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INDEX
Index
Editorial address: Burgemeester Oudlaan 50 3062 PA Rotterdam, Kamer CB-03 Tel. 010 408 1146/47 Fax. 010 408 9021 E-mail: eclaire@efr.nl
EDITOR IN CHIEF LETTER
Editor in Chief: Kim van Adrichem
Writers: Timothy Langstraat Youvale van Dijk Madina Ismailova Katharina Dees Nadia Zafirah Want to be a freelance writer? Mail eclaire@efr.nl
Marketing officer:
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PRESIDENTIAL > BLACK FRIDAY
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NIGHT OF THE NEW YEAR >
Hubert W. de Nie, marketing@efr.nl
Bart van Heeswijk, commercial@efr.nl
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25 THE CRISIS TODAY! >26 EFR PICTURE PAGE >31 ERD >33 SCHIPHOL GROUP >
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CHRISTMAS TREE, OH CHRISTMAS TREE >
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10 WAYS TO… >
EC LAIRE
Commercial officer:
INTROD U CT ION
What have I gotten myself into? That is one of the questions many of us seem to have on repeat then we enter the holiday season. There is a range of end of the year activities set up especially for you; from the family dinners to the Christmas social drinks and white elephant parties. The stress of the holidays accumulates with the need to buy the best gifts in town for all your family and friends along with the desire to look fabulous for all the social events. And on top of that there are the exams. Just a little distraction from all the holiday madness. Sometimes it can seem seriously difficult to manage all the priorities you have, but fear not: in this letter I shall give some quick pointers on how to de-stress yourself! No, I will not advise you to watch one of those power nap videos on YouTube. Instead, I’ll be the person to tell you that sometimes, it’s good to go with the flow.
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Kim van Adrichem
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Organize yourself: remove clutter from your immediate living space and force yourself to focus on things that are important. Exams come first, family second, and drinks are optional. Once you are done with exams, you can go all out during the two weeks of vacation and do all those things you have been yearning to do during the last two blocks.
Editor-in-Chief
Dare to say ‘no’: your priorities are obvious and sometimes having too much on your plate can be just plain disorienting. Plan one night a week just for you-time so that you can get important things done and have a break afterwards in which you take the time to really enjoy (tip: this in combination with chocolate usually works well). Stay positive: the weather is too cold, the printer doesn’t work, and assignments are stacking up while there are still so many things that have to be done. Sure, there are some negatives. But how many positives outnumber the negatives? There are VIBES parties, Vie parties, social drinks aplenty. And sometimes you just need some time with close friends to relax and remember all the amazing/crazy things that are going on in your busy student lifestyle. After all student life is not just studying, there are loads of other things going on that allow you to take your mind off of stressful events. Now I would like to share one of my favorite quotes from the TV show “Big Bang Theory” for some comic relief before you continue reading this Eclaire: “Penny: Sheldon, what about you, did you have a Christmas tree? Sheldon: Oh yes. We had a tree, we had a manger, we had an inflatable Santa Claus with plastic reindeer on the front lawn. And to make things even jollier, there were so many blinking lights on the house they induced neighborhood wide seizures. Penny: So I take it you don't wanna help us trim the tree? Sheldon: I do not, but if you insist on decorating a spider infested fire-hazard in my home go ahead.” Happy holidays and enjoy your much deserved vacation, Kim van Adrichem
INT R O D U CT I O N
So before you run to the store to get the same iPhone or outfit as your friend, there’s only one advice we can give: think of what really makes you happy. Myrthe van Dieijen President of the 47th EFR-Board
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I think one of the hardest things in life is to take less when you can get more. The gap in our economy is between what we have and what we think we ought to have – and that’s a moral problem, not an economic one. In order to prevent the world’s resources from running out on a short term, we have to change our mindset.
Presidential
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This movement of consumerism can be pretty dangerous. We are already using too much of the world’s resources and with the population growth and increased consumerism this will only worsen. And there’s one thing we can agree on: earth provides enough to satisfy every man’s need, but not every man’s greed. So before we start continuing this trend of ‘youcan-never-get-enough-of-what-you-don’t-need-to-makeyourself-happy’, we have to start asking ourselves: does it really make us happy? It may seem like a suggestive question, because most of you would immediately say ‘no’. We’ve all learned in our early childhood that money doesn’t make you happy. You have succeeded in life when all you really want is only what you really need. But then we keep going back to the same problem: why do we keep buying so much?
Myrthe van Dieijen
Have you ever felt a little bit of jealousy when one of your friends had just bought the latest iPhone or laptop? Or when one of them came to class with a totally new outfit? It can give you the feeling that you need a new phone or outfit too, in spite of the fact that it might not be necessary. You experience the desire to purchase goods or services in ever greater amounts: consumerism. This experience gives you the idea that personal happiness can be obtained through consumption. The movement of consumerism is typical for the western, capitalized world that most of us are used to. However, this movement is spreading further around the globe. In upcoming economies such as China, India and Brazil a whole new middle class of consumers is on the rise. McDonalds and skyscrapers are filling up the cities and more and more people are buying their own car(s).
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Friday, Black Friday:.
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Valuing. Discounts. and. Discounting. Values.
WORLD
By: Timothy Langstraat
While the name might’ve only come about in the sixties, the shopping associated with Thanksgiving Day had taken the country by storm from day one. By the time the sixties began, and the US truly began its rise to the top of the economic food chain, it had grown from a few secluded Thanksgiving Day Parades to a nationwide phenomenon, with starting to line up for the various shops from the early hours of the day onwards. And in 1966, 42 years after the first parade by Macy’s, the crowds had reached such a massive size that in Philadelphia, the streets were swarmed with people, traffic slowed to a crawl and stores were packed with people, and the local policemen had given the day the ominous name ‘Black Friday’. But that isn’t the end of the line for this name. While it first reared its head in 1966, it took another 9 years before the name caught on in the major media, showing up for the first time in national newspapers in 1975. Before long, the entire nation knew of the term Black Friday, and of the madness associated with it. But, as expected, the retailers were not happy with this turn of events. And so, to divert the attention from the bad connotations of the first meaning, another explanation was brought into the world: Black Friday was the day that stores made a profit for the first time, operating on a loss from January to November. The meaning stuck and, with that, a modernday holiday was born.
Unfortunately, this lust to buy can also turn to madness. To draw in the customers, shops turned to lower prices and earlier opening times. But while this would be fine if it remained like that, the situation turned to disaster when discounts became only valid on Black Friday itself, and was only valid for very limited stocks. As crowds get drawn towards the stores, and people start queuing up in the early hours of the day, slowly a recipe for disaster forms.
“Clean up on Aisle 1” As the ingredients in this recipe come to a boil, so do the moods in stores around the country. The stampedes that happen every year when people storm the stores in the best case only cause a few injuries, but in the worst, they kill. In 2008, a young man from Long Island was trampled in the Wal-Mart he worked at, when a group of people broke through the door he was valiantly guarding, and without any regard for human life, ran into the store, trying to get the best deal and the highest discount. As emergency workers tried to revive the man, who had suffered a heart attack under the stress of so many people walking all over him, even they were trampled still by the massive amounts of people that were trying to get into the store. But while this is a severe case, violence is not uncommon. Every year, there are countless people getting injured, trampled underfoot,
EC LAIRE
Black Friday is the endearing term given to the first Friday after Thanksgiving, which, since the 1920’s, has heralded in the start of the unofficial holiday season in the United States. Ever since then, the Macy’s Thanksgiving Day Parade has gone through the streets of New York year after year, entertaining children and adults alike with their elaborate floats and performances. However, the massive crowds here were not the origin of the name ‘Black Friday’. This name only came about 40 years later, in the city of Philadelphia.
But why are people willing to stand in line for hours on end, just to get that one bargain that they had waited for? What drives people to storm stores and mob malls just for the sake of Christmas shopping? The answer to that question lies in the question itself. Ever since the first Macy’s Thanksgiving Day Parade, people have been coming out on to the streets to witness the parade, and also to do the first bit of Christmas shopping. As people were drawn more and more to the parade, stores tried to make the most of the customers that came into their stores; they started offering lower and lower discounts, to attract more customers. Later, this escalated into earlier opening times as well, in response to people forming queues to get into the store. But, in a bid to be the first into the store, again people started waiting in line earlier to get into the store. The need for sales and the need for bargains created a veritable shopping arms race.
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The Birth of a Tradition
War of the Wal-Marts
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HE UNITED STATES HAS NEVER BEEN KNOWN FOR ITS RELUCTANCE TO INDULGE IN CONSUMERISM. WHETHER IT IS THE OPULENCE OF CHRISTMAS, OR EVEN SIMPLER HOLIDAYS, SUCH AS FATHER’S DAY, AMERICAN SOCIETY NEVER LEAVES A CHANCE UNUSED TO SPEND MONEY, AND GO TO EXTREMES TO DO SO. BUT THERE IS NO DAY WHERE THIS IS CLEARER THAN BLACK FRIDAY, THE DAY AFTER THANKSGIVING.
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The meaning
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shoved aside or even shot at. As the injuries began getting more frequent, and more severe, stores decided they could no longer sit by. Measures had to be taken, and after the deadly incident in 2008, stores slowly began to instate security measures. Instead of the unbridled shopping stampedes that were common before, in 2009 queues were instated in stores all around the country, and stubs were handed out to those in line, ensuring that only the true first 100 got certain especially wanted gifts.
stuck and, with that, a modern-day
In the last few years, Black Friday, and holiday spending in general, has spiraled out of control. Even in times of economic downturn, a time when traditionally people go back to basics, spending keeps increasing. But the question is whether this will continue. Already, countermovements have taken to the streets to protest the twist big corporations have given the holiday season. Others are trying to mold the days of Christmas into a controlled form. The only question now is whether the people will truly listen, or if consumerism will eventually devour the United States.
holiday was
A New Hope But for some, that wasn’t enough. Countermovements, such as the ‘Buy Nothing Day’ and ‘Buy More Stuff’, started popping up around the country. But while ‘Buy Nothing Day’ flat-out preaches that the behaviour of senseless buying is bad, ‘Buy More Stuff’ is more creative. Their only message is to buy more stuff. As their website puts it: “We're here to encourage people to buy more stuff. If you don't hurry, they'll run out
of stuff or you'll run out of time.” They attempt to put a mirror to society, and show it exactly what they are doing: rampant consumerism. And so far, they’re successful. What started as an art project by Michael Holden, has quickly grown to be a movement that’s now spreading across the globe.
born.
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Night New Year
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of the
By Madina Ismailova
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HE NEW YEAR IS A MAGICAL TIME. ONE YEAR FOLLOWS THE OTHER. IT FEELS LIKE THERE WILL BE A CHANGE. NO ONE KNOWS WHAT KIND OF CHANGE, BUT EVERYBODY IS ANXIOUS IN ANTICIPATION. IT IS OFTEN SAID THAT IT DEPENDS SOLELY ON THE PERSON HOW HIS NEXT YEAR WILL BE. IT ALL DEPENDS ON HOW ONE SPENDS THE NIGHT OF DECEMBER THE 31ST. MANY PEOPLE HAVE A GATHERING WITH FAMILY OR FRIENDS, WHILE SOME CHOOSE TO SPEND IT ALONE. THERE ARE THOSE WHO DON’T EVEN CARE ABOUT THIS SPECIAL TIME OF THE YEAR AND JUST CHANGE A CALENDAR ON THEIR WALL. MOST PEOPLE SPEND THIS HOLIDAY THE SAME WAY EACH YEAR, ACCORDING TO THE FAMILY OR CULTURE TRADITIONS. HOWEVER, IT ALL SOUNDS TOO BORING. HOW ABOUT TRYING SOMETHING NEW THIS YEAR? HAVE YOU EVER ASKED YOURSELF HOW OTHER PEOPLE SPEND THE NEW YEAR’S EVE?
China The times when Chinese celebrated New Years only by lunar calendar are in the past. Nowadays on the December 31 nuns ring bells in and streets are filled with amazing creatures – huge long dragons and lions, locals giving New Year performances. You can observe tourists enjoying riding ships and doors of all little tea restaurants are open welcoming guests with the smell of the freshly fried fish. That’s how travel agencies try to persuade people visit China for their New Year’s vacation. However, it is still way more fun to visit it during the Spring Festival, traditional Chinese New Year, celebrated accor-
They welcome New Year as the sparkles of fireworks melt away in the Atlantic Ocean.
your heart around you. A festive menu includes champagne, vodka, tangerines and salad with herring. Celebrations start with turning on a TV. Each channel during this season, and particular this day, has a special show to entertain you. But you don’t want to spend your next year in front of the TV, right? Since the programs are quite interesting, you just turn it on with low sound volume and keep the conversation going. TV has another important role: around ten minutes to midnight the president will make a speech to tell his citizens about the success of the previous year and expectations of the coming one. Exactly at midnight you see the Red Square and hear the chiming
clock declaring the beginning of the New Year. Wishes made while the clock is striking twelve will definitely come true, or so people say. It is believed to be a time full of magic, so some girls practice New Years fortune telling. Sometimes people continue their celebration outdoor in Snow cities, where they can observe elaborate, sparkling and often dangerous fireworks. Snow cities are attractions made entirely of ice, filled with high beautiful slides for both children and adults. The slides are often in the shape of a castle and surrounded by ice figures featuring mystical Chinese dragons, cartoon characters and animals representing zodiac of the Chinese calendar.
ding to the lunar calendar. That is the time when children receive money in red envelopes. Notice, that if you receive a present, it would be nice of you to return a favor. During this time Chinese people watch a special TV show called “Spring Festival Gala Evening”, which is an amazing show of singers, dancers and performances with magic tricks and comic dialogues. Usually this entertainment show lasts five hours, and while watching it you can enjoy a special New Year’s menu consisting of rice cakes, fish and rice wine. Even though these meals are on the tables throughout the year, during the Spring Festival there is a special meaning to it. For example, word “fish” has the same pronunciation as Chinese “something left”. So eating fish for New Years means you will have a lot to eat next year. The celebration lasts ten days, but, of course, the first days are the most important ones. After the eighth of the first month, according to the lu-
nar calendar, Chinese citizens usually return to work. But there is still an ending festival, called Lantern. People enjoy the celebration with visual fireworks and aural fireworks, called firecrackers for all ten days. And even after the celebration is over, you can have fun putting special Spring Festival Couplets on your doors. There are two small ones, traditionally put upside down and mean “fortune” or “luck”, and two long ones. People try to show their creativity creating those following the rule that words should match in their meanings.
Brazil
to be dressed in white clothes and give small presents packed in pretty wrapping paper with a ribbon. Still the main presents are given on Christmas.
New Year in Brazil is a summer holiday, because it starts in the middle of summer, while it is winter in Europe. The official name of the holiday is “Confraternização”. It can be translated in English as translated as “fraternization”, but its French name –Reveillon, is more popular. It is a custom during this time
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Well, first of all, the main motto is: “How you spend the New Year’s night will determine the next year for you”. It means that the house has to be clean and neat, a table set for celebration, new clothes on you and people dear to
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Russia
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WORLD
There is a tradition in Brazil to count down the last seconds of the ending year aloud, wish each other “Feliz Ano Novo!” - “Happy New Year!” and drink champagne during the festive fireworks. New Year is especially beautiful in Rio de Janeiro, where it is common to throw white flowers in the ocean. Those flowers often make the entire seashore white. Imagine thousands of people, dressed in white, watching grandiose fireworks on the seashore. They welcome New Year as the sparkles of fireworks melt away in the Atlantic Ocean.
Mazars is ontstaan uit een fusie tussen Mazars en Paardekooper&Hoffman
ª« W.w e k Unb ijmD zar s. x
Ga verder met Mazars.
P SYC H OLOGY
Advertising, the evil tool of
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Marketing By Katharina Dees
As a matter of fact, the world of today is full of advertising; we are confronted with big billboards in modern cities, especially in shopping malls and of course in the media, in particular on the internet. All the ads no matter in which form they are presented to us, follow only one aim; to persuade us to buy the solicited product, service or... But if we look for instance at the ad for the newest edition of a smartphone, it is questionable if people do really need a new phone although they already have a pretty new one. The same applies to other kinds of products. The question that always remains here is: did people actually intended to purchase the product or was it actually palmed on to them by the advertising campaign? Do they actually make use of it or is it just another dust catcher in the junk room? It also happens that we watch a TV commercial in the afternoon which is promoting, for example, food, making it more likely that we purchase the desert or pasta, as food sells better when the people who see the commercial are actually hungry. Similar techniques are also being used in supermarkets. The time period when the advertising campaigns addressing the consumers turn aggressive is before Christmas. As people are gift shopping, it offers an ideal possibility to lure them to buy pointless gifts, which often times nobody wants let alone needs. Most people have had similar experiences, receiving presents to which the above applied. If consumers were aware of the tricks of advertising companies, they might be more inclined to think twice before making an impulsive buy. Moreover, they should not give the companies the power to lure them into unnecessary buying decisions. In the end it is always still the customer’s own decision to purchase something or not.
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Chuck Blore, the founder of a famous radio advertising company in the US once said ”Advertising is the art of arresting the human intelligence just long enough to get money from it. “ Since Mr. Blore is an expert in the field of advertising he must have had a point.
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WORLD
IRECRACKERS, SKYROCKETS, GROUND SPINNERS, SPARKLERS AND HELICOPTERS. YOU ALL KNOW THEM FROM NEW YEAR’S EVE, OR ANY OTHER CELEBRATION THAT IS HELD IN YOUR COUNTRY. IN THE NETHERLANDS AROUND 65 MILLION EUROS ARE SPENT ON FIREWORKS EACH YEAR, AT LEAST IN THE LEGAL MARKET. THE POLICE SEIZED 240,000 KG OF ILLEGAL FIREWORKS LAST YEAR. ILLEGAL FIREWORKS ARE MORE ATTRACTIVE; THEY ARE OFTEN NOISIER, BRIGHTER AND SMOKIER. BUT THEY ARE ALSO RISKIER.
F
The Netherlands is ‘tough’ on people trading illegal fireworks, probably due to our recent past. The police forms ‘fireworks-teams’ in the months leading up to New Year’s Eve. Their task is to check whether people possess illegal fireworks and whether they are using them. Getting caught using fireworks before 10 am December 31st will cost you 250 Euros. But there is also good news for you all; you are allowed to have not 10 kg, but 25 kg of fireworks from next year on! And even “better”, you can buy it at your local gas station!
Evil spirits The exact origin of fireworks is not clear. Clear is though that two important ingredients of fireworks, gunpowder and paper, are inventions from China. The Chinese developed the popular boomers with the intention to scare off evil spirits. People started to use it for all kinds of celebrations and it slowly became a commercial good. A couple of centuries later fireworks reached Europe. Here it was mainly used as a weapon of war.
However, there are not only good sides to fireworks, as you all know. At the last turn of the year around 770 people were victim of incidents with fireworks (in the Netherlands). Therefore, commercials are broadcasted in the month leading up to the New Year, to warn people about the dangers of using fireworks. In 2009 the government contributed 225,000 Euros to such a campaign. Body parts that suffer most from
We are now a decade further and the debate about fireworks is at a crossing. On the one hand, the government is loosening up regulations (liberalization of the fireworks market). For example households are allowed to buy more fireworks, up to 25 kg from next year on. And gas stations are going to be allowed as a new distribution channel. On the other hand, we have the ongoing debate whether households should be allowed to keep using fireworks or hire professionals to give fireworks shows, as many other countries already do. Proponents of the latter emphasize that it will be safer, and hence medical costs will be lower, as will other costs. Opponents emphasize tradition. Surveys have revealed that only 10-15% of Dutch citizens are proponents of a ban on fireworks. This year we can still buy fireworks. Last year it was thought that the crisis would have a big impact on the sales of fireworks, as it is a luxury good. However the numbers show that people did not spent less. They substituted expensive fireworks for higher quantities of cheaper kinds.
“If you want to make money: open a brick-store.” fireworks are fingers, hands, eyes and heads. Last year the amount of people suffering (serious) ocular lesion increased by 10%. However these commercials do not warn against the risks of stocking fireworks. For households this might not be necessary, as households have relatively low amounts of fireworks in their possession. However, retailers of fireworks are often handling large amounts. The government has strict rules as to how fireworks should be stored, and which requirements warehouses need to meet. The last couple of years the restrictions concerning warehousing of fireworks have been tightened in the Netherlands. This was a consequence of a big tragedy. On May 13th 2000 a warehouse of S.E. Fireworks caught fire in Enschede. This warehouse contained 900 kg of fireworks. After some chain reactions the fire reached the central bunkers, containing 177 ton of fireworks, which all exploded. A whole district vanished; 23 people lost their lives that day and another 950 were injured. The damages eventually surpassed 450 million Eu-
If you want to make some money out of it, you should open a brick-store, which specializes in fireworks, as numbers show that just 5% of the people buy fireworks on the Internet and 44% (most) of fireworks is sold at stores, which specialize in fireworks. So this year there will again be victims of fireworks, retailers who are stocking illegal fireworks and people who are going to buy illegal fireworks. Lets just hope we are all really careful, enjoy the tradition and blow some billions to bits!
EC LAIRE
By Youvale van Dijk
The Olympic Games of 2008 were a perfect opportunity for China to strengthen their name as fireworks producers, and they succeeded. All over the world people were impressed by the enormous fireworks show during the opening ceremony. Although it was later revealed that some of it was digitally animated! Still, it is a good example of the fun and beautiful sides to fireworks.
Debate
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The good and the bad
ros. The existence of some illegal containers on the premises intensified the heated debate about illegal fireworks. It was not much later that the regulations were sharpened.
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Today China is still the main producer and exporter of fireworks, as 90% of the world’s fireworks come from China. Especially the city of Liuyang has a high concentration of fireworks manufacturers (an industrial cluster). Chinese firms probably benefit from an earlymover advantage. As they were the first to enter the commercial market of fireworks, they have been able to gain leadership and establish a name as reliable producers.
U N I V ERSI TY
Exchange Report Denise Embregts, Erasmus Universiteit Rotterdam, Netherlands
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Deciding whether or not to go on exchange was an easy choice. Of course the idea of living in a foreign (hopefully warmer!) country for a few months seemed appealing, but after having lived abroad for most of my life already, I chose to stay at the EUR. While my grades would have allowed me to apply, I decided that, while moving around is great, finishing three years in one place didn’t sound so bad either. Add to that the fact that I was offered a job as a mentor and student assistant at the ESE, and my decision was final. A very interesting minor and a great student life have been a wonderful start to my final bachelor year, and I am already looking forward to the electives in the next block. Staying at the EUR is definitely not an inferior option to the exchange: I still do not regret my choice.
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Chiamaka Odikanwa, University of Western Ontario, Canada When I made the decision to go on exchange, I really wanted to ‘go out, see more and know more’ about anything and everything. Coming to Canada and attending University of Western Ontario has done just that for me. The exchange program, although centrally academic, has allowed me to test my limits: what more can I do, where else can I go? I have had no drawbacks with this experience, thus far. The city London is vibrant, teeming with students, and is two hours away from Toronto. The city also has a close proximity to the United States. I can say without a doubt that is a highly rewarding experience.
Phoebe Huurdeman, National Chengchi University, Taiwan In the summer of 2009 I left Rotterdam to spent an exchange semester in Taipei. It was an amazing experience; I learned how to pronounce the name of my school to cab drivers (Cheng DA, CHENGda?, sjenda?), took all my pictures ‘Taiwanese style’, slept in a dorm room with 5 other girls, overcame nasty encounters with cockroaches in the bathrooms, traveled around Asia, partied every other night and ate local specialties like thousand year old eggs and stinky tofu. I wouldn’t have missed these four months for the world and in the end I can definitely say: wo juede Taiwan hen hao!
Boris Konovalov, Moscow State University, Russia Exactly one year ago I was on a one semester exchange to the State University – Higher School of Economics in Moscow, Russia. I am happy to tell you that this was an amazing experience; probably one of the best times in my life. The metropolis is a young-spirited, vibrant, and challenging place where one can enjoy nightlife, theatre, museums, and historical as well as modern sights to the fullest. At the University I attended classes in English at the International College of Economics and Finance. At this faculty, which teaches a double degree in cooperation with LSE, I met fellow students who know how to party but are also some of the brightest minds around. Four of them are currently my classmates at the London Business School and other people I met are now spread around the worlds’ top graduate institutions. I can recommend an exchange to Moscow to anyone who is openminded, interested in Russian culture and language, loves big and crowded cities, has plenty of energy, and prefers strong liquors and fancy clubbing. If you’re thinking about going there feel free to contact me for some great tips and contacts.
UNIVERS ITY
Bertram Flesch, Universidad Carlos III de Madrid, Spain After living in Northern Europe for about 22 years I thought that it was time for something else, for a new experience, a different lifestyle. So I decided to spend the first semester of my third year in Madrid, the vibrant capital of Spain. What I found was a city tremendous in size and densely populated by an incredibly diverse crowd. While almost deserted during siesta time the city virtually explodes with life at night; especially during summer – which extends to the middle of October here – when all the little Streets and Piazzas are filled with Madrileños having a chat with their neighbors or going out to one of the many, many clubs and bars with their friends. Most of them will not return before 6 o’clock in the morning. But of course there is more than just vibrant nightlife. Every exchange semester offers different things to learn and provides new perspectives. What I really like about Spain, for instance, is their relaxed attitude. Even if there is an endless cue behind you the people at the desk would take the time to have a little chat with you and to joke around. They never get stressed out. Of course it is not always very efficient. But I think it is one of the reasons why their life expectancy ranks among the highest in Europe. Maybe this is the most important thing I have learned here so far: Life is not all about efficiency. In fact you can be perfectly fine without it from time to time.
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Besides having the 5th largest population in the world, Brazil has one of the fastest growing economies in the world. On exchange in São Paulo, at the USP, I experienced the vibrant and manifold city of São Paulo. From the historic city centre with its market hall and (black) market, to the beaches and famous night life where you are introduced to sexy bikinis and tasty cocktails (caipirinhas are really made with white sugar!!), there is so much to do! The university with all its faculty buildings at one location is huge, comparable with a small city where buses take you from one side to the other, and that is why it is even called 'cidade universitaria'; university city. The courses are easy to follow if you speak some Spanish or Portuguese, otherwise you can also take Portuguese classes. On weekends and holidays we had enough time to travel and got to know the country better. Public transport is an easy way to travel, for sure!! As the national currency 'Real' got stronger, many things are just as cheap/expensive as in Holland, although food is certainly cheaper. In the coming years Brazil will host the FIFA World Cup in 2014 and the Olympic Games in Rio de Janeiro in 2016, and be assured, Brazilians know how to party and celebrate! Don’t miss that experience!
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Daniella Klauser, Universidade de Sao Paulo, Brazil
Taking the opportunity for an exchange program at Keio University, Japan, gave me a magnificent experience, because for a few months I got to live in one of the most famous metropolis’ in the world; Tokyo. Tokyo is an energetic and busy city and has a unique culture. Traveling in Tokyo takes some time to get used to with the intricate metro and train lines and although trains within Tokyo district come every two minutes during rush hour, the trains are always packed. A culture shock will be inevitable for Non-Asians. Often times non-Asians will be stared at in public. In Tokyo, Keio University is known as an elite school and its education system is completely different than the Dutch variant. Although the workload is lower, we learn a lot during the classes which are small and have more interaction.
Robin Vogelaar, Hong Kong In my preparation for exchange programs, I mostly aimed to have an enriching cultural experience. Hence, I decided that I wanted to go to Asia and more specifically to Hong Kong. Until now, I have not regretted that decision! The educational experience provided is of very high-level, the cultural experience taught me many useful intercultural skills, and the location allowed me to get to know more about possible careers in Asia. In short, I would highly recommend anyone to choose for Hong Kong. The location is exotic enough to have a very interesting cultural experience, Western enough to be able to cope with daily life, and it will definitely offer you a lasting experience!
If you would like to contact any of these exchange students for more information, feel free to send a mail to: eclaire@efr.nl.
Martin Sulistio, Keio University, Japan
A R T I CLE
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Dutch!? N THE 15TH OF NOVEMBER, THE DEPUTY PRIME MINISTER OF THE UNITED KINGDOM, NICK CLEGG, VISITED THE EFR. THE MOST SURPRISING PART OF HIS VISIT WAS THAT HE WISHED TO SPEAK IN DUTCH.
O
Clegg came to the EUR, to speak at the very first Pre-Event of the EFR-Business. With a Dutch mother, a half-Russian father and a Spanish wife, Nick Clegg is one of the most cosmopolitan politicians in the world. A part of his family still lives in our country, and therefore this was a good moment for Clegg to visit them as well. Traditionally, the EFR-Business Week (which takes place from March 30th to April 7th) consists of five components: the Opening Day, Company Days, Conference Day, Business Week on Location, and EFR-Business Week Party. This year, the Pre-Event was a new addition to this list, providing an opportunity to add an extra dimension to the EFR-Business Week and to make a lasting impression on the students and guests. The day started off with a short opening speech from the Deputy Prime Minister. His speech, in fluent Dutch, about trade and economics was followed up by critical questions from students and other guests. Amongst other things, questions referred to the British education system, the Dutch political climate and Geert Wilders. Frans Weisglas, former chairman of the Dutch House of Representatives, was the host of the day and lead the discussions.
After Clegg left the Erasmus University under police escort, the day continued with a presentation by Wout Korving, director and co-founder of the Rebel Group, about the applicable economic instruments and calculations for the Dutch bid for the Olympic Games of 2028. Beginning with a description of historical Olympic Games, he ended with an interesting comparison about what made Olympic Games profitable in the past – or not. Consider, for instance, the re-utilisation of buildings, the development of underdeveloped urban neighbourhoods, and the increase in the flow of tourists. This presentation was followed by a panel discussion about the Dutch Olympic Bid, with Antoinette Laan (city councillor of Sports and Recreation), Erik Braun (assistant professor Urban Development at the Erasmus University) and Coert Beerman (President of the Board of Rabobank Rotterdam). Together with the students, they discussed issues such as the development of infrastructure before entering the bidding procedure in 2016, and whether longterm investments in the Netherlands will increase due to hosting the Olympic Games 2028. In all, we are proud to say that the Pre-Event was a huge success and we are looking forward to the EFR-Business Week itself.
By Hubert W. de Nie
ATCHING THE HUMMINGBIRDS AROUND A YELLOW FLOWERED BUSH THROUGH MY KITCHEN WINDOW WHILE I'M HAVING LUNCH... SAMPLING THE HOMEMADE FROSTING FROM THE BOWL AFTER ICING A CAKE... CIRCLING A FIRE PIT WITH FRIENDS AND WARMING MY HANDS... AHHH, SWEET MOMENTS IN LIFE!
W
Sometimes while I'm driving I struggle to keep my eyes on the road because the clouds are playing with the mountains and weaving in and out between them in a way that mesmerizes me. When it rains I just want to stop everything and listen. It is moments like these I want to take out my book, and read. This, however is not interesting. We want to know where YOU read the EFR-Eclaire! We would like to receive photos of where you read the EFREclaire, may it be on holidays, at university, or in the train. We would like to invite you to send your photos to eclaire@ efr.nl before January 25th, at which point we will be selecting a winner.
Our winner will receive a Canon Ixus 105, as so to better participate with our competitions in the future! Your fotos will be judged on originality, so shows us what you got!
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Where do you read the
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ENTERTAINMENT
rotterdam.nl/werkenbij
training met de andere trainees. Je krijgt dan
De stad die durft, geeft initiatief de ruimte.
bijvoorbeeld een bedrijfsvoeringscasus met de vraag: ‘Hoe zou jij de gemeente inrichten?’ Dé kans om ‘out of the box’ te denken en je eigen ideeën aan te dragen. Of je bereidt tijdens een training adviesvaardigheden met een acteur een lastige werksituatie voor en ontvangt
Rotterdam is in veel
We bouwen bij de gemeente Rotterdam aan de
tools die je daarbij helpen. Erg waardevol!
opzichten een
stad én aan de samenleving. We houden de regie
Het traineeprogramma is superleuk. Ik heb hier de
goed in handen, maar geven veel ruimte voor
mogelijkheid om mezelf te ontwikkelen, krijg heel veel
voorloper, een stad die
initiatieven. Met 13.500 medewerkers zijn we een
feedback. Het traineeship helpt me m’n plek te vinden
durft. Zonder durf had
grote werkgever in het Rijnmondgebied. En met
en te ontdekken waar mijn kracht zit. Zo kom je erachter
de modernste haven ter
een paar duizend uiteenlopende functies ook een
waar je in de organisatie het beste functioneert. Ik vind
wereld niet in
veelzijdige. Samen werken wij voor bijna 600.000
dat ik in een bevoorrechte positie zit. Het programma
Rotterdammers aan de stad.
zorgt dat ik me bezig kan houden met dat waar ik in
Rotterdam gelegen.
geloof. Met een frisse blik, een dosis lef en idealen Zonder durf was Rotterdam de wolken minder dicht genaderd. Zonder durf waren veel debatten over grootstedelijke problemen niet in
“Het programma zorgt dat ik me bezig kan houden met dat waar ik in geloof.”
werken aan onze samenleving. Ik kan het iedereen
Tanja Oosterveld, 28 jaar, trainee bij de gemeente Rotterdam
trainees. In twee jaar tijd werk je aan vier projecten bij
Wat bieden wij je? Een veelzijdig traineeprogramma in een interessante stad die durft! Het traineeprogramma start jaarlijks op 1 november en 1 mei met elke keer tien
vier verschillende diensten of deelgemeenten. Afhankelijk van je leeftijd en opleiding ligt het aanvang-
Rotterdam gestart. Rotterdam zoekt
aanraden!”
“Na mijn studie wilde ik graag bij een grote gemeente
salaris tussen 2.300,- en 3.000,- bruto per maand bij
aan de slag, waar ik aan uitdagende, gedurfde projecten
een 36-urige werkweek.
medewerkers met
kan werken. In Rotterdam zijn die er, hier worden ook
bezieling, die hun
nieuwe creatieve oplossingen verwelkomt. Momenteel
Durf jij? Ben je geïnteresseerd en heb je een (bijna)
werk ik als adviseur bij Gemeentewerken mee aan de
afgeronde universitaire of HBO-opleiding? Solliciteer
ontwikkeling van een kwaliteitsfilosofie voor de dienst.
dan via de website www.rotterdam.nl/werkenbij.
verantwoordelijkheid nemen en ook de min-
Ik organiseer themasessies waarbij ik procesbegeleider
Meer informatie over het traineeprogramma vind je op
der gebaande paden
ben. Uit deze sessies komt een discussienotitie voor
www.rotterdam.nl/rotterdamse_traineeprogramma.
durven te betreden.
de directie voort. Daarnaast heb ik een dag per week
Merry Marketing:
A Coca Cola Christmas
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HE COCA COLA COMPANY IS NOT MUCH OF A MYSTERY TO MOST PEOPLE. THEY KNOW OF THE BRAND, HAVE SEEN THE ADS, AND THERE’S A DECENT CHANCE THAT YOU ACTUALLY HAVE ONE OF THEIR PRODUCTS IN YOUR HOME RIGHT NOW, OR EVEN RIGHT BESIDE YOU AS YOU READ THIS ARTICLE. MOST PEOPLE WOULD SAY THEY KNOW IT QUITE WELL; THEY KNOW THE BOTTLE, THE DRINKS, AND EVEN THE ADS. BUT WHERE DID THOSE ADS COME FROM? AND WHY IS IT THAT, EVERY YEAR, WE SEE ADS ON TV FOR COCA COLA, FEATURING SANTA CLAUS? TO KNOW THE ANSWER TO THAT QUESTION, I INVITE YOU TO READ ON.
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By Timothy Langstraat
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ENTERTAINMENT
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ENTERTAINMENT
A Coca Cola Christmas [continued]
Marketing Madness As the Coca Cola company began gathering power, so did their marketing prowess. Their massive marketing campaigns quickly made the company
However, the Coca Cola company’s biggest problem was exactly that: their drink was drunk only in summer. To remedy this, the Coca Cola company had to find the one thing people associate with winter. Up until then, Santa Claus existed in a variety of forms and ways in the United States. Whether it was as the small-statured Father Christmas amalgam from Britain, the tall, whitehaired bishop from the Netherlands, Sinterklaas, or the German-born Christkindl, they all existed simultaneously. Over the years, the forms had started to merge into one figure, Santa Claus, a bastardization of the name Sinterklaas, but there had never been a clear consensus on what he looked like.
The Santa Solution That all changed when one smart executive at the Coca Cola Company decided to latch Coca Cola on to Santa Claus’ growing popularity and fame, and let the company use the fame for their own benefit. It all started in the
1920’s, with the depiction of a stern Santa Claus in his now traditional red and white. He resembled more the old Sinterklaas of Dutch traditions, with his demeanor and looks. While the general populace took to him, Coca Cola decided they wanted a more human Santa, one that people would relate to. And so Haddon Sundblom came to fame. In 1931, he was commissioned to reinvent Santa: make him believable, relatable, and symbolic, all at the same time. And so, Santa Claus was born. Instead of having a man portray Santa, Sundblom created a man that was Santa himself; a bearded, jolly old man, with a big belly and rosy cheeks, that hid a great smile. And the general population took to him fast. Soon, Santa became synonymous with Coca Cola, and people started drinking Coca Cola even in winter. The campaign had worked, and Coca Cola had created a modern-day legend. Coca Cola went on to become a household name, a drink that people drank at all times of the year. And the image of Santa Claus, with the big, red, rosy cheeks, became the man we now know all around the globe. And while many might know Coca Cola, and Santa Claus too, not many know of the pivotal role that a company famed for soft drinks played in the creation of a man more famous than the pope. One thing is for sure, though: no matter how famous you are, anyone might benefit from a little marketing.
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When Pemberton passed away in 1888, he sold his stake in the store to Asa Candler, the man who made Coca Cola into the juggernaut that it is today. Within three years of buying Coca Cola, he had increased sales tenfold, and he wanted more. He started a massive advertising campaign, handing out coupons, giving out free gifts, and promoting Coca Cola in any way possible. He was so effective at this, that only 6 years after Pemberton’s death, Coca Cola was not just limited to Atlanta, but was sold from coast to coast, and consumed in every state in between.
an instant classic with the American market. The skimpy clothing featured in earlier ads, where women would be seen walking along beaches, was a great success. Soon coasters, serving plates and outdoor ads featured the women as well, and an entire league of women would soon follow, creating a collector’s club just for the apparel portraying Coca Cola’s women. The reputation of Coca Cola had started to grow, and their marketing cemented them as a solid choice for a hot summer’s day.
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It all started in 1868, in the United States of America, with a pharmacist called John Stith Pemberton. While his name might not be important, what is all the more important is the drink he created: Pemberton’s French Wine Cola, what was later to become Coca Cola. Originally marketed as a headache tonic, and actually including both wine and coca, Pemberton’s drink quickly became one of the most popular in Atlanta. However, the prohibition of 1886 prompted Pemberton to get creative. He remade the drink with sugar instead of wine, renamed it to Coca Cola, and created the formula that would be the basis of all modern Coca Cola drinks.
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Humble Beginnings
U N I V ERSI TY
Duisenberg school of finance By Kim van Adrichem
T
HE DUISENBERG SCHOOL OF FINANCE (DSF) OFFERS SOME OF THE MOST COMPREHENSIVE BUSINESS AND CORPORATE LAW MASTERS IN THE NETHERLANDS AND THE REST OF EUROPE AND GRADUATES FROM ALL OVER THE WORLD OPT TO FOLLOW ONE OF THEIR CHALLENGING PROGRAMMES IN AMSTERDAM. TO GET SOME INSIDE INFORMATION AND FIND OUT WHAT THE DSF IS REALLY LIKE, I INTERVIEWED SANNE BLOM (26), A GRADUATE FROM EUR AND MORE RECENTLY FROM DSF. SOME MAY REMEMBER SANNE FOR HER HARD WORK, LEADERSHIP AND ACTIONS AS PRESIDENT OF THE 43TH EFR BOARD.
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1.
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What did you study at the EUR?
“When I started at the Erasmus University, I studied Dutch economics, but soon realized that I wanted to bridge the gap between theoretical economics and real life business situations. This meant learning the juridical part of business. I decided to compliment my previous studies with a law degree. Six and a half years after the start of my studies I had received both a Bachelor in Economics and a Bachelor in Law, and I had started some Master courses at the EUR. After that, I was President of the EFR for a year, and then chose to study LLM (Master in Finance and Law) at DSF.
2.
You were at DSF. How did you find out about this school? And why did you choose to study LLM?
“I was looking for a Master in the Netherlands, because abroad it’s impossible to obtain the ‘civil effect’ which you need to become a court-approved Dutch lawyer. Knowing I needed to continue my studies in the Netherlands, I followed the advice of a personal contact who was familiar with the school and decided to grab this opportunity. I studied at DSF in the study year 20092010 which was actually only the second year that they were in existence. The whole idea behind DSF is that classes are small and interactive. Classes did not exceed 20 participants unless you do common courses with students from all the other programmes at DSF. I know that they will not admit more than 30 students per programme because they want to stay small, exclusive and they want to offer the students a concentrated environment where the focus is completely on the theoretical aspect and practical cases.”
3.
Is the school exclusive?
“Yes, I would say that it’s exclusive. Not only because it’s small and there are strict preliminaries, but also because of the opportunities that it offers. All my fellow students had achieved good
marks at their previous universities and several had already followed a Master elsewhere. The tuition fees are also higher (around €26 000) since it is a private school, but you get what you pay for. You get taught by several highquality professors. DSF is really able to get some top-notch professors from all over the world to teach lectures so you are in surroundings where theory truly meets practice. Perhaps it is because of the school’s exclusivity that so many company recruiters are attracted to DSF students. It really gives you an edge when looking for a job.
4.
How is DSF different from the EUR?
“DSF is smaller and the students that attend are very ambitious. The results which are achieved and expected are very high and the study load is quite intense. All lectures are in fact mandatory and there are many case studies which you have to do in small groups. I spent around 50-60 hours a week on studying to constantly keep up with the material, because if you fall behind it’s hard to catch up. One of the things I like is that you can choose the subjects you want to specialize in; if you prefer corporate law then you can choose to focus on EU based law or US based law and develop a deeper knowledge of the systems. There is also a mandatory requirement that you finish the Master within one
year. And you have to write your thesis and do a summer internship at the same time in May/June. An internship is a very important part of the program and will grant you ECTS. DSF can help you get an internship with companies such as Philips, RBS, Goldman Sachs, ING, Aegon, to name a few. ”
5.
What are your career options after gaining a Master at DSF?
“Actually, many students end up working for the company they did an internship with. My co students are currently employed by top- tier banks like Goldman Sachs, Morgan Stanley, JP Morgan and BarCap. Others are working for companies like Aegon or APG and some are pursuing a PhD at renowned schools like LSE. It’s interesting, because most international students decide to stay in Amsterdam while the Dutch students aspire to work abroad. I am currently finishing up my two Master theses at EUR and then will try to get a job at a high-profile investment bank.”
UNIVERS ITY
NAME: Julie Cook UNIVERSITY: Erasmus University BACHELOR’S DEGREE: Business Administration MASTER’S DEGREE: Innovation Management and Finance & Investments AGE: 26 WORKING AS: Trainee
Trainee at… Schiphol Group
That’s quite a resume. Why did you choose to work for Schiphol Group? Schiphol has always fascinated me. Every time while passing by Schiphol, I marveled at the dynamic environment. It made me wonder how they got people to their travel destinations, as smooth and fast
So you started the traineeship last September. How is it so far, and what projects are you working on now? The first project I was assigned to is involved with Schiphol’s Asset Management. Schiphol’s strategy is to focus on our core competences, therefore our Board decided to focus on managing on a strategic and tactical level, and to outsource the activities on the operational level. In parallel this means that we will work more in a Partnership with our contractors. We’re used to manage our assets on operational
“It’s an interesting challenge, and I gladly take it up.”
And are there people supporting you in that task? It seems like a lot to do, especially if you just joined the company. Yes. My team is not the only team working on this project, the whole department Asset Management is involved in the process. Besides the department, Schiphol provides all the trainees with a lot of resources as well. Within the company, we have three reference points: a mentor, who helps you develop your career, a team supervisor,
who helps you with questions about your work, and a buddy. The buddy is usually in your team, and helps you with your personal development. On top of that, there are extensive seminars and trainings, and so Schiphol helps you develop yourself, both individually as well as in a team. Talking about the trainees, what is the culture? As group of trainees we are very tight. Before we started, Schiphol organized two weeks of introduction for us. They showed us around Schiphol, familiarizing us with every department (Bagage, Security, Passenger Services, etc.) in Schiphol, especially on operational level, before starting work. We just came back from a holiday together, and soon we’ll celebrate Sinterklaas together as well. So there is a lot of interaction, and we stay in touch outside of work as well. So you are really close. Is the company culture comparable? The company culture is similar. People are friendly, and there is little competition. People are very involved with Schiphol. They are very passionate about what they do, and aviation in general. But, like in all big organizations, you do need perseverance to get things done. But when they do, it gives you an immense sense of accomplishment, knowing that you do your part for the organization you love. Changing things is a challenge. But it’s an interesting challenge, and I gladly take it up. I can say with full conviction that Schiphol is a world of opportunities.
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When I finished my Master’s degree, I decided to inform after jobs at Schiphol, and that’s how I found out about the trainee program that they started just this year. The traineeship was a perfect way to get to know the company: you work on 4 projects over the course of 2 years, in various departments of Schiphol. A trainee is responsible for acquiring a minimum of 2 projects, as Schiphol stimulates self-sufficiency among its newly recruited employees.
level partly in-house. This means that Schiphol did all the planning for the routine maintenance, and then outsourced the job, telling the cleaners and workmen when and how to repair travelators, runways and other assets. However, Schiphol decided to outsource the complete operational level, and have the planning done by external organizations as well. And that is where I come in: my team is responsible for the public tender, the reorganization and a successful start on the 1st of April 2011. This also entitles we are responsible that employees whose jobs would be outsourced, got jobs at our maincontractors. This illustrates the human factor in our job as well: with every step we take, we have to consider all our stakeholders. And that is what seperates Schiphol from other companies. We need to mind not just associated companies, but also governments, nearby residents and of course our employees. To work here, you need to have more than one perspective on every case.
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Thank you for the interview. First off, would you like to introduce yourself? My name is Julie Cook and since September trainee at Schiphol Group. As a former student of RSM, I studied Business Administration in Rotterdam. After my internship for ABN AMRO in London and Heineken in Congo, I decided that I wanted to work in a dynamic environment for an internationally-oriented Dutch company. Since Schiphol fit this bill perfectly, I decided to apply for their traineeship.
as they did. Schiphol is a real AirportCity, it has the same size as Utrecht, with so many different operational areas. Which will make my work and career multidimensional. Another aspect that triggered me is the question how Schiphol can grow and make an economic profit, while having so many social responsibilities and stakeholders.
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While for some of us the start of our career is still very far away, others are slowly nearing the end of their Bachelor’s or Master’s Degree. To give students an idea of the possibilities after their university degree, we’ve decided to interview young professionals, who have just started their career, because in five years’ time, this could be you. For this Eclaire, we have chosen Julie Cook, trainee at the Schiphol Group. A company that honers being Netherlands mainport and is thereby orientated within an international nature.
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Joy to the World, the Crisis has Come. By Nadia Zafirah
I
T’S STILL FRESH ON OUR MINDS WHEN THE US WAS HIT BY THE FINANCIAL CRISIS IN 2008. TRADING OFFICES WENT INTO A PANIC, STOCKBROKERS WATCHED IN HORROR AS THE STOCK PRICES PLUMMETED, ECONOMISTS WORLDWIDE STARTED SPECULATING AND PREPARING FOR WHAT WAS GOING TO HAPPEN NEXT. THE EFFECT WAS WIDELY FELT ALL THE WAY ACROSS THE ATLANTIC. NOT LONG AFTER, GREECE HAD A DEBT CRISIS AND CAUSED THE EURO TO DEPRECIATE AGAINST THE US DOLLAR, LEADING TO A CRISIS FOR THE EURO ZONE. THE ECONOMY HAS YET TO RECOVER FROM THE CRISIS AND CHRISTMAS IS ALREADY ON ITS WAY. NOW WE ARE WONDERING HOW IT IS AFFECTING THE ANNUAL BIG SHOPPING NOW AFTER MORE THAN A YEAR. WITH CHRISTMAS GIFT SHOPPING PLANS MADE EVERYWHERE LET US LOOK BACK ON THE NIGHTMARISH EVENTS AND THE EFFECTS TODAY.
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In February 2008, only a third of American homeowners had paid their mortgage completely
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WORLD
The Crisis To refresh our minds, let us revisit the causes and consequences of the 2008 financial crisis in the US. To sum it up simply, what happened in the US in 2008 was that banks lent more money than they could afford. Instead of taking a traditional fixed-rate loan, many Americans asked for loans that could be repaid after a period of time without penalty. The real estate brokers liked to extend the penalties, the final due date of the payment, encouraging more people to borrow money to buy or renovate houses. In February 2008, only a third of American homeowners had paid their mortgage completely. Lenders extended credit to people without verifying their incomes and allowed them to make little to no down payments. As a result, more amount of money was loaned than what could be returned by the consumers.
We would blame the banks and greedy consumers who would like to consume more than what they are able to. However, other people who are deemed well off also fell victims to this situation. This is because the incident, collapsed housing prices and tightened lending standards, happened just as they needed to refinance. The allowed credit-extend led people to refinance their spending to allocate the money to a college fund instead of mortgage payments. In a normal situation this might have worked out but in this case the refinancing only caused the problem to worsen. The other recent financial crisis is the Greece credit default swap in 2009. A credit default swap is a swap designed to transfer the credit exposure of fixed income products between parties. For example, an insurance company with higher rated bonds insures the debts of a company with low rated bonds so that the company can borrow money from
an institution. The problem starts when there are too many low ratings bonds insured by the insurance company that the company’s own bonds start to downgrade (losing their value). With no investors interested in their low rated bonds, the insurance company could not pay back the insured companies should the borrower not be able to pay the debts. This is probably what happened in Greece. The value of the nation’s bonds fell 12.6 percent in yield this year, according to Bloomberg/EFFAS indices, while the debt crisis has pushed the euro down almost 7 percent against the dollar since the end of 2009. A 750 billion euro loan was released in May 2010 by the European commission and the IMF to finance the debt-laden Greece, saving the currency and preventing another global crisis from happening. Nevertheless, the damage was already done for the Euro, affecting the consumer spending power in the euro-zone.
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The Consequences The unemployment rate is probably the one affected most by the 2008 financial crisis. Many European countries are trading partners of the US; we are export-dependent on them. The subprime mortgage crisis caused the prices of the house market and investment portfolios to fall. The decreased wealth among the Americans led them to save more, in anticipation of more lay-offs due to the uncertainties. Since then, the US banks cut back on lending due to fear of bad debts. The fall in domestic spending affected the demand for import including from the Europe exporters. With the big fall in output demand, many European companies and Europe based companies cut their number of employees to be able to continue business. Based on the eurostat, the employment rate in the eurozone countries fell from 66% in 2008 to 64.7% in 2009. The effect was felt worldwide due to the ripple effect brought by this unemployment situation. Unless you are directly affected by the unemployment, or living in Greece, the buying power will not be altered greatly by the circumstances. The economy is in fact, getting better. Germany, Europe’s largest economy, claims that the country’s unemployment rate will fall from 7.7 percent in 2010 to 7 percent in 2011. The number of people looking for
jobs is expected to fall from 3.2 million in 2010 to 2.9 million in 2011. Consumers may want to put the worries away and spend more because companies will start hiring again. Besides that, the more pressing issue that affects the purchasing power is the general price level. According to Bloomberg, the European Central Bank Governing Council member Patrick Honohan said he sees that the European economy will be stronger and that there is no urgent worry about the inflationary pressure. “There is every indication that inflation expectations are steady, are not moving around, and the projection of actual inflation is still well within where we would like it to be,” he said. Such an assurance is a relief due to the current circumstances and moreover, the economy is improving. Also, the improved consumer spending in Germany will lead the economy to grow more than double of the expected rate of this year, the country’s leading institutes said. This fast growth will aid the region’s economic to recovery. The European Commission also increased its growth estimation for Germany this year, saying that the GDP will increase from the initially expected 1.2 percent to 3.4 percent. Fortunately, the inflation rate is still under control as in July, the consumer prices increased for a mere 1.7 percent of the last year prices. As
the healthy level of inflation is maintained, the buying action of most of the euro-zone countries will remain or fall slightly. The unemployment rate is improving in the coming years and the inflation will fall to the desired level. These two conditions show that after two years of US subprime mortgage financial crisis, the euro-zone consumers can stop worrying and spend more to help make the economy better. Lightning does not strike the same place twice and no economy institute would allow such crisis to happen again. Go ahead with your shopping list and have a joyful Christmas.
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Audit Course Barcelona
Audit Course Barcelona 24 - 27 februari 2011 Lisa Ruizeveld de Winter 088 792 61 13 lisa.ruizeveld.dewinter@nl.pwc.com
Of weet jij een mooiere plek om aan je carri猫re te bouwen? Je zit in de laatste fase van je studie Accountancy, Bedrijfseconomie of Bedrijfskunde. Of je volgt een andere studie en je hebt affiniteit met accountancy. Wil je PwC beter leren kennen, en heb je zin om je tanden in een auditcase te zetten en zo lekker aan je carri猫re te bouwen? Zorg dan dat je deelneemt aan onze Audit Course in Barcelona. Meld je v贸贸r 3 januari 2011 aan door je cv en een motivatie achter te laten op werkenbijpwc.nl/auditcoursebarcelona
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d Ik wil ruimte om te groeien. Waar zet ik
Waar je ook bent, belangrijke beslissingen zijn nooit ver weg. In je rol als accountant en bij het bepalen van je volgende carrièrestap. Bij Grant Thornton begrijpen we dat je voortdurend bezig bent met je groei. Sterker nog, wij zijn er zelf ook mee bezig. Onder andere door jouw ambities alle ruimte te geven en door je talent te versterken met een goed doortimmerde opleidingsaanpak. Meer over ons op onze website.
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Grant Thornton bij jou in de buurt: Alphen aan den Rijn - Amsterdam Boskoop - Gouda - Leiden - Rijswijk Rotterdam - Woerden
Accountancy - Belastingen - Advies
EFR
ERD
The Erasmus Recruitment Days ;
2011
EC LAIRE
Innovate. Succeed. Invent your career!
Theme. An important addition to this year’s event is the theme; Technology & Innovation. During the promotional period, but also during the event, there will be special activities that are in line with the theme. For example, we will use Ipad’s, ride on Segways and we will have a Greenscreen. Not sure what a Greenscreen is? Come visit the stand in the C-hall in the first week of January! During the Off Campusday you have the possibility to visit Google and Microsoft. Also, there is a grand opening on February 2nd, where very interesting speakers will discuss the theme. However, the event’s main focus still is the contact between students and companies.
CO2 Neutral. The Erasmus Recruitment Days 2011 will be climate neutral. Particularly
when the theme is about innovation, it is important to consider the climate as well. Not every student is aware of the impact a big event, like the Erasmus Recruitment Days, has on the environment. Companies are considering the environment in the choices they make and are thinking of innovative ways to make the way we work more climate friendly. As an event that aspires to connect companies and students, we feel that we can achieve more awareness for the environment by setting a good example. In cooperation with Eneco, together with ING the main sponsor of the event, all CO2 emissions created by the Erasmus Recruitment Days will be fully compensated. Interested in what this exactly means? Visit the website: www.erasmusrecruitmentdays.nl.
The Erasmus Recruitment Days; open for everyone! The Erasmus Recruitment Days are open for all studies! Also it doesn’t matter what year of study you are in, there are activities for everyone! Please visit the stands in the C-hall and T3 and visit the website: www.erasmusrecruitmentdays.nl for more information. If you want to be updated regularly, follow us on Twitter; www.twitter.com/erd2011 or become a member on Facebook. And don’t forget: Innovate. Succeed. Invent your career!
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VERY FEBRUARY THE ERASMUS UNIVERSITY GIVES HOME TO THE BIGGEST ON CAMPUS RECRUITMENT EVENT IN THE BENELUX; THE ERASMUS RECRUITMENT DAYS. FEBRUARY 2ND TILL FEBRUARY 16TH AROUND 100 COMPANIES WILL VISIT THE CAMPUS FOR COMPANY PRESENTATIONS, WORKSHOPS, INTERVIEWS, INFORMAL RECRUITMENT EVENTS, LUNCHES AND DINNERS. IT IS A GREAT OPPORTUNITY TO GET IN TOUCH WITH DIFFERENT COMPANIES, BOTH FORMAL AND INFORMAL, TO LOOK FOR A JOB OR INTERNSHIP AND TO ORIENT YOURSELF ON THE LABOR MARKET. ALTHOUGH THE WORD “RECRUITMENT” IS ASSOCIATED WITH 3RD YEAR BACHELOR- AND MASTER STUDENTS, THERE ARE POSSIBILITIES FOR 1ST AND 2ND YEAR STUDENTS AS WELL. OUR PROMOTIONAL PERIOD STARTS DECEMBER 6TH, AND ENDS JANUARY 7TH. INTERESTED IN MEETING TOP COMPANIES? WANT TO KNOW WHAT BIG COMPANIES ACTUALLY DO? VISIT THE STANDS IN THE C-HALL AND T3 AND SIGN UP!
E N T E RTAI NMENT
SHOOTING MILLIONS: Transfers in the EC LAIRE
football market
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MILLION EUROS, THE AMOUNT PAID BY REAL MADRID TO MANCHESTER UNITED FOR ONE SINGLE FOOTBALL PLAYER: CRISTIANO RONALDO. IT IS AN AMOUNT FEW OF US CAN GRASP. THIS TRANSFER IN THE SUMMER OF 2009 WAS A RECORD, HOWEVER IT IS PART OF A TREND EMERGING OVER THE LAST COUPLE OF YEARS. A TREND IN WHICH STAR PLAYERS AND YOUNG TALENTS ARE HANDLED LIKE CATTLE FOR HIGHER AND HIGHER PRICES. WHY ARE CLUBS TRADING PLAYERS FOR EXCESSIVE PRICES WHEN MOST OF THEM ARE HAVING PROBLEMS KEEPING THEIR NUMBERS BLACK? AND WHAT SHOULD FIFA DO TO PROTECT THE PLAYERS?
Football is a sport of the people, of little kids with big dreams and die-hard fans. Without those people, those fans, football would not be the most popular sport in the world. It is a sport in which billions of Euros are circulating (e.g. Real Madrid has a budget of 450m Euros), and for which masses of people tune in to see top teams like FC Barcelona play on the weekends. But even though there is so much money circulating, clubs are having problems to break even. The income of clubs comes from the sales of all kind of ‘related’ articles, from t-shirts to towels, and of course the tickets. But the income is mainly derived from television rights and sponsors. Sponsors are willing to pay high fees, since a live match will expose their brand to lots of people at once. Performing at a bigger stage, like the Champions League (for anti-football-readers who are still reading this
article: yearly European competition for top clubs), will therefore raise a clubs income. By securing a spot in this year’s Champions League, AFC Ajax increased its income by at least 15 million Euros. So clubs have a lot of income, however the greater part is still having problems staying out of the red numbers. A problem Michel Platini, president of the UEFA (European federation), is trying to solve through ‘financial fair play’ regulations that have to control the financial books of clubs. The ‘financial fair play’ regulations contain eleven values. The main concepts are that clubs have to finance their business activities from their own generated revenue (not spend more than their income), should be stricter and more punctual when it comes to liabilities to others and have to show their future plans with regard to financing their business activities.
ENTERTAINMENT
Top 5 Transfer sums Year
From
To
Amount in Euros
Cristiano Ronaldo
2009
Manchester United
Real Madrid
94 m
Zinedine Zidane
2001
Juventus
Real Madrid
75 m
Zlatan Ibrahimovic
2009
Internazionale
Barcelona
66 m
Kaka
2009
AC Milan
Real Madrid
65.1 m
Luis Figo
2000
Barcelona
Real Madrid
58.5 m
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Name
Buying new players is a risky investment. At the end of the day you are dealing with human beings. You cannot predict any injuries or how a player will adjust to a new country, club and team. Despite these risks clubs are willing to pay millions of Euros for promising players. Why? Well, they want to increase their chances of winning! A new player can strengthen the team and can have a higher value, as there is more money at stake. But not only that, a star player will also generate income with merchandising. However, do these reasons justify the large expenses and hence the debts so many clubs have? No it does not, especially since it does not fit the ‘financial fair play’ regulations, which have to solve problems like debt and unequal competition. The transfer market raises more issues. One of them: talented players are traded at younger ages, when they
star players and young talents are handled like cattle for higher and higher prices.” are still relatively ‘cheap’. But these promising youngsters are not always ready. Like the eleven-year-old Michael Gyasi who transferred to Chelsea last October. He has become a subject of contracts and transfer sums, while his chances of becoming a star are still small.
But only the future will tell how effective the Transfer Matching System is and whether clubs will take any notice of the ‘financial fair play’ regulations of Platini. So when the new transfer window opens in January 2011, we will see which clubs have the balls for risky, but financially fair play, investments.
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“A trend in which
Other issues in the transfer market are money laundering and unfair competition, as some countries allow clubs to have debt while others do not. FIFA (international federation) is trying to regulate this transfer market. In October FIFA launched the Transfer Matching System (TMS), which must be used for all international football transfers. TMS is an online system, which asks selling and buying clubs for around thirty details about the player and the clubs. Copies of contracts and related papers have to be handed in as well. This information has to be the same for both clubs; otherwise the transfer will be blocked. “The most important thing is that it increases the transparency of individual transactions and helps us to tackle issues such as the fight against money laundering and the protection of minors in transfers,” said FIFA president Joseph S. Blatter.
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At the moment the expenses of a lot of clubs are higher than their income, hence the debt. Clubs pay high wages and bonuses to both players and staff. Furthermore, clubs are always looking for players to add to their personnel. And they acquire those new players for outrageous fees.
EC LAIRE
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Christmas tree, oh Christmas tree By Manavi Mendis
T
HERE IS SOMETHING RICH AND ALLURING ABOUT THE SMELL OF FRESH PINE LEAVES ACROSS THE CORNER OF YOUR LIVING ROOM. AND WHEN IT’S DRAPED IN TINSEL, FAIRY LIGHTS AND CANDY CANES IT’S A PRETTY SIGHT. But the cost of real pine trees is exceptionally high- almost as high as the tree itself. Whilst it might seem rather ordinary for those countries that actually have a white seasonal time, it is a different tale for those where the sun blazes on through December. For some pagans the evergreens that survived the frigid winter were a sign of magic. These trees survived while all others froze and hibernated. For the Romans the tree was in honor of the God Saturn who was the god of agriculture. For the Celtic Druids from the north it symbolized life in the darkest day of the year through the Winter Solstice. These same trees are the tinsel clad Christmas trees of today. What is so good about a real Christmas tree? To many the smell of pine cones alone brings the special touch of nature into their living rooms. The naturalistic droop of the branches, the rich intoxicating smell placing emphasis on things other than puffy cheeked, overweight Santas, who almost always seems to be laden with gifts ranging from your most basic kitchen utensils to the bling diamonds in tiny velvety boxes. It’s the nostalgia that the smell brings that lin-
gers around. How many times as a child have you woken up on the morning of the 25th to go scramble under the tree for your presents? How many hours have you spent all those years hanging all that tinsel, fairy lights, stars, angels and Santas across the branches? A Christmas tree is something one can hold on to, like a memory. Like a graduation day photo. Like a particularly rewarding Easter egg hunt. A wedding day kiss. The tree is what every memory makes of it, that rich intoxicating smell arousing the memory, and somehow as we grow older, the unwanted memories fade- the fights between the siblings, harsh words, forgotten expectations and voids, and we are left with the good times that the scent of the trees conjures for us. This same nostalgia will make us spend those extra dollars more, to drive those many miles more, regardless of whether we celebrate from the tropics where the summer sun shines throughout the year to December or to wintery Europe, to get the “real” thing. To some families it’s the importance of tradition. A birthday is never really complete without the cake with lit candles. A Christmas is never Christmas without that tree. That tree is the image of home and family. Most families still want a “traditional Christmas” despite the still dark economic times. The quantity of gift wrapped parcels will diminish but not so the number of trees.
ENTERTAINMENT
EC LAIRE
Whichever way your festivities will lead you to decorate your living room, make it one that a) fits your budget b) brings back the memories of Christmas’ past c) you can lade with lots of gift wrapped boxes. After all what is Christmas without a tall tree, and taller tales?
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Besides, the evergreens from the forest depths have higher green ratings – almost five stars. They decompose fast enough, while the plastics, as we have all being made well aware, will take a couple of lifetimes multiplied. Gary Chastanger, a Washington State University professor of plant pathology points out that “these plants we are talking about…they are grown as crop,” not axed off from nature. So to all those green people, make this
is the choice for a gift laden, tinseled clad tree. So this year when Santa with Rudolph starts his slippery sleighing journey across the polar caps via a dizzying array of advertisements displayed from YouTube to News at 7 from the start of October right till 24th eve, what will be your tree choice? A tall green from nature? A symmetrical white from a production line? Or something less elaborate all together, but just as Christmassy in a trendy stylesimple branch with a few feathers and a star?
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A real Christmas tree brings with it that special “touch of nature” that, to many, cannot be replaced by the synthetic, almost symmetrical branches of either the toogreen or too-white trees that get churned up from factories. Even whilst we are all still on the rebound road from the global financial meltdown, the sales of real Christmas trees look as bright as the fairy lights.
E N T E RTAI NMENT
10 ways to… EC LAIRE
10 worst (best?) ways to spend New Year’s…
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1 In bed with your 11 cats 2
Drunk under or on the bar
3
In a plane
4
Hitting on the on-duty police officer
5
Giving birth to octoplets
6
Playing World of War Craft at a cyberspace party
7
Sending naughty New Year’s texts to the wrong person
8
In the hospital holding 7 fingers
9
Stuck in an elevator with a walking biohazard
10 In jail for stealing lawn gnomes
A world of
OPPORTUNITIES
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