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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

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REFORM MOVEMENTBritish High Commissioner

Ric Todd on reformin the EU & Cyprus

EXCHANGE RATE FICTIONSDevaluation shocks

are on the way

INTERVIEWSChristian Jacob

Andrew PyneFrixos Savvides

WHAT’S ONArt, Theatre,

Music, Opera,Film & More

ISSUE 58 JanUary 17, 2016PrICE €3.00

KEy PlAyERS, MARKET TRENdS, CONSuMER BEHAVIOuR

Business in CyprusTHE BEAUTy

Gold

ISSUE 58 | janUary 17, 2016 | t

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CUSTOMS CLEARANCE AND BONDED WAREHOUSING

SHIPS PROVISIONS AND SUPPLIES OPERATION

is progressing and growing.The G.A.P. Vassilopoulos Group was founded in 1964 and is listed on the Cyprus Stock Exchange. The Group employs over 1,000 people and operates through a network of 3,000 offices and associates throughout Cyprus, in the UK, the Netherlands, Belgium, Luxembourg and Israel.

The Group is a modern and flexible organisation operating in the services industry. It provides a broad range of services in the Transport & Logistics sector, the Financial sector and the Hospitality & Consumer sector.

Services are backed up by quality certifications ISO 22000:2005 and ISO 9001:2008 and the Group is a certified AEO (Authorized Economic Operator).

Services• Warehousing and Distribution of products for trading companies• Merchandising of Consumer Goods via strategic placement and maintenance at points of sale• Shipping Agency• International Freight Forwarding from/to anywhere in the world• Ship provisions and supplies• Support services to Oil & Gas companies• Domestic and International Express courier• Retail E-Link Supply Chain Management• Customs Clearing• Airlines Representation• Airport Ground Handling• General Insurance• Credit Insurance• International Money Transfers• Foreign Exchange Payments• Hotels• Tourism

DOMESTIC EXPRESSCOURIER

INTERNATIONAL EXPRESS COURIER

INTERNATIONALMONEY TRANSFERS

INTERNATIONALBUSINESS PAYMENTS

SHIPPING AGENCY

INSURANCE SERVICES

AIRLINES REPRESENTATION - GSA

MERCHANDISINGWAREHOUSE AND DISTRIBUTION LOGISTICS

HOTELS TRAVEL & TOURS

AIRPORT GROUNDHANDLING SERVICES

FREIGHT FORWARDING

www.gapgroup.com 20 Stroviolos Avenue, 2011, Nicosia

Tel: 22710000 | Fax: 22514081 | info@gapgroup.com

QUALITY

4 | GOLD | The Business Magazine of Cyprus

KEY PLAYERS, MARKET TRENDS, CONSUMER BEHAVIOUR

ld | GOLD | 35GOLD

By Effy Pafitis & Artemis ConstantinidouPhotos by Emma Charalambous & Andreas Loucaides

| COVER STORY |

Beauty sells – just ask the leaders in the interna-tional cosmetics industry, who amass billions

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Research and Markets.

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between both the European and Middle Eastern markets – has led to

cheaper skincare, an increase in men’s interest in personal care prod--

Andry Tryfonos, Vicky Guezuku-

tchukian Eleonora Orthodoxou, Monica Papaellina, De-

Lily KnobelNebojsa Petridis

names – Rea Ioannidou Rea Ioannidou

THE BEAUTY

BUSINESS

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T 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 8 J A N U A R Y 1 7 , 2 0 1 6

C O N T E N T S8 | BUSINESS BRIEFINGEconomic & Business Highlights of the past month. 14 | MY WAY Despo Lefkariti’s management style.

18 | FIVE MINUTES WITH… Andrew Pyne

20 | THEY SAID WHAT?A selection of memorable recent quotes from Cyprus.

OPINION26 | SETTING A STANDARDBy Kyriakos Parpounas

28 | 2016: CHALLENGES FOR THE CYPRIOT ECONOMY By Dr. George Theocharides

FEATURES20 | REFORM MOVEMENTRic Todd, British High Commissioner to Cyprus, explains what David Cameron hopes to achieve in his renegotiation of the UK’s relationship with the EU and how Britain has been helping the Cyprus government to reform the public sector.

24 | RETIREMENT INADEQUACY REVEALED70% of Cypriots will not have the required savings upon reaching pension age.

40 | LEADING AND MANAGING PEOPLEFrançoise Chevalier, trainer of the IN Business Executive Leadership Programme.

41 | APPLIED GOVERNANCE: BEYOND COMPLIANCE Photos from the 1st Compliance Forum

42 | INCOME INEQUALITY, REDISTRIBUTION AND ECONOMIC GROWTHGovernments need to perform a

66 | SURVIVING IN A CHANGING WORLD

Ltd.

COVER STORY30 | The Beauty

Business in CyprusRepresentatives of eight Cypriot

leading firms in the local wholesale and retail cosmetics and fragrances industry give

their views on the latest trends, consumer behaviour and the most

successful brands in the multi-million euro

Cyprus market.

66

20

72 76

68 | TAKING CARE OF BUSINESS Interview with the founders of recruitment agency Career Finders.

70 | LEAVING IT TO THE EXPERTSAsset Management in a Nutshell.

71 | THE 3RD CYPRUS BANKING FORUM Photos from last month’s event.

72 | EXCHANGE RATE FICTIONSIt is only a matter of time before devaluation in Central, Eastern

74 | SOCIAL MEDIA AND THE FINANCIAL SERVICES INDUS-TRY By Mariana Antonescu

75| BOOKSHELFFive of the best new business titles.

76 | LUNCH WITH GOLDYvonne Georgiadou, Artistic Director of the Pharos Arts Foundation.

79 | BUSINESS CLASSManuela Mazzacco, CEO of AFX Capital.

80 | WHAT’S ONGold’s guide to the best cultural events of the coming month.

82 | A DAY IN THE LIFE

SPECIAL PROMOTIONAL

FEATURE Tax Guide 2016

In 2015, Cyprus made a number of changes to its tax legislation. Nine leading firms present their

products and services, as well as information on the key legislative amendments

affecting their clients.

KEY PLAYERS, MARKECONSUMER BEH

OGOGOOG LDDGGOL

By Effy Pafitis & ArtemPhotos by Emma Charalam

PLALAYERS, MYERS MYERS, MARARKET COST30 | T

BusineRepresentativ

leading fiwholesale anand fragran

www.goldnews.com.cy | GOLD | 67

6 | GOLD | The Business Magazine of Cyprus

| EDITORIAL |

John Vickers,Chief Editor

john@imhbusiness.com

Smells like…Big Business

ver the past two decades, the global beauty market has enjoyed annual growth rates ranging from around 3% to 5.5%. The lowest of these were the years of the global financial crisis and they are, in fact, reasonably accurate indicators of how well a country’s econo-my is doing. When the going gets tough, retailers of skincare, hair-care, make-up products and fragrances in particular are among the first to feel the pinch.

In Cyprus, it’s the same story, as we discovered when researching this issue’s cover story. Cypriots (for a change we are talking mainly about women) follow all the international trends and spend as much as €50 million a year on beauty products when things are going well. Sales slumped in 2013 but now they are back on track, according to the representatives of eight leading cosmetics wholesalers and retailers who gave us their opinions and input (see page 30). While several of them noted that men are spending an increasing amount on personal care products, the fact remains that this is very much an industry aimed at and sup-ported by women. The success of outlets such as Beauty Line and the cosmetics departments of Debenhams department stores shows how much purchasing power the so-called fairer sex wields in Cyprus.

*************************You don’t need Gold to tell you how influential a songwriter and musician the late David

Bowie was. However, you may not be aware of his connections with Cyprus which lasted from Christmas 1969 – when he wrote The Prettiest Star for his future wife Angie and sang it to her down the phone to her when she was in Nicosia with her parents – to 1979 when he sang “Cyprus is my island” on Move On, a track on his album Lodger. Angie Bowie was born in Nicosia and spent much of her youth in Cyprus, since her American father was a mining engineer and worked for the Cyprus Mines Corporation.

In July 1972, I found myself on a flight from London to Nicosia, sitting next to Bowie, his wife and two members of his band (the Ziggy Stardust album had been released a month ear-lier). Their destination was Kyrenia, for a well-earned rest ahead of the tour that would make him an international superstar. I regret to say that I was too shy to say a word to him.

He came back in 1977 in the company of Iggy Pop, staying (and running up a hefty bill that was reluctantly paid by the local representative of his record company) at the Hilton Cyprus. Fast-forward four decades to January 8, his 69th birthday. I downloaded his new album. And you probably know by now that one of the songs, Lazarus, begins with the words, “Look up here, I’m in heaven”. What a way to say goodbye.

MANAGING DIRECTOR George Michail

GENERAL MANAGER Daphne Roditou Tang

MEDIA MANAGERElena Leontiou

EDITOR-IN-CHIEF John Vickers

JOURNALISTSEffy Pafitis, Artemis Constantinidou

CONTRIBUTORS TO THIS ISSUE Tassos Anastasiades, Mariana Antonescu, Amalia Hadjipapa, Kyriakos Parpounas, Savvas Savouri, George Theocharides

PHOTOGRAPHYJo Michaelides, Emma Charalambous,

Andreas Loucaides

ART DIRECTION Anna Theodosiou

SENIOR DESIGNERAlexia Petrou

PHOTOGRAPHY Jo Michaelides, Harris Kyprianou

MARKETING EXECUTIVE Kevi Chishios

SALES MANAGER Irene Georgiou

SALES EXECUTIVE Stavros Epifaniou

OPERATIONS 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: gold@imhbusiness.com

subscriptions: goldsubscriptions@imhbusiness.comwww.imhbusiness.com

ISSN 1986 - 3543PUBLISHED BY IMH

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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

529

1295

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77

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REFORM MOVEMENTBritish High Commissioner

Ric Todd on reformin the EU & Cyprus

EXCHANGE RATE FICTIONSDevaluation shocks

are on the way

INTERVIEWSChristian Jacob

Andrew PyneFrixos Savvides

WHAT’S ONArt, Theatre,

Music, Opera,Film & More

ISSUE 58 JANUARY 17, 2016PRICE €3.00

KEY PLAYERS, MARKET TRENDS, CONSUMER BEHAVIOUR

Business in CyprusTHE BEAUTY

T H E F I R S T N A M E I N L O N G - T E R M L O Y A L T Y

M A R I A

We are one of the world’s largest independent providers of trust, fund and corporate administration services.

We are committed to helping our clients protect, nurture and grow their wealth.

Above all, we are a people business.

To find out more about our services and to get to know us better, visit

www.firstnames.com

2015 A GOOD YEAR FOR TOURISM

Cyprus witnessed record tourist arrivals during the summer months of 2015, while November saw 32.7% increase over the previous year, due mainly to more visitors

from Britain and Russia. Numbers of tourists from Greece, Poland, Switzerland, France and Austria also rose. The year was also successful as regards tourism revenue.

CYPRUS IS BEST-VALUE WINTER DESTINATIONCyprus was named the least

expensive of 10 favourite winter sun desti-

with 7 nights in Paphos and air fare costing £239 per head. UK visitors are also ben-

against the pound sterling.

INCREASE IN WEDDING TOURISM

Around 8,000 couples from abroad chose Cyprus as their wedding destination last

year, with the number steadily climbing, ac-cording to the Cyprus Tourism Organisation (CTO). Currently, around half of the couples

UK weddings now takes place abroad with Cyprus attracting some of the biggest.

PAPHOS MARINA TO GO AHEAD

The development of the Paphos Marina, which looks ready to go ahead after the

settlement of a protracted court case, will accommodate more than 1,000 yachts and is expected to attract more and new visitors to Paphos from neighbouring countries. The

marina will be built in the area between Kissonerga and Peyia.

In a New Year article published in the local press, President Nicos Anastasiades wrote that if all sides

about a new Cyprus emerging in 2016”. He de-scribed the solution that he and Turkish Cypriot

ensure a secure future in a prosperous country with

key year for the decisions that will determine our future.”

TOURISM

BUSINESSBRIEFING

CYPRUS

EIGHT BIDDERS FOR CYPRUS CASINO RESORT

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Cobalt Air to operate soon

Australian-backed Cobalt Air is in the final stages of obtaining authorisation to set up as a locally based airline. Accord-

ing to CEO Andrew Pyne, the airline aspires to fill the void left by the closure of Cyprus Airways and also to enhance Cyprus’ image as an all-year-round des-tination and a regional air base. “For us, Cyprus is our home, not just another base,” Pyne said. “Our job is to promote Cyprus as a travel destination and a tran-sit centre.”

8 | GOLD | The Business Magazine of Cyprus

AVIATION

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Cyprus witneduring the sumNovember saprevious year,

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Emirates marks its 30th year

Emirates, the world’s largest international airline, conclud-ed another year of growth in 2015, having carried over 51.3

million passengers, or 9% more than the previous year. During its 30th year of op-erations, Emirates added 26 new aircraft to its fleet and expanded its network to 150 destinations in 2015. In March, a report by Frontier Economics estimated that Emirates contributed €6.8 billion to the economies of European Union coun-tries in 2013 and 2014, supporting more than 85,000 jobs.

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ENTER-TAINMENT

“A NEW CYPRUS IN 2016”

www.goldnews.com.cy | GOLD | 9

ENI-KOGAS LICENCE

RENEWED

On 28 December 2015, the Council of

two-year extension of the Italian/South

Korean consortium Eni-KOGAS’ licence to explore for hydrocarbons In Cyprus’ exclusive economic zone (EEZ). Energy Minister Yiorgos Lakkotrypis said that the extension until February 2018 will enable th con-sortium to re-evaluate the potential in Blocks 2, 3 and 9 of the Cyprus EEZ, following the discovery of huge reserves in the neighbouring Egyptian zone. Based on a preliminary plan submitted to the Government last year, a new round of drilling is expect-ed to begin in mid-2017.

ENERGYBANKING

HARD ROCK CAFE

The legendary Hard Rock Cafe is due to open in Ayia Napa, through a franchise with Karmia Enterprises Ltd., the company associated

with TGI Fridays in Cyprus. The loca-tion has already been selected (opposite the monastery of Ayia Napa) and work has already started on the building, which consists of three floors and covers an area of 600 m2. The typical decora-tion of the franchise will be adjusted to the local heritage and culture and Hard Rock Cafe Ayia Napa will open this summer. Hard Rock International is one of the world’s most globally recog-nized brands and it is known for its col-lectible fashion and music-related mer-chandise, dining experience and Hard Rock Live performance venues.

Cyprus solution on Guardian2016 global predictions listSolving the Cyprus Problem has been included in The Guardian’s list of global predictions for 2016. The UK newspaper wrote: “It’s been dubbed a graveyard for peacemakers, the Rubik’s Cube of diplomacy, but despite the odds Cyprus may well defy naysayers in 2016 by solving its decades-long division.” It noted that Greek and Turkish Cypriots alike regard the year ahead as the last best chance to end the ethnic divide. According to The Guardian, it is the stance of Turkey that gives the biggest hope. “A confluence of events – ranging from Ankara’s recent run-in with Russia to the re-energising of its EU accession process – has put the need for a Cyprus settlement centre stage. A solution would afford Turkey a badly needed foreign policy success, allow it to diversify its energy supplies – with the island’s subsequent transformation into a regional transport hub for oil and gas reserves – and boost its chances of joining the EU. It would also free up Turkish funds: the island’s breakaway north is utterly dependent on Turkey bankrolling it,” the paper reports.

CIGAR LOUNGE

EK Luxury Group cele-brated the opening of the Cigar Lounge at Limas-sol Marina last month. Elegant and adorned with sophisticated décor,

the lounge is expressly designed to be a tranquil sanctuary, where cigars and quiet conversation can be enjoyed by visitors. Hardwood floors, luxury seating, a state-of-the-art ventilation system and sooth-ing colours are just a few of the refined features. Premium cigar brands on offer include Cohiba, Montecristo, Partagas, Trinidad, Romeo Y Julieta and Davidoff. A range of wines and spirits is also dis-played on the second floor. The Cigar Lounge joins the EK Luxury Group’s other stores at Limassol Marina: Graff jewellery, Halcyon Gallery, Zilli fine gar-ments for men and Shiraz carpets.

CIAO STELIO HOTEL

L ocated in the McKenzie beach area of Larnaca, Ciao Stelio is a luxury boutique hotel combining the exclusiv-ity of a private house with all the comforts of a 5 star estab-

lishment. Part of HotelREZ Hotels & Resorts latest addition in Cyprus, Ciao Stelio has 52 adults-only guestrooms, each beautifully deco-rated with silks and brocades, marble shower rooms and exceptional furnishings. Free high-speed Wi-Fi, complimentary bathrobes and slippers, bespoke luxury toiletries, large plasma TVs with a variety of free satellite channels, a fully stocked mini-bar and complimentary coffee and tea facilities, are some of the luxury amenities on offer. Higher room categories include a jacuzzi, large balcony with sea views, complimentary fruits and wine, and an express check-in service.

NEW TO CYPRUS

DEBT RESTRUCTURING TAKES CENTRE STAGE

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forik’

POLITICS

10 | GOLD | The Business Magazine of Cyprus

FACTS & FIGURES

BUSINESSBRIEFING

Columbia Shipmanagement Limassol-based Columbia Shipmanagement was honoured with the ‘President’s Award’ at this year’s BIMCO Annual Conference and Awards Dinner. The award is presented and chosen by the Baltic and International Maritime Council (BIMCO) President Philippe Louis-Dreyfus, in honour of an individual or company which has made a significant contribution to shipping and the maritime industry. Louis-Dreyfus gave the award to Columbia Shipmanagement for its outstanding work in rescue operations involving migrant boats in the Mediterranean.

ForexTime ForexTime (FXTM) was named Best Investor Training Institution by cnforex.com, the leading source of real-time financial news in China, in December. It was FXTM’s second award from cnforex.com in 2015, having already been named Most Promising Forex Broker in China. “Being recognized for our efforts to provide the best pos-sible trading services by cnforex.com is a huge accolade as cnforex.com commands respect both in the Forex industry and all over Asia,” FXTM representatives noted.

AWARDS

MICHAEL HEGERThe Board of Directors of the Bank of Cyprus has welcomed the appointment of a new Director, Michael Heger, subject to approval by the European Central Bank. Once approved, Heger will also participate as a member of the Human Resources & Remuneration Committee. Heger, who is the General Manager, Finance and Investment of S.I.F. International S.A., Luxembourg, has extensive financial and banking experience, having held a variety of executive positions with the UniCredit Bank Austria Group.

REGINOS TSANOSReginos Tsanos, CEO of Lavar Shipping, has been elected as President of the Cyprus Shipping Association (CSA), one of the most important and prestigious organisations in the Cyprus shipping industry. The CSA is the official body representing the profession in Cyprus. Tsanos, who will serve a two-year term said, “I look forward to working with my colleagues on the board to help overcome the major challenges for our profession and take the right steps forward”.

PEOPLE

Car Registrations Up

Vehicle registrations

increase in January-November 2015 compared to 2014, according to the

the Statistical Service of Cyprus. The total number

of registrations of mo-tor vehicles increased by

13.6% to 23,598 from 20,775 in the correspond-

ing period of 2014.

Deposits and Loans Down

Total deposits in banks in Cyprus in November

2015 fell by €67.9 million, compared with a net

increase of €287.9 million in October 2015, according to data from the Central Bank of Cyprus. Total loans for

the same month also fell by €493.2 million, compared

with €106.2 million in October 2015. Outstanding

loans increased by €2.1 billion to €63.2 billion.

Cyprus has second biggest foreign

population in EUAfter Luxembourg, Cyprus has the highest number of foreign nationals living on the island as a percentage

of population than any other EU member state,

according to a new Eurostat report. From a population of 858,000,

some 80% have Cypriot citizenship. The remaining 20% are foreign nationals,

either from other EU countries or third countries.

€25-€30 billion Cyprus solution

President Nicos Anas-tasiades and the Turkish Cypriot leader Mustafa

Akinci have said the cost of a solution has been es-timated at €25-€30 billion. They told CNN Turk that the cost of a settlement is a major problem but

one that they believe can be solved. The estimated cost is almost twice the

current €17.5 billion annu-al GDP of the Republic.

Record tourist numbers from Israel Close to 100,000 tourists from Israel visited Cyprus in 2015, making it a record

year, the Cyprus Hotel Association (CHA) an-

nounced in December. The

to promote Cyprus in the Israeli market are respon-

sible for the increased number of visitors tourists

from the neighbouring country.

CHANGE OF PLAN FOR EAC The Government and its international lenders recently reached agreement on the future of the Electricity Au-thority of Cyprus (EAC), which removed the semi-government organisation from the list of those due to be privatised. The agreement provides, nonetheless, for the legal unbundling of the Authority into two separate companies, one of which will be respon-sible for the transmission and distribution networks and the other for electricity generation and supply. The EAC employ-ees’ unions, which had fought privatisation from the outset, have threatened action to prevent the division of the Au-thority’s operations, including strikes.

PRIVATI-SATION

12 | GOLD | The Business Magazine of Cyprus

BUSINESSBRIEFING

PAFILIA BUILDS THE TALLEST SEAFRONT RESIDENTIAL TOWER IN THE MED One of the largest projects in Europe, and the tallest seafront residential tower in the Mediter-ranean, is to be constructed in

Construction work on the One

As its name suggests, once com-pleted, the building will be one of

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four international companies – Atkins, WKK, HBA and Burohap-

LIMASSOL MARINA: 95% OF APARTMENTS SOLD

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share two communal swimming pools and landscaped gardens – were com-

Residences, located just steps away

the Halcyon Gallery, these apartments are located in the heart of the com-

REAL ESTATE

EDUCATIONCYPRUS AND QATAR TO STRENGTHEN COOPERATIONDuring an official visit to Qatar, Education & Culture Minister Costas Kadis spoke about the development of an education cooperation programme between Cyprus and Qatar. Such a programme could significantly facilitate the enhancement of bilateral relations between the countries, he noted. The Cypriot Government hopes to have its higher education institutions recognized by Qatar in the framework of its efforts to become a regional education hub. The Qatari Education Minister, Dr. Mohammed bin Abdul Wahid Al Hammadi, expressed his willingness to promote cooperation between the universities of the two countries in the fields of education and research.

AIR TRAFFIC

Bowie’s Cyprus Connection

David Bowie, who died on January 10, visited Cyprus on more than one occasion

in the ‘70s, due to the fact that his first wife Angela (Angie) was born in Nicosia and lived in Cyprus for many years, as her father worked for the Cyprus Mines Corporation (CMC). She met Bowie in London in 1969, and they were married a year later. They divorced in 1980. David and Angie (about whom Mick Jagger is said to have written the eponymous Rolling Stones track) holidayed with members of his band in Kyrenia in July 1972. He visited the island again in 1977, this time with Iggy Pop, the two of them staying at the Hilton Cyprus. His 1979 album Lodger contains the song Move On, which contains the lyrics: “Cyprus is my island / When the going’s rough / I would love to find you / Somewhere in a place like that”.

MUSIC

BLACK FLAMINGO RETURNS A rare black flamingo thought to be the only one of its kind in the world has returned to the Akrotiri Salt Lake, within the Western Sovereign Base Area of Cyprus, just under a year after its last visit. Last March, the flamingo caused a media storm with its whereabouts being published in news all over the world.Pantelis Charilaou, the SBAA Environmental Officer, said he was thrilled to see the flamingo return again this year: “Very few people had ever been fortunate enough to lay eyes on it prior to last year so for it to return again is wonderful.”

IN THE NEWS