WEALTH Magazine / July-August 2012 by The FINANCIAL

WMAG.GE | JULY-AUGUST 2012

LONDON OLIMPICS

BÉRÉNICE MARLOHE

BOND at

content P

THE MOST TRENDY CARS IN GEORGIA

2012 P

26 LEICA P

70 FASHION UNCHANGED STREET FASHION

FINANCIALMAGAZINE

content P

THE MOST EXPENSIVE

2012 LONDON OLIMPICS

113

REGULARS: P.28 THE MOST EXPENSIVE HOUSE 2012

WEALTH’S 2012 SUMMER PLAYLIST

P.37 WORLD’S OLDEST BILLIONAIRE

DIED AGED 101

P.79 MYSTERY BUYER OF “THE SCREAM”

P.89 BRANDON FLOWERS

C COVER PHOTO: BBÉRÉNICE MARLOHE

- ONLY THE YOUNG

P.94 UNDER THE

10th French Bond Girl. Bond’s GIRL

WESTWAY

2012

P.97 SELAH SUE

THIS WORLD

PP.26

Wealth W lh

FINANCIAL MAGAZINE

| JULY - AUGUST 2012

Publisher: Intelligence Group llc. Director and Editor-in-Chief: Zviad Pochkhua. Copy-Editor: Iona Maclaren. Technical Director: Temur Tatishvili. Marketing Director: Lali Javakhia. Communication Manager: Eka Beridze. Layout: Intelligence Design Studio. Writers: Mariam Papidze, Tamar Khelaia, Naniko Mghebrishvili, Madona Gasanova. Distribution: Intelligence Group llc. Projected in partnership with National Bank of Georgia. Consulting: Global Idea. Sponsored by: KSB Bank, Eristavi Law Group, BasisBank, Sheraton Metechi Palace, Sheraton Batumi, GPI Holding, Intercontinental, GD Alco, Bank Constanta, Sarajishvili, Bank of Georgia, Standard Insurance, Archimedes Global Georgia, Chateau Mukhrani, Poti Free Industrial Zone, Restaurant Tsiskvili, Tbilisia, Euro Park, Orbi Group, Citadines Apart’ Hotel, Roche, McDonalds, Kenari, Monte Napoleone. Distributed free of charge among corporate and private subscribers. All materials are copyrighted. Copying, reproduction or distribution of text and image materials are prohibited. Address: 17 Mtskheta str. Tel: (+995 32) 2 252 275. Advertise in WEALTH magazine: marketing@finchannel.com Get a copy: Tel: (+995 32) 2 252 275 Ext: 3. Letters to Editor: editor@finchannel.com | Website: www.wmag.ge

FINANCIALMAGAZINE

P.107 THIS SEASON’S

MOST EXPENSIVE SHOES

P.118 ARTISTS WHO CHANGE THE WORLD

fashion WMAG.GE

THE MOST TRENDY CARS IN GEORGIA

2012 RANGE ROVER EVOQUE

It has been crowned World Design Car of the Year 2012. Victoria Beckham was involved with the Victoria Beckham Special Edition of the Evoque, jointly designed by her, and Land Rover Chief Designer for Land Rover Gerry McGovern. The Range Rover Evoque Special Edition, based on the Coupe Model of the Evoque, will have rose gold accents, vintage tan leather seating, matte grey exterior paint, Santorini Black wheels, grill, and other accents. As well as a limited edition his and hers luggage set, only included with this model of the Evoque, and a purse, all designed by Victoria Beckham. The price of this model is expected to be around US$130,000, and 200 are destined to be produced. Five of these shall be destined for North America, while the rest will go to other markets, such as China, Russia, Europe, and Britain. “ It’s the small detail that makes all the difference. I want everyone who gets into this car to feel special and empowered by its quality and craftsmanship. I like that it feels luxurious but also has quite a classic edge to it as well as a contemporary feel.” Victoria Beckham The Range Rover Evoque Special Edition is limited to a maximum of 200 vehicles worldwide. The vehicle is a four-seat coupé, powered by the lightweight, all-aluminium 240PS 2.0-litre petrol engine and features four-wheel drive with Land Rover’s awardwinning Terrain Response system.

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

price from $43,995

FINANCIALMAGAZINE

trends WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

trends WMAG.GE

price $44,895

Mini originated as a specific vehicle, a small car originally known as the Morris Mini-Minor and the Austin Seven, launched by the British Motor Corporation in 1959, and developed into a brand encompassing a range of small cars, including the Countryman, Moke and Clubman. The current Mini range includes the Hardtop/Hatch/Convertible, Clubman (estate), Countryman (crossover) and Coupe/Roadster. The Mini was originally a product of the British Motor Corporation, which in 1966 became part of British Motor Holdings. British Motor Holdings merged with Leyland Motors in 1968 to form British Leyland.[5] Mini became a marque in its own right in 1969 In the 1980s British Leyland was broken-up and in 1988 Rover Group, including Mini, was acquired by British Aerospace. In 1994, Rover Group was acquired by BMW. In 2000 Rover Group was broken-up by BMW, with BMW retaining the Mini brand. 2012 Mini Cooper Coupe Price as tested: $44,895 Trim level: John Cooper Works Freight: $1,595 Options Premium pkg. with Harmon Kardon sound ($1,900); Championship Red Lounge leather ($1,900); metallic paint ($490); red sport stripes ($130). EnerGuide fuel economy ratings: 8.2 L/100km city; 6.0 L/100km hwy Observed fuel economy: 7.1 L/100km over 1,500 km Warranty (basic): 4 years/ 80,000 km (comprehensive) Warranty (powertrain): 4 years/ 80,000 km (comprehensive) Competitors: Audi TT; Honda Civic Si; Hyundai Veloster Turbo; Mazda MX-5

FINANCIALMAGAZINE

trends WMAG.GE

Mobile

JULY

2012

APPs

WEALTHâ&#x20AC;&#x2122;s

PICK

It all started in New York City in 2010. Excited over taking photos with their phones, eyeem enthusiats hosted an exhibition showing images solely produced with mobile devices and got steamrolled by the staggering 15,000 submissions that flooded our little blog. The passion and creativity of this vibrant community truly overwhelmed them - and thus the idea for an app to take photos together was born. They launched EyeEm in August 2011 and have since then grown to a team of 15 people. Today, it is possibly the most inspiring photo community in the world, which is looking forward to making EyeEm the most beautiful, entertaining and smart photo sharing & discovery experience in the world.

FINANCIALMAGAZINE

JULY

2012

trends WMAG.GE

FASHION UNCHANGED See PRICES on next p. famous fam

Stylish and unmistakably Vespa, exceptionally comfortable to ride with low-environmental-impact engines and disk brakes, the new-generation ET models are now also sold in numerous “Vespa Boutiques”worldwide. Having returned to the US in 2000 after exiting the market in 1985 because of new emissions legislation that targeted two stroke engines, the Vespa was an immediate success all over again, and has achieved a market share of 20 per cent of the small (40,000 units a year) but growing scooter sector. 6,000 Vespas were sold in the first year, 2001, and over 7,000 in 2002. But the Vespa isn’t just a market phenomenon. It forms part of social history. In the “Dolce Vita” years the Vespa became a synonym for scooter, foreign reporters described Italy as “the country of the Vespa” and the Vespa’s role in social history, not just in Italy but abroad, can be seen from its presence in hundreds of films. And it’s a story that continues to be told today. Audrey Hepburn and Gregory Peck in “Roman Holiday “ were only the first of a long series of international actors and actresses to be seen on the world’s most

scooter in a “Quadrophenia” to filmography that goes from “Quadropheni “American Graffiti”, from “The Talented Mr. Ripley” to “102 Dalmatians”, not to mention “Dear Diary “. In photo shoots, films and on the set, the Vespa has been a “travel companion” for names like Raquel Welch, Ursula Andress, Geraldine Chaplin, Joan Collins, Jayne Mansfield, Virna Lisi, Milla Jovovich, Marcello Mastroianni, Charlton Heston, John Wayne, Henry Fonda, Gary Cooper, Anthony Perkins, Jean-Paul Belmondo, Nanni Moretti, Sting, Antonio Banderas, Matt Damon, Gérard Depardieu, Jude Law, Eddie Murphy and Owen Wilson. Whilst the scooter market for the 1st quarter is down slightly on the previous year, the Piaggio brands are bucking the trend and continue to increase in demand. The Italian favourite, which includes Vespa, now accounts for over 25% of all scooters sold in Australia. Piaggio is now the number one brand in it’s own right, up 30.8% on the previous year. The brand has recently been strengthened to include new models such as the Typhoon 50 and 125 and the Liberty 150ie whilst the number one scooter in the country last year, the Fly 150, continues to be the top seller. The ranges starts from as little as $1790 MLP.

FINANCIALMAGAZINE

fashion WMAG.GE

JULY

2012

BEYOND THE IMAGINARY Tommaso Fanfani

n a broadcast to the nation on Radio Milano on July 2 1945, Ferruccio Parri, Prime Minister of freed Italy, described the disastrous condition of a country afflicted by hunger, inflation and unemployment. The pitted roads, collapsed bridges and rubble-filled cities and countryside were signs of widespread destruction. Many other countries in Europe and elsewhere were in much the same state. In this context the intellect of those who bore the social responsibility of putting the country and the world back on their feet had to reckon with extraordinary situations and find the capability to innovate, rebuild and return to everyday life. This included the concept of mobility as a way for people to re-establish the daily pattern of exchange, work and social life. In a small Tuscan town called Pontedera an entrepreneur who had until then produced aeroplanes and trains intuited that normalcy need not necessarily mean restarting the construction of radial aircraft engines or railway wagons, but that it could very well mean building less complex means of transport for mass distribution. In fact his aircraft and train wagon production required raw materials that were impossible to find and equally unavailable incoming capital, while such material and capital as he had would be sufficient to build a small vehicle. Enrico Piaggio, the Ligurian businessman in charge of the family’s plants in Pisa and Pontedera, was surrounded by engineers and technicians of high calibre and creativity as well as workers he could employ. These men and women, technicians and workers, could do anything an entrepreneur required as long as he could guarantee employment and future prospects. The problem and the solution to a decidedly complex situation came from Piaggio’s own engineers and technicians. During the long periods of inactivity they had been forced into in the last few months of the war, when orders had stopped coming in and the factory (transferred in the interim to Biella) had closed down, they had kept themselves busy designing a variety of objects, from saucepans to metallic traves, as well as recovering raw or partially worked material to hoard against better times. One of these varied objects was a small vehicle put together with material they had salvaged, their idea being to create something that could be used to get easily about on. From their drawings and experimentation emerged a little faired motorcycle, similar to the vehicle made by the engineer Belmondo from Turin. Presented somewhat hesitatingly to Enrico Piaggio, it would become the main idea to work on from

autumn 1945 to April 1946. Those were feverishly busy months. Corradino D’Ascanio demanded unceasing commitment of his technical designers, who worked in rough conditions without the appropriate tools or material. The result was a small scooter (MP6), shown to Enrico Piaggio in his Pontedera workshops. The shape of the vehicle and the noise of its engine led Enrico to exclaim that it resembled a wasp (“vespa” in Italian), and the scooter received its definitive baptism. The extraordinariness of the Vespa’s origins lay partly in Enrico’s intuition of it being the right moment to produce a small, easy to ride vehicle that would consume little and put people back on wheels, and partly in the vehicle’s own creativity, i.e. the concentrate of genius that D’Ascanio and his collaborators applied to it. The aeronautical engineer used some aircraft-building principles such as the sidearm on the front wheel instead of a fork, or the load-bearing body, and the use of lightweight materials for the body, but mainly worked on extremely simple concepts that were subsequently revealed to be elements of genius. WHEN D’Ascanio designed the Vespa he started by tracing the outline of a person sitting comfortably as in his own drawing room, then drew the vehicle under him. This apparently simple idea revolutionised motorcycle design logic. D’Ascanio’s front shield was intended to protect the rider from splashes when travelling the pothole-filled post-war roads. He avoided using a transmission chain, placed a small spare wheel on the vehicle so that a punctured tyre would be nothing more than a minor inconvenience, and placed all the controls

FINANCIALMAGAZINE

JULY

2012

fashion WMAG.GE

on the handlebar, making riding easier not only for men but, as he himself remarked, “for women and priests” as well. The Vespa philosophy was hence a mix of common sense, practicality and cost-effectiveness, with a series of intelligent features that together represented extraordinary productive creativity. The chief designer’s happy intuition was backed by the entrepreneurial vision of Enrico Piaggio, who courageously placed the vehicle on the market notwithstanding the difficulty of selling the first few vehicles produced in April 1946. He gave orders to produce another 2,500 Vespas although he had had an extremely hard time selling 50! He set up a sales company and a Piaggio dealer and service network in increasingly extended parts of Italy and overseas, introduced a concept of purchase in instalments that had until then been unknown in Europe and looked for and found partners in England, Germany, France and Spain. ALL in all, he created the conditions to suit the production of a vehicle that would conquer the world. And so it was. The secret was neither the Vespa’s appealing design nor its ease of use or cost-effectiveness, but a combination of these factors and others that were not immediately perceived by the people who had thought up, produced and sold it. Parri had spoken of the Italian crisis and the difficulty of transport. Enrico Piaggio faced that problem and contributed to solving it, as did other manufacturers in different segments with varying degrees of success, such as Innocenti with the Lambretta, Guzzi with the Galletto, Fiat with its Topolino

and so on. The transport problem was hence overcome and in the years to come the Vespa would become a symbol of economic, social and civil recovery of the whole country. THE Vespa immediately became an object sought out by those of all ages and financial situations. The lucky owners of a Vespa often met in large rallies, sharing a pure passion that led to extraordinary events, races and shows such as sea-crossing, obstacle races and extreme exploits such as crossing the Andes, or travelling the English Channel between Dover and Calais, or seemingly impossible trips such as to the North Pole on a Vespa. Not only did the transport boom accompany Italy’s economic miracle and the stability of a country that caught up in a few decades with an economic delay of centuries vis-à-vis more advanced nations, but the Vespa became a key element in influencing the habits, mentality and lifestyle of generations of young and older people. The scooter that fed people’s dreams played a starring role in some of the best-known films, and its ability to portray social issues kept it astonishingly modern from “Roman Holiday” through to Italian director Nanni Moretti’s “Dear Diary”. The actors’ fa-ces changed, as did the image of actresses dressed in the fashion of passing decades. Youngsters gambolled in cities and villages, men and women went to work and creative enthusiasts transformed their Vespas out of all imagination, demanding of the little scooter performances that constantly challenged mechanics and technology. THROUGH all this the scooter made in Pontedera remained a lead player. Design changed and so did technology; electronics made their appearance, but Vespa time seemed to have stopped. The values the Vespa inspires include an infinite gradation along which the creative capability of communicators and the genius and intelligence of creative minds develop and strengthen. The Vespa can describe the world of transport as efficiently as those of nature, colour and fantasy. In creative hands the Vespa can recount all of society’s emergencies and be the joint that fixes the complex dynamism of youth with the degrees of its adaptation to the problems of adolescence, its exceptional flexibility to meet the diverse demands of work and free time for men and women of every generation and every part of the world. Nature, colours, women, work, traffic, parking - these are just some key elements in deciphering the extraordinary wealth of images and communication that the Vespa has inspired and that can only be used by diligent readers of the ideas expressed by the texts. These contents surpass the technological innovation of the mechanical means of transport created in 1946 and transformed by successive generations of engineers and technicians. A look back over Vespa’s sixty years through most significant advertising campaigns therefore becomes a series of pages not only entrusted to history but also capable of recounting change in a succession that goes beyond the imaginary world of a scooter destined to write the future.

FINANCIALMAGAZINE

trends WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

trends WMAG.GE

LX 50 4V A MODERN LOOK TO GET YOU AROUND TOWN FROM the same pedigree as the first Vespa prototype built by Piaggio in 1946, the Vespa LX 50 is more than 60 years in the making. Witness the evolution of style, comfort, and performance with the core values of Vespa that never change: eco-friendly engineering, passion, individualism and integrity.

MAX. Speed: 39 mph GAS Mileage: 85-90 mpg MSRP: $3399

LX 150 i.e. MODERN DESIGN WITH THE ENGINE TO MATCH. GETTING Around Town Never Looked This Good! The powerful 150cc engine allows you to take life at the speed you want. The LX 150 i.e. lets you do an impressive highway-like 59 mph to get you where you want to go, fast. Zip through traffic with a low center of gravity and a larger front wheel (11” front-10” back), which provides more control and agility.

Max. Speed: 59 mph Gas Mileage: 70-75 mpg MSRP: $4599

GTS 300 POWERFUL, SPORTY, AND OH-SO STYLISH. THE Vespa GTS 300 is an uncompromising fusion of breathtaking performance, technical superiority and classic Vespa design. The GTS 300 has 12” alloy wheels, front & rear disc brakes and a liquid cooled engine with electronic fuel injection.

Max. Speed: 80 mph Gas Mileage: 65-70 mpg MSRP: $5999

FINANCIALMAGAZINE

GTS 300 Super NAVIGATE THE CITY. OWN THE HIGHWAY. THE fastest most technologically advanced Vespa ever.

Max. Speed: 80 mph Gas Mileage: 65-70 mpg MSRP: $6199 GTV 300 LIKE THE ORIGINAL ONLY BETTER DEVELOPED on the base of the powerful GTS, the Vespa GTV’s styling pays homage to the distinctive vintage look of classic Vespas from the 50’s and 60’s , namely the headlamp which has been positioned on the front mudguard, as it was on the very first Vespa prototype.

Max. Speed: 80 mph Gas Mileage: 65-70 mpg MSRP: $6999

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

FINANCIALMAGAZINE

style

WMAG.GE

MOST EXPENSIVE CAMERA OF ALL TIMES

JULY

2012

SEAL KISSING 1,3 BILLION LEICA ONLY 12 OF THE LEICA 0-SERIES CAMERAS SURVIVE

USD 1.900.000 FOR A LEICA CAMERA

skar Barnack (November 1, 1879 – January 16, 1936) was a German optical engineer,[1] precision mechanic, industrial designer and the father of 35mm photography. In 1911, he was in charge of microscope research for Ernst Leitz at Wetzlar. He was an enthusiastic photographer, but the heavy equipment of the day was difficult for him to handle due to his poor health. In 1912, he constructed a 35mm movie camera. Lynow, Oskar Barnack's birthplace, and currently a municipality of Brandenburg, Germany, has a museum to Oskar Barnack.

prototype Leica camera was sold for 2.16m euros (£1.74m), setting a new world record for a camera.

It was one of just 25 models created in 1923 as a prototype for the groundbreaking Leica A, which was the first commercially successful compact camera to use 35mm film.

The camera was bought in May 2012 by an anonymous bidder at the Galerie Westlicht in Vienna, Austria. The previous record was also held by a 0-Series Leica which fetched 1.32m euros. In 2007, that camera had been auctioned for just 336,000 euros. Notable for its collapsible lens, the camera went on sale in 1925. By 1932, about 90,000 Leica cameras were in use. The company, based in Solms, Germany, remains a leading camera manufacturer today.

FINANCIALMAGAZINE

JULY

2012

style WMAG.GE

WEALTH WMAG.GE

ollowing the Leica MP and the Leica M7, this is the third in a line of premium special editions of the M-System to be created in collaboration with the well-known Parisian house Hermès. The Leica M9-P ‘Edition Hermès’ is being offered as a strictly limited edition. The limited numbers, unique product design and premium finishing with numerous extras make this a truly special edition in every respect.and engine capacity. Luxurious leather by Hermès The special limited edition Leica M9-P ‘Edition Hermès’ is extraordinary in every respect. The highlight is its ‘Veau Swift’ calfskin in ocre, supplied by Hermès for the leather finish of the Leica M9-P camera. This exclusive leather trim by Hermès determines the colour concept of the special edition and ensures a perfect tactile sensation. The fine and supple leather is applied not only to the camera body, but is also used for the shoulder strap included in the set.

FROM

JUNE 2012

T $50,000

FINANCIALMAGAZINE

he Leica M9-P ‘Edition Hermès’ - Set 2 The Leica M9-P ‘Edition Hermès’ - Série Limitée Jean-Louis Dumas, in a strictly limited edition of only 100 sets worldwide, is a memorial to the friendship between the former president of Hermès, JeanLouis Dumas, and Leica. The camera in this set is accompanied by three lenses: a Leica Summicron-M 28 mm f/2 ASPH., a Leica Noctilux-M 50 mm f/0.95 ASPH. and a Leica APO-Summicron-M 90 mm f/2 ASPH., all featuring a stunning silver-anodised finish. This unique collection of photgraphic equipment finds a fitting home in a hand-crafted Hermès camera bag that is available exclusively as part of this second set. As an homage to JeanLouis Dumas, the second set also includes a book with a selection of his pictures. This photographic work in two volumes shows an entertainingly diverse portfolio of 200 black-andwhite images captured by Jean-Louis Dumas with his Leica M-camera.

fashion WMAG.GE

Celebrities are always having their photo taken. Whether itâ&#x20AC;&#x2122;s during an in-studio photo shoot or while they are simply eating lunch at the local deli, the paparazzi will find them! However, in this pictures celebrities are taking matters into their own hands.

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion

THE UNICORN P

WMAG.GE

The white Leica M9-P (with a silver 50mm f/0.95 noctilux lens) is a very limited edition of the digital rangefinder. Only 50 will be sold, each at $37K only in Japan. Itâ&#x20AC;&#x2122;s so rare, some are calling g it the Unicorn. This photo is taken by Leica

$37k WMAG.GE

FINANCIALMAGAZINE

PHOTO BY LEICA

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

BasisBank to Launch Debit Cards MADONA GASANOVA WMAG.GE

ebit cards that are soon to be issued by BasisBank will be especially interesting for remote banking service customers. The Bank is offering internet and sms banking with no charges. “The mortgage loan is the most highly demanded product among BasisBank’s borrowers. It makes up 40% of consumer loans. Credit cards are also in high demand. BasisBank has issued more then 100,000 plastic cards,” said Levan Gardapkhadze, Chief Retail Officer at BasisBank. The Bank has very attractive bonuses for credit card owners subscribed to Magti services; they can get free minutes and text messages on their phones. BasisBank launched operations in 1993. Over the years it has managed to build itself up as a stably growing financial institution with a firm base. BasisBank provides a full package of banking services, for both private and corporate customers. The most important events of the past years have been recognition by international financial institutions and the further strengthening of cooperation with them. BasisBank won the nomination “Best Bank for bank product quality, service and client programmes” at the international contest “Best Banks of GUAM 2011”. An agreement was signed between BasisBank and Black Sea Trade and Development Bank (BSTDB) about disbursement of a renewable credit line to the amount of 4 million USD, for the purpose of financial support of exporters and importers. BSTDB is the seventh international financial organization BasisBank is cooperating with. The Bank started partnership with international organization EBRD in 2007. After a year EBRD acquired an equity stake of Basisbank. According to EBRD the decision was taken based on the Georgian bank’s stability, experience, huge branch network, moderate and rational management and transparent ownership.

“High service quality, universality and flexibility are our main advantages. We are small sized and manage to focus on the individual customers,” Gardapkhadze noted. In the forst quarter of 2012 the loan portfolio of Basisbank is 75,385,844. In the same data of 2011 the figure amounted to 72,627,362. “Secured loans are less risky for banks in general. When borrowers are not pledging some assets in credits, the share of risk rises accordingly,” Gardaphkadze said. “High interest rates on deposits directly increase credit interest. Loan interest is lower in Europe, the USA and many other countries. However, the monetary resources for banks are also cheap there. The resources which Georgian commercial banks receive from international financial organizations are also expensive. As soon as the credit and deposit policies will start changing on a global level, the process of credit interest reduction will start in Georgia,” Gardaphkadze explained. Gardapkhadze first started working at BasisBank as a student. “My first position was in an operating department. Then I was recruited to the international relations department. After that I became head of the credit card department and then became chief retail officer. I worked my way through all these positions during my ten years at the Bank”. “BasisBank is more than just a workplace for me,” he added. For the first quarter of 2012 the total assets of BasisBank amounted to 153,799,793 in national currency. For the same period total liabilities of the Bank reached 127,593,519. This year the figures showed increases regarding the volumes of assets and liabilities in comparison with the first quarter of the previous year. As of March 2011 total assets were 139,600,861 and total liabilities 116,857,837 in national currency.

FINANCIALMAGAZINE

style WMAG.GE

JULY

2012

Bond at 50 This year the James Bond film series is celebrating its 50th anniversary with the release of Skyfall, the 23rd official Bond movie. IT’S been four years since the last 007 film Quantum of Solace, and today the first teaser trailer for Skyfall has been released.

BUDGET $150 MILLION is the twenty-third spy film in the James Bond series, produced by Eon Productions for MGM, Columbia Pictures and Sony Pictures Entertainment. Directed by Sam Mendes, it features Daniel Craig’s third performance as James Bond and

Dr. No 1962

Javier Bardem as Raoul Silva, the film’s villain.

FROM Russia with Love 1963

Skyfall is due to be released in the United

GOLDFINGER 1964

Kingdom on 26 October 2012,

THUNDERBALL 1965

which includes IMAX venues

YOU Only Live Twice 1967 ON Her Majesty’s Secret Service 1969 DIAMONDS Are Forever 1971 LIVE and Let Die 1973 THE Man with the Golden Gun 1974 THE Spy Who Loved Me 1977 MOONRAKER 1979 FOR Your Eyes Only 1981 OCTOPUSSY 1983 A View to a Kill 1985 THE Living Daylights 1987 LICENCE to Kill 1989 GOLDENEYE 1995 TOMORROW Never Dies 1997 THE World Is Not Enough 1999 DIE Another Day 2002 CASINO Royale 2006 QUANTUM of Solace 2008 SKYFALL 2012

FINANCIALMAGAZINE

JULY

2012

style WMAG.GE

Shirley Eaton, Jill Masterson from Goldfinger, 1964

Halle Berry, Die Another Day, 2002

Ursula Andress (born 19 March 1936) Bond Girl Honey Ryder in the first James Bond movie, Dr. No (1962), for which she won a Golden Globe.

FINANCIALMAGAZINE

style WMAG.GE

Daniela Bianchi, Tatiana Romanova in From Russia With Love Former Miss Rome and runner up for Miss World 1960

FINANCIALMAGAZINE

JULY

2012

Eunice Gayson Sylvia Trench DR. No & From Russia with Love, 2962

JULY

2012

style WMAG.GE

Jill St. John Tiffany Case: Diamonds Are Forever, 1971

Karin Dor as Helga Brandt in You Only Live Twice 1967

Olga Kurylenko, Camille Montes, in the 22nd James Bond film, Quantum of Solace, 2008

Britt Ekland Mary Goodnight in The Man with the Golden Gun 1974 Claudine Auger Dominique ‘Domino’ Derval in Thunderball 1965

FINANCIALMAGAZINE

Corinne Clery Corinne Dufour in Moonraker 1979

fashion WMAG.GE

JULY

2012

Diana Rigg, Teresa di Vicenzo in On Her Majestyâ&#x20AC;&#x2122;s Secret Service 1969

Carole Bouquet For Your Eyes Only Melina Havelock 1981 Mie Hama Kissy Suzuki in You Only Live Twice 1967 Denise Richards DR. Christmas Jones The World Is Not Enough 1999

FINANCIALMAGAZINE

JULY

2012

‘I kept hearing Pit all the time - Bond girl, Bond girl, Bond girl - and I thought, “Oh my God, what do people expect?”’

fashion WMAG.GE

10th French Bond Girl. BOND’S GIRL

2012 BÉRÉNICE MARLOHE

THE 33-year-old brunette beauty is currently the face of Swarovski.

FINANCIALMAGAZINE

hystory fashion WMAG.GE

antilia mumbai

FINANCIAL MAGAZINE | 2012

JJULY UULLY

2012

The Most Expensive House 2012

$1bn

uilt by India’s richest man Mukesh Ambani, the 27-storey building towers over swanky Altamount Road in Mumbai. Named Antilia, after a mythical island, it cost more than $1bn, Indian media reports say. It speak of helipads, a vast library, extravagant dining areas, opulent marble floors and even a snow room. Until now the family has remained silent on the residence. Much of the media speculation has centred on whether the family were actually living in the property. Mr Ambani’s wife, Nita, in an interview published in the June issue of Vanity Fair magazine Mrs Ambani confirms they took up residence last September. Antilia is 27 storeys high, but as Mr Reginato writes, many of the floors are double or triple height, so the building rises to 570 feet, equivalent to a 40-storey building. It also has a mutli-storey garage, a ballroom, a spa, a theatre, guest suites and a number of terraced gardens, he writes. The design, she says, is based on the lotus and the sun, and is decorated using rare wood, marble, mother-of-pearl and crystal, crafted by Indian artisans. Reports suggest the house is worth more than $1bn, small change for Mukesh Ambani, who is worth more than $22bn according to Forbes magazine. But despite this, BBC says the house’s construction has attracted some criticism from some who say it is far too grand for a city like Mumbai, where millions of people live in slums, and hundreds of thousands don’t have a roof over their head.

28 Wealth

FINANCIALMAGAZINE

HE ANTILIA BUILDING IS SITUATED ON AN OCEAN-FACING 4,532 SQUARE METRES (48,780 SQ FT) PLOT AT ALTAMOUNT ROAD, CUMBALLA HILL, SOUTH MUMBAI, WHERE LAND PRICES ARE UPWARD OF US$10,000 PER SQUARE METRE. IN AUGUST 2008, ALTAMOUNT ROAD WAS THE 10TH MOST EXPENSIVE STREET IN THE WORLD AT US$25,000/SQ M (US$2,336 PER SQ FOOT).

JUL JJU ULY JULY

2012

hystory fashion WM MAG.GGE WMAG.GE

FINANCIALMAGAZINE

See

FINANCIALMAGAZINE

themost WMAG.GE

JULY

2012

EXPENSIVE

STREETS

Avenue Princesse Grace, Monaco

his palm-lined street, named after actor Grace Kelly became Monaco’s princess, topped the list of the most expensive streets in 2008 and 2009. This premium location is the most coveted one on this small coastal nation. If you are living here, you might just rub shoulders with a few rich oil sheikhs from Middle East or a Monaco royal. A home here will cost you €50,000 per square meter.

€50,000 PER SQ.METER.

€45,000 Fifth Avenue, PER SQ.METER.

New York

Gucci, Prada, Versace, Tiffany’s, Harry Winston, Bulgari... you name it and Fifth Avenue has it. Fifth Avenue, New York is a shoppers’ paradise when it comes to luxe labels. And so, without doubt, it also features on the list of one of the most richest streets. Director Woody Allen is among the celebs who has a home on Fifth Avenue. An apartment here will cost you €45,000 per square meter.

FINANCIALMAGAZINE

ensington in London has the most expensive homes in the UK with its residents including royalty, celebrities, billionaires and international ambassadors, research shows. The most expensive street is Kensington Palace Gardens where the average property is now valued at £22,167,649, a new report from property company Zoopla shows. It also reveals that there are now 245,790 homes worth over £1 million in Britain, there are 6,682 million pound streets of which 35% are in London and Virginia Water in Surrey tops the list of most valuable towns. Average house prices in Kensington now stand at £1,873,866, up 5% or £90,853on last year. The next most valuable locations are Knightsbridge with and average price of £1,430,863, Chelsea at £1,425,385, Notting Hill at £1,302,763 and West Brompton at £1,140,593. Britain is now home to 245,790 property millionaires, up 12% on this time last year. Some 2,326 million pound streets are in London, followed by Guildford with 116, Leatherhead with 92 and Beaconsfield with 88. Footballer’s favourite, Cobham in Surrey, rounds out the top five with 78 million pound streets. Property values in the most expensive parts of the London are now almost 10 times higher than in other parts of the country. An iPad sized area of floor space in Kensington now costs over £550 on average whilst the same amount of space in Middlesbrough costs only £60. Virginia Water in Surrey, home of the exclusive Wentworth Golf Club, is the most expensive area outside London. Average prices in the wealthy oasis now stand at £968,009, down 2.94% on last year.

JULY

2012

themost WMAG.GE

£22,167,649 FOR AV. PROPERTY

The most expensive streets in the UK FINANCIALMAGAZINE

profile WMAG.GE

JULY

2012

Tbilisia The First Elite Housing Estate Founded with UAE Investments

MADONA GASANOVA WMAG.GE With investments of 10 million USD, the luxury real estate company Tbilisia presents the first five star apartments to the Georgian public. UAE housing design is very popular and in high demand with Georgians today. Our ecocomplex represents a safe yet modern level of design taken from UAE architecture. “The Tbilisia complex is a true reflec on of the high requirements which are expected of such an elite housing estate,” said Nikolas Murgulia, Director of real estate company. The eco-complex is located in one of the most ecologically clean areas of Tbilisi, in the capital’s pres gious district Vake, just five minutes from the centre of the city. The project will be completed in August 2012. Apartments in the eco-complex Tbilisia represent top-level real estate that fully meets top European standards. “Zemo Vakis Apartamentabi” is the construc on company building this complex. The price per square metre of property at the complex is 1,000 USD. The main investment is coming from Dubai Company Theco Limited. Theco Limited is a Dubai-based company,

providing all the finishing materials and equipment necessary for the Tbilisia complex. The high level of ecology, clean air, interes ng arrangement of space and absence of noise in the area inspired us to create such a unique complex. From the perspec ve of the complex it is possible to see beau ful views of Tbilisi’s centre from one side while a wonderful mountain forest vista opens up from the other. Extraneous investments were not required for its crea on therefore adversing and sales of apartments began in the Spring of this year, a er compleon of the construc on works. “According to experts in Georgia there are at present no analogues of our complex. This is due to the arrangement of the territory, internal infrastructure, construc on and finishing materials, security, spacious underground parking, children playground plus mountain drinking sources. It is all of these aspects that make our complex unique. For maximum comfort there is a large territory which will include a designated place for rest and diﬀerent events including a pool, and there will also be specially lit roads of more than 500 m in length.” Mr. Murgulia believes that considering

FINANCIALMAGAZINE

the rate of increase of Georgia’s GDP the real estate market should be fully restored to its previous level in the next few years. “The poli cal stability of the country plays a big role in that,” he said. “In the Soviet era all decisions taken about the improvement of people’s welfare had a populist character so it is natural that today the basis of construc on is about gran ng people real convenience and comfort in their work and living space.”

JULY

2012

profile WMAG.GE

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

Operations Officer does not mean managing credit operations. Now my job includes Cash Operations, Plastic Cards, Correspondence, Project Management, Governance and Methodology. The latter was formed in June and is currently being developed. We are also discussing the launch of alternative distribution channels. It is planned to expand the operation structure as well. Each department could have subdepartments or maybe create additional ones. In the coming three years the plan will be worked out and the realization will start from September 1. My goal is to gather the entire business support, which the company needs in terms of the non-credit side, under one direction. This will simplify communication and create better conditions for supporting and developing sales.

“Bank Constanta to Become Largest Player on Georgian Micro-Finance Market,” New COO WMAG MADONA GASANOVA

ank Constanta’s new Chief Operations Officer, Giorgi Nadareishvili, plans to turn Bank Constanta into the most solid banking structure in Georgia and one of the largest players on the microfinance market. “We have great support from our shareholders and there are enough resources and enough experienced staff to achieve our goals,” Nadareishvili believes. According to the Bank’s management, professionals like Nadareishvili will further strengthen the team and support the Bank’s development process in the future. Nadareishvili has years of experience in working both in Georgia and neighbouring countries’ banking sectors and is well aware of the specifics of the microfinance sector. Giorgi Nadareishvili has worked at almost all levels of banking sector management, which again underlines his deep knowledge of banking structure. The new COO started working in the banking sector in 1997 at the position of loan officer at TbilComBank. In 1998-2003 he worked at ProCredit Bank Georgia

as a senior loan officer. Then he got promoted to branch manager in Kutaisi and later worked in Batumi. Nadareishvili was then appointed Regional Director and joined the Board of Directors of ProCredit Bank Georgia. In the past few years Nadareishvili worked as Head of the Regional Department of Kiev, ProCredit Bank in Ukraine and as COO, Finca Azerbaijan and later General Director of TBC Credit in Azerbaijan. He has been the COO of Bank Constanta since May 2012. I worked in Azerbaijan for five years. I was working at TBC Credit, which was TBC Bank’s first project outside of Georgia. TBC Credit is TBC Bank’s daughter company, which was acquired in 2007 in Azerbaijan. Azerbaijan is quite a specific country, and is Georgia’s largest trade partner, thus we have much in common. It was exactly TBC Credit that was the first microfinance sector experience for TBC Bank before

becoming a partner of Bank Constanta. I would evaluate my experience gained from TBC Credit as interesting and useful. Joining Bank Constanta is directly linked with my return to Georgia. My family and I had wanted to come back to Georgia for a long time. Before going to Azerbaijan, I had been working in Ukraine for three years. TBC Bank’s management understood my desire to return to my homeland. This coincided with the COO vacancy opening at Bank Constanta. I returned to Georgia in May therefore and joined the Bank Constanta team. The specifics of the organization are quiet familiar to me. Years ago, when I was working for ProCredit Bank, there were just two large players on the Georgian micro financing market - Bank Constanta and ProCredit Bank. The direction which I am in charge of now is different from what I was doing before. In this case, Chief

FINANCIALMAGAZINE

The growth dynamic of our company is one of the highest in Georgia and especially in the micro financing direction, which is the core business of the company. The partnership with TBC Bank led to further intensifying the Bank’s growth indicators. 10 years ago, when the microfinance sector was in the process of development, many people did not take the business seriously. However, this direction created its own so called ‘success story’, which proved that working with small and medium size enterprises is a stable and profitable business for banking structures. This direction has been very interesting for TBC Bank for a long time. Exactly this interest was the reason why they started a partnership with Bank Constanta. Bank Constanta’s years of successful experience in the microfinance sector gives us the possibility to consider the Bank to be one of the leaders on the local market in the long-term perspective.

style WMAG.GE

JULY

2012

RUSSIA BILLIONAIRES FUND $1 MILLION ‘JEWISH NOBEL’ IN ISRAEL FERRARI DRIVEN BY CAMERON DIAZ BECOMES ONE OF WORLD’S MOST EXPENSIVE CARS A Ferrari regarded as one of the most beautiful cars ever built became one of the world’s most expensive cars as it went on sale for a staggering £5m. The 1963 Ferrari 250 GT SWB California Spyder, put on the market by Ascot-based Talacrest, is one of the finest collaborations in engineering history - with Enzo Ferrari enlisting Pininfarina to design the model and Scaglietti to build it.

THE MOST EXPENSIVE CAR IOF 2012 Porsche’s upcoming flagship, the 918 Spyder was named the world’s most expensive car in 2012 by Forbes. When it does arrive later this year, it will come powered by a high-revving V8 engine making more than 500 hp, mated to a plug-in hybrid system that adds over 218 hp. Porsche claims a 0-60 mph time of 3.1 seconds, with an incredible 78 mpg rating.

FINANCIALMAGAZINE

Mikhail Fridman, a billionaire shareholder in Russia’s Alfa Group, helped create a $1 million “Jewish Nobel Prize” to be awarded annually with the Israeli government. The Genesis prize will be awarded for global achievements in various professional fields, the sciences or the arts to highlight the contribution of Jews to world history, according to a statement e-mailed by Israeli Prime Minister Benjamin Netanyahu’s office today. “The prize symbolizes Jews’ great contribution in human development and will be a source of pride for young Jews around the world,” Netanyahu said in the statement. Wealth@bloomberg

2012

JULY

style

WMAG.GE Haefner, who died in June 2012, made his money in CA, formerly

alter Haefner, the Zurich-born owner of the AMAG car dealership and the largest shareholder of US tech company CA, has died aged 101. His fortune was recently estimated at $4.3 billion (SFr4.13 billion) by business magazine Forbes. According to Forbes’s 2012 list of billionaires, he was the joint 248th richest person in the world and the oldest person worth more than $1 billion. That honour now goes to David Rockefeller Sr., the 97-year-old grandson of oil baron John D. Rockefeller.

Computer Associates, an IT software maker. In Switzerland, his AMAG company is the country’s largest importer of Volkswagen, Seat, Skoda and Audi. After the Second World War he pulled off a coup when in 1948 he signed a deal with Volkswagen and imported the first Beetle into Switzerland. By the end of the year, the number had risen to 1,380. He also owned a highly successful stud farm in Ireland, collected art and engaged in charitable activities, particularly through a foundation that bears his name. He lived by Lake Zurich for 60 years. Wealth@swissinfo and agencies

WORLD’S OLDEST BILLIONAIRE DIED AGED 101

FINANCIALMAGAZINE

profile WMAG.GE

WMAG MADONA GASANOVA

ennessy is a favourite brand of cognac among Georgians; The most trendy alcoholic beverage of 2012 is Irish whiskey Jameson, according to one of the largest importers of alcoholic beverages in Georgia, GD Alco. Italian Martini the bestselling vermouth; Jack Daniel’s sour mash Tennessee whiskey is the best selling whisky in Georgia as well in the whole world; meanwhile Finlandia is the favourite vodka for those Georgians who value quality. GD Alco, the first Georgian premium class beverage distributor, was founded in 2004. The company distributes cognac, tequila, rum, vermouth, whisky, liqueur, vodka, champagne, gin, absinthe,

main mission of our company. At present GD Alco has the most flexible and developed system in the premium alcohol distribution line. We hire qualified distributors and have a well-tuned mechanism,” said Soso Esartia, Director General at GD Alco. “Our company is growing fast at present. The huge work and focus of our team on consumer demands are what have resulted in this success. Quality has always been our main priority. We are glad to hear that our society considers us to be the leading company in our sphere,” said Esartia. According to Esartia Irish whiskey Jameson is the most trendy alcoholic beverage of 2012. Jameson is well known for its gentle sweetness. Many that shy away from drinking whisky neat or on the rocks will find that Jameson’s light honey taste appeals to them. The sales of GD Alco are increasing by 20-30% annually. Our sales volume is increasing in accordance with the country’s economy as it grows year by year. Whisky house has the best sales of all GD Alco’s outlets. Around 60% of total sales are comprised of chain supermarkets: Goodwill, Populi and others. The rest is made up by local restaurants. Esartia said that Kutaisi has huge perspective in terms of market expansion. Sales volumes rise during the summer season in Batumi in particular. New Year’s Eve and Summer are the most active sales periods for GD Alco products; sales increase by 50% during these times. GD Alco imports products from England, the USA, Holland and France and other countries.

JULY

2012

SOSO ESARTIA DIRECTOR GENERAL

Premium Alcohol drinks from GD ALCO

Respectable, tasteful and valuing quality beverage - this is the sort of person who chooses our products” beer and cigars. The company owns its own chain under the name Whisky House. If you consider yourself respectable, tasteful and valuing quality beverage then the name GD Alco should be familiar to you. Make a note that from July 2012 another Whisky House will open its doors on Abashidze 39, in the Vake district. “As the Georgian economy was developing we saw a free niche of finding a new model of distribution line. Strategic development and innovative ideas became the

FINANCIALMAGAZINE

JULY

2012

fashion profile WMAG.GE

FINANCIALMAGAZINE

www.hennessy.com

FINANCIALMAGAZINE

themost WMAG.GE

MOST EXPENSIVE

JULY

2012

ALCOHOL IN THE WORLD

MENDIS COCONUT BRANDY $1 MILLION THIS CLEAR BRANDY, WHICH IS MATURED FOR AT LEAST TWO YEARS IN HAMILLA WOOD CASKS, LAUNCHED IN 2007. CONSIDERING THE SECOND BOTTLE WAS GIVEN AWAY FOR FREE IN A CONTEST, IT ONLY ADDS UP TO ABOUT $500,000 A BOTTLE. QUITE AFFORDABLE:)

SCOTTISH DIVA VODKA $1 MILLION CONTAINED IN A LOOK-ALIKE PERFUME BOTTLE, THE WORLD’S MOST EXPENSIVE VODKA ORIGINATED FROM THE LANDS OF SCOTLAND. THE BOTTLE CAN BE ENCRUSTED WITH PRECIOUS GEMS: DIAMONDS, RUBIES, SAPPHIRES AND SO ON. WHAT MAKES IT A MILLION DOLLAR BABY IS ALSO THE FACT THAT THE VODKA IS TRIPLE DISTILLED AND ICE-FILTERED THROUGH NORDIC BIRCH CHARCOAL BEFORE PASSING THROUGH A SAND OF CRUSHED DIAMONDS AND OTHER GEMS. EXPENSIVE TASTE INDEED.

FINANCIALMAGAZINE

JULY

2012

themost WMAG.GE

HENRI IV DUDOGNON HERITAGE $2 MILLION TREND HUNTER REPORTS THAT THE HENRI IV DUDOGNON HERITAGE IS THE WORLD’S MOST EXPENSIVE COGNAC. THE $2 MILLION BOTTLE IS PACKAGED BY JEWELER JOSE DAVALOS, AND IS REPORTEDLY DUBBED THE “DNA” OF COGNACS. THE ULTRA-EXPENSIVE LIQUOR HAS BEEN PRODUCED SINCE 1776 AND IS AGED IN BARRELS FOR MORE THAN 100 YEARS. THEN, THE LIQUOR IS BOTTLED IN A BOTTLE THAT IS DIPPED IN 24-KARAT GOLD AND STERLING PLATINUM AND DECORATED WITH 6,500 BRILLIANT CUT DIAMONDS. THE 8-KILOGRAM BOTTLE IS FILLED WITH JUST 100 CL. OF THE DECADENT DRINK.

PASIÓN AZTECA, PLATINUM LIQUOR BY TEQUILA LEY $3.5 MILLION THE NEW TEQUILA LEY PASIÓN AZTECA BOTTLES ARE ONCE AGAIN A BONUS TO THE TOP-SHELF LIQUOR INSIDE — THEY’RE MADE OF ENGRAVED PLATINUM BY MEXICAN ARTIST ALEJANDRO GOMEZ OROPEZA.

FINANCIALMAGAZINE

see on next page

themost WMAG.GE

MOST MO OST EXPE EXPENSIVE

JULY

2012

ALCOHOL IN THE WORLD

D’AMALFI LIMONCELLO SUPREME $44 MILLION BOTTLE DESIGNED BY STUART HUGHES OF LIVERPOOL U.K. CONTENT INVENTED BY ANTICA DISTILLERIA RUSSO FROM ITALY. THE BOTTLE ITSELF IS HOME NOT ONLY TO A BEAUTIFUL LIQUOR IT ALSO HOUSES AT THE NECK 3 SINGLE CUT FLAWLESS DIAMONDS TOTALLING 13 CTS , THE BODY CONTAINS ONE OF THE WORLDS RAREST DIAMONDS , A MAMMOTH RARE SINGLE CUT AT 18.5 CTS , TRULY THE MOST STUNNING GEMSTONE ! ONLY ONE OTHER IS TO BE MADE ! GENERAL FEATURES TYPICAL LIQUOR OF THE OLD TRADITION OF CAMPANIA REGION, MADE BY INFUSION IN ALCOHOL OF PEELS OF LEMONS FROM THE STUNNING FAMOUS AMALFI COAST. SMELL FEATURES AROMATIC ,IT EXPRESSES COMPLETELY THE WONDERFUL FRAGRANCE OF THIS UNIQUE FRUIT.

MILLION ISABELLA’S ISLAY WHISKY $6,2 MILLION BEHOLD THE NEW MOST EXPENSIVE BOTTLE OF WHISKEY. CREATED BY THE SAME COMPANY WHO MADE RUWA, THE FIRST LUXURY HALAL DRINK (PRICED AT $5.5 MILLION), THE ISABELLA’S ISLAY LUXE BEVERAGE COMES IN TWO VERSIONS. PRICED AT £3.8 MILLION ($6.2MILLION), EACH BOTTLE CONTAINS THE VERY OLD SINGLE MALT CASK STRENGTH ISLAY WHISKEY AND FLAUNTS SOME 300 RUBIES, 8,500 DIAMONDS AND APPROXIMATELY TWO BARS OF WHITE GOLD. THE MORE AFFORDABLE VERSION IS THE ISABELLA SPECIAL EDITION, PRICED AT £450,000 ($740,000). COVERING THE BOTTLE IS A LITTLE CRYSTAL WHITE GOLD WITH DIAMOND LETTERING.

FINANCIALMAGAZINE

JULY

2012

themost WMAG.GE

The EU’s most expensive place for cigarettes and alcohol in 2011

Most Expensive Whisky Bottle Sold At the Auction for

£60,000

rare bottle of whisky has sold for a record-breaking price of £60,000. The bottle of Glenfiddich Janet Sheed Roberts Reserve was sold at auction in New York for 94,000 US dollars (£59,335). It is the most expensive bottle ever sold at auction. The 1955 tipple is the third of 11 to be released to the public. The first sold at Bonhams in Edinburgh in December for a record-breaking £46,850, topping the previous world record of just under £30,000 for a bottle of single malt. The second was bought by an anonymous bidder at the Honourable Artillery Company in London for £44,000. The 11 bottles of the whisky are being released to honour Janet Sheed Roberts, the granddaughter of William Grant who founded the Glenfiddich distillery 125 years ago. Mrs Roberts, who celebrated her 110th birthday in August, died in April 2012.

he latest EU consumer goods and services pricing survey shows that Ireland’s alcohol and tobacco prices came out at 163 per cent of the EU average, while prices in this category were cheapest in Hungary (at 63 per cent of the average). The highest prices for consumer goods and services were recorded in Denmark with a whopping 142 per cent of the EU average, according to the survey by the EU statistics office Eurostat. Sweden came in at second place (128 per cent), Finland was third (125 per cent), Luxembourg fourth (122 per cent) and Ireland was fifth with 117 per cent. Belgium and France weren’t far behind with 112 per cent and 111 per cent respectively. At the other end of the scale, meanwhile, was Bulgaria which recorded the cheapest consumer goods and services prices at 51 per cent of the average. Poland and Romania both recorded 60 per cent of the average, while Hungary had 64 per cent and Lithuania had 66 per cent.

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

profile Sarajishvili Cognac for Pleasure not Excess

JULY

2012

The price SARAJISHVILI VS - GEL 21,70; SARAJISHVILI VSOP – GEL 34 SARAJISHVILI XO – GEL 110 .

WMAG.GE

WMAG MADONA GASANOVA

arajishvili VSOP and Sarajishvili XO are the most trendy cognacs of 2012, believes Bakhva Bregvadze, Head of the Marketing and PR Department at JSC Sarajishvili. These are products for people who drink to enjoy the taste. JSC Sarajishili is the legal successor of the company founded by David Sarajishvili in 1884. For more than a century the company has been thriving on local and foreign markets. The company has received more than 200 awards during this time. This May Sarajishvili won Gold Medal at an international annual competition of the Beverage Testing Institute (BTI) in Chicago. Sarajishvili cognac products VS and VSOP can be blended perfectly to make a mouthwatering cocktail. “Simply mix Sarajishvili cognac, tonic and ice. Shake all the ingredients together and strain into a cocktail strainer glass. This is a recipe for a simple cognac cocktail. Nothing compares to it on a hot summer’s day,” Bregvadze believes. In 2011 the company had 25% increase of export compared to the previous year. The

century-old Georgian cognac is very popular in post Soviet countries. Furthermore the company is currently introducing its products to Chinese customers. “Even from the end of the 19th century and beginning of the 20th, Sarajishvili Cognac was being produced with French technologies in Georgia, and therefore due to its high quality it gained the biggest and most significant share of the Russian market. The company was also named official Imperial Supplier,” Bregvadze said. “Our history incorporates the experience and traditions implemented by David Sarajishvili. All of this creates the culture of our company. We want to share the culture of Sarajishvili not just with Georgia, but with the whole world. We want to introduce Sarajishvili to the world market. Each of our steps is aimed towards that,” Bregvadze said. “Exact knowledge of consumer demand, 120 years of experience and unique reserves of spirits are the main advantages of the company,” he added. “The secret recipe of the company is the fact that we strictly defend the classic technology process. The exceptional and unique varieties of Georgian grapes are what determine the supremely high quality of our products. Classic cognacmaking technologies are the same everywhere, the only

FINANCIALMAGAZINE

difference is in the varieties of grape and manufacturing location,” Bregvadze said. As well as cognac Sarajishvili produces different types of alcoholic drinks such as vodka and liquor. Every year the company produces about 1,000,000 to 1,200,000 bottles of alcohol products. 10-15% of total realization is made up by restaurants. “Cognac production is a creative, traditional and hard process. Unique knowledge of the technologies and experience is required,” Bregvadze said. From 2013 JSC Sarajishvili plans to diversify its product portfolio with new products.

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

FINANCIALMAGAZINE

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

KSB BANK: 2012

Lending to Reach 250 Million USD WEALTH MADONA GASANOVA The credit portfolio of Kor Standard Bank (KSB Bank), one of the leading banks in Georgia, is expected to amount to 250 million USD by the end of 2012, in comparison to the 200 million USD of last year. The Bank had 26% growth of its deposit portfolio by the end of 2011. KSB Bank believes that the increase is due to the competitive interest rate being offered to Georgian depositors, as well as the stability and constant development of the Bank. Our salary (income) backed consumer loan, without collateral requirement, is currently the most popular product among Georgian borrowers. “We are not trying to establish ourselves through aggressive moves on the local market”, says George Glonti, CEO at KSB Bank. We approach potential customers saying: just try us and start cooperating with us, make only few steps without any liabilities, to see who we are and how we serve our clients. With this approach, in a very short time, they become convinced, that we really are the bank on they were looking for. This is what makes KSB Bank one of the most interesting banks in Georgia.” Mr. Glonti, 40, loves dynamic developments and pays great attention to this at the bank. Being keen at auto racing and skiing, he believes “the dynamism keeps a business toned, transferring it to the employees, who then can relate it to the job and customers also. It is very important that innovations, development and new achievements are presented to the market on a frequent basis. We have so far successfully handled

this task,” he said. As an economist Mr. Glonti started his banking career in 1992 at the first Georgian commercial bank Iberia Bank, followed by number of managerial positions at leading banks of Georgia such as TbilUnivesralBank, TBC Bank and People’s Bank. During 1999-2003 he ran a private practice, being the managing partner of a leading audit and consulting company affiliated with PricewaterhouseCoopers. From 2005 to 2008 Mr. Glonti served as Vice-President and board member of National Bank of Georgia. After leaving the public service in 2008 he was the CEO at Liberty Bank (previously People’s Bank) and it was in August 2009 when he joined KSB in the position of CEO. In March 2008, 100 % of the shares of Standard Bank were purchased by Kor Bank. The founder of Kor Bank is the investment holding Dhabi Group. After that the Bank started operating on Georgian market as Kor Standard Bank, with the short and smart name of KSB Bank. Shareholder Structure of KSB Bank incorporates: Sheikh Nahayan Mabarak Al Nahayan – 45%; Sheikh Hamdan Bin Zayed Al Nahayan – 20%; Sheikh Mansoor Bin Zayed Bin Sultan Al Nahayan – 15%; Sheikh Mohammed Butti Al Hamed – 15% and LTD. Investment Trading Group – 5%. Mr. Glonti believes that the exceptional services provided by KSB Bank are the main advantage of the Bank. He says Georgia emerged from the global recession quite easily. “Our country was not strongly integrated with world markets and therefore the impacts of the crisis were minimal. However, on other

hand, investors who were directly affected by the global downturn have become more cautious. This cautiousness currently is also increasing the cost of Georgia’s financial resources. They are investing carefully and making decisions more warily, highly evaluating the cost of enhanced risks on the world markets. I am optimistic however that the cost of financial resources will continue decreasing. As a result of current economic progress, positive assessments by rating agencies about Georgia are being delivered to investors and there is very high probability that next year Georgia will reach the investment grade in its sovereign rating.” “Besides the fact, that funding remains expensive for banks, the trend of decreasing of the interest rates on the lending side can be observed. Today, the main problem for the banks is that Georgian banks have a shortage of long term resources. This lack is directly affecting their cost. Banks’ willingness to pay soared borrowing costs for term deposits has revealed an alternative way of income for businesses. If the profit from business, which by its nature is risk bearing, is to be 15-20%, consumers would prefer to save their funds in a bank and receive an ensured, but still high deposit interest rate. If deposit interest rates will decrease, let’s say to 5-6% however, entities will prefer to invest their capital in a business instead. This process will enhance the capitalization of business. Banks, on their side, will more easily finance businesses. Deposit withdrawal will cause the funds shortage for a while, but will in the end benefit to the economy growth.” “As the volume of investments in

FINANCIALMAGAZINE

Georgia increases it will reduce the borrowing cost for banks. The country itself should create a base of funds, permitting banks to use long term resources. A new project of alternative pension fund was launched recently. It allows citizens to create their individual pension savings. The initiative of alternative pension fund will strongly support creation of a significant pool of cheap and long term financial resources that in its turn will help developing capital markets and will be used by the banks and big corporates for wider range of products or investment projects.” KSB Bank’s CEO is himself a depositor at the Bank. He says there is still a trend to keep long term deposits in USD/EUR, while short term deposits are mostly held in the national currency (GEL). “I myself have a Term and Royal deposits with KSB Bank. In my view the Royal deposit is one of the most interesting products on the market. It is a perfect combination of deposit and card accounts. This is an interest bearing savings deposit that can be managed via one’s card at the same time. Owners of the Royal deposit get no charge withdrawals from ATMs and get benefits from merchants. The annual interest rate is 7%. The amount of depositing or withdrawing is not restricted and they will get their 7% interest despite the amount and number of transactions they make.” Since the global recession, Mr. Glonti says, the banks have increased risk management measures. They have become more cautious. Financing physical persons became prevalent, while analyses of business loans have become more comprehensive. Besides, the Central Bank requires the Basel II approach (with Basel III components) to be implemented by the banks, which will fully bring the banks to risk based assessment of their business. To overcome global challenges KSB Bank plans to continue modernization of its products. “We always try to reveal the shortcomings of existing products and improve them. We constantly hold activities and campaigns, which make KSB Bank interesting to consumers. In 2012 we will focus on electronic and remote services,” he said.

themost WMAG.GE

UN WANTS ‘BILLIONAIRES TAX’

HE United Nations has called for a billionaires tax to raise more than $US400 billion a year for poor countries. AN annual lump sum payment by the super-rich is one of a host of measures including a tax on carbon dioxide emissions, currency exchanges or financial transactions proposed in a new report that accuses wealthy nations of breaking promises to step up aid for the less fortunate. THE UN’s annual World Economic and Social Survey also says it is critical to find new ways to help the world’s poor as pledged cash fails to flow. THE report estimates that the number of people around the globe worth at least $US1 billion ($971 million) rose to 1226 in 2012. THE report gives other ideas for international taxes, including: - a tax of $US25 per tonne on carbon dioxide emissions would raise about $US250 billion. It could be collected by national governments, but allocated to international cooperation. - a tax of 0.005 per cent on all currency transactions in the dollar, yen, euro and pound sterling could raise $US40 billion a year. - taking a portion of a proposed European Union tax on financial transactions for international cooperation. The tax is expected to raise more than $US70 billion a year. IT also suggests expanding a levy on air tickets that a number of nations already impose to raise money for medication for poor states through UNITAID, a UN initiative. THE report says more than $US1 billion has been handed over to UNITAID since the levy started in 2006. FRANCE has a one euro tax ($1.20) for a domestic flight in economy and six euros for international flights - with 10 euros for business class on domestic flights and 40 euros on international tickets. The air industry fiercely opposes any extension of the tax, arguing that it already pays heavily in taxes and levies.

FINANCIALMAGAZINE

JULY

2012

he wealth gap between white and Black people in the U.S. has nearly doubled over the duration of the current crisis in global capitalism, according to data released by the Census Bureau. BLACK households had a median net worth of $4,995—a stark contrast with the $110,729 claimed by white households. The median net worth for Latino and Asian households fell as well—with Black, Latino and Asian households seeing their median net worth fall by 60 percent between 2005 and 2010. By comparison, white households lost 23 percent of their net worth.

TOM CRUISE NAMED HOLLYWOOD’S HIGHEST EARNER

t wasn’t all gloom for Tom Cruise, who received news on his 50th birthday that Forbes had named him the highest-paid actor in Hollywood. THE Mission Impossible star, whose high-profile split from his wife Katie Holmes made headlines - raked in $US75 million ($73.38 million) between May 2011 and May 2012.

JULY

2012

ead WMAG.GE rthemost

ADVERTISE ON

wmag.ge

FINANCIAL MAGAZINE 2 252 275 EXT: 1

all devices

FINANCIALMAGAZINE

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

FINANCIALMAGAZINE

profile WMAG.GE

JULY

2012

Archimedes Global Georgia Enters Retail Insurance Market WEALTH MARIAM PAPIDZE

nsurance company Archimedes Global Georgia generated premiums worth 8,039,239 GEL in the first quarter of 2012, 10 times more compared to that of the same period of 2011 (777,704 GEL). Medical Insurance Group Archimedes Global Georgia J.S.C. is the only company in Georgia that only operates in the field of health insurance. The number of people insured at Archimedes Global Georgia reached its peak in 2012 at 500,000 insured people. The management of Archimedes Global Georgia plans for it to become the second most successful insurance company operating on the insurance market in Georgia. “This has been an exceptional year for our company,” said Nika Ramishvili, Chief Executive Officer of Archimedes Global Georgia. “Archimedes Global Georgia was the winning company of a government tender. Within the framework of this tender our company insured 215,000 people in Tbilisi alone. We have insured about 70,000 people in the Kakheti and Samegrelo regions. This means that after Aldagi BCI, Archimedes Global Georgia will be the first insurance company in Georgia according to attracted premiums,” he added. Archimedes Global Georgia is currently oriented on the corporate segment. It serves approximately 120 large and medium-sized companies and state organizations. This year the company plans to enter the retail insurance sector as well. “From September Archimedes Global Georgia will start an aggressive expansion policy into the retail segment. Moreover, our increased portfolio gives us the possibility to decrease prices and offer our products at very affordable premiums,” he added. Israeli company Archimedes Global is the founder and controlling interest owner of Archimedes Global Georgia. Archimedes Global is the health insurance market leader in Israel and manages a 70 percent portfolio of the 7 million population of Israel, amounting to 4.9 million people in total. “The fact that our founder company is very

experienced in Israel has considerably supported our company’s development in Georgia,” said Ramishvili. “It was Archimedes Global’s strategy to operate only in the field of health insurance. They took into consideration that health insurance makes up 80 percent of Georgia’s insurance market. Our advantage is that our staff is focused on one insurance product, one sphere. Our administration resource is not calculated for any other service. I am not saying that one’s car, house, or any other kind of property should not be insured, far from it, however I am saying that the most important form of insurance is undoubtedly health insurance, which is always most essential for people,” he added. Archimedes Global Georgia is actively involved in state insurance programmes. “Our goal is to render financial assistance to those people who really need it. I mean people who are below the poverty line. State insurance programmes have raised the popularity of insurance in Georgia in general,” said Ramishvili. Chief Executive Officer of Archimedes Global Georgia believes that the Georgian financial market has been growing rapidly in recent years. According to Ramishvili the insurance industry has most dynamic characterization and significant growth is being observed every year. “Even in 2000 utilization of healthcare insurance increased significantly. This fact was reflected in 2012 when about 100 hospitals

FINANCIALMAGAZINE

were opened throughout Georgia. It resulted in simplified medical services. People no longer have to come to Tbilisi for medical care. People can go to their local, well-equipped hospitals. Accordingly, hospital use has increased almost 10 times compared to in previous years. This means that a culture of preventive care is increasing in the country,” he said. “The market is still very chaotic however; it is changing every day which makes it difficult to plan the year. Without planning the year the company cannot calculate its profit,” he said. “For example, we have already planned the year 2012 which considered attracting premiums consisting of 20 million GEL. Although this month we have attracted 52 million GEL. Even a very positive fluctuation is hardly perceptible for business. As soon as the market becomes stable it will be possible to make long-term plans in terms of getting profit,” he added. “The profit margin is becoming stable as well. In 2008 the profit margin was quite high for the insurance market. But statistics show that the profit margin decreased in 2011 and the insurance industry completed the year with 23 million GEL losses. Stabilizing of the insurance market will result in a thought-out strategy of making investments. By 2014-15 the market will be stably profitable. By the end of 2013 four or five players will be operating on the market. The increase in companies will mean better products being offered to customers,” he added. “Since the starting of state programmes insurance culture has been rising every day. Nowadays, almost every second citizen of Georgia is insured. Soon insurance will make up a very high share in Gross Domestic Product. This is one of the proofs of the country’s economic development,” Ramishvili believes. 2011 was an unprofitable year for the whole sector, because health insurance was utilized comprehensively. Correspondingly Archimedes Global Georgia completed the year at a loss. The company’s management hopes that this year the situation will be improved though, and that the company will see profit. Ramishvili believes that the company’s success is based on proper and timely customer service.

JULY

2012

profile WMAG.GE

FINANCIALMAGAZINE

fashion WMAG.GE

JULY

2012

INTELLIGENCE BUSINESS PUBLICATION WRITTEN EXPRESSLY FOR OPINION READERS AND TOP BUSINESS DECISION-MAKERS FINANCIALMAGAZINE finchannel.com

JULY

2012

fashion WMAG.GE

I need you!

HUMAN RECOURCE TRENDS 90 % of female HRs prefer to hire a man rather than woman 90% of CEOs in Georgia are men 90 % of HRs in Georgia are women SEX DOES MATTER

SEARCH CANDIDATES BY ALL POSSIBLE CRITERIAS

www.mycareer.ge ASSISTING TO BUILD A BETTER CAREER*

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

Orbi Group to Build New Hotels in Batumi Soon WEALTH MARIAM PAPIDZE

rbi Group, one of the leading construction companies running its operations in Batumi, plans to implement new projects soon. As company CEO, Irakli Kvergelidze, says, “Orbi Group plans to construct a 1,000 room hotel in Batumi in the nearest future. The company also plans to build a new Aparthotel on Kachinsky Street”. Orbi Group was founded in 2004 as a construction and development company. Orbi Group cooperates with various foreign companies; Orbi Group attracts customers not just from Georgia but from other countries as well. In the list of the company’s customers you can find many famous names, for example an apartment of Orbi Group was purchased by the famous Finnish director Reny Harlin. “The geographical location of Adjara and the increasing development of tourism infrastructure in the region were in line with Orbi Group’s plans from the very beginning. That was reflected in our innovative projects, and expressed in our large-scale construction of hotel type apartments. Today’s Batumi has transformed into a ‘construction polygon’ one could say. European investment is continuously flowing here. From the beginning the Orbi Group team believed that Batumi (in early times named Porto Franco) would regain its strategic importance, and we are glad that our company is the leading one in the region with its innovative design, top-notch quality construction projects,” Kvergelidze said.

“Our company is growing day by day. The index of the first six month of 2012 is much more successful in comparison with the same period of last year. Evaluation of sales index is usually possible after summer. Summer is the most active period for sales. Orbi Group’s sales index of the first six months of 2012 has increased by 30% in comparison with last year,” Kvergelidze said. “We have sales representative offices in Georgia as well as outside of the country too. We have a representative office in Kiev, Ukraine. With the help of a private agent we are implementing the realization of apartments in Moscow. In addition an office of ours will start functioning in Tel-Aviv in the month of July,” Kvergelidze said. “Demand for our products is greatly increasing. We have Georgian as well as foreign clients. At the moment the share of foreigners in our company’s sales is 65% which is quite a good index,” Kvergelidze stated. According to Kvergelidze all of the projects of Orbi Group are quite successful while each of them has quite a different concept. The CEO of the company singles out the Sea Towers project on Khimshiashvili Street as the most popular apartment. An apartment in Batumi Boulevard includes a hotel-type living space and a variety of public facilities (public services, trade and commercial facilities, a fitness club, a swimming pool, a spa centre, solarium, disco, café, restaurant, children’s entertainment centre and more. The building will be equipped with all basic infrastructure facilities: parking, children’s playgrounds and much more. “During the last years the cost per square metre has been a bit lower. At the moment the minimum price of a square metre is 800 USD and maximum - 5,000 USD. All of the projects which are implemented by Orbi Group

FINANCIALMAGAZINE

are based on consumer demands. This purpose is one of the main determiners of the price. The products’ quality and conditions are always corresponding to cost. The prices that we state are acceptable for even the most pretentious customer demands,” Kvergelidze said. “During construction we use local as well as European materials. Taking in to account that the majority of construction materials aren’t produced in Georgia we have to import them from European countries,” Kvergelidze stated. “A significant achievement of the company is that Orbi Group can offer all kinds of products, specifically space at the beginning, during and at the end of construction. The majority of our apartments are sold before they are constructed. We also sell finished apartments but the price of the final product in this case can be 300% of the original price,” Kvergelidze said. “The next steps of the company are directed towards company popularization outside of the country and development of the product realization area. Orbi Group is also actively working in the direction of tourism development therefore,” Kvergelidze said.

FINANCIALMAGAZINE

wealth profile

WMAG.GE

!3%1 +%!* &1., ! -%)'(".41

JULY

2012

)++ 4/ 3(% /.+)#8 .,&.13 )- ,)-43%2; !++ .41 (.41 (.3+)-% !-$ .1$%1 3(% )-241!-#% /.+)#8 3. 8.41 (.,%;

%!3)-' 2823%, $!,!'% %6%1!'% 6!3%1 !-$ %+%#31. 2823%, $!,!'% !)- (!)+ %!13(04!*% 6)-$23.1,

)1% 2,.*% %7/+.2).- !,% !-$ 41-!,%

(%&3 1.""%18 !-$!+)2,

!3%

/%#)!+ .&&%1 &.1 3(% .+)#8 (.+$%12 :

. '%3 .-% ,.-3( #.5%1!'% &.1 &1%% 8.4 #!- %)3(%1 24",)3 3(% #.4/.- 3. .41 2%15)#% #%-3%12 (!5#(!5!$9% 5% -241!-#% .42% .23!5! 231%%3 .1 3. .41 )-241!-#% !'%-32 !++ )-241!-#% !'%-3 -.6 !-$ "%-%&)3 ,.-3( )-241!-#% &.1 &1%%; &&%1 )2 5!+)$ 3(1.4'(

;

FINANCIALMAGAZINE

JULY

2012

profile WMAG.GE

INTERNATIONAL HEALTH INSURANCE GPI Holding and Gras Savoye offering insurance which covers medical service anywhere in the world SANDRO KIKNADZE, HEAD OF THE RESEARCH AND DEVELOPMENT DEPARTMENT

MARIAM PAPIDZE WMAG.GE

or the first time in Georgia GPI Holding and French international broker company Gras Savoye are starting a joint project and offering their customers the innovative product - International Health Insurance. The new insurance product was initiated together with Global Benefit Group that has years of experience in international health insurance services. Together with access to a network of hospitals all around the world, those in possession of international health insurance are provided with administrative processes management. The insured is thus free from gathering paper documentation and can instead control their health history online via a personal account (visits, diagnoses, expenditure of limits etc). Sandro Kiknadze, Head of the Research and Development Department at GPI Holding, explained that a person that has international health insurance will be able to receive medical service anywhere in the world, as well as in Georgian private clinics. “We are very pleased that this project has been accomplished together with Gras Savoye Georgia. With this initiative a new insurance product will be available for the Georgian insurance market - for our retail as well as corporate clientele. This is very important for our company and I am sure for our clients as well. International Health Insurance covers out-patient as well as in-patient charges,” said Kiknadze. Dental services, pregnancy/childbirth, preventive medical services together with compensation of drug costs will be included in the International Health Insurance package. The insurance covers transplantation expenses as well. The policy will also compensate expenses

for non-traditional methods of treatment such as homeopathy and herbal treatment. “Moreover, our clients will not need to deal with documentation and other formalities. We will help our clients to receive high quality medical services abroad. We will also provide monitoring of the treatment process,” Kiknadze added. The price of International Health Insurance starts from 470 EUR a year. “It is up to the customer to individually choose the policy plan: basic, silver, gold or platinum card. It is possible to pay the cost of the insurance once a year, or via various instalment schemes,” he added. Any person aged between 0-75 years can buy the International Health Insurance whether they are a Georgian resident or the resident of another country. The international insurance will be especially interesting for Georgian students that are studying abroad, for diplomats and for people interested in international health services in general. The insurance fully compensates oncology costs within the limits, so long as the disease did not exist before the start of the insurance period. The insurance policy will cover the costs of drugs, chemotherapy, radiation therapy, surgery and other costs. Compensation limits start from 100,000 EUR, going up to 1,500,000 EUR. Emergency medical care is fully covered in Georgia as well as abroad. In the event of hospitalization, the company will reimburse the costs of further rehabilitation and treatment, home care and rehabilitation in the patient’s homeland. In emergency cases an accompanying person’s travel and accommodation expenses will also be covered. The insurance also covers childbirth charges. However, there is a 10 month waiting period. It means that costs will be compensated for the services received after 10 months from the commencement of insurance. Moreover, if a mother is insured, the newborn is insured automatically as well, free of charge.

FINANCIALMAGAZINE

Does the policy cover Georgia? A. Of course, many would prefer to take daily routine medical services locally. Two private clinics are GPI Holding’s providers - Mediclub and Curatio. However, the insured may apply to any other local clinic as well. In this case the compensation scheme will be different. Our clent must provide some documentation to get compensation for service received in non-provider clinics. How can a person buy International Health Insurance? Is it a complicated process? A. First of all our consultant will explain the terms of the policy and will help the client to choose the right plan. Afterwards we fill in the relevant documents. The insurance policy is then issued within a couple of days. GPI Holding was established in 2001 as the first private pension fund in Georgia. The development of social insurance lines is one of the highest priorities of the company. GPI Holding maintains the lead position in this direction, namely health and pension insurances. At the same time GPI Holding is among the leading companies in other lines of insurance: auto, property etc. GPI Holding is a member of Vienna Insurance Group - one of Europe’s leading insurance companies. As for Gras Savoye, it is one of the top French insurance broker companies. Gras Savoye covers various insurance, including industrial risks, public liability, construction, transportation, motor fleet, financial and political risks and employee benefits insurance. It serves small, medium and large companies; banks and financial institutions, local government authorities; proprietors and collectors, self-employed, individuals, as well as the health care sector.

FINANCIALMAGAZINE

horeca profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

Standard Insurance Georgia

tandard Insurance Georgia is the only insurance company in Georgia to offer Compulsory Motor Liability Insurance that is valid in Azerbaijan too. A new service centre of the insurance company will open soon near Red Bridge where customers will be able to purchase compulsory motor liability insurance. “Georgians often travel to neighbouring country Azerbaijan,” said Natia Gotsadze, Head of the Public Relations and Marketing Department. “Also, lots of foreigners visit Azerbaijan by first passing through Georgia. We are offering those people the opportunity to purchase compulsory motor liability insurance in Georgia and travel on to Azerbaijan without losing time,” Gotsadze added. Another new product offered by Standard Insurance Georgia is again about car insurance. The company is offering exclusive auto insurance programmes for car owners from July. “This is an affordable product for everyone - auto insurance for 1 GEL per day. Our new product will be available to anyone who wants to insure a car and avoid potential damage costs. This is a unique product because the customer is able to choose the payment period and how much to pay as well. We also offer a convenient payment system; customers can pay with unique cards in fast payment facilities,” said Gotsadze. Standard Insurance Georgia is currently a small company with a small number of customers. The management of the company believes that this is an advantage of the company since they have that much closer relationships with their customers compared to other insurance companies in the country. In this way Standard Insurance Georgia maintains long-term, trust-based relationships with each of its customers and is more attentive to their individual needs. “We, as a small company, try to offer as high quality service as possible. We do not have a huge number of customers therefore we are able to maintain the quality of our service. The list of our customers includes very large organizations such as educational institutions, foreign embassies, the Financial Institutes and others,” said Natia Gotsadze. Insurance company Standard Insurance Georgia was founded by Standard Insurance, one of the largest leading insurance companies in Azerbaijan with capital of 20 million

EUR, 10 years of successful operating history and strong international partners. Standard Insurance closely cooperates with the world’s largest reinsurers and broking houses such as: ZURICH Insurance PLC; RSA Royal Sun Alliance; Hannover Re Group; Converium Insurance UK; PartnerRe; ACE International Life; Unity Reinsurance Company; SCOR Global Risk Center; Polish Re; RSA Insurance and other companies. “We offer flexible and reliable service and customer-oriented products to our customers. Our services include medical insurance, motor insurance, travel insurance, cargo, financial risks and agro risks insurance, aviation, liability and other products,” Gotsadze said. Gotsadze says that not only is demand for insurance products increasing, but also demand for high quality service. “A lot of changes are happening on the market today. Many companies have become larger and stronger; many of them have closed down. Some of them are going to merge, and some of them - the opposite. When this process on the market is over each company will have its own niche; each company will have its own group of loyal customers and each company will be more oriented on providing better

FINANCIALMAGAZINE

quality and innovative products,” she added. “Liability insurance, financial risks insurance and professional liability insurance are still not very popular products. We will try to make all of these products more popular. By implementing these products in Georgia we can get closer to international standards. In the initial stage we will offer the same products but in a more affordable and refined way. After that we will think about introducing some innovative products. Standard Insurance Georgia will be opening a new office on Paliashvili Street, in Vake, in the near future where a comfortable and pleasant environment will be provided for customers. “With the strong support of our shareholders, team of professionals and a strategy focusing on permanent development, Standard Insurance Georgia will become a steadily-growing company with an honourable position on the Georgian insurance market; a company with high social responsibility that understands and shares the values and social needs of its country; the best employer, which creates an ideal environment for results-oriented and motivated professionals; an innovative company uniquely catering to the needs of its customers by offering high quality products and services; a reliable partner for corporations operating both in Georgia and abroad.”

MARIAM PAPIDZE WMAG.GE

profile WMAG.GE

Citadines Apart’ hotel Average Occupancy Totalled 85% in May

MARIAM PAPIDZE WMAG.GE

rom May 2011 to 2012, the average occupancy rate of Citadines Apart’ hotel in Tbilisi was 75%. In May 2012 Citadines achieved 85% in terms of occupancy. Tourism is booming in Georgia thanks to the efforts of the Georgian Government, according to Farhod Tashtemirov, General Manager of Citadines Freedom Square Tbilisi. Citadines expects to see an increase in its guest numbers in Tbilisi this summer compared to last year, based on current reservations and business forecasts. According to Tashtemirov, demand for quality accommodation by international business travellers in Georgia is still growing. Citadines is the first international serviced residence brand in Georgia. Citadines Freedom Square Tbilisi entered the Georgian market in 2010. Mr. Tashtemirov has held the position of General Manager from the very day of its opening. He is 41 years old, married and has four children. He was born in a small village in the Samarkand region, Uzbekistan, in a large family of nine children. In 1988 he graduated from secondary school with a Gold medal, in 1993 from one of Russia’s universities with a Diploma in Political Science and in 2005 from Tashkent Financial Institute with a Bachelor’s Degree in Finance & Banking. Before starting work at his current position Tashtemirov was Director of The Park Turon Hotel Tashkent and Sales, Marketing & Revenue Director of Dedeman Hotels & Resorts International. “2012 Year to Date results are showing significant increases in terms of occupancy and revenue. As a serviced residence, Citadines Freedom Square Tbilisi benefits from the loyalty of its guests and also from the extended stay segment which is having a positive impact on its occupancy rate.” Most of Citadines Apart’ hotels’ guests are foreigners (90-95%). Georgians represent just 5-10%.

FINANCIALMAGAZINE

JULY

2012

“The Citadines rate policy is based on three different rates which decrease according to the length of stay: from 1 to 6 nights, from 7 to 29 nights and from 30 nights and more. These rates are available for corporate and leisure guests and calculated per night and per apartment unit. For example, a studio (up to 2 pers.) is from 121 USD to 168 USD (VAT excl.) per night with complimentary internet access.” “At Citadines we offer also Club Apartments, available for studio or bedroom apartment types. Our Club Apartments are chosen to offer more space, privacy and peace in the property with a high level of comfort. They provide a large bed with a duvet and are equipped with a flat screen television, and iPod docking station. Furthermore additional services are included such as continental breakfast, daily service; extended range of amenities and a late check-out till 5pm.” Citadines Apart’ hotels offers a complimentary fitness centre, a terrace bar and breakfast room. Citadines Apart’ hotels do not have a restaurant on premises. Each apartment is equipped with a complete kitchen so that each client can live as though at home while being away from home. That said however Citadines does serve breakfast every day from 07:00 am to 11:00 am in its breakfast area. Furthermore guests who want to experience local cuisine can enjoy trying the menus of restaurants located in close proximity to the property. In addition there are plenty of catering companies that offer a large selection of international cuisine which can deliver meals to guests’ apartments. The Citadines brand has several distribution channels to attract national and international guests. For the summer season, we’ve set up some specific promotions and offers. At Citadines Apart’ hotels, guests can benefit from an enviable city-centre location, spacious alternative to a hotel, different types of apartment for a single business traveller or a family, and a fully equipped kitchen to prepare one’s own meals. In addition, guests can get more freedom and flexibility by choosing a la carte hotel services to suit their needs and budget. All these benefits offer guests value for money compared to staying in a hotel. Citadines has recently introduced a new room type with its Club Apartment. The hotel is equipped with Wi-Fi in all public areas and apartment units. The Apart’ hotel is open 24 hours a day to provide convenient check-in and check-out for guests.

ÑÆËÌÁÍÁ

JULY

2012

profile WMAG.GE

0105 Tbilisi, Georgia, 4 Freedom Square tel.: +995 (32) 254 70 30, fax: +995 (32) 254 70 30 tbilisi@citadines.com, www.citadines.com FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

The First Free Industrial Zone in the Caucasus Region at Poti, Georgia

he First Free Industrial Zone (FIZ) in the Caucasus region at Poti, Georgia is now fully established and operational from 16th of November, 2010 in Poti, Georgia. The Administrator and Organizer the project is RAKIA GEORGIA FIZ LLC which was created in June 2008 by RAK Investment Authority (RAKIA), a government of Ras Al Khaimah, U.A.E. nodal agency. The basic concept of the Free Zone is to enable entrepreneurs to establish and run sustainable businesses free from all major restrictions and burdens, namely from taxes/duties, import/export restrictions, state red tapes, etc. An entrepreneur operating in FIZ can focus full time on his smooth business expansion in the shortest possible time and with least resources without diverting his attention on Tax/Regulatory matters. Our project - Poti FIZ, covering the territory of 300 hectares, is situated on historic Silk Road between East & West. With the investment of up to 100 million USD, we are building world class state of art infrastructure, modern warehousing complex, container storage areas, Business Centers, etc. As Poti FIZ is situated right next to the Poti port, it gives the companies the advantage of lowest cost for import and export due to the very low local logistic/ transportation cost. Further notable factor is that there are no taxes applicable in the Free Zone for import/export of raw materials and goods. The territory is wellconnected to the railway system and highways connecting to the growing

profile WMAG.GE

economies of Turkey, Azerbaijan, Kazakhstan and Russia, etc. Poti, situated on the Black Sea shore, is the shortest way from East to Western European countries and vice-versa. We are inviting manufacturing, trade, services & consulting, logistics companies in mainly all business sectors and industries to start-up their operation in Poti FIZ at a very low cost. Poti FIZ provides the same level of suitability for the companies involved in the new industries such as High Tech, as for the traditional ones, like Agro Business. Having the role of the logistical and manufacturing hub, Poti FIZ is very cost effective option for the companies who want to expand in the new markets of the Caucasus and Central Asia and the EU countries. Due to low cost of power (electricity) and labour, power intensive and industries requiring large labour force will find operating from Poti FIZ very cost effective and beneficial.

We offer all the benefits typical to other free zones of the world and some of the additional benefits specific to Poti Free Zone: 1. Low Cost of leased land 2. 100% foreign ownership in free zone 3. 100% capital and profit repatriation 4. Zero tax on profits in the Free-zone for international companies 5. Zero tax on property 6. 100% duty free Import and export of raw materials and finished goods 7. Right to source raw material from anywhere in the world 8. Availability of power and water with one stop window for all your requirements 9. Power supply at competitive rates (due to hydro-electric power generation) For the initial stage leasing rates in the Poti F.I.Z are very competitive and attractive being one of the lowest in the Black Sea region. Lease cost for 1sq.m starts from USD 6 per year for manufacturing companies. Hence the early investors stand to gain a lot on long term basis. The rental is fixed for first ten years. The price for different types of licenses (manufacturing & commercial, General and

FINANCIALMAGAZINE

Special trading, logistics, service, consulting, Banking, contracting) starts from only USD 4000 per year! The facilities being developed within the Free-zone include the primary and secondary roads giving complete access to all industrial plots with-in the project area, street lightening, water supply, fire fighting system, sewerage network, stormwater drainage system, electric supply and irrigation network for green-zone areas. The design criteria for each segment of development of infrastructure will be as per the international specifications to ensure that the FIZ facilities are comparable to the best in the world. Poti FIZ is already provided with availability of electricity, water and railway. Gas pipeline has already reached the FIZ border. The whole project area is protected with modern camera surveillance system and the security is provided by the Georgian police under a corporate agreement with Poti FIZ management. The project has full and complete support of the Government of Georgia and therefore a very investor friendly free-zone regulation is in place. The government is open to suggestions from the investors to amend the laws for the benefit of all stakeholders. Poti Free Industrial Zone has received extremely good response from Investors from various countries like Georgia, Azerbaijan, Armenia, Ukraine, Iran, Turkey, UAE, India, USA, Switzerland, Cyprus Republic, etc, and currently, more than 120 companies have taken licenses to set-up businesses in Poti FIZ. The investors represent various sectors, such as manufacturing of dyes and paints, production of edible oil, manufacturing of furniture, manufacturing of ferroalloys, general and special trading, warehousing, etc. Some of these companies have started construction of their units in Poti FIZ. We are happy to welcome the companies to Poti, Georgia, to experience the excellent conditions for manufacturing & commerce.

RAKIA GEORGIA FREE INDUSTRIAL ZONE LLC Telavi St. 20, 0103 Tbilisi, Georgia Tel: +995 32 227 77 33 Fax: +995 32 227 7766 info@potifreezone.ge www@potifreezone.ge

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

Tbilisi

JULY

2012

fashion WMAG.GE

street WEALTH PHOTOS

Tbilisi

FINANCIALMAGAZINE

fashion WMAG.GE

Tbilisi

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

Tbilisi

Tbilisi FINANCIALMAGAZINE

fashion KONSTANTINA Tzagaraki WMAG.GE ATHENS

MAYO WO HONG KONG

BREANNE CANADA

FILIPPO F., MILAN

flattery.ca

FINANCIALMAGAZINE

JULY

2012

JULY

2012

MASHA S. COLOGNE

fashion WMAG.GE

ASHLEY M., LONDON

ANGELA R., MADRID

FINANCIALMAGAZINE

THILDA, STOCKHOLM

profile WMAG.GE

JULY

2012

Tsiskvili to Celebrate th its 10 Anniversary Tsiskvili, one of the leading Georgian restaurants, is celebrating its 10th anniversary this year. According to Khatuna Maglakelidze, owner and Director of Tsiskvili, the company plans to diversify the brand. As she says, “The year 2012 is a year of renewal and innovations for Tsiskvili”. “Tsiskvili has been on the Georgian market for 10 years already. For our 10th anniversary we have decided to position ourselves on the market with a very different and brand-new image. We promise to present this novelty on our anniversary. Implementing novelties has become common for our restaurant,” Maglakelidze said. “We have renewed our menu for Tsiskvili Beer Square. We now offer special dishes from different countries around the world, all of which taste good together with beer. We are offering our foreign guests the new programme Master Classes of Georgian Cuisine and Culture. We renewed our show programme in Tsiskvili as well as in our Beer Square. The programme is now targeted at Georgian and foreign clients’ tastes. We are also planning some innovations which will be implemented this Autumn,” Maglakelidze said. “Tsiskvili is a traditional Georgian restaurant which supports the popularization of Georgian cuisine, culture and history. The architectural aspect is also very specific. Our menu includes different popular and in-demand dishes from the menus of foreign countries. Tsiskvili offers people European as well as Latin-American and Asian dishes,” Maglakelidze said. All categories of people can visit the restaurant Tsiskvili. As Maglakelidze says, “There is a variety of dishes to

choose from and very flexible prices”. “People can unwind at our restaurant and enjoy delicious dishes with friends, family or partners. We have a large choice of different dishes at quite acceptable prices. There is something for everyone on our menu taking in to account people’s different budgets,” Maglakelidze stated. “Tsiskvili is oriented on ecologically clean products. Our distribution office obtains products from different regions of Georgia. We choose the right region according to which provides the highest quality products in their different categories,” Maglakelidze said. Tsiskvili offers its customers online orders. People can make an online order without leaving their home or office. This project greatly saves the time of the customer. As Maglakelidze says, “This service is more popular among companies and organizations as special agreements need to be signed between the customer and the restaurant”. “We have a delivery service which was implemented due to high demand from customers. This service is very popular at Tsiskvili at the moment. People nowadays tend to lack time. So we decided to create special programmes and projects which give our clients the ability to save time. We created a business lunch culture at the restaurant with a delivery service targeted at different companies and organizations. Its value is in its giving the opportunity to customers to choose specific dishes to be delivered for lunch without having to leave the office,” Maglakelidze said. “We have also implemented a new direction - Restaurant Tsiskvili at Your House, whereby the restaurant caters at family events. Due to the fact that the preparation process for a feast or party at home demands such a great deal of time and energy, we now offer our clients a catering service at their homes,” Maglakelidze said.

FINANCIALMAGAZINE

JULY

2012

profile WMAG.GE

FINANCIALMAGAZINE

art WMAG.GE

JULY

2012

Mystery buyer of “The Scream” Financier Leon Black (left), one of the wealthiest people in the world and a member of the Metropolitan Museum of Art’s board, is the mystery buyer who purchased the 1895 pastel of Edvard Munch’s The Scream, which was put up at auction on May 2 at Sotheby’s and sold for $120 million. News was revealed by Wall Street Journal. The purchase set the record as the highest price ever paid at auction for a work of art.

eon founded the private equity firm Apollo Global Management in 1990, which today manages an estimated US$100 billion HE is a son of Eli M. Black (1921–1975), a prominent Jewish American businessman who controlled the United Brands Company. His father committed suicide by jumping from the 44th floor of the Pan Am Building in New York City. It was later made public that federal regulators were investigating allegations of bribery of Honduran government officials by United Brands. His mother was an artist.[2] Black received a AB in Philosophy and History from Dartmouth College in 1973, and served on the Board of Trustees of Dartmouth College from 2002 to 2011. He received an MBA from Harvard University in 1975. FROM 1977 to 1990 Leon Black was employed by investment bank Drexel Burnham Lambert, where he served as managing

director, head of the Mergers & Acquisitions Group, and cohead of the Corporate Finance Department.[3] His estimated net worth as of 2011 amounted to $3.5 billion, after rebounding from its drop to $1 billion in the market crash of 2008, as Apollo shares and other holdings plummeted in value. HE is married to Debra Black, a Broadway producer. They have four children.HIS wife Debra is a melanoma survivor. In 2007, the couple donated $25 million to form the new Melanoma Research Alliance. They have committed to donating another $15 million over the next three years. “THE Scream,” Munch’s masterpiece from 1895 depicting a bald figure with hands pressed to the head and swirling colors in the background, is one of the world’s most famous paintings. Three other versions, including two that were stolen and later recovered, are in museums in Norway.

FINANCIALMAGAZINE

JULY

2012

art

P Scream is Munch’s most famous work and one of the most recognizable paintings in all art. It Painted in 1893, The WMAG.GE has been widely interpreted as representing the universal anxiety of modern man. Painted with broad bands of garish color and highly simplified forms, and employing a high viewpoint, the agonized figure is reduced to a garbed skull in the throes of an emotional crisis. With this painting, Munch met his stated goal of “the study of the soul, that is to say the study of my own self”. Munch wrote of how the painting came to be: “I was walking down the road with two friends when the sun set; suddenly, the sky turned as red as blood. I stopped and leaned against the fence, feeling unspeakably tired. Tongues of fire and blood stretched over the bluish black fjord. My friends went on walking, while I lagged behind, shivering with fear. Then I heard the enormous, infinite scream of nature.” He later described the personal anguish behind the painting, “for several years I was almost mad… You know my picture, ‘The Scream?’ I was stretched to the limit—nature was screaming in my blood… After that I gave up hope ever of being able to love again.”

The Scream has four versions: three paintings (1893, 1895 and 1910), and one lithograph (1895). The 1910 painting was stolen in 2004, and recovered in 2006 with limited damage. The 1895 painting sold at auction on 2 May 2012 for US$119,922,500, including commission

FINANCIALMAGAZINE

$120 million

FINANCIALMAGAZINE

fashion wealth WMAG.GE

8080

babilon.ge

K I N G D O M O F O N L IN E S H O P S

AT OUR MULTIVENDOR SHOPPING MALL YOU CAN OWN YOUR STORE AND SELL WHATEVER YOU WANT

FINANCIALMAGAZINE

2012 2012

JULY JULY

JULY

2012

fashion WMAG.GE

! & ,! *!

! ! " ! # $

&! # ' (#

)

# ! * &

! -. ! . # "

" /& ! ' 0

*. ! ( ' *. %

' / " #' / )

1( "0 # ,

! "! #$ % % & ! ' ( # # ) %% % % + " ',, ", -) & F I N A N C I A L M A G A Z I N E *** &

fashion WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

fashion WMAG.GE

WEALTH’S 2012 SUMMER PLAYLIST:

THE 10 SONGS YOU’LL HAVE ON REPEAT FINANCIALMAGAZINE

playlist WMAG.GE

JULY

2012

3 FUN WE ARE YOUNG We Are Young” is featuring American singer Janelle Monáe. The song was released on September 20, 2011, as the first single from Fun’s second studio album Some Nights. The single soon bolstered the band into mainstream success, topping the digital charts in February 2012 and becoming a crossover hit, peaking at number one on the Billboard Hot 100 through airplay on contemporary hit radio stations. “We Are Young” has been

certified platinum in sales by the Recording Industry Association of America and has been widely credited for propelling the band into popularity, after some minor success with their debut album Aim and Ignite in 2009. The song is Fun’s and Monáe’s first charting single on the Hot 100 as well as their first number-one single. It is the first songg ever to logg seven weeks of 300,000 or more in certified digital downloads.

BAND OF HORSES THE FUNERAL

“The Funeral” is the first single taken from Band of Horses’ debut album Everything All the Time, which was released on March 21, 2006. The song was released as a radio and video single in May 2006 in the US. The single was released on May 21, 2007 in the UK on limited edition numbered 7” vinyl to coincide with the band’s UK tour. A live version of the song appeared earlier on the band’s self-titled EP, under the name “Billion Day Funeral”. In August 2009, Pitchfork Media named “The Funeral” the 67th greatest song of the 2000s FINANCIALMAGAZINE

JULY

2012

playlist WMAG.GE

PALOMA FAITH PICKING UP THE PIECES

1 Paloma’s NEXT SINGLE ‘30 MINUTE LOVE AFFAIR’ WILL BE RELEASED ON THE 12TH AUGUST! THIS IS THE SECOND SINGLE TAKEN FROM PALOMA’S NEW ALBUM “FALL TO GRACE” WHICH IS AVAILABLE NOW.

BOBBY WOMACK PLEASE FORGIVE MY HEART Soul singer Bobby Womack returns to music after cancer recovery. Womack toured the world for three months as a guest vocalist with the British band Gorillaz in 2010. The Bravest Man in the Universe is Womack’s first studio album since 1994’s Resurrection. Womack started out in music in 1953 with his brothers singing on the gospel circuit, before they were discovered by Sam Cooke. FINANCIALMAGAZINE

IIn 2009, Paloma Faith (Paloma Faith BBlomfield; 21 July 1985) released her debut single “Stone Cold Sober” and her debut album, Do You Want the Truth or Something Beautiful?, which was certified Platinum by the British Phonographic Industry. The album spawned five singles: “Stone Cold Sober”, “New York”, title track “Do You Want the Truth or Something Beautiful?”, “Upside Down” and “Smoke & Mirrors”. Faith also recorded the theme song to the 2010 British film 4.3.2.1 and appeared on the charity record “I Put a Spell on You”.

playlist WMAG.GE

JULY

2012

6 BRANDI CARLILE THAT WASN’T ME

‘THAT WASN’T ME’ IS LYRICALLY VERY IMPORTANT TO ME. IT’S ONE OF THE MOST IMPORTANT SONGS I EVER WROTE BECAUSE IT’S ABOUT ADDICTION AND FORGIVENESS, BUT YOU CAN’T REALLY TELL THE PERSPECTIVE Brandi (born June 1, 1981) has released several albums including The Story , Give Up the Ghost and Live at Benaroya Hall with the Seattle Symphony which reached number 14 on the Top Rock Albums chart. visit her page at www.brandicarlile.com FINANCIALMAGAZINE

JULY

2012

playlist WMAG.GE

Following a string of sold out European dates and a US tour supporting Jack White earlier this year, Alabama Shakes have announced that they will be doing a full European tour this November, which will include their w two biggest headline shows to date at London’s Coronet and The Forum.

ALABAMA SHAKES, BOYS & GIRLS On THE LIVE STAGE, ALABAMA SHAKES’ MUSIC IS THE EMBODIMENT OF HUGENESS — THE GROUP’S BLUESY, SOULFUL ROCK SONGS ARE BOLD, SEARING AND SOARING, FED BY THE COMMANDING PRESENCE OF YOUNG SINGERGUITARIST BRITTANY HOWARD. THEY PRACTICALLY RADIATE CONFIDENCE, THANKS TO A CRACK BAND THAT’S THE PICTURE OF PRECISION, YET KNOWS HOW AND WHEN TO LOOSEN THE REINS AND LET A GIVEN TUNE BURST INTO AN EPIC JAM. ONCE KNOWN AS THE SHAKES, WITH “ALABAMA” TACKED ON AS A TRIBUTE TO THE BAND’S BELOVED HOME STATE, THESE MUSICIANS — HOWARD, GUITARIST HEATH FOGG, BASSIST ZAC COCKRELL AND DRUMMER STEVE JOHNSON — ALREADY POSSESS THE FULLY FORMED CONFIDENCE OF PLAYERS TWICE THEIR AGE.

FINANCIALMAGAZINE

playlist WMAG.GE

! "# $% ! "# & ' ' ! $$ #$ $( !! ) ' ! "( " (" !( *+ ' + ' , ' ! !! "$ # (- + ' ! $% ( (% # . * ' ! -- - -#

JULY

FINANCIALMAGAZINE

2012

JULY

2012

playlist WMAG.GE

BRANDON FLOWERS - ONLY THE YOUNG

DEATH CAB FOR CUTIE - YOUR HEART IS AN EMPTY ROOM

FLIGHT FACILITIES - FOREIGN LANGUAGE 9 FEAT. JESS FINANCIALMAGAZINE

If YOU HAVEN’T HEARD OF THE AUSTRALIAN DUO FLIGHT FACILITIES, THEN YOU MISSING OUT OF SOME OF THE SEXIEST DISCO INFUSED TRACKS.

playlist WMAG.GE

FINANCIALMAGAZINE

JULY

2012

WEALTH MAGAZINE | WMAG

JULY

playlist WMAG.GE

K E I K O KEIKO DOI’S MOTHER EMIKO BROUGHT HER TO HER FIRST PIANO LESSON IN THE JUNE FOLLOWING HER FIFTH BIRTHDAY IN 1966. THOUGH HER EARLY TRAINING FOCUSED ON CLASSICAL MUSIC, IN JUNIOR HIGH SCHOOL SHE DEVELOPED AN INTEREST IN JAZZ AND BEGAN COMPOSING HER OWN MUSIC. MATSUI’S MUSIC TODAY IS POWERFUL AND INTROSPECTIVE, BLENDING BOTH WESTERN AND EASTERN MUSICAL INFLUENCES. SHE HAS A VERY SPIRITUAL VIEW OF COMPOSING MUSIC, FEELING OUT EACH COMPOSITION AS THOUGH IT WERE, IN HER WORDS, “COMING TO ME FROM ANOTHER SPACE, ANOTHER DIMENSION,” AND “CATCHING NOTES FROM THE SILENCE AND THEN SIMPLY PLACING THEM TOGETHER”. MATSUI SEES MUSIC AS “THE GREAT GIFTS FROM THE HUMAN SOULS FROM THE PAST, FOR THE CHILDREN OF THE FUTURE” Q. In which country do people understand your music the best? A. It is hard to compare countries in terms of their understanding of my music, but when I did tour in Eastern Europe I could feel how the audiences were anticipating my performance and appreciating my music in their lives. When I did autograph sessions after shows in Ukraine, Russia and Azerbaijan many fans were showing me how my music was set as the ringtones on their mobile phones. I once met a group of dancers who were dancing to my music and showed me their performance; I felt they really captured the feelings of the song and expressed this through their dance. That was wonderful. In addition Russian figure skater Irina Slutsukaya has used my music in the past and won a gold medal for it. And of course in the USA and South Africa there are also many fans of my music. Through receiving emails from my fans in other countries where I haven’t even been on tour before, I have noticed that my music has become a part of their lives. For all of that I am grateful. Q. Do you feel an extra weight of responsibility when playing in the United States, the birth country of jazz music? A. Not really. It is always the same; I am dedicated to my music. I am happy to share a special time with everyone. Music is like a prayer, a gift from God for us to feel connected to the universe. For that reason I love being on the road. Q. What do you think about the influence of electric music on jazz? A. I feel that music has no borders. All music is connected. Q. Who are your modern jazz idols? A. Bill Evans, Miles Davis, Herbie Hancock and Keith Jarrett. Q. Is it possible to make a fortune from playing jazz today?

A. I do not create music to make millions - it is my career, my path in life and I am thankful that I have so many fans who want to listen and be a part of my music. Spirituality is an important element of my music. Q. You perform at concerts all over the world, what do the audiences of different countries expect to get from musicians today? A. My audiences and I get to experience the music together. People might have different cultures, religions and nationalities but I try to let my music bring us all together. Q. Your music has become very popular in Ukraine and Russia. Are the audiences in these countries closer to your music than elsewhere? A. At concerts in those places I feel that I have come home…I feel a connection with the passionate audiences - special times! Q. Tell us about your Japanese roots, what kind of music is popular there? A. I was raised in Japan, so spiritually I feel the influence of Japanese culture. There are many kinds of music in Japan. But pop music is on the whole very popular there. Q. Since you have been living in the US for quite a long time, do you consider yourself American or Japanese? A. While I am still Japanese, I enjoy spending time in both countries. Q. What has been the biggest influence on your music? A. My thoughts and prayers for peace. Q. Do you think about the commercialization of your music? A. No, I always naturally follow the direction which my composition leads. Q. What do you do besides your music? A. I am a mother of two daughters. Q. Have you ever been in Georgia? A. No, not yet, though I so want to visit and perform there. So I’ll see you soon!

FINANCIALMAGAZINE

playlist WMAG.GE

Blur 21 is an upcoming CD, DVD and vinyl box set encompassing the vast majority of music by Blur. It is scheduled for release on 30 July 2012, commemorating the 21st anniversary of the release of Leisure, the band’s first album. The release will take place after the band’s performance at Hyde Park as part of the Closing Ceremony of the 2012 Summer Olympics. The box-set consists of eighteen CDs, three DVDs, one vinyl record (of the early Seymour track “Superman”) and a hardcover book acting as a complete biography of the band. The CDs contain all seven Blur albums, with the first five remastered, with each album receiving a new second disc of B-side material; as well as four ‘rarities’ discs containing mostly previously-unreleased material. It is the band’s box-

most retrospective release. Another set, Blur 21 Vinyl Edition, will be released on t h e

FINANCIALMAGAZINE

JULY

2012

JULY

2012

playlist

BLUR ARE BACK After months of confusion about Gorillaz WMAG.GE

breaking up Legendary BLUR, Formed in London in 1988 is back

same

time,

featuring

the band’s second studio albums

heavyweight

vinyl,

each of the LPs a double album except for Leisure, a single album. Blur 21 CD/DVD/7 contains many previously

unreleased

record-

ings, including the long-awaited releases of previously known about songs like “Pap Pop”, “Beached Whale” and “Sir Elton John’s Cock”. Rarities 2, one of the bonus albums in the boxset, contains a song as of June 2012 unrevealed, though it is believed the song will be “Under the Westway”. An opening ceremony concert in London will take place in Hyde Park on 27 July.

FINANCIALMAGAZINE

playlist

Under the P

JULY

2012

Westway WMAG.GE

fter being played by Damon Albarn and Graham Coxon at Brixton Academy as part of a charity performance for War Child, speculation rose as to “Under the Westway”’s release. It is the band’s first single since 2010’s “Fool’s Day”. It was also accompanied by “The Puritan” and is likely to be played in Blur’s 2012 summer shows. The song made its radio debut on Steve Lamacq’s BBC Radio 6 Music show on 2nd July 2012. It will be also released on the upcoming Blur 21 boxset. The performances of “Under the Westway” and “The Puritan” on 2 July are the first live performances of new material by the whole band since 30 January 1999, when all four members played a fan-club only concert at Finchley Arts Depot, London. Blur bass player Alex James has described the debut performance of two new songs as “electrifying”. FINANCIALMAGAZINE

WEALTH WMAG.GE

JULY

2012

playlist WMAG.GE

FINANCIALMAGAZINE

playlist WMAG.GE

SELAH SUE FINANCIALMAGAZINE FINANCIALMAGAZINE

JULY

2012

JULY

playlist

2012 P 97 Her debut album, Selah Sue (2011) was a major success, selling WMAG.GE

over 400.000 copies in Europe, 200.000 in France alone. Today, she has chart success with the hit singles ‘Raggamuffin’, ‘Crazy Vibes’ and ‘This World’. In 2011, Selah Sue won an European Border Breakers Award (EBBA). In January 2012 during the EBBA award ceremony she was presented with the EBBA Public Choice Award.

elah Sue was not destined to become an artist. “I grew up in a really little town in Belgium, and none of my family was into music,” reveals the twenty one year old, with refreshing sincerity. “As a kid, I wanted to be a ballerina. I danced from the age of six to twelve”. Even without romanticising it, her story is like a fairy tale. It’s the story of a young musician who ignores her fate, and pours her anxieties into her songs and her guitar. “I had all these worries and depressions that I wrote down, it was a way of structuring my thoughts”. She turns her doubts into soul, funk and reggae melodies, trying hard to be worthy of her idols, Lauryn Hill, Erykah Badu and Bob Marley. She sings in local clubs on the weekend and attends high school during the week. She records in home studios, at friends houses, and publishes drafts of her songs on Myspace, without a thought of making a career in music. What happens next

seems almost unreal. Thousands of fans respond to her on the net, attracting the attention of professionals, and the interest of Because Music, which eventually leads to a record deal for the young musician. Then Farhot (Nneka) and Patrice take on the production of her first album. Meshell Ndegeocello stays with her in the studio for two days to produce the track “Mommy”. Cee Lo Green agrees to accompany her on a duet and ends up asking her to put the track (“Please”) on his own album. And, last but not least, last autumn Prince offered her a coveted support slot at his show in Antwerp, Belgium. To put it in a nutshell, in just two years, Selah Sue has fulfilled her dreams. To keep her grounded, she has insisted on keeping the songs she wrote during her teens for her debut album. It’s a way of reminding the world that she has not been unfairly spoiled by destiny and that before Prince, Cee Lo Green, radio play and incredible press, there was just a teenage girl, with her guitar, who was chosen spontaneously by fans on the net. For example, her first single “Raggamuffin” is one of her oldest songs and was viewed more than a million times online. “This track symbolizes me” she explains. “It shows my soulful and singing side, but also my hard side, between rap and ragga.

THIS WORLD FINANCIALMAGAZINE FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

JULY

2012

JULY

2012

profile WMAG.GE

Eristavi Law Group Opening Office in London

y the end of 2012 Eristavi Law Group plans to have opened a new office in London, UK. The company has already expanded its practice to Batumi and plans to open offices in Kutaisi and in other cities of Georgia. Eristavi Law Group, a leading law firm based in Tbilisi, Georgia, offers professional legal representation for both individuals and business entities across a comprehensive range of practice areas. Founded in early 2009, Eristavi Law Group rapidly grew into a full service legal powerhouse encompassing every discipline of the law and, within only a short time of its existence, was granted different awards. In October 2010 Eristavi Law Group signed a memorandum of understanding with Hall Booth Smith and Slover, P.C. (HBSS) headquartered in Atlanta, USA, thus becoming the first Georgian law firm to join forces with an American law firm. “We have increased the spectrum of our clients both in Batumi and Poti,” said Revaz Beridze, Managing Partner of Eristavi Law Group. We have started construction of a

new headquarters building on Chavchavadze Avenue. Opening the Kutaisi and London offices by the end of 2012 is on our agenda. As is already known, the London Stock Exchange and World News Media named ELG the Best Banking and Finance Law Firm of the Year and Mr. David Eristavi the Best Lawyer,” added Beridze. Revaz Beridze is a managing partner and lead counsel in the firm’s transport, commercial and procurement law practices. Mr. Beridze has over 12 years of experience working with government, international and private organizations, such as USAID, World Bank, the European Union, Ministry of Foreign Affairs of Georgia,

National Transport Regulatory Commission and Poti Sea Port. He has participated in international professional development courses in Sweden, Denmark, Norway, Finland, the UK, Canada, Japan, Greece and Egypt, and is today one of the few legal experts on the subjects of procurement and maritime law in Georgia. Mr. Beridze has been a key figure in carrying out multi-million projects, such as the USAID Georgia Business Climate Reform project and the EU-funded transport management projects, and in developing significant legislative reforms, including Law on Pharmaceuticals, Tax and Customs Codes, Law on Reg-

FINANCIALMAGAZINE

istration of Rights in Immoveable Property, and the Global Financial Initiative. For the last several years, Mr. Beridze has been a respondent of the World Bank Doing Business Survey. Prior to becoming a partner with Eristavi Law Group, Mr. Beridze was the Deputy Chairman of the State Procurement Agency of Georgia. “Besides our company’s expansion, we are also oriented on bringing global company brands to Georgia. We are already holding negotiations with different foreign companies, new investors that are going to enter the market here. We are currently in the final phase of negotiating deals with two large European brands in consulting and entertainment areas. We plan to finalize all the details by the autumn of 2012,” said Beridze. The Managing Partner of Eristavi Law Group says that the year 2012 has been very intensive in terms of new companies and investments entering Georgia. “2012 certainly stands out from previous years in terms of increasing business activities in the country. New investors are entering the country, new companies are being created,” he added. Beridze explains that the demand for qualified legal service in Georgia is increasing with time. “More and more people are realising that qualified legal service is a guarantee of success and helps one avoid negative outcomes. This is certainly a welcome development. We hope that demand for legal services will maintain the same upward trend of growth it is currently experiencing and will become an integral element of business in the country.”

profile WMAG.GE W MAG.GE

FINANCIALMAGAZINE

100

JJULY ULY

2012

JULY

2012

101

profile WMAG.GE

INTERCONTINENTAL TO OPEN NEW OFFICE FOR VIP CLIENTS MARIAM PAPIDZE WMAG.GE

ntercontinental, one of the leading tour operators in Georgia, plans to open a new office focused entirely on VIP clients. The company will offer new travel destinations and charter flights this year. The VIP service office to be opened this October in the Vake district of Tbilisi will sell only expensive, superior tour packages. The prices of the tour packages on offer will start from 3,000 USD. One of the most expensive packages available is a hunting trip in Kenya. “Those people who are capable of paying significant amounts of money on a holiday tend to care greatly about comfort and want to receive a higher standard of service. We are serving clients who want confidentiality to be maintained. Many of them don’t want to run in to other clients while visiting our offices. We often receive orders by email therefore. Clients trust us. They simply tell us the country where they want to spend their vacation, and we then choose the appropriate tour package for them. In such situations professionalism is very important to our clients,” Makhviladze said. The packages are so expensive because of the high rates of the hotel rooms on offer. Such hotels tend to cost around 7,000 USD per night. “This office will have a

special hall and rooms where our VIP clients will be served individually. The interior of the office will be very welldesigned. VIP clients will be served by private travel agents.” Besides its expensive and exclusive tour packages, Intercontinental is continuing to offer a wide choice of different tour packages in many countries which don’t have high prices and are aimed at the wider masses. “Each year Intercontinental experiences 15-20% increase. We expect this summer to be more successful than last, it’s our target. We will add new countries, new destinations and new packages soon,” said Makhviladze. “At the moment out of Intercontinental clients’ most popular destinations for summer Egypt is top as it is always in high demand. Turkey and certain European countries are also quite popular. From October we plan to add a completely new charter destination for the Georgian market, in Goa, India. Together with Qatar airlines we will add new charter flights in different countries,” Makhviladze said. “I recommend that people visit Intercontinental and take advantage of the opportunity to book a fascinating trip to one of many different countries. We are able to offer people nearly all kinds of tour packages and arrange holidays suitable for any type of person with almost any kinds of needs,” Makhviladze said.

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

102

JULY

2012

JULY

2012

103

profile WMAG.GE

Chateau Mukhrani Offering Two New Wine Varieties

hâteau Mukhrani was the creator of the Georgian fine wine segment and has historically always been its leader. Since the very beginning, starting in 1878 with its founder the Prince of Mukhrani, it has always been the country’s flagship wine brand, combining local traditions with contemporary technologies to revolutionize the sector and create the finest of Georgian wines. Chateau Mukhrani was the first bottled wine to be exported outside of Georgia. With its remarkable history, super premium image, outstanding quality, unique domain and cellars, the core idea of the company, which was re-established in 2003, is to restore and industrialize previously forgotten yet authentic, rare Georgian grape types as a base to produce true Georgian fine wines from under the auspices of the royal Chateau. Chateau Mukhrani also produces wines based on the best international grape types, a novelty for Georgian consumers. Keeping in line with its brand strategy, Chateau Mukhrani owns 100 hectares of vineyards planted with endemic Georgian and international varieties. The vineyards are attached to the modern winery, which is furbished with the best available winemaking equipment. It is all of this that gives Chateau Mukhrani wines their true “Estate Wine” status. Chateau Mukhrani sold 150,000 bottles in 2011 but this year the sales index is expected to be better. The new wines soon to be released should contribute to this. Chateau Mukhrani will soon introduce two new wines: Dry Rosé Cabernet Sauvignon, a new Rosé wine inspired by the success of Chateau Mukhrani’s first Rosé wine, produced based on endemic Georgian grape type Tavkveri, and semi dry white wine - Late Harvest Sauvignon Blanc. Petter Svaetichin, Director and CEO of the company, Chateau Mukhrani. See next page

FINANCIALMAGAZINE

profile WMAG.GE

FINANCIALMAGAZINE

104

JULY

2012

JULY

2012

105

profile WMAG.GE

Chateau Mukhrani Offering Two New Wine Varieties

“Ivane Mukhranbatoni travelled to France and came back to Georgia with the Chateau concept which means having total control over everything starting from care of the soil, to grape, to pouring the wine into the glass - this is what gives our wines “Estate Wine” status. We have the best winemaker in the country, with comprehensive experience working abroad as well, which significantly contributes to the quality of our wines. Chateau Mukhrani created the fine wine segment in the Georgian wine industry, producing only premium and super premium estate wines,” Svaetichin said. Mr. Svaetichin is from Stockholm, Sweden. He studied in Switzerland, France and America. He came to Georgia as a shareholder’s representative of the foreign investment party. He has been running Chateau Mukhrani already for a year and a half. “What we promise our customers is the highest and most consistent quality wine brand, which they will be absolutely convinced of after tasting Chateau Mukhrani wines. We recently launched our Reserve du Prince line, which is the first truly super premium Georgian wine. At the moment we produce two types under Reserve du Prince: Saperavi and Mtsvane. Reserve du Prince Saperavi is the most expensive of our products with a GEL 80-85 shelf price, and its quality fully justifies, if not over-delivers on this price,” Svaetichin said. “The majority of our wines are made of endemic Georgian grape varieties. Our foreign customers prefer Goruli Mtsvane, which is quite different from ordinary Mtsvane and Tavkveri Rosé, which was launched last year and has seen fantastic success in Georgia and abroad. We also have pure European varieties like Chardonnay and Sauvignon Blanc, which are popular in Georgia because they are a novelty for Georgian consumers. We hope that all the Georgian wine varieties will soon become popular abroad,” Svaetichin stated. “Wine tourism is a very important direction of our business as well. We are working to become one of the main tourist destinations in the country. We offer an essential experience for any wine enthusiast. Chateau Mukhrani offers the opportunity to discover the Georgian royal family’s

history and breath-taking legends, and enjoy premium wines. The company is currently reviving Ivane Mukhranbatoni’s 19th century castle and when the renovation is finished it will be the perfect venue for business meetings as well as weddings and other events,” Svaetichin said. According to Svaetichin Christmas is the most popular time for wine sales. However, with the appearance of Chateau Mukhrani Rosé Tavkveri, which is largely for the summer season, seasonality has expanded. “We started actively promoting our company during Christmas last year with the help of TV advertisements and billboards. We wanted to increase the popularity of our company in Georgia. Last year was the first year that we sold properly, so clearly last year was the best in terms of sales so far. That said however the index of this year has already increased quite a lot and I think that this year will be much better than last,” Svaetichin said. As Svaetichin says, “Nowadays the company exports its wine to Kazakhstan, Ukraine, Sweden, Denmark, the Netherlands, United Kingdom, United States, Spain, China, Hong Kong and Israel.” “Georgian wine is very popular and in high demand in Kazakhstan, Ukraine and Baltic countries. I think that Georgian wine-producing companies should cooperate in order to make the product popular in Western markets and in China too,” Svaetichin said. “The highest demand for our wines exists in Kazakhstan and I think that we will have the same level of demand in Ukraine soon,” Svaetichin said. According to Svaetichin, the biggest project of Chateau Mukhrani at the moment is the reconstruction of Mukhranbatoni Castle, which they expect to be opened by 15 October this year. After the renovation of Mukhranbatoni Castle is finished it will be the crown on top of the Chateau Mukhrani brand, a destination where one can truly feel and experience the extraordinary royal heritage behind the finest of Georgian wines.

FINANCIALMAGAZINE

fashion WMAG.GE

106

JULY

2012

ANGEL WINGS FOR $23,415 B. Robinson Optical launches the new Ivanka Trump sunglass collection. THE collection will include a range of shapes, including aviators, cat-eyes and oversized styles in a color palette with an emphasis on tortoise iterations, black, white, ivory, bone as well as signature Ivanka Trump coral. Select styles will feature details found in Ivanka Trump’s fine jewelry, handbags, and footwear collections, all launched within the last two years. THE collection is expected to retail for $68 to $175 at major retailers across the country as well as through Ivanka’s eBoutique www.shop.ivankatrump.com. Additionally, Ivanka Trump and B. Robinson will also be launching a luxury capsule collection that will be sold at fine retailers across the country.

aphne Guinness’ Clothing Auction at Christie’s Raised $744,285 for the Isabella Blow Foundation. HEIRESS and fashion muse Daphne Guinness recently auctioned of dozens of major items from her fashion collection to benefit the Isabella Blow Foundation—an organization that is dedicated to supporting the British fashion industry and sponsoring young designers. The results came in today—and turns out that Guinness raised more than $744,000! according to STYLEBISTRO.

Angel Wing gold and black platform ankle boots, above, from Alexander McQueen’s fall 2010 collection are made of black satin and embellished with bronze-gold glass beads. They’re size 40 and went to the highest bidder at a final price of $23,415. LEATHER studded platform boots from Alexander McQueen’s spring 2000 collection feature a metal-covered heel with a large spike and decorative double-buckles. They’re size 38 and went to the highest bidder at the final price of $11,708. BLACK lace and sequin evening gown (unlabelled), in which Daphne Guinness was photographed for Harper’s Bazaar, sold at auction for a final price of $17,561. ALEXANDER McQueen sculptural metallic mini-dress, in which Daphne Guinness was photographed for Harper’s Bazaar UK sold for $123,709 at final auction. PAIR of “Lady Bell” platform ankle boots by Nortiaka Tatehana are heelless (so trendy!) and are made of floral-scroll-embossed red metallic leather. They sold at auction for $12,683. MIDNIGHT blue ballgown by Christian Lacroix is constructed of diagonally pleated silk and beaded silk bows. It sold at final auction for $19,513. AUTUMN-WINTER 2008-2009 Alexander McQueen gown is emellished by silver paste and glass beads. It’s a size 38 and sold at auction for $133,075. CHROMOGENIC print of Daphne Guinness by Mario Testino for the March 2008 issue of British Vogue sold for $208,003 at auction.

FINANCIALMAGAZINE

JULY

2012

107

THIS SEASON’S

fashion WMAG.GE

MOST EXPENSIVE SHOES

conic shoe designer Stuart Weitzman is known for his sumptuous style and sophisticated designs using rare and unique materials. Having designed shoes for celebrities and Oscar red carpet runways, Weitzman is also known for creating some of the world’s most expensive shoes -- well eight of the top 10 anyway. Stuart Weitzman is celebrating 25 successful years in the shoe business by giving his brand a little upgrade. Frist, he’s recruiting a younger, more fashion-forward customer than the 45-65 year old woman who traditionally made up the bulk of his customer base. (Lizzie Olsen was photographed wearing a pair of Stuart Weitzman boots a bunch of times this winter, if that tells you anything). Second, he’s introducing a new higherpriced line called SW1 this fall, which will run you about twice what the original line cost, or basically what you’d expect to shell out for a pair of Jimmy Choos. And third, the brand has stopped selling through stores that are unable to sell the merchandise at full price, indicating that as Weitzman expands, he’s also intent on becoming more exclusive. Other luxury brands offering world’s most expensive shoes are:Manolo Blahnik , Louis Vuitton, Chanel , Ferragamo , Roger Vivier , Jimmy Choo

FINANCIALMAGAZINE

AMERICAN WOMEN SPENT NEARLY $17 BILLION ON FASHION FOOTWEAR BETWEEN OCTOBER 2004 AND OCTOBER 2005, ACCORDING TO THE NPD GROUP, A RETAIL AND CONSUMER INFORMATION COMPANY.

trends WMAG.GE

108

DEEP F FREEZE

THE ONLINE FOOD MAGAZINE THAT LOVES FOOD BLOGGERS, THEIR RECIPES & PHOTOS. I admit it. I have an addiction. Maybe not so much an addiction as a fetish. I love food magazines. MY husband will attest to this fact, emphatically reciting the number of food titles scattered on the floor next to my bed—the magazines he nags me to clean up whenever he breaks out the vacuum to do his monthly cleaning contribution. BUT the thought of shelving my stacks of culinary bibles with their post-it notes and dog-eared corners—putting them outside of arm’s reach and then possibly out of mind—is too far fetched for me to think of. WHY? Because I covet the sumptuous photography where a single photo can make me lick my lips as I plot the perfect occasion to add it into my recipe routine. Because the articles about dinner parties where everyone is having the time of their lives, motivates me to create my own. And of course because of the time saving tips, hot trends and amazing new kitchen gadgets. BUT for some reason all of this enthusiasm tends to fade once I get the next month’s issue. When last month’s are shuffled to the bottom of the stack. SEE, because over the past last few years I’ve changed. Not that I love my mags any less, it’s just more of a practicality issue. I’m not checking my archives of favorite print magazines when searching for the perfect gumbo recipe that I saw in…oh which issue was it and which magazine even? My system for archiving my magazines and recipes has become gnarly and unwieldy. AND that’s why I have another, new fetish. Food blogs. WITH food blogs I have an easy and tempting path to lead me to a virtual buffet of recipes accented by gorgeous food photography, on-demand searchability and techie food gear that just might make me a better cook. Or at least make me look cool doing it. BUT still I want more. I want to know more: Who are these food bloggers after they’ve (b)logged off ? What and who inspires them? What do they crave? Who are their favorite bloggers? And what is their can’t-livewithout kitchen gadget (’c ause I want one JUST LIKE IT!) WE’LL deliver an intimate look at some of the web’s most innovative food bloggers, photographers and foodie contributors. We’ll highlight current foodie market finds and of course, curated original recipes from some of the web’s best food bloggers.

Chill Out When summer’s heat is on the rise, there’s no better way to keep your cool than with recipes for NO-SWEAT DESSERTS designed to curb your hottest cravings. by HEIDI LARSEN

HEIDI LARSEN FINANCIALMAGAZINE

JULY

2012

JULY

2012

109

trends WMAG.GE

Blueberry Coconut Kakigori (Japanese Shaved Ice) photo and recipe by Rachael Hutchings makes about 3 1/2 cups of syrup

FOR THE BLUEBERRY COCONUT SYRUP 2 cups coconut water 2 cups granulated sugar 1 cup fresh blueberries 2 teaspoons coconut extract SHAVED ICE Sweetened condensed milk, for drizzling (optional) Fresh blueberries, for garnish 1. Make the Blueberry Coconut Syrup: In a large, nonreactive saucepan combine the coconut water and granulated sugar and heat over medium-high heat until the sugar has dissolved completely. Add the blueberries and reduce the heat to medium-low and let simmer for 10 to 15 minutes, until the mixture has reduced slightly and become syrupy. 2. Remove the syrup from the heat and stir in the coconut extract. Then pour the syrup through a fine mesh strainer into a clean glass jar to remove the berry solids. Let the syrup cool completely and then chill, tightly covered in the refrigerator. 3. Assemble the kakigori: Shave the desired amount of ice. Drizzle the chilled blueberry coconut syrup over the shaved ice. Drizzle some sweetened condensed milk over the top of the shaved ice and garnish with fresh blueberries (if desired).

lafujimama.com

FINANCIALMAGAZINE

trends WMAG.GE

Sangria Slushies photo and recipe by Haley Nelson serves 4

Juice from 3 to 4 lemons Juice from 2 large oranges 1 1/3 cup sugar 1 bottle dry red wine and equal amount of water (refill the wine bottle for easy measuring) Grapes, orange slices, strawberries, and other fruits for garnish 1. In a large mixing bowl, combine lemon juice, orange juice, and sugar, stirring until sugar is dissolved. Add red wine and water and stir. Pour wine mixture into individual glasses. 2. Freeze for at least 12 hours, or until liquid is completely frozen. Remove slushies from the freezer a few minutes before serving. Top with fresh fruit and serve.

cheaprecipeblog.com

gimmesomeoven.com

FINANCIALMAGAZINE

110

JULY

2012

JULY

2012

111

trends WMAG.GE

Strawberry Banana Coconut Popsicles photo and recipe by Ali Ebright makes 10 small popsicles

1 pound fresh strawberries, hulled 2 bananas, peeled 1 cup light coconut milk toasted coconut flakes, for garnish 1. Pulse strawberries, bananas and coconut together in a blender until smooth. 2. Pour into Dixie cups, and freeze for one hour. Remove from freezer and insert popsicle sticks, and then sprinkle with toasted coconut flakes. 3. Freeze until frozen, at least 3-4 more hours.

Protein Packed Chocolate Frozen Yogurt with Berries photo and recipe by Carly Taylor serves 4

2 cups vanilla flavored Greek yogurt 2 scoops chocolate protein powder 1 heaping handful of blackberries 2 tablespoons coconut milk 1. Stir chocolate protein powder into Greek yogurt. Either stir completely or leave it swirled. Freeze for 2 hours.Â 2. Remove from freezer and let sit for 30 minutes, or until you are able to stir it a bit around the outside.Â 3. Add mixture to a blender or add 1/2 tablespoons of Coconut Milk and combine with a fork. 4. Add blackberries and serve.

createliveblog.com

FINANCIALMAGAZINE

fashion WMAG.GE

FINANCIALMAGAZINE

112

JULY

2012

JULY

2012

113

fashion WMAG.GE

lONDON OLIMPICS

ondon has hosted the Olympic Games on two past occasions, in 1908 and 1948, with a third scheduled for 2012. The planned 2012 Summer Olympics will make London the first city to have hosted the modern Games of three Olympiads. London is the only city in the United Kingdom to have ever hosted the Olympics; the United States is the only country to have hosted Summer Olympics on more occasions

than the UK. THE 2012 Summer Paralympic Games will be the fourteenth Paralympics and will take place between 29 August 2012 and 9 September 2012 at the Summer Olympics venues in London. THE original budget for the games was £2.4 billion, but this was increased almost fourfold to about £9.3 billion in 2007. The revised figures were announced to the House of Commons on 15 March 2007 by Tessa Jowell. Along with East End regeneration costs, the breakdown was: £5.3 billion to cover building the venues and infrastructure for the Games ELITE sport and Paralympic funding of nearly £400 million. SECURITY and policing costs of £600 million REGENERATION of the Lower Lea Valley: £1.7 billion CONTINGENCY fund of £2.7 billion VAT of £800 million. MAYOR Ken Livingstone pledged the Games Organising Committee would make a profit. THE costs for staging the Games (£2 billion) are funded from the private sector by a combination of sponsorship, merchandising, ticketing and broadcast

rights. This budget is raised and managed by the London 2012 Organising Committee. According to Games organisers, the funding for this budget broadly breaks down as: 64% from Central Government; 23% from National Lottery 13% from the Mayor of London and the London Development Agency THE cost of London 2012 has been studied by Oxford scholars Bent Flyvbjerg and Allison Stewart.[84] They found that over the past 50 years the most costly Games have been London 2012 (USD14.8 billion), Barcelona 1992 (USD11.4 billion), and Montreal 1976 (USD6 billion). Beijing 2008 may have been more costly than London or not; the Chinese authorities have not released the data that would allow verification of this. A target of 70,000 volunteers was set as early as 2004.When recruitment took place in 2010, over 240,000 applications were received. THE security operation is led by the police, with 10,000 officers available, supported by 13,500 members of the armed forces. Naval and air assets, including ships situated in the Thames, Eurofighter jets and surface-to-air missiles, will be deployed as part of the security operation. The cost of security has also increased from £282m to £553m. This will be the biggest security operation Britain has faced for decades. The figure of 13,500 armed forces personnel is more than Britain currently has deployed in Afghanistan. THE latter, designed by Wolff Olins, was unveiled on 4 June 2007 and cost £400,000. This new logo is a representation of the number 2012, with the Olympic Rings embedded within the zero.

FINANCIALMAGAZINE

2012 fashion 114 ‘IF WE GET THE FESTIVAL RIGHT, WMAG.GE

JULY

PEOPLE WILL REMEMBER 2012 NOT JUST FOR AMAZING SPORT, BUT FOR UNFORGETTABLE ART AS WELL’ RUTH MACKENZIE LONDON 2012 FESTIVAL DIRECTOR

book YOUR TRAVEL TO LONDON OLIMPICS CONTACT: 2 999 662 INFO@SKY.GEB

rom Midsummer’s Day on 21 June to the last day of the London 2012 Games on 9 September, the London 2012 Festival hopes to astonish and delight the UK with an explosion of arts and creativity all over the country. There are more than 10 million free tickets and opportunities to take part: Festival Director Ruth Mackenzie invites you to join the fun.

How do you create a ‘once in a lifetime’ festival? The Olympic and Paralympic Games come to our home country once in a lifetime, and we faced the challenge to deliver a London 2012 Festival just as amazing. We started by giving world-class artists the same chance as the athletes: to create once-in-a-lifetime special events – the best from around the world working with the best of British. We asked arts centres and creative leaders for their top ideas. Then we chose the most exciting to be in this showcase of brilliant musicians, comics, ﬁlm stars, museums, galleries, theatres, dance companies, carnival makers, acrobats, poets and much, much more. The stakes are high – the eyes of the world will be on us this summer; but if we get the Festival right, people will remember 2012 not just for amazing moments of sport, but for unforgettable art as well.

What can people do for free? It is really important that everybody gets the chance to take part in the London 2012 Festival, so we have over 10 million FREE tickets and opportunities – all over the UK, not just in London. We have free concerts, exhibitions and special outdoor spectaculars at some of the UK’s most beautiful landmarks – Stonehenge, the Tower of London, Giant’s Causeway, Zaha Hadid’s new museum on the River Clyde, the shore of Cardiff Bay and places near you. All free, but please check if you need to book in advance. It’s a great chance to experiment with something new, see artists or take part for free in events you may never experience again. Have the Games inspired the artists? Of course. Take the idea of Olympic Truce: in Ancient Greece, all nations agreed to stop ﬁghting to listen to the artists and watch the athletes. The United Nations still has a resolution before each Games, and this year we can enjoy pop stars, musicians and artists in all art forms inspired by this theme of world peace. The Paralympic Games have inspired our funders to set up Unlimited, a special programme to commission our best disabled and deaf artists.

FINANCIALMAGAZINE

The results are incredible, and I know that disabled artists will be up there in the greatest hits of the London 2012 Festival. Can people be creative and take part? We really want people to take part, to be creative themselves. With the Big Dance, for example, we hope ﬁve million people will join us in dancing all around the UK. This is the true spirit of the Cultural Olympiad – the formal name of the creative programme we have been running since 2008 with the help of 16 million people, building up to its ﬁnale, the London 2012 Festival. What do you recommend? With thousands of events, 10 million free tickets and opportunities, comedy and TV stars, world-famous musicians, top tips for the stars of tomorrow, artists new and old from around the world and spectacular venues all over the UK, where do I start? Only you can tell us what was unforgettable – what will go down in history as the best event of 2012. We have worked with partners in communities all over the UK and with festivals and creators all over the world to make a summer like no other. All that’s left is for you to join us and, most important of all, have great fun!

JULY

115 fashion Outdoor

2012

WMAG.GE

& Carnival

Edinburgh’s Speed of Light is one of the outdoor commissions that blur the line between art and audience

Carnival has roots all around the world – Africa, the Caribbean, India, South America and Europe. This summer, celebrating different carnival traditions is an exciting part of the Festival, and there are free events for all the family. You can also experience some groundbreaking landscape commissions that invent new art forms and new ways for you to participate

9 AUG - 1 SEP 2012

BOOK YOUR TRAVEL TO LONDON OLIMPICS CONTACT THE OFFICIAL TRAVEL AGENT OF WEALTH MAG: 2 999 662 INFO@SKY.GE

TRICKS OF THE LIGHT

Angus is a keen runner himself, The project is a choreographed but this is not his only reason walk/run, with audience members for adding runners to this vista. Art and sport come together contributing by carrying lights that ‘All of NVA’s landscape events in a streak of mesmerising light, illuminate the terrain. The project Angus a keen runner himself, TRICKS project choreographedhave focused on ishow perception as endurance runnersOF and runs from 9The August to is 1a September, not histhrough only reason THE LIGHT walk/run, with audience youismove spectators illuminate Edinburgh’s and every performance will be memberschangesbutasthis for adding to this vista. lights that a location Artnighttime and sport come together and howrunners the public dramatic scenery, different,contributing dependingbyoncarrying the NVA’s illuminate the terrain. streak of mesmerising light, participants, theofwork by landscape moving events as part in a of the Edinburgh the weather andThe project completes‘All focused on at how perception runs from 9 August to 1 September, as endurance throughhave it. Runners seen distance International Festival. runners and the landscape. changes as youThis move and every performance will be lose their spectators illuminate Edinburgh’s human-ness. ledthrough me a location and how the public different, depending on the nighttime scenery, to ponder on the shape of different Speeddramatic Of Light Changing perceptions the on work by moving participants, the weather and asfrom part Arthur’s of the Edinburgh physicalcompletes phenomena a micro The view Seat in Angus Farquhar, Creative Director through it. within Runners at distance landscape. International Festival. and macro scale theseen known Edinburgh is mesmerising by day of NVA,thethe company responsible lose theirthan human-ness. universe, rather what theyThis (theled me and even more so at night. for the work, has wanted to create ponder on the shape of different Changing perceptions Of Light runners)towere in actuality.’ Add to Speed this hundreds of runners art on Arthur’s Seat since 1987. physical phenomena on a micro Angus Creative The view from light Arthur’s in specially designed suits,Seat in ‘At night theFarquhar, eye begins to playDirector and macro scale within the known of NVA, theyou company responsible mesmerising and it’s Edinburgh clear why isNVA – Speed by day tricks and at times aren’t sure universe, rather than what they (the for theis work, even so at Of Lightand (page 81)more will be a night. if something close has or farwanted away, to create runners) were in actuality.’ Arthur’s Seat since 1987. to this hundreds of runners massiveart highlightAdd of the Festival. oron small.’ ‘At night the eye begins to play in specially designed light suits, and it’s clear why NVA F I–NSpeed A N C I A L M A Gtricks A Z Iand N E at times you aren’t sure if something is close or far away, Of Light (page 81) will be a massive or small.’ highlight of the Festival.

fashion WMAG.GE

116

JULY

2012

The largest commission of all, the Orbit by Anish Kapoor (page 42), towers above the Olympic Stadium

BOOK YOUR TRAVEL TO LONDON OLIMPICS CONTACT THE OFFICIAL TRAVEL AGENT OF WEALTH MAG: 2 999 662 INFO@SKY.GE

till 30 SEP 2012

Art, Design & Exhibitions OBJECTS TO INSPIRE

The ﬁrst major solo exhibition of the work of Thomas Heatherwick’s design studio is held at the V&A. Feats of architecture, engineering and sculpture go on display with prototypes, design drawings and objects of inspiration. Founded in 1994, the Heatherwick Studio has received praise for its innovative and exciting designs. These include the UK Pavilion (Seed Cathedral) at the Shanghai World Expo 2010, the new design for the London double-decker bus and the 2012 Olympic Cauldron. Heatherwick Studio: Designing the Extraordinary, page 37

Great artists from around the world have created new commissions, installations, exhibitions, digital work and some pop-up surprises – many of which can be enjoyed for free. From Hans Peter Kuhn on the Giant’s Causeway to Alex Katz in St Ives, the artists have risen to the challenge of 2012 and its legacy

FINANCIALMAGAZINE

JULY

2012

117

fashion WMAG.GE

VISIT LONDON co n t a c t

2 999 662

sky.ge

FINANCIALMAGAZINE

fashion WMAG.GE

118

JULY

2012

Artists who change the world The Festival has invited rare collections of work from great ﬁgures of contemporary art, music, theatre, ﬁlm, comedy and dance, giving unparalleled insights into their art

# " % 1. Damien Hirst An insight into Hirst’s work at Tate Modern. More than 70 works will provide a survey of the 25 years this inﬂuential and controversial artist has been in the public eye. Page 36

2. Jubilation: The Music of George Benjamin Virtuoso concerts drawing together a great range of Benjamin’s music. It centres on the Philharmonia Orchestra’s performance of ‘Jubilation’, his 1985 work for orchestra, mixed children’s group and choir, conducted by the composer. Page 66

3. Tracey Emin: She Lay Down Deep Beneath The Sea Emin explores love, sex and romanticism at the Turner Contemporary Gallery in her home town of Margate. Works on erotic subjects by Emin, JMW Turner and Auguste Rodin will be presented together for the ﬁrst time. Page 42

4. Tanztheater Wuppertal Pina Bausch Sadler’s Wells and the Barbican are staging a major retrospective of choreographer Pina Bausch. The season features 10 works (seven UK premieres), each created at the invitation of a global city and exploring a different location. Page 52

FINANCIALMAGAZINE

5. DruidMurphy Three plays by Tom Murphy tell the epic story of Irish immigration from 1846 to 1980. The Tony Award-winning Druid Theatre Company performs the plays over the course of three evenings or in an entire cycle on one day. Page 89

6. The Genius of Hitchcock The BFI National Archive has restored a series of Alfred Hitchcock’s silent masterpieces to their former glory. Musical luminaries such as Nitin Sawhney and Soweto Kinch have written new scores, which will be performed live at Festival screenings. Page 57

JULY

2012

119

fashion WMAG.GE

(

)

David Hockney: “The arrival of spring in Woldgate, East Yorkshire in 2011 (twenty eleven) - 2 January, no.2” (One of a 52 part work) iPad drawing printed on paper 56 3/4 x 42 1/2" © David Hockney. Lucian Freud: “Reﬂection (self-portrait)”, 1985, private collection, Ireland © The Lucian Freud Archive. Photo: Courtesy Lucian Freud Archive

! 7. Lucian Freud Portraits This ambitious exhibition compiles work from the 70 years Freud was an active painter before he died last year. The National Portrait Gallery has assembled more than 100 paintings from galleries and collections all over the world. Page 38

8. Yoko Ono The Serpentine Gallery’s exhibition examines Ono’s huge impact on contemporary art, music, ﬁlm and performance. It includes her new project SMILE, for which people upload images of themselves smiling to create a global anthology of online portraits. Page 42

9. David Hockney RA: A Bigger Picture Hockney is regarded as one of the UK’s most accomplished living artists. This showcased stunning landscapes revealing Hockney’s native Yorkshire through the seasons alongside earlier works.

10. Happy Days Beckett Festival The world’s ﬁrst festival dedicated to the works of Samuel Beckett in Enniskillen. Including work by Antony Gormley, Atom Egoyan and Gavin Bryars. A highlight will be Robert Wilson directing his solo performance of the masterpiece Krapp’s Last Tape. Page 91

11. Alan Ayckbourn Alan Ayckbourn’s remarkable repertoire of plays for young people is represented by Soho Theatre’s production of The Boy Who Fell into a Book. A double-bill of a classic and new Ayckbourn play will play in Chichester and Scarborough. Page 88

12. Trailblazers – Britain’s Queens of TV Comedy Joyce Grenfell, Hattie Jacques and Diana Dors are among the icons honoured in this ﬁve-show retrospective of women in TV comedy, which goes right up to the 80s. Each themed night will be introduced by one of today’s comedy stars. Page 45

FINANCIALMAGAZINE Find more information at london2012.com/festival

fashion

The road to Rio WMAG.GE

The London 2012 Festival closes on 9 September. But that won’t be the end of the story. It should leave great artistic commissions, great memories, opportunities for new audiences, even new jobs, and more

orld Peace Day is 21 September, when artists from the London 2012 Festival will hand over the inspiration of the Olympic Truce to artists working towards Rio 2016. New commissions from the London 2012 Festival will go on tour with organisations from all over the world. Great pieces such as the Orbit, Anish Kapoor’s largest ever artwork, will remain as a visitor attraction in the Olympic Park. Rachel Whiteread’s new façade for the Whitechapel Gallery is an enduring monument in stone for all to see; and anybody who bought an ofﬁcial poster for the Games will have their own artwork at home. The artistic legacy is not simply about the number of new works created, but also about great images and memories for all of us. Tweet your thoughts and share your experiences on the Festival website and you will help create a unique collection of memories of a summer that will be like no other.

Cate Blanchett’s unforgettable performance in Big & Small at the Barbican, co-commissioned by Sydney, Paris, Vienna, the Ruhr and the London 2012 Festival

Joint adventures When organisers started on the Festival journey in 2008 they aimed to make a lasting difference. They wanted to encourage both tourists and UK residents to experience the country’s cultural riches and inspire people to come to cultural events for the ﬁrst time. They also aimed to bring culture into the centre of the Olympic and Paralympic Games. This has been achieved by creating innovative partnerships: public funders and private sponsors; arts organisations; broadcasters such as the BBC and Channel 4; cities and communities whose residents normally sit at opposite ends of sports stadia. The fruits of these partnerships will outlive the Festival. Legacy Trust UK, BP and Arts Council England, for example, are using the event as a springboard for 1,000 young unemployed people in the Host Boroughs to get jobs in the arts over the next few years.

FINANCIALMAGAZINE

!#$

120

JULY

2012

JULY

2012

121

fashion WMAG.GE

Goodbye, London The next UK city in the cultural limelight is Derry/Londonderry, UK City of Culture 2013. A joint programme with the London 2012 Festival will help show off Derry/Londonderry’s creative invention into 2013 and beyond. In 2014 the Commonwealth Games will give Scottish arts a chance to shine. London 2012 organisers have been working with Scottish partners on artistic projects starting in 2012 and building up to 2014. Welcome Rio In 2016, Rio de Janiero, Brazil, hosts the next Olympic and Paralympic Games, and for many artists from Brazil and the UK, the artistic journey starts in the London 2012 Festival. In Rio Occupations London, 30 Rio artists burst on to the streets of the capital for an exuberant 30-day residency of art, music, dance, theatre, ﬁlm and poetry. Brazilian legend Gilberto Gil and his friends inspire young UK musicians in Back2Black, and great carnival artists work together for the ﬁrst time from the Isle of Wight to Tyneside. This includes the world’s leading disabled carnival troupe from Rio, inspiring UK carnival audiences and artists in 2012 and looking forward to 2016. So London 2012 is delighted to wish Rio 2016 ‘boa noite e boa sorte’ – that’s goodnight, and good luck.

FINANCIALMAGAZINE Find more information at london2012.com/festival

!#%

fashion WMAG.GE

FINANCIALMAGAZINE

122

JULY

2012

JULY

2012

123

fashion seni WMAG.GE

gax

Seni maRazia babilonis supermarketSi

1 2 3 4 5

gamoiyene babilonis supermarketi biznesis ganviTarebisTvis an daiwye damoukidebeli saqme

6 7

gazarde

gayidvebi

popularuli

gaxade produqcia internetSi

dazoge fuli qiris da momsaxure personalis gadasaxadebze Cven vuzrunvelyobT Tqveni produqciis ufaso reklamas gazeTSi, JurnalSi da

internetSi

mxolod gayidul nivTze

registracia ufasoa da miaqvs 5 wuTi: registration.babilon.ge

babilonis internet supermarketi Seqmnilia gazeT The FINANCIAL -is mier F I N A N C I A2 L252 M A275 G Ael-fosta: ZINE dagvikavSirdiT telefonze: support@babilon.ge

fashion WMAG.GE

124 Wealth

FINANCIAL MAGAZINE |

FINANCIALMAGAZINE

124

JULY

2012

JULY

2012

fashion

125 i gaxsenWMAG.GE

Seni maRazia babilonis supermarketSi Woody ALEN .ge

babilon

babilonis internet supermarketi The FINANCIAL -is mier mier.. F I N A N C ISeqmnilia A L M A G A Z I NgazeT E TanamSromlobisTvis dagvikavSirdiT telefonze: 2 252 275 el-fosta: support@babilon.ge

RATECARD fashion WMAG.GE

126

JULY

2012

WW EE AA LTLT HH | F I N A N C I A L M A G A Z I N E | 2 0 1 0 / 2 0 1 1

STANDARD AD PACKAGE

3pages 2 pages

USD 600

2 graphic ad + 1 text

[ advertisers can order special story about the company or just sponsor any related section ]

USD 400

1 graphic ad + 1 text

[ advertisers can order special story about the company or just sponsor any related section ]

SINGLE PAGES

CONTENTS INTERVIEWS COVER STORY ANY OTHER

USD 500 USD 350 USD 400 USD 300

BACKPAGE

USD 1000

SPREAD USD 500

Head of Sales: Lali Javakhia (995 32) 2 252 275 F I N A N|C 2 I A L252 M A G A276 Z I N E Mobile: 577 74 17 00 Email: marketing@finchannel.com

JULY

2012

127

fashion WMAG.GE

FINANCIALMAGAZINE

fashion WMAG.GE

wmag.ge

FINANCIALMAGAZINE

128

JULY

2012