion Company.
14 | GOLD | The Business Magazine of Cyprus
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THE MARSHALL ISLANDS Corporate Registry
BIRTHDAY TELECOM S
LIMASSOL MARINA Celebrates First Year
L
imassol Marina, the first – and only – luxury marina development on the island, marked its first year of operations on 19 June, exactly 12 months since President Nicos Anastasiades officially opened it. Since opening its gates to the public, it has been attracting an average of 3,000 visitors daily. One year on, the waterfront development has also delivered its first villas with private berths or direct access to the beach, welcomed some of the world’s most distinguished superyachts, established a thriving community at its spa and fitness club, all while extending its shop offering with world-renowned brands like Graff Diamonds, Halcyon Gallery, Vilebrequin and Shiraz.
ANDREY & JULIA PHILANTHROPY DASHIN’S FOUNDATION DONATION
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CytamobileVodafone Launches Russian Number Service
C
ytamobile-Vodafone has announced the introduction of a new service entitled Russian Number, which allows both pay monthly and Soeasy customers who receive frequent calls from Russia to obtain a Russian phone number in addition to their existing one. In this way, all phone calls to Russia will be charged local Russian call rates, as opposed to steep international rates for Cyprus.
PostCy Introduces New VPN Packages
P
ostyCy Data Centre has released a series of new packages offering its premium Virtual Private Networking (VPN) solutions. “In a world where people travel more frequently for a variety of reasons, the age-old concept of completing work from a home or office computer device is now invalid,” PostCy explained. PostCy’s solution offers an uninterrupted VPN service, while the company is manned by a strong team of technicians dedicated to the resolution of any unexpected technical errors, thus ensuring a smoother VPN experience.
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