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| EDITORIAL |

Oldies But Goodies

ISSUE 71 FEBRUARY 19, 2017 PRICE â‚Ź2.00

STILL GOING

STRONG! 5 291295 000577

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Some of Cyprus’ most successful companies are over 85 years old

INTERVIEWS

ECONOMY

ICAEW

PLUS

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Harris Georgiades on his 2017 UHIRUPDJHQGD

Maintaining values in the accounting profession

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PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

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mid all the talk about start-ups these days, it’s worth remembering that successful and well-known names dating back more than 100 years were once ‘start-ups’ themselves, even if that particular term did not exist. In this issue’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. It’s a fascinating glimpse into the island’s past and one that underlines the importance of continuity and adaptability in today’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 month’s editorial, written ahead of the continuing negotiations and conference on Cyprus in Geneva, I suggested that “By 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.� 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. john@imhbusiness.com

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: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

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