Portfolio
Issue 60 ■ December 2010
Exclusive to Emirates First Class and Business Class
SOUTH AFRICA
Making Innovation Pay
WHITE JADE
China’s New Bonanza
HI-TECH CARS No Driver Required
Ian Schrager Partnering with Bill Marriott
emirates.com
This issue December 2010
Portfolio
7
Exclusive to Emirates First Class and Business Class
Cover Story Strange Bedfellows Abi [hnmbjn^ ahm^eb^k% BZg L\akZ`^k% bl mZdbg` ma^ [b``^lm `Zf[e^ h_ abl \Zk^^k È [r cnfibg` bgmh [^] pbma ma^ phke]Íl [b``^lm \aZbg hi^kZmhk FZkkbhmm' A^ m^eel CZf^l Kb\aZk]lhg par a^ mabgdl bmÍl Z `k^Zm [nlbg^ll fho^'
Features 40 An Innovative Approach
52 Opening Up Closed Professions
The South African government is throwing its weight behind
Greece is full of ‘closed professions’, which means entry to
entrepreneurs and innovators hoping for more job creation
around 70 jobs is bound up in a tangle of regulations and
and further diversification of its economy.
licensing requirements. This system costs Greece billions of dollars annually and the government is now taking steps to
47 Local Government Evolution
dismantle it.
The UK’s financial cuts are forcing city and town halls
58 Jade Bonanza
across the country to radically rethink their current business plan. One municipal authority has even gone
As the Chinese become more affluent they can indulge their
so far as to outsource all of its services.
love affair with jade. As a result the finest jade is now more expensive than gold, which has created a boom in the town of Khotan.
40 58
COVER PHOTO: ALBERTO GUGLIELMI
32
Portfolio
8
Exclusive to Emirates First Class and Business Class
Essentials 65 A Hot Tradition South Koreans have rediscovered the tradition of baking inside charcoal-making kilns at a temperature of around 138°C. They believe it is therapeutic and has health benefits.
72 Sticks and Stones – and Art Patrick Dougherty has made a name for himself by sculpting tree saplings into anything his imagination comes
65
up with. But his first and only lasting project is his home.
76 Pop-up Cuisine London’s pop-up restaurants give rising chefs the opportunity to star without a major financial layout, while diners get a culinary adventure.
80 Intelligent Cars Google has been testing cars that drive autonomously using artificial-intelligence software. Although the vehicles have shown
80
huge promise, their deployment is still years away.
72
Departments
84 Use It or Lose It? Could it be that early retirement is linked to memory decline? A recent study suggests there is a relationship.
11 Notebook
86 100% Porsche
World business in a nutshell.
Forget the previous generation, the new Cayenne S delivers on everything the Porsche badge stands for and more.
19 Observer Spotting and analysing business trends.
28 Column: Frank Bures
88 Other Business Portfolio takes a light-hearted look at the latest business news.
Living Abroad
Published for Emirates by
PO Box 2331, Dubai, UAE. Telephone: (+971 4) 2824060, fax:(+971 4) 2824436, e-mail: emirates@motivate.ae
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Portfolio
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Notebook
11
BUSINESS NEWS IN BRIEF
Dilma Rousseff has been elected Brazil’s president.
A Hard Act to Follow
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ch[ bl ho^k4 ma^ aZk] ch[ bl Za^Z]'Ë ■
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December 2010
Notebook India’s Diabetes Quandary
Numbers Game
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77
pbma ma^ ]bl^Zl^' =h\mhkl lZr Zg ng_hkmngZm^ CORBIS
-year-old Spanish granny has become the world’s oldest professional freestyle parachute jumper. Montse, from Catalonia, competed in her first world championship in 1993 and has done 903 jumps to date.
$10
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billion worth of commercial deals are to be unveiled
Zl ma^bk \Zehkb^ bgmZd^ kbl^l' :
in the coming months while bilateral trade could
]^\Z]^ h_ l^o^g i^k \^gm Zo^kZ`^
top $50 billion by 2012 thanks to US President Barack Obama’s
ZggnZe `khpma aZl eb_m^] -))
business centred visit to India.
fbeebhg i^hie^ bgmh ma^ fb]]e^ \eZll & [kbg`bg` pbma bm Z \aZg`^
The World
$1,400
per ounce is the record price that gold achieved before November’s G20 summit.
AU$1
a week is the cheap rent being offered for farm houses by an Australian Outback town. Trundle, with a population of around 380, is seeking families to fill six homes that are lying
In Figures vacant due to long spells of drought in the region.
10 minutes
and 42 seconds is the longest the average British adult is prepared to stand in line patiently before tempers start to fray. Brits, renowned for the art of queuing, now increasingly prefer online
bg ]b^m Zg] e^ll ^q^k\bl^'
banking, internet shopping and paying bills electronically according to a survey by the Payment Council in Britain.
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$1.93
[Z[b^l ^jnbii^] pbma
billion is the cost of billionaire industrialist Mukesh Ambani’s glass tower, making it the most expensive residential property in the world.
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12
ma^ mhee h_ ]bZ[^m^l pbee kbl^ \hkk^lihg]bg`er' Portfolio
Each Lange watch is one-of-a-kind. Just like the people who craft it.
No two SAXONIA ANNUAL CALENDAR watches are one hundred
There, you can also hear the story of F. A. Lange who, 165 years
per cent identical. That’s because this timepiece owes its superior
ago, moved to Glashütte. With the objective of crafting the world’s
precision to the dexterity of human hands. Lange’s masters assemble
finest timepieces, he actively contributed to the evolution of the
and finish a watch in their very own personal way. The result is a one-
mechanical watch. We take our in-
of-a-kind masterpiece available only from the world’s finest retailers.
spiration from his spirit of ingenuity.
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Notebook
14
Property Investment on the Rise Ma^ ikhi^kmr l^\mhk bl aZobg` Zg nilpbg` Zl `eh[Ze bgo^lmhkl l^^ [^mm^k mbf^l Za^Z]' Kblbg` \hg_b]^g\^ eb_m^] `eh[Ze k^Ze ^lmZm^ lZe^l [r ./ i^k \^gm mh ,02 [beebhg bg ma^ _bklm gbg^ fhgmal _khf Z r^Zk ^Zkeb^k% Z\\hk]bg` mh ]ZmZ \hfibe^] [r G^p Rhkd&[Zl^] K^Ze <ZibmZe :gZermb\l' :\\hk]bg` mh Z `eh[Ze lnko^r \hfibe^] [r <heeb^kl Bgm^kgZmbhgZe ma^ fZchkbmr h_ k^Ze ^lmZm^ bgo^lmhkl ieZg Z\jnblbmbhgl bg ma^ g^qm *+ fhgmal Zl ma^r ^qi^\m ehp^k oZ\Zg\b^l Zg] bg\k^Zl^] m^gZgm ]^fZg] mh eb_m k^gml' Lbqmr i^k \^gm h_ k^lihg]^gml lZb] ma^r ieZg mh fZd^ \hff^k\bZe ikhi^kmr ink\aZl^l bg ma^ g^qm r^Zk% fZbger bg ma^bk ahf^ fZkd^ml' Mahl^ ehhdbg` Z[khZ] _Zohnk Ahg` Dhg`% Lbg`Zihk^% Lr]g^r% Ehg]hg% G^p Rhkd% PZlabg`mhg% <ab\Z`h Zg] LZg ?kZg\bl\h% ma^ lnko^r lahp^]' Fhlm bgo^lmhkl lZb] k^gml _hk h__b\^l% lmhk^l Zg] pZk^ahnl^l aZ] Zek^Z]r k^[hng]^] _khf ma^ [hmmhf% lniihkmbg` ikhli^\ml _hk ikhi^kmr bg\hf^ `khpma Zg] ab`a^k ikb\^l' <heeb^kl Bgm^kgZmbhgZe% ma^ phke]Íl mabk]&eZk`^lm k^Ze&^lmZm^ Z]obl^k% lnko^r^] fhk^ maZg +)) bgo^lmhkl maZm hpg hk fZgZ`^ 0*) [beebhg h_ k^Ze ^lmZm^ Z\khll ma^ `eh[^'
More Costs for BP ;I Zgghng\^] maZm bm ^qi^\ml ma^ \hlm h_ ma^ =^^ipZm^k Ahkbshg hbe ]blZlm^k mh [^ 0'0 [beebhg [b``^k maZg ik^obhnler mahn`am% inlabg` ma^ mhmZe [bee mh g^Zker -) [beebhg' Ma^ hbe `bZgm Zgghng\^] ma^ g^p \aZk`^ mh \ho^k ma^ \hlm h_ ma^ @ne_ h_ F^qb\h libee Zehg`lb]^ bml _bgZg\bZe k^lneml _hk ma^ mabk] jnZkm^k h_ ma^ r^Zk' Bm [eZf^] ma^ ]^eZrl maZm ]h``^] bml Zmm^fiml mh l^Ze ma^ e^Zd% Zehg` pbma ab`a^k \e^Zg&ni \hlml Zg] e^`Ze _^^l' Ma^ g^p \aZk`^ dgh\d^] ;IÍl ik^&mZq ikh_bml _hk ma^ mabk] jnZkm^k h_ +)*) mh *'1 [beebhg% ]hpg _khf -'21 [beebhg Z r^Zk Z`h' Ma^ _bgZe \hlm h_ hg^ h_ ma^ phklm ^gobkhgf^gmZe ]blZlm^kl ^o^k \hne] \ebf[ _nkma^k' ;I lZb] maZm ma^ mhmZe \aZk`^ h_ ,2'2 [beebhg pZl bml Ê\nkk^gm [^lm ^lmbfZm^ h_ mahl^ \hlml maZm \Zg [^ k^ebZ[er f^Zlnk^] Zm mabl mbf^Ë' GETTY IMAGES
Pa^g ma^ \hlm h_ ma^ hbe libee p^k^ ^q\en]^]% ;IÍl hi^kZmbg` ikh_bml _hk ma^ jnZkm^k p^k^ *1 i^k \^gm ab`a^k maZg Z r^Zk Z`h BP Incident Commander for Louisiana Brian Bauer (L) talks with NOAA scientist John Tarpley (R) as they examine recently washed tar balls during a survey tour near Venice, Louisiana.
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Notebook
16
Resumés Rewritten
TEXT: HEBA HASHEM
Madonna she’s not slowing down
payment would totally eclipse her
as this year saw the
previous earnings; in 2007, she signed
launch of the Material
a 10-year contract worth a ‘mere’ $125
Girl clothing line with
million with promoter Live Nation.
daughter Lourdes, 13,
to succeed. Numerous record labels
directing her second film,
were unimpressed with her voice but
W.E., for release next
she kept battling away until she got her
year. Just how much
big break. Today, she still displays that
Madonna is worth is
same grit and determination. Her toned
hard to determine. Based
muscles, versatility and dazzling dance
on her 200 million plus
moves testify to the minimum three
record sales and her
hours she spends in the gym daily.
profitable tours a best
So it is no surprise that Madonna’s
estimate is between
latest venture is aimed at the lucrative
$380 and $500 million.
fitness industry. From yoga and Pilates
However, when you add
to the Power Plate and Gyrotonic
her endorsements, music
Expansion System, Madonna has done
royalties (she writes
them all. The Material Girl joined forces
most of her own songs),
with 24 Hour Fitness founder Mark
fashion line, children’s
Mastrov and her manager Guy Oseary
books and various other
to launch the health-club project. The
projects the figure is
global chain of fitness clubs has been
much higher.
named ‘Hard Candy’ after her latest
That’s not bad going GETTY IMAGES
Madonna has always had an iron will
and the power mom is
album and the first gym opened in
for Madonna (it’s her
November in Mexico City. Madonna,
real name) Louise
Mastrov and Oseary plan to expand
Veronica Ciccone who
to Russia, Brazil, Argentina, as well as
WITH HER BANGLES, LACE GLOVES,
was better known in the Eighties for her
biker’s jacket and black ankle boots,
bold, sometimes outrageous, outfits.
Arnold Schwarzenegger went from
there will only ever be one pop queen.
Most critics wrote her off as a short-
bodybuilder to Hollywood action star
Music icon Madonna has been setting
lived phenomenon but Madonna proved
and governor of California. Madonna
trends for more than two decades,
them wrong by continuously adapting to
is going from queen of pop to fitness
reinventing her appearance for every new
trends and ensnaring new generations
guru. But few would doubt that even if
album. And it has paid off, with Madonna
of music fans. There’s no questioning
she had started in the fitness world she
earning around $58 million in 2009-10.
her star power and reports have recently
probably would still have made it to the
Her tour last year was the fourth-highest-
surfaced in the media that Las Vegas
top. Singer, songwriter, director, actress,
grossing, bringing in $6 million a night
is offering her $1 billion for a five-year
author, fashion designer, fitness guru…
and $138 million overall. And at 52,
performing residency. The megabucks
This lady has one fantastic resumé. ■
other locations in Europe and Asia.
Portfolio
Observer
19
BUSINESS NEWS IN BRIEF
O
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© 2010 NEW YORK TIMES NEWS SERVICE
Helping the Poor Billionaire Vinod Khosla believes that commercial entities can do more to help the world’s needy than most non-profit charitable organisations. He’s willing to invest his own money to prove it, reports Vikas Bajaj.
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December 2010
Observer
GETTY IMAGES
20
Vinod Khosla believes that moneymaking ventures grow faster and are more effective in reducing poverty than nonprofit approaches.
Microfinance has enabled thousands of poor Indians to get the necessary loans to start their own small businesses.
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maZm Bg]bZ ghp aZl /2 [beebhgZbk^l% ni _khf
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ni eZk`^ \aZkbmb^l% ^g]hpf^gml hk o^gmnk^
g^p `^g^kZmbhg h_ \hfiZgb^l ebd^ LDL%
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Portfolio
Observer Will the Lion Roar Again?
The World
Top 10 AMERICA’S SAFEST CITIES City
State
CORBIS
22
1
Plano
2
Portland
Oregon
Texas
3
Honolulu
Hawaii
4
San Jose
California
5
Omaha
Nebraska
6
New York
New York
7
Santa Ana
California
\hf^[Z\d' F^mkh&@he]prg&FZr^k !F@F" pZl Z Aheerphh] abm
8
Anaheim
California
fZ\abg^ bg bml `ehkr ]Zrl pbma fhob^l ln\a Zl Ma^ PbsZk] h_ Hs
9
San Diego
California
Zg] Fnmbgr Hg ma^ ;hngmr' Ma^ lmn]bh aZl Z [Z\d \ZmZeh`n^ h_
10
Glendale
Arizona
SOURCE: RANKED BY FORBES.COM ON NUMBER OF TRAFFIC ACCIDENTS, VIOLENT CRIMES AND EMPLOYMENT PER 100,000 PEOPLE.
Leo, the MGM lion, is filmed in 1929 when the studio was in its golden age.
E^h ma^ ebhg aZl [^^g m^fihkZkber lbe^g\^] [nm a^Íl l^m mh lmZ`^ Z
-%))) mbme^l maZm ahe] +). Hl\Zkl [^mp^^g ma^f' F@F% ma^ 1/&r^Zk&he] lmn]bh% aZl `hg^ bgmh [Zgdknim\r ikhm^\mbhg mh la^] Z \kbiiebg` ]^[m [nk]^g h_ fhk^ maZg
THE WORLD’S LEADING COMPANIES 2010
- [beebhg' Hg\^ bg \hgmkhe ma^ \k^]bmhkl pZgm mh bglmZee ma^
Company
Country
Sector
1
JPMorgan Chase
United States
Banking
2
General Electric
United States
Conglomerates
3
Bank of America
United States
Banking
4
ExxonMobil
United States
Oil & Gas Operations
5
ICBC
China
Banking
6
Banco Santander
Spain
Banking
_hng]^kl h_ Z _Zk lfZee^k ikh]n\mbhg \hfiZgr% Lir`eZll >gm^kmZbgf^gm% mh kng Z lebff^]&]hpg o^klbhg h_ F@F bg ma^ ahi^ h_ k^obobg` bml _hkmng^l' Lir`eZll [hll^l @Zkr ;Zk[^k Zg] Kh`^k ;bkg[Znf Zk^ k^lihglb[e^ _hk abml ln\a Zl Ma^ Lbqma L^gl^ Zg] ma^ k^\^gm Knll^ee ;kZg] \hf^]r @^m Abf mh ma^ @k^^d' Bg]nlmkr ^qi^kml [^eb^o^ ma^ m^gmZmbo^ ]^Ze mh inm ma^ \hfiZgr
7
Wells Fargo
United States
Banking
makhn`a Z lpb_m [Zgdknim\r \hne] iZo^ ma^ pZr _hk _befbg` mh
8
HSBC Holdings
United Kingdom
Banking
k^lmZkm' MaZm [h]^l p^ee _hk CZf^l ;hg] _Zgl3 phkd hg Z +,k]
9
Royal Dutch Shell
The Netherlands
Oil & Gas Operations
10
BP
United Kingdom
Oil & Gas Operations
fhob^ Z[hnm BZg ?e^fbg`Íl ]^[hgZbk lir aZl [^^g _khs^g lbg\^
SOURCE: RANKING WAS CALCULATED BY FORBES.COM ACCORDING TO SALES, PROFITS, ASSETS AND MARKET VALUE IN DOLLARS OF PUBLIC COMPANIES.
:ikbe pabe^ F@F% pab\a hpgl ma^ ;hg] _kZg\abl^%
TOP EARNING MODELS 2010
lhkml hnm bml
Name
Income
Country
1
Gisele Bündchen
$25 million
Brazil
2
Heidi Klum
$16 million
Germany
3
Kate Moss
$9 million
4
Adrian Lima
$7.5 million
5
Doutzen Kroes
$6 million
6
Alessandra Ambrosio
$5.5 million
Brazil
7
Natalia Vodianova
$5.4 million
Russia
8
Daria Werbowy
$4.5 million
Canada/Ukraine
9
Miranda Kerr
$4 million
10
Carolyn Murphy
$3.5 million
UK Brazil The Netherlands
Australia USA
ikh[e^fl' ?Zfhnl _hk bml khZkbg` ebhg eh`h% F@F aZl \aZg`^] aZg]l _k^jn^gmer bg k^\^gm ]^\Z]^l' Bml hpg^kl aZo^ bg\en]^] ]kbgdl fZ`gZm^ >]`Zk ;khg_fZg% ma^ EZl O^`Zl \Zlbgh [beebhgZbk^ Dbkd D^kdhkbZg Zg] <GGÍl _hng]^k M^] Mnkg^k' <kbmb\l lZr bm aZl [^^g fbed^] Zl Z \Zla \hp Zg] lmZko^] h_ ehg`&m^kf lmkZm^`b\ mabgdbg`'
SOURCE: FORBES.COM
Portfolio
Portfolio HP N.ai
Positive Economic Data
C
M
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CM
CORBIS
MY
The pressure on unemployment benefits is easing as more Americans are reabsorbed into the work force.
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CY
CMY
K
1
11/14/10
3:08 PM
Observer
24
Rare Earth Debate <abgZ ikh]n\^l 2. i^k \^gm h_ ma^ phke]Íl kZk^ ^Zkmal% pab\a Zk^ nl^] bg ab&m^\a kZg`bg` _khf \^eeiahg^l mh _eZml\k^^g MOl% ]^libm^ aZobg` hger ,0 i^k \^gm h_ ma^ ^ZkmaÍl ikho^g k^l^ko^l' LbsZ[e^ ]^ihlbml Zk^ dghpg mh ^qblm bg ma^ Ngbm^] LmZm^l% <ZgZ]Z% :nlmkZebZ% Bg]bZ Zg] ;kZsbe% Zfhg` hma^k ieZ\^l' Fbgbg` kZk^ ^Zkmal \hf^l Zm Z ab`a ^gobkhgf^gmZe \hlm% pab\a bl par fZgr \hngmkb^l aZo^ [^^g \hgm^gm mh [nr _khf <abgZ' ;nm <abg^l^ hnminm bl [^bg` hnmlmkbii^] [r `khpbg` ]^fZg]% ZeZkfbg` [hma bgm^kgZmbhgZe \hfiZgb^l Zg] `ho^kgf^gml' <abgZÍl hpg _Zlm&`khpbg` fZgn_Z\mnkbg` bg]nlmkb^l ghp \hglnf^ fhk^ kZk^ ^Zkmal maZg ma^ k^lm h_ ma^ phke] \hf[bg^]' Ma^k^ bl ghp Z l\kZf[e^ mh ]^o^ehi g^p fbg^l hk k^ghoZm^ hg^l ehg` \hglb]^k^] ghm mh [^ phkma ma^ ^__hkm' MaZm bg\en]^l
Fn\a h_ ma^ kZ]bhZ\mbobmr Zllh\bZm^] pbma kZk^ ^Zkmal \hf^l
Zg Z[Zg]hg^] fbg^ bg <Zeb_hkgbZ maZm ma^ :f^kb\Zg \hfiZgr
_khf ma^ ^e^f^gm mahkbnf% pab\a bl ghm Z kZk^ ^Zkma [nm bl
Fher\hki bl mkrbg` mh k^_nk[bla' ;nm ^qi^kml lZr maZm Zgr
mrib\Zeer _hng] bg ma^ lZf^ hk^' Pbma ma^ ^q\^imbhg h_ ngnlnZe
f^Zgbg`_ne g^p ikh]n\mbhg _khf hnmlb]^ <abgZ bl Zm e^Zlm
\eZr _hkfZmbhgl bg lhnma^kg <abgZ maZm \hgmZbg f^]bnf Zg]
_bo^ r^Zkl ZpZr% Zg] maZm bm pbee \hf^ pbma bml hpg ^gobkhgf^gmZe
a^Zor kZk^ ^Zkmal pbma obkmnZeer gh mahkbnf% ^o^kr hma^k dghpg
\hlm \Ze\nenl'
\hff^k\bZe&`kZ]^ kZk^ ^Zkma ]^ihlbm bg ma^ phke] bl eZ\^] pbma bm'
Microsoft Stays the Course Fb\khlh_mÍl k^o^gn^ Zg] ikh_bml kh\d^m^] nipZk]l bg ma^ _bklm _bl\Ze jnZkm^k h_ +)** !Fb\khlh_mÍl _bgZg\bZe r^Zk lmZkm^] hg Cner *% +)*)"% pbma k^o^gn^l h_ */'+) [beebhg Zg] g^m bg\hf^ h_ .'-* [beebhg% [nm hg^ ]boblbhgÍl gnf[^kl Zk^ ghm khlr3 Hgebg^ L^kob\^l% pab\a k^ihkm^] Z ./) fbeebhg ehll ]^libm^ .+0 fbeebhg bg k^o^gn^' MaZm k^ik^l^gml Z lmkhg` ]bi _khf ma^ lZf^ jnZkm^k eZlm r^Zk% pa^g ma^ ]boblbhg
Stickers promoting launch of Windows Azure at Microsoft Professional Developers Conference.
ehlm -00 fbeebhg' Ma^ ehll \hf^l ]^libm^ Zg bg\k^Zl^ bg ho^kZee ]boblbhg k^o^gn^' Bm f^Zgl% [Zlb\Zeer% maZm Fb\khlh_m bl pbeebg` mh [nkg makhn`a fhg^r mh lmZr \hfi^mbmbo^ pbma @hh`e^ Zg] hma^k \ehn]&\^gmkb\ \hfiZgb^l' Lhf^ lb`gl bg Fb\khlh_mÍl hgebg^ phke] Zk^ ihlbmbo^' Ma^ \hfiZgrÍl ^q^\nmbo^l k^ihkm^] Z *, i^k \^gm bg\k^Zl^ bg hgebg^ Z]o^kmblbg`% Zg] ;bg` \hgmbgn^l mh \eZbf fZkd^m&laZk^ bg ma^ l^Zk\a Zk^gZ' Ghk aZl Pbg]hpl :snk^% Fb\khlh_mÍl \ehn]&[Zl^] ]^o^ehi^k ieZm_hkf% ghm\a^] ni PHOTOS: REUTERS
lb`gb_b\Zgm k^o^gn^l' MZd^g Zehg` pbma ma^ ehll^l bg Hgebg^ L^kob\^l% bm \hne] [^ Z phkkrbg` lb`g _hk ma^ \hfiZgr Zl bm inkln^l Zg ÌZee bgÍ \ehn] lmkZm^`r È ^q\^im maZm Fb\khlh_m aZl Zelh fZgZ`^] mh `Zbg \nlmhf^kl mh bml \ehn] l^kob\^l% Zg] l^^fl bgm^gm hg li^g]bg` paZm^o^k
No Laughing Matter Avanir Pharmaceuticals has won U.S. approval for a drug that curbs bouts of uncontrolled laughing or crying in patients with neurological disorders. The medicine, Nuedexta, is the first approved to treat patients with multiple sclerosis or Lou Gehrig’s disease who develop symptoms known as the pseudobulbar affect that causes loss of emotional control. Avanir, which has no other products on the market, plans to begin selling the drug in the first three months of 2011. The announcement saw Avanir immediately gain $2.75, or more than 113 per cent, to $5.17 on the Nasdaq Stock Market. The medicine may have sales of $275 million by 2013, and analysts are rating the shares a buy with an average 12-month target price of $9.23.
g^\^llZkr mh bg\k^Zl^ bml _hhmikbgm bg ma^ Zk^gZ' Portfolio
Portfolio HP N.ai
M
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CM
Telecom Mergers
GETTY IMAGES
C
MY
CY
CMY
K JZmZk M^e^\hf JL<% ma^ \hngmkrÍl eZk`^lm \hfiZgr% Zg] Ikbg\^ll^
Ahe]bg` h_ MngblbZ Z`k^^] mh [nr .) i^k \^gm h_ M^e^\hf Mngblb^ _hk *'+ [beebhg _khf >`rimÍl HkZl\hf M^e^\hf Ahe]bg`' JZmZk M^e^\hfÍl ngbm PZmZgbrZ M^e^\hf lb`g^] Zg Z`k^^f^gm pbma Z `khni e^] [r Ikbg\^ll^ Ahe]bg`% Z \ehl^er a^e] \hfiZgr [Zl^] bg Mngbl% mh ink\aZl^ ma^ lmZd^% JZmZk M^e^\hf lZb]' PZmZgbrZ Zek^Z]r ahe]l .) i^k \^gm h_ M^e^\hf Mngblb^% hk MngblbZgZ% Zl ma^ Ghkma :_kb\Zg \hngmkrÍl [b``^lm ikboZm^ m^e^\hffngb\Zmbhgl \hfiZgr bl \Zee^]' Ma^ ]^Ze pbee ^gZ[e^ HkZl\hf M^e^\hf mh \nm ]^[m Za^Z] h_ Z ieZgg^] /'. [beebhg f^k`^k [^mp^^g bml iZk^gm \hfiZgr P^Zma^k Bgo^lmf^gml Zg] KnllbZÍl Obfi^e<hf mh \k^Zm^ ma^ phke]Íl _b_ma&eZk`^lm m^e^\hffngb\Zmbhgl `khni [r ln[l\kb[^kl' >`rimbZg [beebhgZbk^ GZ`nb[ LZpbkbl&\hgmkhee^] P^Zma^k Zg] Obfi^e<hf lZb] maZm ma^r lniihkm ma^ MngblbZg ]^Ze' Bg\k^Zl^] \hfi^mbmbhg Zm ahf^ bl ]kbobg` Fb]]e^ >Zlm^kg m^e^iahg^ \hfiZgb^l ln\a Zl Jm^e Zg] >fbkZm^l M^e^\hffngb\Zmbhgl <hki% hk >mblZeZm% h_ ma^ Ngbm^] :kZ[ >fbkZm^l mh ^qiZg] bgmh fZkd^ml bg :lbZ Zg] :_kb\Z' MngblbZgZ aZ] fhk^ maZg .'0 fbeebhg ln[l\kb[^kl Zm ma^ ^g] h_ L^im^f[^k% Jm^e lZb]' Bm aZl fhk^ maZg .) i^k \^gm h_ MngblbZÍl fZkd^m% Z\\hk]bg` mh ma^ MngblbZg \hfiZgrÍl p^[lbm^' December 2010
3
11/14/10
3:10 PM
26
Observer TEXT: HILDA D’SOUZA
O N E 2 W AT C H
Goodbye Pontiac Pontiac is no more after 84 years. The General Motors brand was known for muscle cars that drag-raced down boulevards, parked
Gary Kovacs
at drive-ins and roared across movie screens. The brand has been moribund since GM decided to kill it last year as it collapsed into bankruptcy and was in decline for years before that. On October 31 GM’s dealer agreements ended,
After a long hunt Mozilla
which made Pontiac’s
finally found a new CEO after
demise official.
appointing Gary Kovacs who
The former
took over on November 8.
maker of
He is responsible for leading
automotive
the overall direction of the
classics such
organisation and its products,
as Bonnevilles,
including the Firefox web
Firebird Trans
browser.
Ams and GTOs
It will be Kovacs’ job to
was undone by a
maintain Firefox’s position
combination of poor
as it gets squeezed by
corporate strategy and
heavyweight competitors.
changing driver tastes.
Microsoft’s Internet Explorer is still commanding the
Pontiac’s sales peaked at about one million in 1968,
browser space with 59.7 per cent market share, according to
when the brand’s speedier models were prized for their powerful
Net Applications. And the latest version, IE9, is seen as giving
engines and scowling grills. Buick is now filling the Pontiac niche
Microsoft a fighting chance to make up for missteps. Meanwhile,
with GM putting its resources behind the brand.
Google Chrome, which currently controls eight per cent of the browser market, is quickly gaining ground on Firefox, which has 23 per cent.
president of product marketing at Macromedia (through its
iPhone 4 Leapfrogs BlackBerry
acquisition by Adobe).
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Fortunately, Kovacs has all the relevant experience. Prior to joining Mozilla, Kovacs held senior leadership roles as senior vice president of Markets, Solutions & Products at Sybase (through its acquisition by SAP earlier this year), as general manager and vice president of Mobile & Devices at Adobe, and as vice
Previously, he led the successful creation and growth of Zi
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and services for mobile and consumer devices. Prior to Zi
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positions in product management, sales, marketing and
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operations within the global software division. He holds a bachelor’s degree in commerce and a master’s degree with distinction from the University of Calgary. Kovacs has a “deep background in the battlefields that will
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define the future open web: mobile and rich media,” was the
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opinion of Mozilla’s outgoing chief executive, John Lilly.
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Portfolio HP N.ai
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HP’s CEO Outlines Future E^h :ihma^d^k% A^pe^mm&IZ\dZk]Íl g^p \ab^_ ^q^\nmbo^ h__b\^k% lZrl a^ phgÍm _hklZd^ \hlm \hgmZbgf^gm Zl a^ li^g]l fhk^ fhg^r mh ]^o^ehi Zg] l^ee AIÍl m^\agheh`r' Ma^ phke]Íl eZk`^lm \hfinm^k fZd^k pbee bg\k^Zl^ k^l^Zk\a li^g]bg`% iZkmer mh \k^Zm^ lh_mpZk^ maZm \Zg fZd^ bml ikh]n\ml fhk^ \hfi^eebg` mh \nlmhf^kl% :ihma^d^k lZb] Z_m^k AI _hk^\Zlm _bklm&jnZkm^k ikh_bm maZm ^q\^^]^] ZgZerlmlÍ ^lmbfZm^l' K^l^Zk\a Zg] ]^o^ehif^gm \hlml khl^ */ i^k \^gm mh 1*- fbeebhg bg ma^ _hnkma jnZkm^k _khf Z r^Zk ^Zkeb^k% hnmiZ\bg` k^o^gn^ `khpma' Pa^g FZkd Ank] [^\Zf^ <>H bg +)).% k^l^Zk\a li^g]bg` pZl -'* i^k \^gm h_ lZe^l' Bg Cner h_ mabl r^Zk% ]Zrl [^_hk^ a^ lm^ii^] ]hpg% ma^ gnf[^k aZ] lakngd mh +'- i^k \^gm' <nmmbg` hma^k hi^kZmbhgZe \hlml pbee _ng] li^g]bg` bg\k^Zl^l bg K = Zg] lZe^l' :ihma^d^k Zelh fZ]^ bm \e^Zk maZm a^ pbee \hgmbgn^ ma^ \hfiZgrÍl [nrbg` lik^^% _h\nlbg` hg lh_mpZk^ Z\jnblbmbhgl% Zg] phkd mh [hhlm `khpma bg ^f^k`bg` fZkd^ml' AI _hk^\Zlm ikh_bm maZm mhii^] ZgZerlmlÍ ikhc^\mbhgl _hk ma^ i^kbh] ^g]bg` bg CZgnZkr Zl [nlbg^ll^l k^ieZ\^ Z`bg` i^klhgZe \hfinm^kl Zg] hma^k ^jnbif^gm' >q\en]bg` lhf^ \hlml% ikh_bm pbee [^ Zm e^Zlm *'+1 Z laZk^ hg lZe^l h_ ,+'1 [beebhg mh ,, [beebhg% AI lZb]' December 2010
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Commentary
28
FRANK BURES
Living Abroad \k^Zmnk^l% Zg] p^k^ ho^kZee fhk^ \k^Zmbo^Í'
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GETTY IMAGES
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Ernest Hemingway was greatly influenced by travel and living abroad. His first book, The Sun Also Rises, was based on his experiences in Spain.
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TEXT BY FEATUREWELL
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Portfolio
Profile
32
STRANGE
BEDFELLOWS Hip boutique hotelier, Ian Schrager, is taking the biggest gamble of his career – by jumping into bed with the world’s biggest chain operator Marriott. He tells James Richardson why.
Portfolio
PHOTO: ALBERTO GUGLIELMI
Profile
33
December 2010
Profile
34
Dressed top to toe in navy blue Prada, Ian Schrager looks about as out of place as it’s possible to look in the 30°C heat of Waikiki Beach.
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Schrager pioneered the design/boutique hotel concept. For example, New York’s Gramercy Park Hotel’s interiors were designed by artist Julian Schnabel.
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Bill Marriott, Ian Schrager and Marriott executive Arne Sorenson announced their partnership at Schrager's Gramercy Park Hotel in 2007. Many critics believed the relationship wouldn't work. December 2010
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Sorenson and Schrager pose at the Sun Suite during the opening of the Waikiki Edition on October 15.
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“What I am doing for Marriott is not dumbing down, nor sell out. It is just designed for a bigger market and catching the curve, the zeitgeist.” GETTY IMAGES
Schrager with Elizabeth Hurley. The hotel magnate is well-known for his VIP friends, a trend which started at the iconic Studio 54.
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The Waikiki Edition is the first fruit of the Schrager/Marriott partnership. Schrager supplies the style and Marriott the know how of running large chains.
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“Whether it’s Waikiki or Istanbul what I’m creating is right for me now. I always make things for me. It’s my instinct, my personal taste. Luckily, my taste has so far happened to resonate with a large group of people. I think Edition will, too.”
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Until Neil Armstrong walked on the moon, he would not rest. Nor would his crew. (Sea of Tranquillity, 1969.)
Until you get to where you want to be. You only need to know one thing. It isn’t that our global reach is extensive. Although that’s comforting to hear. It isn’t that we win awards for our services. Although we do. Oŝen. It isn’t that we have access to resources, giving us strength and depth across equities, xed income, structured products and currencies. Although that too is nice to know. It isn’t that. In fact, it’s none of the above. It’s one, simple thing. Until you achieve your goal …
We will not rest ubs.com/we-will-not-rest-uae Names and/or references to third parties in this print advertisement are used with permission. © UBS 2010. All rights reserved.
South Africa
40
Hazel Jenkins (L), premiere of the Northern Cape Province and Naledi Pandor, South African minister of science and technology stand in front of an antenna on the Karoo Array Telescope construction site. South Africa is optimistic it can win a bid for the giant radio telescope project.
An Innovative Approach The South African government is throwing its weight behind entrepreneurs and innovators hoping for more job creation and further diversification of its economy, reports Matthew Saltmarsh.
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© 2010 NEW YORK TIMES NEWS SERVICE
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South Africa
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December 2010
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“We are a producer and exporter,” said Naledi Pandor, the minister of science and technology. “Now we’re saying: ‘Let’s become an innovator.’”
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South Africa
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Sasol has grown from its South African roots into an international player in the chemical and fuel industry. Portfolio
South Africa
44
A car powered by Zebra batteries, which were invented in South Africa but are now manufactured in Switzerland.
The Joule is an electric car that is totally produced in South Africa
South Africa is competing against Australia for the Square Kilometre Array, which will be the most powerful radio telescope ever built.
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m^kkb[e^ mbf^l maZm p^ aZo^ mh [^eb^o^ p^ \Zg ]h bm'Ë ■ Portfolio
Economics
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Š 2010 GUARDIAN NEWS & MEDIA 2010
Leeds Town Hall, designed by the local architect Cuthbert Brodrick, Leeds, West Yorkshire, England.
Portfolio
47
Local Government Evolution City and town halls and county councils across England are radically changing. As one municipal authority opts to outsource all of its services, what other ‘inconceivable’ ideas are the UK’s financial cuts forcing through? Anna Bawden investigates. MA> MK:=BMBHG:E KHE> ?HK <BMR
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Statue representing progress on the exterior of Shoreditch Town Hall, Hackney, London. December 2010
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“Some councils are now coming to the conclusion that their role is a democratic, strategic one.” <Zf^khgÍl oblbhg h_ Z Ì[b` lh\b^mrÍ' ÊMa^ \hZebmbhg !ma^ NDÍl \^gmkZe `ho^kgf^gm" k^jnbk^l e^ll^k `ho^kgf^gm Zg] Z [b``^k lh\b^mr% Zg] Ln__hed \hngmr \hng\be aZl k^lihg]^] mh mabl \aZg`^%Ë lZb] C^k^fr I^f[khd^% ma^ e^Z]^k h_ London Borough of Barnet council offices main entrance, Hendon, England.
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Lambeth Town Hall, Brixton, London.
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Economics
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“Councils will have to become microregulators of those providers to ensure it functions properly.” fhk^ ^qi^glbo^' ÊP^ pZgm mh Zohb] k^Z\abg` ma^ \hg\enlbhg maZm hg bml hpg \hgmkZ\mbg`
Suffolk County Council headquarters, Ipswich, Suffolk.
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Liverpool Town Hall, United Kingdom. Portfolio
52
Greek truckers blockaded the borders for weeks when the government tried to issue new trucking licenses in an attempt to open up the profession.
Opening Up Closed Professions
© 2010 NEW YORK TIMES NEWS SERVICE
Greece is full of ‘closed professions’, which means entry to around 70 jobs such as pharmacist, lawyer or even newsstand operator are bound up in a tangle of regulations and licensing requirements. This system costs Greece billions of dollars annually and the government is now taking steps to dismantle it, reports Suzanne Daley.
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Greece
53
CORBIS
Regulations and licensing requirements govern more than 70 professions. In Greece, newsstand operator licenses are reserved for war veterans, the disabled and those with large families to support.
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lZr maZm fn\a bl Zm lmZd^3 @k^^\^Íl Z[bebmr mh l^kob\^ bml mk^f^g]hnl ]^[m mh hma^k
>QI>KML L:R ma^k^ Zk^ Z[hnm 0)
k^lmkb\mbhgl hg eb\^gl^l% mhh' Lhf^ Zk^ cnlm
>nkhi^Zg \hngmkb^l Zg] Zohb] ]^_Znem
\ehl^] ikh_^llbhgl bg @k^^\^% bg\en]bg`
ghm ZoZbeZ[e^ mh lhf^ \eZll^l h_ \bmbs^gl'
k^lml hg ma^ `ho^kgf^gmÍl Z[bebmr mh bgc^\m
mahl^ h_ eZpr^kl% ^g`bg^^kl% mZqb ]kbo^kl%
?hk bglmZg\^% g^pllmZg] eb\^gl^l Zk^
fhk^ \hfi^mbmbhg Zg] ]rgZfblf bgmh bml
li^^\a ma^kZiblml% p^e]^kl% ghmZkb^l% lmk^^m
k^l^ko^] _hk pZk o^m^kZgl% ma^ ]blZ[e^]
l\e^khmb\ ^\hghfr'
fZkd^m o^g]hkl% g^pllmZg] hi^kZmhkl
Zg] mahl^ pbma eZk`^ _Zfbeb^l mh lniihkm'
Zg] Zk\abm^\ml' >Z\a bl ikhm^\m^] _khf
Hma^kl Zk^ ebfbm^]% ebd^ ma^ gnf[^k h_
Ê@k^^\^ bl ma^ eZlm Lhob^m&lmre^ ^\hghfr bg >nkhi^%Ë lZb] RZggbl LmhnkgZkZl% Zg ^\hghfblm Zg] ma^ ]bk^\mhk h_ ma^ ?hng]Zmbhg _hk >\hghfb\ Zg] Bg]nlmkbZe K^l^Zk\a% dghpg Zl BH;> :ma^gl% pah aZl lmn]b^] ma^ blln^' ÊHma^k \hngmkb^l aZo^ lhf^ \ehl^] ikh_^llbhgl' ;nm ghmabg` December 2010
“Each profession is protected from competition by a byzantine tangle of regulations and licensing requirements that results in high prices for consumers and a reliable living for insiders.”
Greece
54
Greek pharmacists make 35 per cent on every medicine they sell. That's good news for pharmacists who get a license, but bad news for the consumer.
ehg` aZne mkn\dbg` eb\^gl^l% pab\a aZl
mh Ma^[^l% Z[hnm 0+ dbehf^mk^l% maZg
[^^g _khs^g _hk +. r^Zkl'
_khf :ma^gl mh Khf^% Z ]blmZg\^ h_ fhk^
: lmn]r \Zkkb^] hnm [r BH;> bg +))/
maZg 2// dbehf^mk^l' ;nlbg^llf^g lZr
^lmbfZm^] maZm hi^gbg` ma^l^ ikh_^llbhgl
bm bl \a^Zi^k mh labi `hh]l _khf <abgZ
phne] bg\k^Zl^ `khll ]hf^lmb\ ikh]n\m
mh @k^^\^ maZg bm bl mh fho^ ma^f _khf
[r Z[hnm ,. [beebhg% hk *) i^k \^gm% bg
:ma^gl mh ma^ bleZg] h_ Kah]^l% -.2
_bo^ r^Zkl' ;nm gh[h]r ^qi^\ml \aZg`^
dbehf^mk^l ZpZr' ;nm pa^g ma^ `ho^kgf^gm Zgghng\^]
mh [^ ^Zlr' :ek^Z]r% Znlm^kbmr f^Zlnk^l
maZm bm phne] [^`bg bllnbg` g^p eb\^gl^l
@k^^\^ Zg] ^el^pa^k^' <bobe l^koZgml a^e]
ho^k ma^ g^qm mak^^ r^Zkl% ma^ mkn\d^kl
lmkbd^l ikhm^lmbg` \nm[Z\dl bg :ma^gl
[eh\d^] ma^ [hk]^kl _hk p^^dl% \k^Zmbg`
Zg] bg ?kZg\^ k^\^gmer' FZgr [^eb^o^ maZm
lahkmZ`^l h_ Zee dbg]l% bg\en]bg` _n^e'
mZ\debg` \ehl^] ikh_^llbhgl pbee f^Zg ^o^g
IZiZg]k^hn bgohd^] Zg ^f^k`^g\r
fhk^ `khnil mZdbg` mh ma^ lmk^^ml'
k^`neZmbhg mh _hk\^ ma^ mkn\d^kl [Z\d mh
CORBIS
bg >nkhi^ aZo^ ikhfim^] ngk^lm bg
MaZm bl paZm aZii^g^] mabl lnff^k pa^g ma^ `ho^kgf^gm mhhd hg ma^ mkn\dbg` bg]nlmkr' @k^^\^ aZl blln^] hger Z _^p g^p eb\^gl^l _hk mkn\d^kl lbg\^ *20)% Zemahn`a @k^^\^Íl ^\hghfr aZl fhk^ maZg mkbie^] bg maZm mbf^' Mabl \k^Zm^] Z ahm fZkd^m _hk ma^ eb\^gl^l% pab\a aZo^ lhe] Zm ikb\^l ZiikhZ\abg` .))%)))' Ghm lnkikblbg`er% ^qi^kml lZr% mkn\dbg` \hlml bg @k^^\^ Zk^ _Zk ab`a^k maZg ^el^pa^k^ bg ma^ >nkhi^Zg Ngbhg' Ma^ BH;> k^ihkm _hng] bm pZl fhk^ ^qi^glbo^ mh mkn\d lhf^mabg` _khf :ma^gl
phkd' Pbmabg Z _^p p^^dl% ahp^o^k% phkd
Greek Prime Minister George Papandreou faces the huge task of cutting the country’s deficit.
lmhiiZ`^l [^`Zg Z`Zbg' Ma^ mkn\d^kl ]b]
“Businessmen say it is cheaper to ship goods from China to Greece than it is to move them from Athens to the island of Rhodes, 459 kilometres away.
bg ma^f ehlbg` ma^bk eb\^gl^l Zemh`^ma^k'
ghm \^Zl^ ma^bk h\\ZlbhgZe [eh\dZ]^l ngmbe iZkebZf^gm iZll^] Z eZp maZm \hne] k^lnem ?hk ma^bk iZkm% ma^ mkn\d^kl lZr ma^r lahne] ghm [^ lmkbii^] ngbeZm^kZeer h_ ma^bk bgo^lmf^gm' Ê:ee h_ Z ln]]^g rhn aZo^ ghmabg`% ËlZb] OZllbebl LZ\abgb]bl% ik^lb]^gm h_ hg^ h_ ma^ mkn\d^klÍ ngbhgl% k^ik^l^gmbg` Z[hnm ,%))) hpg^kl h_ mkn\dl pbma \kZg^l' ÊMaZm bl ghm kb`am'Ë :_m^k mZ\debg` ma^ mkn\d^kl% ma^ Portfolio
The simplest pleasures
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`ho^kgf^gm ieZgl mh ]blfZgme^ ma^ k^fZbg]^k h_ ma^ \ehl^] ikh_^llbhgl' Bm bl ebd^er% ahp^o^k% maZm bm pbee pZbm ngmbe Z_m^k eh\Ze ^e^\mbhgl bg Gho^f[^k' Ê:ee ma^l^ k^`neZmbhgl fnlm `h ZpZr%Ë lZb] Ma^h]hkhl IZg`Zehl% @k^^\^Íl ]^inmr ikbf^ fbgblm^k' ÊB ]hgÍm ng]^klmZg] par ma^k^ \Zg [^ hger hg^ iaZkfZ\r hnmlb]^ Z ahlibmZe È Zg] h_m^g bmÍl \ehl^]' Ma^k^ bl lnk^er hg^ iaZkfZ\blm pah phne] \hf^ ma^k^ Zg] lmZr hi^g Zee gb`am% b_ a^ aZ] ma^ \aZg\^'Ë ;nm lhf^ iaZkfZ\blml lZr ma^ ikhihl^] \aZg`^l pbee lnk^er ikhfim lmkbd^l% Zg] :o`^kbghl È pah ghp a^Z]l Z ngbhg h_ ,%+)) iaZkfZ\blml pah aZo^ g^o^k fZgZ`^] mh [nr ma^bk hpg iaZkfZ\b^l È bl i^llbfblmb\ Z[hnm ma^ `ho^kgf^gmÍl Z[bebmr mh ]bleh]`^ ln\a Zg ^gmk^g\a^] lrlm^f' ÊI^hie^ g^^] ma^bk ik^l\kbimbhgl%Ë a^ lZb]'
Containers in the Greek port of Piraeus were left stranded when the truckers went on strike. Trucking licenses can sell for up to $500,000, but if the government issues new ones this value would plummet.
ÊMa^ `ho^kgf^gm pbee aZo^ mh `bo^ bg'Ë @K>><>ÍL LRLM>F h_ \ehl^] ikh_^llbhgl ^oheo^] ho^k ]^\Z]^l% ^qi^kml lZr% pbma ^Z\a `^g^kZmbhg h_ ihebmb\bZgl% pa^ma^k _khf ma^ e^_m hk ma^ kb`am% ^ll^gmbZeer [nrbg` ohm^l [r Zllnkbg` oZkbhnl `khnil Z ahe] hg en\kZmbo^ ebo^ebahh]l' Ghp% ahp^o^k% @k^^\^ bl ng]^k iZkmb\neZk ik^llnk^ mh \aZg`^' FZgr h_ ma^l^ k^`neZmbhgl obheZm^ >nkhi^Zg Ngbhg kne^l hg ma^ _k^^ fho^f^gm h_ `hh]l Zg] l^kob\^l' :g] @k^^\^Íl \k^]bmhkl aZo^ ]^fZg]^] Zg ho^kaZne h_ ma^ \hngmkrÍl \ehl^] ikh_^llbhgl Zl iZkm h_ bml k^l\n^ ieZg' Ma^ pZr lhf^ ikh_^llbhgl kng bg @k^^\^ phne] [^ aZk] mh _Zmahf ^el^pa^k^' Bg Z]]bmbhg mh aZobg` _bq^] _^^l% fhlm
“Many of these regulations violate European Union rules on the free movement of goods and services. And Greece’s creditors have demanded an overhaul of the country’s closed professions as part of its rescue plan.”
CORBIS
Greece
56
Taxi drivers are also part of a closed profession. The result is uniform fares and a shortage of taxis due to licensing requirements.
eZpr^kl pbee [^ Z]fbmm^] mh ma^ [Zkl hger
ma^ \hngmkr% _^^l ibebg` ni _khf ^qi^glbo^
bg ma^bk ahf^mhpgl hk bg eZk`^ \bmb^l Zg]
k^Ze ^lmZm^ mkZglZ\mbhgl f^Zg maZm eZpr^kl
ma^g \Zg ikZ\mb\^ hger ma^k^' :g] ma^r
lhf^mbf^l `^m \a^\dl h_ +%1)) mh -%+))
fnlm iZkmb\biZm^ bg Z lrlm^f h_ p^Zema
Z fhgma _khf ma^ [Zk'
k^]blmkb[nmbhg' : i^k\^gmZ`^ h_ ma^ _^^l
Pabe^ [Zk Zllh\bZmbhgl bg ma^ [b` \bmb^l
ma^r ^Zkg È *+ i^k \^gm bg :ma^gl È `h^l mh
pbee Z]fbm Zgrhg^ pah iZll^l ma^bk ^qZfl%
ma^bk eh\Ze [Zk Zllh\bZmbhgl% pab\a bg mnkg
bm bl Z ]b__^k^gm lmhkr bg ma^ lfZee^k mhpgl'
]boor ni fhlm h_ bm Zfhg` Zee f^f[^kl'
ÊLhf^ eZpr^kl ma^k^ ]hgÍm ^o^g aZo^ mh
Libebhl LibebZdhl% ,+% Zg :ma^gl eZpr^k%
phkd%Ë LibebZdhl lZb]' Ê;nm rhn \ZgÍm cnlm `h
lZrl ma^k^ Zk^ lh fZgr eZpr^kl bg ma^ \bmr
chbg mahl^ [Zk Zllh\bZmbhgl' Ma^r phne]gÍm
maZm iZrf^gml _khf ma^ [Zk a^k^ Zk^ o^kr
e^m rhn bg' Rhn phne] aZo^ mh aZo^ lhf^
lfZee% i^kaZil Z ebmme^ fhk^ maZg *%)))
lhkm h_ Z \hgg^\mbhg mh ma^ mhpg' NlnZeer
mpb\^ Z r^Zk' ;nm bg lhf^ hma^k iZkml h_
rhnk _Zfber aZl mh [^ _khf ma^k^'Ë ■ Portfolio
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© 2010 NEW YORK TIMES NEWS SERVICE
58
The aptly named White Jade River is the source of Khotan’s jade boom.
Portfolio
Jade Bonanza As the Chinese become more affluent they can indulge their love affair with jade. As a result the finest jade is now more expensive than gold, which has created a boom in the town of Khotan, reports Andrew Jacobs.
:
L EHG@ :L :GRHG> a^k^ \Zg k^f^f[^k% ma^ fn]]r kbo^k maZm _ehpl makhn`a ma^
hZlbl \bmr h_ DahmZg bg lhnma^kg QbgcbZg` aZl rb^e]^] \k^Zfr pabm^ lmhg^l% ma^bk khn`a ^]`^l ihebla^] lfhhma [r ma^ pZm^kl maZm mnf[e^ ]hpg ma^ fhngmZbgl _khf Mb[^m' :g] Zl ehg` Zl Zgrhg^ \Zg k^f^f[^k% mahl^ lmhg^l È Z mri^ h_ l^fb&mkZglen\^gm cZ]^ È p^k^ Z[hnm Zl oZen^] Zl% p^ee% Z ibe^ h_ kbo^k kh\dl' EhafZg Mhamb% ,)% \Zg k^\Zee Zl Z \abe] a^Zobg` f^ehg&lbs^ angdl bgmh ma^ lZg][Z`l maZm p^k^ nl^] mh mapZkm kblbg` _ehh]pZm^kl h_ ma^ Zimer gZf^] Pabm^ CZ]^ Kbo^k' Pa^g <abg^l^ [nr^kl [^`Zg Zkkbobg` bg DahmZg bg ma^ ^Zker *22)l Zg] ma^ eh\Zel `hm pbg] h_ ma^ lmhg^lÍ ihm^gmbZe oZen^% abl ng\e^ fZ]^ Zg ^gobZ[e^ ]^Ze3 A^ mkZ]^] Z kh\d ma^ `bkma h_ Z p^ee&_^] la^^i _hk abl g^b`a[hnkÍl ldbggr \hp' ÊMh]Zr% fr ng\e^ phne] [^ Z fbeebhgZbk^%Ë Mhamb% ghp Z cZ]^ ]^Ze^k% lZb] pbma Z pbg\^' Ma^l^ ]Zrl% DahmZg bl fZ] Z[hnm cZ]^% hk Zm e^Zlm ma^ kb\a^l bm aZl [khn`am mh Z \bmr pahl^ ik^obhnl [hnm h_ ikhli^kbmr h\\nkk^] Z _^p mahnlZg] r^Zkl Z`h% pa^g mkZ]^kl _khf Zg\b^gm Khf^ Zg] <hglmZgmbghie^ p^k^ fZdbg` ma^bk pZr mhpZk]l QbÍZg% ma^g ma^ \ZibmZe h_ ma^ <abg^l^ ^fibk^ Zg] ma^ ^Zlm^kg m^kfbgnl h_ ma^ Lbed KhZ]' @kZf _hk `kZf% ma^ _bg^lm cZ]^ aZl [^\hf^ fhk^ oZenZ[e^ maZg `he]% pbma ma^ fhlm ikbs^] gn``^ml h_ Ìfnmmhg _ZmÍ cZ]^ È gZf^] _hk bml fZk[e^] pabm^ \hglblm^g\r È _^m\abg` ,%))) _hk +1 `kZfl% Z m^g_he] bg\k^Zl^ _khf Z ]^\Z]^ Z`h' Ma^ cZ]^ [hhf% pab\a Zii^Zkl mh aZo^ k^Z\a^] Z _k^gsb^] ibm\a bg ma^ iZlm r^Zk hk mph% aZl [^^g _n^ee^] [r ma^ <abg^l^% pahl^ g^p_hng] p^Zema Zg] Z .%)))&r^Zk Z__bgbmr _hk ma^ lmhg^ aZl mnkg^] DahmZg \hmmhg _Zkf^kl bgmh cZ]^ mr\hhgl' ÊMa^ eho^ h_ cZ]^ bl bg hnk [ehh]% Zg] ghp maZm i^hie^ aZo^ fhg^r% ^o^krhg^ pZgml Z ib^\^ Zkhng] ma^bk g^\d hk bg ma^bk ahf^%Ë SaZg` QbZgdnh% Z <abg^l^ lZe^lfZg% lZb] Zl a^ hi^g^] Z lZ_^ mh lahp h__ abl
December 2010
Resources
59
60
RUSSIA
Miles
Area of Beijing
Urumqi
KAZAKHSTAN detail KYRGYZ. INDIA
200
CHINA
Tarim River
CHINA
Khotan River
Khotan
XINJIANG
White Jade River JAMMU AND KASHMIR
TIBET The New York Times
The Khotan jade market trades seven days a week. Prospectors sell their goods to Chinese middlemen who monopolise the carving of jade.
\hfiZgrÍl fhlm ^qi^glbo^ \Zko^] bm^fl%
ngehZ] ma^bk \Zm\a hg lZoor pahe^lZe^kl È
Zfhg` ma^f Z iZbk h_ dbllbg` lpZgl maZm
hk aZie^ll mhnkblml pah h_m^g k^mnkg ahf^
k^mZbel _hk *.)%))) Zg] Z \hgm^fihkZkr
pbma ho^kikb\^] kh\dl'
k^g]bmbhg h_ Z MZg` ]rgZlmr [^Znmr maZm \Zg [^ ink\aZl^] _hk 1)%)))' Bg Z k^`bhg \hgonel^] [r ^magb\ lmkb_^%
N.Y. Times News Service Date: 09/28/10 Graphic Slug: JADE-JACOBS-NSPR Size: 2.1 x 2.5 With Story: (BC-JADE-JACOBS-NSP
An QbZgeb% Z l^e_&ikh_^ll^] cZ]^ _ZgZmb\ _khf ^Zlm^kg Sa^cbZg` ikhobg\^% lZb] a^ aZ] [^^g ]ni^] \hngme^ll mbf^l ho^k ma^
Khotan’s native Uighurs have made a fortune harvesting and selling white jade.
bm bl ghmZ[e^ maZm ma^ pbg]_Zee Zii^Zkl
r^Zkl' :m [^lm% a^ aZl `khller ho^kiZb]
mh aZo^ ^gkb\a^] [hma DahmZgÍl gZmbo^
_hk f^]bh\k^ li^\bf^gl' :m phklm% a^ aZl
LaZg` ]rgZlmr khrZel mhhd mh le^^ibg` hg
Nb`ankl% Mnkdb\&li^Zdbg` Z]a^k^gml h_
fblmZd^g \a^fb\Zeer mk^Zm^] kh\dl _hk
cZ]^ ibeehpl% lb`gbg` ^]b\ml pbma cZ]^ \ahil
BleZf% Zg] ma^ fhk^ k^\^gmer Zkkbo^]
fnmmhg&_Zm [^Znmb^l' : k^mbk^] kZbepZr
Zg] bgm^kkbg` ma^bk eho^] hg^l bg cZ]^&mbe^
AZg <abg^l^' Ma^ Nb`ankl aZo^ eZk`^er
^g`bg^^k% a^ ebd^g^] abl k^eZmbhglabi pbma
_kh\dl' E^`^g] ln``^lml maZm hger ^fi^khkl
fZ]^ ma^bk _hkmng^ aZko^lmbg` cZ]^
cZ]^ mh Zg ho^kikb\^] \hee^`^ ^]n\Zmbhg'
p^k^ Zeehp^] mh ihll^ll \Zko^] cZ]^ Zg]
_khf ma^ kbo^k Zg] l^eebg` bm mh <abg^l^
ÊBg ma^ ^Zker r^Zkl B iZb] Z ehm h_ mnbmbhg%
maZm ma^ inklnbm h_ Zg ^li^\bZeer \a^kbla^]
fb]]e^f^g' ;^\Znl^ ]^ohnm Fnlebfl
[nm ghp maZm BÍo^ _bgZeer `kZ]nZm^]% BÍf
li^\bf^g fb`am [^ phkma ma^ ]^Zmal h_
Zk^ ikhl\kb[^] _khf ]^Zebg` bg \^kmZbg
ghm lh ^Zlber _hhe^]%Ë An% .2% lZb] Zl Z
*)%))) lhe]b^kl' Bm bl gh \hbg\b]^g\^ maZm
k^ik^l^gmZmbhgZe bfZ`^l% ma^ AZg aZo^
makhg` h_ ho^k^Z`^k l^ee^kl% aZg]l _nee
ma^ <abg^l^ \aZkZ\m^k _hk dbg` aZl ma^
\hf^ mh fhghihebl^ ma^ \Zkobg` Zg] lZe^
h_ ^``&lbs^ lmhg^l% maknlm ma^bk pZk^l
lZf^ khhm Zl ma^ \aZkZ\m^k _hk cZ]^'
h_ ;n]]ablm _b`nkbg^l% lmZedbg` mb`^kl
bgmh abl _Z\^'
<hgm^fihkZkr <abg^l^ bl _e^\d^] pbma k^_^k^g\^l mh cZ]^ È ma^ phk] bl nl^] mh
Zg] ma^ fbgbZmnk^ \Z[[Z`^l maZm Zk^ :EMAHN@A :K<A:>HEH@BLML aZo^
]^l\kb[^ [^Znmb_ne Zg] ink^ phf^g È
ng^Zkma^] G^hebmab\ cZ]^ mhhel Zehg` ma^
Zg] fZgr i^hie^ lZr ma^r [^eb^o^ bm aZl
[nm p^ Zk^ maZgd_ne maZm ma^ <abg^l^ `h
R^eehp Kbo^k% ma^ <abg^l^ Z__^\mbhg _hk ma^
f^]b\bgZe Zg] ^o^g fZ`b\Ze ihp^kl'
\kZsr _hk bm%Ë lZb] RZ\^g :afZm% Z Nb`ank
lmhg^ k^\^bo^] Z eb_m Zkhng] */)) ;< pa^g
: \abi h_ cZ]^ phkg Zkhng] ma^ pkblm
mkZ]^k pah li^g]l l^o^g ]Zrl Z p^^d
“The Uighurs have largely made their fortune harvesting jade from the river and selling it to Chinese middlemen.”
ihineZk Zfhg` <abg^l^ \hglnf^kl' ÊCZ]^ aZl gh f^Zgbg` _hk hnk \nemnk^%
phkdbg` ma^ \khp]l Zm DahmZgÍl cZ]^ [ZsZZk% Z _k^g^mb\ fZkd^mieZ\^ ]hfbgZm^] [r mZpgr&ldbgg^] ikhli^\mhkl mkrbg` mh
Portfolio
Resources
62
A pile of jade at the Khotan market. Some prime jade pieces have commanded a price of $3,000 an ounce, a 10-fold increase from a decade ago.
\Zg lhhma^ Z _kb`am^g^] \abe]% bfikho^
bg\k^Zlbg`er l\Zk\^' Ho^k ma^ iZlm ]^\Z]^%
PZg` <angrng% Z cZ]^ ^qi^km Zm ma^
\bk\neZmbhg hk Z[lhk[ [Z] ^g^k`r% ma^
[nee]hs^kl Zg] ^q\ZoZmhkl aZo^ mhkg ZiZkm
@nZg`sahn Bglmbmnm^ h_ @^h\a^fblmkr%
<abg^l^ lZr' :\\hk]bg` mh Zg Z`^&he]
ma^ [Zgdl h_ ma^ Pabm^ CZ]^ Kbo^k l^o^kZe
lZrl Z mab\d eh]^ h_ ng^qiehbm^] pabm^
[^eb^_% cZ]^ ikhob]^l Z ebgd [^mp^^g ma^
mbf^l ho^k' Ngmbe ma^ ikZ\mb\^ pZl [Zgg^]
cZ]^ kngl makhn`a ma^ Dngeng FhngmZbgl
iarlb\Ze Zg] libkbmnZe phke]l'
mak^^ r^Zkl Z`h% fbgbg` \hfiZgb^l% lhf^
maZm ldbkm QbgcbZg` Zg] Mb[^m' Bm \Zg Zelh
hpg^] [r eh\Ze `ho^kgf^gm h__b\bZel%
[^ _hng] Z\khll ma^ phke]% _khf :nlmkZebZ
[r cZ]^Íl m^g]^g\r mh \aZg`^ \hehnk
phne] ]bo^km ma^ kbo^k bg ma^bk jn^lm mh
mh Dhk^Z mh IheZg]% pa^k^ Z eZ\d h_
pa^g phkg hg ma^ [h]r' ÊI^kaZil bmÍl
_bg] g^p jnZkkr'
]^fZg] d^^il bm ngfbg^]' ÊMa^ kZkbmr h_
Lhf^ h_ mahl^ [^eb^_l Zk^ [helm^k^]
ilr\aheh`b\Ze% [nm Zl cZ]^ kn[l Z`Zbglm
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cZ]^ bl Z frma%Ë PZg` lZb] bg Z m^e^iahg^
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Zg] ma^ p^Zk^k [^\hf^l aZiib^k% pab\a
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pah li^\bZebl^l bg cZ]^'
mh ma^ [ZsZZk% pa^k^ \khp]l h_ Nb`ank
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maZm DahmZg cZ]^ fb`am ghm [^ Zl
:GHMA>K K>:LHG [^abg] ma^ libd^ bg DahmZg cZ]^ ikb\^l% Zm e^Zlm Z\\hk]bg` mh mkZ]^kl% bl maZm ma^ cZ]^ bl [^\hfbg`
L\^imb\l% ahp^o^k% lZr ma^ kblbg` ikb\^l aZo^ fhk^ mh ]h pbma ari^ maZg l\Zk\bmr'
;Z\d Zm ma^ fZkd^m% :b LaZg SaZg`% Z
ik^\bhnl Zl ]bZfhg]l' Ma^ <abg^l^ s^Ze _hk bm bl lh `k^Zm% a^ lZb]% maZm a^ aZl lmhii^] p^Zkbg` bm% ^li^\bZeer pa^g
“Some of the beliefs are bolstered by jade’s tendency to change colour when worn on the body. As jade rubs against the skin it becomes smoother and softer, and the wearer becomes happier, which probably improves their immunity.”
f^^mbg` pbma h__b\bZel pahl^ _Zohnk bl lhf^mbf^l k^jnbk^] bg ma^ \hnkl^ h_ ]hbg` [nlbg^ll' ÊB_ ma^r ghmb\^ Z gb\^ ib^\^ aZg`bg` Zkhng] fr g^\d% ma^r Zld mh [hkkhp bm%Ë a^ lZb]' Ê:g] hg\^ ma^r mZd^ bm% ma^r g^o^k `bo^ bm [Z\d'Ë ■ Portfolio
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elcome to our latest advice column for small and medium sized businesses, brought to you by Steve Williams, CEO at Gulf Finance. Throughout his columns, Steve talks about the challenges faced by many SMEs and shares his thoughts and advice on how to deal with these challenges and come out stronger on the other side. Gulf Finance is an ambitious, progressive finance company operating in the commercial and consumer markets. Gulf Finance offers a variety of straightforward lending and deposit based products and believe in providing their clients with exceptional execution service delivered through a team of highly experienced, deeply motivated financial professionals.
STEVE WILLIAMS
A
ny SME owner knows that as far as the consumer is concerned, the final product is what really counts. Besides this, if you can keep a healthy margin and offer something that is superior to your competition, then you are in pretty good shape. Going that extra mile and adding that extra detail will make all the difference and the longer you can maintain that detail, the longer you can stay ahead of the game. Assuming you want to grow as a business, at what point do you have to sacrifice some of that detail in order to cater to a larger clientele? I will always remember a small delicatessen in a village that specialized in Italian-style produce, this place was the talk of the town and every product sold was perfect in every way imaginable. It was a shame when the owner decided to move on to bigger, and perhaps not better things – not long after he moved to a city and began selling his products in high volumes the quality went downhill, along with his reputation. When a business expands, the quality can sometimes contract, but it doesn’t have to be inevitable. As SME owners start to move away from the S and towards the M, it is only natural to focus more on the company’s direction and strategy rather than the specific products. In order to gain one without losing the other, you need to either start networking with genetic scientists who can start cloning asap or hire someone with the knowledge and acumen to concentrate on the day to day detail. It can be extremely difficult for some owners to let
GULF FINANCE
CEO, Gulf Finance
CEO, Gulf Finance
go of their first-born businesses, but there comes a time when you need a babysitter. Initially there will be the five calls a night to make sure everything’s alright, but after a while you know you can leave your precious bundle in safe hands. Although that sounds fine in principle, it’s a difficult line to draw between being a good delegator and a meddling boss.
Steve joined Gulf Finance in 2008 with a mandate to transform the 10-year-old firm into a boutique finance company focused on small and medium sized enterprises.
While I don’t suppose Donald Trump is reading this column, he is a rare example of a hands-on / gloves off boss. He may not have the depth of detail that some possess, but he has an equal, if not greater involvement with his generals. The Trump organisation is a great example of how a power pyramid should look, and the top block knows that if his base isn’t stable, the whole thing may not necessarily come crumbling down, but it will certainly put extra pressure on the rest. In his own words, “It’s always interesting to watch people who have been incredibly successful in their own businesses work in a group made up of equally strong personalities. It takes a special kind of leader who can effectively manage a team of veritable strangers and find the best way to get strong, winning performances from them.”
With more than two decades’ of leadership and hands-on experience in business banking, branch banking, customer segmentation, product development and customer treatment strategies, Steve knows his industry and his clients.
As most of us operate in a smaller circle, it is much easier to be involved with both the larger and the smaller picture. We can ensure that the service we provide is the standard we expect and if it isn’t, we can soon identify and address those issues that are letting us down. In our own way, we have a much greater opportunity than Trump for quality control and business development.
www.gulf-finance.ae | +971 4 405 0000 | info@gulf-finance.ae
Active in the Dubai based British Business Group, Steve is a former Director of Business Development for the association. He also is a Director for a Dubaibased venture capital firm and recently studied finance and accounting at the Executive Education department of the Stanford Graduate School of Business in California.
Consider it done.
Essentials
Essentials Culture
THE BEST OF LEISURE AND LIFESTYLE
A Hot Tradition CORBIS
Roasting inside a charcoal kiln has become a craze in South Korea, but it has its roots in local tradition, much like the sauna in Finland.
December 2010
South Koreans have rediscovered the tradition of baking inside charcoal-making kilns at a temperature of around 138째C. They believe it is therapeutic and has health benefits, reports Choe Sang-hun.
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Culture
© 2010 NEW YORK TIMES NEWS SERVICE
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Essentials Culture
The Gangwon Oak Charcoal facility is situated close to the town of Hoengseong, 90 kilometres east of Seoul.
The charcoal kilns reach temperatures of 1,400°C. By the time people use them as a sauna temperatures still hover around 138°C.
Relaxing in a hot charcoal kiln has become the latest craze in South Korea. Urban spas, called Jjimjilbang, revived the memories of traditional kiln heat baths.
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December 2010
: ]^\Z]^ Z`h% L^h lZb]% a^ [^`Zg l^^bg`
67
Essentials
Culture
“There are now about 150 charcoal kiln complexes around South Korea, many of which have also made their kilns available for heat baths. There are another 150 complexes whose kilns are used exclusively for heat baths.”
nk[Zg k^lmZnkZgml mnkg^] mh \aZk\hZe _hk `kbeebg`' L^h \aZk`^l Z[hnm 2 i^k \nlmhf^k _hk Z l^llbhg bglb]^ ma^ dbeg' : mhp^e Zg] ehhl^ \hmmhg \ehma^l Zk^ ikhob]^]' ?hk Z pabe^% lZb] L^h Chg`&phg% ,0% L^hÍl lhg Zg] ma^ fZgZ`^k h_ ma^ \hfie^q% Êp^ p^k^ fZdbg` fhk^ fhg^r _khf i^hie^ lbmmbg` bg hnk dbegl maZg _khf l^eebg` \aZk\hZe'Ë ;^mp^^g +))+ Zg] +))-% L^hÍl \hfie^q hi^g^] Zl fZgr Zl lbq h_ bml ,1 dbegl ^Z\a ]Zr _hk a^Zm [Zmal% Z\\^imbg` ni mh -.) i^hie^ ]Zber' Ghp ma^bk a^Zm [Zma [nlbg^ll aZl ]khii^] mh Z[hnm hg^&m^gma h_ maZm% maZgdl mh Z lnk`^ h_ \hfi^mbmbhg% Zg] fhlm h_ ma^bk k^o^gn^ Z`Zbg \hf^l _khf \aZk\hZe ikh]n\mbhg' Ma^k^ Zk^ ghp Z[hnm *.) \aZk\hZe dbeg \hfie^q^l Zkhng] Lhnma Dhk^Z% fZgr h_ pab\a aZo^ Zelh fZ]^ ma^bk dbegl ZoZbeZ[e^ _hk a^Zm [Zmal% lZb] L^hÍl lhg' Ma^k^ Zk^ Zghma^k *.) \hfie^q^l pahl^ dbegl Zk^ nl^] ^q\enlbo^er _hk a^Zm [Zmal% a^ lZb]' Bg +))0% ma^ Dhk^Z <hglnf^k :`^g\r%
CORBIS
68
The demand for charcoal has risen in the last decade as eating food cooked over coals has become trendy again.
A worker fills a kiln with oak timber at Gangwon Oak Charcoal. The company makes a tenth of its revenue from people paying $9 for a kiln heat bath. Portfolio
70
Essentials
Culture
ma^ `ho^kgf^gmÍl fZbg \hglnf^k kb`aml pZm\a]h`% \hg]n\m^] Z lZfie^ lnko^r h_ dbegl Zg] _hng] maZm ma^bk Zo^kZ`^ Zbk m^fi^kZmnk^ ^q\^^]^] *,1 <% pbma ma^ pZeel `^mmbg` ^o^g ahmm^k' Ma^ Z`^g\r \Znmbhg^] \hglnf^kl Z`Zbglm ldbg [nkgl Zg] k^ihkm^] Z _^p \Zl^l h_ dbeg nl^kl ahlibmZebl^] [^\Znl^ h_ ihhk Zbk \bk\neZmbhg' IZkm h_ ma^ dbeglÍ ihineZkbmr lm^fl _khf Dhk^Zg [^eb^_l bg ma^ ma^kZi^nmb\ ikhi^kmb^l h_ \aZk\hZe Zg] \eZr' Bg ma^ iZlm% pa^g phf^g `Zo^ [bkma% _Zfbeb^l phne] aZg` enfil h_ \aZk\hZe _khf ma^bk `Zm^l mh _^g] h__ ^obe libkbml' Dhk^Zgl Zelh nl^] mh le^^i hg a^Zm^] \eZr _ehhkl' Mh]Zr% ahnl^pbo^l h_m^g d^^i ib^\^l h_ \aZk\hZe bg ma^bk ebobg` khhfl mh Z[lhk[ lf^eel Zg] inkb_r ma^ Zbk' Bg L^hÍl \hfie^q% lhf^ mhnkblml \hf^ mh `Zs^ Zm ma^ \aZk\hZe `ehpbg` bg dbegl Zm gb`am% [^eb^obg` mabl \e^Zgl^l ma^bk fbg]l' ÊRhn _b`am a^Zm pbma a^Zm%Ë RZg` lZb]% ^qieZbgbg` par la^ Zg] hma^k Dhk^Zgl ebd^] mh lp^Zm bg Z dbeg ]nkbg` ma^ fhlm lp^em^kbg` ]Zrl h_ lnff^k' Ê:g] bg pbgm^k% ghmabg` i^kdl rhn ni [^mm^k maZg
Oak logs stay in the kiln for a week to create charcoal. Then the kilns are allowed to cool for two days before the cycle starts again.
“Today, housewives often keep pieces of charcoal in their living rooms to absorb smells and purify the air. In Seo’s complex, some tourists come to gaze at the charcoal glowing in kilns at night, believing this cleanses their minds.”
pZedbg` hnm h_ ma^ dbeg bgmh ma^ \he]% lghpr Zbk hnmlb]^'Ë EBF ARNG&H% -)% pah nl^] mh hpg Zg bg]nlmkbZe pZlm^ mk^Zmf^gm _Z\mhkr% lZb] a^ _bklm oblbm^] L^hÍl dbegl mabl r^Zk Z_m^k ]h\mhkl _Zbe^] mh a^Ze Z \akhgb\ ldbg Zbef^gm' Ma^ \hg]bmbhg aZl ghp \e^Zk^] ni% Zg] Ebf bl phkdbg` iZkm mbf^ Zm ma^ dbegl mh a^ei iZr _hk abl ehg` lmZr' ÊLhf^ Zkmakbmbl Zg] \Zg\^k iZmb^gml k^gm khhfl Zkhng] a^k^ Zg] iZmkhgbl^ ma^ dbegl _hk fhgmal%Ë a^ lZb]' ÊP^ [^eb^o^ maZm ma^ a^Zm bg ma^ dbegl lp^Zml ma^ mhqbgl hnm h_ hnk [h]b^l'Ë Lhf^ h_ L^hÍl g^p \hfi^mbmhkl [hZlm lahp^kl Zg] p^ee&m^g]^] `Zk]^gl Zkhng] ma^bk dbegl' :emahn`a a^ Zg] abl \hee^Z`n^l aZo^ hi^g^] Z k^lmZnkZgm li^\bZeblbg` bg \aZk\hZe&`kbee^] ]bla^l% abl \hfie^q aZl _^p ln\a Zf^gbmb^l' Ma^ khh_l ho^k ma^ dbegl Zk^ \hZm^] pbma lhhm' Bg ma^ rZk]% Z ]^\k^ibm mkn\d \k^Zd^] ng]^k bml ehZ] h_ hZd' ÊP^ aZo^gÍm _hk`hmm^g pah p^ Zk^%Ë L^h lZb]' ÊP^Ík^ hi^kZmbg` dbegl% ghm Z liZ'Ë ■
A family rests after a session in a kiln. Koreans have a strong belief in the therapeutic powers of charcoal and clay. Portfolio
Essentials
72
Art
Sticks and Stones – and Art Patrick Dougherty has made a name for himself by sculpting tree saplings into anything his imagination comes up with. But his first and only lasting project is his home, reports Penelope Green.
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maZm k^l^f[e^ mnf[e^p^^]l hk `nlml h_ pbg]% ebd^l mh lZr maZm abl _bklm Zkmphkd pZl abl ahnl^' ;nbem _khf he] [Zkg mbf[^k% _Zee^g mk^^l Zg] kh\dl a^ ]n` _khf ma^ `khng] bg <aZi^e Abee% Ghkma <ZkhebgZ% mabl kZg`r eh` obeeZ lmZkm^] h__ Zl Z hg^& khhf \Z[bg Zg] bl abl hger i^kfZg^gm phkd !fhlm h_ abl bglmZeeZmbhgl [k^Zd ]hpg Z_m^k Z r^Zk hk mph bg ma^ pbe]"' A^ pZl +1 Zg] bg ma^ :bk ?hk\^% phkdbg` bg ahlibmZe Zg] a^Zema Z]fbgblmkZmbhg% pa^g a^ [hn`am mabl _hnk&a^\mZk^ Ê_Zkf^mm^%Ë Zl a^ inm bm% _hk *)%)))' ÊB aZ] ]^\b]^] B pZl dbg] h_ Z eh`&\Z[bg _khgmb^k i^klhg%Ë lZb] =hn`a^kmr% pah bl ghp /.% Zg] Zg ^[neeb^gm Zg] kZib] li^Zd^k pahl^ l^gm^g\^l ng_nke Zg] \hbe Zkhng] hg^ Zghma^k ebd^ obg^l' ÊFr ]k^Zf pZl mh [nbe] Z ahnl^' B ]b]gÍm k^Zebl^ fr k^Ze ]k^Zf% fr ln[\nkk^gm% pZl mh [^\hf^ Z l\neimhk'Ë :m ma^ mbf^% a^ pZl Zelh Z ahnl^& anl[Zg]% a^ lZb]% pbma Z rhng` lhg Zg] Z ]Zn`am^k% Zg] pZl phkdbg` abl pZr Zehg^ makhn`a ma^ [nbe]bg` ikh\^ll' ?bk^] ni [r ma^ ?hq_bk^ [hhdl% ma^ ahp&mh `nb]^l _hk ma^ Í0)l&^kZ [Z\d&mh&ma^&eZg] fho^f^gm%
© 2010 NEW YORK TIMES NEWS SERVICE
a^ phne] ihk^ ho^k ma^ iZ`^l% ikZ\mb\bg` ]ho^mZbel ngmbe a^ pZl ibm\a&i^k_^\m' :m ,/% a^ p^gm [Z\d mh l\ahhe% lmkZb`am bgmh ma^ `kZ]nZm^ Zkm ikh`kZff^ Zm ma^ Patrick Dougherty taught himself the necessary skills to build his own home in Chapel Hill, North Carolina. The experience motivated him to study art and start his career as a sculptor.
Ngbo^klbmr h_ Ghkma <ZkhebgZ% *) fbgnm^l ZpZr' Abl _bklm lmb\d phkd% Z fZg&lbs^ mZg`e^ h_ lZiebg`l fZ]^ hg Z ib\gb\ mZ[e^ Zm ahf^% lmZkme^] abl ikh_^llhkl% a^ lZb]' Portfolio
Essentials Art
Dougherty’s first sculpture class assignment has pride of place at his home. Since then he has made more than 200 pieces for sites all around the world.
^gmanlbZlmb\ HnmpZk] ;hng] e^Z]^k' ÊBmÍl Z ikh[e^f&lheobg` ^o^gm% Zg] ikh[e^fl Zkbl^ ^o^kr ]Zr%Ë a^ lZb]' ÊRhn aZo^ mh [^ _e^qb[e^' B ebd^ phkdbg` pbma lmb\dl% [nm bmÍl k^Zeer Zg ^q\nl^ mh aZo^ ma^l^ ^qi^kb^g\^l' Hg^ bl mh [^ [Z] Zg] ieZr hnm lhf^ dbg] h_ lmb\d mabg` bg Z in[eb\ ieZ\^% Zg] Zghma^k bl mabl an`^ hnmihnkbg` _khf i^hie^ pah ]hgÍm dghp rhn Zg] pZed ni mh rhn Zg] lZr% ÌPaZm bl mabl8ÍË Ma^ [hhd \akhgb\e^l =hn`a^kmrÍl hnminm h_ gbg^ phkdl Z r^Zk% ^o^kr r^Zk' PaZm Patrick Dougherty with his wife Linda, who is the chief curator at the North Carolina Museum of Art. They met when Linda asked him to participate in a show.
bm ]h^lgÍm k^o^Ze Zk^ ma^ pZrl bg pab\a =hn`a^kmr Zg] abl _Zfber \hi^ pbma abl ngk^e^gmbg` l\a^]ne^% Zg] ahp Z lbfie^ ahnl^ \Zg [^ Z lmZ`bg` `khng] _hk Z \Zk^^k'
Ma^r mahn`am Êbm pZl mhh \hfie^m^ _hk
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December 2010
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74
Essentials
Art
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“There is always a story, because each piece takes at least three weeks to make, blooms before a rapt and sometimes fractious audience, and depends on the efforts of a fresh team of volunteers new to stickwork, over which Dougherty presides like an enthusiastic Outward Bound leader.” eZla^] mh ma^ lmk^^m eb`aml' ÊMa^ `nrl
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mnkg hg ma^ ohenf^' B _^^e ebd^ B aZo^ mh
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kng iZkZee^e mh ma^f _hk Z \hnie^ h_ ahnkl [^_hk^ ma^ ik^llnk^l k^Z]cnlm'Ë ■
The installation ‘Natural History’ was exhibited in August at the Brooklyn Botanic Garden in New York. Dougherty does nine works annually and most of them break down after a year or two in the wild. Portfolio
Essentials
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Cuisine
The Loft Project, a pop-up restaurant in East London, is a showcase for a new generation of chefs such as Rob Martin (left) and Ivo Galvaoin.
Pop-up Cuisine London’s pop-up restaurants give rising chefs the opportunity to star, while diners get a culinary adventure, reports Oliver Strand.
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© 2010 NEW YORK TIMES NEWS SERVICE
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WhizzBangPop presents four course dinners for £45. Emily O'Hare, one of its three founders, believes that the emotional connection with the patrons is all important in a pop-up restaurant. December 2010
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Essentials
Cuisine
The Dock Kitchen started as a pop-up restaurant in the Ladbroke Grove studio of furniture designer Tom Dixon. Today, it is a fully operational restaurant.
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BmÍl ^fhmbhgZe'Ë ■ Portfolio
Essentials
80
Technology
Intelligent Cars :
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Google has been testing cars intelligence software. Although their deployment is still years
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Google’s Prius can drive itself thanks to an array of sensors that are linked to artificial-intelligence software.
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December 2010
82
Essentials
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The computer in the back analyses all the data received from the sensors. It also uses GPS and Google maps to plot routes. The driver is alerted if there is a software or hardware problem.
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83
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The Google cars have driven 1,609 kilometres without human intervention and more than 225,308 kilometres with only occasional human control. However, implementing this technology poses many legal challenges.
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Essentials
84
Health
USE IT OR LOSE IT? Could it be that early retirement is linked to memory decline? A recent study suggests there is a relationship, reports Gina Kolata.
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© 2010 NEW YORK TIMES NEWS SERVICE
PHOTOS: GETTY IMAGES
lh ma^ ]ZmZ phne] [^ \hfiZkZ[e^ Zfhg` \hngmkb^l' Ghp% Pbeebl lZb]% CZiZg Zg] Lhnma Dhk^Z aZo^ [^`ng Z]fbgblm^kbg` ma^ lnko^r mh ma^bk ihineZmbhgl' <abgZ bl ieZggbg` mh lmZkm ]hbg` Z lnko^r g^qm r^Zk' :g] Bg]bZ Zg] l^o^kZe \hngmkb^l bg EZmbg :f^kb\Z Zk^ lmZkmbg` ik^ebfbgZkr phkd hg ma^bk hpg lnko^rl' ÊMabl bl Z g^p ZiikhZ\a maZm bl hger ihllb[e^ [^\Znl^ h_ Retired people as a group tend to do less well on cognitive tests than their peers who are still working. But the exact reason for that difference is still unclear.
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Research has failed to prove that mastering things such as crossword puzzles or games like Sudoku have an effect on real life cognitive ability.
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\hngmkb^l [^lb]^l k^mbk^f^gm Z`^l' Ma^
_heehp^] ni'Ë ■
December 2010
85
86
Essentials
Test Drive
100% Porsche
Forget the previous generation, the new Cayenne S delivers on everything the Porsche badge stands for and more, reports Guido Duken.
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The second-generation Cayenne keeps the classic Porsche front, but the rear is completely new.
Portfolio
87
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The rear of the Cayenne S takes design cues from the Panamera with its wider, curving tail lights. Although larger, the new Cayenne S actually looks sportier and sleeker than its predecessor.
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Gone is the old interior. The new dashboard layout is inspired by the Panamera, adding a real touch of functional class. December 2010
\^gm Ihkl\a^' Ma^ \kbmb\l% bg\en]bg` f^% aZo^ [^^g lbe^g\^]' ■
88
Essentials
Other Business
LIBERAL GENE A new study has concluded that
The study, which appears in the latest
ideology is not just a social thing; it’s
edition of The Journal of Politics,
built into the DNA, borne along by a
focused on 2,000 subjects from The
gene called DRD4. Tagged ‘the
National Longitudinal Study of
liberal gene’, DRD4 is the first
Adolescent Health. By matching
specific bit of human DNA that
genetic information with maps of
predisposes people to certain
each individual’s social network, the
political views.
researchers were able to show that
And the key to it all: Liberals are
people with a specific variant of the
more open, said lead researcher
DRD4 gene were more likely to be
James Fowler, a professor of both
liberal as adults – though only if they
medical genetics and political
had an active adolescent social life.
science at the University of California, San Diego.
trait that can be inherited has
Top-earning Deceased Celebrity
potentially been with the human
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“Ideology is about 40 per cent heritable. It’s almost half genes and half environment,” according to Fowler. What’s more, he said, any
race for a long time, meaning political ideology has been a part of us for tens of millions of years.
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Vending Machine Art
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Por tfolio
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