Portfolio
Issue 69 ■ September 2011
Exclusive to Emirates First Class and Business Class
ARCTIC OIL RUSH
Exploring the North
BLACK SWAN FUNDS
Insuring Your Portfolio
THE DIGITAL RIVER
Saving China’s Water
Wadah Khanfar Building a Media Brand
emirates.com
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This issue September 2011
Portfolio
11
Exclusive to Emirates First Class and Business Class
Cover Story 32 Game Changer
COVER PHOTO: REX FEATURES
PZ]Za DaZg_Zk% ma^ ]bk^\mhk `^g^kZe h_ :e CZs^^kZ% aZl `khpg ma^ \hfiZgr _khf Z lbg`e^ \aZgg^e mh Z f^]bZ g^mphkd pbma fnembie^ ikhi^kmb^l bg\en]bg` ma^ :e CZs^^kZ :kZ[b\ \aZgg^e Zg] :e CZs^^kZ >g`ebla' A^Íl Zelh fZgZ`^] mh bgm^`kZm^ lh\bZe f^]bZ bg Z pZr maZm _^p hma^k \aZgg^el aZo^% hi^gbg` ma^ ]hhk _hk ma^ Z\\eZbf^] k^ihkmbg` hg ma^ :kZ[ Likbg`'
Features 38 The Fading Dream
58 Outsourcing Firms Create US Jobs
Homeownership is entrenched in British culture, but larger
The US legal profession has gone through hard times
deposits and tighter credit mean that many young people
thanks to the economic climate and the move to offshore
are forced to live as ‘generation rent’.
outsourcing. But now outsourcing jobs are returning to
42 American Icon Harley-Davidson motorcycles are an extension of the
American shores.
50
American dream that resonates globally. Mark-Hans Richer, the Senior Vice President and Chief Marketing Officer of the Harley-Davidson Motor Company, outlines the road ahead.
46 The Reign of Plastic The American Treasury seems to be printing less dollars every year. Does that mean the end of cash is nigh?
50 Arctic Oil Rush Oil companies and governments are looking north to the Arctic as prices rise and energy security fears grow. But the harsh conditions make drilling difficult, and environmental groups are warning of a potential disaster.
54 Preparing for End Times Investors have seen two market crashes in the past decade and they’re now looking for protection. That’s what black swan funds and tail risk funds offer.
46
Portfolio
12
Exclusive to Emirates First Class and Business Class
Essentials 61 Call of the Sea The Danes have always been seafaring people, as is evident from their Viking ancestors who roamed far and wide. That’s why no visit to the country is complete without engaging in its maritime past.
66 An Artistic Metaphor The uniting of two halves of a painting is illustrative of the improving relations between China and Taiwan. Yet it also highlights a turbulent past and the many issues that still need resolving.
70 Innovative Grilling
70
The humble backyard barbecue has been elevated into a culinary art form by daring chefs around the world.
74 Robots More Like Us Simple human tasks that require motion and perception are incredibly challenging for robots. The race is now on to develop better and cheaper robot arms and hands.
78 Managing the Yellow River Its digital management system is a ‘wonder’, but with communities battling over water use there’s a long way to go before China’s second-largest river is off life-support.
82 Italian Chocolate
74
Pasta is more readily associated with Italy than chocolate,
Departments
but local artisans have a long and rich tradition that challenges the world’s best
15 Notebook World business in a nutshell.
It boasts all the luxury and ride refinement that you expect
21 Observer
from a Jaguar, but the XJL Supersport also delivers serious
Spotting and analysing business trends.
28 Column: Patrick Collinson Don’t bank on smartphones.
Published for Emirates by
PO Box 2331, Dubai, UAE. Telephone: (+971 4) 2824060, fax:(+971 4) 2824436, e-mail: emirates@motivate.ae
86 Crouching Jaguar, Hidden Tiger performance, tight handling and lots of driving fun.
88 Other Business Portfolio takes a light-hearted look at the latest business news.
Editor-in-Chief Obaid Humaid Al Tayer Group Editor & Managing Partner Ian Fairservice Group Senior Editor Gina Johnson Senior Editor Guido Duken Editorial Assistant Hilda D’Souza Art Director Tarak Parekh Junior Designer Roui Francisco Senior Production Manager S Sunil Kumar Production Manager C Sudhakar Senior Advertisement Manager Jaya Balakrishnan Email: jaya@motivate.ae General Manager – Group Sales Anthony Milne Email: anthony@ motivate.ae Business Development Manager Nicola Hudson Advertisement Manager Rameshwar Nepali INTERNATIONAL MEDIA REPRESENTATIVES AUSTRALIA/NEW ZEALAND Okeeffe Media; Tel + 61 89 447 2734, okeeffekev@bigpond.com.au BENELUX M.P.S. Benelux; Tel +322 720 9799, Fax +322 725 1522, francesco.sutton@mps-adv.com CHINA Publicitas Advertising; Tel +86 10 5879 5885 FRANCE Intermedia Europe Ltd; Tel +33 15 534 9550, Fax +33 15 534 9549, administration@intermedia.europe.com GERMANY IMV Internationale Medien Vermarktung GmbH; Tel +49 8151 550 8959, Fax +49 8151 550 9180, w.jaeger@imvmedia.com HONG KONG/MALAYSIA/THAILAND Sonney Media Networks; Tel +852 27 230 373, Fax +852 27 391 815, hemant@sonneymedia.com INDIA Media Star; Tel +91 22 4220 2103, Fax +91 22 2283 9619, ravi@mediastar.co.in ITALY IMM Italia; Tel +39 023 653 4433, Fax +39 029 998 1376, lucia.colucci@fastwebnet.it JAPAN Skynet Media, Inc.; Tel/Fax +81 43 278 6977, skynetmedia@y2.dion.ne.jp NETHERLANDS GIO Media; Tel +31 6 2223 8420, giovanni@gio-media.nl SOUTH AFRICA International Media Representatives; Tel +27 11 234 9875, gisela@imrsa.co.za SPAIN IMM International; Tel +331 40 1300 30, n.devos@imm-international.com TURKEY Media Ltd.; Tel +90 212 275 51 52, mediamarketingtr@medialtd.com.tr UK Spafax Inflight Media; Tel +44 207 906 2001, Fax +44 207 906 2022, nhopkins@ spafax.com USA Totem Brand Stories; Tel +212 896 3846, Fax +212 896 3848, brigitte.baron@totembrandstories.com
Emirates takes care to ensure that all facts published herein are correct. In the event of any inaccuracy, please contact The Editor. Any opinion expressed is the honest belief of the author based on all available facts. Comments and facts should not be relied upon by the reader in taking commercial, legal, financial or other decisions. Articles are by their nature general, and specialist advice should always be consulted before any actions are taken.
Printed by Emirates Printing Press, Dubai, UAE
Portfolio
Notebook
15
BUSINESS NEWS IN BRIEF
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[beebhg bl g^^]^]% ma^ [Zgd lZb]'
ma^ ebo^l h_ fhk^ maZg *+ fbeebhg i^hie^' GRAPHEAST
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September 2011
Ma^ Phke] ;Zgd ab`aeb`am^] oheZmbebmr
ÊBg_eZmbhg bg ma^l^ \hngmkb^l bl ^qi^\m^] mh fh]^kZm^ bg ma^ g^Zk _nmnk^ Zl eh\Ze lniier bfikho^l Zg] Zllnfbg` fhg^mZkr iheb\r
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oneg^kZ[bebmb^l%Ë ma^ [Zgd lZb]' ■
Notebook
16
SHARES ON SALE
Numbers Game
Pabe^ fhlm bgo^lmhkl p^k^ _e^^bg` fZkd^ml% PZkk^g ;n__^mmÍl ;^kdlabk^ AZmaZpZr nl^] ma^ ehp ikb\^l mh [nbe] bml ^jnbmr ahe]bg`l% ^li^\bZeer bg P^eel ?Zk`h <h' Ma^ [beebhgZbk^
3
kilometres is the length of
bgo^lmhk lZb] ma^ fZkd^m ]^\ebg^
the HAMAD that has been
pZl Zg hiihkmngbmr _hk [nrbg` lmh\dl Êhg lZe^Ë'
etched in the sands of Al Futaisi
;n__^mmÍl _bkf Z]]^] 2'0
Island, which is owned by UAE
fbeebhg laZk^l h_ P^eel ?Zk`h
billionaire Sheikh Hamad Bin
<h% ma^ [b``^lm NL ahf^ e^g]^k'
Hamdan. The sheikh’s other purchases include a $2.4 million Bugatti as well as the world’s largest truck, which is 64 times the size of the original and has an entire apartment inside.
$42
million in endorsement
contracts was bagged by Li Na,
$1,700
for an ounce of gold was exceeded for the first time as ratings agency Standard & Poor stripped the US of its triple-A credit status. Worried investors shunned equities to pursue the yellow metal after pledges from the G7 countries and the European Central Bank failed to allay concerns.
The World In Figures
Mabl [hhlm^] ma^ ahe]bg` [r +'1 i^k \^gm' ;^kdlabk^ Z\\^e^kZm^] ink\aZl^l hg :n`nlm 1 Zl ma^ LmZg]Zk] IhhkÍl .)) Bg]^q ieng`^] /'0 i^k \^gm% bml lm^^i^lm ]^\ebg^ lbg\^ =^\^f[^k +))1'
$400
is the cost of a nine-
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course gourmet meal at a glitzy
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Harrods venue in London.
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to win a major tennis title. This
burgeoning car market. The
Thomas Keller, the US chef
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is set to make her the world’s
new factory, in the western state
who holds seven Michelin
mZd^ho^kl Zl g^Zk&k^\hk] ehp
second-highest earning female
of Gujarat, will employ around
stars, plans to create a pop-up
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athlete after Maria Sharapova.
5,000 workers and will be the
version of his French Laundry
_bq^] bg\hf^' ;Zgdl% _Z\bg`
firm’s second in the country.
restaurant at the 10-day
mb`am^k k^`neZmbhg% \Zg Êlmbee [^
event, starting October 1.
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the first Chinese tennis player
$1
billion will be spent by
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US auto giant Ford on
a plant in India in a bid to ramp up production to exploit India’s
$439
million aquatics
?Zk`h% pab\a \hngml ;^kdlabk^
centre
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designed by renowned
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Iraqi-architect Zaha
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Hadid is ready for
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the London 2012
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Olympic Games. It’s the first London landmark in the portfolio
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of the Pritzker Architecture
ink\aZl^l \Zf^ Zm ma^ [ZgdÍl
prize-winning architect who’s
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been residing in London for
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the past four decades.
laZk^' Portfolio
Notebook NO DOWNGRADE FOR US On August 5 Standard & Poor cut its US credit rating to AA+
of 3.77 per cent. However, Fitch has warned
from AAA, saying lawmakers
the US may be placed on
failed to cut spending enough
negative outlook, indicating
to reduce record deficits.
more than a 50 per cent
However, other rating
probability the nation will be
agencies have not followed
downgraded in the next two
suit. Fitch Ratings affirmed its
years, should weaker than
AAA credit rating for the United
estimated economic growth
States and said the outlook is
or a failure by a congressional
stable, citing the nation’s central
committee to enact $1.2
role in the global financial system
trillion in budget cuts spur
and its flexible, diverse economy.
projected debt levels to rise
Moody’s Investors Service also
more than estimated.
affirmed its top US ranking.
Marketable US government
Since S&P downgraded
debt outstanding has risen to
averaging $139.7 billion from
owned federal debt will
1998 through 2001 to a deficit
stabilise at 85 per cent of gross
of $1.29 trillion last year.
domestic product and gross
That has not raised the
government debt at 105 per
the United States, the yield on
$9.4 trillion from $4.34 trillion in
the 10-year Treasury note, a
mid-2007 as the government
country’s borrowing costs,
cent, higher than any other
benchmark for everything from
borrowed to bail out the
however. Average debt yields
AAA-ranked sovereign entity
mortgages to car loans, has
banking system and lift the
of 1.5 per cent in July compare
and “at the limit’’ of debt that
declined to as low as 2.03
economy out of recession. The
with 6.54 per cent in 2000.
would be “consistent’’ with a
per cent from a high this year
US went from budget surpluses
Fitch forecasts publicly
top credit grade.
Challenge for RIM K^l^Zk\a Bg Fhmbhg% fZd^k h_ ma^ ;eZ\d;^kkr lfZkmiahg^ Zg] IeZr;hhd mZ[e^m \hfinm^k% fZr aZo^ ma^ fhlm mh ehl^ _khf @hh`e^Íl ]^Ze mh Z\jnbk^ FhmhkheZ Fh[bebmr Ahe]bg`l' @hh`e^Íl ikhihl^] *+'. [beebhg Z\jnblbmbhg phne] e^Zo^ KBF Z lfZee^k ieZr^k k^eZmbo^ mh kboZel% pab\a fZr _hk\^ bm mh lmkbd^ Zg ZeebZg\^ pbma Zghma^k \hfiZgr hk l^ee bml^e_ mh k^fZbg \hfi^mbmbo^' Pbma @hh`e^Íl \Zla Zg] lh_mpZk^ ^qi^kmbl^ FhmhkheZ fZr ik^l^gm Z ]bk^\m \aZee^g`^ mh KBF bg bml mkZ]bmbhgZe lmkhg`ahe] È ma^ \hkihkZm^ fZkd^m' :ek^Z]r ehlbg` fZkd^m laZk^ bg lfZkmiahg^l% KBF bl l^^bg` l^o^kZe \hfi^mbmhkl [^rhg] @hh`e^ Zg] FhmhkheZ `Zbg l\Ze^ Zg] ^qi^kmbl^' Bg ?^[knZkr% fh[be^&iahg^ fZd^k GhdbZ Hrc lmkn\d Z lmkZm^`b\ iZkmg^klabi pbma Fb\khlh_m' EZlm r^Zk% A^pe^mm&IZ\dZk]% ma^ phke]Íl eZk`^lm \hfinm^k \hfiZgr% [hn`am aZg]l^m fZd^k IZef' KBF bl ehlbg` fZkd^m laZk^ Zl \hglnf^kl mnkg mh fh[be^ iahg^l maZm \Zg kng `Zf^l% lnk_ ma^ p^[ Zg] aZg]e^ hma^k \hfinmbg`
:g]khb] [^\Zf^ ma^ phke]Íl e^Z]bg` fh[be^&iahg^ hi^kZmbg`
mZldl' Ma^ \hfiZgrÍl laZk^ h_ ma^ `eh[Ze lfZkmiahg^ fZkd^m _^ee
lrlm^f ho^k ma^ lZf^ i^kbh]% kblbg` mh -, i^k \^gm h_ ma^ fZkd^m'
mh *+ i^k \^gm bg ma^ l^\hg] jnZkm^k% _khf *2 i^k \^gm Z r^Zk ^Zkeb^k'
:iie^ \ebf[^] mh *1 i^k \^gm% _khf *- i^k \^gm Z r^Zk ^Zkeb^k'
September 2011
17
18
Notebook DUBAI EVENT NAME: SMART AIRPORTS WORLD MENA 2011 WEBSITE: TERRAPINN.COM/2011/SMART-AIRPORTS-WORLD-MENA DATE: 26-28 SEPTEMBER, 2011 VENUE: PARK HYATT, DUBAI Ma^ LfZkm :bkihkml Phke] bgm^kgZmbhgZe \hg_^k^g\^ _h\nl^l hg mZdbg` ma^ Zbkihkm bg]nlmkr Z\khll ma^ F>G: k^`bhg mh g^p e^o^el bg lmkZm^`blbg`% ieZggbg` Zg] ]^o^ehibg` lfZkm Zbkihkml' Ma^ ^o^gm \hf[bg^l mhib\Ze blln^l Zg] i^kli^\mbo^l _khf bg]nlmkr enfbgZkb^l pbma lahp\Zlbg` bgghoZmbo^ bg]nlmkr lhenmbhgl' :li^\ml ln\a Zl k^ohenmbhgblbg` Zbkihkm Zk\abm^\mnk^% \hlm Zg] hi^kZmbhgZe ^__b\b^g\r% Zg] ehg` m^kf ikh_bmZ[bebmr mh lniihkm ma^ kZib] `khpma h_ Zbk mkZo^e Zk^ \^gmkZe ma^f^l' =n[Zb Bgm^kgZmbhgZe :bkihkm% ;ZakZbg :bkihkm <hfiZgr Zg] Dbg` ?Za] Bgm^kgZmbhgZe :bkihkm Zk^ lhf^ h_ ma^ e^Z]bg` \hg_^k^g\^ iZkmb\biZgml'
EVENT NAME: Light Middle East WEBSITE: lightme.net DATE: 12-14 SEPTEMBER, 2011 VENUE: Dubai International Convention and Exhibition Centre EVENT NAME: Domotex Middle East and R&T 2011 WEBSITE: domotex-middle-east.com DATE: 12-14 September, 2011 VENUE: Dubai International Convention and Exhibition Centre
RAS AL KHAIMAH AJMAN UMM AL SHARJAH QUAWAIN ABU DHABI
DUBAI FUJAIRAH
United Arab Emirates
EVENT NAME: 3rd Annual Aviation Security 2011 WEBSITE: aviationsecurityme.com DATE: 18-21 September, 2011 VENUE: Grand Millennium Hotel, Dubai EVENT NAME: Materials Handling Middle East WEBSITE: materials-handling-dubai.com DATE: 25-27, September, 2011 VENUE: Dubai International Convention and Exhibition Centre EVENT NAME: 19th Annual Middle East Petroleum & Gas Conference WEBSITE: cconnection.org DATE: 2-4 October, 2011 VENUE: Mina A’Salam, Madinat Jumeirah, Dubai EVENT NAME: GITEX Shopper 2011 WEBSITE: gitexshopperdubai.com DATE: 8-15 October, 2011 VENUE: Airport Expo, Dubai EVENT NAME: International Bar Association Annual Conference WEBSITE: int-bar.org/conferences/Dubai2011 DATE: 30 October–4 November, 2011 VENUE: Dubai International Convention & Exhibition Centre, Dubai Portfolio
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Observer
21
BUSINESS NEWS IN BRIEF
Charged by the Kilometre The Netherlands has shelved a controversial programme that would have installed a metre in every car to impose a new tax based on mileage, fuel use and roads used. But the idea isn’t dead and is being considered in other countries, reports Elisabeth Rosenthal.
:
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f^mk^ lh maZm OZg =^]^f \hne] mZd^ iZkm
ikboZm^ o^ab\e^l' >o^g bg ^gobkhgf^gmZeer
bg Z mkbZe h_ Z \hgmkho^klbZe `ho^kgf^gm
\hgl\bhnl ieZ\^l ebd^ ma^ G^ma^keZg]l%
mZq ikhihlZe mh \aZk`^ ]kbo^kl Z _^^ _hk
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In the Netherlands trial the metre was hooked up to the internet wirelessly and to GPS. This approach raised privacy concerns and created public opposition.
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Observer
24
O N E 2 W AT C H
TEXT: HILDA D’SOUZA
TEXT: HILDA D’SOUZA
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Ian Narev
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The Commonwealth Bank of Australia, the country’s biggest bank, has named lawyer Ian Narev as the new chief executive with effect from November. Bank analysts and investors welcomed the announcement as succession plans had been underway for the past two and a half years. During that time Narev worked closely with the outgoing CEO, Ralf Norris, to ensure a smooth transition. Narev, who is 44 years old, has the full support of the board. Chairman David Turner said: “Ian is an extraordinary executive who has restructured and revitalised business. In private banking he has delivered double digit revenue and profit growth with significant efficiency gains. He is a proven and inclusive leader.” The bank’s stock rose 1.4 per cent as shareholders welcomed the news. Currently the Commonwealth Bank of Australia is aggressively looking for new growth opportunities in offshore banking and global asset management, particularly in Asia. Narev’s strong background
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in strategy and the experience gained with spearheading several
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of the bank’s acquisitions – including the $2 billion takeover bid of
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BankWest in 2008 – as well as having formerly led McKinsey & Co’s
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Asia strategy, will stand him in good stead.
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New Zealand-born Narev is clearly multi-talented. At the age of 12 he was a child star in the New Zealand television series
PHOTOS: GETTY IMAGES
The Volkswagen car storage unit at Wolfsburg, Germany. Growth in the Euro zone slowed to 0.2 per cent in the second quarter.
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Children of Fire Mountain. He grew up to pursue law, securing
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not one but two master degrees from Cambridge University
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in 1994 and New York University in 1998. His career began in
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the legal profession before moving into finance when he joined
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Commomwealth Bank in 2007.
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Value in Private Banking.
For us, private banking means respecting and protecting the real assets. Also yours: +971 4 428 82 00 or www.claridenleu.com Clariden Leu Asset Management (Dubai) Ltd., Dubai
S W I S S P R I V AT E B A N K I N G S I N C E 17 5 5
This information has been distributed by Clariden Leu Asset Management (Dubai) Limited. Related financial products or services are only available to professional clients which qualify as clients under the Dubai Financial Services Authority rules. Clariden Leu Asset Management (Dubai) Limited is duly licensed and regulated by the Dubai Financial Services Authority (DFSA).
Observer SOUTH AFRICANS SNAP UP PROPERTY The South African residential property market is showing a rise in the number of first time homebuyers, who now make up 15 per cent of the total. This is the highest level ever achieved for first time homebuyers in the past five years. In 2008, a boom time in property, only 15 per cent of buyers were first timers. The rise in this type of buyer has probably contributed to the average house price moving upwards, albeit slowly. It has now reached the point where at R803,751 ($112,000) the national average house price has broken through the R800,000 barrier An increase in the number of loans being granted by banks and the raising of the transfer duty tax exemption to homes sold for up to R600 000, has been a prime cause in the rise of first time buyers. Also encouraging this market are the lowest interest rates in 35 years and that real estate is now very well priced.
GETTY IMAGES
for the first time.
In South Africa the rise in first time homebuyers appears to be closely linked to the growth of the middle class.
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GRAPH EAST
26
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Observer The World
US Posts Good Figures
Top 10 WORLD’S HIGHEST-PAID FOOTBALLERS (MAY 2010-11) Estimated Net Worth ($ million)
Earnings ($ million)
1. 2. 3. 4. 5. 6. 7. 8. 8.
219 160 110 100 90 60 59 43 60
40 38 32 25 24 21 20 17 17
Los Angeles Galaxy Real Madrid Barcelona Real Madrid Flamengo New York Red Bulls Manchester United Chelsea AC Milan
40
15
Inter Milan
David Beckham Cristiano Ronaldo Lionel Messi Ricardo Kaka Ronaldinho Thierry Henry Wayne Rooney Frank Lampard Zlatan Ibrahimovic (tie)
10. Samuel Eto’o
Current Club
GETTY IMAGES
No. Name
AMERICA’S HIGHEST-PAID CEOS One-year total ($ million)
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Company
Age
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Stephen Hemsley
UnitedHealth Group
58
101.96
2.
Edward Mueller
Qwest Communications
64
65.80
3.
Robert Iger
Walt Disney
60
53.32
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George Paz
Express Scripts
56
51.52
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Lew Frankfort
Coach
65
49.45
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Polo Ralph Lauren
71
43.00
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John Martin
Gilead Sciences
59
42.72
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Anadarko Petroleum
57
38.94
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Cisco Systems
61
37.90
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Verizon Communications
64
36.75
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10. Ivan Seindenberg
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HOLLYWOOD’S HIGHEST-EARNING ACTORS No. Name 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Leonardo DiCaprio Johnny Depp Adam Sandler Will Smith Tom Hanks Ben Stiller Robert Downey Jr. Mark Wahlberg Tim Allen Tom Cruise
SOURCE: FORBES.COM
September 2011
Earnings ($ million) 77 50 40 36 35 34 31 28 22 22
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27
Commentary
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PATRICK COLLINSON
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Profile
32
GAME CHANGER Wadah Khanfar, the director general of Al Jazeera, has grown the company from a single channel to a media network with multiple properties including the Al Jazeera Arabic channel and Al Jazeera English. Heâ&#x20AC;&#x2122;s also managed to integrate social media in a way that few other channels have, opening the door for the acclaimed reporting on the Arab Spring, reports Nancy Cook.
Portfolio
GRAPH EAST
33
September 2011
Profile
34
“WE WERE STUNNED.” WADAH KHANFAR, THE DIRECTOR GENERAL OF AL JAZEERA, DID NOT EXPECT TO SPEND THE EVENING OF FEBRUARY 11TH SITTING WITH TWO COLLEAGUES IN HIS OFFICE IN DOHA, QATAR, WATCHING EGYPT’S VICE PRESIDENT OMAR SULEIMAN ANNOUNCE THAT PRESIDENT HOSNI MUBARAK WAS STEPPING DOWN. “IT WAS THE SHORTEST AND MOST IMPORTANT SPEECH IN ARAB HISTORY,” KHANFAR SAYS.
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35
The Al Jazeera newsroom. The network has received international recognition for its reporting on the Arab Spring.
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ABSENT FROM ALMOST EVERY MAJOR CABLE SYSTEM IN THE US, THE NETWORK HAS FOUND AN AUDIENCE ONLINE, DEFTLY LEVERAGING TWITTER TO DRIVE TRAFFIC TO THE AL JAZEERA ENGLISH WEBSITE. IT HAS BECOME THE THIRD-MOST-POPULAR NEWS OUTLET ON YOUTUBE.
36
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Former British Prime Minister Gordon Brown (L) walks with Wadah Khanfar (R), as he arrives to visit the newsroom of the pan-Arab satelite channel in the Qatari capital, Doha.
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Portfolio
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Sudanese Al Jazeera cameraman Sami al-Haj (2nd-L) cuts a cake with Wadah Khanfar (R) and its chairman Sheikh Hamad bin Thamer al-Thani (L).
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GRAPH EAST
AL JAZEERA HAS BEEN ABLE TO GET THESE IMAGES ON THE AIR IN A MEANINGFUL WAY BECAUSE THE ONLINE TEAM HAD ALREADY BUILT AN INTERNAL PLATFORM CALLED SHAREK (MEANING ‘PARTICIPATE’ OR ‘CONTRIBUTE’) THAT MADE IT EASY FOR VIEWERS TO SUBMIT CONTENT.
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September 2011
Profile
37
Housing
38
THE FADING DREAM Homeownership is entrenched in British culture, but larger deposits and tighter credit mean that many young people are forced to live as ‘generation rent’, reports Julia Werdigier. HK : E:K@> GNF;>K
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© 2011 NEW YORK TIMES NEWS SERVICE
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With tighter banking lending and higher rents, first-time buyers in Britain are finding it much harder to save money and purchase a home.
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Portfolio
39
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September 2011
Ê: `khpbg` gnf[^k h_ rhng` phne]& [^ [nr^kl Zk^ ik^iZkbg` _hk eb_^ehg`
Housing
40
Charlotte Ashton, who rents a house with four other people and is saving to buy one, left, at her birthday party at home in London.
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“Renters tend to be less involved in local communities because they are forced to move more often. And the economy as a whole may suffer because renters tend to curb spending to save for a deposit.”
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Hand-wound in-line movement, 18K red gold case set with diamonds. Sapphire crystal sides and back. Hand-engraved gold CORUM baguetteshaped movement
www.corum.ch
Profile
42
AMERICAN
ICON
Harley-Davidson motorcycles are an extension of the American dream that resonates globally. Mark-Hans Richer, the Senior Vice President and Chief Marketing Officer of the Harley-Davidson Motor Company, outlines the road ahead, to Guido Duken.
© 2011 NEW YORK TIMES NEWS SERVICE
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43
Mark-Hans Richer is upbeat about HarleyDavidson's future thanks to growing global sales, the introduction of new models, and the companyâ&#x20AC;&#x2122;s iconic brand status. September 2011
44
Harley-Davidson’s worldwide sales rose by 4.8 per cent in 2011 compared year-on-year, but sales are still below 2007 figures.
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“The company recently opened regional headquarters in Singapore for Asia Pacific, and in Miami for Latin America. These headquarters allow us to be closer to our customers in those regions both physically and culturally.”
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PHOTOS: GETTY IMAGES
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Portfolio
Profile
45
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Harley-Davidson bikes reflect current styles and tastes, but authenticity remains the underlying brand value.
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Currency
46
The Reign of
The American Treasury seems to be printing less dollars every year. Does that mean the end of cash is nigh? Not yet, reports Binyamin Appelbaum.
Portfolio
47
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“There is no definitive data on all of this. Cash transactions are notoriously hard to track, in part because people use cash when they do not want to be tracked.”
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PHOTOS: GETTY IMAGES
© 2011 NEW YORK TIMES NEWS SERVICE
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September 2011
Currency
48
Commerce, a restaurant in New York, accepts credit cards only. It may be the only restaurant in the US that does not accept cash.
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Portfolio
Currency
49
Treasury worker John Guy, left, organises a stack of new $50 bills at the printing facility in Fort Worth, Texas. Production of dollar bills, except $100 notes, has been declining.
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New bills ready for circulation. It is estimated that Americans will be using cash for at least another 200 years.
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September 2011
50
ARCTIC OIL RUSH Oil companies and governments are looking north to the Arctic as prices rise and energy security fears grow. But the hostile conditions make drilling difficult, and environmental groups are warning of a potential disaster, reports Terry Macallister. MA> KB<A% <K>:F&:G=&<AH<HE:M>
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Portfolio
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Oil rigs will have to withstand extreme conditions in the Arctic circle. Environmentalists worry that a major oil spill will happen. September 2011
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“The Arctic accounts for around 13 per cent of the undiscovered oil, 30 per cent of the undiscovered natural gas, and 20 per cent of the undiscovered natural gas liquids in the world.”
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GETTY IMAGES
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Energy
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Mike Watts is the deputy chief executive of Cairns Energy, a Scottish company drilling for oil in the Arctic.
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Greenland is looking for economic security through oil exploration.
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Energy
53
A major problem with drilling for oil in the Arctic is that it is far from any infrastructure. Either the infrastructure will have to be built or floating refineries put in place.
“A single large oil spill in the wrong place and at the wrong time of year can have very serious, population-wide impacts on seabirds, fish and some marine mammals”.
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September 2011
Investing
54
Preparing for End Times Investors have seen two market crashes in the past decade and they’re now looking for protection. That’s what black swan funds and tail risk funds offer, reports Azam Ahmed.
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Nassim Taleb, a New York University professor, is the author of The Black Swan. A black swan event is one that mathematical models cannot foresee, such as the collapse of Lehman Brothers and the resulting financial crisis. Black swan funds offer protection for such events. September 2011
56
“Such protection does not come cheap and occasionally fails to work. Some say such funds are merely the latest Wall Street fad and may be ineffective because they are designed to protect against the last catastrophe, not the crisis to come.” Bgo^lmhkl bg\en]^ [b` in[eb\ i^glbhgl' Ch^ee^ F^ob% ma^ \ab^_ bgo^lmf^gm h__b\^k h_ G^p F^qb\hÍl in[eb\ ^fiehr^^ i^glbhg _ng]% k^\^gmer ik^l^gm^] lhf^ mZbe kbld himbhgl mh a^k [hZk]' ÊPabe^ B phne]gÍm m^g] mh inm Z o^kr eZk`^ Zeeh\Zmbhg ma^k^% B [^eb^o^ bg aZobg` maZm mri^ h_ bglnkZg\^ _hk ma^ _ng]l%Ë la^ lZb]' Ln\a ikhm^\mbhg ]h^l ghm \hf^ \a^Zi Zg] h\\ZlbhgZeer _Zbel mh phkd' Lhf^ lZr ln\a _ng]l Zk^ f^k^er ma^ eZm^lm PZee ma^r Zk^ ]^lb`g^] mh ikhm^\m Z`Zbglm ma^ eZlm \ZmZlmkhia^% ghm ma^ \kblbl mh \hf^' ÊB
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The stock market has been extremely volatile since 2008. The end of July and beginning of August this year saw huge declines in international stock markets thanks to the American and European debt crisis.
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Investing
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Mark Spitznagel of Universa Investments has raised more than $6 billion for a fund that is awaiting a market calamity.
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Outsourcing
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OUTSOURCING FIRMS CREATE US JOBS The US legal profession has gone through hard times thanks to the economic climate and the move to outsourced overseas. But now outsourcing jobs are returning to American shores, reports Heather Timmons. <:K>>K IKHLI><ML <:G EHHD
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© 2011 NEW YORK TIMES NEWS SERVICE
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Kirit Amichandwala, a senior manager with Pangea3, trains American lawyers on how to conduct document reviews.
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Ngbm^]E^qÍl \ab^_ ^q^\nmbo^'
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Sanjay Kamlani, founder and chairman of Pangea3, a legal services provider firm based in the US with operations in India.
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m^e^iahg^ bgm^kob^p' :g] mahn`a la^ lmbee
fZr ghm ikhob]^ ma^ f^gmhkbg` Zg]
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a^k k^lihglb[bebmr Zm ma^ m^fi Z`^g\b^l% Ebn
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bg mabl ch[' ÊP^ bgm^kZ\m pbma ma^ \eb^gml%
<ZllZg]kZ ;nkd^ Kh[^kmlhg% Zg Zllh\bZm^
ngebd^ bg ma^ m^fihkZkr phke]%Ë la^ lZb]'
ikh_^llhk Zm <Zl^ P^lm^kg K^l^ko^
Bg :ikbe% IZg`^Z, l^gm Dbkbm
Ngbo^klbmrÍl L\ahhe h_ EZp bg <e^o^eZg]' ■
:fb\aZg]pZeZ% Z l^gbhk fZgZ`^k _khf
“The reality is that the United States and the United Kingdom have many lowercost locations and good supplies of legal professionals.” September 2011
PHOTOS ON THIS PAGE: GETTY IMAGES
Fnf[Zb% mh mkZbg g^p ^fiehr^^l bg M^qZl
Daniel Reed is the CEO of UnitedLex. His company regularly swaps teams of lawyers between the US and India.
Essentials
THE BEST OF LEISURE AND LIFESTYLE
CALL OF
THE SEA The Danes have always been seafaring people, as is evident from their Viking ancestors that roamed far and wide. Thatâ&#x20AC;&#x2122;s why no visit to the country is complete without engaging in its maritime past, reports Graham Simmons.
Copenhagenâ&#x20AC;&#x2122;s Nyhavn (New Harbour) has actually been around for more than 500 years. September 2011
Essentials Travel
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62
Essentials
Travel
I
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Zg] [hZm&[nbe]^kl Zk^ lmbee a^k^ È \hf^ ^o^gbg`% rhn \Zg pZm\a ma^f phkdbg` hg Portfolio
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The Sea Stallion, a reconstructed Viking warship, entered Dublin Harbour in 2007 after sailing from Roskilde in Denmark.
“The blue Netto Boats are half the price of the gaudily-signed DFDS tourist barges; but had I known, I would have bought an all-day Waterbus ticket, which allows unlimited transport on a figure-eight loop from Nyhavn.” fZbgm^gZg\^ \ahk^l hk k^eZqbg` pbma Z ]kbgd hg [hZk] ma^bk [hZml È [nm fhlm h_ ma^ lZbehklÍ in[l aZo^ [^^g \hgo^km^] bgmh nifZkd^m mZo^kgl Zg] k^lmZnkZgml' Ma^ [khZ] _hhmpZrl ebgbg` ma^ bge^m Zk^ ghp ]^\d^] pZee&mh&pZee pbma iZo^f^gm \Z_ l' Hg Z lnggr Lng]Zr bm l^^fl maZm ma^ pahe^ phke] aZl \hf^ mh GraZog' Ebd^ fhlm oblbmhkl B mZd^ Zg h[eb`Zmhkr \ZgZe \knbl^% pbma ma^ \knbl^ [Zk`^ lhf^ahp fZgZ`bg` mh iZll ng]^k ma^ [kb]`^l h_ <akblmbZglaZog \ZgZe !pa^k^ ma^ KhrZe rZ\am bl [^kma^]" Zg] ?k^]^kb\dl[hk` \ZgZe% [^_hk^ a^Z]bg` hnm bgmh <hi^gaZ`^g aZk[hnk' Ma^ [en^ G^mmh ;hZml Zk^ aZe_ ma^ ikb\^ h_ ma^ `Zn]ber&lb`g^] =?=L mhnkblm
GRAPH EAST
Funen is linked to Zeeland, Denmark’s largest island, by the Great Belt Bridge.
September 2011
Essentials
64
GRAPH EAST
Travel
A sailor in Odense, which was once a thriving port city trading with England and Scotland in Viking times.
The Viking Ships Museum in Roskilde has various vessels that date as far back as the 11th century.
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GRAPH EAST
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Portfolio
65
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MA> BLE:G= h_ ?ng^g !hk ?rg"% ghkma
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On weekends Nyhavn buzzes with both locals and tourists frequenting the many cafés and restaurants.
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66
An Artistic Metaphor The uniting of two halves of a painting is illustrative of the improving relations between China and Taiwan. Yet it also highlights a turbulent past and the many issues that still need resolving, reports Andrew Jacobs.
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© 2011 NEW YORK TIMES NEWS SERVICE
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Portfolio
Essentials Art “Increased cultural and economic ties have pleased many Taiwanese business leaders but have also stoked anxiety.” Zld^]' ÊHk pbee ;^bcbg` `Zbg fhk^ \hgmkhe ho^k [hma MZbpZgÍl ^\hghfr Zg] ihebmb\l8 Bm k^fZbgl ng\e^Zk Zm mabl fhf^gm'Ë ?hk ghp% ]^m^gm^ aZl bml ebfbml% ^li^\bZeer pa^g bm \hf^l mh Zkm' :emahn`a ma^ IZeZ\^ Fnl^nf bg ;^bcbg` È pa^k^ Ì?n\ang FhngmZbglÍ pZl ]blieZr^] [^_hk^ ma^ GZmbhgZeblml \Zkm^] bm ZpZr È e^gm ma^bk MZbpZg^l^ \hngm^kiZkml *+ bm^fl _hk ma^ ^qab[bm% ma^ \nkZmhkl bg MZbi^b aZo^ [^^g e^ll h[eb`bg`' =nkbg` mph r^Zkl h_ g^`hmbZmbhgl% MZbpZg^l^ fnl^nf h__b\bZel bglblm^] maZm ma^r \hne] ghm e^g] ma^bk ihkmbhg h_ ma^ l\khee% ghk Zgr h_ ma^ hma^k 0))%))) phkdl bg ma^bk \hee^\mbhg% GRAPHEAST
‘Dwelling in the Fuchun Mountains’ is ranked among China’s 10 most important paintings.
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September 2011
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Essentials
Art
As many as 10,000 people line up daily to see the reunited scroll at the National Palace Museum in Taipei.
“It helps to know that nearly the entire contents of the National Palace Museum in Taipei were brought to Taiwan from China by Chiang Kai-shek’s Nationalist forces”.
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[nm bm lnk^ ]h^l ehhd gb\^%Ë la^ lZb]' ■ Portfolio
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LAST YEAR, WE ADVISED OVER NINE HUNDRED DELEGATES FROM SIXTY THREE COUNTRIES, ON HOW TO MAKE DUBAI THEIR NEW HOME. Finding the right place to set up operations is crucial for the success of any business. That’s why we provided the very latest information on market and partner analysis to help any entrepreneur successfully ZL[ \W I\ZPULZZ PU +\IHP ;V ÄUK V\[ ^OH[ ^L JHU KV MVY `V\Y I\ZPULZZ ]PZP[ dubaichamber.com
800 CHAMBER
70
Š 2011 NEW YORK TIMES NEWS SERVICE
INNOVATIVE GRILLING The humble backyard barbecue has been elevated into a culinary art form by daring chefs around the world, reports Steven Raichlen.
Portfolio
Essentials Cuisine
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September 2011
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De Clercq is among a new generation of grill masters whose revolutionary techniques are redefining the very notion of grilling.
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“De Clercq has written Belgium’s first barbecue book and won the World Barbecue Championship in 2003, and now he hosts grilling shows on Belgian television.”
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Essentials Cuisine Zg] l^Zlhg^] pbma \b]^k obg^`Zk4
Thomas Bowman, the chef at iNG in Chicago, doesn’t grill anything from start to finish. His beef ribs are braised and only grilled for a short time to impart a crust.
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A low-cost robot hand, developed by SRI International, has a touch sensitive â&#x20AC;&#x2DC;skinâ&#x20AC;&#x2122; derived from a smartphone touchscreen. Portfolio
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Simple human tasks that require motion and perception are incredibly challenging for robots. The race is now on to develop better and cheaper robot arms and hands, reports John Markoff. mnkg hnm mh [^ aZk] bg _ng]Zf^gmZe pZrl%Ë
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A goalkeeper robot in action at the RoboCup 2011 in Istanbul. Motion and perception pose two difficult problems for Artificial Intelligence.
“Many robotics researchers are pursuing a bottom-up approach, hoping that by training robots on one task at a time, they can build a library of tasks that will ultimately make it possible for robots to begin to mimic humans.” President Barack Obama unveiled a $500 million effort to create advanced robotic technologies at Carnegie Mellon University.
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kh[hm aZl [^^g ikh`kZff^] mh ]h mZldl Abbeel, er beel, Abbeel, University University University of of California, California, of California, Berkeley Berkeley Berkeley ebd^ _^m\abg` ]kbgdl _khf Z k^_kb`^kZmhk%
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Source: Jeremy Maitin-Shepard, Marco Cusumano-Towner, Jinna Lei and Pieter Abbeel, University of California, Berkeley
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“No one really knows what sensors or perceptual algorithms PR--NYT) R--NYT) --NYT) to use because we don’t have a working hand, and because we don’t have a grasping strategy nobody can figure out what kind of hand to design.” September 2011
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Essentials
78
Environment
Managing the Yellow River Its digital management system is a ‘wonder’, but with communities battling over water use there’s a long way to go before China's second-largest river is off life-support, reports Jonathan Watts.
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Water usage along the 5,464 kilometre length of the Yellow river is centrally controlled through automated sluice gates and monitoring devices. Here, water and sand is sluiced from the Xiao Lang Di Dam in Henan Province.
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GETTY IMAGES
Workers celebrate the compeletion of the first tunnel across the Yellow River on December 22, 2009 in China. The tunnel’s completion marks a breakthrough in the central line of China’s gigantic SouthNorth Water Diversion Project.
Portfolio
Essentials Environment
Chinese environment protection workers examine the water quality at the bank of the Yellow River in Jinan.
CORBIS/ARABIAN EYE
REUTERS
“Demand for water in northern China continues to grow faster than efficiency gains. As a result, environmental pressure has shifted from the Yellow river to its tributaries – which are increasingly polluted – and underground aquifers, which are diminishing at an alarming rate.”
The drought in Henan Province is one of the worst in decades with farmers being unable to irrigate as water is being diverted to the cities and industry.
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September 2011
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82
Essentials
Culture
Italian Chocolate
Pasta is more readily associated with Italy than chocolate, but local artisans have a long and rich tradition that challenges the world’s best, reports Martin Gani.
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Tartufi is Italian for ‘truffles’. Amedei, the Italian chocolate company that has won numerous prizes, uses innovative fillings such as Gianduja and grappa. Portfolio
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Dennis Buosi is one of 446 registered artisan chocolate makers in Italy. He changed from pastry chef to chocolatier as he loves chocolate as a raw material.
Essentials
Culture
GETTY IMAGES
84
Italy isn’t only known for its artisan chocolate. Michele Ferrero sold his first batch of Nutella spread in 1964 and today Ferrero SpA is a multinational powerhouse.
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“Chocolate bars as we know them had to wait till 1847 when Joseph Fry of Bristol, UK, managed to separate cocoa butter from cocoa powder and blend them into a paste without adding water, thereby creating solid chocolate.”
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Essentials
Test Drive
CROUCHING JAGUAR, HIDDEN TIGER It boasts all the luxury and ride refinement that you expect from a Jaguar, but the XJL Supersport also delivers serious performance, tight handling and lots of driving fun, reports Guido Duken.
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There’s still plenty of leather inside the XJL’s cabin. Round air vents with blue-lit rings and the LCD display that replaces all conventional gauges adds a modern twist.
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September 2011
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88
Essentials
Other Business
Spoiler Alert =h^l bm fZd^ rhn Zg`kr pa^g Z _kb^g] hk ma^
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^g] h_ Z [hhd8 P^ee% Z\\hk]bg` mh Z g^p lmn]r
lihbebg` iZkZ`kZia bgl^km^] bg ma^ lmhkr' Ma^
[r k^l^Zk\a^kl _khf ma^ Ngbo^klbmr h_ <Zeb_hkgbZ
k^Z]^kl h_ Zee mak^^ lmhkr mri^l ik^_^kk^] ma^
Zm LZg =b^`h% rhn lahne]gÍm [^' :\\hk]bg` mh
lihbe^] o^klbhgl h_ ma^ lmhkb^l fhk^ maZg ma^
ma^bk _bg]bg`l lihbe^kl fZr Z\mnZeer ^gaZg\^
nglihbe^] hkb`bgZel' <akblm^g_^e] lZb] bg fZgr \Zl^l Z [hhd hk
^gchrf^gm% ^o^g _hk lnli^gl^&]kbo^g lmhkr ebg^l
fhob^ \Zg [^ k^&k^Z] hk l^^g fnembie^ mbf^l
Zg] _bef iehml' :_m^k lmn]rbg` mak^^ mri^l h_ lmhkb^l È
Zg] lmbee [^ ^gchrZ[e^' Ê:l Z _bef ]bk^\mhk%
bkhgb\&mpblm% frlm^kr Zg] ebm^kZkr È [r Znmahkl
rhnk ch[ blgÍm k^Zeer mh \hf^ mh ma^ \hg\enlbhg
ln\a Zl Chag Ni]bd^% KhZe] =Zae Zg] :`ZmaZ
maZm ma^ [nme^k ]b] bm' : lbg`e^ ebg^ phne] ]h
<akblmb^% ma^r _hng] k^Z]^kl ik^_^kk^]
maZm%Ë a^ lZb]' Ma^ k^l^Zk\a^kl lZb] maZm _khf ma^ lmn]r%
o^klbhgl pbma Z lihbebg` iZkZ`kZia pkbmm^g bgmh ma^ lmhkr'
pab\a pbee [^ in[ebla^] bg ma^ chnkgZe
ÊB pZl jnbm^ lnkikbl^] [r ma^ k^lneml%Ë
Ilr\aheh`b\Ze L\b^g\^% ma^r \hg\en]^] maZm
k^l^Zk\a^k Gb\aheZl <akblm^g_^e]
ma^ ln\\^ll h_ ^gm^kmZbgf^gm ]h^l ghm k^lm hg
lZb] bg Zg bgm^kob^p' ÊEbd^ fhlm i^hie^% B ]hgÍm mnkg mh ma^ ^g] h_ Z [hhd mh l^^ pah ]b^l hk paZm aZii^gl'Ë ?hk ma^ lmn]r ^Z\a lmhkr pZl
The Medium is the Message
lnli^gl^ Zehg^' ÊLmhkb^l Zk^ Z ngbo^klZe ^e^f^gm h_ anfZg \nemnk^% ma^ [Z\d[hg^ h_ ma^ [beebhg& ]heeZk ^gm^kmZbgf^gm bg]nlmkr% Zg] ma^ f^]bnf makhn`a pab\a k^eb`bhg Zg] lh\b^mZe oZen^l Zk^ mkZglfbmm^]%Ë ma^r pkhm^ bg ma^ k^ihkm'
Modern Gladiators Italian police have arrested 20 gladiator impersonators in an undercover sting
: ?k^g\a hk`Zgb\ _Zkf^k aZl li^gm Ó,%)))
aimed at ending a violent racket operating
! -%,)) ]heeZkl" _hk Z l^kb^l h_ [bee[hZk]
around Rome’s most famous tourist sites.
Z]o^kmbl^f^gml maZm ]^ghng\^ Z]o^kmblbg`'
Police disguised as gladiators, dustbin
Mp^gmr&_bo^ h_ ma^ `bZgm Z]l p^gm ni eZlm
men and members of the public raided
fhgma Z\khll ma^ lhnmap^lm^kg mhpg h_ :`^g
the gang made up of seven families
lahpbg` Z anfZg [kZbg lmn__^] pbma Z]o^kmblbg`
working with five tourist agencies.
bfZ`^l Zg] \Zkkrbg` ma^ leh`Zg Ì:]o^kmblbg` bl fZgbineZmbg` rhn È K^Z\m Í ?b_mr&lbq&r^Zk&he] _Zkf^k Ib^kk^ Dng`
The modern gladiators are accused of attacking and intimidating competitors for a lucrative business in which gladiators collect
^qieZbg^] maZm a^ pZl bfie^f^gmbg` ma^
up to €10 ($14) for having their picture taken
fZkmbZe Zkml m^\agbjn^ h_ Ênlbg` ma^ lmk^g`ma
alongside tourists in front of attractions.
h_ ma^ Z]o^klZkr mh _ehhk abf'Ë ÊFr Zbf bl lbfier mh `^m i^hie^ mh Zld
‘Gladiators’ are a feature of the Roman landscape for tourists, with men decked
Vatican, preying on the millions of tourists who pass through Rome every year.
ma^fl^eo^l jn^lmbhgl' ;^\Znl^ p^Ío^ [^^g
out in bright red capes, helmets with
[kZbgpZla^] bgmh mabgdbg` maZm aZiibg^ll eb^l
plumes of red feathers and sandals while
tourist sights and were defending their
bg \hglnfbg` ^o^k fhk^%Ë lZb] ma^ _Zkf^k'
carrying swords and round shields. They
territory with violence, the police said.
Dng` lZb] a^ lrfiZmabl^] pbma [nm pZl ghm
can be found outside the Colosseum,
Criminal gangs had divided up these
Five competitors who had been chased
Z f^f[^k h_ Zg ÌZgmb&Z]o^kmblbg`Í fbebmZgm
Castel Sant’Angelo, Piazza Venezia and
away alerted police to the gang’s activities,
`khni bg IZkbl pah ZmmZ\d [bee[hZk]l'
even in front of St Peter’s Basilica in the
leading to the sting operation. Por tfolio
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