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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
5 291295 000577
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ISSUE 51 JUNE 14 - JUly 13, 2015PRICE €4.95
Integrated ICt SolutIonS for your buSIneSS
onestopSolutIonS
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
5 291295 000577
0 0 0 0 1 >
ISSUE 51 JUNE 14 - JULY 13, 2015PRICE €4.95
LEADING COMPANIES IN LIMASSOL
PlusINTERVIEWS, NEWS & OPINIONGeorge AgathangelouAndreas AthinodorouAlexandra Attalides Marios Chiromerides Avgoustinos Constantinides Andrey DashinCostas Galatariotis Klas GierowNicholas Hadjiyiannis Dinos Ioannides Demetra Kalogerou Philippa Kelly Philippos MannarisAndreas Neocleous Marios Panayides Phidias PilidesAnu SaarelaDespina Theodosiou
POWERING THE CYPRUS ECONOMY
PRESENTS
4 | GOLD | The Business Magazine of Cyprus
+LEADING COMPANIES IN LIMASSOL
150150150150150T 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 5 1 J U N E 1 4 - J U L Y 1 3 , 2 0 1 5
C O N T E N T S6 | EDITORIAL
8 | BUSINESS BRIEFINGEconomic & Business Highlights of the past month 12 | MY WAY Andreas Athinodorou’s management style
13 | FIVE MINUTES WITH… Demetra Kalogerou
14 | THEY SAID WHAT?A selection of memorable recent quotes
16 | Putting Provident Funds on the MAPThe Multi-Employer Aon Hewitt Provident Fund
20 | 2018 Is Just Around the CornerPhilippa Kelly on International Financial Reporting Standard IFRS 9
23 | The 11th CFO Management ForumLooking ahead to the conference
24 | Digital is InevitableMTN’s conference on the integration of telecoms with IT
OPINION19 | Ctrl+Alt+DeleteBy Andrey Dashin
22 | Matchmaking for BusinessBy Marios Chiromerides
SPECIAL ADVERTISING SUPPLEMENT53 | 150+ Leading Companies in Limassol98 | Limassol Marina: One Year OnThe groundbreaking waterfront project
100 | Bringing People TogetherNicholas Hadjiyiannis, Chairman of the Cooperative Central Bank
102 | 10 years “By Your Side”Carrefour Cyprus celebrates 10 years in Cyprus
104 | Northern LightsHow the Nordic countries became an economic and social model
106 | Turning the PageThe Cyprus-Kuwait Business Asso-ciation
109 | BOOKSHELFFive of the best new business titles
110 | IN GOOD COMPANYAuditing the life of employees at BAT Cyprus
112 | MY COLLECTIONPhidias Pilides’ classic cars
116 | LUNCH WITH GOLDAlexandra Attalides, Acting Head
in Cyprus
119 | BUSINESS CLASSDespina Panayiotou Theododiou, President of WISTA Cyprus, on her most memorable travel expe-riences
120 | WHAT’S ONGold’s guide to the best cultural events
122 | A DAY IN THE LIFEDinos Ioannides
COVER STORY
29 | 150+ Leading Companies in Limassol
30 | Limassol Calling!Interview with LCCI Chairman
Costas Galatariotis32 | 150+ Leading Companies
in LimassolThe list
SPECIAL OFFERSubscribe today
for just €90 and get an annual subscription
to both Gold & IN Business Call us on
(+357) 22505555
OFFER INCLUDES
FREE ACCESS TO
DIGITAL EDITIONS
112
110
13
116
6 | GOLD | The Business Magazine of Cyprus
| EDITORIAL |
John Vickers,Chief Editor
When Second is First
icosia may be the capital of Cyprus and the seat of government but when it comes to the economy, the residents of the island’s second-largest city have every reason to claim that Limassol is
the real driving force behind the country’s success. International business, shipping and tourism are the country’s three main economic sectors; the first two are almost entirely Limassol-based, while the city earns a major slice of the lucrative tourism market.For our cover story in this issue, we return to a listing that we first compiled in Decem-ber 2013. Then, we presented over 120 Limassol-based companies active in all sectors. Now, we have expanded the list to more than 150, in recognition of the fact that busi-ness in the city has grown, despite the effects of the crisis that affected the whole island more than two years ago. In addition to speaking to Costas Galatariotis, Chairman of the Limassol Chamber of Commerce & Industry, which has played a key role in promoting Limassol for more than half a century, we also asked senior figures from a number of Limassol-based business associations for their views on why their home base continues to deserve its nickname ‘the dynamo of the Cyprus economy’.Last month we introduced our redesigned magazine to you and I am delighted to report that your response has been extremely positive. In fact, we have never received so many e-mails and calls from readers in Cyprus and abroad since we launched Gold in April 2011. Thank you for making the effort to contact us. In addition to our cover story, this month we present a wide variety of interviews and features covering a broad spectrum of topics and sectors from AON Hewitt’s new Provident Fund (page 16), Carrefour Cy-prus’ 10th anniversary (page 102), the newly-formed Cyprus-Kuwait Business Association (page 106) and Nordic cooperation (page 104) to Limassol Marina’s first year (page 98), the future of the Cyprus Cooperative Movement (page 100) and the forthcoming new International Financial Reporting Standard (page 20). In addition, Phidias Pilides, President of the Cyprus Chamber of Commerce & Indus-try, enthuses about his classic car collection (page 112), Andreas Athinodorou, CEO of the Aspen Trust Group, shares his management secrets (page 12), Alexandra Attalides, Acting head of the European Parliament office in Cyprus, chats about politicians and more over lunch (page 116), Despina Panayiotou Theodosiou, President of WISTA Cyprus, talks about her most memorable travel experiences (page 119), and Dinos Io-annides, DHL Country Manager, tells us about life at work and at home in ‘A Day in the Life’ (page 122). Moreover, we have opinion pieces from Andrey Dashin, Founder of ForexTime (page 19) and Marios Chirome-rides, Managing Director of Connecor Investments (page 22) and our guide to what’s on over the next month. Enjoy it!
MANAGING DIRECTOR George Michail
GENERAL MANAGER Daphne Roditou Tang
MEDIA MANAGERElena Leontiou
EDITOR-IN-CHIEF John Vickers
JOURNALISTSKyriakos Demetriou, Effy Pafitis
CONTRIBUTORS TO THIS ISSUE Marios Chiromerides, Andrey Dashin,
Andrew Lumley-Holmes
ART DIRECTION Anna Theodosiou
SENIOR DESIGNERAlexia Petrou
PHOTOGRAPHY Jo Michaelides
MARKETING EXECUTIVE Kevi Chishios
SALES & BUSINESS DEVELOPMENT EXECUTIVE
Stavros EpifaniouADVERTISING EXECUTIVES
Irene Georgiou, Christopher ConstantinouOPERATIONS 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
icosia may be the capital of Cyprus and the seaN
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8 | GOLD | The Business Magazine of Cyprus
SALE OF 2015 EURO COINS The Central Bank of Cyprus (CBC) has announced the sale of Cyprus euro coins minted in 2015. Only
100,000 pieces per denomination have been produced, of which 7,000 pieces have already been used by the CBC in the preparation of equal number of coin sets. The coins on sale are euro circulation coins of all denominations, in uncirculated con-
in rolls and at a nominal amount plus handling (5% on nominal amount), dispatch, insurance charges and
VAT (where applicable).
BANK OF CYPRUS €29 MILLION NET PROFIT IN Q1The Bank of Cyprus Group an-
attributable to the owners for the quarter ending 31 March 2015,
compared to a loss of €337million in the fourth quarter of 2014. On 31 March 2015, gross loans and cus-
tomer deposits totalled €24.1 billion and €13.6 billion respectively, with the L/D ratio improving to 138%,
compared to 141% on 31 December 2014.
G.A.P. VASSILOPOULOS EXPANDS TO BELGIUM
The G.A.P. Vassilopoulos Group is further expanding its reach, having signed a Master Agency agreement to represent Western Union in Bel-gium. The Cyprus-based group is
already responsible for the workings of Western Union – the World-wide leader in International Money trans-fers with a network of over 500,000 points in more than 200 countries
– in Cyprus, the UK, Israel, the Neth-erlands and Luxembourg. G.A.P Vassilopoulos’ business plan for
operations in Belgium provides for the development of a network of 500 associates throughout
the country.
Walking and Talking Peace President Nicos Anastasiades and Turkish-Cypriot leader Mustafa Akinci took a walk through the divided city
-ers met at 11am at the Ledra Street checkpoint and walked to the occupied north of the old city of Nicosia. President Anastasiades spoke of his common vision with Mustafa Akinci to reunite Cyprus, thereby creating the most stable country in the region. “We know that we have a long way ahead of us. We know that we will
have been open for decades,” he said. Akinci later joked: “It is believed that we Greek Cypriots and Turkish Cypriots are very good at eating and drinking together but when it comes to the negotiating table we are not
Vasilikos Storage Terminal InaugurationPresident Anastasiades inaugurat-ed the storage and management terminal for petroleum products at Vasilikos on Friday 29 May. The facility, was designed and constructed by VTTI. VTTV CEO Rob Nijst said that Cy-prus “has a truly advantageous geographic position to become a regional energy hub. With large refineries being built in the Middle East, the market expects more vessels’ traffic moving oil products through the Suez Canal bound for the Mediterranean markets, and such cargoes will need to be re-sized at a conve-nient oil terminal to meet region-al requirements.” The facility currently comprises of 28 tanks with a capacity of 544,000 cubic meters, and offers access to a deep water marine jetty as well as to road tanker loading facilities.
MONEY
BUSINESSBRIEFING
IN THE NEWS
MOTORINGENERGY
CAR Sales Up Car registrations in the
car registrations recorded an
cinM
toa
MOTORING
onat-
www.goldnews.com.cy | GOLD | 9
RETAIL
IRI Hellas Ltd.
tel: +30 210 4294 404 [email protected]
www.register-iri.com
THE MARSHALL ISLANDSCorporate Registry
The leading jurisdiction for:
Property Holdings
President Inaugurates Park Donated by IronFX Global
P resident Nicos An-astasiades recently inaugurated the Grigoris Afxentiou
Public Park, located adja-cent to the IronFX Global Headquarters in Limassol. Donated by IronFX Global as part of its Corporate Social Responsibility initiative, the park was officially opened by the President, the Mayor of Agios Athanasios, Kyria-kos Hadjittofis, the CEO & Chairman of IronFX Global Markos Kashiouris, and Co-Founder & Board Member Petros Economides. Other dignitaries included the Bishop of Amathus and the Commander of the Na-tional Guard.
FXTM Launches Russian Website
L eading forex bro-kerage firm Forex-Time (FXTM) has announced the
launch of its Russian-lan-guage website. This devel-opment is a result of “high demand” from Russian investors, FXTM repre-sentatives have revealed, and follows the addition of the Thai, Malay and Urdu languages to the site.Having established a glob-al presence in European, Asian and Middle Eastern regions, FXTM has reaf-firmed its commitment to make its website available in as many languages as possible.
FOREX
CYPRIOT COMPANIES WIN EUROPEAN BUSINESS AWARDS
Green Dot Public Co. Ltd and Remedica Ltd were awarded the Ruban D’Honneur at this year’s European Business Awards sponsored by RSM, at a ceremony at London’s Hilton Park Lane Hotel in May. The awards recognize and reward entrepreneur-
ship, good practices and innovation across Europe. About 24,000 companies from 33 countries participated in this year’s competition, surpassing the number of last year’s
The winners for each of the 11 categories of awards were announced at the Ceremony. Two Cypriot companies were
The title is awarded to the ten best companies from all over Europe in each category. Green Dot Public Co Ltd won the Ruban d’Honneur in the Environmental & Corporate Sustainability category, while Remedica Ltd’s award was in the Import/Export category.
BUSINESS
FOREX
TOMMY HILFIGER at Kings Avenue Mall
A new Tommy Hilfiger store has opened at the Kings Avenue Mall in Paphos, making it the third in Cyprus and the latest addition to a growing portfolio of Tommy Hilfiger locations worldwide.
The store is operated by Stazo Trading Ltd.. The Kings Avenue Mall store showcases the latest Spring/Summer 2015 Tommy Hilfiger collec-tions, in a new store design concept that high-lights men’s sportswear, women’s sportswear, and accessories in dedicated areas that celebrate the unique vibe of each category.
10 | GOLD | The Business Magazine of Cyprus
Aphrodite Hills has been honoured by the World Luxury
Spa Awards which recently named it
Best Luxury Resort Spa in Cyprus. The awards are
presented to luxury -
ent categories on a country and global basis. Meanwhile, the Aphrodite Hills Golf & Spa Resort Residences have
received a TripAdvi-
Excellence award.
Qatar
Since 3 June, Qatar Airways has operated a daily
direct service from Larnaca to Doha to help meet demand for both leisure and
business travel.
Doha-Larnaca route will be operated with Airbus A320, featur-ing a two-class con-
up to 12 seats in Business Class and up to 132
seats in Economy Class.
The Classic Hotel, was recently awarded
a 2015 Trip Advisor -
lence and recognised as a Top Performing Hotel for the fourth consecutive year
by the world’s larg-est travel site. The
of Excellence Award recognises establish-ments that consis-
tently earn great Trip Advisor reviews from travellers and achieve
to deliver excellent hospitality services to
customers.
Beaches Cyprus’ beaches have been named the cleanest in Eu-rope for the 10th consecutive year, with a total of 57
local coastal areas receiving Blue Flag
year. In addition, many more beaches
were declared to be excellent swim-ming spots by the
Foundation for Envi-ronmental Education (FEE). After Cyprus
came Greece, Croa-tia, Germany and
Malta.
The number of tour-ist arrivals rose by
quarter of 2015, a further indication of the successful sum-
mer season that industry
experts have pre-dicted. In April 2015
alone there was an 11.3% increase year-on-year, with visitors numbers
reaching 201,495. The data is based on the results of
the Service’s most recent Passenger
Survey.
Licence Three airlines – Co-balt Air, Tous Air and Orion – have applied to the Civil Aviation Department for an
operating licence in Cyprus. Transport
Minister Marios Demetriades has
expressed the hope that, if licensed, the airlines will employ
local personnel, and noted that Cyprus’ connectivity with
destinations in Eu-rope will improve
with the addition of more airlines.
TRAVEL &TOURISMTRAVEL &TOURISM
NEW PRODUCT
BUSINESSBRIEFING
PEOPLE
T he Nicosia-based corporate and trustee ser-vice group, Bi-zserve Consult-
ants, has appointed Antigone
Head of Corporate and Legal
year, specializes in corporate, commercial and European law and she has a broad academic knowledge and practice in banking law. Prior to becoming an associate of
worked for two of the biggest
extensive professional experi-ence. She has been a member of the Cyprus Bar Association since 2011. She received her LLB Law with Honours from the University of Bedfordshire and an LLM in European Law (commercial) from the Univer-sity of Leicester.
KEO Launches Cyprus’ First Light Beer
www.goldnews.com.cy | GOLD | 11
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The Cooperative Central Bank has set up a real estate website which will serve as its main portal for information on issues regarding its property
portfolio. The Bank says that the website was created with a view to promoting the sale of property in the Bank`s and the Cooperative Credit Institutions` portfo-lio as well as real estate for which assisted sale is being implemented. The website
currently accommodates 43 properties worth approximately €33 million.A description, photos and other infor-mation about each property is provide on the website, which also provides a search function based on three criteria (district, type of property, target sale price). Properties will be made available through an open bidding procedure and bids must be submitted in writing. Those interested can visit www.ccb.coop.com.cy or www.realestate.coop.com.cy
Real Estate
Central Bank
The ‘Arachnobeea’ project from Cyprus has won the NASA International Space
Apps Challenge in the Best Mission Concept. The proj-ect was the runner-up in the Space Apps Challenge Limas-sol 2015. Arachnobeea, a ‘quadcopter drone’ resembling a spider and a bee and designed to fetch items for astronauts, was selected by a NASA judging committee as one of the six global winners from more than
950 projects from 135 loca-tions worldwide. The Cypriot team won the international competition in the ‘Best Mis-sion Concept’ category.Team Leader Aleksandar Bozic said that they were very proud to be among the top six in the
-egory. He did not rule out the
possibility that NASA might use some parts of the Cypriot project on the International Space Station. The team, which will be invited by NASA to watch the launch of a re-supply ship to the International Space Station in September, is made up of members from Cyprus, Ukraine, Serbia and Armenia.
Cyprus Team Wins NASA Space Apps Challenge
INNOVATION
REAL ESTATE
€798,907