Engineering Know-How: a Key Driver of Economic Growth

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THE MAGAZINE OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

MARCH-APRIL 2015 Vol. XIV | No. 77

Thought Leaders Real Estate: Ready to Grow?

ENTREPRENEURIAL SPIRIT THE AMWAY MODEL ▼ IPSAS— AND GREEK SOVEREIGN DEBT ▼ THE HUMAN AGE UNLEASHING HUMAN POTENTIAL ▼ HERITAGE ECONOMICS BEACONS OF LOCAL PRIDE ▼ PLUS TRENDS & TRADE MAKERS VIEWPOINT Engineering Know-How: TRAVEL USA A Key Driver of Economic Growth www.amcham.gr Iphigenia-Georgia Mamouni & Apostolos Tziouvaras, GAIA S.A. CHAM IC BE EN R L O L F E C H

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CONTENTS |

MARCH-APRIL 2015

AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC THE BOARD THE REGIONAL MARKETPLACE REGIONAL TREND MAKERS TRENDS & CHAMBER NEWS CHAMBER USA TRAVEL INTERVIEW THE LEADERS THOUGHT AGE HUMAN THE ECONOMICS HERITAGE HEALTHCARE BUILDING GREEN ONE WORLD NEWS IN THE & FACES NAMES SPIRIT ENTREPRENEURIAL BIZ BUZZ REVIEW BUSINESS ALBA + GREECE IPSAS A B2B Toolbox Social Enterprise The Path to Sustainability: Facilitating in Greece BY STAVROS KOSTAS BY STAVROS Discover America—New Jersey Iphigenia-Georgia Mamouni, Deputy CEO, S.A. and Apostolos Tziouvaras, Chief Architect, GAIA Real Estate: Ready to Grow? TAXATION SAVVAIDOU BY KATERINA is a Catalyst for Growth Unleashing Human Potential BY VENETIA KOUSSIA Beacons of Local Pride BY DR. EVANGELOS KYRIAKIDIS EU Healthcare Compliance, Ethics & Regulation – The Latest Developments BY IOANNA MICHALOPOULOU LL.M Βoosting Productivity and Motivation Through Green Design BY APOSTOLOS TZIOUVARAS The Business Case for Green Building—World Green Business Council The Real Estate Market – Could it be Greece’s Next The Real Estate Market “Big Bet”? DRAKOPOULOS BY PANAGIOTIS CSR Initiative–Financial Education LifeChanger, MetLife’s in Schools Model: Proven Globally, The Amway Business Successful Locally WITH IOANA ENACHE Leading the Digital Transformation BY NIKOLAOS A. MYLONOPOULOS Greek IPSAS—And the Real Economic Burden of Sovereign Debt Tackling Tax Evasion and Avoidance: A New VΑΤ Strategy Evasion and Avoidance: A New VΑΤ Tax Tackling Losses VΑΤ on Tackling Focusing CE BPONLINE.AMCHAM.GR

34 44 BUSINESS2BUSINESS 46 48 VIEWPOINT 24 26 36 38 40 12 18

8 22 42 4 6 10 14 16 20 .PRESS CHAMBER AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC

.PRESS CHAMBER OWNER Commerce of Chamber American-Hellenic Center Business Politia Avenue Messoghion 109-111 Athens 26 115 699.3559 210 +30 Tel: 698.5686-7 210 +30 Fax: [email protected] E-mail: BRANCH OFFICE Street Irakleiou Vassileos 47 Thessaloniki 23 546 239.337 286.453, 2310 +30 Tel: 225.162 2310 +30 Fax: [email protected] E-mail: ISSN 1109-4990 CODE: 6526 CODE: ISSN 1109-4990 34 14 24 and tax avoidance economic growth and Greece, discusses Amway business model know-how as a driver of know-how as a driver DIRECTOR Spirtounias Elias [email protected] PUBLISHER & EDITOR Matera Raymond [email protected] ADVERTISING Loli Alexandra [email protected] DESIGN snack• PRINTING & BINDING S.A. Publishing Greece Northern entrepreneurship and the General for Public Revenue Deputy CEO, and Apostolos Deputy CEO, and Apostolos at the Ministry of Finance, on at Amway Romania, Bulgaria Iphigenia-Georgia Mamouni, Iphigenia-Georgia Mamouni, Tziouvaras, Chief Architect at Tziouvaras, Chief Architect Katerina Savvaidou, Secretary

measures to tackle tax evasion PLEASE RECYCLE GAIA S.A., discuss engineering GAIA S.A., discuss engineering Ioana Enache, General Manager BUSINESS PARTNERS IS THE BIMONTHLY MAGAZINE MAGAZINE BIMONTHLY IS THE BUSINESS PARTNERS OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE VOLUME XIV | NUMBER 77 XIV | NUMBER VOLUME DIRECTOR’S DESK

The new government, during its first 50 days, has demonstrated what most managers know—governing is not an easy job, especially the first time you are in charge. The strategic errors it has committed also demonstrates that, if it is to be successful in the near future, it must redefine its approach and implement a strategy that recognizes realpolitik and not vague wishes. And, of course, our European partners are also demonstrating a refusal to accept that their policies have failed and should be drastically amended. Today, the Greek business environment is suffering. Liquidity and credit are almost unavailable and the State finances continuously deteriorate. In this volatile environment businesses are doing whatever they can to survive and sustain their operations. It is time for Plan B. The government must recognize its many election promises are unrealistic. It must also recognize that, no matter what its desires, our European partners will hold Greece to account. Yes, it should negotiate, as much as possible, for more favorable repayment terms. And our European partners should review history, acknowledge it is in many ways benefiting from Greece’s bailout, and begin to dismantle double standards that can only backfire—on them—in the future. This is not the Europe of equality and brotherhood that was envisioned by its founders. Today’s critical moments require restraint, coordinated approaches, and consensual initiatives. We need a clear plan on the basic principles of which we all agree and commit to: the government, opposition parties and citizens. The Greek economy and growth cannot wait. There is no more time for separations and barriers. Unemployment and brain drain are creating a fatal loop. Within today’s challenging environment, our Chamber is dedicated to supporting, helping, and assisting with best practices and results-oriented recommendations related to positive initiatives. At the same time, we must raise the red flag over erroneous decisions affecting the economy and growth. During the next quarter the Chamber’s initiatives to affect positive change are many: a business and trade mission to the United States related to construction and building materials, the 11th International Tax Forum, a conference on defense and security, a symposium on the appropriate production and development model of the country, a roundtable debate on the Transatlantic Trade Agreement, the 4th Investment Forum in New York with the Athens Exchange, and the 1st International Law Conference in cooperation with the American Bar Association. These initiatives, and many others, demonstrate our steadfast commitment to contribute significantly and effectively to the improvement of the economy and entrepreneurship.

ELIAS SPIRTOUNIAS Executive Director

The American-Hellenic Chamber of Commerce A DYNAMIC, PROACTIVE CHAMBER

The American-Hellenic Chamber of Commerce was established ber of the U.S. Chamber of Commerce in Washington D.C. and the in 1932 and is one of the largest, most active, and dynamic Amer- European Council of American Chambers of Commerce (ECACC). ican 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. MISSION STATEMENT The Chamber's membership is comprised of more than 1,000 The American-Hellenic Chamber of Commerce strives for con- proactive companies that seek to expand business horizons, cre- tinuous improvement of American-Hellenic commercial and ate new business partnerships, and take advantage of trade and financial relations, through increased membership and through investment opportunities in today's global economy. the organization of top-quality events, exhibitions, fora, seminars, The American-Hellenic Chamber of Commerce is an active mem- and congresses on both sides of the Atlantic.

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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, Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Vergos Evangelos | Coordinator: Nikos Tsavdaroglou Karayannis Angelos Vice President | KARAYANNIS K. GROUP AUDITORS COMMITTEE Members: Felonis Athanassios, Kerameas George, Sabatakakis OF COMPANIES Kyriacos | Coordinator: Andriana Chadjianagnostou Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. CORPORATE GOVERNANCE COMMITTEE Chair: Papacostopoulos Constantine | Members: Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou Canellopoulos Paul Counselor | AIG GREECE CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Members: Alexiou Maria, Katsouli Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Katerina, Konti Kiara, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. ENERGY COMMITTEE Chair: Karayannis Angelos | Members: Alexopoulos George, Saracakis John Counselor | SARACAKIS BROTHERS S.A. Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia GREEK ECONOMY CONFERENCE COMMITTEE Chair: Αnastasopoulos 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 BOARD OF DIRECTORS INNOVATION, EDUCATION & ENTREPRENEURSHIP COMMITTEE Chair: Panayotopoulos Alexopoulos George | HELLENIC PETROLEUM S.A. Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Anastasiou Despina | DOW HELLAS S.A. Rizopoulos Yannis, Tsiboukis Antonis, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki Antonakou Peggy | MICROSOFT HELLAS S.A. INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE President: Yanos Antoniades Vassilis | THE BOSTON CONSULTING GROUP Gramatidis | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Nordkamp Erik, Van Pappelendam Robert | Executive Officer: Angeliki Dikeoulia Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE Chair: Kremalis Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL Konstantinos | Members: Abatzoglou Theodore, Andriopoulos Stavros, Canellopoulos Paul, Christidou Agni, Christofides Angeliki, Ioannou Christos, Karmiris George, Kikilias Elias, PRODUCTS CO. S.A. Kollas John, Konstantinidis Theodore, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Plomaritis Costopoulos Alexandros | FORESIGHT STRATEGY & George, Poulias Alkiviadis, Sarantopoulos Dimitris, Siatounis Manolis, Spyrakos Fotios, COMMUNICATIONS Spyropoulos Rovertos, Tzotzos Apostolos, Vafeiadis Ioannis, Vlassopoulos George, Zoulaki Aggeliki | Coordinator: Voula Tseritzoglou Coustas John | DANAOS SHIPPING CO. LTD IPR COMMITTEE Members: Ailianou Andromahi, Economou Alexandra, Galanopoulou 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, Kokorotsikos Paris | EUROCONSULTANTS S.A Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Kosmatos Makis | JOHNSON & JOHNSON CONSUMER S.A. Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou Kostas Stavros | Economist LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Members: Alexandris Panos, Alexandris Spyros, Margaritis Evangelos, Scorinis George, Tsibanoulis Dimitris | Kouidis Marilena | KOUIDES A.P.L. S.A. Coordinator: Daphne Constantinidou Koussia Venetia | MANPOWERGROUP S.A. MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris Koutsoureli Eftychia | QUEST HOLDINGS S.A. George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Hoffman- Luecke Manuela, Krinos Gregory, Maroutsis George, Michalitsis Iakovos, Nikas Dimitris, Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Strouzos Anastasios | Coordinator: Voula Tseritzoglou Lazaridis Socrates | ATHENS EXCHANGE NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Members: Alexopoulos Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Lekkakos Stavros | PIRAEUS BANK S.A. Kokorotsikos Paris, Kouides Antonis, Kouimtzis Athanasios, Koukountzos Konstantinos, Mitsiolidou Olga, Vlachos Panos | Coordinator: Nikos Tsavdaroglou Manos Alexandros | PIRAEUS BANK S.A. PHARMACEUTICAL COMMITTEE Chair: Pascal Apostolides | Vice Chairman: Filiotis Mytilineou-Daskalaki Sophie | MYTILINEOS HOLDINGS S.A. Dionysios | Members: Ahmad Haseeb, Capone Carlo, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Filiotis Spyros, Frouzis Konstantinos, Gerassopoulos Marcos, Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Greco Roberto, Kefalas Nikos, Lakatos Matyas, Lorge Emmanuel, Nordkamp Hendrikus Papazoglou Panagiotis | EY Hermannus (Erik), Pateraki Evangelia, Tarou Iphigenia | Coordinator: Voula Tseritzoglou PUBLIC AFFAIRS COMMITTEE Members: Canellopoulos Paul, Kyriacou Marios, Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. TAXATION COMMITTEE Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Sage Jim | PFIZER HELLAS A.E. Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou SERVICES LTD. Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Tsamaz Michael | HELLENIC TELECOMMUNICATIONS Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki ORGANIZATION S.A. (OTE) TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Argiri Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Tsiboukis Antonis | CISCO HELLAS S.A. Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia Xenokostas Panagiotis | ONEX S.A. WOMEN IN BUSINESS (WIB) COMMITTEE Chair: Sideri Anastasia | Members: Anagnostopoulou Popi, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Zanias George | NATIONAL BANK OF GREECE S.A. Milona Martha, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

4 | BUSINESS PARTNERS | MARCH-APRIL 2015

CHAMBER NEWS

New Year’s Reception—Athens NEW YEAR’S RECEPTION— The Chamber held its annual New Year’s Reception in Athens at the Athenaeum Inter- Continental on January 22. THESSALONIKI The event, attended by more than 600 guests, brings together Chamber members, lead- The Chamber held its annual New ing government officials, members of Parliament, Ambassadors, organization presi- Year’s Reception in Thessaloniki on dents, media and prominent executives of the business community to enjoy a pleasant February 16, 2015 at Τhe ΜΕΤ Hotel. and rewarding networking event. Welcome remarks were made by Simos Anastasopou- The reception, which was attended los, President of the Chamber, U.S. Ambassador David Pearce and Gikas Hardouvelis, by several hundred guests, brings then Minister of Finance. together Chamber members, SIMOS ANASTASOPOULOS DAVID PEARCE members of the government and opposition, members of Parliament, members of the diplomatic community, representatives of media and prominent executives of the business community. Welcome remarks were made by Simos Anastaso- poulos, President of the Chamber; Nikolaos Bakatselos, Vice President of the Chamber and President of the Northern Greece Committee; Robert P. Sanders, the Consul of the United States in Thessaloniki; Ter- THE EXECUTIVE COMMITTEE AND HONORED GUESTS GIKAS HARDOUVELIS, SIMOS ANASTASOPOULOS, DAVID PEARCE ens Quick, Deputy Minister of State for the Coordination of Government Project; Demetris Mardas, Alternate Minister of Finance; and Apostolos Tzitzikostas, Head of the Periphery of Central Macedonia.

TERENS QUICK, SIMOS ANASTASOPOULOS, NIKOLAOS BAKATSELOS, DEMETRIS MARDAS, ROBERT P. SANDERS

New Chair of WIB Committee SIMOS ANASTASOPOULOS, NIKOLAS BAKATSELOS, DIMITRIOS MARDAS, ALEXANDROS BAKATSELOS The Chamber has announced that Anastasia Sideri, Public Af- fairs & Communications Director, Coca-Cola Southeast Europe, The Coca-Cola Company is the new Chair of the Women in Busi- ness (WIB) Committee. Ms. Sideri has been an active member of the Committee, one of the most dynamic of the Chamber. WIB serves as a premier catalyst for the leadership development of professional women through disseminating learning on international and national best practices and work with all sectors of the local economy to promote and enhance the development and ANASTASIA SIDERI influence of professional women in the business world.

6 | BUSINESS PARTNERS | MARCH-APRIL 2015 4th Corporate Governance Conference The Corporate Governance Committee of and addressing conflicts of interest. The Chamber’s Corporate Governance the Chamber held its 4th annual confer- Speakers addressed three key areas, as Committee continuously monitors reg- ence, Corporate Governance in Managing defined by the panel discussions: ulatory and legislative changes in an the Risk of Fraud in the Greek Business • Fraud Risk Management and the Role of effort to safeguard both the investing Environment, on February 17 at the Hotel the Board Of Directors public and the companies and financial Grande Bretagne. • Fraudulent Financial Reporting – Fraud institutions within the market. The annu- The event reviewed the basic mechanisms Prevention and Detection: The Role Of The al survey conducted by the Governance for the prevention and reduction of eco- Audit Committee and Internal Auditors Committee assesses the benefits that nomic crime in business, the role of the • The Role of Corporate Governance In businesses and the wider investing pub- audit committee and internal auditors, the Dealing With “Conflict Of Interest” Issues lic derive from legislative developments role of corporate governance institutions, Within the Boardrooms and regulations.

ELIAS SPIRTOUNIAS SIMOS ANASTASOPOULOS SOCRATES LAZARIDIS

Tax Seminars for U.S. Citizens Chamber Calendar in Greece March 23-27 New York, Business Delegation The Chamber hosted two seminars to U.S. for the Construction Development for U.S. citizens in Greece designed April 3 Thessaloniki, Noesis Thessaloniki to inform them of their tax filing Science Center & Technology Museum, obligations to the United States Innovation Conference in cooperation with government. The two events, held the Alexander Innovation Zone March 9 and March 10 at The Co- tsen Hall of the American School April 20 Athens, Athenaeum InterContinental of Classical Studies, attracted more Hotel, Athens Tax Forum than 800 registrants. Stephen Flott, May 5-6 Athens, Athens Ledra Hotel, Principal at Flott and Co. in Wash- DEfense WOrld-Exposec Conference STEPHEN FLOTT ington DC, was the presenter at the seminar. As the United States is the only country in the world to tax citizens on the basis May 11 Athens, National Theatre, Athens of citizenship it was especially important for the many U.S. citizen who reside in Greece, Culture Symposium including thousands of Greek Americans, to be informed of their tax filing obligations. June10-11 New York, 4th U.S. investment A video of the presentation by Mr. Flott, as well as his PPT slides, are available to view on Forum the Chamber website.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 7 REGIONAL MARKETPLACE

2015 could see a robust increase in real estate

BY PANAGIOTIS DRAKOPOULOS activity, mainly due to SENIOR PARTNER, DRAKOPOULOS LAW FIRM foreign investment traction, market stability and sustainable growth. THE REAL ESTATE MARKET—

driven by exogenous factors (political con- Could it be Greece’s ditions, financial reforms), commercial real estate calls for a demand-supply balance, a competitive wage scale, a redefined institu- Next “Big Bet”? tional framework and a growing economy. Assuming that the Greek economy is currently on the mend—although the outcome of political developments remains to be hile the Greek housing same time, Greece’s currently decreasing seen—the definite chief aim lies in toning market and home lend- gas and energy prices, coupled with the up real estate yield investments and imple- ing levels continue into self-generating liquidity of the logistics real menting such investment attraction and 2015 eking out a timid estate market, seem to boost the market’s protection mechanisms that will secure growth, investors and growth dynamics, improving future invest- cash-flow positive investments in quali- traditionalW businesses seem to be now setting ment performance and reducing investor ty commercial real estate properties with their sights on a set of other real estate in- large international retailers and local mar- vestment classes, such as logistics and com- ket players as prime tenants. mercial real estate, exploring investments GREECE IS CHALLENGED The good news: the new Greek government and yield potential within the traditional in- WITH GIVING A WAKE- has already announced plans for introducing dustrial sector, while factoring in the current a new property tax legislation, favoring the financial and political conditions. UP CALL TO ITS— real estate sector and possibly encouraging Logistics real estate is emerging as a prom- CURRENTLY DORMANT— move-up borrowers and large-scale invest- ising niche player in the industrial real COMMERCIAL REAL ment projects, betting on an even recovery estate market, currently representing a ESTATE MARKET. . . of the real estate market in 2015. On a B-side, significant percentage of Greek industrial the ongoing negotiations between Greece properties and building structures, com- and its international creditors and the ab- prising prime large warehouses and distri- sence of a mutually acceptable debt deal are bution centers. The investment market for uncertainty and exposure to an allegedly among those external factors that could still logistics real estate calls for multimodal na- weak and fickle investment climate. reverse the trend. It remains to be seen tional infrastructure, favorable geographi- On the flip side, Greece is challenged with whether the entire Greek real estate project cal location around key hub ports, clear-cut giving a wake-up call to its—currently could prove itself as a win-win game or will supply chain, self-generating demand and dormant—commercial real estate market, remain a national financial hurdle. satisfactory energy efficiency assessment. by fostering investor interest towards prime It may well be that securing most of these office buildings, retail properties and tourist requirements appears at the moment to col- properties-hotel units. Throughout the pe- P.Drakopoulos is the founder and senior partner lide with the country’s financial and politi- riod of financial and market turmoil com- of Drakopoulos Law Firm, a regional firm offering legal services in 11 countries across SEE. He has cal status quo; however, Greece, has man- mercial real estate activity has curtailed, as over 20 years of experience in advising corpora- aged to remain a focal point for foreign real a result of business financial distress and in- tions, management, institutions and entrepreneurs estate investors, by linking its geographical vestors stepping away from the Greek mar- on both domestic and cross border transactions. He specializes in various areas of corporate activi- embeddedness with its role as a strategic ket, creating high vacancy rates and record- ty, including M&As, partnership structures, venture transport node, an energy hub and a true ing downward pricing trends amidst a large capital and joint ventures assisting private and gateway to Europe, Asia and Africa. At the decline in demand. Being a market mainly institutional investors to invest in the SEE region

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When people think about business and Corporate Social Responsibility (CSR), they tend to think about company initiatives that focus on issues such as alternative energy, environmental sustainability, and social welfare.

LIFECHANGER – METLIFE’S CSR INITIATIVE– Financial Education in Schools

ompanies usually express their programs approved by the government, in financially responsible and independent in sense of responsibility towards over 35 countries in the EMEA Region, as the future. The following is only one of the the community through en- the first initiative of implementing MetLife many quotes expressing how volunteers feel vironmental-related activities Foundation’s commitment to bring finan- about this initiative: “It is our responsibility (waste & pollution reduction and cial inclusion to underserved populations. to ensure a solid and sustainable economic climateC change), NGO funding, donations The idea for MetLife LifeChanger is the fol- environment, and one of the most impor- that support groups in poverty and the like. lowing: schoolchildren at selected areas all tant steps in this direction is the econom- However, apart from these initiatives, soci- over the country will participate in class- ic literacy of young people. By supporting ety today also needs strong economic foun- room educational programs led by MetLife schoolchildren who have limited access to dations; and the most appropriate way to volunteers (employees and agents), tailored financial education we empower them to form them is by inspiring and supporting to age groups (aged 9 to 22). The programs cope with professional demands, and we young people to take their future into their include the introduction of basic financial instill them with the opportunity to pur- own hands. terms and business fundamentals, through sue a successful career in a global econom- A CSR initiative towards this direction is games, exercises and competitions, and en- ic environment, an opportunity to benefit MetLife LifeChanger, which aims at promot- courage students to use critical thinking. themselves and their families, as well as the ing financial understanding and empower- MetLife LifeChanger’s aim is to provide fu- wider community in which they live.” ment among schoolchildren, through edu- ture generations with the skills and knowl- “Looking ahead, one can only hope and cation-based programming and long-term edge they need to be financially independ- wish that such notable initiatives, which involvement. ent. have a multiplying effect, are implemented MetLife has recently launched this initia- During the 2014-2015 school year, more by other companies across the country.” tive in partnership with Junior Achieve- than 60 MetLife volunteers will reach ap- MetLife is committed to continue helping ment Worldwide (JA), a global education- proximately 1,100 students and work with people, families, and communities around al organization that provides educational them to give them the necessary tools to be the world to get the most out of life.

10 | BUSINESS PARTNERS | MARCH-APRIL 2015

NAMES & FACES

...in the news NEW GM AT AMWAY Amway announced Ioana Enache has been appointed General Manager for Greece. ▼ TRANSCOM VISIT She is also responsible for Amway busi- The Commander of U.S. Transportation Com- ness operations in Romania and Bulgaria. mand, four-star General Paul L. Selva (photo) visited Prior to joining Amway, Ms. Enache gained Greece in February to meet Defense Minister Panos considerable experience in sales, market- Kammenos and Minister of Foreign Affairs Nikos IOANA ENACHE ing, communication, strategy and change Kotzias. General Selva also visited officials at Naval management, over the last 22 years, in key Support Activity Souda Bay, Crete. General Selva positions at major companies such as GlaxoSmithKline, A&D said during his visit, “Greece is a steadfast, strategic Pharma and Petrom. NATO ally, and I am pleased to be in the Hellenic Republic this week to Ms. Enache replaces George Apostolopoulos, who has been meet new counterparts and reinforce our strong partnership.” promoted to Sales Area Manager of Western Europe, respon- The U.S. Transportation Command, or TRANSCOM, is the single sible for the markets of Spain/Portugal, UK/Ireland, Nether- manager for all global air, land and sea transportation for the Depart- lands, Belgium, Switzerland, France, Scandinavia and Austria. ment of Defense.

▼ THE COST OF CORRUPTION GREEK SCIENTIST ON FORBES LIST Corruption costs Greece 14 billion Euros annually and increases the Greek scientist Eleni Antoniadou ranked cost of doing business by 12 percent, according to data presented in third on the Forbes List of leading young Thessaloniki by Transparency International-Greece (TIG) and the people under 30. 27-year old Eleni was third University of Macedonia (UM). in the field of healthcare; she is co-founder UM professor Harry Papapanagos said corruption on a European level of the Transplants Without Donors medical is calculated at 120 billion Euros annually, close to the total of Roma- company. “Eleni is chasing one of the holy nia’s economy. The World Economic Forum assesses corruption as ELENI ANTONIADOU grails of biotechnology—creating organs totalling 2.6 trillion U.S. dollars annually on a global basis, leading to a in the laboratory that could be transplanted 10 percent rise in cost for businesses. into sick patients. Her company, Transplants Without Donors, is searching for angel investors to take it to the next level,” ▼ HIGH-LEVEL VISIT says Forbes. Eleni, a recipient of a Fulbright Scholarship, U.S. Deputy Assistant Secretary of State Amanda does extensive research in nanosciences and regenerative Sloat (photo) visited Greece in February to meet with medicine. officials at the Ministry of Foreign Affairs, Ministry of Defense, and other government agencies. She also met with representatives from the private sector, civil NEW MANAGEMENT AT HRADF society, and non-governmental organizations. In ad- Asterios Pitsiorlas, active in the tourism sector, was ap- dition to visiting Athens, she toured and met with of- pointed Chairman of the Hellenic Republic Asset Develop- ficials at Naval Support Activity Souda Bay. Deputy Assistant Secretary ment Fund and Antonis Leoussis, former chief executive Sloat reaffirmed that the United States remains committed to helping at Alpha Bank’s real estate arm, will be CEO. They replace Greece emerge from its economic crisis, and wants to see Greece con- Emmanuel Kondylis and Paschalis Bouchoris, appointed in tinue to play a stabilizing role in the region. She stressed that attracting July by the previous government. foreign direct investment and expanding bilateral trade will be critical to Greece’s recovery, which depends on a healthy investment climate.

OWNING DEBT CAREFUL WHERE YOU SPEAKER’S If I owe you a pound, I have a problem; but if I GOETH owe you a million, the problem is yours. Who goeth a borrowing goeth a CORNER —John Maynard Keynes sorrowing. —Thomas Tusser

12 | BUSINESS PARTNERS | MARCH-APRIL 2015 ▼ MOST IMPORTANT REFORM A new website, http://www.mostimportantreform.info, is dedicated to providing information on Greece’s debt and how the adoption of IPSAS (International STEPHEN FLOTT Public Sector Accounting Standards) PRINCIPAL, FLOTT & CO. PC, TAX ATTORNEYS could vastly improve how Greek debt is perceived and measured as well as how implementing the global accounting standards would transform public sector accounting, significantly U.S. Citizens increasing transparency, add jobs in Greece, and transform the decision making process on public finances. The resources at http://www. & U.S. Taxation mostimportantreform.info are detailed, in depth, and include technical analysis. Good for followers of policy, finance, and civic engagement.

What must U.S. citizens in Greece know about U.S. ▼ SEPE: NEW LABOR INSPECTION SERVICES tax filing? Greece’s Labor Inspectorate (SEPE) held two workshops in February According to U.S. law, all U.S. citizens in Greece, with 2015 to inform government agencies, citizens and market representatives very few exceptions, are required to file a U.S. tax return of its new labor inspection services. The new information and commu- every year, even if they owe no U.S. tax. In addition, U.S. nication systems SEPE has introduced promise to protect employees, citizens also have to report all financial accounts located promote safety and health at work, control undeclared work, and provide in Greece and anywhere else outside the United States if information to workers and employers on resolving labor disputes. Ob- they are listed on the account. jectives also include more effective and targeted audits in today’s digital environment, as well as improved online services to citizens. How is double taxation avoided? The U.S. allows taxes paid in Greece, called foreign tax ▼ ATHENS LAW SCHOOL DISTINCTION credits, to be applied to any tax due in the U.S. on the Athens Law School undergraduate students Stella Mavrommati, same income. In most cases these tax credits are more Dimitra Serafimidi and Myrto Stavridi won first place at the ELSA than sufficient to offset U.S. tax. There is also the ability Human Rights Moot Court Competition held at the European Court to exclude up to (in 2014) $99,200 in earned income from of Human Rights in Strasbourg, France, on February 22-25, 2015. The any tax in the U.S. group also received the first prize for best applicant written submission and Myrto Stavridis was honored with the award for best oralist of the Are penalties severe? competition. The lawyers and staff of Bahas, Gramatidis & Partners The penalties for not filing, particularly the FBAR, can be take pride in contributing to this great effort. severe. Yet, even if a U.S. citizen has not filed tax returns or FBARs, virtually all U.S. citizens can avoid these pen- ▼ NEW SECRETARY GENERAL OF COMMERCE alties by coming forward now and taking advantage of a Eradicating tax evasion in commerce will be a priority of the new Sec- program adopted in June 2014, called the Streamlined retary General for Commerce and Consumers Antonis Papaderakis, Foreign Offshore Procedures (SFOP, for short). SFOP who replaced Stephanos Komninos. allows those whose non-compliance has been unin- Other priorities will include strenghtening the role of the Secretariat so tentional and non-willful to file overdue tax returns and that it “intervenes publicly to reform and clean up the area of business- FBAR’s without any incurring penalty. es and the market to benefit the national economy and citizens,” and fully implementing a central system for state procurements, already in operation, to guarantee transparency and high-quality service.

NOT SO SWEET THE MORAL RESPONSIBILITY IT’S IN THE DOING Debt can turn a free, happy ANGLE It is neither wealth nor splendor; but person into a bitter human One of the greatest disservices you can do a man tranquility and occupation which give being. is to lend him money that he can’t pay back. you happiness. —Michael Michalik —Jesse Jones —Thomas Jefferson

MARCH-APRIL 2015 | BUSINESS PARTNERS | 13 ENTREPRENEURIAL SPIRIT

THE AMWAY BUSINESS MODEL Ioana Enache, General Manager Amway Romania, Bulgaria and Greece, Proven Globally, discusses entrepreneurship Successful Locally as opportunity.

As Greece moves forward during this cru- business model has proven itself around cial time, how important is it for people of the world for more than 50 years. all ages to embrace entrepreneurship? Young people, especially, face the threats of How much of a business opportunity does an uncertain working future within increas- the Amway model represent for those peo- ingly fragmented working environments. For ple who are ambitious and confident of Amway, one solution lies in promoting en- building their own futures? trepreneurship and teaching entrepreneurial Amway Business Owners get the best of skills. This needs investment in teaching the both worlds: Support from one of the largest skills it takes to be innovators and entrepre- and most successful direct selling companies neurs, because these are the people who will in the world and the freedom and flexibility create the companies and jobs of the future. of owning their own business. Amway em- According to Amway Global Entrprenuersip powers ABOs to achieve success on their Report (AGER), every second Greek can im- terms, giving them the opportunity for more agine starting his own business. Those under income while they set their own schedules. 35 have the most positive attitude (77%) to- Anyone can start a business with Amway, wards entrepreneurship. Apart from positive Amway represents an option for people but it’s not for everyone. It takes hard work attitude, entrepreneurial potential is slightly who would like to expand their business and dedication to succeed. Amway offers all higher in Greece than the international av- horizons. What are the attractive features ABOs, regardless of their level or tenure, free erage (42%), and notably higher than in the of becoming an Amway Business Owner? corporate support, training programs and countries of the European Union (38%). Amway enables everyone to be an entre- business tools that help them succeed. preneur, with flexible working hours and How do you assess the increasing trend minimum risk. With Amway, anyone can What is the overall level of satisfaction toward self-directed careers? What have work for themselves, with little financial among Amway Business Owners in Greece we witnessed during 2014 for instance? investment and working the hours they and around the world? Self-employment’s positive reputation fur- choose, regardless of their educational Today, millions of people around the world ther increased. On average, three quarters background. Self-employed Amway dis- have their own Amway business. Regard- (75%) of the respondents in 38 countries say tributors sell high qualitiy, innovative less of their professional background, life they have a positive attitude toward self-em- products from beauty, nutrition, and home experience, or education level, it works for ployment. Our 2014 study shows that for product lines and acquire new customers them. At Amway, success does not depend Greek respondents “independence from an and new Amway distributors. The Amway on academic qualifications or past achieve- employer, being my own boss” (54%), and ments, but on a person’s initiative and ded- “self-fulfillment, possibility to realize own ication. Anyone can become their own boss ideas” (40%) are the most appealing aspects with Amway. The people who are successful to start a business. To prepare people who AMWAY ENABLES with Amway are those who enjoy interact- are willing to found their own business, ef- EVERYONE TO BE ing with the customer, who have a talent for forts need to be taken in entrepreneurship AN ENTREPRENEUR, selling and who invest the requisite time. education and funding. But it is also the WITH FLEXIBLE That applies for Amway just as it does for duty of governments and other institutions any other selling activity. Amway has been to consider potential entrepreneurs’ emo- WORKING HOURS AND operating in Greece since 1996. We have tions and constraints, and to support their MINIMUM RISK 20,000 Amway Business Owners and Mem- activation by eliminating fear of failure. bers (Privileged Customers).

14 | BUSINESS PARTNERS | MARCH-APRIL 2015 Μια πολυεθνική εταιρεία σας προσφέρει την ευκαιρία να έχετε δική σας επιχείρηση

Η Amway ιδρύθηκε στην Ada, στο Μίσιγκαν των Ηνωμένων Πολιτειών H Amway Hellas, θυγατρική της Amway Corporation, ιδρύθηκε στις το 1959 και αποτελεί μία από τις μεγαλύτερες εταιρείες απευ- αρχές του 1996. Τα γραφεία καθώς και το Experience Center θείας πωλήσεων στον κόσμο. Σήμερα, δραστηριοποιείται της εταιρείας βρίσκονται στο Μαρούσι ενώ οι αποθήκες σε περισσότερες από 100 χώρες και περιοχές σε όλο και το Κέντρο Παραγγελιών & Έκθεσης Προϊόντων είναι τον κόσμο από τον Καναδά στην Αυστραλία και απα- στον Άγιο Ιωάννη Ρέντη. σχολεί περισσότερους από 20.000 υπαλλήλους σε Η Amway Hellas προσφέρει μια αξιόπιστη και αποδο- όλο τον κόσμο, ενώ αριθμεί 3 εκατομμύρια και πλέον τική επιχειρηματική ευκαιρία σε όλους τους Έλληνες Ιδιοκτητών Επιχείρησης Amway (ΑΒΟ) παγκοσμίως. μέσα από ένα ευρύ δίκτυο συνεργατών, που υπερβαί- Η εταιρεία προσφέρει περισσότερα από 500 προϊό- νουν τους 20.000 στην Ελλάδα. ντα ομορφιάς και περιποίησης της επιδερμίδας, προϊ- όντα οικιακής και προσωπικής φροντίδας και προϊόντα ευεξίας και οικιακού εξοπλισμού που υποστηρίζονται από 100% Εγγύηση Ικανοποίησης. www.amway.gr

YOUR BUSINESS

BEAUTY HOME

NUTRITION BIZ BUZZ

Rags to Riches: Successful Greek GREEK AMERICAN ON FORBES’ American Entrepreneur Pens Book ’30 UNDER 30 LIST’ The first thing Greek American Sophia Amoruso sold online Greeks continue to do great things wasn’t fashion—it was a stolen book. She spent her teens throughout the world, and the world is hitchhiking, committing petty theft, and dumpster diving. watching. So is Forbes. This year, for its By age 22, she had resigned herself to employment, but was annual “30 Under 30” list, Forbes has still broke, directionless, and working a mediocre day job included Greek American Alexandra she’d taken for the health insurance. Cavoulacos in the media category. It was there that Sophia decided to start selling vintage The 28-year-old Ms. Cavoulacos had the clothes on eBay. Eight years later, she is the founder, CEO, and creative director of Nasty Gal, a $100 million-plus on- privilege of being included on the pres- line fashion retailer with more than 350 employees. Sophia’s tigious list, after co-founding a com- never been a typical CEO, or a typical anything, and she’s pany called “The Muse.” The company written her new book #GIRLBOSS for outsiders (and insid- helps thousands of people build their ers) seeking a unique path to success, even when that path is riveted with obstacles and careers and find the right job. lined with naysayers. This is not the first time that Ms. Cavou- #GIRLBOSS includes Sophia’s story, yet is infinitely bigger than Sophia. It’s deeply per- lacos, who studied at Yale University, sonal yet universal. It proves that being successful isn’t so much about your background has been at the center of attention. or your education credentials. Rather, success is about trusting your instincts, knowing Business Insider included her in its “30 which rules to follow and which to break. Most Important Women Under 30 in As Sophia writes, “I have three pieces of advice I want you to remember: Don’t ever grow Tech” last year, and TIME described her up. Don’t become a bore. Don’t let The Man get to you. OK? Cool. Then let’s do this.” as a “champion” in the field, noting that “The Muse is a must-follow for anyone interested in learning the secrets of job searches, productivity and other tricks Entrepreneur Bootcamp of the workplace trade.” The Athens Center for Entrepreneurship and Innovation (ACE) had a strong month in February and shows no signs of slowing down. During the second half of the month the center collaborated with NBG Business Seeds to facilitate a match-making event for developers and start-ups. Additionally, ACE held another one of its Entrepreneurship Boot- camps, complete with lectures, mentoring sessions and discussions on how to improve a business model.

Seaplane Flights in Greece More than 40 water airports across Greece are currently in the final stages of development, said president and CEO of Hellenic Seaplanes Nikos Charalam- bous. The nationwide water airports network will create jobs, will boost the tourism industry, and help in patients’ transportation. Regarding the new hydroplane routes and the prospect of foreign investments, Mr. Charalambous said, “Greece can become a Maldives in Europe. It is a destination tourists from across the world want to visit. Investments in tourism will not stop, whether we remain in the Eurozone or return to the drachma. What is required is to project the right image to the rest of the world. Efforts made to attract foreign investments should not stop every time we have political developments.” The next step after the development of the national network of water airports will be to connect Greece with neighboring countries such as Turkey, Bulgaria, Italy and Croatia.

16 | BUSINESS PARTNERS | MARCH-APRIL 2015 NEW ONLINE SERVICE CONNECTS PATIENTS WITH GREEK DOCTORS Greeks from all over the world are now a few clicks away from a Greek doctor. Iatreio Online is a web-based service where health professionals communi- cate with their patients online through Make Way for Hydroponics! video call. Patients seeking medical Hydroponics has come a long way since its rediscovery in the 18th century. This soil- information, a second opinion, or guid- less method of growing plants uses mineral nutrient solutions in water. Nowadays, it ance from their personal doctor, can is even used by the space industry so that astronauts can grow their own vegetables now contact Greek doctors remotely, at during missions. their convenience. Health profession- In Greece, hydroponics is practiced in only one green house, situated close to the city of als from a range of different medical Drama, Northern Greece, but this is expected to change. Deputy Prime Minister Yannis specialties have made themselves Dragasakis is in talks for the establishment of five more units. available online, since the launch of At 35 million Euros per unit, the ambitious investment scheme also requires a dry cli- the beta version on January 1, 2015. mate, which means Northern Greece is the most suitable region for expansion. The Manolis Couclelis, co-founder and company operating the current unit boasts 66,000 meters of planting lines and 329,000 initiator of the project, said, “We cre- tomato plants. Moreover, the facility uses eco-friendly production methods and not only ated a service to deal with common is it energy self-sufficient, but it also sells its surplus to the power company. challenges faced by the majority of the population regarding their interaction with health professionals. Doctors, psychologists and nutritionists have a wider reach for their services as pa- The Bizz Awards in Athens tients may contact them remotely from This year the World Confederation of Businesses (WORLD- home and abroad.” COB) will be awarding business excellence through three cer- Manolis Niadas, co-founder of the ser- emonies: BIZZ Europe (Athens), BIZZ Americas (Las Vegas), vice, added: “Online appointments shall and BIZZ Arabic (Muscat). The Athens event will be held on not replace the traditional, physical May 16 at the Athenaeum InterContinental. examination. The value of the service With the BIZZ Awards, the Texas-based WORLDCOB seeks to promote new business lies in remote medical consultations. opportunities, social responsibility, and business excellence among its members. Our aim is to create a new channel of WORLDCOB and its rigorous evaluation committee have been handing out the interaction between patients and doc- award in multiple categories for ten years, but each ceremony’s biggest draw is its tors that will save time and money for audience. The event is a valuable networking opportunity for the companies in atten- both parties.” dance, including guests from all over the world. This meeting allows them to share experiences and exchange ideas while enjoying a luxurious evening in one of the world’s most elegant and impressive settings.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 17 ALBA BUSINESS REVIEW

What exactly is a digital

BY NIKOLAOS A. MYLONOPOULOS enterprise? Welcome ASSOCIATE PROFESSOR OF INFORMATION SYSTEMS, ALBA GRADUATE BUSINESS SCHOOL to one of the latest AT THE AMERICAN COLLEGE OF GREECE buzzwords. Leading the Digital Transformation

roadly speaking, it involves rad- services, business is changing faster than the digital economy. Building and sustain- ical business innovation with any other time in living memory. This is the ing change-readiness across the organiza- the use of the latest generation second wave of the digital era. tion is an essential enabler. On the other of digital technologies. Howev- Now we have a better grasp of the digi- hand, leaders are tasked with revisiting er, this description doesn’t justi- tal enterprise: it is the company that has their company’s business model, customer fy Bthe urgency with which the vision of the evolved and adapted to the economic and experience and core operations in light of digital enterprise is presented. technological reality of the second wave of the technological opportunities available Some researchers1 argue that the world has the digital era. Leaders face the responsibil- now and in the near future. If a swarm of entered the second phase of the digital era. ity and the challenge to navigate their or- young start-ups out there are bent on dis- Just like earlier technological revolutions in ganizations through the uncharted waters rupting your industry, what weaknesses history, such as the steam engine or electric- of the digital transformation. and opportunities will they target? ity, the impact of technology comes in two CapGemini Consulting and MIT2 have Although such a top-down approach in waves. In the first wave, the new technology shown that so-called “Digital Masters” are necessary in order to overcome the silos is deployed to automate existing methods on average 26% more profitable than their and other fiefdoms common in established of work, without much change in the latter. industry peers. Researchers define digital organizations, it is equally important to In the second wave, the technology inspires mastery in two dimensions. First, “digital nurture an open, collaborative culture that entirely new ways of doing business, fueling capabilities” signify an understanding of will drive bottom-up innovation and risk even greater acceleration in productivity the technological opportunities and their taking. The younger generations of digital and value creation. use as drivers of business change. Second, natives and smart creatives3 are those who Since the mid-1990s, the world has wit- “leadership capabilities” signify the vision are building the future. They are repelled by nessed unprecedented innovation, not only to stay ahead of the curve by enabling and bureaucracy, power distance and entitle- in technological capability, but, more im- supporting organizational change. Digital ment; they thrive in autonomy, meritocracy portantly, in business models, consumer Masters score high on both dimensions. and dense networking. expectations and social behaviors. From the Interestingly, a focus on digital capabilities All the above is quite a challenge for any sharing economy, to instant word of mouth supports higher revenue per employee and leader. However, if it is true that we live in through social media, to consumer appetite fixed asset turnover. However, it is the lead- an era of fast-paced change, those who do for unique and personalized products and ership capabilities that convert this revenue not adapt face a real risk of extinction. potential into sustained profitability. Any competitive advantage from technology in-

“DIGITAL MASTERS” ARE vestment is short-lived unless accompanied 1 Erik Brynjolfssona and Andrew McAfee, The Sec- ON AVERAGE 26% MORE by deep transformation in strategies, prod- ond Machine Age, W.W.Norton & Co, 2014. ucts or processes. 2 George Westerman, Didier Bonnet and Andrew PROFITABLE THAN The task for senior executives involves, on McAfee, Leading Digital, Harvard Business School Press, 2014. THEIR INDUSTRY PEERS one hand, articulating a compelling vision 3 Eric Schmidt and Jonathan Rosenberg, How for harnessing technology and the laws of Google Works, Grand Central Publishing, 2014.

18 | BUSINESS PARTNERS | MARCH-APRIL 2015 directory_adv.qxd:�� 1 1/12/14 11:34 �� 1

Accommodations Conveniently located near the city center and the port of Piraeus with 314 spacious rooms. Including 48 executive floor guest rooms with exclusive access to the Executive Lounge and 18 luxury suites.

Conference Facilities Multifunctional conference and reception halls of 1500sqm with advanced audiovisual facilities and high speed internet access to accommodate all needs. High quality catering services for corporate or social events.

Restaurants & Bars Ledra Kai, Polynesian restaurant featuring Japanese teppanyaki & sushi Zephyros Restaurant with modern Mediterranean twist Panorama, Rooftop Pool Bar with spectacular Acropolis view (seasonal) Crystal Restaurant & Bar, a place to unwind enjoying cocktails and hot beverages. All day dining Italian and Mediterraneann tastes, Business Lunch daily. Sunday Around Italy special menu options.

115, Syngrou Avenue Facilities 117 45 Athens, Greece 24hour Business Center & Health Club Tel: 210 930 0000 – Fax: 210 935 8603 Email: [email protected] Acropolis view Roof Top Swimming Pool (seasonal) Website: www.athensledrahotel.com IPSAS + GREECE

One of the most important insights gained at the

BY STAVROS KOSTAS Chamber’s Greek Economy PRESIDENT, CHAMBER TAXATION COMMITTEE Conference in December relates to the key role that IPSAS can play in Greece’s IPSAS— public finances. And the Real Economic Burden of Greek Sovereign Debt

ith clarity and persua- boriki, 19/02/2015) has made it clear that time of capital payments. siveness, Paul Kazarian, the implementation of IPSAS (applying a Such provisions are crucial elements factored founder and CEO of Ja- 5% discount factor), will lead to a favorable in by money markets, banks, and investment ponica Partners, argued and more fair assessment of our public debt, funds, when they assess the solvency, credit- that by implementing due to the favorable conditions outlined in worthiness, and risk profile of a country, in InternationalW Public Sector Accounting the EFSF financial support and the bilateral making financial investment choices. Standards (IPSAS) Greece would improve loan agreements with EU Partners. Even the Troika relies, for instance, on the the country’s public finances vis a vis effi- In other words, ‘’technically’’ speaking this evaluations of international rating agencies. ciency, transparency, competitiveness, in- approach will appraise a reasonable meas- Other voices, including that of Professor Ja- vestment reliability, and sustainable growth. urement of the debt, in the form it would cob Soll, of the University of Southern Cal- In addition, IPSAS would favorably impact apply under conditions of the free market, ifornia, in a New York Times OpEd article Greece’s sovereign debt assessment. between knowledgeable and not relayed (21-1-2015) stated that ‘’Greek Debt is not Indeed, Standard 29 of IPSAS, which pre- counter parties (arm’s length criteria). what it seems,’’ in the way it is assessed, un- scribes recognition and measurement prin- It implies a more fair and more rational as- der the Maastricht definition of public debt. ciples for financial instruments, (primarily sessment than the one stipulated by the legal At the end of the day, as Mr. Kazarian drawn from IAS 39), shows the true finan- terms of the Maastricht Key Performance pointed out, the option of adopting IPSAS cial value of Greece’s debt to be very differ- Metric, which confusingly measures Greece’s principles can be a huge hidden competi- ent than that commonly cited. sovereign debt higher than 175% of GNP. tive advantage for Greece. In addition to Mr. Kazarian, in the course of The benefit emerges as the debt assessment More important, it would be a strong ne- the negotiations with the Euro Group Mem- is measured in terms of Net Present Val- gotiation ‘’trump’’ card, via-a-vis Greece’s bers, the Greek Minister of Finance, Mr. Y. ue (NPV), which IPSAS follow, a process EU Partners and the markets, in the criti- Varoufakis, invoking a similar opinion of that, in addition to considering the time cal area of evaluating the sustainability of Mr. Claus Regling (CEO of EFSF & MD of value of money, for such a long-term loan Greek sovereign debt. ESM) according to press reports (Naftem- agreement with EU Partners, enhances the In light of these arguments, merits, and ad- ability to assess the economic importance vantages, there is no reason for the Greek EVEN THE TROIKA of specific, contractual modifications, sub- authorities not to reclaim this significant RELIES, FOR INSTANCE, sequent to the original agreements, of the benefit and upgrade the classification of ON THE EVALUATIONS OF loan with our European Partners. Greece to the top, among the 12 countries of These favorable provisions of the loan Eurozone, with the highest sovereign debt INTERNATIONAL RATING agreements refer to prolonged borrowing ratings, at the same time sending a strong AGENCIES terms, reduced interest rates, capital and message to the markets, potential investors interest grants, and grace periods over the and, of course, to European leaders.

20 | BUSINESS PARTNERS | MARCH-APRIL 2015

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—New Jersey ★

he Garden State may seem like a small place, but visitors soon discover there’s more to see and do in New Jersey than one could ever imagine! From THE GARDEN STATE 130 miles of white, sand beaches to 1.1 million acres of outdoor adventure in LAND AREA 7,504.8 square miles the Pinelands, the country’s first National Reserve; from more than 100 Rev- olutionary War battles fought on New Jersey soil to the ‘Invention Factories’ POPULATION 8.6 million (2008) of Thomas Edison; from the wealth of museums tracing history, arts, culture and ethnic T STATE CAPITAL Trenton heritage to exciting venues that attract world-class entertainment in Atlantic City, Newark, Princeton, Camden and Trenton; from the more than 150 public and private golf courses to LARGEST CITY Newark more than 4,000 freshwater lakes, ponds, rivers and streams, New Jersey is indeed what LOCAL TIME EST – 7 hrs behind Greece National Geographic coined ’America in Miniature’. CLIMATE Minimum temperatures range from 22°F (6°C) in January to 67°F (19°C) in July while maximum temperatures range from 41°F (5°C) in January to 86°F (30°C) in July. NATIONAL PARKS Appalachian National Scenic Trail, Edison National Historic Site, Ellis Island National Monument, Morris- town National Historic Park, New Jersey Coastal Heritage Trail, Statue of Liberty National Monument, Gateway National Recreation Area.

 For more information: State of New Jersey, Department of State, Divi- sion of Travel and Tourism P.O. Box 460 Trenton, NJ 08625 www.visitnj.org

22 | BUSINESS PARTNERS | MARCH-APRIL 2015 EXPRESS YOUR SELF

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American - Hellenic Chamber of Commerce

Head Oﬃce Branch Oﬃce Politia Business Center, 109-111 Messoghion Avenue, 47 Vasileos Irakleiou Street, 115 26 Athens 546 23 Thessaloniki Tel: 210 699.3559 | Fax: 210 698.5686, 210 698.5687 Tel: 2310 286.453, 239.337 | Fax: 2310 225.162 E-Mail: [email protected] | www.amcham.gr E-mail: [email protected] THE INTERVIEW ENGINEERING KNOW-HOW AS A KEY DRIVER OF ECONOMIC GROWTH

IPHIGENIA-GEORGIA MAMOUNI IPHIGENIA-GEORGIA DEPUTY CEO, GAIA S.A. MAMOUNI, DEPUTY Real estate and infrastructure have been a leading growth sector in the Greek CEO, AND APOSTOLOS economy. How is today’s real estate environment defined and characterized? The economic crisis strongly affected the Greek real estate environment. Before the TZIOUVARAS, CHIEF crisis, there was an illusion in Greece that real estate was a market where everybody wins and nobody loses. Prices both in commercial and residential properties ARCHITECT AT GAIA were extremely high and people were getting loans very easily. In the last few years, S.A. DISCUSS THE VAST the Greek real estate market witnessed pressures on commercial values, prices and rents. The main characteristics of the real estate market are weak demand and ex- POTENTIAL GREECE cess supply due to high unemployment rates, a contraction in household income, HAS TO UPGRADE increased taxation, liquidity shortage, and reductions in bank loans. As the sector evolves, and Greece’s knowledge capital increases, how can ITS ECONOMIC “engineering know-how” contribute to Greece’s economic growth? GROWTH PROSPECTS Engineering activities shape the world through their products and process design and through the management of technical systems and innovations. Be- BY UPGRADING cause of this, engineering is able to make a significant contribution to achieving sustainable development. ITS ENGINEERING Engineers play a key role in the economic development in Greece, in the sectors of power and energy, water supply, transportation, the environment, housing, CAPABILITIES. railways, roads, highways and bridges, irrigation, telecommunications, airports and harbors, information technology, and a host of other areas. They develop technologies that enable progress and economic prosperity by improving labor productivity, finding new energy resources, designing transportation systems, and enabling the mass import and export of goods over land and sea. In order to boost the economy, engineering must be modernized to contribute to the building of a more sustainable, stable, and equitable environment.

24 | BUSINESS PARTNERS | MARCH-APRIL 2015 What, specifically, are some examples of how this might be realized? Engineers play a critical role in planning, developing, building and maintaining public infrastructure stock. Another important field closely related to economic development and creation of growth opportunities is the National Regional & Town Planning and the National Cadastre. Engineers play a critical role in defining the land uses in Greece through urban or regional plans and in the finali- zation of the National Cadastral Project. Engineers can also provide advice on good agricultural practices and modern sustainable manufacturing practices. Finally, they have the advantage of being able to provide practical experience and solutions in different fields. As a result, they should be involved in higher state management and the public policy making.

Gaia S.A. is advancing a new model for development. How does your company approach the challenges of today—and tomorrow—in today’s fluid environment? The contribution of our company to the progress and prosperity of society is our fundamental value, and determines our long-term and sustainable business activity and success. lic landmark buildings, through which municipalities Despite all economic difficulties, our company maintains its high quality, based aim to provide examples on how to upgrade them to on our Quality Management System (ISO 9001:2008). Our goal and competi- become environmental friendly. tive advantage is to provide quality services within a short time and ensure high In the field of Cadastre, Topo Surveys, Mapping and customer satisfaction while adhering to the principles of sustainable develop- G.I.S. we conduct projects that are of great importance ment and innovative design. and are tools for national strategic planning. Two key We approach today’s challenges by offering integrated engineering consulting examples are the National Cadastre projects, and the services and by meeting our clients’ requirements in all phases of the develop- collection, update and digitalization of the cadastral ment of a building or technical project. data for the Trans Adriatic Pipeline (TAP). Our company has acquired, through its many years of activity in the field of public and private projects, deep expertise in the entire range of our services. Through What opportunities do you see for Greece to lever- the continuous contact with the Public Administration our company has gained age its competitive advantages in your sector so em- extensive experience in legal and administrative procedures related to the loca- ployment increases, development advances, and the tion, approval and licensing processes of an investment or technical project. economy becomes more vibrant and sustainable? Our greatest asset and our driving force is our skilled and highly trained human In energy and green technology, the government has an- capital and a well organized legal department, specialized in property and real nounced the opening of a special university department, estate issues. responsible for research on oil resources. This is indica- tive of the prospects arising in the sector of energy conservation and the environment. Prospects also exist due APOSTOLOS TZIOUVARAS to Greece’s natural resources, to its geopolitical location, CHIEF ARCHITECT, GAIA S.A. and to its renewable energy resources. In the sector of agriculture, efforts can be made to combine technology What are some of Gaia S.A.’s projects that best demonstrate this approach? with the production and standardization of products to Most of our projects are tools for strategic planning and of general public in- promote them better in foreign markets. Ecological and terest. Regional Planning and Town Planning Projects have social, economic, organic farming and stock-raising, and “special” high-val- and ecological implications and aim to integrate human activities successfully ue crops are some examples of innovative practices. Also, in its environment by defining land uses, building regulations, and determining achieving production at lower costs could open prospects communal and public spaces to achieve sustainable development. for increased consumption and exports. Another prom- In the field of infrastructure, our collaboration with Egnatia Odos S.A. has giv- ising sector is product processing and manufacturing. In en us great experience in designing and supervising the construction of roads, manufacturing technologies and new building materials bridges, tunnels, and parts of the Egnatia Motorway. can create favorable prospects and reduce costs. In the field of energy and building we provide integrated solutions and can sup- These are some of many growth opportunities for our port investors, from identifying suitable land for the desired investment up to country and in which engineering is of vital impor- designing and implementing the idea, getting authorization and final operation tance in terms of innovation, sustainability, production of the project. We also conduct projects for the energy upgrade of existing pub- methods, and management.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 25 THOUGHT LEADERS

REAL ESTATE READY TO GROW?

IS IT TIME FOR REAL ESTATE TO RETURN TO GREECE’S KEY ECONOMIC GROWTH PATH? BUSINESS PARTNERS ASKS THOUGHT LEADERS IN REAL ESTATE TO IDENTIFY THE TRENDS AND OPPORTUNITIES IN TODAY’S PIVOTAL ENVIRONMENT. —Raymond Matera

26 | BUSINESS PARTNERS | MARCH-APRIL 2015 MARCH-APRIL 2015 | BUSINESS PARTNERS | 27 THOUGHT LEADERS

Real Estate: The Role of REITs

e need to clarify that the Greek certainty, 2014 has proven that the dynamics real estate market is fragment- are there and a push spring effect could be re- ed, especially when it comes to corded as soon as the economic situation starts commercial properties. There showing positive signs with a more medium- to are sub markets with very dif- long-lasting effect. ferentW characteristics and reactions to economic We should clarify the following though: the com- ARIS KARYTINOS developments. In other words, there are prop- mercial real estate transactions that have taken PHD, CEO – NBG PANGAEA REIC erties with very good real estate fundamentals place since 2013 were not at “distressed” prices. (good quality, trustworthy tenants) which attract Properties are sold at current market values that investor interest and are the object of real estate are lower than those of the “good days.” but, un- transactions. Prices for those types of assets had der no circumstances, are we dealing with a po- stabilized in the first semester of 2014 and they tential “sell out.” In addition, a lot of the existing were actually showing an upward trend as the investment properties were financed by the local year was progressing, mainly depicted through banks which could potentially offer “packages” of the slight yield compression. On the other hand, assets for sale, but any interested party should be real estate assets of low investment interest (va- prepared to acquire some B class assets together cant, of bad quality, small size) have “suffered” with the A class ones. significantly and only when the economy starts The existence of two REITs of material size in showing material signs of recovery will we see a Greece, NBG PANGAEA REIC and Grivalia stabilization or even increase in their value. Properties REIC, both having a sizeable investment program for the next 2-3 years, is encouraging for the future of Greek real estate. What’s more, the REIT legal framework has improved dramatically and is fully aligned with international market practice and, as a result, we should It must be noted that the biggest expect new REITs to be established either by local real estate transactions of recent banks or other institutional investors. It must be noted that the biggest real estate trans- years were done by foreign investors actions of recent years were done by foreign investors in these two REITs. Foreign investors in these two REITs realize that the Greek economy and the commercial real estate market are at the lowest point of the circle and eventually the “only way is up.” This valid expectation in conjunction with inter- Indeed, towards the end of 2013 and the first national liquidity currently experienced should nine months of 2014 we saw an increase in com- enable the local real estate market to recover suc- mercial real estate investment which was three cessfully if properly supported by the macro en- to four times higher than in 2007. Despite the vironment, financing by local banks and the legal standstill that resulted from the economic un- and tax framework.

28 | BUSINESS PARTNERS | MARCH-APRIL 2015 Commercial Real Estate in Greece– Trends and Opportunities

ince end 2010 the commercial real vice-versa, and following that, the market has in- estate market in Greece has been idle stantly reacted positively, both with a rise in the for a variety of reasons. A shrinking Athens Stock Exchange and government bonds economy has led to reduced demand, yields falling. In case this situation is sustainable high vacancy rates and rent reduc- and the country does not encounter any econom- tion.S This has been complemented by State meas- ic accident, we can talk about the turning point ures against landlord’s rights concerning state for commercial real estate values in Greece, for THEODORE N. CHARAGIONIS and private leases and higher real estate taxation. the following reasons: EXECUTIVE CHAIRMAN “ACROPOLE Nonexistent bank financing and the uncertain- • With German government bonds yields almost CHARAGIONIS,” CHAIRMAN INTERNATIONAL COUNCIL OF ty from the European economic crisis, which in at zero and London “West End” Property yields SHOPPING CENTERS HELLENIC Greece was multiplied, made investment in real at 3.75%, facing further downward pressure, NATIONAL COMMITTEE AND ASSOCIATION FOR REAL ESTATE estate totally unpopular. property yields in Greece will be considerably INVESTMENT AND DEVELOPMENT As is common in similar situations, distressed reduced compared to levels of previous years, funds have appeared in the market but very few pushing prices up, but also remaining attractive transactions have taken place, and at extreme- to international investors willing to diversify, ly low prices. Then the market encountered two undertaking Hellenic country risks. indirect investments in real estate, with INVEL • A new commercial law with a provision for sort investing in PANGAIA the National Bank of term leases will facilitate rental increases, as the Greece REIT and FAIRFAX in Grivalia (formerly economy is awakening, restoring thus commer- Eurobank Properties) REIT. cial property values, for the benefit also of the 2014, especially the first half, was a rather better national economy, relying now at a greater pro-

In case this situation is sustainable and the country does not encounter any economic accident, we can talk about the turning point for commercial real estate values in Greece

year from a commercial real estate investment portion on property taxes. viewpoint, with 1 billion Euros direct investments • Considering that 2015 is the sixth consecutive year for the whole year, which would have be higher if of minimal investment in real estate, it is strongly the second half of the year was not dominated by believed that there exists potential private inves- negative political sentiment. tors, ready to invest when they will feel safe to do Now, in the first quarter of 2015, we are facing so. The will to invest in real estate is accelerated by a commercial real estate status with restrained the fall of interest rates in term deposits. optimism concerning the coming years. The new • Finally, market conditions are favorable for the government is giving clear signs that it totally creation of new REITS, although stock prices of understands the role of Europe to Greece, and existing ones are still undervalued.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 29 THOUGHT LEADERS

REAL ESTATE IN GREECE The “Locomotive” Needs a Strong Push to Start Over Again

reece is in a difficult financial situ- incentives to investors/developers to create ation indeed. The country will have modern products with high added value for few chances going forward and needs the Greek economy. Developers need to know to focus on those. Real estate, for clearly where and what they can develop. The many decades the “locomotive” of the state can provide tax incentives or better build- GreekG economy, embraced by more than 160 pro- ing coefficient ratios for concepts that bring IOANNIS PANAGIOTIDIS fessions directly and/or indirectly, must, at last, be real and constant inflows to the economy from VICE CHAIRMAN – DEPUTY CEO, profoundly rejuvenated. It needs a strong push to foreign buyers who want to invest or live in PANHOL DEVELOPMENTS, A MEMBER re-start. Both the state, and developers/investors/ Greece. Developers might have an incentive OF PANHOL GROUP property owners, have to face this cruel reality. to create compounds designed primarily for They must advance further, hand in hand, to the foreigners. We can create projects for foreign future. The country has a vast potential to exploit students and baby boomers who adore Greece, more of its real estate assets, private and public, in non-EU citizens (Chinese), new practicing a collaborative, commonly fruitful structure. Each doctors or young scientists, in many locations The country side has to identify its main goals and implement near major cities or on islands. We can offer reforms in market mechanisms, legislation and financial incentives to be more attractive than has a vast business mentality to achieve them. our competitors. 1. The taxation system in relation to properties 3. First home program. Nobody is happy with the potential to and property transactions, is truly obsolete, current, low property prices. Not the owners, exploit more irrational and unfair. Let’s be honest on that. not the state. Everybody loses money, taxes and It needs to be modernized with much lower value. An effective measure would be for the of its real taxes, 20-year minimum laws with simplicity, state to provide incentives for young couples tax stability, and of course transparency by all to acquire their first home. With state guar- estate assets, stakeholders. None of our neighboring coun- antees to the banks, long-term, 40-year loans private and tries and those of the West apply such a high and a significant advanced payment from the level of property and transaction taxes. They youngsters. Romania successfully did this in public, in a have either flat taxes or taxes directly paid to the post-crisis period and the residential mar- municipalities, with the obvious benefits. None ket avoided long-term collapse. collaborative, taxes the stock product of developers, which is The real estate market has always been treated commonly their asset to dispose. A VAT tax of 5% for all by all governments as the cash cow of the econ- transactions could be a first step. Otherwise the omy. Now we expect from it to give us milk dai- fruitful train again will depart without us. Do we real- ly, annually. But the cow needs proper nutrition ly want to be passengers among others, or just to be healthy. With the proper initiatives and structure onlookers, once again? measures we can rejuvenate the cow, feed it well, 2. Zoning must be flexible and adopt successful and enjoy its productive capacity, for now and concepts enhanced with clear and long-term for a long time.

30 | BUSINESS PARTNERS | MARCH-APRIL 2015 Real Estate: Trends & Opportunities

pportunities exist even in the most turbulence in the retail sector, which practically difficult of times. Grivalia’s activities halved in market size, with various take-overs tak- during the last five years are a bright ing place, created opportunities for partnerships example of this. with the big players who endured the pressures. Our company has practically trans- We closed transactions of over 260 million Euros, formed,O gaining increasing interest from inter- many of them “big boxes” at prices well below re- national investors, directly competing with our placement cost, in addition to one with the Greek NATALIA STRAFTI European peers, currently being one of the few state, all with significant upside potential both in COO, GRIVALIA PROPERTIES REIC Greek companies having 70% north-American capital values and rents. Our portfolio doubled in institutional investors sitting in our shareholders size, currently having around 630,000 sqm leas- base, with long-term perspective. able surface. These investments which brought We targeted and succeeded in creating oppor- incremental annual rents of almost 30million tunities where uncertainty prevailed. The Greek Euros, not only fully made up for the income lost market experienced an unprecedented slump, from re-negotiations, but also led to 30% income rents and prices decreasing by as much as 50%, growth compared to the period before the crisis. yields increasing by as much as 400-500bps. Although 2014 proved to be a stable year with Our portfolio did not remain unaffected by this weak signs of growth, the macroeconomic en- and, on a like-for-like basis, followed the market vironment and political instability delay the trend. Tenants gained negotiating power against recovery process of the real estate market. But landlords, leading the state to pass a more balanced with a long-term perspective, the Greek market legal framework on commercial leases. We exploit- undoubtedly offers opportunities because: a) the ed the opportunity to create more flexible tenants indicators are at their lowest, b) there is a large relationships, where present rental comfort was stock sitting in balance sheets of non-real estate counter-balanced by long-term commitments and institutions and the state c) there is scope for future rental upsides. We thus succeeded in keep- improvements in legislation for less bureaucracy ing our occupancy levels above 95% throughout. and more transparency d) there is appetite and The adverse market conditions, the dramatic fall in space for more institutional investors to enter the demand for new space and the increasing vacancy market. Therefore it remains our primary target rate, had a direct effect on developers who froze all market, the prospects of which we believe are well new projects. These pressures created competition positioned to exploit, drawing from our past ex- in the available building stock both in terms of periences to face the challenges of the future. rents but also quality. This was an opportunity to shift towards investment on energy efficiency and on upgrading the existing portfolio, which made perfect sense in terms of timing but also because it led to cost efficiencies for our tenants. While devel- This was an opportunity to shift oping our sustainability strategy for the next three years on a corporate level, we have already initiated towards investment on energy efficiency improvements of over 10 million Euros (expected to be completed in 2015), while certifying accord- and on upgrading the existing portfolio, ing to LEED (Leadership in Energy and Environ- which made perfect sense in terms of mental Design) our more mature properties. Aside from contributing to our occupancy levels, our in- timing but also because it led to cost itiatives are expected to bring us additional income in the order of around 1million Euros annually. efficiencies for our tenants In parallel, we actively pursued investment opportunities in specific verticals of the economy. The

MARCH-APRIL 2015 | BUSINESS PARTNERS | 31 THOUGHT LEADERS

Real Estate Trends and Opportunities

INTRODUCTION • Strenuous licensing procedures The outbreak of the Greek fiscal crisis in 2008 • Lack of transparency due to the increasing public debt and sovereign • Scarcity of development land in Athens spreads in combination with critical domestic • Lack of investment opportunities outside Ath- macroeconomic changes (e.g. declining dispos- ens Metropolitan area, combined with able income, tax increases), led to a total property • the lack of critical mass

PANAGIOTIS MAVRAGANIS market freeze, and eventually to an estimated av- had historically affected the Greek property mar- MBA MRICS, MANAGER, ADVISORY erage decline of about 35% on nominal property ket’s attractiveness to foreign investors, thus pric- SERVICES DIVISION values until present, the exact figure varying ac- es were driven mostly by internal demand. AND DR. DIMITRIOS PAPASTAMOS HEAD OF RESEARCH, EUROBANK cording to respective types of property. At present, the financial recovery generated eq- PROPERTY SERVICES S. A. uity for investment and foreign investors have REAL ESTATE CRISIS – HISTORICAL increased their focus on emerging markets due FLASHBACK to saturation caused in mature markets, which in The steep decline in the Greek real estate market turn has resulted in low yields. is attributed to both global and domestic factors. On a global level the crisis caused by subprime RESIDENTIAL PRICE INDEX loans and the inability of borrowers to service The EPS residential price index appears to contin- their debt, resulted to stricter financing measures ue on a falling trend with moderate indications of (e.g. Basel III) which in turn increased difficulty stabilization. In the period 2007-2014, an average in raising debt. Global investors focused on es- annual price reduction of 7.4% is observed. Na- tablished, low risk markets. Although there was a tionwide, in the last 4 quarters the index fell by general investment trend towards alternative and 4.9% on a year-on-year (y-o-y) basis. The steepest higher yield real estate markets, this was not por- price reductions, however, took place in Western trayed, until recently, in the Greek market. Greece, Dodecanese and Sterea Ellada, whereas A series of inefficiencies such as: Eastern Macedonia and Thrace can be distin- • Inability to provide a stable, long-term tax regime guished for the smallest current rate of price slid- ing. Between Athens and Thessaloniki, the former shows a 5.1% y-o-y decline whereas in the latter, a lower rate of price reduction is observed of 2.1%. Out of the large cities, Patra and Ioannina show It is critical to offer incentives to an average price reduction of 10%. Within the investors as well as to generate a fiscal capital, the strongest annual price decline rates are recorded in the northern suburbs of Athens policy that will both allow abidance (12.5%). Southern and western Suburbs follow, with a price reduction of 3.7% and 1.1% respec- with the macroeconomic government tively, whereas Athens Historic Center showed an targets and create the cornerstones increase of 3.6% on a quarter-on-quarter basis (Figure 2). In addition, new properties in Athens for attracting long-term investments appear to have a positive trend, although this cannot be confirmed yet, as it is necessary to examine more quarters.

32 | BUSINESS PARTNERS | MARCH-APRIL 2015 Average house EPS Residential Price Index price (Euro)

280000.0

260000.0

240000.0

220000.0

200000.0

180000.0

160000.0

140000.0

120000.0

100000.0 20111 20111 20112 20112 20113 20114 20114 20071 20072 20073 20074 20081 20082 20083 20084 20091 20092 20093 20094 20101 20102 20103 20104 20121 20122 20123 20124 20131 20132 20133 20134 20141 20142 20143 20144

Athens Hist. Centre (S1) Central Athens Greece

FIGURE 1 FIGURE 2 EPS RESIDENTIAL INDEX – GREECE & ATHENS GREEK RESIDENTIAL PRICE GROWTH – GREECE & ATHENS

Average house EPS Residential Price Index Greek Residential Price Growth price (Euro) 6% 4% 280000.0 2% 0% 260000.0 -2% -4% 240000.0 -6% -8% 220000.0 -10% -12% 200000.0 -14% Greece Central Athens North. West. South. Pireas Suburbs 180000.0 Athens Hist. Sub's of Sub's of Sub's of of Pireas Centre Athens Athens Athens 160000.0 (S1)

140000.0 5 years (annualised) Year-on-year Quarter 120000.0

100000.0 20111 20111 20112 20112 20113 20114 20114

20071 20072 20073 20074 20081 20082 20083 20084 20091 20092 20093 20094 20101 20102 20103 20104 20121 20122 20123 20124 20131 20132 20133 20134 20141 20142 20143 20144

Athens Hist. Centre (S1) Central Athens Greece

FIGURE 3 Greek Residential Price Growth FIGURE 4

FORECAST6% OF EPS RESIDENTIAL PRICE INDEX - GREECE FORECAST OF EPS RESIDENTIAL PRICE INDEX - ATHENS 4% 2% 0% -2% -4% -6% -8% -10% -12% -14% Greece Central Athens North. West. South. Pireas Suburbs Athens Hist. Sub's of Sub's of Sub's of of Pireas Centre Athens Athens Athens (S1)

5 years (annualised) Year-on-year Quarter

EPS RESIDENTIAL FORECASTS CONCLUSION EPS forecasts show a gradual increase in prices for To sum up, a series of economic reforms and the the next 2 years. In particular, in Greece, a price attainment of the macroeconomic targets are es- growth of 0.5% is expected for 2015. The positive sential both on a global and a national level in or- trend is expected continue in 2016 and 2017 with der for this optimistic trend in residential prices to an increase of 2.5% and 3.2% respectively. be maintained. It is critical to offer incentives to The greatest part of this rise is attributed to Ath- investors as well as to generate a fiscal policy that ens and it should become more visible at the end will both allow abidance with the macroeconomic of 2016 to the rest of the country. This optimistic government targets and create the cornerstones for 1 outlook of the Greek Real Estate Market is based attracting long-term investments. In addition, in- GDP: Gross Domestic Product, CS: on the positive macroeconomic projections of frastructure, improvement of the quality of services Consumer Spending, HDI: House- hold Disposable Income, UR: Un- 1 GDP, CS, HDI, UR, RPI by Oxford Economics and products and the increase of transparency in employment Rate and RPI: Retail and Consensus Forecasts. procedures will further reinforce positive growth. Price Index.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 33 TAXATION

BY KATERINA SAVVAIDOU SECRETARY GENERAL FOR PUBLIC REVENUE, TACKLING MINISTRY OF FINANCE, HELLENIC REPUBLIC TAX EVASION AND AVOIDANCE A NEW VΑΤ STRATEGY FOCUSING ON TACKLING VΑΤ LOSSES

n order to reduce the VAT gap in Greece, FROM 2008, TAX VAT GAP HAS BEEN a new VAT strategy is necessary to be INCREASED IN MOST EUROPEAN adopted by the Greek tax administration, articulated in three pillars, focus- COUNTRIES, INCLUDING GREECE, AS ing on simplification of VAT legislation andI procedures, enhancement of VAT com- A RESULT OF THE FINANCIAL CRISIS. pliance, and fight VAT missing trader fraud and VAT avoidance. ACCORDING TO IMF (“FISCAL MONITOR: First of all, aiming at simplification, Secre- TAXING TIMES” 2013), GREECE HAS ONE tariat General of Public Revenue (SGPR) proceeded with the improvement of the OF THE LOWEST VAT POLICY GAP RATES, special scheme for small enterprises with a turn-over up to EUR 10.000, the adoption AMONG EUROPEAN COUNTRIES (1.7 of the Cash Accounting Scheme (CAS), COMPARED TO THE OTHER EUROPEAN where enterprises with a turn-over of up to EUR 500.000 pay VAT upon collection, the COUNTRIES RANGING FROM 0.4 TO 3.5). abolition of the annual recapitulative VAT return for all taxable persons and the adop- HOWEVER, GREECE’S COMPLIANCE VAT tion of a simplified VAT return effective from April 2015. RATE IS THE HIGHEST (1.5 COMPARED Important steps have been made until now. TO THE OTHER EUROPEAN COUNTRIES Nevertheless, the Greek tax administration needs to create a simpler legal framework RANGING FROM 0.0 TO 1.5). in compliance with EU legislation. For this

34 | BUSINESS PARTNERS | MARCH-APRIL 2015 the Directorate of Investigation which will The Greek tax administration needs use advanced analytical techniques and to create a simpler legal framework in modern information systems in order to identify such cases. In this context GSPR compliance with EU legislation has cooperated with the Belgian Tax Ad- ministration on a pilot project using advanced Social Network Analysis Software, which allows Greek tax administration to take immediate measures to stop the VAT reason, it is important to review the exist- as qualified suppliers of state bodies. Final- fraud at the time it actually occurs. ing legislation on certain areas, such as the ly, SGPR could consider increasing target- Furthermore, the new strategy should fo- taxable value, the transfer pricing rules for ed audits to sectors which present higher cus on combating VAT avoidance realized VAT purposes, and also all secondary leg- non-compliance results or they are consid- by companies engaging in abusive and islation in force in order to improve the ered susceptible to tax fraud, as well as the artificial tax avoidance schemes to delay functioning of the VAT system, especially standardization of audit procedures. VAT payments, and thus gain a cash flow for export business. Moreover, missing trader fraud is an EU advantage, or reduce or avoid tax liabili- Furthermore, compliance constitutes a rapidly growing problem, in which trad- ties. In order to compact VAT avoidance, it significant factor for revenue collection. ers register for VAT, complete intra-com- is necessary to close loopholes in the VAT Among other actions aiming at improving munity transactions, sell locally and dis- legislation, introduce VAT anti – avoidance compliance, GSPR has focused on preven- appear before paying the VAT. In order to measures, identify and challenge through tive and targeted tax audits to fight unde- tackle this problem a range of activities are assessments, artificial schemes before they clared income in specific industries (mainly necessary to be taken such as an increase can be widely marketed. These actions restaurant and catering services, entertain- of pre-registration visits to new traders, are necessary to be taken not only to pro- ment) and regions of the country, adopted tightening of pre-registration procedures tect pubic revenues but also to safeguard the quarterly e-filing of all transactions per VAT number, accepted the submission of VAT returns without simultaneous payment of the entire tax balance and optional payment of VAT balance in two install- Among other actions aiming at ments and the mandatory electronic submission of all VAT returns. improving compliance, GSPR has In general, in order to strengthen compli- focused on preventive and targeted tax ance it is important to increase support given to businesses when they are late with their audits to fight undeclared income in payments or facing difficulties meeting their tax liabilities. Apart from supporting actions specific industries to the above taxpayers, the Greek Govern- ment should consider adopting reforms to the VAT penalty system with a view to offer advice before incurring penalties. Furthermore, with regard to VAT compli- to detect fraud, identification and refusal of healthy competition by not placing busi- ance, the Greek Tax Administration could suspect registrations, cancel missing trader nesses that are paying their tax liabilities at consider adopting a tax certification to VAT registrations, focus on checking procedures a competitive disadvantage comparing to payers as per the example of the Authorized of traders in high risk sectors, securing in- those who do not. Economic Operator, currently applicable to junctions to meet the VAT debts of missing A new VAT strategy needs to be designed operators dealing with customs, consider- traders and in general, increase efforts to and implemented, in order to reduce the ing at the same time the expedition of VAT recover from detected fraudsters, improve- losses resulting from non compliance and refund to certificate taxable persons as in- ment of the penal procedures and of course failure of businesses to register for VAT, miss- centive, the facilitation in the payment of engagement of specialized staff to tackle ing trader fraud and abusive tax avoidance. VAT in certain cases and other non-tax re- this type of fraud. These actions could contribute to the effort lated benefits to be considered, such as the In order to combat VAT missing trader made to reduce the compliance VAT gap and characterization of the certified businesses fraud SGPR has set up a special unit within protect the VAT indirect tax revenues.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 35 BY VENETIA KOUSSIA THE HUMAN AGE PRESIDENT AND MANAGING DIRECTOR MANPOWERGROUP UNLEASHING HUMAN POTENTIAL IS A CATALYST FOR GROWTH

IN A TIME WHEN IT HAS BECOME CLEAR THAT TACKLING THE ISSUE OF EMPLOYMENT IS A PREREQUISITE FOR GROWTH AND PROSPERITY, COMPANIES NEED TO EVOLVE THEIR STRATEGIES AND STRUCTURES REALIZING THAT THE ONLY PATH TO SUCCESS IS THROUGH UNLEASHING HUMAN POTENTIAL.

ccording to the most recent having the right people in the right place thrive and thus for Greece to find her way CEO Challenge survey of The at the right time is what it takes to achieve to recovery. Investing in human talent by Conference Board, on a glob- growth. Simply put, access to talent across providing the right tools and guidance for al scale chief executives see all sectors and types of employment is the people to unleash their true potential has to success in meeting their most key for companies and organizations to become a priority, regardless of the type of urgentA business growth challenges as in- extricably linked to the strength of human capital, confirming what ManpowerGroup has been advocating in Davos since 2011— To thrive and grow, companies must that we have entered the Human Age. For a company to be competitive today and rethink their strategies on how they respond to the increasing challenges of the highly volatile and shifting market—access attract, train and develop their employees, to capital and technology is not enough; it in order to unlock the creativity, passion also needs to have access to talents who will forge solutions through their creative skills. and intellectual curiosity Especially in our country, with one of our most important assets being human capital,

36 | BUSINESS PARTNERS | MARCH-APRIL 2015 employment (permanent, temporary, train- and a sales executive to the managing di- invaluable intangible capital, allowing com- ees, interns, apprentices or interim). rector, the ability to align people’s wants panies to achieve sustainable changes. This task might be difficult when we are and capabilities with the companies’ and If employers want to succeed, they need called to face ongoing systemic obstacles the market’s needs—is the only way to face to adjust their mindset to ensure that they and obsolete perceptions that weigh us have the right workforce models and peo- down and stall the creation of bridges from ple practices in place in order to attract education or unemployment to employ- first the right people and then unleash their ment and the further growth and develop- In the Human Age, potential. However, there is a long way to ment of companies. However, if we want go considering that according to Manpow- to start shaping sustainable and long-term unleashing human erGroup’s Talent Shortage Survey for 2014, solutions, we need to overcome structural potential in our 42% of employers report having difficul- barriers and effectively match skilled peo- ty filling jobs, while according to a recent ple (and not simply available job seekers) increasingly shifting survey by Endeavor Greece, 70% of youth with specific corporate needs or objectives. believe that their employers do not support In a country with an important talent pool world is a quest that their professional development enough. and simultaneously a huge talent mismatch each one of us needs To thrive and grow, companies must re- such as Greece, ManpowerGroup’s exten- think their strategies on how they attract, sive global experience and know-how allow to conquer train and develop their employees, in order us to source, support and capitalize upon to unlock the creativity, passion and intel- the available resources in order to create lectual curiosity that otherwise remain la- mutually beneficial solutions—for all mar- tent or unexplored. Today we do not need ket stakeholders. the rising socio-economic challenges. A to simply step out of the box, we need to At the heart of ManpowerGroup’s exper- collaborative approach is strongly needed create a new box, leaving behind mindsets tise and strategies lies our profound con- within the core of the company, requiring of the past, and bravely move forward by viction that each and every step towards employers to invite and allow their people capitalizing upon new tools that will help success is fueled by people’s ability to align to be part of their vision. When actively us achieve tangible and substantial results their skills—hard or soft—with the culture involving people and taking into account for the growth of a competitive economy and values of their company, while re- their own minds and hearts, they will not and the simultaneous development of a maining true to their own and contribut- only embrace the strategy in the implemen- prosperous society. ing in such a way to the corporate achieve- tation stage, but also take it even further. In the Human Age, unleashing human poten- ments and growth. This relation of commitment, voluntary tial in our increasingly shifting world is a quest From a warehouse worker, a receptionist cooperation and trust translates into an that each one of us needs to conquer.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 37 HERITAGE ECONOMICS

BEACONS BY EVANGELOS KYRIAKIDIS OF LOCAL PRIDE

HERITAGE IS IMPORTANT. IT IS WHO WE ARE, IT DEFINES US, IT HELPS US MAKE DECISIONS, IT INSPIRES US. WE NEED TO PROTECT HERITAGE, BUT ALSO TO ENHANCE THE EFFECTS OF THE PARTS OF OUR HERITAGE THAT ARE MOST IMPORTANT.

e are all responsible for protect often fall prey to vandalism, theft, de- that they become so, and it is our duty to this, both individually struction, and trespassing, from citizens that help others fulfill that role. and collectively. In most act as negative heritage managers. We there- Since 2009 IHC has been operating to pro- countries heritage, when fore must understand our role and also our mote good practice in Heritage Management it comes to monuments, responsibility towards our heritage, and we through research and education. The aim is is partlyW protected centrally by the states, on must understand our responsibility to sen- to help heritage managers, be they employees behalf of the nations. Other heritage, either sitize others on this important duty towards of states, organizations, or just active citizens, less conspicuous, or less tangible (such as ourselves, our society and our children. to protect our heritage and render it what it stories, recipes or dances) is, thankfully, not The aforementioned important compo- should be, for the benefit of us all. IHC is a centrally protected. Moreover, the imma- nents of our heritage should be beacons of not-for-profit established in Greece and the terial aspects of the monuments that states local pride, education, culture and sustain- United States, with an academic committee protect and manage are also not the exclu- able development. It is our responsibility that comprises some of the most important sive responsibility of the state. As one could argue that most aspects of monuments are immaterial (the ideas, meaning and stories With a powerful international network, associated with the monument) and that most heritage is intangible (stories, recipes, our “heritagers” are the change-makers and dances for example) we, collectively as a society comprised of individuals, are that will help countries improve the guardians of more heritage than states pro- management of heritage for the benefit tect on our behalf. Although the law in most countries does not of this world recognize the role of heritage manager to all citizens, even so, the monuments that states

38 | BUSINESS PARTNERS | MARCH-APRIL 2015 The Monastery of Ayios Panteleimon, Mt. Athos. Photo: Siddhant Shah (MA The ‘Lion Gate’ at Mycenae, Photo: Glenn Martin (MA in Heritage Management in Heritage Management 2014-5). Heritage often is seen as dead, as some- 2014-5). Archaeological heritage is very important in Greece, yet the presence thing distanced from today. But heritage is alive, it is part of who we are, of important antiquities is often seen as a mixed blessing by residents. Local and it continues to exist, its importance continues because of us as carriers communities often consider archaeology as something that is not for them, of that heritage. Mt. Athos is important not only for its glorious, unique or something that will stop them from being able to exploit their property. It history as a spiritual centre of the past, but also as a thriving, international is our duty to help local communities understand the benefits, be they educa- spiritual community. tional, cultural or even financial.

heritage professionals in the world and is au- more than 3,000 individuals through its oth- quarters, the place where, according to the dited annually by PriceWaterhouseCoopers. er seminars and lectures. To date it has sub- Greeks and the Romans, civilization start- IHC has created cutting edge educational stantial relations with six ministries of cul- ed, yet the world is there to benefit. packages, ranging from an international MA ture around the world, and it aims to expand This, the first of several articles on Herit- in Heritage Management that uniquely com- those to 20 in the coming five years. age Management by IHC, hopes to sensi- bines the worlds of Management and Herit- Impact has been tremendous, as projects tize you to become active stakeholders in age to the oldest summer-school on digitizing of our members span the globe, as our pro- the improvement of the heritage of this heritage in the world. Everything IHC does grams have been emulated by others, as world and to join our international coali- is through international collaborations with tens of NGO’s, ministries or projects have tion for heritage. leading institutions that pro-bono join forces benefitted through IHC’s training. With a for the improvement of practice in Heritage powerful international network, our “herit- Management for this world. Since 2009 IHC agers” are the change-makers that will help has trained more than 200 professionals from countries improve the management of her- The Initiative for Heritage Conservancy, based in Eleusis Greece, aims to promote good practice more than 25 countries in its two- to four- itage for the benefit of this world. Greece is in heritage management internationally through week workshops or its 18-month MA, and our classroom, ancient Eleusis is our head- education and research. www.inherity.org

The changing of the guard in front of the Greek Parliament, Photo: Alex An athlete’s hellenistic statue found in the Antikythera Shipwreck, Photo: Costas (MA in Heritage Management 2014-5). Heritage is not only mon- Brittany Wade (MA in Heritage Management 2013-4). Exhibitions, museums, uments, quite the contrary, most heritage is intangible. Things that we events, guided tours, education programmes, toys, books, websites, social know, the way we do things. Intangible heritage is preserved together with media, commercial products, and even advertising are amongst the endless the people that carry it, and that is to say all of us. The guards, the polity number of tools heritage managers can use to sensitize audiences, educate they symbolically protect, their ritualistic march, their attire and their histo- us, and preserve heritage, tangible or intangible. All four pictures are taken ry are all intangible heritage. from our student blog https://inherity.wordpress.com/

MARCH-APRIL 2015 | BUSINESS PARTNERS | 39 HEALTHCARE

BY IOANNA MICHALOPOULOU LL.M. EU HEALTHCARE COMPLIANCE, ETHICS & REGULATION THE LATEST DEVELOPMENTS

FCPA’S CONSEQUENCES • Value exchanges on behalf of healthcare HCP and patients. The initiatives taken on IN EUROPE—EFPIA-EUCOMED companies to HCP (consulting arrange- behalf of EFPIA clearly promote transpar- The provisions of FCPA (Foreign Corrupt ments, product development agreements, ency throughout Europe. Practices Act), which prohibits the bribery grants, gifts, product training, travel, sam- Concerning EUCOMED, in addition to its of foreign government officials and foresees ples, free goods) Code of Ethical Business Practices, it has the accountability of books, are beginning • Clinical trials created a centralized decision-making sys- to be implemented, with the appropriate • Services provided to third parties tem, the CVS Conference Vetting system, to legal adjustments in the national laws of EFPIA made very clear that the pharma- approve member sponsorships of individual many countries, such as the UK, Russia, ceutical industry is obliged to function in healthcare professionals to conferences. The Mexico, France and India. a way that promotes transparency, respon- purpose of this system, among others, is to The relationship between pharmaceutical sibility and ethics. It is of great necessity for review the compliance of third-party edu- and medical device companies is being all EFPIA members as well as non-mem- cational conferences with the EUCOMED constantly investigated due to the high im- bers to comply with the Federation’s provi- Code of Ethical Business Practice (the pact of these companies on national pub- sions and rules; any breach or disobedience “Code”) to determine the appropriateness lic health expenses. According to the latest towards its policies will not be tolerated. for members of EUCOMED and the nation- statistics (October 2014) provided by the Moreover, EFPIA has set out member al associations affiliated with EUCOMED to American Department of Justice, there are guidelines in order to ameliorate important sponsor healthcare professionals for them already over 120 ongoing FCPA investiga- issues such as the means of providing infor- to participate in such conferences. tions against 32 healthcare companies. mation, healthcare practitioners, medical A new Medical Technology Code of Ethical The special areas of investigation are: samples, events and relationships between Business Practice is also expected within

40 | BUSINESS PARTNERS | MARCH-APRIL 2015 2015 in cooperation with EDMA and EU- rise-up to 5% of the annual global turnover. vertising as well as FDA’s draft Directive COMED. Its purpose is the enforcement of The new regulation is expected to be en- for social media were also mentioned in high business ethical standards for health- forced within 2015 and it will have a two- the context of preventing risks regarding care professionals as well as the abolish- year implementation deadline for Europe- the distribution of false and misguiding ment of sponsorships granted for educa- an members. The implementation of the information through the Internet. At the tional seminars organized by third parties. ePrivacy Directive, which foresees a notice same time, “Green Paper” results on mobile The implementation of compliance pro- and consent obligation for the use of cook- health are expected to be published soon. grams according to the special needs and ies and similar tracking technologies, varies Finally, cases in which HCP used social requirements of each pharmaceutical com- per country. media such as Facebook and Twitter to pany should be an important priority for advertize and promote certain OTCs were every company inside the healthcare indus- COMPETITION LAW also discussed as they present great interest, try. These compliance programs should be Articles 101 and 102 of the TFEU (Treaty given the fact that there are no particular based on four basic rules: 1) patients should on the Functioning of the European Un- rules at EU level, with the exception of the always be set as top priority; 2) the support ion) clearly forbid competition and the EFPIA Guidelines for the Internet websites. of Ethical Research and Innovation; 3) the abuse of dominant position in a market. In ensurance of independence and ethical be- particular, any anticompetitive agreements OUR LAW FIRM’S COMMENT havior; 4) the promotion of transparency between pharmaceutical and/or medical The discussions and conclusions deducted and responsibility. device companies with the purpose of dis- from the EU Healthcare Compliance, Ethics torting the existing competition, or concert- & Regulation Program organized and held DATA PROTECTION ed practices between association members, by Seton Hall University were very impor- The proposal for a new General Data Pro- as well as any information exchange, price tant for the adoption of new compliance protection Regulation, made on March 2014, fixing and discounts, may result in fines grams. These conclusions work in tandem was extensively discussed. The new regu- up to 10% of the total worldwide turnover, with FCPA, EFPIA, EUCOMED and intel- lation will have as its purpose the replace- damage claims from third parties as well as lectual property rules for healthcare compa- ment of the Data Protection Directive and reputation and legal defense burdens. For nies to which we offer our legal advice. These legal harmonization across the EEA. It will these reasons, the inspection of pharmaceu- developments mean that pharmaceutical and install new obligations for organizations es- tical companies (Dawn Raids) by national medical device companies should focus their tablished in the EEA as well as for non-EEA competition authorities and the European attention on the following matters: organizations, including tighter enforce- Commission has become essential to pre- • The adoption of carefully designed Com- ment and higher financial penalties. vent any potential anticompetitive behavior. pliance Programs, appropriate to the In particular, the proposal for the new Gen- Patent settlement agreements also create needs and requirements of each company. eral Data Protection Regulation includes: problems as they are considered to delay the These should be set as top priorities for all • A broader, more detailed definition of per- market entry of generic medicines. companies within the healthcare industry sonal information and broader territorial especially following the publication of re- scope MARKETING & ADVERTISING – cent Greek Law 4316/2014, in addition to • Consent must be explicit and obtained by WEB & SOCIAL MEDIA which Ministerial Decisions or EOF Cir- clear affirmative action, unless collection According to articles 86-100 of the 2001/83/ culars are expected in order to facilitate its is necessary for internal fraud, investiga- EC Directive as well as EFPIA’s codes, ad- implementation. tion, etc., but only for occasional transfers vertising is exclusively allowed for medi- • The gradual presence and consolidation • The processing of business contact details, cines that are authorized to circulate within of a national and European Personal Data direct marketing, and sharing of employ- Europe and under the condition that the Authority, which will ensure privacy com- ee data with EU affiliates advertising is in accordance with the prod- pliance in case of investigation (Whistle- • Profiling will be possible with consent uct’s SPC and it does not concern OTCs or blowers-FCPA) • There will be less prescriptive administra- medicines containing drug substances. • Full corporate compliance to EU Com- tive obligations for controllers (one-stop- As far as the advertising of medical devices petition legislation must be observed and shop mechanism) is concerned, there is no specific European the companies must take all necessary • The review of current adequacy mecha- legislation regulating it. Nonetheless, the measures in case of Dawn Raids. nisms (Safe Harbor) at the latest during existence of a regulatory proposal as well • Attention must be paid in setting up specif- the next five years as the revision of the EUCOMED code is ic approval procedures ensuring transpar- On regulatory disclosure (anti-FISA clause), expected to shed some light on the adver- ent and ethical product promotion and it must be approved by DPAs. Within the tising of medical devices. advertising on social media channels and same context, sanctions are expected to EFPIA’s guidelines regarding Internet ad- in communicating to their patients.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 41 BUILDING GREEN

Being in the office should be a pleasant sensory BY APOSTOLOS TZIOUVARAS CHIEF ARCHITECT, GAIA S.A., ARCHITECT ENGINEER, experience for everyone. MSC CONSTRUCTION & PROJECT MANAGEMENT When it comes to a place of employment, we believe that green design can drastically improve Βoosting Productivity multiple areas of business. and Motivation THROUGH GREEN DESIGN 4. Indoor Air Quality Airborne pollutants are a major concern in office environments which are notorious for improper ventilation. Pollutants caused by offgassing materials which contain volatile organic com- houghtful workplace design can the artificial light can also affect the health, pounds (VOC’s), get trapped in improperly be a powerful tool for supporting wellbeing, and productivity levels of office ventilated buildings. Building occupants are employee performance. Every workers. Factors such as light intensity and being exposed to pollutants potentially aspect of office design, from the spectrum are important to consider when resulting in respiratory illness and other color scheme, to the way desks installing lighting fixtures. chronic conditions. To reverse these effects, are laidT out, could have a bigger impact than 3. Elements of Nature People generally proper air conditioning and ventilation sys- first realized. A collateral benefit is that what prefer to be surrounded by nature, which tems must be included in the design. typically supports productivity also enhanc- provides endless sources of variation and 5. Thermal Comfort and Temperature es employee health and wellness. sensory change. By increasing the presence Thermal comfort is created through the Some of the most important elements of of nature in a building, staff will begin to feel right combination of temperature, airflow design in boosting employee productivity more comfortable and at ease. Plants, water and humidity. A combination of these el- include: features, and other representations of nature ements is required for physical comfort in 1. Interior Layout & Design Workplaces are great solutions for offices to implement. the workplace. When you hear people com- must be comfortable, flexible and support Additionally, positioning desks towards plaining about temperature in the work- productivity over time. Workspace layout place, chances are that airflow and humidity should take into account the needs and are part of the reason. limitations of the people who occupy them 6. Noise Control Noise is an issue in most and can impact their health and wellbeing. THOUGHTFUL workplace environments. Interestingly, it Properly configured work spaces greatly WORKPLACE can enable or disable productivity, depend- influence an employee’s ability to focus, be DESIGN CAN BE A ing on individual preferences and the type creative, and above all feel confident in their of work being done. performance levels. Designated areas for so- POWERFUL TOOL FOR By seeking out new design technologies cial spaces, work stations, and break rooms SUPPORTING EMPLOYEE and practices, business owners can take are also important in ensuring a good work PERFORMANCE control of their buildings’ layouts and flow in the office. functions to create structures that en- 2. Daylighting & Lighting Healthy office hance staff lifestyle while adding value to buildings should position workspaces to the bottom line. A healthy, productive be exposed to maximum levels of daylight. windows allows staff the opportunity to ad- staff leads to a more profitable organiza- By reducing levels of artificial lighting and just their eyes, and observe nature outdoors. tion. All business owners should acknowl- increasing natural lighting, employees have Also courtyards and rooftop gardens, or edge the importance of creating an en- greater eye comfort levels, mental alert- patios are great options for promoting the hanced workplace, both for human health ness, and overall wellbeing. Additionally, benefits of natural elements. and for profit.

42 | BUSINESS PARTNERS | MARCH-APRIL 2015 THE BUSINESS CASE FOR GREEN BUILDING— Research clearly shows that there are a large number of compelling benefits World Green from building green, which are received by different Business Council stakeholders throughout the building life cycle.

et, one issue that has remained operations and maintenance costs. Energy controversial is whether it is pos- savings in green buildings typically exceed sible to attach a financial value to any design and construction cost premi- the benefits of green buildings – ums within a reasonable payback period. ble buildings make clear business sense–it’s crucial information for real estate To achieve their predicted performance, not just about saving the planet. lendersY and the investment community. high-performing green buildings need to Moreover, green buildings can now be de- Do green buildings attract a financial pre- be backed up by robust commissioning, livered at a prices comparable to those for mium in terms of rental and sales value? effective management, and collaboration conventional buildings and these costs can Are they more attractive to tenants and oc- between owners and occupiers be recouped through operational costs sav- cupiers? Are employees occupying greener Workplace Productivity and Health Re- ings and, with the right design features, buildings more productive? search shows that the green design attrib- through a more productive workplace. De- This report investigates the business costs utes of buildings and indoor environments sign decisions made at the start of a project and benefits of green building in five vital can improve worker productivity and occu- will impact the long-term value of the categories and finishes with an exploration pant health and wellbeing, resulting in bot- building and its return on investment, into both the impacts that a greener built tom line benefits for businesses. meaning a whole-life cost/value approach environment can have at a macro scale and Risk Mitigation Sustainability risk factors is needed, from design through building how this can be achieved. can significantly affect the rental income operation. Design and Construction Costs Research and the future value of real estate assets, in shows that building green does not neces- turn affecting their return on investment. sarily need to cost more, particularly when Regulatory risks have become increasing- cost strategies, program management and ly apparent in countries and cities around environmental strategies are integrated into the world, including mandatory disclosure, the development process right from the building codes and laws banning inefficient start. While there can be an additional costs building. associated with building green as compared Extreme weather events and systematic to a conventional building, the cost premi- changes in weather patterns affect the in- um is typically not as high as is perceived by surability of real estate and lead to ques- the development industry. tions about the resilience of assets. Chang- Asset Value As investors and occupants being tenant preferences and investor risk come more knowledgeable about and con- screening may translate into risk of obso- cerned with the environmental and social lescence for inefficient buildings. impacts of the built environment, buildings Scaling Up from Green Buildings By with better sustainability credentials enjoy greening our built environment at the increased marketability. In markets where neighborhood and city scale, we can deliver green has become more mainstream, there on large-scale economic priorities such as are indications of emerging ‘brown dis- climate change mitigation, energy securi- counts’, where buildings that are not green ty, resource conservation and job creation, may rent or sell for less. long-term resilience and quality of life Operating Costs Green buildings have The report points to an increasingly compel- been shown to save money through reduced ling business case for green buildings. The From the Executive Summary. Download the full energy and water use and lower long-term evidence presented highlights that sustaina- report: www.worldgbc.org/business-case

MARCH-APRIL 2015 | BUSINESS PARTNERS | 43 INFO@AMCHAM B2B

Content is King THE POWER OF CONTENT MARKETING

One of the best ways to gain or keep a through user stories, images and videos. customer is not by trying to sell them So not only did the project incite loyalty something, but by giving them what they by placing a special focus on the customer, already want: relevant information that it invited them to contribute their own makes them smarter or more intelligent. content in support of the community. This is the defining principle of content Whatever the approach, the concept re- marketing, and it works. Other names for mains the same: to build a communication it include non-interruption marketing platform that enhances the business’s and inbound marketing. Companies of reputation among customers and pros- all sizes, from transnational corporations pects—without selling. This is an ongoing to one-person operations, have used it to process best integrated into a company’s gain traction and customer loyalty in their overall marketing strategy. The purpose market through blogs, podcasts, e-books, is to attract and retain customers by con- videos, brochures, microsites, newsletters, sistently creating and curating relevant documentaries and more. and valuable content with the intention An early yet quite successful example of countries and 12 languages. of changing or enhancing consumer content marketing originated in 1895 when Looking at a more modern case, Ford took behavior. Instead of gambling solely on John Deere began to publish The Furrow, content marketing a step further, build- traditional advertisements, companies a magazine containing articles and tips for ing an online community that shared the are using it to show their relevance, add the average farmer to improve profitability. company’s messages and also provided a value to society, and they are attracting The publication is still in print today in 40 venue for customers to share their views lifelong customers.

Dining: For Business and Pleasure The Catch of the Day PSARADES

The very name of Psarades—fishermen ouzo. Psarades has an extensive array of in Greek—suggests a restaurant that ouzo brands available should you have a takes pride in the local custom of excellent preference. seafood. Dining at Psarades, that is exactly And, after the main meal, if you still have what you get: a menu that embodies tradi- room for dessert, options include cheese- tion yet gives way to innovation, as if to cel- cake covered with blackberry marmalade. ebrate the fresh ingredients of each dish. Just as Psarades achieves a fine balance For an appetizer, treat yourself to a by serving traditional food with a modern smoked eggplant salad with grilled pepper twist, this same, delicate duality is evident and onion, scented with parsley, fresh in its thematic décor. The atmosphere is basil, and served with grated goat cheese. clean and stylish yet intimate, the walls Or try the bruschetta topped with smoked warm potato salad with olive, lemon, and adorned with items that offer a glimpse mackerel and rocket salad. thyme. Another would be the chef’s spe- into Greece’s seafaring heritage. Moving on to the main meal, choose from cialty, crawfish pasta for two. a fine selection of menu items including For many, such a robust seafood meal grilled octopus tentacle served on top of a in Greece would not be complete without For more information, visit www.psaradesresto.gr.

44 | BUSINESS PARTNERS | MARCH-APRIL 2015 The Business Bookshelf Superintelligence PATHS, DANGERS, STRATEGIES Jargonaut BY NICK BOSTROM CYBERLUDDITES Superintelligence asks the questions: What happens Net users who are against the World Wide when machines surpass humans in general intel- Web and Net commercialism and want it to ligence? Will artificial agents save or destroy us? In return to all text-based communications answering these questions, Nick Bostrom lays the foundation for understanding the future of humanity SHOWROOMING and intelligent life. When customers try out products in physical stores and then hunt for discounts online. The human brain has certain capabilities that the brains of other animals lack. It is to these distinctive PATH capabilities that our species owes its dominant posi- Refers to the sequence of pages viewed by tion. If machines, however, were to surpass humans a user on a single Web site, including the in general intelligence, then this new superintelli- page of entry, all the pages visited, and the gence could become extremely powerful—possibly page from which the user exited. beyond our control. But we have one advantage: we get to make the first move. Will it be possible to WILD CARD OR *.* construct a seed Artificial Intelligence, to engineer initial conditions so as to make A part of a character string that, when used in an A.I. explosion survivable? How could one achieve a controlled detonation? text searches, makes finding a match much This ambitious book breaks down a vast track of difficult intellectual terrain. After easier. When you are doing an online search an engrossing journey that takes us to the frontiers of thinking about the human on a search engine, you can place an asterisk condition and the future of intelligent life, we find in Nick Bostrom’s work nothing (*) at the end of a keyword to broaden your less than a reconceptualization of the essential task of our time. search and retrieve more information. FRAM Slang for spam sent to you by your friends or family. RECHARGE FOR SPRING NET LAG BY ANDREAS STYLIANOPOULOS Traditionally this term refers to the delay PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD that occurs when a large amount of users are “on” the information superhighway, or Looking for the ideal getaway when a dirty connection slows down the re- to usher in the changing of trieval of data from a server. the seasons? The luxurious Westin Resort Costa Navari- HTML no in Messinia, located next The lingua franca for publishing hypertext to the Ionian Sea coastline, is on the World Wide Web. HTML is a nonpro- now open for the 2015 season. prietary format based on SGML. It can be The resort features 445 rooms created and processed in a wide range of and suites, designed in the style of old Messinian mansions, creating an am- software programs, from simple plain text biance of genuine hospitality. Most of the rooms boast unobstructed views editors to WYSIWYG programs to sophisti- of the Ionian Sea, individual infinity pools and a smoke free environment. cated authoring tools. The resort offers a medley of activities to suit a wide range of interests. Guests can enjoy the scenery with a bicycle tour as well as hiking or Nor- SECOND-GENERATION dic walking. Golf lovers can practice their backswing on Costa Navarino’s Describes the second version of a technolo- two signature golf courses. Other options include underwater sports and gy or the second round of people to hone in racquetball as well as children activities. If you’ve had your fill of physical on a craft. activity, allow the in-house spa to pamper away the stress as you recharge for the spring season.  http://www.netlingo.com  For more information, visit www.westincostanavarino.com.

MARCH-APRIL 2015 | BUSINESS PARTNERS | 45 TRENDS & TRADE MAKERS

X-ray Deciphers Ancient Greek Scrolls NUTS ABOUT ALMONDS Greek almond exports have picked up as Using x-ray technology, researchers were almond farming becomes an attractive for the first time able to decipher letters alternative to more traditional crops. The and words without unrolling precious pa- global export giants are the U.S. and Tur- pyrus scrolls preserved in the volcanic ash key, while in Europe, Spain takes the lead. of Mount Vesuvius. What they found was Greek almond farmers, mostly in the re- mostly ancient Greek, including a large gion of Thessaly, cultivate two varieties: the amount of work by Greek Epicurean phi- Ferragnes and the more common Texas losopher and epigrammatist Philodemus. variety. Both are suitable for raw or roast- This attempt, researchers said, opens up ed consumption as well as cosmetics. new opportunities to read many Hercula- The word almond comes from Latin and neum papyri, which are still rolled up, thus enhancing our knowledge of ancient Greek originally from the Greek amygdale, literature and philosophy. meaning tonsil plum. Ancient Romans re- ferred to almonds as Greek nuts, because they thought almonds were first cultivated in Greece, however, the earliest varieties Greek Crowdfunding Platform were found in China and were brought to the Middle East and Europe through the The Greek crowdfunding platform ‘Winners- ancient Silk Road. Fund’ is now accessible through its beta testing version and expects to officially launch in April. The platform offers a new financing tool for innovative and export-oriented business ideas in the country. In a press conference, WinnersFund said it will launch its operation with three new, highly inventive projects seeking funding: AlgaeFarms, SpreeadeHipp and Doxatos Farm. WinnersFund hopes to provide alternatives to Greek entrepreneurs that are currently denied access to more traditional funding sources and to also give private and institutional investors an opportunity to invest in new business ventures. The online platform allows private individuals and businesses in the broader investment community to invest via a simple online process, directing the funds raised to businesses.

12 Months of Tourism for Region of Central Macedonia The region of Central Macedonia has a new strategy for 2015: extending the tourism season to 12 months. The region’s new tourism promotion program includes promotional activities with a budget of 460,000 Euros and will focus on promoting specific thematic forms of tourism throughout all seven of Central Macedonia’s regional units (Imathia, Thessaloniki, Kilkis, Pella, Pieria, Serres, Halkidiki). “We will present Central Macedonia as a single tourism product in order to welcome visitors 365 days a year, which translates to new income, new jobs and growth—not only for tourism, but overall for our region,” said Central Macedonia Regional Governor Apostolos Tzitzikostas. The regional governor added that plans include attending international tourism exhibitions in efforts to strengthen Macedonia’s tourist product on the international market. The region’s tourism strategy also includes investing in technology for promotional purposes (social media and Internet applications), hosting foreign journalists and tourism professionals, promoting local products, introducing the region as a school tourism destination and adding new airline routes to Thessaloniki or increasing frequency of existing routes.

46 | BUSINESS PARTNERS | MARCH-APRIL 2015 WWW.

ENCYCLOPEDIA GALORE

When it comes to online research, most of us are familiar with Wikipedia. But we also have access to a medley of other online ency- clopedias, which serve as quality references. Britannica www.britannica.com Features 100,000 scholarly articles—highly WATER BUFFALO FARMING ON THE RISE respected Answers.com Before World War II, there were at least 70,000 water buffalos in Greece, according www.answers.com to Vasilis Bambidis, professor at the Alexander Technological Educational Institute Encyclopedia aggregator and one-stop of Thessaloniki. However, due to immigration, their numbers decreased dramati- shop for academic information cally, reaching a total of 384 animals in 1984. World Digital Library Today, the water buffalo is making a comeback among farmers and consumers. Prod- wdl.org ucts such as milk, yogurt and meat are gaining popularity across the country, provid- Archive of primary materials from cultures ing a satisfactory income to the farmers. What’s more, water buffalo farmers have 25% around the world less overhead than cattle farmers because the animal does not require a special diet. Water buffalo farming is ideal near lakes or rivers, especially in Northern Greece. Encyclopedia of Life Out of the 30 farms (4,000 animals) currently operating in Greece, 20 are near Lake www.eol.org Database of scientific information on Kerkini in Serres. Only five out of the 30 farms are actually producing buffalo milk, known species which is known for its beneficial effects on the human body, especially for people with allergy problems, psoriasis, eczema or lactose intolerance. Furthermore, fresh How Stuff Works milk is especially recommended for people who are physically weak or sick. www.howstuffworks.com As for meat production, Mr. Bambidis said that buffalo meat is much richer in pro- Source for easy-to-understand explana- tein compared to cattle meat and is also naturally low-fat. tions of how things work Encyclopedia of Symbols www.symbols.com 2,500 western signs and ideograms grouped by graphic characteristics

Encyclopedia Smithsonian EUROPEAN COUNCIL ONLINE BOOKSHOP www.si.edu E.U. Resources from the Smithsonian Institution Did you know France is geographically the largest country in the EU? And theCT smallest? Malta. Whether you’re interested in trivia or more serious readingDI materialRE related to the Computer Desktop Language www.computerlanguage.com EU, the European Council’s online bookshop is a practical information resource. Featuring 20,000 topics on all things tech The bookshop offers a wide range of publications via free downloads as well as physical copies. Learn for yourself or teach others about the basics of the EU’s strategic body and Encyclopedia Mythica political direction. Or, for a more in-depth study, check out the 86-page volume on facts www.pantheon.org and figures of the EU, its institutions and its Member States. Premier encyclopedia covering mythology, Among the bookshop’s recent publications, readers can find a booklet on the EU’s re- folklore, and religion sponse to the economic crisis, which details the coordination and supervisory mecha- Europeana nisms introduced to avoid similar situations in the future. www.europeana.eu Also, parents or teachers might find the European flags coloring book useful, or the geopo- Digital collection of scientific and cultural litical poster map of the 28 Member States as of 2014. Interested in information on a train- texts, images, videos, and sounds eeship with the General Secretariat of the Council? The bookshop has got that covered, too. For all this and more, visit http://www.consilium.europa.eu/en/documents-publications/ Citizendium http://en.citizendium.org/ publications/. A wiki with identified authors

MARCH-APRIL 2015 | BUSINESS PARTNERS | 47 VIEWPOINT

BY GREGORY FRYE

THE PATH TO SUSTAINABILITY Facilitating Social Enterprise in Greece

ll over the world people are The intentionally broad definition of social These events have been attracting a lot of finding a better, more sus- enterprise is implicit in ADDMA’s efforts to curious participants and are a lead-up to tainable way to do things— encourage innovative thinking. And their the first cycle of ADDMA’s social enterprise without harming the envi- endeavor is made all the more possible due training program to include 20 applicants. ronment or the people and to the reformation of previously outdated “The four-month program will evaluate animalsA that depend on it. As the need for legislation, laws which placed too many re- new start-up ideas and will also offer guid- change toward new, sustainable methods strictions on what a social enterprise could ance to existing NGOs or businesses look- becomes more apparent, so does the need or could not be in a system often abused by ing to transform,” said Aggeliki Vassiliou, for open-minded thinking and willingness people more interested in State subsidies project coordinator with ADDMA. “In to experiment. than actualizing sustainability. addition to following a curriculum we will The Athens Development and Destination “Now, you have the State acting as a facilita- also provide one-on-one consulting servic- Management Agency (ADDMA) is work- tor instead of a funder, and we are encour- es for each applicant.” ing to catalyze that sort of mentality in aging and enabling autonomy among social Ms. Vassiliou added that what makes the Greece through a series of workshops and entrepreneurs, instilling them with the ca- program special is that it starts with the training programs focused on social entre- pacity to go out and get their own funding,” needs of the entrepreneurs in any sector and preneurship. Mr. Keranis said. works from there. “At the end of the program One of the first challenges, said George During their Athens-based events to raise we will guide the investment-ready enter- Keranis, who works as a scientific advisor awareness, ADDMA has also been picking prises toward possible funding sources,” she with ADDMA on the project, was to de- up a lot of benchmark practices from oth- said. “And of course our program itself is still cide upon a working definition for social er countries and a few success stories from in the pilot phase. We are open to new ap- entrepreneurship and clear out a lot of the right here in Greece. The Tinos Coopera- proaches and not afraid to experiment.” misconceptions. “We see a social enterprise tive, for instance, is a private recycling initi- ADDMA will begin accepting applications as any entity that harnesses the principles ative which has proved exponentially more for its next training cycle in May 2015. of business in a way that directly improves efficient compared to the island’s official society. This is not to be confused with phi- recycling program—and a good model for  For more information: lanthropy or CSR.” aspiring social entrepreneurs in Greece. http://social.developathens.gr/

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