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“After the imminent merger of Intesa Sanpaolo Bank Romania and CR Firenze in the first half of 2012, I’m confident that Intesa Sanpaolo Group is also set for success here in Romania, like in most CEE countries where we have banks and big investments.” Ezio Salvai Chief Executive Officer Intesa Sanpaolo Bank


Editorial .......................................................... 1 Real estate ....................................................2-4 PR & communication ..........................................6 Banking ........................................................8-10 British investment .........................................11-13 Logistics .....................................................14-16 Expert opinion .............................................18-19 Luxur y & lifestyle ..........................................20-23 Auto Show ..................................................24-29 Finance ......................................................30-31

Financial Leaders’ Hall of Fame 2011 page 5

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Wellness market ...........................................36-37 Dining out ...................................................38-39

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PR & communication .........................................40 Finance ..........................................................42 Lifestyle......................................................44-45 Interview .........................................................46


Editorial by LUCIANA PETRESCU

It’s a new day, it’s a new life New season, new trends, new stress. Or maybe it’s just the adjustment effort to a new business world we must learn to live in. In spite of capital market fluctuations, moments of instability on the gold markets and disruptions in the logical rhythm of strategy implementation, the autumn still brings good omens. The wind is a powerful cleansing agent, blowing away old stagnant energies. Thus, think what needs to be released in your life first. Stop holding on to the things that do not work in your life/company. Start communicating your needs to professionals and find the much needed consultancy and support. This season is under the sign of COMMUNICATION. We are all aware that our entrepreneurial world has changed, yet we are still here, doing business. Those who have already understood the power of correct and efficient communication are back in the saddle. But all is not lost for those who are only now becoming familiar with the benefits of communication. They have a chance to secure new business through increased visibility and a stable market image. There are times when a change of direction is for your highest good. It takes courage to change direction. Choose the path with the help of professionals and walk with your head high and your eyes open. Don't be afraid. COMMUNICATE!

From all of us here at Business Arena, enjoy the quality, admire the value! Office market enjoys positive prospects despite fewer new projects - pages 2 - 4 The Money-Making Tree - page 6 Intesa Sanpaolo focuses on consolidating its local business - pages 8 - 10 British investors focus on long-term strategies - pages 11 - 13 Logistics market expects growth amid uncertain economic outlook - pages 14 - 16 Phony Fear Factor - page 18 Liberal scare tactics: Death by government cuts - page 19 Frankfurt International Motor Show focuses on innovation - pages 24 - 29 Does the Euro Have a Future? - pages 30 - 33 R o m a n i a n

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Sus]in\torii mineritului contest\ criticile europarlamentarilor - page 34 WorldClass `[i extinde re]eaua din Bucure[ti - pages 36 - 37 JW Steakhouse - perfec]iunea st\ în detalii - pages 38 - 39 TBWA@ [i ADN-ul succesului - page 40 Despre creditare - page 42 Yachtingul [i imaginea sa sezonier\ - pages 44 - 45


Real estate

OFFICE MARKET ENJOYS POSITIVE PROSPECTS DESPITE FEWER NEW PROJECTS CLAUDIA ARITON

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CATALIN MARUNTELU

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While new openings of office facilities have been few and far between this year, the market has focused on renting activities, real estate analysts told Business Arena. At the same time, they have identified two major trends that they believe will have a strong impact on the local market in the near future. Thus, analysts claim that rental operations have gained around 24 per cent compared to the first quarter of 2010, while the newly completed office space supply decreased by some 21 per cent from the same period of last year. According to C\t\lin M\run]elu, research analyst for BNP Paribas Real Estate, the prevalence of such trends will result in a decrease in available office space, especially in central or secondary areas, with good access to public transportation. M\run]elu admitted however that compared to other areas of the real estate market, the office segment had been less affected in previous years. “Now the demand for office space has become more active, going past the stage where it was almost entirely created by property owners and real estate agents. Even if the construction of new office buildings has slowed down significantly, projects such as Ana Tower, Floreasca City, Nusco Tower II and AFI Business Park Cotroceni have been announced in order to meet the demand for 2012 - 2013.” Referring to the projects that are currently under construction, Mirela Raicu, partner with Esop Consulting, told Business Arena that some 130,000 sqm of office space would be delivered in 2011, representing less than 50 per cent compared to last year’s 270,000 sqm. In addition, she said that the figure was particularly low compared to the 2009 level, when the total volume of office

space delivered reached nearly 400,000 sqm, based on projects launched before the onset of the crisis, in 2007 – 2008. According to Esop Consulting’s data, the total stock of available office space stood at 595,000 sqm in office buildings (in 371 properties) and 111,402 sqm in villas (in 327 properties) at the beginning of the third quarter. “What is important is not just the total volume of office space, but also its quality and positioning. Perhaps nearly half of these properties have at least one of the following major problems: they are located outside companies’ current areas of interest, have a standard that is no longer satisfying and the rent level is too high. So from tenants’ point of view the real valid options are not so many,” said Mirela Raicu. Office market transactions largely retained their last year’s level, posting a slight increase of seven to 10 per cent. The Esop official noted two positive trends this year: a revival in demand from companies expanding or consolidating their businesses and from new companies entering the market, as well as an increase in the amounts companies allocate for rent. “While in 2010 only 34 per cent of the companies chose to lease properties priced at between 11 - 15 Euro per sqm, in 2011 the percentage increased to 44 per cent,“ said Mirela Raicu. Looking at the A-class office facilities, Maria Florea, Associate Director with Colliers International’s Office Department, said the total stock had increased by 70,000 sqm this year, reaching a total of 1.43 million sqm. “Two of the buildings and over 90 per cent of the leasable area delivered in the first half of 2011 are located on the outskirts of Bucharest,” said the Colliers representative, adding that “large, available quality office spaces are scarce; as compared to the industrial market, we see an interest from investors to restart developing in Bucharest.” Referring the current going rent rates for Aclass office spaces, C\t\lin M\run]elu of BNP Paribas Real Estate, said they varied between 16 18 euro/sqm/month, while for B-class office buildings located in attractive areas, prices ranged between 13 - 15 euro/sqm/month. Rent levels for


B-class office buildings located in less attractive areas range between 8 - 10 euro/sqm/month, he added. In turn, Madalina Cojocaru, Head of DTZ Echinox’s Retail Department, said that her company expected Bucharest’s office market to follow the general trend in the CEE region and see a hike in rents, which can exceed 18,5 - 19,5 euro/sqm/ month for prime locations by the end of 2011, continuing with a slight increase in 2012 - 2013.

Companies look for flexibility The financial crisis has triggered changes, with tenant companies shifting their focus from office buildings to villas. While the office building segment has seen a significant increase in the volume of unoccupied space, from two - three per cent before the crisis, up to 18 - 20 per cent at present, the segment covered by villas has had a different trajectory. The vacancy rate in villas has gone down from a pre-crisis level of 26 - 29 per cent in the central areas, to 15 - 18 per cent in the second quarter of 2011. A similar trend was record-

ed in semi-central areas, with the vacancy rate dropping from 32 - 35 per cent to 22 - 26 per cent in the second quarter of 2011, according to an Esop Consulting market study. “This trend has been triggered by a major change in medium-sized companies’ preferences. Before the crisis, these companies placed a high value on image, favoring office buildings in central areas, with a lot of open space. In the last two years, however, companies in this category have been confronted with costcutting pressures and their main criteria in choosing new office space focused on low rent levels and flexible contract terms. This has led to a migration of medium-sized companies towards villas,” said Mirela Raicu. “Certain companies continue to favor office buildings, especially companies needing between 600 - 800 sqm. But for companies employing between 10 - 60 staff, villas have represented a breath of fresh air,” she added. Medium-sized companies typically look for 200 600 sqm of office space, with flexible contract tenures of one, two and three years, and low maintenance costs (1.4 - 1.8 euro/sqm in villas,

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compared 2.2 – 3.5 euro/mp in office buildings). However, the Esop consultants expect a large part of the companies currently located in villas to return to office buildings when the economic conditions improve. “For the moment, a large number of companies are still limited to budgets below 11 euro/sqm – 48 per cent, as compared to 59 per cent in 2010 - yet the market has been a bit more optimistic this year. Managers are no longer focusing obsessively and exclusively on rent levels and

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MADALINA COJOCARU, HEAD OF OFFICE DEPARTMENT AT DTZ

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cutting costs, but they also consider the functionality and quality of office spaces in keeping with their needs,” the Esop partner said. Speaking about the strategies that could be employed by owners of office buildings with a high vacancy rate, Maria Florea of Colliers International suggested a more flexible approach, with rent-free

months, fit-out allowances and cuts in rent levels. “In order to better accommodate atypical tenants, such as medical operators, we have witnessed situations in which landlords have agreed to re-convert parts of the building for different purposes than initially planned,” Maria Florea added. Taking a more general view of the market, Madalina Cojocaru of DTZ Echinox argued that developers could reduce their risks by making accurate feasibility studies before starting their projects. She also said developers should evaluate issues such as the public access, parking facilities ideally one space/ 50 sqm, although in the central areas fewer are accepted - and expected rent levels. Above all, they need to be flexible. According to Madalina Cojocaru, those who cannot afford such flexibility should do their best to find alternative solutions, as the market is not returning to the kind of performance that would be in line with their calculations any time soon. As for investment opportunities, a DTZ study measuring the impact of the austerity measures on European office markets has identified a limited investor appetite for risk. Tony McGough, Global Head of DTZ Forecasting & Strategy Research, commented: “The impact of austerity measures on property investment markets across Europe has been one of polarization. Property yields have remained high in peripheral economies, whilst driving them down in core locations. Capital has shifted rapidly from countries most identified at risk, and even to less exposed cities within countries. However, the impact of occupier markets distress on rents is still playing out. Austerity cuts throughout Europe have been announced but few have actually taken place, so the full impact will be revealed over the course of the next couple of years.” Referring to the actual prospects for Romania, Bogdan Sergentu, Head of Valuations and Consulting with DTZ Echinox, is optimistic: “As the economic expansion generally leads to higher employment levels and demand of office space, Romania, with one of the highest forecasted GDP growth in Europe for 2012, could expect further development in this real estate market sector over the next period.”


E n j o y

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Q u a l i t y A d m i r e

Business Arena Magazine is proud to announce the 11th edition of its annual event dedicated to the leaders in the financial market: Financial Leaders’ Hall of Fame 2011! The event will bring together top leaders in the market for a special sit-down gala dinner that will include an awards ceremony during which the most successful organizations in the field and individuals will see their efforts and successes recognized. Some 200 persons from the financial and baking sectors, directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event. Business Arena Magazine is proud to recognize the achievements and successes of banks, financial institutions and business leaders that have found the winning strategies in spite of the difficult economic backdrop.

* Participation: By invitation only.

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V a l u e

This year's award categories: CORPORATE BANK OF THE YEAR RETAIL BANK OF THE YEAR BEST BANKING STRATEGY BEST INNOVATIVE BANKING PRODUCTS BANKER OF THE YEAR INSURANCE LEADER OF THE YEAR BANK OF THE YEAR BEST FINANCIAL ADVISER FINANCIAL INVESTMENT FUND OF THE YEAR BEST BROKERAGE COMPANY


PR & communication

THE MONEY-MAKING TREE LUCIANA PETRESCU, GM - NET WORTH ADVISORY It’s not a Feng Shui concept. Yet the topic we are tackling this time can have the same beneficial effects to businesses all over the world... How often have you considered the idea of making your business the most visible in its field? And how many sleepless nights have you had just because you had no concrete idea how to do that? For sure, there have been occasions when you

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LUCIANA PETRESCU

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thought of hiring a PR person or even training the team you already have. Yet... how often have you considered getting consultancy services from a specialized company that has a varied portfolio and extensive experience? It may be a profession commonly perceived as a “job by words”, but communication services are still a business and it all comes down to profitability, both for customers and for service providers. A company or a group of companies offering communication services bring a harmonized mix of PR and business consultancy, branding and advertising services, visual production and even corporate training. It’s all about working together, based on cumulated market knowledge and shared expertise. The recipe for success is to identify clients’ needs and address them with a turn-key solution. What is

in it for you? There are four points that answer the most basic business objectives: A solid brand makes money •       A solid brand sells •       A solid brand attracts customers and wins their loyalty •       When your brand is solidly developed and communicated, and your team professionally trained, your business is on the fast track to success and your profitability is ensured. The best time to act is now. Now it’s a new day, it’s a new life... Autumn has started at full speed, with new business opportunities, yet some are still adjusting to the new entrepreneurial environment. There are five aspects one needs to be aware of in making the decision to communicate: When the market goes down, the brands that keep acting go up •       When the market contracts, prices are low and investment is profitable •       When you wait, you lose: market share, mind-share of your customers, visibility, sales •       When you stand still, you cannot move forward •       When your brand is silent, you make room for the competition. In short, proficient communication – bringing together PR, branding and advertising fields - provides benefits at all touch points. Customers are informed about your products and services, which they need. Your Company becomes interesting for the media that reaches your potential customers. Media channels, in the case of PR, provide you free editorial space for content of interest to their audience. Your Team feels proud to work for a company that has a solid reputation and strong market visibility. Now, can you see clearly your Money-Making Tree?


Banking

INTESA SANPAOLO FOCUSES ON CONSOLIDATING ITS LOCAL BUSINESS

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Intesa Sanpaolo focuses on consolidating its local business Though operating in a market that is still struggling to recover from recession, Ezio Salvai, Intesa Sanpaolo Bank Romania’s Chief Executive Officer, emphasized that Romania’s banking sector continued to offer good development opportunities. With a big merger project coming up in the first half of 2012, involving Intesa Sanpaolo Group’s local banks, Intesa Sanpaolo Bank Romania and CR Firenze Romania, Salvai shared his positive expectations regarding the future of the Italian group’s operations here in an interview with Business Arena.

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What are the main strategy changes that Intesa Sanpaolo Bank Romania has had to employ in order to cope with the effects of the economic recession? Like most local banks, Intesa Sanpaolo Bank Romania has also adapted its strategy and objectives in line with the challenging economic realities and the global business environment. The bank has “frozen” its network expansion and even closed some branches and focused on consolidating all its activities. Our focus has been and continues to be the quality of the service provided to our costumer. In this respect we have implemented a project to sustain and facilitate this process, namely the customer segmentation. For this we have divided our network into six large regional areas in order to handle and also solve more quickly and efficiently our customer’s needs. Thus we can target the right customer, with a more local and tailor-made approach and with a transparent price policy for each product and service provided. What are the main market segments that Intesa Sanpaolo Bank Romania plans to focus on in its development in 2011 and 2012? The recently implemented customer segmentation assigns specific people and teams to each individual

market segment (corporate, SMEs and retail), which are equally important to our bank. In the corporate segment we will focus on structured finance projects, on credit lines for multinationals and large domestic companies. In the SMEs segment we will focus more on the M, meaning the medium-sized enterprises and on all the projects related to agriculture. Last, but not least, in the retail segment our target will be people looking to improve their life quality and standards by making long-term investments, interested for instance in a mortgage in order to buy a new house or apartment. What was the value of the bank’s assets at the end of 2010 and how will this indicator progress in 2011? The total assets of the bank reached 3.951 billion lei. After an increase of 15 per cent, the bank ended last year very close to the one billion Euro mark. What was the return on equity last year and what are your expectations in this respect for 2011? The operational profit of the bank was positive in 2010 and it stay positive this year, but due to our prudent provisioning policy our overall result is negative, in line with the overall performance of the local banking system. What is your view on the level of competition in the Romanian banking segment and what services and products could give your bank an edge against competition? Competing for clients and market share is never easy especially in a relatively young and crowded market like Romania. The competitive advantage can be provided by the solidity of the bank, by its reputation, by innovation and the quality of service, by a fair and transparent price policy. All these elements combined should result in a feeling of “easy banking” or “simple banking” experience for the


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customer. Intesa Sanpaolo, as a banking group, strongly promotes this concept in all his subsidiaries. As solid evidence in this respect, we can mention the Lider package – probably the best current account solution on the local market that still offers a unique competitive advantage: “zero withdrawal commission at any ATM, anywhere in the world”. Our International Desk office, with the support of our parent bank, has successfully implemented a pilot project aimed at offering us leverage with international and large corporate clients operating in different markets. How many branches and subsidiaries do you have in Romania and what are your expansion plans in the near future? Intesa Sanpaolo Group, our parent company, has been represented in this market by two local banks: Intesa Sanpaolo Bank Romania that has a network of 77 branches and CR Firenze Romania that has around 20 units. At this point, one of our main targets and biggest internal projects is the imminent merger of these two subsidiaries for the consolidation of Intesa Sanpaolo Group’s activity in Romania under a single bank. The timing for the merger has been set for the first half of 2012. What is the loan volume that your bank expects to grant by the end of the year? Which lending products have been in high demand this year? What was the total volume of loans in the first half of the year? Our bank’s loan portfolio will amount to around 3.3 billion lei this year and the growth rate will reach around 10 per cent. Personal loans with property collateral and agriculture loans have been the main drivers this year. We ended the first half of the year very close to the three billion lei threshold in terms of total loan volumes. How has the corporate lending segment developed over the last few years and what measures have you implemented in order to encourage growth in this segment? Despite the negative growth of the local economy and all the challenges, our bank has managed to stay close to its customers and continued to grant financing and support the activities of local companies over the last couple of years. We have managed to close some significant deals with large corporate clients and we offer support to all sectors of the economy, from the most dynamic ones, such as infrastructure and public financing, agriculture and

Ezio Salvai Chief Executive Officer, Intesa Sanpaolo Bank green energy, to the most affected ones, such as real estate. Of course we have been more selective and paid more attention to risks and business plan solidity, but we have remained loyal to one of our key missions as a bank – to inject money into the market and restart the growth engine of the local economy. What is the volume of investments earmarked for this year and what are these funds going to be invested in? In the last four years, Intesa Sanpaolo Group has invested over 150 million Euro in Romania and more than half of this amount has been directed towards the capitalization of the bank. During this period, the bank has practically renovated its entire network and expanded its product and service portfolio. In terms of new products, the new Internet Banking interface has been one of the priorities this year, together with the VISA Business card. What is your view regarding the evolution of the Romanian banking system in the current economic backdrop?


Banking

The Romanian banking sector has so far performed better than many of its EU counterparts, in the sense that banks in Romania seem to be healthier and have not required any intervention from the state to support them. Of course, the profitability of the sector has decreased during the recession period, mostly because of a slowdown in lending both to individuals and companies. There has also been an increase in the level of non-performing loans, which has led to the build-up of provisions. However we expect a gradual recovery in lending, primarily in the corporate sector, but also in the retail segment, so by the end of the year the level of non-performing loans will most likely start to decrease. What are the main difficulties that your bank is facing in this market? Non-performing loans have become a reality and a problem for the banking sector, and we are no exception. Fortunately, our bank’s situation is better than the average market level due to our prudent risk policy in granting loans. We are trying to balance our activity and lend money, but we are also seeking to attract money from the market, keeping in mind the overall profitability of the bank. What segment was the main source of non-performing loans in your bank? The real estate sector and all its related activities, such as building materials supplies, have been the main sources of non-performing loans. Also there were undercapitalized SMEs and companies built around simple ideas and strong entrepreneurial spirit that in more challenging times needed financing or some assets in order to support their business.

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What are your expectations regarding Romania’s economic prospects? Romania will have a first year of growth after two years of recession. This is positive news, no matter what the actual figure of GDP growth will be, if we also consider the very tough year in the Eurozone and the European Union in general. Furthermore, Romania will have a chance to reach sustainable growth in the following years, if the situation in the Eurozone remains stable.

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What was your biggest professional success before you took over the current position? I consider myself a lucky man, blessed with a long and satisfactory career. After 40 years work experience, I really feel that Romania is another positive challenge that has been offered to me. Looking back, it’s rather hard for me to choose a single

achievement. For more than a decade, I was the mayor of the municipality of Roletto (Torino) and this was a great experience for me. Apart from that, as a banking professional I have had the chance to have working experiences in cities like Torino, Cairo, Budapest, Paris, Koper, Bratislava, Sarajevo, Zagreb and now in Bucharest. I have always put a lot of efforts and passion into my entire work and with these ingredients success is never far away. I have a good feeling that my mission here in Romania will be also one of the highlights of my career and I’m positive that Intesa Sanpaolo will consolidate its position on this market in the near future. What is your main professional target at this stage? What are the main objectives that you would like to achieve by the end of your mandate as a CEO? My objective here in Romania is to put into practice Intesa Sanpaolo’s Strategic Business Plan for the next three years and facilitate the consolidation of our parent bank’s activities here. On a personal level, I consider myself a solution-oriented person, with a special attention to the quality of the final work delivered both internally, within the bank, and directly to our customers. I consider teamwork to be a process that leads to a job well done and eventually to success. After the imminent merger of the two local banks in the first half of 2012, I’m confident that Intesa Sanpaolo Group is also set for success here in Romania like in most CEE countries, where we have banks and big investments. You have extensive working experience in the banking sector in central and Eastern Europe. Based on that experience, what are the main negative aspects that you have found in the Romanian banking system? What are the positive elements? Like most countries in the CEE region, Romania still has a relatively young market, with banking penetration and coverage that can be improved especially in rural areas. Of course, this is also a great development opportunity for banks that want to compete successfully in the local market. In this economic context, the poor equity of clients that need constant support from banks - not only for development, but also for sustaining their day-to-day business sometimes - can represent an additional risk for the system. The fact is that the banking sector in Romania is safe, well regulated and still offers interesting opportunities in the medium and long term for all the financial institution with vision and prospects for this kind of time frame.


British investment

BRITISH INVESTORS FOCUS ON LONG-TERM STRATEGIES LUCIANA PETRESCU While emphasizing that the total volume of British investment in Romania is estimated at four billion Euro, Raymond A. Breden, Chairman of the British Romanian Chamber of Commerce, believes that British investors would greatly appreciate more positive developments in Romania’s efforts to cut red tape and improvements in its transport infrastructure. At the same time Romania continues to represent an attractive investment destination due to the size of its domestic market, availability of skilled labour and the relative stability of the economy, Raymond A. Breden said in an exclusive interview with Business Arena. What is the total volume of British investment in Romania and which sectors of the economy have attracted the largest British investments so far? The UK is the 10th largest source of foreign direct investment in Romania and 14th in terms of the number of companies present. Looking at direct investment in terms of share capital gives a false picture: the total volume of real investment is estimated at four billion Euro. The main sectors attracting investment are communications, insurance, healthcare, banking, tobacco, general business services, oil and gas, and engineering consultancy. Are there new sectors of interest for British investors? Please elaborate. The issue is not so much new sectors of interest but realising the potential that existing sectors offer. The extent to which existing opportunities can be turned into successful ventures depends to a great extent on whether Romania absorbs more EU funding for infrastructure projects, which in turn will increase opportunity for British investors. What are the main elements that make Romania an attractive investment target for British investors? The size of the domestic market, the availability of skilled labour with good foreign language skills, relative cost advantage, the can-do attitude of many

Raymond A. Breden, Presedintele BRCC

people in Romania, and the relative stability of the economy. How would you characterize Romania’s business environment and what are the main aspects that British investors find more difficult to deal with? This is a very complex issue. British investors complain about the lack of medium to long term strategy in Romania. To an extent this is not surprising when aimed at Government, but more worrying is when this criticism is aimed at Romanian business-

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British investment

es who are potential partners for British investors. All too often British investors come to Romania with a five year or 10 year plan, requiring investment both in money and time, and they do not expect immediate profits. All too many times partners in Romania have been identified who can bring expertise but walk away when they find there is no immediate pay-back. British investors find this very disappointing. The issue of bureaucracy in Romania is frequently raised. It is quite unusual for a British investor not to run head on into bureaucracy – which by definition is the implementation of rules in such a way that the process not only does not assist getting to the desired result but can actively impede and obstruct. Bureaucracy is a drain on resources of companies and at best is tedious and at worst infuriating and damaging. Last but not least, the almost total absence of a highway system is a downside for Romania. Fine if you want to go from Bucharest to Pitesti or

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Cernavoda, where there are highways, but for any other journey you are lucky if you can average 60 km per hour and often road conditions (not to mention the appalling standard of driving) make road travel very unattractive.

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What specific improvements in the local business environment could encourage more UK investors to come here? This really is the reverse of the answer to the previous question. British investors want to see long term strategies and commitment from Government and business alike, they want to see a serious and successful effort in reducing bureaucracy, and want to see a significant increase in highways.

What can your office do to help British investors find new business opportunities in Romania? The primary attribute of the British Romanian Chamber of Commerce (BRCC) is our membership, who comprise companies operating in most sectors in Romania and have managed to establish successful businesses here. This means that British investors can talk to those who have experience in the Romanian market. It is important to remember that we are a bilateral Chamber, and our knowledge of the Romanian market is much appreciated when we meet potential investors in the UK. This of course is not our only strength. We have a (well-deserved) reputation in Romania and the UK for organising top-class business briefings for our members. In the last three months we have organised meetings with the President of Romania, and also the Romanian Minister of Justice. We also have a forthcoming meeting in Romania with the UK

Secretary of State for Industry, Mr Vince Cable. We do not overlook the need for social events, and our social mixer meetings are very popular. We also play a leading part in consultations with Government, and have made contributions on the Fiscal Code, the Labour Code and also are working with the Ministry of Justice on some anti-corruption measures. What was the volume of bilateral trade in 2010 and what are your expectations for 2011? In 2010 UK exports to Romania totalled 624 million GBP, accounting for 2.3 per cent of total


Romanian imports and 3.7 per cent of Romanian imports from the EU. UK exports to Romania are up 13 per cent as against 2009. The UK ranks ninth in the list of Romania’s import partners in the EU. UK imports from Romania totalled 933 million GBP, accounting for 3.7 per cent of total Romanian exports and 5.1 per cent of Romanian exports to the EU. UK imports are up to 50 per cent as against 2009. The UK ranks 5th in the list of Romania’s export partners in the EU.

So far in 2011 UK exports to Romania total 353.77 million GBP, accounting for 2.3 per cent of the total Romanian imports and 3.3 per cent of Romanian imports from the EU. UK exports to Romania are up 15 per cent as against 2010. UK imports from Romania total 492.42 million GBP, accounting for 3.2 per cent of the total Romanian exports and 4.4 per cent of Romanian exports to the EU. UK imports from Romania are up six per cent as against 2010. What are the main British exports to Romania and Romanian exports to Britain? UK exports to Romania mainly comprise machinery and electrical equipment, textiles, chemicals, pharmaceuticals, and road vehicles. Romanian exports to the UK mainly comprise textiles/ clothing, machinery and electrical equipment, power genera-

tion equipment, furniture, metal products. What are the main areas of bilateral cooperation that Romania and Britain are currently focusing on? IT, PPP, infrastructure (mainly water systems), environmental protection, development of sea ports, development of railway stations, financial services and energy – particularly renewable energy. How would you characterize the economic, political and cultural relations between the UK and Romania? What areas need improvement and what measures could the British Romanian Chamber of Commerce take in that regard? Relations between the UK and Romania are in my opinion very cordial and constructive. The evidence for this is not only the relationship between Governments but also the presence of British investors in Romania. In my experience, British standards are envied. Insofar as those areas that need improvement are concerned, some of these have been mentioned already and so I will not repeat them here. One of the things that I would like to see is Romania having an attractive and effective strategy for promoting the country. There are many things that are potentially attractive, ranging from growing tourism to developing infrastructure, and Romania must take the lead. Equally, Romania must tackle some of the myths that exist in the UK regarding the nature of Romania. The BRCC uses every opportunity to promote Romania through discussions with British business and through discussions with Government in both countries. What are your main objectives? Our objectives in the next twelve months are firstly to maintain the services that we provide to members and to continue participation in consultation procedures with Government. However, we are not complacent. We are looking to add a new range of services and also to increase the range of topics on which we hope to consult with Government. We aim to have all of our members feel that it is worthwhile being a member of the BRCC and that they get superb value from this. Above all, our aim is continue to preserve our reputation as a superbly professional Chamber providing top-class services.

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Logistics

LOGISTICS MARKET EXPECTS GROWTH AMID UNCERTAIN ECONOMIC OUTLOOK While the development of the logistics sector is expected to add some 25 billion Euro to Romania’s GDP by 2025 and create around 150,000 new jobs, the participants to a seminar recently organized by Archicom assessed Romania’s potential of becoming the logistics hub for Central and Eastern Europe. With an audience of around 250 experts, who analyzed the opportunities that Romania has to offer in the logistics field, the seminar was organized in partnership with the European Gateways Platform, the Dutch-Romanian Network, the Dutch-Romanian Chamber of Commerce and PwC Romania. In this context, Gerard F.A. Kuijs, CEO, Archicom Consultants + Archineers + Managers and Vice President of the Dutch Romanian Network talked about the latest developments affecting Romania’s logistics sector in an exclusive interview with Business Arena.

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CLAUDIA ARITON

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What is your view on the development prospects for the Romanian logistics market in the next three years? The logistics market in Romania grew rapidly from 2000 until 2008. The economic crisis in the last few years has triggered a standstill in the market, and many companies and shippers have had to consolidate. However, these negative aspects also generate a positive signal. The crisis has squeezed out the weaker companies in all sectors; not only in the logistics sector, but also in retail, trade, wholesale, distribution and so on. The only way to survive in an open, competitive market is to improve continuously the processes, optimize the supply chain, and reduce costs in stock and distribution. Companies can only win this competition, battle as it were, by focusing on core businesses and outsourcing as much as possible non-core activities to logistics service providers. The logistics market in Western Europe has already proven the soundness of such a strategy. In Romania, only up to 10 per cent of non-core businesses have been outsourced, while in Western Europe the level has reached roughly 85 per cent of the noncore activities. So the trend in the coming years is to outsource logistics activities. What are the aspects that could turn Romania into an attractive investment destination for logistics, compared to other

emerging markets such as the Czech Republic or Poland? First of all, to be honest, the comparison with Poland, the Czech Republic and other emerging markets is a false one. Although these countries are emerging markets, the investment parameters differ completely. In the case of Poland and the Czech Republic the logistics business has a domestic dimension, while in Romania the market is both domestic and international. That positively singles out Romania from other countries. The second difference is that Romania can learn from the mistakes made, for instance, in Poland, where large logistics parks have been developed in areas that are not logistics hotspots, lacking connection to multiple transport modalities.


Uncontrolled and overdue developments of single-type logistics facilities all over Romania are a severe threat to investors. My advice to developers and investors is to incorporate geo-economic and socio-economic forecasts into their investment decisions. During the years of rapid growth in real estate there were still comparatively few logistics projects. Why do you think there have been fewer investments in that segment? What aspects should be improved so the local logistics market can attract more investment? I think we can also speak about a development boom in the logistics volume in Bucharest over the last few years. Around 750,000 sqm of “big boxes� have been built in the Bucharest region in the last five years. And on top of that, another 250,000 – 400,000 sqm are in the pipeline. However, to answer your question, I believe that other segments of the real estate market

attracted more investments because they seemed more profitable at the time. In addition, as I said before, a number of single-type logistics facilities have opened for business, in some cases with a lack of market conformity and functional quality. In addition, the economic decline triggered declining yields. Investments in logistics can only be attractive if yields are stable and the product is sustainable, in the functional and technical sense. To make the logistics market attractive again, geoeconomic and supply chain consultants, authorities, urban developers and investors need to join forces and initiate integral developments, instead of individual developments in the wrong locations (cheap land). What are the main challenges for the logistics market in Romania? The problems and challenges for the professional logistics service providers in Romania revolve around improving quality, service levels and competitiveness. As long as we do not have a set of

Experts see great propsects for Romania's logistics industry

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Logistics

general rules governing the business, pricing policies will be influenced by offers that do not meet the required standards. Therefore all logistics and transport service providers should observe certain general conditions in their activity. This should ensure service transparency, fair price levels, comparable offers and fewer disputes.

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Gerard Kuijs, Archicom

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Do you think the economic slowdown has also had positive effects on the market? Yes. Many shippers and distributors have had to reconsider their business model. So far, most companies covered all activities in the supply chain, from inbound transport, storing, handling, packing and distributing. Companies would typically carry out all these activities with their own trucks and trailers, using their own warehouses, their own IT structure and their own distribution fleet. This model requires an enormous capital investment, with a high risk profile, less flexibility and, in the end, minor profit margins or even losses. Therefore, companies should encourage outsourcing or co-makerships deals with logistics service providers to achieve more flexibility, react quicker to market changes, and improve efficiency and the return on investment. Why should each individual distributor drive its own van to Satu Mare, carrying only 500 Euro worth of cargo, if that transport can be carried out in far more cost efficient way? Romania has the opportunity to become Europe’s Eastgate trade hub. This belief is shared by many investors in the logistics

sector in Romania. What are the aspects that have held Romania back from taking advantage of this opportunity so far? There are numerous aspects that have hindered such a development so far, but it can be achieved step by step. Now the main hurdle is the absence of VAT deferment for direct imports from outside Europe. This prevents large companies from using the port of Constanta as an inbound port, storing, assembling, handling and exporting products from Romania to the rest of the Europe. Another issue is the unpredictable customs clearance procedures and the lack of transparency for transport costs out of Constanta to the hinterland. There is also the absence of inland ports, which include multimodal rail container terminals, with rail, road and, if possible, water and air connections. Logistics and industrial parks should be developed in the vicinity of such inland ports. Last but, not least, Romania needs well trained managers and skilled experts in the field. The existing number of courses and training sessions provide far fewer specialists than the market needs. Therefore, we recommend the immediate launch of logistics studies at Bachelor’s and Master’s degree level. What should do done for Romania to attract more international in the field of logistics? Which areas of the country could be more attractive to investors? To attract more foreign investors in all segments of the industry, Romania needs to promote itself and its key-selling-points. One such key-selling-point is the geographical position of the country. But without proper marketing in the international markets, its potential will probably remain underused. The Netherlands has established an NGO called the Netherlands Distribution Council, designed to promote the country internationally. They have been so successful in their approach that nearly 70 per cent of the international companies activating in Europe have established their central warehouses and assembly facilities in the Netherlands. My advice to Romania is not to reinvent the wheel, but adopt the Dutch model and establish a Romanian Logistics Promotion Association. It is one of the tools needed for the country to become the logistics hub of Central and Eastern Europe. This function is not only beneficial to the Constanta area, but it will generate an economic boost for many regions in Romania.


Expert opinion

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PHONY FEAR FACTOR

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The good news: After spending a year and a half talking about deficits, deficits, deficits when we should have been talking about jobs, job, jobs we’re finally back to discussing the right issue. The bad news: Republicans, aided and abetted by many conservative policy intellectuals, are fixated on a view about what’s blocking job creation that fits their prejudices and serves the interests of their wealthy backers, but bears no relationship to reality. Listen to just about any speech by a Republican presidential hopeful, and you’ll hear assertions that the Obama administration is responsible for weak job growth. How so? The answer, repeated again and again, is that businesses are afraid to expand and create jobs because they fear costly regulations and higher taxes. Nor are politicians the only people saying this. Conservative economists repeat the claim in op-ed articles, and Federal Reserve officials repeat it to justify their opposition to even modest efforts to aid the economy. The first thing you need to know, then, is that there’s no evidence supporting this claim and a lot of evidence showing that it’s false. The starting point for many claims that antibusiness policies are hurting the economy is the assertion that the sluggishness of the economy’s recovery from recession is unprecedented. But, as a new paper by Lawrence Mishel of the Economic Policy Institute documents at length, this is just not true. Extended periods of “jobless recovery” after recessions have been the rule for the past two decades. Indeed, private-sector job growth since the 2007-2009 recession has been better than it was after the 2001 recession. We might add that major financial crises are almost always followed by a period of slow growth, and U.S. experience is more or less what you should have expected given the severity of the 2008 shock. Still, isn’t there something odd about the fact that businesses are making large profits and sitting on a lot of cash but aren’t spending that cash to expand capacity and employment? No. After all, why should businesses expand when they’re not using the capacity they already have? The bursting of the housing bubble and the overhang of household debt have left consumer spending depressed and many businesses with more capacity than they need and no reason to add more. Business investment always responds strongly to the state of the economy, and given how weak our economy remains you shouldn’t be

surprised if investment remains low. If anything, business spending has been stronger than one might have predicted given slow growth and high unemployment. But aren’t business people complaining about the burden of taxes and regulations? Yes, but no more than usual. Mr. Mishel points out that the National Federation of Independent Business has been surveying small businesses for almost 40 years, asking them to name their most important problem. Taxes and regulations always rank high on the list, but what stands out now is a surge in the number of businesses citing poor sales — which strongly suggests that lack of demand, not fear of government, is holding business back. So Republican assertions about what ails the economy are pure fantasy, at odds with all the evidence. Should we be surprised? At one level, of course not. Politicians who always cater to wealthy business interests say that economic recovery requires catering to wealthy business interests. Who could have imagined it? Yet it seems to me that there is something different about the current state of economic discussion. Political parties have often coalesced around dubious economic ideas — remember the Laffer curve? — but I can’t think of a time when a party’s economic doctrine has been so completely divorced from reality. And I’m also struck by the extent to which Republican-leaning economists — who have to know better — have been willing to lend their credibility to the party’s official delusions. Partly, no doubt, this reflects the party’s broader slide into its own insular intellectual universe. Large segments of the G.O.P. reject climate science and even the theory of evolution, so why expect evidence to matter for the party’s economic views? And it also, of course, reflects the political need of the right to make everything bad in America President Obama’s fault. Never mind the fact that the housing bubble, the debt explosion and the financial crisis took place on the watch of a conservative, free-market-praising president; it’s that Democrat in the White House now who gets the blame. But good politics can be very bad policy. The truth is that we’re in this mess because we had too little regulation, not too much. And now one of our two major parties is determined to double down on the mistakes that caused the disaster. PAUL KRUGMAN


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19 PAUL KRUGMAN IS THE RECIPIENT OF THE 2008 NOBEL PRIZE IN ECONOMICS. HE IS PROFESSOR OF ECONOMICS AND INTERNATIONAL AFFAIRS AT

PRINCETON UNIVERSITY, CENTENARY PROFESSOR AT THE LONDON SCHOOL OF ECONOMICS, AND, PERHAPS, HIS BEST-KNOWN JOB, AS AN OP-ED COLUMNIST FOR THE NEW YORK TIMES. IN RECOGNITION OF HIS INFLUENCE THE WASHINGTON MONTHLY CALLED HIM "THE MOST IMPORTANT POLITICAL COLUMNIST IN AMERICA."

LIBERAL SCARE TACTICS: DEATH BY GOVERNMENT CUTS "To be a little melodramatic, the budget would kill people," New York Times columnist Paul Krugman recently told CNN about House Budget Chairman Paul Ryan's Path to Prosperity. "No question." With the Federal Emergency Management Agency's disaster relief fund set to run out of money Thursday, and with none of the federal government's 12 appropriations bills signed into law so far, you can expect a lot more melodramatic quotes like this one in the coming weeks. Liberal assertions that cuts in government spending will cause certain death are nothing new. Sixteen years ago this week, Krugman's fellow columnist Bob Herbert warned New York Times readers that the welfare reform bill Republicans were then debating in the Senate "would hurt many people, would kill some and would help no one." Herbert could not have been much farther from the mark. Two years later, after President Clinton had signed welfare reform into law, New York Times journalist Jason DeParle reported that "welfare rolls have fallen more than 40 percent in three states that have been among the most energetic in urging recipients to work: Oregon, Wisconsin and Indiana. And caseloads have declined by 25 percent or more in 16 other states." DeParle's article said nothing

about people dying in the streets of Portland, Milwaukee or Indianapolis. More recently, the Washington Post's Ezra Klein accused Sen. Joe Liebermann, I-Conn., of being "willing to cause the deaths of hundreds of thousands" because he threatened not to vote for Obamacare. Klein relied on a flawed study as evidence for this hyperbolic claim. Krugman and Herbert had no evidence whatsoever. But the bottom line is that facts and evidence make little difference in such cases. Liberals are always going to claim that conservative resistance to their big government plans will result in untold human misery and death. They will fight conservative insistence on spending cuts by claiming that mere fiscal probity in government would result in millions dying hungry in our streets. After crying wolf so often, they've lost their credibility. Their apocalyptic pronouncements are greeted with disbelief even by most liberals. If the United States is ever to end its addiction to government dependency and rein in outof-control spending, policymakers must shrug off the fear-mongering of the Krugmans, Herberts and Kleins of the world. Ryan tells CNN he is doing just that. In his words, "I gave fear up for Lent this year." Other conservatives should follow his lead. PAUL KRUGMAN


Luxury & lifestyle

Top Brand RE-1 CHRONOGRAPH For 2011, watch-designer Eric Giroud has reexamined and re-worked the distinctive case he developed for Rebellion’s imposing RE-1 Chronograph. The RE-1 has undergone a revamp to emphasize its strength and power. The attention to detail has refined the look with deft and subtle changes, and yet one might even liken it to a rebirth. A robust housing for the highly-tuned automatic movement, on a Concepto base, the RE-1 Chronograph’s chassis features Rebellion’s distinctive signature helical screw heads, with a large diameter crown that is both intrinsically masculine and easier to use. The new wedge-shaped chronograph pushers fall readily to hand: each pusher’s sloped surface follows the arc of a finger as it presses down, in turn creating an operational experience that provides a tactile sensation to match the aesthetic. RE-1 is a chronograph for the 21st Century: forceful, emphatic, modern. Its visage is reminiscent of an engine, with touches that recall turbines, alloy wheels, competition dials and gauges. A bold sweep hand marks the crucial timing for events that warrant the operation of the chronograph functions. Even the pushers look like small cam covers, the crown reminiscent of a nut securing a wheel to a hub. Rebellion’s RE-1 resolutely records time in an analogue manner during the digital era. Rebellion, indeed. TECHNICAL SPECIFICATIONS Case: Case materials: Sapphire crystals: Chronograph pushers: Dimensions: Water resistance: Movement: Movement size: Balance frequency: Number of jewels: modular construction available in red gold/stainless steel/black steel DLC/Titanium compound curves, beveled edges, anti-reflection coating on both sides, display back start/stop at 2 o’clock, return-to-zero at 4 o’clock 46x56.7x19.6mm 50m RE-

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T-1000 TIME MACHINE

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With a mind-blowing power reserve of more than 1,000 hours, the racing-inspired T-1000 Time Machine doesn't just push back the boundaries of the possible – it blows them away to create a totally new reality. An amazing six – yes, SIX – mainspring barrels provide the T1000 with a colossal energy reserve – power generated by an ingenious, over-sized winding lever cleverly housed in the stylish case of what is a stunningly innovative timepiece. Although the T-1000 is the first watch ever to last longer than 40 days and 40 nights without rewinding, it took Rebellion a mere 24 hours to come up with the concept. But what a 24 hours it was. Having just witnessed their very own racing team experience the white knuckle ride that is the 24 hours of Le Mans – the endurance car race celebrated in the classic Steve McQueen movie of the same name – Rebellion thought: “If we’re able to transform these fine-tuned thoroughbred racing cars into 24-hour, non-stop endurance racers, why not do the same with a watch? Why not see just how long the power reserve could be?” Although the contest had ended, it was in this atmosphere rich

1 automatic winding 131-4 lines 28,800 A/h (4Hz) 27 Power reserve: 50 hours Straps: Black rubber with double folding buckle Limited editions “Passion, Intensity, Time – Never Compromise!”

with the smell of motor oil and hot engines that something very special had begun – a challenge had been set. McQueen’s character in Le Mans, Michael Delaney, utters the immortal line: “A lot of people go through life doing things badly. Racing’s important to men who do it well. When you’re racing, it’s life. Anything that happens before or after is just waiting.” Embracing this spirit and applying it to the art of watchmaking has enabled Rebellion to create their own majestic endurance machine: The T-1000. TECHNICAL DETAILS: T-1000 Over 1,000 hours of energy = a true endurance machine Six mainspring barrels provide the T-1000 with its exceptional 1,000-hour power reserve. In a patented system of energy distribution, the six barrels are wound in parallel by two finely-engineered chains, discharging in series (2 x 3) to optimize the torque and power to the regulator. The latter’s unconventional 39° inclined balance at 6 o’clock maximizes timekeeping precision by minimizing the effects of positional variations. Feeling the power Of course, the T-1000’s incredible fuel storage capacity must be complemented by an equally impressive power generation system. And


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Golden Afternoon Inspired by the Pre-Raphaelite painters and poets, the Golden Afternoon celebrates women in all their beauty and diversity. Just like the work of these 19th century artists, this watch abounds with colour and detail, is inspired by nature, and pays tribute to those women who are both sensual and mysterious. The dial is a garden of black mother-of-pearl decorated with randomly planted flowers of different sizes and colours, while 11 diamond hourmarkers seem to float like water lilies around the base of the flange. To add a finishing touch to this piece, the iconic DeWitt columns have been reworked to integrate better into this unique watercolour. This exclusive and successful DeWitt interpretation of a feminine timepiece sparkles with 287 diamonds for a total of 2.17 carats. Automatic, ETA 2892 calibre, 21 jewels, 28,800 vib/h, 42-hour power reserve Hours, minutes and seconds 18K white gold, 39 mm 18K white gold crown set with 24 diamonds and a ruby cabochon Diamond–set 18K white gold bezel decorated with 12 DeWitt columns Waterresistant to 30 m / 3 ATM Black mother-of-pearl decorated with pink and black mother-of-pearl flowers Set with 4 rubies and 14 diamonds Hour and minute hands shaped like “Angel Wings" Satin or burgundy leather, or other colours, with an 18K white gold buckle, polished and engraved with the DeWitt logo

what a system it is. The over- sized winding lever allows around 10 times as much winding force to be applied than a normal winding mechanism. Discreetly contained within the case, it not only endows the T-1000 with a robust and virile identity but also provides a unique kinaesthetic pleasure for the owner, for whom the phrase “filling up the tank” will take on a whole new meaning. Sporting a body of pure design The body of the T-1000 was designed by Eric Giroud in collaboration with Rebellion. The case – developed concurrently with the movement to ensure completely harmonious integration – boasts imposing rounded sides that give hint of the complex chassis and mechanics underneath. A window in the side reveals one of the mainspring barrels, with markers providing a natural “fuel gauge” for the power reserve. Thanks to the three-dimensional, open-dial architecture, the vertical roller-borne hour and minute indications stand out in all their glory, while the balance, escapement, ratchet and gear train are also in full view. The streamlined taper from the centre towards 6 o'clock furnishes further evidence of Rebellion's car racing pedigree, a pedigree reinforced by the patented time-setting clutch activated by a push button in the crown that makes setting the time as simple – and as pleasurable – as shifting gears. TECHNICAL SPECIFICATIONS The T-1000 is a limited edition of 50 pieces Case: Materials: Titanium Dimensions: 46,7 mm x 46,9 mm x 19,5 mm Crown: Time-setting mechanism using patented pushbutton clutch system Movement: REB T-1000, manual winding with integrated winding Material: Aluminium Jewels: 14 ceramic & 22 rubies Balance: Double hairspring inclined at 39° Winding system: Patented system of six mainsprings wound in parallel by two chains Power reserve: 1,000+ hours provided by six (2 x 3) vertical mainspring barrels Number of components: 693 Balance frequency: 18,000 bph (2.5 Hz) Straps: Black alligator leather Buckle with patented folding clasp with micrometric push button regulation


Luxury & lifestyle

Top Brand Breitling’s Caliber 01 Breitling is writing a new chapter in the history of the Montbrillant chronograph by equipping it for the first time with Caliber 01, a high-performance movement entirely developed and produced in the company workshops. A limited series completely dedicated to style and accomplishment. Endowed with a look inspired by the 1940s and 50s and featuring a circular slide rule for pilots, the Montbrillant chronograph was named after the building on Montbrillant Street, in the heights of La Chaux-de-Fonds, which housed the Breitling workshops from 1892 to 1979. It was in these premises that the brand developed the inventions and improvements that were to change the face of the wrist chronograph, including the first independent pushpiece (1915), the second independent pushpiece (1934) and the first selfwinding chronograph (1969). This was also where Breitling produced its first onboard chronographs that contributed to its status as “official supplier to world aviation” during the boom of air transport on propeller-powered and subsequently jet aircraft. Today, the Montbrillant is associating its name with another milestone in the history of the brand with the winged B by hosting Breitling’s Caliber 01, the most reliable and efficient of all selfwinding chronograph movements, produced using a revolutionary assembly process. The Montbrillant 01 Limited is issued in twin editions of 2,000 in steel and 200 in red gold, with the individual number engraved at 9 o’clock on the case middle. The Mercury Silver dial features elegant hands, the traditional central hundredth of a second counter, and an 18K gold version of the stylized B that served as the brand symbol until the mid-20th century. A transparent sapphire crystal caseback provides generous views of Breitling’s Caliber 01, chronometer-certified by the COSC (Swiss Official Chronometer Testing Institute), with its column wheel and its original structure. A collector’s piece for all those with a love of history in movement.

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Glashütte Original Creates Unique Senator Chronometer for Only Watch

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Glashütte Original has created this “1 of 1″ Senator Chronometer for Only Watch 2011. The 18k red gold case is perfectly sized at 42mm. On tap are panorama date, day/night indication, and a stop-seconds feature with innovative minute detent. Of course the case houses a 58-jewel certified chronometer movement visible through a sapphire case back. Find the wish price and wallpaper inside. The dial is matte black and silver with radial Roman numerals, an outer minute track for precise time display, and a power-reserve display below 12. The “1/1″ unique piece status appears on the dial next to the date. The hands are red gold. The watch case bears a special Only Watch engraved inscription, and the watch is accompanied by a unique wood case created as a tribute to marine chronometer housings of the past, and a special certificate. The Only Watch 2011 charity auction will take place on September 23 during the Monaco Yacht Show. Forty of the world’s leading luxury wristwatch manufacturers are donating unique and one-of-a-kind timepieces, and 100% of the proceeds will be donated to combat Duchenne Muscular Dystrophy. The auction will be conducted by Antiquorum. The wish price for this piece is 30,000 – 50,000 euros.


Maitres du Temps Chapter One Toubillon Chronograph Titanium/Black/Leather Manual-wind mechanical movement, one-minute tourbillon, mono-pusher chronograph, retrograde date indicator, retrograde GMT indicator, day of the week indication on roller, patented precise moon phase indication on roller Central hands indicating hours and minutes Central chronograph counterpoised second hand 60-minute counter at 12 o’clock Retrograde date at 3 o’clock Retrograde GMT at 9 o’clock One-minute tourbillon at 6 o’clock Day of the week indication on roller at 6 o’clock Patented precise moon phase indication on roller at 12 o’clock Functions - Two-position winding crown: pushed in to wind the watch; pulled out to set the time - Chronograph: start/stop/return-to-zero function activated by single pusher in the crown Caliber SHC02 - Dimensions: 51 mm x 32 mm - Number of components: 558 - Number of jewels: 58 - Power reserve: 60 hours - Tourbillon rotation: 60 seconds - Balance frequency: 21,600 vph (3 Hz) Case - Titanium with 18K white-gold accents - Number of components: 104 - Dimensions: 63 mm x 45 mm x 18 mm - Sapphire crystals with double anti-reflective coating - Display back: sapphire crystal with anti-reflective coating - High polish and satin finishes on compound-curve surfaces - Correctors with integrated locking system Dial - 18K gold - Number of components: 7 - Multi-faceted and beveled - Printed Roman numerals - Engine-turned sun-ray guilloche - Red counterpoised chronograph hand - 18K white-gold sword-shaped hands for chronograph counter, hour, minute, date, and GMT Rollers Day barrel: anodized Anticorodal Moon phase barrel: anodized Anticorodal inside a matte anodized cover with laser-pierced moon and stars Window between day roller and tourbillon Strap Alligator strap with 18K white-gold deployant buckle.

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Auto Show

FRANKFURT INTERNATIONAL MOTOR SHOW FOCUSES ON INNOVATION With 89 world premieres presented by automotive manufacturers and 1,012 exhibitors from 32 countries, the 64th edition of the Frankfurt International Motor Show (IAA) offered 235,000 sqm of exhibition space and was open to the public between September 17 - 25. During the IAA’s opening press conference, Matthias Wissmann, President of the German Association of the Automotive Industry (VDA), emphasized the wide interest for the new arrivals and said: “Public interest at the IAA will naturally focus on the world premieres. No other trade fair in the world offers such a glittering display of innovations of this caliber.” The list of world premiers included the Audi A2 Concept study with its electric powertrain, the A5, the A6 Avant, the A8 Hybrid, the R8 Spyder GT and the Audi Urban Concept. BMW displayed its new BMW 1-Series, the BMW M5, the 6-Series Coupé, the Mini Coupé and the i3 and i8 Concept. Daimler presented the new Mercedes-Benz B-Class, the new M-Class, the SLS AMG Roadster, the SLK 250 CDI, the SLK 55 AMG, the smart fortwo electric drive, the smart forvision and the research vehicle F125.

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❂ Ferrari presents the 458 Spider

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Ferrari’s new eight-cylinder, the 458 Spider, has finally been unveiled to the public at the 64th Frankfurt International Motor Show. The latest addition to the Ferrari range is a mid-rear-engined two-seater featuring a fully retractable aluminium hard-top. The 458 Spider’s innovative new hard-top is not only 25 kg lighter than


to ily

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❂ Bentley unveils the new Continental GTC

Bentley has launched its new Continental GTC at the Frankfurt International Automobile Exhibition and visitors were treated to the GTC in its new colour ‘Breeze’ with matching hide and new veneer, Tamo Ash. According to the British carmaker, this specification is the epitome of fresh, cool, contemporary, style. To showcase the range of other colour combinations available on the new GTC, the company created a visualiser application. In addition to the new Continental GTC, Bentley showcased a Porcelain-coloured Continental GT, a Burgundy Mulsanne and a Continental Flying Spur in Anthracite.

a traditional folding soft-top, but is also quieter and thermally more efficient when raised. Aside from taking just 14 seconds to open or close, the hard-top was engineered to occupy a very small space when stored so that the designers were able to include a generous rear bench for luggage behind the two seats. The rear windscreen doubles as an effective wind-stop which is electrically adjustable. When the hard-top is folded away the wind-stop opens to the height that guarantees the most efficient aerodynamics, reducing buffeting in the cockpit. The 458 Spider is powered by Ferrari’s 570 CV 4,499 cc V8 which was named International Engine of the Year 2011. This is coupled with Ferrari’s class-leading dualclutch F1 paddle-shift transmission which delivers 0 to 100 km/h acceleration in under 3.4 seconds and a maximum speed of 320 km/h. The all-aluminium chassis incorporates new alloys and castings, also adopted on the coupé, which ensure the 458 Spider already conforms to 2020 safety legislation. The new car also boasts class-leading fuel consumption and emissions levels. Thanks to the HELE (High Emotion Low Emission) system, in fact, fuel consumption on the combined urban cycle stands at 11.8 l/100 km with CO2 emissions of 275 g/km. In addition, Ferrari chose Frankfurt to introduce a new service, displaying an area of the stand dedicated to the Tailor-Made Programme which will enable owners to reach an even more personal level of distinctiveness with the specification of their cars. The Tailor-Made Programme provides clients with an extensive range of exclusive cloth trim, colours, finishes and technical materials for a final specification inspired by unique classic Ferraris and by motor racing. The selection is available in three innovative collections - Classica, Scuderia and Inedita – specifically conceived by Ferrari’s Styling centre. In creating a truly bespoke car clients will be assisted by their own Personal Designer throughout the decision-making process, right up until delivery. The Carrozzeria Scaglietti programme continues the range of personalisation options open to clients.


Auto Show

❂ New DBS Carbon Edition from Aston Martin Aston Martin showed two striking new Carbon Edition DBS sports cars at the Frankfurt Motor Show. Following the success of the DBS Carbon Black, introduced in 2009, the 2011 DBS Carbon Edition will be available in two new colours including Flame Orange and Ceramic Grey together with the existing Carbon Black. Each DBS will undergo Aston Martin’s unique paint process receiving seven layers of paint together with a 25 hour hand flat-and-polish finish resulting in a glass veneer normally the reserve of jewellery production. A first for Aston Martin is the option to specify a satin lacquer paint finish, creating a silk-like texture. The DBS Carbon Edition features 10-spoke gloss black diamond turned wheels with a reversed diamond turned or full gloss black finish as an option. Complementing the wheels, black brake calipers will be delivered as standard with yellow, orange, red or grey

as an option. Harmonising with the exterior finish is a warm black grille, carbon fibre mirror heads, carbon rear lamp in-fills and smoked rear lights creating a DBS specification like never before. The cosseting and inviting interior of the coupe plays host to the familiar swathes of obsidian black or maranello orange semi-aniline leather. This type of leather is more natural looking and softer to touch. The interior of a DBS Carbon Edition will take in excess of 70 man hours to hand stitch and finish. On the DBS Carbon Edition coupe, the headlining is quilted in leather providing a luxurious envelope to the cabin. Immediately distinguishing the Carbon Edition from a standard DBS is the carbon fibre facia with a carbon weave that has been positioned exactly

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❂ Group Lotus has launched the next generation Exige

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Group Lotus announced the latest addition to the family: the extraordinary new Exige S, the ultimate lightweight high performance sportscar. Alongside the staggering power to weight ratio, the Exige S has a completely new exterior and interior look and feel. The dramatic styling overhaul sees a completely new look for the Exige including a new front splitter and rear spoiler giving it a strong and aerodynamic profile. There are two new interior package options

available: Premium and Premium Sport. The Premium Pack provides added comfort and style where as the Premium Sport option focuses on creating an internal space optimised for ultimate driver involvement. Built for the adrenalin hungry sportscar aficionado, the Exige S features high performance bespoke tyre package with Pirelli P-Zero Corsa tyres as standard. A Lotus DPM (Dynamic Performance Management) switch allows the driver to switch between three driving modes: Touring, Sport and DPM off. And if three dynamic settings are not enough, an additional Race Pack option is available which adds a fourth driving mode setting: Race. This setting provides the maximum possible traction out of corners. The Race Pack also features Launch Control and an optimised suspension setting making the car perfect for letting rip on the track. Commenting on the Exige S, Group Lotus Chief Executive Officer Dany Bahar said: “Anyone who has ever driven an Exige will tell you that it’s not for the faint-hearted. The new Exige S skips a few rungs on the ladder to give the driver the ultimate Lotus experience.


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to follow the form of the dashboard. Only by hand can the fibres be laid to create a perfectly aligned weave. The magnesium alloy paddles that control the Touchtronic II automatic gearbox are tipped with carbon fibre bringing the Carbon Edition direct to the fingertips. A unique carbon fibre special edition sill plaque with laser etched metal inlay completes the specification. The standard DBS has recently been updated to feature the new Aston Martin

Garmin satellite navigation system possessing improved graphics and intuition to provide a sleeker user experience. Beam blade windscreen wipers are also a new feature providing reduced wind noise and a cleaner wipe, even at high speeds. DBS Carbon Edition prices start at 186,582 GBP (257,912 Euro) for the coupe and 196,581 GBP (272,913 Euro) for the Volante with customer deliveries expected from quarter one 2012.

❂ Opel brings a new battery-powered electric vehicle Opel formally introduced the RAK e experimental vehicle – an all-new battery-powered electric vehicle that can travel 100 kilometers for one euro, weighs a third of a modern small car and can reach 120 km/h in less than 13 seconds. “We want to develop electric vehicles that everyone can afford,” said Karl-Friedrich Stracke, Opel CEO, at the world premiere in Frankfurt. “The RAK e experimental vehicle aims to deliver pricing that even younger customers can afford. The RAK e has cool looks and productionpotential.” The lightweight concept of the RAK e is based on a steel space-frame structure beneath a skin of conventional synthetic material. This allows a high level of safety as well as affordable pricing. Opel deliberately avoided the use of expensive composite materials in its lightweight-design philosophy, in order to make electric mobility affordable for as many people as possible. “The RAK e is inspired by our wealth of experience in the area of electro-mobility, above all by the Ampera,” explains Mark Adams, vice president Design. “This progressive concept is creating a new class of electric vehicle; this is what future mobility with ‘my first e-Opel’

could look like. We are eager to see the reaction of visitors to the show.” After charging the battery for three hours, the experimental vehicle can travel up to 100 km. Due to the combination of low weight, minimal frontal area, low rolling resistance, and highly efficient electric propulsion. Weighing only 380 kg, the RAK e is about one third the weight of a modern small car. Peak power output is 36.5 kW/49 hp; 10.5 kW/14 hp is continuously available. The useable battery capacity of 5 kWh enables a range of 100 km, which corresponds to fuel consumption of just 0.6 litres of gasoline. Over an annual 10,000 km the RAK e’s energy consumption would be 525 kWh. This could be supplied by a five square-meter, 500-Watt solar panel mounted on the roof of the garage.


Auto Show

❂ Alfa Romeo plans to launch its 4C Concept in 2013 Alfa Romeo presented the 4C Concept, a compact “supercar” which represents the true essence of a sports car according to the values of the brand: performance, Italian style and technical excellence, offering maximum driving pleasure in total safety. The car on display in Frankfurt was marked by the new “Fluid Metal” livery that dynamically enhances the smooth, curvy and original lines. The launch of the 4C is scheduled in 2013. In recent months the project was refined and enriched with technical contents to enhance the dynamic excellence of the car. The weight is confirmed at around 850 kg, with power topping 200 HP and a weight to power ratio less than 4 kg/HP, a value worthy of a real “supercar”. The concept presents the formula of the two-seater, rear-wheel drive coupé with its central engine, a length of around four

metres and a wheelbase of less than 2.4 metres. These dimensions on the one hand emphasise the car’s compact attributes while also accentuating its agility on the other. The Alfa Romeo 4C Concept uses technology and materials derived from the 8C Competizione - carbon, aluminium, rear-wheel drive - and technology from Alfa Romeo models currently on sale: the 1750 turbo petrol engine with direct injection, the “Alfa TCT” twin dry clutch transmission, in short all the best of the “D.N.A. Technology”, obviously including the Alfa DNA dynamic control selector that is its physical expression inside the interior of all the Alfa Romeo’s. Together with this fascinating car, queens of the stand in Frankfurt were the Giulietta and Mito models with their latest stylistic and technological innovations, in line with the Alfa “D.N.A. Technology” philosophy.

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❂ Honda is on the road to zero emissions

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The launch of the new Honda Civic at Frankfurt Motor Show 2011 reaffirms the carmaker’s commitment to reducing CO2 emissions. Developed specifically for the European market, the Civic will be offered exclusively as a five-door hatchback and will compete in the C-segment. It will reach European showrooms in early 2012. Also, the refreshed Honda Insight was launched at the 2011 Frankfurt Motor show. The Insight is now even more environmentally friendly producing just 96 g/km of CO2. The Insight also receives a new exterior design including a new front

grille. The features within the interior have been improved for a superior perceived quality with two new interior colors to choose from. Rear visibility has been improved and rear passenger headroom has been adjusted. Revisions have been made to the engine and suspension for an overall improvement to ride comfort and stability. Two new exterior colors are available. Honda also brought the Honda EV Concept battery electric vehicle and the platform for a midsize plug-in hybrid vehicle.


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❂ Lexus shows next-generation ‘GS 450h’ Lexus displayed the next-generation “GS 450h,” the upcoming GS hybrid model created to exemplify the future direction of Lexus vehicles. The new GS 450h employs a newly developed 3.5-liter V6 engine and a completely updated hybrid system. As a pioneer of rear-wheel-drive hybrid sedans, the GS 450h combines high power with exceptional economic performance on an unprecedented level. The GS 450h not only provides dynamic driving with effortlessly smooth and extraordinarily swift performance that rivals a V8 gasoline engine, it is also projected to achieve fuel efficiency at the highest levels of its class with CO2 emissions of just 145 g/km or less (EU combined mode), marking further advancement in leading-edge

hybrid technology by Lexus. In addition, the signature spindle grille combines the Lexus-unique inverted trapezoidal upper grille and a trapezoidal lower grille to create a form that makes use of improved airflow and cooling and represents nextgeneration Lexus front-end design.   The completely redesigned platform and suspension is based on the same framework as the new “GS 350”, and with a revised hybrid battery layout resulting in a substantially larger cargo space, the GS 450h provides the same high utility as the gasolineengine model. The Lexus booth at the 2011 Frankfurt International Motor Show also featured the new GS 350, the “LS 600hL” and the “CT 200h.” The GS 450h is scheduled to launch in Japan around the spring of 2012.


Finance

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DOES THE HAVE A

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EURO FUTURE?

The euro crisis is a direct consequence of the crash of 2008. When Lehman Brothers failed, the entire financial system started to collapse and had to be put on artificial life support. This took the form of substituting the sovereign credit of governments for the bank and other credit that had collapsed. At a memorable meeting of European finance ministers in November 2008, they guaranteed that no other financial institutions that are important to the workings of the financial system would be allowed to fail, and their example was followed by the United States. Angela Merkel then declared that the guarantee should be exercised by each European state individu-

ally, not by the European Union or the eurozone acting as a whole. This sowed the seeds of the euro crisis because it revealed and activated a hidden weakness in the construction of the euro: the lack of a common treasury. The crisis itself erupted more than a year later, in 2010. There is some similarity between the euro crisis and the subprime crisis that caused the crash of 2008. In each case a supposedly riskless asset—collateralized debt obligations (CDOs), based largely on mortgages, in 2008, and European government bonds now—lost some or all of their value. Unfortunately the euro crisis is more intractable.


In 2008 the US financial authorities that were needed to respond to the crisis were in place; at present in the eurozone one of these authorities, the common treasury, has yet to be brought into existence. This requires a political process involving a number of sovereign states. That is what has made the problem so severe. The political will to create a common European treasury was absent in the first place; and since the time when the euro was created the political cohesion of the European Union has greatly deteriorated. As a result there is no clearly visible solution to the euro crisis. In its absence the authorities have been trying to buy time. In an ordinary financial crisis this tactic works: with the passage of time the panic subsides and confidence returns. But in this case time has been working against the authorities. Since the political will is missing, the problems continue to grow larger while the politics are also becoming more poisonous. It takes a crisis to make the politically impossible possible. Under the pressure of a financial crisis the authorities take whatever steps are necessary to hold the system together, but they only do the minimum and that is soon perceived by the financial markets as inadequate. That is how one crisis leads to another. So Europe is condemned to a seemingly unending series of crises. Measures that would have worked if they had been adopted earlier turn out to be inadequate by the time they become politically possible. This is the key to understanding the euro crisis. Where are we now in this process? The outlines of the missing ingredient, namely a common treasury, are beginning to emerge. They are to be found in the European Financial Stability Facility (EFSF)— agreed on by twenty-seven member states of the EU in May 2010—and its successor, after 2013, the European Stability Mechanism (ESM). But the EFSF is not adequately capitalized and its functions are not adequately defined. It is supposed to provide a safety net for the eurozone as a whole, but in practice it has been tailored to finance the rescue packages for three small countries: Greece, Portugal, and Ireland; it is not large enough to support bigger countries like Spain or Italy. Nor was it originally meant to deal with the problems of the banking system, although its scope has subsequently been extended to include banks as well as sovereign states. Its biggest shortcoming is that it is purely a fund-raising mechanism; the authority to spend the money is left with the governments of the member countries. This renders the EFSF useless in responding to a crisis; it has to await instructions from the member countries. The situation has been further aggravated by the recent decision of the German Constitutional Court.

While the court found that the EFSF is constitutional, it prohibited any future guarantees benefiting additional states without the prior approval of the budget committee of the Bundestag. This will greatly constrain the discretionary powers of the German government in confronting future crises. The seeds of the next crisis have already been sown by the way the authorities responded to the last crisis. They accepted the principle that countries receiving assistance should not have to pay punitive interest rates and they set up the EFSF as a fundraising mechanism for this purpose. Had this principle been accepted in the first place, the Greek crisis would not have grown so severe. As it is, the contagion—in the form of increasing inability to pay sovereign and other debt—has spread to Spain and Italy, but those countries are not allowed to borrow at the lower, concessional rates extended to Greece. This has set them on a course that will eventually land them in the same predicament as Greece. In the case of Greece, the debt burden has clearly become unsustainable. Bondholders have been offered a “voluntary” restructuring by which they would accept lower interest rates and delayed or decreased repayments; but no other arrangements have been made for a possible default or for defection from the eurozone. These two deficiencies—no concessional rates for Italy or Spain and no preparation for a possible default and defection from the eurozone by Greece—have cast a heavy shadow of doubt both on the government bonds of other deficit countries and on the banking system of the eurozone, which is loaded with those bonds. As a stopgap measure the European Central Bank (ECB) stepped into the breach by buying Spanish and Italian bonds in the market. But that is not a viable solution. The ECB had done the same thing for Greece, but that did not stop the Greek debt from becoming unsustainable. If Italy, with its debt at 108 percent of GDP and growth of less than 1 percent, had to pay risk premiums of 3 percent or more to borrow money, its debt would also become unsustainable. The ECB’s earlier decision to buy Greek bonds had been highly controversial; Axel Weber, the ECB’s German board member, resigned from the board in protest. The intervention did blur the line between monetary and fiscal policy, but a central bank is supposed to do whatever is necessary to preserve the financial system. That is particularly true in the absence of a fiscal authority. Subsequently, the controversy led the ECB to adamantly oppose a restructuring of Greek debt—by which, among other measures, the time for repayment would be extend-

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ed—turning the ECB from a savior of the system into an obstructionist force. The ECB has prevailed: the EFSF took over the risk of possible insolvency of the Greek bonds from the ECB. The resolution of this dispute has in turn made it easier for the ECB to embark on its current program to purchase Italian and Spanish bonds, which, unlike those of Greece, are not about to default. Still, the decision has encountered the same internal opposition from Germany as the earlier intervention in Greek bonds. Jürgen Stark, the chief economist of the ECB, resigned on September 9. In any case the current intervention has to be limited in scope because the capacity of the EFSF to extend help is virtually exhausted by the rescue operations already in progress in Greece, Portugal, and Ireland. In the meantime the Greek government is having increasing difficulties in meeting the conditions imposed by the assistance program. The troika supervising the program—the EU, the IMF, and the ECB—is not satisfied; Greek banks did not fully subscribe to the latest treasury bill auction; and the Greek government is running out of funds. In these circumstances an orderly default and temporary withdrawal from the eurozone may be preferable to a drawn-out agony. But no preparations have been made. A disorderly default could precipitate a meltdown similar to the one that followed the bankruptcy of Lehman Brothers, but this time one of the authorities that would be needed to contain it is missing. No wonder that the financial markets have taken fright. Risk premiums that must be paid to buy government bonds have increased, stocks have plummeted, led by bank stocks, and recently even the euro has broken out of its trading range on the downside. The volatility of markets is reminiscent of the crash of 2008. The authorities are doing what they can to forestall an immediate breakdown. The Greeks are meeting the troika’s demands so as to receive the next installment of the rescue package. The ECB is allowing banks to borrow dollars for up to three months instead of just one week, as has been the case. The Bundestag is expected to pass legislation establishing the EFSF. These steps will delay the climax from September to December. Unfortunately, the capacity of the financial authorities to take additional measures has been severely restricted by the recent ruling of the German Constitutional Court. It appears that the authorities have reached the end of the road with their policy of “kicking the can down the road.” Even if a catastro-

phe can be avoided, one thing is certain: the pressure to reduce deficits will push the eurozone into prolonged recession. This will have incalculable political consequences. The euro crisis could endanger the political cohesion of the European Union. There is no escape from this gloomy scenario as long as the authorities persist in their current course. They could, however, change course. They could recognize that they have reached the end of the road and take a radically different approach. Instead of

acquiescing in the absence of a solution and trying to buy time, they could look for a solution first and then find a path leading to it. The path that leads to a solution has to be found in Germany, which, as the EU’s largest and highest-rated creditor country, has been thrust into the position of deciding the future of Europe. That is the approach I propose to explore. To resolve a crisis in which the impossible becomes possible it is necessary to think about the unthinkable. To start with, it is imperative to prepare for the possibility of default and defection from the


eurozone in the case of Greece, Portugal, and perhaps Ireland. To prevent a financial meltdown, four sets of measures would have to be taken. First, bank deposits have to be protected. If a euro deposited in a Greek bank would be lost to the depositor, a euro deposited in an Italian bank would then be worth less than one in a German or Dutch bank and there would be a run on the banks of other deficit countries. Second, some banks in the defaulting countries have to be kept functioning in order to keep the economy from breaking down. Third, the European

banking system would have to be recapitalized and put under European, as distinct from national, supervision. Fourth, the government bonds of the other deficit countries would have to be protected from contagion. The last two requirements would apply even if no country defaults. All this would cost money. Under existing arrangements no more money is to be found and no new arrangements are allowed by the German Constitutional Court decision without the authorization of the Bundestag. There is no alternative but to give birth to the missing ingredient: a European

treasury with the power to tax and therefore to borrow. This would require a new treaty, transforming the EFSF into a full-fledged treasury. That would presuppose a radical change of heart, particularly in Germany. The German public still thinks that it has a choice about whether to support the euro or to abandon it. That is a mistake. The euro exists and the assets and liabilities of the financial system are so intermingled on the basis of a common currency that a breakdown of the euro would cause a meltdown beyond the capacity of the authorities to contain. The longer it takes for the German public to realize this, the heavier the price they and the rest of the world will have to pay. The question is whether the German public can be convinced of this argument. Angela Merkel may not be able to persuade her own coalition, but she could rely on the opposition. Having resolved the euro crisis, she would have less to fear from the next elections. The fact that arrangements are made for the possible default or defection of three small countries does not mean that those countries would be abandoned. On the contrary, the possibility of an orderly default—paid for by the other eurozone countries and the IMF—would offer Greece and Portugal policy choices. Moreover, it would end the vicious cycle now threatening all of the eurozone’s deficit countries whereby austerity weakens their growth prospects, leading investors to demand prohibitively high interest rates and thus forcing their governments to cut spending further. Leaving the euro would make it easier for them to regain competitiveness; but if they are willing to make the necessary sacrifices they could also stay in. In both cases, the EFSF would protect bank deposits and the IMF would help to recapitalize the banking system. That would help these countries to escape from the trap in which they currently find themselves. It would be against the best interests of the European Union to allow these countries to collapse and drag down the global banking system with them. It is not for me to spell out the details of the new treaty; that has to be decided by the member countries. But the discussions ought to start right away because even under extreme pressure they will take a long time to conclude. Once the principle of setting up a European Treasury is agreed upon, the European Council could authorize the ECB to step into the breach, indemnifying the ECB in advance against risks to its solvency. That is the only way to forestall a possible financial meltdown and another Great Depression. George Soros

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SUS}IN|TORII MINERITULUI CONTEST| CRITICILE EUROPARLAMENTARILOR Grupul de Sus]inere a Proiectului Ro[ia Montan\ a anun]at c\ respinge recenta ini]iativ\ a 16 europarlamentari, printre care trei români, de a adresa Comisarului European pentru Mediu acuze referitoare la sus]inerea de c\tre Comisia European\ a tehnologiei bazate pe cianur\ `n mineritul aurifer. Grupul a atras aten]ia europarlamentarilor semnatari ai scrisorii c\ tehnologia minier\ bazat\ pe cianur\ este extrem de sigur\ `n condi]iile strictei respect\ri a legisla]iei europene de mediu. Astfel, 90% din proiectele miniere aurifere din lume folosesc aceast\ tehnologie, iar Uniunea European\ aplic\ cea mai sever\ legisla]ie `n materie de utilizare a cianurii `n minerit, având cele mai sc\zute niveluri maxime admise din lume.  “Regret\m c\ printre semnatarii scrisorii de protest `mpotriva Comisiei Europene se reg\sesc [i trei reprezentan]i ai României `n Parlamentul European, care contest\ Proiectul Ro[ia Montan\. Suntem convin[i c\ europarlamentarii români au cuno[tin]\ de suferin]a [i declinul zonei Ro[ia Montan\ [i al Patrulaterului Aurifer din Mun]ii Apuseni cu locuitorii de acolo, `ns\ le ignor\ cu bun\

[tiin]\”, se spune `n comunicatul Grupului de Sus]inere, care cuprinde peste 50 de membri, reprezentând organiza]ii nonguvernamentale, prim\rii din jude]ele Alba [i Hunedoara, universit\]i cu tradi]ie, precum [i asocia]ii patronale [i organiza]ii sindicale. O pozi]ie similar\ a fost anun]at\ [i de c\tre Confedera]ia Sindical\ Na]ional\ Meridian (CSN Meridian). “Motivul principal pentru care nu putem fi de acord cu politicienii europeni, cu europarlamentarii adic\, este c\ ace[tia nu sunt speciali[ti nici `n minerit, nici `n protec]ia mediului. Speciali[tii sunt la Comisia European\. Iar ei s-au pronun]at `n multiple situa]ii `n favoarea mineritului care folose[te cianura pentru separarea aurului, c\ci se [tie c\ Uniunea European\ are cea mai dur\ legisla]ie când vine vorba de utilizarea cianurii `n minerit. Am spus-o [i o repet: cianura e verificat\ [i se foloseste de 100 de ani `n industria minier\. Nu e alt\ tehnologie care s\ fi dat rezultate mai bune [i mai sigure decât cianura. E ca benzina – e toxic\ dac\ o bei ca atare, dar sigur\ dac\ e folosit\ `n rezervor, `n spa]iu `nchis”, a declarat Ion

Popescu, pre[edintele CSN Meridian. Legat de demersul europarlamentarilor de a critica pozi]ia Comisiei Europene, Ion Popescu a ad\ugat urmatoarele: “Europarlamentarii ar trebui mai degrab\ s\ se gândeasc\ la cei care i-au ales [i i-au trimis `n Parlamentul European. Ei sunt cei care au nevoie de slujbe, iar pentru cei care provin din zone `n mod tradi]ional miniere este cu atât mai greu cu cât s-au `nchis exploat\rile respective l\sându-i f\r\ nicio speran]\ de trai, nici m\car la limita decen]ei. Eu le propun europarlamentarilor s\ sus]in\ mineritul [i s\ fie de partea cet\]enilor, c\ci `n perioada de recesiune economic\ grav\ prin care trecem nu sunt prea multe solu]ii de bun\stare economic\. Mineritul e printre pu]inele solu]ii func]ionale, odat\ ce s-au identificat investitorii care s\ aduc\ banii pentru repornirea minelor `nchise. Statul e suficient s\ zic\ DA proiectelor miniere serioase, iar zonele miniere, precum cele din Mun]ii Apuseni [i nu numai, `n prezent puternic afectate de [omaj [i s\rcie, vor rena[te”.


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Wellness market

WORLDCLASS ~{I EXTINDE RE}EAUA DIN BUCURE{TI

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~n ciuda unui context economic interna]ional `nc\ incert, WorldClass International continu\ extinderea re]elei sale din România. Bazându-se pe o echip\ cu experien]\, Gabriel Vasilescu, COO WorldClass International, este convins c\ noul club de fitness va deveni, `n scurt timp, o destina]ie favorit\ pentru mul]i clien]i. “Upground va fi «the new place to be». Cu un design rafinat [i avangardist [i servicii premium, va atrage atât segmentul corporate, cât [i segmentul VIP, exclusivist”, a declarat Gabriel Vasilescu `ntr-un interviu acordat “Business Arena”. Cu acest prilej, reprezentantul companiei s-a referit [i la tendin]ele generale din acest domeniu.

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Odat\ cu deschiderea acestui nou club, WorldClass va lansa [i parteneriatul cu Les Mills, un lider de pia]\ pe segmentul group fitness, WorldClass devenind partener exclusiv. “Vom introduce pentru `nceput trei concepte BODYPUMP, BODYCOMBAT, CXWORKS, urmând ca din prim\var\ s\ aducem [i alte concepte `n programul nos-

tru”, a declarat Vasilescu referindu-se la parteneriatul cu Les Mills. Noul club are 3.000 mp, ofer\ vestiare VIP, functional training studio, gym [i cardio, 250 mp pentru aerobic, spa]iu pentru cycling de 68 mp, spa]ii pentru copii, piscin\ interioar\ [i zone de relaxare, zon\ de masaj [i spa, jacuzzi


cald [i rece, saun\ cu abur, umed\ [i uscat\ [i personal training. ~n privin]a antrenorilor [i instructorilor, noul club va utiliza atât nume consacrate din industria fitnessului intern, precum Anca Bucur, cât [i instructori interna]ionali, cum ar fi Peter Ambjorn, Richmond Bachia [i Per Markussen. Un alt beneficiu important pe care WorldClass `l ofer\ este re]eaua sa de cluburi de fitness, mizând pe diversitatea [i calitatea programelor. Po]i cump\ra un abonament care s\ `]i permit\ s\ mergi `ntr-un centru care `]i e mai aproape de cas\ sau, ocazional, `ntr-un altul care `]i este mai aproape de birou. Po]i alege uneori s\ schimbi sala pentru a lucra cu aparate diferite sau po]i alege s\ mergi la o alt\ piscin\ pentru o simpl\ schimbare de decor. Referindu-se la modul `n care publicul din România apreciaz\ activit\]ile sportive, reprezentantul WorldClass remarc\ o schimbare de atitudine. “Pot spune c\ `n ultimii ani mentalitatea s-a mai schimbat [i la noi. Românii merg la sal\ pentru a `ntre]ine un corp armonios [i s\n\tos, pentru `ncrederea `n sine, pentru o via]\ mai bun\. Cu toate acestea, exist\ `nc\ persoane care fac sport pentru c\ este trendy, doar din motive de s\n\tate impuse de doctori, sau ca s\ interac]ioneze cu al]i oameni”, subliniind c\ oamenii trebuie s\ g\seasc\ cele mai bune c\i de a-[i men]ine motiva]ia pentru a face sport. “Cred c\ foarte important este s\ avem o motiva]ie [i un scop bine definite atunci când pornim la drum. De asemenea, este nevoie [i de un plan bine pus la punct când ne apuc\m de sport. Un ajutor substan]ial ar fi antrenamentul cu un antrenor personal sau chiar [i cu un partener”. De asemenea, Vasilescu spune c\ alimenta]ia joac\ un rol foarte important `n toate aspectele, `ns\ este de p\rere c\ multor români stilul de via]\ nu le faciliteaz\ o alimenta]ie corect\, nici din punctul de vedere al calit\]ii nutri]ionale, nici al orelor de mas\.

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Dining out

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JW STEAKHOUSE PERFEC}IUNEA ST| ÎN DETALII

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Restaurantul principal al hotelului JW Marriott, deschis în prim\vara acestui an, este deja unul dintre locurile frecventate de cei mai exigen]i dintre gurmanzi, unde ai certitudinea c\ po]i g\si cele mai bune “steak”-uri din Bucure[ti. Pentru c\ înc\ de la alegerea materiilor prime pân\ la nivelul de servire pe care îl practic\, preocuparea pentru standardele cele mai înalte în materie este pricipalul obiectiv al restaurantului. Prima veste este deschiderea pentru prânz a restaurantului, de la 12.30. Meniul a fost deschis în luna aprilie a acestui an, pentru micul dejun [i pentru cin\. La jum\tate de an de la lansare s-a decis deschiderea lui [i pentru masa de prânz. Meniul pentru prânz este conceput într-o manier\ similar\ celui pentru cin\ [i con]ine preparate cu timpi de servire mai mici, dar [i o

ofert\ special\ pentru un business lunch rapid. Amatorii de carne de vit\ vor aprecia noul sortiment ap\rut în meniu al\turi de vedeta USDA Black Angus, [i anume carnea de vit\ de Uruguay. Aceasta este cunoscut\ mai ales pentru faptul c\ în procesul de cre[tere a animalelor nu se folosesc furaje pe baz\ de porumb, ci în mod exclusiv iarba. Grass-fed versus corn-fed beef. Ce înseamn\ asta? O textur\ [i o savoare aparte, mai pu]in colesterol (cam jum\tate fa]\ de carnea de vit\ crescut\ cu furaje), protein\ de cea mai bun\ calitate, un nivel crescut de vitamine A, E [i Omega 3. Introducerea acestui nou tip de carne de vit\ în meniu cre[te num\rul de variante de pre], fiind mai accesibil\ din acest punct de vedere, nerenun]ându-se totu[i în niciun fel la calitate. Este, pur [i simplu, un alt tip de abor-


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dare a problemei. Ve[ti vin [i despre brunch-ul de duminic\ din JW Steakhouse - acesta este acum [i mai bogat, [i mai interesant, ad\ugându-i-se mai mult\ ac]iune: o întreag\ echip\ de buc\tari preg\te[te mâncarea în fa]a oaspe]ilor, atât în buc\t\ria deschis\ a restaurantului, cât [i în live stations. De exemplu, un buc\tar preg\te[te noodles chineze[ti cu legume [i alte specialit\]i asiatice pe loc, dup\ dorin]a clien]ilor. Brunch-ul este completat de delicatese din toat\ lumea: sushi, paste proaspete [i risotto cu arome, mânc\ruri tradi]ionale române[ti, precum tochitura moldoveneasc\, saramur\ de pe[te, pui la ceaun. Costul este de 185 lei per persoan\, iar copiii între 6 [i 12 ani au discount de 50%; oaspe]ii sunt a[tepta]i pentru

brunch în fiecare duminic\, de la 12 la 16. O surpriz\ înc\ în preg\tire este deschiderea Cigar Club-ului JW Steakhouse, a c\rui misiune este s\ creeze un spa]iu relaxant, intim [i mai ales interesant pentru to]i amatorii de trabucuri fine. “Deschiderea JW Steakhouse pentru prânz, precum [i toate nout\]ile pe care le inaugur\m în aceast\ toamn\ au venit ca urmare a feedbackului clien]ilor [i urm\resc completarea experien]ei autentice de steakhouse. Sunt sigur c\ oaspe]ii no[tri fideli vor remarca [i vor aprecia nout\]ile [i, mai ales, c\ noul brunch va avea un succes indiscutabil deoarece punctul forte pe care miz\m este diversitatea aproape extravagant\ de preparate pe care o ofer\", a declarat Igael Porecki, directorul general al hotelului JW Marriott.


R o m a n i a n

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PR & communication

TBWA@ {I ADN-UL SUCCESULUI CRISTIAN MUNTEANU, MANAGING DIRECTOR TBWA\BUCHAREST

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Pu]in\ lume [tie c\ agen]ia multina]ional\ de publicitate TBWA\ a fost prima [i singura multina]ional\ din lume cu un ADN pur european. Fondat\ `n 1970, TBWA\ avea birouri `n Anglia, Fran]a, Germania [i Italia. Mai târziu, Omnicom Inc, cel mai mare grup de comunicare din lume, a achizi]ionat TBWA\. Ca parte a unei strategii care s-a dovedit de mare success, TBWA\ a fuzionat cu CHIAT/DAY, cea mai creativ\ agen]ie de publicitate din istoria Statelor Unite, [i cu BDDP, o multina]ional\ de origine francez\ care cunoscuse o cre[tere fabuloas\ `n anii ‘80. Secretul succesului nou-n\scutei TBWA\ vine din faptul c\ toate cele trei re]ele care au fuzionat `mp\rt\[eau aceea[i cultur\ a creativit\]ii. Toate cele trei erau obsedate de inova]ie [i de g\sirea celor mai bune [i nea[teptate solu]ii creative pentru clien]ii lor. Acest lucru, CRISTIAN MUNTEANU poten]at de Disruption, cel mai puternic mind-tool din marketingul [i comunicarea ultimelor decenii, a propulsat TBWA\ `n topul mondial al agen]iilor [i `n preferin]ele clien]ilor: Apple, Adidas, Absolut, Playstation, VISA, Pepsi, Mars, Henkel sau McDonald’s, ca s\ men]ion\m doar câ]iva dintre ace[tia. Disruption este un instrument cu aplica]ie larg\, nu doar la comunicare. Agen]ia poate crea un astfel de disruption la nivelul marketingului, al comunic\rii, al businessului sau al produsului. Un exemplu clar al 40

puterii Disruption `l reprezint\ chiar iPhone-ul. Apple, client al TBWA\ de zeci de ani, a dezvoltat acest produs care nu doar a cucerit o cot\ important\ din pia]\ telefoanelor mobile, ci a creat o pia]\ proprie: cea a aplica]iilor. Disruption-ul care a stat la baza iPhone este unul uluitor de simplu: iPhone este primul telefon mobil care se bazeaz\ pe software, [i nu pe hardware. Asta plus designul des\vâr[it [i o promovare cum doar Steve Jobs [i Lee Claw (directorul de crea]ie al TBWA\) pot s\ o fac\ au transformat Apple dintr-un juc\tor IT `ntrun lider al pie]ei de terminale mobile. Un alt exemplu de Disruption care a adus brandului câ[tiguri fabuloase este Playstation. De data asta, Disruption-ul nu s-a produs la nivelul produsului, ci al marketingului. Playstation a fost prima consol\ de gaming din lume care nu s-a adresat copiilor, ci adul]ilor. De[i a câ[tigat [i o parte din pia]a consolelor pentru copii, Playstation [i-a inventat o pia]\ nou\, neexplorat\ [i cu un poten]ial enorm: cea a tinerilor, `ntre 20 [i 35 de ani, care reprezint\ ast\zi profilul dominant al gamerilor la nivel mondial. Comunicarea a fost, de asemenea, desenat\ s\ se potriveasc\ acestui profil de consumator, iar titlurile alese pentru acest\ platform\ nu se adreseaz\ copiilor. Playstation a dat dovad\ de curaj [i a câ[tigat. Dac\ Disruption este o metodologie care na[te idei geniale, Media Arts pune aceste idei `n practic\. Media Arts este felul propriu al TBWA\ de a `n]elege manifest\rile brandurilor `n toate mediile imaginabile. Ideea care st\ la baza acestei filosofii este, din nou, una extrem de simpl\: ast\zi, totul din jurul nostru este media. Ecranul televizorului este concurat de cel al calculatorului, de cel al liftului din hotel, de cel al telecomenzii, de cel al telefonului mobil, de iPad, de iPod, de radiourile digitale [i de `nc\ o mie de alte medii de comunicare. Media Arts `n]elege acest lucru [i `nlocuie[te abordarea de tip 360 de grade cu una de tip 365 de zile. Media Arts Lab, `nfiin]at `n Los Angeles pentru un singur client, Apple, este un colos care face pionierat `n acest domeniu. ~ntr-un fel, TBWA\ a f\cut un Disruption chiar `n industria `n care activeaz\. De aceea, obiectivul pe termen mediu [i lung al re]elei este s\ intre `n top 10 al celor mai creative companii din lume. Aten]ie: companii, nu doar agen]ii de publicitate. Concuren]a noastr\ este Google, Nissan, Lego sau Facebook, nu alte re]ele multina]ionale de publicitate. Acesta este viitorul dup\ ce TBWA/ a fost declarat\ agen]ia deceniului `n ultimele dou\ decenii.


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Finance

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DESPRE CREDITARE ANCA BIDIAN, CEO, KIWI FINANCE Activitatea de creditare a `nsemnat [i a avut la baz\ `ntotdeauna ca o condi]ie esen]ial\ `ncrederea `ntre p\r]i. ~ns\ pentru c\ `ncrederea nu este material\ [i m\surabil\, de-a lungul secolelor, b\ncile au parametrizat factorii de `ncredere `n condi]iile [i criteriile de eligibilitate a[a cum le cunoa[tem noi acum. La baza lor, aceste criterii nu sunt mult diferite de cele pe care le avem `n experien]a individual\ atunci când suntem pu[i `n situa]ia de a `mprumuta bani unui prieten sau cuno[tin]e [i când fiecare dintre noi avem propriile motive s\ acceptam sau s\ refuz\m: capacitate de rambursare, reputa]ie, istoria comportamentului de plat\ `n situa]ii similare, suma solicitat\, perioada etc. Creditarea este o activitate comercial\ `n cel mai simplu sens, iar b\ncile sunt comercian]ii de bani. Cump\r\ marfa dintr-o parte cu un pre] [i o vând apoi cu alt pre], iar diferen]a (dobânda) reprezint\ cheltuielile curente (ca ale oric\rei afaceri) plus profitul. Stabilirea marjelor se face `n func]ie de m\rimea pie]ei [i a cererii, de aglomerarea ofertelor [i concuren]ilor, de gradul de optimizare [i politica de costuri, de indicatorii de eficien]\ [i performan]\. De aceea avem `n orice moment oferte diferite la pre]uri [i condi]ii diferite. De ANCA BIDIAN multe ori, mi se pune `ntrebarea: “Cât mai sunt dobânzile acum la credite?” [i de cele mai multe ori r\spund tot cu o `ntrebare: “Cât mai cost\ acum o pereche de pantofi?”. A[a cum la aceast\ `ntrebare oricine `[i spune: “Depinde ce pantofi vrei, ce num\r cau]i, de unde `i cumperi etc”, exact la fel este r\spunsul [i `n cazul creditelor. Depinde de profilul fiec\ruia (eligibilitate [i grad de risc), de nevoia [i condi]iile individuale sau de furnizor. Ca s\ iei un credit f\r\ o analiz\ de pia]\ este ca [i cum `]i cumperi o pereche de pantofi legat la ochi. Nu [tii nici m\car dac\ `]i plac sau dac\ sunt ceea ce ai nevoie. La fel cum a c\uta creditul cu dobânda cea mai mic\ f\r\ a [ti dac\ `ndepline[ti condi]iile obligatorii pentru a-l accesa este ca [i cum ai c\uta cei mai ieftini pantofi, care s-au fabricat doar pentru num\rul 36, iar tu por]i num\rul 39. De curând a fost publicat un proiect de regulament al B\ncii Centrale care, ca orice reglementare, produce emo]ii de cele mai multe ori negative. ~ntrebarea principal\ este cum [i cât va restric]iona acest nou

regulament accesul la credite pe o pia]\ [i `ntr-un moment destul de sensibil. Pentru creditele de orice tip `n euro, noul regulament prevede condi]ii foarte restrictive `n calificarea clien]ilor, pentru calculul veniturilor eligibile, al gradului de `ndatorare, al perioadei creditului [i al avansului. Acestea vor conduce la sc\derea sumelor maxime accesibile cu pân\ la 20% pentru creditele ipotecare, cu pân\ la 40% pentru creditele de consum (care vor avea [i o garan]ie de 133% ) [i cu pân\ la 70% pentru creditele noi de nevoi personale garantate cu ipotec\. Conform proiectului de regulament, refinan]\rile sold pe sold nu vor fi restric]ionate ca perioad\ sau valoare minim\ a garan]iei. Din acest punct de vedere, noul regulament `[i va atinge cu siguran]\ scopul, [i anume restric]ionarea credit\rii `n alte valute. ~n absen]a op]iunii creditelor `n euro, pia]a va migra c\tre creditele `n lei. ~ns\ pentru a sus]ine declara]iile des vehiculate de “impulsionare a credit\rii `n lei” este nevoie de m\suri de impulsionare, care sunt diferite de cele de restric]ionare a celorlalte op]iuni. Fa]\ de sfâr[itul anului 2008, când creditarea rula cu 200km/h [i am `ntâlnit brusc un zid `n fa]\, care ne-a aruncat prin parbriz, acum cred c\ sc\derea va fi destul de lin\. Creditarea ruleaz\ de doi ani `n viteza `ntâi cu frâna de mâna tras\, probabil c\ de la 5km/h va ajunge la 3km/h, ceea ce pentru pasager este aproape insesizabil. ~n acela[i timp, cred c\ va fi o presiune pe costuri [i ofertele pe lei se vor situa pe un trend descendent `ncepând cu anul viitor. Cererea `ns\ va continua s\ fie mult mai mic\ decât oferta, avem un sistem bancar supradimensionat pe volumele actuale de credite noi retail [i este posibil ca 2012 s\ fie anul `nceputului de schimbare `n adresarea [i customizarea ofertelor. Doar costul [i sc\derea succesiv\ a dobânzilor nu mai sunt suficiente pentru achizi]ia unei cote de pia]\. Va fi nevoie de o cunoa[tere [i o segmentare cât mai bine definite a pie]ei-]int\, de actualizare [i ajustare a procedurilor interne `n conformitate cu evolu]ia pie]ei muncii [i chiar a legisla]iei. ~n ultimii doi ani au fost modific\ri `n Codul Fiscal, `n Codul Muncii, `n Codul Civil [i, nu `n ultimul rând, `n mediul economic, care nu se reg\sesc `ntotdeauna `n procedurile interne de creditare, ceea ce conduce la respingerea unor clien]i eligibili din punct de vedere al riscului, `ns\ neeligibili birocratic din cauza unor proceduri sau sisteme neactualizate. Dac\ `n perioada 2006-2008 pe cre[teri de pia]\ de ordinul sutelor de procente anual câ[tigau cei mai rapizi, când cererea se contract\ [i cre[terea este subunitar\, vor câ[tiga cu siguran]\ cei mai buni.


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MARILE ECONOMII ALE LUMII DEMONSTREAZ| C| MINERITUL ADUCE DEZVOLTARE DURABIL| Industria minier\ este domeniul economic cu unul dintre cele mai mari poten]iale de atragere a dezvolt\rii durabile, potrivit datelor publice din mai multe state care desf\[oar\ activit\]i moderne de extrac]ie. Principalele motive sunt efectul de antrenare a altor activit\]i economice pe plan regional [i na]ional, impactul pozitiv în balan]a comercial\, modernizarea infrastructurii de transport [i accesul la materii strategice.  Un studiu recent al Universit\]ii din Helsinki arat\ c\ impactul economic al industriei miniere este caracterizat prin urm\torii parametri: cre[terea PIB-ului regional [i na]ional, diversificarea activit\]ii economice, cererea de servicii, locuri de munc\ directe [i indirecte, cre[terea veniturilor din taxe [i impozite [i dezvoltarea industriei de utilaje de extrac]ie. În cazul Finlandei, num\rul locurilor de munc\ indirecte este de trei-patru ori mai mare fa]\ de locurile de munc\ directe în zona de impact a proiectului minier. Un raport al Oficiului European pentru Regiunile Norrbotten [i Vasterbotten, din Suedia, arat\ c\ mineritul este “una dintre marile for]e motoare” pentru alte activit\]i industriale, de transport sau de educa]ie-cercetare din economia local\. Documentul se refer\ la regiunea Norrbotten, unde activitatea minier\ este foarte dezvoltat\, în special în exploatarea fierului, aurului [i argintului. “Din punct de vedere istoric, resursele naturale stau la baza multor sate [i ora[e din regiune. Este foarte evident c\ mineritul are o contribu]ie important\ în dezvoltarea comunit\]ilor din Norrbotten”, se afirm\ în studiul citat. Cel mai mare beneficiu direct pentru regiunea analizat\ este ocuparea for]ei de munc\. În trei localit\]i, peste 15% din persoanele active sunt angajate direct în minerit. Efectele indirecte, sub forma efectului de multiplicare, achizi]iilor, activit\]ilor de procesare sau dezvolt\rii infrastructurii, se fac sim]ite

la un nivel mai larg, în toat\ regiunea. Australia, al doilea produc\tor de aur la nivel mondial, a dat publicit\]ii recent o serie de date care arat\ în ce m\sur\ a contribuit industria extractiv\ la dezvoltarea economic\ recent\. Astfel, sectorul extrac]iei [i proces\rii mineralelor a contribuit cu peste 500 de miliarde de dolari la PIB-ul Australiei, în ultimii 20 de ani. Peste 320.000 de australieni depind direct sau indirect de acest sector, mul]i dintre ei aflându-se în zone izolate [i slab populate. Datorit\ sectorului minier, s-au dezvoltat elemente importante de infrastructur\. Din 1967, s-au construit 26 de localit\]i, 12 porturi [i numeroase alte extinderi de porturi, 25 de aeroporturi [i peste 2.000 de kilometri de cale ferat\. Pân\ în 2015, se estimeaz\ c\ num\rul celor angaja]i direct în sectorul minier va cre[te cu 76%, adic\ 70.000 de locuri de munc\ în plus. Din punctul de vedere al comer]ului exterior, acest sector reprezint\ aproximativ jum\tate din exporturile totale ale Australiei, potrivit guvernului de la Canberra. În cazul Canadei, industria minier\ are aproximativ 360.000 de angaja]i, o contribu]ie de 3,5% la PIB [i de 20% din totalul exporturilor. De asemenea, mineritul ofer\ o pia]\ pentru 4.000 de companii care î[i vând produsele [i serviciile în diferite domenii – inginerie, proiectare, mediu, IT, avocatur\ sau contabilitate. În 2009, statul canadian a primit 11,5 miliarde de dolari din taxe [i dividende aferente acestui domeniu. Aproximativ 70% din traficul porturilor din Canada [i 55% din veniturile companiilor de c\i ferate sunt asigurate de industria minier\. La nivel european, România ar putea juca un rol important în industria minier\, devenind cel mai mare produc\tor european de aur, prin redeschiderea unor exploat\ri aurifere actualmente închise, precum cea de la Ro[ia Montan\.


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Lifestyle

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YACHTINGUL {I IMAGINEA SA SEZONIER| IRINA T|NASE, REDACTOR-[EF YACHT MAGAZIN Canalele media ne-au obi[nuit s\ asociem sezonul de iahting cu lunile de var\, pline de soare, vânt numai bun pentru o navigare lene[\, cât s\ nu

se verse paharele de pe masa din cockpit, [i fete frumoase care se bronzeaz\ la pupa. În aceast\ var\, probabil c\ mai mult decât în alte veri, ziarele locale, presa de profil, televiziunile [i fluxurile on-line de [tiri au mediatizat o parte din evenimentele nautice organizate la malul românesc al M\rii Negre.


Organizatorii au putut oferi sponsorilor de astfel de evenimente expunere în mass-media, participan]ii la evenimente au beneficiat de condi]ii mai bune pentru desf\[urarea regatelor sau a defil\rilor, totul a c\p\tat pu]in mai mult din elegan]a aceea pe care o are iahtingul în afara ]\rii: membrii echipajelor au avut ]inute comune, premiile au fost personalizate, au fost f\cute montaje foto [i video cu vele în vânt, valuri, soare, valuri [i soare sau soare [i vele... Dar sezonul de iahting nu se termin\ odat\ cu plecarea turi[tilor de la mare, a[a cum iahtingul nu e f\cut doar din câteva regate care [i-au g\sit

sponsori în aceast\ var\. Iahtingul continu\ [i când se înnoreaz\, apare frigul [i se golesc sta]iunile de pe litoral. R\mân pasiona]ii care, dac\ nu au bani s\ investeasc\ în dry-uri (costume rezistente la frig [i umezeal\), ies pe ap\ cum pot [i se antreneaz\. Pentru c\ asta fac echipajele profesioniste din afar\, se preg\tesc în mod constant. În România, se duc la mare pe banii lor, ies pe ap\ cu for]e proprii [i fac fa]\ tuturor cerin]elor unui sport de performan]\ folosind resursele lor sau ale familiei. {i nu vorbim doar de echipajele ambarca]iunilor cu vele mari, ci [i de copii care vara î[i dau relaxarea [i distrac]ia de vacan]\ pe participarea la cât mai multe competi]ii [i ore de antrenament, iar în restul timpului încearc\ s\ î[i men]in\ preg\tirea pe Her\str\u sau vreun alt lac. Vorbim de unul dintre cele mai elegante sporturi, cele mai cu tradi]ie, mai u[or de asociat cu elitismul, curajul, luxul... care nu ar face decât cinste oric\rui brand cu care ar fi asociat. Cu toate astea, în afar\ de pasiunea celor îndr\gosti]i de mare [i de nevoia de adrenalin\ a celor pasiona]i de competi]ie, nicio adiere de vânt nu umfl\ acum velele iahtingului... „Nu se vinde, nu se caut\”, explic\ publicitarii. „Nu se vinde” unui public pe care ne-am str\duit destul de tare în ultimii ani s\ îl obi[nuim doar cu sex-simboluri [i figuri politice f\r\ con]inut. Nu [tiu dac\ acela este publicul pe care trebuie s\ îl caute sus]in\torii iahtingului. Un brand care î[i asociaz\ imaginea cu un eveniment, un club sau un echipaj din lumea naviga]iei ]inte[te cu siguran]\ segmentul celor educa]i, al celor elegan]i dincolo de aspectul ]inutei [i aventuro[i dincolo de plimb\rile cu ATV-ul. Sau poate a[a ceva este de neimaginat pentru publicitarii din România... Anul acesta, mass-media a început s\ schi]eze, timid, o imagine a iahtingului românesc. Între timp, echipajele se antreneaz\, devin mai bune, [i juniorii de la clasele olimpice [i practican]ii cu experien]\ de la vele mari câ[tig\ experien]\ [i din ce în ce mai multe locuri importante în iahtingul interna]ional... Poate pân\ în sezonul viitor [i aceast\ imagine croit\ de pres\ [i publicitari va fi mai bine definit\. irina.tanase@yacht-magazin.ro

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Interview

ESTE RELEVANT| PENTRU NE TREBUIE O Dr. Hervé Mathe, profesor de inova]ie [i strategie la ESSEC Business School [i fondatorul Institutului pentru Inova]ie [i Strategia Serviciilor (ISIS), va fi prezent `n noiembrie la Bucure[ti, la invita]ia TEBA (Trans European Business Academy), pentru un curs de dou\ zile, al\turi de profesorul Xavier Pavie, care pred\ deopotriv\ la Harvard [i la ESSEC. Cursul este dedicat oamenilor de afaceri care vor s\ `n]eleag\ ce este inovarea, unde `ncepe [i unde se termin\ (dac\ se termin\), avantaje [i beneficii ale unei culturi organiza]ionale centrate pe inovare. ~n acest context, „Business Arena” a realizat un interviu cu dr. Herve Mathe. ESSEC Business School, ce a fost clasat\ de c\tre „Financial Times” `n topul {colilor de Afaceri din Europa, a creat ISIS, un centru dedicat cercet\rii `n inova]ii. Ne pute]i spune ce anume `nseamn\ ISIS pentru pia]a de business?

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~n mod surprinz\tor, Centrul Universitar nu a fost creat pentru a servi companiilor. ~n]elegem motivele pentru care exist\ aceste a[tept\ri, dar noi nu suntem traineri. ISIS `nseamn\ erudi]ie. Noi furniz\m educa]ie, nu training. Ne-am dedicat munca descoperirii celor mai bune practici [i suntem aici pentru a face cunoscut companiilor ce credem noi c\ este mai bine de f\cut. Noi investig\m activitatea din diverse domenii. Practic, companiile sunt cele care ne ajut\ pe noi s\ ne ducem la bun sfâr[it investiga]ia.

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Cum se desf\[oar\ acest proces de investigare? La ISIS ne ocup\m [i de "the action of experience". Conceptul este simplu: invit\m trei sau patru executivi s\ prezinte studiul de caz [i s\ r\spund\ `ntreb\rilor publicului, alc\tuit `n totalitate din executivi. Acele `ntâlniri sunt relevante pentru schimbul de informa]ii [i experien]\, cele mai bune practici de afaceri [i rela]ionare.

Cum defin]i inova]ia? Ar fi o dovad\ de ambi]ie supraestimat\ dac\ a[ spune c\ pot defini `n mod corect [i complet "inova]ia". Dup\ p\rerea mea, este vorba despre o comercializare a creativit\]ii ce poate conferi valoare beneficiarilor. ~n vremuri apuse, oamenii asociau conceptul de creativitate cu domeniul artei, `ns\ acum c\ut\m creativitatea [i inova]ia peste tot `n jurul nostru. Noi `ncerc\m s\ extragem tot ce este relevant pentru a asista evolu]ia liderilor de afaceri la un nivel superior [i pentru a le permite s\ creeze valoare `n compania lor. Sunt de p\rere c\ inova]ia presupune succes, de aceea to]i profesioni[tii `n afaceri, cu o viziune extins\, ar trebui s\ fie interesa]i de descoperirea multiplelor aplica]ii concrete a inova]iilor. ~n contextul institutului nostru, obi[nuiam s\ spunem c\ inova]ia presupune organizare [i proces. Inova]ia este comercializare ca produs. Nu este doar un serviciu sau produsul final, ci toate la un loc. Dac\ vorbim despre inova]ie, vorbim despre arta cre\rii de valoare, care reprezint\, de fapt, un punct de turnur\/o ramp\ de lansare pentru antreprenori. A]i avut [ansa s\ lua]i contact cu sistemul de `nv\]\mânt din diferite ]\ri europene, precum [i din Asia, `n calitate de profesor invitat. Exist\ na]iuni “dominate”


U BUSINESS INOVA}IA? E O CULTUR| A INOVA}IEI?

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de inova]ie? Cum se explic\ acest fenomen? Chiar dac\ a[a pare, nu cred c\ inova]ia se poate reg\si doar `ntr-o anumit\ cultur\. Datorit\ unor lideri, care [i-au `nsu[it anumite viziuni, [i a dinamicii unei economii, Singapore este totu[i un exemplu remarcabil de spa]iu al invova]iilor. Coreea este un alt exemplu de diversitate `n inova]ii. Ambele ]\ri se afl\ pe calea c\tre succes [i ambele egaleaz\ Tawainul `n industria tehnologiei. China [i India au aplicat cu succes politici dedicate inova]iei. ~n acela[i timp `ns\, toate aceste pove[ti unde inova]ia pare a fi delimitat\ de grani]e au fost determinate de factori foarte diferi]i, precum [i influen]e din alte p\r]i ale globului, astfel `ncât "na]ionalizarea inova]iei" este un concept dep\[it [i uneori chiar irelevant. Devin reticent când trebuie s\ explic totul folosindu-m\ de argumente de natur\ cultural\. Mi se pare nefericit\ situa]ia `n care cineva sus]ine c\ o cultur\ este responsabil\ pentru orice. Italia este unul dintre exemple. Acum mul]i ani, designul italian se baza pe modelele concepute de italieni `n ]ar\ [i folosite cu prec\dere `n limita acestui stat. ~n prezent, asemenea practici nu mai sunt relevante. Cel mai bun design italian este conceput `n Scandinavia, de c\tre Philip Starck `n colaborare cu ni[te englezi. Astfel, cele mai bune ingrediente sunt combinate pentru a ob]ine cel mai bun rezultat. Trebuie s\ recunoa[tem c\ nu mai exist\ conceptul de "context na]ional". ~n contextul marilor organiza]ii, care sunt dificult\]ile asociate procesului de inovare? Faimosul profesor Jeremy Siegel, de la Wharton, spunea c\, `n procesul de inovare, anali[tii `n probleme de securitate [i anali[tii financiari se afl\ pe pozi]iile cele mai periculoase `ntr-o companie. Oamenii din aceste pozi]ii investesc [i aleg s\ ia decizii de al c\ror deznod\mânt nu se tem pentru c\ gândesc pe termen lung [i de aceea se `mpotrivesc inova]iilor. Concluzia e evident\: dac\ vrei s\ inovezi, trebuie s\ ignori Wall Street-ul.

DR. HERVÉ MATHE Pentru c\ Wall Street-ul este cel mai mare du[man al inova]iei. Criza financiar\ func]ioneaz\ ca un catalizator pentru inova]ii, dup\ p\rerea mea. ~ns\ conservatorii se tem de schimbare, `n timp ce schimbarea este chiar esen]a inova]iei.


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http://www.business-arena.ro

Business Arena este o publica]ie lunar\ editat\ de Media Grafic, adresându-se cu prec\dere liderilor [i exper]ilor in afaceri, din diverse sectoare ale economiei.

✍ Cosmin Stangaciu, GM, mobile: 0755.274.125 - cosmin.stangaciu@business-arena.ro ✍ Cristian Cojanu, Sub-editor - cristian.cojanu@business-arena.ro ✍ Paul Madrio, Art Director - paul.madrio@business-arena.ro / madriopaul@gmail.com

ISSN 2069 - 1807


Germany - Romania Roundtable Business Conference & Awards 2011 This year's Germany - Romania Roundtable Business Conference and Awards will bring together leading German and Romanian diplomats, bankers and business leaders, who will discuss their successes and air their views on future economic development here. The special Germany - Romania Roundtable Business Conference and Awards offers a strong platform for greater visibility and promotion for German-owned and joint-venture companies and banks currently operating here and those considering entering the Romanian market.

Contact: Cosmin Stangaciu: mobile: 0755.274.125 email:cosmin.stangaciu@business-arena.ro


Business Arena Magazine nr 16  

Two years of success serving leadingbusinesses and business leaders in Romania

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