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ISSUE 74 MAY 21, 2017 PRICE €2.00

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WOMEN IN CYPRUS

MARIA

THE FIRST NAME IN LO N G -T E R M LOYA LT Y

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76 | GOLD | The Business Magazine of Cyprus

ISSUE 74 MAY 21, 2017

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 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

COVER

STORY

28 | 32:(5)8/ $1' ,1)/8(17,$/

:20(1 ,1 &<3586 It is generally accepted that the young women of today are in a much better position than their mothers and grandmothers were. Cyprus is no exception and progress has been made, especially over the past 30 years, but there is still a long way to go in many areas where women are seriously under-represented. We pay tribute to more than 120 women who lead the way PU [OLPY WHY[PJ\SHY Ă„LSK

12 | MY WAY

Theodore Loizou’s’ management style.

14 | FIVE MINUTES WITH‌ Nicolas Karoullas

14| THEY SAID WHAT?

Some of the most memorable remarks made by and about Cypriots over the past month.

OPINION 20 | Why Companies Need Profes-

sional Asset Portfolio Management By Michalis Economides

72 | Creativity Unleashed or Innovation with a Purpose? By Dimis Michaelides

FEATURES 18 | Encouraging Economic Growth in Cyprus Interview with Enzo Quattrociocche, Secretary General of the European Bank for Reconstruction and Development.

18

22 | The Comeback Kid of the Eu-

24

rozone By Constantinos Petrides, Minister of Interior

24| Promoting the Noble Profession

SPECIAL PROMOTIONAL FEATURE 73 | Cypriot Citizenship: The Government’s Investment Scheme In 2015, Cyprus granted citizenship to 3,322 individuals in the context of its policy to attract foreign investment in return for citizenship and a passport. Fifteen companies involved in promoting the scheme in their own particular capacity give details of their services.

SPECIAL PROMOTIONAL FEATURE 53 | '2,1* %86,1(66 :,7+ 8.5$,1( Interviews and articles on the challenges and opportunities facing Ukraine and its trading partners.

Interview with the award-winning Cypriot civil engineer, Joseph Maltezos.

52 | 10th CIM Summit

Photos from last month’s event.

68

110

66 | Nicosia Economic Congress th

Photos from the 7 edition of the successful conference.

104 | BOOKSHELF Six of the latest business titles.

68| A Boardroom Culture of Honesty

103 | BUSINESS CLASS Panayiotis Othonos

An organisation which has robust and appropriate policies, processes and systems PU WSHJL PZ TVYL SPRLS` [V VWLYH[L LMĂ„JPLU[S` says Simon Osborne.

70 | AstroBank Launch Event

Photos from the event that marked the end of Piraeus Bank Cyprus and the start of AstroBank.

4 | GOLD | The Business Magazine of Cyprus

106 | IN GOOD COMPANY

114 | LUNCH WITH H GOLD George Mountis

How IQ Option Europe’s employee development and happiness levels go hand in hand with company growth.

118 | WHAT’S ON GOLD’s guide to the best cultural events of the coming g month.

110 | TIME OFF Travels with Loizos.

122 | A DAY IN THEE LIFE Yangos Hadjiyannis

122

| EDITORIAL |

Celebrating Women

ISSUE 74 MAY 21, 2017 PRICE €2.00

120 PLUS

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WOMEN IN CYPRUS

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

I

n Cyprus in 2017, most people would probably claim to believe in equality between men and women and to support the principle of equal pay for equal work. But while men might be likely to suggest that the situation is already ideal, few women would agree. There can be little doubt that women in Cyprus today are subject to fewer restrictions and prejudices than their mothers and grandmothers were and there is no shortage of examples of successful women in virtually every walk of life and in every profession. Indeed, three years ago, female lawyers surpassed their male counterparts in terms of the number registered with the Cyprus Bar Association for the first time. But we all know the saying about the exception that proves the rule and when someone like Hillary Clinton describes the rights of women and girls as “the unfinished business of the 21st century”, it is clear that our small island is not the only place where 50% of the population is not being treated fairly. For this issue’s cover story, we have drawn up a list of almost 130 women, each of whom has proved to be more than capable in her chosen field, and many of them make the point that, while considerable progress has been made in recent years, much remains to be done before women are allowed the representation that their numbers merit, particularly in positions of power and influence. Nonetheless, we decided to take the advice of Sophie Michaelides, Director of the Press & Information Office, who says (page 50) “Let’s stop nagging about the positions not earned or filled by women and start setting the example for the younger generations by congratulating the individual women who have actually succeeded in their goals. And there are many.” So we do indeed congratulate every one of them and we express the wish that they will be seen as role models by today’s young women who will hopefully have even greater opportunities to make the most of their talents and abilities in the future. This issue of GOLD also features interviews with some interesting men, including the award-winning UK-based Cypriot civil engineer Joseph Maltezos (page 24), the Secretary General of the European Bank for Reconstruction and Development, Enzo Quattrociocche (page 18), Simon Osborne, Chief Executive of the Institute of Chartered Secretaries and Administrators (ICSA) (page 68), Oleksandr Danyliuk, the Minister of Finance of Ukraine (page 60) and the country’s Ambassador to Cyprus, Borys Humeniuk (page 56). John Vickers, I am pleased to point out that this is only the second time that a 124-page issue of GOLD has been published. Thank you for Chief Editor your consistent support. It’s good to know that our efforts are john@imhbusiness.com appreciated. 6 | GOLD | The Business Magazine of Cyprus

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou

EDITOR-IN-CHIEF

John Vickers

JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Michalis Economides, Charalambos Michael, Dimis Michaelides, Constantinos Petrides ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, Marios Kouroufexis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras, Helena Georgiou MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Neofytos Constantinou SALES EXECUTIVE

Erika Phylakti

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

26

ACCOUNTANCY CYPRUS

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BUSINESS BRIEFING

AVIATION Aarhus Charter

Cyprus Airways

Danish travel company Aarhus Charter began Ă…PNO[Z MYVT 7HWOVZ [V +LUTHYR VU 4H` Aarhus Charter celebrates its 20th anniversary this year and, coincidentally, both Aarhus and Paphos are European Capitals of Culture [OPZ `LHY 0UP[PHSS` [OLYL ^PSS IL VUL Ă…PNO[ L]LY` Saturday.

Cyprus Airways has announced that it will Z[HY[ ZJOLK\SLK Ă…PNO[Z [V /LYHRSPVU 9OVKLZ and Tel Aviv in June. It will operate its Airbus A319 aircraft. “We are very excited as we get closer to the start of our operations,â€? said Chief *VTTLYJPHS 6MĂ„JLY 5H[HSPH 7VWV]H

Orion Airways ;OL Ă„YZ[ HPYJYHM[ VM [OL 6YPVU (PY^H`Z Ă…LL[ [V\JOLK KV^U H[ Larnaca International Airport on May 11. The airline announced that it has built a strong team of people experienced in aviation and with “the right culture and work ethic to make the company unique.â€?

Larnaca is Europe’s 3rd fastest growing Airport Larnaca is ranked third in an Airports Council International (ACI) Europe listing of O\IZ ^P[O [OL TVZ[ ZPNUPÄJHU[ NYV^[O PU HPY [YHUZWVY[ K\YPUN [OL ÄYZ[ X\HY[LY VM Larnaca Airport came behind Iceland’s 2LÅH]PR 0U[LYUH[PVUHS HUK <RYHPULZ )VY`ZWPS International (KBP).

TO NEWRUS P CY

LAIKO COSMOS TRADING ANNOUNCES NEW PARTNERSHIPS Laiko Cosmos Trading has announced the launch of its partnership with Bacardi Limited and William Grant & Sons, two of the world’s largest suppliers of alcoholic beverages. The agreement concerns the exclusive distribution and promotion of the brands in the Cypriot market. Bacardi’s portfolio includes more than 200 brands worldwide in all categories including Bacardi, Gray Goose, Bombay Sapphire, Dewar’s, Aberfeldy and Martini’s OPNO WYVÄSL PTHNL HUK ZHSLZ :PTPSHYS` well-known, successful and rapidly growing global brands include the William Grant & :VUZ WVY[MVSPV ^P[O .SLUÄKKPJO .YHU[Z ;OL Balvenie, Hendrick’s, Monkey Shoulder, Tullamore D.E.W. Vassilis Petridis, CEO of Laiko Cosmos Trading Ltd, said: We are very pleased about the two new partnerships and the addition of such powerful brands that will complement and develop the existing portfolio of the company. >L HYL JVUÄKLU[ [OH[ [OLZL strategic partnerships will bring all the new products to our entire network and we are determined to invest in their further development in the Cypriot market.�

AWARDS METROPOLIS MALL FOR LARNACA IN 2018

DESPINA PANAYIOTOU THEODOSIOU

Despina Panayiotou Theodosiou, CEO of Tototheo Group, received the prestigious “Woman of the Decade in Innovation and Leadership� Award at the Annual Women Economic -VY\T >,- PU 5L^ Delhi, India on 8 May. She is President of WISTA Cyprus and Secretary of WISTA International.

ANNA KOUKKIDESPROCOPIOU

Anna KoukkidesProcopiou, President of AIPFE Cyprus-Women of Europe, won the “Iconic Women Creating a Better World for All� Award at the Annual Women Economic Forum (WEF) PU 5L^ +LSOP 0UKPH VU 8 May. She spoke at the Forum on Creating a Better World for our Children.’

8 | GOLD | The Business Magazine of Cyprus

ATLANTICA HOTELS & RESORTS

Atlantica Hotels & 9LZVY[Z ^VU THQVY awards at the Annual ;<0 5VYKPJ (^HYKZ Ceremony which took place at the ;<0 :LUZH[VYP 9LZVY[ Aphrodite Hills by Atlantica in Paphos. The resort itself won four of the awards, while Atlantica Golden beach won three.

Plans are currently in the pipeline to construct a new â‚Ź60million mall close to the GSZ Stadium in Larnaca, which will be unveiled next year. The new MetropolisMall@Larnaca will be located on a 33,000sq.m. plot belonging to the Bishopric of Kition and constructed by Acsion Ltd, a South African property development and management company. The company claims that the new mall promises “to become the shopping and lifestyle destination of choice in Cyprus. With over 100 shops and 1,400 parking bays, it will be home to all the leading international and local fashion brands and the ultimate shopping and leisure destination. With a full retail offering, including a supermarket, major fashion retailers, branded and independent shops, services, cinemas, entertainment, modern restaurants and cafes, kids play areas and free WiFi, it will be Larnaca’s ultimate lifestyle and shopping metropolis! With excellent access, location and visibility, MetropolisMall@Larnaca is well suited to cater for the entire catchment area within a 30km radiusâ€?.

APPOINTMENTS

Queen Mary 2 calls at Limassol Port

IN THE NEWS

T

he Queen Mary 2, one of the largest cruise ships in the world, arrived at DP World Limassol port on April 28 for a one-day transit call. The ocean liner berthed for the day, giving its 2,500 passengers a chance to enjoy sights ashore. Passengers boarded 50 buses from the passenger terminal to visit attractions including Kolossi, Kourion, Paphos, Omodhos, Limassol and Nicosia. Charles Meaby, General Manager, DP World Limassol, said, “It was a privilege to service the Queen Mary 2. DP World’s multi-purpose terminal at Limassol port is well positioned to effectively handle the diverse size and scale of operations that our clients require�.

EBRD ANNUAL MEETING

INVESTME NT

F

ollowing the resignation of Interior Minister Socrates Hasikos for MHTPS` YLHZVUZ 7YLZPKLU[ 5PJVZ Anastasiades appointed Constantinos Petrides, Deputy Minister to the President, as his replacement. Petrides was, in turn, replaced by Vasilis Palmas, while Michalis Sophocleous was made +PYLJ[VY VM [OL 6MĂ„JL VM [OL 7YLZPKLU[

T

he Annual Meeting and Business Forum of the ,\YVWLHU )HUR VM 9LJVUZ[Y\J[PVU HUK +L]LSVWTLU[ ,)9+ ^HZ OLSK PU 5PJVZPH MYVT 4H` 0[ ^HZ [OL Ă„YZ[ HUU\HS JVUMLYLUJL VM HU PU[LYUH[PVUHS Ă„UHUJPHS PUZ[P[\[PVU [V IL OLSK U *`WY\Z ,)9+ 7YLZPKLU[ Suma Chakrabarti described it as “a great opportunity to showcase the wonderful economic recovery which is taking place in Cyprus and the M\[\YL WYVZWLJ[Z š (M[LY H TLL[PUN ^P[O 7YLZPKLU[ 5PJVZ (UHZ[HZPHKLZ OL ZHPK [OH[ [OL Bank “had a really strong start in Cyprus in the last three years with â‚Ź225 million plus VM PU]LZ[TLU[Z PU Ă„UHUJPHS PUZ[P[\[PVUZ :4,Z [OL 3PTHZZVS 7VY[ HUK SV[Z VM KPMMLYLU[ things. We have some more years of good investment ahead of us so we think the prospects are greatâ€?.

POLITICS

N

PAPADOPOULOS AND LILLIKAS TO STAND FOR PRESIDENT

icholas Papadopoulos and Giorgos Lillikas are the first two confirmed candidates for next year’s presidential election, with the Democratic Party leader having secured the support of the Socialist Party EDEK and the Solidarity Movement. All three parties are determined to remove President Nicos Anastasiades from power, claiming that his handling of the Cyprus Problem has led to too many concessions. Citizens’ Alliance chairman Giorgos Lillikas, meanwhile, has also announced his own candidacy, despite the fact that his policies are virtually identical to those of the so-called centre parties. AKEL has yet to choose a candidate and President Anastasiades has not yet confirmed his intention to stand for re-election.

Constantinos Petrides

T

Ioannis Matsis

he European Central Bank has approved the appointment of Ioannis Matsis as Chief Executive 6MÄJLY VM /LSSLUPJ )HUR .YV\W HUK Executive Member of the Bank’s Board of Directors. Matsis was appointed by Hellenic Bank in December 2016 to replace Bert Pijls, who resigned for family reasons.

Maria Stylianou-Lottides

T

he new Ombudsman, Maria Stylianou-Lottides, was sworn PU VU (WYPS 7YLZPKLU[ 5PJVZ Anastasiades said that she had been chosen for her “her personality, morality and sensitivity to the rights and obligations of the public towards the state and the state towards the public.�

₏896,000,000 REVENUES FROM CYPRUS’ SHIP MANAGEMENT INDUSTRY IN 2016, ACCORDING TO DATA RELEASED BY THE CENTRAL BANK OF CYPRUS. CYPRUS IS THE LARGEST THIRD-PARTY SHIP MANAGEMENT CENTRE IN EUROPE

www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

-2% 9$&$1&,(6 )$// ,1 4 The number of job vacancies in Cyprus in the 4th quarter of 2016 was 6% lower than in the same me period in 2015, according to ďŹ gures from the Statistical Service of Cyprus. The number of vacancies es fell from 2,049 to 1,926, which was a massive fall of 61.4% (3,063) on the 3rd quarter ďŹ gure. The job vacancy rate (JVR)* for the 4th quarter of 2016 was 0.6%, while for the previous quarter it was 1.5% and for the 4th quarter of 2015 it was 0.7%.

1,6%

2.000

The largest decrease in job vacancies was in the Mining and Quarrying Sector (-100.0%) while the largest increase was in the Public Administration and Defence, Compulsory Social Security Sector (439.2%). The highest job vacancy rates for the 4th quarter of 2016 were in Professional, ScientiďŹ c and Technical Activities (1.0%) and in Other Service Activities (1.0%).

1.000

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6.000

1,4% 5.000 1,2% 4.000

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0,8%

3.000

0,6% 0,4% 0,2%

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CZECH REP.

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10 | GOLD | The Business Magazine of Cyprus

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According to Eurostat, among the EU Member States, the highest job vacancy rates in the fourth quarter of 2016 were recorded in the Czech Republic (3.0%), Belgium (2.9%), Germany (2.6%) and the United Kingdom (2.5%), and the lowest in Greece (0.3%), Cyprus (0.6%), Spain, Poland and Portugal (all 0.7%) and Bulgaria (0.8%). Compared with a year ago, the job vacancy rate in the fourth quarter of 2016 rose in twenty-three Member States, remained stable in four and fell in Cyprus (-0.1%). The largest increases were registered in Belgium and Croatia (both +0.7%), the Czech Republic (+0.6%), Latvia and Slovenia (both +0.5 %).

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MY WAY

Theodore Loizou

Managing Director, A. Th. Loizou & Son Ltd

HE CITES RICHARD BRANSON AS A BUSINESS LEADER HE ADMIRES AND HE HAS TRIED TO INCORPORATE MANY OF THE VIRGIN GROUP FOUNDER’S BELIEFS AND BUSINESS PRACTICES INTO HIS OWN MANAGEMENT STYLE. AVOIDING COMMON MANAGERIAL TRAPS BY DELEGATING AUTHORITY AND ENABLING OTHERS TO SHOW THEIR ABILITIES, HE HAS GROWN THE FAMILY BUSINESS, GUIDED BY THE PRINCIPLES LEARNT FROM HIS LATE FATHER, SINCE BECOMING MANAGING DIRECTOR MORE THAN A QUARTER OF AS CENTURY AGO.

“M

y management style involves delegating authority as much as possible. I try to give clear directions but not to get involved in executing them. However, I am always available for advice if needed.”

“T

he biggest/ most frequent mistake that managers make is that they overestimate their capabilities. They think they have all the answers!”

“H “T “M he two things that have influenced my leadership style the most are common sense and the belief that people should be given the opportunity to demonstrate their abilities.”

ow do I relax? I enjoy listening to good music or watching a nice film.”

y favourite pastimes are travelling as much as possible and enjoying good food!”

“I “I have been helped throughout the course of my career by my father’s guiding principles: Acting with honesty and daring to take calculated risks.”

am very proud of the fact that, when I took over the family business, we were only five people and now we are 30. I think this is probably my greatest professional achievement. It shows that I must be doing something right!”

12 | GOLD | The Business Magazine of Cyprus

“I

f asked to name one person who has my professional admiration, I would say Richard Branson. In various interviews, he has mentioned the following, in no particular order: ‘Rules were meant to be broken’; ‘I hire people who have my weaknesses’; ‘Personality counts more than CVs’; ‘Many of our services come about because we pay attention to what is not being done well in the market’; ‘Listening is one of the most important skills anyone can have’; ‘Learning and leadership go together’; ‘Enjoy what you do’. I agree with all of the above and I try to practise them.”

“I

spend most of the day at work so the way I manage to achieve a healthy balance between Theodore Loizou life at work and graduated in Electrical & at home is stop Electronic Engineering from 7LIJÁIPH 9RMZIVWMX] ,I EPWS LSPHW thinking about an M.A. in Business Administrawork as much tion. After working for one year with as possible when FEREX S.A., a steel trading company I am at home! I in Antwerp and lecturing in Business prefer to try and Administration at the Higher Technical leave work for Institute in Cyprus, he joined the family the workplace so business as Sales Director in 1977. as not to interFollowing the death of his father in fere with home LI XSSO SZIV EW 1EREKMRK Director of the company, life.” a post he still holds today. www.goldnews.com.cy www goldnews com cy | GOLD | 12

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