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ISSUE 15 JUNE 2012 PRICE €6.95

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POWERED BY:

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

companies

that have chosen to invest in Cyprus ALPARI FINANCIAL SERVICES LTD AMDOCS DEVELOPMENT CENTRE ASBIS ENTERPRISES PLC BANCA TRANSILVANIA BOUYGUES BATIMENT INTERNATIONAL CARREFOUR COLUMBIA SHIP MANAGEMENT LTD FBME BANK LTD IKEA (CYPRUS) KARDEX SYSTEMS LTD LIDL (CYPRUS) LUKOIL NCR NEST INVESTMENTS HOLDINGS CYPRUS LTD RUSSIAN COMMERCIAL BANK UNITEAM MARINE VTTI WEATHERFORD INTERNATIONAL ...and many more

+ EUGEN ADAMI, STEEN JAKOBSEN, ANNI PODIMATA SPECIAL REPORT: CYPRUS & NATURAL GAS. PRESENTED BY ERNST & YOUNG

‘GREXIT’

Will Greece stay in the eurozone?

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STONES & BONES Investing in Fossils and Minerals

LIFESTYLE

Does Wealthy mean Healthy?

PLUS:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE

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issue 15 june 2012

08 EDITORIAL 10 UP FRONT 18 FIVE MINUTES WITH

22 companies

INTERVIEWS WITH THE REPRESENTATIVES OF NINE MAJOR FIRMS THAT HAVE SET UP OPERATIONS AND OFFICES ON THE ISLAND

that have chosen to invest in Cyprus

48 44

40

+ OPINION CONTAGION IN THE EUROZONE? by Adam Emilianou

20

WORKING TOGETHER FOR GROWTH by Anni Podimata, MEP 32 A LOGO IS NOT A BRAND by Peter Economides 98

51 SPECIAL SUPPLEMENT 51 | Cyprus and Natural Gas 52 | Energizing Cyprus: What Happens Next? The Ernst & Young Energy Panel 54 | Brave New World By Demosthenes Mavrellis 55 | Cyprus and the Paradox of Plenty, By Panos Ioannides

FEATURE 34 | IT’S ‘HEAD IN THE FIRE’ TIME FOR CYPRUS Interview with Steen Jakobsen, Chief Economist of Saxo Bank

40 | STONES & BONES Investing in Minerals and Fossils

44 | THREE WISHES The Cyprus Shipping Chamber requests action on three key matters

48 | AON HEWITT Global Human Resource and related Financial Solutions

34

72 76 86 94

{money} {economy} {tax&legal} {lifestyle}

6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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{june 2012}

ISSUE

15

76

72

{money}

72 Pathfinder PwC’s special service helps you find your way when setting up in Cyprus.

86

+ BOOK REVIEW

{tax&legal}

MONEY: What Money Can’t Buy: The Moral Limits of Markets By Michael Sandel 74

86 Transparency and Exchange of Information for Tax Purposes OECD Peer Review Report on Cyprus is completed. 87 Laws Amended to Promote Foreign Investment Amending laws in relation to the intellectual property regime, interest deductibility, group relief and the deemed distribution of dividends.

76

TAX & LEGAL: Sleeping with your Smartphone: How to Break the 24/7 Habit and Change the Way You Work By Leslie A. Perlow 91 LIFESTYLE: The Marriage Plot By Jeffrey Eugenides

97

88 Resolving Disputes through Mediation Mediation is fast becoming the most popular method of resolving cross-border disputes.

{economy}

76 Eurozone Crisis: Likelihood of a Pro-Europe Greek Coalition Government Increases The overwhelming majority of Greeks want to keep the euro but they oppose austerity measures. 78 Eurozone Crisis: Cyprus in a Greek Tragedy By Dr Savvas Savouri 82 Eurozone Crisis: Will the ‘Grexit’ really happen? By Fiona Mullen 85 Eurozone Crisis: Potential scenarios for the eurozone in 2012 PwC’s take on how the crisis could play out.

92 Cyprus Law Forum The first Cyprus Law Forum takes place on Friday 22 June, 2012 at the Hilton Cyprus in Nicosia.

94

{lifestyle}

94 Does Wealthy Mean Healthy? It takes more than sleeping well and waking early in order to achieve the ultimate healthy lifestyle.

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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Gold 71

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