Business Partners | November-December 2014 by Raymond Matera Publishing

bponline.amcham.gr

NOVEMBER-DECEMBER 2014 Vol. XIII | No. 75

Thought Leaders

Sustainable Growth Models IPSAS—

SPECIAL SUPPLEMENT ▼

IN BUSINESS

FORESIGHT— 15 YEARS ▼

THE WORLD OF WORK ▼

THE HUMAN AGE

WHAT ARE WE WAITING FOR? ▼

PLUS TRENDS & TRADE MAKERS VIEWPOINT TRAVEL USA

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Microsoft—

Empowering People and Businesses Peggy Antonakou, CEO, Microsoft Hellas

COMMERC E OF

CAN-HE ERI LL AM

H IC C AMBER EN

1 9 3 2 ê

American-Hellenic Chamber of Commerce

AMCHAM

VOLUME XIII | NUMBER 75

CHAMBER.PRESS ISSN 1109-4990 CODE: 6526

CHAMBER.PRESS

CONTENTS

AMERICAN-HELLENIC CHAMBER OF COMMERCE BPONLINE.AMCHAM.GR

AMERICAN-HELLENIC CHAMBER OF COMMERCE

S P E C I A L S U P P L E M E N T: I P S A S & G R E E C E

4 THE BOARD

6 CHAMBER NEWS

1 0 REGIONAL MARKETPLACE

Sub-licensees Providing Online Gaming Services in Greece BY HERO SINANIDOU-SIDERIDOU

1 2 SMART CITIES

City Leaders Embracing Technology BY SPYROS POULIDAS

1 4 NAMES & FACES IN THE NEWS

Peggy Antonakou, CEO at Microsoft Hellas on technology today

1 6 ALBA BUSINESS REVIEW

What Can Business Leaders Learn From Theater Directors? BY OLGA EPITROPAKI, PH.D.

1 8 EDUCATION TODAY

Educational Preparation for a New and Rapidly Changing World BY THIMIOS ZAHAROPOULOS, PH.D.

2 0 ECONOMICS—OUT OF THE BOX Dead Scientists Society… BY STAVROS ALEXANDRIS

Alexandros Costopoulos, Founder and CEO of Foresight, discusses communication in Greece

2 2 TRAVEL USA

Discover America—Nevada

2 4 THE INTERVIEW

Peggy Antonakou, CEO, Microsoft Hellas

2 6 THOUGHT LEADERS

Business Models for Sustainable Growth

3 4 THE WORLD OF WORK

Randstad Hellas Outplacement Survey

3 6 MARKETPLACE

Iphigenia Georgia Mamouni, Deputy CEO of GAIA S.A. Meleton, on the National Cadastral Project

National Cadastral Project: An Essential Managerial Tool for Governance and Fiscal Policy BY IPHIGENIA GEORGIA MAMOUNI

3 8 THE HUMAN AGE

What Are We Waiting For? BY DR VENETIA KOUSSIA

BUSI N ES S PART N ERS I S THE B IMON THLY MAGA ZIN E O F T HE AM ER I CA N - HEL L EN IC CHA MB ER OF COMMERCE DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr

PUBLISHER & EDITOR Raymond Matera raymond@materamiller.com PLEASE RECYCLE

ADVERTISING Alexandra Loli alexandra@materamiller.com

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr

BRANCH OFFICE 47 Vassileos Irakleiou Street DESIGN 546 23 Thessaloniki snack• Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 PRINTING & BINDING Northern Greece Publishing S.A. E-mail: n.tsavdaroglou@amcham.gr

4 0 IN BUSINESS

Being Strategic, Being Foresight

4 2 BUSINESS MATTERS ICAP Group: 50 Years

BY NIKITAS KONSTANTELLOS

4 4 BUSINESS2BUSINESS A B2B Toolbox

4 6 TRENDS & TREND MAKERS 4 8 VIEWPOINT

Homer and the Epics in Boston

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 1

DIRECTOR’S DESK

Reviewing the developments of the year we could say that things started positively for Greece and its international image. Investors again showed interest, markets evaluated us positively, and the economy timidly began showing signs of partial recovery. GDP and unemployment are beginning to show a fragile improvement. From autumn, due to the political speculation, things have started to again become perplexing and uncertain. This, combined with our persistent weakness in implementing changes to become a competitive, open and productive economy, is hampering progress. This is regretful, following much sacrifice and suffering to right the ship. Our political system, and part of the business community, must realize that we do not live in our own little world, but are part of a competitive and demanding global system—and we are continuously evaluated based on the pronouncements of politicians, businesspeople and the Greek media. Unfortunately, despite the crisis, which we think has passed, we continue to operate without having completed the necessary and sincere omphaloscopic course and we continue to avoid seeing things as they really are in their pragmatic dimensions. What is our country today? A country with minimum productive capacity, struggling to survive in a global competitive system. We managed in recent decades to almost annihilate our industry, our crafts and other sectors that could manufacture products to be exported and we created an inward-oriented economy of services—and a culture of reselling. Today, countries that 20 years ago emerged from the ice and had to demonstrate minimum capabilities have evolved, and several have outpaced us in attracting investments, in developing better skills in developing a much more attractive internal market and the modernization of their public services. Our political system and most of our society cannot perceive these changes and instead insist on anachronistic laws and procedures, to protect special interests. They created an opaque state, which most citizens neither respect nor trust. Most often we operate as if there is no tomorrow and we are simply interested in the present. The lack of interest in what kind of world we will pass on to future generations is more than obvious. We accumulate debt, destroy our education system and ‘send away’ capable people. As we approach the new year I wish that the doors of our perception open, we see things more openly, more collaboratively, and more optimistically— for the sake of our children and our country. ELIAS SPIRTOUNIAS Executive Director

The American-Hellenic Chamber of Commerce A DYNAMIC, PROACTIVE CHAMBER The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy. The American-Hellenic Chamber of Commerce is an active mem-

2 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

MISSION STATEMENT

The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

American-Hellenic Chamber of Commerce EXECUTIVE COMMITTEE

COMMITTEES

Anastasopoulos Simos President | N. PETSIAVAS S.A.

AGROTECHNOLOGY COMMITTEE Members: Argiriou Notis, Bezergiannis Stella, Chriss Dimitrios, Efthymiadis Thymis, Karagiorgos Nikolaos, Katsaros Georgios, Kouides Antonis, Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Vergos Evangelos | Coordinator: Nikos Tsavdaroglou

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Karayannis Angelos Vice President | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Canellopoulos Paul Counselor | AIG GREECE Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. Saracakis John Counselor | SARACAKIS BROTHERS S.A.

AUDITORS COMMITTEE Members: Felonis Athanassios, Kerameas George, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

CORPORATE GOVERNANCE COMMITTEE Chair: Papacostopoulos Constantine | Members: Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Members: Alexiou Maria, Constantelis George, Katsouli Katerina, Konti Kiara, Lolas Vassilis, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis ENERGY COMMITTEE Chair: Karayannis Angelos | Members: Alexopoulos George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia

GREEK ECONOMY CONFERENCE COMMITTEE Chair: Î&#x2018;nastasopoulos Simos | Members:

Spirtounias Elias Executive Director

Antoniades Vassilis, Bacacos George, Mamidakis Eleftheria | Coordinator: Angeliki Dikeoulia

INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE Chair: Poulidas

Spyros | Members: Antonakou Peggy, Galani Agathi, Kolokotsas Dionisis, Monokrousos Antonis, Moraitis Andreas, Peppas Nikolaos, Sabatakakis Kyriakos, Tsiboukis Antonis | Coordinator: Georgia Mamali

INNOVATION, EDUCATION & ENTREPRENEURSHIP COMMITTEE Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki

INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE President: Yanos Gramatidis | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Nordkamp Erik, Van Pappelendam Robert | Executive Officer: Angeliki Dikeoulia INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE Chair: Kremalis

COMMUNICATIONS

Konstantinos | Members: Abatzoglou Theodore, Andriopoulos Stavros, Apostolopoulos George, Berti Alberto, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Kikilias Elias, Kollas John, Konstantinidis Theodore, Kouskouna Froly, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Perpinia Antigone, Poulias Alkiviadis, Prountzos Michael, Sarantopoulos Dimitris, Spyrakos Fotios, Spyropoulos Rovertos, Tompras Theodossis, Tzotzos Apostolos, Vafeiadis Ioannis, Vlassopoulos George | Coordinator: Voula Tseritzoglou

Coustas John | DANAOS SHIPPING CO. LTD

IPR COMMITTEE Members: Ailianou Andromahi, Economou Alexandra, Galanopoulou

Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Costopoulos Alexandros | FORESIGHT STRATEGY &

Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A.

Katerina, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou

Kartsanis Georgia | CEO CLUBS GREECE

LEADERSHIP COMMITTEE Chair: Miropoulos Artemis | Members: Kalligeros John,

4 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou

LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Members: Alexandris

Panos, Alexandris Spyros, Margaritis Evangelos, Scorinis George, Tsibanoulis Dimitris | Coordinator: Daphne Constantinidou

MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore |

Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, HoffmanLuecke Manuela, Krinos Gregory, Maroutsis George, Nikas Dimitris, Politis George, Strouzos Anastasios | Coordinator: Voula Tseritzoglou

NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Members: Alexopoulos

Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Athanasios, Koukountzos Konstantinos, Mitsiolidou Olga, Vlachos Panos | Coordinator: Nikos Tsavdaroglou

PHARMACEUTICAL COMMITTEE Chair: Pascal Apostolides | Vice Chairman: Filiotis

Dionysios | Members: Ahmad Haseeb, Capone Carlo, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Filiotis Spyros, Frouzis Konstantinos, Gerassopoulos Marcos, Greco Roberto, Kefalas Nikos, Lakatos Matyas, Lorge Emmanuel, Nordkamp Hendrikus Hermannus (Erik), Pateraki Evangelia, Tarou Iphigenia | Coordinator: Voula Tseritzoglou

PUBLIC AFFAIRS COMMITTEE Members: Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana

TAXATION COMMITTEE Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis

Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki

TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Argiri Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia

WOMEN IN BUSINESS (WIB) COMMITTEE Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Milona Martha, Panagopoulou Varvara, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

Κεντρικό Νευρικό Σύστηµα Σακχαρώδης ∆ιαβήτης ∆ιαταραχές Ανάπτυξης Οστεοπόρωση Ογκολογία Oυρολογία - Σεξουαλική Υγεία Καρδιολογία Πνευµονική Αρτηριακή Υπέρταση Αντιµετώπιση Λοιµώξεων Μη Συνταγογραφούµενα Φάρµακα Είδη ∆ιατροφής Ιατροτεχνολογικός Εξοπλισµός Χρόνια Έλκη

Η γραµµή της ζωής, µας ενώνει.

CO/11-2014

Παραφαρµακευτικά

CHAMBER NEWS

Healthworld

The Chamber held its 13th Annual Healthworld Conference—Ensuring a Modernized, Sustainable & Predictable Healthcare System—on September 23-24, 2014 at the Athens Ledra Hotel, and was marked by great success and participation by all stakeholders in the healthcare sector of Greece. The conference was held under the auspices of the Greek Ministry of Health and the Hellenic Association of Pharmaceutical Companies. Approximately 400 distinguished guests, representatives of the political, academic and business community attended the conference and took part in the vibrant dialogue, expressing their deep concerns regarding Greece’s healthcare environment. Key issues of the healthcare sector were presented and discussed at the conference. Important suggestions were made and solutions proposed to guarantee a modernized, stable and predictable healthcare system. MAKIS VORIDIS

PASCAL APOSTOLIDES

AGIS TSOUROS

LEONIDAS GRIGORAKOS

KONSTANTINOS FROUZIS

GIANNIS BASKOZOS

PASCAL APOSTOLIDES, EVGENIA TZORTZI, KLEOMENIS BARLOS, ERIK NORDKAMP, NIKOS MANIADAKIS, ARISTOMENIS SYNGROS , VASSILIOS KATSOS

MIW AWARDS CEREMONY The Chamber held its MIW (Make Innovation Work) award ceremony on November 13 at the Athens Exchange. MIW, which recognizes and assists innovative Greek companies, is a business plan competition designed to foster entrepreneurship and innovation by Greeks. One of the strongest components of the competition is the mentoring services that MIW provides to winning companies, assisting in business development, marketing, accounting, legal affairs, and outreach. The Chair of the Education, Innovation, and Entrepreneurship Committee, Litsa Panayotopoulos; the President of the Chamber, Simos Anastosopoulos; and the President of Athens Exchange, Socrates Lazaridis, welcomed those present and awarded the first prize of 45,000 Euros to Solar Power Kit (Alternative Energy). Runners up were The Chicory (Alternative Agriculture), Aurora (Health-Wellness), Marine Travel (Tourism-Culture), and Truckbird (Transport, Logistics, Shipping). Chamber Executive Director Elias Spirtounias presented an overview of the MIW competition and explained the procedures and methodology employed to ensure a fair, transparent, and open competition. 1ST PRIZE: CHECK PRESENTED TO SOLAR POWER KIT

6 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Labor and Insurance Conference The Chamber hosted its 4th Labor and Insurance Conference, Employment and Insurance—Two National Priority Issues Seek Solutions, on November 11 at the Hotel Grande Bretagne. The event, held under the auspices of the Ministry of Labor, Social Security and Solidarity, featured and extensive roster of speakers, from Greece and abroad, who addressed key topics as Greece struggles to reduce unemployment and reform its insurance system. The keynote speakers were Deputy Ministers of Labor Antonios Bezas and Ioannis Plakiotakis and Alexis Mitropoulos of Syriza. Speakers from abroad included Duncan Campbell of the IL O, Tom Hadley of REC in the UK, Eamonn Davern of the European Commission, Michael Jacobides of the London Business School, and Bernard Casey of the London School of Economics. Konstantinos Kremalis, Chair of the Chamber’s Labor Affairs Committee, provided a summary of the day’s proceedings. ANTONIOS BEZAS

ALEXIS MITROPOULOS

TOM HADLEY

WOMEN LEADER LUNCHEON The Women in Business (WIB) Committee of the Chamber hosted its 3rd Women Leader Luncheon with Hendre Coetzee, Global Executive Coach & Founder of the Center for Advanced Coaching on October 6 at the Hilton Athens Hotel. Mr. Coetzee spoke on Creating and Managing Constructive Tension and challenged the audience to identify and address a source of tension in their lives as a simple yet concrete first step in overcoming that which blocks and prevents progress. ELIAS SPIRTOUNIAS, HENDRE COETZEE, GEORGIA KARTSANIS, SIMOS ANASTASOPOULOS

IOANNIS PLAKIOTAKIS

MICHAEL JACOBIDES

GEORGIA KARTSANIS

TOM HADLEY, EAMONN DAVERN, SIMOS ANASTASOPOULOS, ANTONIOS BEZAS, DR. VENETIA KOUSSIA, DUNCAN CAMPBELL, BERNARD CASEY

HENDRE COETZEE

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 7

CHAMBER NEWS

Thessaloniki Tax Forum

The Chamber and its Taxation Committee hosted the 6th Thessaloniki Tax Forum under the title: Strong Need of Tax System Rationalization Toward Development, Employment and the Establishment of Trust Among Tax Payers and the State, on November 3, 2014 at the MET Hotel. Speakers shared insights and discussed fair taxation and proper functioning of tax justice, taxation and development, competitiveness, openness and business ethics, the underground economy and tax evasion, tax codes and the new single property tax. The Thessaloniki Tax Forum 2014 was designed to offer delegates first-hand knowledge of crucial taxation issues and provided the decisive platform for high-level dialogue between the public and the private sectors in Greece. Delegates included distinguished State officials, taxation experts, accountants, consultants, professors, decision and policy makers, and members of the Greek business community. Secretary General of Public Revenue, Katerina Savvaidou, gave the keynote address at the beginning of the conference and the Deputy Minister of Finance, George Mavraganis, was the keynote speaker for the Forum closure. The Forum, attended by over 200 delegates, focused on those tax policies to be followed that will lead to healthy fiscal positions and economic growth.

THINK FREE MEANING, LEADERSHIP, WOMEN The Chamber’s Institute for Economic Policy and Public Administration, in cooperation with RePower Greece, hosted a vibrant Think Free evening discussion that explored the challenges women face today in creating a stronger professional presence, advancing women’s leadership, and maintaining a healthy work-life balance considering the multiple demands that women must address. The event was held October 21 at the Athens Hilton, divided the attendees into small discussion teams that brainstormed on a variety of issues and was followed by an open discussion. Chamber President Simos Anastosopulos welcomed the guests, Venetia Koussia of Manpower and Vasso Kollia of the Ministry of Interior keynoted, and Institute President Yanos Gramatidis and RePower Greece Managing Director Alexandros Costopoulos moderated the interactive discussion.

ELIAS SPIRTOUNIAS

NIKOLAOS BAKATSELOS

SIMOS ANASTASOPOULOS

STAVROS COSTAS

YANOS GRAMATIDIS, VENETIA KOUSSIA, SIMOS ANASTOSOPOULOS, VASSO KOLLIA, ALEXANDROS COSTOPOULOS

KATERINA SAVVAIDOU

GEORGE MAVRAGANIS

ALEXANDROS COSTOPOULOS, YANOS GRAMATIDIS

8 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Greek Pavilion at AUSA The Chamber organized the Official Greek Pavilion at the AUSA Annual Meeting and Exposition on October 13-15, 2014 at the Walter E. Washington Convention Center in Washington DC. AUSA is a leading meeting of the defense industry with 30,000 visitors, including senior leaders from the Armed Forces, U.S., Department of Defense, U.S. Congress, and foreign dignitaries as well as more than 500 exhibitors that occupy an area of 27,800 m². The Greek Pavilion, held under the auspices of the Hellenic Ministry of National Defense, solidified Greece’s presence at AUSA as a dynamic effort in the context of openness and promoting Greek defense products abroad. The Chamber believes that participation at this key event significantly strengthened the Greek defense industry and was the starting point for creating strategic alliances and exploring opportunities for industrial cooperation, co-production, joint ventures, as well as high technology transfer and investment programs. EMMANUEL DANIIL, SIMOS ANASTASOPOULOS, FOTEINI GENIMATA, CHRISTOS PANAGOPOULOS, ELIAS SPIRTOUNIAS

EMMANUEL DANIIL, NICHOLAS KEMOS, SIMOS ANASTASOPOULOS, GEN GORDON R. SULLIVAN (USA RET), ELIAS SPIRTOUNIAS, ATHANASIOS KOUIMTZIS

YANOS GRAMATIDIS

REFORM, EMPLOYMENT, DEVELOPMENT

COL. DAVORIN VUCIC, COL. NIKOLA BOZIC, DEJAN VUJAKLIJA, COL. EVANGELOS PAPADOPOULOS, CHRISTOS PETALAS, CPT. ROBERT PALM, COMMANDER KLEANTHIS KYRIAKIDIS,

Chamber Calendar

NY: Opportunities in the Construction Sector

December 1-2 Athens, Athenaeum InterContinental Hotel, 25th Greek Economy Conference

The Chamber, Enterprise Greece and the Hellenic–American Chamber of Commerce of New York hosted a presentation, Development, Design & Construction in New York: Current State and Business Opportunities, by Lou Katsos, President of Jekmar Associates Inc., on November 10, 2014 at the Electra Palace Hotel in Athens. Mr. Katsos, who has extensive experience in the New York real estate and construction sector, discussed how Greek companies might participate in this dynamic market and offered insights into a variety of areas in which Greek businesses might benefit. GEORGE FILOPOULOS OF ENTERPRISE GREECE, LOU KATSOS, CHAMBER PRESIDENT SIMOS ANASTASOPOULOS, AND CHAMBER EXECUTIVE DIRECTOR ELIAS SPIRTOUNIAS

The Chamber’s Institute for Economic Policy and Public Administration is holding a series of discussions throughout Greece on Reform, Employment, and Development that engage local stakeholders on the vital issue of the reforms held in Greece during the past four years and their impact on sustainable growth, employment, and development. Events to date have been held at Tripolis, Piraeus, Crete and Larissa. The discussions are designed to review Greece’s reform process, elicit feedback from local communities, and establish a foundation for further policy recommendations by the Institute based on actual experiences and results in local economies. Institute President Yanos Gramatidis leads the discussions that include members of the Institute as well as representatives from each local prefecture.

December 3 Athens, Athenaeum InterContinental Hotel, Closed WIB Luncheon with guest speaker Deborah Wince-Smith, President & CEO, The Council of Competitiveness December 5 Thessaloniki, American Farm School, Event on Human Rights, Trafficking and Anticorruption in cooperation with Hellenic Network for CSR, Federation of Industries of Northern Greece and American Farm School December 19 TUC Chania, 4th MIW Forum

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 9

REGIONAL MARKETPLACE

BY HERO SINANIDOU-SIDERIDOU

Sub-licensees Providing Online Gaming Services in Greece

owever, despite the new law being in force for over 3 years, the situation in the Greek market resembles more or less a quasi monopoly at a certain level. According to the new gaming law, companies offering services and games of chance online, which are legally established in European Union or European Economic Area member states and hold a relevant legal license for the operation and provision of such services, may continue to provide such services in Greece for a transitional period, until the application of the provisions of the law governing online betting and the granting of relevant licenses, provided they are immediately and voluntarily subjected to the taxation regime envisaged in the law. As specified in the relevant Ministerial Decision (POL 1248/13.12.2011), published in the Official Gazette B 2854/16.12.2011), twenty four (24) companies were subjected to the regime of the transitional period under the provisions of L 4002/2011. These companies are entitled—on condition that they ante up two years of back taxes—to keep on offering, without having been granted the relevant licenses, games

IN THIS WAY, HOWEVER, THE SUB-LICENSEES MANAGE TO ENJOY THE RELEVANT COMMERCIAL BENEFITS WITHOUT HAVING PAID TO THE GREEK STATE THE TWO YEARS BACK TAXES

of chance services via the Internet and furthermore to proceed to the commercial communication (advertisement and promotion) of such services, having obtained a Greek tax registration number for conducting online gaming. These 24 companies holding “temporary licenses” are not guaranteed a formal license for online gaming and it is not certain whether such temporary licenses will last until the completion of the tender procedures for the award of licenses. Furthermore, there is no visibility as to when tenders for granting formal licenses will take place.

10 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Greece passed a new gaming law in August 2011 (L 4002/2011). According to Art.45 para 3, licenses for online gaming operators are provided via international public tender.

Temporary license holders have further assigned their right to offer services for online games of chance to sub-licensees; this does not mean that sub-licensees are legally recognized by the Greek Authorities but rather that they are implicitly “accepted.” It is worth noting, however, that such sub-licensees offer more than 80% of online gaming activity. For the time being, things seem to be in an indefinite “transitional phase,” with the temporary license holders offering online gaming under a .GR domain, most of them through one or more .GR domains of sub-licensees. In this way, however, the sub-licensees manage to enjoy the relevant commercial benefits without having paid to the Greek State the two years’ back taxes. Food for thought: Is there a need for the temporary license regime to be re-regulated so that the State has more proceeds from online gaming activity?

Hero Sinanidou-Sideridou is an EU qualified attorney of over 25 years PQE. She is the definitive authority on Gaming law in Greece, with an experience spanning over the best part of the last two decades dealing with gaming legislation and regulations at all levels, in the course of assisting clients on all aspects of gaming law. Over the years, Mrs. Sinanidou-Sideridou has advised the who-is-who of the major players in the gaming industry across the globe. Prior to her being exclusively involved in providing advice on gaming law, Mrs. Sinanidou-Sideridou worked as an Attorney at Law at the Commercial Bank of Greece GmbH in Frankfurt, Germany (1987–2000).

Α NAME, NAME, HISTORY, HISTORY, FUTURE. FUTURE. ΑΑ ΑΑ ΑNAME, NAME, NAME, NAME,A AA AA AHISTORY, HISTORY, HISTORY, HISTORY,A AA AA AFUTURE. FUTURE. FUTURE. FUTURE. Petsiavas Petsiavas Petsiavasisisisone one oneofofofthe the themost most mosthistoric historic historicand and andstrong strong strong Petsiavas Petsiavas Petsiavasisisisone one oneofofofthe the themost most mosthistoric historic historicand and andstrong strong strong companies companies companies ininin Greece. Greece. Greece. Since Since Since 1920 1920 1920 we we we are are are committed committed committed companies companies companies ininin Greece. Greece. Greece. Since Since Since 1920 1920 1920 we we we are are are committed committed committed toto toserving serving servingpeople. people. people.Always Always Alwaysfollowing following followingthe the thesame same same toto toserving serving servingpeople. people. people.Always Always Alwaysfollowing following followingthe the thesame same same philosophy philosophy philosophy ofofof hard hard hard work, work, work, innovation innovation innovation and and and effectiveness effectiveness effectiveness philosophy philosophy philosophy ofofof hard hard hard work, work, work, innovation innovation innovation and and and effectiveness effectiveness effectiveness we are present successfully three major sectors: we we are are present present successfully successfully ininin three three major major sectors: sectors: we we we are are are present present present successfully successfully successfully ininin three three three major major major sectors: sectors: sectors: Pharmaceuticals Pharmaceuticals Pharmaceuticals &&& Health Health Health Care, Care, Care, Consumer Consumer Consumer Products, Products, Products, Pharmaceuticals Pharmaceuticals Pharmaceuticals &&& Health Health Health Care, Care, Care, Consumer Consumer Consumer Products, Products, Products, Chemicals Chemicals Chemicals &&Plastics. &Plastics. Plastics. Chemicals Chemicals Chemicals &&Plastics. &Plastics. Plastics.

Petsiavas Petsiavas Petsiavas isisis the the the company company company Petsiavas Petsiavas Petsiavas isisis the the the company company company where where where Experience Experience Experience meets meets meets Innovation. Innovation. Innovation. where where where Experience Experience Experience meets meets meets Innovation. Innovation. Innovation.

21, 21, 21, Ag. Ag. Ag. Anargiron Anargiron Anargiron Str., Str., Str., K.K.Kifissia, K.Kifissia, Kifissia, 14564 14564 14564 ATHENS ATHENS ATHENS 21, 21, 21, Ag. Ag. Ag. Anargiron Anargiron Anargiron Str., Str., K. Kifissia, K. Kifissia, Kifissia, 14564 14564 14564 ATHENS ATHENS ATHENS Τ: Τ: +30 Τ: +30 +30 210 210 210 6202301, 6202301, 6202301, F:Str., F: +30 F:K. +30 +30 210 210 210 8077079 8077079 8077079 Τ:E: Τ:+30 Τ:+30 +30 210 210 210 6202301, 6202301, 6202301, F:F:+30 F:+30 +30 210 210 210 8077079 8077079 8077079 E: info@petsiavas.gr E: info@petsiavas.gr info@petsiavas.gr E:E:info@petsiavas.gr E:info@petsiavas.gr info@petsiavas.gr

http://www.petsiavas.gr/ http://www.petsiavas.gr/ http://www.petsiavas.gr/ http://www.petsiavas.gr/ http://www.petsiavas.gr/ http://www.petsiavas.gr/

15, 15, 15, Athinas Athinas Athinas Str., Str., Str., Ionia, Ionia, Ionia, 57008 57008 57008 THESSALONIKI THESSALONIKI THESSALONIKI 15, 15, 15, Athinas Athinas Athinas Str., Str., Str., Ionia, Ionia, Ionia, 57008 57008 THESSALONIKI THESSALONIKI THESSALONIKI Tel: Tel: Tel: +30 +30 +30 2310 2310 2310 722600, 722600, 722600, F:57008 F:+30 F:+30 +30 2310 2310 2310 722669 722669 722669 Tel: Tel: Tel: +30 +30 +30 2310 2310 2310 722600, 722600, 722600, F:F:+30 F:+30 +30 2310 2310 2310 722669 722669 722669

SMART CITIES

BY SPYROS POULIDAS GENERAL MANAGER, IBM GREECE & CYPRUS

City Leaders are Embracing Technology for the Public Good INSIGHTS FROM ANALYTICS AND COST EFFICACY FROM CLOUD

n this article, we will further elaborate on the two big technological game-changers that can help a city and its operations become smarter: Big Data and Cloud Computing. These two developments are changing the world’s information-technology landscape, and they are particularly vital to improving urban governance. Smarter Cities can take advantage of technology in order to gain insights from Big Data analytics and benefit from the cost-cutting potential of Cloud Computing. Governments have always had lots of data in their borders, but they haven’t always done much with it. Most of the data that is collected is used for record-keeping purposes, and isn’t studied for ways to improve operations. Predictive analytics can take lots of data and discover often surprising patterns that may reveal cost-efficient alternatives and new ways of approaching solving urban challenges. One reason that cities haven’t used data well in the past is that it is usually collected for a single purpose. Accident data may be collected by ambulance services. Arrest

data may be kept by precincts to determine overall personnel needs, instead of being used to pinpoint time periods and city blocks where police should be visible every 20 minutes to deter crime. Smart policing of crime-ridden “hot spots” has a much more dramatic impact than blind increase in police officer hours. Many cities have departments that are collecting and analyzing data for their own purposes. Their next move should be to figure out how the data can be shared between various agencies, all of whom should strive for better results for their community. Sharing of information has always been made difficult as much by expensive technological thresholds, as due to bureaucratic red tape. The good news is that cloud-computing technology makes sharing data cost effective. Instead of every department having its own computer room with a server and racks of storage, the information and the software to analyze it is in the cloud—a remote facility run by professional cloud infrastructure companies. Cities pay for the service based on how much data and how

12 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

In a previous article, entitled “ How Smart Cities use Technology for Better Urban Planning,” we have introduced the concept of how technology can offer a tremendous opportunity to cities in order to improve the efficiency of their operations and facilitate urban planning.

many software applications they are running. They don’t need to use their capital budget for information technology. In some regions around the world, municipalities have gotten together to implement cloud-based initiatives. In addition, Cities that use mobile devices and social media to gather information can improve their services to citizens and create better connections to residents. Implementing technologies like predictive analysis running on a backbone of a cloudfirst strategy, often leads to standardizing procedures, that makes decision making quicker and more predictable. Improving efficiency pays big dividends, in the form of economic vitality. When a city improves its services without having to find new revenue sources, it helps build the local economy through organically increased revenues. More retail stores and restaurants open, providing more sales and income. Hotel rates rise, creating more revenues from visitors and tourists. It takes real leadership to embark on the effort to use technology to boost a city’s efficiency. But the payoff is huge. Public leaders need to embrace the opportunity. And private sector leaders need to encourage the effort. Together, the new urban strategy takes shape and becomes reality.

NAMES & FACES

...in the news ▼ ACG ALUMNI ACHIEVEMENT AWARDS Ten outstanding alumni from Pierce, Deree and ALBA were honored at the ACG Alumni Achievement Awards on September 12 at The American College of Greece, Irene Bailey Open Air Theater, Ag. Paraskevi Campus. Those honored were: • Evita Arapoglou • Marianna V. Vardinoyannis • Aris Stouraitis • Ourania Kli-Efremoglou • Athena Andreadis • Alexandra Pitta-Chazapi • Antonios Fiorakis • Paris Kafantaris • Ioannis Arabatzis • Theano Liakopoulou A prominent member of the Greek Diaspora who is active in promoting Hellenism and a foundation which tirelessly works to advance education were also honored: • George D. Behrakis • Stavros Niarchos Foundation A special commemoration was also made in honor of the late Avraam Albert Arouh ▼ CORNELL-AMERICAN COLLEGE OF GREECE

COOPERATION

Cornell University’s School of Hotel Administration and The American College of Greece have signed the first two of a series of agreements that will see the schools cooperate in educating future leaders in Greece’s growing tourism industry. Cornell, a member of the Ivy League, is a global leader in the field of hotel and hospitality management education. ACG’s International and Hospitality Management (ITHM) program seeks to become Greece’s premier undergraduate offering in this strategic field. ▼ THE FIRST HAAS TECHNICAL EDUCATION CENTER

(HTEC) IN GREECE

The first Haas Technical Education Center (HTEC) was launched in Greece on May 28, 2014 at CNC Training Center in Paiania, Athens. This is the first Greek HTEC showroom and the 150th in the world. The CNC Training Center has the remit of delivering skilled CNC (Computer Numerical Control) technicians, helping them to find work and assisting in their integration into the high technology manufacturing sector. The newly certified HTEC at CNC Training Center is designed to help Greece get a workforce that is skilled and committed to working hard and working smart through the provision of practical CNC training excellence at the highest international level.

SPEAKER’S CORNER

KEEP IT SWEET

ACC EUROPE ELECTS STATHIS MIHOS The Association of Corporate Counsel Europe (ACC Europe), the premier global bar association by in-house counsel, for in-house counsel, announced Stathis Mihos (Pfizer’s Legal Director for Greece, Cyprus & Malta) was elected President of its Board. The Association of Corporate Counsel Europe (ACC EuSTATHIS MIHOS rope) serves the needs of lawyers practicing in corporations and other organizations throughout Europe. ACC Europe, with more than 2,000 members, promotes the common professional and business interests of in-house counsel who work for corporations, associations and other private-sector organizations through information, education, networking opportunities and advocacy initiatives.

CONSTANTINE K. KYRIAKIDES SCHOLARSHIP Kyriakides Georgopoulos Law Firm, within the context of its social corporate responsibility and in the memory of its co-founder Constantine K. Kyriakides, has launched a scholarship, commencing in academic year 2015/2016, addressed to graduates of Greek law schools, who wish to complete postCONSTANTINE K. KYRIAKIDES graduate studies (Master’s Degree) abroad. This financial aid is provided in the memory of Constantine K. Kyriakides and is addressed to law school graduates who are in need of financial assistance and are distinguished for their acumen, their academic excellence, their integrity and who intend to further innovation in the legal science.

HERBALIFE APPOINTMENT Herbalife Ltd. announced the promotion of Manolis Leontzakos to Vice President Eastern Central Europe & Middle East assuming responsibility for Rumania, Moldova, Poland, Czech and Slovak Republic in addition to his current responsibilities for Greece, Cyprus, Lebanon, Bulgaria and Hungary.

A sweet thing tasted too often is no longer sweet. —Homer

14 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

THE REWARDS OF PAIN There is learning in suffering. —Aeschylus

LOUIS KATSOS PRESIDENT, JEKMAR ASSOCIATES, INC.

NY, NY—Construction Opportunity? Describe the real estate market in NYC for developers. New York City’s private real estate market is vibrant, with over $20 billion/year spent on new residential and commercial projects. Due to steeply rising land costs many projects on the residential side are only “penciling out” as condominium projects, which is why many are being built. Many developers prefer rental property development. Our booming tourism market of over 55 million visitors per year is promoting hotel development and the need for modern facility office space is also heating up. How might Greeks succeed in supplying materials? Traditionally, Hellenic products—marble, cement products— have been a part of the NY market. They can supply products including window wall/curtain wall, cement and admixtures, mechanical/electrical equipment, IT/ Security technology and equipment, and engineering backup. What are the key factors for success in this market? Appropriate market research, company management, ability to understand contractual obligations and responsibilities, high quality technical personnel and products and the ability to deliver the products when required. It is important to maintain a high level of integrity in all dealings. Never promise what cannot be delivered and be honest enough to explain and walk away when you cannot. The NY market is demanding and willing to take in new businesses but also “takes no prisoners” when performance is not met.

▼ BLACKSTONE ACQUIRES 10 PERCENT STAKE IN LAMDA In July 2014, seven investment funds managed by Blackstone/GSO Capital Partners LP acquired 4,441,235 common registered voting shares issued by Lamda Development SA, corresponding to 10% of the voting share capital of the company, for 20.2 million Euro (4.55 Euro per share), and 4,441,235 respectively emptive rights in capital increase for an additional 1.3 million Euro (0,30 Euro per option) held by Consolidated Lamda Holdings SA. ▼ GOLDEN VISA PROGRAM Enterprise Greece, in cooperation with the Ministry for Development and Competitiveness and the Ministry of Interior, held a briefing session on October 22 at the Athens Chamber of Commerce on Greece’s program that issues residence permits in Greece to non-EU citizens through the purchse of real estate. The initiative, known as the Golden Visa STEPHANOS ISSAIAS, CEO, ENTERPRISE Program, allows non-EU citizens to be issued with a GREECE renewable residence permit through the purchase of a home, the value of which exceeds 250,000 Euros. This also applies to citizens of the United States who would like to reside in Greece permanently or for a certain period of time each year. ▼ KIMON FRIAR LECTURE Barry Strauss, the acclaimed military historian and classicist from Cornell University, delivered the twentieth Kimon Friar Lecture at Deree-The American College of Greece on October 14. Professor Strauss delivered a lecture—Cunning and Strength: Leadership Lessons from Themistocles, about the Athenian personality credited with winning the Battle of Salamis for Greece in 480 BC. Dr. Strauss, who heads the history department at Cornell, referred to Themistocles as “not a one-sided personality,” outlining the features that made him stand out as a timeless symbol of leadership: ambition, foresight, innovation, strength, cunning, ruthlessness, and brazenness. ▼ GLOBAL SUSTAIN YEARBOOK For its 8th Yearbook, Global Sustain is publishing its annual tome on The Power of Collaboration since, as the organizations states, cross-sector partnerships are needed more than ever to address today’s challenges. The Yearbook, which addresses sustainability issues, is set for a June 2015 release and is to be distributed to key stakeholders the world over.

AN EXISTENTIAL DILEMMA

KNOWLEDGE

WORDS

—Socrates

—Thales

Beware the barrenness of a busy life.

What is hard? To Know Thyself.

What is easy? To advise another.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 15

ALBA BUSINESS REVIEW

BY OLGA EPITROPAKI, PHD THE STAVROS COSTOPOULOS CHAIR IN HUMAN RESOURCE MANAGEMENT AND DEVELOPMENT, PROFESSOR OF ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES MANAGEMENT, MSC IN STRATEGIC HRM ACADEMIC DIRECTOR

What Can Business Leaders Learn From Theater Directors?

mprovisation, agility, ambidexterity and paradoxical thinking become new keywords in a complex and uncertain business terrain. Current organizations are abounding with tensions and conflicting demands (e.g., flexibility vs. control, exploration vs. exploitation, hierarchy vs. empowerment). Leaders need to be better equipped to manage this paradox and prepared to look outside of their “comfort zone” for new skills and competencies. Turning to the arts and especially the theater, can uncover radical new insights and alternative ways to lead. Although they may seem worlds apart, the theater director and the business leader, in fact, share astounding similarities regarding roles and responsibilities. Like the business leader’s, the theater director’s job involves analysis, planning and strategic thinking. It also involves a clear understanding of the theatrical material, articulation of their interpre-

LIKE THE BUSINESS LEADER’S, THE THEATER DIRECTOR’S JOB INVOLVES ANALYSIS, PLANNING AND STRATEGIC THINKING

tation into a clear vision, communication of the artistic vision to the theatrical team (e.g., actors, stage managers, production managers) and ultimate transformation of the vision into a successful theatrical production. Thus, what can business leaders learn from theater directors? Theater directors work from the abstract to the particular. By zooming in on the particular, by immersing themselves in the play and by getting to know well their people, directors make more effectively the leap from knowledge to the artistic vision. Without getting lost in detail, business leaders can also benefit from delving into their teams (i.e., understanding the needs, passions and capabilities of their team members) and from a closer contact with their customer base in order to unveil hot issues, intricacies and possible misinterpretations. Theater directors emphasize good casting. Casting is one of the most crucial steps for the success of a production. Although business leaders agree that talent identification and management is a priority, in reality few invest the time and energy needed to leverage talent. Theater directors embrace complexity and prismatic thinking. Directors explore many layers of meaning and emotion in the plays. They engage with their actors in “prismatic thinking.” They experiment with contradictory interpretations and acknowledge

16 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

In a market environment that is in constant flux, business leaders are called upon to exercise a wide range of skills that were not part of their traditional portfolio.

that there is no one right answer. Business leaders can also exercise experimentation, allow room for mistakes to happen, take calculated risks and abandon ‘black-and-white’ thinking models. Rather than seeking the one right solution, they can experiment with multiple alternative scenarios and cast new light on the problems and challenges their organizations face. Theater directors manage intense collaborative tensions. In the process of making their artistic vision a reality, directors very often induce extreme collaborative tensions with their teams (actors, casting directors, stage managers). Actors may not “buy-in” the director’s interpretation of the text or transpose their own meaning that may not be aligned with the director’s vision. In these situations, the director must succeed in the balancing act of empowering their actors to find their own voice and be authentic and at the same time assuming control of the flawless execution of their vision. Business leaders many times face a similar balancing dilemma and the need for an ambidextrous mindset that emphasizes both learning and performance becomes evident. Theater directors stay in the moment. Directors motivate their actors to be fully involved on stage and be mindful. Every performance, no matter how many times is delivered, must stay fresh and new. Mindfulness, i.e., being attentive and aware of what is happening in the moment, has recently caught business leaders’ attention as studies show that it helps leaders make appropriate sense of their environment and contributes to higher levels of performance.

EDUCATION TODAY

BY THIMIOS ZAHAROPOULOS, PH.D. PROVOST, DEREE—THE AMERICAN COLLEGE OF GREECE

Globalization and digital technology have brought about change at a breathtaking speed.

Educational Preparation FOR A NEW AND RAPIDLY CHANGING WORLD

hey have led to a complete change in how the world’s economy works. The new reality is even changing our cultural traits. Culture as a combination of learned knowledge, skills, and values, enables us to function and succeed in a specific environment. Today that environment is no longer the village, town or nation, but one represented by an interdependent world. People without the knowledge, skills and values required by this new environment will not succeed. As educators our task is to supplement the enculturation happening at home, but since the family can no longer adequately provide the teaching needed for today’s environment, the school takes the pre-eminent role, as do media and the Internet. Given the rapid change in world politics, economics and technology, we believe that the American style of higher education is best equipped for the needs of today and tomorrow. Our students need to be educated for jobs that do not yet exist and for multiple careers within their working life. As such, a higher education system that helps the student get a broad education, which allows her to evolve in the workplace, is most appropriate. A system that does not require a 17-year old to commit to a future profession, but a system that al-

lows 18-year olds to get exposure to many disciplines and choose one that fits their personality and also learn how to continue to learn. Young people today need to learn to be flexible, work well with others, communicate effectively in multiple languages, think critically, have a strong work ethic, have multicultural experiences, and have an innovative spirit. In addition to broad knowledge, specific skills are also needed for entry-level employment. It is best that such skills are taught in an experiential fashion, making

OUR STUDENTS NEED TO BE EDUCATED FOR JOBS THAT DO NOT YET EXIST AND FOR MULTIPLE CAREERS WITHIN THEIR WORKING LIFE

it easier for graduates to find employment. Internships are an excellent way to cap off one’s college education.

18 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Deree-The American College of Greece provides such an education. Furthermore, it provides opportunities for engagement in extra curricular activities, which also help students learn to work collaboratively and attain leadership and organizational skills. In addition, Deree continuously looks for new disciplines, so as to keep up with the ever-changing needs of our global society. Recently Deree introduced two new fields of study: Sports Management, and Management Information Systems. Having examined Greek societal and economic needs, Deree will introduce additional programs within the next 12 months. Such programs include Healthcare Management, Logistics & Supply Chain Management, Graphic Design, Dance, and more robust programs in Shipping Management and Finance, many of which will have an internship component in Greece or abroad. New programs to be offered at the graduate level will include Information Technology, TESOL, and Public Policy. Finally, Deree is embarking on a formulation of a new, robust general education program that will form the foundation for any specific field of study. These are examples of a flexible, integrative, student-friendly and outcomes-based educational system responding to societal needs that this nation must demand from all its institutions, public and private.

Our starting point TSIBANOULIS & PARTNERS was formed in 2002 with the target to respond to ever growing legal needs of the business sector in the most effective way. We are committed to using the exceptional talent and experience of our outstanding professionals to ensure responsiveness in providing legal advice. We distinguish ourselves in the market based on our approachable, reliable and innovative way of working.

Our focus We have a renowned reputation in the areas of financial services, capital markets, corporate law, mergers and acquisitions, venture capital, privatization, energy, real estate and public procurement.

Unrivalled banking, finance and capital markets practice

We have been involved, among others, in securitization and capital markets transactions, cross-border acquisitions of banks, restructuring of debt of distressed companies, leasing, complex cross-border lending and project finance transactions, as well as in the PSI procedures.

Leading Greek practice on privatization

The Firm has been advising on some of the most significant privatization projects undertaken by the Hellenic Republic in recent years, including the project of the Hellenic Motorways, the legal due diligence for the sale of DESFA S.A. as well as the successful privatization process of OTE S.A.

Mergers and acquisitions, venture capital and corporate law expertise

We advise multinational and domestic companies on restructurings, mergers and demergers, public-to-private transactions and acquisitions, joint ventures, venture capital and investments issues as well as other strategic alliances.

Energy, infrastructure, real estate and telecom

We have extensive experience in energy, complex infrastructure and real estate projects as well as telecommunications and IT sector issues.

Overall business law expertise

We work and advise on all business related legal issues, having the advantage of cross-border international transactions experience.

The face We are a law firm of 7 partners, 13 full time associates, 4 of counsel and 2 trainees. Our team of creative and dedicated legal practitioners works together to understand and respond effectively to all kind of legal problems our clients face.

The clientele We have worked with major corporations, large Greek and foreign banks and investment firms, the Greek State and many public authorities providing ground breaking advice and clear legal solutions within a complex environment.

Far and beyond Our target is to be proactive and go beyond our clientsâ&#x20AC;&#x2122; needs by helping them shape their goals in a realistic, yet imaginative way. Valuing the interface between law, public policy and business, we have built a practice to match regulatory requirements, transparency concerns and financial targets.

O M I RO U S T R . 18 , 10 6 7 2 AT H E N S , G R E E C E | T E L . : +3 0 21 0 3 6 7 5 10 0 | FA X : +3 0 21 0 3 6 7 5 16 4 | E M A I L : I N F O @T S I B A N O U L I S .G R

ECONOMICS OUT-OF-THE-BOX

BY STAVROS ALEXANDRIS ASSISTANT PROFESSOR, AGRICULTURAL UNIVERSITY OF ATHENS

Dead Scientists Society…

owadays, the term “Environmental Governance and Sustainable Development” is integrated in every major guideline of social and economic policy in the EU. Sustainability [1] can exist where a condition of a natural and a social system survive and thrive together, indefinitely. This approach shows that sustainability can exist when environmental, energy, economic, and social and political equity considerations overlap. Admittedly, the term is not recent, as it was first introduced in 1987 in a publication of the UN entitled: “Our Common Future.” Despite the vagueness and ambiguity of the term, the definition of “sustainable development” has been highly decisive in entrenching a “global tenet” with respect to the planet’s future. In Rio de Janeiro, (1992) the global community agreed to an international treaty, the UNFCCC (United Nations Framework Convention on Climate Change). Finally, the Kyoto protocol was adopted as an international agreement in 1997. In this context, the doctrine of climate change provided the best alibi to introduce the planet to the new era of carbon trading and “green banking.” Associating the increase of the average global temperature with the increase in the concentration of CO2 in the atmosphere seems logical to most. Since elementary school, people have been brainwashed—and most-

ly persuaded—that CO2 is an incriminating gas which causes the warming of the atmosphere. But the question is, how much warming does it really cause? If we accept the longest continuous record of atmospheric CO2 levels (1958-present), according to the NOAA, we will conclude that the last 56 years, CO2 has been raised only 0.008% per volume of dry air (316 to 396 ppmV, including natural emissions). During the same period, the entire world population increased 152%. Thorough examination of these data proves it is not reasonable to incriminate CO2. On the other hand, it’s been systematically concealed that water vapors are the most significant of all greenhouse gases, absorbing five times the amount of thermal radiation as all other greenhouse gases combined.[2] Water vapor has been confirmed as a major player in climate change [3]. Therefore, instead of planting solar panels on fertile soil, funds for tackling climate change should be diverted to strengthen the infrastructure of countries—namely, help communities to develop real, productive procedures. Market distortions in the context of climate change through fiscal policies create inefficiencies with substantial environmental, economic and social effects, especially under the spectre of economic crisis and could only make it worse. Millions of Euros have been spent by EU programs on the concept of climate change.

20 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

Economics—Out-of-theBox is a Business Partners series by members of the Chamber’s Institute on Economic Policy and Public Governance.

Today in Greece, commitment and consensus to the “idea” of climate change are rewarded. For example, the project “Climabiz”[4] was selected by the European Commission as one of the best LIFE+ projects for 2013. At the same time, according to the Hellenic Statistical Authority, in 2013, 23.1% of the total Greek population was at risk of poverty. Namely 892,763 Greek households and their 2,529,005 members are at risk of poverty. Greece ranks second (35.7%) after Bulgaria (48.0%) in Europe. Today, both in the Greek mass media and in mainstream political discourse, there are countless examples of falsification and misrepresentations, combined with sensational pictures of disasters, which lead the viewer to associate climate change with anthropogenic causes, even though no causal association has been conclusively established. At a time when we should be encouraging new scientists and students to become interested in science and promoting a healthy degree of skepticism, the government and mass media are attempting to wrap up the debate. Teaching only one side of any issue renders said issue indefensible and bodes ill for the future of society and our country.

References [1] S. R. Euston and W. E. Gibson, “The ethic of sustainability,” Earth Ethics, vol. 6, pp. 5–7, 1995. [2] Thad Godish, “Air Quality”, 4th Edition, Lewis Publishers, 2004. [3] NASA, http://www.nasa.gov/topics/earth/features/vapor_warming.html [4] http://www.climabiz.gr/ : Piraeus Bank. “Preparing the Market for Adapting to Climate Change”

“Education is the most powerful weapon which you can use to change the world” Nelson Mandela

Do you want to be tomorrow’s Leader with Ethos? You need to have “Morfosis”

www.acs.gr/global-morfosis

TRAVEL USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Nevada ★

s one of the largest states in the U.S., there is so much more to the Silver State than just the dazzling bright lights of Las Vegas. You certainly won’t run out of things to do be it hiking to a cobalt-blue mountain lake in Great Basin National Park; enjoying the ranch-style hospitality of some of America’s last cowboys; quad biking in the dunes of Sand Mountain; discovering ancient rock art in the Valley of Fire State Park; skiing in Lake Tahoe; playing world-class golf; or driving down Highway 50, America’s loneliest road. With a landscape that stretches from the Mojave Desert to the Great Basin, including 67 protected wilderness areas, not to mention a history ranging from extinct volcanoes to pioneering prospectors, there’s a great deal to do in Nevada. And plenty of ways to see it too: hiking, biking, kayaking, white-water rafting, snowshoeing or even skiing at one of Lake Tahoe’s 15 ski resorts. As if that wasn’t enough the infamous Las Vegas Strip really does offer something for everyone with over 100 world-class shows in town, designer shopping, gourmet dining and spa retreats, international sporting events and, of course, high-stakes poker, rollercoasters and an abundance of dance-till dawn nightclubs. VALLEY OF FIRE STATE PARK

THE SILVER STATE LAND AREA 110,000 square miles (7th largest) POPULATION Over 2,600,000 STATE CAPITAL Carson City LARGEST CITY Las Vegas LOCAL TIME PST – 10 hrs behind Greece CLIMATE North Western Nevada enjoys four distinct seasons, with Eastern cities tending to be cooler year round. NATIONAL PARKS From the sagebrush at its alluvial base to the 13,063 foot summit of Wheeler Peak, Great Basin National Park includes streams, lakes, alpine plants, abundant wildlife, a variety of forest types including groves of ancient bristlecone pines, and numerous limestone caverns, including the beautiful Lehman Caves.

 For more information: Nevada Tourism Commission 401 North Carson St. Carson City, NV 89701 travelnevada.com

22 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

EXPRESS

YOUR SELF

We’d love to hear what you think of Business Partners articles, columns, and interviews. Please send a “Letter to the Editor” to info@amcham.gr or post your comments on the Business Partners portal: http://bponline.amcham.gr/ Make a comment, suggest ideas, submit proposals, start a conversation.

Everybody needs a Business Partner.

American - Hellenic Chamber of Commerce Head Office Politia Business Center, 109-111 Messoghion Avenue, 115 26 Athens Tel: 210 699.3559 | Fax: 210 698.5686, 210 698.5687 E-Mail: info@amcham.gr | www.amcham.gr

Branch Office 47 Vasileos Irakleiou Street, 546 23 Thessaloniki Tel: 2310 286.453, 239.337 | Fax: 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

THE INTERVIEW

MICROSOFT—

EMPOWERING PEOPLE AND BUSINESSES PEGGY ANTONAKOU, CEO AT MICROSOFT HELLAS, DISCUSSES HOW TECHNOLOGY IMPACTS OUR LIVES AND HOW IT CAN CONTRIBUTE TO GROWTH AND EMPLOYMENT.

Technology is impacting every aspect of our lives. What are some of the greatest opportunities and benefits you see as this universal driving force moves forward? Technology has become part of who we are and is well integrated in our daily lives. Currently, we’re standing at yet another very important turning point; we each own multiple devices, have the expectation to be constantly connected and are used to having information available anytime, anywhere. With trends like mobility, big data and what we call “consumerization of IT”, boundaries between personal and professional life have the tendency to dissolve. Therefore the technology infrastructure is becoming even more important, with the use of advanced technologies that allow cost savings, greater flexibility, and faster spread of solutions and products within the market. Cloud Computing, of course, is the other big trend in the industry. This was predicted by the majority of analysts a while back, due to the fact that Cloud solutions offer major benefits, to businesses that adopt them. Technology can and should be considered a key factor of growth and development, for the organizational and productive structures of the country, as well as for the everyday needs of individuals and businesses. The Cloud represents a new opportunity for both the private and public sectors. How can the cloud help business transformation? Cloud Computing is not anymore considered a “revolutionary innovation” but an advanced and proven tool, which offers significant advantages, such as reduced operating costs and improved productivity. A Microsoft study regarding small and medium-sized European companies, (conducted by Ipsos MORI), shows that in Greece, 73% of employees, consider that an advanced computer system is highly important for the success of a company. The study also highlights that two out of three respondents believe that Cloud Computing is an important success factor for a business, while more

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than half consider Cloud to be significant for the development of the business. Cloud is not a nice to have option any more, it has become a necessity. Companies that have invested in the transition from traditional architecture/platform to cloud platform are now enjoying a competitive advantage: they are more flexible, they can implement changes faster, and they have decreased costs while maintaining a high level of security. In addition, they manage to serve their customers in the most efficient and productive ways utilizing best the new trends of mobility and big data. Therefore, we are not talking about an IT investment but rather a Business and Strategic investment, where Executive support is crucial to its success. Greece is in need of sustainable growth. How can technology add to longterm employment and entrepreneurial expansion? Technology is a fast moving, attractive industry that inspires people to generate new ideas, eventually creating opportunities for long-term employment and encouraging entrepreneurship. As a matter of fact, during the last few years, we see that people, especially young entrepreneurs, are leveraging technology tools in order to create their own business. Microsoft BizSpark, is a program specially designed for young entrepreneurs and developers, which provides them with all the necessary tools and solutions free of charge, helping them grow and excel. As I say often, entrepreneurship in technology does not require large capital or investment, but instead ideas, vision and innovation. And of course patience and perseverance! Technology can also make a big difference in the sustainable growth of the small-medium business sector, so vital to our economy, offering software as a service solutions to this sector, that was previously available only to big enterprises. For example, a medium sized company can have access to a full datacenter range of services, through a subscription type of offering, pay as you use/need. Last but not least, I believe that it is our responsibility in the technology field to enable people to do more. At Microsoft Hellas we are working with local stakeholders and communities, to contribute to our economy and society by promoting IT skills that will spur job creation, help businesses survive and build a greater future. Microsoft supports innovation, especially among younger people. Can Greece become a tech hub that competes at a global level? The quality and concentration of talent in our country is well recognized, so, from that perspective I think yes. Personally, I meet every day young talented people with an interest in technology and I feel very proud to watch young Greeks thrive in global Microsoft competitions and programs. Almost all companies in Greece, not only in the technology industry but in general, aim to help young business people, by offering them the best tools and solutions in order for them to build a better future. From our side, Microsoftâ&#x20AC;&#x2122;s innovation center, which has been running in Greece since 2008, provides free access to our technologies, to more than 150,000 school and university students, while more than 4,000 university students attend free technology seminars. In addition, for the last five years we have been supporting young entrepreneurship through the program Startup Weekends. The program invites aspiring young entrepreneurs to participate by gathering over weekends and working in groups in order to present and complete an original and economically viable business plan, and compete to claim first prize. Through this initiative, 150 Startups have already made their first steps in the market.

At Microsoft, we are passionate about creating technology that impacts the world

Microsoft is rapidly changing as a company. What is the direction we can expect that Microsoft will adopt during these highly creative and disruptive years? Technology is creative by nature. What is fundamentally different these days is the pace of change and the level of disruption we experience. We are one of the few companies in our industry that offer solutions ranging from consumers to small medium sized businesses, to big enterprises in private sector and to public sector. We are also proud to enable solutions that improve lives in education, healthcare and research. At Microsoft, we are passionate about creating technology that impacts the world and we will continue to design and create the productivity and platform tools of the futureâ&#x20AC;&#x201D;tools that will empower every person and organization on the planet to do more and achieve more. Our core remains to make technology that helps people thrive in their work and their life!

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THOUGHT LEADERS

SUSTAINABLE GROWTH MODELS FOR GREECE BUSINESS PARTNERS PRESENTS SUSTAINABLE GROWTH MODELS FOR GREECE, AS PART OF ITS THOUGHT LEADERS FEATURE, THAT OFFERS IDEAS TO EXPAND GREECE’S ECONOMY, EMPLOYMENT, ENTREPRENEURIAL ACTIVITY, AND LONG-TERM PROSPECTS FOR HEALTHY, VIABLE ECONOMIC DEVELOPMENT. —Raymond Matera

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THOUGHT LEADERS

Sustainable Growth Through Business as Usual

O VASSILIOS KAMINARIS HEAD OF ASSURANCE, CLIMATE CHANGE AND SUSTAINABILITY SERVICES LEADER, EY GREECE

ne of the most common discussions nowadays is the quest for Sustainable Growth Models. Nevertheless, sustainable growth should not rely solely on innovative business ideas that can take advantage of green resources and renewable sources of energy creating innovative business models. In an ideal world, sustainable growth should not be anything more than ‘business as usual,’ if ‘business as usual’ was taking place in a transparent, responsible and sustainable business environment. Greece is now more than ever in a need for a sustainable growth model. The impacts from the six-year long recession were very severe for both the Greek economy and society. Unemployment has reached unprecedented levels compared to previous decades, and is currently the highest among the Euro-area countries1. Moreover, increased taxation had its own severe impacts for businesses and households alike. A lot of discussion has taken place regarding the causes that led to the crisis, such as corruption and tax evasion, and also regarding the reforms that are needed from the Greek Government in order to address these challenges. Nevertheless, what is important to understand is that the business community can also play a very important role towards achieving sustainable growth by adopting sustainable business models. A sustainable business model is not corporate responsibility

The business community can also play a very important role towards achieving sustainable growth by adopting sustainable business models 28 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

in the sense of philanthropy, as has been widely presumed by companies and the general public. More and more companies are adopting models where corporate success is linked to society. This means that businesses create value and at the same time the value created responds to social challenges. The sustainable business knows that it is on its own interest to inform as good as it can its consumers. The sustainable business seeks for the best business environment where competition thrives and helps businesses to become better day by day. It enables honest networking and sharing good practices knowing that it is the best for society’s prosperity and thus for its own sake. It benefits from innovative green technologies and efficient energy networks and actively protects the environment, reducing emissions and preventing biodiversity hazards, thus ensuring the availability of natural resources for future generations. In EY, we recognize our role and play our part contributing in sustainable growth and promoting a sustainable business environment. In our everyday life, sustainability is linked to provide exceptional client service; invest in our service lines, products and offerings; care for our people; empower them to create highest-performing teams; value diversity and inclusiveness; inspire professional values; invest in innovation and entrepreneurship and promote them in the local community; provide professional opportunities for women; support the workforce of the future; demonstrate environmental stewardship; promote sustainability itself as a global leader in professional services. This is how we demonstrate our commitment to “Building a Better Working World.”

Eurostat newsrelease, Euroindicators, 30 September 2014

IPSAS Can Jump Start 400,000 New Jobs in Greece

uccess in Greece is all about job creation. Contrary to the many politically contrived theatrical distractions, the number of new sustainable jobs created should be a key performance indicator. To date, sustainable new job creation has yet to be seen. There is a solution to jump start job creation that is ready, willing and able: the adoption of International Public Sector Accounting Standards (IPSAS). IPSAS (as well as the removal of the ECB’s “57% penalty” on Greek government bond collateral) can cut Greece’s borrowing costs in half, unleash liquidity, spur investment, deliver sustainable growth, and create 200,000 to 400,000 new jobs within 24 months. The benefits of IPSAS are very clear. Countries adopting international accounting standards have reported better financial decision-making, improved transparency, stronger accountability, and facilitated global comparability. The benefits include improved image, better credit ratings, and lower borrowing rates in international capital markets. Most important, these countries report more sustainable growth and job creation, lower taxation, and net debt reduction. IPSAS will create greater trust and confidence in the Greek government. Trust and confidence will facilitate foreign investment, lower borrowing costs, extend maturity profiles, and provide consistent access to the global capital markets. A lower borrowing cost for the Greek government will lead to a lower borrowing cost for Greek businesses, paving the way for growth and sustainable job creation. In addition to its many benefits, IPSAS will unveil Greece’s unspoken huge competitive advantage; an advantage that can lower its borrowing costs immediately, increase lending, and boost investment, thereby generating growth and creating jobs. Specifically, Greece’s debt-to-GDP ratio is one-third (1/3) of that of its credit peers when measured under IPSAS, and Greece’s cash interest payments as a percentage of revenue are also one-third (1/3) of its credit peers. This huge advantage must be communicated to the world and within Greece. Greece creditors, both public and private, have

shown unprecedented solidarity by giving Greece decades of breathing space by sustaining over €340 billion in present value losses on their Greek debt, which is in effect a massive wealth transfer to the people of Greece. This solidarity debt includes €275 billion in concessionary loans and rescheduled debt securities. It would be an affront to the current solidarity creditors for Greece to attempt to add new high cash cost debt. The current solidarity debt is manageable if Greece balances its budget, better manages its assets, and focuses on adding new jobs through economic growth. To achieve these reasonable expectations, IPSAS is the starting point. Many concerned Greeks have encouraged political leadership to adopt IPSAS. There are smart and progressive individuals within Greece’s business and political leadership who are supporters of IPSAS; however, they have yet to gain sway. The main obstacle is defenders of the sta-

Japonica Partners

There is a solution to jump start job creation that is ready, willing and able: the adoption of International Public Sector Accounting Standards (IPSAS) tus quo. IPSAS can be implemented now by educating the public on the government’s net debt, the monthly change in net debt, and the impact on net debt of major financial decisions. The cost of IPSAS for these analyses should be in the low six figures and the return immense. Greece needs sustainable private sector jobs that will raise government revenue, not shortlived government-funded jobs that are a drain on taxpayers. IPSAS can deliver up to 400,000 new private sector jobs in Greece within 24 months. Greece should adopt IPSAS now.

A pamphlet discussing IPSAS for Greece can be found at: www.japonica.com/IPSAS_Greece_ Pamphlet.pdf

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THOUGHT LEADERS

Analyzing Big Data is the “New Market Oil” FOR BUSINESS AND THE PUBLIC SECTOR

B NIKOS PEPPAS COUNTRY MANAGER, SAS GREECE

Studies in European countries show that the public sector could save billions in fraud and tax evasion detection and also generate billions through better performance management

ig data has been a big buzzword for some time now. Emerging technologies like mobile communications, social media and, of course, the exponential proliferation of Internet utilization have played a monumental role in generating high volumes of both private and public data. Despite this fact, in SAS we believe that the “new market oil” is the leverage and utilization of Big Data—not just manage and store Big Data but analyzing it! In addition we believe that the term “big data” has been around for decades, and we have been doing analytics all this time. So, we would say it’s not big, it’s just bigger. But it’s the so called “3Vs,” meaning velocity, variety and volume of data that has merited the new term. At any rate, the situation we face is that businesses and government are increasingly aware of the potential of their data to increase efficiency, drive innovation, and improve performance. But a deeper understanding is still needed of how workers, consumers and society can truly benefit from big data. Focusing on the public sector, a research from McKinsey Global Institute found that big data levers, such as increasing transparency and applying advanced analytics, offer the public sector a powerful arsenal of strategies and techniques for boosting productivity and achieving higher levels of efficiency and effectiveness. research shows Europe’s public sector could potentially reduce the costs of administrative activities by 15 to 20 percent, creating the equivalent of €150 billion to €300 billion—or even higher—in new value. This estimate includes both efficiency gains and a reduction in the gap between actual and potential collection of tax revenue. Similar studies in European countries show that the public sector could

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save billions in fraud and tax evasion detection and also generate billions through better performance management. Security of information and data privacy remain paramount to all businesses, not least public sector organizations. A solution which keeps data within the boundaries of confidentiality but which allows data to be managed, shared and analyzed across the public sector will maximize value for money to the taxpayer. But traditional computing systems and analytics processes are simply not capable of realizing the potential of big data, or delivering the end-user benefits. Only by using big data analytics solutions, and specifically high-performance analytics (HPA), can the government quickly analyze huge amounts of data to reveal previously unseen patterns, develop a true understanding of citizens’ needs, and put that knowledge to work through policies and local initiatives. Equally important is the fact that in addition to the adoption of High Performance Analytics, government agencies must undergo a complete cultural change. They must stop fearing data—viewing it as a security nightmare to be kept under lock and key—and start embracing a data-sharing culture. We are aware that free access to public data is a clear objective of the Prime Minister and the Greek government, which believe that open data and its reuse creates conditions for economic growth, enhances entrepreneurship, reinforces transparency, and provides new value added to services to the citizens. This commitment has certainly helped raise data up the agenda for public sector departments. But much more needs to be done if the government is to realize the value of all of its data. And in a tough economic climate, with the quality of public services at stake, time really is of the essence…

Eurobank GDP NOWcasting model2014 Real GDP EXPECTED TO OUTPERFORM THE 0.6% OFFICIAL FORECAST

nformation about the current state of the real economy is widely dispersed across consumers, firms and policy makers. Individual economic agents may know the recent history of their saving and investment decisions, but they are generally unaware of the contemporaneous decisions of others (Evans 2005). Similarly, policymakers do not have access to accurate contemporaneous information concerning private sector activity. Information about the state of the economy is regularly collected, aggregated and disseminated to the general public by a number of official-sector entities such as national statistic agencies, ministries, employment offices and central banks. Yet, it is generally the case that the collection and aggregation of macroeconomic data takes time and thus, its dissemination (for example, in the form of economic data announcements) occurs with considerable time lags. The implication of this is twofold; first, it inhibits the ability of the monetary (and/or the fiscal) authority to take timely policy decisions that fully incorporate the most recent information on the state of the macroeconomy, and two, it prevents a more accurate understanding of the behavior of private-sector agents and the evolution of asset prices. Aiming to tackle this problem, Eurobank Global Markets Research has constructed an econometric “Eurobank GDP NOWcasting Model” that can be used to derive real-time estimates of key macroeconomic variables such as GDP, unemployment and inflation, based on the information provided by a broad range of indicators of domestic economic and market activity. The Nowcasting framework aims to produce high frequency, real-time estimates of Greek GDP by applying an econometric methodology than can properly handle data reporting lags, revisions and other important aspects characterizing the daily flow of macroeconomic information. In line with our expectations, the revised data for the period 1995 Q1 -2014 Q2 announced by the Hellenic Statistical Authority (EL.STAT.) in mid-November, revealed upward revisions to real GDP growth in the first two quarters of 2014, with Q3 GDP recording seasonally adjusted quarter-on-quarter growth of 0.7% and rising by

1.4% relative to the same quarter a year earlier. Overall, the real GDP grew by 0.5% in the first three quarters of the year, with the economy exiting recession (in QoQ seasonally adjusted terms) one quarter earlier (i.e., in Q1 2014) than it was believed before the past data revisions. Our mid-point estimate of real output growth in Q4 2014 is for an acceleration to c. 1.6%ΥοΥ. Overall, we currently expect full-year GDP growth to reach between 0.8% and 1.0%, exceeding an official forecast of 0.6% mainly supported by the apparent stabilization in private consumption, a pick-up in investment (in main sectors of the domestic economy, with the exception of the housing market) as well as the significant increase in tourism revenue. Yet, important challenges remain, including, the negative carry over from last year’s recession, the still negative savings rate of households, the huge disinvestment as well as prevailing de-

DR. PLATON MONOKROUSSOS CHIEF MARKET ECONOMIST, EUROBANK

The continuation of structural reforms is of high importance for the domestic economy as a means of boosting competitiveness and increasing economic extroversion mand-side constraints to domestic credit. Against this background, the continuation of structural reforms is of high importance for the domestic economy as a means of boosting competitiveness and increasing economic extroversion.

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THOUGHT LEADERS

A Vision— Based on Strategic Planning

I YANOS GRAMATIDIS PRESIDENT OF THE INSTITUTE ON ECONOMIC POLICY & PUBLIC GOVERNANCE OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

t was with great concern and surprise that I was informed recently of a statement made by the Greek Prime Minister expressing his satisfaction for the fact that Greece left recession behind and entered the path of economic growth. He even predicted that the growth rate will exceed the government’s expectations. That statement is far from realistic, eludes common sense, and I will try to explain why that is so. In economic terms growth is a situation where GDP increases. This can be the result of an increase in the production of internationally tradable products and services, which find their way to international markets, as well as the result of an increase of domestic consumption. In a sit-

This phenomenon is attributed to the fact that the Greek economy was, and even today is, based on the wrong foundations

uation like this the production cycle flourishes, as well as internal and export trade, employment is boosted, and the inflow of foreign currency increases internal effective demand. A situation

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like this will continue leading society to prosperity, if a country’s economy is based on a sound production base and strong structural foundations characterized by competitiveness and innovation. With respect to these conditions we need to examine the Greek case, in which the unemployment rate is constantly and dramatically increasing regardless of the GDP level. A case in point is that the unemployment rate was constantly increasing even in periods of high GDP levels. This phenomenon is attributed to the fact that the Greek economy was, and even today is, based on the wrong foundations. These foundations were created during the decades that the economic environment was replete with structural obstacles that destroyed entrepreneurship, competitiveness and innovation. This is supported by the fact that the Greek economy is still mainly dependent on the production and consumption of non-internationally tradable products, as well as on the importation of foreign goods. As a result, this inferior economic model was the cause for the creation of an enormous private debt, which was coupled by an equally enormous public debt, and finally led the country to a deep recession. The only solution to the problem described above is a long-term program of reforms based on the following pillars: • Fiscal consolidation by increasing public revenues in a credible and constant manner, and at the same time reducing public expenditure. The latter can be achieved through the reformation of the State to a small and operationally flexible form, which will be citizen and business friendly. • A makeover of the tourism industry to one of high standards, which can be achieved by ex-

tending the touristic season to 12 months and connecting tourism with Greek civilization and cultural monuments, which exist in abundance throughout the country. • Increasing the competitiveness of the agricultural sector by encouraging farmers to become engaged in so-called “agro-dietary entrepreneurship” and adopt the cultivation of crops attractive to international markets. • Reform the educational system by introducing and fostering R&D and connecting education with the real economy. Universities should establish business incubators for start-ups based on innovative products and services. • Mercantile shipping may be developed even more by developing maritime education and by making the Greek ship registry more competitive. In addition, cruise liners may greatly contribute to economic growth provided that further development of port infrastructure takes place, along with the creation of new cruise routes alongside existing ones. • The extensive development of the renewable energy sector will be a significant factor in limiting the dependence of the country on energy produced by lignite resources, which are expected to be exhausted in 20 years from now. • Last, but not least, the country needs to restore citizens’ confidence in institutions and renew their adherence to the traditional values and principles that has been fading in recent years. We need to re-introduce to everyday life the values of justice, transparency, equality, recognition and accountability. Greek people, more than ever, need to return to such values that have an impact upon their lives as well as upon the strength of the foundations of the economy.

Above all, though, there is a need for a new and clear vision. We should be able to provide an answer to the question “What kind of country do we want to have 20 years from now?” Do we want a country that will be an industrial model, a touristic model, an agricultural model, or a combination of all? Only then we shall be in a position to design and implement a set of reforms and a new national strategy plan destined to accomplish the new vision of the country. The American-Hellenic Chamber of Commerce, back in 2007, developed and introduced “Vision 2020” which was based on this philosophy of strategic planning. Through the Chamber’s Institute on Economic Policy & Public Governance, it is again working in the same direction, understanding the need to change the management approach to public affairs—despite the fact that seven valuable years have been lost.

We should be able to provide an answer to the question “What kind of country do we want to have 20 years from now?”

Today more than ever, there is a need for a national agenda and social and national consensus as political instability threatens our economy and our efforts to return to economic growth.

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THE WORLD OF WORK

RANDSTAD HELLAS

OUTPLACEMENT SURVEY THE ANNUAL OUTPLACEMENT SURVEY OF RANDSTAD HELLAS WAS CONDUCTED FOR THE 4TH CONSECUTIVE YEAR IN ORDER TO MONITOR AND RECORD THE EVOLUTION OF THE SERVICE IN GREEK MARKET.

he survey explored the feedback of Outplacement use during 2013 as well as new trends and improvement suggestions. Initiated in 2010, this survey offers the opportunity to record, on an annual basis, general feedback, insights and data from those who utilized the service, allowing monitoring the service’s evolution in the Greek market, with the aim of improving it.

WHAT IS OUTPLACEMENT?

Outplacement is a re-orientation reinsertion program of employees in the labor market, following the end of collaboration and during the transition period of finding their next position. It is a flexible, personalized solution that involves career planning, resume writing, interview skills preparation, active job hunting techniques preparation, information on current market trends, and

contact with job openings and networking skills. The basic aim of an outplacement program is to deliver proper guidance in the search of the most suitable position.

SURVEY METHODOLOGY

The survey was conducted between May & June 2014, via an online questionnaire comprised of 15 questions, with the participation of 325 Greek professionals from various market sectors. An important and key factor for the selection of the respondents was their position within the company. The largest percentage of the respondents held HR Manager & Director positions (54% & 22% respectively), all directly linked to the decision making of offering Outplacement services. 65% of the responses were given from professionals employed in multinational companies, while 35% employed in Greek companies,

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coming mainly from the pharmaceutical, manufacturing and services sectors. The questionnaire used in the Outplacement survey remains stable across the years, so as to monitor the progress or changes in specific factors of the service and covers the following sections: • Knowledge and use of Outplacement services in the Greek market during 2013 • The perceived benefits of the service not only for the person who participates, but also for the company which offers the program • Reasons of offering a service such as Outplacement • Improvement suggestions • Degree of satisfaction of the service and factors which contributed to it • The future trend for use and recommendation of the service

KEY SURVEY FINDINGS

The annual Outplacement survey of Randstad Hellas, is conducted in order to monitor the evolution of the service in the Greek market, as well as, trends, and experiences of executives in relation to the particular service. It is important to note that for 2013 the awareness of Outplacement service has slightly risen compared with previous years, mainly due to its presentations made by the consulting companies.

MAJOR SURVEY FINDINGS (INDICATIVE LIST)

• 38% of companies have reduced staff in 2013, primarily as a result of an internal restructuring (65%). Of these, 40% offered Outplacement in the overall compensation package. • 62% of companies did not offer Outplacement mainly due to reasons of company policy (34%). Other identified reasons for not offering Outplacement were: the cost of the service (46%), and the offer of other benefits (46%). • 89% of companies which offered Outplacement during 2013 were multinational and 8% were Greek. 26% of these come from the banking/financial sector and 21% from the pharmaceuticals sector. Smaller percentages were noted from companies of energy/environment (16%) and trading sectors (16%). • For companies which offered Outplacement during 2013, 67% offered the service to all departing employees while 33% offered it selectively, taking into account primarily employee’s position (67%), the long-term collaboration with the company and the difficulty in finding a new job in terms of employee’s specialty (33%). • The satisfaction rate on Outplacement use during 2013 gave an average of 7.8/10. Factors positively influencing professionals ratings were associated with the overal effectiveness of the service in terms of new jobs landings and consultants’ professionalism. • The most important elements in an Outplacement program are considered to be guidance and support that Outplacement participants receive in core job hunting issues (60%) and access to labor market opportunities (59%). • Coorporate Social Image (65%) is the most important benefit that stands for the company sponsoring Outplacement. The facilitation of the end of the termination process for the departing employees (59%) was identified as the second most important benefit. • The main factor that would influence the final decision of future use of Outplacement seems to be among others, the cost

Outplacement service seems to gradually rise in the preferences of senior executives as a significant benefit in the overall severance package of the service (61%). • The most important finding of the survey is that 97% of the total sample who were familiar with Outplacement would recommend it to others, while 100% who actually used it in 2013 would proceed in this recommendation.

CONCLUSIONS & TRENDS

Taking into consideration the results of the survey we can summarize as follows: • Everyone—100%—would recommend it to other companies/colleagues by taking into consideration the effectiveness (in the case that they have used it before) and the cost (in the case they use it for the first time). • Almost all participants expressed a positive impression from the use of the service and satisfaction level is recorded at higher levels than previous years. • The awareness of the service has been

increased compared with previous years, while its use has remained stable. • Factors that positively influence the feedback provided during the survey are based on the effectiveness of Outplacement programs as well as the professionalism and the expertise of the consultants. • According to Outplacement methodology, individualized programs tailored to the needs of each participant are of great importance. • The decision for the selection of consulting company is based on previous cooperation, recommendations and reputation of the company. Overall, Outplacement service seems to gradually rise in the preferences of senior executives as a significant benefit in the overall severance package. Provision of the service is directly correlated to effectiveness, and prior successful use.

Shaping the World of Work Randstad Hellas is the leading HR services company in Greece that delivers know-how for both employers and employees. Randstad supports business growth and talent optimization. Randstad specializes in solutions in the field of flexible work and human resources services. Our services range from temporary staffing and permanent recruitment to HR solutions (outplacement, career design, RPO and assessment centers), and in-house services. The Randstad Group is one of the leading HR services providers in the world with top three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, the UK and the United States as well as major positions in Australia and Japan. End 2013 Randstad had approximately 28,000 corporate employees and around 4,600 branches and inhouse locations in 39 countries around the world. Randstad generated revenue of 16.6 billion euro in 2013. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information see www.randstad.gr. Good To Know You

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MARKETPLACE

BY MAMOUNI IPHIGENIA GEORGIA DEPUTY CEO OF GAIA S.A. MELETON

National Cadastral Project AN ESSENTIAL MANAGERIAL TOOL FOR GOVERNANCE AND FISCAL POLICY

ts implementation will create a modern, fully automated registry of properties and land, with probative value, ensuring maximum transparency and security in transactions. It will be a modern, automated, computerized and comprehensive system in comparison to the old system of Mortgages, Registrations and Transcriptions supported by the old Registry offices. The existing system of land and rights registry is not computerized, the data is registered by owner and there is no connection with geospatial information regarding the property, thereby causing difficulties in conducting legal controls, particularly in cases of conflicting rights upon properties. For the better organization and management of the cadastre project, a state-owned company called National Cadastral and Mapping Agency S.A. (NCMA S.A.) was established, which has the total responsibility of the assignment, implementation and operation of the project as well as the the development of the National Geospatial Data Infrastructure. NCMA S.A. manages information relating to ownership upon properties, gathers and maintains geospatial environmental data, national water and forest data and other geospatial information nationwide. Throughout human history, the most im-

portant purpose for which a National Cadastre was created and used was for fiscal purposes. Upon completion of the National Cadastre project, citizens will be able to easily and instantly receive information on the current institutional framework in the area of their property (land uses, building regulations, limits of waterfronts, whether it is within the city plan, within forest, within an archaeological site or within a protected area and the like). Furthermore, the National Cadastre is expected to boost investment and the development of real estate, as the value and legal status of all properties will become clear and transparent to all interested parties. The National Cadastre is a property-based system which will administratively reform the country, as all acts that create, transfer, alter or abolish property rights, of private or public nature, will be recorded based on the property. Furthermore, it will register the exact location, shape and boundaries of a property. In this context the Cadastre will: 1. Guarantee finally and unambiguously the property of citizens and the legal information that it will record 2. Record the exact location of the civilian properties in area, shape and boundaries 3. Reveal and record systematically public property, national forests and waterfronts for the first time in modern Greece.

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The National Cadastre is a unified, constantly updated geographic information system that records legal, technical and other additional information regarding properties, with the liability and guarantee of the Government.

4. Reduce bureaucracy and simplify procedures of transferring of real estate property 5. Increase transparency and security in the real estate industry 6. Record the rights of usucaption, which is the most common method of acquiring ownership in rural areas. Consequently, one will be able to be informed directly, easily and reliably about all the rights existing in each property of public or private interest. The National Cadastre started as an idea 14 years ago with the Pilot Cadastre Program for certain urban, suburban and rural areas of the country, which was completed in 2007. In 2007 the new cadastre program, based on the new standards, started, which contain more requirements and ensure projects of higher quality. The first tranche of the new cadastre projects was assigned to contractor companies in 2008 and completed as planned by March 2009. More cadastral projects were launched with tender processes in 2008, 2009 and 2011. Only four of these projects in Greece have been successfully assigned and completed on time, one of which was by GAIA SA MELETON. In July 2013, a new law concerning tender processes passed, which changed the procedure for cadastre project tenders. It abolished the Technical Bid, and retained only the envelope of qualifications and documentation of the financial bid. The aim of this reform was for the next cadastral tender processes to move at a faster pace. In

July 2013 the new cadastral tender followed. This tender had as an initial objective to assign these projects by the end of 2014. This is the commitment of the Greek state to the Troika and the Memorandum. The second commitment is to complete the National

Cadastral Projects by 2020. Currently, all country regions have been declared for national cadastral projects. In some areas the National Cadastre has been completed and the responsibilities of old Registry Offices are delegated to the appro-

priate National Cadastre Offices. In other areas projects are under implementation and in other regions there are ongoing tenders for the assignment of projects. The following table gives quantitative data for the entire National Cadastre project:

1ST GENERATION OF CADASTRAL PROJECTS (PROCLAIMED AT 1995-1999)

2ND GENERATION OF CADASTRAL PROJECTS (PROCLAIMED AT 2008)

3RD GENERATION OF CADASTRAL PROJECTS (PROCLAIMED AT 2011)

4TH GENERATION OF CADASTRAL PROJECTS (PROCLAIMED AT 2013)

WHOLE COUNTRY

Regions

Pilot projects – Scattered areas

Rest capital cities – Municipalities of Attica and Thessaliniki (urban areas) – The area of Parnitha

Peri-urban areas and areas with consolidations

The rest of the country

Total

Communities

340

118

1,292

4,025

5,775

Area (acres)

8,225,252

3,537,442

34,228,881

85,978,425

132,000,000

% Area

6.25%

2.68%

25.93%

65.14%

100.00%

Rights

6,736,000

8,041,522

6,921,997

15,979,909

37,679,428

% Rights

17.8%

21.6%

18.3%

42.3%

100.00%

Operation of Cadastral Offices

In some communities Cadastral Offices are already in operation, in others the projects are still in progress.

In some communities the Cadastral project are still in progress and in others the project is in the tender procedure for contractor selection.

The procedure of contractor selection is already completed and in order for the tender process to end, the contractors must sign the contracts

Status

The National Cadastre will begin to operate after the cadastral projects are completed. In areas where projects of National Cadastre are being implemented, a property declaration is mandatory by all owners with the payment of a fixed fee of land registration and the submission of declaration forms and legal documents for their rights. After the legal and technical control of all data, all owners, rights and properties are recorded on maps and tables. Then all owners have the right to submit objections, before the finalization of the cadastral maps and tables. In practice, everyone, despite its mandatory character, has an interest in participating in the process of land registration by submitting a statement of ownership, as the benefits will be multiple in relation to the amount of the fee payable. The key to the successful completion of a Cadastral Project is the experience on the

subject. Companies that are aware of the volume of work needed, and have the ability to organize and manage it properly, will succeed. These projects will require significant resources, experienced personnel and high technology equipment. Extremely important is having highly experienced scientific personnel that worked in previous studies, who will be able to cooperate efficiently and train the new personnel of engineers and lawyers that will be required, due to the size of the projects. Also, strong companies with financial stability and power will be necessary to implement the new projects. If we also take into consideration the current Greek financial crisis, under which banks have a difficulty providing financial support to entrepreneurs, it becomes obvious that the companies should have their own financial

resources to respond to this problem and support the implementation of the projects. The biggest difficulty will be the financial capacity of the companies and partnerships to meet with the specific requirements of these projects and complete them on time and with the required quality. The National Cadastre will bring about major administrative reform to the country, by the establishment of an integrated, modern geographical information system for public and private real estate registry and control. The Greek citizen and each investor very soon will be able to have confidence and certainty for each real estate transaction or land investment. Through the National Cadastre project, we will be able to protect the environment, protect public land, and control the decisions at all levels of power associated with real estate and land.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 37

THE HUMAN AGE

BY DR VENETIA KOUSSIA PRESIDENT & MANAGING DIRECTOR, MANPOWERGROUP

WHAT ARE WE WAITING FOR?

WHY WE NEED TO REDEFINE LEADERSHIP—NOW MORE THAN EVER. OVER HALF A CENTURY HAS PASSED SINCE THE WOMEN OF THE WESTERN WORLD HAVE KNOWN FULL EMANCIPATION, TRANSLATING INTO GENDER EQUALITY WHEN IT COMES TO LABOR RIGHTS OR THE RIGHT TO VOTE.

n Greece, specifically, three decades have passed since the expected dowry disappeared and women stopped “belonging” to their father and then their husband, adopting the right to choose their surname and gain certain independence. It is an indisputable fact that women have stronger presence everywhere—in employment, in politics, in higher education, in BoDs—however this is not enough. Much of what was needed has already been accomplished, but there is so much more to

In this highly volatile and complex environment, we need multi-layered tools and solutions that can only be built based on key words such as trust, honesty, collaboration, understanding and definitely new mindsets

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be done in the complicated reality in which we live today. In this highly volatile and complex environment, we need multi-layered tools and solutions that can only be built based on key words such as trust, honesty, collaboration, understanding and definitely new mindsets. These are not merely buzz or hip words, they should be our guidelines in building a better tomorrow for our children. The fact is that casually talking about all that keeps us from moving forward, such as hypocrisy, mediocrity, and incompetence, obsolete perceptions or special interests— within the safety of our homes— is definitely not changing the course of things. Today, we need more than ever honesty and clarity of spirit so we can assess what truly matters and ameliorate the reality that surrounds us by shaping viable prospects and sustainable solutions. In order to turn our vision into reality, we need to plan in the long-term and have patience, to collaborate with others and trust them, to have passion combined with rationalism, to have flexibility and understanding and of course to stop functioning as individual units and rather function as a team. In reality, what we really need is what we call in our terms soft skills—which are more often found in women—not all women, but the virtuous ones, the effective ones, the ones we admire, either if we show it or not. It is my belief that in order to be happy, we need to be true to ourselves and to the people surrounding us, and to identify those who are worthy enough to become leaders—moving beyond pompous but unsubstantial titles. Only then will we stop choosing or accepting ineffectiveness, only then will we find the strength to move out of our comfort zone and actually participate, only then will we realize that allowing women to unleash their true potential will not merely shush the advocates for equal rights, but will bring much needed new tools, talents and solutions to move forward. The time when we hid behind CSR and philanthropic activities is over, when we gave to the homeless people extra blankets or our leftovers and satisfied our ego without actually providing a long-term viable

We need to capitalize upon our inner strength, get over the fear of participation and perhaps become the leaders that our society needs solution. Giving extra plates in soup kitchens should not be the priority of a municipality but, instead, they should focus on creating sustainable jobs, especially today when employment has become a matter of national importance for our country. The necessity of leaders today is unquestionable; leaders in the true essence of the word—able to unleash the potential of others, to communicate to people their worth and potential so clearly that they are inspired to see it in themselves [Stephen Covey]. The truth is that there is so much potential around us—creativity and talent abound, it is up to us to capitalize upon it. In order to do so, we need to identify and choose the worthy everyday leaders—not necessarily the over-exposed ones—but the ones able to assume their role responsibly and effectively, beyond personal interests and ego boosts. We need to capitalize upon our inner strength, get over the fear of participation and perhaps become the leaders that our society needs. If we take a look around us, these leaders do exist: they are people who turn challenges into opportunities, who trust their teams,

build collaborations and inspire others to unleash their talent and aim higher, who remain positive and optimistic and who have the right toolkit to mend what has been broken. As with everything in life, it all goes back to the roots. This unprecedented crisis that transcends economic figures has unveiled a problematic underlying structure that led us towards the wrong direction throughout the last decades. Now it is our time to fix it, by coming out of our comfort zone and by returning to our values systems and reassessing everything that has let us down. It is in our hands to allow our children to proudly recognize in the future that their parents laid the foundations for a renewed sustainable structure, championing honesty, collaboration and creativity. What are we waiting for?

This article is based on Dr Koussia’s keynote address at the Think Free discussion event “Leadership, Power, Women” co-organized by RepowerGreece and the Institute on Economic Policy and Public Governance of the American-Hellenic Chamber of Commerce on October 21.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 39

IN BUSINESS

BEING STRATEGIC, BEING FORESIGHT ALEXANDROS COSTOPOULOS, FOUNDER AND CEO OF FORESIGHT, DISCUSSES THE EVOLUTION OF COMMUNICATION IN GREECE AND THE ROLE OF FORESIGHT IN SHAPING PUBLIC DEBATES. Tell us about Foresight. What are your key service areas? Foresight has been on a unique journey ever since we envisioned its creation back in 1998 in Washington DC. Our idea was to create a firm that would support private and public organizations, corporations and NGOs in the broader region of the Eastern Mediterranean, not simply with sophisticated services but, rather, with real and sustainable solutions with regard to strategic communications. Foresight reflected our conviction that communication plays a strategic role in practically every aspect and sector of our lives, surpassing the idea of top down and one-way, well-scripted messages, hip lingo and polished images and, rather reflecting

real-life actions, issues and horizontal conversations. In that framework Foresight built an expertise in effectively and constructively interfacing with decision makers and opinion shapers from the corporate, political, societal and media field in order to forge the desirable attitude and perception towards our clients and their objectives, while at the same time establish mutually beneficial ties with local communities. Over the years Foresight stayed well focused in developing client-specific and results-oriented public affairs, reputation management, lobbying and civil society engagement strategies and tactics. We have developed programs related, among others, to restoring the international credibility of

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Greece, confronting sensitive issues like anti-Americanism, empowering the entrepreneurship and investment potential in Cyprus, strengthening the international economic relations of Serbia and Ukraine, developing women and youth empowerment programs, as well as developing public awareness campaigns regarding to critical health issues, cultural diplomacy and education (in collaboration with esteemed institutions like Harvard University). In 15 years, a lot has changed, both in strategic communication and in Greece. What are some of the main differences in strategic communication from when you began and today? The biggest obstacle that we had to face when we began was a rather naive prevailing for many years idea - of “not needing a strategy since I know everyone,” or that communication had either to be advertising or PR (and especially life-style type of events full of celebrities). It was a period when communication was top-to-bottom and in a way, it aimed in “interrupting” what people were interested in with the message of our client. This actually made our journey quite difficult, since our com-

mitment to what we felt was right was limiting our clientele. Today, thanks to the economic crisis, the emerging social media and the change in the behavior of the public, we see a tectonic shift in communication whereby the pyramid of influence with elites at the top and mass audiences at the bottom lies in the past. Today’s strategic communication has to rely on trust, authenticity, spontaneity and a genuine conversation in a bottom-up way. We gradually see that clients and stakeholders demand far more than expensive productions and celebrity endorsements: actions that matter around the issues that matter. How have the major shifts in Greece affected your approaches and your solutions? Our idea on strategic communications has always been a bit more sophisticated and transparent, focusing on the little details that might have a strategic role in the long run. Today’s emerging mindset in our country allows us a better environment to unleash our practical ideas, tactics and solutions. In some sense is it understandable that some basics of communication remain the same. What are the core elements of your work that transcend time and environment? Being strategic … is the cornerstone upon which Foresight lies; the heart of what we do. We believe that in dealing with our client’s reputation or agenda, whether a private or public organization, a businessperson, or a politician, we have no margin of error. For us, every public affairs strategy becomes a “political campaign” that blends lobbying, coalition building, crisis management, public diplomacy, grassroots, civil society engagement and traditional public relations to achieve our client’s objectives. What have been some of the major challenges you’ve taken on over the years? The expertise we carry allowed us over the years to engage in unique projects that offered us invaluable lessons and the opportunity to create positive impact. Having had

ALEXANDROS COSTOPOULOS

the opportunity to work on the economic reconstruction of Serbia right after the war, or the development of economic relations for Ukraine right after the orange revolution, offered us unique experience on highly challenging issues. Equally, having had the opportunity to strategize on the development of the breast cancer movement in Greece that propelled the development of a series of excellent initiatives, or the development of the national campaign on Skinhealth, allowed us to build new tactics on appealing and mobilizing local communities. Another very important project had to do with building a better understanding on the issue of anti-Americanism that offered us the opportunity to engage and build an expertise on public diplomacy. Working with Harvard University for its Center for Hellenic Studies in Washington or with Woodrow Wilson Center, gave us the privi-

Being strategic … is the cornerstone upon which Foresight lies; the heart of what we do

lege to work with esteemed philellenes and key international thought leaders. Over the years we have been honored to work with a number of clients that, regardless of their size or sector, contributed to our success and expertise. What are some of the major challenges you look forward to in the next 15 years and, based on your experience, what makes you cautious about the future of Greece—and what gives you hope? Obviously, working in Greece, in a period when we are called to face systemic and structural flaws that crippled our lives during the last 5 years, poses a number of practical concerns for our future. However in my opinion there is a broader issue. I strongly believe that we are at a tipping point with regard to our societies and businesses. Eventually, there is going to be a huge conversation raising the level of public debate on whether we can empower good through our choices, regardless if we are talking about our politicians, teachers, business leaders or simply the everyday people. I believe that communication can play a constructive role in framing this “debate.” We can contribute in shedding light on content rather than simply images. We can enhance the power of discussion and confine shouting. I think this is the biggest challenge that lies ahead of us and to which we aim in contributing during the following years through our endeavors at Foresight.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 41

BUSINESS MATTERS

BY NIKITAS KONSTANTELLOS CEO, ICAP GROUP

ICAP GROUP: 50 YEARS SINCE 1964 ICAP HAS BEEN OFFERING TO THE BUSINESS COMMUNITY INNOVATIVE AND VALUABLE SOLUTIONS WITHIN A WIDE RANGE OF Β2Β SERVICES.

n 1964 a group of Greek and foreign businessmen founded ICAP HELLAS Ltd. and published the 1st Greek Financial Directory. Since then we have experienced 50 years of continuous growth in serving the business community through innovative and valuable solutions within a wide range of Β2Β services. Τhroughout this journey our objective has been, and still remains, to be an Employer of Choice for our people and a Partner of Choice for our clients. In this course, we also aim at further strengthening healthy entrepreneurship and ethical business practices through the assortment of Business Information services we provide.

A LEADER IN SERVICES

With revenues of 62 million Euros, today ICAP Group is the leading provider of Business Information, Consulting and Management Services to businesses in Greece, with a strong presence in Southeastern Europe and we perform a vital function in the local as well as the International business scene.

For every link of the corporate value chain, ICAP Group has a service offering: from the Business Plan for the establishment of a company, to Strategy and Organization, Staffing and Development in Human Resources, Technology, Market Research, the continuous delivery of Business Information, and the management of Credit Risk— up to Outsourcing services offering. Looking back, I feel proud being part of ICAP Group’s family as well as gratified that this Greek company now: • has developed into a diversified Group of 17 companies, constituting one of the largest employers with 3,300 people (including 2,000 employees working at our clients’ facilities ) • is recognized as a leader in providing B2B solutions in Southeastern Europe in a wide range of services in all divisions of a company: • Credit Risk Services (primarily for Finance Departments and Financial Institutions) • Marketing Solutions (for Sales and Marketing Departments)

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• Management Consulting (for General Management) • People & Employment Solutions (for HR Departments) • has local presence with subsidiaries in 7 countries in Southeastern Europe, namely in Bulgaria, Romania, Serbia, Turkey, Cyprus, Bosnia-Herzegovina and Croatia

A VALUABLE PARTNER

As a result, ICAP Group has evolved into a valuable partner of businesses by providing customized and measurable solutions. In these challenging times, when companies are challenged to protect their liquidity and profitability more than ever, ICAP Group goes beyond conventional services and proposes advanced and innovative solutions for the entrepreneurship of tomorrow. During recent years, we have not remained passive towards the deep recession and its obvious impact. On the contrary, we took calculated risks and made investments to counterbalance the crisis with growth. With a primary objective to strengthen our presence in Southeastern Europe, we man-

aged to expand our services and increase substantially our revenues in the three countries (Romania, Bulgaria, Serbia) where we have a strong presence. Moreover, as a part of our strategy, we expanded in Turkey with the creation of CYCLE Turkey, which provides Receivables Management services. We also established subsidiaries in Croatia and Bosnia & Herzegovina.

A NATIONAL CHAMPION

As a result of these actions, our Group has been distinguished recently, for the 2nd year in a row, as National Champion 2014/15 in the category “International Growth” by European Business Awards. I am also proud that, despite the emphasis on our activities abroad, we did not stop increasing our market share in Greece, an effort involving all Business Units. We have accomplished this by introducing new and innovative services and tools for our market and we strengthened our core services for Credit Risk Management, and thus support more efficiently our client companies.

BUSINESS, PEOPLE, ENVIRONMENT, SOCIETY

Of equal importance to the optimization of financial results, ICAP Group, known as the largest provider of business services in Greece, feels very responsible to contribute to People, Society, Environment and Business. In this direction, ICAP develops a complete and structured CSR program with three targets: Our People, Environment and Social Contribution-Volunteer. In this context, there is special attention to the career development of our employees, with the establishment of continuous education programs. Other initiatives, for example, include the operation of an organized Blood Bank and ICAP Acts Green movement which aim to strengthen the environmental awareness of employees, by spending an entire working day in an environmental campaign as well as providing financial aid to facilitate our people, charitable organizations and other non-profits. Finally, ICAP provides Business Information to Embassies, Universities and journalists.

A Future with a Mission The mission of ICAP Group is to provide high quality services that add value to businesses in a wide range of markets, in Greece and Southeastern Europe. Our 5 Corporate Values—Client Focus, Effectiveness, Turn Knowledge into Value, Innovation and Care about our People and Society—are part of our daily operations, while also, systematically, we organize activities which demonstrate in action the commitment to our principles. In regards to the future we will continue to build on the three pillars of our growth strategy: development of existing services and launching of new services (with the development of new business units and the acquisition of companies with similar business activity), geographic expansion (with offices in another 2-3 countries) and establishing additional partnerships with leading global companies.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 43

@ FO IN

B2B

Whereas in the first run Internet of Things referred to the advent of barcodes and radio-frequency identification (FID), helping to automate inventory, tracking and basic identification, the second current wave of IoT sees a strong verve for connecting sensors, objects, devices, data and applications. The next wave could be called a “cognitive IoT,” facilitating object and data reuse across application domains, leveraging on hyper-connectivity, interoperability solutions and semantic enriched information distribution, incorporating intelligence at different levels, in the objects, devices, network(s), systems and in the applications for evidence-based decision making and priority setting.

ECONOMIC IMPACT Economically, it could generate billions of Euros that easily translate into growth and employment, provided it ensures trust and

security for European citizens and businesses. At the same time, the IoT will bring hyper-connectivity to a global society, using augmented and rich interfaces. This global society will also be characterized by higher semi-autonomous system behavior than today.

SOCIAL IMPACT Smart cities are an obvious application of IoT as a horizontal enabler, covering sustainable smart grids, smart mobility and smart health. Advances in integration and miniaturization of ultra-low power components and micro systems and increased autonomy and flexibility of service robots is accelerating the diffusion of embedded ICT in all types of physical objects and artifacts, ranging from clothes and even bodies to homes, cars and transport systems, as well as all public spaces and cities.

POLICY

CH AM

IoT; V.2

Creating a climate for trust and responsible innovation is essential, as the development of IoT touches upon questions of security, privacy and trust. Furthermore, as the IoT will become widespread in citizens’ lives at home, in the office, in public or on the move, discussion needs to identify any policy or regulatory requirements, where an impact could be foreseen, as well as in terms of education. In order to fully deploy IoT, pervasive and easy access to wireless and mobile communication and identification/numbering resources to connect billions of objects is necessary. In particular, mobile access should be provided in a competitive, low-cost and cross-border manner to allow Machine-to-Machine and IoT applications to flourish. To ensure wireless connections for a huge number of objects, spectrum availability will have to be managed with care.—http://ec.europa.eu/

Dining: For Business and Pleasure

Cool and Centered YIANTES We are often torn between opting for reliable traditional and more adventure. Sometimes it’s nice to combine the two. Yiantes, which does a modern take on Mediterranean/Greek cuisine, offers off the main track with a down-to-earth sense of focus. In the heart of Exarchia, Yiantes attracts the media/arts crowd but provides a welcome table to all. The menu invites confidence, as it limits its range and does not extend the kitchen beyond its reach. Starters such as fresh anchovy with fried onion, meat pie with local-sourced pecorino, grilled Mastello cheese with clementine jam, and fresh vine leaves with lemon cream point to a grounded sense of experimentation.

A handful of salads—mostly mixed with the usual suspects (plus tarama and taboule) are ideal for sharing. Main courses have the mark of a bistrot— allowing for balance in kitchen execution—and include grilled chicken, pork chops, burgers, liver, sardine, salmon and cuttlefish, alongside risotto, papardelle, and orzo--with simple but pleasing combos of bacon, mushrooms, shrimp and parmesan.

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Three desert options—a chocolate cake, broken millefeuille, and a dessert of the day inspire confidence that they are done well—and are fresh. Yiantes is bright, fresh, open and relaxed. A good milieu for a pleasant, satisfying and convivial lunch or dinner. Presentation follows current practices of a photo-shoot aesthetic, designed to seduce the eye preparatory to the palate. Hours are daily, lunch 12:00-17:00 and 19:00-01:00. Yiantes Valtesiou 44, Exarchia, Athens, 210 330 1369 www.yiantes.gr

The Business Bookshelf

Zero to One

Jargonaut

NOTES ON STARTUPS, OR HOW TO BUILD THE FUTURE BY PETER THIEL & BLAKE MASTERS

COLLABORATORY

If you want to build a better future, you must believe in secrets. The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things. Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to computers or Silicon Valley. Progress can be achieved in any industry or area of business. It comes from the most important skill that every leader must master: learning to think for yourself. Doing what someone else already knows how to do takes the world from 1 to n, adding more of something familiar. But when you do something new, you go from 0 to 1. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. Tomorrow’s champions will not win by competing ruthlessly in today’s marketplace. They will escape competition altogether, because their businesses will be unique. Zero to One presents at once an optimistic view of the future of progress in America and a new way of thinking about innovation: it starts by learning to ask the questions that lead you to find value in unexpected places.

A virtual laboratory, as in a lab without walls, in which all communication is done via the Net.

CYBERCHONDRIA The name for hypochondria resulting from seeing one’s symptoms on a medical Web site.

DIGITAL JEWELRY The name for high-tech devices that people wear, including hip gadgets, such as pagers or cell phones.

EARNED MEDIA Earned media refers to favorable publicity gained through promotional efforts other than advertising, as opposed to paid media, which refers to publicity gained directly through advertising.

OPEN-COLLAR WORKERS

THE LIST

BY TRAVELOGUE

People who work at home or telecommute.

GET THERMAL

PINK

BY ANDREAS STYLIANOPOULOS PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD

Anything spam related, as in “That subject

The thermal springs of Greece, known since ancient times, are among the best in the world—and there are many throughout the country. A great idea for an alternative weekend that focuses on inner wellbeing. LAKE VOULIAGMENI

Slang for a computer.

STARTER MARRIAGES

Thermopiles, Fthiotida

Modern slang for short-lived first marriages

Kamena Vourla, Fthiotida

that end in divorce with no kids, no property,

Edipsos, Evia

and no regrets.

Amarandos, Greek-Albanian border Lagada Thermal Springs, Macedonia Agistro Serron Thermal Springs, Serres Aridaia (Pozar) Thermal Springs, Macedonia

POZAR THERMAL SPRINGS

SQUARE-HEADED SPOUSE

Lake Vouliagmeni, Attica

Orea Eleni, Corinth KAMENA VOURLA

header looks a little pink.”

WHITELIST The action of adding an e-mail address to your address box to ensure you receive it.  http://www.netlingo.com

Nea Apollonia Thermal Springs, Macedonia

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 45

TRENDS & TRADE MAKERS

Car To Go—Athens

Low Tech, High Impact

More than 300 white Fiat 500s with “car to go” logos are parked across Athens. They are all washed, tanks full, taxes paid and are ready to serve any driver who wishes to try this alternative means of driving. The cars belong to the Car to Go company that introduces a different transportation model: customers can find the nearest white Fiat 500 bearing the company logo and drive it wherever they wish. Users must first complete an application form online for 19.90 Euros. They can then download the free “Car to Go” application on their smart phone and acquire a membership card, with which they can access any available car and drive it. After registering, users look for the nearest available vehicle through the app, unlock it by scanning their membership card, find the key in the car, type in their password, answer some simple questions whether the car is clean and in good condition, and they are ready to go. At the end of the ride, drivers can leave the car at any legal parking spot. After they park, they lock the car by scanning their card and can leave. Payment is calculated through an automatic per minute charge which varies depending whether the car is in motion or not. Customers have no obligation to fill the tank. This is taken care of by the company.

In an effort to battle the polluted water of Baltimore’s Inner Harbor, Clearwater Mills’ John Kellett and Daniel Chase helped design a solar-paneled, water-powered trash devourer. The Water Wheel works by funneling debris in, pushing the trash onto a conveyer belt and running the loaded conveyer belt into a dumpster. The device is powered by the water that flows through it but is also hooked up to a solar generator so that it requires no outside source of energy. When the dumpster is full, the dock is released, hooked up to a boat and taken to a waste to energy plant, where it is converted to electrical energy. Cleaning up trash is not the only thing the Water Wheel does: it also puts oxygen back in the water, removes organic waste and educates people about the pollution happening in Baltimore and across the globe. Not bad a for machine created in just seven months by four men.

Zootle to HQ in Boston Zoottle, a Greek startup that helps customers connect via social media to a retailer’s wireless Internet connection, plans to open its headquarters in Boston. The startup plans to open the office by the end of October and hire about six sales and marketing employees. Zoottle is currently headquartered in Greece and has space primarily for research and development, with 11 employees, said Zoottle’s co-founder Christos Perakis. Zoottle simplifies authentication of wireless Internet networks at retailers for consumers by offering them a way to log on to the Internet through their social media accounts. Retailers gain access to demographic data and other information through users’ social media accounts such as Facebook and Twitter. The startup charges retailers $49 per month to use the software, which can help retailers gain insights through user analytics, improve their social media engagement and reward customers with coupons and discounts. Zoottle’s customers include Swedish furniture giant Ikea and The Mall of Athens, the largest mall in southern Europe, Perakis said.

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W GET PHILOSOPHICAL

Guide to Philosophy on the Internet legacy.earlham.edu/~peters/gpi/index.htm History of Western philosophy www.philosophypages.com/hy/index.htm Stanford Encyclopedia of Philosophy plato.stanford.edu An Open Philosophical Q&A www.askphilosophers.org Philosophy Talk—Listen In www.philosophytalk.org

COSTCO TO IMPORT CRETAN OLIVE OIL

The Perseus Project—Greek Philosophy www.perseus.tufts.edu/hopper

The U.S. food importer Costco signed a major deal for the export of hundreds of tons of virgin olive oil from the island of Crete to the United States. The agreement was signed in Iraklio, between Costco and the Cretan firm Botzakis SA, and calls for the export of 200-400 tons of olive oil to the U.S. each month. The agreement is supported by the Crete Regional authority and Exporters Association of Crete and local chambers. Costco’s representative Tassos Chronopoulos noted that Crete produces some of the highest quality olive oil in the world and is a product that is widely recognized in the United States and throughout the American continent.

In Our Time—Good discussions www.bbc.co.uk/radio4/features/in-ourtime The Tanner Lectures on Human Values tannerlectures.utah.edu

GREEK STUDENTS TAKE FIRST PLACE AUTOMATIC INFORMATION EXCHANGE &E TAXES .U.

T C E R I D

The automatic exchange of information is regarded as the best system for ensuring that national tax authorities can assess and collect the taxes they are due on income and capital that their residents have abroad. Under this system, EU Member States collect data on income earned in their territory by non-resident individuals. They then automatically transmit this data to the authorities where the individual resides, so that it can be taxed in line with the Member State of residence’s rules. Member States agreed on a Commission proposal to apply the widest possible scope of automatic exchange within Europe, to mirror the global standard of automatic information exchange agreed by the G20. In practice, this means that, from 2017, Member State tax authorities will automatically exchange information with each other on most categories of income and capital held by private individuals and certain entities. The agreed Directive means that there will be full tax transparency between EU Member States. Crucially, this legislation will ensure that the EU has a solid legal framework to apply the new global standard of automatic exchange of information. As such, it ensures that European financial institutions and tax administrations will have full certainty and fewer compliance costs. It was agreed Austria would be given an additional year to apply the new rules.

Two students from Greece, Panos Oikonomou and George-Nikiforos Avgoustidis, took first place at the Microsoft-organized European Kodu Kup competition. The Greek team won the first prize for creating the game “Behind the Red,” which is based on the exploration of Mars. The competition, held for the first time in Europe, included young people aged 6-16, encouraging them to experience the magic of coding while designing games through an interactive, innovative and entertaining process. The participants were asked to develop their own games, working in groups and learning how to create imaginary worlds, models and simulations. The finalists were Greece, Belgium, Estonia, Finland, Lithuania, Norway, Portugal and the UK. According to a survey conducted by the non-profit organization European Schoolnet, Greece is the European leader in the field of coding in schools. The competition was held October 12-15.

NOVEMBER-DECEMBER 2014 | BUSINESS PARTNERS | 47

VIEWPOINT

Homer and the Epics

he new galleries, which opened in September, focus on three themes: “Homer and the Epics,” “Dionysos and the Symposium” and “Theater and Performance.” The poetry and drama of this storied civilization come alive through 230 works, primarily from the sixth century to the fourth century BC, including marble and bronze sculptures, ceramic and metal vases, and terracotta figurines. Many objects on view have been meticulously restored—some for the first time in a century and are set in the George D. and Margo Behrakis Wing of Art of the Ancient World. Additionally, new interactive multimedia displays complement the installation by offering detailed looks at complex works of art, while the Museum’s mobile MFA Guide features a new ninestop tour of the golden age of Greek culture. “Boston has long been known as the Athens of America and there is no more fitting place than the MFA for a suite of galleries that bring alive the artistic and literary traditions of the ancient Greeks,” said Malcolm Rogers, Ann and Graham Gund Director at the MFA. “I am particularly excited that technology enables us to watch scenes from the Trojan War as they unfold on vases that are thousands of years old.”

HOMER AND THE EPICS

The Krupp Gallery of Homer and the Epics presents the MFA’s world-renowned collection of works of art illustrating scenes

Ancient treasures take center stage in Boston as the Museum of Fine Arts, Boston (MFA), opens three galleries dedicated to Wine, Poets, and Performers in Ancient Greece. DIONYSOS AND THE SYMPOSIUM

“I AM PARTICULARLY EXCITED THAT TECHNOLOGY ENABLES US TO WATCH SCENES FROM THE TROJAN WAR AS THEY UNFOLD ON VASES THAT ARE THOUSANDS OF YEARS OLD”

A Marble head of Dionysos (about 4th century BC), god of wine and revelry, presides over this gallery, which introduces the significance of wine in Greek culture and religion. Many of the vases on view were the same types of vessels used in the all-male drinking party known as the symposium—an important event for the elite Athenian. Symposia activities included drinking games, philosophical discourse (as represented by a Portrait Head of Socrates (about AD 170-195)), the performance of poetry and music, and interactions with courtesans—who were the only women invited to these banquets. Visitors to the gallery will also learn the importance of wine as a driver of the ancient Mediterranean economy through a selection of coins minted by Greek cities that exported wine.

THEATER AND PERFORMANCE from the Iliad and the Odyssey. A striking marble portrait of Homer (late first century BC or first century AD) presides over a group of objects featuring scenes from the Iliad and the Trojan War, which was fought sometime around 1200 BC.

Tragedy and comedy as they are known today were developed by the Greeks as early as the sixth century BC. This gallery features rare objects that reveal scenes from a variety of plays, many of which are now lost—highlighting ephemeral performances of dancers, musicians, singers and actors.

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48 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2014

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