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Archontides sports ltd nicosia betting

Specialising in fitness equipment such as treadmills for the whole family. CALL 24 F8rce Sports. Limassol based specialist suppliers of extreme sporting equipment for windsurfing, water skiing and wakeboarding, winter sports such as snow boarding and skiing, jet bikes and catamarans. Zavros Sporting Co. Specialist sporting equipment for fishing, scuba diving, free diving and camping with manufacturers such as Okuma, Medex, Mustad, Lanara, Ron Thompson and Tigullio Dive. CALL 25 Micromania Limassol.

Located at a,b,d Makarios Avenue, Limassol and selling all types of bikes, roller blades, skateboards and accessories plus a wide range of computer games, consoles, peripherals and DVD. Sports Direct. UK discount sportswear chain with branches in Paphos, Paralimni and Limassol.

PJs The Dance Shop. Paphos store catering for all dance needs. Stock a full range of shoes and dance wear for ballet, tap, hip hop, salsa, jazz. Also dancing gifts for children and adults of all ages. Located at 2B Kyriacou Adamou, Chloraka. Droussiotis Leisure Games Ltd. Company who sell pool tables, free standing video games and playground equipment. Located at 1 Stassinou Street, Engomi, Nicosia. Micromania Nicosia. Located at 15c Stasinou Street, Engomi and selling all types of bikes, roller blades, skateboards and accessories plus a wide range of computer games, consoles, peripherals and DVD.

Online store specialising in rhythmic gymnastics equipment, accessories and wear. Delivering all over Cyprus. Watermotion Trading Ltd. Suppliers of clothes and equipment for surfing, boarding and other sports including No Fear, Reef, Sundek and Vans. Shops at Arch. Makarios Avenue in Limassol and 53A Arch. Makarios Avenue in Nicosia, opposite Finbarrs Pub. Crest Diving Centre. A PADI 5 star instructor development centre offering courses from novice to expert with a shop to buy equipment.

Also offer a RYA powerboat school, scuba for kids, watersports and water adventure safaris. Situated at the St. Raphael Marina, Limassol. Get Out Outdoor Store. Specialised outdoor store for rock climbing, hiking, camping, snow sports, orienteering and adventure travel. Indoor rock climbing wall next to the store. Situated at 18A Arsinoes Av. Archontides Sports. Chain of fitness shops selling sports nutrition and food supplement products, performance sportswear, general fitness equipment for home use and many fitness accessories.

Showrooms in Limassol, Larnaca and 3 in Nicosia. Sections of this page. Accessibility help. Every district has been allocated a five digit postcode starting with 99, which is to be used in addition to the Mersin 10 code. Click here for more information. See 2 social pages including Facebook and Google, Phone, Website and more for this business. The new system went live at the weekend and is a huge step forward for the postal service. Note: these postal codes can be identified by prefixing them with "CY-".

International dialing codes to Cyprus — Nicosia. Oikos, Cyprus - Wikipedia. The report includes: Shareholders Directors and Secretaries Company addresses Company names Document scans Full history of the company. CY Sports Channel is working in Cable tv and satellite tv activities. European University Cyprus and the National Observatory of Athens, Greece's oldest research center, signed a cooperation agreement on January [21] in [Nicosia] [Athens].

Log In. How to find a Zip Code Finding the postal codes you need for your post is as simple as few clicks First select your country of choice to be taken to a list of the administrative divisions of that country Then select the area where you are trying to send your letter for a list of the available zip codes for that area. The street atlas is continuously revised and includes a page index of all the street names with their postal codes and a page index of useful information on churches, schools, libraries, cinemas, theaters, cultural centers, embassies, sports grounds etc Size 13 5x19 5 cm pages, 93 color maps, alphabetical list of streets and postal.

Sports Ltd is a Cyprus business located in Nicosia. Zip code north cyprus Northern Cyprus. Archontides sports ltd in Limassol. The following outline is provided as an overview of and topical guide to Cyprus. Paphos police are investigating a case of attempted murder, after a year-old was stabbed in the chest on Friday. World Star Betting - Cyprus Limassol is the second largest urban area in Cyprus after Nicosia, with an urban population of , and a metropolitan population of , Kykkos Monastery - cyprus-diving com.

Cyprus Districts - Statoids Archontides Sports Ltd Free Listing Limassol Fitness is the part that showcases sporting centers and fitness clubs in Limassol offering different types of lessons, classes and therapies. Archontides Sports Ltd is a Cyprus business located in Larnaca. Order i-Cyprus report and get complete information about the company P.

Cyprus Post Office is one of the many portals within the network that endeavors to provide a comprehensive listing of businesses and services that are based on the island of Cyprus whose services lie within the field of Cyprus Post Office Regardless of the needs to be fulfilled Cyprus Post Office will assist in the search to locate the company offering the ideal service. Limassol has been ranked by TripAdvisor as the 3rd up-and-coming destination in the world, in its Top 10 Traveler's Choice Destinations on the Rise.

Embassy of Greece in Nicosia - InfoHub. Cyprus Police - Wikipedia. Although the history of Law enforcement in Cyprus goes back to when the first Police Law was passed by the then British Colonial Government, which operated a mounted gendarmerie force known as the Cyprus Military Police, the history of the Cyprus Police begins with the establishment of the Republic of Cyprus in This is your first of five free articles during this 30 day period Take Five - This is your final free article during this 30 day period Stay in touch with all of the news Sign up today for complete digital access to The Daily News-Record Take Five - This is your final free article during this.

Cyprus maps from Omnimap, the leading international map store. North Cyprus new post codes CyprusScene. E-Motion offers classes for Zumba, Pilates, Yoga, Ballet and dance in Nikosia, Cyprus Each lesson accommodates a small number of students in each class E-Motion is the fusion of Emotion and Motion It's the expression of the soul; the inner thoughts that flow through your body, the physical movement that affects our mood and wellbeing. Authorities finally succeeded in getting the SMS service back in operation, 24 hours after it crashed because of heavy use Kyriakos Kokinnos, deputy minister for innovation said that the system.

Nova Cyprus. See actions taken by the people who manage and post content. Page created - 8 April We support all regions, locations, postal codes all over Cyprus iListers cy are for professionals, non-professionals or anyone who is involved directly or indirectly in properties for sale in Cyprus So whether you are buying or selling a property in Cyprus, iListers cy is the right place to start. Olympus Gym is one of the oldest Health Clubs in Cyprus It is a fully equipped, super modern and continuously upgraded Health Center Established in and located in the capital Nicosia.

Cyprus — Eurasian island country located in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and north of Egypt Cyprus is the third largest island in the Mediterranean Sea and the Republic of Cyprus is a member state of the European Union. Enjoy your exercise in marvellous weather conditions with days of sunshine. Archontides P. University of Nicosia — The largest university in Cyprus.

Nicosia - Unionpedia, the concept map. Post box - Cyprus Yellow Pages.

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My Mall Visit website. First Boutique Visit website. The Mall Of Cyprus Visit website. Archontides Sports Ltd. The first shopping mall in Limassol! The Ermes Group has strengthened its position as the leading Group in the retail business in Cyprus achieving growth rates higher than Kings Avenue Mall is an impressive full concept shopping mall ideally located in the heart of central Paphos convenient for both local The Mall of Cyprus commenced operations on 27 September offering a unique shopping experience to all visitors.

A wide variety of w Cyprus Job. Cyprus Kennel. Cyprus Locksmith. Cyprus Locksmiths. Cyprus Maritime Services. Cyprus Messages. Cyprus Messengers. Cyprus Model. Cyprus Modelling. Cyprus Pest Control. Cyprus Publishing. Cyprus Recruiters. Cyprus Removal. Cyprus Service. Cyprus Serviced Offices. Cyprus Telecommunications. Cyprus Temps. Cyprus Ticketing. Cyprus Tickets. Cyprus Translations. Cyprus Vacancies. Cyprus Valuer.

Cyprus Valuers. Larnaca Airport Car Park. Larnaca Airport Car Parking. Larnaca Airport Parking. Articles Cyprus Seasons.

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These are the lines and routes that have stops nearby - Bus: Moovit helps you find alternative routes or times. Skip to main content. Get directions now. How to get to Archontides Sports by Bus? More details What are the closest stations to Archontides Sports? More details Which Bus lines stop near Archontides Sports?

More details. Last updated on January 17, Change language. A by-product of the cyber threat risk assessment is an Internal Audit plan which usually addresses the areas of cyber risk for the organization over a single or multi-year audit period. The Internal Audit plan for cybersecurity should not be set in stone. The plan should be dynamic and adjustments should be made, based on the emergence of new risks, changes in the relative intensity and importance of existing threats and other organizational developments.

Through the Internal Audit plan, Internal Audit can independently review the design and implementation as well as the operating effectiveness of cybersecurity controls and provide objective assurance to the Board and. In addition, the Internal Audit function can conduct reviews around cybersecurity controls to ensure that they are up to date on the latest developments and provide the organization with a roadmap for short short- and long long-term remediation activities activities. In particular, the Internal pa Audit function can Aud evaluate the processes and technologies h l in place to perform incident management and response, malware analysis and cyber forensics in an effective and consistent way.

It can also evaluate processes and procedures in place to restore the capabilities or critical infrastructure services that were impaired through a cybersecurity incident. The Internal Audit function represents the last but strongest line of defence against cyber-attacks. The Internal Audit function, due to its unrestricted access to management information, the functional reporting line to the Board and its committees and, often, its unrestricted scope, represents the last but strongest line of defence against cyber-attacks.

Stakeholders have called for. This first-of-its-kind framework aims to protect the public interest by setting out and guiding professional accountants, who may feel bound by confidentiality rules, on the actions to take if they become aware of potential violations of laws and regulations committed by a client or employer. These requirements apply to all professional accountants in public practice and in business.

The standard will be effective on 15 July Early adoption is permitted. In this respect, to fulfil pro-. In accordance with the IESBA Code, other matters of significance and threats to independence issued in are the new long association provisions of personnel with an audit or assurance client that will also need to be addressed. Other important challenges are the increasing regulatory burden, the exchange of information between regulators in different jurisdictions IFIAR and ensuring the effective and appropriate use of technology to enhance audit quality exchange of information between regulators in different jurisdictions IFIAR and ensuring the effective and appropriate use of technology, including data analytics, to enhance audit quality.

In light of the above, audit firms must ensure that they address these issues by: 1. Enhancing their independence checklists 3. Enhancing their communication with those charged with governance 5. Addressing and assessing the technology used and data analytics software in their firms 7. Enhancing auditor scepticism and judgement in the business environment and among audit staff 8. Addressing compliance risks 9. Trying to find ways to increase fees due to increased audit costs at a time when audit fees have drastically reduced due to factors such as bidding and price competition in an environment where Clients will not pay for services where they cannot assess the value added.

I believe that the profession has another role to play, and one where we can make a real difference to well-being and the public interest. The Goals, which were launched in , have been agreed by the United Nations as their vision for — and have been referred to as The Future We Want. The profession is uniquely positioned to assist the needs of economies and contribute to ending poverty, combating climate change and.

One area where we are taking our responsibility for sustainability further is as a founding member of the Natural Capital Coalition. The aim is to bring together the many approaches to natural capital under one vision to share and promote the best practice. At the heart of who we are as a profession are. This means that we will be able to provide a picture of how we are doing, so that informed business decisions can be made and governments, organisations and individuals can be held to account.

The accounting profession can be adaptable and we may need to change the way we operate within business to reach the Goals we have committed to. This will create uncertainty, however the profession is equipped to manage risk and be innovative. The Sustainable Development Goals are a monumental task which will require collaboration and the ability to recognise and learn from mistakes. The accountancy profession has the peculiar advantage of being positioned across all sectors of business and public life and possessing the skills to measure success.

Businesses and ICAEW members have a vital role to play and success will be measured by all the goals being achieved. Sustainability and its role in the future of business is something ICAEW has been passionate about for a long time. This is reflected in our participation in these initiatives but I hope that the profession worldwide will see the opportunities that this presents and become more involved in sustainability as a whole. Lord Kelvin, the great Scottish engineer and physicist, is famous for saying that all knowledge begins with measurement.

Once things can be measured, they can be improved. Chartered Accountants have always been involved in measurement; it is an integral part of what we do. I believe that ICAEW members can lead the way in transforming businesses so that sustainability is in the heart of business strategy.

How do you expect the legal sector in Cyprus to perform in ? Subject to regulatory challenges, the legal sector is expected to experience. Cyprus, as the sole common law jurisdiction in the post Brexit era, with the enforceability of trusts, under Cyprus or English law, can play a pivotal role in the development of the regulated fiduciary sector.

Further, due to its political and financial stability, as well as com-. Having said that, the potential erroneous implementation of the 4th European Union AML and adoption of the 5th EU AML Directive contrary to the jurisprudence of the Court of Justice of the European Union and the EU Treaties, would significantly obstruct both the development of the legal sector as well as of the Cyprus economy as a whole.

In your opinion, how do these delays impact the legal sector in Cyprus? Although unwarranted delays do lead to the untimely administration of justice, the initiative of the Ministry of Justice and Public Order and the Supreme Court to propose the establishment of the Commercial Court in , which will hear commercial cases beyond a certain claim scale, will remedy the present problematic issues which relate to hearing delays and dissuade prospective investors.

Further, the recent establishment of the Administrative Court has also proved to be. Do you believe that the legal institutions in Cyprus need further modernisation? What would your recommendations be in order to improve the legal sector? Cyprus is ideally suited for international business due to the numerous benefits it has to offer. In addition to the comple-. Could it be improved? FDI numbers speak for themselves. The programme has been highly successful and Cyprus has become a case study of a small country doing great when committed, though every scheme can be improved in one way or another.

If I were to make one addition to it, it would be to get a commitment from the Government and all the political parties to guarantee its continuity and secure its sustainability. Trap, Put simply, companies and households are overwhelmed by debts which are almost impossible to repay. On the one hand, borrowers are encumbered with ever-increasing interest and additional collateral on their loans and, on the other, income from economic activity is progressively becoming stagnant, dragging the country into a severe recession given the lack of domestic demand, which holds back new capital investment.

This situation poses two problems which impede the road to reconstruction and development. One is that, as the margins for dissaving are exhausted, the conditions for investing in economically viable projects are. Under normal economic conditions, viability is far from given but when the lack of local consumer demand and the risks encompassing the country such as the huge public sector debt and the instability of our banking system are factored in, even with a clean slate where existing debts are not taken into account , it would be very difficult for anything other than export-oriented projects such as in tourism to be viable.

When economic conditions are adverse and the economic agents of the country are burdened with loans most showing negative net worth , then something has to give for economic development to take place and be sustainable. In such grim circumstances, there are only two possible ways forward. Doing nothing and hoping for the best, which is the current economic policy employed by the Government, is not one of them.

Manison and Savvides have shown in a recent article published in World Economics Vol. It is, however, inevitable that savings will eventually be exhausted and that forced savings will be needed to pay down debt, resulting in the full and long-term effects of a balance sheet recession. The most obvious course of action would be debt reduction.

Accumulated debt depresses consumer demand and inhibits new investment. Such a strict adherence to austerity, which ignores and totally puts aside the. New productive loans to stimulate the economy are neither being demanded nor — justifiably to some extent — offered by the banks.

Iceland, for example, declared a state of national emergency, broke up and closed most banks and declared the bank debt to foreign entities and bond holders as not repayable in the then economic conditions. The result was a recovery in a period of less than three years.

Given that Cyprus is in the eurozone, however, such a course of action may be more difficult unless, of course, the country is willing to consider leaving the euro and adopting its own currency. Without meaning to downplay the negative impact that such a radical recourse would inflict on the economy, particularly its adverse effects on the balance of payments, in such dire circumstances some control of inflation and devaluation of the currency can do more good than harm.

In real terms, the debts to the banks, which are mostly foreign- owned, would fall significantly, thereby lowering the hurdle of repayment and having a similar effect as debt reduction on Cypriot borrowers. Moreover, the assets that are held as. Our predicament does not allow us the luxury of doing nothing and pretending that everything is fine collateral by the banks would increase in value relative to outstanding loan balances and therefore give better security coverage for the banks, reducing the need for higher provisions.

Despite the adverse effects and initial hardship, it should be noted, nevertheless, that such a path can potentially lead towards the necessary adjustment for repair and reconstruction of the economy. But our predicament does not allow us the luxury of doing nothing and pretending that everything is fine or even that Cyprus is an economic miracle, as the politicians would have us believe. This is why there is a need for policies to improve the macroeconomic.

The Government should not make the mistake of concentrating all its efforts on reducing the amount and cost of public debt, but rather use fiscal policy to lessen and repair the effects of private debt on the economy. The aim should thus be to stimulate the economy through carefully selected public and private sector projects, financed by creating new business entities special purpose vehicles unburdened by existing debts.

This would, amongst other things, entail creating a special Development Finance Bank or Agency, mandated through legislation to evaluate and vet all major public sector capital expenditure and to ensure that public-privatepartnerships are viable and in the public interest.

Given the huge private debt, the risk of a recession is very high because of the compelling need for households and corporations to repair their balance. Judging from the experience of countries like Japan, whose private debt was significantly lower than that of Cyprus, the period could be well in excess of 10 years. What the policymakers do not tell us — or perhaps do not even realise themselves — is that a long and deep recession will result from doing nothing and staying the course of strict austerity.

Rather than staring blissfully into the abyss, the Government should stand ready to have the institutions in place, and provide for fiscal measures, which will mitigate and cushion the deflationary effects of the coming but very foreseeable, recession. The end result of forced debt repayment within a faltering economy is to amplify and prolong the recessionary effects. He promised to take. Usually this entails the transfer of labourintensive production to Mexico and specialist high value added production to America.

The EU, meanwhile, has been signing trade deals and thus extending its standards worldwide. It may be noted that, even without new trade deals, the comprehensive and rigorous rules of the EU have been accepted internationally, even by. One of the positive consequences of the expansion of trade deals over the last decades has been the creation of worldwide supply chains, which render businesses more.

EU officials, however, are cautious about resuming negotiations, which would probably be difficult and would draw public opposition since President Trump is unpopular. The views of President Trump on international trade, however, have. Mexican officials have increased their efforts to finalise a trade deal with EU by the end of Also, Mexico believes that it will have a better negotiating position with the USA if it succeeds in finalizing agreements on importing wheat and corn from Brazil and Argentina.

It may be noted that presently Mexico imports. American farmers are seriously concerned about the danger of losing the Mexican market. Japanese Prime Minister Shinzo Abe had stated that the TPP deal is of no significance without the US, yet his government was trying to salvage it because its trade rules are too precious to be abandoned.

However, officials er from Japan and other Asian countries insist that this d trade deal should not be under the auspices of China, which is w trying to show that it is the champion of free. So far, President Trump has failed to define China as currency manipulator, which was one of his promises in his election manifesto, and this has helped reduce tension between China and the US.

China has reacted positively and stated that it will promote a more balanced growth of world trade and will not use competitive depreciation of its currency. Although negotiations started in without any result, diplomatic sources now believe that a deal may now be finalized and European leaders have also stated their intention to promote negotiations with Japan, the Mercosur countries and Mexico. It entered into force on December 14, , and took effect in Cyprus on January 1, and in India on April 1, the start of the Indian tax year.

The conclusion of the agreement marks a significant milestone in the restoration of normal tax relations between the two countries, which were severely disrupted when the Indian authorities designated Cyprus as a notified jurisdictional area under Section 94A of the Indian Income Tax Act in While the revised agreement no longer provides exemption from capital gains tax on investments made after April 1, , it places Cyprus on no less advantageous a footing than Mauritius and Singapore in this regard.

The key features of the new agreement are set out below. The specific taxes to which it applies are, in the case of India, income tax, including any surcharge; in the case of Cyprus, it applies to income tax, corporate income tax, Special Contribution for Defence commonly referred to as SDC tax and capital gains tax. For legal persons, the place of residence is the place in which the effective management of the enterprise is situated.

If this cannot be determined, the issue will be settled by mutual agreement. A building site, a construction, assembly or installation project, or a supervisory. A permanent establishment will also arise when an enterprise provides services, including consultancy services, through employees or other personnel, which continue for more than 90 days within any month period. An insurance enterprise of one country will, except in regard to re-insurance, be deemed to have a permanent establishment in the other country if it collects premiums or insures risks there through a person other than an agent of independent status.

If an enterprise has a representative in the territory of a country who has, and habitually exercises, authority to conclude contracts in the name of the enterprise, or who habitually maintains a stock from which he regularly delivers goods or merchandise on behalf of the enterprise or habitually secures orders for the enterprise, the enterprise concerned is deemed to have a permanent establishment in respect of any activities which the person undertakes for it.

As in the OECD Model, the DTA provides that an independent broker or agent who represents the enterprise in the ordinary course of business will not be caught by this provision. Particular care needs to be taken regarding the issuing of general powers of attorney so as not to risk unintentionally creating a permanent establishment, with potential adverse consequences.

The conclusion of the agreement marks a significant milestone in the restoration of normal tax relations between the two countries. The profits of an enterprise are taxable only by the country in which it is resident, unless it carries on business in the other country through a permanent establishment there, in which case the profit attributable to the permanent establishment may be taxed by the country in which it is located.

Intra-group management charges, interest, royalties, and the like, are disregarded for the purpose of determining the profits of a permanent establishment. Income from the use of containers, trailers, and related equipment entirely within a country may be taxed in that country. However, if the beneficial owner of the dividends is a resident of the other country, the tax may not exceed 10 per cent of the gross dividend. There is no minimum shareholding threshold. Article 1 of the protocol makes clear that dividends paid by Indian companies are currently exempt from tax by virtue of section 10 34 of the Income-Tax Act , and that, so long as this continues to be the case, there will be no withholding tax from dividends paid by an Indian company to its shareholders.

Similarly, there are no withholding taxes on dividends paid overseas from Cyprus. Interest paid to. No withholding tax is levied on interest paid overseas from Cyprus, so the effective rate for Cyprus is nil. CAPITAL GAINS Gains derived by a resident of one country from the disposal of immovable property situated in the other, or from the disposal of immovable or movable property associated with a permanent establishment situated in the other, may be taxed by the country in which the immovable property or the permanent establishment is situated.

Similarly, gains from the disposal of shares in a company, which derive their value whether directly or indirectly principally from immovable property situated in one country, may be taxed in that country. Gains from the disposal of other shares may be taxed in the country in which the company issuing the shares is resident.

However, Article 2 of the Protocol makes an exception from these provisions for shares acquired prior to. April 1, Gains from the disposal of shares acquired at any time prior to that date are taxable only in the country in which the disponer is resident. Gains derived from the disposal of all other property including ships or aircraft operated in international traffic are taxable only by the country of residence of the disponer. The credit is limited to the amount of tax that would be payable on the income concerned in the country of residence.

It adds a provision enabling a recipient of information to use it for purposes other than those specified on the condition that the laws of both countries permit such use, and the competent authority of the country providing the information agrees. Article 4 of the Protocol makes clear that neither country is obliged to carry out measures at variance with its laws, administrative practices, or public policy with respect to the collection of its own taxes.

A request must be much more than a brief email containing the name and identifying information of the individual concerned. Rather, a. In effect, this means that the authorities requesting the information must already have a strong case even before they request the information.

A specialist unit deals with requests for exchange of information, and informal exchange of information between tax officers bypassing the competent authority is prohibited. As a final safeguard, the written consent of the Attorney General must be obtained before any information is released to an overseas tax authority. It adds a provision making clear that the agreement does not give either country access to the courts of the other. Its provisions will have effect from the beginning of the following tax year.

In Cyprus, the tax year is the calendar year, and in India it is the year beginning April 1. Termination of the agreement will require written notice by either country given at least six months before the end of any calendar year, whereupon the agreement will cease to have effect from the beginning of the following tax year. Notice may only be given after the agreement has been in force for five years. According to the latest Eurostat data, the economy is growing at double the eurozone average — 3.

Cyprus is ranked 7th in the eurozone since only Bulgaria, Romania, Poland, Hungary, Latvia, and Lithuania have achieved higher economic growth. Cyprus lost Since then, the economic situation and social conditions have been improving every year. The economy is growing and unemployment is falling, while welfare programmes and social protection measures cover the basic needs of those in need. The path of the economy over the next three years will depend partly on regional geopolitical factors tourism, oil and gas exploration and foreign direct investment but the most important factors concern public administration reform, the job market, privatization, the National Health Scheme, education, etc.

The most positive development for Cyprus is perhaps the fact that ongoing economic growth is accompanied by fiscal consolidation and public spending has decreased and the budget deficit is now near zero. Instead, it chose to gently relax fiscal policy, in order to give something back to society. The Government has contributed considerably to economic growth over. It has reduced some bureaucracy and proceeded with some privatisations, which then sparked private initiatives in certain markets.

Arrivals translate into domestic consumption, thus helping the economic economy. The recovery and expansion that have taken place in the last three years may be the result of private sector initiatives but and the fall in public spending has also contributed significantly. That is why I have always insisted that a smaller, more effective public sector is an essential condition for sustainable economic growth.

A smaller, more effective public sector is an essential condition for sustainable economic growth. The outcome of such a debate could be critical in minimizing the risk of the EU unravelling because of Brexit. There are two conflicting sides to this debate. This is the idea that the process of economic and political integration in Europe has gone too far and moved too fast and it should be put on hold or even reversed. This may involve revisiting and revising some of the fundamental principles of the EU such as the free movement of people.

This is based on the belief that many of the current problems of the EU stem from the slow progress in achieving greater political integration. Which reform agenda should the EU pursue post-Brexit? What must be kept in mind when attempting to answer this question is that the EU is not just an economic union but it is also a political project. Although never precisely defined, this. The eurozone crisis has exposed the fundamental flaws of operating a system in which political integration lags behind economic integration.

In the 60 years since the signing of the Treaty of Rome, Europe has gradually evolved from a free trade area and a customs union of six nations to a single market of 28 nation-states and million people, to the complete free movement of people, to the abolition of border controls and to an economic and monetary union with a common currency.

The eurozone crisis and, more recently, the refugee crisis have exposed the fundamental flaws of operating a system in which political integration lags behind economic integration. There is. There is a consensus that, in the long run, this is not a satisfactory model of EU governance but there is no clear shared vision of an alternative model. Since , the two pillars of the European Project — free movement of people and a single currency — have become reality in the EU.

Neither is essential for the workings of a single market in Europe but the long-term viability of both is now being questioned because of the lack of progress in the process of political integration. The eurozone crisis demonstrated vividly the immense problems that can arise.

Many of the current problems that threaten the stability and the very existence of the EU, such as fiscal transfers, sovereign bail-outs and the free unrestricted movement of people, would not be so intensely divisive issues in a federal political system. The problem is that there is no clear road map for how this is to be achieved. The establishment blishment of a Federal Europe is currently unpopular and therefore unlikely to be achieved ieved through normal democratic means.

Without popular support, radical reform orm of the political system in Europe iss not possible. It is equally true, however, that without political reform, the existingg status quo in Europe will continue to be in crisis. Europe and continuation of the existing crisis-prone status quo.

This intermediate outcome would entail slow, gradual and incremental reforms involving treaty change, something that Germany is now reportedly prepared to accept if it includes strengthening the eurozone. It remains to be seen whether a common FrancoGerman understanding on EU reform will result in the kind of pragmatic reforms that will strengthen the EU and ensure the survival of the eurozone.

Said revenues will include exploitation agreements with oil giants, tax levies and licensing fees. Even though no-one can be certain of the size and value of the findings, the framework should be enacted as soon as possible, and should address all potential risks and challenges. First and foremost, the following question should be considered: How can we put these funds to their best use? The answer is simple: We must aspire to maximise future profit. Of course, this is only one of several factors that policy makers need to consider.

Setting aside environmental and political factors, a government should also evaluate the effects on other sectors, on public finances and, most importantly, on future generations. There is a clear conflict between the aforementioned factors, and this makes the assessment extremely difficult.

That said, empirical studies offer clear guidance as to what constitutes best practice. History has shown that, more often than not, governments misappropriate funds and very rarely use them wisely. Usually, they create permanent expenditure, either in the form of an overblown government payroll or unnecessary social benefits, they establish loss-making entities or invest in infrastructure, the return on which will never cover their costs.

Some might argue that Cyprus will be an exception like Norway or Chile , and succeed in avoiding these mistakes. As such, why prohibit investments in local profitable entities and other projects from the outset? Why not build a much-needed port or provide support to citizens in need? Accountants and financial analysts became a scarce and expensive resource. More recently, the boom in construction and consumption made it hard and costly for hotels to find employees.

These sorts of booms are. However, this is seldom the case when countries discover substantial natural resources. The revenues last longer but end unexpectedly, leaving no room for reactionary measures. It will attract employees and capital from other industries, raising salaries and the financing costs for the whole of the economy. Unemployment benefits will decline, and both direct and indirect tax revenues will increase. The increased activity will have a multiplier effect through increased.

Speculation and the wealth effect will further boost consumption and further speculation. All these create additional tax revenues, lower benefits, and, most importantly, euphoria and the belief that the party will last forever. This will create fiscal space and pressure for more government spending with an additional multiplier effect. Given the small size and lack of diversity of its economy, Cyprus will be more vulnerable. Most importantly, if the price and activity boom in the industry lasts for a long period, then the resulting Dutch disease will unavoidably kill some industries.

This has been observed even in Norway. It should be noted that Norway actually does use a defined amount from its GIF. One finds it hard to understand why a government would need additional funds from the GIF to increase spending for any reason. However, what countries can do is apply best practice: avoid using the profits in the economy, build up buffers, reduce debt, and create an adaptable economy that reacts quickly and absorbs shocks.

Diversification is hard to achieve for a country the size of Cyprus but it is a necessity. The issue is not a question. Diversification is hard to achieve for a country the size of Cyprus but it is a necessity of ideology and personal beliefs, of capitalism versus socialism: it is demonstrably about how humans and economies behave and react.

Rest assured that Cyprus will be no exception: the island is not immune to the. No-one can assess with certainty the viability of projects, the volatility of prices, and the direct and indirect effects on the economy. All decisions will be based on probabilities, will involve judgement on upsides and downsides, and on what corrective actions will be available.

Parliament has to decide whether to allow the use of GIF funds in investing and spending in Cyprus, with the cost of wrong decisions being a The lost benefit from a project not undertaken in cases when the GIF funds are needed but cannot be used, with no alternative financing; or b. The effects of Dutch disease in cases where funds are unwisely used, temporarily boosting the economy but limiting buffers, thus leaving the economy and public finances more vulnerable.

Of course, corrective actions are available. In the first scenario, allow the use of funds; in the second scenario, stop the effects. But what is the probability of obtaining a parliamentary majority to amend the legislation on: i Allowing the GIF finance of a clearly viable and beneficial project in case the legislation is prohibitive ; or ii Stopping the government from using GIF funds to finance a loss-making project, with the government making false claims in case the legislation allows for the use of funds?

At the time, the protectionist policies that were followed by most countries until the liberalisation of trade in the s amplified the problems we faced. Expanding our economic horizons was adopted as a basic aim in the Emergency Plans drawn up following the invasion and the model on which we worked included upgrading the production structure of the economy so as to become more competitive, and encouraging Cypriot businesses to expand their activities abroad or transform Cyprus into a regional financial centre.

The idea was for Cyprus to expand relations with its neighbours, so that the island could establish itself as an economic centre in the wider Middle East and, thus, attract the interest of countries further afield wishing to internationalise their activities. Though Greece has always been considered as a natural extension to the Cyprus economy, we aspired to achieve better coordination and, as such, proposed and proceeded to sign a flexible bilateral economic agreement at the end of s.

Meanwhile, Cyprus continued to maintain normal trade relations with all the Middle Eastern countries but these relations were characterised by a lack of systematic cooperation. Our cooperation on a technocratic level helped the development of economic and friendly relations between Cyprus and Israel during otherwise long years marked by a lack of normal diplomatic relations. After the signing of the Economic Cooperation Agreement between Cyprus and Syria , a number of Cypriot industries transferred their activities to Syria the same happened later with Jordan , due to the lack — and high cost — of available labour at home.

Arrangements were made for the transport of Cypriot products by road through Syria to the Gulf countries. Unfortunately, the current situation in Syria does not allow for such endeavours and cooperation at present. For the moment, interest in the Middle East should be focused towards neighbouring countries.

Looking further afield, the abovementioned plans executed in the s were followed by the conclusion of economic agreements with China and India and the exploration of more concrete cooperation with Japan. The agreement with China was concluded in Unfortunately, between and — a period during which huge changes occurred in the international economic activities of China — the Committee did not meet for various reasons.

During this period, China proceeded to enact many business arrangements in central and southern Europe, including an agreement with Greece for the port of Piraeus. I believe Cyprus missed a great opportunity to be included in these arrangements. I have described elsewhere the conditions under which the first Economic Cooperation Agreement between Cyprus and India was signed during the visit of President Vassiliou to New Delhi in , and the difficulties encountered ever since its implementation.

One classic example is that of the Tata Group, an international Indian conglomerate. We convinced the Group to establish a base in Cyprus from which to conduct its activities in the region. When I met with representatives from the company a mere few years later, they were about to close the Nicosia-based office they maintained and leave Cyprus altogether. Pratibha Patil, to Cyprus helped to change the situation. Whilst there was a spectacular initial increase in the number of exports of local industrial and other products, a serious lack of professionalism in the handling of said exports led to a subsequent spectacular fall.

However, the prospects remain. Something similar happened in the case of Japan. After the invasion, we brought up the issue again. The relevant Japanese authority invited me to visit Tokyo to explore ways and means to rectify the problem. The meetings we had with various ministries and others explored numerous avenues of collaboration exports of citrus fruits and other agricultural products to Japan, the development of air routes serviced by Japanese airlines, the establishment of Japanese companies on the island to use Cyprus as a depot to serve their customers in the area, tourist tours to include Cyprus as one of their destinations, industries to establish themselves in Cyprus, and more.

Unfortunately, there was no serious follow-up in this case either. A Japanese company, which established itself on the Larnaca Free Industrial Estate, left Cyprus very soon after, as happened with Hitachi. In our efforts after the invasion to promote economic relations and increase exports to Middle Eastern countries, many measures were taken such as assistance to construction and other companies, coverage of political risks, solving various financing issues, etc.

There was a lack of responsible professional behaviour on behalf of many of those who appeared as trade promoters and of a number of temporary industrial units. With such a short-sighted policy, Cyprus missed the opportunity to become the market hub of the area In response to this, we created the Cyprus Export Promotion Organisation, in the hope of creating a more systematic approach.

The Organisation was shortlived! Unfortunately, private interests prevented further positive developments in this domain, and whilst some private initiatives have helped the development of Cyprus, there must be integrity so as to ensure that said private interests are at least compatible with the public interest. Overall, many Cypriot enterprises failed to establish permanent, long-term relations with Arabic countries, which prevented them from reaping the benefits available.

However, in general, their failure to establish permanent investment, create joint ventures with local businesses, and transfer technology and know-how diminished their chances of establishing long-term economic and business ties, and closer cooperation between Cyprus and these countries, which has effectively resulted in the exclusion of Cypriot products from these markets.

The fall in Cypriot exports began. Part of the effort to develop and apply a new industrial policy towards the end of the s was the encouragement of the expansion of Cypriot industries to. How can we also encourage Cypriot companies to invest abroad?

To close the chapter on exports, it would be useful to discuss the issue of re-exports. Therefore, it was not surprising that many Cypriots conducting such business used other more competitive ports instead of those in Cyprus. I hope the new arrangements with the port of Limassol and the planned new arrangements with the port of Larnaca will solve this problem as well. Though at some stage the system of Free Zones was introduced in areas around the ports and airports to facilitate reexports, bureaucratic complications and difficulties were such that the system was not allowed to work effectively and be expanded to the whole of Cyprus, where bonded warehouses could operate for this purpose.

All the competent public and private trade representatives were against this endeavour or refused to cooperate with the centre. Unfortunately, with such a short-sighted policy, Cyprus missed the opportunity to become the market hub of the area both for wholesale and retail trade , a role that was eventually taken on by Dubai and Bahrain.

Our business people chose the limited Cypriot market, instead of the huge Middle Eastern market. By Christos Michaelides. Nevertheless, the EU continues to face internal and external challenges, including globalisation, migration, ageing populations, and the rise and regulation of populism, to name a few.

This is all the more relevant in the case of Cyprus, whose ability to shape international political and economic affairs would be considerably diminished outside the context of the EU. Overall, efforts for inclusive, balanced, and sustainable growth should be strengthened. A key component of this is healthy public finances. Hence, individual member states must implement effective national policies and better coordinate their actions on major economic issues.

In this way, the process of convergence between member states — a crucial element for the proper functioning of the EU and the common currency — will be reinitiated. Meanwhile, the EU must position itself at the forefront of shaping globalisation, the challenges of which must be addressed through a serious and transparent debate about trade, not through protectionism or isolationism, which can only lead to poverty. It is abundantly clear that economic success is the basis for social progress.

For this reason, the European social model must be modernised in order to address social challenges while ensuring that European companies can keep up with increased international competition. The protection and advancement of the single market must be at the centre of our efforts, since it is the most important. Businesses are crucial to solving many of the problems Europe faces, since they create jobs, generate growth, and promote research and innovation. Undoubtedly, in order to safeguard and improve the security and prosperity we have achieved over the past 70 years, and to ensure that the EU remains a respected global player, we need a united Europe working more efficiently, and effectively.

By Dr. Overall, the central theme of the book stipulates that too much credit, and the wrong type of credit, instigated the crisis. Questions abound: How did this come about? Why was it not foreseen? What can be done in the future to safeguard against the same thing happening again? Professor Turner proffers at the outset that it is a mistake to hold banks responsible for the crisis. Banks are posited as being essential to the economy, with their contribution to the financial crisis being attributed to their role as credit providers.

Indeed, the author suggests that anyone interested as to how and why the crisis came about should focus on government finance ministries, central banks, and the economic theories that underpinned their policies. What follows is a brief summary, which cannot possibly do the book justice.

I suggest that it is required reading for anyone interested in the subject! Both are flawed. Real world evidence — of human irrationality and the existence of major market imperfections — contradicts both of these theories. They not only encouraged the development of faulty risk models, they also played a major role in the deregulation of banks and financial deepening an increase in financial activity relative to GDP, and more liquidity.

But financial deepening can make matters worse and more market liberalisation is not necessarily good. Prior to the crisis, national central banks provided only loose control over a liberalised banking system. Central banks devoted their efforts to controlling inflation, and excessive credit creation was not a major concern.

This was based on the belief that low inflation meant that increases in credit would go to businesses and thus be beneficial. According to the. The recent financial crisis proved that wrong. The great majority of credit in advanced economies is used to finance the exchange of existing assets, particularly real estate.

The supply of land whose value is the biggest part of the increase in real estate value is limited. Expectations which are not necessarily rational may lead to an increase in demand for a particular asset, such as real estate, and an increase in its price, resulting in a demand for more credit, higher prices, and a cycle of such increases.

But there is a limit on how much credit an economy can support. When the limit is reached, the bubble bursts. Real estate prices fall, and the cycle is reversed. There is a limit on how much credit an economy can support. Eventually, the borrowing reaches a limit with adverse consequences, which are now familiar.

Eurozone policies of fiscal austerity simply aggravate the problem. House owners who are highly leveraged reduce their spending, depressing overall demand. A strong correlation has been found between areas where households were most highly leveraged and a drop in consumer expenditure, which brought with it a fall in business investment, and a rise in unemployment.

People with higher incomes tend to save more. Their savings are channeled into banks, where they are made available to poorer people. This money is used to help finance mortgages on houses whose value often rises, encouraging more buying, etc. Rising inequality helps to fuel this cycle. Globalisation has added a further boost to the credit cycle.

Flows of capital between countries in response to trade deficits and surpluses have increased the supply of credit. The trade surpluses of countries such as Germany and China are, in effect, loans, supporting credit expansion in deficit countries, such as the UK and USA.

Increased financial regulation, higher capital requirements for banks, and taxes on income inequality, amongst other measures, are considered. He concludes that such measures may help but they are not sufficient. There is no panacea. The problem is made more difficult by the fact that credit creation is closely related to growth. It creates much of the purchasing power behind economic expansions. The challenge is how to bring about a balance favouring growth but avoiding too much credit.

Helicopter money or fiat money produced by the government is considered a promising possibility. This can create the purchasing power and growth, which has typically depended on credit creation. This power has been abused in the past and present.

However, there have also been situations in which it has been successful. But, as history has shown, excessive debt creation also has its dangers. A credit cycle — as Professor Turner memorably depicts — on steroids. For example, the securitisation of mortgages was initially thought to make for a better distribution of risks. It would make credit less dependent on bank capital adequacy and therefore less volatile.

In practice, securitisation meant that banks were able to sell mortgages to a series of upstream buyers. Therefore, there was little incentive on the part of banks that agreed the initial contract to ensure that that the mortgage would be repaid. The incentive, instead, was to maximise quantity.

Deficit eurozone countries such as Greece, Portugal, Spain, and Italy were. The same applies to the fight against money laundering. The main tool to this end is the exchange of information between the tax authorities of various countries, the idea being to limit tax evasion through the automatic exchange of information and by ensuring that taxpayers pay fairly, sharing the tax burden.

This law requires financial institutions such as banks, investment entities, custodial institutions, and specified insurance companies to collect information on US residents for tax purposes. The Directive established the necessary procedures for better cooperation among tax administrations in the EU.

The Directive provides for the exchange of information between member states in certain categories of income and capital — mainly of a financial nature — that taxpayers hold in a member state other than their state of residence for tax purposes. The exchange of information. Based on this standard, financial institutions collect information and submit it to the tax authorities of the countries in which they are located and operate.

The information covers financial assets maintained for their customers, who are residents for tax purposes in other countries. Approximately countries have signed the multilateral agreement adopting the CRS, with the majority committed to start automatic exchange of information as of Cyprus has already put in place the required legal, regulatory, and administrative provisions required in order to be compliant with the EU Directives on this matter quently, the tax authorities exchange the information with their counterparts in the relevant counties where the reportable persons are residents for tax purposes provided these countries have signed the respective agreements for the exchange of information.

The standard includes due diligence and reporting rules, which the financial institutions have to follow for the collection and management of information and its automatic communication to the tax authorities. For the purpose of determining the country of residence for tax purposes of each account holder, the financial institutions are required to collect certified information from the beneficiaries of the accounts, which includes the country of residence for tax purposes and their tax identity.

For this purpose, the financial institutions are required to review and update details for each account regularly. The countries that have signed the multilateral agreement for the automatic exchange of information are required to take certain measures for the effective collection, management and transfer of the information, such as information systems and technology. They must also ensure that the information collected is used only for the purpose for which it has been collected.

By the end of September , EU member states will start the automatic exchange of information for the tax year Cooperation with countries that are not members of the EU will be determined on the basis of signed multilateral agreements.

The remaining countries are due to commence as of The data — communicated to their counterparts in other member states via the automatic exchange of information — is for taxable periods from January 1, onwards. This information is communicated annually within six months from the end of the year.

As for financial institutions, they are required to follow rules of due diligence, as described in annex I of the Law, and to submit for the tax year from January 1, onwards — and thereafter on an annual basis — information with respect to accounts that must be reported. The information must be submitted within nine months from the end of the year to which they refer.

Every businessman always travels with at least three devices: a laptop, a tablet, and a mobile phone sometimes even two mobile phones. The primary need is the ability to work from anywhere without compromising on productivity and security. So looking at the needs and wants of the businessman on the go, how do we go about tackling them?

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Enter keyword. Ermes Group Visit website. Kings Avenue Mall Visit website. My Mall Visit website. First Boutique Visit website. The Mall Of Cyprus Visit website. Archontides Sports Ltd. The first shopping mall in Limassol! The Ermes Group has strengthened its position as the leading Group in the retail business in Cyprus achieving growth rates higher than Cyprus Bet. Cyprus Car Park. Cyprus Car Parks.

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Sports World. Sportswear and sports footwear for men, women and children. Football, basketball, and handball kits, national teams clothing, trainers, football boats, football teams clothing. Mail order accepted. Located at Franklin Roosevelt 69, Limassol. Easy Sports. Timagia Avenue, Larnaca. Specialising in fitness equipment such as treadmills for the whole family. CALL 24 F8rce Sports. Limassol based specialist suppliers of extreme sporting equipment for windsurfing, water skiing and wakeboarding, winter sports such as snow boarding and skiing, jet bikes and catamarans.

Zavros Sporting Co. Specialist sporting equipment for fishing, scuba diving, free diving and camping with manufacturers such as Okuma, Medex, Mustad, Lanara, Ron Thompson and Tigullio Dive. CALL 25 Micromania Limassol.

Located at a,b,d Makarios Avenue, Limassol and selling all types of bikes, roller blades, skateboards and accessories plus a wide range of computer games, consoles, peripherals and DVD. Sports Direct. UK discount sportswear chain with branches in Paphos, Paralimni and Limassol. PJs The Dance Shop. Paphos store catering for all dance needs. Stock a full range of shoes and dance wear for ballet, tap, hip hop, salsa, jazz. Also dancing gifts for children and adults of all ages.

Located at 2B Kyriacou Adamou, Chloraka. Droussiotis Leisure Games Ltd. Company who sell pool tables, free standing video games and playground equipment. Located at 1 Stassinou Street, Engomi, Nicosia. Micromania Nicosia. Located at 15c Stasinou Street, Engomi and selling all types of bikes, roller blades, skateboards and accessories plus a wide range of computer games, consoles, peripherals and DVD.

Online store specialising in rhythmic gymnastics equipment, accessories and wear. Delivering all over Cyprus. Watermotion Trading Ltd. Suppliers of clothes and equipment for surfing, boarding and other sports including No Fear, Reef, Sundek and Vans. Shops at Arch.

Makarios Avenue in Limassol and 53A Arch. Makarios Avenue in Nicosia, opposite Finbarrs Pub. Crest Diving Centre. A PADI 5 star instructor development centre offering courses from novice to expert with a shop to buy equipment. Also offer a RYA powerboat school, scuba for kids, watersports and water adventure safaris.

Situated at the St. Raphael Marina, Limassol. Growth is projected to accelerate gradually to 7. The financial markets are soaring. Both key stock market indices Sensex and Nifty. The main objective of the visit was to review the state of India-Cyprus relations in all fields and rejuvenate the historic friendly relations between the two countries.

The visit provided an excellent opportunity to exchange views on bilateral matters as well as on regional and international developments of mutual interest. How would you assess the visit of President Anastasiades to India? During the visit, they reaffirmed their traditionally close and time-tested friendship and underlined their mutual commitment to further strengthen and diversify this relationship.

Both leaders agreed that such cooperation would help address concerns related to global energy security, environmental protection and sustainable and equitable development. Did they spend a lot of time on business issues?

They emphasized the need for a comprehensive expansion of mutually beneficial contacts between the business communities of the two countries. President Anastasiades briefed Prime Minister Modi about the plan for developing the high-tech.

They consider the energy sector as a top priority area and discussed possible long-term collaboration in promoting innovative renewable energy applications and the environmentally friendly use of energy. Both men agreed that India and the EU should work together closely on combating terrorism, dealing with climate change and promoting sustainable development. What were the objectives of the decision and how successful has it been?

The macroeconomic impact of demonetisation has been relatively limited. Any adverse effects were short-lived and remonetisation helped the economy recover quickly in the fourth quarter. India added 9. The Economic Survey prepared by Ministry of Finance advocated the concept of a Universal Basic Income UBI as an alternative to the various social welfare schemes in an effort to reduce poverty. It noted that the two prerequisites for a successful UBI are: a functional JAM Jan Dhan, Aadhar and Mobile system, which ensures that the cash transfer goes directly into the account of a beneficiary and b CentreState negotiations on cost-sharing for the programme.

This is still under discussion. What does this radical tax measure entail? The GST is a comprehensive indirect tax levy on the manufacture, sale and consumption of goods and services at national level.

The World Bank has said that the implementation of a multitier GST, starting on 1 July, will play an important role in transforming the Indian economy and lead to substantial economic gains. Adding to this, the efficiency gains that the tax will achieve and the fact that the information generated through the GST on spending patterns will facilitate enforcement of personal and corporate income taxes, the impact of the GST introduction on equity and poverty should be positive.

That being said, the NPA to loans ratio suggests that the current crisis is considerably less severe than that of the late s. Direct intervention by the Reserve Bank of India RBI will expedite the decisionmaking process of banks and help them with the early resolution of distressed assets.

The Economic Survey proposed transferring NPAs to a Public Sector Asset Rehabilitation Agency PARA which could eliminate most of the obstacles to loan resolution and solve the coordination problem, since all debts would be centralised in one agency. What can you tell us about it? The Unique Identification Authority of India UIDAI is a new central government agency and it has issued a unique digit identity number to each resident on the so-called Aadhaar card.

Any individual, irrespective of age and gender, who is a resident of India and satisfies the verification process, can apply for Aadhaar. Many Audit Committees and Boards have high expectations of Internal Auditors since they view cybersecurity as a top risk, underscored by recent media headlines and increased governmental and regulatory focus.

The latter is evident from the recent US Securities and Exchange Commission SEC guidance regarding disclosure obligations relating to cybersecurity risks and incidents. Given recent high profile cyber-attacks and data breaches and the increased expectations of regulators, it is critical for Internal Audit to evolve and play a far more substantial role in Cybersecurity than is often the case today.

Direct and well known costs 1. Customer breach notifications 2. Monetary loss 3. Post-breach customer protection 4. Regulatory compliance fines 5. Attorney fees and litigation 7. Cybersecurity improvements 8. Technical investigations Indirect and less visible costs 9. Increased insurance premiums.

Higher interest rates for borrowed capital Operational disruption or destruction Value of lost contract revenue Another notable data breach was that of Mossack Fonseca, the Panamanian Law firm associated. Although the cost of the data leakage is yet to be estimated, the damages that Mossack Fonseca might face could be similar to the repercussions Sony experienced.

However, despite all the increased attention around data security, the risk of breaches is only likely to get worse, perhaps much worse. So how can you safeguard your organization against this threat? Given recent high profile cyber-attacks it is critical for Internal Audit to evolve and play a far more substantial role in Cybersecurity.

First line of defence Management should have the ultimate ownership, responsibility, and accountability for assessing, controlling, and mitigating Information Security risks. Second line of defence Facilitate and monitor the implementation of effective risk management practices ces by management, and help risk owners in reportingg adequate risk-related d information.

However, increasingly, many companies are recognizing the need for a third line of cyber defence. This is where Internal Audit it comes in. Internal Auditors should be able to understand the cyber risks identified and be prepared to address the questions and concerns expressed by the Audit Committee and the Board. A by-product of the cyber threat risk assessment is an Internal Audit plan which usually addresses the areas of cyber risk for the organization over a single or multi-year audit period.

The Internal Audit plan for cybersecurity should not be set in stone. The plan should be dynamic and adjustments should be made, based on the emergence of new risks, changes in the relative intensity and importance of existing threats and other organizational developments. Through the Internal Audit plan, Internal Audit can independently review the design and implementation as well as the operating effectiveness of cybersecurity controls and provide objective assurance to the Board and.

In addition, the Internal Audit function can conduct reviews around cybersecurity controls to ensure that they are up to date on the latest developments and provide the organization with a roadmap for short short- and long long-term remediation activities activities.

In particular, the Internal pa Audit function can Aud evaluate the processes and technologies h l in place to perform incident management and response, malware analysis and cyber forensics in an effective and consistent way. It can also evaluate processes and procedures in place to restore the capabilities or critical infrastructure services that were impaired through a cybersecurity incident. The Internal Audit function represents the last but strongest line of defence against cyber-attacks.

The Internal Audit function, due to its unrestricted access to management information, the functional reporting line to the Board and its committees and, often, its unrestricted scope, represents the last but strongest line of defence against cyber-attacks.

Stakeholders have called for. This first-of-its-kind framework aims to protect the public interest by setting out and guiding professional accountants, who may feel bound by confidentiality rules, on the actions to take if they become aware of potential violations of laws and regulations committed by a client or employer. These requirements apply to all professional accountants in public practice and in business. The standard will be effective on 15 July Early adoption is permitted.

In this respect, to fulfil pro-. In accordance with the IESBA Code, other matters of significance and threats to independence issued in are the new long association provisions of personnel with an audit or assurance client that will also need to be addressed. Other important challenges are the increasing regulatory burden, the exchange of information between regulators in different jurisdictions IFIAR and ensuring the effective and appropriate use of technology to enhance audit quality exchange of information between regulators in different jurisdictions IFIAR and ensuring the effective and appropriate use of technology, including data analytics, to enhance audit quality.

In light of the above, audit firms must ensure that they address these issues by: 1. Enhancing their independence checklists 3. Enhancing their communication with those charged with governance 5. Addressing and assessing the technology used and data analytics software in their firms 7. Enhancing auditor scepticism and judgement in the business environment and among audit staff 8. Addressing compliance risks 9. Trying to find ways to increase fees due to increased audit costs at a time when audit fees have drastically reduced due to factors such as bidding and price competition in an environment where Clients will not pay for services where they cannot assess the value added.

I believe that the profession has another role to play, and one where we can make a real difference to well-being and the public interest. The Goals, which were launched in , have been agreed by the United Nations as their vision for — and have been referred to as The Future We Want. The profession is uniquely positioned to assist the needs of economies and contribute to ending poverty, combating climate change and. One area where we are taking our responsibility for sustainability further is as a founding member of the Natural Capital Coalition.

The aim is to bring together the many approaches to natural capital under one vision to share and promote the best practice. At the heart of who we are as a profession are. This means that we will be able to provide a picture of how we are doing, so that informed business decisions can be made and governments, organisations and individuals can be held to account. The accounting profession can be adaptable and we may need to change the way we operate within business to reach the Goals we have committed to.

This will create uncertainty, however the profession is equipped to manage risk and be innovative. The Sustainable Development Goals are a monumental task which will require collaboration and the ability to recognise and learn from mistakes. The accountancy profession has the peculiar advantage of being positioned across all sectors of business and public life and possessing the skills to measure success. Businesses and ICAEW members have a vital role to play and success will be measured by all the goals being achieved.

Sustainability and its role in the future of business is something ICAEW has been passionate about for a long time. This is reflected in our participation in these initiatives but I hope that the profession worldwide will see the opportunities that this presents and become more involved in sustainability as a whole.

Lord Kelvin, the great Scottish engineer and physicist, is famous for saying that all knowledge begins with measurement. Once things can be measured, they can be improved. Chartered Accountants have always been involved in measurement; it is an integral part of what we do. I believe that ICAEW members can lead the way in transforming businesses so that sustainability is in the heart of business strategy.

How do you expect the legal sector in Cyprus to perform in ? Subject to regulatory challenges, the legal sector is expected to experience. Cyprus, as the sole common law jurisdiction in the post Brexit era, with the enforceability of trusts, under Cyprus or English law, can play a pivotal role in the development of the regulated fiduciary sector.

Further, due to its political and financial stability, as well as com-. Having said that, the potential erroneous implementation of the 4th European Union AML and adoption of the 5th EU AML Directive contrary to the jurisprudence of the Court of Justice of the European Union and the EU Treaties, would significantly obstruct both the development of the legal sector as well as of the Cyprus economy as a whole.

In your opinion, how do these delays impact the legal sector in Cyprus? Although unwarranted delays do lead to the untimely administration of justice, the initiative of the Ministry of Justice and Public Order and the Supreme Court to propose the establishment of the Commercial Court in , which will hear commercial cases beyond a certain claim scale, will remedy the present problematic issues which relate to hearing delays and dissuade prospective investors.

Further, the recent establishment of the Administrative Court has also proved to be. Do you believe that the legal institutions in Cyprus need further modernisation? What would your recommendations be in order to improve the legal sector? Cyprus is ideally suited for international business due to the numerous benefits it has to offer. In addition to the comple-. Could it be improved?

FDI numbers speak for themselves. The programme has been highly successful and Cyprus has become a case study of a small country doing great when committed, though every scheme can be improved in one way or another. If I were to make one addition to it, it would be to get a commitment from the Government and all the political parties to guarantee its continuity and secure its sustainability. Trap, Put simply, companies and households are overwhelmed by debts which are almost impossible to repay.

On the one hand, borrowers are encumbered with ever-increasing interest and additional collateral on their loans and, on the other, income from economic activity is progressively becoming stagnant, dragging the country into a severe recession given the lack of domestic demand, which holds back new capital investment.

This situation poses two problems which impede the road to reconstruction and development. One is that, as the margins for dissaving are exhausted, the conditions for investing in economically viable projects are. Under normal economic conditions, viability is far from given but when the lack of local consumer demand and the risks encompassing the country such as the huge public sector debt and the instability of our banking system are factored in, even with a clean slate where existing debts are not taken into account , it would be very difficult for anything other than export-oriented projects such as in tourism to be viable.

When economic conditions are adverse and the economic agents of the country are burdened with loans most showing negative net worth , then something has to give for economic development to take place and be sustainable. In such grim circumstances, there are only two possible ways forward. Doing nothing and hoping for the best, which is the current economic policy employed by the Government, is not one of them.

Manison and Savvides have shown in a recent article published in World Economics Vol. It is, however, inevitable that savings will eventually be exhausted and that forced savings will be needed to pay down debt, resulting in the full and long-term effects of a balance sheet recession.

The most obvious course of action would be debt reduction. Accumulated debt depresses consumer demand and inhibits new investment. Such a strict adherence to austerity, which ignores and totally puts aside the. New productive loans to stimulate the economy are neither being demanded nor — justifiably to some extent — offered by the banks. Iceland, for example, declared a state of national emergency, broke up and closed most banks and declared the bank debt to foreign entities and bond holders as not repayable in the then economic conditions.

The result was a recovery in a period of less than three years. Given that Cyprus is in the eurozone, however, such a course of action may be more difficult unless, of course, the country is willing to consider leaving the euro and adopting its own currency. Without meaning to downplay the negative impact that such a radical recourse would inflict on the economy, particularly its adverse effects on the balance of payments, in such dire circumstances some control of inflation and devaluation of the currency can do more good than harm.

In real terms, the debts to the banks, which are mostly foreign- owned, would fall significantly, thereby lowering the hurdle of repayment and having a similar effect as debt reduction on Cypriot borrowers. Moreover, the assets that are held as. Our predicament does not allow us the luxury of doing nothing and pretending that everything is fine collateral by the banks would increase in value relative to outstanding loan balances and therefore give better security coverage for the banks, reducing the need for higher provisions.

Despite the adverse effects and initial hardship, it should be noted, nevertheless, that such a path can potentially lead towards the necessary adjustment for repair and reconstruction of the economy. But our predicament does not allow us the luxury of doing nothing and pretending that everything is fine or even that Cyprus is an economic miracle, as the politicians would have us believe.

This is why there is a need for policies to improve the macroeconomic. The Government should not make the mistake of concentrating all its efforts on reducing the amount and cost of public debt, but rather use fiscal policy to lessen and repair the effects of private debt on the economy. The aim should thus be to stimulate the economy through carefully selected public and private sector projects, financed by creating new business entities special purpose vehicles unburdened by existing debts.

This would, amongst other things, entail creating a special Development Finance Bank or Agency, mandated through legislation to evaluate and vet all major public sector capital expenditure and to ensure that public-privatepartnerships are viable and in the public interest. Given the huge private debt, the risk of a recession is very high because of the compelling need for households and corporations to repair their balance. Judging from the experience of countries like Japan, whose private debt was significantly lower than that of Cyprus, the period could be well in excess of 10 years.

What the policymakers do not tell us — or perhaps do not even realise themselves — is that a long and deep recession will result from doing nothing and staying the course of strict austerity. Rather than staring blissfully into the abyss, the Government should stand ready to have the institutions in place, and provide for fiscal measures, which will mitigate and cushion the deflationary effects of the coming but very foreseeable, recession.

The end result of forced debt repayment within a faltering economy is to amplify and prolong the recessionary effects. He promised to take. Usually this entails the transfer of labourintensive production to Mexico and specialist high value added production to America. The EU, meanwhile, has been signing trade deals and thus extending its standards worldwide.

It may be noted that, even without new trade deals, the comprehensive and rigorous rules of the EU have been accepted internationally, even by. One of the positive consequences of the expansion of trade deals over the last decades has been the creation of worldwide supply chains, which render businesses more.

EU officials, however, are cautious about resuming negotiations, which would probably be difficult and would draw public opposition since President Trump is unpopular. The views of President Trump on international trade, however, have.

Mexican officials have increased their efforts to finalise a trade deal with EU by the end of Also, Mexico believes that it will have a better negotiating position with the USA if it succeeds in finalizing agreements on importing wheat and corn from Brazil and Argentina. It may be noted that presently Mexico imports. American farmers are seriously concerned about the danger of losing the Mexican market. Japanese Prime Minister Shinzo Abe had stated that the TPP deal is of no significance without the US, yet his government was trying to salvage it because its trade rules are too precious to be abandoned.

However, officials er from Japan and other Asian countries insist that this d trade deal should not be under the auspices of China, which is w trying to show that it is the champion of free. So far, President Trump has failed to define China as currency manipulator, which was one of his promises in his election manifesto, and this has helped reduce tension between China and the US.

China has reacted positively and stated that it will promote a more balanced growth of world trade and will not use competitive depreciation of its currency. Although negotiations started in without any result, diplomatic sources now believe that a deal may now be finalized and European leaders have also stated their intention to promote negotiations with Japan, the Mercosur countries and Mexico.

It entered into force on December 14, , and took effect in Cyprus on January 1, and in India on April 1, the start of the Indian tax year. The conclusion of the agreement marks a significant milestone in the restoration of normal tax relations between the two countries, which were severely disrupted when the Indian authorities designated Cyprus as a notified jurisdictional area under Section 94A of the Indian Income Tax Act in While the revised agreement no longer provides exemption from capital gains tax on investments made after April 1, , it places Cyprus on no less advantageous a footing than Mauritius and Singapore in this regard.

The key features of the new agreement are set out below. The specific taxes to which it applies are, in the case of India, income tax, including any surcharge; in the case of Cyprus, it applies to income tax, corporate income tax, Special Contribution for Defence commonly referred to as SDC tax and capital gains tax. For legal persons, the place of residence is the place in which the effective management of the enterprise is situated.

If this cannot be determined, the issue will be settled by mutual agreement. A building site, a construction, assembly or installation project, or a supervisory. A permanent establishment will also arise when an enterprise provides services, including consultancy services, through employees or other personnel, which continue for more than 90 days within any month period.

An insurance enterprise of one country will, except in regard to re-insurance, be deemed to have a permanent establishment in the other country if it collects premiums or insures risks there through a person other than an agent of independent status. If an enterprise has a representative in the territory of a country who has, and habitually exercises, authority to conclude contracts in the name of the enterprise, or who habitually maintains a stock from which he regularly delivers goods or merchandise on behalf of the enterprise or habitually secures orders for the enterprise, the enterprise concerned is deemed to have a permanent establishment in respect of any activities which the person undertakes for it.

As in the OECD Model, the DTA provides that an independent broker or agent who represents the enterprise in the ordinary course of business will not be caught by this provision. Particular care needs to be taken regarding the issuing of general powers of attorney so as not to risk unintentionally creating a permanent establishment, with potential adverse consequences.

The conclusion of the agreement marks a significant milestone in the restoration of normal tax relations between the two countries. The profits of an enterprise are taxable only by the country in which it is resident, unless it carries on business in the other country through a permanent establishment there, in which case the profit attributable to the permanent establishment may be taxed by the country in which it is located. Intra-group management charges, interest, royalties, and the like, are disregarded for the purpose of determining the profits of a permanent establishment.

Income from the use of containers, trailers, and related equipment entirely within a country may be taxed in that country. However, if the beneficial owner of the dividends is a resident of the other country, the tax may not exceed 10 per cent of the gross dividend.

There is no minimum shareholding threshold. Article 1 of the protocol makes clear that dividends paid by Indian companies are currently exempt from tax by virtue of section 10 34 of the Income-Tax Act , and that, so long as this continues to be the case, there will be no withholding tax from dividends paid by an Indian company to its shareholders.

Similarly, there are no withholding taxes on dividends paid overseas from Cyprus. Interest paid to. No withholding tax is levied on interest paid overseas from Cyprus, so the effective rate for Cyprus is nil. CAPITAL GAINS Gains derived by a resident of one country from the disposal of immovable property situated in the other, or from the disposal of immovable or movable property associated with a permanent establishment situated in the other, may be taxed by the country in which the immovable property or the permanent establishment is situated.

Similarly, gains from the disposal of shares in a company, which derive their value whether directly or indirectly principally from immovable property situated in one country, may be taxed in that country. Gains from the disposal of other shares may be taxed in the country in which the company issuing the shares is resident. However, Article 2 of the Protocol makes an exception from these provisions for shares acquired prior to.

April 1, Gains from the disposal of shares acquired at any time prior to that date are taxable only in the country in which the disponer is resident. Gains derived from the disposal of all other property including ships or aircraft operated in international traffic are taxable only by the country of residence of the disponer. The credit is limited to the amount of tax that would be payable on the income concerned in the country of residence.

It adds a provision enabling a recipient of information to use it for purposes other than those specified on the condition that the laws of both countries permit such use, and the competent authority of the country providing the information agrees. Article 4 of the Protocol makes clear that neither country is obliged to carry out measures at variance with its laws, administrative practices, or public policy with respect to the collection of its own taxes.

A request must be much more than a brief email containing the name and identifying information of the individual concerned. Rather, a. In effect, this means that the authorities requesting the information must already have a strong case even before they request the information. A specialist unit deals with requests for exchange of information, and informal exchange of information between tax officers bypassing the competent authority is prohibited.

As a final safeguard, the written consent of the Attorney General must be obtained before any information is released to an overseas tax authority. It adds a provision making clear that the agreement does not give either country access to the courts of the other. Its provisions will have effect from the beginning of the following tax year. In Cyprus, the tax year is the calendar year, and in India it is the year beginning April 1. Termination of the agreement will require written notice by either country given at least six months before the end of any calendar year, whereupon the agreement will cease to have effect from the beginning of the following tax year.

Notice may only be given after the agreement has been in force for five years. According to the latest Eurostat data, the economy is growing at double the eurozone average — 3. Cyprus is ranked 7th in the eurozone since only Bulgaria, Romania, Poland, Hungary, Latvia, and Lithuania have achieved higher economic growth. Cyprus lost Since then, the economic situation and social conditions have been improving every year. The economy is growing and unemployment is falling, while welfare programmes and social protection measures cover the basic needs of those in need.

The path of the economy over the next three years will depend partly on regional geopolitical factors tourism, oil and gas exploration and foreign direct investment but the most important factors concern public administration reform, the job market, privatization, the National Health Scheme, education, etc. The most positive development for Cyprus is perhaps the fact that ongoing economic growth is accompanied by fiscal consolidation and public spending has decreased and the budget deficit is now near zero.

Instead, it chose to gently relax fiscal policy, in order to give something back to society. The Government has contributed considerably to economic growth over. It has reduced some bureaucracy and proceeded with some privatisations, which then sparked private initiatives in certain markets. Arrivals translate into domestic consumption, thus helping the economic economy.

The recovery and expansion that have taken place in the last three years may be the result of private sector initiatives but and the fall in public spending has also contributed significantly. That is why I have always insisted that a smaller, more effective public sector is an essential condition for sustainable economic growth.

A smaller, more effective public sector is an essential condition for sustainable economic growth. The outcome of such a debate could be critical in minimizing the risk of the EU unravelling because of Brexit. There are two conflicting sides to this debate. This is the idea that the process of economic and political integration in Europe has gone too far and moved too fast and it should be put on hold or even reversed.

This may involve revisiting and revising some of the fundamental principles of the EU such as the free movement of people. This is based on the belief that many of the current problems of the EU stem from the slow progress in achieving greater political integration. Which reform agenda should the EU pursue post-Brexit? What must be kept in mind when attempting to answer this question is that the EU is not just an economic union but it is also a political project. Although never precisely defined, this.

The eurozone crisis has exposed the fundamental flaws of operating a system in which political integration lags behind economic integration. In the 60 years since the signing of the Treaty of Rome, Europe has gradually evolved from a free trade area and a customs union of six nations to a single market of 28 nation-states and million people, to the complete free movement of people, to the abolition of border controls and to an economic and monetary union with a common currency.

The eurozone crisis and, more recently, the refugee crisis have exposed the fundamental flaws of operating a system in which political integration lags behind economic integration. There is. There is a consensus that, in the long run, this is not a satisfactory model of EU governance but there is no clear shared vision of an alternative model. Since , the two pillars of the European Project — free movement of people and a single currency — have become reality in the EU.

Neither is essential for the workings of a single market in Europe but the long-term viability of both is now being questioned because of the lack of progress in the process of political integration. The eurozone crisis demonstrated vividly the immense problems that can arise. Many of the current problems that threaten the stability and the very existence of the EU, such as fiscal transfers, sovereign bail-outs and the free unrestricted movement of people, would not be so intensely divisive issues in a federal political system.

The problem is that there is no clear road map for how this is to be achieved. The establishment blishment of a Federal Europe is currently unpopular and therefore unlikely to be achieved ieved through normal democratic means. Without popular support, radical reform orm of the political system in Europe iss not possible.

It is equally true, however, that without political reform, the existingg status quo in Europe will continue to be in crisis. Europe and continuation of the existing crisis-prone status quo. This intermediate outcome would entail slow, gradual and incremental reforms involving treaty change, something that Germany is now reportedly prepared to accept if it includes strengthening the eurozone. It remains to be seen whether a common FrancoGerman understanding on EU reform will result in the kind of pragmatic reforms that will strengthen the EU and ensure the survival of the eurozone.

Said revenues will include exploitation agreements with oil giants, tax levies and licensing fees. Even though no-one can be certain of the size and value of the findings, the framework should be enacted as soon as possible, and should address all potential risks and challenges.

First and foremost, the following question should be considered: How can we put these funds to their best use? The answer is simple: We must aspire to maximise future profit. Of course, this is only one of several factors that policy makers need to consider. Setting aside environmental and political factors, a government should also evaluate the effects on other sectors, on public finances and, most importantly, on future generations. There is a clear conflict between the aforementioned factors, and this makes the assessment extremely difficult.

That said, empirical studies offer clear guidance as to what constitutes best practice. History has shown that, more often than not, governments misappropriate funds and very rarely use them wisely. Usually, they create permanent expenditure, either in the form of an overblown government payroll or unnecessary social benefits, they establish loss-making entities or invest in infrastructure, the return on which will never cover their costs.

Some might argue that Cyprus will be an exception like Norway or Chile , and succeed in avoiding these mistakes. As such, why prohibit investments in local profitable entities and other projects from the outset? Why not build a much-needed port or provide support to citizens in need? Accountants and financial analysts became a scarce and expensive resource.

More recently, the boom in construction and consumption made it hard and costly for hotels to find employees. These sorts of booms are. However, this is seldom the case when countries discover substantial natural resources. The revenues last longer but end unexpectedly, leaving no room for reactionary measures.

It will attract employees and capital from other industries, raising salaries and the financing costs for the whole of the economy. Unemployment benefits will decline, and both direct and indirect tax revenues will increase. The increased activity will have a multiplier effect through increased. Speculation and the wealth effect will further boost consumption and further speculation. All these create additional tax revenues, lower benefits, and, most importantly, euphoria and the belief that the party will last forever.

This will create fiscal space and pressure for more government spending with an additional multiplier effect. Given the small size and lack of diversity of its economy, Cyprus will be more vulnerable. Most importantly, if the price and activity boom in the industry lasts for a long period, then the resulting Dutch disease will unavoidably kill some industries.

This has been observed even in Norway. It should be noted that Norway actually does use a defined amount from its GIF. One finds it hard to understand why a government would need additional funds from the GIF to increase spending for any reason. However, what countries can do is apply best practice: avoid using the profits in the economy, build up buffers, reduce debt, and create an adaptable economy that reacts quickly and absorbs shocks.

Diversification is hard to achieve for a country the size of Cyprus but it is a necessity. The issue is not a question. Diversification is hard to achieve for a country the size of Cyprus but it is a necessity of ideology and personal beliefs, of capitalism versus socialism: it is demonstrably about how humans and economies behave and react.

Rest assured that Cyprus will be no exception: the island is not immune to the. No-one can assess with certainty the viability of projects, the volatility of prices, and the direct and indirect effects on the economy. All decisions will be based on probabilities, will involve judgement on upsides and downsides, and on what corrective actions will be available.

Parliament has to decide whether to allow the use of GIF funds in investing and spending in Cyprus, with the cost of wrong decisions being a The lost benefit from a project not undertaken in cases when the GIF funds are needed but cannot be used, with no alternative financing; or b. The effects of Dutch disease in cases where funds are unwisely used, temporarily boosting the economy but limiting buffers, thus leaving the economy and public finances more vulnerable. Of course, corrective actions are available.

In the first scenario, allow the use of funds; in the second scenario, stop the effects. But what is the probability of obtaining a parliamentary majority to amend the legislation on: i Allowing the GIF finance of a clearly viable and beneficial project in case the legislation is prohibitive ; or ii Stopping the government from using GIF funds to finance a loss-making project, with the government making false claims in case the legislation allows for the use of funds?

At the time, the protectionist policies that were followed by most countries until the liberalisation of trade in the s amplified the problems we faced. Expanding our economic horizons was adopted as a basic aim in the Emergency Plans drawn up following the invasion and the model on which we worked included upgrading the production structure of the economy so as to become more competitive, and encouraging Cypriot businesses to expand their activities abroad or transform Cyprus into a regional financial centre.

The idea was for Cyprus to expand relations with its neighbours, so that the island could establish itself as an economic centre in the wider Middle East and, thus, attract the interest of countries further afield wishing to internationalise their activities. Though Greece has always been considered as a natural extension to the Cyprus economy, we aspired to achieve better coordination and, as such, proposed and proceeded to sign a flexible bilateral economic agreement at the end of s.

Meanwhile, Cyprus continued to maintain normal trade relations with all the Middle Eastern countries but these relations were characterised by a lack of systematic cooperation. Our cooperation on a technocratic level helped the development of economic and friendly relations between Cyprus and Israel during otherwise long years marked by a lack of normal diplomatic relations. After the signing of the Economic Cooperation Agreement between Cyprus and Syria , a number of Cypriot industries transferred their activities to Syria the same happened later with Jordan , due to the lack — and high cost — of available labour at home.

Arrangements were made for the transport of Cypriot products by road through Syria to the Gulf countries. Unfortunately, the current situation in Syria does not allow for such endeavours and cooperation at present. For the moment, interest in the Middle East should be focused towards neighbouring countries.

Looking further afield, the abovementioned plans executed in the s were followed by the conclusion of economic agreements with China and India and the exploration of more concrete cooperation with Japan. The agreement with China was concluded in Unfortunately, between and — a period during which huge changes occurred in the international economic activities of China — the Committee did not meet for various reasons. During this period, China proceeded to enact many business arrangements in central and southern Europe, including an agreement with Greece for the port of Piraeus.

I believe Cyprus missed a great opportunity to be included in these arrangements. I have described elsewhere the conditions under which the first Economic Cooperation Agreement between Cyprus and India was signed during the visit of President Vassiliou to New Delhi in , and the difficulties encountered ever since its implementation.

One classic example is that of the Tata Group, an international Indian conglomerate. We convinced the Group to establish a base in Cyprus from which to conduct its activities in the region. When I met with representatives from the company a mere few years later, they were about to close the Nicosia-based office they maintained and leave Cyprus altogether. Pratibha Patil, to Cyprus helped to change the situation.

Whilst there was a spectacular initial increase in the number of exports of local industrial and other products, a serious lack of professionalism in the handling of said exports led to a subsequent spectacular fall. However, the prospects remain. Something similar happened in the case of Japan. After the invasion, we brought up the issue again. The relevant Japanese authority invited me to visit Tokyo to explore ways and means to rectify the problem. The meetings we had with various ministries and others explored numerous avenues of collaboration exports of citrus fruits and other agricultural products to Japan, the development of air routes serviced by Japanese airlines, the establishment of Japanese companies on the island to use Cyprus as a depot to serve their customers in the area, tourist tours to include Cyprus as one of their destinations, industries to establish themselves in Cyprus, and more.

Unfortunately, there was no serious follow-up in this case either. A Japanese company, which established itself on the Larnaca Free Industrial Estate, left Cyprus very soon after, as happened with Hitachi. In our efforts after the invasion to promote economic relations and increase exports to Middle Eastern countries, many measures were taken such as assistance to construction and other companies, coverage of political risks, solving various financing issues, etc.

There was a lack of responsible professional behaviour on behalf of many of those who appeared as trade promoters and of a number of temporary industrial units. With such a short-sighted policy, Cyprus missed the opportunity to become the market hub of the area In response to this, we created the Cyprus Export Promotion Organisation, in the hope of creating a more systematic approach. The Organisation was shortlived! Unfortunately, private interests prevented further positive developments in this domain, and whilst some private initiatives have helped the development of Cyprus, there must be integrity so as to ensure that said private interests are at least compatible with the public interest.

Overall, many Cypriot enterprises failed to establish permanent, long-term relations with Arabic countries, which prevented them from reaping the benefits available. However, in general, their failure to establish permanent investment, create joint ventures with local businesses, and transfer technology and know-how diminished their chances of establishing long-term economic and business ties, and closer cooperation between Cyprus and these countries, which has effectively resulted in the exclusion of Cypriot products from these markets.

The fall in Cypriot exports began. Part of the effort to develop and apply a new industrial policy towards the end of the s was the encouragement of the expansion of Cypriot industries to. How can we also encourage Cypriot companies to invest abroad? To close the chapter on exports, it would be useful to discuss the issue of re-exports. Therefore, it was not surprising that many Cypriots conducting such business used other more competitive ports instead of those in Cyprus.

I hope the new arrangements with the port of Limassol and the planned new arrangements with the port of Larnaca will solve this problem as well. Though at some stage the system of Free Zones was introduced in areas around the ports and airports to facilitate reexports, bureaucratic complications and difficulties were such that the system was not allowed to work effectively and be expanded to the whole of Cyprus, where bonded warehouses could operate for this purpose.

All the competent public and private trade representatives were against this endeavour or refused to cooperate with the centre. Unfortunately, with such a short-sighted policy, Cyprus missed the opportunity to become the market hub of the area both for wholesale and retail trade , a role that was eventually taken on by Dubai and Bahrain. Our business people chose the limited Cypriot market, instead of the huge Middle Eastern market. By Christos Michaelides.

Nevertheless, the EU continues to face internal and external challenges, including globalisation, migration, ageing populations, and the rise and regulation of populism, to name a few. This is all the more relevant in the case of Cyprus, whose ability to shape international political and economic affairs would be considerably diminished outside the context of the EU.

Overall, efforts for inclusive, balanced, and sustainable growth should be strengthened. A key component of this is healthy public finances. Hence, individual member states must implement effective national policies and better coordinate their actions on major economic issues. In this way, the process of convergence between member states — a crucial element for the proper functioning of the EU and the common currency — will be reinitiated.

Meanwhile, the EU must position itself at the forefront of shaping globalisation, the challenges of which must be addressed through a serious and transparent debate about trade, not through protectionism or isolationism, which can only lead to poverty. It is abundantly clear that economic success is the basis for social progress.

For this reason, the European social model must be modernised in order to address social challenges while ensuring that European companies can keep up with increased international competition. The protection and advancement of the single market must be at the centre of our efforts, since it is the most important. Businesses are crucial to solving many of the problems Europe faces, since they create jobs, generate growth, and promote research and innovation. Undoubtedly, in order to safeguard and improve the security and prosperity we have achieved over the past 70 years, and to ensure that the EU remains a respected global player, we need a united Europe working more efficiently, and effectively.

By Dr. Overall, the central theme of the book stipulates that too much credit, and the wrong type of credit, instigated the crisis. Questions abound: How did this come about? Why was it not foreseen? What can be done in the future to safeguard against the same thing happening again? Professor Turner proffers at the outset that it is a mistake to hold banks responsible for the crisis. Banks are posited as being essential to the economy, with their contribution to the financial crisis being attributed to their role as credit providers.

Indeed, the author suggests that anyone interested as to how and why the crisis came about should focus on government finance ministries, central banks, and the economic theories that underpinned their policies. What follows is a brief summary, which cannot possibly do the book justice. I suggest that it is required reading for anyone interested in the subject!

Both are flawed. Real world evidence — of human irrationality and the existence of major market imperfections — contradicts both of these theories. They not only encouraged the development of faulty risk models, they also played a major role in the deregulation of banks and financial deepening an increase in financial activity relative to GDP, and more liquidity.

But financial deepening can make matters worse and more market liberalisation is not necessarily good. Prior to the crisis, national central banks provided only loose control over a liberalised banking system. Central banks devoted their efforts to controlling inflation, and excessive credit creation was not a major concern. This was based on the belief that low inflation meant that increases in credit would go to businesses and thus be beneficial.

According to the. The recent financial crisis proved that wrong. The great majority of credit in advanced economies is used to finance the exchange of existing assets, particularly real estate. The supply of land whose value is the biggest part of the increase in real estate value is limited.

Expectations which are not necessarily rational may lead to an increase in demand for a particular asset, such as real estate, and an increase in its price, resulting in a demand for more credit, higher prices, and a cycle of such increases. But there is a limit on how much credit an economy can support.

When the limit is reached, the bubble bursts. Real estate prices fall, and the cycle is reversed.

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