ISSUE 71 FEBRUARY 19, 2017
T H E
B U S I N E S S
M A G A Z I N E
C Y P R U S
| COVER STORY |
STILL STIL STI ST S TILL TI TTIL ILL IIL LLLL G GOI GO GOING OING OIN OI O ING IIN NG N G
WEE H W HEAR HE HEA EAR AR RS SO OM MUCH MUC MU UCH CH C H AB A ABOUT BOUT BO B OUT UT ST STAR S STA START-UPS TTAR ART-UP AR RTT-UP -UPS UPS PS P S TTH THES THESE HES H ES EESE SE D DAYS DA DAY AYS AY YS SA AND AN AND, ND D, IIN INDEE INDE IND INDEED, NDEE N DEED, DEED DE ED,, EV ED EVER EEVERY VERY VER RY S SUC SU SUCUCUC U CCESSFUL COMPANY BEGINS SOMEWHERE REMEMBERING CESS CES C CE ESS ESSFU ESSF SSFUL SFU FULL C COMP COM OMPA OM O MPANY MPA PA ANY NY BEGI NY B BE BEG EGINS EGIN GINS IN NS SS SOME SOM SO OMEW MEWH WHE WHER WH HERE ER REE BU BUT BUTT IIT’S IT’ T’S W WORTH WORT WOR WO OR RTTH R REME REM EMEM EM MEM MEMB ME M EEM MBER MB BERIN BER B ER RIN ING NG N G TTHA THAT TH HAT H ATT A SUCC SUC SU S UCCES UCC UC U CC CESS CE SSFU SS S FULL A FFU AND ND N DW WEL WELL WE LL-KN LLL L-KN -KNO KNOW KNO K NOW OWN OW O WN W NN NAM NA AMES A AM MES ME EES S DA DATI D ATING A TTING TI IN NG GB BAC BA AC ACK CK C KM MORE MO ORE OR O RE TTH RE THA HAN H HA AN N 1100 10 00 YEA 00 YYEAR YEARS YEEA EARS ARS RS R S SUCCESSFUL WELL-KNOWN NAMES DATING BACK THAN WERE WER WE W RE ON ONCE ONC NCE CEE ‘S STAR STA TART RTTT-UP -UPS UPS’ U PS’ S’,’, EEVEN S EVEEN N IIFF TTH THAT THA HAT ATT P A PART PA RTICU RTIC TICUL ICUL ICULA ULAR AR TE TERM ERM RM MD DI ID N NOT NO OTT EX EXIST EXIS XIST ISTTT.. ‘START-UPS’, PARTICULAR DID EXIST.
e’ve been looking into the history of some of the best-known and most enduring companies, those which are still flourishing in a totally different environment form the one in which they were founded many decades ago. Many of the oldest firms in Cyprus – those that continue to operate to this day – were founded long before the Department of the Registrar of Companies came into existence, starting out as ‘brand names’. In fact, the first overseas company to be registered (in 1923) was the Cyprus Mines Corporation, while the registration of the first limited liability company (Cyprus Popular Bank Ltd) took place in 1924. The first registered partnership in Cyprus was CHM Theocharides & Co (1929) and the first registered business name was D.A. Angeloudes (also 1929). As you will see on the following pages, at least nine companies that are still in existence came into being in the 19th century, with ETKO leading the way, having been founded in 1844. Indeed, three companies were flourishing even before the arrival of the British in 1878 and all operated well before Cyprus gained its independence in 1960. Our list includes firms that began operating as ‘recently’ as our arbitrary cut-off year of 1932 and they include banks, law firms, wineries, importers and distributors of various consumer goods as well as representatives of many other sectors Several of them are family businesses in which successive generations have taken over and developed the company for a new era (the Lanitis Group, the Tseriotis Group and Chr. P. Mitsides & Co LLC all have 4th-generation family members involved in their current operations) and, naturally, all the companies have evolved and expanded, some changing their name in the process. In business, as in life, it seems that some companies are like fine wines: they get better with age. Here are some of the best in Cyprus.
STRONG! CYPRUS’ CY YPRUS’
OLDEST OL LDEST
COMPANIES CO MPANIES
“Whenever you see a successful business, someone once made a courageous decision.” Peter F. Drucker
18 | 67,//*2,1*67521*
By Artemis Constantinidou & Voula Loizou
&<3586¶2/'(67&203$1,(6 It’s worth remembering that successful and well-known names dating back more than 100 years were once ‘startups’, even if that particular term did not exist. We take a look at some of the best-known and most enduring companies in Cyprus, those which HYLZ[PSSÅV\YPZOPUNPUH[V[HSS`KPMMLYLU[ environment from the one in which they were founded many decades ago.
28 | GOLD | The Business Magazine of Cyprus
www.goldnews.com.cy | GOLD | 29
CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING Economic & Business Highlights of the past month.
12 | MY WAY Demetra Kalogerou’s management style.
14 | FIVE MINUTES WITH…
SPECIAL PROMOTIONAL FEATURES 33 | CAR +
16| THEY SAID WHAT? A selection of the more outrageous Z[H[LTLU[ZTHKLI`W\ISPJÄN\YLZPU Cyprus and abroad over the past month.
FEATURES 30 | REFORM MUST CONTINUE
14 pages of the latest models and related auto services.
Interview with Finance Minister Harris Georgiades.
48 | 2ND WEALTH MANAGEMENT FORUM Report and photos from the “Global Markets Outlook 2017” conference.
77 | Tax Guide 2016
Six leading firms present their tax advisory services.
52| CREATING A BETTER JUSTICE SYSTEM Lawyer Christos Galanos on what is needed if the JV\U[Y`»ZSLNHSZ`Z[LTPZ[VM\UJ[PVULMÄJPLU[S`
55 | ECONOMIC PREDICTIONS
FOR 2017 PwC’s predictions for the global economic themes that could prevail in 2017.
56 | PLAYING FOR KEEPS Katerina Spyrou on her passion for blackball.
58 | IN BUSINESS AWARDS 2016 Photos from the 9th annual award ceremony.
44 64 | CIFA AGM Photos from the Annual General Meeting of the Cyprus Investment Funds Association.
62 | STAYING COMPETITIVE Inte Interview with Alexandros Tsirides.
66 | THE ART OF ECONOMIC
DIPLOMACY Interview with Frances-Galatia Lanitou Williams, newly appointed Head of Economic Diplomacy at the Ministry of Foreign Affairs.
69 | KEY SUPPLY CHAIN RISKS IDENTIFIED Extracts from the latest EY study.
70 | RELEVANT, GLOBAL,
PROFESSIONAL, MODERN AND CARING Simon Culhane, Chief Executive of the Chartered Institute for Securities & Investment (CISI), on the Institute’s 25th anniversary, its aims and ambitions and its growing links with Cyprus. 4 | GOLD | The Business Magazine of Cyprus
73 | CIM SUMMIT: TEN YEARS OF SUCCESS th
Yangos Hadjiyannis looks ahead to the 10 CIM Summit.
74 | INSIGHT, INITIATIVE, INTEGRITY
95 | BUSINESS CLASS Alexis Tsielepis
96 | TIME OFF Come Fly With Me.
ICAEW President Hilary Lindsay on maintaining values in the accounting profession.
100 | LUNCH WITH GOLD Eric Montanios
90 | BOOKSHELF
104 | WHAT’S ON GOLD’s guide to the best cultural events of the coming month.
Six of the latest business titles.
92 | IN GOOD COMPANY How PrimeTel’s people-oriented culture creates a ‘feeling of belonging’ among its employees.
106 | A DAY IN THE LIFE Cleopatra Kitti
RCB Gold & RCB Classic packages to fit your banking style Everyone likes to do things their own way. That is why RCB Bank designed two banking packages to meet all your daily banking needs. RCB Gold - Get the maximum with a monthly fee that under conditions can even be waived · 3 free accounts in different currencies · Free SEPA transfers · 3 free ATM cash withdrawals per month from any other bank in Cyprus · Free debit and credit cards · Free chequebooks
RCB Classic - Pay per product or service · 1 free account in EUR · Free inward transfers · 2 free ATM cash withdrawals per month from any other bank in Cyprus · Free debit card · 1 free chequebook
Terms and conditions apply
RCB Bank Ltd. Private Company. Registration number: 72376. Registered office: 2, Amathountos street, 3105 Limassol, Cyprus.
RCB branches are open Monday to Friday 9am to 5pm www.rcbcy.com
800 00 722
| EDITORIAL |
Oldies But Goodies
ISSUE 71 FEBRUARY 19, 2017 PRICE â‚Ź2.00
STRONG! 5 291295 000577
Some of Cyprusâ€™ most successful companies are over 85 years old
6LPRQ&XOKDQH &KULVWRV*DODQRV )UDQFHV/DQLWRX:LOOLDPV
Harris Georgiades on his 2017 UHIRUPDJHQGD
Maintaining values in the accounting profession
%XVLQHVV%ULHĂ€QJ :KDWÂˇV2Q7LPH2II %RRNV PRUH
PUBLISHED BY IMH ISSN 1986 - 3543
mid all the talk about start-ups these days, itâ€™s worth remembering that successful and well-known names dating back more than 100 years were once â€˜start-upsâ€™ themselves, even if that particular term did not exist. In this issueâ€™s cover story, we take a look at some of the best-known and most enduring companies in Cyprus, which are still flourishing in a totally different environment form the one in which they were founded many decades ago. One only has to look at the old black-and-white postcards of Cyprus produced by Mangoian Bros (still going strong) to realize just how different things were at the start of the 20th century, let alone in the 1800s when several of the featured companies began their long and successful lives. Many of the oldest firms in Cyprus, which continue to operate to this day, were founded long before the Department of the Registrar of Companies came into existence, while several of them are family businesses which successive generations have taken over and developed for a new era. Itâ€™s a fascinating glimpse into the islandâ€™s past and one that underlines the importance of continuity and adaptability in todayâ€™s changing world. The need to ensure that we do not stay in the past is also noted by Finance Minister Harris Georgiades (page 30) who stresses that the country must remain firmly on the path of reform if it is to survive and thrive. This theme is also taken up with regard to the accountancy profession by ICAEW President Hilary Lindsay (page 74) and the legal system by lawyer Christos Galanos (page 52), as well as to the way in which the diplomatic corps promotes Cyprus, as described by Frances-Galatia Lanitou Williams, the newly appointed Head of Economic Diplomacy at the Ministry of Foreign Affairs (page 66). In last monthâ€™s editorial, written ahead of the continuing negotiations and conference on Cyprus in Geneva, I suggested that â€œBy the time you read these words, we should have a better idea about whether this year could be the most important one in the 57-year existence of the Republic of Cyprus.â€? I should probably have known better than to speak too soon. The conference did not progress as hoped, although this has fortunately not derailed the reunification process altogether. The truth, though, is that we are still no closer to knowing what might happen in 2017. Things have not been helped by an increasingly irresponsible House of Representatives, which inexplicably passed a motion for John Vickers, schools to celebrate the 1950 referendum result in favour of Enosis Chief Editor (union with Greece)! Unlike the companies whose longevity we celebrate this month, some things need to stay in the past. firstname.lastname@example.org
6 | GOLD | The Business Magazine of Cyprus
Daphne Roditou Tang MEDIA MANAGER
Antonis Antoniou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Marios Demetriades ART DIRECTION
Anna Theodosiou SENIOR DESIGNER
Alexia Petrou ASSISTANT DESIGNER
Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios SALES MANAGER
Neofytos Constantinou SALES EXECUTIVE
Stavros Epifaniou 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: email@example.com subscriptions: firstname.lastname@example.org www.imhbusiness.com
#INVESTSEEME email@example.com | www.eurofast.eu
Your Regional Business Advisory Organisation
Invest in South East Europe and Middle East
A LARGE, TRAINED, COMPETITIVELY PRICED LABOR FORCE
At about 28 million, Egyptâ€™s labor pool is the largest in the region.
LARGE CONSUMER MARKET
PREFERENTIAL ACCESS TO KEY GLOBAL MARKETS
PROXIMITY TO GLOBAL MARKETS
Most populated country in Africa and the Middle East. 50% of Egyptian are between the age 15-44.
Access to large key markets through various multilateral and bilateral trade agreements with the USA, European, Middle Eastern and African countries.
Key global markets in Europe, the Middle East, Africa and the Indian Subcontinent are all readily accessible from Egypt.
For more information on Eurofast and its service portfolio, please visit www.eurofast.eu.
Cyprus: Cypress Centre 5 Chytron str., Floor 4, P.O. Box 24707 1302 Lefkosia Tel.: +357 22 699 222, Fax.: +357 22 699 004 Egypt: 17th Soliman El-Halaby St., Oraby, Al Azbakeyah Tel.: +202 24155 492, Fax.: +202 24151303
BUSINESS BRIEFING AID
AWARDS BANK OF CYPRUS
Cyprus to Receive €7.3m from EU Solidarity Fund The European Commission has proposed granting Cyprus €7.3m from the EU’s solidarity M\UK[VHSSL]PH[L[OLÄUHUJPHSI\YKLUVM[OLKHTHNLJH\ZLKI`HKYV\NO[[OH[SLK[VMVYLZ[ ÄYLZHUK^H[LYZOVY[HNLZSHZ[Z\TTLY*`WY\ZOHKHZRLKMVYHZZPZ[HUJLMVSSV^PUNHÄYL PU[OL:VSLHZYLNPVU[OH[YLZ\S[LKPU[OLKLH[OVM[^VÄYLÄNO[LYZHUK[OLKLZ[Y\J[PVUVM square kilometres of pine forest. The Commissioner for Regional Policy Corina Cretu said. ¸;VKH`^LHYLTV]PUNMYVT^VYKZ[VHJ[PVU^P[OÄUHUJPHSHZZPZ[HUJL[VOLSWHMMLJ[LKJVTmunities, revitalise economic activity and support reconstruction efforts.” ;OLÄUHUJPHSHZZPZ[HUJLWHJRHNLT\Z[ILHWWYV]LKI`[OL,\YVWLHU7HYSPHTLU[HUK *V\UJPS0U5V]LTILY*`WY\ZYLJLP]LKHÄYZ[KPZI\YZLTLU[VMHPK^VY[OÁ
IN THE NEWS
MARIOS SKANDALIS NAMED 40% of Executives BANKER OF in Cyprus Expect THE YEAR M&A Activity Marios Skandalis, Director of
ccording to EY’s 15th Global Capital Confidence Barometer (CCB), a survey of more than 1,700 executives in 45 countries including Cyprus, more than half (57%) of companies are expecting to actively pursue Mergers and Acquisitions in the next 12 months – the second highest percentage recorded in the Barometer’s seven year history. According to Cyprus’ Barometer results, 40% of executives in Cyprus believe their company will pursue M&A transactions in the short term. While only 17% of local executives believe their growth will come from M&A deals, 62% believe organic growth will bolster earnings. According to Stavros Pantzaris, EY Cyprus Managing Partner, “There is strong reason to believe that the M&A outlook in Cyprus will perform better than expected, driven by regulation changes, increasing foreign investment and assets disposals from over leveraged companies.” 8 | GOLD | The Business Magazine of Cyprus
the Group Compliance Division of the Bank of Cyprus Group, was named Banker of the Year – Cyprus by the internationally-acclaimed Acquisition International magazine earlier this month. “Winning the 2016 Banker of the Year – Cyprus Award is a real honour for me and for the institution I represent, Skandalis said in a statement, adding that, “at the same time it constitutes yet another independent recognition of the colSLJ[P]LLɈVY[VMHSS of my colleagues at the new Bank of Cyprus for transforming the culture of the largest corporation of our country.”
Bank of Cyprus has been named as Best Bank for Private Banking in Cyprus by the international magazine Euromoney for the second consecutive year. In a statement, the Bank notes that the H^HYKJVUÄYTZP[ZZ\JJLZZM\SZ[YH[LN`VMVMMLYPUN bespoke solutions and integrated products and services in the area of wealth management. It is ZPNUPÄJHU[[OH[[OLH^HYKPZ[OLYLZ\S[VMHZ\Y]L` of customers who are asked to evaluate the banking, investment and wealth management services offered to them.
CDBBANK cdbbank (formerly the Cyprus Development Bank) has been honoured as Best Corporate Bank Cyprus 2016 by Capital Finance International magazine. Acting CEO George Spyrides UV[LK[OH[¸;OPZPU[LYUH[PVUHSHJJVSHKLJVUÄYTZ the high level of services offered by the Bank to its local and international clients”. He said [OH[[OLH^HYKYLÅLJ[Z[OLJVU[PU\V\ZLMMVY[ZVM the Bank’s management and personnel to offer specialised and innovative services which fully JV]LY[OLT\S[PMHJL[LKÄUHUJPHSKLWVZP[HUK investment needs of the business community and individual clients.
STELIOS BICOMMUNAL AWARDS easyJet founder Sir Stelios Haji-Ioannou, recently announced that the Stelios Bicommunal Awards will be organised by the Stelios Philanthropic Foundation for the ninth consecutive year. The objective of the awards is to strengthen socio-economic ties between the two communities in Cyprus and to encourage cooperation between Greek Cypriots and Turkish Cypriots. This year, Haji-Ioannou will be offering €10,000 to each of 75 bicommunal teams. Since 2009, some €2.75 million has been awarded with the aim of promoting a lasting peace on the island.
EY EY’s Transaction Advisory Services (TAS) practice has been honoured as Financial Adviser of the Year in Central and Eastern Europe by Mergermarket, an independent mergers and acquisitions intelligence and data provider. The Mergermarket M&A Awards are the most coveted accolades in the deal industry across Europe. EY previously won the award in 2014. EY’s TAS practice was also named Accountancy Firm of the Year in Europe for the sixth time in seven years, having won in 2010, 2012, 2013, 2014 and 2015.
Lanitis Seafront Project
he €150 million Lanitis Seafront Project, comprising three high-rise buildings blocks, the tallest of which will be 37 storeys, has been given the go-ahead. The project includes lux\Y`YLZPKLUJLZVMÄJLZZOVWZHZWHHUKN`THUK[OYLLZ^PTTPUN pools. One third of the project’s 9,000sq.m. of ‘green areas’ will be accessible to the public. It also includes 1,500 parking spaces, of which 900 will be open to the public.
Aristo Developers in Pakistan
Cyprus More Popular Among Men Than Women
risto Developers started the year by attending the largest Real Estate event in Pakistan – the Zameen Property Expo in Karachi – showcasing its property portfolio to a plethora of PU[LYUH[PVUHSPU]LZ[VYZ;OLÄYTWYLZLU[LKP[Z^PKLYHUNLVMPZSHUKwide developments, highlighting Cyprus’ competitive advantages as a property destination, favourable incentives and unique investment programmes. Visitors and potential buyers expressed a keen interest in the government’s Citizenship through Investment scheme.
yprus ranks much better for expatriate men than women, according to the 2016 InterNations Expat Insider survey. While the island comes second out of 57 countries among men (Taiwan tops the list), it is ranked 49th by women and marks the biggest difference between men and women in the survey. It seems men are also happier with their social lives, with 35% completely content with their socializing and leisure activities in Cyprus. while only 14% of women are similarly enthusiastic in this regard. Men and women expatriates in Cyprus also don’t agree at all on the issue of friendliness of local residents towards foreigners. Whereas 58% of male expats are completely happy with this aspect, only 27% of women are of the same opinion. Men even find it easier to make new friends, with 39% completely satisfied in this regard compared to only 20% of women.
University of Cyprus Rises in World Rankings
ver the past 18 months, the University of Cyprus has risen 134 places in the Webometrics rankings of the Top 1,000 universities in the world. It is now in 696th position, up from 830 in 2015 and is the only academic institution in Cyprus to be on the list. An announcement by the university noted that it has a better ranking than Aston University, the University of Massachusetts Boston and Manchester Metropolitan University. Among Greek-language universities, University of Cyprus is ranked seventh, above institutions such as the Athens University of Economics and the University of Macedonia. The Webometrics Ranking of World Universities is an initiative of the Cybermetrics Lab, a research group belonging to the Consejo Superior de Investigaciones Científicas (CSIC), the largest public research body in Spain.
Limassol Del Mar Website
PTHZZVS+LS4HYYLJLU[S`SH\UJOLKP[ZVMÄJPHS^LIZP[L^P[O images and details of the project in the heart of the town’s coastal area. Limassol Del Mar, a world-class seafront development with unobstructed sea views from all apartments, consists of luxury residences with in-house services, concierge, exceptional facilities and a unique high-end shopping and dining plaza. Sales for Phase 1 of the project have already surpassed 50%. For more information: www.limassoldelmar.com
DP WORLD TAKES OVER LIMASSOL PORT TERMINAL
P World has started managing and operating the multi-purpose general cargo terminal in Limassol. The terminal has been renamed as the DP World Limassol and the management team has triggered an action plan to turn the business into a sustainable asset for the Cypriot economy. The terminal’s activities include break-bulk, general cargo, ro-ro, oil & gas, and cruise ship services. In April 2016, DP World and its local partner, G.A.P. Vassilopoulos Group, were awarded a 25-year concession to operate the multi-purpose terminal. The consortium has entered into a concession agreement with the Government of Cyprus.
Charles Meaby, General Manager, DP World Limassol, said: “We are now open for business and the terminal is functioning well. The team at DP World Limassol is working very hard to ensure this period of change goes as smoothly as possible for our customers. We are all dedicated to adding value and giving a better service than ever before. We take pride in our approach and will be talking and listening to our customers to ensure they understand the progressive and incremental changes we are undertaking to make the terminal safer and more user friendly.”
THE ESTIMATED REVENUE FROM TOURISM DURING THE FIRST 11 MONTHS OF 2016, BASED ON A PASSENGER SURVEY AND ISSUED BY STATISTICAL SERVICE OF CYPRUS (CYSTAT). THIS IS AN INCREASE OF 12.3% ON THE CORRESPONDING FIGURE FOR 2015. www.goldnews.com.cy | GOLD | 9
SIR MICHAEL FALLON
n what is believed to be the ÄYZ[L]LYVMÄJPHS]PZP[[V*`WY\Z by a British Secretary of State for Defence, Sir Michael Fallon met with President Nicos Anastasiades and his Cypriot counterpart, Christoforos Fokaides, earlier this month. “I’m here at an important juncture for Cyprus’ communities as negotiations continue towards a solution to the long-standing Cyprus issue. As a guarantor power, the UK will do whatever necessary to secure a settlement,” he said, adding that the UK’s offer to cede nearly half of the territory of the Sovereign Base Areas to a reunited Cyprus remains on the table. “I hope this will make an important contribution towards an eventual deal,” he added. Fallon thanked Cyprus for its “pivotHSYVSL¹PU[OLÄNO[HNHPUZ[0:0:UV[PUN[OH[ British aircraft taking off from Cyprus have conducted more than 1,200 strikes in Iraq and Syria over the past two years.
Election recount ormer Limassol
Mayor Andreas POLITICS Christou and AKEL have finally requested a recount of the votes cast in last December’s election, which Christou lost by a mere nine votes (13,911 compared to Nicos Nicolaides’ 13,920). Nicolaides has already been sworn in as Mayor and immediately after the election Andreas Christou had said that he was not interested in a recount. The argument of those asking for a recount is that there was evidence pointing to a number of ballots for Christou being erroneously marked as invalid.
10 | GOLD | The Business Magazine of Cyprus
The number of saloon car registrations rose in January by 42% to 2,900, mainly due to increased registrations of second-hand vehicles, according to Cystat. The number of used saloons registered in January rose by 69% to 1,638 compared to the same month in 2016. The number of new car registrations rose by 17% to 1,262.
CREDIT CARD USE UP 7% IN JANUARY
he value of credit card transactions by Cypriots increased by 7% to €212.2m in January compared to last year, according to payment processing company JCC. The value of transactions by holders of Cypriot cards in the Turkish held areas of the island and in Turkey last month was €710,101 and €173,716 respectively, JCC said. Holders of Turkish cards spent a total of €1.6m for purchases in the government controlled areas during the same month.
WISTA Cyprus Elects New Board
t its 4th Annual General Meeting last month, WISTA Cyprus, the local branch of the Women’s International Shipping & Trading Association, elected a new Board of Directors as follows:
PRESIDENT: DESPINA PANAYIOTOU THEODOSIOU, Managing Director, Tototheo Group. VICE-PRESIDENT: ANNA VOURGOS, Director, Aphentrica Marine Insurance Brokers Ltd. SECRETARY GENERAL: YVONNE TSANOS, General Manager and Projects Manager, ÖL Shipping Group. TREASURER: TASOULA TSAKANIAS, Financial Controller, Maestro Shipmanagement Ltd. MEMBERS: HELEN JOANNOU CHRYSOSTOMOU, Managing Partner, Maritime Executive Recruiters Consultancy; KOULA LOUCA, Divisional Manager, EMCO; ANNA PITTALIS, Commercial Manager, Intergaz Chartering Ltd. YOUNG BOARD AFFILIATE: GINA PANAYIOTOU, Legal Manager, Intership Navigation Co. Ltd.
INVES TMEN T
New CIPA Campaign
he Cyprus Investment Promotion Agency (CIPA) is launching a major three-month advertising campaign in key markets around the world on two international media platforms. It will include a series of videos promoting Cyprus as an investment destinatoin, which will be screened by Bloomberg TV and CNN in Europe, the USA and Asia. The campaign will also include online promotion on Bloomberg.com, plus advertorials and segments on Cyprus in specialised Bloomberg bulletins and newsletters. An event dedicated to investment opportunities in Cyprus will be organised at Bloomberg’s London headquarters in the spring.
Chairwoman Cyprus Securities & Exchange Commission (CySEC)
SHE CITES HARD WORK AND DEDICATION AS BEING AMONG THE QUALITIES THAT HAVE BROUGHT HER PROFESSIONAL SUCCESS. PERSISTENT AND ASSERTIVE, SHE DESCRIBES HER MANAGEMENT STYLE AS ‘PARTICIPATORY’, WHICH ENTAILS ENABLING AND ENCOURAGING MEMBERS OF HER TEAM TO MAKE A SIGNIFICANT CONTRIBUTION TO ANY PROJECT. SPENDING CREATIVE TIME WITH HER DAUGHTERS HELPS HER MAINTAIN A HEALTHY WORK-LIFE BALANCE.
am not discouraged by failure, I am persistent, and assertive, yet adaptive. I like to see people assuming initiatives and responsibilities, and being prepared to contribute their own ideas and solutions to a project.”
am a hands-on personality and that makes my management style highly participatory. I like to exchange views and ideas with all those involved in a project, so they can have an active part in the decision-making process. This also helps me identify an individual’s strengths, which are not always apparent, and compliment these skills and capabilities with additional training and the overall simplification of current processes.”
ossibly the worst mistake a manager or leader can make is to be non-communicative with his/her team. It is easy to believe that you have to know it all and do it all instead of looking to your team for solutions and innovative ideas.”
am inspired by various individuals I meet who exhibit professionalism and leadership in their field.”
try my best to keep a healthy balance between life at work and at home with the support of my family. I try to spend creative time with my daughters on various activities they like which can broaden their horizons. When possible, I also plan family excursions and outings.”
espite my tight schedule most days, I try to go once a week to the gym and I go jogging on Sundays, something that pleases me and relaxes me.”
12 | GOLD | The Business Magazine of Cyprus
he most important moment of my career so far was definitely my appointment to the position of Chairwoman of the Cyprus Securities and Exchange Commission in 2011 and my reappointment in 2016. It was the ultimate recognition of all my hard work to promote, develop and improve the stock market infrastructure and the Cypriot securities market in general.”
ard work, k, excellent knowlwledge and dedicacaa tion to my goals als have helped me most through-out my career. I’m also a positive and optimistic person and I don’t accept defeat easily.”
Demetra Kalogerou is Chairwoman of the Cyprus Securities and Exchange Commission (CySEC), the public independent supervisory authority responsible for the overall supervision of the securities market in Cyprus. She is also a member of the ÁZIQIQFIV4YFPMG3ZIVWMKLX Committee that supervises EYHMXSVWERHEYHMXÁVQW She has more than 15 years’ experience in XLIÁRERGMEPWIGXSV