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She speaks Greek, English and Spanish. He told the invited guests that the company which, among other things, publishes Gold magazine, has an extremely full schedule of activities for the coming year, including 60 conferences in Cyprus and several abroad.

Fans of Cyprus basketball will now be able to access information regarding their favourite sport with a swipe of the finger on a smartphone. The mobile app, which is available for free download at www. The app is available on Apple iOS and Google Android devices and works seamlessly on both mobile phones and tablets. ZEBRA Consultants specializes, amongst others, in developing applications for mobile devices, websites, online shops and other web based applications.

IRI Hellas Ltd. Hundreds of spectators enjoyed a thrilling adrenaline-filled tournament where athletes competed for international supremacy. Ten matches took place in the 57kg, 60kg, 64kg, 69kg, 75kg, 81kg, and 91kg categories. Cypriot winners were C. Antoniou, G. Danatsides, P. Tatidis, E. Kathopouli, F. Kazakov and G. Match winners from Russia were I.

Kokshin, A. Esman, I. Shmelev, and A. Andrey Dashin, founder. The decision was taken at a board meeting on December 18, and announced a few days later. Boxing is a very precise art form for me; it helps individuals develop the key skills of strategy, endurance and focus that can also be applied in everyday life and to the business world.

During a brief interlude of his time at the bank, Clerides joined CySEC as its chairman on a five-year contract, from until The 19th edition of the Dubai Shopping Festival DSF from 2 January to 2 February has once again made the emirate of Dubai a major attraction for visitors from around the world. Tourists from Cyprus will enjoy a festive and entertainment extravaganza. The DSF caters for every visitor as in addition to shopping and prizes, there are hundreds of events and activities ranging from international concerts, musicals and shows to sports, outdoor, and fashion events.

Last year, the festival drew 4. King from Milton Keynes, won the award for his company Oliver James Garden Rooms, which creates glazed home extensions. The Sun newspaper ran an article about the winner and the. James King, 47, was a bricklayer until his early twenties, when he was diag-. Equip your firm with the necessary skills, knowledge and documentation to meet the latest requirements of the auditing profession. AuditEXP is a web-based audit methodology designed to assist auditors in complying with the requirements of the classified ISAs and to improve the quality of audit services offered to their clients.

AuditEXP web-based methodology is:. Women still make up less. She has worked at Lockheed Martin for 30 years in several key corporate executive roles and leadership positions. The multinain She joined its board of tional corporation has a portfolio of directors the following year. Dynamics, she served as special International in October A year later, she also became chairman of the board of ADM, the processor and producer of food ingredients, feed ingredients and biofuels. That was 29 years after she joined Xerox as an intern in mechanical engineering.

The company employs more than , people and has clients in more than countries. As one of the business hubs for European markets, Cyprus is a very important market for us. It is one of our core international high priority regions for the future and we feel positive with the response we received.

The event garnered more than companies looking at Ajman as a potential business zone. What kind of people attended the two days of presentations? Our aim was to attract the business community, consultants and entrepreneurs as well those who want to take advantage of our excellent off-shore services. Even more crucial to us is that they were very positive after attending the summit and interacting with our top team.

But with no income or corporate tax payable, what is the gain for the UAE? Free zones are a catalyst in the development of the UAE as a top performing global business hub. Emirate of Ajman as well as the overall economy of the UAE. Free zones are a crucial part of the ecosystem that develops international business and encourages business community to come together.

FDI not only brings in business investments. On a macro level, it leads to job creation, the development of retail and real estate, the utilization of our sea ports and airports, and increased trade resulting in overall economic development. With free zone growth, we will continue to see a marked growth in infrastructure, trading, talent and interest in the UAE. Not really. What our offshore setup facilities aim to achieve is a mutually beneficial collaboration with our partner business countries and communities.

What we offer is an excellent offshore investment channel, which works as brilliantly for a company with a base in Cyprus when combined with a Free Zone Company. We offer an alternative investment destination that facilitates entry into markets around us such as the GCC, the Middle East and the voracious market of the subcontinent with access to consumerism of over a billion people.

Hence, we are not in direct competition but instead we promote complementary. Why should foreign companies choose Ajman Free Zone rather than Cyprus? What makes it special? With the UAE now being a hub for global travellers and businesses, Ajman, being at the centre of the UAE, offers a strategic location advantage. Also, market access from the UAE is excellent due to the robust infrastructure of seaports and airports which today have the best connectivity regionally as well as internationally.

Also, operations in the UAE facilitate a wider business opportunity for Cypriot investors. Following this first global investor summit, are you planning to hold more in Cyprus in the future? Cyprus is a huge market for us and our plan is to focus on building long-lasting partnerships and collaboration with its local business community. We aim to have similar events every year and keep the Cyprus community updated with our plans and new offerings. So if the major share indices are anything to go by, it would appear that we can finally draw a line under the global financial crisis: it started in and ended in … Although the world is eager to say goodbye to five bad years, are things really that simple?

Undoubtedly not. For the countries of the eurozone, the picture is even less clear. This is not to say that investors will stay away. Elsewhere in this issue of Gold, you can read about what a new publication entitled Crisis Investing in Cyprus has to say about the opportunities for savvy investors. Moreover, positive stories continue to emerge — albeit sporadically — re-. It is also a fact that many of the investment firms based in Cyprus are paying little attention to what is happening here as they advise their wealthy clients to make the most of the wealth and assets.

Regarding Equities and Bonds, they were requested to comment on them from a regional perspective too US, eurozone, UK, Japan, emerging markets, etc. Together with these ideas and views, we have selected some interesting ones from international commentators and companies to fill out the picture. To those who may feel that Cyprus in is neither the place nor the time to be discussing where wealthy individuals and firms will be putting their money, given the fact that austerity measures are likely to be felt even more strongly by most of the population, we would simply note what everyone directly involved in the economy, starting with the President, has been saying for the past nine months: investment is essential if Cyprus is to restore its standard of living, its reputation and its key professional services sector.

Thanks to ultra-easy monetary policies and an improving economic outlook, equities enjoyed a vintage year in Assets favoured by investors in economic downturns took a beating in , with top-rated US and German bond yields trading near the highest in around two years and gold limping towards its worst annual performance in three decades.

With bets that the economic recovery will continue even as the US central bank steadily trims its bond-buying stimulus and that the eurozone will take more steps towards overcoming its debt crisis, investors look for more of the same in Everything looks nice and easy right now. Analysts do not foresee a sharp bond sell-off because inflation in major economies is expected to remain stubbornly low, while the European Central Bank and the Federal Reserve have pledged to keep interest rates low for a prolonged period.

Emerging markets have been a noted exception to the rally in equities. At the end of the year, a rise in money market rates due to thin yearend liquidity gave the single currency extra impetus, but there are some expectations the ECB may react with new long-term liquidity injections into the banking system if that continues in Equities have had a good year in general, with the developed markets —especially Japan and the US — leading the way.

As the global recovery gains traction and extends to other regions, is expected to be another very good year for equities. Japan is likely to be an outperformer for a second year while Europe is expected to deliver a good performance as, last year, it lagged a bit among the developed markets.

The Asian Markets, and especially China, have potential for Government Bonds are out of favour for , while some good corporate names with a relatively good coupon and maturities up to could feature in a balanced portfolio. Gold is usually regarded as a hedge against inflation or as a holding to keep in times of uncertainty and risk aversion.

Good Hedge Fund names have come to be regarded as an important holding in any well-diversified asset allocation. Some interesting and robust time-proven performance has been delivered through long — short strategies. Interest rates are expected to remain low for the foreseeable future and, as such, cash is not expected to deliver any return to speak about. Nonetheless, cash is always an important element in any asset allocation. So if we subscribe to the view that will be the last year of the recession for Cyprus, it becomes apparent that somewhere within all the doom and gloom of the Cyprus economy there must definitely exist certain investment opportunities that the savvy investor will recognize and seize upon.

In order to arrive at these investment opportunities, however, one needs to carry out a careful analysis of the present-day situation as well as the needs and prospects of specific companies and also of projects and, possibly, standalone assets such as halfcompleted buildings or other real estate. The strong stock market returns came despite the anticapitalist policies of the former president, Hugo Chavez, who died in March.

Chavez was not a fan of the private sector and, during his year reign, he regularly seized company assets. This, in turn, discouraged foreign investors from putting their money into companies in the South American region. But investors should be cautious about history repeating itself in There are other surprises among the Top 10 stock markets of Elsewhere, two frontier markets — Zambia and Nigeria — also make the list.

Such markets have been touted as the next generation of emerging economies. Both nations have rapidly growing young populations and should, in theory, benefit from a rise in domestic consumption, which should lead to more foreign investors putting money into their stock markets. Leading economic indicators clearly point towards an improvement in global growth for , albeit at a modest pace.

We still prefer equities against bonds since we do not think the latter sufficiently compensate for the risk undertaken, while the former seem to maintain support by strong balance sheets and potential earnings upgrades.

Equities also find support from the continued shift to this asset class from other asset classes including bonds. We think that risks, such as the degree of divergence between prices and fundamentals, are increasing as we progress further through this cycle and it would be vigilant in certain instances to take profits from the peaks, as appropriate, and potentially reposition at lower levels.

This is also supported by the rise in volatility we expect to observe in Vigilance is also warranted as a lot depends on political decisions on a number of fronts, such as Central Bank policy, the US, the eurozone, China and Japan. Consequently, the potential for a sharp correction, which may present a buying opportunity, cannot be precluded.

Regionally, we would overweight Europe, including Germany, on signs that the European crisis is fading, on the German consumer and on lower recent performance as well as apparent cheaper valuations. We expect Japan to make further fundamental progress and would maintain an overweight position,.

Emerging equities still carry risks owing to structural issues; hence, we remain cautious for now as we think the economic growth premium enjoyed by the emerging market economies over their developed counterparts will continue shrinking. Within equities, we continue to favour technology, financials and energy and would underweight consumer staples considering the state of the cycle and evolving themes. Government bonds still seem overvalued, offering low yields, and vulnerable to rising volatility in a year with an expected increased dependence on policy actions, which would take into account a number of factors including unemployment figures.

We would thus be positioned at the shorter end of the yield curve, at low duration. On the other hand, corporate. We prefer to take some degree of credit risk rather than duration risk, on the back of the expectation of higher interest rates at some point. Selection is key for any positioning. We would overweight financials as we expect continued improvement in their fundamentals relative to industrials.

Selected high-yield issues may be used as sources of outperformance in a portfolio. Weaker growth in the emerging market countries will probably lead to higher differentiation among emerging markets. We recommend being cautious and selective regarding corporate bonds in these markets. We expect the dollar to strengthen against the euro, the Japanese yen, the British pound and other major currencies on the back of higher growth rates in the US economy. We expect the strengthening of the dollar against the euro to be gradual and moderate.

We also expect the British pound to strengthen against the euro on outperformance of the British economy within Europe. Despite the large fall in the price of gold from its peak, we would avoid positioning for now, owing to macro improvements and growth as well as the expected strengthening of the dollar.

However, we continuously monitor its movement and would treat any further weakness as a potential long term buying opportunity. Concerns for dollar strengthening and for key commodity consumer economies, such as China and India, as well as growing supplies and the easing of geopolitical tensions, such as the recent agreement with Iran, filter concerns through for the price of oil.

That is probably why oil prices have not responded to the recent improvement in global manufacturing confidence. Having said that, we would not be too negative as the improving overall macro environment and other factors are supportive.

As international Internet penetration continues to expand, social media equities can remain in the spotlight for extended timeframes. The potential impact on individual markets will vary. For example, countries with large current account deficits and a reliance on external funding, such as India, Brazil, South Africa and Turkey, have already experienced sharp equities and currency sell-offs. On the other hand, countries running healthier macroeconomics and current account surpluses, such as China, Korea, and Russia, were less affected and are expected to be more resistant to the effects of withdrawal of monetary stimulus in the developed economies but they are still vulnerable to contagion from problems in other Emerging Markets.

In some cases substantial currency weakness is already helping some of the more fragile countries reduce their current account deficits and improve their competitive position. Investors in EM equities should act with extra caution in the next few months and only take strategic and selective positions.

The end of found equity markets hovering at all-time highs, supported by improving growth prospects and accommodative monetary policies. The Federal Reserve had taken the lead among Central Banks with its decision to start unwinding its expansive monetary policy but the withdrawal of stimulus will be a long process.

Middle East unrest in Syria, Egypt and Turkey undermined regional economic activity and sentiment. Political uncertainty in the US took the form of a partial government shutdown with the government flirting closely with default. In Europe we are still experiencing the aftermath of the European crisis with distinct differences in the growth prospects between North and South.

We expect a positive macroeconomic performance, especially in the US where growth is on a particularly strong footing. The base scenario predicts that an improved unemployment outlook and still accommodative monetary policy will be positive factors that will continue to support G7 equity markets. We expect a mixed and complex picture to emerge in the G7 bond markets. On the one hand, we have the European Central Bank worrying about deflation and considering both quantitative easing QE and negative interest rates as possible tools.

On the other hand, the Federal Reserve and the Bank of England seem to be going the other way. Additionally, we expect that investment decisions will be complicated by the behaviour of credit spreads which will be affected. Bond investors will need to remain lively and active in to take advantage of opportunities. It is no longer the traditional market in which your long-term strategic views can provide stable returns.

Investors will need to trade around their principal views and take advantage when uncertainty causes mispriced opportunities. Placements in Floating Rate Notes and short-dated fixed rate bonds should provide relatively high risk-reward ratio whenever they selloff. Emerging Market bond markets are expected to experience similar dynamics to equities as the pace and effects of US tapering will play a central role.

Additionally, higher US interest rates will result in higher loan servicing costs and this could result in EM currency depreciation. International investors must also factor in currency risk before making placements in local currency denominated bonds. In addition, there is concern about the sustainability of Chinese growth rates and a subset of the Asian banking sector India, Indonesia and Thailand , where banks are already suffering from deteriorating loan books and tight liquidity conditions.

Again, caution is advised and careful selection is the order of the day when looking at corporate Asia. Political instability in the Middle East and other oil-producing countries still casts fears of possible disruptions to the supply of oil. We expect an increased demand for energy as developed economies continue to grow.

Consequently, we believe that energy prices will carry on their upward trends in Investors should be aware of developments in Libya and Iran which could be the wild card in terms of oil supply towards the end of We believe that any long positions at this point are very risky as the market has not found a bottom just yet.

Last year was all about Central Banks in the FX market. All the focus, by and large, was drawn to the Central Banks as they used their policy tools to help their economies get on the appropriate growth and stability path. At the moment we are witnessing a considerable. This divergence is expected to intensify in and become more and more evident. The Federal Reserve, having acted decisively, has provided a tremendous amount of stimulus in order to help the US economy recover and at the moment it seems that is has worked well and the US economy is indeed performing much better.

The tapering of bond buying has begun and will continue in The Bank of England seems satisfied with the way things are working out for the British economy and does not consider any more easing, while the Bank of Japan BoJ end the European Central Bank ECB are very worried about deflation, poor growth and labour market conditions. As a result, the BoJ has already begun a massive expansion plan to provide sufficient liquidly in the markets to help the economy grow out of stagnation and may well provide more in the coming year if necessary, while the ECB is considering both quantitative easing QE and negative interest rates as possible tools.

Overall there are great opportunities for long-term investors in the currency market that can generate more than sufficient gains. Focusing on Central Banks and fundamental macroeconomic figures should be the main priority to identify trends and trade with success. Reality finally caught up with our little piece of heaven in and we have been called to pay for years of misguided policy decisions, loose regulatory oversight and bad banking.

The cost of the unravelling is huge and its impact will be felt for a very long time. We share the general consensus that will be a very difficult year characterized by strict credit rationing practices by the banks, high unemployment levels, reduced consumption patterns and deflationary pressures. Of particular worry are the difficulties that the banking sector will continue to face in performing its traditional role of financial intermediation, the lack of an equilibrium in the real estate market, which is an indication that we have not reached a bottom, and the manner in which the banks will unwind their NPL portfolios, which can have a number of significant knock-on effects.

Although there are significant headwinds, we should also note that the services sector has held up much better than expected in the past 9 months, the economy has shown remarkable resilience and the Government is clearly committed to fulfilling its obligations stemming from the Memorandum signed with the Troika.

Additionally, exogenous factors such as the future exploitation of energy reserves and interest from foreigners in the real estate market can be positive factors in the years to come. Investors with healthy risk appetites could consider limited short-term placements in Hellenic Bank early next year in expectation of a bout of renewed interest in the CySEC in March-June next year as Bank of Cyprus shares are relisted. Having said that, investors should exhibit extreme caution in holding positions in local financial instruments, at least until there is improved visibility on the prospects of the economy.

However, they can and should look for opportunities in investments in distressed assets as well as selected greenfield investments. As we move into and that drag eases, we expect the long-awaited shift towards above-trend growth in the US finally to occur, spurred by an acceleration in private consumption and business investment.

In the US, our forecast is still for no hikes until and we expect the commitment to low rates to be reinforced in the next few months. While not at levels, credit spreads have narrowed to below longterm averages and asset market volatility has fallen. Even in a friendly growth and policy environment such as the one we anticipate, this is likely to make for lower return prospects although more appealing in a volatility-adjusted sense.

In equities, in particular, the key question we confront is whether a rally can continue given above-average multiples. We think it can. Markets have already moved a long way in this direction, but equity volatility has certainly been lower in prior cycles and forward pricing of volatility is still firmly. In an environment of subdued macro volatility, the desire to earn carry is likely to remain strong, particularly if it remains hard to envisage significant upside to the growth picture.

As the US growth picture improves — and the pressure on global rates builds — the focus on who may tighten monetary policy is likely to increase. The market is pricing a relatively synchronised exit among the major developed markets, even though their recovery profiles look different. Given that the timing of the first hike has commonly been judged to be some way off, this lack of differentiation is not particularly unusual. But the separation of those who are likely to move early and those who may move later is likely to begin in earnest in Central banks have generally tolerated those signs of emerging pressure given the external growth risks and the desire to avoid currency strength through a tighter policy stance.

The combination of a sharp downgrade to expectations of. This is still likely to be the primary axis of differentiation in coming months, but in we would also expect to see greater differentiation within both these categories. The impact of supply responses to the period of extraordinary price pressure continues to flow through the system.

Energy prices clearly matter most for the global outlook. Some of these issues continue to linger: the risks from the credit overhang remain and policymakers are unlikely to be comfortable allowing growth to accelerate much. But the deep deceleration of mid has reversed and even our forecast of essentially flat growth of about 7. For , the winning asset class was equities, mainly driven by the quantitative easing followed by the major Central Banks. However, might appear a more volatile year, especially for US equities as market volatility may rise stemming from any positive US growth surprises which may leave the Yellen-led Federal Reserve behind the curve and hence increase the magnitude of tapering.

It is worth mentioning that QE tapering in the US should impact a lot less on European stocks when compared with the potential impact on emerging and US equity markets. Consequently, the valuation gap between US and European equities might narrow within On a eurozone level, although the political risks have decreased and the leading macro indicators and sentiment improved, the eurozone crisis has not yet been resolved. A further yen depreciation could result in a more competitive economy which will benefit Japanese exporting companies further.

However, a Japanese equity rally this year. Emerging Market equities appear attractive on relative valuation grounds when compared with the developed equity markets. In , due to the low yield environment investors turned to bond-like equity investments and hence high-dividendpaying stocks rallied. As a result, dividend growth stocks appear more attractive than dividend paying stocks on relative valuation grounds.

The valuation gap between income and growth stocks might decrease in The US is generally ahead of the curve compared to the rest of the world, especially Europe, in terms of its Quantitative Easing QE programme, the recapitalisation of banks, etc. Hence, the US tapering will increase interest rate risk, especially for US bonds with long maturities. Emerging market local debt may further plunge in Eurozone bonds will mainly be affected by economic developments in the eurozone.

Alternative asset classes are expected to be interesting to global investors in , due to the fact that developed market equities are currently trading at record highs and because of the low correlations between alternative investments and traditional asset classes.

As far as commodities are concerned, oil downside risk could increase if the rate of growth in the emerging markets does not meet expectations and the increased US oil supply exceeds demand. Gold remains in a downtrend with immediate pressure towards the downside but it is supported by structural fundamental supply factors. In conclusion, it is important to stress that an investor should always target a well-diversified global portfolio across asset classes, geographical regions, sectors, style etc.

Moneywise reveals five stockmarket sectors ripe for investors in Between July and September , the UK economy grew by 0. On the back of this, the UK stockmarket rose strongly. Long-term returns from UK Equity Income funds tend to be attractive, in part thanks to dividends. I believe the FTSE could surpass its previous high of 6, in and could push on to 7, in Equity income funds are also considered to generally be a sensible way to play the UK stockmarket, given they typically invest in large firms with plenty of cash on their books.

It is investing in big and stable household names such as Vodafone and Tesco. Hollands also likes Unicorn UK Income. Like the UK, the US has seen its economy steadily rise and it rose by a better-than-expected 2. Most notably, witnessed US shares enjoy their best year for a decade, raising fears that the market is becoming expensive. The year proved to be a boon for corporate earnings, with many firms delivering results ahead of expectations.

We believe this can continue into As such investors should expect some volatility. However, it is still troubled by debt. But to put this in perspective, China — the powerhouse of emerging markets — saw its economy, which has slowed in recent years, still expand by 7. As they prosper, it is predicted their citizens will spend more money, driving markets higher. And while the BRICs may have suffered, they are trading at valuation levels near credit-crunch lows, offering a compelling buying opportunity but only for intrepid investors.

Commercial property fell out of favour when the credit crunch hit back in but as the UK economic recovery gathers pace, it has come back on to the radar. Investors can spread their cash over a wide variety of properties, such as offices and retail parks, and the rents paid by tenants can provide a stable income above inflation for yield-hungry investors. There is also scope for capital growth over the coming years, too. Helicopter View: We generally prefer equities over bonds, particularly in our base case Low for Longer scenario.

Risk in Safety: Equities and bonds are becoming more correlated. Alternative Menu: Infrastructure, real estate and other alternatives are real diversifiers— and offer attractive yields in a low-rate world. Volatility on Sale: It is better to buy an umbrella before the rain.

Volatility is cheap and many assets are expensive. Equity Value: Equities are not cheap but they are not yet in bubble territory. We generally favour Europe and Japan on valuation. Yield Caution: US yield plays will wrestle with tighter liquidity. Dividend growers still offer potential, as do non-US dividend payers. Emerging Idea: Our contrarian idea is to overweight emerging stocks vs. Be selective and favour indirect exposures multinationals. Carry On: Many bonds still look expensive and risky especially government debt.

Go for carry yield in a barbell strategy. Curve Plays: Low rates support short maturities. Tapering fears have hammered many long-term bonds back to reasonable valuations. Beware Traffic Jams: Easy to get into, hard to get out of. Liquidity could dry up fast in some credit markets when you need it most. In the first ten months of the year, the ECB will complete its Comprehensive Assessment of banks falling under its direct supervision.

We cannot rule out the possibility that no final agreement will be reached before the end of the legislative period. A delay in the implementation of the SRM is therefore very likely, which would reduce the chance of further reduction in financial fragmentation in However, we believe that no agreement before the deadline would certainly be better than a bad agreement, such as the one reached at the Council.

We consider this to be a very important step in the right. The ECB will be in charge of the supervision of all euro area banks, and even though the smaller banks will be supervised indirectly through their national supervisors, the ECB will be in a position to take over direct supervision at any time. The statement included a paragraph on the possible use of the direct recapitalisation instrument agreed upon last June, but it is still unclear under which conditions it could be used.

Moreover, it is still unclear whether private creditors would be involved prior to recapitalisations by the public sector. In a public statement, Commissioner Michel Barnier, echoed by ECB President Mario Draghi, indicated that bail-in rules would be implemented on a case-by-case basis, suggesting that bail-in would apply only for banks failing to comply with regulatory requirements in the AQR, but not to those that would be asked to raise more capital following the stress tests.

The compromise of the Council consists of a draft regulation on the SRM to be negotiated with the European Parliament, see below , and a commitment to negotiate an intergovernmental agreement by March on the functioning of a Single Resolution Fund. We believe that the agreement is complex and might prove inefficient in overcoming financial fragmentation and breaking the link between sovereigns and banks in the first place.

The SRB would be responsible for the resolution of banks directly supervised by the ECB the large banks as well as cross-border banks, whatever their size. By contrast, national resolution authorities would remain in charge of the resolution of all other banks, unless the resolution requires the involvement of the Single Resolution Fund SRF , see below.

When a bank is failing, the board would adopt a resolution, either on its own initiative, or following a notification by the ECB acting as the Single Supervisor. The draft resolution would be prepared in the executive format of the SRB, i. Some additional constraints have been added to ensure that a member state is not obliged to provide public support without its prior approval under national budgetary procedures.

We believe that this mechanism has several. First, it is very complex in its decision making process and involves lots of different stakeholders, making a swift and efficient overnight decision difficult. Second, it does not fully break the link between national authorities and their banks, given the role of the executive format of the board. Last, it does not cover all banks in the euro area and, in particular, small and medium sized banks do not come under the remit of the SRM, even though many problems that occurred over the last five years have involved medium sized banks.

The functioning of the resolution fund would be based on an intergovernmental agreement, which member states are supposed to negotiate before March This fund would initially consist of segregated national compartments, which would be gradually mutualised over a year transition period, and this gradual mutualisation would be determined by the intergovernmental agreement. During this period, bridge financing would be available from national sources backed by levies on bank or from the European Stability Mechanism ESM according to existing procedures i.

The intergovernmental agreement would also comply with the bail-in rules included in the just-agreed BRRD, which will enter into force on 1 January Moreover, we believe that the total amount of the fund in the medium term is probably not enough, especially given the restrictions surrounding the use of the ESM.

Last, the intergovernmental approach will limit the efficiency of the functioning of the fund, in our view. The regulation creating the SRM is based on article of the Treaty and therefore requires a qualified majority of the Council and a vote by the European Parliament. Therefore, we believe that is very likely that an agreement will not be reached in time.

Resolution would be triggered by the supervisor, while the resolution board would evaluate the proposal and suggest that the Commission initiate resolution. The Commission would take the decision, while the board would decide on the details of the execution. All banks established in the participating members of the SSM would fall under the scope of the SRM, including small and medium sized banks which are only indirectly supervised by the ECB. Governance Should Take Centre Stage There are good arguments to be made on both sides of the privatisation debate.

Putting aside the requirement to raise much-needed funds, there are good arguments to be made on both sides of the privatisation debate. Each can learn something from the other if maturity prevails in an environment of appreciative inquiry. Most neutral observers would agree that the wider public sector is inefficient and largely self-serving.

Decades of political meddling and pandering to specific interest groups have seen monopolistic profits squandered, with the long-suffering customer being of least concern. Unfortunately, the private sector has shown itself to be no better. Bank of Cyprus and Cyprus Popular Bank were commercial companies listed on the Cyprus Stock Exchange and operating in a highly competitive environment.

Yet both collapsed after catastrophic failures of corporate governance and gross mismanagement, leaving customers to shoulder much of the burden. This should serve as evidence that private ownership and competition is no guarantee of good governance or proper management focused on the best interests of the customer. We could also learn from the experience of other countries. While the privatisation of telecommunications is largely considered a great success, ever-increasing energy bills and the real possibility of future electricity blackouts after years of under-investment have dominated recent political party conferences.

This sounds all too familiar. In the final analysis, the question of whether to privatise public utilities in Cyprus may be moot as economic imperatives force our hand, despite the protests. So, what can be done to help achieve this laudable desired outcome? A golden opportunity presents itself to introduce a mandatory environment of exemplary governance for all systemically important public interest entities — including those marked for privatisation.

This would demonstrate to our international lenders and the rest of the world that Cyprus is serious about leaving its past economic crimes and misdemeanours behind. The affected entities whether under public or private ownership in the future should be required to comply with a new Governance Charter based on ethics, values and principles, reinforced by new laws and regulations, including the personal liability of directors for any breach in letter or spirit. Much-needed updates to Cypriot law should be informed by international developments such as the onus placed on key executives courtesy of Sarbanes-Oxley in the US and the requirement that directors pay due regard to a range of stakeholders under the UK Companies Act Boards and senior managers should be required to demonstrate active promotion and support of, inter alia: meritocracy, integrity, sustainability, ethical leadership, responsibility, customer empowerment and fairness.

In addition, this should be done within a demonstrable framework of transparency and accountability, underpinned by a culture of robust enterprise-wide risk management. Anything less should be considered a dereliction of duty with the appropriate penalties imposed on individuals concerned.

The government must stop trying to placate the same vested interests that have largely contributed to our current misfortune. Instead, it should use the years provided in the privatisation roadmap approved by the Eurogroup to develop a new governance environment such as that described above. This would be the most effective way of resolving all issues and concerns held in good faith, and finally give Cyprus a chance of moving forward for the greater good.

The views in this article represent those of the author and not any other individual or organisation. Serving the vast bankcard market from our small Mediterranean island, TSYS is a perfect example of a thriving international company whose strategically located operations in Cyprus fuels its global success.

Michalis Michaelides: TSYS is a leading payment solutions provider, providing both licensed and outsourced payment processing solutions to financial institutions, businesses and governments around the globe. Today we have approximately clients in more than 80 countries. On average, we can say the people of TSYS and our proven solutions help process 41 million payment transactions a day Can you explain the processes in the financial transaction system where TSYS is involved and how precisely?

Basically, we provide solutions for financial institutions issuing all types of products such as credit, charge, debit, prepaid and loyalty cards to consumers or commercial cards catering to corporate customers. We also provide acquiring financial institutions solutions for managing their ATM networks, their physical merchants and e-commerce merchants. Our solutions connect the banks, card networks such as Visa, MasterCard and Amex , merchants and card holders to direct the movement of money across these multiple parties.

A payment transaction at a point of sale POS when you swipe or tap your card at a physical merchant or pay over the. Our Cyprus office plays a crucial role in the overall support of our licensing business Internet via a payment gateway can be supported by TSYS, as we help process the payment message for real-time authorization and later for clearing and settlement. Gold: What are your current available products? Clients have the ability to create a tailor-made solution that fits their needs and requirements.

We also provide a comprehensive outsourcing business model in which the solution resides within one of our state-of-the-art data centres around the world. The breadth and depth of our solutions span the entire payments value chain, from card and merchant management, through to authorization, clearing and settlement, risk and fraud management, to loyalty and ecommerce.

It supports multiple currencies, multiple languages, multiple products e. Its architecture is. Multinational clients use it to centralize their cards operations across multiple geographies. Even retailers can use the solution to offer their clients financial products. We are using industry best practices for product development and have developed a unique integration layer that enables the platform to be enriched with much lower resource and financial investment.

This allows it to be more cost-effective for a wider range of banks in addition to those with multi-country expansion strategies for both developed and emerging markets. I think it is worth mentioning that our Cyprus office plays a crucial role in the overall support of our licensing business. The office was established in and Cyprus proved to be a great strategic location to support its expanding client base across multiple continents and it grew to be the largest office for Card Tech in the world.

Together they have built an extremely strong company culture and an even stronger, quality of service. The level of expertise and high percentage of university-educated graduates has continued to make Cyprus a good location for talent over the years. This is a great testament to the ability of the local team. In total, we provide services to more than clients in more than 70 countries, and our Cyprus office is key to the servicing of this extensive client base.

Gold: How does the European market compare to that of the US, particularly when it comes to innovation in payments? Until recently, the US payments market was largely driven by volume, not innovation. However, the advent of new technologies such as mobile is changing this landscape very rapidly.

There is a tremendous amount of investment taking place at the moment in payments and we expect this to radically transform the way we transact. The merging of payments into the mobile space and into social networks is happening at such a frantic pace that no-one can really say what the payment landscape will look like in 5 years time. What I can tell you, though, is that the world will need reliable payment service providers such as TSYS to ensure that the payment experience remains smooth, safe and secure.

Gold: Do the people in the Cyprus office have a particular focus or expertise as a team? The focus tends to be on the programming and delivery side. We are part of a global network of 23 offices across 15 countries which support our clients through multiple touch points. We make extensive use of the concept of. Gold: Has your business been affected at all by the events of March in Cyprus?

However, we do support some of the Cyprus banks which were affected. They ran one charity drive for families in need in March and are running another one now for this holiday season to support the Alkionides charity — all initiated by the team members themselves. Gold: Do you have any plans for further expansion or investment, either in Cyprus or internationally?

It is a reloadable prepaid debit card and related financial services company catering to under-banked consumers in the United States. The world of payments is radically changing through the integration of mobile and TSYS will be at the forefront of all of these changes. The Bitcoin Adventure A virtual currency is the way forward but it needs to be coordinated and controlled by central banks all over the world.

There are those who believe that Bitcoin is the way forward, a currency impenetrable by external political factors and safer than conventional means of transacting. In fact, several Cypriot enterprises are taking steps to introduce Bitcoin to consumers by making the virtual currency an acceptable means of payment. At the same time, investors have been fascinated by the returns that Bitcoin promises to pay as a result of exchange rate fluctuations among conventional currencies.

It would be unwise, however, to rush into the adoption of a virtual means of payment without knowing the plagued history of Bitcoin. Bitcoin was first introduced to the world in November of when the global recession was a fact. The founder used the alias Satoshi Nakamoto and seemed to be well-versed in mathematics and cryptography. He created a peer-to-peer network where block chains were transmitted through a decentralized system in order to verify transactions conducted by Bitcoins.

In , Bitcoins started trading publicly and could be obtained from Mt. Gox, the first Bitcoin exchange established in Tokyo, Japan. Soon, a major vulnerability was discovered. Gox eventually reversed the unverified transactions but it was now clear that the system was vulnerable. Nakamoto, who never actually revealed his real name nor did he make any public appearances, disappeared just before the crash, making this event very suspicious in the eyes of the traders.

In the meantime, Bitcoin trading took on a life of its own and survived despite the network vulnerability and the disappearance of its founder. At that time another weakness of the system was revealed when Mt. As a result, users had their Bitcoin balances stolen overnight. Further, in , the network failed again when computers running different versions of software could not verify a block, creating two different transaction logs every time a purchase was made.

These two logs meant that a user could exploit the system and carry out two transactions with the same money. Yet despite these weaknesses, Bitcoin trading has persisted as people have lost confidence in conventional currencies. In fact, Bitcoin users were overjoyed to hear about the Troika-imposed measures in Cyprus. Declaring a bank holiday and confiscating money from deposits meant that more people worldwide would eventually turn to Bitcoin as a means of securing their money.

Conventional currency deposits were no longer safe. It is safe to say that Bitcoin would not even exist if the economic circumstances were more favourable. It has been proven more than once that the decentralized network has weaknesses which could be exploited by a cryptographer to extract or even produce a large amount of Bitcoins. In either case, the market will crash leaving many investors disgruntled.

In my view, a virtual currency IS the way forward, but it needs to be coordinated and controlled by central banks all over the world. Without the proper security measures in place, a virtual currency is destined to be susceptible to anyone with the knowledge to hack a computerp; more so, in a decentralized network.

There is no doubt that some will be quick to ride the Bitcoin wagon, hoping to receive unusually high returns. A word to the wise: never forget that an investment which promises to pay a high return is a risky one ten times out of ten! He maintains a popular. T al econo t is com cturalGol Cypru troy the oth Lai they w ctively? They u could the reg tually, t ot abo lots of of ch itable an as an el d k l n o p n ta ed ch ly prof industry sign ding alo arios. Y for whi. Conce t should.

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His in ion of is cu plc. H within Pw Jones and e has b r Nokia, e experi active in as its pre bn fund rs. Chris of the als. He operatio inancial Wales an in co orate Tre y Commi cts of its of the F and and ip team. Funding Officer. Responsibilities: Organization and coordination of Back Office Department workflow; Monitoring debits, credits and inter-account fund transfers, ensuring that mistakes are minimized; Investigating and resolving any discrepancies in payments by communicating with banks and processors; Deposit fraud prevention and chargeback disputes; Ensuring that all Payment Gateways are online and working properly; Ensuring that fraudulent transactions are investigated and resolved, placing procedures to minimize them; Establishing and maintaining working relationships with various payment vendors Forward financial matters and requests to the Accounting Department Proceeding withdrawal to clients card, E-wallet, Bank Wire Requirements Requirements: Similar experience will be considered a Compliance Officer.

It provides merchants with a seamless and cost-effective alternative. We are a FinTech company with an expanding range of services. Our wallet solution is an intuitive and user-friendly payment experience for both the Consumer and the Merchant. Founded in Cyprus, we are regulated by the Central Bank of Cyprus as an Electronic Money Institution and aim to help businesses and consumers conduct their transactions in a more convenient manner.

The Smarter Way to Pay! Financial Analyst. At Capital. We are a Fintech company with a difference, we use innovative technology to develop the most easy-to-use and transparent financial trading platform on the market. Eraklis N. Try these related job searches Accountant jobs We are not looking for candidates, we are looking for talents. Responsibilities: Monitoring of transactions and payments for possible suspicious activity Identifying red flag issues, and escalates within the AML framework for further investigation Carrying out compliance inspections and reviews Assist in: Ensuring the Company's compliance with the requirements of the applicable laws Designing, drafting and updating of policies, manuals, procedures, and controls Preliminary assessing and reviewing the Customer file Preparing regulatory reports, reports to the Board of Directors and the Central Bank of Cyprus Requirements: Working experience in a similar role in EU Bank, Payment or E-money Institution Strong knowledge of AML legislation, PSD2 and other applicable laws Familiarity with industry practices and professional standards Integrity and professional ethics Attention to detail and business acumen Wish and Technical Project Manager.

Every day, Global Payments makes it possible for millions of people to move money between buyers and sellers using our payments solutions for credit, debit, prepaid and merchant services. Our worldwide team helps over 3 million companies, more than 1, financial institutions and over million cardholders grow with confidence and achieve amazing results. We are driven by our passion for success and we are proud to deliver best-in-class payment technology and software solutions. Join our dynamic team and make your mark on the payments technology landscape of tomorrow.

An exciting new opportunity has arisen for a Technical Project Manager to join our software development team based in Nicosia, Cyprus. The team is responsible for the successful implementation of all projects undertaken by the company, both internally and commercially with our growing worldwide client base. The technical project manager will lead internal projects and work streams of varying scale through Underwriting Analyst. Unlimint Limassol, Cyprus. About Unlimint Founded in , Unlimint formerly Cardpay provides fast-growing innovative tech businesses with a convenient and simple business interface that enables payments to flow freely and invisibly.

From London to Singapore and from San Francisco to Sao Paulo, we help local clients enter new markets, and global businesses to explore new industries and reach new milestones. Following the highest banking industry standards, we are dissolving the borders that have previously limited international expansion. Our constantly evolving business interface — made by innovators for innovators — is designed to make the financial world of tomorrow closer to businesses here and now.

About the role: Underwriting analyst will review and complete underwriting and credit analysis of applications by applying sound underwriting judgment and adhering to company policy. In this role, you will be responsible for reviewing potential and existing merchants from a risk, Senior Product Manager Payments. Exness Limassol, Cyprus. We are searching for a Product manager with a great experience in building payment solutions and all the processes around them.

Product management aspects of the Role: Monitoring and analysis of product metrics Responsible for product Validation backlog maintaining and prioritizing Define product requirements working closely together with Business System Analyst and Product Designer based on the data from customer research and competitor analysis Formulating, prioritizing and verifying product hypotheses aimed to improve product metrics and reach the goals Provide management insight regarding the performance of the team based on the customer and process measures A-level Communicate the product strategy to the development team Collaborate with Product owners, Team Leaders in order to Statutory Reporting Accountant.

Maintain high ethical standards and treat people with respect and dignity. Innovate: Set direction by prioritizing and organizing actions and resources to achieve objectives. Identify continuous improvement and efficiency in the preparation of financial information. Drive Organic Growth: Keep abreast of regulatory developments within or outside of the company as well as evolving best practices in compliance control.

Prepare reports for senior management and external regulatory bodies as appropriate. Drive Inorganic Growth: Provide and review regulatory filings which may be required during legal and financial due diligence. Maintain Financial Discipline Payments Operations Manager. Exness is a successful fintech organization, one of the leaders of the global CFD brokerage industry. We are now in a phase of expansion and continuously developing our Payments function as well, therefore we are looking for a Payments Operations Manager that will join our awesome team in sunny Cyprus.

Conduct the regular review of all operational processes and procedures, suggest and implement improvements in order to ensure the most effective way of operational management in a technology environment. The main focus for our Payment Senior Operational Manager is to apply all the skill set into organizing huge operational processes effectively.

We process tens of millions of transactions and need to reconcile information from various banks, gateway providers, corporate banks, acquiring banks and internal systems.

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Betting closed predictions tomorrowland We in PwC are here to offer you the best of our knowledge and expertise. Financial Analyst. We think it can. Companies that are still producing earnings, paying dividends. There have been some encouraging developments that draw a stable economic outlook for Cyprus. Peter Long: Inpassenger numbers to Cyprus slightly decreased compared to Furthermore, during a transaction, the owner needs to be your partner in the whole selling process.

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