Gold issue 62 pages 1-11 May 2012

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ISSUE 62 | MAY 14, 2016 | T

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Goldt 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

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TECHNOLOGYWe can change the world, says

Stefano Ceccarelli

PEOPLECleopatra KittiSievert LarssonArfat Qayyum

ACCOUNTINGGeoff Barnes &

James Castellano on the profession

PLUSBusiness Briefing,What’s On, Books,

Opinion & More

THE CYPRUS SHIPPING INDUSTRY

ISSUE 62 may 14, 2016PRICE €3.00

INTErvIEwS & OPINIONS

DEvELOPmENTS & PrOSPECTS

FACTS & FIGUrES

PRESENTS

34 | GOLD | The Business Magazine of Cyprus

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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

I S S U E 6 2 M A Y 1 4 , 2 0 1 6

C O N T E N T S6 | EDITORIAL 8 | BUSINESS BRIEFINGEconomic & Business Highlights of the past month. 12 | MY WAY Kevin Mudd’s management style.

14 | FIVE MINUTES WITH… Arfat Qayyum

16 | THEY SAID WHAT?A selection of recent memorable

OPINION92 | ICPAC TURNS 55By Kyriakos Iordanou

FEATURES18 | BANKING ON GOODNESSInterview with Ancoria Bank founder Sievert Larsson.

22 | THE CYPRUS PRIVATE BANKING AND WEALTH MANAGEMENT CONFERENCEPhotos from the event.

76 | KEEPING THINGS RELEVANT

Barnes, CEO & President of Baker Tilly International on the Cyprus operation and the main challenge facing the accounting profession.

80 | FROM INSPIRATION TO COMMUNICATION Interview with Andrea Solomonides, Business Director of the Cubik-S communication agency.

84 | WE CAN CHANGE THE WORLDStefano Ceccarelli, Sales Manager, SAP Digital EMEA South, on what the future holds.

88 | A REFORMED CORPORATE INSOLVENCY REGIMEBy Amalia Hadjipapa.

COVER STORY23 | The Cyprus

Shipping Industry Interviews with the Minister of Transport, the Director of the

Department of Merchant Shipping and the Director-General of the Cyprus Shipping Chamber, plus

that contributes an impressive 7% of the country’s GDP.

1484

90 | WINNING TEAMS

94 | BUSINESS CLASSBaiba Saldovere

95 | BOOKSHELFFive of the best new business titles.

SPECIAL ADVERTISING SUPPLEMENT

41 | The Cyprus Shipping Industry

Seventeen companies present their products and

services in detail.

18

100

103 | WHAT’S ONGold’s guide to the best cultural events of the coming month.

106 | A DAY IN THE LIFEChris Christodoulou

96 | MY COLLECTIONTasos Andreou, the History Man.

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

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tles.

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| EDITORIAL |

John Vickers,Chief Editor

[email protected]

In Search of Leaders

n May 22, the people of Cyprus will elect a new House of Represen-tatives. In an interesting reflection of the current state of the labour market, there are almost 500 candidates for the 56 parliamentary seats. Unlike those in search of a job who may try to boost their chances of being selected by enlisting the help of an influential friend or relative (often an MP), the people seeking our support at the ballot box will – fortunately – have to succeed on their own merit.The members of the House have never been an impressive bunch but

there are strong arguments to suggest that, taken in its entirety, the outgoing group may be the worst we have ever voted into office. I am not referring simply to one or two instances of disgraceful personal behaviour or to the many ridiculous statements that are regularly heard during so-called debates. Unfortunately, the problems with our elected represen-tatives are far deeper and more widespread than that, from the party leaders to the back benchers.

One only has to look at the workings (or non-workings) of the National Council to see our senior political figures at their worst. EDEK leader Marios Sizopoulos may be an extreme case, in the sense that he publicly divulged confidential information from its last meeting, but all the others have regularly leaked things to the media, following the example of those who came before them. They clearly can’t be trusted to keep their mouths shut if their reward will be good publicity.

As for those lower down the party ranks but still in parliament, many of them seem to believe that their job is to win votes by facilitating promotions and contracts for friends and relatives. Cyprus has always been a place in which the term “conflict of interest” has appar-ently had no meaning for so many people in public office, MPs included. It is only now that so many instances of graft, bribery and corruption have begun to see the light of day.

There are, thankfully, the exceptions to this disappointing rule and it is to be hoped that they are the models for these several hundred would-be parliamentarians. Cyprus needs good leaders, people with integrity as Eisenhower put it, who have a genuine wish to do what is best for the country as a whole and not only for their sup-porters. A large number of the candidates in this month’s elections are relatively young. Hopefully they have not lost the idealism of youth, and will honour the office to which they are elected.

MANAGING DIRECTOR George Michail

GENERAL MANAGER Daphne Roditou Tang

MEDIA MANAGERElena Leontiou

EDITOR-IN-CHIEF John Vickers

JOURNALISTSArtemis Constantinidou, Voula Loizou

CONTRIBUTORS TO THIS ISSUE Amalia Hadjipapa, Kyriakos Iordanou,

Marco Mancesti

PHOTOGRAPHYEmma Louise Charalambous,

Jo Michaelides, Andreas Loucaides

ART DIRECTION Anna Theodosiou

SENIOR DESIGNERAlexia Petrou

ASSISTANT DESIGNERStephanie AndreouPHOTOGRAPHY

Jo Michaelides, Harris Kyprianou MARKETING EXECUTIVE

Kevi ChishiosSALES MANAGER

Irene GeorgiouSALES EXECUTIVE Stavros Epifaniou

OPERATIONS MANAGER Voulla NicolaouSUBSCRIPTIONSMyria Neophytou

PRINTERS Cassoulides Masterprinters

CONTACT5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus

Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus

Tel: +357 22505555, Fax: +357 22679820e-mail: [email protected]

subscriptions: [email protected]

ISSN 1986 - 3543PUBLISHED BY IMH

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GOLDT 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

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0 0 0 0 1 >

TECHNOLOGYWe can change the world, says

Stefano Ceccarelli

PEOPLECleopatra KittiSievert LarssonArfat Qayyum

ACCOUNTING

James Castellano on the profession

PLUS

THE CYPRUS SHIPPING INDUSTRY

ISSUE 62 MAY 14, 2016PRICE €3.00

INTERVIEWS & OPINIONS

DEVELOPMENTS & PROSPECTS

FACTS & FIGURES

PRESENTS

“THE SUPREME QUALITY OF LEADERSHIP IS INTEGRITY.” Dwight D. Eisenhower


BOC’S €50 MILLION Q1 PROFIT

Bank of Cyprus announced that it

loan restructuring activities continues with progress across all asset quality

restructurings of lending exposures

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BARCLAYS TO CLOSE CYPRUS OFFICES

that the bank plans to close both its

in Cyprus have bank accounts based in London and will continue to receive

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Larnaca, Limassol and Paphos in casino pictureThe three preferred bidders for the licence to build and operate a Casino Resort in Cyprus are each reportedly

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BANKING

BUSINESSBRIEFING

CASINO

ECONOMYLAGARDE CONGRATULATESCYPRUS International Monetary Fund (IMF) Managing Director Christine Lagarde congratulated the Cypriot authorities on the favourable economic results achieved under the programme, which in-cluded restoring output and employment growth,

--

ment noted that “The Managing Director and the Cypriot authorities agreed that the reform mo-mentum should continue in order to extend these favourable developments and further strengthen

Harris Georgiades had a series of meetings with Lagarde and

-lines of the 2016 World Bank-IMF

his interlocutors expressed their great satisfaction with the Cypriot economy’s per-

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

CCB EXPECTS UP TO €30 MILLION Q1 PROFIT

owned lender that controls 18 local

core tier 1 equity ratio rise to close

-

year after increasing its provisions

APPOINT-MENT

www.goldnews.com.cy | GOLD | 9

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ICPAC-IMH ACCOUNTANCY

CYPRUS COLLABORATION

the publication and distribution

Accountancy Cyprusof the collaboration between

enhanced with additional

ACCOUNTANCY CYPRUS

KEAN TO DISTRIBUTE KATERINA

for the distribution of the products known under the

Group we are very excited for this new collaboration as we appreciate the high quality and authenticity of

believe in the potential of the

and help bring an delicious aspect of Cypriot tradition

SATLINK APPOINTED INMARSAT PARTNER

-sat Partner for Fleet Xpress and

-

enables a closer relationship and

the launch of Fleet Xpress will set -

ensure we have the global reach and expertise of a dedicated

PARTNERSHIPS

GAP VASSILOPOULOS GROUP AND DP WORLD AWARDED LIMASSOL

PORT CONCESSION

MARINE

T he Cypriot logistics and ser-vices company GAP Vassilo-poulos Group and DP World, one of the world’s biggest port operators, have won two concessions to manage com-

mercial activities at Limassol Port starting in January.DP World was awarded a 25-year conces-sion to manage activities that include break-bulk, general cargo, ro-ro and the operation of the passenger terminal, the port operator said in a statement.P&O Maritime Cyprus, a unit of DP World, won a 15-year concession to ex-clusively provide port marine services at Limassol.DP World will own 75% of each joint venture, with its Cypriot partner owning the rest.

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


BUSINESSBRIEFING

VICTORIA NULAND

US Assistant Secretary of State Victoria Nuland reiterated her country`s support for the ongoing negotiation process in Cyprus during a two-day visit in April. “I think you know how

strongly the US supports the work that is being done on both sides of the island towards a settlement,” she said after a meeting with President Anastasiades. “It is clear that progress is being made to take the agreements that the leaders are making and bring them together and consolidate them,” she stated.

MADELEINE ALBRIGHT

The former US Secretary of State Madeleine Albright was in Cyprus last month to promote investments in this sector, and specifically in the two solar ther-mal parks to be constructed on

the island. Albright who, following her retirement, has been working with investment companies, met with Agriculture Minister Nikos Kouyialis with whom she discussed her plans for investments by US funds that support such projects and the com-panies that build them.

REAL ESTATE

Zephyros Village 3

located in the picturesque coastal -

with private pools and spacious

-

-

Leptos Venus Gardens-

ern hilltop resort with views of the

a clubhouse as well as a tennis

--

nus Gardens gain exclusive bene-

Nireas Residences

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UNEMPLOYMENT DOWN BY 13%

Registered un-employment fell by 13% year-on-year to 36,986 in April,

the lowest level since October 2012, according to figures re-leased by Cystat. The highest number of unemployed per-sons is in the 30-39 age group (9,290), followed by 50-59 year-olds (8,613). The number of long-term unemployed in April declined marginally to 12,112 compared with 12,161 in March 2016.

VISITORS

THE NUMBER OF VEHICLES REGISTERED

IN THE FIRST THREE

MARKED AN INCREASE OF 28% OVER THE

NUMBER REGISTERED IN THE FIRST QUARTER

6,394 OF THEM WERE PASSENGER SALOON CARS, OF WHICH 3,254

,

www.goldnews.com.cy | GOLD | 11

CYSEC ISSUES NEW BINARY OPTIONS DIRECTIVES

T -

FINANCE

New McDonald’s for Nicosia

T he next McDon-ald’s fast food restaurant to open in Cyprus, and

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

House of the Child in 2017

T he “Hope For Children” UN-CRC Policy Center has an-

nounced the start of one of its long-term goals: the process to establish of a House of the Child in Cy-prus in 2017. The House of the Child is an integrat-ed and specialized facility that provides the necessary security that abused chil-dren need in order to re-port their experiences and express their feelings.

FXTM LAUNCHES UK DIVISION

L -

to expand its services and to add new

-

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ART NICOSIA PUBLIC ART PROJECT

NEW TO

CYPRUS

Gold issue 62 pages 1-11 May 2012

Documents

Transcript of Gold issue 62 pages 1-11 May 2012