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The Weekend Neos Kosmos : 24 January 2015
DIGITAL.NEOSKOSMOS.COM THE WEEKEND NEOS KOSMOS | SATURDAY 24 JANUARY 2015 23 BUSINESS Greek Australian business genius Andrew Liveris sits at the top of the international business community Andrew Liveris, 60, was born in Darwin to Greek parents. He is one of Australia's most successful businessmen, and for that he received an Order of Australia, which was announced on Australia Day last year. Liveris received his award during a subtle but emotional ceremony at Government House in Canberra, attended by his Australianborn wife and two of three adult children. The Dow Chemical Company chairman and chief executive is a man of great personal significance, with a heavy say on President Obama’s Business Roundtable as co-chair, serving as a trustee for the United States Council for International Business, chairman of IBM, while being an active member of the Special Olympics' International Board. Liveris makes sure Dow's yearly revenues reach up to $60 billion, skyrocketing the colossus in Fortune's top 50 of US companies. His late grandfather migrated to Australia in 1915 and never left. Andrew Liveris grew up in Darwin, in a neighbourhood where he'd play on the streets amongst many children of different nationalities, something that helped him form his multidimensional personality. He grew up as a Greek, but as an Australian as well, and Hanoi’s 3 millionth tourist a Greek 2014 proved to be a booming year for tourism in Hanoi, with the Vietnamese capital welcoming its three millionth visitor on 30 December, 2014. The visitor was a Greek by the name of Eleni Papazoglou, and upon entering the city she was honoured and surprised with a welcoming ceremony. The ceremony included a statement made by the director of Hanoi's Department of Culture, Sports and Tourism, To Van Dong, with Papazoglou being presented with special gifts, including an all-expensespaid tourist package. With TripAdvisor magazine citing the South East Asian city as the eighth top travel destination out of 25 other countries, Mr Dong thanked the remarkable progress of Hanoi's tourism industry for elevating the image of the nation as a must-see destination. learned to respect and coexist with different cultures - think outside the box. He managed to balance his Anglo-Saxon education with his Greek Orthodox upbringing and rise up the global ladder of success straight to the top, even if it wasn't his original plan. Liveris started out as a clerk working for Dow, soon after completing his studies on Chemical Engineering at the University of Queensland. It did not take him long to be offered a regional role in Hong Kong. He accepted the overseas job, which he thought would be temporary, hoping to return to Australia as general manager of Dow Australia Operations. He began to get promoted within the company, which clearly meant his potential was being acknowledged as well as his ground-breaking views on free markets and low-cost manufacturing. He eliminated all other candidates he came across and became chief executive in 2004. Since 2006, he has been the chairman of the company, articulating and advocating on its behalf. Andrew Liveris knows the risks that lie with the commodification of innovations in the chemical industry, and always tries to be one step ahead of trends and investments. What his financial incentive in dealing with conglomerate enterprises has taught him, he is seriously thinking of sharing while pursuing a career in politics, which could follow his retirement from Dow. A return to Sydney, where he owns property, would add the silver lining to his success. Dow Chemical chief, Andrew Liveris. Two Greek banks seek liquidity assistance Two of Greece's biggest lenders, Eurobank Ergasias and Alpha Bank, have formally requested access to an emergency cash facility run by the country's central bank, amid concerns that liquidity conditions in Greece's banking sector were tightening in the run-up to national elections tomorrow (Sunday). Banking officials from the two lenders said Friday that the moves were only a precaution and that neither faced an immediate cash crunch. "We have made an application to the central bank," a senior executive at one of the banks said, "but it is strictly on a precautionary basis." A Bank of Greece official also confirmed the requests, saying that a decision will likely be taken by next week. People familiar with the matter have said that Greece's two other systemic lenders - National Bank of Greece and Piraeus Bank - may follow suit in the coming days. Sources have also said that the two lenders were seeking a few billion euros between them. Although the amount being sought is small, the move has again evoked fears over the stability of Greece's banking system as the country lurches through another period of political uncertainty ahead of polls scheduled for January 25. The last time the banks started tapping the central bank's Emergency Liquidity Assistance fund was in August 2011 during the depths of Greece's protracted debt crisis. Since the start of the crisis in late 2009, Greek banks have been hit hard. Over the past five years, skittish depositors have withdrawn some €70 billion ($US81 billion) from Greece's banking system; nonperforming loans now account for more than a third of banking system loans; and the banks have had to write down billions in euros in losses from an unprecedented €200 billion sovereign-debt restructuring in early 2012. Marilynne Paspaley of Paspaley Pearls dynasty loses bid to avoid land tax The Temple of Literature in Hanoi, Vietnam. Businesswoman and actress Marilynne Paspaley, of the famous pearling dynasty, once gave a public speech declaring: "I'm a Territorian, and more precisely, a Darwinite." Those words have come back to haunt her, as she recently lost a bid to avoid paying tax on a $6.5 million luxury home in Sydney's Darling Point. Ms Paspaley had argued that she was exempt from paying land tax on the five-bedroom, four-bathroom home on New Beach Road because it was her principal place of residence. NSW land owners have to pay tax on properties valued over a certain amount, but tax is not applied to a principal place of residence, broadly understood as the place where someone “eats, drinks and sleeps". An investigation by the Chief Commissioner of State Revenue found that Ms Paspaley should pay land tax on the Sydney house for the years 2008 to 2012 because she spent the majority of her time living at two different properties in the Northern Territory, where she worked developing hotels. Ms Paspaley objected and took the matter to the Civil and Administrative Tribunal. Ms Paspaley, also known for playing Dr Tessa Korkidas on the ABC show GP in the 1990s, gave evidence about where her valuable items were kept, where her family spent their Christmases, where she celebrated her 60th birthday and where her bills were sent, in order to prove the Sydney house was where she spent most of her time.
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