MONEY DEC/JAN 2014 ISSUE 22

BUSINESS | LIFESTYLE | DESIGN

The LUXURY issue

Issue 22 DECEMBER/JANUARY 2014

Interview with Francis Sultana Exclusive gifts

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Welcome

Contents There’s a valid reason why we focus on the theme of luxury in our December/January issue of Money. And that’s because we want to end the old year and start the new one by celebrating that most expensive, valuable, desirable, rare and fleeting of human pursuits – luxury.

In this issue of Money, we meet internationally acclaimed designer Francis Sultana. Maltese-born Sultana, who has just launched the La Munira collection, explains how a love of noble materials, fine craftsmanship and luxurious finishes inform his every design.

The beauty of luxury is that it can be encapsulated in the smallest of objects or spaces. In this issue, we tour one of Chris Briffa’s latest projects, Valletta Vintage, a small, one-room hotel in the capital that has layers of history and design in its every nook and cranny.

By its very nature, luxury is only for the few. But how do you market a luxury product? For George Larry Zammit, it’s all about defining the meaning of value: functional value, experiential value and symbolic value. However, while buying luxury products can be considered as an investment, you need to be careful – as Chris Grech and Calvin Bartolo explain, collectors are passionate investors, and that is the first obstacle to making a wise investment.

The Individual Investors Programme proposed by government has raised many eyebrows. Intended to attract high net worth individuals, the programme is finding objection in many camps.

We investigate further.

December/January 2014 15 Amusing his muse

For Maltese-born designer Francis Sultana, a love of noble materials, fine craftsmanship and luxurious finishes are key to good design.

20 Identity crisis?

The Maltese government has announced that it is planning to sell Maltese citizenship to foreign investors. Money asks the €650,000 question.

25 From mass to class

How do you build and market a successful luxury brand, asks George Larry Zammit.

29 Virtually yours

How do you build the right online audience for your luxury brand, asks Richard Muscat Azzopardi.

32 Happy returns?

How can you add glamour to your portfolio, ask Chris Grech and Calvin Bartolo.

34 Swiss made

How did Switzerland become the symbol of luxury, asks Money.

37 In the lap of mastery

Jean Campiche relives the fast times of Formula 1.

In this issue of Money, we also interview Jean Campiche, TAG Heuer’s legendary official timekeeper for Scuderia Ferrari, and travel to London to experience all the trappings of luxury the capital has to offer.

40 Valletta Vintage

Chris Briffa’s one-room hotel captures the essence of a traditional Valletta interior while staging an intimate experience.

44 That’s rich

Read on and enjoy.

What Money can help you buy.

54 Home away from home

Luxury is personal, says Mona Farrugia as she returns to London for Christmas.

58 The Bluesman’s blog Editor Anthony P. Bernard anthony@moneymag.me Consulting Editor Stanley Borg stanley@moneymag.me Design Hello Jon jon@hellojon.com Printing Gutenberg Distribution Mailbox Direct Marketing Group

Hand delivered to businesses in Malta, all 5 Star Hotels including their business centres, executive lounges and rooms (where allowed), Maltese Embassies abroad (UK, Rome, Brussels, Moscow and Libya), some Government institutions and all ministries.

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The Bluesman puts the NYC mayoral election, the mafia, and subway sneezing in his Christmas stocking.

Cover credit Francis Sultana. Photo by Solina Guedroitz

Money is published by BE Communications Ltd, 37, Amery Street, Sliema, SLM 1702 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

8 - Money / Issue 22

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Interview

Amusing his muse

For Maltese-born designer Francis Sultana, a love of noble materials, fine craftsmanship and luxurious finishes are key to good design.

Money / Issue 22 - 15

Interview

Debra sofa

Luisella petite

Money Vast treaties are written on the function of good design. In your opinion, what added value does good design give life?

FRANCIS SULTANA Whether in aesthetics or in function, good design is integral to the success of any work. Of course, as I design works that are more in the luxury market, it is all about the sophisticated look, quality and timelessness.

M Art is an interruption, a disturbance that leads to awareness. Does your design shout its presence or whisper yet still manages to capture attention?

FS Contemporary art is there to provoke.

In my area of design I am here to create contemporary classis, works that people really want to live with.

Miti chair

M With La Munira, you helped resuscitate a 19th century furniture house and revive it in the 21st century.

What considerations did you take in building something new on Marc de Berny’s vintage foundations?

FS It all became very simple for me when I viewed the Marc de Berny archive – they are about good quality furniture in the French style. With my love of Paris and the decorative arts I had only to go back as far as the 1970s and 80s, thinking of Yves Saint Laurent and Pierre Bergere and their style of interiors and collecting, together with the French sophisticated fascination with the style Afrique, and I had my inspiration.

M In luxury products, what plays the major role – intelligent design or noble materials?

FS A combination of both if it is to be a success.

16 - Money / Issue 22

Araba oval table

“I have carried with me the spirit of working hard and wanting to succeed.”

M Apart from designer and decorator, you are also an artistic director – how do the three roles differ?

Kitu bowl FS They all carry different responsibilities and disciplines – however, as they overlap I have really found a way to make it work while managing the little time I have.

M

What or who is your muse?

FS My muses are certain women in my life who often I work for in creating the most fabulous of homes – they inspire me as I edit their style. I have always had two great mentors though in my life that have helped me create my eye.

M We cannot but mention your Gozitan roots – what elements of the small Mediterranean island do you carry with you?

Sala ottoman

FS I have carried with me the spirit of working hard and wanting to succeed.

M What are you currently reading?

FS Rupert Everett’s latest biography.

M If you had to set your designs to music, what genre would that be?

Diliana cabinet

Zahaba bedside table

FS I think opera. This genre creates wonderful visions in my imagination, a romanticism and beauty – these two aspects are so important to my being.

Money / Issue 22 - 17

Interview

The lines of beauty Maltese-born furniture designer and interior decorator Francis Sultana has a love of noble materials, fine craftsmanship and luxurious finishes and advocates contemporary design that is also respectful of craftsmanship.

Sultana’s interior design studio and showroom attracts high calibre clients from around the world. It showcases his own collections as well as a carefully curated selection of antiques, art, furniture, luxurious textiles and signature accessories.

In 2012, Sultana was officially appointed artistic director of David Gill Galleries. He oversees the creative direction of David Gill’s recently opened new gallery in King Street, London which he has also designed, as well as Gill’s other exhibition space in Vauxhall.

Last year, during Frieze and PAD London, Sultana presented Brioni Art & Design curated by Francis Sultana, a successful collaboration with Italian fashion brand Brioni. Sultana transformed the Brioni store, a Georgian townhouse located at 32 Bruton Street W1, into a contemporary gentleman’s salon. The main retail areas of the first and second floor and the VIP dressing room were reinterpreted with furniture meticulously chosen from Sultana’s eponymous lines alongside bold statement furniture from leading international designers and contemporary artists.

Sultana has also recently launched The Munira at the London Design Festival. The Munira is a special collection designed for the French furniture company Marc de Berny and mainly consists of cabinetry, tables, upholstery and lighting with a contemporary vision of the Parisian sophistication with a hint of the Afrique.

Sultana chairs the Patrons Committee of the Design Fund, established for the benefit of the V&A Museum.

Sultana is also a member of the London Volunteers Board for children’s charity NSPCC and has been for years the creative lead on the design and production of the Arts Ball, a landmark event.

Spring 2014 will see the launch of Sultana’s third collection of furniture and accessories, The Celia which will debut in the UK. 18 - Money / Issue 22

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Citizenship

Identity crisis?

The Maltese government has announced that it is planning to sell Maltese citizenship to foreign investors.

Money asks the €650,000 question.

Dr. Nicole Vella de Fremeaux is a Senior Associate at Aequitas Legal.

She is also the Chairperson on the Board of Appeal (Adoptions).

What are your main objections regarding the proposed Individual Investors Programme?

The IIP is flawed in every respect and is nothing less than the outright sale of Maltese citizenship for a one-time fee.

No obligation exists on the part of the purchaser to invest in Malta, nor are they required to create jobs. In fact, they need never even step foot in Malta.

Notwithstanding this lack of allegiance to Malta, the IIP confers upon these citizens all the rights equated with Maltese citizenship including the right to vote, free health services (although amendments could be effected requiring applicants to have medical insurance), free education and social services, and this without ever having to pay taxes in Malta or contribute to our economy.

Turning citizenship into a commercial transaction is humiliating and devalues our communal bond. Citizenship, should only be conferred upon individuals jus sanguinis (right of blood), jus soli (right of soil), jure matrimonii (marrying a citizen), naturalisation, or where individuals are submitted to a due diligence test after having made a substantial investment or contribution to the country and having resided therein for a number of years. Only upon satisfying any of these criteria would an individual be conferred citizenship with the rights and obligations it entails.

The anonymity clause is particularly damaging and government has claimed that this will be repealed. This clause ensured that the identity of these citizens not be made known to the public, notwithstanding that they would acquire all the rights pertaining to a Maltese

20 - Money / Issue 22

citizen. Hence the IIP creates a two-tier citizenship whereby these individuals are treated as first among equals – enjoying all citizenship benefits though none of the obligations. The veil of anonymity raised eyebrows – why would anyone need to buy citizenship in total secrecy?

Unless this clause is repealed through Parliament, then the legal notice which renders the IIP law will effectively retain this anonymity clause and make it law. I fear that even if this clause is repealed, immeasurable damage has already been caused.

The due diligence process to buy citizenship through the IIP is intrinsically flawed since recommendations to purchase citizenship can only be effected though the sole concessionaire Henley & Partners via a subsidiary company thereof IIP Malta Ltd. Henley & Partners have a financial interest to make such recommendations as it earns a commission on a success basis from government. There is a clear conflict of interest given that by virtue of this scheme, government has granted Henley & Partners a monopoly categorically ostracising all Maltese financial services practitioners who have worked hard for the past years to promote Malta as a reputable financial services hub.

The amendments even make it an offence punishable at law for anyone

unauthorised by them to sell, market, or even disseminate information on the scheme. This monopoly also enables Henley & Partners to charge substantial professional fees to potential purchasers – they have also boasted that upon payment of a further fee, the application to purchase Maltese citizenship can be fast tracked. This is totally unacceptable.

Is the IIP a question of a good initiative that was mishandled?

Government had a golden opportunity to further attract foreign investors to Malta not by selling citizenship but by using and polishing current tax incentives and by continuing to develop financial incentives to attract foreign investors.

Government had already amended into a favourable residency scheme what was previously the Permanent Residency Scheme prematurely removed by the previous administration.

The scheme is wrong from its very inception and continues to be mishandled in every possible manner.

It was mishandled by government on several levels: government failed to mention it in its pre-election programme, rushed to pass a law dealing with our national interests without even issuing a White Paper on the matter, both government and Henley & Partners went ahead notwithstanding public outrage, and government continues to

fail to acknowledge the local sentiment of betrayal as well as the international outrage and ridicule to which our country has been exposed.

to ensure they are knowledgeable about the country and its people as well as the government and laws if the country. The IIP requires none of this.

Other countries such as Australia, Singapore, Belgium and Canada have successfully implemented similar schemes. Why cannot Malta follow suit?

None of these countries sell citizenship for a flat fee requiring no further investment or connection to their country as is the case with the controversial IIP. The similarities between these systems are very few and far between. Australia, for instance, does not sell citizenship. In order to be conferred Australian citizenship an individual must have been living in Australia with a valid visa for four years immediately preceding the application, including one year as a permanent resident. As from November 2012 it is also possible to acquire permanent citizenship with the possibility of being conferred citizenship through Australia’s Significant Investor Visa.

In terms of this scheme, investors must be nominated by a state or government.

It also requires an investment of circa AUD5m in government bonds, infrastructure projects or private companies.

In Singapore citizenship is not for sale.

Applicants must have a three-year track record of business and entrepreneurial experience and must prove that they have annual revenues of over €118 million in real estate or construction related industries, or that they have a revenue of circa €30 million. Unlike the IIP, the Global Investor Programme requires the applicant to invest at least €1.5 million into the county’s economy by generating a new business or expanding one already in operation.

Money can also be routed into an approved list of funds..

Unlike the IIP, which is open to total strangers having no allegiance or knowledge of our country, the Australian model is intended for migrants who have demonstrated experience and success in business or investment. It is aimed at attracting prominent investors to Australia with the aim of increasing economic growth and innovation.

Benefits just as in the IIP include free health care and visa free access to over 160 countries worldwide.

The Australian scheme also taxes these individuals, which is not the case in the IIP. Another stark difference between the IIP and the Australian model is that in the latter, a citizenship test is conducted to ensure that the individual is in sync with Australia’s democratic beliefs, rights and liberties, as well as

In Belgium citizenship may be conferred upon the individual after the procedure established to become a naturalised citizen has been fulfilled. Unlike the IIP, which requires no form of allegiance to our country, Belgium even subjects citizenship to the knowledge of either French, Dutch or German.

The only similarity between the IIP and the Belgian system is that both allow non-EU nationals to apply for citizenship – however this is where the similarity ends. Belgium requires an applicant to apply for a residence permit under the investor or business category, meaning that one would need to form a company in Belgium with offices, thereby generating employment. It also requires the applicant to reside in Brussels for a period of three years, whereupon the individual would qualify for a permanent residence permit.

After the fulfilment of this procedure and the rigorous scrutiny of the Committee on naturalisation in Parliament, the names of those applying for citizenship would be published in the Government Gazette. Unlike in the IIP, in Brussels there exists no discrimination in the application for citizenship between different categories of foreign residents.

All immigrants must follow the same identical procedure.

Under Canada’s Immigrant Investor Programme (abandoned in 2012 due to abuse) citizenship was never for sale. The programme was designed to attract business people to Canada with the aim of contributing to Canada’s economic growth and long-term prosperity. Investors had to have a net worth of €1.1m and were required to invest €568,000 in Canada. No such investment is required by the IIP. Once the application was approved the individual would be granted permanent residence. In order to be conferred citizenship, the individual would need to reside in Canada for three out of the four years immediately preceding the application.

The only places that the IIP can be assimilated to are the services offered by certain islands in the Caribbean such as St Kitts & Nevis and Grenada.

However not even in these islands is citizenship sold, but investment by the individual is required. In the case of St Kitts and Nevis even the outrageous proposal of Henley & Partners to be sole concessionaires was not accepted (as it was locally) due to the flagrant conflict of interest that this incurs.

In practice, can the IIP attract high worth individuals to invest in Malta?

In the short term this scheme may attract a number of foreigners as government is forecasting – although whether they are high worth or otherwise remains to be seen since the IIP does not impose any obligation on them to invest locally. However, the likelihood is that these individuals would simply be using Malta as a steppingstone using our hard earned rights and benefits and invest their worth elsewhere and not locally.

The one-time price to be paid for citizenship is not an investment – the value of this payment will expire long before the true benefits of a true investment programme which would require a substantial investment in Malta coupled by residency.

Money / Issue 22 - 21

Citizenship

International media reports depict Malta as being in such economic dire straits that it was compelled to sell its very identity. As a consequence of the IIP, Malta will no longer remain attractive to foreign investors. The IIP is a dangerous scheme which is going to scar our economy.

Should such an issue have become politicised?

Unfortunately everything on our tiny island is politicised. This controversial Micro scheme however is truly apolitical.

It finance is the pimping of a nation to foreigners to pursue their own objectives using Malta’s good name and financial stability to achieve for their personal gain, destroying both in the process.

Financial services is the only area that was never politicised. Both political parties have always agreed unanimously on legislation regulating financial services. Admittedly this is not a piece of

financial legislation since it is the sale of citizenship – however its impact on the financial market is closely linked and has caused substantial damage in this once stable field.

such funds to create new employment opportunities in research and innovation. Yet the scheme appears to be rather naïve from a financial perspective. Malta is capable of achieving much more.

This scheme is a matter of national pride and interest which is going to be pivotal is determining the future of our economy.

The first constructive criticism could be that the price attached to the citizenship may be too low and should be nothing Reuben Buttigieg is less than €1m reviewable every year. managing director of With a low price Malta may attract the ReubenBusiness Buttigieg is Managing Erremme relatively small fish while losing on the Director ofPresident Erremme Business Advisors and larger ones. ofAdvisors the Malta and Institute of President of the Management.

Furthermore, additional requests Malta Institute of Management. should be made to the scheme. For The local political debate was instance, to apply, one has to become recently hijacked by the Individual fiscally domiciled and resident in Malta Investors Programme announced and not apply any double taxation treaty by government. relief. Another request could be that if not domiciled and resident in Malta one I believe that the aim of the scheme would need to invest some €250,000 in in itself is good, because its target is Malta or pay such funds in a dedicated to generate income and possibly use ring-fenced fund.

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icrofinance, mutual guarantee schemes and crowdfunding are three financial instruments that could very well be the solution to the economic crises in many EU member states. In fact, the European Economic and Social Committee has, on various occasions, recommended to the European Commission to look into these instruments.

22 - Money / Issue 22

In one of its opinion papers, the EESC states that, “Hybrid capital that presents an alternative to bank lending

communication envisaging, of unemployed youths, addressing and encouraging particularly male youths. One Selection of coolers and dispensers alternative financing methods could come up with various should be developed to ensure arguments regarding youth that these are on a level unemployment, including playing field with financing skills mismatch. However, Great offers available methods such as conventional there is presently a lack of finance.” publicly known accurate and systematic data on youth. Such Tailored forms of hybrid statistics would enable Malta capital containing elements of to identify the weaknesses and grants, equity and the potential of our youth and Tel. 2381 4411debt • Email.capital eco@farsons.com (such as profit sharing loans) perhaps encourage and assist should be strengthened, them in finding alternative because they suit SMEs and ways to be employed. micro-enterprises better both in the early stages and Various studies in the

If none of the above is applicable, then one could donate â‚Ź250,000 per annum to the Voluntary Organisations Fund managed by the Council for Voluntary Organisations, or employ and keep in employment 10 Maltese people in his businesses in Malta or abroad.

Thus, Malta would have an annual income and the investor concerned would be contributing regularly to the development of Malta particularly in creating employment for more vulnerable groups. All funds generated from this scheme need to go exclusively towards such a scope.

The scheme should not be promoted in the way other schemes were promoted and should not have had the prominence that the scheme was given. The persons one would wish to attract will certainly not be encouraged to come forward given the huge publicity.

Other countries, including European

countries, do have similar schemes but they only promote them discreetly and to a pre-screened target audience through their embassies. We would all concur that our ambassadors and their teams have the right skills and capacity to promote discreetly and hence ensuring that the right persons are attracted to Malta. Furthermore, in this manner, we would not need to engage any specific consultancy firm and hence maintain intact the funds generated.

Regrettably the matter has been politicised with certain persons apparently far from hesitant to see the international media giving it the wrong kind of attention. It is even sadder that in order for government and the Opposition to agree on a way forward the country needed to resort to a mediation which may not reflect the true needs of Malta. It is indeed hoped that the mediation is not in any way influenced by the bias shown in recent past.

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Money / Issue 22 - 23

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Marketing

George Larry Zammit is Marketing Manager at Arkadia Marketing Ltd. and is an associate member of the Chartered Institute of Marketing (UK).

From mass to class

How do you build and market a successful luxury brand, asks George Larry Zammit.

A

s many set their strategies on catering for the mass market, some look the other way and market for the few. Marketing top brands is a very sophisticated matter but it is also a unique segment which offers the desired margins to sustain long-term growth and profitability.

The contrasts of the high street

A visit to the Spanish Steps is a must for anyone travelling to Rome. The best passage to get there is through Via Condotti off Via Del Corso. While seeing the majestic Spanish Steps at the end of the street, one can only appreciate the many luxury fashion shops along Via Condotti. As all the main players of the luxury fashion world have a presence here, it is impossible not to notice the upmarket tourists queuing up to enter any one of the shops.

While adoring the imaginative and quite dramatic shop windows, many are eventually flabbergasted with the selling prices of the items on exhibit.

For many, such prices are ludicrous.

Why would someone ever consider making such a purchase? But then again why are customers still queuing up to enter the shops?

This is the same question many ask about premium priced products and services such as hotels, cars, gadgets, wines, jewellery and fragrances amongst several others. Many seriously question the value for money of such luxury goods when a lower price option exists. For many, the acquisition of a product or service is simply cost. But then there are the vital few who perceive value differently.

The law of the vital few

Many are familiar with the Pareto principle, also known as the 80-20 rule.

It is an interesting phenomenon where theoretically 20 per cent of something is responsible for 80 per cent of the result.

In sales, for instance, 20 per cent of your customers are responsible for 80 per cent of your turnover. Likewise 20 per cent of your suppliers are responsible for 80 per cent of your supplies. And most probably 20 per cent of your workforce account for 80 per cent of your payroll.

What this means is that the wealthy, which are a fraction of the global population, potentially account for most of the global wealth. Hence while many market for the masses, a few brands market for this affluent niche of customers. While many businesses are fire-fighting the global recession with challenging consumer demand, the luxury brands continue to top-up yearon-year growth and profits.

For example the French group Colbert that manages a number of renowned luxury French brands such as Chanel, Dior, Guerlain, Hermes, and Remy, recently reported an increase of sales in excess of 100 per cent for all these brands over just a five-year period. This all happened when the news headlines were occupied with bank bailouts and the eurozone crisis. Just imagine the long-term potential of similar luxury brands with emerging economies such as Russia, China, India and Brazil.

A different definition of value

Luxury brand seekers have a completely different understanding of value. The value proposition for this selective customer segment is not based on getting the best price on the market. It is a much more sophisticated matter that follows three motivations: functional value, experiential value and symbolic value.

Functional value is the objective component where the consumer is motivated by the physical attributes of the brand and what it can deliver. Case in point is Ferrari which positions itself as a fast car brand with its associations with Formula 1. Another example is five-star hotel chain brand Corinthia, renowned for exceptional hospitality. The value proposition focuses on functionality as the consumer is prepared to pay a premium only if the brand can walk the talk.

Experiential value is the subjective component where consumers try to connect and seek individuality. This value proposition projects a vision of a superior lifestyle through style, innovation and indulgence. This is the main motivator for luxury fashion brands such as Burberry and Louis Vuitton with their iconic designs and branding. Premium foods and wines such as Spanish Bellota ham, a fine French Bordeaux wine, or some pricey Russian Beluga caviar are clear examples.

Symbolic value is the collective component where the consumer seeks a social connection by seeking to be part of the elite. The value proposition is mainly focused on prestige as it is not what the brand means to the consumer, but what it means to others. Branded polo shirts are a perfect example. The value added of such a basic garment all depends on the logo embroidered on the chest as consumers choose their preferred tribe which they want to be associated with.

Building a successful luxury brand

After realising the significant potential of the luxury brand market and what

Money / Issue 22 - 25

Marketing

mainly motivates luxury-seeking consumers, it is now important to understand the main attributes that make a successful luxury brand. Brand equity is essential and it is mainly through the following characteristics that luxury brands maintain their prestigious position in the marketplace.

Heritage

Successful luxury brands have an amazing story to tell. They have a global reputation of world-class excellence.

In many cases the association with a country of origin elevates this reputation. Popular examples are Italian leather shoes, Swiss watches, French wines, and German automobiles.

Environment and service

Leading luxury brands have full control of their supply chain. The role of the supply chain is to maintain prestige and deliver a superior experience. Flagship stores are a critical medium to promote the brand on the high street. Consider Nespresso stores which are situated in prime locations and boast rich interior décor. You will certainly not find a Nespresso machine or coffee pod for sale on a supermarket shelf. Let alone George Clooney at the cash point.

Culture

There is an internal commitment to the brand where innovation and quality are paramount. Even the personality and value of its creator can be felt.

The late Steve Jobs certainly left his mark on Apple, as did the late Gianni Versace, Giorgio Armani, and Enzo Ferrari on their brands. Even in football, icons such as Bill Shankly (Liverpool FC) and Alex Ferguson (Manchester United) left their imprint on their respective football clubs and eventually the brand.

26 - Money / Issue 22

Clear brand identity

A winning luxury brand has a unique and identifiable DNA. The brand has an emotional appeal and aspiration which matches its market position. You will certainly not miss the BMW logo on the front of each model. Fragrance brands also make it a priority with their luxurious packaging and extravagant product launches.

Marketing communications

Communication for premium brands is much more sophisticated as it is not mainly focused on selling but actually about promoting an inspirational lifestyle. Communication is mainly done through direct initiatives to the target market, the staging of special events, celebrity endorsements, and effective PR. Red Bull certainly set the standard for extreme events that link to the brand. Was Felix Baumgartner drinking a can of Red Bull while he was jumping from outer space? Certainly not but he surely got our full attention.

Product integrity

The functionality and excellent quality of the product reflect the craftsmanship of the brand. Mont Blanc comes to mind as well as vintage wines. Have you ever heard someone talking about a faulty Rolex? If a customer is ready to pay for it, nothing short of excellence is expected.

Design signature

The product is iconic and recognisable with its creative design. Burberry’s iconic pattern is hard to miss. The iPod takes credit for making white headphones trendy as they were an integral part of the gadget’s advertising, while Mini and the VW Beetle are iconic with their unique and easily identifiable shapes.

Premium price

Luxury products can be acquired at a premium price which is consistent with the positioning of the brand.

Buying into a luxury brand is considered an investment and a commitment to be associated with excellence. Ever heard someone complaining about the price of good quality chocolate or coffee? Even bottled water can be sold at a premium.

Exclusivity

Luxury branded products are certainly not produced for the mass market and therefore are made available in limited quantities. Limited edition and exclusive ranges are common practice to increase anticipation and possibly generate a waiting list. Ever wondered why certain products are only available in duty free shops within the confines of an airport’s departure lounge?

And why certain brands are very selective on which places of the world they permit the availability of their products?

The future of the luxury brand market

With further developments in emerging markets worldwide and major economies steering away from recessions, the potential of luxury brands can only grow further. In the meantime conventional mass market brands will continue to struggle in securing sustainable margins mainly because their value proposition revolves around the best market price while their success highly depends on acquiring much needed volumes.

Important choices lie ahead for marketeers. What might have seemed ludicrous might not be so ludicrous after all. Very interesting times lie ahead.

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Richard Muscat Azzopardi is co-founder and director of online marketing at Switch Digital, which specialises in building long-term relationships and increasing return on investment for clients online.

Online

Virtually yours

How do you build the right online audience for your luxury brand, asks Richard Muscat Azzopardi.

W

e love online marketing because it offers the great advantage of being able to hit large numbers of people with extremely good returns on investment. Traditionally, when we saw mass-market media we tended to ignore them for higher end products.

The risk of devaluing the brand is far too high, so very few marketers of high value products would ever take it.

So is there scope for marketing higher value items online? Of course there is – you just need to keep a few things in mind when planning your digital strategy. Some best practices simply extend into the realm of highvalue items, gaining more importance

Look and feel

First impressions count, and in this market, first impressions really make or break your campaigns. High net worth individuals are usually very busy people.

Anything that caters for them should feel immediately familiar. There is a very distinct set of aesthetic values that sets luxury brands apart, so make sure your brand follows these while being communicative and evoking intellectual intrigue.

Functionality should also be seamless – no fiddly controls or long and roundabout procedures.

Targeting

Unfortunately you cannot really target people by net worth or income levels, but there is still a lot of scope for more of a pinpoint approach to marketing luxury items. With careful planning and execution you should be able to get to the right sites to place your ads on.

If you advertise on the Google Adwords network, then take the time to research which sites you want to limit your ads to. It might also be worth your while to connect with a few top sites in your sector and purchasing advertising placement manually or working with them on lead generation campaigns

Quality over quantity

In general you have to accept that the higher the value of the product, the higher your cost per acquisition is. This, however, works out well anyway, to a certain extent, because we are usually looking for a smaller number of clients. The problem this brings along with it, however, is that you can’t rely on numbers alone. You should concentrate much more on analysing the quality of your leads than the raw quantity, because even if you’re paying a lot for them, they might not necessarily be the kind of leads that you need. It is much better to be attracting 10 high net-worth individuals than a thousand droolers.

Superior deliverables and service

If you’re charging more for your products because they offer something better than your competitors, then you have to make sure that the whole customer experience matches this. Set SLAs that will determine how long your customer service takes to answer customer queries online, prescribe a tone of voice, and offer something extra. Use social media to extend your service, and if you can afford it, also use social media to solve your customers’ problems, even if you’re not the cause of the problems in the first place.

Being nice to people online is a sure-fire way of gaining respect, but going the extra mile for a select group of customers can build the kind of brand loyalty that money just can’t buy.

Responsive design

We’ve already gone over the importance of having clear and concise messages that are well-presented, but we cannot really emphasise how essential it is to have responsive designs and coding for all your online material.

Responsive design adapts itself to different devices, so that the content on your website appears differently based on the screen size and type it is being displayed on.

You might really love the look of that navigation bar which is small and sleek on a desktop where you’re using a mouse to navigate, but try hitting them with pudgy fingers on a small mobile phone screen and you’ll be pressing the back button to leave the site after your second attempt at hitting the store button.

Chances are you’ll never return.

Gated communities

The internet has made the possibility of virtual gated communities a reality, and if you have the budget for it, creating your own community and keeping your customers engaged on it is the ultimate way to build brand loyalty. Even if you do not have the time or resources to build your own, there are quite a few of them out there that are just waiting to be tapped into. A Small World (www. asmallworld.com) is a classic example of a community of affluent (mainly) young adults who are interested in networking with other similar people.

At the end of the day, if you carry the values that made your luxury product a success into the digital world, you should have no problems building the right audience for your brand.

Once you have the audience sorted, the rest will follow.

Money / Issue 22 - 29

your business ability, our financial support Whatever the size or nature of your business, we know that running a successful enterprise takes ability. That’s why we offer the best support on the Maltese Islands – a personalised banking service which will take you as far as your business can grow. Talk to us today to see how we can help.

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Issued by Bank of Valletta p.l.c. 58, Zachary Street, Valletta VLT 1130 - Malta

Promo

The right bites Victor Calleja meets the chef patron, Ivan Lanzon Miller, at Assaggi, St Julian’s.

W

e humans rarely agree about most things. But that’s good because, if we did, then there would be no scope for discussion as any conversation would reach an agreeable conclusion even before starting.

Parliament would be even more boring than it actually is. Blankness and blandness would unseason our very existence.

Nature was genial and kind enough to give us not only free choice, but something more lasting: we are human, cantankerous, unsubtle and supremely subjective. This makes life tough but worth living.

Luxury is one of the gifts in life which keeps us going and ticking. We all aspire to things or experiences which are exotic, evocative of pleasure, and rare. But luxury too has many facets and spending a month lounging on a beach can be one man’s vision of heaven and another man’s damnation. Such is life and eating is surely one of those subjective aspects of our daily routine. Even a piece of bread, long considered just a boring staple of life, if dipped in the righttasting oil and drizzled with some good salt and pepper, can be a taste of heaven.

However, as always, there is an exception to everything in life. Yes, there is a place which proves all the rules of

subjectivity wrong. Ivan Lanzon Miller runs Assaggi, a restaurant in the most unexpected of places where the food is divine and where, I am convinced, no one with taste will go and not be dazzled.

Forget what I said about to each his own and all the other platitudes about humanity and its vagaries. Exceptions prove our frailty and our folly and Assaggi and its chef patron give you a true taste of something more exquisite than luxury.

Don’t expect to find Assaggi in a prominent place or in opulent surroundings. But who cares? The restaurant is cosy and not big, so make sure you place a reservation days before.

Meander around St Julian’s, find the restaurant and enjoy your food prepared by a master and dished out in master-style.

Can I do justice to what Ivan created when we feasted on some of the Assaggi fare? Words, those silly human sounds we use to describe sensations, fail me miserably. How can one describe the subtleties of the salt used like a craftsman, the fresh truffle sauce, the sensuous taste of biting into a scallop, a tender quail, the maddening but delicious mixture of sweet and sharp tastes?

The menu is mouth-wateringly full of all things nice and we were intrigued by the way the soup was served. The

waiter comes to your table with your empty soup plate, apart from a sprig of fennel drizzled with oil. He proceeds to pour out, ever so gracefully, the soup and its aromas fill the air. Sheer poetry.

I know theatrics don’t make food tastier but pleasing the eye works wonders especially when the taste of the artichoke and cauliflower soup reflected the poetry of the presentation.

Words, alas, are silly and even the most adept wordsmith will not convey what I felt when I tasted the pork. The chef is good not just with prime cuts but also with the lesser pieces which he sprinkles with some gold dust only available to the few. In the initial seconds while the taste of the pork travelled to whatever part of the body it goes to, I floated to a place far from reality. The reality is that Ivan is surely the chef of the moment.

The food does not come in bucketfuls – thankfully – but its essence, its taste, comes in endless supply. We left Assaggi mesmerised.

Assaggi is at Triq L. Apap, St Julian’s, Malta. For more information contact Assaggi on 2133 6625, 7933 6625, 7733 8855 and info@assaggi.net or visit www.assaggi.net

Money / Issue 22 - 31

Market Report

Happy returns?

How can you add glamour to your portfolio, ask Chris Grech and Calvin Bartolo.

S

ince this issue of Money focuses on luxury goods and given that collectible items generally tend to increase in value, we decided to share our views on buying collectors’ items as an investment.

The market for collectible items is large and diverse and includes, among others, wines, classic and contemporary art, precious stones, cars, antiques and watches. Collecting luxury items may be fun and carry prestige in addition to expected return. They offer an excellent store of wealth especially when there is no other place to go.

The quantitative easing programmes undertaken by the Fed and the BOE were incorrectly viewed by the market as the precursors of rampant inflation and investors reacted by purchasing assets such as classic cars, which are limited in supply. Such actions caused the price of classic cars to rise.

Once Warren Buffet’s famously said that, “Never invest in a business you can’t understand,” and this applies also to collectors’ items. Purchasing an old car may sound like an easier feat

32 - Money / Issue 22

than understanding the complexities of financial markets – however, the dynamics of collectors’ items is probably even more complicated than vanilla financial instruments. Demand is largely determined by society and its norms, which tend to change over time. For instance, buying stamps as an investment was very popular during the 1970s but then fell quickly out of favour following a speculative bubble.

Demand is largely underpinned by the iconic status of that particular vintage.

The Ferrari 250 GTO is now an iconic car and the most expensive Ferrari, sold for $52 million last October. However, older models such as the 1948 Ferrari 166 typically fetch between $4 and $5 million.

To make it even more confusing, Ferrari produced 39 cars of each model and yet the 250 GTO is valued at 10 times its older counterpart.

Enthusiasts have an edge in collectors’ items arena and only they should consider diversifying their investments by adding such articles to their portfolio.

Yet their purchases need to be made on solid financial grounds.

Collectors are passionate investors and this is their first obstacle. Passion is the root of most investment failures – passionate investors are irrational and usually end up paying a price higher than the intrinsic value of the asset.

Investment decisions should be clinical and boring – just like watching paint dry.

Diamonds may be forever but like most other collectible items, they do not produce a cash flow (these assets do not pay a dividend or a coupon). We typically avoid investments that do not produce cash flows for a number of reasons.

First, any proper asset valuation method involves discounting future cash flows produced. On what basis is a Cézanne painting valued? The price you assign to a painting by this master is subjective and largely based on the value you expect to receive when you sell it – which is also very subjective.

The valuation of paintings and other collectors’ items become even trickier when prices shoot up because there is no reference point to indicate that the market is overheated.

Chris Grech and Calvin Bartolo are co-founders of blackdigits. com.mt, a financial website which allows users to analyse the financial statements of local listed companies. Data is available for free. The aim of blackdigits.com.mt is to create a community-based website where users may share their views and knowledge on companies listed on the local market.

“Collectors are passionate investors and this is their first obstacle.”

Secondly, the doubling of the value of a vintage wine in say, 10 years, may seem a fantastic return but it is in no way glamorous. A 100 per cent return in 10 years is equivalent to a yearly return of 7.2 per cent compounded annually without taking into consideration storage and insurance costs. This would be a weak return if you compare it to the return paid by a local dividend paying stock such as Bank of Valletta plc (BOV) or Malta International Airport plc (MIA) shares. These two companies pay a continuous dividend and currently return around 4.5 per cent return net of tax.

In addition, the share price 10 years ago was €1 and €0.80 (adjusted for bonus issues and stock splits) for BOV and MIA respectively and currently stand at €2.60 and €2.15 respectively. This appreciation is equivalent to roughly 10 per cent per annum, compounded on a yearly basis and therefore these two stock investments paid a return of 14.5 per cent per annum when you take into consideration the dividend – or a total return of 287 per cent over 10 years if the dividend was reinvested.

This return is almost three times better than the doubling in value of collectors’ item over 10 years so keep in mind when thinking of collectors’ items as an investment.

Moreover, using collectible items as collateral is difficult and typically the few specialised lenders that do accept such collateral charge higher borrowing rates. Counter intuitively this disadvantage is also an advantage because this makes the asset class safer.

Bubbles invariably form when banks relax their lending restrictions for certain security interests and therefore

the restriction on using collectors’ items as collateral is a blessing in disguise.

Those investors who want more glamour in their portfolio, without holding the physical asset and worrying about storage, insurance and security, can buy funds that invest in alternative securities such as diamonds and vintage cars. These funds are typically more complex and can have significantly higher fees but on the other hand, the investor does not have to worry about holding costs, fakes and has better access to the market when liquidating.

The Financial Times, for instance, have a wine investment plan which starts from €300 monthly. However, investors beware: most (but not all) alternative funds are designed to extract higher fees from you, not to deliver better returns. According to the SEC, 89 per cent of the $11.5 billion of gains in 63 managed alternative funds went to fees, commissions and expenses between 2003 and 2012. Fees matter so look at that detail closely.

We hope to have convinced you that collectors’ items are not the easy way out. To be successful, you need to buy what in the future the world will be regard as iconic, make sure the collectors’ item is not a counterfeit, and buy items which are limited in supply and will not fall out of favour over time.

Above all, you need to dedicate a lot of time to learn the trade and somehow acquire the required experience.

Ironically, we feel that investing in financial assets is somewhat easier, less risky and probably pays a healthier return. We will stick with the boring stuff for now. And if we come across a good Bordeaux, we’ll do it justice and drink it in good company.

The best of Britain’s favourite grocer in Malta Arkadia Foodstore has announced the introduction of products from award winning British food retailer Waitrose. The move is in response to customers increasingly interested in what they eat and how to prepare their food.

Arkadia Foodstore, located in Portomsao and Gozo, will be introducing food cupboard items from across the full range of Waitrose branded products which include Duchy Originals, essential Waitrose, Heston from Waitrose, Love Life, Waitrose Organic, Seriously, and Cooks’ Ingredients. These exclusive product ranges include teas, biscuits, cereals, condiments, sauces, and other essential ingredients. This will signify the first phase of introducing products from Britain’s favourite grocer, with firm plans to introduce chilled and frozen ranges in the near future.

Arkadia Foodstore is operated by Arkadia Marketing Limited, a fully owned subsidiary of the Mizzi Organisation.

Take the right lane

Choosing the right policy for your needs is very important – even more important is choosing which insurance company to buy it from. Ultimately the cover provided by insurers is not very different, and very often nor is the price. So how does one choose? The true quality of an insurance company comes out when handling claims, so its reputation in this area is of utmost importance.

GasanMamo has an excellent reputation in handling your claims. In today’s busy life, what you need is an insurance company that understands your problem and goes out of its way to help you resolve it quickly. This is what GasanMamo believe in and are proud to deliver.

GasanMamo Insurance is in Msida Road, Gzira GZR 1405. For more information call on 2134 5123 or visit www.gasanmamo.com Money / Issue 22 - 33

Country profile

34 - Money / Issue 22

Swiss made

How did Switzerland become the symbol of luxury, asks Money.

O

n paper, Switzerland exists in exile. For centuries, it has fiercely guarded its neutrality with one of the largest land-based armies in Europe.

And despite being close to the geographical centre of Europe, it is not an EU member.

Membership of the European Economic Area was also rejected by referendum in 1992 and most Swiss-EU relations are only possible through an endless list of bilateral agreements.

The only allowance Switzerland has made to the continent it belongs to was a referendum-backed membership of the EU Schengen area in 2005.

And yet, despite its self-imposed EU exile, this landlocked, mountainous country is one of the world’s richest nations.

Switzerland has made its money through its famously secretive banking sector. However, in recent years, Switzerland has bowed its head to increasing international pressure to allow greater scrutiny of its banking sector, amid growing concerns about money laundering.

What has also contributed to Switzerland’s wealth and made it one of the biggest producers of luxury items is its watch industry.

Any watch that carries the legend ‘Swiss made’ speaks of precision, luxury, craftsmanship, and technology. It is a tradition which Switzerland has built and nurtured for hundreds of years and which has helped it become a world market leader in luxury watches. The secret to this success is that watch makers do not sit on the laurels of their mature tradition – rather, they invest millions in research and development.

So strong is the Swiss watch tradition that it has survived, largely intact, the

recent economic downturn and continuing spending insecurity. In fact, in 2012, the Swiss luxury goods industry registered robust growth. This growth was fuelled by an increase in luxury goods retail tourism, especially from China, as well as a rise in spending among women in traditionally male categories such as watches and designer business attire.

With high average per capita incomes, the Swiss themselves are an attractive customer base for luxury watches.

However, Switzerland’s watch industry is also highly export driven and 95 per cent of all watches produced in Switzerland are intended for export. In 2012, the total yearend value of exports was more than €17bn and is the third largest export sector after pharmaceuticals and machinery.

Still, that doesn’t make Switzerland the world’s biggest watch producer – that accolade goes to China. In fact, the Swiss watch industry only accounts for around 2.5 per cent of global production in terms of watch unit numbers. That said, Chinese watches are mainly geared towards the lower end of the price range – at the other end of the spectrum, Switzerland enjoys a position of near monopoly in the mechanical and luxury segment.

Not only is this industry one of the most important in the world, but it makes a significant contribution to the country’s GDP and has a healthy ripple effect on other Swiss industries. In 2012, for instance, Switzerland’s high-end clothing and footwear specialists recorded a healthy growth in sales. And that’s only natural – those wearing a luxury Swiss watch will want to complete their outfit with a luxurious wardrobe. This is also thanks to Switzerland’s high consumer confidence – the strongest proof that Switzerland is really the byword for the kind of luxury that lasts from one generation to the next.

Switzerland in numbers 2/3

Two-thirds of the Swiss population speak German, around one-fifth French, seven per cent Italian and less than one per cent Romansch.

€53,000

The Gross National Income per capita stands at circa €53,000.

Main export Switzerland’s main exports are machinery, electronics, chemicals, precision instruments and watches.

85 years

Life expectancy in Switzerland is 80 years for men and 85 years for women.

20.5%

In 2012, sales of gold watches posted a 20.5 per cent increase and accounted for more than half the sector’s growth. Steel timepieces recorded an 8.2 per cent growth.

Money / Issue 22 - 35

Class Armchair by Vibieffe. 21, Triq San Pawl, Naxxar Tel: 20 9999 66 Email: info@loft.com.mt loft.com.mt facebook.com/loftnaxxar pinterest.com/loftmalta

A NEW PERSPECTIVE.

Interview

In the lap of mastery Jean Campiche relives the fast times of Formula 1.

Jean Campiche in Monaco in 1979

R

ush had us all at the edge of our seats. Set against the glamorous golden age of Formula 1 racing, this big-screen drama recreates the epic rivalry between two Formula 1 drivers: the charismatic James Hunt and the perfectionist Niki Lauda. Directed by Ron Howard and written by Peter Morgan, Rush is an exhilarating true story of one of the greatest sporting duels we’ve ever seen.

None must have watched Rush with closer attention than Jean Campiche, TAG Heuer’s official timekeeper for Scuderia Ferrari from 1973 till 1980. He then took a break from Formula 1 to work in skiing, always with TAG Heuer, and returned to Formula 1 in 1992. He moved to Indy Car racing in America in 2003.

“Back then, Formula 1 was very different,” Campiche, an electronic engineer, says. “Nowadays, drivers and their teams spend a lot of their time on sponsorship commitments, but in those days, we used to spend a lot of time together. Moreover, technology was very different.

“When I started in Formula 1, timekeeping was organised by different timekeepers in every circuit. This was quite problematic – the equipment was different in every circuit and everything was done manually. It was also difficult to distinguish the drivers’ helmets from a

Niki Lauda in a photographic portait at the 1975 Dutch Grand Prix Verhoeff, Bert / Anefo

distance. All this increased the possibility of errors. I used to go to the timing tower to verify my times with theirs.

“Then at Ferrari, we developed a new system. We had a printer connected to three keyboards with five buttons each – that meant we could take lap times for 15 cars during practice, qualifying and race.

It was sophisticated enough, but still manual. My job was to recognise a car by the sound of the engine or the driver’s helmet, and push the relative button as precisely as I could.

“In the late 1970s, transponders were fitted to cars, which, together with photocells, allowed for automatic timings. This meant that timings were more precise and people could see live timings on television. At the end of the 1980s, we also developed a video camera to record the finish. Eventually, we got a video camera which could record 1/1000th of a second.”

Campiche has plenty of memories of Formula 1. He remembers Enzo Ferrari well.

“For everyone, he was the commendadore. Whenever he came to Fiorano, where Ferrari also had a TAG Heuer timing set-up, everyone would be on their best behaviour. I spoke to him a couple of times and he always asked after my girlfriend. He liked girls.”

Campiche also remembers August 1, 1976 when, at the Nurburgring, Niki Lauda’s Ferrari swerved off the track, rolled into the path of Brett Lunger’s Surtees-Ford, and burst into flames.

Lauda was trapped in the wreckage.

“Lauda was practically dead – a priest was there to administer the last rites.

We were very close to Lauda and to Clay Regazzoni, the two Ferrari drivers. We were very sad. But Lauda was very strong and determined and returned to race in Monza just six weeks after his accident.

I remember after the first tests, he took off his helmet and we could see his head covered in blood. You can imagine how painful that must have been.”

Nowadays, Campiche has moved on to a new challenge. Yet the passion for racing remains.

“It was always there,” he says. “When I was young, my dream was to race bikes – in fact, I raced competitively for six years, until 1972. However, at the time there were no sponsorships and to continue racing, I needed a lot of money.

So I decided to get a job, save some money, and return to racing. But then I started working for TAG Heuer and stayed there.

“I still watch Formula 1 racing on television. I never miss a race, and when I do, I feel so bad that I suffer sleepless nights.”

Money / Issue 22 - 37

FOR THE MAN WHO HAS EVERYTHING

Feel the wind in your face The 2012 Motor Boat of the Year, the 31 foot Zonda from Windy, excites and electrifies the senses.

Boasting clean striking lines with a no compromise performance hull, the Zonda breaks new ground in high-performance daycruising.

The deep V hull and precision tracking at high speed means that the helmsman is constantly enthralled.The quality in the construction and fittings is self evident, from the luxurious finish in the two berth cabin and galley area to the sumptuous cockpit seats and sunbed. The Zonda 31 designed, conceieved and constructed for those who demand the very best.

SPONSORED BY

Now available in Malta www.windyboats.com.mt

Technology

A spectacular customer experience Andrew de La Torre, Head of Technology and Sandro Pisani, Head of Consumer Business Unit at Vodafone, explain how 4G enhances the internet experience.

It is said that 4G speeds are comparable to those of a wireless LAN. How will 4G compete with fixed broadband?

For business users, most in-office installations are built around the Ethernet standard and typically operate at speeds up to around 100Mbps. 4G has a comparable performance in the best conditions but with the added benefits of wide area mobility. For wireless LAN (WiFi) installations, although the latest generation WiFi standards are capable of speeds far exceeding those of LTE, the limiting factor is always the connection back from the WiFi hotspot which limits it to roughly the same speeds as the Ethernet LAN. 4G is the fourth generation of mobile phone technology and follows on from 2G and 3G. What can consumers expect from 4G? 4G is a leading edge wireless technology built on the experience of a global industry that made 3G the fantastic data service it is today. 4G technology gives consumers faster speeds and an overall better internet experience. With the power of Vodafone’s 4G network and a 4G capable smartphone everything is faster: fast web browsing, faster downloads, faster photo and video uploads, send and receive e-mails with large attachments faster, video chat with friends and family.

device performance, we would expect our customers to see peak speeds (in the best coverage areas) of around 85Mbps download and 35Mbps upload, with the average experience across our coverage area being around 40Mbps download and 25Mbps upload.

During the launch, Vodafone announced that speeds would increase significantly. What speeds will be provided to 4G users and what do the consumers need to connect to 4G and benefit from these high speeds?

The actual speed our customers will see depends on many factors, as in the case with all broadband data technologies.

The version of 4G that has been deployed

by Vodafone in Malta is technically capable of supporting theoretical peak speeds up to 300Mbps for download and 75Mbps for upload according to the current standards. However the majority of mobile devices available today are limited to speeds of 100Mbps download and 50Mbps upload. In a real network environment, taking into account factors such as coverage, network load, and

Also, some older generation SIM cards will not support 4G. Vodafone can quickly perform a swap for a newer SIM for any customers wanting 4G services.

We will also have specific tariffs where 4G is accessible, so our customers will need to be subscribed to these specific plans. These tariffs will allow seamless movement between 2G/3G/4G and consumption of a single data bundle across all technologies.

For our customers to connect to Vodafone’s 4G and benefit from these speeds, they will need a device that is 4G enabled. Some 4G devices in the market are already 4G enabled. However some are only 4G ready and require some updates to be able to connect to 4G – Vodafone will take care of this for our customers.

Finally, and perhaps most obviously, our customers will need to be in a 4G coverage area. Initially, we will already be providing 4G coverage in the areas of Malta that already have the highest demand for mobile data including Valletta and the main commercial and entertainment hotspots of Sliema and St Julian’s.

For consumers, their home WiFi hotspots have the same limitations – in that the speeds that can be achieved will only reach those of their broadband connection. Considering the available broadband speeds across Malta (in terms of that actually achieved), 4G compares very well in terms of its performance.

In order to get 4G, consumers have to have a 4G ready device. Does Vodafone have devices ready for 4G? We are working with all the mainstream handset manufacturers to ensure that all the major 4G handsets will be available to our customers here in Malta.

Finally, Vodafone said that it accelerated its plans to make 4G a reality and has invested €10 million on the technology. What type of investment has been made?

Bringing 4G to our customers has required a complete end-to-end upgrade of our network and IT systems, to ensure that we provide a truly spectacular customer experience on this latest generation technology. We have renewed our Radio Network, Transmission Network and Core Network to enable 4G to be supported, and at the same time have developed new products and capabilities in our customer care, provisioning and billing systems. Our investment decisions have been focused on ensuring that 4G continues to support Vodafone’s market leadership in network performance and overall customer experience.

Money / Issue 22 - 39

Design

1: The kitchen is a recycled carpenters’ bench – originally built by Briffa’s late grandfather in 1963 – topped with a Carrara marble top, a vintage kitchen mixer and a folding 1930s lamp.

2: The living area features 1950s G-plan seating laid out over a contemporary pattern of hexagonal cement tiles overlying under-floor heating. A prototype entertainment system named “VTV”, inspired by old cabinet televisions, houses a flat screen and a powerful sound system – now in production.

3: Nero Marquina marble flooring and Belle Epoque tiles clad the luxurious bathroom, the lavatory and flushing system rescued from one of Briffa’s building sites.

1

2

Valletta Vintage

Chris Briffa’s one-room hotel captures the essence of a traditional Valletta interior while staging an intimate experience.

What inspired you to create a oneroom hotel?

In 2006 I was in Milan following a course on hotel design, which capitalised on creating a unique experience, rather than just good-looking rooms. We visited many so-called ‘boutique’ hotels while there, and the one I never forgot was Corso Como 10 – better known as 3 Rooms. A true home away from home, set around an intimate courtyard and furnished with a personalised collection of furniture, artwork and everyday objects – it somehow managed to grasp Milan’s genius loci.

40 - Money / Issue 22

What was the space before it became Valletta Vintage?

When I moved to St Paul Street in 2010, my house was overlying a three-roomed apartment. After acquiring this small property I started thinking of how to use the new space. That’s when the idea of transforming it into a guest room that captures the essence of a traditional Valletta interior while staging a personal experience started brewing.

What design considerations did you make when designing Valletta Vintage?

The layout pays homage to functional

3

simplicity: an open living space, a cosy bedroom and a generous wet area. The furnishings were the real challenge – putting together a collection of vintage objects purchased from flea markets or online or even rescued from building sites can be very time consuming. But ultimately VV is special for this reason – it’s a personal story of my findings and familiarities, over the past five years or so, and periodically changing.

What does the location, Valletta, add to the space?

Valletta is a unique town, and for any well-travelled type a genuine, timeless experience in itself. But Valletta is in the process of reinventing itself, and needs to be forward-thinking while embracing a contemporary language around architecture and design. It’s an urban experiment that started 450 years ago, and the best is yet to come.

What luxury elements did you include?

I believe that luxury today is not only about generous space, or the latest in domestic comfort and technology.

Valletta Vintage addressed all that, but we live in a fast world and its novelty will be short-lived unless fuelled with emotional highlights. Luxury is about growth and personal experiences, about capturing the true essence of the place with its culture, its architecture and its locals.

When travelling, what are your priorities and how did this influence you when designing Valletta Vintage?

In today’s globalised world of accommodation, most hotels have become universally boring. ‘Design’ and ‘art’ hotels age quickly, while ‘boutique’ hotels have become a common tag and lost their original value. Before leisure travel, I spend some time exploring different options – quirky B&Bs, unconventional hotels or, like VV, very personalised apartments with a story to tell and come back with; a story which will be hard to forget.

For more information or bookings please contact info@vallettavintage.com

Money / Issue 22 - 41

Luxury

M a k e

A collector’s masterpiece The Lamborghini Veneno Roadster has just made its public debut on board the Italian naval aircraft carrier Nave Cavour. The limited edition super sports car, of which only nine will be produced, was formally unveiled on the flight deck of the 240-metre ship while docked in Abu Dhabi’s Mina Zayed port.

The Lamborghini Veneno Roadster is a fully road legal, open top car, bringing the aerodynamic efficiency of a racing prototype to the road, with extreme design and breathtaking performance.

The nine units will be built during 2014 and will be priced €3.3m.

With a maximum power output of 552 kW / 750 hp, the V12 Veneno Roadster accelerates from 0 to 100 km/h in just 2.9 seconds, with a top speed of 355 km/h.

Shown in Abu Dhabi in the specially developed colour Rosso Veneno, each client will be able to individualise the colour of his Veneno Roadster to suit their personal preference.

42 - Money / Issue 22

m i n e

The Veneno Roadster is extreme and guarantees an intense driving experience – because open means truly open. There is no roof, just a strong rollover bar for optimum safety. The design is focused on optimum aerodynamics and stability through fast corners with handling akin to that of a racing prototype.

The Lamborghini Veneno Roadster brings the aerodynamic efficiency of a racing prototype to the road. Every detail of its form pursues a clear function – exceptional dynamics, optimum downforce with minimal drag and perfect cooling of the high-performance engine. Therefore the Veneno Roadster is unmistakably a Lamborghini – it sticks firmly to the consistent design philosophy of all the super sports cars from Sant’Agata Bolognese. That includes the extreme proportions as well as the powerfully arrow-shaped front end and the interplay between razor-sharp lines and precise surfaces.

The entire design of the Lamborghini Veneno Roadster has been laid out for perfect airflow and downforce. The

front end works as a large aerodynamic wing. The visual division of the rear fenders from the car body is a reference to the world of racing cars and optimises the aerodynamic flow. The smooth underbody transitions into a substantial diffuser framing the four sizable exhaust pipes divided by a splitter. Large openings serve to ventilate the engine bay and direct airflow to the rear wing.

The design of the adjustable rear wing is the product of motorsport experience and extensive aerodynamic simulation to ensure optimum airflow in the interaction of the rear wing with the rear diffuser.

The Veneno Roadster is further proof of Automobili Lamborghini’s unique competence in CFRP-based lightweight design. A monocoque made from carbon fibre reinforced polymer forms the basis of the roadster. All exterior parts are made from CFRP. The Veneno Roadster meets all safety and registration requirements worldwide, and naturally also incorporates a full complement of safety systems from airbags through to the adapted ESP handling system.

a

m i l l i o n a i r e

Call me

This limited edition phone wallet

by Patrona features a gold-plated stainless-steel magnetic back plate embedded with two diamonds.

Exclusive to Harrods and also available in crocodile.

Wake up

You do love your early morning cup of coffee. But if you love it that much, you must indulge your beans by pouring the dark material in a Roberto Cavalli Platinum Palazzo Pitti coffee cup. €480 for a set of six.

My suede shoes

These suede lace-up shoes by Christian Louboutin herald a jazz-era style and add plenty of pizzazz to your outfit. A classic wing tip with a contemporary sole, sorry, soul.

Cheers Cuff love

The Patek Philippe Nautilus cufflinks in rose gold will not keep luxury at arm’s length.

The perfect wine to celebrate the new year – a bottle of 1982 Petrus Pomerol. Full of colour, youth and hints of minerals and Asian spices.

Money / Issue 22 - 43

Gifts

That’s rich What Money can help you buy.

Patch it up

The Hampton showcases Squint Limited’s hand stitched patchwork at its best. The colourful fabrics are rich in detail and include velvets, woven silks and printed cottons.

Love at first bite The great race

The Rolex Oyster Perpetual Cosmograph Daytona is for those with a passion for driving and speed. An iconic model created in 1963, the Daytona is the ultimate timing tool for endurance racing thanks to its precision, reliability and outstanding legibility of its functions.

44 - Money / Issue 22

Just Cavalli for him is unashamedly masculine. Bold and spontaneous, it is the scent of youth and freedom, a call of the wild. The Just Cavalli man is confident and fully aware of his charm. He likes to seduce and be seduced and even in an urban environment, he keeps in touch with the animal side of himself.

Just Cavalli is more than a perfume. It is an attitude and its mark is the Just Cavalli bite, a powerful symbol of belonging.

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Have a seat

Designed by the rising star of British design James Harrison, the Jonah armchair is a prime exemplar of modern retro.

Comfortable and well supported, the Jonah is clad in a soft linen mix fabric.

Cheers

These amethyst-hued crystal brandy glasses created by Jo Sampson are a precious tipple from the Elysian range of the Waterford Contemporary collection.

A close shave

The Acqua di Parma Collezione Barbiere includes a shaving razor and brush in wengĂŠ wood, badger bristle and burnished brass.

A precious carrier

Carrying your top-secret documents has never been so luxurious. The Bottega Veneta crocodile briefcase features the firm’s signature intrecciato weave pattern.

Sound out

The pocketsize Mini Jambox speaker by Jawbone features a built-in microphone with echo-cancellation and is compatible with most Bluetooth-enabled devices.

Available in red, silver, aqua, purple, green, orange and yellow.

Money / Issue 22 - 45

W I N T ER W A R M ERS Photographer - Kris Micallef - www.krismicallef.com / Stylist - Luke Engerer / Model - Matthew French Connection at District polo top, €41.00 / French Connection at District cardigan, €173.00 / Piazza Italia jacket - €75.99 Opposite: Mexx t-shirt, €37.95 / Mexx cardigan, €99.95 / Tom Tailor blazer, €99.95 / Mexx jeans, €75.00

Tom Tailor shirt, €39.95 / Mexx jumper, €89.95 / Mexx jeans, €89.95 / Tom Tailor blazer, €129.95 Camel Active at Scholl boots, €125.00

Boss Orange at District shirt, €160.00 / French Connection at District jumper, €81.00 / Mexx blazer, €159.00 French Connection at District chinos, €73.00 / Carpisa bag, €35.90 / Camel Active shoes at Scholl, €99.00

Boss Orange at District shirt, €160.00 / Piazza Italia jumper, €24.99 / Tom Tailor jacket, €119.95 French Connection at District jeans, €87.00

Tom Tailor shirt, €39.95 / French Connection at District jumper, €93.00 / French Connection at District jacket, €161.00 Tom Tailor chinos, €49.95 / Carpisa bag, €39.90 / Ecco shoes, €124.90

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26/11/2013 11:43

Graduation day The Malta Institute of Accountants recently held its third annual graduation ceremony. The event, hosted at the Attard Parish Hall, brought together a total of 134 graduates to receive their Associate Member of the Institute membership certificate Following the introductory speech

by MIA Secretary General Noel Zerafa, MIA President Maria Micallef welcomed the graduates as new members of the MIA. She highlighted the importance of sound ethical principles for all members of the profession.

Prof. Oliver Friggieri, the guest speaker at the ceremony, talked about the importance of values and their meaning in a professional’s life.

Wear fashion HEBE, a boutique of quality fashion jewellery and watches, has recently opened a new outlet in the main square of Paola. The new outlet is situated in Antoine de Paule Square, adjacent to Ninu Cremona Street and is open from Monday to Saturday from 9am till 7pm.

The new store houses leading fashionable and trend-setting brands including Ice-Watch, Pandora, Thomas Sabo, Nomination, Escada, Cerrutti 1881, Nanis, Bohemme and APM. These collections are available at the HEBE stores in Valletta, Paceville and Paola. The Ice-Watch collection is also available at the Ice-Watch store, Sliema.

Spreading its wings Nomad Aviation has announced its EU based sister company, Nomad Aviation (Europe) Limited in Gzira has received its Air Operator Certificate from Transport Malta’s Civil Aviation Directorate.

After intense work throughout 2013, Nomad Aviation (Europe) has also been awarded with its first aircraft, Challenger 604 9H-IPG, being registered in the Maltese Aircraft Registry and the AOC certificate as a commercial operator. From the decision to establish its EU sister company until certification took the Nomad’s less than 12 months.

r 2013

Both companies are led, managed and personally taken care of by the same individuals which ensures that Nomad’s estimated customers receive absolutely and unmatched the same individual service and quality, regardless if an aircraft flies under the Swiss or Maltese flag.

EASE

Nomad Aviation is the combination of European tradition, Asian spirit and Swiss precision. For more information contact Nomad Aviation (Europe) Limited on 2133 6663 or fly@nomadjet.eu

ION’S EU-SISTER COMPANY, NOMAD AVIATION (EUROPE) LTD. IN MALTA, A crown for the king of football WINGS

During the Football Extravaganza Awards ceremony held in London, the CEO of Hublot announced that Pelé would be joining the organisation as Hublot’s Brand Ambassador for the 2014 FIFA World Cup Brazil. During the evening, Pelé was also presented n proudly informs that its EU based Sister Company, Nomad Aviation (Europe)with Ltd.the Legend of Football Award, a tribute from the entire international footballing community in recognition his extraordinary career and lifetime achievements. He is the only , has received today its Air Operator Certificate (AOC) from Transport Malta’s of Civil footballer to have been three-times world champion, in 1958, 1962 and 1970, with the Brazilian team. orate.

on AG, based in Bern, Switzerland, decided to add has an also EU-based Hublot presentedsister-company. the Big Bang Unico. This new piece is the first in a new line of products designed valuations considering different locations it has decided on 20th of November to been house all future incarnations of the Unico movement, a column wheel chronograph movement with a dual Nomad Aviation (Europe) Ltd. alive in Malta. horizontal coupling visible on the dial side, designed, developed and produced entirely within the Hublot manufacture workshops.

ork throughout 2013, Nomad Aviation (Europe) has today been awarded with its first nger 604 9H-IPG, being registered in the Maltese Aircraft Registry and the AOC Hublot watches are exclusively represented by Edwards Lowell Co. Ltd. and are available in Zachary Street, a commercial operator. From the decision to establish its EU Sister Company until Valletta and Spinola Bay St Julian’s. For more information call on 2138 4503 or e-mail info@elcol.com ok the Nomad’s less than 12 months.

ification of Nomad Aviation (Europe) Ltd. is a great honour and highly appreciated 52 - Money Issue 22 . It is an achievement of/ each individual person of the Nomad Family, the value and of us set in our dedicated work. y receive this certification from Transport Malta and are proud to be a member of the

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Travel

Anthropologie

Home away from home

Luxury is personal, says Mona Farrugia as she returns to London for Christmas.

Amaya restaurant

I

am not particularly fond of gifts.

Well, maybe I am. I love giving gifts, planning them, organising them, leaving them in store bags because the store has done such an amazing job of wrapping them. I love the look on my niece and nephew’s faces when they open what I’ve bought them. I’m the best aunt in the best aunts tradition – childless and thoughtful. In fact, as we speak, I am in London traipsing up and down Regent Street avoiding Hamleys and thinking fur-lined Uggs for tiny feet. Hubby will get handmade shoes. Mum and dad food because it’s the one thing they never complain about and always consume with relish.

I am, sadly, dreadful at receiving gifts: judgemental, unappreciative, discriminatory. Designer shower gels leave me cold. I may not know the price of eggs but I certainly know that the shower gel is the entry price point for all perfumery – giving it means you can’t be arsed to think and expect the receiver not to know. I will buy my own clothes, thank you very much. And shoes. And bags. I have already given instructions to my husband (for the first time ever, may I add, since he is an amazing gift giver

54 - Money / Issue 22

and always gets it right) to get me either a full-length cashmere dressing gown (it’s called middle age) or an antique watch.

Nothing else. No wonder gift giving and receiving is such an intrinsic part of anthropological studies.

Fly to London in economy but return in business. Time is the greatest luxury of all, but then again, so is luxury itself.

And to me, being able to check in all those bags (Banana Republic, Liberty, Harrods, Anthropologie, Uggs, Longchamp, Stuart Weitzman, Gucci, the food hall at Selfridges, Fortnum & Mason – the list is beautifully endless) with no stress at the airport, ‘jumping’ the queue, getting tipsy being served champagne by beautiful staff at the Qatar/Air Malta (thank you code sharing agreements) lounge at Heathrow makes those paltry €100 extra seem so trivial.

What is luxury to you, I asked a multimillionaire customer who frequently comes to Malta and is still appalled at the lack of high-level accommodation available in Valletta.

“A good mattress in my hotel room,” he replied wistfully. Then he thought for

a minute and came back with another answer. “Actually, it’s simplicity. It’s about to come here – we were at my eatery in the capital, Angelica – and eat home food and have an amazing glass of wine without having to buy a bottle.

It’s feeling at home without being home.

Having a chat. And it’s not something you can formulate by ticking boxes.”

I understand him. I find myself returning to the same hotels, destinations and restaurants, because they have become second homes. When you want a break, reinventing the travel wheel each time is not an adventure – it is pure stress. So when I go to the Maldives, I stay at Niyama because I know where everything in the villa is, how deep the water outside can be, which burger to order when sitting on the sand with my feet in the warm water. And when I’m in London I go to The Beaufort.

I recommended this hotel in a previous edition of Money and a few select people got in touch personally for more detail.

They went. They loved it. Some sent me Facebook messages to tell me they were there. Now I am scared that I will check in and hear Maltese voices. Years ago I wrote

Food and travel writer Mona Farrugia edits www.planetmona.com and runs Angelica in Valletta. www.angelicamalta.com

about my favourite hotel in Paris – the d’Aubusson – and a Maltese couple got in touch to tell me never to mention it again. The greatest luxury in travel is not seeing anybody you potentially know: it is being able to be private.

It is easy to get lost in London so as long as you steer away from Primark, where the smell is Chinese shoe plastic, the visual a hotchpotch and the aural 80 per cent Maltese, loud and excited. You will not find any Maltese at Giuseppe Zanotti I can assure you.

Maybe a couple of princesses from faraway lands trying on £2,000 buttery suede boots.

Neither will you find them at the champagne bars which have popped all over the English capital. It is a luxury to be able to drink and eat at a bar without having to sit with someone else (a partner, a friend) but you need to pay for it. At the Moët & Chandon Champagne Bar at Harrods, a couple of Italian men sat

on the stools next to mine, seduced, no doubt, by the six-foot Russian glamazon filling the flutes. After reading the menu, one turned to the other and said, “Una coppa costa quindici pound.

Ordiniamo l’caffe?” If you want to consume nice things, you need to be able to pay for them, but also to appreciate them. Having a glass of bubbly or going to a lovely restaurant is not about value for money.

If it were, we stay at home and make ourselves a plate of pasta and wash our own dishes.

And for Christmas, that is what all globetrotters want really. Those who are still doing networking lunches and dinners, dressed in their finest suits, trying to impress clients with €3,000 bottles of wine are thinking of one thing only: how much they’d prefer to be at home, curled up in front of the telly, wood-burning stove blazing, bottle of claret waiting, dressed in Ugg fleece slippers and that nice, long cashmere dressing gown.

Luxury London

Where to stay

The Beaufort Hotel is in a little square in Knightsbridge, right off the street leading from Harrods, corner with Mulberry. The beds are a decent size and so are the rooms – even the singles allow you to put a quantity of clothing in the wardrobe. The bathrooms are well-sized with quality amenities. The towels are fluffy, huge and warm and there’s a bath in the double rooms, in an era where baths are becoming a rarity. It is also quiet – no chance of rooms backing on to Waitrose’s bottle bank.

Many quality hotels in London do not even do breakfast or a decent cappuccino: this one does. The price includes champagne afternoon tea: bliss.

Where to eat Christmas treats

There’s a lot of festive cheer at Angelica, 134, Archbishop Street, Valletta. Apart from hosting relaxed and lovely Christmas and New Year’s Eves parties, Angelica also stocks some lovely exclusives, including Joe & Seph’s Gourmet Popcorn. The lovely air popped popcorn comes in various tastes, including caramel, French goat’s cheese and Malabar black pepper, and strawberry cheesecake.

And for all chocolate lovers, Prestat Chocolate are now exclusively available from Angelica.

For more information visit www.angelicamalta.com

London’s restaurant scene is now so copious it is overflowing beyond ridiculous. A new hip place surfaces daily. One place I repeatedly go to is Dinner by Heston Blumenthal at the Mandarin Oriental. The food is expensive (obviously) and every dish is an artwork, but it’s a simple artwork. The ‘mandarin’ is pate, all the beef grass-fed and hung until it will fall apart under the tines of a fork, the chips so outstanding you could eat them forever. The best tables are the ones backing on to the open kitchen and facing Hyde Park.

Another favourite is Amaya in Knightsbridge. This Indian restaurant has kept its Michelin Star since 2006 thanks to a beautiful roll call of pepper chicken tikka, tandoori leg of lamb, tandoori duck and whole lobster makhani.

Money / Issue 22 - 55

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Golf

Of course

The golf season at the Royal Malta Golf Club continues.

was the eventual winner of the first round followed by Andy Borg and Bernt Hackemesser.

The winning team after the first round was led by former Captain Ken Micallef with 179 stableford points. In this early stage however, only 15 points separate the first and last teams, leaving the competition wide open and enthusiasm growing month by month. At the end of each round, the scores will be accumulated to determine the overall

Nexia BT Captain’s League The Captain’s League, a staple in the Royal Malta Golf Club calendar since 1986, is a team event where the last seven captains of the RMGC choose their strongest players and challenge for the trophy over seven rounds. This year’s prestigious competition will be receiving valued support from Nexia BT, a leading accountancy and consultancy firm.

Nescafe Dolce Gusto MGA Shield

“Throughout the years, Nexia BT has established a corporate strategy in sponsoring sports competitions based on the belief that sport is more than an enjoyable pastime activity. It is a very good reason for people to get together outside of the office and to encourage some healthy competition. It also gives the chance to stress the importance of achieving physical and mental well-being through sport,” said Nexia BT Managing Partner Brian Tonna.

The ladies playing their first day failed to take advantage of the splendid weather and recorded scores worse than their handicap. Maureen Borg and Maike Beekman led the field with a net 71, one shot ahead of Doreen Balzan and two ahead of Margaret Nelson and Sue Wibrew.

Somewhere else on the course, Margaret Nelson played quietly to a net 64 thus being the only lady to have played better than her handicap over the two rounds.

Yet her two-day aggregate score of 133 was not sufficient as Ray Mountford and Herbert Froehlich playing together brought home scores of a net 63 and 65 respectively. Froehlich’s aggregate of 135 placed him second in the men’s category and third overall.

“Golf blends nicely with our brand concept as the sport is an immensely social game,” said Naum Janakiev, Nestlé Malta Country Manager.

“This sponsorship is a great source of satisfaction for us and represents another successful stage in which our partnership with MGA will contribute towards the promotion and development of golf in Malta,” he added.

winning team.

The seventh edition of the Malta Golf Association Shield sponsored by Nescafe Dolce Gusto was won by Ray Mountford with an aggregate score of 132, one ahead of Margaret Nelson.

“Golf brings foreigners and locals together, which reflects our international and local approach to business via the vast quality services Nexia BT has to offer,” added Tonna.

It was a different story for the men who played their first day on Saturday. Seven played better than handicap with Mike Hall leading with a net 62, three shots ahead of Adin Bundic and four shots ahead of Gernot Schmid. The eventual winner recorded a net score of 69.

The first round took place on November 16 where some 76 golfers took to the course to compete for team honours.

Excellent individual scores were posted with the top three players all finishing with 38 points and a count-back deciding the positions. Roy Sullivan

As the second day progressed, the leaders capitulated perhaps because they fell in the trap to play each other rather than the course. Mike Hall’s swing literally went the other way for a net 76 as did that of his playing partners Schmid and Bundic.

More on the RMGC The Royal Malta Golf Club in Marsa is one of just 62 worldwide that enjoys the exclusive Royal status. It boasts a newly refurbished clubhouse, extensive practice facilities, as well as the Terrace View Bar, that can be enjoyed during the warmer summer months, and the Putters Inn, ideally cosy for the winter. Both eateries enjoy stunning views of the golf course.

The course offers 18 holes of golf in historical, landscaped grounds. Today, at par 68, the course is a good challenge for the more experienced, without being unkind to the novice. The RMGC golf professional is always at hand to introduce you to golf and offers various introductory courses for both children and adults.

For more information visit www.royalmaltagolfclub.com or call on 2122 7019.

Money / Issue 22 - 57

New York

The Bluesman’s blog

The Bluesman puts the NYC mayoral election, the mafia, and subway sneezing in his Christmas stocking.

The Bluesman is a Maltese sound engineer working in New York.

like a dapper look in Harlem.

To test this claim, the Daily News took a life-size cut out of Kelly to the streets. Mixed reactions – some said they approved of him while others blasted him as being racist.

Waters run deep here in New York past and present.

Scrape a few years off JP Morgan back to the end of the 19th and the beginning of the 20th century and Morgan already had a reputation of someone happy to use his power and wealth with a degree of ruthless abandon for his own advancement, although a generous patron of the arts as well. This eventually attracted newly elected Teddy Roosevelt’s attention and led to an investigation and dissolution of Morgan’s Northern Securities Trust. No doubt the two had butted heads before when Roosevelt was in charge of the New York City Police.

One of the factors contributing to de Blasio’s victory was his commitment to turning the more unpopular Bloomberg policies around, starting with the NYPD Stop & Frisk policy, and pledging to replace the current police commissioner Ray Kelly.

The latter stated in a recent interview that he was a tad miffed by comments made by the candidates who opposed his policy.

I’m sure he’ll find consolation in the job at JP Morgan he’s said to be in the running for.

Current chief cop Kelly’s son Greg is co-host of Good Day New York with a lady called Rosanna Scotto.

Rosanna’s dad, Anthony, was connected to the Gambino family and married Marion Anastasio whose uncle was boss Albert Anastasia, who some may remember as having come to a messy end in a barber’s chair on 56th St and 7th Ave, in 1957.

Anthony went on to lecture at Harvard and was a trustee for the Brooklyn Academy of Music. Marion and the three kids own a restaurant on East 52nd.

In his interview with Playboy, Kelly also claimed that despite the complaints of racism, he would get quite a warm reception from Harlem youth if he were to walk along 125th Street, sporting his tailored suits and Charvet ties no doubt. They do

The stupid Republican stunt in Congress whimpered to an end having wasted time, money and annoyed many.

A

s predicted, the mayoral election in NYC ended with Democrat ‘Big’ Bill de Blasio romping home with a solid 73 per cent, demolishing his GOP opponent, whatsisname, despite a record low turnout of 24 per cent. Low numbers at the booths usually favour the Republican candidates inasmuch as the Liberal demographic tends to be more preoccupied with keeping up with daily living and have a harder time taking time away for voting.

58 - Money / Issue 22

An annoyance reflected, among other things, in some other elections where the Right lost ground, maybe pointing towards a trend quite possibly carrying on through to next year where some incumbents might very well lose their seats. This obstructionism is expected to rear its head again in early 2014 when the temporary fixes run out of time.

Halloween wasn’t even done before we got the first Christmas TV ad. A dog food ad, and followed, albeit a few days later, by Mercedes reprising their Santa Claus theme and opening up the rush to the season. The first store nicely decorated that I personally noticed was Fendi on Fifth Avenue. Others will obviously follow, warming up the chill.

I hate grabbing a warm pole on a crowded train. Too close to a stranger I feel, especially with sniffle season on us. Slide the hand and find the cool chrome. The seats too are sterile plastic and easily hosed down if necessary. I’m never sure of the London Underground soft seats and what might be lurking there or the bacteria-friendly plastic coated poles and handles.

No wonder everybody is hacking and sneezing into a bent elbow. What’s that about, no hankie? Then you hug a loved one in the crook of your arm and effect the transfer. People are strange.

At least wearing a surgical mask, as many Asian folk do, makes sure you are the only one inhaling fresh air through a warm soup of critters breeding there. Until you kiss somebody.

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