Gold ISSU

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the international investment, finance & professional services magazine of cyprus

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ISSUE 20 novEmbEr 2012PrICE €6.95

PowErEd by:

CIPA International Investment Awards

Celebrating foreign investment in Cyprus

EnTrEPrEnEUrSHIPnew Ecosystem Study for Cyprus

PlUS: monEy / bUSInESSEConomyTAX & lEGAllIFESTylE / oPInIon

nordIC CooPErATIonThat’s whatFriends Are For

InTErvIEwSlUIS mIGUEl bElEzAolIvIEr JAnkovECkISHorE rAJvAnSHy

+ GEoFF bArnES, mICHAEl IzzA, PETEr TwIGG

8 Gold the international investment, finance & professional services magazine of cyprus

10 1218

issue 20 november

2012

FEATURE

Don’T TAkE Things FoR gRAnTEDby markos Kyprianou 40

ThE EnD oF ThE innocEncE by andrew Demetriou 42

ThE MUlTipliER EFFEcTby constantinos charalambous 56

Don’T cUT ThE MUsclE, cUT ThE FAT insTEADBy andrie neocleous 66

ThE gREATEsT DEsTinATion in ThE UnivERsEby peter economides 90

gRAsping ThE oppoRTUniTy To DRivE Jobs AnD gRowThpRoFEssionAl sERvicEs in cypRUs 34

+ opinion

22 | lEgAl AiD To ThE EconoMy oF cypRUsFour leading lawyers explain how new and proposed legislation will enhance Cyprus’ reputation as an international professional services centre.

28 | whERE’s ThE DilEMMA?Interview with Dr. Luis Miguel Beleza, former Minister of Finance and Governor of the Central Bank of Portugal.

32 | TEn noT FoURGeoff Barnes, CEO and President of Baker Tilly International, on the problems facing the accounting profession and more.

36 | ThE FUTURE is noT whAT iT UsED To bEPeter Twigg doesn’t have a crystal ball but he thinks he knows a great deal about things to come.

44 | ThAT’s whAT FRiEnDs ARE FoRThe Ambassadors to Cyprus of three Nordic nations discuss cooperation, the global financial crisis and the future of the euro.

48 | cliMbing To ThE TopA new study makes the case that nurturing the entrepreneurial ecosystem in Cyprus will also foster organic growth in the next two to five years and beyond.

EDiToRiAlUp FRonTFivE MinUTEs wiTh…

68 {money}

72 {business}

76 {economy}

82 {tax&legal}

84 {lifestyle}

52

54Financial services professionals and foreign investors remain positive about Cyprus

keeping theCIPA International Investment Awards

Celebrating foreign investment in Cyprus

20REcognising FoREign coMpAniEs ThAT hAvE conTRibUTED To ThE cypRUs EconoMy

22

52 | gREEn oilA clean and ethical way of powering the world.

54 | MUch ADo AboUT noThing?The experts say that Cyprus has achieved the correct balance between bank confidentiality and the authorities’ need to combat crime.

58 | wElcoME To AiRpoRT ciTyOlivier Jankovec, Director-General of ACI Europe, on the changing face of Europe’s airports.

62 | nEw MAn AT ThE hElMAndreas Demetriou is the new Managing Partner of Ernst & Young Cyprus.44

{November 2012}

72 Master of the FleetKishore Rajvanshy, Managing Director of Fleet Management Ltd., on the problems facing the global shipping industry.

74 Ship Financing S.O.S.While the demand for ship finance is strong, banks are no longer willing to is-sue loans.

76 Impact investing An emerging asset class.

79 PwC Global Revenues Rise to US$31.5 billionRevenue growth in Europe despite eco-nomic uncertainty

80 Slipping and SlidingCyprus falls 11 places in the Global Com-petitiveness Index

ISSUe

2074

the international investment, finance & professional services of cyprus Gold 67

68 Onwards and UpwardsCan anything stop the price of gold from rising further?

82 New fast track procedure for granting immigration permits By Boris Lazic

83 Registering Intellectual Property Rights in CyprusNew tax incentives were recently introduced to attract the registration of Intellectual Property (IP) rights in Cyprus.

84 {lifestyle}84 An epic OdysseyInvesting in books.

88 Liquid Thinking comes to CyprusDamian Hughes comes to Cyprus.

MONeY: The Clash of the Cultures: Investment vs. Speculation By John C. Bogle 70

BUSINeSS: The Future of Private Equity: Beyond the Mega Buyout By Mark Bishop 75

eCONOMY: The Price of Civilization: Economics and Ethics After the Fall By Jeffrey Sachs 81

LIFeSTYLe: Sweet Tooth By Ian McEwan 87

+ BOOk RevIew

72 {business}

82 {tax&legal}

76 {economy}68 {money}

Ship Financing S.O.S.