12 the international investment, business & finance magazine of cyprus

COVER STORYbank STaTEmEnTSGold lets the island’s bankers do the talking

blaST dESTROYS CYpRuS’S laRgEST pOwER STaTiOnby the strategy & economic research Division, nbg 24

ThE EaC lOOkS TO ThE FuTuREby costas gavrielides 25

ThE dEbaTE: “dO ThE CREdiT RaTing agEnCiES dO mORE haRm Than gOOd?”by Dinos andreou (yes) and marios mavrides (no) 26 uCiTS FundS: an innOVaTiOn in mOdERn inVESTmEnT managEmEnT by theodoros costeas cfa 61 CYpRuS aiRwaYS: ThE FuTuRE iS OuRSby george mavrocostas 62

limaSSOl bElOngS TO EVERYOnE whO FEElS iT iS ThEiRSby peter economides 98

66 {money}

72 {business}

82 {economy}

86 {tax&legal}

92 {lifestyle}

+ OpiniOn

14 EdiTORial16 nEwS bRiEFing: glObal20 nEwS bRiEFing: lOCal22 COmmOdiTiES/FOREX waTCh

issue 05 august 2011

28

48

FEaTuRES44 | CYpRiOT and ukRainian buSinESSmEn mEETReport from Kiev

48 | ThE China miRaClEThe Gold Guide to Investing in China

66 |inVESTing dEFEnSiVElYProtecting wealth during times of uncertainty

44

the international investment, business & finance magazine of cyprus 65

{august 2011}

72 {business}72 The Market that Never SleepsA woman CEO Rises to the Challenge76 Wadja Wanna Do Online?The hot new addition to the blogging and social networking scene80 Real-ale Fans are Ideal Role Models for Economic Recovery

66 {money}66 Investing DefensivelyProtecting wealth during times of uncertainty69 The World’s Top BanksWhich ones made the most profits last year?71 London remains top international market for global business71 CISI Gains Smart Technology EdgeThe launch of CISI TV

82 {economy}82 Duff, Poor and MoodySometimes the clue is in the name 84 Shipping: Moody’s Predicts Negative Outlook for Global ShippingToo many ships and not enough cargoes85 Maritime Cyprus Conference 2011“The ?s in Shipping: Is it Safe Enough? Is it Sustainable? Is there enough Confidence?”

92 {lifestyle}86 {tax&legal}86 Increased Revenue + Enhanced Reputation = SuccessThere are better ways of filling the state coffers than by the government’s proposed €1,000 tax88 Managing Your Tax Obligations ResponsiblyProfile of Ernst & Young

money: more money than god: hedge funds and the making of the new elite by sebastian mallaby 70

business: business model generation by alexander osterwalde 81

economy: the pursuit of happiness: an economy of Well-being by carol graham 83

taX&legal: the cyprus issue: the four freedoms in a member state under siege by nikos skoutaris 90

lifestyle: one Day by David nicholls 97

+ BOOk REvIEWS

ISSuE05

92 Wanted: ‘Connoisseurs of Luxury’ The UK’s new high-end tourism marketing campaign 94 Extreme, Exclusive, Extravagant and…Expensive Holiday choices to make you feel better… and lighten your wallet