THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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ISSUE 16 JULY 2012PRICE €6.95

POWERED BY:

LIFESTYLELondon 2012Going for Gold?

PLUS: MONEY / BUSINESSECONOMYTAX & LEGALLIFESTYLE

CYPRUSPresides overthe Council of the EU

INTERVIEWSKirsten GeelanAngela KnightHenk Potts

+ THEO PANAYOTOU, FRIXOS SAVVIDES, MARIOS XENOPHONTOS

CYPRUS BUSINESS

LEADERS SURVEYAs the economic and banking crises

tighten their grip on Cyprus, the overwhelming majority of the country’s

business leaders remain optimistic about the future of the services sector.

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issue 16july 2012

FEATURE

THE WELCOME LESSONS OF THE CYPRUS PRESIDENCYby Miltiades Miltiadou 38

SEEING THE BIGGER PICTUREby Stelios Violaris 64

IMMIGRATION IS GOOD FOR THE ECONOMYby Dr. Savvas Savouris 79

HEROES AND VILLAINS

by Peter Economides 90

+ OPINION

40 | A KNIGHT IN BANKER’S ARMOURInterviewwithAngelaKnight,CEOoftheBritishBankersAssociation

44 | DISPUTE RESOLUTIONChambersEuropeidenti-fiestheleadingCypriotlawfirmsandindividuals

46 | NON-BELIEVER IN THE ASIAN GROWTH MIRACLESteenJakobsenisnotcon-vincedbytherhetoric

48 | THE WORLD’S HIGHEST JOBLESS RATESThe10countrieswiththehighestunemploymentratesamongtheworld’s50largesteconomies

52 | PRESIDENTIAL SUCCESSIONKirstenGeelan,Amabassa-dorofDenmarktoCyprus,talksabouttheDanishPresidencyoftheCounciloftheEuropeanUnion…andmuchmore

58 | YESTERDAY’S PAPERSMindingotherpeople’sbusi-nesshasturnedFilemindersintoamajorsuccessstory

62 | A MATCH MADE IN HEAVENAnindecisiveCypruspre-sidesoveranindecisiveEuropeanUnion,saysTheoPanayotou

EDITORIALUP FRONTFIVE MINUTES WITH

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66 {money}

70 {business}

76 {economy}

80 {tax&legal}

86 {lifestyle}

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CYPRUS BUSINESS

LEADERS SURVEY

AS THE ECONOMIC AND BANKING CRISES TIGHTEN THEIR GRIP ON CYPRUS, THE OVERWHELMING MAJORITY OF THE COUNTRY’S

BUSINESS LEADERS REMAIN OPTIMISTIC ABOUT THE FUTURE OF THE PROFESSIONAL SERVICES SECTOR.

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70 Intercollege GlobaltrainingThe Cyprus-based organization is now expanding abroad

72 Investor Appetite Growing for Acquiring Non-Core Loan Assets from European BanksPortfolios with a face value of €50 billion are expected to change hands this year

76 {economy}76 Home of the BraveHenk Potts on why bargain hunters in the equity market should reap long-term rewards

78 Barclays Investors Garden PartyPhotos and quotes from the event

80 {tax&legal}

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the international investment, finance & professional services of cyprus Gold 65

66 {money}

66 Debt-free, Cash-rich CompaniesThe top 15 companies operating with zero debt

68 In Trust We TrustTrust International Insurance Company (Cyprus) Ltd

80 Cyprus and Austria sign DTT Protocol New provisions on Information Exchange come into force

82 Doing business in Russia 2012 Extracts from Deloitte’s reference guide to Russia’s tax and legal environment for com-panies interested in doing business in Russia

86 {lifestyle}86 Going for Gold?It seems that some nations are just not prepared enough with host cities routinely underestimating the costs and overstating the benefits of the Games

89 The Economics of sportA new PwC study seeks to benchmark the Olympic medals tally

74 “God gas a soft spot for Cyprus”CIBA President Frixos Savvides’ address to the association’s AGM

MONEY: Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market By Greg Michalowski 67

BusINEss: The Chimp Paradox: The Mind Management Programme to Help You Achieve Success, Confidence and Happiness By Dr. Steve Peters 73

ECONOMY: End This Depression Now! By Paul Krugman 78

LIFEsTYLE: How to Watch the Olympics: The Essential Guide to the Rules, Statistics, Heroes, and Zeroes of Every SportBy David Goldblatt 88

+ BOOk REvIEW

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