Successful Busines 7

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-Cyprus-Russian Successful Business magazine 7 - 2012

www.cyprusrussianbusiness.com

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ExEcutivE summariEs

This is a special section for businessmen who do not speak Russian. At the end of the magazine there are summaries (in English) of all major articles of the issue.

. . . . . . . . .

6

, 7 (- 2012)

II 2012 2011 3,88

, , , -

: , , . !

, -

Panayiotis Loizides Secretary General,

Cyprus Chamber of Commerce and Industry

Soulis MalecosEx-Chairman,

National Associations Council / EACA

Director, Grandad Ltd

-, Grandad Ltd

Loucas LoucaMinister of Justice, Republic of Cyprus

E

D

I L

H

L

A

M

, (DEFA)

Costas Ioannou President,

DEFA

A

CIPA,-

Christodoulos Angastiniotis President, CIPA,

Vice-president, CCCI

Contributors

C

,Hellenic Bank

Antonis CharitouManager, International

Department, Hellenic Bank

, -

Evgenios Evgeniou President,

Cyprus-Russian Business

Association

-2,3%

C

, , Deloitte (Cyprus)

Christis ChristoforouPartner,

Chief Executive Officer,Deloitte (Cyprus)

Boris Humeniuk Ambassador

of Ukraine in Cyprus

,-

Philokypros AndreouPresident,

Limassol Chamber of Commerce and Industry

,PwC Cyprus

Stelios ConstantinouPartner,

PwC Cyprus ,

Panicos DemetriadesGovernor,

Central Bank of Cyprus


-


, 7 (- 2012)ontributors

, -

Phidias PilidesPresident, Cyprus Chamber of Commerce and Industry

,

Alekos OrountiotisChairman,

Cyprus Tourism Organization

Vyacheslav ShumskyAmbassador

of the Russian Federation in Cyprus

, Alpha Bank Cyprus

Costas Stylianou Head of International Division,

Alpha Bank Cyprus

Christodoulos VassiliadesAdvocate,

Managing Partner, Christodolous

G. Vassiliades & Co LLC

, ,Christodolous G. Vassiliades & Co LLC

(1988-1993)

George VassiliouFormer President of the

Republic of Cyprus

A-Z

- 2012

- 2012

, , Andreas Neocleous & Co LLC

Andreas NeocleousAdvocate, Founder and President of the Board,

Andreas Neocleous & Co LLC

S S

S

V V

Roman Starikovich Honorary Consul of

Kazakhstan in Cyprus

SS

P P

S

P

ON

,-

Antis Nathanael director,

Cyprus Russian Business Association

NN

,

Yuri PianykhPresident,

Association of Russian businessmen in Cyprus

, Ernst & Young Cyprus

Neophytos Neophytou Partner, Head of Tax

Ernst & Young Cyprus

Antonis PaschalidesEx-minister of Commerce,

Industry and Tourism, Senior Lawyer,

Antonis Paschalides & Co LLC

- , , , Antonis Paschalides & Co LLC

1,5 1,9

Igor ShlykovAnalyst,

Successful Business Magazine

, Piraeus Bank ()

Symeon Symeou Head International

Banking Department,Piraeus Bank (Cyprus)


, 7 (- 2012)

Successful Business MagazineIssue 7, October-December 2012.

Editorial Board: Natalia Kardash, Andrey Korneev, Igor Nossonov, Andrey Pavelko.

Project Coordinator: Julia Basharina ([email protected])

Contributors: Daria Pisareva, Maria Vetrova, Igor Shlykov, Julia Avanesova, Anna Voronina, Dmitry Lazarev, Andrianne Philippou.

Printers: CASSOULIDES MASTERPRINTERS.

Circulation: 3,000 copies.

Distribution: free at business forums, conferences, seminars. 1100 selected recipients (in Cyprus and Russia) mailing list.

Subscriptions 2013 four issues 40 euro (delivered by courier service) or 20 euro (mailed).

Website: www.cyprusrussianbusiness.com

A note to readers: the views expressed are the authors' and not necessarily those of SUCCESSFUL BUSINESS Magazine. Authors may have consulting or other business relationships with the companies they discuss.

Copyright: no part of this publication may be reproduced or transmitted in any form or by any means without prior permission of VESTNIK KIPRA or N. G. Cyprus Advertiser Ltd.

7, - 2012

: .., . ., .., ..

: ([email protected])

: , , , , , , .

: CASSOULIDES MASTERPRINTERS

: 3000

: -, , , 1100 ( ).

2013 40 ( ) 20 ( ).

-: www.cyprusrussianbusiness.com

: , , . .

: , , .

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General Manager and Editor-in-Chief: Natalia Kardash ([email protected].)

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Te.: (+357) 25 590530

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Our Team

Successful Business



1984

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, 7 (- 2012)

. , . - , .

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-, : , . , - -. , , , . - Bank of Cyprus Cyprus Popular Bank 40%.

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, 7 (- 2012) |

- . , , .

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- Fitch Ratings - - Cyprus Popular Bank () f - 1,8 . - , - 84% .

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- Zenon - - -. 800 .

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4

, Bank of Cyprus, Cyprus

Popular Bank Hellenic Bank 159 , - () .

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, 7 (- 2012)

2

-- . 12 14 - -. - , - . - , , - .

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- - 2 . 8%, - 2012 .

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|

2 260%


|

QuARTERly ACCOunTs Of GEnERAl GOvERnmEnT, 2012 (2012 )

( )

( )

Capital transfers

(9)

Other current

transfers(8)

Social transfers

(7)

Interest paid(6)

Subsidies(5)

Other taxes on

production(4)

Compensation of employees

(3)

Capital formation

(2)

Intermediateconsumption

(1)

190429,2106,8583,6176,836,50,1672,698,9199,5I 2012

1910,314,9112,3698,898,910,40,1669103202,9II 2012

3814,344,1219,11282,4275,746,90,21341,6201,9402,4 2012

Capital transfers

(16)

Other current

transfers(15)

Social contributions

(14)

Current taxes on income,

wealth, etc (13)

Property income

(12)

Taxes on production and

Imports Market output

(10)

of which V.A.T.

Total (11)

1756,01,743,9426,3540,331,6342,2602,7109,5I 2012

1500,91,349396,3308,415,1359,5620,7110,1II 2012

3256,93,092,9822,6848,746,7701,71223,4219,6 2012

Explanation notes on table headings(1) Intermediate consumption: the value of the goods and services consumed as inputs, e.g. operational office expenses, maintenance, lighting, etc.(2) Capital formation: acquisitions of fixed assets e.g. land, buildings, roads, bridges, machinery etc.(3) Compensation of employees: the total remuneration of employees. It pertains to wages and salaries and employers social contributions.(4) Other taxes on production: all taxes that incur as a result of engaging in production, e.g. VAT, taxes on international transactions, taxes on pollution, etc.(5) subsidies: current unrequited payments by general government to resident producers.(6) Interest paid: amounts paid as interest on loans.(7) social transfers: transfers to households intended to relieve them from the financial burden, e.g. old-age pensions, unemployment benefits, etc.(8) Other current transfers: transfers to organizations to cover operational costs, transfers to international organizations.(9) Capital transfers: transfers in cash or in kind to organizations for the acquisition of fixed assets.

Explanation notes on table headings(10) market output: revenue from the provision of goods and services.(11) Taxes on production and imports: VAT, import duties, excise duties, stamp duties, taxes on lottery & betting, e.t.c.(12) Property income: income related to interest, dividends, etc.(13) Current taxes on Income, wealth, etc.: income taxes, capital taxes, vehicles circulation taxes, taxes on holding gains, taxes on winnings from lottery or gambling, etc.(15) Other current transfers: contributions from international and local organizations.(16) Capital transfers: transfers in cash or in kind for the acquisition of fixed assets.

, , , . , , , . , . , .

2011 20120

300

400

200

500

315,8

409,4

- ( )

30 864

1 840

2011 .

2011 .



15 35513 53011 44614 1297 2117 879

12 78510 69314 98516 7458 4276 104

562303511425301170

79 27880 14553 67124 8564 2533 446

3 0502 4332 2962 0991 7641 205

3 4143 2294 6035 9571 522473

141 782127 747113 28970 86420 82716 040

4 8793 4924 1453 281678982

14 05611 0508 2913 6951 0371 076

18 40519 40416 85610 472503708

20122011201072 461,872 843,363 959,3

44 259,945 877,742 145,4

6 425,65 104,23 146,4

21 776,221 861,518 667,5

70 306,463 833,659 871,7

52 218,350 338,947 430,1

4 261,53 415,63 012,7

13 826,610 079,09 428,9

2012 (. .) ( )

(2005=100%)

(1997-2012 ) (. .)

2008 2012 ( )

I II III IV

1

3

-3

2

-4

4

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5

-1

5

0,6

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3,4

2

2,22,1

0,7

1,6 1,5

-0,3-0,8

-0,5

-1,5

-2,3

2008

2009

2010

2011

2012

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

75

80

85

9095

100

105

110

11519

97

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

100

130

160

190220

250

280

310

340

. 2

.

2009 2010 2011 2012

104

108

112

116

120

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

200

220

240

260280

300

320

340

360

%

80 145 2012 .

.


, 7 (- 2012)

:

- . . , , - ? : . , - , , , . , , - , - , - .

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, - .

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. , Bank of Cyprus Cyprus Popular Bank - . , - - (private sector involvement, PSI) . - . PSI , , - PSI.

, PSI, , , , 80%. - 5 . , 4 , . - 2012 : . , - .

, , , - . , . - , , , , , , - .

, . - . , , -

. , , Cyprus Popular Bank. 1 . - , .

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Cyprus Popular Bank 48%

Cyprus Popular Bank I 2012 150



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( ) Bank of Cyprus I 2012 40% 360

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.

.

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|

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2011 25%87,2%


, 7 (- 2012)

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, , - . . - Bank for International Settlements, 2008 .

13. -

. , . , - 60 . , - - - . , IT- , - , . , , .

14.

. . -, . -, . , , , , - .

,

.

|



346 7 2012 (- 2012) 13,5%

Eurostat, II 2012 0,2% 0,5%, II 2011 .

27- II

2012 0,1%, 0,3%.

2012 0,6%.

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14,9 , Eurostat. 17- , , 2012 - 8%, 2%.

( )

, (% )

.

-3.22 1921,169II 12

-0.32 1924,39I 12

-6.68 1924,71IV 11

1.371931,391III 11

4.74 1930,019II 11

11.96 1925,284I 11

6.54 1913,32IV 10

7.15 1906,779III 10

19.35 1899,63II 10

9.58 1880,28I 10

7.45 1870,703IV 09

6.81 1863,249III 09

-5.41 1856,44II 09

-53.89 1861,85I 09

-33.71 1915,745IV 08

-11.2 1949,456III 08

-7.54 1960,656II 08

10.11 1968,197I 08

8.52 1958,091IV 07

12.16 1949,574III 07

09-11 09-1111-11 11-1101-12 01-1203-12 03-1205-12 05-12

86,1 -2,0

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0,2

0,5

-0,3

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0,6

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87,9

89,990,6

92,8

94,494,4

93,493,393,7

94,895

07-1286 -2

87,8 -1,4

89,6 -0,8

93,2 0,4

95 1

91,4 -0,2

:


, 7 (- 2012)

, % , %

( )

09-11 09-11

09-11

11-11 11-11

11-11

01-12 01-12

01-12

03-12 03-12

03-12

05-12 05-12

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2,7

2,6

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2,6

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10,6

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2,4 2,4

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2,64 10,8

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2,88 11,6

14

3 12

20

2,76 11,2

8

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III 2008 262 203 20,5%

|

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06.09.12-3 -0,8 - - 360,3185II 12

06.09.12-0,7 -0,2 - - 10752,265II 12

06.09.123,4 1,3 - - 945,2157II 12

14.09.122,6 - 0,4 - %- 12

04.09.121,8 - 0,4 0,5 %121 12

14.06.122 -9,6 - -10,9 %102I 12

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31.08.12- - 0 - %11,3 12

06.09.12--0-%0,7506.09.12

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05.09.12- - - -0,4 47,2 12 PMI

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16.07.120,2 - 5 7,12 150,706 12

16.07.125,6 - 7 10,31 157,628 12

17.08.12- - - 2,4 12,7 12

17.08.12- - - 18,9 15,7 12

17.08.12- - - 7,8 14,9 12

23.05.12- - 2 2,1 %109,36 12

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30.08.12- - - -3,1 -24,6 12

30.08.12- - - -0,2 -15,3 12

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2 140 - 2012 620,7


, 7 (- 2012)

Alpha Bank, Cyprus

1% Hellenic Bank I 2012

2010 , . , . , . - - , , . 2012 , .

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, . , , - . - -

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,

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Cyprus Popular Bank I 2012

Bank of Cyprus I 2012

Hellenic BankCyprus Popular BankBank of Cyprus

I

2011

I

2012

I

2011

I

2012

I

2011

I

2012

43,285,6577451737688

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, 7 (- 2012)

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, 7 (- 2012)

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.2011

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, 7 (- 2012)

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, 7 (- 2012)

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, 7 (- 2012)

12

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, 7 (- 2012)

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5 2,5 2012 2011-2012

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, 7 (- 2012)

. , - , - .

F- - . , , . - .

, . , , . - .

. , , - - .

, , -. 50-60% . -: . , , , F , - -. 12- . . , -.

-

(2008)

2011

67 722 36 264

BMW 7 Series



, , .. - , , -, , ABS, , - . - , . 1,7 , 4,9 . , (D-) 1,7-1,8 , 4,4-4,6 .

- - : Renault, Nissan Hyundai. Renault Latitude, Nissan Teana, Hyundai Sonata .

BmW 7-sERIEs 2013 2013

, . BMW 7 - , 1200- - , - 9,2- . , , - -, M550dxDrive. -, 6,4 100 . - 250 /.

: , .

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AuDI A8

. -

BMW 7 100

6,4 4,9

Audi A8

Volkswagen Phaeton

. , . . . , - , .

: , , .

: , .


, 7 (- 2012)

BmW 5-

7- . , BMW . 2,5- - . 5- , Gran Turismo -, .

: .

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13 006 7 635

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: , , - .

: , , .

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2006 . - , -, . , . 2,5 S80 , - 6 304 . . - .

BMW 5 Series

Volvo XC70 Inifiniti-M



Mercedes-Benz CLS 100 /

2012 6,1 879

: , , .

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, 277-- ( Toyota) , , . - ES GS - , , - .

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(.)

171 425178 6021991

260 026267 5892000

270 348280 0692001

277 554287 6222002

291 645302 5012003

324 212335 6342004

344 953355 1342005

363 383372 9452006

400 432410 9362007

432 702443 5172008

450 182460 5042009

453 432462 6522010

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Audi A6

Lexus ES

2003

2002

2004

2007

2005

2006

2008

2009

2010

2011

40

60

80

20

40 367

40 362

54 037

48 71248 387

64 405

67 772

50 29144 025

36 261


, 7 (- 2012)

mERCEDEs-BEnz Cls -

F800, , E-. , - . - 6,1 100 /, AMG CLS 4,4 .

: , , , .

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: 10 5 . , . : . - 167- 2,4 2,5- - 181 . ., .

: , - , -, .

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: , , .

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Mercedes-Benz CLS Toyota Camry

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862 000 67,4%

. , - . ? -? , - ? , ?

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, 7 (- 2012)

, , -, , . , . 5000 , , , . , .

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, - . -

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XIX XX . , 1860-1870- -, . , .

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. - . -, , , .

-

. - , - . . , - (XVIII ).

-. , . . ,

Mastserve is a Cyprus based company dealing with mainly fiduciary services with focus on:

legaltax structuresaccountingliquidation

company formationprovision of company administrationfiduciary and trust servicessecretarial

Why Mastserve?Our personalized approach, professionalism and knowledge of international business, set us apart from the competition. Our small but dynamic firm offers highly personalized services and for this reason we enjoy very close relationships with each and every client of ours.

For more information you may contact our Managing Director Maria Elia at [email protected], also you may visit our website at www.mastserve.com


, 7 (- 2012)

15 1956

-: KEO, ETKO, SODAP LOEL. , , .

1970- - - . - , .

80- - . , , . , (vinifera). -, , , , , , , . - , ; . 1990 , , -

, - 15- , .

, - , - 1956 . , . , , , , . - 20 , .

1980- 1990-

, , , , , , - . , - . , .

, 100 - , , , . - .


, 7 (- 2012)

20 1 4 /

- . . , , - . - 15%, . , - , , - , .

, - . , -

, Kyprion Nama. , 20 , .

, , . - - , 25% . , - , , .

-

, , , . , -

, 25%

. , .


, 7 (- 2012)

, . , , , . , ,

. , .

. - . - , .

, -, , .

,

- . , - , . , , - .

- : , -, , , , , . , . , 10-15% , .

, , ,

, .

,

, - . , -. , - ( 50 . ) (50-100 . ). .

: , . , - , - , , .

. / . , , ! , .

100 6-9



1

11% 2000

, , laurus services limited

, , Eltoma Corporate services

,

, v.ships ltd

, ,

kanika Developments

, , Ernst & young

, ,

Xynisteri 2010 & 2011 (Zambartas Wineries)

Maratheftiko 2008 & 2010 (Zambartas Wineries)

, , Five Kings, Xynisteri

: , , , , , , ( , Maratheftiko), : 2009 , , , , Decanter, 90

Ktima Keo Chardonnay (Keo)

Cabernet Savignion (Keo)

Five Kings

: , , - , ...

Petrites (Kyperounda Winery)

Domaine Zambartas Maratheftiko (Ayios Amvrosios)

Rose (Tsiakkas)

Cabernet Sauvignon (Kyperounda Winery)

: , ,

Petritis (Kyperounda Winery)

: , , , . . , .

Leonardo (Fikardos)

Alina (Vouni Panayia)

Red Zivania Dry (Kykkos Monastery), Keo

:

, ,

1

1

1

1

1

1

1

2

2

2

2

2

3

3

33

2

3


, 7 (- 2012)

? 24 , -

20 . , - (. - 25 817312). , . , , , , , , 31 - .

?

-, - . , -, .

, . . , , . .

:

1 34

15 3



71

.

205 855 .

, - , -, : ( ), ( ), -, ( ).

kOuRIs DAm

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, . , .

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, - , . - , - . .

, , . , , , -. , , . : , , , . , , -, , .

. - , . , . , . , : , .

, , , , , , , , . , . , -, . : (Pano Lefkara) - Lefkara Dam. .

, , , , - , . !

, 15 10


PAfOs APHRODITE7-9 XIV Pafos Aphrodite.

- . . , . .

, Vassos Shiarly, Minister of Finance

, , , Androulla Vassiliou, Commissioner, Savvas Vergas, Mayor of Paphos

, Photis Photiou with his spouse, DIKO

, Yiannakis Omirou, President, Parliament of Cyprus

, Marios Garoyian with his spouse, President, DIKO

- , , - .

- , .

- www.cyprusrussianbusiness.com - - , , .

, 7 (- 2012)



4 Hilton Park ,

(24 ).

- .

, ()

Boris Humeniuk, Ambassador of Ukraine in Cyprus (left)

, Vyacheslav Shumsky,Ambassador of Russia in Cyprus

, , , , , , Demetris Christofias, President of Cyprus, Natalia Kardash, Editor-in-Chief, Vestnik Kipra, Boris Humeniuk, Ambassador of Ukraine in Cyprus

, Boris Humeniuk, Ambassador of Ukraine in Cyprus and the representatives of the Ukrainian peacekeeping group of UN

, , Deloitte CyprusChristis Christoforou, Partner, CEO, Deloitte Cyprus

Ludmila Kisfalvi and Alla Humeniuk

, , , , , Sotos Zackheos, Executive Director, Russian Commercial Bank, Phidias Pilides, President, CCCI

, , , , Yan Orlovsky, Counselor, Embassy of Ukraine in Cyprus, Photis Photiou, businessman, with his spouse

Janos Kisfalvi

() Tatiana Aristodemou (left) with her friend

, - -, , Shakolas GroupChristos Rotsas, Cyprus-Ukraine Business Association, Nicholas Shakolas, founder, Shakolas Group


, 7 (- 2012)

6 - , - - . , - , . - , .

. , , , . - , : -, ,

Idealand. .

. , -

, , -

. , -

.

, , , , , - Igor Nosonov, Association of Russian-speaking residents of Cyprus, Irina Efthymiou, Association of Russian Compatriots, Olga Sozou, Cyprus-Russian Association of Paphos

, -, GnomiAfxentis Chilis, Senior Media Planner, Gnomi Advertising Agency

, , Brain Cube CommunicationsXeni Anastasiou, Creative Director, Brain Cube Communications

(), , , PA Mirage ()Costas Theodorou (left), Savvas Christodoulou, Director, PA Mirage (right)

, , Piraeus BankDemetra Onoufriou, Angela Philota, Piraeus Bank

, -, , -, Partners Y & RAlexandra Demetriou, Media Director, Rodoula Herodotou, Senior Media Planner, Partners Y & R



. . , - 10 70%. , , .

. . - . - , , , , , . , . .

.

. 15 ,

28 , . 10 -

.

!

, -, Action Global Communication

Thomas Kareklas, Media Department, Action Global Communication

, PR-, FBME Bank LtdGabriella Samara Paphitis, PR Manager, FBME Bank Ltd

, , Christina Kolatsi, Head, International Admissions, European University Cyprus

, HR-, Lukoil Cyprus LtdDzhoanna Pavlovskaya, HR-Manager,Lukoil Cyprus Ltd

, , Grandad LtdSoulis Malekos, Director, Grandad Ltd.

, , ArtmixAnna Debham, Director, Artmix


, 7 (- 2012)

-

8 - -. -, , - . , , - Radiomarathon. , , 500 , , .


The spouse of the President of Cyprus, Elsie Christofia

,

, -,

Demetris Christofias, President of Cyprus, Olga Balakleets, the organizer of the event,

with the spouse

, , Neoclis Silikiotis, Minister of Commerce, Industry and Tourism of Cyprus

, wargaming.netVictor Kisly, CEO, wargaming.net

() President of Cyprus Demetris Christofias (right) and Ambassador of Russia in Cyprus Vyacheslav Shumsky with the spouse

, , , Sotos Zackheos, Russian Commercial Bank, and Demetra Kalogirou, Chairman of CySEC

, , , Roman Starikovich, Honorary Consul of Kazakhstan in Cyprus, Director of Orpheus Group, with the spouse

, , , Deloitte CyprusPieris Markou, Partner, Head of Tax Services, Deloitte Cyprus



, , Ekaterina and Yiannis Melas, Nestoros Nestoras, Honorary Consul of Cyprus in Zimbabwe

, ,

, ,

Neoclis Silikiotis, Minister of Commerce, Industry

and Tourism of Cyprus, George Demosthenous, Minister of Education and Culture of Cyprus

- Greek pop-diva Elena Paparizou

Melisses The Melisses band frontman Christos Mastoras

Cyprus Opera singer Katerina Mina

- Former member of the group Mashina Vremeni Evgeny Margulis

- Ekaterina Melas and Lucas Chamatsos, the hosts of the Gala

, , , , , Demetris Christofias, President of Cyprus, Svetlana Kalogera, Branch Manager, Russian Commercial Bank

, , , , - Aina Shareefy, Chairperson, Council of Russian Compatriots of the UK, Natalia and Ekaterina Kardash, Vestnik Kipra, with the Russian group Quatro

, , Deloitte CyprusNicos Kyriakides,Partner, Deloitte Cyprus


, 7 (- 2012)

Ideal Home 2012 Exhibtion

: 4-7 : IMH :: +357 22 505555email: [email protected]

Shipping Forum

: 9 : Le Meridien Limassol: IMH :. +357 22 505555E-mail: [email protected]

Negotiation Skills : 9 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Search Engine Optimisation & Pay Per

Click Marketing: 10-11 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Communicating Effectively

: 12 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

, . www.cyprusrussianbusiness.com. , -.

, - 2012

Limassol Economic Forum

: 17 : Four Seasons Limassol: IMH :: +357 22 505555email: [email protected]

Aifmd, Icis Legislation And Ucits

: 18-19 : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]

Strategic Innovation

: 19-20 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Recent Developments In The Cyprus

VAT Legislation: 23 : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]

Effective Project Management




Digital Display Advertising & Affiliate

Marketing: 24-25 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Fiduciary Future Cyprus 2012

: 31 -1 : Hilton Park, : InfoScreen Quorum, Cyprus Management Development Association :www.fiduciaryfuture.com

New Developments In Banking Regulation

: 5 : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]

Collaborative Leadership


Strategic Planning & Implementation


Recruiting And Laying Off Personnel


8th CFO Conference: 9 : Hilton Park, : IMH :: +357 22 505555email: [email protected]

Strategic planning for SME:

: 8, 10 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Web Analytics and Planning Digital

Marketing Campaign: 12-13 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

3rd Logistics Summit: 13 : Hilton Park, : IMH :: +357 22 505555email: [email protected]

Managing People Successfully



, 7 (- 2012)

Social Media Marketing: Integrating Twitter,

Facebook, LinkedIn into your marketing strategy


Managing Workplace Diversity


Cyprus Congress: 15-16 : Hilton Park, : INTAX Group :13B, Griva Digeni Avenue, Stavrakis Court, 5th floor, office 503,TT 6050, LarnacaEmail: [email protected]

Strategic Marketing: 16-17 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

11th HR Conference: 21 : Hilton Park, : IMH :. +357 22 505555E-mail: [email protected]

Finance and Accounting for non-financial managers


2nd Telecommunication Conference

: 22 : Hilton Park, : IMH :. +357 22 505555E-mail: [email protected]

Fundamentals of Risk Management


Mobile and E-mail Marketing


Introducing Innovation

in Service Delivery: Managing the Customer

Experience for Profitable Growth


Provident And Pension Funds

In Cyprus: 4 : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]



Leading and Managing

Change: 5-6 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

2nd Cyprus Energy Forum: 6 : Hilton Park, : IMH :. +357 22 505555E-mail: [email protected]

Latest Trends In Investment Fund Administration,

Custody And Pricing: 6 : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]

9th Marketing Forum: 7 : Hilton Park, : IMH :. +357 22 505555E-mail: [email protected]

Anti-Money Laundering Process


Customer Excellence: 11 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Contemporary Marketing: 12 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email: [email protected]

Banking Forum: 13 : Hilton Park, : IMH :. +357 22 505555E-mail: [email protected]

Strategic Communication


Introduction To The Crisis

Management Law: Not Yet Set : KPMG Offices, : KPMG Limited :. +357 22 209 053: +357 22 513 294Email: [email protected]


, 7 (- 2012)

29-30 , -

- , - - , . - . Laiki Bank, European University of Cyprus, Andreas Neocleous Law Office, Deloitte Cyprus, KANIKA Group.

- - - -. - - , , , . -

- . - - - , -

-. , - .

2012 . , , , . .

25-27

. -- . .

- Deloitte, Nicos Neophytou Law Partners Consulco,

Piraeus - European University of Cyprus. -, - -, 15 , - 7 - . , .

- ( 50 ) - , - .



24-25 -

. , - - -.

, - , -. . , , ,

. , - , .

, . - - , - . - : - , , .

-- - (27-28 , ). , , -, , , .

, , , - , . - .

C , - -

1. , , - 2. , 3. , , , -, - .4. , . , 5. , 6. , , -, , , 7. , , 8. , , . 9. , , Deloitte Cyprus Ltd. 10. , , , Vassiliades & Co LLC.11. , -, 12. , , MIBS Group 13. , , , Deloitte Cyprus Ltd 14. , , , Piraeus Bank 15. , , , CYTA16. , , , Leptos Estates 17. , , Vivomare Ltd 18. , , , Limassol Marina 19. , , Vassiliades & Co LLC 20. , , Hellenic Bank Public Company Limited, 21. , , , Piraeus Bank 22. , , C.N. Nikolaides & Co. LLC 23. , , Cyworld Wealth Limited 24. , , Baker Tilly Klitou, Cyprus 25. , , Globalserve Consultants Ltd 26. , , Estasia Consulting Limited 27. , , Estasia Consulting Limited 28. , , MIBS Real Estate29. , , Karma Developers30. , , MIBS Group, 31. , , Michael Vorkas & Associates LLC 32. , , , Michael Vorkas & Associates LLC33. , , Michael Vorkas & Associates LLC34. , , , KNK Universe CyPro 35. , , , 36. , , ,


, 7 (- 2012)

- ( .)

( ) ( .)

14521,5

7403,9

4949,3

3652,5

3249,6

2505,2

2393,1

1749,7 -

1566,1

1071,5

123

- $6015,9

- $285,5 - $98,4

$6399,8

94%

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, 7 (- 2012)



This section of the magazine contains a summary of the most important articles. We have translated them into English for those of our clients and partners who do not speak Russian but want to know more on the content of this issue.

This issue focuses on the banking system of Cyprus and macroeconomic results of eurozone. You will find an interview with the Governor of the Central Bank of Cyprus and several articles on banking. Please, look at the pages where we published photoreportages from the events where Vestnik Kipra Communication Group acted as a media partner.

SUCCESSFUL BUSINESS is the only business magazine in Russian language published in Cyprus. It comes out quarterly. In order to keep our readers informed we update our website (www.cyprusrussianbusiness.com) every day with the most important business news, statistics, analysis, stock exchange results, all kinds of monetary questions and financial market issues. A list of names (people, companies, events) published in the issue will be always placed on the last pages of the magazine. This way anyone can easily trace necessary information.

Please look through summaries provided in this section of the magazine. And if you have questions or you need more information, please do not hesitate to contact us for further details.

Natalia KardashPublisher

[email protected]

Education and carEErs

Higher and professional education in Cyprus, professional development and advanced training, recruiting, head hunting, business psychology. Detailed programs of trainings, seminars, conferences, business forums in Cyprus and abroad.

FinancE and invEstmEnts

Articles on Cyprus banking, insurance, taxation, brokerage and investment fields. World tendencies in finance markets, reports and analysis on oil, gold and currency markets. Insurance, investment in business and property (comparative analysis, statistics, price movement).

Law and taxation

Comments and interpretations on taxation, auditing and accounting. Corporate law. Labour law. Immigration and migration issues.

LiFEstyLE

Independent rating of Cyprus' restaurants, hotels, recreational facilities for business people. Columns on wine, style, business fashion, cars.

TABlE Of COnTEnTs: suBjECTs COvERED By THE mAGAzInE

vEsTnIk kIPRA COmmunICATIOn GROuPVESTNIK KIPRA is a group of companies working with the Russian community of Cyprus. The most important fields of activities are publishing, education, event management, PR and the promotion of Cypriot enterprises in Russia and Ukraine. Well known publications: weekly Russian newspaper VESTNIK KIPRA, MAGAZINI KIPRA (Cyprus Shopping Guide), DOMA i LUDI (Cyprus Property Guide), Russian Yellow Pages. The biggest events: Cyprus-Russian Festival, Limassol International Children's Festival. NGO: Association of Russian-speaking residents of Cyprus.

Executive Summaries

Interview with Panicos Demetriades, Governor of Central Bank of Cyprus

Europe A sense of Decline

Cyprus Banking on the Crossroads

The Banking Crisis in Cyprus

A Growing non Core Asset market

BusinEss and tEchnoLogiEs

News on IT, e-commerce, e-money. New business technologies, innovations. Advertising, PR, business communications.

Practical information on Cyprus and CIS economies, business tendencies, reports and analyses on world economy and its influence on business.

BusinEss and Economy


, 7 (- 2012)

What is your estimation of the current situation in the banking sphere of Cyprus? What measures should be taken immediately? What will help to the banks to become healthier and have more public trust?

It is well known that the two largest Cypriot banks have requested state aid because of capital shortfalls emanating directly from the Greek PSI, which resulted in losses amounting to over4 billion. The banks were able to absorb a significant portion of these losses because, prior to the Greek PSI, they had substantial capital buffers. These, however, were not sufficient to absorb all the losses. Moreover, the capital shortfalls were exacerbated by the need to raise additional regulatory capital by the end of June 2012, to satisfy tighter capital standards required by the European Banking Authority.

In addition, as is also well known, the quality of both banks assets has been affected by their substantial exposure to Greece, a country that has been in recession for four consecutive years and the deterioration of the Cypriot economy, which is now in recession. These adverse developments have put additional pressure on bank balance sheets, reflected in rising NPLs. However, both banks continue to make positive profits from their operations and their latest results show a more determined effort to clean up their balance sheets through a sharp increase in provisions, and to contain their operating expenses. Both banks are also making significant efforts to restructure their operations, with the help of reputable international companies, so as to minimise risk and strengthen their ability to create profits.

I should add here that the Central Bank of Cyprus(CBC), in its supervisory role, is taking important steps to strengthen corporate governance within both banks. Both banks have new leaderships, with which we are working very closely in order to ensure that the Cypriot banking system emerges stronger from the current crisis.

To this end, we have appointed a leading international company to carry out

Interview with Panicos Demetriades, Governor of Central Bank of Cyprus

EXECUTIVE SUMMARIES

an independent investigation into the circumstances that led the two banks to apply for state aid. This investigation will provide clarity and comprehension regarding the current financial stress in the Republic and guide remediation to strengthen the stability of the banking sector.

Finally, as you know, the Cyprus government has applied for financial support from the EFSF/ESM and the IMF to help recapitalise the banking system.

I am therefore confident that Cypriot banks will emerge substantially stronger from the current crisis and, partly as a result, so will the countrys economy.

What are the expected changes in treatment of the real estate that is collateral for loans? Is it true that now the banks can do nothing if the loans are not paid but still consider this kind of loans as not risky? And what do you think on the system of risk estimation in the banks based in Cyprus? Does it need any clarification or improvement?

It is true that the legal system in Cyprus is such that there are long delays in cases where a bank has to resort to legal proceedings in order to recover dues on loans through liquidation of the underlying collateral. These delays impede the functioning of the housing market and weaken the usefulness of collateral in terms of its ability to mitigate risk. Having said this, collateralised loans remain less risky compared to non-collateralised loans, not least because collateral aligns the incentives of the borrower with those of the lender to protect the underlying asset. Moreover, it normally acts as an effective pressure mechanism for the borrower to make every possible effort to service their debt or to cooperate with the lender interms of efforts to sell the property in settlement of their debt. As regards risk estimation, banks assess non-performing loans and, depending on the level of risk, make appropriate provisions against expected losses.

What is the role of the Central Bank in terms of liquidity control? Does the CB control the level of liquidity in the local banks?

The CBC monitors liquidity for the local banks on a daily basis and can promptly identify any trends requiring action by itself or the relevant bank.It stands by to provide Emergency Liquidity Assistance as needed and as justified, subject to certain conditions. The actual level of liquidity in the local banks is not controlled by the CBC, in the sense that it is governed by market factors, such as the level of deposits, the level of liquidity made available in interbank markets, etc. However, the CBC requires banks to hold minimum liquidity buffers.

What do you expect in the near future? Do you think there will be (or should be) any mergers, acquisitions or disposals?

In the near future, I expect that banks will be focussing more strongly on core business, that they will be cutting down on operating expenses and that they will be making every effort to ring fence their Greek operations. Moreover, I expect that they will be reviewing their international operations with a view to reducing their presence in countries where having a retail operation is not warranted by risk-return considerations.

As a result, I expect to see a shrinkage in the overall size of the Cypriot banking system relative to the size of the economy and I also expect to see that the domestic banking system will become more competitive not least because of new entrants in the market. A smaller, leaner and more competitive banking system will naturally have room for large and small players, and for different types of ownership, domestic, shareholder-based or mutual, as well as foreign. Diversity in any system is a source of resilience. Moreover, a more competitive banking sector will result in a lower cost of capital for non-financial businesses, which will help stimulate private investment and growth. The CBCs aim is to maintain a healthy, stable and robust banking sector that can underpin sustainable growth.

What is the destiny of capital securities in todays situation?

Bearing in mind the current difficult economic environment, it is difficult for banks to raise any capital through new issuance. We expect that as soon as the current economic climate is reversed, banks will again be able to raise capital from the markets.

you have published articles on the economy of Cyprus. you have studied the measures taken by the Cyprus government in different times and in different situations. And you know well the theory and history of financial crisis. Having all this in mind, what is your opinion on todays situation? What kind of policies can visibly improve Cyprusseconomy in a short period of time? Can you also share with us your opinion how to make the country strong in the medium term?

Indeed, I have published many articles in the popular press about Cyprus and Europe prior to taking up my new role as Governor on 3 May 2012. I have also published numerous articles in academic journals about financial crises, financial development and growth. One can certainly draw on that


www.cyprusrussianbusiness.com Executive summaries

experience as well as on economic theory and economic history to comment on the current situation both in Cyprus and in Europe. Having said this, every crisis is different and the current one in Cyprus cannot be seen in isolation of what is going on in the euro area. Of course the euro crisis is both unique and extraordinary, thus making predictions of what lies ahead rather difficult.

What is, however, reassuring is to see that the ECB which is perhaps the only institution in the euro area that has the capacity to make a difference in the short run is determined to act to safeguard the monetary union from market distortions which threaten its viability. The ECB can give sufficient time for politicians to take all necessary steps to enhance and strengthen economic integration in Europe. In my few months on the ECB Governing Council, I have witnessed increased determination by the ECB, under the leadership of Mario Draghi, to safeguard the future of the currency union. Recent examples of policies aimed at enhancing economic and financial stability, include the enhancement of collateral requirements, the new Outright Market Transactions (OMT) programme and the significant progress made in creating a banking union in the euro area.

When it comes to Cyprus, I believe that with the assistance of our European partners, the Cyprus economy will soon be on track to recovery and on a path that will lead it to stronger and more sustainable economic growth.

The CBC will work to ensure that the mix of policies that will be agreed upon between the government and the troika will help to deliver the required fiscal consolidation while at the same time minimising any adverse short-term effects on output and employment. Regrettably, significant sacrifices will be needed, primarily but not exclusively by public sector employees. Expenditure cuts and new taxes will reduce domestic demand and, as such, they will have negative effects on output and employment. It is important for everyone to be realistic about the magnitude of these effects so that both the depth and the pace of fiscal consolidation that will be agreed upon is one that will not plunge the economy into a deep recession. A stabilisation programme can be derailed if one is not realistic when estimating these effects at the outset.

What also needs to be emphasised and this cannot be emphasised enough is the importance of taking steps to boost external demand and to protect productive public sector expenditures. In fact, academic research suggests that public sector investment in transport and telecommunications, R&D, etc, raises the productivity of private investment and has substantially positive effects on long run growth. It is, therefore, critical to keep an eye

on the fiscal policy mix during a stabilisation programme.

Last but not least, it is important to note that Cypruss medium and long term prospects remain very good. Besides excellent human capital, institutions and infrastructure, the recent discovery of natural gas resources with the associated investments that are envisaged has substantially improved the medium and longer-term growth potential of our economy.

What did you think about while taking a decision to accept or refuse the offer to take this position? Why did you accept it?

Before taking up the post, I had served as an academic at various UK universities for 22 years. My last post was Professor of Financial Economics at the University of Leicester, a post which I held for over 12 years.

The opportunity to take on the role of CBC Governor, when it came up, represented a new challenge for me, in light of the current circumstances. Although I must add that I felt well prepared for it, in light of my research and teaching interests as an academic. From that point of view, I felt ready for the professional challenges that the role entails. However, being a central bank governor certainly requires a lifestyle shift compared to being a jeans-wearing, freely talking academic. It also entails many new challenges for ones family, including the transition from the quiet rural lifestyle of Leicestershire.

Is it difficult to combine theoretical knowledge with practical daily work? Do they differ much? What is the most dramatic difference between being an academic and being the Governor of the Central Bank ?

Not at all. I find that my academic background helps me in terms of evaluating policy choices that present themselves from time to timeat a deeper level than is usually the case for policymakers without such a background. I am sometimes disturbed by the ease with which some policymakers come to conclusions without being familiar with the evidence on a specific topic. Good policy needs to be evidence-based.

The most dramatic difference between being an academic and being a central bank governor is the speed with which decisions frequently need to be made. This is in fact why having prior knowledge of the issues surrounding a decision helps one to make better informed choices, when time is of the essence.

What needs to be done before you can say: I did everything I could

My personal goal as Governor of the CBC is to succeed in strengtheningCypruss banking system. In five years time, when my term ends, I would like to deliver a more competitive, more resilient, more innovative and more stable banking system. I have no doubt that with the help of my colleagues at the CBC and I must add that I am very fortunate to be working with some very talented people here this goal will be achieved, hopefully before the end of my term.


, 7 (- 2012)

Europe A sense of Decline

EXECUTIVE SUMMARIES

Since 2010, a great dream is fading. To many in Europe, their concept of European Union, appears to have gone wrong. Much that is unique about it has seemed to turn out to be weakness, or worse. Cultural self-criticism and self questioning have seemed to lead to cultural self-destruction. Unfortunately, within 2012 we have seen a growing number of politicians in Europe were not only abandoning particular creeds, but faith in absolute values of any kind about European integration.

Towards the end of this summer the global financial markets seem to be mainly driven by expectations. In the face of an unresolved European debt crisis and its unpredictable impact on the world economy, central banks and politicians have pledged to do whatever is necessary to limit further damage.

Cyprus requests euro zone bailout

Cyprus has become the fifth euro zone country to seek an international bailout amid mounting economic problems and fresh challenges for its banks after a credit-rating agency downgrade.

Some Cypriot economists say the country could need as much as Euro10bn to cover the banking sectors exposure to Greek private sector debt and other needs as well as the capitalization requirements of Cyprus Popular Bank, the countrys second biggest lender. Fitch (rating agency) said Cyprus banks could still need up to Euro4bn in fresh capital on top of the amount needed for Popular Bank (Euro1.8 bn)

Deposits in the domestic financial system managed to resist pressures according to Central Bank data released on Tuesday 27th of August 2012. Official figures show that deposits in the system felt by Euro206 million or 0.2% compared to June 2012. In July 2012 deposits in the domestic system dropped to Euro70.6 billion from Euro70.8 billion in June 2012 and Euro71.4 billion in July 2011. On

Christodoulos Vassiliades Advocate, Managing Partner, Christodolous G. Vassiliades & Co LLC

an annual basis, deposits declined by 1.9% against a decline of 1.1% in June 2012 and an increase of 6.6% in July 2011.

Despite concerns for an outflow of Russian deposits due to the bailout mechanism, deposits by third country residents stood at Euro20.7 billion in July from Euro20.6 billion in June 2012 and Euro21.4 billion in July 2011.

Deposits by euro area residents reached Euro6.5 billion from Euro6.6 billion in June 2012 and Euro5.5 billion in July 2011.

As for deposits by Cypriots, they dropped to Euro43.5 billion from Euro43.6 billion in June and Euro 44.5 billion last July.

Faced with an extreme and uncertain economic environment in the key markets where the Cypriot Banks operate, they need to continue focusing on strengthening the following parameters:

1) their capital adequacy

2) their liquidity,

3) their organic profitability, and finally

4) their controls of effective management of risks.

Having in mind the above guidelines the Central Bank of Cyprus needs to strengthen their supervision over the Cypriot Banks and their subsidiaries. In my last article I advocated the following about the restructuring of the banking sector:

1) The government needs to encour

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